Scotiabank reports fourth quarter and 2025 results

Scotiabank's 2025 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis (MD&A) are available at www.scotiabank.com along with the supplementary financial information and regulatory capital disclosure reports, which include fourth quarter financial information. All amounts are in Canadian dollars and are based on our audited annual consolidated financial statements and accompanying MD&A for the year ended October 31, 2025 and related notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted.Additional information related to the Bank, including the Bank's Annual Information Form, can be found on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov.

Fiscal 2025 Highlights on a Reported Basis Fourth Quarter 2025 Highlights on a Reported Basis(versus Fiscal 2024) (versus Q4 2024)• Net income of $7,758 million, compared to $7,892 million • Net income of $2,206 million, compared to $1,689 million• Earnings per share (diluted) of $5.67, compared to $5.87 • Earnings per share (diluted) of $1.65, compared to $1.22• Return on equity(1) of 9.7%, compared to 10.2% • Return on equity of 11.0%, compared to 8.3%Fiscal 2025 Highlights on an Adjusted Basis(2) Fourth Quarter 2025 Highlights on an Adjusted Basis(2)(versus Fiscal 2024) (versus Q4 2024)• Net income of $9,510 million, compared to $8,627 million • Net income of $2,558 million, compared to $2,119 million• Earnings per share (diluted) of $7.09, compared to $6.47 • Earnings per share (diluted) of $1.93, compared to $1.57• Return on equity of 11.8%, compared to 11.3% • Return on equity of 12.5%, compared to 10.6%

Fiscal 2025 Performance versus Medium-Term Financial Objectives

The following table provides a summary of our 2025 performance against our medium-term financial objectives:

Medium-Term Objectives Fiscal 2025 Results Reported Adjusted(2)Diluted earnings per share growth of 7%+ (3.4)% 9.6%Return on equity of 14%+ 9.7% 11.8%Achieve positive operating leverage(1) Negative 2.2% Positive 3.0%Maintain strong capital ratios CET1 capital ratio(3) of 13.2% N/A

Scotiabank reported net income of $7,758 million for the fiscal year 2025, compared with net income of $7,892 million in 2024. Diluted earnings per share (EPS) were $5.67, compared to $5.87 in the previous year. Return on equity was 9.7%, compared to 10.2% in the previous year.

Reported net income for the fourth quarter ended October 31, 2025 was $2,206 million compared to $1,689 million in the same period last year. Diluted EPS was $1.65, compared to $1.22 in the same period a year ago. Return on equity was 11.0% compared to 8.3% a year ago.

This quarter's net income included adjusting items of $352 million after-tax. These included a restructuring charge and severance provisions related to actions taken to simplify the organizational structure in Canadian Banking, restructure and right-size Asia operations in Global Banking and Markets and regionalize activities across the international footprint, in line with the Bank's enterprise strategy, as well as legal provisions.

Adjusted net income(2) was $9,510 million for the fiscal year 2025, up from $8,627 million in the previous year. Adjusted diluted EPS was $7.09 versus $6.47 in the previous year. Adjusted return on equity was 11.8% compared to 11.3% in the previous year.

Adjusted net income(2) for the fourth quarter ended October 31, 2025 was $2,558 million, up from $2,119 million in the previous year. Adjusted diluted EPS was $1.93, compared to $1.57 last year. Adjusted return on equity was 12.5% compared to 10.6% a year ago.

“2025 was a very positive year for the Bank,” said Scott Thomson, President and Chief Executive Officer of Scotiabank. “We delivered improving results through the year as we strengthened our balance sheet, improved our loan-to-deposit ratio, and increased return on equity. This quarter all our business lines reported year-over-year earnings growth with particular strength in Global Wealth Management and Global Banking and Markets and improving results in Canadian Banking”.

Canadian Banking delivered adjusted earnings(2) of $3,428 million in 2025, down 9% from the prior year due primarily to a significant increase in provision for credit losses and a lower margin reflecting the impact of Bank of Canada's recent rate cuts.

International Banking generated adjusted earnings(2) of $2,809 million in 2025, up 2% year-over-year. Revenue growth combined with disciplined expense management was partly offset by the impact of global minimum tax (GMT). Continued portfolio optimization resulted in improved profitability with ROE(2) of 14.7%, up from 13.6% last year.

Global Wealth Management adjusted earnings(2) were $1,706 million, up 17% year-over-year driven by strong revenue growth from higher mutual fund fees, brokerage revenues, and net interest income across the Canadian and International wealth businesses. Additionally, assets under management of $432 billion grew 16% year-over-year and average fourth quarter deposits of $50 billion grew 32% from last year.

Global Banking and Markets reported earnings of $1,921 million in 2025, up 30% year-over-year. Results were driven by strong performance in our capital markets business as well as higher underwriting and advisory fees, partly offset by higher expenses to support business growth.

“We are making clear progress towards achieving our key priorities, including being disciplined in our capital allocation, prioritizing value over volume, earning primary clients, and seeking out ways to work better, faster, safer, and at a lower cost,” continued Mr. Thomson. “I would like to thank all our Scotiabankers for their contributions in 2025. We enter 2026 with significant momentum – focused on achieving our medium-term objectives.”

The Bank reported a Common Equity Tier 1 (CET1) capital ratio(3) of 13.2%, up from 13.1% last year and continued to maintain strong liquidity metrics.

____________________________________(1) Refer to page 136 of the Management's Discussion & Analysis in the Bank's 2025 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto.(2) Refer to Non-GAAP Measures section starting on page 21.(3) The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).

Financial Highlights

As at and forthethreemonthsended As at and forthe yearended(Unaudited) October 31 July 31 October 31 October 31 October 31 2025 2025 2024 2025 2024Operating results ($ millions)Net interest income 5,586 5,493 4,923 21,522 19,252Non-interest income 4,217 3,993 3,603 16,219 14,418Total revenue 9,803 9,486 8,526 37,741 33,670Provision for credit losses 1,113 1,041 1,030 4,714 4,051Non-interest expenses 5,828 5,089 5,296 22,518 19,695Income tax expense 656 829 511 2,751 2,032Net income 2,206 2,527 1,689 7,758 7,892Net income attributable to common shareholders 2,104 2,313 1,521 7,283 7,286Operating performanceBasic earnings per share ($) 1.70 1.84 1.23 5.84 5.94Diluted earnings per share($) 1.65 1.84 1.22 5.67 5.87Return on equity (%)(1) 11.0 12.2 8.3 9.7 10.2Return on tangible common equity (%)(2) 13.5 15.0 10.1 11.9 12.6Productivity ratio (%)(1) 59.4 53.7 62.1 59.7 58.5Operating leverage (%)(1) (2.2) 1.5Net interest margin (%)(2) 2.40 2.36 2.15 2.33 2.16Financial position information ($ millions)Cash and deposits with financial institutions 65,967 69,701 63,860Trading assets 152,223 136,485 129,727Loans 771,045 761,560 760,829Total assets 1,460,042 1,414,686 1,412,027Deposits 966,279 946,842 943,849Common equity 76,927 75,258 73,590Preferred shares and other equity instruments 9,939 8,544 8,779Assets under administration(1) 868,347 825,070 771,454Assets under management(1) 432,375 407,017 373,030Capital and liquidity measuresCommon Equity Tier 1 (CET1) capital ratio (%)(3) 13.2 13.3 13.1Tier 1 capital ratio (%)(3) 15.3 15.2 15.0Total capital ratio (%)(3) 17.1 16.9 16.7Total loss absorbing capacity (TLAC) ratio (%)(4) 29.1 29.0 29.7Leverage ratio (%)(5) 4.5 4.5 4.4TLAC Leverage ratio (%)(4) 8.5 8.6 8.8Risk-weighted assets ($ millions)(3) 474,453 463,484 463,992Liquidity coverage ratio (LCR) (%)(6) 128 126 131Net stable funding ratio (NSFR) (%)(6) 116 120 119Credit qualityNet impaired loans ($ millions) 4,903 4,656 4,685Allowance for credit losses ($ millions)(7) 7,654 7,386 6,736Gross impaired loans as a % of loans and acceptances(1) 0.93 0.90 0.88Net impaired loans as a % of loans and acceptances(1) 0.63 0.61 0.61Provision for credit losses as a % of average net loans and acceptances(annualized)(1)(8) 0.58 0.55 0.54 0.62 0.53Provision for credit losses on impaired loans as a % of average net loansand acceptances(annualized)(1)(8) 0.54 0.51 0.55 0.54 0.52Net write-offs as a % of average net loans and acceptances (annualized)(1) 0.51 0.50 0.51 0.50 0.46Adjusted results(2)Adjusted net income ($ millions) 2,558 2,518 2,119 9,510 8,627Adjusted diluted earnings per share ($) 1.93 1.88 1.57 7.09 6.47Adjusted return on equity (%) 12.5 12.4 10.6 11.8 11.3Adjusted return on tangible common equity (%) 15.2 15.1 12.8 14.3 13.7Adjusted productivity ratio (%) 54.3 53.7 56.1 54.5 56.1Adjusted operating leverage (%) 3.0 2.3Common share informationClosing share price ($)(TSX) 91.99 77.09 71.69Shares outstanding (millions)Average – Basic 1,239 1,244 1,238 1,244 1,226Average – Diluted 1,245 1,245 1,243 1,248 1,232End of period 1,236 1,242 1,244Dividends paid per share ($) 1.10 1.10 1.06 4.32 4.24Dividend yield (%)(1) 5.2 6.0 6.3 5.6 6.5Market capitalization ($ millions) (TSX) 113,728 95,781 89,214Book value per common share ($)(1) 62.22 60.57 59.14Market value to book value multiple(1) 1.5 1.3 1.2Price to earnings multiple (trailing 4 quarters)(1) 15.8 14.4 12.0Other informationEmployees (full-time equivalent) 86,431 87,317 88,488Branches and offices 2,128 2,135 2,236

(1) Refer to page 136 of the Management's Discussion & Analysis in the Bank's 2025 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto.(2) Refer to Non-GAAP Measures section starting on page 21.(3) The regulatory capital ratios are based on Basel III requirements as determined in accordance with the Office of the Superintendent of Financial Institutions (OSFI) OSFI Guideline – Capital Adequacy Requirements.(4) This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity.(5) The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements.(6) The LCR and NSFR are calculated in accordance with OSFI Guideline – Liquidity Adequacy Requirements (LAR).(7) Includes allowance for credit losses on all financial assets – loans, acceptances, off-balance sheet exposures, debt securities, and deposits with financial institutions.(8) Includes provision for credit losses on certain financial assets – loans, acceptances, and off-balance sheet exposures.

Impact of Foreign Currency Translation

Average exchange rate % Change October 31 July 31 October 31 October 31, 2025 October 31, 2025For the three months ended 2025 2025 2024 vs. July 31, 2025 vs. October 31, 2024U.S. dollar/Canadian dollar 0.721 0.728 0.732 (1.0) % (1.5) %Mexican Peso/Canadian dollar 13.365 13.862 14.257 (3.6) % (6.3) %Peruvian Sol/Canadian dollar 2.512 2.624 2.748 (4.3) % (8.6) %Colombian Peso/Canadian dollar 2,843.332 2,997.961 3,056.235 (5.2) % (7.0) %Chilean Peso/Canadian dollar 691.582 687.720 681.854 0.6 % 1.4 % Average exchange rate % Change October 31 October 31 October 31, 2025For the year ended 2025 2024 vs. October 31, 2024U.S. dollar/Canadian dollar 0.714 0.735 (2.9) %Mexican Peso/Canadian dollar 13.950 13.091 6.6 %Peruvian Sol/Canadian dollar 2.593 2.757 (5.9) %Colombian Peso/Canadian dollar 2,964.017 2,943.081 0.7 %Chilean Peso/Canadian dollar 685.697 682.082 0.5 % For the three months ended Forthe yearended October 31, 2025 October 31, 2025 October 31, 2025Impact on net income(1) ($ millions except EPS) vs. October 31, 2024 vs. July 31, 2025 vs. October 31, 2024Net interest income $ 85 $ 50 $ (11)Non-interest income(2) 39 (19) (70)Total revenue 124 31 (81)Non-interest expenses (86) (49) (45)Other items (net of tax)(2) (24) (5) 41Net income $ 14 $ (23) $ (85)Earnings per share (diluted) $ 0.01 $ (0.02) $ (0.07)Impact by business line ($ millions)Canadian Banking $ 2 $ – $ 4International Banking(2) 8 (8) 1Global Wealth Management 3 2 (2)Global Banking and Markets 3 2 24Other(2) (2) (19) (112)Net income $ 14 $ (23) $ (85)

(1) Includes the impact of all currencies.(2) Includes the impact of foreign currency hedges.

Group Financial Performance

Net income

Q4 2025 vs Q4 2024

Net income was $2,206 million compared to $1,689 million, an increase of 31%. Adjusted net income also increased 21% from $2,119 million to $2,558 million. The increase was driven primarily by higher net interest income and non-interest income, partly offset by higher non-interest expenses and income taxes.

Q4 2025 vs Q3 2025

Net income was $2,206 million compared to $2,527 million, a decrease of 13%. The decrease was driven primarily by higher non-interest expenses from the restructuring charge, partly offset by lower income taxes and higher net interest income and non-interest income. Adjusted net income was $2,558 million compared to $2,518 million, an increase of 2%. The increase was driven primarily by higher net interest income, non-interest income and lower income taxes, partly offset by higher non-interest expenses and provision for credit losses.

Total revenue

Q4 2025 vs Q4 2024

Revenues were $9,803 million compared to $8,526 million, an increase of 15%.

Net interest income was $5,586 million compared to $4,923 million, an increase of $663 million or 13%. The increase was due primarily to a higher net interest margin, loan growth and the positive impact of foreign currency translation. The net interest margin was 2.40%, an increase of 25 basis points mainly from significantly lower funding costs driven by central bank rate cuts, and higher margins in International Banking and Global Banking and Markets.

Non-interest income was $4,217 million, an increase of $614 million or 17%. Adjusted non-interest income was $4,181 million, an increase of $578 million or 16%. The increase was due mainly to higher income from associated corporations primarily related to the KeyCorp investment, as well as higher wealth management revenues, underwriting and advisory fees, trading-related revenues, and banking fees.

