HIGHER A N N U A L R E P O R T 2 0 2 5 R E A C H I N G A N N U A L R E P O R T | 2 0 2 5 $15.0B average loans $21.2B average deposits $928M total net revenue Salt Lake City, UT San Diego, CA $15.1B average loans $15.3B average deposits $773M total net revenue Houston, TX $14.2B average loans $14.8B average deposits $754M total net revenue $5.6B average loans $6.9B average deposits $306M total net revenue Phoenix, AZ — 01 — Z I O N S B A N C O R P O R A T I O N GREAT BANKS A C O L L E C T I O N O F Zions Bancorporation is comprised of a collection of extraordinary, locally led and community-focused banks serving businesses, households and local governments in some of the best growth markets in the nation. We’re determined to help build strong, successful communities, create economic opportunity and help our clients achieve greater financial strength through the relationships we develop and the services we provide. Our goal is to create value. Value for our customers. Value for the communities we serve. Value for our employees. And, most importantly, value for our shareholders. $3.7B average loans $7.1B average deposits $265M total net revenue Las Vegas, NV $3.8B average loans $3.4B average deposits $179M total net revenue Denver, CO $2.0B average loans $1.2B average deposits $79M total net revenue Seattle, WA — 02 — A N N U A L R E P O R T | 2 0 2 5 PERFORMANCE AT A GLANCE EARNINGS PER SHARE Annual earnings per share over the past five years 5.79 6.79 2021 2022 2023 2024 2025 6.01 4.35 $3.00 $2.00 $1.00 $0.00 $4.00 $5.00 $6.00 $7.00 4.95 EARNINGS PER SHARE Growth in earnings per share indexed to 2020 50 0 100 150 200 250 ZION Peer Top Quartile Peer Bottom Quartile Indexed: 2020 = 100 2021 2020 2022 2023 2024 2025 Z I O N S B A N C O R P O R A T I O N — 03 — “Banks capable of enduring and surviving periods of great stress are not built overnight; they’re built over a period of many years on a foundation of strong relationships.” CHAIRMAN'S MESSAGE T O O U R S TA K E H O L D E R S HARRIS SIMMONS | CHAIRMAN & CEO immigration policies might prove inflationary. In the end, the U.S. economy slowed only modestly to a 2.3% growth rate from 2.8% in 2024, with lower interest rates tempering a rise in unemployment that grew only slightly from 4.1% at the end of 2024 to 4.4% at the end of 2025. Though loan and deposit growth was modest for both us and the industry, it was otherwise a reasonably good year to be in the banking business. We’re pleased with the continued improvement in our financial results this past year and the many ways in which we strengthened and grew our business. We started the year with a new administration in Washington, D.C. and optimism about a less intrusive regulatory environment, tempered by concerns that the impact of new and higher tariffs and more restrictive — 04 — A N N U A L R E P O R T | 2 0 2 5 continued to strengthen, improving to 3.21% from 3.00% in the prior year due to disciplined deposit pricing and somewhat stronger loan spreads. Noninterest income grew 8.3% to $758 million, including strong growth in capital markets revenue which, net of credit valuation adjustments, rose 13.6% to $125 million. We’ve added Both net income available to common shareholders and earnings per share experienced strong growth in 2025, increasing 21% to $895 million and $6.01, respectively. Adjusted taxable- equivalent revenue grew 7.4% to $3.4 billion, while adjusted operating expense rose 4.8% to $2.1 billion, reflecting strong operating leverage during the year, and producing a 15% increase in preprovision net revenue which grew to $1.3 billion for the year. Average loans and leases increased 3.2% to $60.4 billion, while average deposits were essentially flat, growing 0.2% to $74.9 billion. Despite the slower growth, taxable-equivalent net interest income grew 8.0% to $2.7 billion as our net interest margin FINANCIAL RESULTS 2 0 2 5 — 05 — Z I O N S B A N C O R P O R A T I O N some great talent in this business, which expanded its offerings to include commodities hedging and investment banking services for middle market clients. We also had strong growth in retail and business banking fees, which increased 11.9%. Noninterest operating expense of $2.1 billion increased 4.5%. Notable items included a $13 million increase in severance costs, an $11 million partial rebate of the FDIC’s 2023 special assessment arising from the bank failures that year, and a $15 million donation to our charitable foundation to accelerate charitable giving ahead of a change in tax law taking effect in 2026. Although the ratio of nonperform- ing assets and accruing loans past due 90 days or more as a percentage of total loans and other real estate owned remained flat at 0.53%, and the provision for credit losses was likewise flat at $72 million, net loan charge-offs increased to $89 million from $60 million a year ago. Even with these elevated net charge-offs, our performance continued to compare very favorably to peers. The increased realized credit losses reflect significant charge-offs totaling $50 million on two related loans to “nondepository finan- cial institutions” engaged in financing real estate receivables. We’re