Ally Financial Inc.

Good day and thank you for standing by. Welcome to the first quarter 2026 Ally Financial Earnings Conference Call. At this time, all participants are in 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'll need to press star 1-1 on your 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 that today's conference is being recorded. I'd now like to hand the conference over to Sean Leary, Chief Financial Planning and Investor Relations Officer. Please go ahead.

Thank you, Liz. Good morning and welcome to Ally Financial's first quarter 2026 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 in 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 page three. 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 first corridor earnings call. In the last update, I noted my optimism for the path ahead. One quarter into 2026, our results confirm we're on the right path and support my confidence in our outlook, even as the macro environment remains dynamic. That confidence is grounded in the position of strength we carried into the year, driven by the actions to focus our business, streamline our operations, and increase our capital levels. The focused forward strategy we rolled out last year is simple and powerful. Focused means we're doubling down on the businesses and segments where we have clear competitive advantages. These are areas where we have longstanding relationships, differentiated capabilities, relevant scale, and a right to win. Forward reflects our ambition to create something extraordinary and sustainable from a position of strength. Together, these principles have allowed us to streamline and sharpen our focus, building a business that is increasingly impactful and enduring. The results since our refresh last year provide unmistakable evidence it's working. Record application flow has enabled strong origination volume with accretive risk-adjusted returns. Record written premium volume as we continue to leverage our insurance offering to deepen dealer relationships and help them win across their entire ecosystem. Strong growth across the corporate finance portfolio while delivering an ROE of over 25 percent and maintain an unwavering focus on credit risk. And reinforce our position as the nation's leading all-digital direct bank as we continue to grow customers and increase engagement, providing stable, cost-efficient funding. The progress is real. and we remain committed to delivering even more. With that, let me cover some of the highlights from our first quarter. Adjusted EPS of $1.11 was up 90% year-over-year. Core ROTCE of 11.1% was up 440 basis points versus 2025, reflecting the structurally high returns we're capable of generating. Margin of 3.52% was impacted by the lease headwinds we discussed last quarter, but we remain confident in our ability to deliver a sustainable upper 3% margin, the final lever of our mid-teens thesis. Adjusted net revenue of $2.2 billion was up 6% year-over-year and 12% when adjusting for the sale of credit card. Finally, CET1 of 10.1% was up roughly 60 basis points year over year. We're encouraged by the thoughtful Basel III proposal released a few weeks ago and the clarity it provides. We appreciate the agency's efforts to modernize the capital rules and achieve a more streamlined framework that better aligns capital requirements with the risks inherent in our business. Specific to Ally, I view the proposal as being constructive and supporting our existing capital allocation priorities. We remain confident in our ability to identify creative opportunities for organic growth in our business, build CET1, and return capital to shareholders. The strategy is amplified by our brand and our culture. Our brand is an asset, one known for authenticity and impact. Earlier this week, we announced that we met our 50-50 media pledge to spend equally in men's and women's sports. That's a year ahead of schedule and clear proof of the impact we can make. Women's sports have been experiencing remarkable growth in recent years, and we're incredibly proud to partner with and support those shaping the evolution. The business outcomes of these investments have been encouraging, with our brand health at an all-time high and customer retention continuing to lead the industry. Our culture is based on an unwavering commitment to do it right and establishes an ethos for everything we do. In the first quarter, we were honored to be named to Fortune's 100 Best Companies to Work For, the highest ranking we've received, and the fourth consecutive year being recognized. Additionally, Newsweek included Ally on their list of the most trusted companies, These recognitions reflect the kind of culture and customer centricity our team builds every day. What mattered even more was hearing directly from our teammates. Over 90% said that Ally is a great place to work and saw meaningful gains in trust in leadership and confidence in where we are headed. That tells me our strategies are resonating. We're aligned, focused, and executing in a way that employees can resonate with. That alignment is energizing, the momentum is real, and I am excited for what lies ahead. With that, let's turn to page five and discuss the core franchises. Operational momentum within each of our core franchises remains strong, builds on the progress we delivered in 2025, and positions us for further improvement in financial performance. Our dealer-centric through-the-cycle approach remains a key differentiator driving results across dealer financial services, and reinforcing the strength of our relationships. 4.4 million applications reflect another record quarter. The scale and breadth of our product offerings and mutually beneficial dealer relationships remain key strategic advantages that drive strong application flow and enable us to be selective in what we originate. The strength at the top of the funnel translate into solid origination performance, with consumer originations of $11.5 billion, up 13% year-over-year, despite a decline in industry light vehicle sales and healthy competition. Importantly, with a focus on risk-adjusted returns, we are mindful of the economic environment and maintain a dynamic approach to underwriting. The benefit of the strong application flow extends beyond originations as we saw record volume in revenue from our pass-through programs this quarter. Insurance is a critical lever contributing to the success of our dealer partners and our ability to win. That strength is translated into results with written premium of $389 million, marking a first quarter record for Ally. Growth continues to be fueled by leveraging synergies with the auto finance team as we highlight our all-in value proposition to support dealers across all aspects of their business. In corporate finance, we delivered a 26% ROE while growing the portfolio to $13.7 billion, up roughly 6% quarter over quarter. While we continue to see a creative growth opportunities, credit remains central to how we operate. As we've cited previously, we serve as the lead agent for virtually all transactions, giving us the ability to own the diligence process, underwrite, and structure transactions appropriately. Turning to Ally Bank, our customer-first approach sets us apart as we continue to benefit from the shift to digital channels. We ended the quarter with $146 billion in retail deposit balances. reinforcing our position as the largest all-digital direct bank in the U.S. Our focus remains on providing best-in-class products and services to drive customer growth and retention. We saw an improvement in customer acquisition the first quarter, and over the past year, we delivered 6% customer growth. We see meaningful opportunity continue deepening relationships with 3.5 million customers, as we look to provide value extending beyond rate paid. The strength and stability of the portfolio remains critical to our success. Retail deposits continue to represent nearly 90% of total funding and 92% are FDIC insured. The franchise provides stable, low-cost funding source that enables our business to focus on prudent growth. Let me finish where I opened up, and that's with optimism. our path ahead is clear and compelling. Our core franchises are delivering and returns are moving higher. I'm encouraged by the progress and momentum. And while mindful of the dynamic operating environment, I'm optimistic for what remains ahead. And with that, I'll turn it over to Russ to walk through the financials in more detail.