Q4 2025 vs Q3 2025

Revenues were $9,803 million compared to $9,486 million, an increase of 3%.

Net interest income increased $93 million or 2%, due primarily to a higher net interest margin, and the positive impact of foreign currency translation. The net interest margin increased four basis points, mainly driven by higher business line margins.

Non-interest income increased $224 million or 6%. Adjusted non-interest income was up $180 million or 4%. The increase was due mainly to higher wealth management revenues, other fee and commission revenues, and underwriting and advisory fees.

Provision for credit losses

Q4 2025 vs Q4 2024

The provision for credit losses was $1,113 million, compared to $1,030 million, an increase of $83 million. The provision for credit losses ratio was 58 basis points compared to 54 basis points.

Provision for credit losses on performing loans was $71 million compared to a reversal of $13 million. The provision this period was primarily related to business growth, mainly in the International retail portfolio, as well as credit migration impacting Canadian Banking and Corporate loan book, partly offset by the impact of the improving macro economic outlook.

The provision for credit losses on impaired loans was $1,042 million, compared to $1,043 million. The provision for credit losses ratio on impaired loans was 54 basis points compared to 55 basis points. The decrease was due primarily to lower provisions in the retail portfolio, partly offset by higher provisions in the Canadian commercial portfolio.

Q4 2025 vs Q3 2025

The provision for credit losses was $1,113 million, compared to $1,041 million, an increase of $72 million. The provision for credit losses ratio was 58 basis points compared to 55 basis points.

Provision for credit losses on performing loans was $71 million compared to $66 million. The provision this period was primarily related to business growth, mainly in the International retail portfolio, as well as credit migration impacting Canadian Banking and Corporate loan book, partly offset by the impact of the improving macro economic outlook.

The provision for credit losses on impaired loans was $1,042 million, compared to $975 million, an increase of $67 million or 7% mainly in retail. The provision for credit losses ratio on impaired loans was 54 basis points compared to 51 basis points.

Non-interest expenses

Q4 2025 vs Q4 2024

Non-interest expenses were $5,828 million compared to $5,296 million, an increase of $532 million or 10%. Adjusted non-interest expenses were $5,308 million compared to $4,784 million, an increase of $524 million or 11%, driven mainly by higher personnel costs including performance-based compensation, higher technology and advertising and business development costs to support strategic and regulatory initiatives, as well as the negative impact of foreign currency translation.

The productivity ratio was 59.4% compared to 62.1%. The adjusted productivity ratio was 54.3% compared to 56.1%. Year-to-date operating leverage was negative 2.2% and positive 3.0% on adjusted basis.

Q4 2025 vs Q3 2025

Non-interest expenses were up $739 million or 14%. Adjusted non-interest expenses were $5,308 million, an increase of $213 million or 4%, driven by higher personnel costs including performance-based compensation, higher technology and advertising and business development costs to support strategic and regulatory initiatives, and the negative impact of foreign currency translation. This was partly offset by lower professional fees and depreciation and amortization.

The productivity ratio was 59.4% compared to 53.7%. The adjusted productivity ratio was 54.3% compared to 53.7%.

Provision for income taxes

Q4 2025 vs Q4 2024

The effective tax rate was 22.9% compared to 23.2%. On an adjusted basis the effective tax rate was 23.6% compared to 21.8% due primarily to lower income in lower tax jurisdictions and the implementation of the GMT.

Q4 2025 vs Q3 2025

The effective tax rate was 22.9% compared to 24.7% and on an adjusted basis the effective tax rate was 23.6% compared to 25.0% due primarily to higher income in lower tax jurisdictions and withholding taxes paid in the prior quarter.

Capital Ratios

The Bank continues to maintain strong, high quality capital levels which position it well for future business growth and opportunities. The CET1 ratio as at October 31, 2025 was 13.2%, an increase of approximately 10 basis points from the prior year. The ratio benefited from strong internal capital generation, revaluation gains on FVOCI securities, partly offset by the completion of the Bank's investment in KeyCorp, the impairment loss related to the announced sale of banking operations in Colombia, Costa Rica and Panama to Davivienda, the impact of Q4 adjustment items, and share repurchases under the Bank's Normal Course Issuer Bid.

The Bank's Tier 1 capital ratio was 15.3% as at October 31, 2025, an increase of approximately 30 basis points from the prior year, due primarily to the above noted impacts to the CET1 ratio and issuances of U.S. $1 billion of Limited Recourse Capital Notes in each of the first and fourth quarters of 2025 partly offset by a redemption of U.S. $1.25 billion of subordinated Additional Tier 1 Capital Notes in the third quarter.

The Bank's Total capital ratio was 17.1% as at October 31, 2025, an increase of approximately 40 basis points from 2024, due primarily to the above noted redemptions, issuances and impacts to the Tier 1 capital ratio.

The TLAC ratio was 29.1% as at October 31, 2025, a decrease of approximately 60 basis points from the prior year, primarily from higher RWA.

The Leverage ratio was 4.5% as at October 31, 2025, an increase of approximately 10 basis points from the prior year, with growth in Tier 1 capital due to the above noted Additional Tier 1 Capital issuances, partly offset by increases in leverage exposure amounts.

The TLAC Leverage ratio was 8.5%, a decrease of approximately 30 basis points from 2024, primarily due to increased leverage exposures partly offset by higher available TLAC.

The Bank's capital, leverage and TLAC ratios continue to be in excess of OSFI's minimum capital ratio requirements for 2025. In 2026, the Bank will continue to maintain strong capital ratios, continuing to optimize capital deployment in line with its strategic plans.

Business Segment Review

Effective the first quarter of 2025, the Bank made voluntary changes to its allocation methodology impacting business segment presentation. The new methodology includes updates related to the Bank's funds transfer pricing (FTP), head office expense allocations, and allocations between business segments. Prior period results and ratios for each segment have been revised to conform with the current period's methodology. Further details on the changes are as follows:

— FTP methodology was updated, primarily related to the allocation of substantially all liquidity costs to the business lines from the Other segment, reflecting the Bank's strategic objective to maintain higher liquidity ratios.

— Periodically, the Bank updates its allocation methodologies. This includes a comprehensive update to the allocation of head office expenses across countries within International Banking, updates to the allocation of clients and associated revenue, expenses, and balances between International Banking, Global Banking and Markets, and Global Wealth Management to align with the strategy, as well as updates to the allocation of head office expenses and income taxes from the Other segment to the business segments.

— To be consistent with the reporting of its recent minority investment in KeyCorp, the Bank has also made changes to the reporting of certain minority investments in International Banking (Bank of Xi'an Co. Ltd.) and Global Wealth Management (Bank of Beijing Scotia Asset Management), which are now reported in the Other segment.

Canadian Banking

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis)(1) 2025 2025 2024(2) 2025 2024(2)Reported ResultsNet interest income $ 2,672 $ 2,641 $ 2,635 $ 10,484 $ 10,185Non-interest income(3) 735 730 684 2,941 2,848Total revenue 3,407 3,371 3,319 13,425 13,033Provision for credit losses 494 456 450 2,293 1,691Non-interest expenses 1,617 1,596 1,578 6,405 6,125Income tax expense 355 361 357 1,302 1,440Net income $ 941 $ 958 $ 934 $ 3,425 $ 3,777Net income attributable to equity holders of the Bank $ 941 $ 958 $ 934 $ 3,425 $ 3,777Other financial data and measuresReturn on equity(4) 17.8 % 18.4 % 17.5 % 16.3 % 18.3Net interest margin(4) 2.30 % 2.29 % 2.32 % 2.29 % 2.38Effective tax rate(5) 27.4 % 27.3 % 27.7 % 27.5 % 27.6Average assets ($ billions) $ 466 $ 463 $ 457 $ 463 $ 449Average liabilities ($ billions) $ 379 $ 381 $ 385 $ 382 $ 389

Net income

Q4 2025 vs Q4 2024

Net income attributable to equity holders was $941 million compared to $934 million, an increase of 1%. Adjusted net income attributable to equity holders was $942 million compared to $935 million, an increase of 1%. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher provision for credit losses and non-interest expenses.

Q4 2025 vs Q3 2025

Net income attributable to equity holders was $941 million compared to $958 million, a decrease of 2%. Adjusted net income attributable to equity holders was $942 million compared to $959 million, a decrease of 2%. The decrease was driven primarily by higher provision for credit losses and non-interest expenses, partly offset by higher net interest income.

Total revenue

Q4 2025 vs Q4 2024

Revenues were $3,407 million compared to $3,319 million, an increase of 3%.

Net interest income was $2,672 million compared to $2,635 million, an increase of 1%. The increase was due primarily to loan growth, partly offset by a two basis points reduction in net interest margin driven by changes in business mix.

Non-interest income was $735 million compared to $684 million, an increase of 8%. The increase was due primarily to private equity gains, higher mutual fund distribution fees, and insurance income.

Q4 2025 vs Q3 2025

Revenues were $3,407 million compared to $3,371 million, an increase of 1%.

Net interest income was $2,672 million compared to $2,641 million, an increase of 1%, due primarily to higher net interest margin and asset growth. The net interest margin increased one basis point to 2.30%, driven by an increase in both asset and deposit margins, partly offset by changes in business mix.

Non-interest income was $735 million compared to $730 million, an increase of 1%, due primarily to higher insurance income and mutual fund distribution fees, partly offset by lower banking revenue.

Provision for credit losses

Q4 2025 vs Q4 2024

The provision for credit losses was $494 million compared to $450 million, an increase of $44 million. The provision for credit losses ratio was 43 basis points compared to 40 basis points.

The provision for credit losses on performing loans was $22 million compared to a reversal of $11 million. The provision this period related primarily to the impact of credit migration in retail unsecured portfolios, partly offset by the impact of the improving macroeconomic outlook.

The provision for credit losses on impaired loans was $472 million compared to $461 million. This was due primarily to higher commercial provisions, partly offset by reductions in the retail portfolio. The provision for credit losses ratio on impaired loans was 41 basis points, unchanged from prior period.

Q4 2025 vs Q3 2025

The provision for credit losses was $494 million compared to $456 million, an increase of $38 million. The provision for credit losses ratio was 43 basis points compared to 40 basis points.

The provision for credit losses on performing loans was $22 million compared to $9 million. The increase related primarily to the impact of credit migration in retail unsecured portfolios, partly offset by the impact of the improving macroeconomic outlook.

The provision for credit losses on impaired loans was $472 million compared to $447 million. This was driven primarily by higher retail formations and higher commercial provisions. The provision for credit losses ratio on impaired loans was 41 basis points compared to 39 basis points.

Non-interest expenses

Q4 2025 vs Q4 2024

Non-interest expenses were $1,617 million compared to $1,578 million, an increase of 2%. The increase was due primarily to higher technology costs related to new systems and infrastructure implemented, increased project spend supporting key strategic and regulatory initiatives, as well as general inflationary increases. The productivity ratio was 47.5% in line with the prior year.

Q4 2025 vs Q3 2025

Non-interest expenses were $1,617 million compared to $1,596 million, an increase of 1%. The increase was due primarily to higher technology costs and project spend supporting key strategic and regulatory initiatives. The productivity ratio was 47.5% compared to 47.3%.

Provision for income taxes

The effective tax rate was 27.4% compared to 27.7% in the prior year and 27.3% in the prior quarter.

Average assets

Q4 2025 vs Q4 2024

Average assets were $466 billion compared to $457 billion. The growth included $12 billion or 4% in residential mortgages, partly offset by a decline of $2 billion or 2% in business loans and $1 billion or 1% in personal loans.

Q4 2025 vs Q3 2025

Average assets were $466 billion compared to $463 billion. The increase was driven by $3 billion or 1% growth in residential mortgages.

Average liabilities

Q4 2025 vs Q4 2024

Average liabilities were $379 billion compared to $385 billion. The decrease included a $3 billion or 2% reduction in non-personal deposits and$1 billion in personal deposits, both in term products, partly offset by growth in personal chequing and savings products.

Q4 2025 vs Q3 2025

Average liabilities were $379 billion compared to $381 billion. The decrease was due primarily to a decline of $2 billion or 1% in personal deposits, mainly in term products, partly offset by an increase in personalchequing and savings products.

International Banking

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis)(1) 2025 2025 2024(2) 2025 2024(2)Reported ResultsNet interest income $ 2,273 $ 2,245 $ 2,147 $ 8,866 $ 8,867Non-interest income(3) 778 758 712 3,177 2,999Total revenue 3,051 3,003 2,859 12,043 11,866Provision for credit losses 595 562 556 2,309 2,285Non-interest expenses 1,577 1,511 1,491 6,164 6,170Income tax expense 201 219 168 781 705Net income $ 678 $ 711 $ 644 $ 2,789 $ 2,706Net income attributable to non-controlling interest in subsidiaries $ 44 $ 41 $ 44 $ 158 $ 125Net income attributable to equity holders of the Bank $ 634 $ 670 $ 600 $ 2,631 $ 2,581Other financial data and measuresReturn on equity(4) 13.9 % 14.9 % 12.7 % 14.6 % 13.5 %Net interest margin(4) 4.54 % 4.54 % 4.42 % 4.50 % 4.41 %Effective tax rate(5) 22.8 % 23.6 % 20.6 % 21.9 % 20.6 %Average assets ($ billions) $ 226 $ 223 $ 224 $ 227 $ 231Average liabilities ($ billions) $ 178 $ 173 $ 171 $ 175 $ 179

(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(3) Includes net income from investments in associated corporations for the three months ended October 31, 2025 – $40 (July 31, 2025 – $39; October 31, 2024 – $36) and for the year ended October 31, 2025 – $152 (October 31, 2024 – $130). This income from associated corporations includes a tax normalization adjustment for the three months ended October 31, 2025 – $9 (July 31, 2025 – $8; October 31, 2024 – $8) and for the year ended October 31, 2025 – $34 (October 31, 2024 – $27).(4) Refer to Non-GAAP Measures starting on page 21.(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure.

