Slides
Page 1
Fourth quarter and full year 2025 results Societe Generale Group Results
Page 2
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 2 Disclaimer The financial information on Societe Generale for its fourth quarter and full year 2025 financial results comprises this presentation and a dedicated press release which are available on the website (https://investors.societegenerale.com/en). The financial information presented for the quarter and full year ending 31 December 2025 has been prepared in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union (the “IFRS”) and applicable at this date. It was approved by the Board of Directors on 5 February 2026. The audit procedures carried out by the Statutory Auditors on the consolidated financial statements are in progress. This document (this "Presentation") contains forward-looking information and statements that reflect assessments and projections relating to Societe Generale's business activities, objectives and strategy (the "Information"). This Information is based on assumptions, in particular regulatory ones, both general and specific, including the application of accounting principles and methods compliant with IFRS as well as the application of prudential regulations in force to date. This Information reflects various assumptions involving significant elements of subjective judgment and analysis, which may prove to be incorrect and are derived from scenarios based on a number of economic assumptions within a given competitive, regulatory and geopolitical context. Societe Generale may not be able to: - anticipate all risks, uncertainties, contingencies or other factors that may affect its business and to assess their potential consequences; - accurately assess the extent to which the occurrence of a risk or a combination of risks could result in outcomes that differ materially from those projected in this Presentation. Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, this Information is subject to numerous risks, uncertainties and contingencies, including matters of which Societe Generale or its management are not yet aware or currently deem immaterial, and there is no guarantee that the anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause a material difference between actual results and the results anticipated in the Information include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory, prudential and geopolitical changes, and the success of Societe Generale’s business, strategic, operating and financial initiatives. More detailed information on the potential risk factors that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en). It is therefore recommended to take into account factors of uncertainty and risk likely to impact the operations of Societe Generale when considering the Information contained in such Presentation. Other than as required by applicable law, Societe Generale makes no commitment to update or revise this Information. Unless otherwise specified, the sources for the business rankings and market positions are internal. This Presentation may include information pertaining to our markets and our competitive positions therein. Such information is based on market data and our actual revenues in those markets for the relevant periods. We obtained this market information from various third-party sources (publications and surveys) and our own internal estimates. We have not independently verified these third-party sources and cannot guarantee their accuracy, truthfulness ,precision and completeness. In addition, our internal surveys and estimates have not been verified by independent experts or other independent sources. No reliance should therefore be placed on this Information. The alternative performance indicators are defined in our Universal Registration Document and, where applicable, in the methodological notes at the end of this document as well as in the press release published jointly with this Presentation. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules. No representation, warranty or undertaking, whether express or implied is made as to the adequacy, accuracy, completeness or reasonableness of the Information. Societe Generale or its representatives cannot be held liable for any error, omission or inaccuracy or for any consequences arising from reliance placed on, or use of, the Information contained in the Presentation, anything relating thereto or any document or information to which it may refer. The difference between the number of shares entitled to dividend on 31 January 2026 and 1 June 2026 will lead to an adjustment of the overall amount of the dividend and accordingly of the total amount to be distributed. This Presentation does not constitute an invitation to buy or sell Societe Generale shares or any other financial instruments or financial contracts issued by or related to Societe Generale.
