Ally Financial Inc (ALLY) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to Ally Financial fourth-quarter 2025 earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Ally Financial 2025 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now open the conference over to your speaker host for today, Sean Leary, Chief Financial Planning & investor Relations Officer. Please go ahead.

現在我將把會議交給今天的演講嘉賓，首席財務規劃和投資者關係官肖恩·利裡先生。請繼續。

Thank you, Olivia. Good morning, and welcome to Ally Financial's fourth-quarter 2025 earnings call. This morning, our CEO, Michael Rhodes; and our CFO, Russ Hutchinson, will review Ally's results before taking questions. The presentation we'll reference can be found on the Investor Relations section of our website, ally.com.

謝謝你，奧莉維亞。早安，歡迎參加 Ally Financial 2025 年第四季財報電話會議。今天上午，我們的執行長邁克爾·羅茲和首席財務官拉斯·哈欽森將回顧 Ally 的業績，然後回答問題。我們將要提到的簡報可以在我們網站 ally.com 的投資者關係部分找到。

Forward-looking statements and risk factor language governing today's call are on page 2. GAAP and non-GAAP measures pertaining to our operating performance and capital results are on pages 3 and 4. As a reminder, non-GAAP or core metrics are supplemental to and not a substitute for US GAAP measures. Definitions and reconciliations can be found in the Appendix.

有關本次電話會議的前瞻性陳述和風險因素的說明請參閱第 2 頁。有關我們經營績效和資本績效的 GAAP 和非 GAAP 指標請參閱第 3 頁和第 4 頁。需要提醒的是，非GAAP或核心指標是美國GAAP指標的補充，而不是替代品。定義和調和說明請參考附錄。

And with that, I'll turn the call over to Michael.

那麼，我就把電話交給麥可了。

Thank you, Sean, and good morning, everyone. I appreciate you joining us today for our fourth-quarter earnings call.

謝謝你，肖恩，大家早安。感謝您今天參加我們的第四季財報電話會議。

Before we cover our results, I'd like to take a moment to reflect on the year, after my first full year as chief executive, I am grateful and optimistic. Grateful for what has been built before I joined and optimistic for what's ahead. My optimism is shaped by the strategic refresh we undertook in 2025. Deliberate choices, backed by disciplined execution, have delivered solid results.

在公佈業績之前，我想花點時間回顧過去一年。身為首席執行官，我度過了第一個完整的一年，我心懷感激，也充滿樂觀。感謝在我加入之前所取得的成就，並對未來充滿信心。我的樂觀態度源自於我們在 2025 年進行的策略調整。深思熟慮的選擇，加上嚴謹的執行，帶來了實質的成果。

At the heart of our refresh was the focus strategy we rolled out to start the year. Focus means we're investing in businesses and segments where we have clear competitive advantages and a reason to win. That is areas where we are unique and special. Our results validate that we are on the right path. 2025 marked a shift where results demonstrated tangible progress, including delivering on the detailed guidance we provided in January.

此次調整的核心是我們年初推出的重點策略。專注意味著我們將投資於我們擁有明顯競爭優勢和必勝理由的業務和領域。這是我們獨特而特別的領域。我們的成果證明我們走在正確的道路上。 2025 年標誌著一個轉捩點，成果展現了切實進展，包括兌現了我們在 1 月提供的詳細指導。

With that, let me recap full-year performance on page 5. Adjusted EPS of $3.81 was up 62% year over year. Core ROTCE of 10.4% was up more than 300 basis points versus 2024, encouraging progress with room to expand further. The three drivers for sustainable mid-teens returns have been consistent and the progress we are making is clear. We have executed against two of the three drivers and remain positioned to deliver on the final as we progress forward.

接下來，我將在第5頁總結全年業績。調整後每股收益為 3.81 美元，年增 62%。核心 ROTCE 為 10.4%，比 2024 年增長超過 300 個基點，這是一個令人鼓舞的進展，並且還有進一步增長的空間。實現十幾個百分點可持續回報的三大驅動因素一直保持不變，我們所取得的進展也顯而易見。我們已經擊敗了三位車手中的兩位，隨著我們繼續前進，我們仍然有能力在決賽中取得好成績。

Retail net charge-offs ended the year below 2%. Importantly, we see further op opportunity as we continue to benefit from vintage rollover and our dynamic approach to underwriting and servicing. Clearly, the macro will play a role in how losses materialize in any given year. But we remain confident in the direction travel over time.

零售業淨沖銷額年末低於2%。重要的是，我們看到了進一步的營運機會，因為我們將繼續受益於舊保單展期以及我們動態的核保和服務方式。顯然，宏觀經濟因素將對任何一年的損失最終如何顯現產生影響。但我們對未來的發展方向仍充滿信心。

Expense and capital discipline remain a top priority. We have been and will continue to be prudent stewards of shareholder capital, and make investments to position Ally for durable long-term performance, and we remain on track to deliver NIM in the upper 3% range. NIM increased more than 30 basis points in 2025 when you adjust for the sale of Card. That progress, along with embedded tail winds across the balance sheet, give me confidence in our ability to drive further margin expansion for full-year 2026.

費用和資本紀律仍然是重中之重。我們過去是、現在是、將來也仍將是股東資本的審慎管理者，並進行投資以使 Ally 能夠實現持久的長期業績，我們仍然有望實現 3% 以上的淨息差。經調整信用卡業務出售的影響後，2025年淨利差增加超過30個基點。這項進展，加上資產負債表其他方面的利多因素，讓我對我們2026年全年進一步提升利潤率的能力充滿信心。

Adjusted net revenue of $8.5 billion was up 3% year over year and up 6% when adjusting for the sale of Card.

調整後的淨收入為 85 億美元，年增 3%，若計入 Card 的出售，則較去年同期成長 6%。

Finally, CET1 ended the year at 10.2%. Taking into account AOCI, fully phased-in CET1 was up 120 basis points in 2025, ending the year at 8.3%. These financial results reflect the impact of a handful of deliberate choices including exiting non-core businesses, repositioning a portion of our investment securities portfolio as we continue migrating towards a more neutral rate position, maintaining expense discipline to create capacity for appropriate investments or reducing controllable expenses by 1% versus 2024, and executing two credit risk transfer transactions for a total of $10 billion in notional retail auto loans, sourcing highly efficient capital.

最終，CET1 年底收在 10.2%。考慮到 AOCI，到 2025 年全面實施的 CET1 上漲了 120 個基點，年底達到 8.3%。這些財務表現反映了一些深思熟慮的選擇的影響，包括退出非核心業務，在我們繼續向更中性的利率立場過渡的過程中，重新調整部分證券投資組合，保持支出紀律以創造適當的投資空間，或將支出比 2024 年減少 1%，以及執行兩項總額為 100 億美元的名義可控零售汽車貸款的信用風險轉移。

Together, our actions have resulted in lower credit risk, lower interest rate risk, higher capital levels, a more efficient expense base, and in aggregate, a stronger foundation. And we grew in the core businesses that we want to grow with a sharp focus on risk and returns.

我們的共同努力降低了信用風險、降低了利率風險，提高了資本水平，提高了支出效率，整體而言，奠定了更堅實的基礎。我們在想要發展的核心業務領域實現了成長，並高度重視風險和回報。

Retail auto and corporate finance loans were up 5% in 2025 on the back of strong momentum in these core franchises. As a result of this progress, we announced a $2 billion open-ended share repurchase authorization in December.

受這些核心業務強勁成長勢頭的推動，預計 2025 年零售汽車貸款和企業融資貸款將成長 5%。由於取得了這些進展，我們在 12 月宣布了一項 20 億美元的無限期股票回購授權。

The resumptions of repurchases is not a declaration of victory, but a clear indication of the progress we've made and our confidence in the path ahead. And as we've said before, we will start low and slow with share repurchases.

恢復回購並不代表勝利，而是清楚地表明了我們所取得的進展以及我們對未來道路的信心。正如我們之前所說，我們將從小規模、緩慢地進行股票回購。

The opportunities for growth across our core franchises are encouraging and accretive. Organic growth remains our priority when allocating capital. However, adding share repurchases provides another option for capital deployment as we maintain unwavering focus on risk adjusted returns.

我們核心業務的成長機會令人鼓舞，且能帶來效益。在分配資本時，內生成長仍然是我們的首要任務。然而，增加股票回購為資本部署提供了另一種選擇，因為我們始終堅定地專注於風險調整後的收益。

With that, let's turn to page 6 and discuss those core franchises. Execution within each of our core franchises has been strong and momentum positions us for sustainably higher returns. Dealer Financial Services delivered an exceptional year of performance, reflecting the benefits of our scale, the breadth of our products and services, and the depth of our relationships with our dealer customers. 15.5 million applications were an all-in record and allow us to be selective with what we originated.

接下來，讓我們翻到第 6 頁，討論一下這些核心系列。我們每個核心業務的執行力都很強勁，目前的勢頭使我們能夠獲得可持續的更高回報。經銷商金融服務業務在過去一年取得了卓越的業績，這充分體現了我們規模優勢、產品和服務範圍之廣以及與經銷商客戶之間深厚的合作關係。 1550萬份申請創下歷史新高，也讓我們能夠更謹慎地篩選貸款發放對象。

Given the strength of the top of the funnel, we originated $43.7 billion of consumer loans. That's up 11% year-over-year with a 9.7% origination yield while 43% of volume was concentrated within our highest tier of credit quality. We continue to see opportunities for responsible growth at attractive risk-adjusted spreads based on the uniquely strong partnership we have with our dealer network.

鑑於貸款管道頂端的強勁勢頭，我們發放了 437 億美元的消費貸款。與去年同期相比成長了 11%，貸款發放收益率為 9.7%，其中 43% 的貸款量集中在我們最高層級的信貸品質範圍內。我們與經銷商網路之間建立了獨特的強大合作關係，因此我們繼續看到以具有吸引力的風險調整後利差實現負責任成長的機會。

Beyond headline origination figures, I'm encouraged by the continued growth across SmartAuction and our Passthrough programs which are expected to contribute durable fee growth moving forward.

除了主要貸款發放資料之外，SmartAuction 和我們的 Passthrough 專案的持續成長也令我感到鼓舞，預計這些專案將在未來帶來持久的費用成長。

Moving to insurance. Written premiums exceeded $1.5 billion, a record for Ally. Synergies between auto finance and insurance continue to strengthen our all-in value proposition, enables to support our dealer partners across all aspects of their business.

轉行做保險。Ally公司承保保費超過15億美元，創下公司歷史新高。汽車金融和保險之間的協同效應不斷增強我們的全方位價值主張，使我們能夠支持經銷商合作夥伴業務的各個方面。

In corporate finance, we delivered 28% ROE with strong year-over-year growth in the loan portfolio. Managing credit risk remains a top priority. And a second consecutive year with no charge-offs reflects the strength of our underwriting. We have the benefit of being a lead agent in virtually all of our transactions, giving us the ability to own the due diligence process and structure transactions appropriately.

