WAL: Investor day highlights - Consistent themes - Credit a focus but appears manageable.

Research evidence excerpt

WAL: Investor day highlights - Consistent themes - Credit a focus but appears manageable.

RBC Capital Markets, LLC

Jon G. Arfstrom (Associate Director of U.S. Research)

(646) 703-3565, jon.arfstrom@rbccm.com

Karl Shepard, CFA (Analyst)

(612) 371-2709, karl.shepard@rbccm.com

Taylor Irwin, CFA (Associate)

(612) 766-9613, taylor.irwin@rbccm.com

May 12, 2026

Western Alliance Bancorporation Outperform

NYSE: WAL; USD 77.56RESEARCH Investor day highlights - Consistent themes - Credit Price Target USD 89.00

a focus but appears manageable. Scenario Analysis*

Our view: Western Alliance management hosted an investor day featuring

presentations from senior leaders across the company. The themes were DownsideScenario CurrentPrice TargetPrice ScenarioUpside

consistent with management highlighting the growth contributions of a

diverse set of business lines, a confident view on the credit outlook despite 55.0027% 77.56 89.0017% 100.0031%

some movement in metrics, and establishing favorable medium term

*Implied Total ReturnsEQUITY financial targets. Overall, management remains committed to capturing Key Statistics

organic growth opportunities, while also maintaining risk and pricing Shares O/S (MM): 109.2 Market Cap (MM): 8,470

discipline. We have a positive fundamental outlook on the company. We Dividend: 1.52 Yield: 2.0%

maintain our estimates and appreciate the confident outlook. BVPS: 67.03 P/BVPS: 1.16x Tangible BVPS: 61.14 Avg. Daily Volume: 1,017,936

Key points: RBC Estimates

• Differentiated growth outlook. Today’s presentation highlighted the FY Dec 2024A 2025A 2026E 2027E

success of the company’s diverse set of organically launched business EPS, Ops Diluted 7.26 8.73 9.90 11.75

lines. Western Alliance utilizes an “S-curve” framework, where P/E 10.7x 8.9x 7.8x 6.6x