2025 Fourth Quarter Earnings Review January 22, 2026 Welcome. The Huntington National Bank is Member FDIC. ®, Huntington® and Huntington. are federally registered service marks of Huntington Bancshares Incorporated. ©2026 Huntington Bancshares Incorporated. Abundant Green R: 126 G: 207 B: 28 Dark Teal R: 3 G: 79 B: 84 Pastel Teal R: 184 G: 239 B: 228 Pastel Magenta R: 248 G: 224 B: 229 White R: 255 G: 255 B: 255 Prosperous Sage R: 0 G: 45 B: 42 Primary Palette Off-White R: 245 G: 245 B: 245 Second Palette H ...

Exhibit 99.2 HUNTINGTON BANCSHARES INCORPORATED Quarterly Financial Supplement December 31, 2025 Table of Contents | Quarterly Key Statistics | 1 | | --- | --- | | Annual Key Statistics | 2 | | Consolidated Balance Sheets | 4 | | Loans and Leases Composition | 5 | | Deposits Composition | 6 | | Consolidated Quarterly Average Balance Sheets | 7 | | Consolidated Quarterly Net Interest Margin - Interest Income / Expense | 8 | | Consolidated Quarterly Net Interest Margin - Yield / Rate | 9 | | Selected Quarterl ...

Core Insights - Huntington Bancshares Incorporated reported a net income of $519 million for the fourth quarter of 2025, reflecting a decrease of 17% from the previous quarter and a 2% decrease from the same quarter last year, impacted by $130 million in acquisition-related expenses [2][4] - The company achieved a return on average assets of 0.93%, a return on average common equity of 8.9%, and a return on average tangible common equity of 12.7% [3] - The CEO highlighted strong execution and broad-based organic growth, with strategic advancements in commercial verticals, payments, wealth, and capital markets capabilities [4][6] Financial Performance - Earnings per common share (EPS) for the quarter was $0.30, down $0.11 from the prior quarter and $0.04 from the year-ago quarter; adjusted EPS was $0.37, down $0.03 from the prior quarter but up $0.03 from the year-ago quarter [5] - Net interest income increased by $86 million (6%) from the prior quarter and $197 million (14%) from the year-ago quarter [5] - Noninterest income decreased by $46 million (7%) from the prior quarter but increased by $23 million (4%) from the year-ago quarter [5] Loan and Deposit Growth - Average total loans and leases rose by $10.7 billion (8%) from the prior quarter and $18.4 billion (14%) from the year-ago quarter, influenced by the Veritex acquisition [5] - Average commercial loans grew by $9.5 billion (12%) from the prior quarter and $15.3 billion (21%) from the year-ago quarter [5] - Average total deposits increased by $8.3 billion (5%) from the prior quarter and $13.8 billion (9%) from the year-ago quarter, also reflecting the impact of the Veritex acquisition [5] Credit Quality - Net charge-offs were 0.24% of average total loans and leases, slightly higher than the prior quarter but lower than the year-ago quarter [5] - The nonperforming asset ratio was 0.63% at quarter end, up 3 basis points from the prior quarter [5] - The allowance for credit losses was $2.7 billion (1.83% of total loans and leases), an increase of $181 million from the prior quarter [5] Capital Ratios - The Common Equity Tier 1 (CET1) risk-based capital ratio was 10.4% at the end of December 2025, down from 10.6% in the prior quarter [5] - The tangible common equity (TCE) ratio improved to 7.1%, up from 6.8% in the prior quarter and 6.1% from a year ago [5] - Tangible book value per share increased to $9.89, reflecting a rise of $0.35 (4%) from the prior quarter and $1.56 (19%) from the year-ago quarter [5] Strategic Partnerships - Huntington closed its partnership with Veritex Holdings, Inc. on January 19, 2026, and is anticipating the closing of a partnership with Cadence Bank on February 1, 2026 [5][6] - The CEO emphasized that these partnerships will enhance growth in Texas and the South, with successful integration processes underway [6]

Company Overview - Huntington Bancshares (NASDAQ:HBAN) provides a range of banking and financial services, including consumer and business lending, deposits, payments, and wealth management [2] - The company also offers digital tools, investment services, equipment financing, and capital markets solutions [2] Recent Developments - Huntington Bancshares announced the acquisition of Texas-based regional bank Veritex in an all-stock deal valued at just under $2 billion, which is aimed at expanding its presence in Texas [2] - This acquisition is seen as a strategic move to enhance Huntington's growth in a market where it is already expanding aggressively [2] Market Performance - Following the announcement of the acquisition, Huntington Bancshares' stock has increased by over 5.5% [3]