在企業融資方面，我們實現了 28% 的淨資產收益率，貸款組合也實現了強勁的年成長。管理信用風險仍然是重中之重。連續第二年沒有出現壞賬，這反映了我們承保能力的強大。我們的優勢在於，我們幾乎在所有交易中都是牽頭代理，這使我們能夠掌控盡職調查流程並適當地建立交易結構。

Turning the digital bank, our customer-first approach continues to set us apart. We ended the year with $144 billion in retail deposit balances, reinforcing our position as the largest all-digital direct bank in the US. We saw solid growth in the fourth quarter and our full-year basis balances were roughly flat, that's in line with our expectations to start the year.

轉型數位化銀行後，我們始終堅持客戶至上的理念，這使我們脫穎而出。年底時，我們的零售存款餘額為 1,440 億美元，鞏固了我們作為美國最大的全數位化直銷銀行的地位。我們在第四季度實現了穩健成長，全年基數餘額大致持平，這與我們年初的預期相符。

Our focus remains on providing best-in-class products and services to drive customer growth and retention. We now serve 3.5 million customers as 2025 marked our 17th consecutive year of customer growth. Over time, this will continue driving a less rate-sensitive portfolio with lower average account balances. The strength and stability of what we've built is a valuable component of our enterprise. Retail deposits continue to represent nearly 90% of total funding, and 92% are FDIC insured.

我們將繼續專注於提供一流的產品和服務，以推動客戶成長和留存。截至目前，我們擁有 350 萬客戶，2025 年是我們連續第 17 年實現客戶成長。隨著時間的推移，這將繼續推動投資組合對利率的敏感度降低，平均帳戶餘額下降。我們所建立的體系的實力和穩定性是我們企業的重要組成部分。零售存款仍佔總資金的近 90%，其中 92% 由聯邦存款保險公司承保。

Before passing to Russ, I want to share a few high-level thoughts. Our core franchises are well-positioned, and their success is fueled by a strong, do-it-right culture and leading brand. I am energized by how our 10,000 teammates deliver for our customers everyday and how they've rallied around the focus strategy.

在把發言權交給 Russ 之前，我想先分享一些高層次的想法。我們的核心加盟店定位良好，其成功得益於強大的、以正確為導向的企業文化和領先的品牌。我深受鼓舞，因為我們的 10,000 名團隊成員每天都在為我們的客戶提供服務，並且他們團結一致地支持聚焦策略。

Our engagement scores remain at the 10% of companies globally for the sixth consecutive year, and we were 8 points higher than the industry average, Demonstrating allies purpose-driven culture remains a key differentiator. Our brand continues to resonate in the market and serves the key reasons come to Ally and want to do more business with us.

我們的員工敬業度得分連續第六年保持在全球前 10% 的水平，比行業平均水平高出 8 分，展現盟友目標驅動型文化仍然是一項關鍵的差異化優勢。我們的品牌在市場上持續引起共鳴，滿足了客戶選擇 Ally 並希望與我們開展更多業務的關鍵原因。

Overall, 2025 marked a meaningful step forward for Ally. I'm encouraged by the progress we've made. But more importantly, I'm excited for what remains ahead. And with that I'll turn over to Rust to walk through the financials in more detail.

總體而言，2025 年對 Ally 來說是一個意義重大的進步。我對我們所取得的進展感到鼓舞。但更重要的是，我對未來充滿期待。接下來，我將把麥克風交給 Rust，讓他更詳細地講解一下財務數據。

Thank you, Michael. I'll begin by walking through fourth quarter performance on slide 7. In the fourth quarter, net financing revenue, excluding OID, of $1.6 billion was up 6% from the prior year. We continue to benefit from the momentum in our core franchises, disciplined deposit pricing and ongoing optimization of the balance sheet towards higher-yielding asset classes. Adjusted other revenue of $550 million in the fourth quarter was down 2% year-over-year and excludes a $27 million loss as we move nearly $400 million of legacy mortgage assets to held for sale.

謝謝你，麥可。我將首先在第 7 張投影片上講解第四季的表現。第四季度，不包括原始發行折扣 (OID) 的淨融資收入為 16 億美元，比去年同期成長 6%。我們繼續受益於核心業務的發展勢頭、嚴格的存款定價以及不斷優化資產負債表以轉向收益更高的資產類別。第四季調整後的其他收入為 5.5 億美元，年減 2%，其中不包括因將近 4 億美元的遺留抵押貸款資產轉移至待售而造成的 2,700 萬美元損失。

This move reflects ongoing optimization of our balance sheet and is consistent with our focused strategy. We are taking advantage of a strong bid for mortgage credit to sell portions of our portfolio, which carry more complexity and higher servicing costs. Following the expected sale of these mortgage loans, our portfolio will be entirely first lien fixed rate mortgages, which will continue to run off over time.

此舉體現了我們對資產負債表的持續優化，並與我們專注的策略一致。我們正利用抵押貸款信貸需求旺盛的契機，出售我們投資組合中的部分資產，這些資產更為複雜，服務成本也更高。在這些抵押貸款預期售出後，我們的投資組合將全部為第一順位固定利率抵押貸款，這些貸款將隨著時間的推移而逐步到期。

Full-year adjusted other revenue was up approximately 2%, despite the headwind from the sale of credit card and the exit from mortgage originations. Excluding that headwind, other revenue was up 5%, reflecting the momentum across our core franchises. Diversified other revenue streams, including insurance, smart auction and our auto pass-through programs are capital efficient and less sensitive to consumer credit cycles, positioning them to remain tailwinds into 2026 and beyond.

儘管受到信用卡出售和退出抵押貸款業務的不利影響，全年調整後的其他收入仍增加了約 2%。剔除這一不利因素，其他收入成長了 5%，反映了我們核心業務的成長動能。其他多元化的收入來源，包括保險、智慧拍賣和我們的汽車轉嫁計劃，資本效率高，對消費者信貸週期的敏感度較低，因此預計在 2026 年及以後繼續成為有利因素。

Fourth quarter adjusted provision expense of $486 million was down $71 million year-over-year, largely driven by continued improvement in retail auto NCOs as well as the exit from the credit card business. The year-over-year net charge-off comparison includes $56 million of credit card activity in 4Q 2024.

第四季調整後的撥備支出為 4.86 億美元，年減 7,100 萬美元，主要原因是零售汽車 NCO 的持續改善以及退出信用卡業務。年比淨沖銷額比較包括 2024 年第四季 5,600 萬美元的信用卡交易。

The fourth quarter retail auto NCO rate declined 20 basis points year-over-year to 2.14%. Adjusted non-interest expense of $1.2 billion excludes a $31 million restructuring charge associated with a reduction in force. These decisions are never easy, but reflect our unwavering focus on balancing investments with expense discipline.

第四季零售汽車NCO率年減20個基點至2.14%。經調整後的非利息支出為 12 億美元，不包括與裁員相關的 3,100 萬美元重組費用。這些決定從來都不容易，但體現了我們始終堅持在投資和支出控制之間取得平衡的決心。

Our strategic pivot has created a more focused, efficient organization, and these actions create capacity to continue investing in our core businesses in areas like cyber and AI. Full-year adjusted non-interest expense was approximately flat year-over-year, while controllable expenses were down 1%, demonstrating our commitment to cost discipline that will continue going forward. GAAP and adjusted EPS for the quarter were $0.95 and $1.09, respectively.

我們的策略轉型打造了一個更專注、更有效率的組織，這些措施也為我們持續投資網路安全和人工智慧等核心業務創造了能力。全年調整後的非利息支出與上年基本持平，而可控支出下降了 1%，這表明我們致力於成本控制，並將繼續保持這一承諾。本季GAAP每股收益和調整後每股收益分別為0.95美元和1.09美元。

Moving to slide 8. Net interest margin, excluding OID, of 3.51% decreased 4 basis points from the prior quarter, resulting in a full-year NIM of 3.47%. That is in the top half of the net interest margin guide we provided at the beginning of the year. Continued expansion of the retail auto portfolio yields and decreasing deposit costs were offset by the repricing of floating rate exposures and lower lease yields during the quarter.

切換到第8張投影片。不計入原始發行折扣的淨利差為 3.51%，較上一季下降 4 個基點，全年淨利差為 3.47%。這處於我們年初發布的淨利差預期值的上半部。本季零售汽車投資組合收益率的持續擴張和存款成本的下降被浮動利率風險敞口的重新定價和租賃收益率的下降所抵消。

Retail auto portfolio yield, excluding the impact from hedges, increased 6 basis points sequentially as we continue to originate above the portfolio yield. Resilient yields while maintaining consistent risk appetite, reflect the benefit of record application flow, enabling selectivity in what we ultimately originate.

零售汽車投資組合收益率（不計對沖的影響）環比上升 6 個基點，因為我們繼續以高於投資組合收益率的價格進行貸款。在保持穩定風險偏好的同時，收益率保持穩定，這反映了創紀錄的申請量帶來的好處，使我們能夠對最終發放的貸款進行選擇性篩選。

Given the forward curve, we expect the portfolio yield has peaked and will remain relatively flat throughout 2026 as lower benchmarks are reflected in originated yields. While used values were stable in aggregate, we recognized losses of $11 million on lease terminations concentrated in a subset of weaker performing models.

根據遠期曲線，我們預期投資組合報酬率已達到峰值，並且隨著基準殖利率下降反映在原始殖利率中，2026 年全年將保持相對穩定。雖然二手車價值總體保持穩定，但我們確認了 1100 萬美元的損失，這些損失集中在部分錶現較差的車型租賃終止上。

Residual values on plug-in electric hybrids have been pressured following the elimination of the EV tax credit, an OEM recall and increased OEM incentives on new models. Pressure on these models increased later in the quarter, and we'll continue to monitor trends as we move throughout 1Q and into the used vehicle selling season.

由於電動車稅收抵免政策的取消、汽車製造商召回以及汽車製造商對新車型的激勵措施增加，插電式混合動力汽車的殘值受到了壓力。本季後期，這些車型面臨的壓力增加，我們將繼續關注第一季及二手車銷售旺季的趨勢。

Our lease portfolio mix is shifting. About half of the leases we originated over the past two years have OEM residual value guarantees and the leases we have originated without the benefit of residual value guarantees reflect a more diversified mix of OEMs.

我們的租賃組合結構正在改變。過去兩年我們促成的租賃中，約有一半享有 OEM 殘值保證；而沒有殘值保證的租賃則反映了 OEM 廠商更加多元化的組合。

While we may see pressure moving forward, the ongoing remixing of the portfolio should reduce gain and loss volatility over time. Cost of funds decreased 11 basis points quarter-over-quarter, driven by a 12 basis point decrease in deposit costs. Last quarter, we spoke about deposit pricing beta starting low as we began another easing cycle.

