Ally Financial: In-Line 2Q26 with Raised AEA Guidance and Improved Credit Outlook, as Mgmt Reiterates Confidence in NIM Expansion in 2H

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Ally Financial: In-Line 2Q26 with Raised AEA Guidance and Improved Credit Outlook, as Mgmt Reiterates Confidence in NIM Expansion in 2H

J P M O R G A N North America Equity Research

22 July 2026

Ally Financial

In-Line 2Q26 with Raised AEA Guidance and Improved Overweight

Credit Outlook, as Mgmt Reiterates Confidence in NIM ALLY, ALLY US

Expansion in 2H Price (21 Jul 26):$44.43

Price Target (Dec-27):$48.00

ALLY reported 2Q26 adj. EPS of $1.21, below JPMe of $1.25 and consensus Consumer Finance

AC$1.22. GAAP EPS was $1.18. The $0.03 difference between GAAP and adj. EPS Richard Shane

was driven primarily by a one-time $15M ($0.05/sh) expense related to the early (1-415) 315-6701

redemption of the Series B preferred stock, partially offset by core OID and the richard.b.shane@jpmorgan.com

change in fair value of equity securities; adj. EPS also absorbed a ~$0.08 headwind Hong Zhang

from incremental CECL reserve build tied to stronger-than-expected originations. (1-212) 622-6416

hongliang.zhang@jpmorgan.com

ALLY updated its FY26 outlook, raising average earning asset growth to +3-5% J.P. Morgan Securities LLC

(from +2-4%) on strong consumer auto originations and continued corporate

finance momentum. Mgmt noted this accretive growth drives higher earnings over Quarterly Forecasts (FYE Dec)

time but drives elevated CECL reserve build in 2026. Consolidated NCO guidance Adj. EPS ($)

were tightened to 1.2-1.3% (from 1.2-1.4%), reflecting pleasing credit 2025A 2026E 2027E

performance through 1H26. Q1 0.58 1.11A 1.32

Q2 0.99 1.21A 1.60

Q3 1.15 1.38 1.65

We maintain our OW rating and our Dec-2027 PT at $48. We are applying a Q4 1.09 1.43 1.68

6.50x multiple (unchanged) to our 2028 EPS estimate of $7.43 (vs. $7.45 prior). FY 3.88 5.21 6.37