working diligently to recover these losses to the extent possible. More encouragingly, widespread concerns about the health of banks’ commercial real estate portfolios in recent years have proven to be unjustified. In our own case, annual net charge-offs in our $13.4 billion portfolio have been remarkably low, averaging less than one basis point — 1/100th of a percentage point — of commercial real estate loans over the past five years, despite challenges in the office market due to more remote work, and some degree of overbuild- ing in the multifamily and industrial segments of the market, which have led to slower lease-up of new proper- ties. We’ve been quite conservative in growing this portfolio in recent years, and our approach has produced exceptional credit results. Stronger operating earnings and an 18% improvement in accumulated other comprehensive loss resulted in 20% growth in our tangible common equity, substantially outpacing balance sheet growth and significantly strength- ening our capital ratios, with our regulatory common equity tier 1 ratio improving to 11.5% from 10.9% a year ago, and our tangible common equity ratio reaching 6.9%, up from 5.7% last year and 4.9% at year-end 2023. ADJUSTED RETURN ON TANGIBLE COMMON EQUITY Adjusted for securities gains (losses) and substitutes net charge-offs for provision 20% 15% 0% 10% 5% 25% ZION Peer Top Quartile Peer Bottom Quartile 2021 2022 2023 2024 2025 COMMON EQUITY TIER 1 RATIO At year end 2% 0% 4% 6% 10% 8% 12% 14% 11.5% 2023 2024 2025 10.9% 10.3% — 06 — A N N U A L R E P O R T | 2 0 2 5 BRANCHES ACQUIRED C O A C H E L L A VA L L E Y In March 2025, we completed the acquisition of four branches of Denver-based FirstBank located in the Coachella Valley, expanding our existing presence in the Southern California desert. The acquisition brought with it approximately $630 million in 12,000 deposit accounts and $420 million in loans. The new offices are now operated under the California Bank & Trust brand, increasing our market share in the Greater Palm Springs area to 7.4%. TOM SNYDER | CEO ANIMAL SAMARITANS “Our entire community, especially our nonprofit community, benefits from [California Bank & Trust's] caring culture of giving back.” — 07 — Z I O N S B A N C O R P O R A T I O N The challenges in the regional banking sector following the 2023 bank failures are a reminder that banks capable of enduring and surviving periods of great stress are not built overnight; they’re built over a period of many years on a foundation of strong relationships. The importance of a diverse and largely insured deposit franchise is especially important. Only with such a deposit base can regional banks sustainably and reliably serve larger commercial and corporate customers. We’ve long had one of the most desir- able deposit franchises in the industry, with a disproportionately large share of operational demand deposits, many of which come from the over 200,000 small businesses we bank; and overall funding costs that tend to be lower than our peer averages. Maintaining that strong deposit base will always be a major objective, as a great deal of the value in most banks is found in the quality of their deposits. This past year we continued to enrich the features in our digital banking platform, adding customer fraud alerts, credit scores, “Tap to Pay” — enabling business clients to use their iPhone as a terminal, allowing customers to tap their cards or devices directly on the merchant's phone — and more. We also launched a refreshed version of a deposit product that served us well years ago. The Gold Account has become the central focus of our deter- mination to win a greater share of the mass affluent consumer segment in the markets we serve. With a $2,500 minimum balance, we offer customers discounts on loans, premium pricing on money market accounts, wealth management incentives, free ATM access nationwide, a free safe deposit box, and a variety of other free or discounted services. The early results of this campaign are highly encouraging, with new account openings that are nearly double what we’d seen with the Gold Account’s predecessor product, and with total relationship balances that are surpassing our expectations. The incre- mental economics of these accounts are exceptional. We will be introducing a companion product, “Business Beyond Account™,” this summer. Business Beyond will be a tiered offering for small businesses, beginning with a very affordable A F O C U S O N GRANULAR GROWTH — 08 — A N N U A L R E P O R T | 2 0 2 5 ramping up our marketing spend, which increased 42% over the prior year. We’ve further increased our marketing budget this coming year as we focus on the kind of growth that creates sustainable value. We were pleased to be recognized once again by Coalition Greenwich as one of the nation’s top banks for small- and middle-market businesses, based on surveys of thousands of busi- nesses across the country. Coalition Greenwich awarded us with 15 Best Bank awards, placing us 7th nationally among the roughly 500 banks named in the surveys in terms of the excellence with which we serve our customers and the trusted relationships we build