Earnings release
Page 1
THIRD QUARTER 2025 RESULTS PRESS RELEASE Paris, 28 October 2025 Solid results in line with our 2025 net income target of >€12.2bn 3Q25 (€m) Chg. vs. 3Q241 Revenue growth driven by the diversified model Operating divisions excl. AXA IM*: +3.5% vs. 3Q24; +4.9% at constant exchange rates • CIB (+4.5%): Very good quarter despite the exchange-rate impact (+7.7% at constant exchange rates) • CPBS (+3.1%): Good performances at Commercial & Personal Banking in the Euro Zone; improvement at Specialised Businesses • IPS (+2.9% excl. AXA IM*): Robust organic growth ⎯ Revenues 12,569 +5.3% Cost control and operating efficiency Operating divisions excl. AXA IM*: +1.5% vs. 3Q24 • Positive jaws effect of operating divisions excl. AXA IM*: +2.0 points ⎯ Operating expenses 7,610 +5.5% Gross operating income ⎯ GOI 4,959 +4.9% Cost of risk2 below 40 bps ⎯ Cost of risk2 39 bps Pre-tax income Operating divisions excl. AXA IM*: +5.0% vs. 3Q24 ⎯ Pre-tax income 4,284 +5.5% Net income3 in line with the >€12.2bn 2025 target ⎯ Net income3 3,044 +6.1% Net tangible book value per share at 30.09.25 ⎯ TBV4 €91.2 Financial structure very solid: CET1 ratio5 at 12.5% in 30.09.25 * Consolidation of AXA IM as of 01.07.25. Restatement performed for better comparison of operational divisions’ performance between 3Q24 and 3Q25
Page 2
2 The Board of Directors of BNP Paribas met on 27 October 2025. The meeting was chaired by Jean Lemierre, and the Board examined the Group’s results for the third quarter 2025. Jean-Laurent Bonnafé, Chief Executive Officer, stated at the end of the meeting: “The Group achieved good operating performance in all three of its divisions in the third quarter and displays a very solid financial structure, with a CET1 ratio of 12.5%, as well as organic capital generation of 30 bps. Our results are in line with our 2025 net income target of more than 12.2 billion euros and with our 2026 growth trajectory. The third quarter was highlighted by the integration of AXA IM, providing the Group with a lever of strategic transformation and enabling us to become a leader in asset management. I would like to thank all our teams for their continued commitment to serving our clients.” GROUP RESULTS AS OF 30 SEPTEMBER 2025 Group 3rd quarter 2025 results Revenues In the 3rd quarter 2025 (hereinafter: 3Q25), Group net banking income (NBI) stood at €12,569m, up by 5.3% compared to the 3rd quarter 20241 (hereinafter: 3Q24). Operating divisions NBI excluding AXA IM6 are up by 3.5% and 4.9% at constant exchange rates. Corporate & Institutional Banking (CIB) revenues increased by +4.5% vs. 3Q24, turning in a record quarter reflecting the strength of our Originate & Distribute model. Global Banking revenues decreased (-2.6% vs. 3Q24, with risk-weighted assets down by 11.5% vs. 3Q24) but were resilient in a more challenging context tha n last year’s, marked by tariff announcements, geopolitical uncertainties, a wait-and-see attitude of corporate clients, and the impact of the $/€ depreciation. Global Markets achieved strong growth of +9.4% vs. 3Q24 despite an unfavourable exchange rate impact. Equity & Prime Services rose strongly, by +17.9% vs. 3Q24, driven by all three segments – derivatives, cash and prime services – while FICC achieved an increase of +3.7% vs. 3Q 24, thanks to strong repo activity and a good performance in credit activities . Securities Services was up (+5.0%), driven by a high level of transactions. Commercial, Personal Banking & Services (CPBS) revenues7 increased (+3.1% vs. 3Q24), driven by the good performance at Commercial & Personal Banking (+5.6% vs. 3Q 24). At Commercial & Personal Banking in the Euro Zone , deposits (-0.7% vs. 3Q24) decreased, and loans (+0.6% vs. 3Q24) rose slightly. Revenues increased in the euro zone (+3.5%7 vs. 3Q24) and rose sharply (+14.1%7 vs. 3Q24) at Europe-Mediterranean. At Specialised Businesses, Arval and Leasing Solutions revenues decreased (-10.5% vs. 3Q24) due to the base effect on used-car prices at Arval. Arval achieved some very good business performances, as seen in the strong rise in its organic revenues (+9.3% vs. 3Q 24). Leasing Solutions revenues rose by 2.0% vs. 3Q24. The 3rd quarter was highlighted by higher revenues at Personal Finance (+5.0% vs. 3Q24), driven by the ongoing improvement in the production margin. Revenues at New Digital Businesses and Personal Investors were stable (+0.2%7 vs. 3Q24) but up sharply at constant scope and exchange rates (+13.4%7 vs. 3Q24).
Page 3
3 Investment & Protection Services (IPS) revenues increased by +27.5%, driven by the consolidation of AXA IM and organic growth at Insurance and Wealth Management. Beginning with this quarter, IPS consolidate s AXA IM revenues, which this quarter came to € 367m. Revenues at Insurance (+7.7% vs. 3Q24) and Wealth Management (+ 10.4% vs. 3Q24) rose, driven by good net inflows. Revenues also rose at Asset Management (excl. Real Estate and IPS Investments) (+6.0% vs. 3Q24), driven by inflows and the market performance effect. Overall, Asset Management revenues decreased (-8.6% vs. 3Q 24), due to Real E state activity that remains lacklustre and lower revaluations at IPS Investments this quarter. Operating expenses Operating expenses amounted to €7,610m in 3Q25 (+5.5% vs. 3Q 24). Operating expenses excluding AXA IM6 are up by 1.5% and 2.8% at constant exchange rates. They include the exceptional impact of restructuring and adaptation costs (€89m) and IT reinforcement costs (€65m) for a total of €154m. CIB operating expenses increased (+1.1% vs. 3Q24) in support of growth at marginal cost. The jaws effect was positive at the division level (+3.4 points) and particularly high at Securities Services (+6.5 points). CPBS7 operating expenses increased by 2.4%, and the jaws effect was very positive at Commercial & Personal Banking in the Euro Zone (+2.6 points), Personal Finance (+5.2 points), Arval & Leasing Solutions excl. used-car revenues (+0.8 point), and New Digital Businesses and Personal Investors (+3.7 points). At IPS, operating expenses excl. AXA IM decreased (-0.5% vs. 3Q24), while continuing to support growth. The jaws effect was very positive at Insurance and Wealth Management. Overall, the jaws effect was positive by 2.0 points in the operating divisions (excl. AXA IM). Cost of risk In 3Q25, Group cost of risk stood at €905m2 (€729m in 3Q24), or 39 basis points of customer loans outstanding, in line with our 2024-2026 trajectory. In 3Q25, net provisions on non-performing loans (stage 3) were contained at €1,064m (€946m in 3Q24). The Group made stage 1 and 2 releases of €159m. The stock of provisions amounted to €18.4bn, of which €4.0bn in stage 1 and 2 provisions. The stage 3 coverage rate stood at 66.6% for a ratio of non-performing loans of 1.7%. Other net losses for risk on financial instruments stood at €14m in 3Q25 (€42m in 3Q24). Operating income, pre-tax income and net income, Group share Gross operating income amounted to €4,959m (+4.9% / 3Q24) and its operating income amounted to €4,040m, up by 2.1% vs. 3Q24. Pre-tax income including the share of earnings of equity method entities came to €4,284m (+5.5% / 3Q24).
