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12025 Full-Year Results | RESULTS FOURTH QUARTER AND FULL YEAR 2025 5 FEBRUARY 2026
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22025 Full-Year Results | DISCLAIMER The figures included in this presentation 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 Centre. This presentation reflects this restatement. This presentation 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, uncertainties 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. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this presentation speaks as of the date of this presentation. 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 to 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 vii) 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 presentation 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 should 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 from 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.
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32025 Full-Year Results | S E C T I O N 1 Key points
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42025 Full-Year Results | RESULTS | A record fourth quarter with excellent operating performances and a sharp rise in net income *Consolidation of AXA IM as of 1 July 2025. **Dividend: subject to approval by the General Meeting of 12 May 2026 Chg. vs. 4Q24 Strong revenue growth driven by our diversified and integrated model Operating divisions: +7.8% vs. 4Q24 • CIB (+1.0%; +4.8% at constant exchange rates): a very good quarter • CPBS (+5.5%): strong acceleration of rebound, as expected • IPS (+39.6%; +10.7% excl. AXA IM*): an excellent quarter ⎯ Revenues 13,113 +8.0% 51,223 +4.9% Operating efficiency and cost control • 4Q25 jaws effect: +2.9 pts (+3.9 pts excl. AXA IM) • 2025 operating efficiency measures: €800m ⎯ Operating expenses 8,275 +5.2% 31,374 +3.9% Gross Operating Income up strongly ⎯ GOI 4,838 +13.3% 19,849 +6.5% Cost of risk below 40 bps ⎯ Cost of risk 34 bps -4 bps 36 bps +3 bps Pre-tax income up sharply ⎯ Pre-tax income 3,984 +19.2% 17,065 +5.4% Net income up sharply ⎯ Net income 2,972 +28.0% 12,225 +4.6% Distribution of 2025 earnings Total dividend**: €5.16 €2.59 interim paid in Sept. 2025 Balance of €2.57 due1 on 20 May 2026 Share buyback: €1.15bn finalised on 19 Dec. 25 2025 (€m) Chg. vs. 2024 Chg. vs. 2024 4Q25 (€m) The acceleration of our results in 4Q25 confirms the objectives announced for 2025 31.12.2025 RoTE: 11.6% CET1 ratio: 12.6% ⎯ 2025 EPS €10.29 +7.5% ⎯ Total dividend paid out on 2025 earnings** €5.16 +7.7%
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52025 Full-Year Results | ⎯ Change in revenues (Q/Q-4) at Commercial & Personal Banking1 in the Eurozone and Personal Finance 5.6% 6.4% 3.0% 3.2% 2.1% 0.9% 0.8% -0.2% -1.0% -2.2% -1.7% 1.4% 1.3% 1.8% 4.3% 5.7% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 RESULTS | As of 4Q25, CPBS has entered a structurally favourable medium-term interest-rate environment ⎯ Strong improvement in Group RoTE • Strategic plans already underway (CPBF, CPBB, PF, Arval) • Upcoming strategic plan (BNL bc) ⎯ A structurally favourable interest-rate environment • Material & sustainable effect for the medium term • Stabilisation in the deposit mix • Reinvestment of non-remunerated sight deposits over a period between 5 and 10 years Inflation / Interest rate shock ……… 2028 Normalisation / positive steepening of the yield curve Significant yield curve inversion CPBS perimeter under the euro zone rate assumption ~70% of CPBS RWA ~40% of Group RWA 0% >5%
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62025 Full-Year Results | ⎯ 2025 is a pivotal year ⎯ 2024-2026 growth trajectory confirmed Objectives 2026e RoTE 12% Net income CAGR 24-26 > +7% EPS CAGR 24-26 > +8% Levers 2026e Revenues CAGR 24-26 > +5% Jaws effect ~+1.5 pts on average per year Cost of risk < 40 bps Building on our 2025 results and the structurally favourable interest-rate environment, we confirm our trajectory through to 20262026 OBJECTIVES | 2025 objective 2025 actual RoTE1 11.5% 11.6% Net income >€12.2bn >€12.2bn CET1 ratio 12.3% 12.6% • CIB continued to expand with excellent performances while maintaining a high level of profitability • CPBS achieved a strong acceleration in Commercial & Personal Banking revenues • IPS delivered a strong performance, driven by organic growth and the integration of AXA IM • Enhanced operating efficiency measures: €800m achieved in 2025, over and above the €600m target • Cost of risk through the cycle under control
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72025 Full-Year Results | We are accelerating and raising our 2028 objectives2028 TRAJECTORY | 2028 RoTE 2028 Cost/income ratio Net income 2025-2028 CAGR 2027 and 2028 CET1 ratio (post-FRTB) >13% (vs. 13%) < 56% (vs. ~58%) > +10% 13% 1 2 3 4 Target raised Our upgraded ROTE target for 2028 results from strategic plans that are already in place Target raised We are pursuing the development of our platforms at marginal cost We are launching a structural transformation plan for support functions New target Our trajectory builds on strong revenue growth and a significant improvement in the cost-income ratio We are rapidly progressing towards our 13% CET1 ratio target by 2027 The distribution of surplus capital above the 13% CET1 target will be decided annually starting in 2027 Target confirmed
