Morgan Stanley (MS) investor relations material

Opening remarks and agenda

• Meeting called to order by Chairman and CEO, with all director nominees and key executives present.

• Representatives of the independent auditor, Deloitte & Touche, were available for questions.

Financial performance review

• Achieved record revenues and net income in 2025, reflecting strong execution and a diversified business model.

• Reported $70.6 billion in net revenues, $10.21 diluted EPS, and 21.6% return on average tangible common equity.

• Total client assets reached $9.3 trillion, with consistent results over the last nine quarters.

• Wealth Management and Institutional Securities both delivered record revenues, with strong client engagement and global capabilities.

• Investment Management saw long-term net inflows, supported by demand for customized portfolios and fixed income strategies.

• Maintained a strong capital position with a 15.0% CET1 ratio, supporting ongoing investment and dividend growth.

Board and executive committee updates

• Added Lynn Good and Doug Peterson to the board, bringing leadership experience.

• Masato Miyachi stepped down; Yasushi Itagaki nominated as MUFG director representative.

• Board remains engaged on strategic priorities, risk management, and resilience.