Page 4
4 Net income, Group share came to €3,044m in 3Q25, up by 6.1% vs. 3Q24 (€2,868m) and the average corporate income tax rate stood at 26.5% in the 3rd quarter. Group nine-month 2025 results Revenues in the first nine months of 2025 came to €38,110m, up by 3.9% vs. the first nine months of 2024 (hereinafter: 9M24). CIB revenues (€ 14,423m) rose by 7.1% vs. 9M24, driven by increased revenues at Global Markets (+11.0% vs. 9M24), Global Banking (+0.7% vs. 9M24) and Securities Services (+8.6% vs. 9M24). CPBS7 revenues were up by 1.6% to €19,780m, with an increase at Commercial & Personal Banking (CPBF: +2.7% vs. 9M24; CPBB: +2.0% vs. 9M24; CPBL: +6.8% vs. 9M24). Europe- Mediterranean was up sharply (+18.6% vs. 9M24). Specialised Businesses saw a decrease in performance (-4.0% vs. 9M24), due to the normalisation of Arval used-car prices at the level of Arval and Leasing Solutions (-14.6% vs. 9M24). IPS revenues amounted to €4,927m (+13.0% vs. 9M24), driven by the consolidation of AXA IM, and the good performances at Insurance (+6.7% vs. 9M24), Wealth Management (+ 9.1% vs. 9M24) and Asset Management (excl. Real Estate and IPS Investments) (+2.1% vs. 9M24). For the first time, AXA IM revenues (€367m) are consolidated within IPS. Group operating expenses came to €23,099m, up by 3.5% vs. 9M24 (€22,326m). They include the exceptional impact of restructuring and adaptation costs (€173m) and IT reinforcement costs (€236m) for a total of €409m. At the division level, operating expenses increased by +4.3% at CIB and by +1.4% at CPBS7 (+1.6% in Commercial & Personal Banking and +1.0% in Specialised Businesses). They were up by 10.4% at IPS, with the 3Q25 consolidation of AXA IM. At the Group level, the jaws effect was therefore positiv e (+0.4 point), and the cost-income ratio came to 60.6%. Group gross operating income amounted to €15,011m in 9M25, up by 4.5% vs. 9M24 (€14,368m). Group cost of risk2 stood at €2,555m (€2,121m in 9M24). Other net losses for risk on financial instruments amounted to €129m and Group non-operating items to €754m in 9M25. Group pre-tax income thus amounted to €13,081m, up by 1.8% vs. 9M24 (€12,845m). With an average corporate income tax rate of 27.1% in 9M25 (25.8% in 9M24), net income, Group share came to €9,253m (vs. €9,366m in 9M24). As of 30 September 2025, return on non -revaluated tangible equity (ROTE) was 11.4%. This reflects the solid performances of the BNP Paribas Group, on the back of its diversified and integrated model.
Page 5
5 Integration of AXA IM This quarter was highlighted by the initial contribution of AXA IM to the Group’s results. This acquisition allows the Group to create a leader in asset management by positioning it as: (i) the third -largest European asset manager, with more than € 1,600bn in assets under management; (ii) the European leader in managing long-term savings, with about €850bn in long- term assets; and (iii) the European leader in alternative assets, with about €300bn in assets under management. It also positions us as the only European asset manager with a full and scaled-up offering across all asset classes, with distinctive growth levers such as: • More than €1,600bn in AuM, balanced out by asset class and by distribution network; • Strong capabilities in asset management for insurers, thanks to strategic partnerships with AXA and BNP Paribas Cardif; and • A unique integrated Group model. As for the financial side, pre-tax revenue and cost synergies are estimated at €550m by 2029. On that basis, we have raised our initial return on invested capital target to 18% in 2028 and 22% in 2029 (in comparison with initial targets of 14% in 2028 and 20% in 2029). Cost synergies will make it possible to deploy an industrial platform at scale. Cost synergies are estimated at €400m before taxes, including two thirds by 2027, and represent about 18% of the combined cost base. Revenue synergies leverage the Group’s integrated model and will support the acceleration of the new platform’s growth. They are estimated at €150m before taxes, of which 50% by 2027. Integration costs are estimated at €690m and annual amortisation on the partnership at €100m. The impact on the CET1 ratio is 35 basis points. Overall, the integration of AXA IM is expected to contribute more than 50 basis points of RoTE to the Group by 2028. AXA IM is a catalyst for the Group’s long -term growth ambitions, based on: (i) insourcing capabilities and expertise; (ii) developing new partnerships with insurers and pension funds (beyond AXA and BNP Paribas Cardif ); (iii) accelerating cross -selling; (iv) broadening our Originate & Distribute model; and (v) deploying distribution of alternative assets.
Page 6
6 Financial structure as of 30 September 2025 The Common Equity Tier 1 ratio5 (hereinafter: CET1 ratio) stood at 12.5% as of 30 September 2025, far above SREP requirements (10.51%) and stable compared to 30 June 2025. The quarter reflected the combined effects of : (i) organic generation of capital net of the change in risk-weighted assets in 3Q25 (+30 basis points); (ii) the distribution of 3Q25 earnings based on a 60% payout ratio (-20 basis points); (iii) AXA IM (-35 basis points); and (iv) model updates and others (+25 basis points). The CET1 ratio is projected at 12.5% post-FRTB by 2027. The leverage ratio8 stood at 4.3% as of 30 September 2025. As of 30 September 2025, the liquidity coverage ratio9 (end-of-period) stood at 138%, high- quality liquid assets (HQLA) at €380bn, and the immediately available liquidity reserve10 at €481bn. 2024-2026 trajectory and Ambition 2028 Based on the positive momentum so far in 2025, we confirm the Group’s 2026 trajectory . That momentum will help improve shareholder return. • Revenues: compound average growth rate (CAGR) above 5% for 2024-2026 • Jaws effect: ~+1.5 points/year on average • Cost of risk: below 40 bps in 2025 and 2026 • Net income: CAGR above 7% for 2024-2026 • Earnings per share: CAGR above 8% for 2024-2026 • 2025 RoTE: 11.5%; 2026 RoTE: 12%; 2028 RoTE: 13% Growth levers are in place on each platform, thanks to investments already made: CIB is a strong value-creating platform. Its RONE has risen continuously since 2016 (13.3% in 2016; 23.9% in 2024). At CPBS, the rebound is gradually gathering strength at Commercial & Personal Banking in the Euro Zone, driven by the interest-rate scenario. CPBS will also benefit from the impacts of the CPBF strategic plan and the extension of the Personal Finance strategic plan to 2028, with a projected +1% impact on Group RoTE by 2028, including +0.5% by 2026. In Specialised Businesses, Arval is maintaining its strong organic growth, and the significant used-car sale base effect is ending. IPS continues to develop its integrated platform with fee-generating and capital-light businesses. Beyond that, the acceleration will be driven by implementation of external growth at AXA IM, Wealth Management, and BNP Paribas Cardif. AXA IM’s trajectory is expected to have an impact on Group RoTE of 0.5% by 2028.
Page 7
7 Sustainable Development In the third quarter of 2025, the Group continued to support its clients’ energy transition, decarbonization and biodiversity projects. By way of illustration, BNP Paribas served as Green loan Coordinator on a $270m green loan to Grenergy helping to finance the Elena project ($1.5bn in all), one of the world’s largest renewable- energy and battery -storage projects. The Group also served as Global and Sustainability Coordinator on a €1bn sustainability-linked loan and green loan to Ferrovie Nord Milano to finance the production of hydrogen as train fuel. BNP Paribas ’s ongoing support for clients is visible in its year -to-date leading positions in sustainable finance rankings. The Group ranks first in the ranking of Global Green, Social and Sustainability Bonds by volume and second in Green, Social and Sustainability Loans11 in EMEA by volume.
