Northern Trust Corp.

Strong Q3 performance with operating leverage - Excluding notable items, revenue +11% YoY; drivers: trust fees +8%, net interest income (NII) +14%, capital markets revenues +38%. - Expenses +5% YoY and the firm generated 600+ bps of positive operating leverage (strong scalability). - Net income $642.9m, EPS $3.40 (+40% YoY); ROE 20.1%. - Capital markets/trading remained strong even as volatility moderated vs. Q2.

Notable items helped reported results; underlying momentum matters - Reported results included a $48.7m pre-tax gain from: sale of guardianship services (+$34m) and Visa exchange offer participation (+$14.7m) (together ~$36.6m favorable to net income). - Core performance still looked healthy excluding these items: fee growth across segments and disciplined cost control. - Assets under custody $20T (-1% QoQ, +9% YoY); AUM $2T (flat QoQ, +11% YoY).

Wealth + Asset Servicing strength; margins improving - Wealth management: fees $612m (+9% YoY); AUM $536b (+9% YoY); pre-tax margin ~41%. - Global Family Office (GFO): fees +16% YoY and strongest quarterly flows of the year; demand also growing for outsourced complex family office solutions. - Asset servicing: pre-tax margin >30% (up 600 bps YoY); fees $762m (+8% YoY); strong custody/fund admin and securities lending (lending income +38% YoY). - Opportunities: multiple “One Northern Trust” wins (e.g., UBS fund administration expansion; UK trading desk integration) supporting more complex, higher-value servicing.