Bread Financial Holdings, Inc. (BFH) Goldman Sachs 2025 U.S. Financial Services Conference December 10, 2025 1:40 PM EST

Company Participants

Ralph Andretta - President, CEO & Director Perry Beberman - Executive VP & CFO

Conference Call Participants

Ryan Nash - Goldman Sachs Group, Inc., Research Division

Presentation

Ryan Nash Goldman Sachs Group, Inc., Research Division

Up next, we’re pleased to have Bread Financial joining us once again. Bread has continued to execute on its strategy of being a leading provider in the credit card space through responsible growth and disciplined risk management. In addition, after significantly improving its financial position, it’s become a capital return story, which should be a solid EPS lever for the company looking ahead.

Joining us from Bread is CEO, Ralph Andretta; and Chief Financial Officer, Perry Beberman.

Question-and-Answer Session

Ryan Nash Goldman Sachs Group, Inc., Research Division

Today’s discussion is going to be a fireside chat. So maybe I’ll kick it off with you, Ralph. You’ve done a ton to transform the company over the past few years. Maybe just talk a little bit about what are your – what have you done? And what are your current areas of focus as we move into 2026?

Ralph Andretta President, CEO & Director

Brian, thank you, and thank you for recognizing what we’ve done. And I think it’s going to be more of the same. It’s – I’ve got a very boring answer for you. It’s going to be continue to have responsible growth and be very prudent about that. Navigate the macroeconomic environment, come with May. We’re going to navigate that environment with good prudent underwriting, doing the right thing. We’ll continue to manage our capital.

For the first time in a very long time or ever, we can execute on all our 3 capital priorities. We

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