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82025 Full-Year Results | ⎯ Continued increase in Group RoTE 10.9% 12% 2024 2026e 2028e ⎯ Ongoing implementation of the strategic plans will improve profitability 11.6% -0.3% +0.4% +0.3% +0.5% +0.4% +0.4% -0.3% ROTE 2025 CET1 at 13% CPBF CPBB PF Arval AM Other business lines + other FRTB ROTE 2028 Ongoing strategic plans ⎯ Our current strategic plans The 2028 RoTE target >13% results from ongoing strategic plans2028 TRAJECTORY |1 Personal Finance RoNE > 17% in 2028 and 20% in 2030; 11% of RWA CPBF (100% PB) RoNE > 17% in 2028 and 20% in 2030; 13% of RWA BNP Paribas Bank Polska 22% RoTE in 2030; 3% of RWA AM / AXA IM integration 18% RoIC in 2028 and 22% in 2029 CPBB (100% PB) 20% RoNE in 2028 and 23% in 2030; 8% of RWA. Deep Dive in 1H26 Arval / Athlon integration1 18% ROIC in 2028. Deep Dive 2H26 5% of RWA BNL bc Deep Dive 2H26 6% of RWA 10 June 2025 1H26 2H26 26 June 2025 11 Dec. 2025 17 March 2026 2028 RoTE >13% 2H26 13% 13% > 13% > 13% 2024 reported
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92025 Full-Year Results | ⎯ We are also launching a structural transformation plan for support functions to accelerate the cost-income ratio reduction 67.3% 61.2% <56% 2021 2022 2023 2024 2025 2026e 2027e 2028e ⎯ In 2025, our operating efficiency measures produced €800m in cost savings. They will total ~€3.5bn for the 2022-2026 period (beyond the €2.9bn equivalent initially projected) We are improving our 2028 cost-income target from 58% to below 56%2028 TRAJECTORY | 2 €m 500 1,100 1,700 2,300 2,900 500 1,100 2,100 2,900 3,500 2022 2023 2024 2025 2026e Plan initial Economies cumuléesCumulative savings These measures allowed us to develop our platforms at marginal cost Average decline in C/I: ~-1.5 pts / year Cost-income ratio (C/I) Continued development of our platforms at marginal cost New structural transformation plan for support functions €3,500m in recurring savings IPS 14% CPBS 54% CIB 32% Initial Plan Cumulative savings from efficiency measures
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102025 Full-Year Results | ⎯ Structural transformation plan for support functions… ⎯ A structural shift focused on operational and financial performance, for the benefit of our stakeholders Building an even more efficient and value-creating Group STRENGTHENING FOUNDATIONS FOR OUR 2027-2030 PLAN | Addressable Cost base ~€15bn Comprehensive review of processes Pooling of infrastructures and streamlining the application portfolio Simplification and alignment of operational and organizational models Intensification of AI use cases Clients Employees Shareholders Data quality and availability to support scaled AI deployment Enhanced quality of service Expanding personalised digital offerings Refocusing on higher-value- added tasks Accelerated and structural decline in cost/income ratio Reduction of operational risk Industrial vision Illustration of cumulative savings + Ongoing development of platforms at marginal cost €3.5bn in cumulative recurring savings from 2022 to 2026 We will continue to scale our platforms at marginal cost over time We are accelerating by launching a structural transformation plan for our support functions Structural transformation plan for support functions ⎯ …to amplify the benefits of growth at marginal cost
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112025 Full-Year Results | Commercial activities 2.4m+ responses to customer questions provided by a smart conversational assistant at CPBB €23bn in client assets managed with an AI-based multi-factor algorithm at BNP Paribas Asset Management Operations & Execution 1.7m+ pages of documents processed by an IDP1 solution at BNP Paribas Cardif -50% processing time to prepare a mortgage loan application at CPBF Supervision & Operational risks 150k+ transactions / year and 2.8m+ documents / year analysed for financial security purposes at CIB Employee environment An employee companion for all employees in 2026 7,500+ IT developers equipped with a generative AI solution to accelerate and enhance developments and tests 2024 2025 2026e 2030e Revenus Coûts et coût du risque ⎯ AI will be at the heart of our 2027-2030 plan. According to the Evident AI index, we are the eurozone N°1 bank in AI* ⎯ Our structural transformation plan for support functions will largely leverage the development of AI at scale 800+ specialists using AI massively to scale up operating platforms and processes We are deploying our AI levers at scale STRENGTHENING FOUNDATIONS FOR OUR 2027-2030 PLAN | €m *Source: Evident AI index New-generation technologies and cutting-edge partnerships, particularly with Mistral AI since 2024 Acceleration of the industrialization of generative AI use cases via an LLM-as-a-Service platform available to business lines 750635 Illustration – AI use case value creation Revenues Costs & Cost of risk ⎯ Many use cases are already in production in all our business lines
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122025 Full-Year Results | ⎯ We are targeting average annual net income growth >10% from 2025 to 2028, driven by strong revenue growth and a significant improvement in the cost/income ratio CAGR >+7% €m Net income CAGR 25-28 >+10% CAGR >+10% 12,225 Net Income 2025 Revenues Costs Provisions, tax, others Net income 2028e Growth in our revenues will be far greater than cost increases 11,688 12,225 2024 2025 2026e 2027e 2028e New target of >10% average annual growth in net income from 2025 to 20282028 TRAJECTORY | ⎯ 60% payout ratio confirmed Dividends At least 50% Share buyback* 10% 2025 and 2026 results From 2027 minimum of 60% Policy to be detailed at the 2027-2030 CMD 3 € 9.57 10.29 2024 2025 2026e 2027e 2028e ⎯ Our growth trajectory will help raise EPS and shareholder return EPS * Subject to standard conditions, including ECB approval ; ** Dividend: subject to approval by the General Meeting of 12 May 2026 Distribution of 2025 earnings Total dividend**: €5.16 €2.59 interim paid in Sept. 2025 Balance of €2.57 due on 20th May 2026 Share buybacks: €1.15bn finalised on 19 Dec. 25 EPS 25-28 CAGR expected in double digits CAGR >+8%
