T. Rowe Price Group, Inc. Earnings Release Supplement Q2 2025

T. Rowe Price Group, Inc. Earnings Release Supplement Q2 2025

• 1. T. Rowe Price Group, Inc. August 1, 2025 Earnings Release Supplement Q2 2025 A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of June 30, 2025, unless otherwise noted. All figures are USD, unless otherwise noted.

• 2. T. R O W E P R I C E 2 This presentation, and other statements that T. Rowe Price may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to T. Rowe Price’s future financial or business performance, strategies, or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” and similar expressions. Forward-looking statements in this presentation may include, without limitation, information concerning future results of our operations, revenues, expenses, liquidity, cash flows and capital expenditures, net income and earnings per common share, amount or composition of assets under management, dividends, stock repurchases, flows into our investment funds, regulatory developments, changes in our effective fee rate, demand for and pricing of our products, new products and services, effective tax rates, future transactions, our strategic initiatives, industry conditions, general economic conditions, and other market conditions. T. Rowe Price cautions that forwardlooking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. Forward-looking statements speak only as of the date they are made, and T. Rowe Price assumes no duty to and does not undertake to update forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K filed with the Securities and Exchange Commission. Commentary and supplemental material are provided in the context of T. Rowe Price Group, Inc. (NASDAQ:TROW). Information provided may include references to investment strategies and affiliated funds, including historical performance results and product launches. Past performance is no guarantee of future results and products may not launch. T. Rowe Price mutual funds and ETFs are offered through T. Rowe Price Investment Services, Inc. (TRPIS), an SEC-registered broker-dealer and a member of FINRA. Discussion related to the funds is intended to exemplify their contribution to the organization's strategy, operations and financial results. This material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation concerning investments, investment strategies or account types in any jurisdiction nor to conduct any particular investment activity by any T. Rowe Price affiliate. Forward-Looking Statement

• 3. T. R O W E P R I C E 3 Key Metrics Q2 2024 Q1 2025 Q2 2025 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($3.7B) ($8.6B) ($14.9B) Assets Under Management (AUM)1 $1.57T $1.57T $1.68T Average AUM $1.53T $1.62T $1.59T EFR without Performance-Based Fees 41.1 bps 40.0 bps 39.6 bps EFR with Performance-Based Fees 41.6 bps 40.3 bps 39.7 bps GAAP Basis Net Revenues $1,733.3M $1,763.9M $1,723.3M Operating Expenses $1,168.6M $1,167.6M $1,245.0M Diluted Earnings per Share (EPS) $2.11 $2.15 $2.24 Non-GAAP Basis Adjusted Operating Expenses2$1,105.8M $1,135.1M $1,147.2M Adjusted EPS2$2.26 $2.23 $2.24 Dividends Dividend per share $1.24 $1.27 $1.27 The financial results presented in this earnings release supplement are unaudited. 1 Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. 2 For the reconciliation between GAAP and adjusted (non-GAAP) expenses and EPS, see the current earnings release. Financial Highlights