with them. Zions is one of only four banks in the country to have averaged 15 or more such awards per year since these surveys began in 2009 — a huge tribute to our exceptional bankers and their commitment to serving our business clients, large and small. “starter” account for newly estab- lished businesses and progressing to an offering that provides a variety of conveniences including the ability to initiate ACH and wire transactions, premium rewards on business credit cards, and more. Our focus on small businesses is also reflected in the results of our campaign to become one of the nation’s foremost leaders in providing small business credit, including through the U.S. Small Business Administration’s 7(a) loan program. During the SBA’s 2025 fiscal year ending last September 30, we booked 1,116 loans, an 86% increase over the prior year, ranking us 14th in the nation in number of SBA 7(a) loans approved, up from 20th place the prior year. These loans are not only instrumental in helping small businesses get off the ground; they also provide strong returns to the bank and create the foundation for building long-term rela- tionships, with average deposits of over $100,000 per customer. Our bankers work hard to build relationships with these small businesses, making over 162,000 calls last year alone to thank clients for banking with us, and while doing so discovering a great many ways to help them with their financial needs. Historically, our marketing teams have been decentralized, supporting the needs of our local brands, or “affili- ates.” To better support our marketing of impactful products and our analyt- ics and management of the channels through which they’re promoted, we established a centralized marketing team to complement and support the local teams responsible for promoting our brands and our reputation, while SBA loans 1,000+ Client appreciation calls 162,000 Z I O N S B A N C O R P O R A T I O N — 09 — TAMARA GREVE | OWNER LOOP JEAN COMPANY “We’re lucky to have NBAZ because for small companies like me they really have taken that extra step to look for solutions.” SATYA KRAUS | OWNER KRAUS MOTO “Zions Bank sees my business through my eyes — and my business is stronger because of it.” — 10 — A N N U A L R E P O R T | 2 0 2 5 rethink asset size thresholds that trigger more intensive regulation, streamline resolution planning, embrace new technologies such as artificial intelli- gence and digital assets, and introduce much-needed transparency and fairness into regulatory stress tests, among other reforms. Perhaps most importantly, their expec- tation is that banks should be primarily responsible to maintain strong risk management cultures and governance frameworks that fit the complexity, size and scope of the bank, rather than adhere to a “one-size-fits-all” structure that has characterized so much of bank regulation over the past decade and a half. Whatever one’s opinion about our nation’s current president and his administration, few would deny that he quickly introduced a cast of players who have swiftly implemented sweeping changes throughout the federal government. The blizzard of new rules and regula- tions that arrived in the aftermath of the passage of the Dodd-Frank Act 15 years ago has consumed enormous amounts of time and resources in the banking industry. And while some of the reforms brought sensible and useful improvements to larger banks’ risk management practices, there has also been an overabundance of prescrip- tive regulatory micromanagement. The pendulum had swung way beyond a sensible center point. For me, a new frontier in absurdity was reached during a meeting I participated in between the then-Director of the Consumer Financial Protection Bureau (“CFPB”) and a small group of bankers and members of their boards of direc- tors about three years ago. The CFPB Director alluded to the ellipsis — the “…” — often found in the chatbots used on many companies’ websites to facili- tate chats with customers. Like “music on hold,” those bouncing dots are intended to let the customer know that the question is being worked on and an answer is forthcoming. The CFPB head opined that an ellipsis suggests the presence of a human on the other end of the conversation, and that its use was thus “unfair and deceptive,” and presumably worthy of stringent new rules to protect consumers from such a perilous deception. If this was what kept the nation’s watchdog of financial skullduggery up at night, the effective recent dismantling of the CFPB is a welcome development for taxpayers. The new team of federal banking regu- lators who’ve arrived over the past year has generally brought with them a refreshing determination to focus on the types of risk that can do material harm, particularly to larger banks and the financial system at large. They’ve demonstrated a determination to speed up their processes for licensing and ruling on mergers and acquisitions, THE REGULATORY ENVIRONMENT — 11 — Z I O N S B A N C O R P O R A T I O N KELLY MILAN | OWNER AND GENERAL MANAGER SUNSHINE RIDES “I would definitely recommend Vectra Bank to other businesses that are looking to grow and want that local service and a