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132025 Full-Year Results | ⎯ Our capital trajectory combines disciplined growth with shareholder return We are making rapid progress towards our 13% CET1 ratio target2028 TRAJECTORY | ⎯ From 2027, payout of surplus CET1 above 13% ratio will be determined on an annual basis 12.6% 13% CET1 Ratio 31.12.2025 Results Organic RWA growth Distribution assumptions Net disposals Model FRTB CET1 ratio 31.12.2027 • Acceleration of our organic capital generation, thanks to a higher net income • Our divestment cycle has begun, with an estimated net impact of ~+13 bps by the end of 2026 • Disciplined organic RWA growth (~+2%), including securitisation • The re-regulation cycle is ending with FRTB, weighing less on our RWA trajectory • Payout assumption: 60%. The trajectory beyond 2026 will be detailed at our 2027-2030 CMD, scheduled for early 2027 Our priority will be to generate capital to reach the 13% CET1 ratio as swiftly as possible by end of 2027 CET1 ratio (post-FRTB) 31.12.2027 31.12.2028 13% 4
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142025 Full-Year Results | S E C T I O N 2 4Q25 and 2025 results Group
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152025 Full-Year Results | 4Q25 AND 2025 PROFIT & LOSS STATEMENT €m 4Q25 4Q24 Chg. 4Q25 vs. 4Q24 2025 2024 Chg. 2025 vs. 2024 Revenues (NBI) 13,113 12,137 +8.0% 51,223 48,831 +4.9% Operating expenses -8,275 -7,867 +5.2% -31,374 -30,193 +3.9% Gross Operating Income 4,838 4,270 +13.3% 19,849 18,638 +6.5% Cost of risk -795 -878 -9.5% -3,350 -2,999 +11.7% Other net losses for risks on financial instruments1 -74 -64 +15.6% -203 -202 +0.5% Operating income 3,969 3,328 +19.3% 16,296 15,437 +5.6% Non-operating items 15 15 n.s 769 751 +2.4% Pre-tax income 3,984 3,343 +19.2% 17,065 16,188 +5.4% Tax* -843 -898 -6.1% -4,207 -4,001 +5.1% Net income, Group share 2,972 2,322 +28.0% 12,225 11,688 +4.6% * Average corporate income tax rate: 21.9% (4Q25), 27.8% (4Q24); 25.9% (2025), 26.2% (2024) 4Q25 vs. 4Q24 Group change at constant exchange rates: NBI (+9.8%), Operating expenses (+7.2%), GOI (+14.5%), Pre-tax income (+21.0%)
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162025 Full-Year Results | EXCEPTIONAL ITEMS AND AXA IM INTEGRATION: 4Q25 AND 2025 €m 4Q25 4Q24 2025 2024 Revaluation of equity stakes (Global Markets, FICC) - 78 - 78 Total revenues (a) - 78 - 78 Restructuring costs and adaptation costs (Corporate Centre) -114 -87 -286 -230 IT reinforcement costs (Corporate Centre) -78 -87 -314 -341 Total operating expenses (b) -192 -174 -600 -571 Reconsolidation of activities in Ukraine (Corporate Centre) 226 Capital gain on divestment of Personal Finance activities in Mexico (Personal Finance) 119 Revaluation of equity stakes (Insurance and BNL) -30 238 - Total other non-operating items (c) -30 238 345 Total exceptional items (pre-tax) (a) + (b) +(c) -221 -96 -362 -148 Total exceptional items (after-tax) -170 -60 -205 -17 Effects of the hyperinflation situation in Türkiye1 Impact on GOI +15 +37 +15 +33 Impact on Pre-tax income -61 -58 -312 -281 Impact on net income -65 -60 -258 -249 Integration of AXA IM – 4Q25 and 2025 impacts, respectively: AXA IM revenues, (€415m and €782m); AXA IM Operating expenses, (€286m and €548m); and integration costs recognised under Corporate Centre, (€51m and €136m)
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172025 Full-Year Results | ⎯ An integrated model - in 2025, cross-selling accounted for 32% of Group revenues1 53% 53% 15% 16% 32% 33% 2024 2025 Corporate clients Financial institutions Private & Retail Banking 4Q25 growth was driven by our diversified and integrated model, as well as by AXA IMREVENUES | ⎯ A diversified model - Revenues rose sharply in 4Q25: +8.0% • CIB (+1.0%; +4.8% at constant exchange rates): Very good performance reflecting the strength of our platforms despite forex and interest-rate impacts and a high 4Q24 base. Good performances at Global Banking. Strong momentum at Equity & Prime Services and FICC. Excellent quarter for Securities Services • CPBS (+5.5%): Strong acceleration of revenues, driven in particular by Commercial & Personal Banking in a favourable interest-rate environment. Growth at Arval & Leasing Solutions. Strong rebound at Personal Finance, driven by increased volumes and improved margins • IPS (+39.6%; +10.7% excl. AXA IM): Integration of AXA IM is on schedule. Development of Insurance partnerships. Improvement of fees at WM and initial consolidation of HSBC Wealth Management in Germany 32% of 2025 Group revenues 4Q24 CPBS 4Q25CIB Commercial & Personal Banking Specialised Businesses IPS Corporate Centre 12,137 45 267 93 568 3 13,113 40% 41% 25% 23% 36% 36% 2024 2025 CPBS products CIB products IPS products By products By client type €m 32% of 2025 Group revenues
