Cautionary Notice about Forward-Looking Statements and Other Terms From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others. All forward-looking statements, by their nature, are subject to assumptions, risks, uncertainties, and other important factors which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, or uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: •evolving local, regional, national, or international business, economic, or geopolitical conditions; •changes in laws or the regulatory or supervisory environment, including as a result of financial-services legislation, regulation, or policies or changes in government officials or other personnel; •changes in monetary, fiscal, or trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities; •changes in accounting standards or policies; •changes in the automotive industry or the markets for new or used vehicles, including the rise of vehicle sharing and ride hailing, the development of autonomous and alternative-energy vehicles, and the impact of demographic shifts on attitudes and behaviors toward vehicle type, ownership, and use; •any instability or breakdown in the financial system, including as a result of the failure of a financial institution or other participants in it (such as the banking failures during 2023); •disruptions or shifts in investor sentiment or behavior in the securities, capital, commodity, or other financial markets, including financial or systemic shocks and volatility or changes in market price, liquidity, interest or currency rates, or valuations; •changes in business or consumer sentiment, preferences, purchasing power, creditworthiness, or behavior, including spending, borrowing, or saving by businesses or households; •changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets; •our ability to execute our business strategy for Ally Bank, including its digital focus; •our ability to grow and optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including corporate finance, brokerage, and personal advice; •our ability to develop capital plans acceptable to the FRB and our ability to implement them, including any payment of dividends or share repurchases; •our ability to conduct appropriate stress tests and effectively plan for and manage capital or liquidity consistent with evolving business or operational needs, risk-management standards, and regulatory or supervisory requirements or expectations; •our ability to cost-effectively fund our business and operations, including through deposits (which could be subject to sudden withdrawals) and the capital markets; •changes in any credit rating assigned to Ally, including Ally Bank, or the ratings for our insurance business; •adverse publicity or other reputational harm to us, our service providers, or our senior officers; •our ability to develop, maintain, or market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; 71 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q •our ability to innovate, to anticipate the needs of current or future customers, to successfully compete, to increase or hold market share in changing competitive environments, or to respond to pricing or other competitive pressures; •the continuing profitability and viability of our dealer-centric automotive finance and insurance businesses, especially in the face of competition from captive finance companies and their automotive manufacturing sponsors and challenges to the dealer’s role as intermediary between manufacturers and purchasers; •our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk; •changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors; •our ability to effectively respond to economic, business, or market slowdowns or disruptions; •our ability to address heightened scrutiny or changing expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies; •judicial, regulatory, or administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, us or the financial services industry; •the potential outcomes of judicial, regulatory, or administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject, and our ability to absorb and address any damages or other remedies that are sought or awarded, and any collateral consequences; •the performance and availability of third-party service providers on whom we rely in delivering products and services to our customers and otherwise conducting our business and operations; •our ability to manage and mitigate security risks, including our capacity to withstand cyberattacks; •our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure; •the adequacy of our corporate governance, risk-management framework, compliance programs, or internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk; •the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; •our ability to keep pace with changes in technology, such as AI, that affect us or our customers, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property; •our ability to successfully make acquisitions or divestitures or to integrate acquired businesses; •the adequacy of our succession planning for key executives or other personnel and our ability to attract or retain qualified employees; •natural or man-made disasters, calamities, or conflicts, including terrorist events, cyber-warfare, and pandemics; •our ability to meet stakeholder expectations on sustainability-related issues; •policies and other actions of governments to manage and mitigate climate and other sustainability issues, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; or •other assumptions, risks, or uncertainties described in the Risk Factors (Part II, Item 1A herein), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Part I, Item 2 herein), or the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1 herein) in this Quarterly Report on Form 10-Q or described in any of the Company’s annual, quarterly or current reports. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K. Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or 72 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law. 73 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Overview Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company that includes the nation’s largest all-digital bank and automotive finance businesses, driven by a mission to “Do It Right” for its customers and communities. Ally Bank, Member FDIC, offers online banking products, including savings and checking accounts. Ally also provides investing solutions through Ally Invest, including online brokerage, automated investing, IRAs and personal financial advice. Ally provides consumer and dealer financing, insurance, and vehicle remarketing services. Ally’s corporate finance business provides capital to equity sponsors and middle-market companies. Ally is a Delaware corporation and is registered as a BHC under the BHC Act and an FHC under the GLB Act. Primary Business Lines Dealer Financial Services, which includes our Automotive Finance and Insurance operations, and Corporate Finance are our primary business lines. The remaining activity is reported in Corporate and Other, which primarily consists of centralized treasury activities (including deposit operations) as well as Ally Invest, our digital brokerage and personal advice offering, Ally Credit Card, the management of our consumer mortgage portfolio, CRA loans and investments, and certain strategic investments through Ally Ventures. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. We closed the sale of Ally Credit Card on April 1, 2025. The following table summarizes the operating results excluding discontinued operations of each business line. Operating results for each of the business lines are more fully described in the MD&A sections that follow. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 Favorable/(unfavorable) % change 2026 2025 Favorable/(unfavorable) % change Total net revenue Dealer Financial Services Automotive Finance $ 1,420 $ 1,391 2 $ 2,816 $ 2,754 2 Insurance 487 452 8 865 846 2 Corporate Finance 145 127 14 293 260 13 Corporate and Other 234 112 109 414 (237) n/m Total $ 2,286 $ 2,082 10 $ 4,388 $ 3,623 21 Income (loss) from continuing operations before income tax expense (benefit) Dealer Financial Services Automotive Finance $ 410 $ 472 (13) $ 746 $ 847 (12) Insurance 53 28 89 81 30 170 Corporate Finance 122 96 27 216 172 26 Corporate and Other (48) (160) 70 (106) (897) 88 Total $ 537 $ 436 23 $ 937 $ 152 n/m n/m = not meaningful •Our Dealer Financial Services business is one of the largest full-service automotive finance operations in the country and offers a wide range of financial services and insurance products to automotive dealerships and their customers. Dealer Financial Services comprises our Automotive Finance and Insurance segments. Our Automotive Finance operations include purchasing retail installment sales contracts and operating leases from dealers and automotive retailers, extending automotive loans directly to consumers, offering term loans to dealers, financing dealer floorplans and providing other lines of credit to dealers, offering automotive-fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and supplying vehicle-remarketing services. Our success as an automotive finance provider is driven by the consistent presence and breadth of products and services we offer to dealers and automotive retailers. The automotive marketplace continues to evolve, including varying levels of investment in electric vehicle technologies by automotive manufacturers and suppliers. We continue to identify and cultivate relationships with automotive retailers, including those with leading e-commerce platforms, and we also operate an online direct lending platform for consumers seeking direct financing. We believe these products enable us to respond to the ongoing trends toward more streamlined and digital automotive financing processes that serve both dealers and consumers. Additionally, we provide comprehensive automotive remarketing services, including the use of SmartAuction, our online auction platform, which efficiently supports dealer-to-dealer and other commercial wholesale vehicle transactions. SmartAuction provides diversified fee-based revenue and serves as a means of deepening relationships with our dealership customers. Beyond offering a full suite of solutions for our dealership customers, we also offer application pass-through programs for credit applications that do not meet our underwriting criteria, allowing dealers to 74 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q provide expanded access to credit for consumers and improve sales at their dealership. Through our pass-through programs, we are able to monetize our declined applications by generating a combination of acquisition fee and servicing revenue for loans that are originated, sold to, and serviced on behalf of third-party lenders, or one-time acquisition fees for loans funded and serviced by a third party. Our strong and expansive dealer relationships, comprehensive suite of products and services, full spectrum financing, and depth of experience position us to adapt as vehicle technologies and consumer preferences evolve. We have provided and continue to provide automobile financing for battery electric and, to a lesser extent, plug-in hybrid vehicles, including brands such as Tesla, Jeep, Alfa Romeo, and Chevrolet. While we expect most of these vehicles to continue to be sold through dealerships and automotive retailers with whom we have established relationships, we also partner with automotive manufacturers that use a direct-to-consumer model. During the six months ended June 30, 2026, $1.6 billion of our consumer automotive retail loan originations and purchases, and $69 million of our operating lease originations and purchases, were for battery-electric and plug-in hybrid vehicles. As of June 30, 2026, $3.9 billion of our consumer automotive finance receivables and loans had battery-electric or plug-in hybrid vehicles as the underlying collateral, and $3.8 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles. We have focused on developing dealer relationships beyond those relationships that primarily were developed through our previous role as a captive finance company for GM and a preferred provider for Stellantis. We have established relationships with thousands of automotive dealers through our customer-centric approach and specialized incentive programs designed to drive loyalty amongst dealers to our products and services. Outside of GM and Stellantis, our other OEM-franchised dealers include brands such as Ford, Toyota, Hyundai, Kia, Nissan, Honda, and others, including automotive manufacturers who use a direct-to-consumer model. Our non-OEM-franchised dealers and automotive retailers include used-vehicle-only retailers with a national presence, such as CarMax and EchoPark, as well as primarily online automotive retailers, such as Carvana. Our Insurance operations offer both consumer finance protection and insurance products sold primarily through the automotive dealer channel in the U.S. and Canada, and commercial insurance products sold directly to dealers in the U.S. Our insurance business provides a strong dealer value proposition through our deep industry knowledge, strong service levels, and diversified product suite that complements our automotive finance business in order to drive strong retention rates and help protect and grow the business of our dealer customers. In addition to our product offerings, we provide consultative services and training to assist dealers in optimizing F&I results while achieving high levels of customer satisfaction and regulatory compliance. We also advise dealers regarding necessary liability and physical damage coverages critical to protecting a dealer’s business. We continue to evolve our product suite and digital capabilities to position our business for future opportunities through growing third-party relationships and sales through our online direct-lending platform. We are a market-leading provider of dealer insurance products, offering a variety of commercial products and levels of coverage. Vehicle inventory insurance for dealers provides physical damage protection for dealers’ floorplan vehicles that may be financed by Ally, another lender, or may be owned by the dealer. Dealers who receive wholesale financing from us are eligible for insurance incentives such as automatic eligibility for our preferred insurance programs. We continue to grow our market position leveraging our scale and significant experience in this space. We also offer property, liability, and other ancillary coverages to dealers. Our dealer F&I products are primarily distributed indirectly through the automotive dealer network, which includes dealer relationships of approximately 1,600 in the U.S. where we serve 2.4 million customers. As part of our focus on offering dealers a broad range of consumer F&I products, we offer VSCs, VMCs, and GAP products. Ally Premier Protection is our flagship VSC offering, which provides coverage for new and used vehicles of virtually all makes and models offering owners and lessees mechanical repair protection and roadside assistance beyond the manufacturer’s new vehicle warranty. Our GAP products cover certain amounts owed by a customer beyond their covered vehicle’s value in the event the vehicle is damaged or stolen and declared a total loss. We offer F&I products in Canada, where we serve over 550,000 customers and are the preferred VSC and other protection plan provider for GM. Our contract to serve as the preferred VSC and protection plan provider for GM Canada extends into the third quarter of 2027. We also underwrite ClearGuard on the SmartAuction platform, which is a protection product designed to minimize the risk to dealers from arbitration claims for eligible vehicles sold at auction. On a smaller scale, we also periodically direct write or assume other non-automotive insurance risks. We typically assume other non-automotive insurance risks through quota share arrangements and perform services as an underwriting carrier for insurance programs managed by a third party where we cede the majority of such business to external reinsurance markets. Our dealer-centric business model, value-added products and services, full-spectrum financing, and business expertise proven over many credit cycles, make us a premier automotive finance and insurance company ready to support and strengthen over 21,600 active dealer relationships as of June 30, 2026. A dealer is considered to have an active relationship with us if we provided automotive financing, remarketing, or insurance services during the three months ended June 30, 2026. •Our Corporate Finance operations primarily offer senior-secured loans to private equity sponsor-owned U.S.-based middle-market companies and to well-established asset managers that mostly provide leveraged loans. The portfolio is composed of floating-rate leveraged asset-based and cash flow/enterprise value loans. Our Corporate Finance operations had $13.9 billion of assets at June 30, 2026, and generated $293 million of total net revenue during the six months ended June 30, 2026, and continues to offer attractive 75 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q returns and diversification benefits to our broader lending portfolio. Our Sponsor Finance business focuses on companies owned by private-equity sponsors with loans typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, co-lending arrangements, turnarounds, and debtor-in-possession financings. Additionally, our Private Credit Finance business provides asset managers and other financing sources with facilities to partially fund their direct-lending activities. We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings. Additionally, we have an energy and infrastructure vertical that finances large-scale energy and infrastructure projects. •Corporate and Other primarily consists of centralized corporate treasury activities (including deposit operations) such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes activity related to certain equity investments, which primarily consist of FHLB and FRB stock, as well as other equity investments through Ally Ventures, our strategic investment business. Additionally, Corporate and Other includes the management of our consumer mortgage portfolio, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments. Costs that are not allocated to our reportable operating segments as part of our COH methodology, which involves management judgment, are also included in Corporate and Other. These costs include operating costs of deposits, treasury activities, and other corporate activities. Corporate and Other includes the results of Ally Invest, our digital brokerage and advisory offering, which enables us to complement our competitive deposit products with low-cost investing. The digital advisory business aligns with our strategy to create a premier digital financial services company and provides additional sources of fee income through asset management and certain other fees, with minimal balance sheet utilization. This business also provides an additional source of low-cost deposits through arrangements with Ally Invest’s clearing broker. Corporate and Other included Ally Credit Card prior to the sale, which was completed on April 1, 2025. For further information, refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. Corporate and Other includes the financial results of our mortgage operations, which consist of our held-for-sale and held-for-investment consumer mortgage loan portfolios. Our direct-to-consumer conforming mortgages and certain direct-to-consumer non-conforming jumbo mortgages were originated as held-for-sale and sold. The remaining jumbo and LMI mortgages were originated as held-for-investment and are subserviced by a third party. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. 