Core Insights - Huntington Bancshares Incorporated (NASDAQ:HBAN) is identified as one of the best undervalued wide moat stocks [1] - RBC Capital has raised its price target for HBAN from $20.00 to $21.00, maintaining an 'Outperform' rating due to stable regional bank fundamentals and a positive outlook for Q4 earnings [2] - The merger between Huntington Bancshares and Cadence Bank is set to close on February 1, 2026, which is expected to enhance capabilities and shareholder value [2] Company Developments - The merger approval by shareholders of both Huntington Bancshares and Cadence Bank is a significant milestone, with expectations of synergies and expanded reach [2] - Cadence CEO James D. Rollins III emphasized the relationship-focused philosophies of both banks and the opportunities the merger presents for customers [2] - Huntington Bancshares provides a range of services including consumer and commercial banking, deposits, lending, payments, and wealth management [2] Market Outlook - The investment firm RBC Capital believes that strengthening loan and revenue growth will be key drivers for HBAN, contributing to a stable outlook for the banking sector compared to the previous quarter [2] - Despite the potential of HBAN as an investment, there is a suggestion that certain AI stocks may offer greater upside potential with less downside risk [2]

Core Viewpoint - Huntington Bancshares Incorporated (HBAN) is expected to report an increase in fourth-quarter and full-year 2025 revenues and earnings year over year, with key factors including improvements in net interest income and fee income, although rising non-interest expenses may pose challenges [1][9]. Recent Developments - HBAN received shareholder approval for its $7.4 billion all-stock acquisition of Cadence Bank, anticipated to close on February 1, 2026, which will expand its presence in the southern United States [3]. - The company completed a $1.9 billion all-stock merger with Veritex Holdings in October 2025, enhancing its footprint in Texas markets and raising its 2025 net interest income growth outlook to 10%-11% from 8%-9% [4]. Q4 Performance Factors - Loans & NII: The Federal Reserve's interest rate cuts are expected to support HBAN's net interest income, with a Zacks Consensus Estimate of $1.61 billion, reflecting an 8.6% increase from the previous quarter [6]. - Average total earnings assets are estimated at $203.1 billion, indicating a 5.4% rise from the prior quarter [7]. - Non-Interest Income: Mortgage banking income is projected at $35.5 million, a 17.4% decline from the previous quarter due to stagnant refinancing and origination activity [8]. - Capital markets and advisory fees are expected to rise to $104.3 million, a 10.9% sequential increase, while total non-interest income is estimated at $601.8 million, indicating a 4.2% decline from the prior quarter [11][12]. Expense and Asset Quality - Higher expenses are anticipated due to increased costs from data processing, marketing, and branch expansions, despite some efficiency initiatives [13]. - The Zacks Consensus Estimate for total non-accrual loans is $896 million, a 10.9% increase from the prior quarter, indicating potential asset quality concerns [15]. Earnings Estimates - The consensus estimate for HBAN's fourth-quarter earnings is 39 cents per share, suggesting a 14.7% rise year over year, with revenues projected at $2.2 billion, reflecting a 12.3% year-over-year increase [17]. 2025 Outlook - Average loans are expected to grow by 8% standalone and 9%-9.5% including Veritex, while average deposits are projected to increase by 5.5% standalone and 6.5%-7% including Veritex [18][19]. - Net interest income is anticipated to rise by 10%-11% year over year, with adjusted non-interest income expected to grow by 7% [19].