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis) 2025 2025 2024(1) 2025 2024(1)Adjusted Results(2)Net interest income $ 2,273 $ 2,245 $ 2,147 $ 8,866 $ 8,867Non-interest income 778 758 712 3,177 2,999Total revenue 3,051 3,003 2,859 12,043 11,866Provision for credit losses 595 562 556 2,309 2,285Non-interest expenses(3) 1,571 1,504 1,482 6,136 6,138Income tax expense 203 221 171 789 714Net income $ 682 $ 716 $ 650 $ 2,809 $ 2,729Net income attributable to non-controlling interest in subsidiaries $ 44 $ 41 $ 44 $ 158 $ 125Net income attributable to equity holders of the Bank $ 638 $ 675 $ 606 $ 2,651 $ 2,604

Net income

Q4 2025 vs Q4 2024

Net income attributable to equity holders was $634 million compared to $600 million, an increase of 6%. Adjusted net income attributable to equity holders was $638 million compared to $606 million, an increase of 5%. The increase was driven primarily by higher net interest income, non-interest income and the positive impact of foreign currency translation, partly offset by higher non-interest expenses, provision for credit losses and income taxes.

Q4 2025 vs Q3 2025

Net income attributable to equity holders was $634 million compared to $670 million, a decrease of 5%. Adjusted net income attributable to equity holders was $638 million compared to $675 million, a decrease of 5%. The decrease was driven primarily by higher non-interest expenses and provision for credit losses, partly offset by higher net interest income, non-interest income and lower income taxes, and the positive impact of foreign currency translation.

Financial Performance on a Constant Dollar Basis

International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure (refer to Non-GAAP Measures starting on page 21). Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment. The tables below are computed on a basis that is different than the “Impact of foreign currency translation” table on page 4. Ratios are on a reported basis.

The discussion below on the results of operations is on a constant dollar basis.

Reported results on a constant dollar basis

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis) 2025 2025 2024(1) 2025 2024(1)Constant dollars – ReportedNet interest income $ 2,273 $ 2,293 $ 2,227 $ 8,866 $ 8,856Non-interest income(2) 778 770 728 3,177 2,980Total revenue 3,051 3,063 2,955 12,043 11,836Provision for credit losses 595 574 582 2,309 2,293Non-interest expenses 1,577 1,542 1,544 6,164 6,121Income tax expense 201 223 171 781 704Net income $ 678 $ 724 $ 658 $ 2,789 $ 2,718Net income attributable to non-controlling interest in subsidiaries $ 44 $ 42 $ 44 $ 158 $ 128Net income attributable to equity holders of the Bank $ 634 $ 682 $ 614 $ 2,631 $ 2,590Other financial data and measuresAverage assets ($ billions) $ 226 $ 228 $ 230 $ 227 $ 232Average liabilities ($ billions) $ 178 $ 176 $ 177 $ 175 $ 178

Adjusted results on a constant dollar basis

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis) 2025 2025 2024(1) 2025 2024(1)Constant dollars – AdjustedNet interest income $ 2,273 $ 2,293 $ 2,227 $ 8,866 $ 8,856Non-interest income 778 770 728 3,177 2,980Total revenue 3,051 3,063 2,955 12,043 11,836Provision for credit losses 595 574 582 2,309 2,293Non-interest expenses(2) 1,571 1,535 1,536 6,136 6,089Income tax expense 203 225 173 789 713Net income $ 682 $ 729 $ 664 $ 2,809 $ 2,741Net income attributable to non-controlling interest in subsidiaries $ 44 $ 42 $ 44 $ 158 $ 128Net income attributable to equity holders of the Bank $ 638 $ 687 $ 620 $ 2,651 $ 2,613

Net income

Q4 2025 vs Q4 2024

Net income attributable to equity holders was $634 million compared to $614 million, an increase of 3%. Adjusted net income attributable to equity holders was $638 million compared to $620 million. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher non-interest expenses, income taxes and provision for credit losses.

Q4 2025 vs Q3 2025

Net income attributable to equity holders was $634 million compared to $682 million, a decrease of 7%. Adjusted net income attributable to equity holders was $638 million compared to $687 million. The decrease was driven primarily by higher non-interest expenses and provision for credit losses and lower net interest income, partly offset by lower income taxes.

Total revenue

Q4 2025 vs Q4 2024

Revenues were $3,051 million compared to $2,955 million, an increase of 3%.

Net interest income was $2,273 million compared to $2,227 million, an increase of 2%, driven by lower funding costs mainly in Mexico. Net interest margin increased by 12 basis points to 4.54%, driven mainly by lower funding costs due to declines in central bank rates.

Non-interest income was $778 million compared to $728 million, an increase of 7%, driven by higher capital markets revenues in Chile and Brazil.

Q4 2025 vs Q3 2025

Revenues were $3,051 million compared to $3,063 million.

Net interest income was $2,273 million compared to $2,293 million, a decrease of 1%, driven mainly by higher funding costs. Net interest margin was in line with last quarter at 4.54%.

Non-interest income was $778 million compared to $770 million, an increase of 1%, driven by higher capital markets revenues in Brazil and Mexico.

Provision for credit losses

Q4 2025 vs Q4 2024

The provision for credit losses was $595 million compared to $582 million, an increase of $13 million. The provision for credit losses ratio was 144 basis points compared to 137 basis points.

The provision for credit losses on performing loans was $38 million compared to a reversal of $22 million. The provision this period was driven by retail portfolio growth, primarily in Mexico, along with credit quality migration in the retail portfolio, mainly in Chile, and in the commercial portfolio.

The provision for credit losses on impaired loans was $557 million compared to $604 million, driven by lower retail formations, primarily in Colombia and Peru, due in part to the CrediScotia divestiture. The provision for credit losses ratio on impaired loans was 135 basis points, compared to 142 basis points.

Q4 2025 vs Q3 2025

The provision for credit losses was $595 million compared to $574 million, an increase of $21 million. The provision for credit losses ratio was 144 basis points compared to 139 basis points.

The provision for credit losses on performing loans was $38 million compared to $37 million. The provision this period was driven by retail portfolio growth, primarily in Mexico, along with credit quality migration in the retail portfolio, mainly in Chile, and in the commercial portfolio.

The provision for credit losses on impaired loans was $557 million compared to $537 million due primarily to higher retail provisions mainly in Chile and Peru. The provision for credit losses ratio on impaired loans was 135 basis points compared to 129 basis points.

Non-interest expenses

Q4 2025 vs Q4 2024

Non-interest expenses were $1,577 million compared to $1,544 million, an increase of 2%, driven by higher personnel cost mainly in Chile and Brazil, and higher technology expenses in Chile and Mexico. The productivity ratio was 51.7% compared to 52.2%.

Q4 2025 vs Q3 2025

Non-interest expenses were $1,577 million compared to $1,542 million, an increase of 2%, driven by higher technology and advertising costs mainly in Mexico and Peru. The productivity ratio was 51.7% compared to 50.3%.

Provision for income taxes

Q4 2025 vs Q4 2024

The effective tax rate was 22.8% compared to 20.6%. On an adjusted basis, the effective tax rate was 22.9% compared to 20.7%. The increase was due primarily to the impact of GMT and changes in earnings mix.

Q4 2025 vs Q3 2025

The effective tax rate was 22.8% compared to 23.6%. On an adjusted basis, the effective tax rate was 22.9% compared to 23.6%. The decrease was due primarily to higher benefits from inflationary adjustment in the current quarter.

Average assets

Q4 2025 vs Q4 2024

Average assets were $226 billion compared to $230 billion. Total loans decreased $3 billion or 2%, primarily in Brazil, Mexico and Peru. The decrease was driven by a 7% reduction in business loans, partly offset by an increase of 4% in retail loans.

Q4 2025 vs Q3 2025

Average assets were $226 billion compared to $228 billion. Other assets decreased $2 billion, mainly securities purchased under resale agreements in Brazil. Total loans were in line with the prior quarter, and growth in retail loans was offset by a reduction in business loans.

Average liabilities

Q4 2025 vs Q4 2024

Average liabilities were $178 billion compared to $177 billion. Total deposits increased by 4% primarily in Colombia and Peru. Non-personal deposits increased by 5% and personal deposits increased by 1%.

Q4 2025 vs Q3 2025

Average liabilities were $178 billion compared to $176 billion. Total deposits increased by 1% primarily in Mexico and Brazil. Non-personal deposits increased by 2% and personal deposits increased by 1%.

Global Wealth Management

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis)(1) 2025 2025 2024(2) 2025 2024(2)Reported ResultsNet interest income $ 281 $ 266 $ 207 $ 1,025 $ 786Non-interest income 1,423 1,338 1,259 5,403 4,803Total revenue 1,704 1,604 1,466 6,428 5,589Provision for credit losses 4 4 5 14 27Non-interest expenses 1,095 1,030 949 4,144 3,655Income tax expense 155 150 130 590 479Net income $ 450 $ 420 $ 382 $ 1,680 $ 1,428Net income attributable to non-controlling interest in subsidiaries $ 3 $ 3 $ 2 $ 10 $ 10Net income attributable to equity holders of the Bank $ 447 $ 417 $ 380 $ 1,670 $ 1,418Other financial data and measuresReturn on equity(3) 16.7 % 15.7 % 14.8 % 16.0 % 13.9 %Effective tax rate(4) 25.6 % 26.4 % 25.4 % 26.0 % 25.1 %Assets under administration ($ billions) $ 797 $ 754 $ 704 $ 797 $ 704Assets under management ($ billions) $ 432 $ 407 $ 373 $ 432 $ 373

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis) 2025 2025 2024(1) 2025 2024(1)Adjusted Results(2)Net interest income $ 281 $ 266 $ 207 $ 1,025 $ 786Non-interest income 1,423 1,338 1,259 5,403 4,803Total revenue 1,704 1,604 1,466 6,428 5,589Provision for credit losses 4 4 5 14 27Non-interest expenses(3) 1,086 1,021 940 4,108 3,619Income tax expense 158 152 133 600 489Net income $ 456 $ 427 $ 388 $ 1,706 $ 1,454Net income attributable to non-controlling interest in subsidiaries $ 3 $ 3 $ 2 $ 10 $ 10Net income attributable to equity holders of the Bank $ 453 $ 424 $ 386 $ 1,696 $ 1,444

Net income

Q4 2025 vs Q4 2024

Net income attributable to equity holders was $447 million compared to $380 million, an increase of 18%. Adjusted net income attributable to equity holders was $453 million compared to $386 million, an increase of 17%. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher non-interest expenses.

Q4 2025 vs Q3 2025

Net income attributable to equity holders was $447 million compared to $417 million, an increase of 7%. Adjusted net income attributable to equity holders was $453 million compared to $424 million, an increase of 7%. The increase was driven primarily by higher non-interest income, partly offset by higher non-interest expenses.

Total revenue

Q4 2025 vs Q4 2024

Revenues were $1,704 million compared to $1,466 million, an increase of 16%.

Net interest income was $281 million compared to $207 million, an increase of 37%, driven by strong loan and deposit growth and improved margins. Non-interest income was $1,423 million compared to $1,259 million, an increase of 13%, due primarily to higher brokerage revenues, mutual fund fees, and investment management fees, driven by growth in assets under management and assets under administration.

Q4 2025 vs Q3 2025

Revenues were $1,704 million compared to $1,604 million, an increase of 6%.

Net interest income was $281 million compared to $266 million, an increase of 6%, driven by loan and deposit growth and improved margins. Non-interest income was $1,423 million compared to $1,338 million, an increase of 6%, due primarily to higher mutual fund and brokerage revenues driven by growth in assets under management and assets under administration.

Provision for credit losses

Q4 2025 vs Q4 2024

The provision for credit loss was $4 million compared to $5 million, a decrease of $1 million. The provision for credit losses ratio was seven basis points, in line with the prior year.

The provision for credit losses on performing loans was $1 million, a decrease of $4 million from prior year.

The provision for credit losses on impaired loans was $3 million, compared to nil in the prior year.

Q4 2025 vs Q3 2025

The provision for credit losses was $4 million compared to $4 million, in line with the prior period. The provision for credit losses ratio was seven basis points compared to five basis points.

The provision for credit losses on performing loans was $1 million, a decrease of $3 million from the prior quarter.

The provision for credit losses on impaired loans was $3 million, compared to nil in the prior quarter.

Non-interest expenses

Q4 2025 vs Q4 2024

Non-interest expenses were $1,095 million compared to $949 million, an increase of 15%, due primarily to higher volume-related expenses, technology costs, and sales force expansion to support business growth. The productivity ratio was 64.2% compared to 64.7%.

Q4 2025 vs Q3 2025

Non-interest expenses were $1,095 million compared to $1,030 million, an increase of 6%, due primarily to higher volume-related expenses. The productivity ratio was 64.2% compared to 64.2%.

Provision for income taxes

The effective tax rate was 25.6%, compared to 25.4% in the prior year, and 26.4% in the prior quarter.

Assets under management (AUM) and assets under administration (AUA)

Q4 2025 vs Q4 2024

Assets under management were $432 billion compared to $373 billion, an increase of 16%, driven by market appreciation and higher net sales. Assets under administration were $797 billion compared to $704 billion, an increase of 13%, driven by market appreciation and higher net sales.

Q4 2025 vs Q3 2025

Assets under management were $432 billion compared to $407 billion, an increase of 6%, driven by market appreciation and higher net sales. Assets under administration were $797 billion compared to $754 billion, an increase of 6%, driven by market appreciation and higher net sales.