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182025 Full-Year Results | ⎯ Jaws effects were positive in 4Q25 in each operating division • CIB: good cost control (-0.1%) and positive jaws effect (+1.1 pts); very positive jaws effect at Securities Services (+6.7 pts) and Global Markets (+1.4 pts); cost-income ratio low at Global Banking (44.1%) • CPBS: very positive jaws effect overall (+6.2 pts), at Commercial & Personal Banking in the euro zone (+6.2 pts), Europe-Mediterranean (+10.0 pts), PF (+8.4 pts), Arval & Leasing Solutions excl. used-car revenues (+5.4 pts) and PI & New Digital Businesses (+4.9 pts) • IPS: positive jaws effect of +5.7 pts (+7.7 pts excl. AXA IM), driven mainly by Insurance and Wealth Management. Cost- income ratio improved by 2.7 pts Very positive jaws effect of +2.9 pts at Group level in 4Q25 OPERATING EFFICIENCY | +1.0% +5.5% +10.7% +4.5% +8.0% -0,1% - 0.7% +3.0% - 0.0% +5.2% CIB CPBS IPS excl. AXA IM +7.7+6.2 +4.5+1.1 Operating divisions excl. AXA IM Change in revenues Change in operating expenses Jaws effect in pts +2.9 Group ⎯ In 2025, operating expenses rose by +3.9% in 2025. Excluding the integration of AXA IM, they increased by only +1.6% 684 707 782 - 800 - 191 2024 AXA IM Inflation Développement Efficacité opérationnelle Autres 2025 +3.9% 2024 AXA IM Inflation Activity Operating efficiency Others (scope, forex, etc.) 2025 €m ⎯ In 4Q25, operating expenses rose by +5.2% in 4Q25 reflecting the integration of AXA IM, and by only +0.9% excluding AXA IM 337 140 152 -207 -137,867 8,275 4T24 AXA IM Inflation Développement Efficacité opérationnelle Autres 4T25 +5.2% 4Q24 AXA IM Inflation Activity Operating efficiency Others (scope, forex, etc.) 4Q25 €m 30,193 31,374
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192025 Full-Year Results | 905 ⎯ A lower stage 3 cost of risk and base effect linked to high level of stage 1&2 releases in 4Q24 795 ⎯ Ratio of doubtful loans to gross outstandings is low and has been in steady decline over a long period 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2Q25 4Q25 COST OF RISK | ⎯ At 34 bps, cost of risk is in line with our 2024-2026 trajectory Risk under control thanks to the quality and diversification of our portfolio CoR / customer loans outstanding in bps Cost of risk / customer loans outstanding 34 bps Stage 31 provisions €13.3bn Doubtful loans / gross outstandings 1.6% Non-performing loans €19.9bn Stock of provisions €18.2bn Stage 3 coverage rate 66.9% ⎯ A selective approach to private credit • ~ 3% of total loans2 • Vast majority in Senior Portfolio Financing, with diversity in the customer base and in outstanding customer loans ⎯ Limited exposure to sensitive sectors Commercial real estate: 3.4% of total gross exposure3 • i.e., €65.8bn; 4.3% of gross exposure is classified as non- performing • ~ 93% of exposure is in Europe Leveraged financing4: 0.6% of total gross exposure3 • i.e., €12.3bn; 8.8% of gross exposure classified as non-performing 1.6% in 4Q25 763 1027 946 1028 775 830 1064 869 -123 -275 -217 -150 54 -159 -74 29 33 32 38 33 38 39 34 766 884 1Q24 2Q24 St 1 & 2 St 3 640 752 3Q24 729 4Q24 878 2Q25 -9 1Q25 3Q25 4Q25
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202025 Full-Year Results | COST OF RISK | 73 61 72 77 60 4Q24 1Q25 2Q25 3Q25 4Q25 143 155 142 143 2022 2023 2024 2025 140 149 144 138 140 4Q24 1Q25 2Q25 3Q25 4Q25 32 20 38 31 29 4Q24 1Q25 2Q25 3Q25 4Q25 33 22 21 15 24 4Q24 1Q25 2Q25 3Q25 4Q25 • €135m (-€55m vs. 4Q24) • Low cost of risk • Reduction in stage 3 and stage 1&2 provisions ⎯ CPBF (France) Risk remains low in all business lines Cost of risk / customer loans outstanding at the beginning of the period (in bps), including 100% of Private Banking within Commercial & Personal Banking ⎯ CPBB (Belgium) • €10m (-€8m vs. 4Q24) • Low cost of risk • Reduction in stage 3 provisions • Lower stage 1&2 releases • €53m (-€5m vs. 4Q24) • Low cost of risk • Reduction in stage 3 provisions • Lower stage 1&2 releases ⎯ BNL (Italy) ⎯ Europe-Mediterranean • €58m (-€8m vs. 4Q24) • Normalisation • Reduction in stage 1&2 provisions ⎯ CIB – Global Banking ⎯ Personal Finance • €378m (+€1m vs. 4Q24) • Stability • Lower stage 3 provisions • €60m (+€27m vs. 4Q24) • Normalisation • Lower stage 1&2 releases Core perimeter for 2024 and 2025 3 6 1 3 2022 2023 2024 2025 5 -4 7 6 3 4Q24 1Q25 2Q25 3Q25 4Q25 41 13 46 67 2022 2023 2024 2025 19 -4 -10 13 2022 2023 2024 2025 7 13 24 1 14 4Q24 1Q25 2Q25 3Q25 4Q25 58 53 46 30 2022 2023 2024 2025 11 21 29 20 2022 2023 2024 2025
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212025 Full-Year Results | ⎯ CET1 ratio trend between 30.09.25 and 31.12.25 CET1 ratio at 12.6% as of 31.12.25FINANCIAL STRUCTURE | 134%LCR 31.12.25 4.5% Leverage 31.12.25 CET1 31.12.2512.6% CET1 ratio targeted for 2027: 13% post-FRTB ⎯ SRT and credit insurance contributed to cumulative RWA savings of ~€55bn and ~80 bps of CET1 as of 31.12.2025 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 (CRR2) 4Q24 (CRR3) 4Q25 Syn. SRT Cash SRT Credit insurance & others ⎯ In 2025, we closed 42 transactions across business lines, generating ~€27bn of gross RWA savings CIB CPBF PF CPBB BNL Arval & LS EM 42 transactions €27bn CET1 ratio Targeted for 2027: 13% post FRTB12.5% +30 bps -20 bps 12.6% 12.6% 10.52% CET1 ratio 30.09.25 Organic capital generation (net of RWA, SRT, credit insurance) Distribution CET1 ratio 31.12.25 CET1 ratio 01.01.2026 End of transitional CRR3, art. 468 CRR SREP requirement as of 31.12.2025 1
