First Business Financial Services, Inc.

Consistent, Positive Operating Leverage HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.1% outpaces operating expense 5‐year CAGR of 8.6% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our private wealth management business in our less mature commercial banking markets Optimizing our limited partnership investment strategy Robotic process automation implementation Leverage AI to increase productivity and scale 5-Year Average2 FBIZ = 2.76% Peer = 0.02% Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. Operating revenue and operating expense are non-GAAP measurements. See section titled non-GAAP Reconciliations in the Company’s most recent earnings release, included as an exhibit to the Current Report on Form 8-K furnished to the SEC on July 30, 2026. FBIZ average data is average of 2020-2025.

Consistent, Positive Operating Leverage HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.1% outpaces operating expense 5‐year CAGR of 8.6% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our private wealth management business in our less mature commercial banking markets Optimizing our limited partnership investment strategy Robotic process automation implementation Leverage AI to increase productivity and scale 5-Year Average2 FBIZ = 2.76% Peer = 0.02% Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. Operating revenue and operating expense are non-GAAP measurements. See section titled non-GAAP Reconciliations in the Company’s most recent earnings release, included as an exhibit to the Current Report on Form 8-K furnished to the SEC on July 30, 2026. FBIZ average data is average of 2020-2025.

Consistent, Positive Operating Leverage HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.1% outpaces operating expense 5‐year CAGR of 8.6% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out 5-Year Average2 FBIZ = 2.76% Peer = 0.02% Note: Peer group defined as publicly traded banks with total assets between $1.75 billion and $7 billion. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses FBIZ and peer average data is average of 2020-2025.

Provided employees with extensive artificial intelligence tools training to enhance productivity and proficiency, modernize workflows, and improve operational efficiency across the Company.

The adoption of artificial intelligence tools by us and our third-party vendors and service providers may increase the risk of errors, omissions, unfair treatment, or fraudulent behavior by our employees, clients, or counterparties, or other third parties.

Similar wording appears in 8 other banks' reports.

By its nature, our business involves our operating in diverse markets and relying on the ability of our employees and systems to process transactions. As a result, we are subject to various risks of loss, including but not limited to the risk of fraud by employees or non-employees, the execution of unauthorized transactions, errors relating to transaction processing, breaches of our internal control systems, compliance failures, and other unforeseeable external events. Our industry has recently experienced an increase in the incidence of check fraud, wire fraud, peer-to-peer payment fraud. Advances in artificial intelligence and other technologies have increased the sophistication of fraud schemes, including identity theft or impersonation, deepfake communications, and social engineering attacks. Insurance coverage may not be available for such losses, or such losses may exceed insurance limits. Any such losses could also lead to litigation against the Corporation and the Bank. As a result, we could suffer financial loss, be subject to regulatory action, and experience reputational damage, any of which could have a material adverse effect on our business, results of operations, and financial condition.

The adoption of artificial intelligence tools by us and our third-party vendors and service providers may increase the risk of errors, omissions, unfair treatment, or fraudulent behavior by our employees, clients, or counterparties, or other third parties.

Similar wording appears in 8 other banks' reports.

Our adoption of artificial intelligence, including generative artificial intelligence, machine learning, and similar tools and technologies that collect, aggregate, analyze, or generate data or other materials or content (collectively, “AI”), is currently evolving and is being implemented on a measured basis for internal use, and we expect to continue to adopt such tools as appropriate. In addition, we expect our third-party vendors and service providers to increasingly develop and incorporate AI into their product offerings. There are inherent risks involved in utilizing AI and no assurance can be provided that our or our third-party vendors’ or service providers’ use of AI will enhance our or our third-party vendors’ or service providers’ products or services or produce the intended results. The adoption and incorporation of such tools can lead to concerns around safety and soundness, fair access to financial services, fair treatment of employees or consumers, and compliance with applicable laws and regulations. Such risks can result from models being poorly designed or faulty data being used, inadequate model testing or validation, narrow or limited human oversight, inadequate planning or due diligence, inappropriate or controversial data practices by developers or end-users, and other factors adversely affecting public opinion of AI and the acceptance of AI solutions. Furthermore, given the pace of rapid adoption of such tools by vendors and service providers, we may not be aware of the addition of AI solutions prior to such tools being introduced into our environment. Failure to adequately manage AI risks can result in erroneous results and decisions made by misinformation, unwanted forms of bias, unauthorized access to sensitive, confidential, proprietary, or personal information, and violations of applicable laws and regulations, leading to operational inefficiencies, competitive harm, reputational harm, ethical challenges, legal liability, losses, fines, and other adverse impacts on our business and financial results.