Page 8
8 CORPORATE AND INSTITUTIONAL BANKING (CIB) CIB 3rd quarter 2025 results A record quarter, reflecting the strength of our Originate & Distribute model. Net banking income (€4,458m) was up by 4.5% vs. 3Q24, driven by a good performance by Global Markets and Securities Services, and despite an environment that was more difficult than last year’s for Global Banking. Operating expenses, at €2,599m, increased by 1.1% vs. 3Q24 in support of growth at marginal cost. The jaws effect was positive (+3.4 points) and especially high at Securities Services (+6.5 pts). Gross operating income amounted to €1,858m, up by 9.5% vs. 3Q24. Cost of risk stood at €195m. CIB generated pre-tax income of €1,666m, down by 0.4%. CIB – Global Banking Global Banking achieved a solid commercial performance and confirmed its EMEA leadership. Revenues (€1,454m) decreased by 2.6% vs. 3Q24 in a more challenging context that last year’s, with tariff announcements, geopolitical uncertainties, the “wait-and-see” attitude of Corporate clients and the impact of the dollar’s depreciation vs. the euro. Revenues were stable at constant exchange rates. An increase in fees and financing revenues offset the interest -rate impact on Cash Management. Capital Markets made good progress. The quarter featured in particular significant progress in securitisations, with a #5 global ranking and a 6.8% market share . In Transaction Banking, commercial momentum was sustained. Advisory was stable vs. a high level in 3Q24. Loans decreased (-7.2%12 vs. 3Q24) and deposits (+1.7%12 vs. 3Q24) increased. Global Banking confirmed its EMEA leadership in the first nine months of 2025 with the following rankings in particular13: (i) #1 in all debt segments (DCM, investment grade loans, euro - denominated debt and securitisation; and (ii) #2 in high yield bonds; and (iii) #3 in EMEA ECM.
Page 9
9 CIB – Global Markets Global Markets achieved an excellent quarter driven by a strong Equity & Prime Services performance. At €2,228m, Global Markets revenues rose by 9.4% vs. 3Q24 despite an unfavourable forex impact. Operating expenses were contained (+3.1%), in line with business investments and performance. The jaws effect was very positive this quarter (+6.3 points). Revenues at Equity & Prime Services amounted to €971m, up by 17.9% vs. 3Q24. All business lines and regions delivered a strong performance in 3Q25. The quarter was driven by robust activity in Derivatives across all regions, very strong growth in Prime Brokerage, and an increase in Cash Equity execution, particularly in the US. At €1,257m, FICC revenues increased by 3.7% vs. 3Q24, driven by repo activity, particularly in the Americas, and a good performance in credit activities. Cost of risk rose at Global Markets in relation to a specific credit situation this quarter. Average 99% 1-day interval VaR, a measure of market risks, stood at €34m. It remained low, and stable vs. 2Q25. CIB – Securities Services The 3rd quarter was marked by a solid performance in a context of falling interest rates and dollar depreciation. At €775m, Securities Services achieved strong growth in revenues (+5.0% vs. 3Q24), driven by strong business momentum and a high level of transactions, partially offset by a slowdown in net interest revenues in a context of falling interest rates and the dollar’s depreciation to the euro. Operating expenses decreased to €543m, reflecting exchange rates and cost savings. The cost- income ratio continued to improve. New mandates were signed this quarter in each segment and geography (e.g., UniCredit Group and Allianz UK). At the cutting -edge of technologies , Securities Services served as custodian bank and fund administrator for the launch of the first tokenised fund with real -time settlement- delivery for Azvalor (Spain), in collaboration with Allfunds Blockchain. CIB nine-month 2025 results In the first nine months of 2025 , CIB’s revenues amounted to €14,423m, up by 7.1%, and its operating expenses to €8,133m, up by 4.3% vs. 9M24. CIB’s gross operating income came to €6,290m, up by 11.1% vs. 9M24, and its cost of risk stood at €371m. On this basis, CIB’s pre-tax income amounted to €5,934m, up by 1.6% compared to 9M24 with risk-weighted assets that were down by 7.3% at the end of the period.
Page 10
10 COMMERCIAL, PERSONAL BANKING & SERVICES (CPBS) CPBS 3rd quarter 2025 results The 3rd quarter was highlighted by a good overall performance and an increase in pre-tax income. Net banking income7, at €6,621m, was up by 3.1% vs. 3Q24. Commercial & Personal Bankin g revenues 7 at €4,296m, increased (+5.6% vs. 3Q24), with further growth in net interest revenues (+6.6% vs. 3Q 24). Commercial & Personal Banking achieved good performances in fees globally in the networks (+3.7% vs. 3Q24). Assets under management rose in Private Banking (+3.5% vs. 3Q24) and Hello bank! continued to expand, reaching 3.8 million customers (+4.0% vs. 3Q24). CPBS continued to develop digital use cases at a sustained pace (17.3 million active customers14 per month, up by 10.4% vs. 3Q24). Specialised Businesses revenues amounted to €2,326m (-1.2% vs. 3Q 24). Arval’s organic revenues (financial and service margin) rose steeply (+9.3% vs. 3Q24). The significant base effect linked to used -car price in 3Q25 is ending. Revenues rose at Leasing Solutions. At Personal Finance, revenues increased faster than outstanding loans (+5.0% and +2.7% respectively vs 3Q24), driven by an ongoing improvement in the production margin . Revenues at New Digital Businesses and Personal Investors rose by +13.3% vs. 3Q24 at constant scope and exchange rates, with confirmation of the 2025 revenue target of more than €1bn. Operating expenses7 increased (+2.4% vs. 3Q 24). The jaws effect was very positive at Commercial & Personal Banking in the Euro Zone (+2.6 points). At Specialised Businesses, the jaws effect was positive at Personal Finance (+5.2 points), Arval & Leasing Solutions (+0.8 point, excl. used-car revenues), and New Digital Businesses and Personal Investors (+3.7 points). Gross operating income7 amounted to €2,761m (+4.1% vs. 3Q24) and cost of risk and autres7 to €718m (€737m in 3Q24), down by 2.6% vs. 3Q24. As a result, CPBS generated pre-tax income 7 of € 2,176m (+8.1% vs. 3Q 24) with a slight decrease in risk-weighted assets.
Page 11
11 CPBS – Commercial & Personal Banking in France (CPBF) In the 3rd quarter, CPBF achieved a strong increase in pre-tax income and confirmed its Deep Dive trajectory (26 June 2025 ). Deposits decreased by 2.3% vs. 3Q24 but were stable vs. 2Q25. Sight deposits rose (+0.9% vs. 3Q24), and deposits mix improved slightly with a marked decline in term deposits (-20.5% vs. 3Q24). Loans outstanding decreased by 0.6% vs. 3Q24 (+0.7% excl. state-guaranteed loans). Mortgage loans were stable. Regarding off-balance sheet savings, net inflows into life insurance amounted to €2.6bn as of 30 .09.2025, far higher than in 2024 (+29.4% vs. 30.09.2024). Investment mandates had very strong growth this quarter. Assets under management in Private Banking amounted to €142bn as of 30.09.2025 (+1.5% vs. 3Q24) with an increase in net inflows from Corporate clients. Net banking income15 stood at €1,704m, up by 3.9% vs. 3Q24. In net interest revenues15, margins improved on non-interest-bearing sight deposits, offset partly by lower margins on mortgage loans and a more moderate trend in the Corporate client segment . Fees15 rose strongly, driven by strength in Individual customers and entrepreneurs and Private Banking. At €1,143m, operating expenses15 were under control (+0.8% vs. 3Q24), rising less than inflation. The jaws effect was very positive (+3.1 points). Gross operating income15 came to €561m (+10.9% vs. 2Q24). Cost of risk 15 decreased to € 85m (€122m in 3Q 24), or 15 basis points of customer loans outstanding. As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), CPBF’s pre-tax income16 rose sharply, by €426m (+26.3% vs. 3Q24). CPBS – BNL Banca Commerciale (BNL bc) The 3rd quarter at BNL bc was highlighted by an ongoing improvement in its operating income. Deposits increased (+0.3% vs. 3Q24) in particular with Corporates and Private Banking, partly offset by the decrease with Individuals . The mix improved, with an increase in sight deposits (+2.7% vs. 3Q24) and a decrease in term deposits (-8.3% vs. 3Q24). Loans outstanding increased (+0.8% vs. 3Q24). The quarter was highlighted by resiliency in Corporate loans, partially offset by the decrease in mortgage loans, in accordance with a selective approach to granting loans. Off- balance-sheet customer assets17 rose by 5.6% vs. 30.09.2024, driven by Private Banking clients (in all products), as well as mutual funds and securities portfolios. Net inflows in Private Banking amounted to €0.8bn in 3Q25 (+€2.8bn in 9M25). At €686m, n et banking income 15 was up by 0.3% vs. 3Q24. Net interest revenues decreased moderately due to the interest -rate environment and strong competition for Corporate deposits and mortgage loans. Financial fees15 were up sharply. At €411m, operating expenses15 decreased (-1.6% vs. 3Q 24), in connection with structural savings measures. The jaws effect was positive (+1.9 points). Gross operating income15 amounted to €274m (+3.2% vs. 3Q24).