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222025 Full-Year Results | ⎯ Restatements related to insurance activities (IFRS 17) Restatements related to insurance activities in accordance with IFRS 17 include: • Costs related to insurance activities: negative revenues are offset by positive costs, with no effect on GOI. It will also be the same in 2026 • Volatility stemming from IFRS 9 recognition can generate GOI between -€70m and +€70m in normal volatility conditions 2025 results and 2026 trajectoryCORPORATE CENTRE | €m 4Q25 2025 2026 trajectory Revenues -320 -1,206 Of which volatility -31 -41 -70 / +70 Of which attributable costs -289 -1,165 Operating expenses +289 +1,165 GOI -31 -41 -70 / +70 ⎯ Corporate Centre (excl. IFRS 17) m€ 4Q25 2025 2026 trajectory Revenues -81 -214 ~0 Operating expenses -425 -1,267 ~-1,400 Of which restructuring, IT reinforcement and adaptations costs -192 -601 ~-800 Of which other costs -234 -666 ~-600 GOI -506 -1,480 ~-1,400 • Revenues: result from liquidity, treasury shares, DVA and impact on remuneration of shareholders’ equity ~ €0m in 2026 • Restructuring, IT reinforcement and adaptation costs: ~-€800m in 2026 (incl. €-400m for AXA IM) • Other costs (regulatory projects, exceptional projects, run-off…): ~-€600m in 2026 In the overall Group (business lines and corporate centre), capital gains and revaluations of equity stakes generally amount to ~+€400m per year • In 2025, they amounted to +€415m, out of +€769m non operating items (slide 15) and including exceptional items for +€238m (slide 16) • In 2026, non operating items will be mainly composed of the Ageas / AGI transaction related capital gain , which will amount to ~+€800m • In 2027, the proposed offer on Allfunds could generate a capital gain of ~+€400m ⎯ Non operating items
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232025 Full-Year Results | Senior Preferred Senior Non-Preferred Tier 2 Additional Tier 1 Outlook Stable A1 AA-A+ Moody’s DBRSFitch Ratings AA (Low) Baa1 A+A- A (High) A-BBB+ A Ba1 BBBBBB- NA Baa2 Stable StableStable Standard & Poor’s LONG-TERM DEBT RATINGS* *Date of the most recent review committee meeting (8 December 2025). Ratings are subject to change at any time. “Of the four large French banks that we rate ‘A+’, only BNPP could be rated at least one notch above the French sovereign… BNPP benefits from a strong, geographically diversified franchise, stable and predictable earnings, sound asset quality, and ampleliquidity.” S&P: Six Large French Banking Group Ratings Affirmed After Resilience Review, 8 December 2025
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242025 Full-Year Results | ⎯ #1 worldwide in sustainable finance bonds and loans for the third consecutive year, with a total amount of $69.0bn in 20252 ⎯ Landmark 2025 deals, capitalising notably on the Low Carbon Transition Group… ⎯ … allowing us to significantly exceed the 2025 objectives €1.1bn - first EU green bond of the energy company Eurogrid to finance grid expansion for energy transition Leveraging our leadership to support our clients’ transitionSUSTAINABLE DEVELOPMENT | 10% 54% 82% 90% LOW CARBON ENERGY PRODUCTION GRID CONNECTION £5.5bn - financing to build a 3.2 GW new nuclear power plant in the United Kingdom (Sizewell C) €2.2bn - green loan for the photovoltaic operator EF Solare Italia ⎯ 82% low carbon energies in the Group’s energy production credit exposure in 20251 €252bn of support to our clients in their low carbon transition between 2022 and 2025, above the €200bn objectives €1.5bn - green bond of the data center company Equinix to finance renewable energy projects TECH DECARBONATION TRANSITION MINERAL €2.2bn - financing package to Vulcan Energy for the first European project combining lithium production and renewable energy BNP Paribas Peer 1 Peer 2 Peer 3 $bn $69.0bn Peer 4 0 20 40 60 > €40bn
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252025 Full-Year Results | A REINFORCED INTERNAL CONTROL SET-UP An even more solid compliance, conduct and control set-up and ongoing insertion of reinforced conduct culture into daily operations • Ongoing improvement of the operating model for combating money laundering and terrorism financing • A standards-based, risk-adjusted approach, with a risk management set-up shared between business lines and Compliance officers (know-your-client, reviewing unusual transactions, etc.) • Group-level steering with regular reporting to supervisory bodies • Ongoing reinforcement of set-up for complying with international financial sanctions • Thorough and diligent implementation of measures necessary for enforcing international sanctions as soon as they have been published • Broad dissemination of the procedures and intense centralisation, guaranteeing effective and consistent coverage of the surveillance perimeter • Continuous optimisation of cross-border transaction filtering and relationship databases screening tools • Ongoing improvement of the anti-corruption framework with integration into the Group’s operational processes • Strengthening of the conduct and market transactions supervision framework • Intensified on-line training programme: compulsory programmes for all employees on financial security (Sanctions & Embargos, Combating Money Laundering & Terrorism Financing and on Combating Corruption), protecting clients’ interests, market integrity, and all topics dealt in the Group’s Code of Conduct • Ongoing regular missions of the General Inspection dedicated to auditing financial security within entities generating USD flows. These successive missions have been conducted since the start of 2015 in the form of 18-month cycles. At the end of the 7th cycle, the processing and control mechanisms of these entities are considered mature. The 8th cycle, which began in September 2025 and will be completed at the end of 2026, will ensure their long-term sustainability