Page 3
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 3 Record revenues and record Group net income in 2025 (1) Based on an ordinary distribution payout ratio of 50% of the 2025 Group net income restated for non-cash items that have no impact on the CET1 ratio and after deduction of interest on deeply subordinated notes and undated subordinated notes, (2) Considering the number of outstanding shares as of 31 January 2026 for the final dividend, and as of 7 October 2025 for the interim dividend, (3) Including the interim dividend of EUR 0.61 per share paid on 9 October 2025 ; subject to the approval of the AGM, (4) ECB approval obtained, start of the share buy-back on 9 February 2026 at the earliest, with execution possible provided that the share buy-back for cancellation purpose announced on 17 November 2025 is finalised and the SG share price is less than or equal to the maximum purchase price per share of EUR 75 set by the AGM on 20 May 2025 (see Resolution 19). It will be proposed to the AGM on 27 May 2026 to increase the maximum purchase price per share, (5) Two share buy-back programmes of EUR 1bn each, announced respectively on 31 July 2025 and on 17 November 2025, (6) Excluding asset disposals Income Statement Balance Sheet and Capital Revenues EUR 27.3bn in 2025 Cost / income ratio 63.6% in 2025 Cost of risk 26bps in 2025 Group net income EUR 6.0bn in 2025 2025 financial results better than all Group targets 2025 NBI growth(6) +6.8% vs. 2024 2025 Target >+3% 2025 Costs(6) -2.0% vs. 2024 2025 Target >-1% 2025 C/I ratio 63.6% 2025 Target <65% 2025 CoR 26bps 2025 Target 25-30bps 2025 ROTE 10.2% 2025 Target ~9% 2025 CET1 ratio 13.5% 2025 Target >13% 2025 ROTE 10.2% and 9.6% excluding net gains on other assets vs. 6.9% in 2024 Ordinary distribution for 2025 ~EUR 2.7bn(1) o/w EUR 1.61(2)(3) dividend per share o/w ~EUR 1.5bn(4) share buy-back Extraordinary distribution EUR 2bn share buy-backs(5) CET1 ratio 13.5%(1) at end 2025 Liquidity Coverage Ratio 144% at end 2025
Page 4
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 4 +162% 20252024 -31% Creating long-term value Total Shareholder Return (%)(4) 17%10% 2023 2025: a substantial increase in value creation (1) 2025 ROTE of 9.6% excluding net gains on other assets, (2) From 2022 to 2025 EPS calculated under IFRS 17 and under IFRS 9 for Insurance entities, (3) Based on a completion rate of 51.3% at the end of December 2025 of the additional EUR 1bn share buy-back announced on 17 November 2025, (4) Total Shareholder Return (TSR) = share price performance + dividends reinvested in shares (source: Thomson Reuters Eikon) CET1 ratio at 13.5% in 2025 after the extraordinary distribution of EUR 2.0bn through share buy-backs Improving efficiency Earnings per share (EUR)(2)C/I ratio (%) 4.4 6.8(3) 2025Average 2018-2022 2024 2.7 69.0% 63.6% 2025Average 2018-2022 2024 70.6% Increasing EPS 2.2 2023 73.8% 2023 2018-2022 TSR 2023-2025 +237% Rising profitability ROTE (%) 6.9% 10.2%(1) 2025Average 2018-2022 2024 5.8% 2023 4.2%
Page 5
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 5 Strong growth in all businesses (1) Excluding asset disposals and short-term hedges, (2) Asset under Administration representing the sum of financial savings and deposits, (3) RONE under Basel IV in 2025 and under Basel III in 2024 (see methodology), (4) At constant perimeter and exchange rates, (5) Global Banking and Advisory, (6) Global Markets and Investor Services French Retail, Private Banking and Insurance Global Banking & Investor Solutions Mobility, International Retail Banking and Financial Services Continued market share gains in life insurance outstandings Strong revenue growth (+4.2%(1) vs. 2024) Successful commercial expansion in retail savings & investment products Strong risk adjusted returns in Global Markets (GMIS(6) RONE of 20% in 2025) Record revenues at EUR 10.4bn (+3.9%(4) vs. 2024) Strong GLBA(5) revenue growth (+9.4%(4) vs. 2024) Streamlined business portfolio Strong revenue growth (+6.1%(4) vs. 2024) Integration on track at Ayvens (~EUR 360m synergies in 2025) BoursoBank strong client acquisition of 1.9m and AuA(2) per client of ~EUR 9,000 Continued transformation at KB and BRD to sustain strong performance RONE(3) at 10.2% vs. 6.0% in 2024 RONE(3) at 16.7% vs. 17.2% in 2024 RONE(3) at 13.9% vs. 11.5% in 2024 Increased margins at Ayvens (+33bps vs. 2024) and 2025 financial targets reached Leading Private Banking franchise with record high AuM of EUR 137bn Global Banking well positioned on megatrends High and sustainable profitability with a 5-year average RONE at ~15%
