Goldman Sachs GroupGS

01Net revenues in FICC were $4.59 billion, 32% higher than the second quarter of 2025 As a market maker, we facilitate transactions in both liquid and less liquid markets, primarily for institutional clients, such as corporations, financial institutions, investment funds and governments

02Our efficiency ratio was 57.4% for the second quarter of 2026, compared with 63.4% for the second quarter of 2025 The ratio of compensation and benefits to net revenues, net of provision for credit losses, was 31.0% for the first half of 2026, compared with 33.0% for the first half of 2025 Annualized return on average common shareholders' equity (ROE) was 23.5% for the second quarter of 2026, compared with 12.8% for the second quarter of 2025 Diluted earnings per common share (EPS) was $20.98 for the second quarter of 2026, compared with $10.91 for the second quarter of 2025

03As of June 2026, our assets under supervision increased $391 billion due to net inflows (reflecting net inflows across all asset classes, primarily in liquidity products and equity) and net market appreciation Management and other fees included fees from alternatives of $725 million for the three months ended June 2026, $592 million for the three months ended June 2025 We have raised $85 billion in third-party commitments in the first half of 2026 and $523 billion since 2019, and expect fundraising for full year 2026 to exceed $125 billion Our estimated unrecognized incentive fees were $7.08 billion as of June 2026 and $5.24 billion as of December 2025

04Goldman operates with a CET1 ratio comfortably above regulatory minimums and a stated policy to return excess capital after funding client activity at attractive returns. The $5.4 billion returned in a single quarter and the 11% dividend hike demonstrate follow-through. For shareholders, this discipline converts episodic earnings strength into tangible cash returns and limits capital accumulation that could dilute ROE.