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262025 Full-Year Results | 4Q25 results Operating divisions S E C T I O N 3
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272025 Full-Year Results | KEY FIGURES 2025 % Group revenues % Group RWA C/I RoNE (%) Global Banking Global Markets Securities Services 58.2% 21.3% Commercial & Personal Banking 64.8% 14.1% Specialised Businesses 51.5% 13.6% Insurance Asset Management Wealth Management 60.0% 22.8% BNP PARIBAS 61.2% CIB CPBS IPS 33% 37% 19% 8% 37% 34% 18% 14%
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282025 Full-Year Results | ⎯ Our CIB division combines growth and resilience across cycles with a unique franchise (revenues in €m) Delivering strong and sustainable profitabilityCIB | +5.5% CAGR 4Q16-4Q25 • CIB – NBI: €4,575m (+1.0% vs. 4Q24) • Global Banking – NBI: €1,663m (-3.7% vs. 4Q24) • Global Markets – NBI: €2,081m (+2.8% vs. 4Q24) FICC: €1,174m (+0.8% vs. 4Q24) Equity & Prime Services: €908m (+5.5% vs. 4Q24) • Securities Services – NBI: €830m (+6.8% vs. 4Q24) ⎯ A record quarter despite a base effect at FICC (+€78m revaluation of an equity stake at FICC in 4Q24), forex impact, notably $/€ depreciation (-€165m) and lower interest rates ⎯ Global Banking • Good performances in a less supportive context than last year, with tariffs, geopolitical uncertainties, and “wait-and-see” by corporate clients • Sustained activity in Capital Markets • Sustained business drive in Transaction Banking, partly offsetting the impact of lower interest rates ⎯ Global Markets • Strong momentum in Equity & Prime Services in all three segments: derivatives, cash and prime services • Activity up sharply at FICC in EMEA and sustained in AMER. Very strong year-on-year rebound in fixed-income activities and in Credit and Primary businesses ⎯ Securities Services • Good performance supported by business drive, onboarding of new clients, and a high level of transactions, offset partly by a slowdown in net interest revenues against a backdrop of lower interest rates 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 Equities & Prime Services FICC Global Banking Securities Services CIB (M€) 4Q25 4Q24 Var. Revenues (NBI) 4,575 4,529 +1.0% Operating expenses -2,928 -2,930 -0.1% Gross Operating Income 1,646 1,599 +3.0% Cost of Risk and others -81 -30 n.s Other Results 7 6 +21.3% Pre-tax income 1,572 1,575 -0.2% Cost/Income ratio 64.0% 64.7% -0.7 pt RWA, end of period (€bn) 258.2 277.9 -7.1% RONE (annualised basis) 18.2% 17.0% +1.2 pt
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292025 Full-Year Results | ⎯ Acceleration of revenue growth with recovery of net interest revenues and used-car price base effect ending 6,577 6,937 +1.2% +5.5% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 6300 6400 6500 6600 6700 6800 6900 7000 4Q24 1Q25 2Q25 3Q25 4Q25 CPBS revenues Var Q(n) / Q(n-1) A pivotal quarter: strong increase in pre-tax income, driven by an acceleration in revenues and very positive jaws effect in 4Q25CPBS | • CPBS – NBI: €6,937m (+5.5% vs. 4Q24) • Commercial & Personal Banking – NBI: €4,479m (+6.3% vs. 4Q24) • Commercial & Personal Banking euro zone – NBI: €3,500m (+5.4% vs. 4Q24) • Specialised Businesses – NBI: €2,458m (+4.0% vs. 4Q24) ⎯ Commercial & Personal Banking • Net interest revenues: acceleration of growth to +9.9% vs. 4Q24, in line with the announced revenue trajectory • Fees: overall stable; increase in the euro zone offset by the decrease in Europe-Mediterranean (Türkiye) • Private Banking: strong AuM growth (+6.9% vs. 4Q24) • Ongoing development of digital uses at a sustained pace (~13m connexions per day, up by +6.2% vs. 4Q24) ⎯ Specialised Businesses • Arval & Leasing Solutions: Organic revenue growth at Arval (+10.6%) and the used-car price base effect ending; revenue growth at Leasing Solutions (+2.2% vs. 4Q24) • Personal Finance: acceleration in revenue growth to +6.6% vs. 4Q24, thanks to the combined impact of higher volumes and a production margin over 5% • New Digital Businesses and Personal Investors: strong growth of +8.3% vs. 4Q24 at constant scope and exchange rates Including 2/3 of Private Banking for the profit & loss statement and 100% of Private Banking for loans and deposits €m ⎯ Cross-business initiatives1 • Payments: Strong contribution to the success of WERO in Europe with 15% of transactions; very steep rise in instant payments to 464m transactions (+76% vs. 2024) • BNP Paribas Mobility: Development continues with planned acquisition2 of Athlon €m 4Q25 4Q24 Var. Revenues 6,937 6,577 +5.5% Operating Expenses and Dep. -3,970 -3,999 -0.7% Gross operating profit 2,967 2,578 +15.1% Cost of Risk and others -785 -873 -10.0% Other Results -32 -16 n.s Pre-Tax Income 2,149 1,689 +27.3% Cost/Income ratio 57.2% 60.8% -3.6 pt Loans (€bn) 651.0 643.7 +1.1% Deposits (€bn) 566.5 568.3 -0.3% RWA, end of period (€bn) 435.9 441.9 -1.4% RONE (annualised basis) 14.4% 11.0% +3.5 pt