儘管未來可能會面臨壓力，但持續的投資組合調整應該會隨著時間的推移降低收益和損失的波動性。資金成本較上月下降 11 個基點，主要原因是存款成本下降了 12 個基點。上個季度，我們談到存款定價貝塔係數從低點開始，因為我們開始了新一輪寬鬆週期。

Over time, we expect deposit pricing beta will increase driving NIM expansion. We believe a through-the-cycle beta in the 60s, which we continue to expect is sufficient to reach our high 3s NIM target. Importantly, we have strong momentum on both sides of the balance sheet from our multiyear transformation and remain confident in our path to an upper 3s margin over time.

隨著時間的推移，我們預期存款定價β值將增加，從而推動淨利差擴張。我們認為，週期內β值維持在60左右（我們仍然預期如此）足以實現我們3倍以上的淨利差目標。重要的是，經過多年的轉型，我們的資產負債表兩端都保持著強勁的發展勢頭，我們對未來實現 3% 以上的利潤率充滿信心。

Average earning assets on a full-year basis ended down 2% consistent with the outlook we shared during second quarter earnings. Importantly, ending asset balances were up 2%, reflecting the growth we've seen in the places where we want to grow and demonstrating our momentum as we head into 2026. In aggregate, ending balances across retail auto and Corporate Finance were up $5 billion or more than 5% year-over-year.

全年平均獲利資產下降了 2%，這與我們在第二季財報中分享的預期一致。重要的是，期末資產餘額增加了 2%，這反映了我們在希望發展的地方所看到的成長，並表明了我們邁向 2026 年的勢頭。整體而言，零售汽車和企業融資的期末餘額年增 50 億美元，增幅超過 5%。

On a fully phased-in basis for AOCI, CET1 for the period was 8.3%, an increase of approximately 120 basis points during the year. During the quarter, we executed our second credit risk transfer of the year issuing a $550 million note on $5 billion of high-quality retail auto loans, which generated approximately 20 basis points of CET1 at issuance.

依照 AOCI 的完全分階段實施情況，該期間的 CET1 為 8.3%，比去年同期成長了約 120 個基點。本季度，我們執行了今年的第二次信用風險轉移，發行了 5.5 億美元的票據，該票據涉及 50 億美元的高品質零售汽車貸款，發行時產生了約 20 個基點的 CET1。

Following our announced share repurchase authorization in December, we repurchased $24 million in common stock, reflecting the low and slow approach we've outlined. Moving forward, we'll be dynamic with our level of buybacks in any given quarter. We're encouraged by our ability to execute a story of and not or.

繼我們在 12 月宣布股票回購授權後，我們回購了價值 2,400 萬美元的普通股，這體現了我們所概述的緩慢而穩健的策略。展望未來，我們將根據每季的具體情況靈活調整股票回購規模。我們能夠講述一個關於「與」而非「或」的故事，這讓我們倍感鼓舞。

We are prioritizing organic growth across our core portfolios while maintaining our competitive dividend, continuing to build our fully phased-in capital levels and returning capital to shareholders through share repurchases.

我們優先考慮核心投資組合的內生成長，同時保持具競爭力的股息，繼續逐步提高資本水平，並透過股票回購向股東返還資本。

At the bottom of the page, we ended the year with adjusted tangible book value per share of $40, up nearly 20% in the past year. Earnings expansion and AOCI accretion will support further book value growth over time.

在頁面底部，我們以每股調整後有形帳面價值 40 美元結束了這一年，比前一年增長了近 20%。獲利擴張和綜合收益增加將支持帳面價值的進一步成長。

Additionally, we updated our calculation of core return on tangible common equity. This new methodology does not alter our earnings outlook in any way. It improves transparency and creates alignment between returns, book value and ultimately, earnings per share. We have added incremental disclosure clearly outlining the changes in the supplemental slides of this presentation.

此外，我們更新了有形普通股核心報酬率的計算方法。這種新方法不會以任何方式改變我們的獲利預期。它提高了透明度，並使收益、帳面價值和最終的每股盈餘保持一致。我們在本次簡報的補充幻燈片中增加了詳細的披露信息，明確列出了這些變化。

In short, we have eliminated the deferred tax asset adjustment from our prior methodology to streamline calculation as well as increase transparency and comparability. As we approach our 9% management target for fully phased-in CET1, we believe this new core ROTCE metric is appropriately aligned to our mid-teens target for sustainable return.

簡而言之，我們已從先前的方法中取消了遞延所得稅資產調整，以簡化計算並提高透明度和可比性。隨著我們逐步實現 9% 的 CET1 管理目標，我們認為這項新的核心 ROTCE 指標與我們 15% 的永續回報目標相符。

Let's turn to slide 10 to review asset quality trends. Consolidated net charge-offs of 134 basis points were up 16 basis points quarter-over-quarter, driven by seasonality. We continue to see strong credit performance in our commercial portfolios, resulting in 0 net charge-offs for the second consecutive year.

讓我們翻到第 10 張投影片，回顧一下資產品質趨勢。綜合淨沖銷額為 134 個基點，較上季增加 16 個基點，主要受季節性因素影響。我們的商業貸款組合持續保持強勁的信貸表現，連續第二年實現淨沖銷為0。

Full-year consolidated NCOs finished below the range provided a year ago, driven by continued improvement in retail auto credit and the aforementioned strength across our commercial portfolios. Retail auto net charge-offs of 214 basis points were up 26 basis points quarter-over-quarter, reflecting seasonal trends, but down 20 basis points compared to a year ago.

全年綜合淨營業額低於去年同期給出的範圍，主要得益於零售汽車信貸的持續改善以及上述商業投資組合的強勁表現。零售汽車淨沖銷額為 214 個基點，較上季上升 26 個基點，反映了季節性趨勢，但與去年同期相比下降了 20 個基點。

Year-over-year improvement across all quarters of 2025 reflects the tailwind from vintage rollover dynamics and the benefit of enhanced servicing strategies. Our full-year retail auto net charge-off rate was 1.97% below the bottom end of our guide and notably below the 2% mark we've referenced as a key pillar to achieve our mid-teens return target.

2025 年所有季度的同比改善反映了老舊車型更替帶來的利好以及改進服務策略帶來的好處。我們全年的零售汽車淨沖銷率比我們預期的下限低 1.97%，並且明顯低於我們作為實現 15% 中期回報目標的關鍵支柱的 2% 水平。

Moving to the top of the page, 30-plus all-in delinquencies of 5.25% were down 21 basis points from the prior year, marking the third consecutive quarter of year-over-year improvement on an all-in basis. This continued improvement further reinforces our constructive view on the near-term loss trajectory within our portfolio, but we remain mindful of the macroeconomic environment, particularly the labor market and used vehicle values.

回到頁面頂部，30歲以上債務的綜合違約率為5.25%，比上年下降了21個基點，這是連續第三個季度綜合違約率年減。這項持續改善進一步強化了我們對投資組合近期虧損走勢的建設性看法，但我們仍關注宏觀經濟環境，特別是勞動市場和二手車價值。

Turning to the bottom of the page on reserves. Consolidated coverage decreased 3 basis points this quarter to 2.54%, while the retail auto coverage rate remained flat at 3.75%. Our retail auto coverage levels continue to balance favorable credit trends within our portfolio against macroeconomic uncertainty.

翻到頁面底部查看儲備金。本季綜合保險覆蓋率下降 3 個基點至 2.54%，而零售汽車保險覆蓋率維持在 3.75% 不變。我們的零售汽車保險覆蓋水準持續平衡我們投資組合中有利的信貸趨勢與宏觀經濟的不確定性。

Moving to slide 11 to review auto segment highlights. Pretax income of $372 million was lower year-over-year, primarily driven by lower commercial balances, lease mix dynamics and reserve build and higher servicing-related expenses given growth in the retail portfolio.

前往第 11 張投影片，回顧汽車產業亮點。稅前收入為 3.72 億美元，年減，主要原因是商業餘額減少、租賃組合動態變化和儲備金增加，以及零售投資組合成長導致服務相關費用增加。

On the bottom left, we've highlighted the trajectory of retail auto portfolio yields. Excluding the impact from hedges, yields were up 6 basis points quarter-over-quarter and 18 basis points year-over-year.

在左下角，我們重點介紹了零售汽車投資組合報酬率的軌跡。剔除避險的影響，收益率較上月上升 6 個基點，較去年同期上升 18 個基點。

Our scale and record application volume led to another strong quarterly vintage with attractive risk-adjusted spreads. Fourth quarter originated yield of 9.6% was down quarter-over-quarter, but demonstrated resilience given the move in underlying benchmarks. Our ability to actively calibrate our buy box with the evolving market supports risk-adjusted returns through the cycle.

我們的規模和創紀錄的申請量帶來了另一個強勁的季度業績，並帶來了具有吸引力的風險調整後利差。第四季原始收益率為 9.6%，環比下降，但考慮到基準指數的波動，仍表現出韌性。我們能夠根據不斷變化的市場積極調整我們的購買策略，從而在整個週期中獲得風險調整後的收益。

On the bottom right of the page, $10.8 billion of consumer originations were up 6% versus the prior year period and were enabled by the 10% increase in application volume that we saw. Our established dealer relationships and full spectrum approach enabled this accretive growth despite headwinds.

頁面右下角顯示，消費者貸款發放額為 108 億美元，比上年同期增長 6%，這得益於申請量增加了 10%。儘管面臨諸多不利因素，但我們與經銷商建立的穩固關係和全方位的策略，使我們實現了這種穩定成長。

Last year, we faced elevated competition, significant pull-forward demand in 2Q and 3Q tied to tariffs and EV tax credit expiration and fourth quarter new light vehicle sales that were down more than 5% year-over-year. Record application volume throughout the year has supported our ability to remain selective, driving accretive growth while also providing opportunity to monetize declined applications through our pass-through program.

去年，我們面臨激烈的競爭，第二季和第三季由於關稅和電動車稅收抵免到期而出現大量提前需求，第四季新輕型汽車銷量較去年同期下降超過 5%。全年創紀錄的申請量支持我們保持篩選能力，推動了成長，同時也為我們透過轉遞計畫將拒絕的申請變現提供了機會。

Turning to insurance on slide 12. Core pretax income was $89 million, roughly flat year-over-year. Total written premiums of $384 million were also relatively flat versus 2024, while insurance losses of $111 million were down $5 million year-over-year. Insurance provides a durable, capital-efficient revenue source and remains a key driver of our long-term growth strategy. As Michael noted, we continue to leverage synergies with auto finance to drive momentum within the business and deepen our all-in value proposition as we support our dealer partners in all aspects of their business.