Page 12
12 At €57m, cost of risk 15 was lower and stood at 31 basis points of customer loans outstanding , confirming the ongoing improvement in the risk profile. As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), BNL bc generated pre-tax income16 of €309m, up sharply (+45.0% vs. 3Q24, excluding the impact of a revaluation of equity investments), driven by the increase in operating income. CPBS – Commercial & Personal Banking in Belgium (CPBB) At CPBB, n et interest revenues continued to recover. The jaws effect was very positive. The quarter was also marked by active balance sheet management. Loans outstanding rose by 2.2% vs. 3Q24, with an increase in mortgage loans and corporate loans. The stock of d eposits increased by 0.4% vs. 3Q24, with a favourable mix effect : a shift from term deposits to savings accounts, sight deposits and off-balance-sheet savings . Off- balance sheet savings rose by 6.3% vs. 30.09.2024, driven by the increase in mutual funds and structured bonds . Assets under management in Private Banking amounted to €85.9bn as of 30.09.2025 (+3.9% vs. 3Q24). CPBB managed its balance sheet actively while continuing its securitisation and credit insurance programme, with a total of € 2.3bn in risk-weighted assets in the first nine months of 2025. Net banking income 15 amounted to €986m, up by 6.0% vs. 3Q 24. Net interest revenues increased, driven by the strong increase in the margin on deposits, due, in turn, to a favourable mix, partially offset by pressure on mortgage loan margins. Fees increased, driven by financial fees, consumer lending and insurance products. At €588m, operating expenses15 rose in contained fashion, thanks to the decrease in staff numbers, due, in turn, to synergies with Bpost bank. The jaws effect was positive by 3.6 points. Gross operating income15 amounted to €398m. Cost of risk15 was low at 6 basis points of outstanding customer loans. As a reminder, 3Q24 was marked by a net release. As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), CPBB generated a pre-tax income 16 of €351m, up by 0.3 % vs. 3Q 24 excluding the negative base effect in connection with the capital gain on an asset divestment in 3Q24.
Page 13
13 CPBS – Commercial & Personal Banking in Luxembourg (CPBL) In the 3rd quarter, CPBL achieved very strong revenue growth driven by the increase in deposits. Net banking income15 amounted to €174m (+11.0% vs. 3Q24). Net interest revenues15 were up sharply, thanks to sustained deposit margin levels in all segments and the increase in volumes. Fees decreased this quarter due to a non-recurring impact. At €79m, operating expenses15 increased by 6.7%, due to inflation and specific projects. The jaws effect was positive (+4.2 points). At €95m, gross operating income15 increased (+14.8% vs. 3Q24). Cost of risk stood at 28 basis points of outstanding customer loans. As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), CPBL’s pre-tax income16 was up very sharply to €94m (+19.3% vs. 3Q24). CPBS – Europe-Mediterranean Very dynamic business drive continued into the 3rd quarter. Deposits increased (+5.3% vs. 3Q 24), particularly in Türkiye and Poland. Outstanding loans increased (+6.8% vs. 3Q24), especially in Türkiye and Poland, notably with a return to a robust production level of loans to Individual customers. At €938m, net banking income15 was up by 13.1% vs. 3Q24 and by 10.5% vs. 3Q24 excluding the effect of the hyperinflation accounting standard in Türkiye. This strong growth was driven by an improvement in margins in Türkiye amidst a gradual normalisation of the environment and good fee momentum in Türkiye and Poland. At €538m, operating expenses15 rose by 12.2% vs. 3Q24 and by 10.1% vs. 3Q24 excluding the effect of the hyperinflation accounting standard in Türkiye . This increase was driven by high inflation. The jaws effect was positive (+0.8 point). Gross operating income15 amounted to €400m. Cost of risk15 amounted to 77 basis points of outstanding customer loans, which are normalising from a low 3Q24 base. Cost of risk was higher in Türkiye for Individual customers in the current interest-rate and inflation context. Other net losses for risk on financial instruments reflect the impact of other provisions in Poland in the amount of about €15m. As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS division), Europe-Mediterranean generated pre-tax income16 of €353m, up by +22.6% vs. 3Q24 excluding the effect of the hyperinflation accounting standard in Türkiye.
Page 14
14 CPBS – Specialised Businesses – Personal Finance The 3rd quarter was highlighted by an increase in volumes and production margin . The jaws effect was very positive, and pre-tax income rose sharply. Outstandings increased (+2.7% vs. 3Q24) with an improvement in the production margin. Mobility developed further (production up by 5% vs. 3Q24) with partnerships signed since the start of this year. B-to-C consumer credit achieved very good momentum (production up by 9% vs. 3Q24), thanks to the very positive impact of the roll -out of the retail partnership with Apple in France. Personal Finance managed its balance sheet actively, including two SRT securitisation transactions amounting to €1.6 bn led to a €0.8bn decrease in risk-weighted assets on the quarter. On this basis, net banking income came to € 1,290m, up by 5.0% vs. 3Q 24, driven by the combined effect of increased volumes and the ongoing improvement in the production margin. Operating expenses amounted to €621m, in connection with the impact of operating efficiency measures. The jaws effect was very positive (+5.2 points). Gross operating income rose by 10.3% to €669m. Cost of risk amounted to €374m, up by 1.0% vs. 3Q24, but this slight increase does not jeopardise the continued structural improvement in the risk profile . In 3Q25, cost of risk stood at 138 basis points of outstanding customer loans. The pre-tax income thus came to €299m, up by 22.2% vs. 3Q24. CPBS – Specialised Businesses – Arval & Leasing Solutions Arval’s 3rd quarter featured: (i) a strong organic increase in revenues ; and (ii) a last significant base-effect linked to used -car price in 3Q25 . Revenues rose this quarter at Leasing Solutions. Arval had a sustained level of activity, as seen in the continued growth of the financed fleet (+5.1%18 vs. 3Q24) and in outstandings (+9.4% vs. 3Q24). Strong growth was achieved in long- term leasing to Individual customers (+11.1% vs. 3Q24, about 12% of the vehicle fleet), thanks to successful new partnerships. Leasing Solutions outstandings decreased slightly (-0.9% vs. 3Q24), and its margins improved. This quarter featured good growth in the Technology segment (+17.5% vs. 3Q24) and the signing of a new partnership with EPSON. Combined net banking income of Arval and Leasing Solutions decreased by 10.5% to €771m. It continued to be hit by base effect on used-car revenues at Arval which is reducing (reminder of used-car revenue contributions: €263m in 1Q24, €265m in 2Q24, €147min 3Q24, €52m in 4Q24, €28m in 1Q25, €13m in 2Q25, and €9m in 3Q25). 3Q25 is impacted by the last significant base- effect linked to used-car price. This was nonetheless partly offset by Arval’s strong +9.3% organic increase in revenues (financial margin and margin on services), driven by fleet expansion. Operating expenses rose by 5.9% to € 403m, in connection with inflation and business development. The jaws effect was positive excluding the impact of used-car revenues (+0.8 point). The pre-tax income of Arval and Leasing Solutions amounted to €291m (-34.5% vs. 3Q24).
