Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 23

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 23
---
 prospects, or the operating performance, financial condition 
 and prospects of our competitors;                                                                               |

| • |     | our creditworthiness; |

| • |     | the ratings given to our securities by credit rating agencies, including the ratings given to the Series I 
 Preferred Stock or the Depositary Shares;                                                                  |

| • |     | prevailing interest rates; |

| • |     | the market for similar securities; and |

| • |     | economic, financial, geopolitical, regulatory or judicial events that affect us or the financial markets 
 generally.                                                                                               |

S-12

Accordingly, the Depositary Shares that an investor purchases, whether in this offering or
in the secondary market, may trade at a discount to the price that the investor paid for the Depositary Shares.

A downgrade, suspension or withdrawal of any rating assigned by a rating agency to us or our securities, including the Depositary Shares and the Series I Preferred Stock, could cause the liquidity or trading price of the shares of Depositary Shares to decline significantly.

Real or anticipated changes in the credit ratings assigned to the Depositary Shares, the Series I Preferred Stock
or our credit ratings generally could affect the trading price of the shares of the Depositary Shares. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization
in its sole discretion. In addition, credit rating agencies continually review their ratings for the companies that they follow, including us. The credit rating agencies also evaluate the financial services industry as a whole and may change their
credit rating for us and our securities, including the Depositary Shares and the Series I Preferred Stock, based on their overall view of our industry. A future downgrade, withdrawal, or the announcement of a possible downgrade or withdrawal in the
ratings assigned to the Depositary Shares, the Series I Preferred Stock, us or our other securities, or any perceived decrease in our creditworthiness could cause the trading price of the Depositary Shares to decline significantly.

The shares of Series I Preferred Stock and the related Depositary Shares may not have an active trading market.

The Series I Preferred Stock and the related Depositary Shares are new issues with no established trading market. Although we plan to apply to
have the Depositary Shares listed on the New York Stock Exchange, there is no guarantee that we will be able to list the Depositary Shares. If approved for listing, we expect trading of the Depositary Shares on the New York Stock Exchange to begin
within