• 4. T. R O W E P R I C E 4 % of Funds/ Composites U.S. Funds Outperforming Morningstar Median1,2 U.S. Funds Outperforming Morningstar Passive Peer Median1,3 Composites Outperforming Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equity 31% 47% 48% 57% 29% 43% 45% 45% 17% 34% 28% 54% Fixed Income 53% 60% 55% 65% 33% 52% 68% 62% 54% 53% 61% 69% Multi-Asset 25% 57% 47% 65% 8% 49% 47% 43% NA NA NA NA All 35% 54% 50% 62% 22% 48% 52% 49% 33% 42% 41% 60% Past performance is not a guarantee nor a reliable indicator of future results. The investment performance reflects that of the T. Rowe Price-sponsored mutual funds, ETFs, and composites. 1 Source: © 2025 Morningstar, Inc. All rights reserved. Please see page 20 for more information. 2 Primary share class only. Excludes T. Rowe Price passive funds, funds that are clones of other funds, and fund categories not ranked by Morningstar. 3 Primary share class only. Excludes T. Rowe Price passive funds and funds that are clones of other funds. Funds are measured against the most appropriate strategy benchmark used for portfolio manager evaluation, which may not always be the regulatory benchmark. 4 Net returns for composites are calculated using the highest applicable separate account fee schedule and compared to official GIPS composite primary benchmark. Excludes money market composites. % of AUM U.S. Funds Outperforming Morningstar Median1,2 U.S. Funds Outperforming Morningstar Passive Peer Median1,3 Composites Outperforming Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equity 48% 59% 50% 73% 24% 50% 26% 48% 17% 48% 26% 39% Fixed Income 69% 76% 72% 84% 47% 72% 91% 74% 56% 47% 67% 50% Multi-Asset 10% 79% 76% 93% 0% 68% 68% 93% NA NA NA NA All 41% 65% 58% 78% 20% 56% 41% 60% 24% 48% 33% 41% Investment Performance Overview As of June 30, 2025

• 5. T. R O W E P R I C E 5 Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. OHA’s fee-basis AUM of $46.9B acquired on December 29, 2021, is reflected in 2021 ending AUM. All periods after 2021 reflect the related activity. Other acquisition of AUM is detailed in our quarterly releases and 10Qs. Distributions, net of reinvestments, are included in the market change figure. Manager-driven distributions related to our alternative are included in net flows and were: $2.6B in 2022; $2.6B in 2023; $3.7B in 2024; and $1.4B year-to-date 2025. U.S. $ billions Assets Under Management Market Change ($B) +60.4 -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -42.0 +231.3 +256.9 +198.9 -351.4 +251.6 +205.3 +93.7 Net Flows ($B) +30.3 +14.1 +17.2 -12.0 +3.7 +1.6 -2.8 +14.0 +13.2 +13.2 +5.6 -28.5 -61.7 -81.8 -43.2 -23.5 Ending AUM $482 $489 $577 $692 $747 $763 $811 $991 $962 $1,207 $1,471 $1,688 $1,275 $1,445 $1,607 $1,677 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Jun 2025

• 6. T. R O W E P R I C E 6 Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Institutional includes defined contribution assets, including assets sourced from intermediaries and the firm's full-service recordkeeping business. Retail includes our direct-marketed business and financial intermediaries Unfunded capital commitments will transition to fee basis assets under management or assets under advisement as capital is called and deployed. 1 See page 13 for further details on retirement assets. Assets Under Management and Net Flows U.S. $ billions ▪ Retirement assets are 66% of AUM1 ▪ U.S. defined contribution AUM of $767B ▪ Target date AUM of $520B ▪ Alternatives AUM includes private markets ($21B), CLOs ($21B), and liquid strategies ($13B) ▪ $18.6B in unfunded capital commitments compared to $16.2B at December 31, 2024 ▪ Outflows largely concentrated in U.S. equities ▪ Target date inflows of $1.7B in Q2 2025 ▪ Alternatives flows are net of $0.7B in manager-driven distributions Firmwide flows by quarter ($B) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 (3.7) (12.2) (19.3) (8.6) (14.9) Net Flows Q2 2025 Assets Under Management Asset Class Client Type Geography As of June 30, 2025 Equity $ (14.9) $ (16.1) $ (8.2) $ (19.2) $ (18.1) FI 7.8 1.1 3.5 5.4 1.2 MA 1.6 1.9 (15.5) 5.5 0.9 Alts 1.8 0.9 0.9 (0.3) 1.1 Inst. $ 7.6 $ (2.2) $ 4.9 $ (1.7) $ (5.7) Retail (11.3) (10.0) (24.2) (6.9) (9.2) U.S. $ (5.2) $ (13.1) $ (20.2) $ (8.0) $ (10.6) APAC, EMEA, Canada 1.5 0.9 0.9 (0.6) (4.3) Retail Inst. U.S. APAC, EMEA, Canada $810 $832 $830 $773 $839 $180 $186 $188 $196 $200 $529 $561 $536 $544 $583 $50 $52 $53 $53 $55 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Fixed Income Multi-Asset Alts Equity $675 $695 $666 $640 $684 $894 $936 $941 $926 $993 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 $1,434 $1,490 $1,465 $1,429 $1,532 $135 $141 $142 $137 $145 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Assets Under Management Assets Under Management Assets Under Management Net Flows Net Flows Net Flows Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25