76 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Macroeconomic Environment We employ an internal team of economists to enhance our planning and forecasting capabilities. This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning and stress testing. This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impact on us given our exposure to these trends. As of June 30, 2026, the unemployment rate decreased to 4.2%. Sales of new light motor vehicles rose to an average annual rate of 16.3 million during the second quarter of 2026. Sales of new light motor vehicles remained below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and supported used vehicle values. Our baseline forecast utilized in calculating the quantitative allowance for loan losses as of June 30, 2026, anticipated the unemployment rate peaking at approximately 4.5% in the third quarter of 2026, before reverting to the historical mean of approximately 5.7% by the second quarter of 2029. Additionally, our baseline forecast anticipated GDP growth increasing to 2.2% as measured on a quarter-over-quarter seasonally adjusted annualized rate basis in 2027, before reverting to the historical mean of approximately 2.1% by the second quarter of 2029, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis peaking at more than 16 million units in the third quarter of 2027, before reverting to the historical mean of 15 million units by the second quarter of 2029. We also maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty, that could adversely impact frequency of loss and LGD. Refer to the Risk Management section of this MD&A for further discussion on our allowance for loan losses. Macroeconomic risks remain elevated due to persistent inflationary pressures, uncertainty regarding the path of interest rates, evolving trade policies (including tariffs), and heightened geopolitical tensions. In addition, uncertainty around the scope and timing of changes to fiscal, regulatory, and trade policies, as well as the impacts from legislative and regulatory developments, could create volatility in our baseline forecasts, particularly with respect to real GDP growth, inflation, unemployment, vehicle sales, and other consumer measures, which could materially impact our risk profile. Risks related to geopolitical developments, including the ongoing conflicts in the Middle East, could disrupt global supply chains, energy markets, and financial markets, and could adversely impact economic conditions. For example, rising gasoline prices could suppress demand for vehicles which could reduce used vehicle values. Sustained increases in oil and gasoline prices could contribute to broader inflationary pressures, weaken discretionary spending, and adversely affect employment and income in certain sectors, further pressuring household budgets, and credit performance. Risks associated with elevated interest rates, including their effects on funding costs, consumer affordability, and credit performance, as well as uncertainty regarding the timing and magnitude of potential monetary policy easing, could further contribute to economic volatility. Risks related to the continuation or escalation of tariffs and other trading restrictions, particularly those affecting the automobile industry and related sectors, and their potential effects on inflation, global trade, new and used automobile prices and sales, consumer purchasing power, customer creditworthiness and general economic conditions, could cause our financial results to differ from the anticipated results expressed or implied in any forward-looking statements. 77 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Consolidated Results of Operations The following table summarizes our consolidated operating results for the periods shown. Refer to the reportable operating segment sections of the MD&A that follow for a more complete discussion of operating results by business line. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 Favorable/(unfavorable) % change 2026 2025 Favorable/(unfavorable) % change Net financing revenue and other interest income Total financing revenue and other interest income $ 3,465 $ 3,325 4 $ 6,839 $ 6,718 2 Total interest expense 1,512 1,593 5 3,029 3,268 7 Net depreciation expense on operating lease assets 269 216 (25) 537 456 (18) Net financing revenue and other interest income 1,684 1,516 11 3,273 2,994 9 Other revenue Insurance premiums and service revenue earned 368 359 3 728 723 1 Loss on mortgage and automotive loans, net (6) (4) (50) (9) (3) n/m Loss on extinguishment of debt (2) — n/m (2) — n/m Other gain (loss) on investments, net 76 61 25 55 (438) 113 Other income, net of losses 166 150 11 343 347 (1) Total other revenue 602 566 6 1,115 629 77 Total net revenue 2,286 2,082 10 4,388 3,623 21 Provision for credit losses 430 384 (12) 897 575 (56) Noninterest expense Compensation and benefits expense 458 430 (7) 949 935 (1) Insurance losses and loss adjustment expenses 208 203 (2) 329 364 10 Goodwill impairment — — n/m — 305 100 Other operating expenses 653 629 (4) 1,276 1,292 1 Total noninterest expense 1,319 1,262 (5) 2,554 2,896 12 Income from continuing operations before income tax expense 537 436 23 937 152 n/m Income tax expense from continuing operations 127 84 (51) 208 25 n/m Net income from continuing operations $ 410 $ 352 16 $ 729 $ 127 n/m Financial ratios: Return on average assets (a) 0.84 % 0.76 % n/m 0.75 % 0.14 % n/m Return on average equity (a) 10.37 % 9.81 % n/m 9.29 % 1.79 % n/m Equity to assets (a) 8.06 % 7.70 % n/m 8.11 % 7.59 % n/m Common dividend payout ratio (b) 25.21 % 28.57 % n/m 28.17 % 260.87 % n/m n/m = not meaningful (a)The ratios were based on average assets and average total equity using an average daily balance methodology. (b)The common dividend payout ratio was calculated using basic earnings per common share. We earned net income from continuing operations of $410 million and $729 million for the three months and six months ended June 30, 2026, respectively, compared to $352 million and $127 million for the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was primarily driven by higher net financing revenue and other interest income and higher total other revenue, partially offset by higher total noninterest expense and higher provision expense. The increase for the six months ended June 30, 2026, was primarily driven by higher total other revenue, higher net financing revenue and other interest income and lower total noninterest expense, partially offset by higher provision expense. Net financing revenue and other interest income increased $168 million and $279 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily driven by higher total financing revenue and other interest income as a result of higher average earning assets. Additionally, the increases were driven by lower total interest expense in response to lower benchmark interest rates, which decreased our cost of funds associated with our deposit liabilities. The increase for the six months ended June 30, 2026, was partially offset by the sale of Ally Credit Card, which closed on April 1, 2025. 78 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Insurance premiums and service revenue earned was $368 million and $728 million for the three months and six months ended June 30, 2026, respectively, compared to $359 million and $723 million for the three months and six months ended June 30, 2025. The increases for the three months and six months ended June 30, 2026, were primarily due to higher GAP, other ancillary F&I products and P&C volume. The increases were partially offset by lower VSC volume. Other gain on investments, net, was $76 million and $55 million for the three months and six months ended June 30, 2026, respectively, compared to a gain of $61 million and a loss of $438 million for the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was primarily due to favorable performance from equity securities. The increase for the six months ended June 30, 2026, was primarily attributable to a balance sheet repositioning of a portion of our available-for-sale securities during the six months ended June 30, 2025. Other income, net of losses increased $16 million for the three months ended June 30, 2026, and decreased $4 million for the six months ended June 30, 2026, compared to the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was primarily driven by increased service fee income. The decrease for the six months ended June 30, 2026, was primarily driven by lower late charges and other administrative fees as a result of the sale of Ally Credit Card and unfavorable performance from equity-method investments. The decrease was partially offset by increased service fee income. The provision for credit losses increased $46 million and $322 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increase in provision for credit losses for the three months ended June 30, 2026, was primarily driven by portfolio growth within our consumer automotive portfolio, partially offset by lower net charge-offs within our consumer automotive portfolio. The increase in provision for credit losses for the six months ended June 30, 2026, was primarily driven by a provision benefit within our consumer other portfolio associated with the sale of Ally Credit Card that occurred during the six months ended June 30, 2025. The increase in provision for credit losses for the six months ended June 30, 2026, was partially offset by lower net charge-offs within our consumer other portfolio as a result of the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses. Noninterest expense increased $57 million for the three months ended June 30, 2026, and decreased $342 million for the six months ended June 30, 2026, compared to the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was primarily driven by higher compensation and benefits and higher operating expenses. The decrease for the six months ended June 30, 2026, was primarily driven by the impairment of goodwill associated with the sale of Ally Credit Card during the six months ended June 30, 2025. We recognized total income tax expense from continuing operations of $127 million and $208 million for the three months and six months ended June 30, 2026, respectively, compared to income tax expense of $84 million and $25 million for the same periods in 2025. The increase in income tax expense for the three months ended June 30, 2026, was primarily attributable to the tax effects of an increase in pretax earnings, and an income tax benefit from the revaluation of our deferred tax assets and liabilities of a California tax law enacted during the second quarter of 2025. The increase for the six months ended June 30, 2026, was primarily attributable to the tax effects of an increase in pretax earnings, as well as the tax effects of a loss on investments recognized as a result of our balance sheet repositioning of a portion of our available-for-sale securities during the six months ended June 30, 2025. 79 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Dealer Financial Services Results for Dealer Financial Services are presented by reportable operating segment, which includes our Automotive Finance and Insurance operations. Automotive Finance Results of Operations The following table summarizes the operating results of our Automotive Finance operations. The amounts presented are before the elimination of balances and transactions with our other reportable operating segments. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 Favorable/(unfavorable) % change 2026 2025 Favorable/(unfavorable) % change Net financing revenue and other interest income Consumer $ 2,013 $ 1,918 5 $ 3,973 $ 3,796 5 Commercial 354 329 8 686 670 2 Loans held-for-sale 6 4 50 9 5 80 Operating leases 390 352 11 782 703 11 Total financing revenue and other interest income 2,763 2,603 6 5,450 5,174 5 Interest expense 1,178 1,093 (8) 2,306 2,158 (7) Net depreciation expense on operating lease assets (a) 269 216 (25) 537 456 (18) Net financing revenue and other interest income 1,316 1,294 2 2,607 2,560 2 Other revenue Loss on automotive loans, net (8) (2) n/m (11) (2) n/m Other income, net of losses 112 99 13 220 196 12 Total other revenue 104 97 7 209 194 8 Total net revenue 1,420 1,391 2 2,816 2,754 2 Provision for credit losses 442 387 (14) 910 821 (11) Noninterest expense Compensation and benefits expense 177 166 (7) 368 349 (5) Other operating expenses 391 366 (7) 792 737 (7) Total noninterest expense 568 532 (7) 1,160 1,086 (7) Income from continuing operations before income tax expense $ 410 $ 472 (13) $ 746 $ 847 (12) Total assets $ 121,539 $ 111,709 9 $ 121,539 $ 111,709 9 n/m = not meaningful (a)Includes net remarketing losses of $2 million and $12 million for the three months and six months ended June 30, 2026, respectively, compared to net remarketing losses of $19 million for the six months ended June 30, 2025. Our Automotive Finance operations earned income from continuing operations before income tax expense of $410 million and $746 million for the three months and six months ended June 30, 2026, respectively, compared to $472 million and $847 million for the three months and six months ended June 30, 2025. The decreases for the three months and six months ended June 30, 2026, were primarily due to higher interest expense, higher provision for credit losses, and higher total noninterest expense, which were partially offset by higher total financing revenue and other interest income. Consumer automotive loan financing revenue and other interest income increased $95 million and $177 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily driven by higher average consumer assets resulting from origination growth, as well as higher portfolio yields, reflecting the replacement of maturing lower-yielding assets with higher-yielding originations following pricing actions designed to maximize risk-adjusted returns across credit tiers. Commercial loan financing revenue and other interest income increased $25 million and $16 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily due to higher average outstanding commercial balances. 80 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Interest expense increased $85 million and $148 million for the three months and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases for the three months and six months ended June 30, 2026, were primarily driven by higher asset balances and higher funding costs, as our consumer portfolios continued to shift towards the loans and leases originated in a higher interest rate environment. Total net operating lease revenue decreased $15 million and $2 million for the three months and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The decreases in net operating lease revenue were driven by higher depreciation expense which was partially offset by an increase in operating lease income, as compared to the same periods in 2025. Depreciation expense increased by $53 million and $81 million for the three months and six months ended June 30, 2026, respectively. We recognized net remarketing losses of $2 million and $12 million for the three months and six months ended June 30, 2026, respectively, compared to net remarketing losses of $19 million for the six months ended June 30, 2025. The decrease in remarketing losses for the six months ended June 30, 2026, was primarily driven by lower termination volume and slightly improved remarketing performance. In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles. In future periods, the volatility of remarketing gains and losses may decline as a result of the shift in our operating lease portfolio towards contracts with residual value guarantees. Additionally, as we have diversified the mix of OEMs within our operating lease portfolio, we may also see less volatility associated with those contracts without residual value guarantees. Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion. The provision for credit losses increased $55 million and $89 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily driven by portfolio growth within our consumer automotive portfolio, partially offset by lower net-charge-offs. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses. Total noninterest expense increased $36 million and $74 million for the three months and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily due to higher direct and allocated expenses related to the growth of the business. The following table presents the average balance and yield of the loan and operating lease portfolios of our Automotive Financing operations. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 ($ in millions) Average balance (a) Yield Average balance (a) Yield Average balance (a) Yield Average balance (a) Yield Finance receivables and loans, net (b) Consumer automotive (c) $ 87,524 9.22 % $ 83,861 9.17 % $ 86,693 9.24 % $ 83,801 9.14 % Commercial Wholesale floorplan (d) 16,834 5.63 14,570 6.63 16,154 5.73 14,945 6.65 Other commercial automotive (e) 7,886 6.02 6,293 5.64 7,674 5.98 6,316 5.65 Investment in operating leases, net (f) 8,689 5.61 7,919 6.88 8,747 5.67 7,937 6.29 (a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP. (b)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. (c)Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other. Including the impact of hedging activities, the yield was 9.25% and 9.27% for the three months and six months ended June 30, 2026, respectively, and 9.26% and 9.23% for the three months and six months ended June 30, 2025. (d)Excludes the effects of derivative financial instruments designated as hedges, which is included within Corporate and Other. Including the impact of hedging activities, the yield was 5.55% and 5.62% for the three months and six months ended June 30, 2026, respectively, and 6.41% and 6.45% for the three months and six months ended June 30, 2025. (e)Consists primarily of automotive dealer term loans, including those to finance dealership land and buildings, and dealer and other fleet financing. (f)Yield includes net losses on the sale of off-lease vehicles of $2 million and $12 million for the three months and six months ended June 30, 2026, respectively, and net losses of $19 million for the six months ended June 30, 2025. Excluding these losses and gains on sale, the yield was 5.69% and 5.94% for the three months and six months ended June 30, 2026, respectively, compared to 6.86% and 6.76% for the three months and six months ended June 30, 2025. 81 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q During the three months and six months ended June 30, 2026, our portfolio yield for consumer automotive loans excluding the impact of hedging activities, increased 5 and 10 basis points, respectively, as compared to the same periods in 2025. The increases for the three months and six months ended June 30, 2026, were primarily driven by a shift in portfolio mix as higher yielding originations replace the maturity of lower yielding assets resulting from pricing actions due to our deliberate focus on maximizing risk-adjusted returns across our credit tiers. We utilize hedging strategies in order to mitigate interest rate risks, the effects of derivative financial instruments designated as hedges are included within Corporate and Other. Refer to Note 18 to the Condensed Consolidated Financial Statements for further discussion. During the three months and six months ended June 30, 2026, our portfolio yield for commercial wholesale floorplan loans, excluding the impact of hedging activities decreased 100 and 92 basis points, respectively, as compared to the same periods in 2025. The decreases were primarily due to lower benchmark interest rates, as our commercial automotive loans are generally variable-rate. Our portfolio yield for investment in operating leases, net, including gains and losses on the sale of off-lease vehicles, decreased 127 and 62 basis points to 5.61% and 5.67% for the three months and six months ended June 30, 2026, respectively, as compared to 6.88% and 6.29% for the three months and six months ended June 30, 2025. The decreases were primarily due to higher depreciation expense. In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and increased OEM marketing incentives on new vehicles. In future periods, the volatility of remarketing gains and losses may decline as a result of the shift in our operating lease portfolio towards contracts with residual value guarantees. Additionally, as we have diversified the mix of OEMs within our operating lease portfolio, we may also see less volatility associated with those contracts without residual value guarantees. Refer to the Operating Lease Residual Risk Management section of this MD&A for further discussion. 82 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Automotive Financing Volume Consumer Automotive Financing The following table presents retail loan originations and purchases by credit tier and product type. Used retail New retail Credit Tier (a) Volume($ in billions) % Share of volume Average FICO® Volume($ in billions) % Share of volume Average FICO® Three months ended June 30, 2026 S $ 3.3 40 761 $ 2.6 62 775 A 3.4 41 686 1.4 33 685 B 1.1 13 635 0.2 5 642 C 0.3 4 594 — — 620 D 0.1 1 556 — — 571 E 0.1 1 538 — — 556 Total retail loan originations $ 8.3 100 702 $ 4.2 100 735 Three months ended June 30, 2025 S $ 2.4 36 762 $ 1.7 55 772 A 2.9 43 690 1.1 36 686 B 1.0 15 645 0.2 6 649 C 0.2 3 608 0.1 3 609 D 0.2 3 573 — — 561 Total retail loan originations $ 6.7 100 703 $ 3.1 100 726 Six months ended June 30, 2026 S $ 5.9 37 761 $ 4.4 59 774 A 6.5 41 686 2.5 34 686 B 2.4 15 636 0.5 7 644 C 0.7 5 593 — — 616 D 0.2 1 552 — — 577 E 0.1 1 534 — — 559 Total retail loan originations $ 15.8 100 699 $ 7.4 100 731 Six months ended June 30, 2025 S $ 4.9 37 763 $ 3.3 55 772 A 5.6 43 690 2.2 37 686 B 1.9 14 645 0.4 7 649 C 0.5 4 608 0.1 1 609 D 0.2 2 573 — — 565 Total retail loan originations $ 13.1 100 706 $ 6.0 100 727 (a)Represents Ally’s internal credit score, incorporating numerous borrower and structure attributes including: severity and aging of delinquency; number of credit inquiries; LTV ratio; term; payment-to-income ratio; and debt-to-income ratio. We periodically update our underwriting scorecard, which can have an impact on our credit tier scoring. 83 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table presents the percentage of total retail loan originations and purchases, in dollars, by the loan term in months. