WAFD INC

FORM 10-K ANNUAL REPORT

SEPTEMBER 30,2025

Part I

Part II

Part III

Part IV

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY

WaFd, Inc. ("we" or the "Company") makes statements in this Annual Report on Form 10-K that constitute forward-

looking statements. Words such as “expects,” “anticipates,” “believes,” “estimates,” “intends,” “forecasts,” “projects” and other

similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to help identify

such forward-looking statements. These statements are not historical facts, but instead represent current expectations, plans or

forecasts of the Company and are based on the beliefs and assumptions of the management of the Company and the information

available to management at the time that these disclosures were prepared. The Company intends for all such forward-looking

statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of

the Securities Exchange Act of 1934. These statements are not guarantees of future results or performance and involve certain

risks, uncertainties and assumptions that are difficult to predict and often are beyond the Company's control. Actual outcomes

and results may differ materially from those expressed in, or implied by, the Company's forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties

and risks, as well as the risks and uncertainties discussed elsewhere in this report, including under Item 1A. “Risk Factors,” and

in any of the Company's other subsequent Securities and Exchange Commission filings, which could cause the Company's

future results to differ materially from the plans, objectives, goals, estimates, intentions and expectations expressed in forward-

looking statements:

Operational Risks:

•fluctuating interest rates and the impact of inflation on the Company's business and financial results;

•risks associated with cybersecurity incidents and threat actors;

•risks associated with changes in business structure and divestitures of lines of business, including the Bank's exit from

the single family mortgage lending market;

•economic uncertainty or a deterioration in economic conditions or slowdowns in economic growth, including financial

stress on borrowers (consumers and businesses);

•risks associated with changes to monetary policy by the Federal Reserve;

•global economic trends, including developments related to Ukraine and Russia, the Middle East, and related negative

financial impacts on our borrowers, the financial markets and the global economy;

•risks associated with inflationary pressures and rising prices;

•risks associated with the development and use of artificial intelligence;

•risks related to operational, technological, and third-party provided technology infrastructure;

•risks associated with data privacy laws and regulations;

•possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in

asset or credit quality; and our ability to make accurate assumptions and judgments about the collectability of our loan

portfolio, including the creditworthiness of our borrowers and the value of the assets securing these loans;

•risks associated with failures of our risk management framework;

•risks associated with our failure to retain or attract key employees;

•risks related to the impacts of climate change on our business or reputation;

•the effects of natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as

the COVID-19 pandemic), related regulations, and potential impacts on the creditworthiness of our customers;

Regulatory and Litigation Risk:

•non-compliance with the Community Reinvestment Act, USA PATRIOT Act, Bank Secrecy Act, Home Mortgage

Disclosure Act, or other laws and regulations;

•legislative and regulatory limitations, and potential limitations in the manner in which the Company conducts its

business and undertakes new investments and activities;

•risks associated with changes in regulation, regulatory capital requirements or regulatory oversight, accounting rules,

and laws;

•risks associated with increases to deposit insurance premiums or special assessments;

•litigation risks resulting in significant expenses, losses and reputational damage;

•environmental risks resulting from our real estate lending business;

Market and Industry Risk:

•eroding confidence in the banking system and regional banks in particular;

•downturns in the real estate market;

•changes in banking operations, including a shift from retail to online activities;

•risks associated with inadequate or faulty underwriting and loan collection practices;

•risks associated with our geographic concentration, including the effects of a severe economic downturn, including

high unemployment rates and declines in housing prices and both commercial and residential property values, in our

primary market areas;

•impairment of goodwill and other intangible assets;

Competitive Risks:

•competition from other financial institutions and new market participants, offering services similar to those offered by

the Bank, and consolidation in the industry resulting in the creation of larger competitors with greater financial

resources;

•the ability of the Company to obtain external financing to fund its operations or obtain financing on favorable terms,

when needed;

•our ability to grow organically or through acquisitions;

•risks associated with our entry into the California market;

Security Ownership Risks:

•negative effects of activist shareholders;

•our ability to continue to pay dividends, including on our outstanding Series A Preferred Stock; and make stock

repurchases;

•risks related to the volatility of our Common Stock, and future dilution;

•risks related to Washington's anti-takeover statute;

General Risks:

•the success of the Company at managing the risks involved in the foregoing and managing its business; and

•the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond the Company's

control.

For the reasons described above, we caution you against relying on any forward-looking statements. You should not

consider the summary of such factors to be an exhaustive statement of all risks, uncertainties, or potentially inaccurate

assumptions that could cause our current expectations or beliefs to change. Further, all forward-looking statements speak only

as of the date on which such statements are made, and the Company undertakes no obligation to update or revise any forward-

looking statements to reflect changed assumptions, the occurrence of unanticipated events, changes to future operating results

over time, or the impact of circumstances arising after the date the forward-looking statement was made.