• 7. T. R O W E P R I C E 7 ($1.2) ($10.4) $9.5 ($10.0) $2.1 Q2 2024 Investment Advisory Fees PerformanceBased Advisory Fees CABI (Change in Accrued Carried Interest) CABI (Amortization & Impairment) Administrative, Distribution, Services & Other Q2 2025 Quarterly Net Revenues U.S. $ millions ▪ Investment advisory fees represent over 90% of net revenue in the periods presented ▪ Q2 2025 investment advisory revenue was $1,567.6M ▪ CABI (change in accrued carried interest) was $37M in Q2 2025 compared to $27M in Q2 2024 and $9M in Q1 2025 Q2 2025 compared to Q1 2025 Q2 2025 compared to Q2 2024 ($30.8) ($4.0) $27.3 ($26.5) ($6.6) Q1 2025 Investment Advisory Fees PerformanceBased Advisory Fees CABI (Change in Accrued Carried Interest) CABI (Amortization & Impairment) Administrative, Distribution, Services & Other Q2 2025 Capital allocation-based income (CABI) $(10.0) / (0.6)% ($40.6) / (2.3)% $1,733.3 $1,723.3 $1,723.3 $1,763.9

• 8. T. R O W E P R I C E 8 ($9.1) $9.4 ($1.1) $3.8 ($9.0) $11.8 $6.3 Q1 2025 Compensation & Related CABI Compensation Distribution & Servicing Ad/Promo Product & Recordkeeping Tech, Occ, & Facility G&A&Other Q2 2025 Quarterly Adjusted Operating Expenses U.S. $ millions Q2 2025 compared to Q2 2024 $13.0 $4.8 $4.8 ($3.4) $1.8 $18.5 $1.9 Q2 2024 Compensation & Related CABI Compensation Distribution & Servicing Ad/Promo Product & Recordkeeping Tech, Occ, & Facility G&A&Other Q2 2025 Q2 2025 compared to Q1 2025 For the reconciliation between GAAP and adjusted (non-GAAP) expenses, see the current earnings release. Capital allocation-based income (CABI) compensation represents the portion of CABI (carried interest) that is passed through to certain associates as compensation. $41.4 / 3.7% $1,105.8 $12.1 / 1.1% $1,135.1 $1,147.2 $1,147.2 Six months ended 6/30/2025 6/30/2024 Change (%) Adjusted Operating Expenses $2,282.3 $2,177.2 4.8% Adjusted CABI Compensation (17.2) (27.0) n/m Adjusted Operating Expenses, ex CABI Compensation $2,265.1 $2,150.2 5.3% Basis for Operating Expense Guidance U.S. $ millions

• 9. T. R O W E P R I C E 9 1 Operating margin is equal to operating income divided by net revenues; adjusted operating margin is equal to adjusted operating income divided by adjusted net revenues. See the GAAP to adjusted (non-GAAP) operating income and operating margin reconciliation on page 13. For the reconciliation between GAAP and adjusted (non-GAAP) net income and EPS, see the current earnings release. Net Income U.S. $ millions, (except EPS) Quarterly Operating Income and Net Income U.S. GAAP Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Income $483.4 $603.0 $439.9 $490.5 $505.2 Diluted EPS $2.11 $2.64 $1.92 $2.15 $2.24 Operating Income U.S. GAAP Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Operating Income $564.7 $613.6 $568.4 $596.3 $478.3 Operating Margin1 32.6% 34.4% 31.2% 33.8% 27.8% Adjusted Operating Income Adjusted Operating Margin1 $654.9 $718.4 $620.2 $640.6 $614.4 37.2% 39.5% 33.7% 36.1% 34.9% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Adjusted Net Income Adjusted EPS $519.7 $586.5 $484.8 $509.3 $506.8 $2.26 $2.57 $2.12 $2.23 $2.24 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

