Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 28

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 28
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junior stock”); |

| • |     | senior to or on a parity with each other series of our preferred stock we may issue (except for any senior series                                                                                                                                  
 that may be issued upon the requisite vote or consent of the holders of at least two thirds of the shares of the Series I Preferred Stock at the time outstanding and entitled to vote, voting together as a single class with any other series of 
 preferred stock entitled to vote thereon (to the exclusion of all other series of preferred stock)) with respect to the payment of dividends and distributions of assets upon any liquidation, dissolution or winding up of the Company; and       |

| • |     | with respect to distributions of assets upon any liquidation, dissolution or winding up of the Company, junior to 
 all existing and future indebtedness and other non-equity claims on us.                                           |

Dividends Holders of Series I Preferred Stock shall be entitled to receive, when, as and if declared by our board (or a duly authorized committee of the board), only out of funds legally available therefor, non-cumulativecash dividends payable quarterly, in arrears, on January 6, April 6, July 6 and October 6 of each year, beginning on January 6, 2026 (long first dividend period), as follows:

| • |     | From the date of original issue to, but excluding, October 6, 2030 (the “first dividend reset                                        
 date”), dividends will be payable on the stated amount of $1,000 per share at a rate of 6.500% per annum (the “initial fixed rate”). |

| • |     | From and including the first dividend reset date, for each dividend reset period (as defined below), dividends                                                                                                                        
 will be payable on the stated amount of $1,000 per share at a rate equal to the Five-year U.S. Treasury Rate (as defined below) as of the most recent reset dividend determination date (as defined below) plus 2.629% per annum (the 
 “spread”).                                                                                                                                                                                                                            |

S-16

Each date on which dividends are payable pursuant to the foregoing clauses is a
“dividend payment date,” and dividends for each dividend payment date are payable with respect to the dividend period (or portion thereof) ending on the day preceding such respective dividend payment date, in each case to holders of
record on the 15th calendar day before such dividend payment date or such other record date not more than