Page 6
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 6 2025 total distribution of EUR 4,679m up +169% vs. 2024 (1) Based on the 2025 Group net income restated for non-cash items that have no impact on the CET1 ratio and after deduction of interest on deeply subordinated notes and undated subordinated notes, (2) Considering the number of outstanding shares as of 31 January 2026 for the final dividend, and as of 7 October 2025 for the interim dividend, (3) Paid on 9 October 2025, (4) Ex-dividend date on 1 June 2026 and payment date on 3 June 2026, (5) The share buy-back programme and the subsequent capital reduction, aim also, and in priority, at fully offsetting the dilutive impact of the future capital increase as part of the next Group Employee Share Ownership Programme, the principle of which was adopted by the Board of Directors on 5 February 2026, (6) ECB approval obtained, start of the share buy-back on 9 February 2026 at the earliest, with execution possible provided that the share buy-back for cancellation purpose announced on 17 November 2025 is finalised and the SG share price is less than or equal to the maximum purchase price per share of EUR 75 set by the AGM on 20 May 2025 (see Resolution 19). It will be proposed to the AGM on 27 May 2026 to increase the maximum purchase price per share EUR 1,217m EUR 1.61(2) per share, o/w interim of EUR 0.61(3) and final of EUR 1.00(4) Dividend per share +48% vs. 2024 45% of ordinary distribution EUR 1,462m +68% vs. 2024 55% of ordinary distribution Cash dividend Share buy-back(5) EUR 2,000m 2 share buy-backs of EUR 1,000m each launched in 2025 -52bps total impact on CET1 ratio Extraordinary share buy-backs Communications on excess capital management once a year during Q2 results To be launched on 9 February 2026(6) To be proposed at the AGM on 27 May 2026 Ordinary distribution for 2025 EUR 2,679m, +54% vs. 2024, representing a payout ratio of 50%(1) Extraordinary distribution EUR 2,000m
Page 7
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 7 2026 ROTE target upgraded C/I RATIO <60% in 2026 REVENUES >+2% vs. 2025 COSTS ~-3% vs. 2025 ROTE >10% in 2026 COST OF RISK 25-30bps in 2026
Page 8
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 8 Main drivers of revenues and costs in 2026 (1) Revenue guidance range updated to EUR 5.1-5.7bn to reflect the consolidation of Bernstein in the US (~EUR 200m annual revenue contribution) starting from 1 January 2026 Continued revenue growth 2026 target >+2% Further cost reduction 2026 target ~-3% Continued Ayvens transformation Lower transformation charges in 2026 BoursoBank contribution to the Group net income >EUR 300m ~2% organic RWA growth expected in 2026 Global Markets revenues above the top end of the guidance range (EUR 5.7bn)(1) Sustained cost discipline CostsRevenues
Page 9
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 9 Confirmed 2026 CMD financial targets at business level (1) Including consolidation of Bernstein in the US (~EUR 200m annual revenue contribution) starting from 1 January 2026, (2) Based on financials at Ayvens level, (3) Excluding used car sales (UCS) result and non-recurring items French Retail, Private Banking and Insurance (RPBI) Global Banking & Investor Solutions (GBIS) Mobility, International Retail Banking and Financial Services (MIBS) RPBI C/I RATIO <60% in 2026 BoursoBank NET INCOME >EUR 300m in 2026 GBIS C/I RATIO <65% in 2026 Global Markets REVENUES EUR 5.1-5.7bn in 2026(1) MIBS C/I RATIO <55% in 2026 Ayvens(2) C/I RATIO(3) ~52% in 2026
Page 10
1. Group performance
Page 11
