MTB: Highlights from Our NDR with Senior Management - A "Meat and Potatoes" Bank

Research evidence excerpt

MTB: Highlights from Our NDR with Senior Management - A "Meat and Potatoes" Bank

RBC Capital Markets, LLC

Gerard Cassidy (Co-Head of Global Financials Research)

(207) 780-1554, gerard.cassidy@rbccm.com

Thomas Leddy (AVP)

(207) 780-1554, thomas.leddy@rbccm.com

May 20, 2026 Outperform

NYSE: MTB; USD 210.42 M&T Bank Corporation Price Target USD 225.00RESEARCH Highlights from Our NDR with Senior Management Scenario Analysis*

- A "Meat and Potatoes" Bank Downside Current Price Upside

Our view: The beauty of MTB's business model is it is a “meat-and- Scenario Price Target Scenario

potatoes” bank. This culture was instilled by legendary CEO Bob Wilmers 173.00 210.42 225.00 270.00

30+ years ago and is carried on by CEO Rene Jones. MTB “through-the- 15% 10% 31%

cycle” outperforms on credit, which is a topic of conversation among *Implied Total Returns

investors given the uncertain economic and geopolitical environment. Key Statistics

Shares O/S (MM): 147.0 Market Cap (MM): 30,932EQUITY Management knows in order to create long-term shareholder value, it must Dividend: 6.00 Yield: 2.9%

avoid credit debacles by adhering to strong underwriting standards. The BVPS: 173.82 P/BVPS: 1.21x

recent Basel-III proposal would likely lead to an incremental 100 bps in its Tangible BVPS: 115.96 Avg. Daily Volume: 974,510

CET1 ratio allowing for more capital to be returned to shareholders. ROE: 9.8%

RBC Estimates

Key points: FY Dec 2024A 2025A 2026E 2027E

• NDR (Non Deal Roadshow) with MTB Management: We hosted an NDR EPS, Ops Diluted 14.83 16.79 18.50 20.20

for Daryl Bible, Chief Financial Officer, and Rajiv Ranjan, Head of Investor P/E 14.2x 12.5x 11.4x 10.4x

Relations, with investors in the EU/UK. Below are some highlights from EPS, Ops Diluted Q1 Q2 Q3 Q4

our NDR.