• 10. T. R O W E P R I C E 10 Capital Returned to Stockholders Cash and Investments1 1 Cash and investments includes our cash and investments in T. Rowe Price sponsored products. This display does not include the non-controlling interest of our seed investments, which we normally consolidate due to our ownership. Capital returned to stockholders may not add up due to rounding. U.S. $ millions Capital Management Data through June 30, 2025 Q2 2024 Q4 2024 Q2 2025 Cash and Cash Equivalents $2,714.9 $2,649.8 $3,058.9 Discretionary Investments $469.7 $457.1 $749.6 Cash and Discretionary Investments $3,184.6 $3,106.9 $3,808.5 Redeemable Seed Capital $1,338.6 $1,262.3 $1,101.2 Investments used to Hedge Deferred Compensation Liabilities $943.3 $1,110.9 $1,123.7 286 1,142 3,384 109 468 1,251 — — — Q2 2025 Last 12 months Last 36 months $4,635 $1,610 $395 Dividends Share Repurchases

• 11. T. R O W E P R I C E 11 $160.4 $13.3 ($14.8) ($5.6) $153.3 Q1 2025 Change in accrued carried interest compensation Acquisition-related amortization and impairments Net Distributions Q2 2025 At the end of each reporting period, accrued carried interest reflects what would be due from each investment fund as if the fair value of the underlying investments were realized as of such date, regardless of whether the amounts have been realized. The change in the carrying value of accrued carried interest reflects amounts that are (1) market-related adjustments recognized as capital allocation-based income in the income statement, (2) acquisitionrelated amortization and impairments, and (3) realized and distributed by the fund. The change in accrued carried interest will fluctuate quarter to quarter. Approximately $2.4M of the 40%-50% of accrued carried interest recognized in compensation expense was not allocated to non-controlling interest holders, therefore, not categorized as CABI-related compensation. Quarterly Capital Allocation-Based Income (carried interest) U.S. $ millions, unless otherwise noted ▪ As of June 30, 2025, $20B of alternatives fee-basis assets under management are eligible to earn carried interest ▪ In general, 50%-60% of accrued carried interest is expected to be retained in operating income, with the remainder recognized as compensation expense ▪ Absolute performance of the following indices are an indicator of changes in accrued carried interest Non-controlling interests (NCI) in consolidated entities CABI Comp ($1.5) Q2 2025 returns1 ICE Bank of America U.S. High Yield Index: 3.6 % S&P UBS Leveraged Loan Index: 2.3 % CABI ($0.4) Past performance is not a guarantee nor a reliable indicator of future results. 1See the slide 20 for additional legal notices and disclaimers Investments in affiliated private investment funds—carried interest $382.6 $36.5 ($36.9) ($10.9) $371.3 Q1 2025 Change in accrued carried interest Acquisition-related amortization and impairments Net Distributions Q2 2025

• 12. Appendix

• 13. T. R O W E P R I C E 13 Assets Under Management – by Account Type U.S. $ billions 2022 2023 2024 Jun-25 U.S. Defined Contribution – Investment only $410.2 $486.2 $565.2 $598.0 U.S. Retirement Plan Sponsors - Full-service recordkeeping 132.4 141.2 154.2 169.4 Total U.S. Defined Contribution (DC) 542.6 627.4 719.4 767.4 Other retirement accounts 304.3 341.4 349.1 346.3 Total U.S. DC and Other Retirement 846.9 968.8 1,068.5 1,113.7 Other accounts 427.8 475.7 538.1 563.1 Total AUM at end of period $1,274.7 $1,444.5 $1,606.6 $1,676.8 Full-service recordkeeping and plan administration services provided to: ▪ $302 billion in assets under administration as of June 30, 2025 ▪ Over 8,800 U.S. retirement plans ▪ About 2.4 million plan participants

