Wells Fargo (WFC) investor relations material

Opening remarks and agenda

• The meeting was called to order virtually, with all director nominees present and a quorum established at 88.81% of shares represented.

• The agenda included management and shareholder proposals, with two Q&A sessions scheduled.

• Administrative procedures and rules of conduct were outlined, including limits on shareholder questions and grouping of similar questions.

Financial performance review

• Net income for 2025 was $21.3 billion, up 8% from 2024, with diluted EPS of $6.26, up 17%.

• Return on tangible common equity rose to 14.6%, and total revenue reached $83.7 billion, a 2% increase.

• Non-interest expense was $54.8 billion, nearly flat year-over-year, with increased tech investments offset by efficiency gains.

• Average loans grew 5% to $955.8 billion; average deposits increased 2% to $1.4 trillion.

• $23 billion was returned to shareholders via dividends and repurchases; dividend increased by 13%.

Board and executive committee updates

• Charlie Scharf was appointed Chairman, with Steve Black as Lead Independent Director, reflecting board transformation.

• The board focused on recruiting independent directors and holding management accountable for performance and risk culture.