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 0–71 17 % 16 % 17 % 16 % 72–75 59 61 60 61 76 + 24 23 23 23 Total retail loan originations 100 % 100 % 100 % 100 % Retail loan originations with a term of 76 months or more represented 24% and 23% of total retail loan originations for the three months and six months ended June 30, 2026, respectively, compared to 23% for both the three months and six months ended June 30, 2025. Substantially all the loans originated with a term of 76 months or more during both the three months and six months ended June 30, 2026, and 2025, were considered to be prime and in credit tiers S, A, or B. Our underwriting processes are designed to consider various deal structure variables—such as payment-to-income, LTV, debt-to-income, and FICO® score—that compensate for longer loan terms and mitigate layered risk. During the three months ended June 30, 2026, approximately 82% of our used retail loan originations were for vehicles with a model year of 2020 or newer. According to the Bureau of Transportation Statistics, the average age of light vehicles in operation in the United States during 2025 was approximately 13 years. Substantially all used retail loan originations with a term of 76 months or more during the three months ended June 30, 2026, were for vehicles with a model year of 2020 or newer. The following table presents the percentage of total outstanding retail loans by origination year. June 30, 2026 2025 Pre-2022 5 % 12 % 2022 8 15 2023 12 21 2024 19 30 2025 31 22 2026 25 — Total retail 100 % 100 % The following tables present the total retail loan and operating lease origination and purchase dollars and percentage mix by product type and by channel. Consumer automotive financing originations % Share of Ally originations Three months ended June 30, ($ in millions) 2026 2025 2026 2025 Used retail $ 8,292 $ 6,714 63 61 New retail 4,229 3,155 32 29 Lease 738 1,129 5 10 Total consumer automotive financing originations (a) $ 13,259 $ 10,998 100 100 (a)Includes CSG originations of $1.2 billion and $915 million for the three months ended June 30, 2026, and 2025, respectively. Consumer automotive financing originations % Share of Ally originations Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Used retail $ 15,841 $ 13,105 64 62 New retail 7,447 6,040 30 29 Lease 1,458 2,006 6 9 Total consumer automotive financing originations (a) $ 24,746 $ 21,151 100 100 (a)Includes CSG originations of $2.4 billion and $1.8 billion for the six months ended June 30, 2026, and 2025, respectively. 84 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Consumer automotive financing originations % Share of Ally originations Three months ended June 30, ($ in millions) 2026 2025 2026 2025 GM dealers $ 2,923 $ 2,405 22 22 Stellantis dealers 1,551 1,355 12 12 Other dealers and automotive retailers OEM-franchised dealers (a) 4,999 4,492 38 41 Non-OEM-franchised dealers and automotive retailers 3,786 2,746 28 25 Total other dealers and automotive retailers 8,785 7,238 66 66 Total consumer automotive financing originations $ 13,259 $ 10,998 100 100 (a)Includes automotive manufacturers with a direct-to-consumer model. Consumer automotive financing originations % Share of Ally originations Six months ended June 30, ($ in millions) 2026 2025 2026 2025 GM dealers $ 5,674 $ 4,743 23 22 Stellantis dealers 2,997 2,750 12 13 Other dealers and automotive retailers OEM-franchised dealers (a) 9,123 8,690 37 41 Non-OEM-franchised dealers and automotive retailers 6,952 4,968 28 24 Total other dealers and automotive retailers 16,075 13,658 65 65 Total consumer automotive financing originations $ 24,746 $ 21,151 100 100 (a)Includes automotive manufacturers with a direct-to-consumer model. Total consumer automotive loan and operating lease originations increased $2.3 billion and $3.6 billion for the three months and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by strategic partnerships, strong dealer engagement, and growth in application volume from our dealer network. We have included origination metrics by loan term and FICO® Score within this MD&A. In addition, we employ our own risk evaluation, including proprietary risk models, in evaluating credit risk, as described in the section titled Automotive Financing Volume—Acquisition and Underwriting within the MD&A in our 2025 Annual Report on Form 10-K. The following tables present the percentage of retail loan and operating lease originations and purchases, in dollars, by FICO® Score and product type. We define prime consumer automotive loans primarily as those loans with a FICO® Score at origination of 620 or greater. Used retail New retail Lease Three months ended June 30, 2026 2025 2026 2025 2026 2025 760 + 25 % 24 % 37 % 31 % 38 % 51 % 720–759 14 14 13 13 15 18 660–719 26 28 21 25 25 21 620–659 17 18 13 16 13 7 540–619 12 10 5 4 6 2 < 540 3 2 — — — — Unscored (a) 3 4 11 11 3 1 Total consumer automotive financing originations 100 % 100 % 100 % 100 % 100 % 100 % (a)Unscored are primarily CSG contracts with business entities that have no FICO® Score. 85 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Used retail New retail Lease Six months ended June 30, 2026 2025 2026 2025 2026 2025 760 + 24 % 25 % 34 % 31 % 39 % 52 % 720–759 14 14 13 13 15 18 660–719 26 28 21 25 24 21 620–659 18 18 13 15 13 6 540–619 12 9 5 4 6 2 < 540 3 2 1 — — — Unscored (a) 3 4 13 12 3 1 Total consumer automotive financing originations 100 % 100 % 100 % 100 % 100 % 100 % (a)Unscored are primarily CSG contracts with business entities that have no FICO® Score. Originations with a FICO® Score of less than 620 (considered nonprime) represented 11% of total consumer loan and operating lease originations for both the three months and six months ended June 30, 2026, compared to 9% and 8% for the three months and six months ended June 30, 2025, respectively, reflecting our strategy to focus on maximizing risk-adjusted returns across our credit tiers. Consumer loans and operating leases with FICO® Scores of less than 540 represented 2% of total originations for each of the three months and six months ended June 30, 2026, respectively, as compared to 1% for each the three months and six months ended June 30, 2025. Nonprime applications are subject to more stringent underwriting criteria (for example, maximum payment-to-income ratio, maximum debt-to-income ratio, and maximum amount financed), and our nonprime loan portfolio generally does not include any loans with a term of 76 months or more. The carrying value of our held-for-investment, nonprime consumer automotive loans before allowance for loan losses was $9.6 billion and $8.6 billion at June 30, 2026, and December 31, 2025, respectively, or approximately 10.7% and 10.1% of our total consumer automotive loans at June 30, 2026, and December 31, 2025, respectively. For discussion of our credit-risk-management practices and performance, refer to the section below titled Risk Management. During the fourth quarter of 2025, we amended our agreement with Carvana, a leading e-commerce platform focused on buying and selling used vehicles. Specifically, we increased our committed facility by $2.0 billion to a maximum of $6.0 billion to support our continued efforts to optimize risk-adjusted returns. This commitment is effective for 364 days. As part of the agreement, we are committed to purchase finance receivables, related to both new and used vehicles, on a periodic basis within prescribed eligibility requirements and risk appetite, consistent with purchase practices in prior years. All the finance receivables purchased through this channel are included in non-OEM-franchised dealers and automotive retailers in our consumer origination metrics. While different vintages and credit tiers exhibit varying performance, collectively to date, finance receivables purchased from Carvana have generally exhibited consistent delinquency and loss performance compared to loans with similar credit characteristics acquired through our indirect dealer channel. Consumer finance receivables and loans sourced from Carvana represented 12.1% and 10.4% of our total consumer automotive finance receivables and loans as of June 30, 2026, and December 31, 2025, respectively. Loan purchases from Carvana were 16% and 15% of our total consumer automotive financing originations during the three months and six months ended June 30, 2026, respectively, as compared to 11% and 9% for the same periods in 2025. For discussion of manufacturer marketing incentives, refer to the section titled Automotive Financing Volume—Manufacturer Marketing Incentives within the MD&A in our 2025 Annual Report on Form 10-K. 86 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Commercial Wholesale Financing Volume The following table presents the percentage of average balance of our commercial wholesale floorplan finance receivables, in dollars, by product type and by channel. Average balance Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Stellantis new vehicles 32 % 30 % 32 % 29 % GM new vehicles 25 27 25 28 Other new vehicles 23 23 24 24 Used vehicles 20 20 19 19 Total 100 % 100 % 100 % 100 % Total commercial wholesale finance receivables $ 16,834 $ 14,570 $ 16,154 $ 14,945 Average commercial wholesale financing receivables outstanding increased $2.3 billion and $1.2 billion during the three months and six months ended June 30, 2026, respectively, as compared to the same periods in 2025. The increases were primarily due to an increase within the Stellantis dealer channel. Carvana's commercial line of credit totals $1.5 billion, with a scheduled maturity in the second quarter of 2027. The line of credit represents a commitment to fund Carvana’s wholesale floorplan financing of used vehicles and is consistent in form and structure with our other wholesale floorplan financing arrangements. This includes the line of credit being fully collateralized to mitigate counterparty credit risk in the event of a default. At June 30, 2026, Carvana’s gross wholesale floorplan assets outstanding balance was $126 million. Other Commercial Automotive Financing We also provide other forms of commercial financing for the automotive industry including automotive dealer term and revolving loans and automotive fleet financing. Automotive dealer term and revolving loans are loans that we make to dealers to finance other aspects of the dealership business, including acquisitions. These loans are usually secured by real estate or other dealership assets and are typically personally guaranteed by the individual owners of the dealership. Additionally, these loans generally include cross-collateral and cross-default provisions. Automotive fleet financing credit lines may be obtained by dealers, their affiliates, and other independent companies that are used to purchase vehicles, which they lease or rent to others. The average balance of other commercial automotive loans increased $1.6 billion and $1.4 billion for the three months and six months ended June 30, 2026, respectively, compared to the same periods in 2025, to an average $7.9 billion and $7.7 billion for the three months and six months ended June 30, 2026. 87 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Insurance Results of Operations The following table summarizes the operating results of our Insurance operations. The amounts presented are before the elimination of balances and transactions with our other reportable segments. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 Favorable/(unfavorable) % change 2026 2025 Favorable/(unfavorable) % change Insurance premiums and other income Insurance premiums and service revenue earned $ 368 $ 359 3 $ 728 $ 723 1 Interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net (a) 38 30 27 74 60 23 Other gain on investments, net (b) 76 59 29 55 55 — Other income, net of losses 5 4 25 8 8 — Total insurance premiums and other income 487 452 8 865 846 2 Expense Insurance losses and loss adjustment expenses 208 203 (2) 329 364 10 Acquisition and underwriting expense Compensation and benefits expense 30 26 (15) 62 56 (11) Insurance commissions expense 150 155 3 302 316 4 Other expenses 46 40 (15) 91 80 (14) Total acquisition and underwriting expense 226 221 (2) 455 452 (1) Total expense 434 424 (2) 784 816 4 Income from continuing operations before income tax expense $ 53 $ 28 89 $ 81 $ 30 170 Total assets $ 10,031 $ 9,705 3 $ 10,031 $ 9,705 3 Insurance premiums and service revenue written $ 382 $ 349 9 $ 771 $ 734 5 Combined ratio (c) 116.6 % 117.1 % 106.4 % 111.8 % (a)Includes interest expense of $13 million and $26 million for the three months and six months ended June 30, 2026, respectively, and $15 million and $29 million for the three months and six months ended June 30, 2025. (b)Includes net unrealized gains on equity securities of $29 million and net unrealized losses of $30 million for the three months and six months ended June 30, 2026, respectively, and net unrealized gains of $30 million and $15 million for the three months and six months ended June 30, 2025. (c)Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenue earned and other income (excluding interest, dividends, and other investment activity). Our Insurance operations earned income from continuing operations before income tax expense of $53 million and $81 million for the three months and six months ended June 30, 2026, respectively, compared to $28 million and $30 million for the three months and six months ended June 30, 2025. The increases for the three months ended June 30, 2026, was primarily driven by higher other gain on investments, net. The increase for the six months ended June 30, 2026, was primarily driven by lower insurance losses and loss adjustment expenses and higher interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net. Insurance premiums and service revenue earned was $368 million and $728 million for the three months and six months ended June 30, 2026, respectively, compared to $359 million and $723 million for the three months and six months ended June 30, 2025. The increases for the three months and six months ended June 30, 2026, were primarily due to higher GAP, other ancillary F&I products and P&C volume. The increases were partially offset by lower VSC volume. Other gain on investments, net was $76 million and $55 million for the three months and six months ended June 30, 2026, respectively, compared to $59 million and $55 million for the three months and six months ended June 30, 2025. This included realized gains of $47 million and $85 million during the three months and six months ended June 30, 2026, respectively, compared to $29 million and $40 million for the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was driven by higher realized gains on equity securities. Insurance losses and loss adjustment expenses totaled $208 million and $329 million for the three months and six months ended June 30, 2026, respectively, compared to $203 million and $364 million for the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was primarily due to higher weather-related losses. The decrease for the six months ended June 30, 2026, 88 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q was primarily due to lower weather-related losses. Weather-related loss and loss adjustment expenses from our vehicle inventory insurance business were $99 million and $115 million during the three months and six months ended June 30, 2026, respectively, compared to $91 million and $149 million during the three months and six months ended June 30, 2025. We utilized our excess of loss reinsurance and ceded weather-related losses on our vehicle inventory insurance business during the first quarter of 2025, as losses exceeded the retention limit, helping to partially mitigate the impact of weather-related losses, primarily due to severe hailstorms. In April 2026, we renewed our annual excess of loss reinsurance agreement and continue to utilize this coverage for our vehicle inventory insurance to manage our risk of weather-related losses, under which retention limits vary for each quarter. Our combined ratio was 116.6% and 106.4% for the three months and six months ended June 30, 2026, respectively, compared to 117.1% and 111.8% for the three months and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026, was primarily driven by higher P&C earned premiums. The decrease for the six months ended June 30, 2026, was primarily driven by lower weather-related losses, as well as higher F&I earned premiums. Premium and Service Revenue Written The following table summarizes premium and service revenue written by product, net of premiums ceded to reinsurers, and premiums and service revenue assumed from third parties. VSC and GAP revenue are earned over the life of the service contract on a basis proportionate to the anticipated loss pattern. Refer to Note 3 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further discussion of this revenue stream. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Finance and insurance products Vehicle service contracts $ 170 $ 179 $ 328 $ 345 Guaranteed asset protection and other finance and insurance products (a) 105 84 199 157 Total finance and insurance products 275 263 527 502 Property and casualty insurance (b) 110 81 240 215 Other premium and service revenue written (c) (3) 5 4 17 Total $ 382 $ 349 $ 771 $ 734 (a)Other financial and insurance products include VMCs, ClearGuard, and other ancillary products. (b)P&C insurance includes vehicle inventory insurance and dealer ancillary products including property and liability coverage earned on a straight-line basis. (c)Primarily includes non-automotive assumed reinsurance and revenue associated with performing services as an underwriting carrier. Written premiums were impacted by the return of previously written business to the primary carrier, resulting in a temporary reduction in reported premiums for the three months and six months ended June 30, 2026. Insurance premiums and service revenue written was $382 million and $771 million for the three months and six months ended June 30, 2026, respectively, compared to $349 million and $734 million the three months and six months ended June 30, 2025. The increases for the three months and six months ended June 30, 2026, were primarily due to growth in our P&C, GAP and other ancillary F&I products. The increases were partially offset by lower VSC volume. Cash and Investments A significant aspect of our Insurance operations is the investment of proceeds from premiums and other revenue sources. We use these investments to satisfy our obligations related to future claims at the time these claims are settled. Our Insurance operations have an Investment Committee, which develops guidelines and strategies for these investments. The guidelines established by this committee reflect our risk appetite, liquidity requirements, regulatory requirements, and rating agency considerations, among other factors. 89 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table summarizes the composition of our Insurance operations cash and investment portfolio at fair value. ($ in millions) June 30, 2026 December 31, 2025 Cash and cash equivalents Noninterest-bearing cash $ 27 $ 120 Interest-bearing cash 558 508 Total cash and cash equivalents 585 628 Equity securities 833 875 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 612 597 U.S. States and political subdivisions 264 314 Foreign government 192 188 Agency mortgage-backed residential 1,263 1,129 Mortgage-backed residential 188 198 Corporate debt 1,952 1,912 Total available-for-sale securities (amortized cost basis of $4,771 and $4,609) 4,471 4,338 Total cash, cash equivalents, and securities $ 5,889 $ 5,841 In addition to these cash and investment securities, the Insurance segment has interest-bearing intercompany arrangements with Corporate and Other, callable on demand. The intercompany loan balance due to Insurance was $814 million and $807 million at June 30, 2026, and December 31, 2025, respectively, and related interest income of $5 million and $11 million was recognized for the three months and six months ended June 30, 2026, respectively, compared to $4 million and $9 million for the three months and six months ended June 30, 2025. 90 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Corporate Finance Results of Operations The following table summarizes the activities of our Corporate Finance operations. The amounts presented are before the elimination of balances and transactions with our reportable segments. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 Favorable/(unfavorable) % change 2026 2025 Favorable/(unfavorable) % change Net financing revenue and other interest income Interest and fees on finance receivables and loans $ 249 $ 232 7 $ 491 $ 450 9 Interest on loans held-for-sale 3 1 n/m 4 4 — Interest expense 136 125 (9) 266 242 (10) Net financing revenue and other interest income 116 108 7 229 212 8 Total other revenue 29 19 53 64 48 33 Total net revenue 145 127 14 293 260 13 Provision for credit losses (12) (2) n/m (4) 12 133 Noninterest expense Compensation and benefits expense 20 19 (5) 46 44 (5) Other operating expenses 15 14 (7) 35 32 (9) Total noninterest expense 35 33 (6) 81 76 (7) Income from continuing operations before income tax expense $ 122 $ 96 27 $ 216 $ 172 26 Total assets $ 13,893 $ 11,040 26 $ 13,893 $ 11,040 26 n/m = not meaningful Our Corporate Finance operations earned income from continuing operations before income tax expense of $122 million and $216 million for the three months and six months ended June 30, 2026, respectively, compared to $96 million and $172 million for the three months and six months ended June 30, 2025. The increases for the three months and six months ended June 30, 2026, were primarily due to higher net financing revenue and other interest income, higher total other revenue, and lower provision for credit losses. Net financing revenue and other interest income was $116 million and $229 million for the three months and six months ended June 30, 2026, respectively, compared to $108 million and $212 million for the three months and six months ended June 30, 2025. The increases for the three months and six months ended June 30, 2026, were primarily due to higher interest and fees on finance receivables and loans, driven by portfolio growth, partially offset by higher interest expense. Other revenue increased $10 million and $16 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily driven by higher gains on nonmarketable equity investments and higher syndication income. The provision for credit losses decreased $10 million and $16 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The decreases were primarily driven by lower specific reserves, including the favorable resolution of one exposure in our legacy health care cash flow vertical during the three months and six months ended June 30, 2026. This resolution resulted in a partial charge-off and release of the remaining related specific reserve, reducing provision expense. The decrease for the six months ended June 30, 2026, was also driven by lower reserve build related to slower asset growth. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses. Total noninterest expense increased $2 million and $5 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily due to higher direct and allocated expenses related to the growth of the business. 91 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Credit Portfolio The following table presents loans held-for-sale, the amortized cost basis of finance receivables and loans outstanding, unfunded lending commitments, and total serviced loans of our Corporate Finance operations. As of June 30, 2026, 65% of both our loans and our lending commitments were asset based, with all in a first-lien position. Additionally, total criticized exposures were 9.7% of total Corporate Finance finance receivables and loans at both June 30, 2026, and December 31, 2025. ($ in millions) June 30, 2026 December 31, 2025 Loans held-for-sale, net $ 169 $ 87 Finance receivables and loans (a) $ 13,687 $ 12,930 Unfunded lending commitments (b) $ 9,302 $ 8,526 Total serviced loans $ 15,282 $ 15,127 (a)Includes $10.9 billion and $10.2 billion of commercial and industrial loans at June 30, 2026, and December 31, 2025, respectively, and $2.8 billion and $2.7 billion of commercial real estate loans at June 30, 2026, and December 31, 2025, respectively. Our commercial real estate loans are primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings. (b)Includes unused revolving credit line commitments for loans held-for-sale and finance receivables and loans, signed commitment letters, and standby letter of credit facilities, which are issued on behalf of clients and may contingently require us to make payments to a third-party beneficiary in the event of a draw by the beneficiary thereunder. As many of these commitments are subject to borrowing base agreements and other restrictive covenants or may expire without being fully drawn, the stated amounts of these unfunded commitments are not necessarily indicative of future cash requirements. The following table presents the percentage of total finance receivables and loans of our Corporate Finance operations by industry concentration. The finance receivables and loans are reported at amortized cost basis. June 30, 2026 December 31, 2025 Industry Financial services (a) 44.1 % 43.0 % Health services 19.0 20.7 Services 12.4 13.2 Chemicals and metals 7.0 7.1 Machinery, equipment, and electronics 4.7 5.5 Automotive and transportation 4.7 4.6 Wholesale 2.6 2.7 Paper, printing, and publishing 1.8 0.2 Construction 1.3 1.2 Electric, gas, and sanitary services 0.8 0.3 Other 1.6 1.5 Total finance receivables and loans 100.0 % 100.0 % (a)Primarily relates to loans to non-depository financial institutions within our Private Credit Finance portfolio, where we serve as lead agent. All loans within the Private Credit Finance portfolio are performing and rated pass. 92 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Corporate and Other The following table summarizes the activities of Corporate and Other, which primarily consist of centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock as well as other strategic investments through Ally Ventures, the management of our consumer mortgage portfolio, the activity related to Ally Invest, Ally Credit Card, CRA loans and investments, and reclassifications and eliminations between the reportable operating segments. We closed the sale of Ally Credit Card on April 1, 2025. Additionally, Corporate and Other includes costs that are not allocated to our reportable operating segments as part of our COH methodology, which involves management judgment. Refer to Note 22 to the Condensed Consolidated Financial Statements for more information. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 Favorable/(unfavorable) % change 2026 2025 Favorable/(unfavorable) % change Net financing revenue and other interest income Interest and fees on finance receivables and loans (a) $ 120 $ 141 (15) $ 238 $ 408 (42) Interest on loans held-for-sale 3 1 n/m 8 2 n/m Interest and dividends on investment securities and other earning assets (b) 201 212 (5) 397 408 (3) Interest on cash and cash equivalents 75 90 (17) 151 183 (17) Total financing revenue and other interest income 399 444 (10) 794 1,001 (21) Interest expense Original issue discount amortization (c) 21 18 (17) 40 36 (11) Other interest expense (d) 164 342 52 391 803 51 Total interest expense 185 360 49 431 839 49 Net financing revenue and other interest income 214 84 155 363 162 124 Other revenue Gain (loss) on mortgage and automotive loans, net 2 (2) n/m 2 (1) n/m Loss on extinguishment of debt (2) — n/m (2) — n/m Other gain (loss) on investments, net — 2 (100) — (493) 100 Other income, net of losses 20 28 (29) 51 95 (46) Total other revenue 20 28 (29) 51 (399) 113 Total net revenue 234 112 109 414 (237) n/m Provision for credit losses — (1) (100) (9) (258) (97) Total noninterest expense (e) 282 273 (3) 529 918 42 Loss from continuing operations before income tax benefit $ (48) $ (160) 70 $ (106) $ (897) 88 Total assets $ 54,309 $ 57,019 (5) $ 54,309 $ 57,019 (5) n/m = not meaningful (a)Includes financing revenue from our consumer mortgage portfolio and impacts associated with hedging activities within our automotive loan portfolio. Additionally includes financing revenue from our consumer other portfolio prior to the completion of the sale of Ally Credit Card on April 1, 2025. (b)Includes impacts associated with hedging activities of our available-for-sale securities. (c)Amortization is included as interest on long-term debt in our Condensed Consolidated Statement of Comprehensive Income. (d)Includes the residual impacts of our FTP methodology and impacts of hedging activities of certain debt obligations. (e)Includes reductions of $229 million and $474 million for the three months and six months ended June 30, 2026, respectively, and $211 million and $428 million for the three months and six months ended June 30, 2025, related to the allocation of COH expenses to other segments. The receiving segments record their allocation of COH expense within other operating expense. 93 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table summarizes total assets for Corporate and Other. ($ in millions) June 30, 2026 December 31, 2025 Cash and cash equivalents and securities $ 30,323 $ 32,408 Other investments 3,626 3,605 Mortgage finance receivables and loans, net 14,950 15,560 Other (a) 5,410 5,756 Total assets $ 54,309 $ 57,329 (a)Primarily includes net deferred tax assets and net property and equipment. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information. The following table presents the scheduled remaining amortization of the original issue discount at June 30, 2026. Year ended December 31, ($ in millions) 2026 2027 2028 2029 2030 2031 and thereafter (a) Total Original issue discount Outstanding balance at year end $ 606 $ 512 $ 405 $ 282 $ 139 $ — Total amortization (b) 43 94 107 123 143 139 $ 649 (a)The maximum annual scheduled amortization for any individual year is $143 million in 2030. (b)The amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income. Corporate and Other incurred a loss from continuing operations before income tax benefit of $48 million and $106 million for the three months and six months ended June 30, 2026, respectively, compared to $160 million and $897 million for the three months and six months ended June 30, 2025. The decrease in loss for the three months ended June 30, 2026, was primarily driven by lower total interest expense, partially offset by lower total financing revenue and other interest income. The decrease in loss for the six months ended June 30, 2026, was primarily driven by higher total other revenue, lower interest expense, and lower noninterest expense, partially offset by higher provision for credit losses, and higher total financing revenue. Total financing revenue and other interest income was $399 million and $794 million for the three months and six months ended June 30, 2026, respectively, compared to $444 million and $1.0 billion for the three months and six months ended June 30, 2025. The decreases for the three months and six months ended June 30, 2026, were driven by lower income from our hedging activities, and the continued run-off of our consumer mortgage portfolio. Additionally, the decrease for the six months ended June 30, 2026, was primarily driven by lower average assets due to the sale of Ally Credit Card on April 1, 2025. Total interest expense decreased $175 million and $408 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. Interest expense in our Corporate and Other segment includes our external borrowing costs less the amount charged to our operating segments, which is based on our FTP methodology. The decrease in interest expense for the three months ended June 30, 2026, was primarily driven by a lower interest rate environment. The decrease in interest expense for the six months ended June 30, 2026, was primarily driven by the sale of Ally Credit Card, as well as a lower interest rate environment. Total other revenue decreased $8 million and increased $450 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026, was primarily driven by unfavorable performance from equity-method investments and lower realized gains from investment securities. The increase for the six months ended June 30, 2026, was primarily driven by a balance sheet repositioning of a portion of our available-for-sale securities during the first quarter of 2025. The provision for credit losses increased $1 million and $249 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increase for the six months ended June 30, 2026, was primarily driven by a provision benefit within our consumer other portfolio associated with the sale of Ally Credit Card that occurred during the six months ended June 30, 2025. Refer to the Risk Management section of this MD&A for further discussion on our provision for credit losses. Total noninterest expense increased $9 million and decreased $389 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increase for the three months ended June 30, 2026, was primarily driven by higher compensation and benefits. The decrease for the six months ended June 30, 2026, was primarily driven by the impairment of goodwill associated with the sale of Ally Credit Card to that occurred during the six months ended June 30, 2025, and lower other operating expenses due to the sale of Ally Credit Card. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information on the impairment of goodwill. 94 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Cash and Securities The following table summarizes the composition of the cash and securities portfolio at fair value for Corporate and Other. ($ in millions) June 30, 2026 December 31, 2025 Cash and cash equivalents Noninterest-bearing cash $ 312 $ 285 Interest-bearing cash 6,943 9,117 Total cash and cash equivalents 7,255 9,402 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 1,903 1,682 U.S. States and political subdivisions 215 237 Agency mortgage-backed residential 11,526 11,772 Agency mortgage-backed commercial 5,137 4,932 Asset-backed 1 12 Total available-for-sale securities (amortized cost basis of $21,451 and $21,216) 18,782 18,635 Held-to-maturity securities Debt securities Agency mortgage-backed residential 1,205 1,154 Mortgage-backed residential 3,058 3,246 Asset-backed retained notes 36 51 Total held-to-maturity securities (amortized cost basis of $4,286 and $4,371) 4,299 4,451 Total cash, cash equivalents, and securities $ 30,336 $ 32,488 Other Investments The following table summarizes other investments at carrying value for Corporate and Other. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information on these investments. ($ in millions) June 30, 2026 December 31, 2025 Other assets Proportional amortization investments (a) $ 2,054 $ 2,094 Nonmarketable equity investments 888 854 Equity-method investments (b) 684 657 Total other investments $ 3,626 $ 3,605 (a)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments. (b)Primarily comprises 89 and 82 investments made in connection with our CRA program at June 30, 2026, and December 31, 2025, respectively. The carrying value of these investments was $673 million and $647 million at June 30, 2026, and December 31, 2025, respectively. Nonmarketable equity investments and equity-method investments include strategic investments made through Ally Ventures. Ally Ventures identifies, invests in, and builds relationships with key startups. At June 30, 2026, the carrying value of investments made through Ally Ventures was $34 million, comprising 16 investments, as compared to $38 million, comprising 18 investments at December 31, 2025. Refer to Note 10 to the Condensed Consolidated Financial Statements for additional information. 95 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Ally Invest Ally Invest is our digital brokerage and advisory offering, which enables us to complement our competitive deposit products with low-cost and commission-free investing. The following table presents trading days and average customer trades per day, the number of funded accounts, total net customer assets, and total customer cash balances as of the end of each of the last five quarters. June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Trading days (a) 62.0 61.0 63.0 63.5 62.0 Average customer trades per day, (in thousands) 27.5 26.6 26.3 26.6 26.6 Funded accounts (b) (in thousands) 542 536 534 534 532 Total net customer assets (b) ($ in millions) $ 22,997 $ 20,123 $ 21,056 $ 21,049 $ 19,257 Total customer cash balances (b) ($ in millions) $ 1,506 $ 1,463 $ 1,509 $ 1,508 $ 1,476 (a)Represents the number of days the NYSE and other U.S. stock exchange markets are open for trading. A half day represents a day when the U.S. markets close early. (b)Represents activity across the brokerage, robo and advisory portfolios. During the three months ended June 30, 2026, total funded accounts increased 1% from the prior quarter and increased 2% from the second quarter of 2025. Average customer trades per day increased 3% from both the prior quarter and the second quarter of 2025, driven by evolving market conditions and customer engagement. Additionally, net customer assets increased 14% from the prior quarter and increased 19% from the second quarter of 2025, as a result of changes in equity market valuations. Mortgage Mortgage operations consist of our held-for-sale and held-for-investment consumer mortgage loan portfolios. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. The following table presents the net UPB, net UPB as a percentage of total, WAC, premium net of discounts, LTV, and FICO® Scores for the products in our consumer mortgage held-for-investment loan portfolio. Product Net UPB (a) ($ in millions) % of total net UPB WAC Net premium (discount) ($ in millions) Average refreshed LTV (b) Average refreshed FICO® (c) June 30, 2026 Fixed-rate $ 14,971 100 3.13 % $ (11) 45.16 % 782 Total $ 14,971 100 3.13 $ (11) 45.16 782 December 31, 2025 Fixed-rate $ 15,583 100 3.14 % $ (11) 46.31 % 782 Total $ 15,583 100 3.14 $ (11) 46.31 782 (a)Represents UPB, net of charge-offs. (b)Updated home values were derived using a combination of appraisals, broker price opinions, automated valuation models, and metropolitan statistical area level house price indices. (c)Updated to reflect changes in credit score since loan origination. 96 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Risk Management Managing the risk/reward trade-off is a fundamental component of operating our businesses, and all employees are responsible for managing risk. We use multiple layers of defense to identify, monitor, and manage current and emerging risks. •Business lines — Responsible for owning and managing all the risks that emanate from their risk-taking activities, including business units and support functions. •Independent risk management — Operates independent of the business lines and is responsible for establishing and maintaining our risk-management framework and promulgating it enterprise-wide. Independent risk management also provides an objective, critical assessment of risks and — through oversight, effective challenge, and other means — evaluates whether Ally remains aligned with its risk appetite. •Internal audit — Provides its own independent assessments regarding the quality of our loan portfolios as well as the effectiveness of our risk management, internal controls, and governance. Internal audit includes Audit Services and the Loan Review Group. Our risk-management framework is overseen by the RC. The RC sets the risk appetite across our company. Risk-oriented management committees, the executive leadership team, and our associates identify and monitor current and emerging risks and manage those risks within our risk appetite. Our primary types of risks include credit risk, insurance/underwriting risk, liquidity risk, market risk, business/strategic risk, reputation risk, model risk, operational risk, information technology/cybersecurity/data risk, compliance risk, and conduct risk. Our operational and information technology/cybersecurity/data risks continue to evolve as technological innovation accelerates. For example, frontier and other emerging AI models are rapidly changing the risk landscape across the financial services industry, which is increasing the speed, scale, and complexity of cyber threats. As these technologies advance, organizations (including us), may be required to identify, assess, and respond to emerging risks more quickly, which may require prioritizing security over other business activities. The broad availability of increasingly capable open-source AI models and other emerging technologies increases the ability of threat actors to develop, scale, and automate cyberattacks and other malicious activities. We actively monitor advances in frontier and other emerging AI and evaluate how evolving AI capabilities may be incorporated into our risk management framework. Remaining vigilant with respect to these developments is an important component of maintaining an effective approach in managing cyber threats, and failure to do so could diminish our ability to identify and respond to cyber threats in a timely manner. For more information on our risk management process, refer to the Risk Management MD&A section of our 2025 Annual Report on Form 10-K. 97 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Loan and Operating Lease Exposure The following table summarizes the exposures from our loan and operating-lease activities based on our reportable operating segments. ($ in millions) June 30, 2026 December 31, 2025 Finance receivables and loans Automotive Finance (a) $ 114,746 $ 108,711 Insurance (b) 1 8 Corporate Finance 13,687 12,930 Corporate and Other (c) 15,239 15,805 Total finance receivables and loans 143,673 137,454 Loans held-for-sale Automotive Finance 33 12 Corporate Finance 169 87 Corporate and Other 204 450 Total loans held-for-sale 406 549 Total on-balance-sheet loans 144,079 138,003 Off-balance-sheet securitized loans Automotive Finance 727 1,002 Whole-loan sales Automotive Finance 3,377 2,190 Total off-balance-sheet loans (d) 4,104 3,192 Operating lease assets Automotive Finance 8,585 8,772 Total operating lease assets 8,585 8,772 Total loan and operating lease exposure $ 156,768 $ 149,967 (a)Includes a liability of $33 million and an asset of $7 million associated with fair value hedging adjustments at June 30, 2026, and December 31, 2025, respectively. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information. (b)Represents insurance advance agreements with dealers that we administer through a noninsurance entity. These advances are included within our automotive commercial and industrial portfolio class. (c)Primarily includes our consumer mortgage portfolio at both June 30, 2026, and December 31, 2025. (d)Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. The risks inherent in our loan and operating lease exposures are largely driven by changes in the overall economy (including GDP trends and inflationary pressures), used vehicle and housing prices, unemployment levels, real personal income, household savings, and their impact on our borrowers. The potential financial statement impact of these exposures varies depending on the accounting classification and future expected disposition strategy. We retain most of our consumer automotive loans as they complement our core business model, but we do sell loans from time to time on an opportunistic basis. We ultimately manage the associated risks based on the underlying economics of the exposure. Our operating lease residual risk may be more volatile than credit risk in stressed macroeconomic scenarios. While all operating leases are exposed to potential reductions in used vehicle values, only those where we take possession of the vehicle are affected by potential reductions in used vehicle values. Credit Risk Credit risk is defined as the risk of loss arising from an obligor not meeting its contractual obligations to us. Credit risk includes consumer credit risk, commercial credit risk, and counterparty credit risk. Credit risk is a major source of potential economic loss to us. Credit risk is monitored by the executive leadership team and our associates, and is regularly reported to and reviewed with the RC. Management oversees credit decisioning, account servicing activities, and credit-risk-management processes, and manages credit risk exposures within our risk appetite. In addition, our Loan Review Group provides an independent assessment of the quality of our credit portfolios and credit-risk-management practices and reports its findings to the RC on a regular basis. To mitigate risk, we have implemented specific policies and practices across business lines, utilizing both qualitative and quantitative analyses. This reflects our commitment to maintaining an independent and ongoing assessment of credit risk and credit quality. Our policies require an objective and timely assessment of the overall quality of the consumer and commercial loan and operating lease portfolios. This includes the identification of relevant trends that affect the collectability of the portfolios, microsegments of the portfolios that are potential problem areas, loans and operating leases with potential credit weaknesses, and the assessment of the adequacy of internal credit risk policies 98 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q and procedures. Our consumer and commercial loan and operating lease portfolios are subject to periodic stress tests, which include economic scenarios whose severity mirrors those developed and distributed by the FRB to assess how the portfolios may perform in a severe economic downturn. In addition, we establish and maintain underwriting policies and limits across our portfolios and higher risk segments (for example, nonprime) based on our risk appetite. Another important aspect to managing credit risk involves the need to carefully monitor and manage the performance and pricing of our loan products with the aim of generating appropriate risk-adjusted returns. When considering pricing, various granular risk-based factors are considered such as expected loss rates, loss volatility, anticipated operating costs, and targeted returns on equity. We carefully monitor credit losses and trends in credit losses relative to expected credit losses at contract inception. We closely monitor our loan performance and profitability in light of forecasted economic conditions and manage credit risk and expectations of losses in the portfolio. We manage credit risk based on the risk profile of the borrower, the source of repayment, the underlying collateral, and current market and economic conditions. We monitor the credit risk profile of individual borrowers, various segmentations (for example, geographic region, product type, industry segment), as well as the aggregate portfolio. We perform quarterly analyses of the consumer automotive, consumer mortgage, consumer other, and commercial portfolios to assess the adequacy of the allowance for loan losses based on historical, current, and anticipated trends. Refer to Note 7 to the Condensed Consolidated Financial Statements for additional information. Additionally, we utilize various collection strategies to mitigate loss and provide ongoing support to customers in financial distress. We have enhanced our collection strategies to include customized messaging, digital communication, and proactive monitoring of vendor performance. We may offer several types of assistance to aid our customers based on their willingness and ability to repay their loan. As part of certain programs, we offer loan modifications to qualified borrowers, including payment extensions, interest rate concessions, and principal forgiveness. Furthermore, we manage our credit exposure to financial counterparties based on the risk profile of the counterparty. Within our policies we have established standards and requirements for managing counterparty risk exposures in a safe and sound manner. Counterparty credit risk is derived from multiple exposure types including derivatives, securities trading, securities financing transactions, lending arrangements, and certain cash balances. For more information on derivative counterparty credit risk, refer to Note 18 to the Condensed Consolidated Financial Statements. We employ an internal team of economists to enhance our planning and forecasting capabilities. This team conducts industry and market research, monitors economic risks, and helps support various forms of scenario planning and stress testing. This group closely monitors macroeconomic trends, such as unemployment rate and sales of new light motor vehicles, given the nature of our business and the potential impact on us given our exposure to these trends. As of June 30, 2026, the unemployment rate decreased to 4.2%. Sales of new light motor vehicles rose to an average annual rate of 16.3 million during the second quarter of 2026. Sales of new light motor vehicles remained below the pre-pandemic annual pace of 17.0 million in 2019, which has limited incoming used vehicle supply and supported used vehicle values. Additionally, used vehicle values may be impacted by availability, the price of new vehicles, or changes in customer preferences. However, macroeconomic risks remain elevated as a result of impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty. Consumer Credit Portfolio During the three months and six months ended June 30, 2026, the credit performance of the consumer loan portfolio reflected our underwriting strategy to originate a diversified portfolio of consumer automotive loan assets, including new, used, and prime and nonprime finance receivables and loans. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. Following the expected sale of the remaining mortgage loans that were transferred to held-for-sale in the fourth quarter of 2025, our consumer mortgage portfolio will be all first-lien fixed-rate mortgages. The carrying value of our nonprime held-for-investment consumer automotive loans before allowance for loan losses represented approximately 10.7% and 10.1% of our total consumer automotive loans at June 30, 2026, and December 31, 2025, respectively. For information on our consumer credit risk practices and policies regarding delinquencies, nonperforming status, and charge-offs, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. 99 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table includes consumer finance receivables and loans recorded at amortized cost basis. Outstanding Nonperforming Accruing past due 90 days or more (a) ($ in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Consumer automotive (b) (c) $ 89,184 $ 85,568 $ 1,122 $ 1,155 $ — $ — Consumer mortgage 14,960 15,572 54 62 — — Total consumer finance receivables and loans $ 104,144 $ 101,140 $ 1,176 $ 1,217 $ — $ — (a)Loans are generally in nonaccrual status when principal or interest has been delinquent for 90 days or more, or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status. (b)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information. (c)Includes outstanding CSG loans of $9.2 billion and $9.0 billion at June 30, 2026, and December 31, 2025, respectively, and RV loans of $247 million and $282 million at June 30, 2026, and December 31, 2025, respectively. Total consumer finance receivables and loans increased $3.0 billion to $104.1 billion at June 30, 2026, compared to December 31, 2025. The increase was primarily driven by an increase of $3.6 billion of consumer automotive finance receivables and loans, due to loan originations outpacing portfolio paydown. The increase in consumer finance receivables and loans was partially offset by a decrease of $612 million of our consumer mortgage finance receivables and loans, primarily due to portfolio runoff, as we ceased mortgage originations during the second quarter of 2025. Total consumer nonperforming finance receivables and loans decreased $41 million to $1.2 billion at June 30, 2026, compared to December 31, 2025. Nonperforming consumer finance receivables and loans as a percentage of total outstanding consumer finance receivables and loans was 1.1% and 1.2% at June 30, 2026, and December 31, 2025, respectively. Consumer automotive loans 30 days or more past due decreased $210 million to $4.3 billion at June 30, 2026, compared to December 31, 2025. During the six months ended June 30, 2026, we observed a decline in delinquency trends within our consumer automotive portfolio, primarily driven by seasonality. The following tables present consumer net charge-offs from finance receivables and loans at amortized cost basis and related ratios. Net charge-offs (recoveries) Net charge-off ratios (a) Three months ended June 30, ($ in millions) 2026 2025 2026 2025 Consumer automotive $ 344 $ 366 1.6 % 1.7 % Consumer mortgage (1) — — — Total consumer finance receivables and loans $ 343 $ 366 1.3 1.5 (a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category. Net charge-offs (recoveries) Net charge-off ratios (a) Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Consumer automotive $ 768 $ 811 1.8 % 1.9 % Consumer mortgage (9) (1) (0.1) — Consumer other (b) — 63 — n/m Total consumer finance receivables and loans $ 759 $ 873 1.5 1.7 n/m = not meaningful (a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category. (b)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. Our net charge-offs from total consumer finance receivables and loans were $343 million and $759 million for the three months and six months ended June 30, 2026, respectively, compared to $366 million and $873 million for the three months and six months ended June 30, 2025. The decreases for the three months and six months ended June 30, 2026, were driven by lower net charge-offs within our consumer automotive portfolio, reflecting our pricing, underwriting, and collection strategies, and overall stability in used vehicle prices in recent years, and higher recoveries in our consumer mortgage portfolio due to sales of fully charged-off loans. The decrease for the six months ended June 30, 2026, was also driven by lower net charge-offs within our consumer other portfolio due to the sale of Ally Credit Card, which closed on April 1, 2025. 100 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table summarizes total consumer loan originations for the periods shown. Total consumer loan originations include loans classified as finance receivables and loans held-for-sale during the period. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Consumer automotive (a) $ 13,580 $ 10,271 $ 24,856 $ 19,749 Consumer mortgage (b) — 4 — 95 Total consumer loan originations $ 13,580 $ 10,275 $ 24,856 $ 19,844 (a)Includes loans purchased under forward flow agreements with automotive retailers, as well as $1.1 billion and $1.6 billion of loans originated as held-for-sale for the three months and six months ended June 30, 2026, respectively, and $402 million and $604 million for the three months and six months ended June 30, 2025. (b)Excludes bulk loan purchases and includes $4 million and $95 million of loans originated as held-for-sale for the three months and six months ended June 30, 2025, respectively. Consumer mortgage originations ceased during the second quarter of 2025. Total consumer loan originations increased $3.3 billion and $5.0 billion for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increases were primarily driven by strong dealer engagement and growth in application volume from our dealer network. The following table shows the percentage of consumer finance receivables and loans by state concentration based on amortized cost basis. June 30, 2026 (a) December 31, 2025 Consumer automotive Consumer mortgage Consumer automotive Consumer mortgage California 8.1 % 40.8 % 8.3 % 40.5 % Texas 13.7 7.1 13.6 7.1 Florida 9.0 6.1 9.1 6.2 North Carolina 4.9 1.8 4.8 1.8 Pennsylvania 4.6 2.1 4.5 2.2 Georgia 4.2 2.8 4.1 2.9 New York 4.1 1.9 4.0 1.8 New Jersey 3.2 2.5 3.2 2.5 Illinois 3.0 2.8 3.0 2.8 Ohio 3.2 0.4 3.2 0.4 Other United States 42.0 31.7 42.2 31.8 Total consumer loans 100.0 % 100.0 % 100.0 % 100.0 % (a)Presentation is in descending order as a percentage of total consumer finance receivables and loans at June 30, 2026. We monitor our consumer loan portfolio for concentration risk across the states in which we lend. The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 25.5% and 25.8% of our total outstanding consumer finance receivables and loans at June 30, 2026, and December 31, 2025, respectively. Our consumer mortgage loan portfolio concentration within California is primarily composed of high-quality jumbo mortgage loans. 101 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Commercial Credit Portfolio For information on our commercial credit risk practices and policies regarding delinquencies, nonperforming status, and charge-offs, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. The following table includes total commercial finance receivables and loans reported at amortized cost basis. Outstanding Nonperforming Accruing past due 90 days or more (a) ($ in millions) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Commercial Commercial and industrial Automotive $ 20,597 $ 18,339 $ 1 $ 15 $ — $ — Other (b) 11,039 10,309 47 124 — — Commercial real estate 7,893 7,666 2 10 — — Total commercial finance receivables and loans $ 39,529 $ 36,314 $ 50 $ 149 $ — $ — (a)Loans are generally in nonaccrual status when principal or interest has been delinquent for 90 days or more, or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status. (b)Other commercial and industrial primarily includes senior secured commercial lending largely associated with our Corporate Finance operations. Total commercial finance receivables and loans outstanding increased $3.2 billion to $39.5 billion at June 30, 2026, compared to December 31, 2025. The increase was primarily due to a $2.4 billion increase in our Automotive Finance operations and a $757 million increase in our Corporate Finance operations. Total commercial nonperforming finance receivables and loans were $50 million at June 30, 2026, reflecting a decrease of $99 million compared to December 31, 2025. Nonperforming commercial finance receivables and loans as a percentage of outstanding commercial finance receivables and loans was 0.1% and 0.4% at June 30, 2026, and December 31, 2025, respectively. The following table includes total commercial net charge-offs from finance receivables and loans at amortized cost basis and related ratios. Three months ended June 30, Six months ended June 30, Net charge-offs (recoveries) Net charge-off ratios (a) Net charge-offs (recoveries) Net charge-off ratios (a) ($ in millions) 2026 2025 2026 2025 2026 2025 2026 2025 Commercial Commercial and industrial Other $ 51 $ — 1.8 % — % $ 52 $ — 1.0 % — % Total commercial finance receivables and loans $ 51 $ — 0.5 — $ 52 $ — 0.3 — (a)Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category. We had net charge-offs from total commercial finance receivables and loans of $51 million and $52 million for the three months and six months ended June 30, 2026, respectively. The increases in net charge-offs for the three months and six months ended June 30, 2026, as compared to three months and six months ended June 30, 2025, were primarily driven by the charge-off of a specific exposure within our Corporate Finance operations. Commercial Real Estate The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers. Commercial real estate finance receivables and loans were $7.9 billion and $7.7 billion at June 30, 2026, and December 31, 2025, respectively, which represented 5.5% and 5.6% of total outstanding finance receivables and loans at June 30, 2026, and December 31, 2025, respectively. There were $5.0 billion and $4.8 billion of commercial real estate loans included in the Automotive Finance segment at June 30, 2026, and December 31, 2025, respectively, and $2.8 billion and $2.7 billion of commercial real estate loans included in the Corporate Finance segment at June 30, 2026, and December 31, 2025. 102 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost basis. June 30, 2026 December 31, 2025 Florida 23.1 % 22.1 % Texas 10.4 12.1 New York 8.7 7.9 California 8.2 8.0 Ohio 5.4 5.4 North Carolina 3.4 3.6 Michigan 3.2 3.4 Georgia 3.0 3.0 Illinois 2.6 2.4 Missouri 2.2 2.2 Other United States 29.8 29.9 Total commercial real estate finance receivables and loans 100.0 % 100.0 % Commercial Criticized Exposure Finance receivables and loans classified as special mention, substandard, or doubtful are reported as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. These finance receivables and loans require additional monitoring and review including specific actions to mitigate our potential loss. Total criticized exposures increased $498 million from December 31, 2025, to $3.5 billion at June 30, 2026. The increase was primarily driven by an increase in Special Mention and Substandard loans within the commercial and industrial portfolio class of our Automotive Finance and Corporate Finance operations, respectively. Total criticized exposures were 8.8% and 8.2% of total commercial finance receivables and loans at June 30, 2026, and December 31, 2025, respectively, representing strong overall credit performance. The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost basis. June 30, 2026 December 31, 2025 Industry Automotive 66.4 % 61.7 % Services 13.9 12.4 Electronics 11.7 11.2 Other 8.0 14.7 Total commercial criticized finance receivables and loans 100.0 % 100.0 % Repossessed and Foreclosed Assets We classify a repossessed or foreclosed asset as held-for-sale, which is included in other assets on our Condensed Consolidated Balance Sheet, when physical possession of the collateral is taken. We dispose of the acquired collateral in a timely fashion in accordance with regulatory requirements. For more information on repossessed and foreclosed assets, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. Repossessed consumer automotive loan assets in our Automotive Finance operations were $198 million and $220 million at June 30, 2026, and December 31, 2025, respectively, and foreclosed consumer mortgage assets were $2 million and $1 million at June 30, 2026, and December 31, 2025, respectively. Repossessed commercial automotive loan assets in our Automotive Finance operations were $1 million at both June 30, 2026, and December 31, 2025. 103 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Allowance for Loan Losses Our quantitatively determined allowance under CECL is impacted by certain forecasted economic factors as further described in Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. For example, our consumer automotive allowance for loan losses is most sensitive to state-level unemployment rates. Our process for determining the allowance for loan losses considers a borrower’s willingness and ability to pay and considers other factors, including loan modification programs. In addition to our quantitative allowance for loan losses, we also incorporate qualitative adjustments that may relate to idiosyncratic risks, climate-related events, changes in current economic conditions that may not be reflected in quantitatively derived results, and other macroeconomic uncertainty. We also monitor model performance, using model error and related assessments, and we may incorporate qualitative reserves to adjust our quantitatively determined allowance if we observe deterioration in model performance. Additionally, we perform a sensitivity analysis of our allowance utilizing varying macroeconomic scenarios, as described further within Critical Accounting Estimates — Allowance for Credit Losses within the MD&A of our 2025 Annual Report on Form 10-K. Through June 30, 2026, forecasted economic variables incorporated into our quantitative allowance processes were updated to include the current macroeconomic environment and our future expectations reflecting slow GDP growth in the near term. This included (but was not limited to) the following: the unemployment rate peaking at approximately 4.5% in the third quarter of 2026, before reverting to the historical mean of approximately 5.7% by the second quarter of 2029, GDP growth increasing to 2.2% as measured on a quarter-over-quarter seasonally adjusted annualized rate basis in 2027, before reverting to the historical mean of approximately 2.1% by the second quarter of 2029, and increases in new light vehicle sales on a seasonally adjusted annualized rate basis peaking at more than 16 million units in the third quarter of 2027, before reverting to the historical mean of 15 million units by the second quarter of 2029. Additionally, we maintain a qualitative allowance framework to account for ongoing risks and volatility in the macroeconomic environment, including the impacts from tariffs, inflation, which includes the effects of elevated energy prices, consumer financial health, and geopolitical conflict and related uncertainty, that could adversely impact frequency of loss and LGD. Our overall allowance for loan losses increased $36 million from the prior quarter to $3.6 billion at June 30, 2026, representing 2.5% of total finance receivables at both June 30, 2026, and December 31, 2025. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and six months ended June 30, 2026, and June 30, 2025, respectively. Three months ended June 30, 2026 ($ in millions) Consumer automotive Consumer mortgage Total consumer Commercial Total Allowance at April 1, 2026 $ 3,250 $ 11 $ 3,261 $ 279 $ 3,540 Charge-offs (a) (634) — (634) (51) (685) Recoveries 290 1 291 — 291 Net charge-offs (344) 1 (343) (51) (394) Provision for credit losses Provision due to change in portfolio size 96 — 96 3 99 Provision due to incremental charge-offs (b) 344 (1) 343 51 394 Provision due to all other factors (b) (1) — (1) (62) (63) Total provision for credit losses 439 (1) 438 (8) 430 Other — (1) (1) 1 — Allowance at June 30, 2026 $ 3,345 $ 10 $ 3,355 $ 221 $ 3,576 Net charge-offs to average finance receivables and loans outstanding for the three months ended June 30, 2026 1.6 % — % 1.3 % 0.5 % 1.1 % Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2026 2.4 (4.2) 2.4 1.1 2.3 (a)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies. (b)Within Commercial, figures include the impact of the charge-off and release of the specific reserve related to one exposure in our legacy health care cash flow vertical. 104 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Six months ended June 30, 2026 ($ in millions) Consumer automotive Consumer mortgage Total consumer Commercial Total Allowance at January 1, 2026 $ 3,208 $ 12 $ 3,220 $ 270 $ 3,490 Charge-offs (a) (1,305) — (1,305) (52) (1,357) Recoveries 537 9 546 — 546 Net charge-offs (768) 9 (759) (52) (811) Provision for credit losses Provision due to change in portfolio size 138 — 138 12 150 Provision due to incremental charge-offs (b) 768 (9) 759 52 811 Provision due to all other factors (b) — (1) (1) (63) (64) Total provision for credit losses 906 (10) 896 1 897 Other (1) (1) (2) 2 — Allowance at June 30, 2026 $ 3,345 $ 10 $ 3,355 $ 221 $ 3,576 Net charge-offs to average finance receivables and loans outstanding for the six months ended June 30, 2026 1.8 % (0.1) % 1.5 % 0.3 % 1.2 % Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2026 2.2 (0.6) 2.2 2.1 2.2 (a)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies. (b)Within Commercial, figures include the impact of the charge-off and release of the specific reserve related to one exposure in our legacy health care cash flow vertical. Three months ended June 30, 2025 ($ in millions) Consumer automotive Consumer mortgage Total consumer Commercial Total Allowance at April 1, 2025 $ 3,144 $ 18 $ 3,162 $ 236 $ 3,398 Charge-offs (a) (599) (2) (601) (1) (602) Recoveries 233 2 235 1 236 Net charge-offs (366) — (366) — (366) Provision for credit losses Provision due to change in portfolio size 18 — 18 — 18 Provision due to incremental charge-offs 366 — 366 — 366 Provision due to all other factors 5 (1) 4 (4) — Total provision for credit losses 389 (1) 388 (4) 384 Other (1) — (1) 1 — Allowance at June 30, 2025 $ 3,166 $ 17 $ 3,183 $ 233 $ 3,416 Net charge-offs to average finance receivables and loans outstanding for the three months ended June 30, 2025 1.7 % — % 1.5 % — % 1.1 % Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2025 2.2 (5.5) 2.2 (121.1) 2.3 (a)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies. 105 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Six months ended June 30, 2025 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Total consumer Commercial Total Allowance at January 1, 2025 $ 3,170 $ 19 $ 319 $ 3,508 $ 206 $ 3,714 Charge-offs (b) (1,275) (2) (68) (1,345) (2) (1,347) Recoveries 464 3 5 472 2 474 Net charge-offs (811) 1 (63) (873) — (873) Provision for credit losses Provision due to change in portfolio size 21 — — 21 11 32 Provision due to incremental charge-offs 811 (1) 63 873 — 873 Provision due to all other factors (25) — (320) (345) 15 (330) Total provision for credit losses 807 (1) (257) 549 26 575 Other — (2) 1 (1) 1 — Allowance at June 30, 2025 $ 3,166 $ 17 $ — $ 3,183 $ 233 $ 3,416 Net charge-offs to average finance receivables and loans outstanding for the six months ended June 30, 2025 1.9 % — % n/m 1.7 % — % 1.3 % Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2025 2.0 (9.3) — 1.8 (154.7) 2.0 n/m = not meaningful (a)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies. ($ in millions) Consumer automotive Consumer mortgage Total consumer Commercial Total June 30, 2026 Allowance for loan losses to finance receivables and loans outstanding (a) 3.8 % 0.1 % 3.2 % 0.6 % 2.5 % Allowance for loan losses to total nonperforming finance receivables and loans (a) 298.2 % 19.7 % 285.3 % 438.5 % 291.6 % Nonaccrual loans to finance receivables and loans outstanding 1.3 % 0.4 % 1.1 % 0.1 % 0.9 % June 30, 2025 Allowance for loan losses to finance receivables and loans outstanding (a) 3.8 % 0.1 % 3.2 % 0.7 % 2.6 % Allowance for loan losses to total nonperforming finance receivables and loans (a) 279.1 % 24.5 % 264.5 % 149.2 % 251.2 % Nonaccrual loans to finance receivables and loans outstanding 1.3 % 0.4 % 1.2 % 0.5 % 1.0 % (a)Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the amortized cost basis. The allowance for consumer loan losses as of June 30, 2026, increased $172 million compared to June 30, 2025, reflecting an increase of $179 million in the consumer automotive allowance, primarily driven by portfolio growth. The increase was partially offset by a decrease of $7 million in the consumer mortgage allowance, primarily driven by the continued run-off of our consumer mortgage loan portfolio. The allowance for commercial loan losses as of June 30, 2026, decreased $12 million compared to June 30, 2025. The decrease was primarily driven by lower specific reserves in our Corporate Finance and Automotive Finance operations. 106 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Provision for Loan Losses The following table summarizes the provision for loan losses by loan portfolio class. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Consumer automotive $ 439 $ 389 $ 906 $ 807 Consumer mortgage (1) (1) (10) (1) Consumer other (a) — — — (257) Total consumer 438 388 896 549 Commercial Commercial and industrial Automotive 2 (5) 3 11 Other (12) (3) (4) 8 Commercial real estate 2 4 2 7 Total commercial (8) (4) 1 26 Total provision for loan losses $ 430 $ 384 $ 897 $ 575 (a)Consists of Credit Card. We closed the sale of Ally Credit Card on April 1, 2025. The provision for consumer credit losses increased $50 million and $347 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The increase for three months ended June 30, 2026, was primarily driven by portfolio growth within our consumer automotive portfolio, partially offset by lower net charge-offs within our consumer automotive portfolio. The increase for the six months ended June 30, 2026, was primarily driven by a provision benefit within our consumer other portfolio associated with the sale of Ally Credit Card that occurred during the six months ended June 30, 2025. The increase in provision for credit losses for the six months ended June 30, 2026, was partially offset by lower net charge-offs within our consumer other portfolio as a result of the sale of Ally Credit Card and lower net charge-offs within our consumer automotive portfolio. The provision for commercial credit losses decreased $4 million and $25 million for the three months and six months ended June 30, 2026, respectively, compared to the three months and six months ended June 30, 2025. The decreases were primarily driven by lower specific reserves, including the favorable resolution of one exposure in our legacy health care cash flow vertical during the three months and six months ended June 30, 2026, in our Corporate Finance operations. This resolution resulted in a partial charge-off and release of the remaining related specific reserve, reducing provision expense. Additionally, the decreases were driven by lower specific reserve activity in our Automotive Finance operations. The decrease for the six months ended June 30, 2026, was also driven by lower reserve build related to slower asset growth in our Corporate Finance operations. 107 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Allowance for Loan Losses by Type The following table summarizes the allocation of the allowance for loan losses by loan portfolio class. 2026 2025 June 30, ($ in millions) Allowance for loan losses Allowance as a % of loans outstanding Allowance as a % of total allowance for loan losses Allowance for loan losses Allowance as a % of loans outstanding Allowance as a % of total allowance for loan losses Consumer automotive $ 3,345 3.8 93.5 $ 3,166 3.8 92.7 Consumer mortgage 10 0.1 0.3 17 0.1 0.5 Total consumer loans 3,355 3.2 93.8 3,183 3.2 93.2 Commercial Commercial and industrial Automotive 24 0.1 0.7 29 0.2 0.8 Other 139 1.3 3.9 160 1.8 4.7 Commercial real estate 58 0.7 1.6 44 0.7 1.3 Total commercial loans 221 0.6 6.2 233 0.7 6.8 Total allowance for loan losses $ 3,576 2.5 100.0 $ 3,416 2.6 100.0 Market Risk Our financing, investing, and insurance activities give rise to market risk, or the potential change in the value of our assets (including securities, assets held-for-sale, loans, and operating leases) and liabilities (including deposits and debt) due to movements in market variables, such as interest rates, spreads, foreign-exchange rates, equity prices, off-lease vehicle prices, and other components such as liquidity. The impact of changes in benchmark interest rates on our balance sheet represents an exposure to market risk and can affect our expected earnings. We primarily use interest rate derivatives to manage our interest rate risk exposure. During the six months ended June 30, 2026, the Federal Reserve maintained the federal funds target range at 3.50–3.75%. Continued high benchmark interest rates led to pricing impacts across the balance sheet. Refer to the section below titled Net Financing Revenue Sensitivity Analysis for additional information on how future rate changes may impact net financing revenue. The fair value of our spread-sensitive assets is also exposed to spread risk. Spread is the amount of additional return over the benchmark interest rates that an investor would demand for taking exposure to primarily credit and liquidity risk of an instrument. Generally, an increase in spreads would result in a decrease in fair value measurement. We are also exposed to marginal foreign-currency risk primarily from Canadian denominated assets and liabilities. We enter into foreign currency hedges to mitigate foreign exchange risk. We have exposure to changes in the value of equity securities with readily determinable fair values primarily related to our Insurance operations. For such equity securities, we use equity derivatives to manage our exposure to equity price fluctuations. As part of our CRA program, we make investments in small business investment company funds, community and workforce development funds, tax credit funds, and other CRA-eligible funds that do not qualify as proportional amortization investments. Many of these CRA funds feature private equity or venture capital structures and are accounted for using the equity method of accounting. We recognize our share of the investee’s earnings based on the performance of the funds. We recognized losses of $1 million and gains of $5 million related to these investments during the three months and six months ended June 30, 2026, respectively, as compared to gains of $5 million and $19 million during the three months and six months ended June 30, 2025. The losses for the three months ended June 30, 2026, were primarily due to the performance of one investment within our portfolio of CRA-eligible funds. The gains for the six months ended June 30, 2026, were primarily due to the underlying performance of several investments in venture capital firms. No material impairment was recorded within our portfolio of CRA-eligible funds as of June 30, 2026. In addition, we are exposed to changes in the value of other nonmarketable equity investments without readily determinable fair market values, which may cause volatility in our earnings. 108 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q As of June 30, 2026, we had $2.7 billion of cumulative net unrealized losses, inclusive of tax effects, on our debt securities. During the three months and six months ended June 30, 2026, we recorded $44 million and $41 million of net unrealized gains, inclusive of tax effects, on our available-for-sale securities, respectively. Unrealized gains and losses are recorded in other comprehensive income within our Condensed Consolidated Statement of Comprehensive Income, and are generally not realized unless we sell the securities prior to their stated maturity date. As of June 30, 2026, and December 31, 2025, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For the six months ended June 30, 2026, management determined that there were no expected credit losses for available-for-sale or held-to-maturity securities in an unrealized loss position. Refer to Note 6 and Note 15 to the Condensed Consolidated Financial Statements for additional information. The composition of our balance sheet, including shorter-duration fixed-rate consumer automotive loans and variable-rate commercial loans, along with our primary funding source of retail deposits, partially mitigates market risk. Additionally, we maintain risk-management controls that measure and monitor market risk using a variety of analytical techniques including market value and sensitivity analysis. Refer to Note 18 to the Condensed Consolidated Financial Statements for additional information. For information regarding our insured and uninsured deposit liabilities, refer to the Liquidity Management, Funding, and Regulatory Capital section of this MD&A. Net Financing Revenue Sensitivity Analysis Interest rate risk represents one of our most significant exposures to market risk. We actively monitor the level of exposure to movements in interest rates and take actions to mitigate adverse impacts these movements may have on future earnings. We use a sensitivity analysis of net financing revenue as our primary metric to measure and manage the interest rate risk of our financial instruments. In addition to net financing revenue sensitivities, EVE is used as a long-term interest rate risk measurement tool and a component of our interest rate risk management framework. EVE measures the present value of aggregate lifetime cash flows based on balance sheet and off-balance sheet positions at a specific point-in-time. We determine EVE sensitivities using a multitude of rate scenarios where the present value of future cash flows is recalculated using shocked interest rates. Interest rate risk metrics are reported at each regularly scheduled meeting of the ALCO and of the RC. Reporting includes exposure relative to risk limits, impacts to a range of rate scenarios, and sensitivity tests of key assumptions. The execution of our current business strategy generally results in shorter-duration, fixed-rate consumer automotive loans comprising the majority of our assets and liquid, floating-rate retail deposits comprising the majority of our liabilities. This, in turn, results in a structurally liability sensitive balance sheet as our floating-rate retail deposits reprice faster than our fixed-rate consumer automotive loans when interest rates change. We prepare forward-looking baseline forecasts of pretax net financing revenue as well as anticipated future business growth, actions to alter our asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a variety of assumptions, one of the most significant being the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We monitor industry and competitive repricing activity along with other business and market factors when developing deposit pricing assumptions. Modeled simulations are then used to assess changes in pretax net financing revenue in multiple interest rate scenarios relative to the baseline forecast. The changes in net financing revenue relative to the baseline are defined as the sensitivity. Our simulations incorporate contractual cash flows and assumed repricing characteristics for assets, liabilities, and off-balance sheet exposures and incorporate the assumed effects of changing interest rates on the prepayment and attrition rates of certain assets and liabilities. Our simulations do not assume any specific future actions are taken to mitigate the impacts of changing interest rates. These simulations measure the potential changes in our pretax net financing revenue over the following 12 months. We test a number of alternative rate scenarios, including immediate and gradual parallel shocks to the implied forward curve. We also evaluate nonparallel shocks to interest rates and stresses to certain term points on the yield curve in isolation to capture and monitor a variety of risks. Simulation results are driven by underlying models and assumptions that are based on trend behavior and other historical information. The underlying models and assumptions, including retail deposit pricing, are regularly monitored and evaluated, and may be updated accordingly as observed trends materialize. As a result, if future trends or behaviors deviate from those reflected in the models, actual sensitivities may vary, perhaps significantly, from those that are modeled. Actual sensitivities may differ for other reasons as well, including unplanned changes in balance sheet composition, timing of asset and liability repricing, the yield curve, customer behavior, macroeconomic conditions, the competitive environment, and management strategies. Accordingly, we do not treat the sensitivities as forecasts of net financing revenue but instead use them as a tool in managing interest rate risk. We also assess Ally’s sensitivity to interest rate risk through the performance of sensitivity testing of key assumptions including, but not limited to, prepayments and retail automotive and deposit repricing on a routine basis. 