Page 15
15 CPBS – Specialised Businesses – New Digital Businesses and Personal Investors New Digital Businesses and Personal Investors confirm their 2025 target of revenues greater than €1bn. Nickel achieved a robust increase in deposits (+12.3% vs. 3Q 24), driven by an increase in subscription numbers (+14.6% vs. 3Q24) both in France and internationally. Floa, among the French leaders in “buy now, pay later”, achieved fast growth in production of FLOA Pay internationally (+66% vs. 3Q24), and Floa’s total revenues rose. Lastly, BNP Paribas Personal Investors, digital bank and banking services in Germany, achieved good business drive with an increase in transactions (+9.8% vs. 3Q24). Deposits and customer acquisition are holding at a good level in a highly competitive environment. On this base, net banking income15, at €269m, rose strongly by 13.3% vs. 3Q24 at constant scope and exchange rates, with an increase in customer numbers and a good level of business. Operating expenses15 amounted to €174m (+8.8% vs. 3Q24 at constant scope and exchange rates), in connection with business development. The jaws effect was very positive (+4.5 points at constant scope and exchange rates). Gross operating income15 amounted to €95m, and cost of risk15 stood at €30m (€27m in 3Q24). As a result, after allocating one third of Private Banking in Germany’s net income to Wealth Management (IPS division), pre-tax income16 at New Digital Businesses and Personal Investors came to €62m (+27.9% at constant scope and exchange rates). CPBS nine-month 2025 results In the first nine months of 2025, NBI7 amounted to €19,780m, up by 1.6% compared to 9M24. Operating expenses7 rose by 1.4% compared to 9M24, to €12,084m. Gross operating income7 amounted to €7,696m, up by 1.8% vs. 9M24. Cost of risk7 and others amounted to €2,274m, down by 2.3% vs. 9M24 (€2,328m in 9M24). Pre-tax income16 amounted to €5,655m, up by 5.5% vs. 9M24.
Page 16
16 INVESTMENT & PROTECTION SERVICES (IPS) IPS 3rd quarter 2025 results This quarter featured the consolidation of AXA IM and strong organic business levels, which drove earnings growth. As of 30 September 2025, global assets under management19 hit the record level of €2,392bn (+74% vs. 31.12.2024; +10.4% vs. 31.12.2024 excluding AXA IM). AuM increase was driven in the quarter by the combined effects: (i) of the 1 July 2025 consolidation of AXA IM (+€867.5bn); (ii) strong net inflows (+€60.5bn), (iii) the market performance effect (+€49.3bn); (iv) a negative exchange-rate impact on AuM (-€37.0bn); and (v) other impacts, including the extension of the partnership between BNP Paribas Asset Management and BNP Paribas Cardif for management of its general funds (+€74.4bn). As of 30 September 2025, AuM broke down as follows: €739bn at Asset Management and Real Estate20, €484bn at Wealth Management, €297bn at Insurance and €872bn at AXA IM. Insurance achieved a robust increase in net inflows in Savings with a significant percentage into unit-linked contracts. The quarter was marked by strong momentum in the partnership with BCC Banca ICCREA in Italy. Asset Management achieved very strong net inflows (€12.1bn in 3Q25). Fees rose, thanks also to the market performance effect. The partnership between BNP Paribas Asset Management and BNP Paribas Cardif for managing its general funds was broadened. Real Estate adjusted its activity and organisational set -up in connection with the upcoming integration of BNP Paribas REIM businesses in the combined asset management platform. IPS Investments had a negative base effect with lower revaluations this quarter. Wealth Management had strong net inflows totalling €4.2bn in 3Q25, particularly internationally and in Commercial & Personal Banking . The quarter featured the closing of the acquisition of HSBC Wealth Management in Germany on 6 October 2025. Lastly, AXA IM, which has been consolidated since 1 July 2025, provided further momentum in launching alternative funds. Overall, revenues amounted to €1,899m (+27.5% vs. 3Q24), up +2.9% vs.3Q24 excluding AXA IM, driven by Insurance (+7.7%) and Wealth Management (+10.4%). They include €367m in AXA IM revenues in 3Q25. Operating expenses came to € 1,138m (+29.2% vs. 3Q24), but decreased by 0.5% to € 876m when excluding AXA IM. Gross operating income amounted to €761m (+25.1% vs. 3Q24). At €816m, pre-tax income rose very sharply, by +26.2% vs. 3Q24.
Page 17
17 IPS – Insurance The 3rd quarter 2025 featured strong growth in gross inflows and pre-tax income. Driven by Savings, net inflows were up sharply vs 3Q24 , in all geographies, with a rebound in Italy, thanks notably to the partnership with BCC Banca Iccrea. France saw a strong increase in the percentage of unit-linked contracts in its inflows. Gross inflows decreased in Protection, due to a phasing effect, with stable activity in CPI. A new partnership was signed in Protection with Stellantis Financial Services to offer insurance and services (warranty extensions and maintenance) to used-car dealerships and buyers. Overall, revenues increased by 7.7% to €615m, driven by the consolidation of recent acquisitions (BCC Vita and Neuflize Vie), the good performance at Protection internationally and solid financial results. Operating expenses, at € 208m, decreased while support ing business growth with targeted investments leading to a strongly positive jaws effect. At €460m, Insurance’s pre-tax income rose strongly by +12.6% vs. 3Q24. IPS – Wealth and Asset Management21 The 3rd quarter featured robust inflows and strong operating activity. Wealth Management achieved good net inflows (€4.2bn in 3Q 25) internationally and in Commercial & Personal Banking. Asset Management received very strong inflows (€12.1bn in 3Q25) driven by both money-market funds and medium - and long -term vehicles, as well as the strengthening of the partnership between BNP Paribas Asset Management and BNP Paribas Cardif for managing its general funds. Real Estate , an activity that remains lacklustre, is making adjustments in activity and organisational set -up in connection with the upcoming integration of BNP Paribas REIM businesses in the combined asset management platform . At € 917m, revenues decreased slightly, by 0.1% vs. 3Q 24. They were driven by the strong increases in revenues at: (i) Wealth Management (+1 0.4%) with solid financial and transaction fees and deposits revenues; and (ii) Asset Management 22 (+6.0%), driven by inflows and the market performance effect, (iii) offset by a negative base effect with lower revaluations this quarter at IPS Investments and a real estate activity that remains lacklustre. Operating expenses decreased to €668m (-0.6% vs. 3Q24), with good cost control. The jaws effect was positive. Pre-tax income at Wealth and Asset Management rose to €247m, up by 3.5% vs. 3Q24, driven by the strong growth at Wealth Management (+25.7%) and Asset Management22 (+33.0%).
Page 18
18 IPS – AXA IM This quarter featured AXA IM’s first contribution to Group results. At €367m, revenues include the -€19.5m amortisation of pre -paid expenses this quarter relating to the partnership . Revenues were driven by management fees. Operating expenses (€262m) this quarter were structurally below those of the 4th quarter. Restructuring costs relating to the acquisition are recognised under Corporate Centre in the amount of €64m this quarter. IPS nine-month 2025 results Nine-month 2025 revenues came to €4,927m, up by 13.0% vs. 9M24. Operating expenses stood at €2,918m, up by 10.4% vs. 9M24. Gross operating income amounted to €2,009m, up by 17.1% vs. 9M24. Pre-tax income came to €2,338m, up by 27.4% vs. 9M24. CORPORATE CENTRE 3Q25 restatements related to insurance activities Net banking income was restated by €274m (€262m in 3Q24) and operating expenses by €288m (€272m in 3Q24). On this basis, pre-tax income amounted to €14m (€10m in 3Q24). Corporate Centre results (excluding restatements related to insurance) in 3Q25 Net banking income amounted to -€135m in 3Q25 (24m€ in 3Q24). This reflected the revaluation of proprietary credit risk included in derivatives (DVA) of -€56m (+€52m in 3Q24). Operating expenses amounted to €302m (€264m in 3Q24) and include the impact of €89m in restructuring and adaptation costs (€64m in 3Q24) and €65m in IT reinforcement costs (€81m in 3Q24). Cost of risk stood at €9m (€6m in 3Q24). Pre-tax income of Corporate Centre excluding restatements related to insurance therefore came to -€389m.
