Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 109

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 109
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 per share of Huntington common stock as set forth in the table below, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025.

| Multiple Reference Range    |     | Implied Equity Values per 
 Share of Huntington       
 Common Stock              |
| P / 2026E EPS 10.0x – 11.0x |     | $16.53 – $18.19           |
| P / TBVPS 1.50x – 1.80x     |     | $14.31 – $17.17           |

Although none of these companies is directly comparable to Huntington, Evercore selected these companies because they are publicly traded companies in the banking industry with business characteristics that Evercore, in its professional judgment and experience, considered generally relevant for purposes of its financial analyses. In evaluating the selected companies, Evercore made judgments and assumptions with regard to general business, economic and market conditions affecting the selected companies and other matters, as well as differences in the selected companies’ financial, business and operating characteristics. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments regarding many factors that could affect the relative values of the selected companies and the multiples derived from the selected companies. Mathematical analysis, such as determining the mean or median, is not in itself a meaningful method of using the data of the selected companies. Regression Analysis Evercore performed a regression analysis using the P / TBVPS multiples for the selected companies observed by Evercore as described above under “— Huntington Standalone — Selected Publicly Traded Companies Analysis” compared to the 2026 estimated return on average tangible common equity (“ROATCE”) in 2026 (“2026E ROATCE”) for those selected companies using FactSet consensus estimates to derive a regression line reflecting a range of P / TBVPS multiples at a range of 2026E ROATCE for the selected companies. Evercore observed that the 2026E ROATCE for Huntington as reflected in the Forecasts corresponded to an implied P/TBV per share multiple of 1.76x on the regression line.

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Based on this analysis, Evercore applied implied P / TBVPS multiples ranging from 1.55x to 1.80x to the TBVPS as of September 30 2025, as reflected in its publicly available filings, to derive a range of implied values per