PNC FINANCIAL SERVICES GROUP, INC.

Table 2: Balance Sheet Highlights and Other Selected Ratios

Income Statement Highlights

Net income of $2.1 billion, or $4.81 per diluted common share, for the second quarter of 2026 increased $283 million, or 16%, compared to $1.8 billion, or $4.13 per diluted common share, for the first quarter of 2026, primarily due to higher noninterest income and net interest income, partially offset by higher noninterest expense.

•For the three months ended June 30, 2026 compared to the three months ended March 31, 2026:

•Total revenue of $6.9 billion increased $710 million, or 12%.

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

•Net interest income of $4.1 billion increased $146 million, or 4%, and included the benefit of commercial loan growth and higher noninterest-bearing deposit balances.

•Net interest margin increased 1 basis point to 2.96%.

•Noninterest income of $2.8 billion increased $564 million, or 26%, reflecting higher capital markets and advisory revenue as well as $6 million of integration costs related to the FirstBank acquisition and second quarter significant items including:

•A $448 million gain resulting from PNC’s participation in the Visa exchange program;

•A securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio; and

•Visa derivative adjustments of negative $85 million, driven by the extension of anticipated litigation resolution timing.

•Provision for credit losses was $191 million in the second quarter of 2026 and reflected portfolio activity as well as updates to macroeconomic factors. The first quarter of 2026 included a provision for credit losses of $210 million.

•Noninterest expense increased $330 million, or 9%, and included higher personnel costs as a result of increased business activity as well as second quarter of 2026 integration expenses related to the FirstBank acquisition of $121 million and a PNC Foundation contribution expense of $140 million pre-tax. The first quarter of 2026 included $97 million of FirstBank integration expenses.

Net income of $3.8 billion or $8.94 per diluted common share, for the first six months of 2026 increased $685 million, or 22%, compared to $3.1 billion, or $7.37 per diluted common share, for the same period in 2025, reflecting higher net interest income and noninterest income, partially offset by increased noninterest expense.

•For the six months ended June 30, 2026 compared to the six months ended June 30, 2025:

•Total revenue increased $1.9 billion, or 17%.

•Net interest income increased $1.0 billion, or 15%, reflecting the benefit of FirstBank, loan growth and lower funding costs.

•Net interest margin increased 17 basis points and included the continued benefit of fixed rate asset repricing.

•Noninterest income increased $890 million, or 22%, reflecting higher capital markets and advisory revenue as well as $7 million of integration costs related to the FirstBank acquisition and second quarter 2026 significant items including:

•A $448 million gain resulting from PNC’s participation in the Visa exchange program;

•A securities loss of $139 million related to the repositioning of the available-for-sale investment securities portfolio; and

•Visa derivative adjustments of negative $117 million in the first six months of 2026, driven by the extension of anticipated litigation resolution timing.

•Provision for credit losses was $401 million for the first six months of 2026, and reflected portfolio activity as well as updates to macroeconomic factors. The first six months of 2025 included a provision for credit losses of $473 million.

•Noninterest expense increased $1.1 billion, or 16%, compared to the first six months of 2025, reflecting FirstBank operating expenses, higher personnel costs as a result of increased business activity and $218 million of integration expenses related to the FirstBank acquisition, as well as a PNC Foundation contribution expense of $140 million pre-tax.

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

Balance Sheet Highlights

Our balance sheet was well positioned at June 30, 2026. In comparison to December 31, 2025:

•Total assets of $616.0 billion increased $42.5 billion, or 7%, reflecting higher loans and securities balances, including the impact of the FirstBank acquisition, partially offset by lower balances held with the FRB.

•Total loans of $368.0 billion increased $36.5 billion, or 11%.

•Total commercial loans increased $31.4 billion, or 14%, to $263.9 billion, reflecting new production and higher utilization of loan commitments as well as the addition of FirstBank loans.

•Total consumer loans increased $5.1 billion, or 5%, to $104.1 billion, primarily driven by the benefit of acquired FirstBank residential mortgage loans, partially offset by declines in the automobile portfolio as paydowns outpaced originations.

•Investment securities increased $11.3 billion, or 8%, to $149.5 billion, including net purchase activity of agency residential mortgage-backed securities and the acquisition of FirstBank investment securities in both the available-for-sale and held-to-maturity portfolios.

•Total deposits increased $8.9 billion, or 2%, primarily driven by higher noninterest-bearing deposits, and included the addition of FirstBank deposits.

•Borrowed funds increased $28.6 billion, or 50%, to $85.7 billion, primarily due to higher FHLB advances.

The PNC Financial Services Group, Inc. –Form 10-Q 3

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

Credit Quality Highlights

In the second quarter of 2026, PNC maintained strong credit quality performance.

