PNC FINANCIAL SERVICES GROUP, INC.

Table 2: Balance Sheet Highlights and Other Selected Ratios

(a)The Executive Summary and Consolidated Balance Sheet Review portions of this Financial Review provide information regarding items impacting the comparability of applicable periods presented.

(b)The December 31, 2024 and September 30, 2024 ratios are calculated to reflect PNC’s election to adopt the CECL optional five-year transition provisions. The impact of the provisions was phased-in to regulatory capital through December 31, 2024.

Income Statement Highlights

Net income of $1.8 billion, or $4.35 per diluted common share, for the third quarter of 2025 increased $179 million, or 11%, compared to $1.6 billion, or $3.85 per diluted common share, for the second quarter of 2025, due to higher noninterest and net interest income and a lower provision for credit losses, partially offset by increased noninterest expense.

•For the three months ended September 30, 2025 compared to the three months ended June 30, 2025:

•Total revenue of $5.9 billion increased $254 million, or 4%.

•Net interest income of $3.6 billion increased $93 million, or 3%, driven by the continued benefit of fixed rate asset repricing, loan growth and one additional day in the quarter.

•Net interest margin decreased 1 basis point to 2.79%, driven by average commercial deposit growth of 5%.

•Noninterest income of $2.3 billion increased $161 million, or 8%, primarily driven by higher capital markets and advisory fees. Other noninterest income in the third quarter of 2025 included negative $35 million of Visa derivative fair value adjustments, primarily related to litigation escrow funding, compared to positive $2 million in the second quarter of 2025.

•Provision for credit losses of $167 million in the third quarter of 2025 was driven by a net decrease in the ACL, primarily due to an improved outlook for our commercial real estate portfolio and portfolio activity, including net loan charge-offs. The second quarter of 2025 included a provision for credit losses of $254 million.

•Noninterest expense increased $78 million, or 2%, reflecting higher personnel costs as a result of increased business activity and increased equipment expenses due to continued investments in technology and branches, partially offset by lower other noninterest expense. Other noninterest expense in the third quarter of 2025 included a $48 million accrual release related to the FDIC’s special assessment.

Net income of $5.0 billion, or $11.72 per diluted common share, for the first nine months of 2025 increased $638 million, or 15%, compared to $4.3 billion, or $9.98 per diluted common share, for the same period in 2024 primarily due to higher net interest and noninterest income, partially offset by increased noninterest expense.

•For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:

•Total revenue increased $1.0 billion, or 7%, to $17.0 billion.

•Net interest income increased $703 million, or 7%, driven by lower funding costs, the continued benefit of fixed rate asset repricing and loan growth.

•Net interest margin increased 19 basis points.

•Noninterest income increased $337 million, or 6%, primarily due to higher capital markets and advisory fees, card and cash management revenue and asset management and brokerage income.

•Provision for credit losses of $640 million for the first nine months of 2025 was driven by a net increase in the ACL due to changes in macroeconomic scenarios and portfolio activity, including loan growth and net loan charge-offs. The first nine months of 2024 included a provision for credit losses of $633 million.

•Noninterest expense increased $213 million, or 2%, compared to the first nine months of 2024, reflecting higher personnel costs as a result of increased business activity and increased equipment expenses due to continued

The PNC Financial Services Group, Inc. –Form 10-Q 3 investments in technology and branches, partially offset by lower other noninterest expense. Other noninterest expense for the first nine months of 2024 included $120 million of significant items in the second quarter of 2024 and a $130 million expense in the first quarter of 2024 related to the FDIC’s special assessment.

For additional detail, see the Consolidated Income Statement Review section of this Financial Review.

Balance Sheet Highlights

Our balance sheet was well positioned at September 30, 2025. In comparison to December 31, 2024:

•Total assets of $568.8 billion increased primarily due to higher loan balances, partially offset by lower balances held with the FRB.

•Total loans of $326.6 billion increased $10.1 billion, or 3%.

•Total commercial loans increased $11.2 billion, or 5%, to $227.4 billion, primarily due to growth in the commercial and industrial portfolio, reflecting new production and higher utilization of loan commitments, partially offset by lower commercial real estate loans.

•Total consumer loans decreased $1.1 billion, or 1%, to $99.2 billion, primarily due to lower residential real estate loans as paydowns outpaced originations, partially offset by growth in the auto loan portfolio.

•Investment securities increased $1.8 billion, or 1%, to $141.5 billion, due to increased net purchase activity, primarily of agency mortgage-backed securities and a decline in unrealized losses on the available-for-sale portfolio.

•Interest-earning deposits with banks, primarily with the FRB, decreased $6.0 billion, or 15%, to $33.3 billion, primarily driven by higher loans and securities balances, partially offset by increased deposit balances.