large bank backing them. So it’s the best of both worlds.” — 12 — A N N U A L R E P O R T | 2 0 2 5 The growth in private credit is creating increasing concern about the risk it poses to the financial system in the event of a major crisis. Unlike banks, private credit providers have no “lender of last resort,” as banks do with the Federal Reserve System. And while they are generally struc- tured with reasonably long investment periods, refinancing during periods of stress may be challenging. In such a scenario banks, which have increas- ingly supplied leverage to private credit funds, will be under pressure to withdraw liquidity lines, and the result- ing forced asset sales could exert strong downward pressure on asset values, as was the case during the financial crisis. Even as I complete this letter, a major U.S. asset management company has announced restrictions on investor redemptions in one of its private credit funds, rattling the private credit market. To help meet withdrawal demands, In our experience, both historically and more recently, we can compete effectively with both the largest and the smallest well-managed banks in most lines of business. The United States has a diverse financial system that has served it exceedingly well, and we believe regional banks can and should continue to play an important role in serving their communities with a broader product set than is typically found in smaller banks, and with a more personal relationship-based approach than can be readily achieved by the largest institutions. That said, two sets of non-bank competitors have evolved that currently seem deserving of partic- ular attention: private credit funds and credit unions. PRIVATE CREDIT In recent years, there has been an increasing focus on the private credit sector, its risks and its impact on banks’ growth and profitability. The total volume of private credit is currently estimated at between $1.7 trillion and $2.0 trillion, and Moody’s1 projects that global private credit will likely reach $3 trillion by 2028. Credit supplied by nondepository financial institutions, or NDFIs, has been a part of the financial services landscape for a very long time, from commercial finance companies to large players such as GE Capital, which at its peak before the financial crisis in 2008 was about $637 billion in size — the equivalent of approximately $960 billion in today’s dollars. The accelerated growth in private credit in recent years has been spurred in no small measure by the more stringent regulatory environment that followed the Great Financial Crisis. Ironically, even as GE Capital’s business model resulted in its largely being dismantled, dissolved or sold off during this period, aspiring new entrants have emerged. For the most part, competition from private credit providers has heretofore not been particularly problematic for us, and at times has even been useful in providing an avenue to offload margin- ally performing loans. Private credit is enticing to some borrowers owing to structures that are often attractive, including fewer restrictive covenants, a willingness to often forego personal guaranties, and the like. Private credit providers are also sometimes faster to approve a deal — something that we and other banks are working to improve on. In turn, pricing is often 200 basis points, or more, greater for a middle market commercial loan than is typical for loans made by banks. TOTAL COST OF DEPOSITS At December 31, 2025 2.00% 2.50% 1.50% 0.00% 1.00% 0.50% 3.00% ZION Peer Top Quartile Peer Bottom Quartile 2021 2022 2023 2024 2025 OUR COMPETITION 3 Moody’s Ratings, “2025 Outlook – Primed for growth as LBOs revive, ABF opportunities accelerate,” January 21, 2025 — 13 — Z I O N S B A N C O R P O R A T I O N the asset manager announced that it was selling $1.4 billion in assets at slightly below par to a group of pension funds and an insurance company in which the asset manager has an equity interest, raising questions about asset valuations and regulation of conflicts. Lending to the NDFI sector has been a major growth driver for many larger banks, with Federal Reserve data showing total loans in this category growing over 25% year over year through the second quarter of 20252, though some of this may have been the result of reclassifications as more attention has been focused on this segment of the market. While the larger loss we experienced in the third quarter of 2025 was in our NDFI portfolio, which totals about $2.0 billion, we’ve deliberately constrained growth to this borrower category in recent years. CREDIT UNIONS Another growing source of compe- tition, particularly in the consumer and small business arena, comes from credit unions. Originally established to promote thrift and “make [credit] more available to people of small means”3 through cooperative associations serving members sharing a “common bond,” many credit unions have evolved into sizable financial institu- tions with extensive branch networks serving both the general population and many businesses. Federally chartered credit unions were granted an income tax exemption in 1937, owing to their stated mission to serve individuals