第 12 頁投影片將討論保險問題。核心稅前收入為 8,900 萬美元，與去年同期基本持平。2024 年，保費總額為 3.84 億美元，與去年同期相比基本持平；而保險損失為 1.11 億美元，比去年同期減少了 500 萬美元。保險業提供了一種持久、資本效率高的收入來源，並且仍然是我們長期成長策略的關鍵驅動力。正如麥可所指出的，我們將繼續利用與汽車金融的協同效應來推動業務發展，並深化我們的全方位價值主張，從而在各個方面支持我們的經銷商合作夥伴。

Turning to Corporate Finance on slide 13. The business delivered another strong quarter with core pretax income of $98 million. Fourth quarter ROE of 29% and a full-year ROE of 28% underscore the strength of the franchise and the durable accretive profile of the business as we continue to look for growth opportunities within the markets we compete in.

接下來請看第 13 頁關於公司財務的內容。該業務又迎來了一個強勁的季度，核心稅前收入達 9,800 萬美元。第四季淨資產收益率為 29%，全年淨資產收益率為 28%，這凸顯了該特許經營權的實力和業務的持久增值特性，我們將繼續在我們所競爭的市場中尋找成長機會。

On a year-over-year basis, we grew the portfolio by just over $3 billion. Spot portfolio balances can move considerably given the timing of new deals, paydowns and capital markets activity.

與去年同期相比，我們的投資組合成長了略超過 30 億美元。現貨投資組合餘額可能會因新交易、還款和資本市場活動的時機而大幅波動。

Taking a step back, the portfolio has grown at an 8% CAGR since 2022, reflecting the disciplined approach that continues to guide our growth philosophy and is reflected in the credit characteristics of the portfolio. 2025 marked a second consecutive year with no new non-performing loans, while criticized assets and non-accrual loan exposures were 10% and 1% of the portfolio, remaining near historically low levels. Leveraging long-standing relationships with key partners in the industry remains critical to maintaining our culture of strong risk management.

回顧過去，自2022年以來，該投資組合的複合年增長率達到8%，這反映了我們一貫秉持的穩健成長策略，也體現在該投資組合的信貸特徵中。 2025年是連續第二年沒有新增不良貸款，而受關注資產和非應計貸款曝險分別佔投資組合的10%和1%，均接近歷史低點。與業內主要合作夥伴保持長期合作關係，對於維護我們強大的風險管理文化仍然至關重要。

I will discuss our financial outlook on slide 14. We expect full-year NIM between 3.6% and 3.7% -- the range for NIM reflects the evolving path of interest rates as the Fed easing cycle continues with two cuts assumed for 2026. As we have consistently messaged, we are liability sensitive over the medium term and asset sensitive in the very near term. We'd expect early beta to drive a relatively flat margin through 1Q. But given current trends on lease residuals, we expect NIM to be slightly down on a sequential basis.

我將在第14頁投影片中討論我們的財務前景。我們預計全年淨利差在 3.6% 至 3.7% 之間——淨利差的區間反映了隨著聯準會寬鬆週期繼續（預計 2026 年將降息兩次）而不斷演變的利率路徑。正如我們一直以來所傳達的訊息，我們對中期負債較為敏感，對短期資產較為敏感。我們預計早期測試版將使第一季的利潤率保持相對穩定。但鑑於目前的租賃殘值趨勢，我們預期淨利差將較上季略有下降。

Looking beyond 1Q, we remain confident in NIM migrating to the upper 3s over time, supported by continued optimization on both sides of the balance sheet. Deposit repricing and continued remixing of the balance sheet towards higher-yielding assets will support margin expansion. In aggregate, retail auto and Corporate Finance are expected to grow in the mid-single digits, while mortgage loans and lower-yielding investment securities will continue to run off.

展望第一季之後，我們仍有信心，在資產負債表兩端持續優化的支持下，淨利差將逐步提升至3%以上。存款重新定價以及資產負債表向高收益資產的持續調整將支持利潤率擴張。總體而言，零售汽車和企業融資預計將實現中等個位數的成長，而抵押貸款和低收益投資證券將繼續萎縮。

In total, margin expansion will accelerate as deposit pricing beta increases toward our through-the-cycle target, consistent with what we observed in 2025 following Fed easing in 2024. Given the fourth quarter NIM of 3.51% and expectation for NIM to be down a bit in the first quarter, the full-year guide implies we expect to be approaching our upper 3s NIM target exiting 2026. As a reminder, our NIM progression will be choppy on a quarter-to-quarter basis, but we remain confident in the destination.

總體而言，隨著存款定價貝塔係數向著我們的周期性目標遞增，利潤率擴張速度將會加快，這與我們在美聯儲於 2024 年放鬆貨幣政策後於 2025 年觀察到的情況一致。鑑於第四季淨利差為 3.51%，並且預計第一季淨利差將略有下降，全年指引意味著我們預計到 2026 年底將接近 3% 以上的淨利差目標。需要提醒的是，我們的淨利潤率每季都會有所波動，但我們對最終目標仍然充滿信心。

Moving to other revenue. We expect continued momentum across insurance, SmartAuction and auto pass-through programs to drive low single-digit percent growth year-over-year, which includes a roughly $25 million headwind from the loss of card fees earlier this year.

轉向其他收入來源。我們預計保險、智慧拍賣和汽車轉嫁計畫的持續成長動能將推動年比實現個位數百分比的成長，其中包括今年稍早信用卡手續費損失帶來的約 2,500 萬美元的不利影響。

On credit, we see retail auto net charge-offs between 1.8% and 2% for the year. 2025 performance showed tangible results from the dynamic underwriting and enhanced servicing capabilities we have implemented over the past two years.

信貸方面，我們預計全年零售汽車淨核銷率介於1.8%至2%之間。 2025年的表現顯示，過去兩年我們實施的動態核保和增強型服務能力已取得顯著成效。

Our outlook reflects a balance between continued improvement from the remaining vintage rollover with ongoing macro uncertainty. Last year, we highlighted the continuation of existing trends across delinquency, flow to loss rates and used values provided a potential path to the low end of our guidance range. Those dynamics largely played out, and we achieved a full-year NCO rate just below the low end of our guide.

我們的展望反映了剩餘年份產品展期帶來的持續改善與持續宏觀經濟不確定性之間的平衡。去年，我們強調了拖欠率、損失率和二手房價值等現有趨勢的延續，這為達到我們指導範圍的下限提供了一條潛在路徑。這些動態在很大程度上發揮了作用，我們全年的士官薪酬率略低於指導值的下限。

This year, a continuation of these same trends would support performance around the midpoint of our guide and achieving the lower end of the range would require incremental favorability within these drivers.

今年，如果這些趨勢持續下去，將有利於實現我們指導方針中點附近的業績，而要達到範圍的下限，則需要這些驅動因素的逐步改善。

Looking beyond retail auto, we expect consolidated net charge-offs between 1.2% and 1.4%. As we have noted, we are pleased with the performance of our commercial portfolios. However, these are not 0 loss businesses, nor do we price for that, and our full-year guide assumes a return to more normalized losses.

撇開零售汽車業務不談，我們預計綜合淨沖銷率在 1.2% 到 1.4% 之間。正如我們所指出的，我們對商業投資組合的表現感到滿意。然而，這些企業並非零虧損企業，我們也沒有將零虧損納入定價考量，而我們的全年業績指引假設虧損將恢復正常水準。

On expenses, we expect 2026 to be up approximately 1% with investment focused on our core franchises fueling revenue growth while also investing in areas like AI, cyber, servicing and customer experiences. This disciplined expense management, along with top line revenue growth positions us for positive operating leverage this year and over the medium term.

在支出方面，我們預計 2026 年將成長約 1%，投資重點將放在推動收入成長的核心特許經營業務上，同時也投資於人工智慧、網路安全、服務和客戶體驗等領域。這種嚴格的費用管理，加上營收成長，使我們在今年和中期內能夠獲得正面的營運槓桿效應。

Building upon the momentum we saw throughout the back half of 2025, average earning assets are expected to be up between 2% and 4% year-over-year. Importantly, our growth is focused on the areas where we want to grow for attractive returns, retail, auto and Corporate Finance.

延續 2025 年下半年的成長勢頭，預計平均收益資產將年增 2% 至 4%。重要的是，我們的成長重點放在我們希望獲得可觀回報的成長領域，即零售、汽車和企業金融。

Finally, we expect an effective tax rate between 20% and 22%. We are encouraged by the momentum we've established across the businesses. We have said that achieving our mid-teens return target requires: one, an upper 3s NIM; two, a sub-2% retail auto NCO rate; and three, capital and expense discipline.

最後，我們預計實際稅率在 20% 到 22% 之間。我們對各業務部門所取得的良好發展動能感到鼓舞。我們曾表示，要達成十幾個百分點的回報目標，需要：一、淨利差達到 3% 以上；二、零售汽車淨營業利潤率低於 2%；三、資本和支出紀律。

As Michael noted, we have achieved two of the three and see a path to achieving the third.

正如邁克爾所指出的，我們已經實現了三個目標中的兩個，並且看到了實現第三個目標的途徑。

That said, it remains a dynamic operating environment. And while reaching our targets continues to move closer, we don't feel it's prudent to call a specific quarter. We'll remain nimble and ready to pivot as the macro and competitive landscape evolves. Our focused strategy is working. I'm confident in our ability to deliver improved returns and drive long-term shareholder value.

儘管如此，它仍然是一個充滿活力的營運環境。雖然我們距離目標越來越近，但我們認為現在預測具體季度是否實現目標並不明智。我們將保持靈活，隨時準備根據宏觀環境和競爭格局的變化進行調整。我們採取的重點策略正在發揮作用。我對我們有能力帶來更高的回報並提升股東的長期價值充滿信心。

And with that, I'll turn it over to Michael for a few closing remarks.

接下來，我將把發言權交給邁克爾，請他做幾句總結發言。

Thanks, Russ. Before hanging into Q&A, I want to reiterate what we've accomplished over the past year and how that positions us for the future. First, our focused strategy has created clarity on where we will compete and how we will win.

謝謝你，Russ。在正式進入問答環節之前，我想重申我們在過去一年中所取得的成就，以及這些成就如何為我們的未來奠定基礎。首先，我們明確的策略使我們清楚知道我們將在哪些領域競爭以及如何取勝。

Second, we have a much stronger foundation. Our balance sheet and risk position are stronger today, giving us greater resilience and flexibility as we move forward. Our core franchises each have relevant scale and our refined focus has streamlined resources and strengthened our competitive positioning.

其次，我們擁有更堅實的基礎。我們目前的資產負債表和風險狀況更加穩健，這使我們在未來的發展中擁有更大的韌性和靈活性。我們的核心特許經營業務均具有相應的規模，我們精細化的策略重點精簡了資源，並增強了我們的競爭地位。

Third, we are executing. That means we are operating smarter, moving faster and delivering improved efficiency and effectiveness. Earnings growth, credit performance and capital metrics all showed meaningful progress and momentum as we head into 2026.