•Total deposits increased $6.0 billion, or 1%, as higher interest-bearing deposits were partially offset by lower noninterest-bearing deposits.

•Borrowed funds increased $0.7 billion, or 1%, to $62.3 billion, primarily due to higher senior debt outstanding, partially offset by lower FHLB advances.

For additional detail, see the Consolidated Balance Sheet Review section of this Financial Review.

Credit Quality Highlights

The third quarter of 2025 reflected strong credit quality performance.

•At September 30, 2025 compared to December 31, 2024:

•Overall loan delinquencies of $1.2 billion decreased $149 million, or 11%, due to lower consumer and commercial loan delinquencies.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.3 billion at September 30, 2025, compared to $5.2 billion at December 31, 2024. The increase in reserves was driven primarily by changes in macroeconomic scenarios. ACL to total loans was 1.61% at September 30, 2025, compared to 1.64% at December 31, 2024.

•Nonperforming assets of $2.3 billion decreased $58 million, or 2%, primarily driven by lower commercial real estate nonperforming loans.

•Net loan charge-offs of $179 million, or 0.22% of average loans, in the third quarter of 2025 decreased $19 million compared to the second quarter of 2025, reflecting lower commercial real estate net loan charge-offs.

For additional detail see the Credit Risk Management portion of the Risk Management section of this Financial Review.

Capital and Liquidity Highlights

We maintained our strong capital and liquidity positions.

•Common shareholders’ equity of $53.2 billion at September 30, 2025 increased $4.6 billion compared to December 31, 2024, due to the benefit of net income and an improvement in AOCI, partially offset by common dividends paid and common share repurchases.

•In the third quarter of 2025, PNC returned $1.0 billion of capital to shareholders, including $0.7 billion of dividends on common shares and $0.3 billion of common share repurchases.

•On October 2, 2025, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.70 per share to be paid on November 5, 2025 to shareholders of record at the close of business October 14, 2025.

•Our CET1 ratio was 10.7% at September 30, 2025 and 10.5% at December 31, 2024.

PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding an SCB established by the Federal Reserve Board in connection with the Federal Reserve Board’s CCAR process. Based on the results of the Federal Reserve's 2025 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2025 is the regulatory

4 The PNC Financial Services Group, Inc. –Form 10-Q minimum of 2.5%. For additional information on our liquidity and capital actions as well as our capital ratios, see Capital Management in the Risk Management section in this Financial Review, the Recent Regulatory Developments section in this Financial Review and the Supervision and Regulation section in our 2024 Form 10-K.

Business Outlook

Statements regarding our business outlook are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that:

•PNC’s baseline forecast remains for continued expansion, but slower economic growth in 2025 and 2026 than in 2024. The government shutdown will weaken growth, but the economy should regain that growth once the shutdown ends. Tariffs are a drag on consumer spending and business investment, while AI-related capex and wealth effects have been key supports to growth. Consumer spending growth is slowing to a pace more consistent with household income growth, and government’s contribution to economic growth will be smaller.

•The baseline forecast anticipates real GDP growth slowing to below 2% in both 2025 and 2026, accompanied by a modest increase in the unemployment rate, which is expected to peak above 4.5% in mid-2026. Tariffs remain a risk to the outlook, and a reversal in sentiment around AI would be a drag. Additionally, a prolonged government shutdown has emerged as a downside risk.

•The baseline forecast is for two consecutive federal funds rate cuts of 25 basis points each at the next two FOMC meetings, ending in late-January 2026 and resulting in a federal funds rate in the range of 3.25% to 3.50%. However, there are two-sided risks to this outlook: (1) if inflation re-accelerates or proves more persistent than expected, the Federal Reserve may cut less or (2) if growth falters or recession emerges, easing could be deeper and more prolonged.

Consistent with the forward guidance we provided on October 15, 2025, for the fourth quarter of 2025, compared to the third quarter of 2025, we expect:

•Average loans to be stable to up 1%,

•Net interest income to be up approximately 1.5%,

•Fee income to be down approximately 3%,

•Other noninterest income to be $150 million to $200 million,

•Total revenue to be stable to down 1%,

•Noninterest expense to be up 1% to 2%, and

•Net loan charge-offs to be $200 million to $225 million.

Other noninterest income and total revenue guidance does not forecast net securities gains or losses or Visa activity.

We are unable to provide a meaningful or accurate reconciliation of forward-looking non-GAAP measures, without unreasonable effort, to their most directly comparable GAAP financial measures. This is due to the inherent difficulty of forecasting the timing and amounts necessary for the reconciliation, when such amounts are subject to events that cannot be reasonably predicted, as noted in our Cautionary Statement. Accordingly, we cannot address the probable significance of unavailable information.

See the Cautionary Statement Regarding Forward-Looking Information section in this Financial Review and Item 1A Risk Factors included in our 2024 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.