with modest resources. Similar tax exemptions for the savings & loan and mutual savings bank industries were repealed in 1951. In succeeding years, the credit union industry successfully eliminated many of the constraints on their fields of membership and has used its tax exemption to expand aggressively, serving a customer base that a 2006 General Accounting Office study found to have a lower proportion of low- and moderate-income customers than banks do. The credit union industry has used its substantial tax subsidy to market aggressively, including spending astro- nomical sums for the naming rights to a variety of sports stadiums across the country (your tax dollars at work). Their tax exemption has also been used to expand into commercial lending, to finance large commercial real estate projects, and even to acquire commu- nity banks, taking dozens of tax-paying banks off the tax rolls over the past two years. In some markets such as Utah, which is home to two of the ten largest credit unions in the country with over $25 billion each in total assets, credit unions have garnered the largest share of the consumer banking market. While the nation’s total population has grown by 16% over the past two decades, credit union membership has grown by 61%, and credit union industry deposits are now double the consumer deposits of Bank of America. Of the many idiocies that create a $1.8 trillion federal budget deficit and a federal debt as large as our gross domestic product, count the continued tax exemption of multi-billion-dollar credit unions that advertise during the Superbowl and the Olympics as among the most ridiculous. NONDEPOSITORY FINANCIAL INSTITUTIONS (NDFI) GROWTH Indexed: 2020Q1 = 100 1,000 1,200 800 0 200 600 400 1,400 ZION Peer Top Quartile Peer Median Peer Bottom Quartile 2020 2022 2021 2023 2024 2025 2 Board of Governors of the Federal Reserve System, Supervision and Regulation Report – December 2025, Figure 6 3 Federal Credit Union Act; 12 U.S.C. 1751 et seq. — 14 — A N N U A L R E P O R T | 2 0 2 5 LANCE CROSBY | PRESIDENT NORTHERN SALES COMPANY, INC. “In 2025, we chose to switch banks to The Commerce Bank of Washington... We are now over a quarter billion dollar company with an outstanding new home with The Commerce Bank!” — 15 — Z I O N S B A N C O R P O R A T I O N OPERATIONAL EFFECTIVENESS I M P R OV I N G O U R improving the experience our custom- ers have with us. For example: • We implemented an AI-driven knowledge base, “Zia,” allowing the 170,000 monthly searches performed by our employees to be completed by simply typing their question. • We use AI to accelerate our understanding of documents, such as appraisal reviews and legal contracts, dramatically reducing the time spent combing through these documents to find and analyze relevant details. • We’ve begun using AI to assist in preparing more readable credit presentations, allowing our relationship managers and underwriters to more quickly get deals completed. We expect the use of AI to accelerate over the course of the coming year and beyond. Several months ago, we established an Innovation Lab in our Enterprise Technology and Operations division to ramp up our ability to more quickly test and deploy AI and other solutions that will provide benefits for our customers and bankers. We believe we are extremely well positioned to take advantage of new technologies, new products, and market opportunities to grow in the years ahead — the result of substantial investments we’ve made in recent years. In every case, our objective is to strengthen our bankers’ ability to engage and provide value to customers. We made great strides in improving our operational effectiveness in 2025 with gains from streamlining processes, additional outsourcing, the imple- mentation of lean methodologies and the use of AI (artificial intelligence) tools while at the same time reducing operational risk. We established Commercial Lending Services, or CLS, teams to more expe- ditiously process commercial loan requests between $1 million to $5 million, which constitutes a significant portion of our business lending deals. With small teams in each major geogra- phy dedicated to this activity, and with streamlined processes, we’re freeing up time for our front-line bankers to spend with clients while accelerating the loan approval process. We launched a customer 360-degree view in beta mode, which will signifi- cantly improve the ability of our bankers to quickly understand the full extent of clients’ relationships when making pricing and other decisions. This past year we also achieved faster customer onboarding and more self- service options with our BaNCS core system, saving customers an estimated three million hours in wait time. Our new BaNCS core loan and deposit platform will also allow us to integrate TCS’s Quartz™ blockchain-based digital assets platform in 2026, facilitating the capability to issue and manage digital wallets, and provide programmable payments using tokenized deposits or stablecoins as the payment system evolves. Our core platform also makes us one of the only banks in the nation able to post and settle transactions in real time directly