第三，我們正在執行。這意味著我們運作得更智能，行動得更快，效率和效果也提高了。展望 2026 年，獲利成長、信貸表現和資本指標均顯示出顯著的進步和動能。

Fourth, authorizing a $2 billion buyback program is an important step. Resuming share repurchases underscores the progress we've made and our confidence in our ability to execute moving forward.

第四，批准一項 20 億美元的股票回購計畫是重要的一步。恢復股票回購凸顯了我們所取得的進展以及我們對未來執行能力的信心。

Finally, while we are encouraged by our progress, we remain focused on the road ahead. There is more work to do, but I'm certain we are on the right path and excited for what's ahead as we continue to execute and deliver compelling long-term value for our shareholders.

最後，儘管我們對所取得的進展感到鼓舞，但我們仍將專注於未來的道路。還有很多工作要做，但我確信我們走在正確的道路上，並對未來充滿期待，我們將繼續執行計劃，為股東創造令人信服的長期價值。

With that, I'll turn it back to you, Sean, so we can head to Q&A.

那麼，肖恩，我把麥克風交還給你，我們接下來進入問答環節。

Thank you, Michael. As we head into Q&A, we do ask the participants limit yourself to one question and one follow up. Olivia, please begin the Q&A.

謝謝你，麥可。在進入問答環節之前，我們要求每位參與者只提出一個問題和一個後續問題。奧莉維亞，請開始問答環節。

(Operator Instructions)

（操作說明）

Robert Wildhack, Autonomous Research.

Robert Wildhack，自主研究。

Maybe just to start on the NIM. Russ, I appreciate the commentary that you gave. You said down quarter-over-quarter in 1Q and then sounded pretty strong on the exit trajectory. Just want to double check that I heard that correctly. And then is there any more detail that you could give on what exactly drives the NIM sort of progression through the year and how it ramps from kind of down quarter-over-quarter to what sounds like a pretty strong exit rate?

或許可以先從NIM開始。Russ，我很感謝你的評論。你提到第一季環比下降，但隨後對退出前景的展望似乎相當樂觀。我只是想再次確認我是否聽得沒錯。那麼，您能否提供更多細節，說明究竟是什麼因素推動了 NIM 在一年中的這種發展趨勢，以及它如何從逐季下降逐漸轉變為聽起來相當強勁的退出率？

Yes, sure. Sure, Robert. Thanks for your question. I appreciate it. When you kind of look at the quarter-to-quarter NIM dynamic between third quarter and fourth quarter last year and heading into first quarter of this year, it really comes down to mainly early beta as well as some pressure from lease terminations.

當然可以。當然可以，羅伯特。謝謝你的提問。謝謝。當你觀察去年第三季和第四季以及今年第一季之間的季度間淨利差動態時，你會發現這主要歸因於早期測試版以及租賃終止帶來的一些壓力。

And so maybe I'll start on early beta. This is the same thing that we saw last year, right? We saw soft early beta exiting 2024 and starting 2025. And then we saw some nice catch-up in the middle of 2025 with some healthy NIM expansion. Our expectations are to see similar dynamics play out this year, right?

所以，或許我會從早期測試版開始。這和我們去年看到的情況一樣，對吧？我們看到 2024 年底至 2025 年初出現了較為溫和的早期 beta 測試。然後，我們在 2025 年年中看到了一些不錯的追趕，淨利差 (NIM) 也出現了健康的擴張。我們預計今年也會出現類似的情況，對嗎？

And as I kind of get underneath what leads to that, rate cuts are beneficial to Ally over time. And we've talked about that before, but we've also talked about near-term asset sensitivity that impacts us on a quarter-to-quarter basis. So our NIM progression is not a straight line, and we've talked about that before. And it's part of why we don't guide for NIM on a quarter-to-quarter basis. We guide on a full-year basis.

當我逐漸了解導致這種情況的原因後，我發現從長遠來看，降息對 Ally 是有利的。我們之前也討論過這個問題，但我們也討論過對我們每季都產生影響的短期資產敏感度。因此，我們的 NIM 發展不是一條直線，我們之前也討論過這個問題。這也是我們不按季度發布淨利差指引的部分原因。我們提供全年指導服務。

The beta catch-up dynamics are strong. The ongoing portfolio mix dynamics that we mentioned earlier are strong and give us confidence in driving meaningful and sustainable improvement both in profitability and NIM expansion. You pointed to the NIM guide at 3.60% to 3.70% for the year. I think as you dig in and you think about where we're starting the year, it's pretty clearly implied that we expect some meaningful NIM expansion through the course of the year. Again, this kind of NIM expansion that looks kind of like the dynamics that we saw play out last year.

β追趕動力很強。我們先前提到的持續的投資組合組合動態十分強勁，這讓我們有信心在獲利能力和淨利差擴張方面實現有意義且可持續的改善。您指出，今年的淨利差指導值為 3.60% 至 3.70%。我認為，當你深入思考我們今年的開局時，很明顯，我們預計今年的淨利潤將出現一些實質的成長。再次，這種 NIM 擴張看起來有點像我們去年看到的動態。

And obviously, on a quarter-to-quarter basis, we could get some impacts as no doubt our expectation is there will be some kind of ongoing movement in the Fed funds rate throughout the year. But again, we feel confident in terms of the medium trajectory around NIM. And I think as you kind of do the -- kind of as you dig in on our full-year NIM expectations and then where we're starting the year, I think you'll see that we expect to end the year above the high end of our guide or approaching our high 3s medium-term target.

顯然，從季度角度來看，我們可能會受到一些影響，因為毫無疑問，我們預期聯邦基金利率在今年將會出現某種持續的波動。但是，我們仍然對 NIM 的中期走勢充滿信心。我認為，當你深入了解我們全年的淨利差預期以及我們年初的情況後，你會發現我們預計年底淨息差將高於我們預期的上限，或者接近我們3%以上的中期目標。

The pressure from -- on the lease side, as we mentioned earlier, it's driven by a few hybrid electric vehicle models, the plug-in hybrid models. Those specific vehicles were impacted by an OEM recall as well as significant OEM incentives on new vehicles that came with the expiration of the EV lease tax credit. And so that's kind of what we're dealing with in terms of kind of some of this near-term NIM pressure. But again, I just reiterate our confidence in the medium term and in terms of the destination in the high 3s.

正如我們之前提到的，租賃方面的壓力主要來自幾款混合動力電動車車型和插電式混合動力車型。這些特定車輛受到了汽車製造商召回以及電動汽車租賃稅收抵免到期後汽車製造商對新車提供的巨額激勵措施的影響。所以，這就是我們目前面臨的一些近期淨利壓力。但我再次重申，我們對中期目標充滿信心，預計最終目標將達到300萬英鎊以上。

That's great. And then just quickly on credit and the retail auto coverage ratio specifically. You talked a lot about the S-tier mix, vintage remixing, net charge-offs coming down, et cetera, et cetera. The retail auto coverage ratio, though hasn't budged in like a year. Just curious what you think it would take for you to actually start releasing some of the reserves there in retail auto.

那太棒了。然後簡單談談信貸和零售汽車保險覆蓋率。你談到了很多關於 S 級混音、復古混音、淨沖銷下降等等等等。然而，零售汽車保險覆蓋率已經一年多沒有變化了。我只是好奇，你認為需要什麼條件才能真正開始釋放零售汽車市場的一些儲備金。

It's a fair question, Robert, and we get that question from time to time. We've often said when we think about our returns over the medium term, as we think about our targets, we don't include reserve releases. Those are more of an output than an input from our perspective. And our focus is on just kind of managing the credit in a prudent way in terms of how we underwrite and how we service kind of just our overall approach to the portfolio. As I think about where our reserve is set today, it's really balancing a few things.

羅伯特，你問得好，我們也時不時會被問到這個問題。我們常說，在考慮中期回報和目標時，我們不考慮儲備金釋放。從我們的角度來看，這些更多的是輸出而不是輸入。我們的重點在於以審慎的方式管理信貸，包括我們的承銷方式、服務方式以及我們對整個投資組合的整體方法。我認為，我們目前的儲備金水準實際上是在平衡幾個因素。

On the one hand, we're seeing clear benefits, as you said, from vintage rollover to vintages that were originated towards the end of 2023 through '24 and now '25 that are clearly stronger vintages from a credit perspective than what we saw in early '23 and in 2022.

一方面，正如您所說，我們看到了明顯的益處，從年份滾動到 2023 年末到 2024 年以及現在的 2025 年，這些年份從信貸角度來看顯然比我們在 2023 年初和 2022 年看到的年份更強。

So that vintage rollover is a clear benefit. We've made improvements to our underwriting. We've made improvements to our servicing, and we're seeing that benefit over time. And that's certainly something that we're seeing in terms of delinquency improving, strong photo loss rates. And also, we're seeing good support from the used vehicle market in terms of used car prices and severity.

因此，這種年份輪換機制顯然是一項優勢。我們對承保流程進行了改進。我們對服務進行了改進，隨著時間的推移，我們看到了這些改進帶來的好處。而這確實體現在拖欠率的改善和照片遺失率的大幅下降。此外，從二手車價格和市場狀況來看，二手車市場也給予了良好的支撐。

So all those things are incorporated in terms of how we think about reserves. But at the same time, we're also looking at some of the macro uncertainty out there, in particular, focused on the labor market and used vehicle prices.

所以所有這些因素都納入了我們對儲備的思考之中。但同時，我們也關注到一些宏觀經濟方面的不確定因素，特別是勞動市場和二手車價格的不確定因素。

Our current expectation is that unemployment over the course of 2026 is going to be higher than the unemployment that we saw over the full year of 2025. And there's obviously some uncertainty around that, and that's factored into how we think about reserves as well as how we think about our forward NCO guide.

我們目前的預期是，2026 年全年的失業率將高於 2025 年全年的失業率。顯然，這方面存在一些不確定性，而這種不確定性也影響了我們對預備役人員的看法，以及我們對未來士官指導方針的看法。

And then similarly, we've got a careful eye on the used vehicle market. We're watching what we see on SmartAuction as well as in the auction lanes and very much paying attention to used car prices overall. So there are a number of things that factor in.

同樣，我們也密切關註二手車市場。我們正在密切關注 SmartAuction 和拍賣現場的情況，並非常關註二手車的整體價格。所以有很多因素要考慮。

But again, I'd just reiterate, reserve releases is not something that we factor into how we think about the business from a return perspective, and it's not factored into our mid-teens return guide.