•At June 30, 2026 compared to December 31, 2025:

•Nonperforming assets of $2.2 billion decreased $211 million, or 9%, driven by lower commercial nonperforming loans.

•Overall loan delinquencies of $1.4 billion were stable.

•The ACL related to loans, which consists of the ALLL and the allowance for unfunded lending related commitments, totaled $5.5 billion at June 30, 2026, compared to $5.2 billion at December 31, 2025. The increase was primarily driven by portfolio activity, including the addition of FirstBank loans. ACL to total loans was 1.48% at June 30, 2026, compared to 1.58% at December 31, 2025.

•Net loan charge-offs of $226 million, or 0.25% of average loans, decreased $27 million compared to the first quarter of 2026, primarily due to FirstBank acquired net loan charge-offs of $45 million recognized in the first quarter.

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 $58.1 billion at June 30, 2026, increased $3.3 billion, or 6%, compared to December 31, 2025, primarily due to the benefit of net income and common stock issuances related to the FirstBank acquisition, partially offset by common dividends paid, common share repurchases and a decline in AOCI.

•In the second quarter of 2026, PNC returned $1.3 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.6 billion of common share repurchases.

•On July 6, 2026, the PNC Board of Directors raised the quarterly cash dividend on common stock to $2.00 per share, an increase of 30 cents, or 18%. The dividend is payable on August 5, 2026 to shareholders of record at the close of business July 20, 2026.

•Our CET1 ratio was 9.9% at June 30, 2026 and 10.6% at December 31, 2025.

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 2025 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 in 2026, with economic growth expected to remain resilient despite oil prices that are up from early 2026, supported by strong AI-related capex, tax refunds, and an improving labor market. We expect real GDP growth of 2.1% in 2026, with continued modest job gains and the unemployment rate holding roughly steady, ending the year at around 4.3%. Inflation risks have eased somewhat but we still expect inflation to remain elevated, with CPI inflation staying above 3% through year-end. Risks to our growth and inflation outlook include a sudden reversal in AI-related sentiment, which would have knock-on effects on both capex and wealth-driven consumer spending, as well as any further sharp rise in oil prices.

•Our baseline forecast is for the Federal Reserve to keep the federal funds rate unchanged throughout 2026 and into 2027, in a range between 3.50% and 3.75%. However, risks remain skewed toward tighter monetary policy given persistent above-target inflation and inflationary pressures from higher energy prices and continued strength in capital spending.

Consistent with the forward guidance we provided on July 15, 2026, for the third quarter of 2026, compared to the second quarter of 2026, we expect:

•Average loans to be up 1% to 2%,

•Net interest income to be up 3% to 3.5%,

•Fee income to be down 5% to 5.5%,

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

•Noninterest expense to be down 7% to 8 %,

◦Noninterest expense, excluding integration costs and significant items, to be down 2% to 3%, and

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

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

Consistent with the forward guidance we provided on July 15, 2026, for the full year of 2026, compared to the full year of 2025, we expect:

•Average loans to be up approximately 12.5%,

•Net interest income to be up 15% to 15.5%,

•Noninterest income to be up approximately 11%

◦Noninterest income, excluding integration costs and significant items, to be up approximately 9%,

•Total revenue to be up approximately 14%,

◦Total revenue, excluding integration costs and significant items, to be up approximately 13%,

•Noninterest expense to be up approximately 11.5%,

◦Noninterest expense, excluding integration costs and significant items, to be up approximately 8.5%, and

•Effective tax rate to be approximately 19.5%.

The guidance for noninterest expense, excluding integration costs and significant items, excludes our expectation for non-recurring merger and integration expenses of approximately $325 million, $218 million of which was recognized in the first half of 2026 and approximately $50 million of which we expect to incur in the third quarter of 2026. It also excludes the pre-tax impacts of the $140 million expense in the second quarter of 2026 related to a contribution to the PNC Foundation.

The 2026 guidance for noninterest income and total revenue excludes integration costs, $7 million of which was recognized in the first half of 2026, as well as $224 million of second quarter significant items ($448 million gain on Visa exchange, $(85) million Visa Class B-3 derivative adjustment, and $139 million of securities losses). See the Reconciliation of Noninterest income guidance, excluding integration costs and significant items (non-GAAP) and the Reconciliation of Revenue guidance, excluding integration costs and significant items (non-GAAP) sections of this Report. Other noninterest income, noninterest income and revenue guidance does not forecast net securities gains or losses and other 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, except for full year Noninterest income and Revenue guidance, excluding integration costs and significant items, and full year Noninterest expense guidance, excluding integration costs and significant items. 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 2025 Form 10-K for other factors that could cause future events to differ, perhaps materially, from those anticipated in these forward-looking statements.