Cullen/Frost Bankers, Inc. 10-Q filed Oct 29, 2026

Modified · Forward-Looking Statements and Factors that Could Affect Future Results

In addition, recent military conflict involving the U.S. and Iranongoing geopolitical tensions, armed conflicts, regional instability, sanctions, including direct military actionscyber-related threats, and attacks affecting commercial shipping in and around the Strait of Hormuz, critical infrastructure have increased geopolitical uncertainty and subsequent retaliatory military strikes, has contributed to heightened geopolitical uncertainty, increased volatility in global financial markets, and significant fluctuations in energy, and commodity pricesmarkets. While diplomatic communications and negotiations may continue, recent statements by U.S. Military conflict in the Middle East has disrupted energy markets and Iranian officialsshipping routes, including indications that through the previously announced ceasefire framework is no longer in effect, have increased the risk of further military escalation and broader regional instabilityStrait of Hormuz, while the ongoing Russia-Ukraine war and other geopolitical tensions continue to present risks to global economic and market conditions. Ongoing developments in the Middle EastFurther escalation, including potential disruptions to maritime trade shipping routes and , energy infrastructuresupplies, could adversely affectcritical infrastructure, or global supply chains, inflation expectations, economic activityor expanded sanctions, and market conditions. The timingtrade restrictions, magnitude, duration, and geographic scope of any further conflict remain highly uncertain and may evolve rapidly in response to military actionsor cyber-related incidents, diplomatic developments, government policy decisionscould adversely affect economic activity, sanctionsinflation, and market reactions. Heightened geopolitical uncertainty and volatility in energy markets may influence monetary policy decisions, interest-rate expectations, funding markets, liquidity conditions, foreign-exchange markets, and investor risk sentimentborrower credit quality. These factorsdevelopments could also adversely affect our funding profile; , liquidity, customer and counterparty credit quality, particularly in sectors sensitive to energy prices, global trade, transportation, manufacturing, and broader economic cycles; and the market value of certain financial instruments. Prolonged market volatility, additional military escalation involving the United States, Iran, or other regional actors, disruptions to global energy supplies or shipping lanes, expanded sanctions, or a deterioration in global economic conditions could negatively impact economic growth, increase borrower stress, reduce business activity, and contribute to higher credit losses and operational risks, including cyber-related incidents, any of which could have a material adverse effect on our business, financial condition, results of operations, and prospects. We will continue to monitor geopolitical developments and assess their potential impact on our customersThe timing, operationsmagnitude, liquidity positionduration, capital levels, market exposures, and overall risk profile, and we may adjust our risk management, liquidity management, capital planning, and business continuity strategies as appropriategeographic scope of these developments remain highly uncertain.