into our deposit system, a real advantage as deposit tokenization and instantaneous digital settlement moves into the mainstream over the next few years. Our ability to employ AI is greatly enhanced by the investments we’ve made in our core systems in recent years. Our FutureCore project, completed in 2024, provided the impetus for cleaning up, organizing and creating uniformity in the way we collect and use data. While never perfect, we believe the work we did over the past decade places us ahead of most in the industry with respect to data management and governance, which is particularly important in availing ourselves of the capabilities of AI. We have a variety of projects either in place or under way to use AI in making our people more effective and — 16 — A N N U A L R E P O R T | 2 0 2 5 Over the course of a year, I receive many messages from customers. Some with complaints and problems that need addressing, but at least as many that remind me of the outstanding people I’m fortunate to work with everyday. In closing, I’d like to share one such story from Heidi Miller, the execu- tive director of the Cedar City (Utah) Housing Authority, who took the time to recognize Josh Hunt, the manager of our branch there. She wrote: “One of my elderly clients, who is 74 and has a heart condition, walked from his low-income apartment in Fiddlers Canyon to the bank — over three miles — to get a money order for his rent. While at the bank, someone noticed how exhausted he was and realized This past year we asked most all our employees — with only a relatively small number of role-based exceptions — to be in the office five days a week. In the overwhelming majority of cases the restoration of this long-established norm has been well-received and has contributed to a greater sense of employee well-being and stronger collaboration and productivity. It really is good to have most all our colleagues back in the office again full time. In recent weeks I’ve spent a lot of time on the road, meeting with our people across the western United States in town hall meetings, in branches and in their offices. Their energy is incredible, and I’m always revitalized when I’m around these tremendous team members. PEOPLE MEAN EVERYTHING O U R JUANNY ROMERO | CEO AND FOUNDER MOTHERSHIP COFFEE ROASTERS “Nevada State Bank has been the perfect fuel to help us grow because it’s a bank that is full of humans who care.” — 17 — Z I O N S B A N C O R P O R A T I O N he needed help. That person kindly offered to give him a ride to our office. As we were speaking with this gentle- man about his paperwork and rent, a professionally dressed young man walked in. When I approached to ask if I could help him, I realized it was Josh — whom I had recently been introduced to. Josh explained that he was simply waiting for my client to finish so he could drive him safely home. It wasn’t until that moment that I realized Zions is ‘the bank’ and Josh is ‘the guy’! Josh has been the one quietly helping this man all along. I had always assumed it was his pastor or his case worker assisting him, but it turns out it is Josh — from Zions Bank. Josh has worked tirelessly behind the scenes, helping get my client’s retire- ment sorted out and tracking down copies of his Social Security letters so we could continue providing rental assistance. In fact, when we gave the client a list of missing items that day, it was Josh who later called our office to explain what he would be sending and how he planned to help with other matters. Josh’s kindness and integrity truly stand out. I felt compelled to share this story so that Zions Bank knows what an exceptional representative you have on your team. Josh went far beyond what most people would do, simply to help someone in need. Zions Bank is incredibly fortunate to have him. Employees like Josh are the reason people trust and feel loyal to an organization. Thank you for employing people who make our community better, one quiet act of kindness at a time.” We have many bankers like Josh Hunt on our team; people who care about one another and who care deeply about our customers. They take seriously our ambition to make our customers stronger financially and in every other way possible as a result of working with us. I deeply appreciate their hard work and dedication. On behalf of the nearly ten thousand talented people with whom I have the privilege of working every day, I want to thank you for your support and for your investment. As one who has the great majority of my own net worth invested in Zions Bancorporation’s future, I appreciate that support, and along with our team I’m committed to doing everything I can to continue building a great business. With strong fundamen- tals, exceptional people, and a clear sense of purpose, we will continue reaching higher to create enduring value for our customers, communities, and shareholders. Respectfully, Harris Simmons Chairman and CEO February 20, 2026 JESSICA BURDEN | GENERAL MANAGER MILTON FRANK PLUMBING & COOLING “[Amegy Bank] is helping us get to tomorrow and next week, next year and the next generation.” FINANCIAL HIGHLIGHTS 1 (Figures in millions, except per share amounts) 