Page 19
19 1 Restated quarterly series published on 28 March 2025 to reflect, among other things: (i) the transposition into European Union law of the finalisation of Basel 3 (Basel 4) by Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013; (ii) the change in the allocation of normalised equity from 11% to 12% of risk-weighted assets; and (iii) the reclassification of income and business data from the non-strategic perimeter of Personal Finance to Corporate Centre 2 Cost of risk does not include “Other net losses for risk on financial instruments” 3 Net Income, Group share 4 Tangible net book value, revaluated at end of period, in € 5 Transition to phased-in ratios and RWA starting from 2Q25, in order to align with the calculation of the regulatory requirement (MDA calculation), take into account the Group’s 2030 horizon, and to reflect the standards used by the market. Phased -in CET1 calculated on the basis of €779bn in risk -weighted assets as of 30.09.2025; including transitional arrangements as defined in Art.465, 468 and 495 of CRR 6 Consolidation of AXA IM as of 01.07.25. Restatement performed for better comparison of operational divisions’ performance between 3Q24 and 3Q25 7 Including 2/3 of Private Banking 8 Calculated in accordance with Regulation (EU) 575/2013, Art 429 9 Calculated in accordance with Regulation (CRR) 575/2013, Art. 451b 10 Liquid market assets or eligible assets in central banks (counterbalancing capacity), taking prudential standards into account, notably US standards, minus intra-day payment system needs 11 Sustainable finance rankings for the first nine months of 2025: GSS bonds (green, social, sustainable and sustainability-linked; GSS loans (green, social and sustainability-linked). Source: Dealogic 12 Average outstandings, at historical rates. A change of methodology occurred in 4Q24 whereby the total GB assets and liabilities now reported only include Loans and Deposits whereas securities and other assets/liabilities were previously included. Excluding this change the historical growth rate would be 2.8% for loans and 2.5% for deposits. 13 Dealogic: - IB, DCM, Corporate IG and DCM Euro in EMEA in 9M25, rankings by fees - Securitisation, syndicated loans in EMEA in 9M25, rankings by volumes 14 Monthly average customers active on our mobile apps 15 Including 100% of Private Banking (excluding PEL/CEL effects in France) 16 Including 2/3 of Private Banking (excluding PEL/CEL effects in France) 17 Life insurance, mutual funds and securities accounts 18 End-of-period increase in fleet 19 Including distributed assets 20 Real Estate assets under management: €23.3bn. AuM of IPS Investments integrated into Asset Management after the Private Assets franchise was set up 21 Asset Management, Wealth Management, Real Estate and IPS Investments 22 Excluding Real Estate, IPS Investments and AXA IM
Page 20
20 CONSOLIDATED PROFIT & LOSS STATEMENT – GROUP €m 9M25 9M25 excl. AXA IM 9M24 Var. / 9M24 3Q25 3Q24 Var. / 3Q24 Revenues (NBI) 38,110 37,766 36,694 +3.9% 12,569 11,941 +5.3% Operating Expenses and Dep. -23,099 -22,752 -22,326 +3.5% -7,610 -7,213 +5.5% Gross Operating Income 15,011 15,013 14,368 +4.5% 4,959 4,728 +4.9% Cost of Risk -2,555 -2,555 -2,121 +20.5% -905 -729 +24.1% Other net losses for risk on financial instruments 1 -129 -129 -138 -6.5% -14 -42 -66.7% Operating Income 12,327 12,329 12,109 +1.8% 4,040 3,957 +2.1% Share of Earnings of Equity- Method Entities 641 637 609 +5.3% 221 224 -1.4% Other Non-Operating Items 113 113 127 -11.0% 23 -121 n.s. Pre-Tax Income 13,081 13,079 12,845 +1.8% 4,284 4,060 +5.5% Corporate Income Tax - 3,364 - 3,103 +8.4% -1,076 -1,051 +2.4% Net Income Attributable to Minority Interests -464 -376 +23.4% -164 -141 +16.3% Net Income Attributable to Equity Holders 9,253 9,366 -1.2% 3,044 2,868 +6.1% Cost/income 60.6% 60.2% 60.8% -0.2 pt 60.5% 60.4% +0.1 pt 1. Charges related to the risk of invalidation or non-enforceability of financial instruments granted
Page 21
21 RESULTS BY BUSINESS LINES FOR THE 3RD QUARTER 2025 Commercial, Personal Banking & Services (2/3 of Private Banking) Investment & Protection Services CIB Operating Divisions Corporate Center Group €m Revenues 6,621 1,899 4,458 12,978 -409 12,569 %Change3Q24 +3.1% +27.5% +4.5% +6.6% +71.8% +5.3% %Change2Q25 -0.1% +24.0% -4.8% +1.1% +57.9% -0.1% Operating Expenses and Dep. -3,860 -1,138 -2,599 -7,597 -13 -7,610 %Change3Q24 +2.4% +29.2% +1.1% +5.2% n.s. +5.5% %Change2Q25 +0.6% +30.3% +1.1% +4.4% n.s. +5.2% Gross Operating Income 2,761 761 1,858 5,381 -422 4,959 %Change3Q24 +4.1% +25.1% +9.5% +8.5% +83.6% +4.9% %Change2Q25 -1.1% +15.6% -11.9% -3.2% +99.8% -7.3% Cost of Risk -718 2 -195 -910 -9 -919 %Change3Q24 -2.6% n.s. n.s. +19.1% +26.6% +19.2% %Change2Q25 -14.9% n.s. +74.7% -5.4% -59.8% -6.6% Operating Income 2,043 764 1,664 4,471 -431 4,040 %Change3Q24 +6.7% +25.4% -0.3% +6.6% +82.0% +2.1% %Change2Q25 +4.9% +17.3% -16.8% -2.8% +85.2% -7.4% Share of Earnings of Equity-Method Entities 100 63 2 166 55 221 Other Non Operating Items 33 -10 0 22 1 23 Pre-Tax Income 2,176 816 1,666 4,658 -374 4,284 %Change3Q24 +8.1% +26.2% -0.4% +7.5% +37.3% +5.5% %Change2Q25 +9.1% +6.9% -16.9% -2.2% +82.1% -6.0% Commercial, Personal Banking & Services (2/3 of Private Banking) Investment & Protection Services CIB Operating Divisions Corporate Center Group €m Revenues 6,621 1,899 4,458 12,978 -409 12,569 3Q24 6,423 1,489 4,267 12,179 -238 11,941 2Q25 6,627 1,531 4,682 12,840 -259 12,581 Operating Expenses and Dep. -3,860 -1,138 -2,599 -7,597 -13 -7,610 3Q24 -3,770 -881 -2,571 -7,221 8 -7,213 2Q25 -3,835 -873 -2,571 -7,280 48 -7,232 Gross Operating Income 2,761 761 1,858 5,381 -422 4,959 3Q24 2,653 609 1,697 4,958 -230 4,728 2Q25 2,792 658 2,110 5,560 -211 5,349 Cost of Risk -718 2 -195 -910 -9 -919 3Q24 -737 0 -27 -764 -7 -771 2Q25 -844 -7 -111 -963 -21 -984 Operating Income 2,043 764 1,664 4,471 -431 4,040 3Q24 1,915 609 1,669 4,194 -237 3,957 2Q25 1,947 651 1,999 4,598 -232 4,365 Share of Earnings of Equity-Method Entities 100 63 2 166 55 221 3Q24 164 42 6 212 12 224 2Q25 113 117 5 234 22 256 Other Non Operating Items 33 -10 0 22 1 23 3Q24 -66 -4 -3 -73 -48 -121 2Q25 -65 -4 0 -69 5 -64 Pre-Tax Income 2,176 816 1,666 4,658 -374 4,284 3Q24 2,014 647 1,672 4,333 -273 4,060 2Q25 1,996 764 2,004 4,763 -206 4,557 Corporate Income Tax 0 0 0 0 -1,076 -1,076 Net Income Attributable to Minority Interests 0 0 0 0 -164 -164 Net Income from discontinued activities 0 Net Income Attributable to Equity Holders 2,176 816 1,666 4,658 -1,614 3,044
Page 22
22 RESULTS BY BUSINESS LINES FOR THE FIRST 9 MONTHS 2025 Commercial, Personal Banking & Services (2/3 of Private Banking) Investment & Protection Services CIB Operating Divisions Corporate Center Group €m Revenues 19,780 4,927 14,423 39,129 -1,019 38,110 %Change9M24 +1.6% +13.0% +7.1% +4.9% +69.6% +3.9% Operating Expenses and Dep. -12,084 -2,918 -8,133 -23,134 35 -23,099 %Change9M24 +1.4% +10.4% +4.3% +3.5% +11.9% +3.5% Gross Operating Income 7,696 2,009 6,290 15,995 -984 15,011 %Change9M24 +1.8% +17.1% +11.1% +7.1% +72.8% +4.5% Cost of Risk -2,274 -3 -371 -2,648 -36 -2,684 %Change9M24 -2.3% +45.5% n.s. +22.8% -64.6% +18.8% Operating Income 5,422 2,006 5,919 13,347 -1,020 12,327 %Change9M24 +3.6% +17.1% +1.4% +4.4% +51.9% +1.8% Share of Earnings of Equity-Method Entities 343 184 13 540 101 641 Other Non Operating Items -110 147 3 39 74 113 Pre-Tax Income 5,655 2,338 5,934 13,927 -846 13,081 %Change9M24 +5.5% +27.4% +1.6% +6.8% n.s. +1.8% Corporate Income Tax 0 0 0 0 -3,364 -3,364 Net Income Attributable to Minority Interests 0 0 0 0 -464 -464 Net Income from discontinued activities 0 Net Income Attributable to Equity Holders 5,655 2,338 5,934 13,927 -4,674 9,253
Page 23