但我再次重申，預售發行並不是我們從回報角度考慮業務時需要考慮的因素，也沒有納入我們十幾萬英鎊的回報指南中。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Maybe, Michael, can we start with contextualizing 2026 as you look ahead to the year? It's obviously been a bumpy ride so far. But curious, as you look at the guidance as a whole, where do you think the biggest risks lie, the opportunities as well? Russ, you could also chime in.

邁克爾，或許我們可以先從展望2026年並分析其背景開始？顯然，到目前為止，這段路走得併不平坦。但我很好奇，從整體來看，您認為最大的風險在哪裡？機會又在哪裡？Russ，你也可以表達意見。

Yes. Sanjay, thanks for the question. And I think about '26, look, I can't think about '26 without reflecting a bit on '25. And like really proud of what this team did in '25. On page 5 of our materials, we call our notable items and a lot of good work has been done.

是的。Sanjay，謝謝你的提問。每當我想起 2026 年，你看，我一想到 2026 年，就忍不住想起 2025 年。我真的為這支球隊在 2025 年所取得的成就感到驕傲。在我們的資料第 5 頁，我們列出了值得關注的項目，並指出已經完成了許多出色的工作。

And I started out by talking about both gratitude for what's been built and optimism for what's in the future. And so I do feel a lot of optimism for '26. And it's anchored on the fundamentals of the business. And so while '25 was a year where we made a lot of shifts and pivots, '26, the rhetoric we have inside the organization is really about bridging strategy to execution.

我首先談到了對已取得的成就的感激之情，以及對未來的樂觀展望。因此，我對2026年充滿樂觀。它建立在企業的基本面之上。因此，儘管 2025 年我們進行了許多轉變和調整，但在 2026 年，我們組織內部的言論實際上是關於將策略與執行聯繫起來。

And so it's really -- we've set the table, I think, quite nicely for ourselves. And '26 will be about building strong volumes with the right margins, the right pricing in the auto franchise, continue with the momentum we have in the Corporate Finance business, continue with our customer acquisitions, the strength that we have in our retail bank and our consumer bank, which, again, our balance has been relatively flat, but we're attracting a less rate-sensitive customers. So we like that dynamic, more of that. And then, of course, from a technology perspective, continue to deliver the capabilities that ensure that we win here in the 21st century and certainly for next year.

所以，我覺得我們已經為自己做好了充分的準備。2026 年的重點將是：在汽車特許經營領域，以合適的利潤率和定價，建立強勁的銷售；繼續保持我們在企業融資業務方面的勢頭；繼續拓展客戶；鞏固我們在零售銀行和消費銀行的優勢。雖然我們的資產負債表一直相對平穩，但我們正在吸引對利率不太敏感的客戶。我們喜歡這種動態，希望更多這樣的動態。當然，從技術角度來看，我們還要繼續提供各種能力，以確保我們在 21 世紀，尤其是在明年，能夠取得勝利。

And so if I take a step back, I feel really good about the fundamentals of the business. So in terms of -- when I think about the guide for '26, you can kind of go line item by line item. And like on the expense side, you've seen a lot of discipline from this team in terms of how we manage expenses. So continue to expect to see some discipline on expense management. On revenue, look, there's -- we have NIM, you have fee income.

所以，如果我退後一步來看，我對公司的基本面感覺非常好。所以就——當我想到 2026 年的指南時，你可以逐條來看。在費用方面，大家也看到了我們團隊在費用管理上展現的嚴謹作風。因此，預計未來在費用管理方面仍將保持一定的紀律性。關於收入，你看，有──我們有淨利差，你們有手續費收入。

And I think Russ did a nice job of talking about what's going on with NIM. And I hope you took away from that some optimism on the exit rate. We recognize there's probably some bumpiness as we go along. But the balance sheet dynamics are playing out the way we would expect that. And so I'd expect the continuity of that in '26.

我認為 Russ 對 NIM 的現狀進行了很好的闡述。我希望你們能從中對退出率抱持一些樂觀態度。我們意識到前進的道路上可能會遇到一些坎坷。但資產負債表的動態發展正按照我們預期的方向發展。因此，我預計 2026 年這種情況會持續下去。

And then again, on the fee income side, we like what we're seeing. And then credit, look, the dynamics playing out pretty much like we said it would. Last year, at the beginning of the year, we said if certain things happen, we'd be at the low end of the guide. We end up being below that low end. And so assuming the macro holds, we feel good about that.

另外，在手續費收入方面，我們對目前的情況感到滿意。然後，值得稱讚的是，情況的發展基本上正如我們之前所預測的那樣。去年年初，我們曾說過，如果某些事情發生，我們的業績就會處於指南的低端。最終我們還是低於那個下限。因此，假設宏觀經濟情勢保持不變，我們對此感到滿意。

Consumer behavior right now, we're pleased with what we're seeing in the consumer. There's a bit of this disconnect between kind of the rhetoric and some of the headlines and what we're seeing consumer behavior, but we're pleased with what we're seeing on the consumer side.

就目前的消費者行為而言，我們對所看到的消費者行為感到滿意。一些言論和新聞標題與我們看到的消費者行為之間存在一些脫節，但我們對消費者方面的情況感到滿意。

So overall, I feel good about the estimate that we put out for '26 in terms of what we're going to do kind of by line item and feel good about the foundation of the business. I was going to say what I worry most about, it's really about the macro. And there's something going to happen that's going to affect a lot of financial institutions, not just us, from an unemployment perspective or some other discontinuity. But I start out by talking about optimism. I'll probably end this narrative on optimism.

總的來說，我對我們 2026 年的預算估算感到滿意，包括我們將要逐項完成的工作，我對公司的基礎感到滿意。我本來想說我最擔心的是什麼，其實是宏觀經濟上的問題。將會有一些事情發生，這些事情會影響到許多金融機構，不只是我們，可能會造成失業或其他方面的衝擊。但我首先要談談樂觀主義。我大概會以樂觀的態度來結束這個故事。

I feel very good about how we're positioned.

我對我們目前的處境感到非常滿意。

Sorry, Sanjay, you did say that I could comment as well.

抱歉，桑傑，你之前確實說過我也可以發表評論。

Absolutely. Absolutely.

絕對地。絕對地。

I mean I might just add, just as I kind of cut across the three main franchises, I just -- I feel really good about the level of dealer engagement we have. In a quarter where light vehicle sales were down and there were all sorts of reasons for -- there are all sorts of reasons and pressures, but our applications were up and it supported our ability to be selective and underwrite a really great vintage. Similarly, when I look at the consumer bank, we added customers. We kind of hit our expectations on the pin in terms of flat balances for the year. We continue to affect a nice migration in the customer base towards more favorable demographics.

我的意思是，我還要補充一點，就像我剛才提到的三大主要特許經營權一樣，我對我們經銷商的參與程度感到非常滿意。在本季度輕型汽車銷量下滑，並且存在各種各樣的原因——有很多原因和壓力，但我們的申請量卻上升了，這支持了我們進行選擇性投資並承保一個非常優秀的年份的能力。同樣，當我查看消費者銀行業務時，我們發現客戶數量增加。就全年持平率而言，我們基本上達到了預期目標。我們持續推動客戶群向更有利的人口結構方向遷移。

On the Corporate Finance side, we continued with disciplined growth, and we really like what we see in the portfolio in terms of non-accruals and criticized assets. So as I look across all three of the franchises, just a lot of really good things going on in each of those franchises. And then I turn to the balance sheet as a CFO. And I think we've taken deliberate steps to reduce credit risk, to reduce rate risk and to increase capital. We put a lot of capital on the balance sheet over the course of 2025.

在企業融資方面，我們繼續保持穩健成長，我們對投資組合中非應計項目和受批評資產的情況非常滿意。所以，縱觀這三個系列，每個系列都有很多非常好的事情發生。然後，作為財務官，我開始查看資產負債表。我認為我們已經採取了實際措施來降低信用風險、降低利率風險並增加資本。我們在2025年期間向資產負債表投入了大量資本。

And so again, I feel good about all those things. And so it's really just watching that macro, particularly the labor market and the read across to used vehicle prices.

所以，我對所有這些事情都感到很滿意。所以，關鍵在於觀察宏觀經濟情勢，特別是勞動市場及其對二手車價格的影響。

No question, you guys. Had a good 2025 and it seems like good momentum in 2026. Just one clarification on some of the questions Robert was asking on credit. Just as we look at the performance of credit, it would seem like the momentum you have on delinquencies suggests further improvement in the charge-off rate. And I know, Russ, you mentioned that you would probably need further improvement in delinquencies or momentum in the delinquencies to get to the low end of the range, but it seems like there's a progression there.

毫無疑問，各位。2025年發展動能良好，2026年似乎也保持著良好的發展動能。關於羅伯特提出的有關信用的問題，我只想澄清一點。正如我們觀察信貸表現一樣，你們在減少拖欠款項方面的良好勢頭似乎表明，壞賬率將進一步改善。我知道，Russ，你提到過，要達到低水平，可能需要在拖欠率方面進一步改善或拖欠率的勢頭，但看起來這方面是有進展的。

Is there anything sort of weighing against that, that we need to think about?

有沒有什麼不利因素是我們需要考慮的？

Yes. I mean I kind of point back to unemployment. Our expectation for 2026 is that over the course of the year, unemployment is going to be higher than it was in 2025. And I know some of the data is a little up and down with some of the stuff that happened later last year, but our general expectation is that it's higher. And so that is something that weighs on kind of how we think about it.

是的。我的意思是，我還是得把矛頭指向失業問題。我們預計 2026 年的失業率將高於 2025 年。我知道由於去年稍後發生的一些事情，一些數據會有波動，但我們的整體預期是會更高。所以，這在某種程度上影響了我們對這個問題的看法。

In terms of our overall NCO guide at the [180%] to 2% level that we mentioned earlier, we've effectively kind of priced into that guide, the vintage rollover. The strong indicators we've seen in terms of delinquency flow to loss rates used car pricing as well as somewhat a weaker labor market versus what we saw in 2025. So as I like to kind of think about the range and what takes us above the midpoint or below the midpoint.

就我們之前提到的 [180%] 到 2% 水平的整體 NCO 指導而言，我們實際上已經將該指導和年份滾動調整計入價格中。我們看到，從拖欠率到損失率、二手車價格以及勞動力市場（與 2025 年的情況相比）等指標來看，都存在著強勁的跡象。所以我喜歡思考價格區間，以及是什麼因素導致價格高於或低於中點。

I think we'd actually have to see some improvement in terms of delinquency, in terms of flow to loss or in terms of used vehicle pricing to get us certainly below that midpoint. That could happen in the context of a labor market that's certainly stronger than we anticipate.