Global Banking and Markets

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis)(1) 2025 2025 2024(2) 2025 2024(2)Reported ResultsNet interest income(3) $ 363 $ 350 $ 280 $ 1,400 $ 1,102Non-interest income(3) 1,221 1,180 – 992 4,766 3,959Total revenue 1,584 1,530 – 1,272 6,166 5,061Provision for credit losses 20 19 – 19 97 47Non-interest expenses 900 894 – 807 3,563 3,122Income tax expense 145 144 – 99 585 414Net income $ 519 $ 473 $ 347 $ 1,921 $ 1,478Net income attributable to non-controlling interest in subsidiaries $ – $ – $ – $ (1) $ -Net income attributable to equity holders of the Bank $ 519 $ 473 $ 347 $ 1,922 $ 1,478Other financial data and measuresReturn on equity(4) 14.1 % 12.6 % – 9.0 % 12.8 % 9.6 %Net interest margin(4) 1.91 % 1.77 % 1.62 % 1.77 % 1.55 %Effective tax rate(5) 21.8 % 23.4 % 22.1 % 23.3 % 21.9 %Average assets ($ billions) $ 531 $ 493 $ 486 $ 509 $ 495Average liabilities ($ billions) $ 541 $ 513 $ 478 $ 520 $ 475

(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(3) Includes the gross-up of tax-exempt income earned on certain securities reported in either net interest income or non-interest income for the three months ended October 31, 2025 – nil (July 31, 2025 – nil; October 31, 2024 – $2) and for the year ended October 31, 2025 – nil (October 31, 2024 – $52).(4) Refer to Non-GAAP Measures starting on page 21.(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure.

Net income

Q4 2025 vs Q4 2024

Net income attributable to equity holders was $519 million compared to $347 million, an increase of 50%. The increase was due primarily to higher non-interest income and higher net interest income, partly offset by higher non-interest expenses and higher income taxes.

Q4 2025 vs Q3 2025

Net income attributable to equity holders was $519 million compared to $473 million, an increase of 10%. The increase was due primarily to higher non-interest income and higher net interest income, partly offset by higher non-interest expenses.

Total revenue

Q4 2025 vs Q4 2024

Revenues were $1,584 million compared to $1,272 million, an increase of 24%.

Net interest income was $363 million compared to $280 million, an increase of 29%. The increase was due primarily to higher net interest income from corporate lending margins, higher deposit volumes, and capital market activities and the positive impact of foreign currency translation.

Non-interest income was $1,221 million compared to $992 million, an increase of 23%. The increase was due primarily to higherfee and commission revenues and higher underwriting and advisory fees.

Q4 2025 vs Q3 2025

Revenues were $1,584 million compared to $1,530 million, an increase of 3%.

Net interest income was $363 million compared to $350 million, an increase of 4%. The increase was due primarily to higher net interest income from higher deposit volumes and margins, partly offset by lower net interest income from capital market activities.

Non-interest income was $1,221 million compared to $1,180 million, an increase of 3%. The increase was due primarily to higher fee and commission revenues and higher underwriting and advisory fees, partly offset by lower trading revenues.

Provision for credit losses

Q4 2025 vs Q4 2024

The provision for credit losses was $20 million compared to $19 million, an increase of $1 million. The provision for credit losses ratio was seven basis points compared to six basis points.

The provision for credit losses on performing loans was $10 million compared to $13 million. The provision this period was driven by credit quality migration.

The provision for credit losses on impaired loans was $10 million compared to $6 million driven mainly by one account. The provision for credit losses ratio on impaired loans was four basis points, compared to two basis points.

Q4 2025 vs Q3 2025

The provision for credit losses was $20 million compared to $19 million, an increase of $1 million. The provision for credit losses ratio was seven basis points, in line with the prior quarter.

The provision for credit losses on performing loans was $10 million compared to $16 million. The provision this period was driven by credit quality migration.

The provision for credit losses on impaired loans was $10 million compared to $3 million driven mainly by one account. The provision for credit losses ratio on impaired loans was four basis points, compared to one basis point.

Non-interest expenses

Q4 2025 vs Q4 2024

Non-interest expenses were $900 million compared to $807 million, an increase of 11%. The increase was due primarily to higher personnel costs, including performance-based compensation, higher technology costs to support business growth and the negative impact of foreign currency translation.

Q4 2025 vs Q3 2025

Non-interest expenses were $900 million compared to $894 million, an increase of 1%. The increase was due primarily to higher personnel costs, including performance-based compensation and higher technology costs to support business growth.

Taxes

Effective tax rate was 21.8% compared to 22.1% in the prior year, and 23.4% in the prior quarter, due primarily to the change in earnings mix across jurisdictions.

Average assets

Q4 2025 vs Q4 2024

Average assets were $531 billion compared to $486 billion, an increase of 9%. The increase was due primarily to higher securities purchased under resale agreements, higher trading securities and the impact of foreign currency translation. This was partly offset by lower loans and acceptances of $8 billion or 8%.

Q4 2025 vs Q3 2025

Average assets were $531 billion compared to $493 billion, an increase of 8%. The increase was due primarily to higher securities purchased under resale agreements and higher trading securities.

Average liabilities

Q4 2025 vs Q4 2024

Average liabilities were $541 billion compared to $478 billion, an increase of 13%. The increase was due primarily to higher securities sold under repurchase agreements, higher deposit volumes of $6 billion or 4% and the impact of foreign currency translation.

Q4 2025 vs Q3 2025

Average liabilities were $541 billion compared to $513 billion, an increase of 5%. The increase was due primarily to higher securities sold under repurchase agreements and higher deposit volumes of $6 billion or 4%.

Other

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis)(1) 2025 2025 2024(2) 2025 2024(2)Reported ResultsNet interest income $ (3) $ (9) $ (346) $ (253) $ (1,688)Non-interest income(3)(4)(5) 60 (13) (44) (68) (191)Total revenue(3) 57 (22) (390) (321) (1,879)Provision for credit losses – – – 1 1Non-interest expenses(5) 639 58 471 2,242 623Income tax expense(3) (200) (45) (243) (507) (1,006)Net income (loss) $ (382) $ (35) $ (618) $ (2,057) $ (1,497)Net income (loss) attributable to non-controlling interest in subsidiaries $ (60) $ 36 $ 1 $ (198) $ (1)Net income (loss) attributable to equity holders $ (322) $ (71) $ (619) $ (1,859) $ (1,496)Other measuresAverage assets ($ billions) $ 225 $ 228 $ 216 $ 228 $ 209Average liabilities ($ billions) $ 250 $ 243 $ 260 $ 254 $ 254

(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(3) Includes the net residual funds transfer pricing, and the elimination of the tax-exempt income gross-up reported in net interest income, non-interest income, and provision for income taxes in the business segments, which are reported on a taxable equivalent basis.(4) Includes net income from investments in associated corporations for the three months ended October 31, 2025 – $139 (July 31, 2025 – $120; October 31, 2024 – $7) and for the year ended October 31, 2025 – $436 (October 31, 2024 – $77).(5) Includes elimination of fees paid to Canadian Banking by Canadian Wealth Management for administrative support and other services provided by Canadian Banking to the Global Wealth Management businesses. These are reported as revenues in Canadian Banking and operating expenses in Global Wealth Management.

Forthethreemonthsended Forthe yearended(Unaudited) ($ millions) October 31 July 31 October 31 October 31 October 31(Taxable equivalent basis) 2025 2025 2024(1) 2025 2024(1)Adjusted Results(2)Net interest income $ (3) $ (9) $ (346) $ (253) $ (1,688)Non-interest income(3) 24 (5) (44) (78) (48)Total revenue 21 (14) (390) (331) (1,736)Provision for credit losses – – – 1 1Non-interest expenses(4) 135 81 (22) 373 (39)Income tax expense (73) (38) (167) (351) (884)Net income (loss) $ (41) $ (57) $ (201) $ (354) $ (814)Net income (loss) attributable to non-controlling interests (NCI) $ (7) $ (1) $ 1 $ (7) $ 1Net income (loss) attributable to equity holders $ (34) $ (56) $ (202) $ (347) $ (815)

(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(2) Refer to Non-GAAP Measures starting on page 21 for the description of the adjustments.(3) Adjustments for the three months ended October 31, 2025 include divestitures and wind-down of operations of $(45) and amortization of acquisition-related intangible assets of $9 (July 31, 2025 – $8). Adjustments for the year ended October 31, 2025 include divestitures and wind-down of operations of $(36) (October 31, 2024 – $143) and amortization of acquisition-related intangible of $26.(4) Adjustments for the three months ended October 31, 2025 include divestitures and wind-down of operations of $57 (July 31, 2025 – $(23)), restructuring charge and severance provisions of $373 (October 31, 2024 – $53) and legal provision of $74. Adjustments for the three months ended October 31, 2024 also include impairment of non-financial assets of $440. Adjustments for the year ended October 31, 2025 include divestitures and wind-down of operations of $1,422 (October 31, 2024 – $(7)), restructuring charge and severance provisions of $373 (October 31, 2024 – $53) and legal provision of $74 (October 31, 2024 – $176). Adjustments for the year ended October 31, 2024 also include impairment of non-financial assets of $440.

The Other segment includes Group Treasury, investments in certain associated corporations, and smaller operating segments and corporate items which are not allocated to a business line. Group Treasury is primarily responsible for balance sheet, liquidity and interest rate risk management, which includes the Bank's wholesale funding activities.

Net interest income, non-interest income, and the provision for income taxes in each period include the elimination of tax-exempt income gross-up. This amount is included in the operating segments, which are reported on a taxable equivalent basis.

Net income from associated corporations and the provision for income taxes in each period include the tax normalization adjustments related to the gross-up of income from associated companies. This adjustment normalizes the effective tax rate in the divisions to better present the contribution of the associated companies to the divisional results.

Q4 2025 vs Q4 2024

Net loss attributable to equity holders was $322 million compared to $619 million. Adjusted net loss attributable to equity holders was $34 million compared to $202 million. The lower loss of $168 million was due to higher revenues, partly offset by higher expenses and higher taxes. The increase in revenues was driven mainly by higher net interest income related to lower funding costs, and higher revenue from associated corporations primarily related to the KeyCorp investment.

Q4 2025 vs Q3 2025

Net loss attributable to equity holders increased by $251 million from the prior quarter, driven mainly by higher non-interest expenses, which include the restructuring charge and severance provisions.Adjusted net loss attributable to equity holders decreased $22 million. The lower loss was due to higher revenue and lower taxes, partly offset by higher expenses. The higher revenue was mainly driven by higher non-interest revenue, primarily from higher income from associated corporations.

Consolidated Statement of Financial Position

As at October 31 July 31 October 31(Unaudited) ($ millions) 2025 2025 2024AssetsCash and deposits with financial institutions $ 65,967 $ 69,701 $ 63,860Precious metals 5,156 5,832 2,540Trading assetsSecurities 140,844 125,442 119,912Loans 8,487 8,097 7,649Other 2,892 2,946 2,166 152,223 136,485 129,727Securities purchased under resale agreements and securities borrowed 203,008 185,360 200,543Derivative financial instruments 46,531 43,801 44,379Investment securities 149,948 149,151 152,832LoansResidential mortgages 370,191 360,937 350,941Personal loans 110,567 107,890 106,379Credit cards 18,045 17,472 17,374Business and government 279,705 282,458 292,671 778,508 768,757 767,365Allowance for credit losses 7,463 7,197 6,536 771,045 761,560 760,829OtherCustomers' liability under acceptances, net of allowance 177 133 148Property and equipment 4,881 4,793 5,252Investments in associates 6,317 6,029 1,821Goodwill and other intangible assets 16,169 16,067 16,853Deferred tax assets 3,253 3,045 2,942Other assets 35,367 32,729 30,301 66,164 62,796 57,317Total assets $ 1,460,042 $ 1,414,686 $ 1,412,027LiabilitiesDepositsPersonal $ 301,718 $ 301,464 $ 298,821Business and government 627,667 605,934 600,114Financial institutions 36,894 39,444 44,914 966,279 946,842 943,849Financial instruments designated at fair value through profit or loss 47,165 43,536 36,341OtherAcceptances 178 134 149Obligations related to securities sold short 38,104 34,675 35,042Derivative financial instruments 56,031 52,916 51,260Obligationsrelatedtosecuritiessoldunderrepurchaseagreementsandsecurities lent 189,144 182,223 190,449Subordinated debentures 7,692 7,604 7,833Other liabilities 66,862 61,273 63,028 358,011 338,825 347,761Total liabilities 1,371,455 1,329,203 1,327,951EquityCommon equityCommon shares 22,067 22,089 22,054Retained earnings 58,916 58,703 57,751Accumulated other comprehensive income (loss) (3,826) (5,310) (6,147)Other reserves (230) (224) (68)Total common equity 76,927 75,258 73,590Preferred shares and other equity instruments 9,939 8,544 8,779Total equity attributable to equity holders of the Bank 86,866 83,802 82,369Non-controlling interests in subsidiaries 1,721 1,681 1,707Total equity 88,587 85,483 84,076Total liabilities and equity $ 1,460,042 $ 1,414,686 $ 1,412,027

Consolidated Statement of Income

Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31(Unaudited) ($ millions) 2025 2025 2024 2025 2024RevenueInterest income(1)Loans $ 10,975 $ 10,859 $ 11,970 $ 44,293 $ 47,811Securities 1,863 1,921 2,213 7,941 9,160Securities purchased under resale agreements and securities borrowed 814 717 471 2,808 1,602Deposits with financial institutions 563 623 671 2,560 3,086 14,215 14,120 15,325 57,602 61,659Interest expenseDeposits 7,995 8,075 9,700 33,425 39,480Subordinated debentures 90 93 112 385 490Other 544 459 590 2,270 2,437 8,629 8,627 10,402 36,080 42,407Net interest income 5,586 5,493 4,923 21,522 19,252Non-interest incomeCard revenues 223 228 226 892 869Banking services fees 499 500 484 1,997 1,955Credit fees 318 314 282 1,249 1,585Mutual funds 681 641 623 2,564 2,282Brokerage fees 381 353 310 1,436 1,251Investment management and trust 296 292 279 1,162 1,096Underwriting and advisory fees 261 234 168 964 702Non-trading foreign exchange 240 228 221 948 930Trading revenues 461 463 408 1,984 1,634Net gain on sale of investment securities 11 22 24 71 48Net income from investments in associated corporations 179 157 41 608 198Insurance service results 120 119 133 485 470Other fees and commissions 452 388 362 1,653 1,247Other 95 54 42 206 151 4,217 3,993 3,603 16,219 14,418Total revenue 9,803 9,486 8,526 37,741 33,670Provision for credit losses 1,113 1,041 1,030 4,714 4,051 8,690 8,445 7,496 33,027 29,619Non-interest expensesSalaries and employee benefits 2,812 2,662 2,499 10,824 9,855Premises and technology 876 807 752 3,297 2,896Depreciation and amortization 403 405 501 1,604 1,760Communications 95 89 87 384 381Advertising and business development 188 169 168 672 614Professional 234 212 225 880 793Business and capital taxes 176 177 161 708 682Other 1,044 568 903 4,149 2,714 5,828 5,089 5,296 22,518 19,695Income before taxes 2,862 3,356 2,200 10,509 9,924Income tax expense 656 829 511 2,751 2,032Net income $ 2,206 $ 2,527 $ 1,689 $ 7,758 $ 7,892Net income attributable to non-controlling interests in subsidiaries (13) 80 47 (31) 134Net income attributable to equity holders of the Bank $ 2,219 $ 2,447 $ 1,642 $ 7,789 $ 7,758Preferred shareholders and other equity instrument holders 115 134 121 506 472Common shareholders $ 2,104 $ 2,313 $ 1,521 $ 7,283 $ 7,286Earnings per common share (in dollars)Basic $ 1.70 $ 1.84 $ 1.23 $ 5.84 $ 5.94Diluted 1.65 1.84 1.22 5.67 5.87Dividends paid per common share (in dollars) 1.10 1.10 1.06 4.32 4.24

(1) Includes interest income on financial assets measured at amortized cost andFVOCI, calculated using the effective interest method, of $14,001 for the three months ended October 31, 2025 (July 31, 2025 – $13,883; October 31, 2024 – $14,967) and for the year ended October 31, 2025 – $56,404 (October 31, 2024 – $59,871).