23 BALANCE SHEET AS OF 30 SEPTEMBER 2025 ASSETS Cash and balances at central banks 196,268 182,496 Financial instruments at fair value through profit or loss Securities 326,857 267,357 Loans and repurchase agreements 289,426 225,699 Derivative financial Instruments 270,806 322,631 Derivatives used for hedging purposes 18,477 20,851 Financial assets at fair value through equity Debt securities 80,622 71,430 Equity securities 1,437 1,610 Financial assets at amortised cost Loans and advances to credit institutions 47,242 31,147 Loans and advances to customers 892,642 900,141 Debt securities 154,415 146,975 Remeasurement adjustment on interest-rate risk hedged portfolios (1,755) (758) Investments and other assets related to insurance activities 301,852 286,849 Current and deferred tax assets 5,530 6,215 Accrued income and other assets 169,600 174,147 Equity-method investments 7,252 7,862 Property, plant and equipment and investment property 52,401 50,314 Intangible assets 4,492 4,392 Goodwill 7,010 5,550 TOTAL ASSETS 2,824,574 2,704,908 LIABILITIES Deposits from central banks 3,424 3,366 Financial instruments at fair value through profit or loss Securities 107,410 79,958 Deposits and repurchase agreements 378,625 304,817 Issued debt securities and subordinated debt 123,149 104,934 Derivative financial instruments 254,624 301,953 Derivatives used for hedging purposes 28,388 36,864 Financial liabilities at amortised cost Deposits from credit institutions 118,574 66,872 Deposits from customers 1,027,703 1,034,857 Debt securities 193,400 198,119 Subordinated debt 33,610 31,799 Remeasurement adjustment on interest-rate risk hedged portfolios (9,545) (10,696) Current and deferred tax liabilities 3,543 3,657 Accrued expenses and other liabilities 141,977 136,955 Liabilities related to insurance contracts 258,590 247,699 Financial liabilities related to insurance activities 21,903 19,807 Provisions for contingencies and charges 9,202 9,806 TOTAL LIABILITIES 2,694,577 2,570,767 EQUITY Share capital, additional paid-in capital and retained earnings 119,279 118,957 Net income for the period attributable to shareholders 9,253 11,688 Total capital, retained earnings and net income for the period attributable to shareholders 128,532 130,645 Changes in assets and liabilities recognised directly in equity (4,687) (2,508) Shareholders' equity 123,845 128,137 Minority interests 6,152 6,004 TOTAL EQUITY 129,997 134,141 TOTAL LIABILITIES AND EQUITY 2,824,574 2,704,908 In millions of euros 30/09/2025 31/12/2024
Page 24
24 ALTERNATIVE PERFORMANCE INDICATORS ARTICLE 223-1 OF THE AMF GENERAL REGULATIONS Alternative performance measures Definition Reason for use Insurance P&L aggregates (Revenues, Operating expenses, Gross operating income, Operating income, Pre-tax income) Insurance P&L aggregates (Revenues, Gross operating income, Operating income, Pre -tax income) excluding the volatility generated by the fair value accounting of certain assets through profit and loss (IFRS 9) transferred to Corporate Center ; Gains or losses realised in the event of divestments, as well as potential long -term depreciations are included in the Insurance income profit and loss account. A reconciliation with Group P&L aggregates is provided in the tables “Quarterly Series.” Presentation of the Insurance result reflecting operational and intrinsic performance (technical and financial) Corporate Center P&L aggregates P&L aggregates of Corporate Center, including restatement of the volatility (IFRS 9) and attributable costs (internal distributors) related to Insurance activities”, following the application from 01.01.23 of IFRS 17 “insurance contracts” in conjunction with the application of IFRS 9 for i nsurance activities, including: • Restatement in Corporate Center revenues of the volatility to the financial result generated by the IFRS 9 fair value recognition of certain Insurance assets; • Operating expenses deemed “attributable to insurance activities,” net of internal margin, are recognized in deduction from revenues and no longer booked as operating expenses. These accounting entries relate exclusively to the Insurance business and Group entities (excluding the Insurance business) that distribute insurance contracts (known as internal distributors) and have no effect on gross operating income. The impact of entries related to internal distribution contracts is borne by the “Corporate Center.” A reconciliation with Group P&L aggregates is provided in the “Quarterly Series” tables. Transfer to Corporate Center of the impact of operating expenses “attributable to insurance activities” on internal distribution contracts in order not to disrupt readability of the financial performance of the various business lines. Operating division profit and loss account aggregates (Revenues, Net interest revenue, Operating expenses, Gross operating income, Operating income, Pre-tax income) Sum of CPBS’ profit and loss account aggregates (with Commercial & Personal Banking’ profit and loss account aggregates, including 2/3 of private banking in France, Italy, Belgium, Luxembourg, Germany, Poland and in Türkiye), IPS and CIB. BNP Paribas Group profit and loss account aggregates = Operating division profit and loss account aggregates + Corporate Center profit and loss account aggregates. Reconciliation with Group profit and loss account aggregates is provided in the “Quaterly series” tables. Net interest revenue mentioned in Commercial & Personal Banking includes the net interest margin (as defined in Note 2.a of the financial statements), as well as, to a lesser extent, other revenues (as defined in Notes 2.c, 2.d and 2.e of the financial statements), excluding fees (Note 2.b of the financial statements). P&L aggregates of Commercial & Personal Banking or Representative measure of the BNP Paribas Group’s operating performance
Page 25
25 Alternative performance measures Definition Reason for use Specialized Businesses distributing insurance contracts exclude the impact of the application of IFRS 17 on the accounting presentation of operating expenses deemed “attributable to insurance activities” in deduction of revenues and no longer operating exp enses, with the impact carried by Corporate Center. Profit and loss account aggregates of Commercial & Personal Banking activity with 100% of Private Banking Profit and loss account aggregate of a Commercial & Personal Banking activity including the whole profit and loss account of Private Banking Reconciliation with Group profit and loss account aggregates is provided in the “Quarterly series” tables. Representative measure of the performance of Commercial & Personal Banking activity including the total performance of Private Banking (before sharing the profit & loss account with the Wealth Management business, Private Banking being under a joint responsibility of Commercial & Personal Banking (2/3) and Wealth Management business (1/3)) Profit and loss account aggregates, excluding PEL/CEL effects (Revenues, Gross operating income, Operating income, Pre-tax income) Profit and loss account aggregates, excluding PEL/CEL effects. Reconciliation with Group profit and loss account aggregates is provided in the “Quarterly series” tables. Representative measure of the aggregates of the period excluding changes in the provision that accounts for the risk generated by PEL and CEL accounts throughout their lifetime. Cost-income ratio Ratio of costs to income Measure of operating efficiency in the banking sector Cost of risk/customer loans outstanding at the beginning of the period (in basis points) Ratio of cost of risk (in €m) to customer loans outstanding at the beginning of the period Cost of risk does not include “Other net losses for risk on financial instruments.” Measure of the risk level by business in percentage of the volume of loans outstanding Change in operating expenses excluding IFRIC 21 impact Change in operating expenses excluding taxes and contributions subject to IFRIC 21 Representative measure of the change in operating expenses excluding taxes and contributions subject to IFRIC 21 booked almost entirely in the 1st quarter of the year, given in order to avoid any confusion compared to other quarters Return on equity (ROE) Details of the ROE calculation are disclosed in the Appendix “Return on Equity and Permanent Shareholders’ Equity” of the results’ presentation. Measure of the BNP Paribas Group’s return on equity RONE Ratio of annualised net income before tax over average allocated notional equity over the period. - For non -insurance businesses, notional equity is allocated on the basis of a multiple of 12% of risk - weighted assets. - For the Group’s consolidated insurance companies, notional equity is allocated based on prudential equity derived from a multiple of 160% of the SCR (Solvency Capital Requirement) Measure of operational performance representative of the return on notional equity allocated to the business lines or operating divisions, taking into account their risk exposure