Similar wording appears in 7 other banks' reports.

Consistent, Positive Operating Leverage HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.1% outpaces operating expense 5‐year CAGR of 8.6% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out 5-Year Average2 FBIZ = 2.76% Peer = 0.02% Note: Peer group defined as publicly traded banks with total assets between $1.75 billion and $7 billion. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses FBIZ and peer average data is average of 2020-2025

Operating Leverage Outperforms Peers HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Despite headwinds related to outsized NIM in 2023, we achieved positive operating leverage in 2024 for the sixth consecutive year Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.4% outpaces operating expense 5‐year CAGR of 8.4% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out FBIZ Avg2 = 3.3% Peer Avg2 = -1.0% Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses FBIZ and peer average data is average of 2019-2024

Operating Leverage Outperforms Peers HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Despite headwinds related to outsized NIM in 2023, we achieved positive operating leverage in 2024 for the sixth consecutive year Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.4% outpaces operating expense 5‐year CAGR of 8.4% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out FBIZ Avg2 = 3.3% Peer Avg2 = -1.0% Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses FBIZ and peer average data is average of 2019-2024

Operating Leverage Outperforms Peers HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Despite headwinds related to outsized NIM in 2023, we achieved positive operating leverage in 2024 for the sixth consecutive year Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.4% outpaces operating expense 5‐year CAGR of 8.4% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth Management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out FBIZ Avg2 = 3.3% Peer Avg2 = -1.0% Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses FBIZ and peer average data is average of 2019-2024

By its nature, our business involves our operating in diverse markets and relying on the ability of our employees and systems to process transactions. As a result, we are subject to various risks of loss, including but not limited to the risk of fraud by employees or non-employees, the execution of unauthorized transactions, errors relating to transaction processing, breaches of our internal control systems, compliance failures, and other unforeseeable external events. Our industry has recently experienced an increase in the incidence of check fraud, wire fraud, peer-to-peer payment fraud, and the use of AI technology to facilitate identity theft. Insurance coverage may not be available for such losses, or such losses may exceed insurance limits. Any such losses could also lead to litigation against the Corporation and the Bank. As a result, we could suffer financial loss, be subject to regulatory action, and

Operating Leverage Outperforms Peers History of Growing Revenues Faster than Expenses Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. 3Q24 represent data for the trailing 12 months. Peer data not yet available for full year 2024. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. FBIZ and peer average data is average of 2019-TTM 9/30/24 We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage Despite headwinds related to outsized NIM in 2023, we achieved positive operating leverage in 2024 for the sixth consecutive year Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5-year CAGR of 10.4% outpaces operating expense 5-year CAGR of 8.4% Initiatives include: Expanding higher-yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth Management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out 1 FBIZ Avg2 = 3.3% Peer Avg2 = -1.8%

Operating Leverage Outperforms Peers History of Growing Revenues Faster than Expenses Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. 1Q24, 2Q24, and 3Q24 represent data for the trailing 12 months. Peer data not yet available for 3Q24. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage Atypically high net interest margin ("NIM") in 2023 creates temporary positive operating leverage headwind as NIM returns to normalized levels in 2024 We expect positive annual operating leverage will resume in 2025 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Initiatives include: Expanding higher-yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth Management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out 1 FBIZ Avg = 2.5% Peer Avg = -3.6%

Operating Leverage Outperforms Peers History of Growing Revenues Faster than Expenses Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. 1Q24 and 2Q24 represents data for the trailing 12 months. Peer data not yet available for 2Q24. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage Atypically high net interest margin ("NIM") in 2023 creates temporary positive operating leverage headwind as NIM returns to normalized levels in 2024 We expect positive annual operating leverage will resume in 2025 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Initiatives include: Expanding higher-yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our Private Wealth Management business in our less mature commercial banking markets Robotic process automation implementation AI usage discovery and roll out 1

(ROATCE) and Tangible Book Value (TBV) growth. Our rigorous analysis of the top drivers of bank stock performance revealed ROATCE and TBV growth as the most important drivers. Consequently, those two items are key metrics in our goals, which also include other key goals that influence those drivers as outlined in the chart to the right. Determining how to make this happen was a challenge in not resting on our laurels. While we believe our recent growth and profitability performance has been exceptional in the challenging environment for banks, we know we must continue to strive for improvement. Doing more of the same might be great in 2024, but it won’t be great in 2028. As Wayne Gretzky said, “Skate to where the puck is going to be, not where it has been.” We needed to stretch our thinking and envision how First Business Bank can be different to achieve success in the future. To that end, many of our discussions and debates were about what will be our greatest challenges and opportunities over the next five years and beyond. 2024-2028 Strategies We believe our biggest challenge will be talent. We are not unique in having an aging workforce coupled with a shortage of younger talent in the banking industry. Fortunately, we also believe the myriad possibilities of quickly evolving technology can help offset that challenge. Examples of the confluence of talent and technology include the opportunity to deploy robotic process automation to execute many of banking’s most frequent and straightforward tasks and the effective use of artificial intelligence (AI) to enhance the efficiency and productivity of our entire team. In addition, while our culture has always been our “secret sauce,” we recognize that as we grow, and as our workforce becomes more remote, we need to double down on protecting our culture to retain this as a competitive advantage. In our business, the best team wins, and we need to do everything we can to keep and attract the best talent.

FirstBusiness.Bank8 Positive Operating Leverage Ability to grow revenues faster than expenses outpaces peer group Note: Peer group defined as publicly traded bank with total assets between $1.75 billion and $7 billion. Peer data not yet available for 1Q24. 1. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. • Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis • Initiatives include: ◦ Expanding higher-yielding C&I lending business lines ◦ Strong focus on treasury management and growing core deposits ◦ Increasing our commercial banking market share outside of Madison ◦ Scaling our private wealth management business in our less mature commercial banking markets ◦ Robotic process automation implementation ◦ AI usage discovery and roll out -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 2019 2020 2021 2022 2023 1Q24 TTM Operating Leverage FBIZ Peer Group Median

7 Positive Operating Leverage Ability to grow revenues faster than expenses outpaces peer group Note: Peer group defined as publicly traded bank with total assets between $1.5 billion and $5.5 billion. 1. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. 2. Represents operating leverage for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 Operating Leverage (1) FBIZ Peer Group Median 2019 2020 2021 2022 YTD 9/30/23 (2) (8)% (5)% (3)% —% 3% 5% 8% 10% • We believe our focus on strategic initiatives directed toward revenue growth and operating efficiency through use of technology will continue to generate positive annual operating leverage. • Initiatives include: ◦ Expanding higher-yielding C&I lending business lines ◦ Strong focus on treasury management and growing in-market deposits ◦ Increasing our commercial banking market share outside of Madison ◦ Scaling our private wealth management business in our less mature commercial banking markets ◦ Robotic process automation implementation ◦ AI usage discovery and roll out

7 Positive Operating Leverage Ability to grow revenues faster than expenses outpaces peer group Note: Peer group defined as publicly-traded bank with total assets between $1.5 billion and $5.5 billion. Operating Leverage FBIZ Peer Group Median 2019 2020 2021 2022 LTM 6/30/23 (2)% —% 2% 4% 6% 8% 10% • Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. • We believe our focus on strategic initiatives directed toward revenue growth and operating efficiency through use of technology will continue to generate positive annual operating leverage. • Initiatives include: ◦ Expanding higher-yielding C&I lending business lines ◦ Increased focus on treasury management and growing in-market deposits ◦ Increasing our commercial banking market share outside of Madison ◦ Scaling our private wealth management business in our less mature commercial banking markets ◦ Robotic process automation implementation ◦ AI usage discovery and roll out