Consolidated Statement of Comprehensive Income

For the three months ended Fortheyearended October 31 July 31 October 31 October 31 October 31(Unaudited) ($ millions) 2025 2025 2024 2025 2024Net income $ 2,206 $ 2,527 $ 1,689 $ 7,758 $ 7,892Other comprehensive income (loss)Items that will be reclassified subsequently to net incomeNet change in unrealized foreign currency translation gains (losses):Net unrealized foreign currency translation gains (losses) 1,404 479 (698) 1,681 (2,511)Net gains (losses) on hedges of net investments in foreign operations (668) (410) 268 (1,222) 886Income tax expense (benefit):Net unrealized foreign currency translation gains (losses) 22 15 6 20 2Net gains (losses) on hedges of net investments in foreign operations (186) (114) 73 (341) 238 900 168 (509) 780 (1,865)Net change in fair value due to change in debt instruments measured at fairvalue through other comprehensive income:Net gains (losses) in fair value 1,105 (692) 160 1,717 2,977Reclassification of net (gains) losses to net income (773) 935 (212) (1,001) (2,126)Income tax expense (benefit):Net gains (losses) in fair value 302 (191) 43 454 806Reclassification of net (gains) losses to net income (209) 246 (56) (273) (567) 239 188 (39) 535 612Netchangeingains(losses)onderivativeinstrumentsdesignatedas cashflow hedges:Net gains (losses) on derivative instruments designated as cash flow hedges 1,523 96 1,494 3,937 5,195Reclassification of net (gains) losses to net income (825) (572) (652) (2,493) (2,000)Income tax expense (benefit):Net gains (losses) on derivative instruments designated as cash flow hedges 469 2 328 1,197 1,363Reclassification of net (gains) losses to net income (283) (117) (143) (806) (511) 512 (361) 657 1,053 2,343Net changes in finance income/(expense) from insurance contracts:Net finance income/(expense) from insurance contracts 17 – (3) 20 2Income tax expense (benefit) 1 – – 1 1 16 – (3) 19 1Other comprehensive income (loss) from investments in associates 85 43 1 176 (1)Items that will not be reclassified subsequently to net incomeNet change in remeasurement of employee benefit plan asset and liability:Actuarial gains (losses) on employee benefit plans 90 270 (74) 365 (195)Income tax expense (benefit) 25 65 (20) 99 (59) 65 205 (54) 266 (136)Net change in fair value due to change in equity instruments designated at fairvalue through other comprehensive income:Net gains (losses) in fair value 17 20 138 90 444Income tax expense (benefit) 5 (2) 47 29 106 12 22 91 61 338Net change in fair value due to change in own credit risk on financial liabilitiesdesignated under the fair value option:Change in fair value due to change in own credit risk on financial liabilitiesdesignated under the fair value option (379) (562) (46) (693) (804)Income tax expense (benefit) (106) (156) (13) (193) (223) (273) (406) (33) (500) (581)Other comprehensive income (loss) from investments in associates – – – 7 1Other comprehensive income (loss) 1,556 (141) 111 2,397 712Comprehensive income (loss) $ 3,762 $ 2,386 $ 1,800 $ 10,155 $ 8,604Comprehensive income (loss) attributable to non-controlling interests 59 58 7 45 62Comprehensive income (loss) attributable to equity holders of the Bank 3,703 2,328 1,793 10,110 8,542Preferred shareholders and other equity instrument holders 115 134 121 506 472Common shareholders $ 3,588 $ 2,194 $ 1,672 $ 9,604 $ 8,070

Consolidated Statement of Changes in Equity

For the year ended October 31, 2025 Accumulatedothercomprehensiveincome(loss) Preferred Total Non- Foreign Debt Equity Cash Total shares and attributable controlling Common Retained currency instruments instruments flow Other common other equity to equity interests in(Unaudited)($millions) shares earnings(1) translation FVOCI FVOCI hedges Other(2) reserves equity instruments holders subsidiaries TotalBalance as at October31, 2024 $ 22,054 $ 57,751 $ (3,559) $ (491) $ 339 $ (2,197) $ (239) $ (68) $ 73,590 $ 8,779 $ 82,369 $ 1,707 $ 84,076Net income – 7,283 – – – – – – 7,283 506 7,789 (31) 7,758Other comprehensive income(loss) – – 708 533 59 1,057 (36) – 2,321 – 2,321 76 2,397Total comprehensive income $ – $ 7,283 $ 708 $ 533 $ 59 $ 1,057 $ (36) $ – $ 9,604 $ 506 $ 10,110 $ 45 $ 10,155Shares/instruments issued 210 – – – – – – (14) 196 2,848 3,044 – 3,044Shares repurchased/redeemed (197) (716) – – – – – – (913) (1,688) (2,601) – (2,601)Dividends and distributions paidto equity holders – (5,369) – – – – – – (5,369) (506) (5,875) (82) (5,957)Share-based payments(3) – – – – – – – 15 15 – 15 – 15Foreign currency losson redemptionSubordinated Additional Tier 1Capital Notes(4) – (22) – – – – – – (22) – (22) – (22)Other – (11) – – – – – (163) (174) – (174) 51 (123)Balance as at October 31, 2025 $ 22,067 $ 58,916 $ (2,851) $ 42 $ 398 $ (1,140) $ (275) $ (230) $ 76,927 $ 9,939 $ 86,866 $ 1,721 $ 88,587 For the year ended October 31, 2024 Accumulatedothercomprehensiveincome(loss) Preferred Total Non- Foreign Debt Equity Cash Total shares and attributable controlling Common Retained currency instruments instruments flow Other common other equity to equity interests in(Unaudited)($millions) shares earnings(1) translation FVOCI FVOCI hedges Other(2) reserves equity instruments holders subsidiaries TotalBalance as at November1, 2023 $ 20,109 $ 55,673 $ (1,755) $ (1,104) $ 14 $ (4,545) $ 459 $ (84) $ 68,767 $ 8,075 $ 76,842 $ 1,729 $ 78,571Net income – 7,286 – – – – – – 7,286 472 7,758 134 7,892Other comprehensive income (loss) – – (1,804) 613 325 2,348 (698) – 784 – 784 (72) 712Total comprehensive income $ – $ 7,286 $ (1,804) $ 613 $ 325 $ 2,348 $ (698) $ – $ 8,070 $ 472 $ 8,542 $ 62 $ 8,604Shares/instruments issued 1,945 – – – – – – (4) 1,941 1,004 2,945 – 2,945Shares repurchased/redeemed – – – – – – – – – (300) (300) – (300)Dividends and distributions paidto equity holders – (5,198) – – – – – – (5,198) (472) (5,670) (88) (5,758)Share-based payments(3) – – – – – – – 13 13 – 13 – 13Other – (10) – – – – – 7 (3) – (3) 4 1Balance as at October 31, 2024 $ 22,054 $ 57,751 $ (3,559) $ (491) $ 339 $ (2,197) $ (239) $ (68) $ 73,590 $ 8,779 $ 82,369 $ 1,707 $ 84,076

(1) Includes undistributed retained earnings of $76 (October 31, 2024 – $74) related to a foreign associated corporation, which is subject to local regulatory restriction.(2) Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts.(3) Represents amounts on account of share-based payments (refer to Note 25 of the consolidated financial statements in the 2025 Annual Report to Shareholders).(4) Refer to Note 23 (b) of the consolidated financial statements in the 2025 Annual Report to Shareholders for further details on the redemption of the equity instrument.

Consolidated Statement of Cash Flows

(Unaudited) ($ millions) Forthethreemonthsended Fortheyearended October 31 October 31 October 31 October 31Sources (uses) of cash flows 2025 2024 2025 2024Cash flows from operating activitiesNet income $ 2,206 $ 1,689 $ 7,758 $ 7,892Adjustment for:Net interest income (5,586) (4,923) (21,522) (19,252)Depreciation and amortization 403 501 1,604 1,760Provision for credit losses 1,113 1,030 4,714 4,051Impairment on investments in associates – 343 – 343Equity-settled share-based payment expense 2 2 15 13Net gain on sale of investment securities (11) (24) (71) (48)Net (gain)/loss on divestitures 12 – 1,386 136Net income from investments in associated corporations (179) (41) (608) (198)Income tax expense 656 511 2,751 2,032Changes in operating assets and liabilities:Trading assets (14,396) 4,448 (20,462) (11,370)Securities purchased under resale agreements and securities borrowed (15,590) (5,459) (4) 108Loans (3,609) (4,161) (6,591) (17,712)Deposits 12,928 (7,570) 19,533 (816)Obligations related to securities sold short 3,222 2,200 2,721 (1,690)Obligations related to securities sold under repurchase agreements and securities lent 4,778 10,718 (4,048) 28,753Net derivative financial instruments 1,886 908 6,490 4,159Other, net 1,380 3,269 (5,568) 457Interest and dividends received 14,154 15,286 58,086 61,292Interest paid (8,757) (10,935) (37,197) (42,273)Income tax paid (801) (600) (3,580) (1,985)Net cash from/(used in) operating activities (6,189) 7,192 5,407 15,652Cash flows from investing activitiesInterest-bearing deposits with financial institutions 2,999 (5,261) (344) 25,557Purchase of investment securities (13,014) (20,087) (70,096) (108,281)Proceeds from sale and maturity of investment securities 14,980 19,563 75,455 76,794Acquisition/divestiture of subsidiaries, associated corporations or business units,net of cash acquired – – (2,637) -Property and equipment, net of disposals (150) (121) (347) (489)Other, net (155) (312) (463) (1,031)Net cash from/(used in) investing activities 4,660 (6,218) 1,568 (7,450)Cash flows from financing activitiesProceeds from issue of subordinated debentures – – – 1,000Redemption of subordinated debentures – – (250) (3,250)Proceeds from preferred shares and other equity instruments issued 1,395 – 2,848 1,004Redemption of preferred shares and other equity instruments – – (1,688) (300)Proceeds from common shares issued 116 505 210 1,945Common shares purchased for cancellation (655) – (895) -Cash dividends and distributions paid (1,476) (1,433) (5,875) (5,670)Distributions to non-controlling interests (19) (15) (82) (88)Payment of lease liabilities (73) (71) (298) (303)Other, net 595 230 (278) (3,176)Net cash from/(used in) financing activities (117) (784) (6,308) (8,838)Effect of exchange rate changes on cash and cash equivalents 182 (37) 183 (131)Net change in cash and cash equivalents (1,464) 153 850 (767)Cash and cash equivalents at beginning of year(1) 11,720 9,253 9,406 10,173Cash and cash equivalents at end of year(1) $ 10,256 $ 9,406 $ 10,256 $ 9,406

(1) Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5 of the consolidated financial statements in the 2025 Annual Report to Shareholders).

Non-GAAP Measures

The Bank uses a number of financial measures and ratios to assess its performance, as well as the performance of its operating segments. Some of thesefinancial measures and ratios are presented on a non-GAAP basis and are not calculated in accordance with Generally Accepted Accounting Principles(GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), are not defined by GAAP and do not have standardized meanings and therefore might not be comparable to similar financial measures and ratios disclosed by other issuers. The Bank believes that non-GAAP measures and ratios are useful as they provide readers with a better understanding of how management assesses performance. These non-GAAP measures and ratios are used throughout this report and defined below.

Adjusted results and diluted earnings per share

The following tables present a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results. Management considers bothreported and adjusted results and measures useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non-interest expenses, income taxes and non-controlling interests. Presenting results on both a reported basis and adjusted basis allows readers to assess the impact of certain items on results for the periods presented, and to better assess results and trends excluding those items that may not be reflective of ongoing business performance.