• 14. T. R O W E P R I C E 14 ETF AUM and Flows Assets Under Advisement ETF AUM and flows include T. Rowe Price multi-asset product allocations to ETFs. Assets under advisement represent non-discretionary advisory services offered through model delivery and multi-asset solutions for providers to implement. Certain providers implement the model using T. Rowe Price proprietary products, which would be included in our reported assets under management. The managed accounts - model delivery assets of $9 billion as of June 30, 2025 will be recategorized as assets under management, beginning in July 2025, given their similarities to strategies and pricing of other managed account portfolios. In billions ETFs and Assets under Advisement (AUA) Multi-Asset Solutions Managed Accounts – model delivery $0.6 $0.8 $2.5 $8.7 $16.2 2021 2022 2023 2024 Jun-25 $8.2 $8.0 $11.6 $16.4 $33.5 2021 2022 2023 2024 Jun-25 AUM Net Flows $0.4 $0.4 $1.4 $5.4 $6.7

• 15. Non-GAAP Reconciliation

• 16. T. R O W E P R I C E 16 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Revenues, GAAP Basis $1,733.3 $1,785.6 $1,824.5 $1,763.9 $1,723.3 Non-GAAP Adjustments1: Consolidated Investment Products 0.5 1.3 0.6 1.4 1.4 Investment Amortization and Impairments 26.9 30.5 17.7 10.4 36.9 Net Revenues, Non-GAAP Basis $1,760.7 $1,817.4 $1,842.8 $1,775.7 $1,761.6 Operating Income, GAAP Basis $564.7 $613.6 $568.4 $596.3 $478.3 Non-GAAP Adjustments1: Acquisition-Related Adjustments 73.0 59.0 56.0 49.0 67.4 Consolidated Investment Products 2.6 2.4 2.5 2.5 2.4 Deferred Compensation Liabilities 14.6 43.4 (6.7) (7.2) 66.3 Operating Income, Non-GAAP Basis $654.9 $718.4 $620.2 $640.6 $614.4 Operating Margin, GAAP Basis2 32.6 % 34.4 % 31.2 % 33.8 % 27.8 % Operating Margin, as Adjusted2 37.2 % 39.5 % 33.7 % 36.1 % 34.9 % 1 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC. 2 Operating margin is equal to operating income divided by net revenues. For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC. U.S. $ millions Non-GAAP Net Revenues and Operating Income Reconciliation

• 17. T. R O W E P R I C E 17 (in US$ millions, except per share numbers) U.S. GAAP Acquistion-Related Costs Deferred Compensation Liabitilies Consolidated Investment Products Other Non-Operating Income Non-GAAP Revenues Investment advisory fees $ 1,567.6 1.4 $ 1,569.0 Performance-based advisory fees 6.4 6.4 Capital allocation-based income (0.4) 36.9 36.5 Administrative, distribution, and servicing fees 149.7 149.7 Net revenues 1,723.3 36.9 — 1.4 — 1,761.6 Expenses Compensation and related costs 727.7 0.7 (66.3) 662.1 Distribution and servicing 92.5 92.5 Advertising and promotion 29.9 29.9 Product and recordkeeping related costs 74.8 74.8 Technology, occupancy, and facilities costs 179.4 179.4 General, administrative, and other 109.5 (1.0) 108.5 Acquisition-related amortization and impairments 31.2 (31.2) — Total operating expense 1,245.0 (30.5) (66.3) (1.0) — 1,147.2 Net operating income 478.3 67.4 66.3 2.4 — 614.4 Non-operating income (loss) Net gains on investments 165.9 (70.5) (48.3) 47.1 Net gains on consolidated investment products 78.6 (78.6) — Other income (9.0) 9.0 — Non-operating income(loss) 235.5 — (70.5) (78.6) (39.3) 47.1 Income before income taxes 713.8 67.4 (4.2) (76.2) (39.3) 661.5 Provision for income taxes 157.7 15.8 (1.0) (8.6) (9.2) 154.7 Net income 556.1 51.6 (3.2) (67.6) (30.1) 506.8 Less: NCI 50.9 — — (50.9) — — Net income attributable to TRPG $ 505.2 $ 51.6 $ (3.2) $ (16.7) $ (30.1) $ 506.8 Diluted EPS $ 2.24 $ 0.23 $ (0.02) $ (0.07) $ (0.14) $ 2.24 Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended June 30, 2025 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC.

