• 4Q25 earnings grew 6% YoY to US$5.4bn, and FY25 earnings came in slightly below our estimates, at 96% of our FY25e forecast. NII rose from loan growth, while higher non-interest income and lower provisions supported earnings. DPS rose 13% YoY to US$0.45, and 4Q25 common stock net repurchases rose 25% YoY to US$5bn.
• Non-interest income growth supported earnings from investment advisory and brokerage, and card fees, as NII rose by 4% YoY. Provisions dipped by 5% YoY and gave earnings an extra boost. Severance expense of US$612mn hampered earnings acceleration. WFC has guided FY26e NII of ~US$50bn (+5% YoY) with FY26e expense of ~US$55.7bn (+2% YoY).

Overview The company is committed to building a clean energy-centric business portfolio, spanning four key sectors: Energy Development, Energy Equipment, Energy Services, and Energy Applications. In Energy Development, the company focuses on in-depth localized clean energy resource development and management. This empowers regional energy structure optimization and delivers efficient, secure energy asset management services. In Energy Equipment, adhering to stringent intelligent manufacturing quality control standards and a green supply chain management system, the company provides smarter, more reliable, and cost-effective...
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• Revenue and DPU were in line with expectations
• Tightening of capitalisation rates, offset by lower rental outlook
• Australia portfolio contributed positively, mitigating transitional weakness in Singapore
• Maintain Neutral; unchanged target price of $0.75