我認為，要真正低於那個中點，我們必須在拖欠率、虧損或二手車價格方面看到一些改善。這種情況可能會發生在勞動市場比我們預期的要強勁得多的背景下。

On the other hand, we could see things going the other way in terms of labor market, used vehicle prices, delinquency, flow to loss severity kind of moving in a different direction. And so I think the outlook that we've provided is balanced. And where last year, we pointed to a continuation of some of these favorable indicators we were seeing getting us to the low end this year, I'd say the given the persistence of those variables over the last 15 months or so, we're pricing that into the midpoint.

另一方面，我們可能會看到勞動市場、二手車價格、拖欠率、損失嚴重程度的波動朝著相反的方向發展。所以我認為我們提供的觀點是平衡的。去年，我們曾指出一些有利指標的延續將使我們今年的預期達到低點。鑑於這些變數在過去 15 個月左右的持續性，我認為我們已經將這些因素考慮在了中點價格中。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

I have a follow-up question on some of the NIM commentary. I was just wondering if we could get you to maybe quantify kind of the upper bound on what you mean by kind of the upper 3s or high 3s. And then just a follow-up on that. I think, Russ, you indicated you expect to be the guide implies you're kind of near that run rate at the end of 2025. Does that imply you're kind of by then given charge-off guidance below the 2% range from Retail Auto that you're near kind of a 15% ROE run rate by the end of the year? Or are there other things you need to do around capital efficiency or operating leverage to get there?

關於 NIM 的一些評論，我還有一個後續問題。我只是想問一下，您能否量化一下您所說的「前3名」或「高3名」的上限是多少？然後，我想就此追問一下。我覺得，Russ，你表示你希望成為領跑者，這意味著到 2025 年底你的勝率應該接近那個水準。這是否意味著，到那時，根據 Retail Auto 提供的低於 2% 的沖銷率指導，到年底你的 ROE 運行率將接近 15%？或者，為了實現這一目標，還需要在資本效率或經營槓桿方面採取其他措施嗎？

Yes. It's a fair question. As you can imagine, we've stayed away from calling quarters and providing quarterly guidance, just kind of given some of the choppiness that we've talked about in our business in terms of the near-term impacts of rate moves and things like that. But as I think about your math, upper 3s,

是的。這是一個很合理的問題。正如您所想，我們一直避免發布季度業績報告和提供季度業績指引，因為正如我們之前討論過的，我們的業務存在一些波動，例如利率變動等因素的短期影響。但當我想到你的數學成績，高三的成績，

I think we've talked about it previously as being -- we talked about kind of 4% back when we still had the card business and we talked about, about a 20 basis point impact to NIM as a result of selling card. And so obviously, we've sold card and so, I think that kind of gives you a sense for how we dimension what we mean by upper 3s given that we no longer have that card business.

我想我們之前討論過這個問題——我們之前討論過，當時我們還有信用卡業務，大概是 4%，我們還討論過，銷售信用卡會對淨息差產生大約 20 個基點的影響。所以很明顯，我們已經賣過信用卡了，所以，我認為這可以讓你了解我們如何定義“前 3 名”，因為我們不再有信用卡業務了。

As you kind of think about the guide for the year at 3.60% to 3.70% and you look at kind of where we're starting the year, I mean I think the progression math, as you parse through that, is pretty clear. But again, I just reiterate, obviously, in any given quarter, we have impacts from just rate moves that are kind of very near term. But in terms of the medium term, don't really have a real impact. And so we don't call the quarter, but I think the basic arithmetic around kind of what you need to see over the course of the year is pretty clear. We've talked about mid-teens in terms of three things.

當你考慮到今年的指導目標在 3.60% 到 3.70% 之間，並且考慮到我們今年的開局，我的意思是，當你仔細分析之後，我認為其中的進展規律就非常清楚了。但是，我再次重申，顯然，在任何一個季度，利率變動都會產生非常短期的影響。但從中長期來看，並沒有產生真正的影響。因此我們不給季度命名，但我認為，圍繞著你需要在一年中看到的內容的基本算術是很清晰的。我們從三個方面討論了十幾歲中期。

Those three things are unchanged. It's high 3 NIMs, it's sub-2% Retail Auto NCO rate and its continued discipline around capital and expenses. We don't think we need to make a change to how we're running the business or what we're doing that's consistent, and we continue to see our path to mid-teens. And so I would characterize us right now as having checked off two of those things with Retail Auto NCOs now sub-2% and with the capital and expense discipline that we currently have in place. And I'd say the kind of one outstanding item is getting NIM to the high 3s, and there's nothing that's changed with respect to that.

這三件事沒有改變。其淨利差高達 3%，零售汽車 NCO 率低於 2%，並且在資本和支出方面保持持續的紀律。我們認為無需改變我們經營業務的方式或我們正在做的事情，只要我們保持一致，我們就能繼續朝著十幾歲的目標前進。因此，我認為我們目前已經實現了其中兩項目標：零售汽車淨營業額低於 2%，並且我們目前也實施了嚴格的資本和支出紀律。我認為最突出的一點是將 NIM 提升到 3 分以上，而這方面沒有任何變化。

Jeff Adelson, Morgan Stanley.

傑夫·阿德爾森，摩根士丹利。

Russ, maybe just a follow-up on the discussion around retail auto yield speaking. Is that assuming that you're keeping the S-Tier origination mix consistent with these 40%-plus levels you've been doing recently? And I know you're still mindful of the macro environment, but how are you thinking about the opportunity to maybe step down a little bit in tier and pick up some extra yield as you've talked about in the past? And when would you maybe think about actually doing that if at some point?

Russ，或許可以就零售汽車殖利率的討論做個後續發言。這是假設您將 S 級貸款發放比例保持在最近 40% 以上的水平嗎？我知道您仍然專注於宏觀環境，但您如何看待或許可以稍微降低投資層級，從而獲得一些額外收益的機會，就像您過去談到的那樣？如果將來某個時候你會考慮這樣做，你會在什麼時候考慮呢？

Yes. Look, I'd say, yes, to your kind of overall question around S-Tier consistency in kind of the 40% area. Obviously, we don't kind of micromanage that on a quarter-to-quarter basis. But overall, as we look at flat portfolio yields, I think that's kind of consistent with that level of S-Tier. I would point out though, we don't have a set-it-and-forget-it approach to credit, and there's a lot going on underneath the surface.

是的。你看，對於你提出的關於 S 級穩定性的總體問題，我的回答是，在 40% 左右的範圍內，S 級穩定性是存在的。顯然，我們不會按季度進行這種微觀管理。但總的來說，考慮到投資組合收益率持平，我認為這與 S 級水平是相當一致的。不過我想指出的是，我們對信用的處理方式並非一勞永逸，表面之下有許多因素在起作用。

And so even at S-Tier in that 40% range, as you can imagine, we're doing a lot of work at the micro segment level kind of analyzing kind of different combinations of credit characteristics that have over or underperformed our expectations over the last year or two. And so we're continuously tweaking our approach to underwriting to make it better.

因此，即使在 S 級貸款比例達到 40% 的範圍內，正如你所想，我們也在微觀層面做了大量工作，分析過去一兩年中表現超出或低於我們預期的各種信用特徵組合。因此，我們不斷調整承保方法，使其更加完善。

And our approach to kind of how we take risk, I would say as you kind of think about that kind of flattish portfolio yield over the next year. So the way to kind of think about that is we're running at about our expected 80% pricing beta on originated yield.

至於我們承擔風險的方式，我想說的是，考慮到未來一年投資組合報酬率可能較為穩定。所以，我們可以這樣理解：我們目前的收益率定價β值大約在預期的80%左右。

And so as you think about our expectation of kind of roughly two Fed cuts over the course of this year and you kind of put on that portfolio beta and you look at where our originated yield goes versus where our portfolio yield is, I think you kind of get a good sense for why we're pointing to flattish portfolio yield over the course of the year.

因此，考慮到我們預計聯準會今年將降息兩次左右，並考慮投資組合的貝塔係數，然後觀察我們原始收益率與投資組合收益率的對比，我認為你就能很好地理解為什麼我們預計今年投資組合收益率將保持穩定。

Okay. Great.

好的。偉大的。

I might also just point out, while I've got you, we're also obviously looking at continued improvements to deposit pricing. One is early beta catches up. And then two, obviously, as we get further cuts, we'll look forward to further benefits in terms of deposit pricing there. And so that flattish portfolio yield is made it to declining cost of deposits which is obviously an important driver of NIM expansion.

趁您還在，我還要補充一點，我們顯然也在研究如何持續改善存款定價。一是早期測試版趕上進度。其次，很顯然，隨著進一步的降息，我們將期待在存款定價方面獲得更多好處。因此，相對穩定的投資組合收益率轉化為不斷下降的存款成本，這顯然是淨利差擴張的重要驅動因素。

Okay. Great. And just in terms of the capital with the slow and slow approach to start here, it was, I think, nice to see you highlight the 9% fully phased-in target. I know that's the old historic target overall. Is the way to be thinking about here is like once you get there, you can start to think about being a little bit more aggressive on the cadence of buyback?

好的。偉大的。就資金投入而言，採取循序漸進的方式，我認為很高興看到您強調了 9% 的全面分階段目標。我知道那是過去的歷史總體目標。思考這個問題的方式是，一旦你達到目標，你就可以開始考慮在回購節奏上採取更積極的策略嗎？

And I don't believe you disclosed, but in terms of the securities repositioning, could you just quickly remind us how much capital that consumed? And I think previously, you were talking about in AOCI accretion of about $350 million per year. How did that perhaps change on the latest repositioning here?

而且，我相信您沒有披露，但是關於證券重新配置，您能否簡單地提醒我們一下，這消耗了多少資金？我記得之前您提到 AOCI 每年增加約 3.5 億美元。最近一次重新定位後，情況又發生了什麼樣的變化？

Yes. So let me try and dissect that there's a lot there. I mean, maybe just starting on the AOCI accretion. We currently expect, call it, $400 million to $450 million per year after tax benefit from OIC -- AOIC accretion going forward. And so that's on top of our reported earnings level, and it's a good guy in terms of building tangible book value going forward.

是的。讓我試著分析一下，這裡面有很多東西。我的意思是，或許可以從 AOCI 吸積開始。我們目前預計，扣除 OIC 的稅收優惠後，每年可獲得 4 億至 4.5 億美元的收益——AOIC 增值。所以，這還不包括我們公佈的收益水平，而且就未來創造有形帳面價值而言，他是個不錯的選擇。

On the securities repositioning, that was kind of towards the end of the first quarter and beginning of second quarter of last year. I'd be happy to have our IR team follow up with you and spend some time just kind of going through what we disclosed at that time about the securities repositioning. Yes, that's obviously been kind of baked into our numbers and from our perspective is a bit in the past. But we're happy to go through and kind of go through the dynamics of that from last year, if that's helpful to you.