Page 26
26 Alternative performance measures Definition Reason for use Return on tangible equity (ROTE) Details of the ROTE calculation are disclosed in the Appendix “Return on Equity and Permanent Shareholders’ Equity” of the results’ presentation. Measure of the BNP Paribas Group’s return on tangible equity Coverage ratio of non-performing loans Relationship between stage 3 provisions and impaired outstandings (stage 3), balance sheet and off -balance sheet, netted for collateral received, for customers and credit institutions, including liabilities at amortised cost and debt securities at fair val ue through equity (excluding Insurance) Measure of provisioning of non-performing loans
Page 27
27 Methodology: Comparative analysis at constant scope and exchange rates The method used to determine the effect of changes in scope of consolidation depends on the type of transaction (acquisition, sale, etc.). The underlying purpose of the calculation is to facilitate period-on-period comparisons. In cases of acquired or created entity, the results of the new entity are eliminated from the constant scope results of curre nt-year periods corresponding to the periods when the entity was not owned in the prior-year. In cases of divested entities, the entity's results are excluded symmetrically for the prior year for quarters when the entit y was not owned. In cases of change of consolidation method, the policy is to use the lowest consolidation percentage over the two years (current and prior) for results of quarters adjusted on a like-for-like basis. Comparative analysis at constant exchange rates is prepared by restating results for the prior-year quarter (reference quarter) at the current quarter exchange rate (analysed quarter). All of these calculations are performed by reference to the entity’s report ing currency. Reminder Net banking income (NBI): throughout the document, the terms “net banking income” and “Revenues” are used interchangeably. Operating expenses: sum of salary and employee benefit expenses, other operating expenses and depreciation, amortisation and impairment of property, plant, and equipment. Throughout the document, the terms “operating expenses” and “costs” may be used indifferently. Jaws effect: Revenues evolution between two periods minus operating expenses evolution between two periods. The sum of the values indicated in the tables and analyses may differ slightly from the reported total due to rounding. BNP Paribas’ organisation is based on three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS). These divisions include the following businesses: ⚫ Corporate and Institutional Banking (CIB) division, combines: Global Banking; Global Markets; and Securities Services. ⚫ Commercial, Personal Banking & Services division, covers: Commercial & Personal Banking in the Eurozone: ◼ Commercial & Personal Banking in France (CPBF), ◼ BNL banca commerciale (BNL bc), Commercial & Personal Banking in Italy, ◼ Commercial & Personal Banking in Belgium (CPBB), ◼ Commercial & Personal Banking in Luxembourg (CPBL); Commercial & Personal Banking outside the Eurozone, organised around Europe -Mediterranean, covering Commercial & Personal Banking outside the Eurozone in particular in Central and Eastern Europe, Türkiye and Africa; Specialised Businesses: ◼ BNP Paribas Personal Finance, ◼ Arval and BNP Paribas Leasing Solutions, ◼ New Digital Businesses (in particular Nickel, Floa, Lyf) and BNP Paribas Personal Investors. ⚫ Investment & Protection Services division, combines: Insurance (BNP Paribas Cardif); Wealth and Asset Management: BNP Paribas Asset Management, BNP Paribas Real Estate, the management of the BNP Paribas Group’s portfolio of unlisted and listed industrial and commercial investments (BNP Paribas Principal Investments) and BNP Paribas Wealth Management. BNP Paribas SA is the parent company of the BNP Paribas Group.
Page 28
28 The figures included in this press release are unaudited. As a reminder, on 28 March 2025, BNP Paribas published quarterly series for 2024, restated to reflect, among other things, the transposition into European Union law of the finalisation of Basel 3 (Basel 4) by Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013, the change in the allocation of normalized equity from 11% to 12% of risk -weighted assets, and the reclassification of income and business data from the non -strategic perimeter of Personal Finance to Corporate Center. This press release reflects this restatement. This press release includes forward -looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward -looking statements are not guarantees of future performance and are subject to inherent risks, unce rtainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally, or in BNP Paribas’ principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations, which may in turn significantly affect expected results. Consequently, actual results may differ from those projected or implied in these forward-looking statements due to a variety of factors. These factors include among others: i) BNP Paribas’s ability to achieve its objectives, ii) the impacts from central bank interest rate policies, whether due t o continued elevated interest rates or potential significant reductions in interest rates, iii) changes (including interpretation) in regulatory capital and liquidity rules, iv) continued elevated levels of, or any resurgence in, inflation and its impacts, v) the various geopolitical uncertainties and impacts related notably to the war in Ukraine, conflicts in the Middle East, vi) the various uncertainties and impacts related to political instability, including in France, or vi) the precautionary statements included in this presentation. BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. It should be recalled in this regard that the Supervisory Review and Evaluation Process is carried out each year by the European Central Bank, which can modify each year its capital adequacy ratio requirements for BNP Paribas. The information contained in this press release as it relates to parties other than BNP Paribas or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance shoul d be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither BNP Paribas nor its representatives shall have any liability whatsoever in negligence or otherwise for any loss however arising fro m any use of this presentation or its contents or otherwise arising in connection with this presentation or any other information or material discussed. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding. BNP Paribas’ financial disclosures of the thrid quarter 20 25 consist of this press release, the attached presentation, and quarterly series. For a detailed information, the quarterly series are available at the following address: https://invest.bnpparibas/document/3q25-quarterly-series. All legally required disclosures, including the Universal Registration document, are available online at https://invest.bnpparibas.com in the “Results” section and are made public by BNP Paribas pursuant to the requirements under Article L.451 -1-2 of the French Monetary and Financial Code and Articles 222-1 and seq. of the French Financial Markets Authority General Regulations.
Page 29
Investor Relations Bénédicte Thibord - benedicte.thibord@bnpparibas.com Equity Raphaëlle Bouvier-Flory - raphaelle.bouvierflory@bnpparibas.com Lisa Bugat - lisa.bugat@bnpparibas.com Tania Mansour - tania.mansour@bnpparibas.com Olivier Parenty - olivier.parenty@bnpparibas.com Guillaume Tiberghien - guillaume.tiberghien@uk.bnpparibas.com Debt & Rating agencies Tania Mansour - tania.mansour@bnpparibas.com Olivier Parenty - olivier.parenty@bnpparibas.com Retail & ESG Antoine Labarsouque - antoine.labarsouque@bnpparibas.com E-mail: investor.relations@bnpparibas.com https://invest.bnpparibas/en/