Ally Financial Inc.

Good day, and thank you for standing by. Welcome to Eli Financial Fourth Quarter 2025, our news conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your touch-tone telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised, today's conference is being recorded. I will now turn the conference over to your speaker host for today, Sean Leary, Chief Financial Planning and Investor Relations Officer. Please go ahead.

Thank you, Lydia. 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. Forward-looking statements and risk factor language governing today's call are on page two. GAAP and non-GAAP measures pertaining to our operating performance and capital results are on pages three and four. As a reminder, non-GAAP or core metrics are supplemental to and not a substitute for U.S. GAAP measures. Definitions and reconciliations can be found in the appendix. And with that, I'll turn the call over to Michael.

Thank you, Sean, and good morning, everyone. I appreciate you joining us today for our fourth quarter earnings call. 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. At the heart of our refresh was the focus strategy we rolled out to start the year. Focus means we are 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. With that, let me recap full year performance on page five. 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. Retail net charge-offs ended the year below 2%. Importantly, We see further 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 of travel over time. 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 tailwinds across the balance sheet, give me confidence in our ability to drive further margin expansion for full year 2026. Adjusted net revenue of $8.5 billion was up 3% year-over-year and up 6% when adjusting for the sale of card. 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. 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. 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. The resumption 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. 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 an unwavering focus on risk-adjusted returns. With that, let's turn to page six 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 in what we originate. Given the strength at 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 the 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. Beyond headline origination figures, I'm encouraged by the continued growth across smart auction and our pass-through programs, which are expected to contribute durable fee growth moving forward. 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 and enables us to support our dealer partners across all aspects of their business. In corporate finance, we deliver a 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 the lead agent in virtually all of our transactions, giving us the ability to own the diligence process and structure transactions appropriately. During 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 a solid growth in the fourth quarter, and on a full year basis, balances were roughly flat. That's in line with our expectations to start the year. 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. 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 our strong do-it-right culture and leading brand. I am energized by how our 10,000 teammates deliver for our customers every day and how they've rallied around the focus strategy. Our engagement scores remained in the top 10% of companies globally for the sixth consecutive year, and we were eight points higher than the industry average demonstrating Ally's purpose-driven culture remains a key differentiator. Our brand continues to resonate in the market and serves as a key reason customers come to Ally and want to do more business with us. 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 it over to Russ to walk through the financials in more detail.