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 11 Solid Q4 25 financial performance (1) Excluding asset disposals Income Statement Key highlights Strong revenue growth, +6.8% vs. Q4 24 excluding disposals Strict cost management, operating expenses down -1.4% vs. Q4 24 excluding disposals C/I ratio at 64.6%, -4.8pp vs. Q4 24 Cost of risk at 29bps, within 2025 guidance range Sharp increase in Group net income at EUR 1.4bn, +36% vs. Q4 24 Revenues EUR 6.7bn in Q4 25, +6.8%(1)vs. Q4 24 Costs -1.4%(1) vs. Q4 24 C/I ratio 64.6% in Q4 25 Cost of risk 29bps in Q4 25 Group net income EUR 1.4bn in Q4 25 ROTE of 9.5%, up +2.9pp vs. Q4 24
Page 12
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 12 Strong positive jaws in Q4 25 (1) Mainly SGEF, Moroccan activities, Guinea Conakry, Madagascar and Private Banking in Switzerland and in the UK, (2) Excluding asset disposals, (3) Cost to achieve (transformation charges) 6,295 6,725 Q4 24 post disposals Q4 25GBISRPBI +174 Corporate Centre MIBS Q4 25 Revenues (EURm) -57 +156 +157 Q4 25 Operating Expenses (EURm) French Retail, Private Banking and Insurance +7.9%(2) vs. Q4 24 Global Banking and Investor Solutions -2.3% vs. Q4 24 Mobility, International Retail Banking and Financial Services +8.6%(2) vs. Q4 24 Increase in transformation charges (CTA) of +EUR 26m +6.8% Net cost decrease of EUR -89m 6,621 Q4 24 Disposals -326(1) +1.6% 4,407 4,344 Q4 25CTA(3) +26 Net cost decrease -89 -1.4% 4,595 Q4 24 Disposals -188(1) -5.5% Q4 24 post disposals
Page 13
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 13 In bps Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 Group 23 23 25 26 29 26 26 French Retail, Private Banking and Insurance 20 29 25 33 34 30 30 Global Banking & Investor Solutions 24 13 19 13 28 8 18 Mobility, International Retail Banking and Financial Services 32 31 35 37 30 42 33 Q4 24 2.81% Q4 25 cost of risk within 2025 guidance range (1) Based on gross loans outstanding at the beginning of period (annualised) for quarterly figures and on a gross loans outstanding average of the last 4 quarters of period for yearly figures, (2) On and off-balance sheet provision outstandings. Quarterly variation of provisions for S1/S2 different from P&L impact, mainly due to IFRS 5 application and FX impact, (3) Ratio calculated only on on-balance sheet outstandings, (4) Ratio calculated according to EBA methodology published on 16 July 2019, and excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5, (5) Ratio of the sum of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans Net coverage ratio(5): ~82% at end Q4 25 (vs. ~82% at end of Q3 25) (After netting of guarantees and collateral) In EURm Q4 25 Stage 1 Stage 2 S2 coverage ratio (%)(3)X.X% In EURm Stage 1 / Stage 2 Stage 3 2.77% Q3 25 2.81% Q4 24 2,076 3,119 4.5% 1,043 Q4 25 Loan book +1.1% NPL +2.4% vs. Q3 25 Q3 25 Total S1/S2 provisions(2) (in EURm) Non-performing loan ratio(4) 4.0% 1,935 2,946 1,011 Cost of risk(1) Q4 25 409 (29bps) 435 -26 Q3 25 369 (26bps) 437 -68 Q4 24 338 (23bps) 386 -48 2025 1,477 (26bps) 1,592 -115 2024 1,530 (26bps) 1,786 -256 3.9% 2,003 2,939 936
Page 14
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 14 Solid capital position (1) Based on an ordinary distribution payout ratio of 50% of the Q4 25 Group net income, restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes ~320bps over MDA at end of Q4 25 Requirements Ratios CET1 10.27% 13.5% Leverage ratio 3.60% 4.5% TLAC 22.37% 29.7% MREL 27.48% 32.5% Risk-weighted assets (in EURbn) Q4 24 Q3 25 Q4 25 388 393390 Q3 25 Organic RWA change +16bps -1bp Earnings net of distribution(1) Q4 25 before EUR 1bn additional buy-back 13.8%13.7% -5bps Regulatory +37bps earnings -21bps distribution Main regulatory ratios -1bp Other -27bps EUR 1bn additional buy-back launched in Nov. 2025 Q4 25 13.5% Change in CET1 ratio (in bps)
Page 15
