COF: Chairman & CEO Presentation Takeaways

Research evidence excerpt

COF: Chairman & CEO Presentation Takeaways

Equity Research

Flash Comment — June 9, 2026

Consumer Finance

Capital One Financial Corporation

Chairman & CEO Presentation Takeaways Overweight

Price Target: $260.00

Ticker COF

Our Call Upside/(Downside) to Target 42.3%

Very good tone on the consumer and credit performance. They played down the impact Price (06/09/2026) $182.73

of tax refunds on their recent DQ strength. Reiterated that the ROTCE of the combined 52 Week Range $174.98 - 259.64

entity (incl/ investments/acq's) is in-line with original projections. Market Cap (MM) $113,914

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

See Our Deep Dive on Capital One's Growing Franchise Scarcity Value. Capital One Deep Donald Fandetti, CFA

Dive - Growing Scarcity Value, at a Cost Equity Analyst | Wells Fargo Securities, LLC

Don.Fandetti@wellsfargo.com | 704-410-6093

Steven DeBartolo, CFA

Takeaway #1. Chairman & CEO Rich Fairbank presented, along with SVP of Global Finance Associate Equity Analyst | Wells Fargo Securities, LLC

Jeff Norris. The Discover integration is going well, with synergies and ROTCE on-track Steven.Debartolo@wellsfargo.com | 201-739-8679

with original expectations. Discover opex synergies will largely be a function of tech Nathaniel Richam-Odoi

conversions (origination conversion by Sept '26 and back book conversion Jan '27). Associate Equity Analyst | Wells Fargo Securities, LLC

Nathaniel.Richam-Odoi@wellsfargo.com |

212-214-8295

Takeaway #2. They played down the impact of higher tax refunds on recent better-than-

expected delinquency performance, meaning the improvement was more a function

of core strength of their consumer/portfolio.