2Q26 Recap: Continue to Execute Towards B/S and NIM Targets

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2Q26 Recap: Continue to Execute Towards B/S and NIM Targets

USA | Consumer Finance

Ally Financial EquityJulyResearch21, 2026

TARGET CHANGE2Q26 Recap: Continue to Execute Towards B/S

RATING HOLDand NIM Targets

PRICE $45.52^

2Q26 results reflected constructive execution, with ALLY demonstrating

improving earnings power through auto origination growth, cont'd NIM PRICE TARGET | % TO PT $45.00 ($46.00) | -1%

expansion, and stable credit performance. Mgmt emphasized that newer 52W HIGH-LOW $47.29 - $35.92

vintages continue to outperform expectations while maintaining a disciplined FLOAT (%) | ADV MM (USD) 98.6% | 144.64

underwriting posture. With retail auto losses improving, record application MARKET CAP $14.0B

volume, and capital flexibility, ALLY remains positioned to deliver profitable, risk- TICKER ALLY ^Prior trading day's closing price unless otherwise

adjusted growth. noted.

2Q26 Recap. Adj EPS of $1.21 was roughly in line with Street's $1.22, driven by higher top-line results FY (Dec) CHANGE TO JEFe JEF vs CONS

and lower noninterest expenses, offset by higher provisions tied to growth. Credit trends in line, 2026 2027 2026 2027

with NCOs flat and DQs modestly lower. NIM was in line (up Q/Q). FY26 guidance was reaffirmed EPS* -5% -1% -4% -3%

or improved across the board. See our First Look for more details.

REV* +2% +4% NM +1%

Themes from the call:

2026 ($) Q1A Q2A Q3 Q4 FY

NIM will oscillate Q/Q: NIM of 3.63% was up +11bps Q/Q, as cost of funds declined -12bps Q/Q to REV* 2,102.0 2,286.0 2,322.4 2,380.6 9,091.1

3.15% driven by deposit pricing actions in 1H. Mgmt reiterated confidence in the MT NIM trajectory, PREV 8,877.1

citing accretive asset growth and efficient funding sources. ALLY maintained access to diversified *EPS Non-GAAP