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 15 Liquidity profile and deposit base (1) Items restated in application of IFRS 5 regarding the ongoing disposals have been netted in “Other assets”, (2) Economic view, see Supplement (methodology), (3) Market value, (4) Including ~EUR 16bn HQLA securities encumbered to cover local stress tests, (5) Of which additional unencumbered assets eligible to ECB refinancing policy In EURbn at end Q4 25 Diversified deposit baseRobust balance sheet(1) Excess of long-term resources, NSFR at 116% end of period 45% completion of the 2026 long-term funding programme as of end of January Highly diversified and granular deposit base, largely composed of retail and commercial deposits Funded balance sheet(2) in EURbn at end Q4 25 ASSETS LIABILITIES Liquidity reserves at EUR 318bn. LCR at 144% end of period, in line with steering targets Strong client deposit base Loan / Deposit ratio at 77% at end Q4 25 72 73 455 466 60 6147 46 145 163 155 124 3 0 . 0 9 . 2 5 3 1 . 1 2 . 2 5 Net deposits in central banks HQLA⁽³⁾ Interbank loans Other⁽⁴⁾ Customer loans⁽⁵⁾ Long term assets 933 934 265 262 604 605 65 68 3 0 . 0 9 . 2 5 3 1 . 1 2 . 2 5 Short term wholesale funding Client deposits Long term debt & equity 933 934 45% 3% 15% 9% 3% 6% 9% 5%5% French retail Private banking Mobility, International Retail Banking & Financial Services Global Transaction & Payment Services Securities Services Wholesale Corporate deposits Central banks, Supranational & Finance Ministries Fiduciary deposits EUR 605bn
Page 16
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 16 Group results *When adjusted for changes in Group structure and at constant exchange rates In EURm Q4 25 Q4 24 Change 2025 2024 Change Net banking income 6,725 6,621 +1.6% +7.6%* 27,254 26,788 +1.7% +7.2%* Operating expenses (4,344) (4,595) -5.5% -0.4%* (17,338) (18,472) -6.1% -1.5%* Gross operating income 2,381 2,026 +17.5% +25.8%* 9,916 8,316 +19.2% +26.9%* Net cost of risk (409) (338) +20.9% +28.6%* (1,477) (1,530) -3.5% +2.9%* Operating income 1,972 1,688 +16.8% +25.3%* 8,439 6,786 +24.4% +32.3%* Net profits or losses from other assets 8 (11) n/s n/s 345 (77) n/s n/s Net income from companies accounted for by the equity method 3 9 -62.1% -61.4%* 18 21 -13.8% -13.8%* Income tax (321) (413) -22.2% -15.4%* (1,771) (1,601) +10.6% +19.5%* Net income 1,662 1,273 +30.6% +39.3%* 7,032 5,129 +37.1% +45.3%* o/w non-controlling interests 243 233 +4.3% +12.7%* 1,030 929 +10.8% +19.4%* Group net income 1,420 1,041 +36.4% +45.2%* 6,002 4,200 +42.9% +50.8%* ROE 8.4% 5.8% 9.0% 6.1% ROTE 9.5% 6.6% 10.2% 6.9% Cost to income 64.6% 69.4% 63.6% 69.0%
Page 17
2. Business performance
Page 18
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 18 SG network, Private Banking and Insurance (1) 2024 AuM restated for asset disposals in Switzerland and the UK, (2) Includes French and International activities 1 - FRENCH RETAIL, PRIVATE BANKING AND INSURANCE (RPBI) Unit-linked Euro Funds 126 137 158 41% 146 40% 60% 59% 135 153 41% 59% +1% SG network Loans outstanding vs. Q4 24 In EURbn -3% SG network Deposits outstanding vs. Q4 24 In EURbn 191 194 193 Corporates & professionals Individuals Q4 24 Q3 25 Q4 25 Q4 24 Q3 25 Q4 25 232 221 225 45%46%46% 55%54%54% +9% Private Banking AuM(1) vs. Q4 24 In EURbn +8% Life Insurance outstandings(2) vs. Q4 24 In EURbn SG network Loans outstanding excluding PGE up +2% vs. Q4 24, stable vs. Q3 25 Increasing corporate loans production +19% vs. Q3 25 Increase in deposit base +2% vs. Q3 25 while continued growth of retail savings & investment products Insurance Strong Q4 25 net inflows of EUR 1.6bn in savings life insurance Record high savings life insurance outstandings of EUR 158bn, +8% vs. Q4 24 with a high proportion in unit-linked products at 41% Private Banking Net inflows of EUR 0.6bn in Q4 25, representing 2% of AuM on an annualised basis New AuM record at EUR 137bn in Q4 25, up +9% vs. Q4 24 Q4 24 Q3 25 Q4 25 Q4 24 Q3 25 Q4 25
Page 19
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 19 BoursoBank (1) Asset under Administration representing the sum of financial savings and deposits, (2) Life Insurance, Mutual Funds and Securities Deposits Financial savings(2) +9% Loans outstanding vs. Q4 24 In EURbn 1 - FRENCH RETAIL, PRIVATE BANKING AND INSURANCE (RPBI) +18% AuA(1) outstanding vs. Q4 24 In EURbn Q4 24 Q3 25 Q4 25 15.9 17.316.9 Q4 24 Q3 25 Q4 25 65.9 77.675.6 461 575 397 +25% New client onboarding vs. Q4 24 In ‘000 +22% Total clients vs. Q4 24 In m 7.2 8.88.3 Solid client acquisition Record quarterly client acquisition with ~575k new clients in Q4 25 Record yearly increase in client base, with 1.9m new clients, +22% vs. Q4 24 Consistently low churn rate <4% Strong commercial performance Robust deposit growth, +15% vs. Q4 24 at EUR 47bn in Q4 25 Savings life insurance outstandings +13% vs. Q4 24 at EUR 14bn in Q4 25, with high proportion in unit-linked products at 50% Record high number of brokerage accounts opened, +25% vs. Q4 24 39% 40% 39% 60%61%61% Q4 24 Q3 25 Q4 25 Q4 24 Q3 25 Q4 25