• 18. T. R O W E P R I C E 18 (in US$ millions, except per share numbers) U.S. GAAP Acquistion-Related Costs Deferred Compensation Liabitilies Consolidated Investment Products Other Non-Operating Income Non-GAAP Revenues Investment advisory fees $ 1,598.4 1.4 $ 1,599.8 Performance-based advisory fees 10.4 10.4 Capital allocation-based income (1.2) 10.4 9.2 Administrative, distribution, and servicing fees 156.3 156.3 Net revenues 1,763.9 10.4 — 1.4 — 1,775.7 Expenses Compensation and related costs 664.5 (9.9) 7.2 661.8 Distribution and servicing 93.6 93.6 Advertising and promotion 26.1 26.1 Product and recordkeeping related costs 83.8 83.8 Technology, occupancy, and facilities costs 167.6 167.6 General, administrative, and other 103.3 (1.1) 102.2 Acquisition-related amortization and impairments 28.7 (28.7) — Total operating expense 1,167.6 (38.6) 7.2 (1.1) — 1,135.1 Net operating income 596.3 49.0 (7.2) 2.5 — 640.6 Non-operating income (loss) Net gains on investments 31.9 10.7 (7.1) 35.5 Net gains on consolidated investment products 31.9 (31.9) — Other income 6.9 (6.9) — Non-operating income(loss) 70.7 — 10.7 (31.9) (14.0) 35.5 Income before income taxes 667.0 49.0 3.5 (29.4) (14.0) 676.1 Provision for income taxes 161.9 10.1 0.7 (3.1) (2.8) 166.8 Net income 505.1 38.9 2.8 (26.3) (11.2) 509.3 Less: NCI 14.6 — — (14.6) — — Net income attributable to TRPG $ 490.5 $ 38.9 $ 2.8 $ (11.7) $ (11.2) $ 509.3 Diluted EPS $ 2.15 $ 0.17 $ 0.01 $ (0.05) $ (0.05) $ 2.23 Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended March 31, 2025 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC.

• 19. T. R O W E P R I C E 19 (in US$ millions, except per share numbers) U.S. GAAP Acquistion-Related Costs Deferred Compensation Liabitilies Consolidated Investment Products Other Non-Operating Income Non-GAAP Revenues Investment advisory fees $ 1,568.8 0.5 $ 1,569.3 Performance-based advisory fees 16.8 16.8 Capital allocation-based income 0.1 26.9 27.0 Administrative, distribution, and servicing fees 147.6 147.6 Net revenues 1,733.3 26.9 — 0.5 — 1,760.7 Expenses Compensation and related costs 661.1 (2.2) (14.6) 644.3 Distribution and servicing 87.7 87.7 Advertising and promotion 33.3 33.3 Product and recordkeeping related costs 73.0 73.0 Technology, occupancy, and facilities costs 160.9 160.9 General, administrative, and other 108.7 (2.1) 106.6 Acquisition-related amortization and impairments 43.9 (43.9) — Total operating expense 1,168.6 (46.1) (14.6) (2.1) — 1,105.8 Net operating income 564.7 73.0 14.6 2.6 — 654.9 Non-operating income (loss) Net gains on investments 78.0 (14.8) (28.5) 34.7 Net gains on consolidated investment products 8.5 (8.5) — Other income (6.2) 6.2 — Non-operating income(loss) 80.3 — (14.8) (8.5) (22.3) 34.7 Income before income taxes 645.0 73.0 (0.2) (5.9) (22.3) 689.6 Provision for income taxes 159.7 16.0 — (0.9) (4.9) 169.9 Net income 485.3 57.0 (0.2) (5.0) (17.4) 519.7 Less: NCI 1.9 — — (1.9) — — Net income attributable to TRPG $ 483.4 $ 57.0 $ (0.2) $ (3.1) $ (17.4) $ 519.7 Diluted EPS $ 2.11 $ 0.24 $ — $ (0.01) $ (0.08) $ 2.26 Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended June 30, 2024 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC.

