Morgan Stanley (MS) Fixed Income Investor presentation summary

Capital position and profitability

• Net income remained strong, reaching $12.5B in 2024 and $9.1B for the first nine months of 2025.

• Common equity stood at $94.8B in 2024 and $90.3B as of 3Q25.

• Standardized Common Equity Tier 1 ratio was 15.1% at 3Q25, indicating robust capital adequacy.

• Supplementary leverage and Tier 1 leverage ratios remained stable, supporting regulatory compliance.

Liquidity and funding

• Liquidity coverage ratio consistently above 129% from 2020 to 3Q25, with $239B in high-quality liquid assets at 3Q25.

• Average total liquidity resources were $315B at 3Q25, with a diversified composition.

• Core funding comprised $405B at 3Q25, with deposits making up 44% of core funding.

• Debt issuance diversified by currency and tenor, with a weighted average maturity of 6.4 years.

Unsecured borrowings and loss-absorbing capacity

• Unsecured debt issuance totaled $75B in 2024 and $74B in the first nine months of 2025.

• Unsecured debt maturities are well-distributed across future years, reducing refinancing risk.

• Total loss-absorbing capacity (TLAC) as a percentage of RWA was 51.2%, well above the required 21.5%.