109 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table presents the pretax dollar impact to baseline forecasted net financing revenue over the next 12 months assuming various parallel shocks to the implied forward curve as of June 30, 2026, and December 31, 2025. June 30, 2026 December 31, 2025 Gradual (a) Instantaneous Gradual (a) Instantaneous Change in interest rates ($ in millions) ($ in millions) +200 basis points $ (30) $ (318) $ 18 $ (221) +100 basis points (10) (149) 9 (106) -100 basis points 3 86 (20) 22 -200 basis points — 108 (44) (31) (a)Gradual changes in interest rates are recognized over 12 months. Since December 31, 2025, the implied forward curve has flattened, driven by the front end, reflecting market expectations for increases in the Federal Funds rate. During the six months ended June 30, 2026, our asset balances increased primarily due to growth in floating-rate commercial loans and fixed-rate retail automotive loans, partially offset by the continued run-off of our consumer mortgage portfolio. Additionally, we saw a shift from consumer CDs to liquid deposits. The impact of these changes is reflected in our baseline net financing revenue forecast. As of June 30, 2026, our balance sheet is modestly asset sensitive in the near term due to our floating-rate assets and pay-fixed hedge position. However, our balance sheet remains liability sensitive over the medium term, driven by the assumed repricing of our deposits and market-based funding outpacing the assumed repricing of our floating-rate assets and pay-fixed swaps. Our interest rate risk position is influenced by the impact of hedging activity, which primarily consists of interest rate swaps designated as fair value hedges of certain fixed-rate assets and fixed-rate debt instruments. Additionally, we may use interest rate floor contracts designated as cash flow hedges on certain floating-rate assets. The size, maturity, and mix of our hedging activities are adjusted as our balance sheet, ALM objectives, and the interest rate environment evolve over time. Operating Lease Residual Risk Management We are exposed to residual risk on vehicles in the consumer operating lease portfolio. This operating lease residual risk represents the possibility that the actual proceeds realized upon the sale of returned vehicles will be lower than the projection of these values used in establishing the pricing at lease inception. Our operating lease portfolio, net of accumulated depreciation was $8.6 billion and $8.8 billion as of June 30, 2026, and December 31, 2025, respectively. The expected lease residual value of our operating lease portfolio at scheduled termination was $7.0 billion and $7.1 billion as of June 30, 2026, and December 31, 2025, respectively. Certain of our operating leases are covered by residual guarantees with counterparties, which partially mitigates the residual value risk to the extent the counterparties are able to meet the terms of the contractual agreements. As of June 30, 2026, and December 31, 2025, consumer operating leases with a carrying value, net of accumulated depreciation, of $3.3 billion and $3.4 billion, respectively, were covered by OEM residual value guarantees. Refer to Note 8 to the Condensed Consolidated Financial Statements for further information. For information on our valuation of automotive operating lease residuals including periodic revisions through adjustments to depreciation expense based on current and forecasted market conditions, refer to the section titled Critical Accounting Estimates—Valuation of Automotive Operating Lease Assets and Residuals within the MD&A of our 2025 Annual Report on Form 10-K. Operating Lease Vehicle Terminations and Remarketing The following table summarizes the volume of operating lease terminations and average loss or gain per vehicle, as well as our methods of vehicle sales at lease termination, stated as a percentage of total operating lease vehicle disposals. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Off-lease vehicles terminated (in units) 19,510 26,302 34,672 48,245 Average (loss) gain per vehicle ($ per unit) $ (82) $ 14 $ (336) $ (385) Method of vehicle sales Sale to dealer, lessee, and other 40 % 46 % 40 % 44 % Auction SmartAuction 52 41 53 43 Physical 8 13 7 13 We recognized an average loss per vehicle of $82 and $336 for the three months and six months ended June 30, 2026, respectively, compared to an average gain per vehicle of $14 and an average loss per vehicle of $385 for the three months and six months ended June 30, 2025. The method of vehicle sales is largely dependent on used vehicle values at lease termination compared to contractual residual values at lease inception. In the near term, our ability to optimize remarketing gains may be limited due to used vehicle market pressures on certain plug-in hybrid vehicles following the elimination of federal electric-vehicle tax credits for both new and used vehicles, vehicle recalls, and 110 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q increased OEM marketing incentives on new vehicles. During the first quarter of 2026, we adjusted the rate of depreciation to recognize more depreciation on vehicles scheduled to terminate through September 30, 2027, primarily driven by used market pressures on certain plug-in hybrid vehicles. We will continue to evaluate our depreciation rate for leased vehicles based on expected residual values and adjust depreciation expense over the remaining life of the lease, if deemed necessary. In future periods, the volatility of remarketing gains and losses may decline as a result of the shift in our operating lease portfolio towards contracts with residual value guarantees. Additionally, as we have diversified the mix of OEMs within our operating lease portfolio, we may also see less volatility associated with those contracts without residual value guarantees. Operating Lease Portfolio Mix We monitor concentrations of our consumer operating lease portfolio by OEM, vehicle type, and OEM residual value guarantee status. The following table presents the concentration of our outstanding operating lease exposures by OEM, disaggregated by those with and without OEM residual value guarantees. June 30, 2026 December 31, 2025 Operating lease exposures with OEM residual value guarantees (a) 38 % 39 % Operating lease exposures without OEM residual value guarantees Stellantis 25 34 GM 23 18 Other OEMs 14 9 Total exposures without OEM residual value guarantees 62 61 Total operating lease exposures 100 % 100 % (a)Represents an exposure with one automotive manufacturer at both June 30, 2026, and December 31, 2025. As of June 30, 2026, and December 31, 2025, $3.8 billion and $4.2 billion of our investment in operating leases, net of accumulated depreciation, were battery-electric or plug-in hybrid vehicles, respectively. Substantially all of our investment in operating leases of battery-electric vehicles are covered by OEM residual value guarantees of approximately 50% of the vehicles’ contract residual value. Refer to Note 8 to the Condensed Consolidated Financial Statements for more information regarding our investment in operating leases. The following table presents the mix of operating lease assets by vehicle type, based on volume of units outstanding. June 30, 2026 December 31, 2025 Sport utility vehicle 66 % 67 % Car 23 22 Truck 11 11 111 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Liquidity Management, Funding, and Regulatory Capital Overview The purpose of liquidity management is to enable us to meet loan and operating lease demand, debt maturities, deposit withdrawals, and other cash commitments under both normal operating conditions as well as periods of economic or financial stress. Our primary objective is to maintain cost-effective, stable and diverse sources of funding capable of sustaining the organization throughout all market cycles. Sources of funding include both retail and brokered deposits and secured and unsecured market-based funding across various maturity, interest rate, and investor profiles. Additional liquidity is available through a pool of unencumbered highly liquid securities, repurchase agreements, advances from the FHLB of Pittsburgh, the FRB Standing Repo Facility, and the FRB Discount Window. We define liquidity risk as the risk that an institution’s financial condition or overall safety and soundness is adversely affected by the actual or perceived inability to liquidate assets or obtain adequate funding or to easily unwind or offset specific exposures without significantly lowering market prices because of inadequate market depth or market disruptions. Liquidity risk can arise from a variety of institution-specific or market-related events that could have a negative impact on cash flows available to the organization. Effective management of liquidity risk positions an organization to meet cash flow obligations caused by unanticipated events. Managing liquidity needs and contingent funding exposures has proven essential to the solvency of financial institutions. The ALCO, chaired by the Corporate Treasurer, is responsible for overseeing our funding and liquidity strategies. Corporate Treasury is responsible for managing our liquidity positions within limits approved by the RC. As part of managing liquidity risk, Corporate Treasury prepares monthly forecasts depicting anticipated funding needs and sources of funds, executes our funding strategies, and manages liquidity under normal as well as more severely stressed macroeconomic environments. Oversight and monitoring of liquidity risk are provided by Independent Risk Management. The monthly liquidity forecasts demonstrate our ability to generate and obtain adequate amounts of cash to meet loan and operating lease demand, debt maturities, deposit withdrawals, and other cash commitments under normal operating conditions throughout the forecast horizon (currently through December 2028). Refer to Note 12 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt as of June 30, 2026. Funding Strategy Liquidity and ongoing profitability are largely dependent on the timely and cost-effective access to retail deposits and funding in various segments of the capital markets. We focus on maintaining diversified funding sources across a broad base of depositors, lenders, and investors to meet liquidity needs throughout different economic cycles, including periods of financial distress. These funding sources include retail and brokered deposits, public and private asset-backed securitizations, unsecured debt, FHLB advances, and repurchase agreements. Our access to diversified funding sources enhances funding flexibility and results in a more cost-effective funding strategy over the long term. We evaluate funding markets on an ongoing basis to achieve an appropriate balance of unsecured and secured funding sources and maturity profiles. We manage our funding to achieve a well-balanced portfolio across a spectrum of risk, maturity, and cost-of-funds characteristics. Optimizing funding at Ally Bank continues to be a key part of our long-term liquidity strategy. We optimize our funding sources at Ally Bank by prioritizing retail deposits and maintaining access to diversified funding sources. Retail deposits are complemented by brokered deposits, repurchase agreements, securitizations, and access to FHLB funding. Assets are primarily originated by Ally Bank to utilize retail deposit funding. This allows us to use bank funding for substantially all our automotive finance and other assets and to provide a sustainable long-term funding channel for the business, while also improving the cost of funds for the enterprise. Liquidity Risk Management Multiple metrics are used to measure liquidity risk, manage the liquidity position, identify related trends, and monitor these trends and metrics against established limits. These metrics include comprehensive stress tests that measure the sufficiency of the liquidity portfolio over stressed horizons ranging from overnight to 12 months, a stability ratio that measures longer-term structural liquidity, and concentration ratios that enable prudent funding diversification. In addition, we have established internal management routines designed to review all aspects of liquidity and funding plans, evaluate the adequacy of liquidity buffers, review stress testing results, and assist management in the execution of its funding strategy and risk-management accountabilities. Our liquidity stress testing is designed to allow us to operate our businesses and to meet our contractual and contingent obligations, including unsecured debt maturities, for at least 12 months, assuming our normal access to funding is disrupted by severe market-wide and enterprise-specific events. We maintain available liquidity in the form of cash, unencumbered highly liquid securities, available FHLB capacity, and the FRB Discount Window capacity. This available liquidity is held at various legal entities and is subject to regulatory restrictions and tax implications that may limit our ability to transfer funds across entities. 112 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following table summarizes our total available liquidity. ($ in millions) June 30, 2026 December 31, 2025 Liquid cash and equivalents (a) $ 7,543 $ 9,676 FHLB unused pledged borrowing capacity (b) 7,511 9,115 Unencumbered highly liquid securities (c) 20,608 20,328 FRB Discount Window pledged capacity (d) 27,173 26,935 Total available liquidity $ 62,835 $ 66,054 (a)Excludes restricted cash and foreign currency cash balances. (b)Pledged assets are primarily composed of consumer mortgage finance receivables and loans, as well as real-estate-backed loans within our Automotive Finance and Corporate Finance businesses, and non-agency mortgage-backed securities. (c)Includes unencumbered U.S. federal government, U.S. agency, and highly liquid corporate debt securities. (d)Pledged assets are composed of consumer automotive finance receivables and loans. Refer to Note 12 to the Condensed Consolidated Financial Statements for information on assets pledged to the FRB. Recent Funding and Liquidity Developments Key funding highlights from January 1, 2026, to date were as follows: •We raised $758 million through the completion of a term securitization transaction backed by consumer automotive loans. •We issued $550 million of credit-linked notes. Refer to the section below titled Credit-Linked Notes for additional information. •We raised $987 million through the issuance of 1,000,000 shares of 7.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D. Refer to Note 14 to the Condensed Consolidated Financial Statements for additional information. •We redeemed all 1,350,000 of our issued and outstanding 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, for $1.35 billion in cash. Refer to Note 14 to the Condensed Consolidated Financial Statements for additional information. Funding Sources The following table summarizes our sources of funding and the amount outstanding under each category for the periods shown. June 30, 2026 December 31, 2025 ($ in millions) On-balance-sheet funding % Share of funding On-balance-sheet funding % Share of funding Deposits $ 154,046 87 $ 151,649 87 Debt Secured financings (a) 13,165 8 11,753 7 Institutional term debt 9,323 5 9,284 6 Retail term notes 307 — 728 — Other unsecured borrowings (a) 174 — — — Total debt (b) 22,969 13 21,765 13 Total on-balance-sheet funding $ 177,015 100 $ 173,414 100 (a)Includes certain amounts funded from the issuance of credit-linked notes. Refer to Note 17 to to the Condensed Consolidated Financial Statements for further information about the issuance of credit-linked notes. (b)Includes hedge basis adjustments as described in Note 18 to the Condensed Consolidated Financial Statements. Refer to Note 12 to the Condensed Consolidated Financial Statements for a summary of the scheduled maturity of long-term debt at June 30, 2026. Deposits Ally Bank is a digital direct bank with no branch network that obtains retail deposits directly from customers. We offer competitive rates and fees on a full spectrum of retail deposit products, including savings accounts, money-market demand accounts, CDs, interest-bearing spending accounts, trust accounts, and IRAs. Our primary funding source is retail deposits, which we believe, at scale, is the most efficient and stable source of funding for us when compared to other funding sources. Retail deposits constituted 81% of our total on-balance-sheet funding sources at June 30, 2026. Total deposits, which include brokered deposits obtained through third-party intermediaries, constituted 87% of total on-balance-sheet funding at June 30, 2026. 113 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Total uninsured deposits as calculated per regulatory guidance includes affiliate and intercompany deposits, which we believe have different risk profiles than other uninsured deposits. The amounts presented below remove affiliate and intercompany deposits from total uninsured deposits. We believe that the presentation of uninsured deposits adjusted for the impact of the affiliate deposits provides enhanced clarity of uninsured deposits at risk. June 30, 2026 December 31, 2025 ($ in millions) Amount % of total deposits Amount % of total deposits Uninsured deposits Total uninsured deposits, as calculated per regulatory guidelines $ 16,237 11 $ 16,712 11 Less: Affiliate and intercompany deposits 4,471 3 4,877 3 Total uninsured deposits, excluding affiliate and intercompany deposits $ 11,766 8 $ 11,835 8 On November 16, 2023, the FDIC finalized a rule that imposes a special assessment to recover the costs to the DIF resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the FDI Act in connection with the receiverships of SVB and Signature. In December 2025, the FDIC reduced the rate at which the special assessment is collected for the eighth and final quarter of the collection period, with an invoice payment date of March 30, 2026. We paid $4 million in special assessments during the six months ended June 30, 2026. We do not expect to make any additional payments related to this special assessment. The following table shows Ally Bank’s total primary retail deposit customers and deposit balances as of the end of each of the last five quarters. June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total primary retail deposit customers (in thousands) 3,588 3,525 3,450 3,405 3,360 Deposits ($ in millions) Retail $ 143,566 $ 146,132 $ 143,529 $ 141,843 $ 143,158 Brokered 9,003 5,591 6,703 5,037 3,244 Other (a) 1,477 1,429 1,417 1,530 1,464 Total deposits $ 154,046 $ 153,152 $ 151,649 $ 148,410 $ 147,866 (a)Other deposits include mortgage escrow deposits. Other deposits also include a deposit related to Ally Invest customer cash balances deposited at Ally Bank by a third party of $1.3 billion as of each of the periods ended June 30, 2026, March 31, 2026, and December 31, 2025, $1.4 billion as of September 30, 2025, and $1.3 billion as of June 30, 2025. During the six months ended June 30, 2026, our total deposit base increased $2.4 billion and we added approximately 138,000 retail deposit customers, ending with approximately 3.6 million retail deposit customers as of June 30, 2026. Total retail deposits increased $37 million during the six months ended June 30, 2026, bringing the total retail deposits portfolio to $143.6 billion as of June 30, 2026. During the six months ended June 30, 2026, we implemented pricing actions to reduce rates paid on several of our key deposit product offerings. These pricing actions reduced deposit balances from our most rate sensitive customers, which were more than offset by deposit growth from new customers. Brokered deposits increased $2.3 billion during the six months ended June 30, 2026. During the six months ended June 30, 2026, our CD deposit liabilities decreased $36 million while our savings, money market, and spending account deposit liabilities increased $2.4 billion. This trend was primarily due to customer migration to liquid savings as fixed-rate CD maturities occurred during the six months ended June 30, 2026. Strong customer acquisition and retention rates continue to deliver a favorable funding mix. Overall, we continue to maintain a relentless focus on customer experience and competitive rates. Approximately 92% of retail deposits at Ally Bank, excluding affiliate and intercompany deposits, were FDIC-insured as of June 30, 2026. Our total available liquidity exceeded our uninsured retail deposit liabilities by $51.1 billion as of June 30, 2026. For additional information on our deposit funding by type, refer to Note 11 to the Condensed Consolidated Financial Statements. Securitizations and Secured Financings In addition to our growing deposits base, we maintain a presence in the securitization markets to finance our automotive loan portfolios. Securitizations and secured funding transactions, collectively referred to as securitization transactions due to their similarities, allow us to convert our automotive finance receivables into cash earlier than what would have occurred in the normal course of business. As part of these securitization transactions, we sell assets to various SPEs in exchange for the proceeds from the issuance of debt and other beneficial interest in the assets. The activities of the SPEs are generally limited to acquiring the assets, issuing and making payments on the debt, paying related expenses, and periodically reporting to investors. These securitization transactions may meet the criteria to be accounted for as off-balance-sheet securitization transactions if we do not hold a potentially significant economic interest or do not provide servicing or asset management functions for the financial assets held by the securitization entity. Our securitization transactions may not meet the required criteria to be accounted for as off-balance-sheet securitization 114 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q transactions; therefore, they are accounted for as secured borrowings. For information regarding our off-balance sheet arrangements and securitization activities, refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. We have access to funding through advances with the FHLB. These advances are primarily secured by consumer and commercial mortgage finance receivables and loans and investment securities. As of June 30, 2026, we had pledged $25.5 billion of assets to the FHLB resulting in $16.7 billion in total funding capacity with $9.2 billion of debt outstanding. At June 30, 2026, $65.2 billion of our total assets were restricted as collateral for the payment of debt obligations accounted for as secured borrowings. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion. Unsecured Financings We have long-term unsecured debt outstanding from retail term note programs. These programs are composed of callable fixed-rate instruments with fixed maturity dates. There were $307 million of retail term notes outstanding at June 30, 2026. The remainder of our unsecured debt is composed of institutional term debt. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information about our outstanding long-term unsecured debt. Credit-Linked Notes During the six months ended June 30, 2026, we issued $550 million of credit-linked notes. The proceeds from this issuance constitute prefunded credit protection for mezzanine tranches of the reference portfolio. The portion of the proceeds that resulted in secured debt are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. These transactions are structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure. Other Secured and Unsecured Short-term Borrowings We have access to repurchase agreements. A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. The securities sold in repurchase agreements include U.S. government and federal agency obligations. As of June 30, 2026, we had $741 million of debt outstanding under repurchase agreements. Additionally, we have access to the FRB Discount Window and can borrow funds to meet short-term liquidity demands. The FRB, however, is not a primary source of funding for day-to-day business. Instead, it is a liquidity source that can be accessed in stressed environments or periods of market disruption. As of June 30, 2026, we had assets pledged and restricted as collateral to the FRB totaling $34.6 billion, resulting in $27.2 billion in total funding capacity with no debt outstanding. Guaranteed Securities Certain senior notes (collectively, the Guaranteed Notes) issued by Ally Financial Inc. (referred to within this section as the Parent) are unconditionally guaranteed on a joint and several basis by IB Finance, a subsidiary of the Parent and the direct parent of Ally Bank, and Ally US LLC, a subsidiary of the Parent (together, the Guarantors, and the guarantee provided by each such Guarantor, the Note Guarantees). The Guarantors are primary obligors with respect to payment when due, whether at maturity, by acceleration or otherwise, of all payment obligations of the Parent in respect of the Guaranteed Notes pursuant to the terms of the applicable indenture. At both June 30, 2026, and December 31, 2025, the outstanding principal balance of the Guaranteed Notes was $2.0 billion, with the last scheduled maturity to take place in 2031. The Note Guarantees rank equally in right of payment with the applicable Guarantor’s existing and future unsubordinated unsecured indebtedness and are subordinate to any secured indebtedness of the applicable Guarantor to the extent of the value of the assets securing such indebtedness. The Note Guarantees are structurally subordinate to indebtedness and other liabilities (including trade payables and lease obligations, and in the case of Ally Bank, its deposits) of any nonguarantor subsidiaries of the applicable Guarantor to the extent of the value of the assets of such subsidiaries. The Note Guarantees and all other obligations of the Guarantors will terminate and be of no further force or effect (i) upon a permissible sale, disposition, or other transfer (including through merger or consolidation) of a majority of the equity interests (including any sale, disposition or other transfer following which the applicable Guarantor is no longer a subsidiary of the Parent), of the applicable Guarantor, or (ii) upon the discharge of the Parent’s obligations related to the Guaranteed Notes. 115 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q The following tables present summarized financial data for the Parent and the Guarantors on a combined basis. The Guarantors, both of which the Parent is deemed to possess control over, are fully consolidated after eliminating intercompany balances and transactions. Summarized financial data for nonguarantor subsidiaries is excluded. Three months ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Net financing loss and other interest income (a) $ (245) $ (236) $ (478) $ (476) Dividends from bank subsidiaries 500 250 950 250 Total other revenue 47 38 100 82 Total net revenue 302 52 572 (144) Provision for credit losses 1 1 2 3 Total noninterest expense 104 97 212 217 Income (loss) from continuing operations before income tax benefit 197 (46) 358 (364) Income tax benefit from continuing operations (b) (67) (77) (136) (157) Income (loss) from continuing operations 264 31 494 (207) Net income (loss) (c) $ 264 $ 31 $ 494 $ (207) (a)Net financing loss and other interest income is primarily driven by interest expense on long-term debt. (b)There is a significant variation in the customary relationship between pretax income and income tax benefit due to our accounting policy elections and consolidated tax adjustments. The income tax benefit excludes tax effects on dividends from subsidiaries. (c)Excludes the Parent’s and Guarantors’ share of income of all nonguarantor subsidiaries. ($ in millions) June 30, 2026 December 31, 2025 Total assets (a) $ 5,591 $ 6,284 Total liabilities $ 11,315 $ 11,697 (a)Excludes investments in all nonguarantor subsidiaries. Capital Planning and Stress Tests Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary. The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework in Note 17 to the Condensed Consolidated Financial Statements for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally did not elect to participate in the 2023 or 2025 supervisory stress tests, but was subject to the 2024 supervisory stress test. We submitted our 2024 capital plan to the FRB in April 2024, and received an updated preliminary stress capital buffer requirement from the FRB in June 2024 of 2.6%. The updated 2.6% stress capital buffer requirement was finalized in August 2024, and became effective in October 2024. We submitted our 2025 capital plan to the FRB in April 2025, and received in June 2025 an updated preliminary stress capital buffer requirement that remained unchanged at 2.6%. The 2.6% stress capital buffer requirement was finalized in August 2025, and became effective in October 2025. In February 2026, the FRB issued final stress test scenarios for the 2026 supervisory stress test, and announced it intends to maintain stress capital buffer requirements at their current level until 2027 when new requirements can be calculated based on models that take public feedback into consideration. Whether and when final rules related to stress-testing proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any such final rules, remain unclear. We submitted our 2026 capital plan to the FRB in April 2026. 116 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q In December 2024, we accessed the unsecured debt capital markets and issued $500 million of subordinated notes, which qualify for us as Tier 2 capital for Ally under U.S. Basel III. During the second quarter of 2026, we issued $1.0 billion of Series D Preferred Stock, which qualifies for us as additional Tier 1 capital under U.S. Basel III. The proceeds from this issuance were used to support the redemption of all of our Series B Preferred Stock then outstanding. During the years ended December 31, 2025, and 2024, we accessed the debt capital markets and issued an aggregate of $1.1 billion and $770 million, respectively, of credit-linked notes based on combined reference portfolios of $10.0 billion and $7.0 billion of consumer automotive loans. During the second quarter of 2026, we issued an additional $550 million of credit-linked notes based on a reference portfolio of $5.0 billion of consumer automotive loans. The proceeds from these credit-linked notes issuances constitute prefunded credit protection for mezzanine tranches of the respective reference portfolio. These transactions are structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure, which recognizes the credit risk mitigation benefits and generally provides lower risk weights relative to those assigned to consumer automotive loans that are not securitized. As of June 30, 2026, and December 31, 2025, $13.9 billion and $12.1 billion, respectively, of our consumer automotive loans and related exposures were included as reference assets in these credit-linked notes transactions. In December 2025, our Board authorized a share repurchase program, permitting us to repurchase up to $2.0 billion of our common stock under a multi-year program without a set expiration date. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Ally’s financial and operational performance, alternative uses of capital, the trading price of Ally’s common stock, and general market conditions. The share repurchase program does not obligate Ally to acquire a specific dollar amount or number of shares, and may be extended, modified, or discontinued at any time. Regulatory Capital We became subject to U.S. Basel III on January 1, 2015, although a number of its provisions—including capital buffers and certain regulatory capital deductions—were subject to phase-in periods. For further information on U.S. Basel III, refer to Note 17 to the Condensed Consolidated Financial Statements. The following table presents selected regulatory capital data under U.S. Basel III. June 30, ($ in millions) 2026 2025 Common Equity Tier 1 capital ratio 10.15 % 9.89 % Tier 1 capital ratio 11.36 % 11.38 % Total capital ratio 13.19 % 13.25 % Tier 1 leverage ratio (to adjusted quarterly average assets) (a) 8.93 % 9.06 % Total equity $ 15,491 $ 14,547 Preferred stock (1,976) (2,324) Goodwill (187) (187) Deferred tax assets arising from net operating loss and tax credit carryforwards (b) (140) (318) Accumulated other comprehensive loss related adjustments (c) 2,734 3,242 Common Equity Tier 1 capital 15,922 14,960 Preferred stock 1,976 2,324 Other adjustments (85) (68) Tier 1 capital 17,813 17,216 Qualifying subordinated debt and other instruments qualifying as Tier 2 985 983 Qualifying allowance for loan losses and other adjustments 1,895 1,842 Total capital $ 20,693 $ 20,041 Risk-weighted assets (d) $ 156,837 $ 151,305 (a)Tier 1 leverage ratio equals Tier 1 capital divided by quarterly average total assets, which both reflect adjustments for goodwill and disallowed deferred tax assets. (b)Contains deferred tax assets required to be deducted from capital under U.S. Basel III. (c)Comprises adjustments related to our accumulated other comprehensive income opt-out election, which allows us to exclude most elements of accumulated other comprehensive income from regulatory capital. (d)Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures to various risk categories. 117 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Credit Ratings The cost and availability of unsecured financing are influenced by credit ratings, which are intended to be an indicator of the creditworthiness of a particular company, security, or obligation. Lower ratings result in higher borrowing costs and reduced access to capital markets. This is particularly true for certain institutional investors whose investment guidelines require investment-grade ratings on term debt and the two highest rating categories for short-term debt (particularly money-market investors). Nationally recognized statistical rating organizations rate substantially all our debt. The following table summarizes our current ratings and outlook by the respective nationally recognized rating agencies. Rating agency Short-term Senior unsecured debt Outlook Fitch (a) F3 BBB- Positive Moody’s (b) P-3 Baa3 Stable S&P (c) A-3 BBB- Stable DBRS (d) R-2 (high) BBB Stable (a)Fitch affirmed our senior unsecured debt rating of BBB-, short-term rating of F3, and changed our outlook to Positive from Stable on February 26, 2026. (b)Moody’s affirmed our senior unsecured rating of Baa3, our short-term rating of P-3, and affirmed our outlook of Stable on February 23, 2026. (c)S&P affirmed our senior unsecured debt rating of BBB-, short-term rating of A-3, and affirmed our outlook of Stable on October 27, 2025. (d)DBRS affirmed our senior unsecured debt rating of BBB, short-term rating of R-2 (high), and affirmed our outlook of Stable on February 10, 2026. As illustrated by the issuer ratings above, as of June 30, 2026, Ally holds an investment-grade rating from all the respective nationally recognized rating agencies. Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. Rating agencies themselves could make or be required to make substantial changes to their ratings policies and practices—particularly in response to legislative and regulatory changes. Potential changes in rating methodology, as well as in the legislative and regulatory environment, and the timing of those changes could impact our ratings, which as noted above could increase our borrowing costs and reduce our access to capital. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. Critical Accounting Estimates We identified critical accounting estimates that, as a result of judgments, uncertainties, uniqueness, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition, results of operations, or cash flows under different conditions or using different assumptions. Our most critical accounting estimates are as follows: •Allowance for loan losses •Valuation of automotive lease assets and residuals •Fair value of financial instruments •Determination of provision for income taxes We did not substantively change any material aspect of our methodologies and processes used in developing any of the estimates described above from what was described in the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. Refer to Note 1 to the Condensed Consolidated Financial Statements for further discussion regarding the methodology used in calculating the provision for income taxes for interim financial reporting. 118 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q Statistical Table The accompanying supplemental information should be read in conjunction with the more detailed information, including our Condensed Consolidated Financial Statements and the notes thereto, which appears elsewhere in this Quarterly Report. Net Interest Margin Table The following tables present an analysis of net yield on interest-earning assets (or net interest margin) for the periods shown. 2026 2025 Increase (decrease) due to Three months ended June 30, ($ in millions) Average balance (a) Interest income/interest expense Yield/rate Average balance (a) Interest income/interest expense Yield/rate Volume Yield/rate Total Assets Interest-bearing cash and cash equivalents (b) (c) $ 8,931 $ 80 3.57 % $ 8,888 $ 95 4.32 % $ — $ (15) $ (15) Investment securities (d) 28,330 231 3.27 27,734 239 3.46 5 (13) (8) Loans held-for-sale, net 238 12 19.36 135 6 16.88 5 1 6 Finance receivables and loans, net (d) (e) 141,429 2,741 7.77 132,762 2,624 7.93 171 (54) 117 Investment in operating leases, net (f) 8,689 121 5.61 7,919 136 6.88 13 (28) (15) Other earning assets 806 11 5.75 625 9 5.85 3 (1) 2 Total interest-earning assets 188,423 3,196 6.80 178,063 3,109 7.00 87 Noninterest-bearing cash and cash equivalents 265 874 Other assets 11,698 11,367 Allowance for loan losses (3,521) (3,397) Total assets $ 196,865 $ 186,907 Liabilities and equity Interest-bearing deposit liabilities (d) $ 152,446 $ 1,200 3.16 % $ 148,298 $ 1,329 3.59 % $ 37 $ (166) $ (129) Short-term borrowings 4,377 42 3.86 475 5 4.21 41 (4) 37 Long-term debt 17,090 266 6.24 16,129 258 6.44 15 (7) 8 Total interest-bearing liabilities 173,913 1,508 3.48 164,902 1,592 3.88 (84) Noninterest-bearing deposit liabilities 145 146 Total funding sources 174,058 1,508 3.48 165,048 1,592 3.88 Other liabilities (g) 6,948 4 n/m 7,463 1 n/m n/m n/m 3 Total liabilities 181,006 172,511 Total equity 15,859 14,396 Total liabilities and equity $ 196,865 $ 186,907 Net financing revenue and other interest income $ 1,684 $ 1,516 $ 168 Net interest spread (h) 3.33 % 3.12 % Net yield on interest-earning assets (i) 3.59 % 3.41 % n/m = not meaningful (a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP. (b)Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet. (c)Includes interest expense related to margin received on derivative contracts of $1 million for both the three months ended June 30, 2026, and June 30, 2025. Excluding this expense, the annualized yield was 3.62% and 4.35% for the three months ended June 30, 2026, and June 30, 2025, respectively. (d)Includes the effects of derivative financial instruments designated as hedges. Refer to Note 18 to the Condensed Consolidated Financial Statements for further information about the effects of our hedging activities. (e)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. (f)Yield includes losses on the sale of off-lease vehicles of $2 million for the three months ended June 30, 2026. Excluding losses on the sale of off-lease vehicles, the annualized yield was 5.69% and 6.86% for the three months ended June 30, 2026, and June 30, 2025, respectively. (g)Represents interest expense on tax liabilities included in other liabilities on the Condensed Consolidated Balance Sheet. The interest expense on tax liabilities is included in the net yield on interest-earning assets and excluded from the interest spread. For more information on our accounting policies regarding income taxes, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. (h)Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities. (i)Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets. 119 Table of Contents Management’s Discussion and Analysis Ally Financial Inc. • Form 10-Q 2026 2025 Increase (decrease) due to Six months ended June 30, ($ in millions) Average balance (a) Interest income/interest expense Yield/rate Average balance (a) Interest income/interest expense Yield/rate Volume Yield/rate Total Assets Interest-bearing cash and cash equivalents (b) (c) $ 9,015 $ 161 3.59 % $ 9,117 $ 193 4.28 % $ (2) $ (30) $ (32) Investment securities (d) 28,283 454 3.24 27,773 460 3.34 8 (14) (6) Loans held-for-sale, net 326 21 12.94 150 11 14.11 13 (3) 10 Finance receivables and loans, net (d) (e) (f) 139,623 5,399 7.80 133,951 5,333 8.03 226 (160) 66 Investment in operating leases, net (g) 8,747 245 5.67 7,937 247 6.29 25 (27) (2) Other earning assets 763 22 5.97 624 18 5.86 4 — 4 Total interest-earning assets 186,757 6,302 6.81 179,552 6,262 7.03 40 Noninterest-bearing cash and cash equivalents 276 578 Other assets 11,604 11,729 Allowance for loan losses (3,511) (3,552) Total assets $ 195,126 $ 188,307 Liabilities and equity Interest-bearing deposit liabilities (d) $ 152,086 $ 2,433 3.23 % $ 149,391 $ 2,732 3.69 % $ 49 $ (348) $ (299) Short-term borrowings 3,166 61 3.88 300 6 3.98 57 (2) 55 Long-term debt 17,069 531 6.28 16,684 529 6.40 12 (10) 2 Total interest-bearing liabilities 172,321 3,025 3.54 166,375 3,267 3.96 (242) Noninterest-bearing deposit liabilities 145 146 Total funding sources 172,466 3,025 3.54 166,521 3,267 3.96 Other liabilities (h) 6,838 4 n/m 7,494 1 n/m n/m n/m 3 Total liabilities 179,304 174,015 Total equity 15,822 14,292 Total liabilities and equity $ 195,126 $ 188,307 Net financing revenue and other interest income $ 3,273 $ 2,994 $ 279 Net interest spread (i) 3.27 % 3.07 % Net yield on interest-earning assets (j) 3.53 % 3.36 % n/m = not meaningful (a)Average balances are calculated using an average daily balance methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information regarding our basis of presentation and significant accounting policies, which are in accordance with U.S. GAAP. (b)Includes restricted interest-bearing cash and cash equivalents recorded in other assets on the Condensed Consolidated Balance Sheet. (c)Includes interest expense related to margin received on derivative contracts of $1 million and $4 million for the six months ended June 30, 2026, and June 30, 2025, respectively. Excluding this expense, the annualized yield was 3.61% and 4.35% for the six months ended June 30, 2026, and June 30, 2025, respectively. (d)Includes the effects of derivative financial instruments designated as hedges. Refer to Note 18 to the Condensed Consolidated Financial Statements for further information about the effects of our hedging activities. (e)Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. (f)Includes average balances of credit card finance receivables and loans, net, that were transferred to loans held-for-sale on March 31, 2025, prior to the completion of the sale of Ally Credit Card on April 1, 2025. Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information. (g)Yield includes losses on the sale of off-lease vehicles of $12 million and $19 million for the six months ended June 30, 2026, and June 30, 2025, respectively. Excluding the loss on sale, the annualized yield was 5.94% and 6.76% for the six months ended June 30, 2026, and June 30, 2025, respectively. (h)Represents interest expense on tax liabilities included in other liabilities on the Condensed Consolidated Balance Sheet. The interest expense on tax liabilities is included in the net yield on interest-earning assets and excluded from the interest spread. For more information on our accounting policies regarding income taxes, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. (i)Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities. (j)Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets. Recently Issued Accounting Standards Refer to Note 1 to the Condensed Consolidated Financial Statements. 120 Table of Contents Quantitative and Qualitative Disclosures about Market Risk Ally Financial Inc. • Form 10-Q