• 20. T. R O W E P R I C E 20 Figures may not total due to rounding. Investment performance overview (slide 4) 1 Source: © 2025 Morningstar, Inc. All rights reserved. The information contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and 3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 2 Source: Morningstar. Primary share class only. Excludes money market mutual funds, funds with an operating history of less than one year, T. Rowe Price passive funds, and T. Rowe Price funds that are clones of other funds. The top chart reflects the percentage of T. Rowe Price funds with 1 year, 3 year, 5 year, and 10 year track record that outperformed the Morningstar category median. The bottom chart reflects the percentage of T. Rowe Price funds AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $327B for 1 year, $320B for 3 years, $318B for 5 years, and $317B for 10 years. 3 Passive Peer Median was created by T. Rowe Price using data from Morningstar. Primary share class only. Excludes money market mutual funds, funds with an operating history of less than one year, funds with fewer than three peers, T. Rowe Price passive funds, and T. Rowe Price funds that are clones of a retail fund. This analysis compares T. Rowe Price active funds with the applicable universe of passive/index open-end funds and ETFs of peer firms. The top chart reflects the percentage of T. Rowe Price funds with 1 year, 3 year, 5 year, and 10 year track record that outperformed the passive peer universe. The bottom chart reflects the percentage of T. Rowe Price funds AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $275B for 1 year, $264B for 3 years, $262B for 5 years, and $254B for 10 years. 4 Composite net returns are calculated using the highest applicable separate account fee schedule. Excludes money market composites. All composites compared to official GIPS composite primary benchmark. The top chart reflects the percentage of T. Rowe Price composites with 1 year, 3 year, 5 year, and 10 year track record that outperformed their benchmarks. The bottom chart reflects the percentage of T. Rowe Price composite AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $1,486B for 1 year, $1,480B for 3 years, $1,475B for 5 years, and $1,429B for 10 years. Capital Allocation Based Income (slide 11) ICE Data Indices and S&P Dow Jones Indices LLC do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/marketdata-disclosures for additional legal notices & disclaimers. Additional Information

• 21. T. R O W E P R I C E 21 Important Information Referenced in the earnings call: Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst Rating™ of Gold or Silver. David Giroux won the award for Allocation Funds in 2012 and 2024 and Allocation/Alternative Funds in 2017. Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc., including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities. ©2025 Morningstar, Inc. All Rights Reserved. The following entities may be referenced in the earnings supplement or the earnings call: ▪ TRPA – T. Rowe Price Associates, Inc. ▪ TRPIM – T. Rowe Price Investment Management, Inc. This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recordings provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only. Under no circumstances should the material, in whole or part, be copied or distributed without consent from T. Rowe Price. The views contained herein are as of the date of the presentation. The information and data obtained from third-party sources which is contained in the report were obtained from the sources deemed reliable; however, its accuracy and completeness is not guaranteed. The products and services discussed in this presentation are available via subsidiaries of T. Rowe Price Group as authorized in countries throughout the world. The products and services are not available to all investors or in all countries. Visit troweprice.com to learn more about the products and services available in your country and the T. Rowe Price Group subsidiary which is authorized to provide them. The material is not intended for use by persons in jurisdictions that prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. © 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners.