Amalgamated Financial Corp.

Stockholders and the Board of Directors of

New York, New York

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial condition of Amalgamated Financial Corp. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Allowance for Credit Losses for Loans – Conceptual Design and Qualitative Factors

As described in Notes 1 and 5 to the financial statements, the Company estimates expected credit losses for its financial assets carried at amortized cost utilizing the current expected credit loss (“CECL”) methodology. During the year ended December 31, 2025, the Company enhanced its allowance for credit losses calculation for loans ("ACL"), which included a change in the ACL software vendor, the development of certain new ACL assumptions, and updates to existing ACL assumptions.

Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

The ACL model, for portfolios other than the consumer solar loan portfolio segment, calculates the quantitative component of the ACL using a discounted cash flow methodology that utilizes a peer group by segment to develop periodic default rates, and statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of that peer group of banks. Forecasted economic conditions are then utilized to determine future expected credit losses based on expected future behavior of the same macro-economic variables. Expected credit losses are estimated over the contractual term of the loans, adjusted for forecasted prepayments when appropriate. The ACL model for the consumer solar loan portfolio calculates the quantitative component of the ACL using a weighted average remaining maturity model that utilizes the Company’s historical loss rates and forecasts those losses over the weighted average remaining maturity of the portfolio.

Adjustments to the quantitative results are made using qualitative factors. These factors include: (1) borrower's financial condition; (2) borrower's ability to pay; (3) nature and volume of financial assets; (4) value of the underlying collateral; (5) lending policies and procedures; (6) quality of the loan review system; (7) the experience, ability, and depth of staff; (8) regulatory and legal environment; (9) changes in market conditions; and (10) changes in economic conditions. A significant amount of management judgment is required to assess the reasonableness of the qualitative factors.

We identified the auditing of the conceptual soundness in the design of the new discounted cash flow ACL model, including the evaluation of key management judgments, and the qualitative factor determinations related to the allowance for credit losses for loans as a critical audit matter. A significant amount of auditor judgment was required to evaluate the reasonableness of management’s judgments related to the development of the discounted cash flow quantitative model, including the selection of the macroeconomic variables and the translation of peer loss data within the regression modeling. In addition, significant auditor judgment was required to assess the reasonableness of the qualitative factors applied to the quantitative modeling results.

The primary procedures we performed to address the critical audit matter included:

•Testing the effectiveness of controls over the evaluation of the conceptual design of the new discounted cash flow ACL model and the evaluation of the qualitative factors, including controls addressing:

◦Management’s judgments in the design of the new discounted cash flow ACL model, including the selection of the macroeconomic variables and the translation of peer loss data within the regression modeling.

◦Management’s review of the results of the third-party model validation.

◦Management’s reconciliation and testing of loan data inputs into the model.

◦Management’s review and approval of the qualitative factors.

•Substantively testing management’s process related to the conceptual design of the new discounted cash flow ACL model and determination of qualitative factors, which included:

◦Evaluation, with the assistance of internal specialists, of the reasonableness of management’s judgments related to the conceptual design of the new discounted cash flow ACL model, including the selection of the macroeconomic variables and the translation of peer loss data within the regression modeling.

◦Evaluation of the relevance and reliability of data utilized in the model, including reconciliation and testing of loan data inputs.

◦Evaluation of the reasonableness of management’s judgments related to qualitative factors to determine if they are calculated to conform with management’s policies.

Crowe LLP

We have served as the Company's auditor since 2020.

Livingston, New Jersey

March 5, 2026