Reconciliation of reported and adjusted results

Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31($ millions) 2025 2025 2024 2025 2024Reported ResultsNet interest income $ 5,586 $ 5,493 $ 4,923 $ 21,522 $ 19,252Non-interest income 4,217 3,993 3,603 16,219 14,418Total revenue 9,803 9,486 8,526 37,741 33,670Provision for credit losses 1,113 1,041 1,030 4,714 4,051Non-interest expenses 5,828 5,089 5,296 22,518 19,695Income before taxes 2,862 3,356 2,200 10,509 9,924Income tax expense 656 829 511 2,751 2,032Net income $ 2,206 $ 2,527 $ 1,689 $ 7,758 $ 7,892Net income (loss) attributable to non-controlling interests in subsidiaries (NCI) (13) 80 47 (31) 134Net income attributable to equity holders 2,219 2,447 1,642 7,789 7,758Net income attributable to preferred shareholders and other equityinstrument holders 115 134 121 506 472Net income attributable to common shareholders $ 2,104 $ 2,313 $ 1,521 $ 7,283 $ 7,286AdjustmentsAdjusting items impacting non-interest income and total revenue (Pre-tax)(a) Divestitures and wind-down of operations $ (45) $ – $ – $ (36) $ 143(d) Amortization of acquisition-related intangible assets 9 8 – 26 -Total non-interest income adjusting items (Pre-tax) (36) 8 – (10) 143Adjusting items impacting non-interest expenses (Pre-tax)(a) Divestitures and wind-down of operations 57 (23) – 1,422 (7)(b) Restructuring charge and severance provisions 373 – 53 373 53(c) Legal provision 74 – – 74 176(d) Amortization of acquisition-related intangible assets 16 17 19 68 72(e) Impairment of non-financial assets – – 440 – 440Total non-interest expense adjusting items (Pre-tax) 520 (6) 512 1,937 734Total impact of adjusting items on net income before taxes 484 2 512 1,927 877Impact of adjusting items on income tax expense(a) Divestitures and wind-down of operations (4) (6) – (32) (46)(b) Restructuring charge and severance provisions (103) – (15) (103) (15)(c) Legal provision (20) – – (20) -(d) Amortization of acquisition-related intangible assets (5) (5) (6) (20) (20)(e) Impairment of non-financial assets – – (61) – (61)Total impact of adjusting items on income tax expense (132) (11) (82) (175) (142)Total impact of adjusting items on net income $ 352 $ (9) $ 430 $ 1,752 $ 735Impact of adjusting items on NCI (53) 37 – (191) (2)Total impact of adjusting items on net income attributable to equityholders $ 299 $ 28 $ 430 $ 1,561 $ 733Adjusted ResultsAdjusted net interest income $ 5,586 $ 5,493 $ 4,923 $ 21,522 $ 19,252Adjusted non-interest income 4,181 4,001 3,603 16,209 14,561Adjusted total revenue 9,767 9,494 8,526 37,731 33,813Adjusted provision for credit losses 1,113 1,041 1,030 4,714 4,051Adjusted non-interest expenses 5,308 5,095 4,784 20,581 18,961Adjusted income before taxes 3,346 3,358 2,712 12,436 10,801Adjusted income tax expense 788 840 593 2,926 2,174Adjusted net income $ 2,558 $ 2,518 $ 2,119 $ 9,510 $ 8,627Adjusted net income attributable to NCI 40 43 47 160 136Adjusted net income attributable to equity holders 2,518 2,475 2,072 9,350 8,491Adjusted net income attributable to preferred shareholders and otherequity instrument holders 115 134 121 506 472Adjusted net income attributable to common shareholders $ 2,403 $ 2,341 $ 1,951 $ 8,844 $ 8,019

Reconciliation of reported and adjusted diluted earnings per common share

Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31($ millions) 2025 2025 2024 2025 2024Reported ResultsNet income attributable to common shareholders $ 2,104 $ 2,313 $ 1,521 $ 7,283 $ 7,286Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes – (22) – (22) -Net income attributable to common shareholders used to calculate basic earnings per common share $ 2,104 $ 2,291 $ 1,521 $ 7,261 $ 7,286Dilutive impact of share-based payment options and others (45) – (3) (181) (49)Net income attributable to common shareholders (diluted) 2,059 2,291 1,518 7,080 7,237Weighted average number of diluted common shares outstanding (millions) 1,245 1,245 1,243 1,248 1,232Diluted earnings per common share (in dollars) $ 1.65 $ 1.84 $ 1.22 $ 5.67 $ 5.87Adjusted ResultsNet income attributable to common shareholders used to calculate basic earnings per common share $ 2,104 $ 2,291 $ 1,521 $ 7,261 $ 7,286Impact of adjusting items on net income attributable to common shareholders(1) 299 28 430 1,561 733Foreign currency loss on redemption of Subordinated Additional Tier 1Capital Notes – 22 – 22 -Adjusted net income attributable to common shareholders used to calculate adjusted basic earnings per common share 2,403 2,341 1,951 8,844 8,019Dilutive impact of share-based payment options and others 5 8 (3) 7 (49)Adjusted net income attributable to common shareholders (diluted) 2,408 2,349 1,948 8,851 7,970Weighted average number of diluted common shares outstanding (millions) 1,245 1,249 1,243 1,248 1,232Adjusted diluted earnings per common share (in dollars) $ 1.93 $ 1.88 $ 1.57 $ 7.09 $ 6.47Impact of adjustments on diluted earnings per share (in dollars) $ 0.28 $ 0.04 $ 0.35 $ 1.42 $ 0.60

(1) Refer to pages 22-24 for details of adjusting items.

Impact of Adjustments

For the year ended For the three months ended 2025 2024 October 31, 2025 October 31, 2024 ($ millions) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax(a) Divestitures and wind-down of operations $ 1,386 $ 1,354 $ 136 $ 90 $ 12 $ 8 $ – $ -(b) Restructuring charge and severance provisions 373 270 53 38 373 270 53 38(c) Legal provision 74 54 176 176 74 54 – -(d) Amortization of acquisition-related intangible assets 94 74 72 52 25 20 19 13 Impairment of non-financial assets: (e) Investment in associates – – 343 309 – – 343 309 (e) Intangible assets including software – – 97 70 – – 97 70 Total $ 1,927 $ 1,752 $ 877 $ 735 $ 484 $ 352 $ 512 $ 430 Total $ 1.42 $ 0.60 $ 0.28 $ 0.35 CET1 Impact(1) (20 bps) (9 bps) (7 bps) (5 bps)

(1) Including related impacts on regulatory capital and risk-weighted assets.

The Bank's fiscal 2025 and 2024 results were adjusted for the following items. These amounts were recorded in the Other operating segment, unless otherwise noted.

a) Divestitures and wind-down of operations

In Q1 2025, the Bank entered into an agreement to sell its banking operations in Colombia, Costa Rica and Panama in exchange for an approximately 20% ownership stake in the newly combined entity of Davivienda. On that date, the Bank recognized an impairment loss of $1,362 million ($1,355 million after-tax) as the banking operations that are part of the transaction were classified as held for sale. As of October 31, 2025, the Bank has recognized a total impairment loss of $1,422 million in non-interest expense and a credit of $45 million in non-interest income (collectively $1,342 million after-tax). These subsequent changes represent changes in the carrying value of net assets being sold and fair value of shares to be received less costs to sell, as well as changes in foreign currency.

In Q2 2025, the Bank completed the sale of CrediScotia Financiera S.A. (CrediScotia), a wholly-owned consumer finance subsidiary in Peru, to Banco Santander S.A. (Espana). The Bank recognized an additional loss of $9 million in non-interest income – other upon closing. In Q3 2024, the Bank had recognized an impairment loss of $143 million in non-interest income and a recovery of expenses of $7 million in non-interest expenses – salaries and employee benefits (collectively $90 million after-tax), the majority of which relates to goodwill.

For further details, please refer to Note 35 of the consolidated financial statements in the 2025 Annual Report to Shareholders.

b) Restructuring charge and severance provisions

In Q4 2025, the Bank recorded a restructuring charge and severance provision as well as other related charges of $373 million ($270 million after-tax) primarily related to workforce reductions. These amounts reflect actions taken by the Bank to simplify its organizational structure in Canadian Banking, restructure and right-size Asia operations in Global Banking and Markets and regionalize activities across its international footprint, in line with the Bank's enterprise strategy. For further details, please refer to Note 22 of the consolidated financial statements in the 2025 Annual Report to Shareholders.

In Q4 2024, the Bank recorded severance provisions of $53 million ($38 million after-tax) related to the Bank's continued efforts to streamline its organizational structure and support execution of the Bank's strategy.

c) Legal provision

In Q4 2025, the Bank recognized a legal provision of $74 million ($54 million after-tax) related to several civil and other litigation matters.

In Q3 2024, the Bank recognized a $176 million expense for legal actions in Peru relating to certain value-added tax assessed amounts and associated interest. The legal actions arose from certain client transactions that occurred prior to the Bank's acquisition of its Peruvian subsidiary. For further details, please refer to Note 22 of the consolidated financial statements in the 2025 Annual Report to Shareholders.

d) Amortization of acquisition-related intangible assets

These costs relate to the amortization of intangible assets recognized upon the acquisition of businesses, excluding software. The costs are recorded in non-interest expenses – depreciation and amortization for the Canadian Banking, International Banking and Global Wealth Management operating segments, and non-interest income – net income from investments in associated corporations for the Other operating segment.

e) Impairment of non-financial assets

In Q4 2024, the Bank recorded impairment charges of $343 million ($309 million after-tax) related to its investment in associate, Bank of Xi'an Co. Ltd. in China, driven primarily by the continued weakening of the economic outlook in China and whose market value has remained below the Bank's carrying value for a prolonged period. In Q4 2024, the Bank recorded an impairment of software intangible assets of $97 million ($70 million after-tax).

In addition to the above, the following adjustments also impacted earnings per share calculation.

f) Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Note

In Q3 2025, the Bank redeemed all outstanding U.S. $1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (AT1 Note). The redemption resulted in a foreign currency loss of $22 million, which was recognized in retained earnings. The loss was deducted from net income attributable to common shareholders for the purposes of calculating basic and diluted earnings per share (EPS). For the adjusted diluted EPS calculation, the loss was added back as an adjusting item (refer to page 23 for reconciliation). Please also refer to Note 23 (b) and Note 32 of the consolidated financial statements in the 2025 Annual Report to Shareholders.

Reconciliation of reported and adjusted results by business line

For the three months ended October 31, 2025(1) Global Global Canadian International Wealth Banking and($ millions) Banking Banking Management Markets Other TotalReported net income (loss) $ 941 $ 678 $ 450 $ 519 $ (382) $ 2,206Net income attributable to non-controlling interests insubsidiaries (NCI) – 44 3 – (60) (13)Reported net income attributable to equity holders 941 634 447 519 (322) 2,219Reported net income attributable to preferredshareholders and other equity instrument holders – – – – 115 115Reported net income attributable to common shareholders $ 941 $ 634 $ 447 $ 519 $ (437) $ 2,104Adjustments:Adjusting items impacting non-interest income andtotal revenue (Pre-tax)Divestitures and wind-down of operations – – – – (45) (45)Amortization of acquisition-related intangible assets – – – – 9 9Total non-interest income adjustments (Pre-tax) – – – – (36) (36)Adjusting items impacting non-interest expenses (Pre-tax)Divestitures and wind-down of operations – – – – 57 57Restructuring charge and severance provisions – – – – 373 373Legal Provision – – – – 74 74Amortization of acquisition-related intangible assets 1 6 9 – – 16Total non-interest expenses adjustments (Pre-tax) 1 6 9 – 504 520Total impact of adjusting items on net income before taxes 1 6 9 – 468 484Impact of adjusting items on income tax expense – (2) (3) – (127) (132)Total impact of adjusting items on net income 1 4 6 – 341 352Impact of adjusting items on NCI – – – – (53) (53)Total impact of adjusting items on net income attributableto equity holders 1 4 6 – 288 299Adjusted net income (loss) $ 942 $ 682 $ 456 $ 519 $ (41) $ 2,558Adjusted net income attributable to equity holders $ 942 $ 638 $ 453 $ 519 $ (34) $ 2,518Adjusted net income attributable to common shareholders $ 942 $ 638 $ 453 $ 519 $ (149) $ 2,403(1) Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. For the three months ended July 31, 2025(1) Global Global Canadian International Wealth Banking and($ millions) Banking Banking Management Markets Other TotalReported net income (loss) $ 958 $ 711 $ 420 $ 473 $ (35) $ 2,527Net income attributable to non-controlling interests insubsidiaries (NCI) – 41 3 – 36 80Reported net income attributable to equity holders 958 670 417 473 (71) 2,447Reported net income attributable to preferredshareholders and other equity instrument holders – – – – 134 134Reported net income attributable to common shareholders $ 958 $ 670 $ 417 $ 473 $ (205) $ 2,313Adjustments:Adjusting items impacting non-interest income andtotal revenue (Pre-tax)Amortization of acquisition-related intangible assets – – – – – 8 8Adjusting items impacting non-interest expenses (Pre-tax)Divestitures and wind-down of operations – – – – (23) (23)Amortization of acquisition-related intangible assets 1 7 9 – – 17Total non-interest expenses adjustments (Pre-tax) 1 7 9 – (23) (6)Total impact of adjusting items on net income before taxes 1 7 9 – (15) 2Total Impact of adjusting items on income tax expense – (2) (2) – (7) (11)Total impact of adjusting items on net income 1 5 7 – (22) (9)Impact of adjusting items on NCI – – – – 37 37Total impact of adjusting items on net income attributableto equity holders 1 5 7 – 15 28Adjusted net income (loss) $ 959 $ 716 $ 427 $ 473 $ (57) $ 2,518Adjusted net income attributable to equity holders $ 959 $ 675 $ 424 $ 473 $ (56) $ 2,475Adjusted net income attributable to common shareholders $ 959 $ 675 $ 424 $ 473 $ (190) $ 2,341(1)Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. For the three months ended October 31, 2024(1) Global Global Canadian International Wealth Banking and($ millions) Banking(2) Banking(2) Management(2) Markets(2) Other(2) TotalReported net income (loss) $ 934 $ 644 $ 382 $ 347 $ (618) $ 1,689Net income attributable to non-controlling interests insubsidiaries (NCI) – 44 2 – 1 47Reported net income attributable to equity holders 934 600 380 347 (619) 1,642Reported net income attributable to preferredshareholders and other equity instrument holders – – – – 121 121Reported net income attributable to common shareholders $ 934 $ 600 $ 380 $ 347 $ (740) $ 1,521Adjustments:Adjusting items impacting non-interest expenses (Pre-tax)Restructuring charge and severance provisions – – – – 53 53Impairment of non-financial assets – – – – 440 440Amortization of acquisition-related intangible assets 1 9 9 – – 19Total non-interest expenses adjustments (Pre-tax) 1 9 9 – 493 512Total impact of adjusting items on net income before taxes 1 9 9 – 493 512Total Impact of adjusting items on income tax expense – (3) (3) – (76) (82)Total impact of adjusting items on net income 1 6 6 – 417 430Total impact of adjusting items on net income attributableto equity holders 1 6 6 – 417 430Adjusted net income (loss) $ 935 $ 650 $ 388 $ 347 $ (201) $ 2,119Adjusted net income attributable to equity holders $ 935 $ 606 $ 386 $ 347 $ (202) $ 2,072Adjusted net income attributable to common shareholders $ 935 $ 606 $ 386 $ 347 $ (323) $ 1,951(1)Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders.(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. For the year ended October 31, 2025(1) Global Global Canadian International Wealth Banking and($ millions) Banking Banking Management Markets Other TotalReported net income (loss) $ 3,425 $ 2,789 $ 1,680 $ 1,921 $ (2,057) $ 7,758Net income attributable to non-controlling interests insubsidiaries (NCI) – 158 10 (1) (198) (31)Reported net income attributable to equity holders 3,425 2,631 1,670 1,922 (1,859) 7,789Reported net income attributable to preferredshareholders and other equity instrument holders – – – – 506 506Reported net income attributable to common shareholders $ 3,425 $ 2,631 $ 1,670 $ 1,922 $ (2,365) $ 7,283Adjustments:Adjusting items impacting non-interest income andtotal revenue (Pre-tax)Divestitures and wind-down of operations – – – – (36) (36)Amortization of acquisition-related intangible assets – – – – 26 26Total non-interest income adjustments (Pre-tax) – – – – (10) (10)Adjusting items impacting non-interest expenses (Pre-tax)Divestitures and wind-down of operations – – – – 1,422 1,422Restructuring charge and severance provisions – – – – 373 373Legal Provision – – – – 74 74Amortization of acquisition-related intangible assets 4 28 36 – – 68Total non-interest expenses adjustments (Pre-tax) 4 28 36 – 1,869 1,937Total impact of adjusting items on net income before taxes 4 28 36 – 1,859 1,927Impact of adjusting items on income tax expense (1) (8) (10) – (156) (175)Total impact of adjusting items on net income 3 20 26 – 1,703 1,752Impact of adjusting items on NCI – – – – (191) (191)Total impact of adjusting items on net income attributableto equity holders 3 20 26 – 1,512 1,561Adjusted net income (loss) $ 3,428 $ 2,809 $ 1,706 $ 1,921 $ (354) $ 9,510Adjusted net income attributable to equity holders $ 3,428 $ 2,651 $ 1,696 $ 1,922 $ (347) $ 9,350Adjusted net income attributable to common shareholders $ 3,428 $ 2,651 $ 1,696 $ 1,922 $ (853) $ 8,844(1)Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. For the year ended October 31, 2024(1) Global Global Canadian International Wealth Banking and($ millions) Banking(2) Banking(2) Management(2) Markets(2) Other(2) TotalReported net income (loss) $ 3,777 $ 2,706 $ 1,428 $ 1,478 $ (1,497) $ 7,892Net income attributable to non-controlling interests insubsidiaries (NCI) – 125 10 – (1) 134Reported net income attributable to equity holders 3,777 2,581 1,418 1,478 (1,496) 7,758Reported net income attributable to preferredshareholders and other equity instrument holders 1 1 1 1 468 472Reported net income attributable to common shareholders $ 3,776 $ 2,580 $ 1,417 $ 1,477 $ (1,964) $ 7,286Adjustments:Adjusting items impacting non-interest income andtotal revenue (Pre-tax)Divestitures and wind-down of operations – – – – 143 143Adjusting items impacting non-interest expenses (Pre-tax)Divestitures and wind-down of operations – – – – (7) (7)Restructuring charge and severance provisions – – – – 53 53Legal provision – – – – 176 176Amortization of acquisition-related intangible assets 4 32 36 – – 72Impairment of non-financial assets – – – – 440 440Total non-interest expenses adjustments (Pre-tax) 4 32 36 – 662 734Total impact of adjusting items on net income before taxes 4 32 36 – 805 877Total Impact of adjusting items on income tax expense (1) (9) (10) – (122) (142)Total impact of adjusting items on net income 3 23 26 – 683 735Impact of adjusting items on NCI – – – – (2) (2)Total impact of adjusting items on net income attributableto equity holders 3 23 26 – 681 733Adjusted net income (loss) $ 3,780 $ 2,729 $ 1,454 $ 1,478 $ (814) $ 8,627Adjusted net income attributable to equity holders $ 3,780 $ 2,604 $ 1,444 $ 1,478 $ (815) $ 8,491Adjusted net income attributable to common shareholders $ 3,779 $ 2,603 $ 1,443 $ 1,477 $ (1,283) $ 8,019(1)Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders.(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.

Reconciliation of International Banking's reported, adjusted and constant dollar results

International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure. Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reconciliation between reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment.

Reported Results Forthethreemonthsended Forthe yearended($ millions) July 31, 2025 October 31, 2024(1) October 31, 2024(1) Foreign Constant Foreign Constant Foreign Constant(Taxable equivalent basis) Reported exchange dollar Reported exchange dollar Reported exchange dollarNet interest income $ 2,245 $ (48) $ 2,293 $ 2,147 $ (80) $ 2,227 $ 8,867 $ 11 $ 8,856Non-interest income 758 (12) 770 712 (16) 728 2,999 19 2,980Total revenue 3,003 (60) 3,063 2,859 (96) 2,955 11,866 30 11,836Provision for credit losses 562 (12) 574 556 (26) 582 2,285 (8) 2,293Non-interest expenses 1,511 (31) 1,542 1,491 (53) 1,544 6,170 49 6,121Income tax expense 219 (4) 223 168 (3) 171 705 1 704Net income $ 711 $ (13) $ 724 $ 644 $ (14) $ 658 $ 2,706 $ (12) $ 2,718Net income attributable to non-controllinginterest in subsidiaries (NCI) $ 41 $ (1) $ 42 $ 44 $ – $ 44 $ 125 $ (3) $ 128Net income attributable to equity holders of the Bank $ 670 $ (12) $ 682 $ 600 $ (14) $ 614 $ 2,581 $ (9) $ 2,590Other measuresAverage assets ($ billions) $ 223 $ (5) $ 228 $ 224 $ (6) $ 230 $ 231 $ (1) $ 232Average liabilities ($ billions) $ 173 $ (3) $ 176 $ 171 $ (6) $ 177 $ 179 $ 1 $ 178Adjusted Results Forthethreemonthsended Forthe yearended($ millions) July 31, 2025 October 31, 2024(1) October 31, 2024(1) Constant Constant Constant Foreign dollar Foreign dollar Foreign dollar(Taxable equivalent basis) Adjusted exchange adjusted Adjusted exchange adjusted Adjusted exchange adjustedNet interest income $ 2,245 $ (48) $ 2,293 $ 2,147 $ (80) $ 2,227 $ 8,867 $ 11 $ 8,856Non-interest income 758 (12) 770 712 (16) 728 2,999 19 2,980Total revenue 3,003 (60) 3,063 2,859 (96) 2,955 11,866 30 11,836Provision for credit losses 562 (12) 574 556 (26) 582 2,285 (8) 2,293Non-interest expenses 1,504 (31) 1,535 1,482 (54) 1,536 6,138 49 6,089Income tax expense 221 (4) 225 171 (2) 173 714 1 713Net income $ 716 $ (13) $ 729 $ 650 $ (14) $ 664 $ 2,729 $ (12) $ 2,741Net income attributable to non-controllinginterest in subsidiaries (NCI) $ 41 $ (1) $ 42 $ 44 $ – $ 44 $ 125 $ (3) $ 128Net income attributable to equity holders of the Bank $ 675 $ (12) $ 687 $ 606 $ (14) $ 620 $ 2,604 $ (9) $ 2,613

Earning and non-earning assets, core earning assets, core net interest income and net interest margin

Net interest margin

Net interest margin is a non-GAAP ratio that is used to measure the return generated by the Bank's core earning assets, net of the cost of funding. Net interest margin is calculated as core net interest income divided by average core earning assets. Management uses net interest margin to measure profitability and how efficiently the Bank earns income from its core earning assets relative to the cost of funding those assets.

Components of net interest margin are defined below:

Earning assets

Earning assets are defined as income generating assets which include deposits with financial institutions, trading assets, investment securities, investments in associates, securities borrowed or purchased under resale agreements, loans net of allowances, and customers' liability under acceptances. This is a non-GAAP measure.

Non-earning assets

Non-earning assets are defined as cash, precious metals, derivative financial instruments, property and equipment, goodwill and intangible assets, deferred tax assets and other assets. This is a non-GAAP measure.

Core earning assets

Core earning assets are defined as interest-bearing deposits with financial institutions, investment securities and loans, net of allowances. This is a non-GAAP measure. The Bank believes that this measure is useful for readers as it presents the main interest-generating assets and eliminates the impact of trading businesses.

Core net interest income

Core net interest income is defined as net interest income earned from core earning assets. This is a non-GAAP measure.

Average earning assets, average core earning assets and net interest margin by business line

Consolidated Bank Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31($ millions) 2025 2025 2024 2025 2024Average total assets – Reported(1) $ 1,486,529 $ 1,445,858 $ 1,418,795 $ 1,465,278 $ 1,419,284Less: Non-earning assets 115,239 114,263 106,621 115,718 108,110Average total earning assets(1) $ 1,371,290 $ 1,331,595 $ 1,312,174 $ 1,349,560 $ 1,311,174Less:Trading assets 156,953 148,567 145,195 153,283 146,307Securities purchased under resale agreements andsecurities borrowed 229,014 200,737 196,305 209,261 193,090Other deductions 35,941 36,154 31,292 35,149 53,819Average core earning assets(1) $ 949,382 $ 946,137 $ 939,382 $ 951,867 $ 917,958Net interest income – Reported $ 5,586 $ 5,493 $ 4,923 $ 21,522 $ 19,252Less: Non-core net interest income (167) (143) (158) (645) (620)Core net interest income $ 5,753 $ 5,636 $ 5,081 $ 22,167 $ 19,872Net interest margin 2.40 % 2.36 % 2.15 % 2.33 % 2.16 %(1) Average balances represent the average of daily balances for the period.Canadian Banking Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31($ millions) 2025 2025 2024(1) 2025 2024(1)Average total assets – Reported(2) $ 466,194 $ 463,108 $ 456,806 $ 462,670 $ 449,469Less: Non-earning assets 4,746 4,681 4,756 4,697 4,393Average total earning assets(2) $ 461,448 $ 458,427 $ 452,050 $ 457,973 $ 445,076Less:Other deductions 182 181 1,187 182 16,380Average core earning assets(2) $ 461,266 $ 458,246 $ 450,863 $ 457,791 $ 428,696Net interest income – Reported $ 2,672 $ 2,641 $ 2,635 $ 10,484 $ 10,185Less: Non-core net interest income – – 2 – 2Core net interest income $ 2,672 $ 2,641 $ 2,633 $ 10,484 $ 10,183Net interest margin 2.30 % 2.29 % 2.32 % 2.29 % 2.38 %(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(2) Average balances represent the average of daily balances for the period.International Banking Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31($ millions) 2025 2025 2024(1) 2025 2024(1)Average total assets – Reported(2) $ 226,015 $ 223,347 $ 223,525 $ 226,820 $ 231,456Less: Non-earning assets 13,134 13,442 14,973 13,843 15,949Average total earning assets(2) $ 212,881 $ 209,905 $ 208,552 $ 212,977 $ 215,507Less:Trading assets 6,142 6,147 5,549 6,283 6,407Securities purchased under resale agreements andsecurities borrowed 2,929 3,699 4,070 3,763 4,063Other deductions 7,378 7,346 6,369 7,184 6,660Average core earning assets(2) $ 196,432 $ 192,713 $ 192,564 $ 195,747 $ 198,377Net interest income – Reported $ 2,273 $ 2,245 $ 2,147 $ 8,866 $ 8,867Less: Non-core net interest income 23 38 10 66 123Core net interest income $ 2,250 $ 2,207 $ 2,137 $ 8,800 $ 8,744Net interest margin 4.54 % 4.54 % 4.42 % 4.50 % 4.41 %(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(2) Average balances represent the average of daily balances for the period.

Global Banking and Markets Forthethreemonthsended Forthe yearended October 31 July 31 October 31 October 31 October 31($ millions) 2025 2025 2024(1) 2025 2024(1)Average total assets – Reported(2) $ 531,107 $ 493,156 $ 486,003 $ 509,263 $ 494,595Less: Non-earning assets 45,978 45,729 39,675 46,594 39,787Average total earning assets(2) $ 485,129 $ 447,427 $ 446,328 $ 462,669 $ 454,808Less:Trading assets 145,681 135,693 131,137 139,466 132,210Securities purchased under resale agreements andsecurities borrowed 226,085 197,038 192,235 205,499 189,027Other deductions 23,058 23,465 21,667 23,080 32,078Average core earning assets(2) $ 90,305 $ 91,231 $ 101,289 $ 94,624 $ 101,493Net interest income – Reported $ 363 $ 350 $ 280 $ 1,400 $ 1,102Less: Non-core net interest income (72) (58) (132) (273) (475)Core net interest income $ 435 $ 408 $ 412 $ 1,673 $ 1,577Net interest margin 1.91 % 1.77 % 1.62 % 1.77 % 1.55 %(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.(2) Average balances represent the average of daily balances for the period.

Return on equity

Return on equity is a profitability measure that presents the net income attributable to common shareholders (annualized) as a percentage of average common shareholders' equity.

Adjusted return on equity is a non-GAAP ratio which represents adjusted net income attributable to common shareholders (annualized) as a percentage of average common shareholders' equity.

Attributed capital and operating segment return on equity

The amount of common equity allocated to each operating segment is referred to as attributed capital. The attribution of capital within each operating segment is intended to approximate a percentage of the Basel III common equity capital requirements based on credit, market and operational risks and leverage inherent within each operating segment. Attributed capital is a non-GAAP measure. The Bank attributes capital to its business lines to approximate 11.5% of the Basel III common equity capital requirements.

