State Street Corporation

Strong quarter; momentum and operating leverage continuing - 3Q GAAP EPS: $3.69, +33% YoY (and excludes “notable items” for operating leverage commentary). - Revenue: $4.0B, +13% YoY; fee revenue +11% YoY. - Record franchise metrics: record servicing + management fees, record FX client volumes. - Profitability: pretax margin 35% (+350 bps YoY) and ROTCE 25% (+4+ pts YoY). - Operating leverage: ~530 bps positive and 11th consecutive quarter of positive YoY operating leverage (ex. notable items).

Servicing & AUC strength (core engine) - Servicing fees: ~$1.5B, +10% YoY, driven by ~7% organic growth + higher average market levels. - AUC/A custody/admin: $59.2T, +15% YoY (record), supported by market levels + net flows. - Servicing fee sales: $68M in the quarter; most wins were back-office, with contributions from alternatives and early wealth traction. - Organic expectation (investor takeaway): management believes servicing can keep growing mid-single digits (excluding market effects) over the medium term, driven by sales + retention + pricing.

Investment Management: record AUM, net inflows, and ETF strength - Management fees: $797M, +20% YoY (mix of ~8% organic + higher average markets). - AUM: $6.3T, +16% YoY (record). - Net flows: 6th consecutive quarter of organic AUM growth with net inflows of $7B; long-term net inflows $69B (down from $79B prior quarter due to redeployment of client cash, but demand remains strong). - ETF franchise: record ETF AUM $2.3T; strong flows in U.S. and EMEA; launches include a major seeded ETF (UC Investments, $2.5B seed).