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302025 Full-Year Results | ⎯ Change in scale in AuM1 with the integration of AXA IM 1,377 31.12.2024 30.09.2025 31.12.2025 2,4432,392 Strong growth in 4Q25 driven by organic growth and the integration of AXA IM IPS | ⎯ Insurance • Record gross inflows in 2025, with gross written premiums of €40.5bn in Savings and Protection (+11.3% vs. 2024), impact of strong production early in the year • Strengthened partnership with Stellantis, thanks to a new creditor protection agreement for vehicle-financing in Brazil ⎯ Wealth Management • Strong increase in AuM, driven by a favourable market effect and strong asset inflows (€21.7bn in 2025, including €1.5bn in 4Q25; full-year inflow rate3 of 4.7% of end-2024 AuM) • Initial contribution by HSBC WM activities in Germany (revenues: ~€10m) ⎯ Asset Management • Strong growth in AuM in 2025 (+€130.2bn excl. AXA IM), driven by the strengthened partnership with BNPP Cardif, the market effect and asset inflows (+€35.8bn in 2025, including AXA IM and RE, of which €3.1bn in 4Q) • Increase in fees driven by growth in AuM • Real Estate: activity continued to be weighed down by a lacklustre market • Merger4 of BNP Paribas REIM, BNP Paribas Asset Management and AXA IM into the asset management platform, effective as of 31.12.25€bn • IPS – NBI: €2,002m (+39.6% vs. 4Q24) • Insurance – NBI: €606m (+12.6% vs. 4Q24) • Wealth Management – NBI: €450m (+8.7% vs. 4Q24) • Asset Management – NBI: €531m (+11.6%2 vs. 4Q24; +10.3% vs. 4Q24) • AXA IM – NBI: €415m • IPS excl. AXA IM – NBI: €1,587m (+10.7% vs. 4Q24) AXA IM +77.4% +14.4% excl. AXA IM +2.1% €m 4Q25 4Q24 Var. Revenues 2,002 1,434 +39.6% Operating Expenses and Dep. -1,240 -927 +33.9% Gross operating profit 761 507 n.s Cost of Risk and others -7 -13 -46.4% Other Results -3 -5 -44.5% Pre-Tax Income 752 489 n.s Cost/Income ratio 62.0% 64.6% -2.7 pt AuM (€bn) 2,443 1,377 n.s RWA, end of period (€bn) 61.6 46.3 +32.9% RONE (annualised basis) 20.4% 15.1% +5.3 pt
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312025 Full-Year Results | IPS | Scaling up global AuM1 to €2,443bn as of 31.12.2025 ⎯ AuM1 by business line ⎯ AuM1 as of 31.12.25 by client type ⎯ AuM: €2,443bn as of 31.12.25 (+77.4% vs. 31.12.24; +14.4% vs. 31.12.24 excl. AXA IM consolidation) External distribution: ~13% Corporate & Institutional (incl. AXA IM): ~54% Individuals: ~33% AuM 31.12.24 AXA IM Collecte effet marché Change Autre AuM 30.12.25 +€1,066bn Market effect FX effect Consolidation of AXA IM as of 01.07.2025 31.12.2531.12.24 €bn Others2 1,377 2,443+867.5 +73.1 -38.6 +97.7+66.0 Inflows €2,443bn Asset Management Wealth Management 1,377 Insurance 2,443 46% 34% 21% 66% 21% 12% +77.4% €bn31.12.2024 31.12.2025
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322025 Full-Year Results | CONCLUSION A record fourth quarter underpinned by excellent operating performances Building on our 2025 results and a structurally favourable interest-rate environment, we confirm our 2026 trajectory ROTE ambition for 2028 raised to above 13%, driven by strategic plans currently underway 2028 cost/income projection improved from 58% to <56% New average annual net income growth objective above 10% between 2025 and 2028 We are strengthening foundations for our 2027-2030 Plan and building an even more efficient and value-creating Group We thank all our employees for their commitment and continued dedication alongside our clients
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332025 Full-Year Results | GLOSSARY AuA Assets under Management AuC Assets under Custody AIM Alternative Investment Managers AWM Asset & Wealth Managers CAGR (%) Compound Average Growth Rate CET1 ratio (%) Transition to phased-in ratios and RWA starting from 2Q25, in order to align with the calculation of the regulatory requirement (MDA calculation), to reflect the Group’s 2030 horizon, and to reflect the standards used by the market. Phased-in CET1 calculated on the basis of the quarter’s risk-weighted assets; including transitional arrangements as defined in Art.465, 468 and 495 of CRR CMD Capital Markets Day Cost/income ratio (%)* Ratio between operating expenses and revenues Cost of risk / customer loans outstanding (bps)* Ratio between the cost of risk (€m) and customer loans outstanding at the start of the period Cost of risk does not include “Other net losses for risks on financial instruments” EPS (€) Earnings per share in €, calculated on the basis of net income, Group share adjusted for the remuneration of undated super-subordinated notes (TSSDI) and the average number of shares outstanding FICC Fixed Income, Currencies and Commodities FRTB Fundamental Review of the Trading Book Jaws effect (pts) Increase in revenues minus the increase in operating expenses over the same period LCR End-of-period Liquidity Coverage Ratio calculated in accordance with Regulation (CRR) 575/2013, art. 451b Leverage Leverage calculated in accordance with Regulation (EU) 575/2013 - Art. 429 MREL Minimum Requirement for own funds and Eligible Liabilities Net income (€m) Net income, Group share NBV (€) Tangible net book value per share, revalued at the end of the period, in € PF Personal Finance RoE* Return on Equity RoIC (%) Return on Invested Capital; projection of net income generated by redeployed capital divided by the corresponding CET1 capital allocation RoNE (%)* Return on Notional Equity; ratio between annualised pre- tax net income and average allocated equity during the same period RoTE (%)* Return on Tangible Equity RWA (M€) Risk-Weighted-Assets SIU Savings & Investment Union SREP Supervisory Review and Evaluation Process SRT Significant Risk Transfer operations TLAC Total Loss Absorbing Capacity TSSDI Undated super-subordinated notes VaR Value-at-risk Acronyms marked by an asterisk (*) are defined in the public press release simultaneously with this presentation under section “Alternative performance indicators”.