Return on equity for the operating segments is calculated as a ratio of net income attributable to common shareholders of the operating segment and the capital attributed. This is a non-GAAP measure. Management uses operating segment return on equity to evaluate the performance of its operating segments.

Adjusted return on equity for the operating segments is calculated as a ratio of adjustednet income attributable to common shareholders of the operating segment and the capital attributed. This is a non-GAAP measure.

Return on equity by operating segment

For the three months ended October 31, 2025 Global Global Canadian International Wealth Banking and($ millions) Banking Banking Management Markets Other TotalReportedNet income attributable to common shareholders $ 941 $ 634 $ 447 $ 519 $ (437) $ 2,104Total average common equity(1) 20,964 18,110 10,599 14,664 11,756 76,093Return on equity 17.8% 13.9% 16.7% 14.1% nm(2) 11.0%Adjusted(3)Net income attributable to common shareholders $ 942 $ 638 $ 453 $ 519 $ (149) $ 2,403Return on equity 17.8% 14.0% 17.0% 14.1% nm(2) 12.5% For the three months ended July 31, 2025 For the three months ended October 31, 2024 Global Global Global Global Canadian International Wealth Banking and Canadian International Wealth Banking and($ millions) Banking Banking Management Markets Other Total Banking(4) Banking(4) Management(4) Markets(4) Other(4) TotalReportedNet incomeattributableto commonshareholders $ 958 $ 670 $ 417 $ 473 $ (205) $ 2,313 $ 934 $ 600 $ 380 $ 347 $ (740) $ 1,521Total averagecommonequity(1) 20,624 17,856 10,552 14,879 11,061 74,972 21,280 18,788 10,230 15,369 7,491 73,158Return onequity 18.4% 14.9% 15.7% 12.6% nm(2) 12.2% 17.5% 12.7% 14.8% 9.0% nm(2) 8.3%Adjusted(3)Net incomeattributableto commonshareholders $ 959 $ 675 $ 424 $ 473 $ (190) $ 2,341 $ 935 $ 606 $ 386 $ 347 $ (323) $ 1,951Return onequity 18.5% 15.0% 15.9% 12.6% nm(2) 12.4% 17.5% 12.8% 15.0% 9.0% nm(2) 10.6% For the year ended October 31, 2025 For the year ended October 31, 2024(3) Global Global Global Global Canadian International Wealth Banking and Canadian International Wealth Banking and($ millions) Banking Banking Management Markets Other Total Banking(4) Banking(4) Management(4) Markets(4) Other(4) TotalReportedNet incomeattributableto commonshareholders $ 3,425 $ 2,631 $ 1,670 $ 1,922 $ (2,365) $ 7,283 $ 3,776 $ 2,580 $ 1,417 $ 1,477 $ (1,964) $ 7,286Total averagecommonequity(1) 21,030 18,061 10,417 14,968 10,529 75,005 20,585 19,148 10,210 15,342 5,842 71,127Return onequity 16.3% 14.6% 16.0% 12.8% nm(2) 9.7% 18.3% 13.5% 13.9% 9.6% nm(2) 10.2%Adjusted(3)Net incomeattributableto commonshareholders $ 3,428 $ 2,651 $ 1,696 $ 1,922 $ (853) $ 8,844 $ 3,779 $ 2,603 $ 1,443 $ 1,477 $ (1,283) $ 8,019Return onequity 16.3% 14.7% 16.3% 12.8% nm(2) 11.8% 18.4% 13.6% 14.1% 9.6% nm(2) 11.3%

(1) Average amounts calculated using methods intended to approximate the daily average balances for the period.(2) Not meaningful.(3) Refer to table on page 22.(4) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.

Return on tangible common equity

Return on tangible common equity (ROTCE) is a profitability measure that is calculated by dividing the net income attributable to common shareholders, adjusted for the amortization of intangibles (excluding software), by average tangible common equity. Tangible common equity is defined as common shareholders' equity adjusted for goodwill and intangible assets (excluding software), net of deferred taxes. This is a non-GAAP ratio. Management uses ROTCE to assess the Bank's performance and ability to use its tangible common equity to generate returns.

Adjusted return on tangible common equity represents adjusted net income attributable to common shareholders as a percentage of average tangible common equity. This is a non-GAAP ratio.

Forthethreemonthsended Fortheyearended October 31 July 31 October 31 October 31 October 31 2025 2025 2024 2025 2024($ millions)ReportedAverage common equity – Reported(1) $ 76,093 $ 74,972 $ 73,158 $ 75,005 $ 71,127Average goodwill(1)(2) (9,917) (9,827) (8,984) (9,744) (9,056)Average acquisition-related intangibles (net of deferred tax)(1) (3,558) (3,571) (3,609) (3,577) (3,629)Average tangible common equity(1) $ 62,618 $ 61,574 $ 60,565 $ 61,684 $ 58,442Net income attributable to common shareholders – reported $ 2,104 $ 2,313 $ 1,521 $ 7,283 $ 7,286Amortization of acquisition-related intangible assets (after-tax)(3) 20 20 13 74 52Net income attributable to common shareholders adjusted foramortization of acquisition-related intangible assets (after-tax) $ 2,124 $ 2,333 $ 1,534 $ 7,357 $ 7,338Return on tangible common equity 13.5 % 15.0 % 10.1 % 11.9 % 12.6 %Adjusted(3)Adjusted net income attributable to common shareholders $ 2,403 $ 2,341 $ 1,951 $ 8,844 $ 8,019Return on tangible common equity – adjusted 15.2 % 15.1 % 12.8 % 14.3 % 13.7 %

(1) Average amounts calculated using methods intended to approximate the daily average balances for the period.(2) Includes imputed goodwill from investments in associates.(3) Refer to table on page 22.

Adjusted productivity ratio

Adjusted productivity ratio represents adjusted non-interest expenses as a percentage of adjusted total revenue. This is a non-GAAP ratio.Management uses the productivity ratio as a measure of the Bank's efficiency. A lower ratio indicates improved productivity.

Adjusted operating leverage

This financial metric measures the rate of growth in adjusted total revenue less the rate of growth in adjusted non-interest expenses. This is a non-GAAP ratio.

Management uses operating leverage as a way to assess the degree to which the Bank can increase operating income by increasing revenue.

Trading-related revenue (Taxable equivalent basis)

Trading-related revenue consists of net interest income and non-interest income. Included are unrealized gains and losses on trading security positions held, realized gains and losses from the purchase and sale of securities, fees and commissions from trading securities borrowing and lending activities, and gains and losses on trading derivatives. Underwriting and other advisory fees, which are shown separately in the Consolidated Statement of Income, are excluded. Trading-related revenue includes certain net interest income and non-interest income items on a taxable equivalent basis (TEB). This methodology grosses up tax-exempt income earned on certain securities to an equivalent before tax basis. This is a non-GAAP measure.

Management believes that this basis for measurement of trading-related revenue provides a uniform comparability of net interest income and non-interest income arising from both taxable and non-taxable sources and facilitates a consistent basis of measurement. While other banks also useTEB, their methodology may not be comparable to the Bank's methodology.

Adjusted effective tax rate

The adjusted effective tax rate is calculated by dividing adjusted income tax expense by adjusted income before taxes. This is a non-GAAP ratio.

Basis of preparation

These unaudited consolidated financial statements were prepared in accordance withInternational Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)and accounting requirements of OSFI in accordance with Section 308 of the Bank Act, except for certain required disclosures. Therefore, these unaudited consolidated financial statements should be read in conjunction with the Bank's audited consolidated financial statements for the year ended October 31, 2025 which will be available today at www.scotiabank.com.

Forward-looking statements

From time to time, our public communications include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission (SEC), or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2025 Annual Report under the headings “Outlook” and in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results, and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as “believe,” “expect,” “aim,” “achieve,” “foresee,” “forecast,” “anticipate,” “intend,” “estimate,” “outlook,” “seek,” “schedule,” “plan,” “goal,” “strive,” “target,” “project,” “commit,” “objective,” and similar expressions of future or conditional verbs, such as “will,” “may,” “should,” “would,” “might,” “can” and “could” and positive and negative variations thereof.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved.

We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate and globally; changes in currency and interest rates; increased funding costs and market volatility due to marketilliquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third parties; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; geopolitical risk (including policies and other changes related to, or affecting, economic or trade matters, including tariffs, countermeasures, tariff mitigation policies and tax-related risks); changes to our credit ratings; the possible effects on our business and the global economy of war, conflicts or terrorist actions and unforeseen consequences arising from such actions; technological changes, including open banking and the use of data and artificial intelligence in our business, and technology resiliency; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services, and the extent to which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their origination; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; anti-money laundering; disruptions or attacks (including cyberattacks) on the Bank's information technology, internet connectivity, network accessibility, or other voice or data communications systems or services, which may result in data breaches, unauthorized access to sensitive information, denial of service and potential incidents of identity theft; increased competition in the geographic and business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; environmental, social and governance risks, including climate-related risk, our ability to implement various sustainability-related initiatives (both internally and with our clients and other stakeholders) under expected time frames, and our ability to scale our sustainable-finance products and services; the occurrence of natural and unnatural catastrophic events and claims resulting from such events, including disruptions to public infrastructure, such as transportation, communications, power or water supply; inflationary pressures; global supply-chain disruptions; Canadian housing and household indebtedness; the emergence or continuation of widespread health emergencies or pandemics, including their impact on the local, national or global economies, financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the “Risk Management” section of the Bank's 2025 Annual Report, as may be updated by quarterly reports.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2025 Annual Report under the headings “Outlook”, as updated by quarterly reports. The “Outlook” and “2026 Priorities” sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.

Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR+ website atwww.sedarplus.caand on the EDGAR section of the SEC's website at www.sec.gov.

December 2, 2025

Shareholders Information

Direct Deposit Service

Shareholders may have dividends deposited directly into accounts held at financial institutions which are members of the Canadian Payments Association. To arrange direct deposit service, please write to the transfer agent.

Shareholder Dividend and Share Purchase Plan

Scotiabank's Shareholder Dividend and Share Purchase Plan allows common and preferred shareholders to purchase additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees. As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. All administrative costs of the plan are paid by the Bank. For more information on participation in the plan, please contact the transfer agent.

Dividend Dates for 2026

Record and payment dates for common and preferred shares, subject to approval by the Board of Directors.

Record Date Payment DateJanuary 6, 2026 January 28, 2026April 7, 2026 April 28, 2026July 7, 2026 July 29, 2026October 6, 2026 October 28, 2026

Annual Meeting Date for Fiscal 2025

Shareholders are invited to attend the 194th Annual Meeting of Holders of Common Shares, to be held on April 14, 2026, at Scotiabank Centre, Scotia Plaza, 40 King Street West, 2nd Floor, Toronto, Ontario beginning at 9:00 a.m. Eastern. The record date for determining shareholders entitled to receive notice of and to vote at the meeting will be the close of business on February 17, 2026. Please visit our website at https://www.scotiabank.com/annualmeeting for updates concerning the meeting.

Duplicated Communication

Some registered holders of The Bank of Nova Scotia shares might receive more than one copy of shareholder mailings, such as this Annual Report. Every effort is made to avoid duplication; however, if you are registered with different names and/or addresses, multiple mailings may result. If you receive, but do not require, more than one mailing for the same ownership, please contact the transfer agent to combine the accounts.

Annual Financial Statements

Shareholders may obtain a hard copy of Scotiabank's 2025 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis on request and without charge by contacting the Investor Relations Department at (416) 775-0798 or investor.relations@scotiabank.com.

Website

For information relating to Scotiabank and its services, visit us at our website: www.scotiabank.com.

Conference Call and Web Broadcast

The quarterly results conference call will take place on Tuesday, December 2, 2025, at 8:15 am ET and is expected to last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone at 647-495-7514 or toll-free, at 1-888-596-4144 using ID 2333085# (please call shortly before 8:15 am ET). In addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations page at www.scotiabank.com/investorrelations.

Following discussion of the results by Scotiabank executives, there will be a question and answer session. A telephone replay of the conference call will be available between Tuesday, December 2, 2025, and Tuesday, December 9, 2025, by calling 647-362-9199 or 1-800-770-2030 (North America toll-free) and entering the access code 2333085 #. The archived webcast will be available on the Investor Relations page at www.scotiabank.com/investorrelations following the call.

Additional Information

InvestorsFinancial Analysts, Portfolio Managers and other Institutional Investors requiring financial information, please contact Investor Relations: Scotiabank 40 Temperance Street Toronto, Ontario, Canada M5H 0B4 Telephone: (416) 775-0798 E-mail: investor.relations@scotiabank.com

Global Communications Scotiabank 40 Temperance Street, Toronto, Ontario Canada M5H 0B4 E-mail: corporate.communications@scotiabank.com

ShareholdersFor enquiries related to changes in share registration or address, dividend information, lost share certificates, estate transfers, or to advise of duplicate mailings, please contact the Bank's transfer agent:Computershare Trust Company of Canada 320 Bay Street, 14th Floor Toronto, Ontario, Canada M5H 4A6 Telephone: 1-877-982-8767 E-mail: service@computershare.com

Co-Transfer Agent (U.S.A.) Computershare Trust Company, N.A. Telephone: 1-781-575-2000 E-mail: service@computershare.com

Street/Courier address: C/O Shareholder Services 150 Royall Street Canton, MA 02021

Mailing address: PO Box 43078, Providence, RI USA 02940-3078

For other shareholder enquiries, please contact the Corporate Secretary's Department: Scotiabank 40 Temperance Street Toronto, Ontario, Canada M5H 0B4 Telephone: (416) 866-3672 E-mail: corporate.secretary@scotiabank.com

Rapport trimestriel disponible en français

Le rapport trimestriel et les états financiers de la Banque sont publiés en français et en anglais et distribués aux actionnaires dans la version de leur choix. Si vous préférez que la documentation vous concernant vous soit adressée en français, veuillez en informer Relations avec les investisseurs, La Banque de Nouvelle-Écosse, 40 rue, Temperance, Toronto (Ontario), Canada M5H 0B4, en joignant, si possible, l'étiquette d'adresse, afin que nous puissions prendre note du changement.

SOURCE Scotiabank

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