Core Viewpoint - The article discusses the potential of undervalued wide moat stocks as U.S. markets transition into 2026, highlighting a shift in macroeconomic conditions that may favor small-cap stocks due to expected earnings growth and easing interest rates [1][2]. Market Outlook - Analysts predict two 25-basis-point rate cuts by the Federal Reserve in 2026, which could benefit small-cap companies with high debt levels [3]. - The Russell 2000 index is expected to rise to 2,825 by the end of 2026, indicating a projected gain of approximately 14% from 2025 levels [3]. Sector Analysis - Healthcare and financial sectors are identified as key beneficiaries of favorable policies, M&A activity, and AI-related efficiency improvements [5]. - The banking segment is projected to outperform in 2026, prompting investors to seek stocks with strong fundamentals and competitive positioning [5]. Investment Methodology - The analysis utilizes the VanEck Morningstar Wide Moat ETF to identify undervalued stocks, filtering for those trading at least 25% below the S&P 500's forward P/E of 22.34 as of January 16, 2026 [7]. - Hedge fund sentiment is considered, with a focus on stocks held by a significant number of hedge funds, as this strategy has historically outperformed the market [8]. Company Highlights - **Zimmer Biomet Holdings, Inc. (NYSE:ZBH)**: - Forward P/E of 10.27x with 35 hedge fund holders; cautious expectations for 2026 were communicated at the J.P. Morgan Healthcare Conference [10][11]. - Management revised 2025 organic revenue growth forecast down to 4.00% from 4.50% due to weaker demand in certain regions, but overall revenue growth estimates remained stable [12]. - **Huntington Bancshares Incorporated (NASDAQ:HBAN)**: - Forward P/E of 10.60x with 42 hedge fund holders; RBC Capital raised its price target from $20.00 to $21.00, citing stable fundamentals and a positive outlook [15][16]. - The company is set to merge with Cadence Bank, expected to enhance capabilities and shareholder value [17]. - **Masco Corporation (NYSE:MAS)**: - Forward P/E of 16.67x with 44 hedge fund holders; Wells Fargo raised its price target from $75.00 to $78.00, while RBC Capital lowered its target from $69.00 to $67.00, reflecting mixed outlooks in the building products sector [19][20][21].

Core Viewpoint - Huntington Bancshares (HBAN) is expected to report quarterly earnings of $0.39 per share, reflecting a 14.7% increase year-over-year, with revenues projected at $2.21 billion, a 12.3% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 0.6% higher in the last 30 days, indicating analysts' positive reevaluation of their initial projections [2]. - Prior to earnings releases, revisions to earnings projections are crucial for predicting investor behavior, as studies show a strong correlation between earnings estimate trends and short-term stock performance [3]. Key Financial Metrics - Analysts project the 'Efficiency Ratio' to be 57.8%, down from 58.6% a year ago [5]. - The 'Net Interest Margin (FTE)' is expected to reach 3.2%, up from 3.0% in the same quarter last year [5]. - The 'Average Balance - Total earning assets' is estimated at $203.09 billion, compared to $185.22 billion in the same quarter of the previous year [6]. - The 'Tier 1 Leverage Ratio' is forecasted at 8.9%, up from 8.6% a year ago, while the 'Regulatory Tier 1 risk-based capital ratio' is expected to be 12.7%, compared to 11.9% last year [6]. Income Projections - 'Net interest income - FTE' is projected to reach $1.61 billion, compared to $1.41 billion in the same quarter last year [7]. - 'Total Non-Interest Income' is estimated at $601.80 million, up from $559.00 million a year ago [7]. - 'Capital markets and advisory fees' are expected to be $104.27 million, down from $120.00 million last year [8]. - 'Customer deposit and loan fees' are projected at $105.42 million, compared to $88.00 million last year [8]. - 'Payments and cash management revenue' is expected to be $177.18 million, up from $162.00 million last year [9]. - 'Wealth and asset management revenue' is projected at $105.54 million, compared to $93.00 million last year [9]. - 'Mortgage banking income' is expected to reach $35.53 million, up from $31.00 million in the same quarter last year [10]. Stock Performance - Over the past month, shares of Huntington Bancshares have returned +2.1%, slightly outperforming the Zacks S&P 500 composite's +2% change [11]. - Currently, HBAN holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [11].

Group 1 - Huntington Bancshares (HBAN) has shown solid performance over the past year, with shares gaining just under 10% [1] - The year 2025 was transformative for Huntington Bancshares, as the company completed two acquisitions to scale up and expand into higher-growth markets [1]

Group 1 - Huntington Bancshares Inc. (NASDAQ:HBAN) is gaining attention from hedge funds as a promising investment opportunity [1][2] - Barclays raised the price target for Huntington Bancshares to $20 from $19, maintaining an Equal Weight rating, and expressed a bullish outlook for large-cap banks in 2026 [1] - RBC Capital also increased its price target for Huntington Bancshares to $20 from $19 with an Outperform rating, citing the strategic potential of recent acquisitions [2] Group 2 - Piper Sandler raised the price target for Huntington Bancshares to $16 from $15, but maintained an Underweight rating, emphasizing the bank's focus on organic growth [3] - The bank's core strategy is centered on seamless integrations and leveraging recent acquisitions to enhance future organic expansion [3] - Huntington Bancshares operates as the bank holding company for The Huntington National Bank, providing a range of banking services in the US [4]