關於證券重新配置，那大概是在去年第一季末和第二季初。我很樂意安排我們的投資者關係團隊與您聯繫，並花些時間詳細了解我們當時披露的有關證券重新定位的資訊。是的，這顯然已經反映在我們的數據中了，而且從我們的角度來看，那已經是過去的事了。但如果這對您有幫助的話，我們很樂意回顧去年的情況。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

Maybe as a follow-up to Jeff's question. Maybe help us think a little bit about the pacing of buyback until we reach that 9%. Obviously, understand that it's an open-ended authorization. And I know you've been saying we're going to start slow and leg into it. But maybe just sort of contextualize how do you think about the pacing of buyback over the medium term?

或許可以作為對傑夫問題的後續回答。或許可以幫助我們稍微思考一下，在達到 9% 的目標之前，回購的節奏該如何安排。顯然，要明白這是一項開放式授權。我知道你一直說我們要慢慢來，循序漸進。但或許可以先說明一下，您是如何看待中期內股票回購的節奏的？

It's a fair question, Ryan. Maybe I just kind of reiterate our capital priorities, right, which is, first and foremost, organic growth in the places we want to grow, predominantly our retail auto book and our corporate finance book. Those are our highest returning assets. We saw some nice growth in those books over the course of 2025, and we've got good momentum going into 2026.

瑞恩，你問得好。也許我只是重申我們的資本優先事項，對吧，那就是首先也是最重要的，在我們想要發展的地方實現有機增長，主要是我們的零售汽車業務和企業融資業務。這些是我們報酬率最高的資產。2025 年，這些書籍銷售出現了不錯的成長，而且進入 2026 年，我們保持了良好的成長勢頭。

And so our first priority is going to go to growing those businesses, and we think that's the best outcome for our shareholders in terms of driving an improvement in our profitability going forward and driving some really good IRRs for the investor.

因此，我們的首要任務是發展這些業務，我們認為這對我們的股東來說是最好的結果，能夠提高我們未來的獲利能力，並為投資者帶來非常好的內部收益率。

And then obviously, we've got our dividend. As you mentioned, we've got our capital build to 9%. We really see having this share repurchase authorization in place is something that gives us flexibility. It's another lever to do, as we say, to not chase growth for growth's sake, but to continue to be disciplined stewards of our shareholders' capital. And that's important to us.

當然，我們還有股息。正如您所提到的，我們的資本累積目標已達到 9%。我們認為，這份股票回購授權確實能為我們帶來彈性。正如我們所說，這是我們可以採取的另一種手段，即不為成長而成長，而是繼續做股東資本的嚴謹管理者。這對我們來說很重要。

And you pointed out the 9% fully phased-in CET1 target. Obviously, as we're approaching that, we will do share repurchases while we're growing capital. We are not going to be subject to the tier any of or. Our story is a story of and, and we think we can build capital, support the organic growth of our core businesses, maintain our dividend and do share repurchases. And I think as you and Jeff both pointed out, I think it's a fair expectation that obviously, as we get through that 9% build, our share repurchase level will accelerate.

你也指出了9%的CET1全面實施目標。顯然，隨著目標的臨近，我們將在累積資本的同時進行股票回購。我們不會受到任何等級的限制。我們的故事是一個關於「和」的故事，我們相信我們可以累積資本，支持核心業務的有機成長，維持股息並進行股票回購。正如你和傑夫都指出的那樣，我認為可以合理預期，隨著我們完成 9% 的成長，我們的股票回購水準將會加快。

And so as you kind of think about it, low and slow, but doing share repurchases alongside all the other capital priorities kind of getting through that 9%. And then obviously, it's our expectation that getting through the 9% and with our earnings levels continuing to improve that is obviously going to support higher levels of share repurchases going forward.

所以，仔細想想，要緩慢而謹慎地進行股票回購，同時兼顧所有其他資本優先事項，才能達到 9% 的目標。顯然，我們預期，隨著股價上漲 9%，獲利水準持續改善，這將明顯支持未來更高水準的股票回購。

Got you. Maybe just as my follow-up, Russ, on slide 21, where you showed the new core ROTCE methodology change. Just so I'm looking at it, it doesn't seem like there's any big change here. But I'm curious, does this change impact the timing or the level of returns that you view as the destination return for the company?

抓到你了。或許可以作為我的後續，Russ，在第 21 張投影片上，你展示了新的核心 ROTCE 方法論的變化。我觀察了一下，似乎沒有什麼大的改變。但我很好奇，這項變更是否會影響您認為公司預期收益的時間或水準？

No. And this is an important point. This is an updated methodology. It in no way alters our mid-teens return target. Our timing or our conviction in our ability to sustain that target over time.

不。這一點很重要。這是更新後的方法論。這絲毫不會改變我們十幾歲左右的回歸目標。我們把握時機或我們有信心長期維持該目標的能力。

This is a simplification. In our view, it increases transparency and comparability. It has the benefit of aligning how we think about returns, book value and earnings per share, and so we think this is helpful to our investors in a number of ways.

這是簡化後的版本。我們認為，這提高了透明度和可比性。它的好處在於能夠統一我們對回報、帳面價值和每股盈餘的看法，因此我們認為這在許多方面都對我們的投資者有所幫助。

But importantly, we remain confident in the sustainability of our mid-teens return targets. And as we kind of pointed out earlier, I just might point out the burn-off of AOCI obviously adds to our tangible book value per share trajectory over time on top of what we show in terms of reported EPS.

但重要的是，我們仍然對實現十幾個百分點的回報目標的可持續性充滿信心。正如我們之前指出的那樣，我還要指出，AOCI 的消耗顯然會隨著時間的推移增加我們每股有形帳面價值的軌跡，這與我們報告的每股盈餘 (EPS) 所顯示的趨勢相輔相成。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Most of my questions have been asked and answered. But maybe Michael or Russ, could you talk a little bit about the competitive dynamic? We've -- there have been some players that have come back into the market over the last year, some particularly hard by the end of the year. Anything that, that kind of makes you do?

偉大的。我的大部分問題都已經提出並得到了解答。不過，麥可或者拉斯，你們能不能談談競爭格局？過去一年裡，有一些球員重返市場，其中一些球員在年底前表現特別出色。有什麼事會讓你做出那種事嗎？

Obviously, you noted the 10% growth in applications, but I mean, does it make you kind of look at anything different from different credit tiers or anything like that? Maybe just discuss that a little bit.

顯然，您注意到申請人數增加了 10%，但我的意思是，這是否會讓您從不同的信用等級或其他方面來看待問題？或許可以稍微討論一下這個問題。

Yes, maybe I'll jump in first. I kind of added this in the response to Sanjay's question earlier, but I feel really good about where the franchises are, in particular, our dealer financial services franchise. When you look at just the level of dealer engagement we're seeing, there are a lot of pressure, a lot of headwinds that we saw at the end of the year between light vehicle sales, the end of the EV lease tax credit.

是的，也許我會第一個跳進去。我之前在回答 Sanjay 的問題時也提到過這一點，但我對特許經營業務的現狀感到非常滿意，尤其是我們的經銷商金融服務特許經營業務。從我們目前看到的經銷商參與程度來看，存在著很大的壓力和許多不利因素，例如年底輕型車銷量下滑以及電動車租賃稅收抵免政策的結束。

Some of the dynamics around pull forward that probably reversed a little bit in the fourth quarter. But as you pointed out, our application volume was strong, and it supported our credit selectivity and our ability to get what I think is a really great vintage in the fourth quarter. And that really comes from just the strength of the overall franchise.

一些圍繞拉動的動態可能在第四節有所逆轉。但正如你所指出的，我們的申請量很強勁，這支撐了我們的信貸篩選，也使我們能夠在第四季度獲得我認為非常好的年份。而這其實源自於整個系列的強大實力。

We are consistent supporters of our dealer partners over time and across all aspects of their business. We have a value proposition that's attractive and helps them in the many aspects of running a better dealership. And that -- the strength of those relationships and that engagement translates directly into the application volume that really is the lifeblood of that business.

我們始終如一地支持我們的經銷商合作夥伴，並在他們業務的各個方面提供支援。我們擁有極具吸引力的價值主張，能夠幫助他們在經營經銷店的各個方面做得更好。而這種關係的強度和這種參與度，直接轉化為申請量，這才是企業真正的命脈。

And so it isn't -- this is an attractive business. And if anything surprised us that it took until this year before a number of our competitors realized how attractive it is. And so we expected that competition and we're pleased with how the business has responded and continue to really excel in the face of it.

所以事實並非如此——這是一項很有吸引力的業務。令我們感到驚訝的是，直到今年，我們的許多競爭對手才意識到它的吸引力有多大。因此，我們預料到了這種競爭，並且對公司應對競爭的方式感到滿意，公司在競爭中繼續表現出色。

Russ, and -- thanks for that, Russ. And Moshe, great question. And yes, it's a competitive marketplace, just a sign of how great the business that we have. Look, if you take away, there's been a lot on this call, and I'm going to take your question and kind of frame it with respect to a lot of what's going on. The competition was more intense this year, but incredibly proud of this team.

Russ，還有－－謝謝你，Russ。莫舍，問得好。沒錯，這是一個競爭激烈的市場，這也正好說明我們的業務有多好。你看，如果你仔細想想，這次通話內容很多，我會結合很多正在發生的事情來回答你的問題。今年的競爭更加激烈，但我為這支隊伍感到無比自豪。

And this team showed up in a big way, the strength of the relationships that we have, certainly in the auto business and the Corporate Finance business and the way we've delivered.

這支團隊表現出色，充分展現了我們強大的關係網絡，尤其是在汽車產業和企業融資產業，以及我們所取得的成就。

This whole year has been about strategic pivots backed by disciplined execution. We talk about the fact that we have seen solid results. This was a very good year. And I use the word solid because as good as we've done, we know there's a path to better. And I think Russ you talked a lot about that, but we have momentum.

今年以來，我們一直在進行策略轉型，並輔以嚴謹的執行。我們談到我們已經取得了實質成果。這是非常棒的一年。我用「穩健」這個詞是因為，儘管我們已經做得不錯，但我們知道還有進步的空間。我覺得拉塞爾，你之前也多次談到這一點，但我們現在勢頭正盛。

We feel good about how this business is playing out. And just a real thanks and shout out to this team for delivering a really, really strong solid year and for the momentum they've built going to '26.

我們對這項業務的發展前景感到滿意。在此真誠地感謝並讚揚這支團隊，他們度過了非常非常強勁的一年，並為2026年積累了良好的勢頭。

Thank you, Michael. Seeing we're a little bit past time, we'll go ahead and wrap it there today. If you have any additional questions, please feel free to reach out to Investor Relations. Thank you for joining us this morning. That concludes today's call.

謝謝你，麥可。鑑於時間已經過了一會兒，我們今天就到此為止。如果您還有其他疑問，請隨時聯繫投資者關係部門。感謝您今天早上收看我們的節目。今天的電話會議到此結束。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。