PNC FINANCIAL SERVICES GROUP, INC.

The following table presents credit ratings and outlook for The PNC Financial Services Group, Inc. and PNC Bank as of March 31, 2026:

Table 30: Credit Ratings and Outlook

(a)S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.

(b)DBRS does not provide a short-term depositor rating. PNC Bank’s short-term instrument rating is R-1 (high).

Capital Management

Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2025 Form 10-K.

We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases, and managing dividend policies and retaining earnings.

In the first quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.7 billion of common share repurchases. The SCB framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 32% of the 100 million common shares still available for repurchase at March 31, 2026 under the repurchase program previously approved by our Board of Directors. Share repurchase activity in the second quarter of 2026 is expected to approximate $600 million to $700 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC's SCB beginning October 1, 2025 through September 30, 2027 is the regulatory minimum of 2.5%.

On April 2, 2026, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.70 per share paid on May 5, 2026 to shareholders of record at the close of business April 14, 2026.

The PNC Financial Services Group, Inc. –Form 10-Q 31