2025/2024 Change 2025 2024 2023 2022 2021 For the Year % Net interest income +8 $ 2,627 $ 2,430 $ 2,438 $ 2,520 $ 2,208 Noninterest income +8 758 700 677 632 703 Total net revenue +8 3,385 3,130 3,115 3,152 2,911 Provision for credit losses - 72 72 132 122 (276) Noninterest expense +4 2,138 2,046 2,097 1,878 1,741 Adjusted pre-provision net revenue1 +12 1,266 1,131 1,170 1,312 1,121 Net income +15 899 784 680 907 1,129 Net earnings applicable to common shareholders +21 895 737 648 878 1,100 Per Common Share Net earnings - diluted +21 6.01 4.95 4.35 5.79 6.79 Tangible book value at year-end +21 40.79 33.85 28.30 22.79 39.62 Market price - end +8 58.54 54.25 43.87 49.16 63.16 Market price - high -4 60.77 63.22 55.20 75.44 68.25 Market price - low +4 39.32 37.76 18.26 45.21 42.12 At Year End Assets - 88,990 88,775 87,203 89,545 93,200 Loans and leases, net of unearned income and fees +3 60,917 59,410 57,779 55,653 50,851 Deposits -1 75,644 76,223 74,961 71,652 82,789 Common equity +17 7,114 6,058 5,251 4,453 7,023 Performance Ratios % % % % % Return on average assets 1.00 0.88 0.77 1.01 1.29 Return on average common equity 13.7 13.1 13.4 16.0 14.9 Return on average tangible common equity1 16.6 16.2 17.3 19.8 17.3 Net interest margin 3.21 3.00 3.02 3.06 2.72 Net charge-offs to average loans and leases 0.15 0.10 0.06 0.07 0.01 Total allowance for credit losses to loans and leases outstanding 1.19 1.25 1.26 1.14 1.09 Capital Ratios at Year End % % % % % Common equity tier 1 capital 11.5 10.9 10.3 9.8 10.2 Tier 1 leverage 9.0 8.3 8.3 7.7 7.2 Tangible common equity to tangible assets 6.9 5.7 4.9 3.8 6.5 Other Selected Information Weighted average diluted common shares outstanding - 147.2 147.2 147.8 150.3 160.2 Dividends declared, per share +6 1.76 1.66 1.64 1.58 1.44 Common dividend payout ratio2 29.4% 33.6% 37.8% 27.3% 21.1% Capital distributed as a percentage of net earnings applicable to common shareholders3 34% 38% 46% 50% 94% Efficiency ratio1 62.6% 64.2% 62.9% 58.8% 60.8% 1This table includes certain non-GAAP measures. See “Non-GAAP Financial Measures” on page 23 for more information. ²The common dividend payout ratio is equal to common dividends paid divided by net earnings applicable to common shareholders. 3This ratio is the sum of the dollars of common dividends paid and dollars used for share repurchases for the year, divided by net earnings applicable to common shareholders. — 18 — A N N U A L R E P O R T | 2 0 2 5 NON-GAAP FINANCIAL MEASURES (Figures in millions, except per share amounts) 2025 2024 2023 2022 2021 Pre-Provision Net Revenue (PPNR) (a) Total noninterest expense (GAAP) $ 2,138 $ 2,046 $ 2,097 $ 1,878 $ 1,741 LESS adjustments: Severance costs 16 3 14 1 1 Other real estate expense, net (2) (1) - 1 - Amortization of core deposit and other tangibles 8 7 6 1 1 Restructuring costs - - 1 - - Pension termination-related expense (income) - - - - (5) SBIC investment success fee accrual 5 1 - (1) 7 FDIC special assessment (11) 11 90 - - (b) Total adjustments 16 21 111 2 4 (a-b)=(c) Adjusted noninterest expense (non-GAAP) 2,122 2,025 1,986 1,876 1,737 (d) Net interest income (GAAP) 2,627 2,430 2,438 2,520 2,208 (e) Fully taxable-equivalent adjustments 46 45 41 37 32 (d+e)=(f) Taxable-equivalent net interest income (non-GAAP) 2,673 2,475 2,479 2,557 2,240 (g) Customer-related noninterest income 662 639 616 630 589 (h) Fair value and nonhedge derivative income (loss) (9) - (4) 16 14 (i) = (g-h) Adjusted Customer-related noninterest income 671 639 620 614 575 (j) Noncustomer-related noninterest income 96 61 61 2 114 (k) Securities gains (losses), net 52 19 4 (15) 71 (l) = (j-k) Adjusted Noncustomer-related noninterest income 44 42 57 17 43 (m) = (f+g+j) Combined Income (non-GAAP) 3,431 3,175 3,156 3,189 2,943 (n)=(f+i+l) Adjusted taxable-equivalent revenue (non-GAAP) 3,388 3,156 3,156 3,188 2,858 (m)-(a) Adjusted pre-provision net revenue (PPNR) 1,293 1,129 1,059 1,311 1,202 (n)-(c) Adjusted PPNR (non-GAAP) 1,266 1,131 1,170 1,312 1,121 (c/n) Efficiency Ratio (non-GAAP) 62.6% 64.2% 62.9% 58.8% 60.8% Return on Average Tangible Common Equity Net earnings applicable to common shareholders (GAAP) $ 895 $ 737 $ 648 $ 878 $ 1,097 Adjustments, net of tax: Amortization of core deposit and other intangibles 7 5 5 1 1 (a) Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) $ 902 $ 742 $ 653 $ 879 $ 1,098 Average common equity (GAAP) 6,530 5,630 4,839 5,472 7,371 Average goodwill and intangibles (1,084) (1,055) (1,062) (1,022) (1,015) (b) Average tangible common equity (non-GAAP) $ 5,446 $ 4,575 $ 3,777 $ 4,450 $ 6,356 (a/b) Return on average tangible common equity (non-GAAP) 16.6% 16.1% 17.3% 19.8% 17.3% Adjusted Return on Average Tangible Common Equity (a) Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) $ 902 $ 742 $ 653 $ 879 $ 1,098 Adjustments: Provision for credit losses 72 72 132 122 (276) Net Charge-offs (89) (60) (36) (39) (6) Securities Gains/Losses (52) (19) (4) 15 (71) Tax impact of adjustments 14 1 (19) (21) 74 (c) Total Adjustments (55) (6) 73 77 (279) (a+c)=(d) Adjusted net earnings to common shareholders $ 847 $ 736 $ 726 $ 956 $ 819 (d/b) Adjusted Return on average tangible common equity (non-GAAP) 15.6% 16.2% 19.2% 21.5% 12.9% — 19 — Z I O N S B A N C O R P O R A T I O N ZIONS BANCORPORATION, N.A. BOARD OF DIRECTORS ZIONS’ PEER GROUP EXECUTIVE VICE PRESIDENTS BOKF BOK Financial Corp CFG Citizens Financial Group, Inc. CFR Cullen/Frost Bankers, Inc. COLB Columbia Banking System EWBC East West Bancorp, Inc FHN First Horizon National Corporation FITB Fifth Third Bancorp HBAN Huntington Bancshares Incorporated KEY KeyCorp MTB M&T Bank Corporation PNFP Pinnacle Financial Partners RF Regions Financial Corporation WAL Western Alliance Bancorporation WBS Webster Bank WTFC Wintrust Financial Corp. Nathan Callister CEO, Zions Bank Kenneth J. Collins Chief Transformation and Operations Officer Eric Ellingsen CEO, California Bank & Trust Alan M. Forney CEO, The Commerce Bank of Washington Olga T. Hoff Retail Banking Dominic Karaba CEO, Vectra Bank Colorado Christopher Kyriakakis Chief Risk Officer Scott A. Law Chief Human Resources Officer Eric Lucero Chief Marketing Officer Michael MacDonald Capital Markets Margaret K. Mayer Chief Information Officer Rena Miller General Counsel R. Ryan Richards Chief Financial Officer Terry A. Shirey CEO, Nevada State Bank Mark Stebbings CEO, National Bank of Arizona Steven D. Stephens CEO, Amegy Bank Harris H. Simmons Chairman and Chief Executive Officer Zions Bancorporation Maria Contreras-Sweet Managing Member Contreras Sweet Companies Rockway Equity Partners Gary L. Crittenden Private Investor Suren K. Gupta Former President Allstate Protection Products and Enterprise Services Claire A. Huang Former Chief Marketing Officer J.P. Morgan Chase and Company Vivian S. Lee Executive Fellow Harvard Business School Scott J. McLean President and Chief Operating Officer Zions Bancorporation Edward F. Murphy Former Chief Financial Officer Federal Reserve Bank of New York Stephen D. Quinn Former Managing Director and General Partner Goldman, Sachs & Co. Aaron B. Skonnard Former Chief Executive Officer Pluralsight, Inc. Barbara A. Yastine Former Chair, President and Chief Executive Officer Ally Bank CORPORATE OFFICERS Harris H. Simmons Chairman and Chief Executive Officer Scott J. McLean President and Chief Operating Officer EXECUTIVE VICE PRESIDENTS (CONTINUED) Derek Steward Chief Credit Officer Randy R. Stewart Mortgage Lending Lincoln Taylor Chief Audit Executive — 20 — A N N U A L R E P O R T | 2 0 2 5 ZIONS BANCORPORATION NEWS RELEASES EXECUTIVE OFFICES One South Main Street Salt Lake City, Utah 84133-1109 801-844-7637 Our news releases are available on our website at zionsbancorporation.com. To be added to the email distribution list, please visit zionsbancorporation.com and click on “Email Notifications.” CORPORATE INFORMATION DIVIDEND REINVESTMENT PLAN Shareholders can reinvest their cash divi- dends in additional shares of our common stock at the market price on the dividend payment date. Shareholders, as well as brokers and custodians who hold our common stock for clients, can obtain a prospectus of the plan on the Zions Bancorporation website at zionsbancorporation.com or by writing to: Zions Bancorporation Dividend Reinvestment Plan P.O. Box 30880 Salt Lake City, Utah 84130-0880 ANNUAL SHAREHOLDERS’ MEETING May 1, 2026, 1 p.m. MDT Zions Bancorporation Founders Room, 18th Floor One South Main Street Salt Lake City, UT 84133 TRANSFER AGENT Zions Bank Corporate Trust Department One South Main Street, 12th Floor Salt Lake City, Utah 84133-1109 801-844-7545 or 888-416-5176 CREDIT RATINGS Credit ratings are updated regularly and may be found on the Zions Bancorporation website at zionsbancorporation.com. REGISTRAR Zions Bank One South Main Street, 12th Floor Salt Lake City, Utah 84133-1109 AUDITORS Ernst & Young LLP 15 W. South Temple Suite 1800 Salt Lake City, Utah 84101 OTHER LISTED SECURITIES Series A Preferred Stock – NASDAQ: ZIONP NASDAQ GLOBAL SELECT MARKET SYMBOL ZION In addition to this report, please see our website zionsbancorporation.com for our Form 10-K, proxy, and corporate responsibility report. INTERNET SITES Zions Bancorporation zionsbancorporation.com Zions Bank zionsbank.com California Bank & Trust calbanktrust.com Amegy Bank amegybank.com National Bank of Arizona nbarizona.com Nevada State Bank nsbank.com Vectra Bank Colorado vectrabank.com The Commerce Bank of Washington tcbwa.com The Commerce Bank of Oregon tcboregon.com This document may contain statements that could be considered “forward looking.” Readers should review the forward-looking statement disclaimer of Zions’ Annual Report on Form 10-K, which can be found on the website at zionsbancorporation.com and applies equally to this document. Certain financial measures containing descriptive words such as “core” or “adjusted” are subject to the Non-GAAP Financial Measures table, which can be found on page 19. SELECTED INDEX MEMBERSHIPS S&P Midcap 400 Russell 1000 KBW Bank NASDAQ Financial 100 INVESTOR RELATIONS For financial information about the bank, analysts, investors and news media representatives should contact: Andrea Christoffersen 801-844-7637 investor@zionsbancorp.com — 21 — Z I O N S B A N C O R P O R A T I O N One South Main Street, Salt Lake City, Utah 84133 | zionsbancorporation.com