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342025 Full-Year Results | NOTES • Slide 4 1. Detachment on 18th May 2026 and payment on 20 May 2026 • Slide 5 1. Including 100% of Private Banking revenues and excluding PEL CEL effects • Slide 6 1. Change in computation methodology for the RoTE: revaluation and conversion reserves are now included in the RoTE denominator in accordance with market practices • Slide 8 1. Closing expected some time in 2026, subject to informational and consultation processes with personnel representative bodies of the entitles and authorisations by competent authorities • Slide 11 1. IDP: Independent Document Processing • Slide 15 1. Charges related to the risk of invalidation or non-enforceability of financial instruments granted • Slide 16 1. Impact from the application of IAS 29 and recognition of the performance of inflation- linked hedging instruments in Türkiye (CPI Linkers) • Slide 17 1. Cross-selling revenues based on estimated figures as of 31.12.2025 • Slide 19 1. Stage 3 provisions, calculated on balance sheet and off balance sheet credit exposures, net of received collateral, for customers and credit institutions, including debt securities at amortised cost or at fair value through equity (excluding insurance). 2. Group’s customer loans outstanding: €893bn as of 30.09.25 3. Gross on- and off-balance sheet, non-risk-weighted credit exposure, as of end- September 2025 (Group total: €1,910bn) 4. Leveraged buyout with financial sponsorship. Alignment with international regulatory standards applicable as of 31.12.22 • Slide 21 1. SREP CET1 requirement: Including countercyclical capital buffer of 74 bps and a systemic risk capital buffer of 14 bps as of 31.12.25 • Slide 24 1. Source: internal management data – credit exposure in €bn as of 30.09.22 and 30.09.25; low-carbon (€38.3 bn as of 30.09.25): renewables (€35.6bn), nuclear (€2.6bn), fossil fuels (€8.6bn as of 30.09.25): refining (€5.1bn), gas extraction and production (€1.9bn), oil extraction and production (€1.2bn), coal (€0.3bn); 2012-2022 trends stated as an illustration. The perimeter of low carbon energies is subject to change, depending on progress in technologies. 2. According to Dealogic 2025. All ESG Bonds, including Green Bonds, Social Bonds, Sustainability Bonds and Sustainability-Linked Bonds as well as all ESG loans, including Green Loans, Social Loans and ESG-Linked Loans/SLL. • Slide 29 1. Revenues of transversal initiatives accounted in CPBS and CIB 2. Closing expected in 2026, subject to informational and consultation processes with personnel representative bodies of the entities and authorisations by competent authorities • Slide 30 1. Including distributed assets and assets under advisory 2. Excluding Real Estate and IPS Investments 3. Cumulative 2025 net inflow rate as of end-2024 outstandings 4. Merger of the main legal entitles BNPP AM, AXA IM and BNP Paribas Real Estate Investment Management (BNPP REIM) • Slide 31 1. Including distributed assets and assets under advisory 2. Including the transfer of management of a portion of BNP Paribas Cardif’s general funds to BNP Paribas Asset Management (€69bn) and integration of HSBC WM Germany assets (~ €24bn)
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352025 Full-Year Results | • Corporate Centre • Number of shares and Earnings Per Share • Book value per share • Return on Equity and Permanent Shareholders’ Equity • Doubtful loans / customer loans outstanding; coverage ratio • Common Equity Tier 1 ratio • Medium- / long-term regulatory funding • MREL ratio • TLAC ratio • Distance to MDA • Risk-weighted assets • Liquidity ⎯ Details by division (4Q25) ⎯ Other items ⎯ 2025 Operating division results ⎯ CIB • Global Banking • Global Markets • Securities Services ⎯ CPBS • Commercial & Personal Banking • Specialised Businesses ⎯ IPS • Insurance • Wealth and Asset Management • AXA IM Presentation contents – Details by division and Other itemsAPPENDICES |
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362025 Full-Year Results | Earnings reporting dates and General Meeting 1Q26 earnings: 30 April 2026 2026 General Meeting: 12 May 2026 2Q26 earnings: 23 July 2026 Strategy presentations Deep Dive Asset Management / AXA IM integration: 17 March 2026 Deep Dive CPBB: 1H26 Deep Dive BNL: 2H26 Deep Dive Arval / Athlon integration : 2H26 Bénédicte Thibord, Head of Investor Relations and Financial Information Equity Meriem Afilal-Costard Raphaëlle Bouvier-Flory Lisa Bugat Tania Mansour Olivier Parenty Guillaume Tiberghien Debt & ratings agencies Tania Mansour Olivier Parenty Individual shareholders & ESG Antoine Labarsouque investor.relations@bnpparibas.com ⎯ Investor Relations ⎯ Upcoming events CONTACTS AND UPCOMING EVENTS The consensus, compiled and aggregated by the Investor Relations team, is available at: Equity BNP Paribas | Investors & Shareholders | BNP Paribas Group It reflects the arithmetic average forecasts for various Group P&L headings, sent by analysts invited by BNP Paribas to contribute to the consensus.