Page 20
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 20 French Retail, Private Banking and Insurance *At constant perimeter and exchange rates (1) +4.2% excluding short-term hedges, (2) +3.1% excluding short-term hedges Costs excluding disposals: -2.5% vs. Q4 24, -3.9% vs. 2024 Cost of risk at 34bps in Q4 25, 30bps in 2025 Cost / income ratio at 66.1% in 2025 Revenues excluding disposals: +7.9% vs. Q4 24, +9.7%(1) vs. 2024 NII excluding disposals: +8.5% vs. Q4 24, +15.3%(2) vs. 2024 Fees excluding disposals: -0.8% vs. Q4 24, +2.2% vs. 2024 1 - FRENCH RETAIL, PRIVATE BANKING AND INSURANCE (RPBI) RONE (in %) RONE at 10.2% in 2025 10.2% 6.0% 2024 Basel III 2025 Basel IV Income Statement Highlights In EURm Q4 25 Q4 24 Change 2025 2024 Change Net banking income 2,378 2,273 +4.6% +7.9%* 9,227 8,679 +6.3% +9.7%* Of which net interest income 1,150 1,096 +4.9% +8.5%* 4,319 3,889 +11.1% +15.3%* Of which fees 987 1,029 -4.0% -0.8%* 4,077 4,108 -0.8% +2.2%* Operating expenses (1,560) (1,672) -6.7% -2.5%* (6,100) (6,634) -8.0% -3.9%* Gross operating income 818 601 +36.1% +35.5%* 3,127 2,045 +52.9% +51.5%* Net cost of risk (198) (115) +72.8% +68.8%* (703) (712) -1.2% -1.8%* Operating income 620 487 +27.5% +27.5%* 2,423 1,333 +81.7% +79.7%* Net profits or losses from other assets 13 (2) n/s n/s 34 6 x 5.9 x 5.9 Group net income 467 364 +28.2% +28.3%* 1,815 1,007 +80.3% +78.1%* RONE 10.3% 8.7% 10.2% 6.0% Cost to income 65.6% 73.6% 66.1% 76.4%
Page 21
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 21 Global Markets and Investor Services Q4 23 Q4 24 Q4 25 Global Markets revenues In EURm 1,219 1,336 FIC Equities 454 502 834 Global Markets and Investor Services revenues -7.1% vs. Q4 24 Global Markets revenues -8.3% vs. Q4 24 Equities -5.3% vs. Q4 24 High Q4 24 base combined with negative FX Americas revenues up +24% vs. Q4 24 Lower commercial activity in Europe and Asia FIC -13.3% vs. Q4 24 Revenues down compared to a strong Q4 24 Challenging commercial environment in Rates in Europe vs. a more conducive US market Securities Services revenues +3.2% vs. Q4 24 Maintained the strong commercial momentum in all key markets 765 2 - GLOBAL BANKING AND INVESTOR SOLUTIONS (GBIS) 2023 2024 2025 Record Global Markets annual revenues since 2009 In EURm 5,585 5,899 2,387 2,321 3,5783,198 5,980 2,346 3,634 Q4 25 1,224 435 789
Page 22
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 22 Financing and Advisory 2 - GLOBAL BANKING AND INVESTOR SOLUTIONS (GBIS) Financing and Advisory revenues +5.1% vs. Q4 24 Global Banking and Advisory +8.6% vs. Q4 24 Best quarter ever driven by financing activities, led by Infrastructure, Transportation, and Fund Financing Sustained growth dynamics in DCM and ECM, notably in the Americas Continued momentum across both originated and distributed volumes Global Transaction & Payment Services -5.0% vs. Q4 24 Performance affected by lower interest rates and FX Continued good commercial activity and growing customer deposits 829 968 1,017 3,383 3,582 3,767 Q4 25 F&A revenues In EURm Record 2025 F&A revenues In EURm Q4 23 Q4 24 Q4 25 2023 2024 2025
Page 23
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 23 Global Banking and Investor Solutions *At constant perimeter and exchange rates 2 - GLOBAL BANKING AND INVESTOR SOLUTIONS (GBIS) Revenues -2.3% vs. Q4 24, record2025 revenues +2.6% vs. 2024 Global Markets and Investor Services -7.1% vs. Q4 24, +1.2% vs. 2024 Financing and Advisory +5.1% vs. Q4 24, +5.2% vs. 2024 Operating expenses -2.3% vs. Q4 24 , -1.0% vs. 2024 Cost of risk at 28bps in Q4 25, 18bps in 2025 Cost / income ratio at 62.1% in 2025 RONE (in %) RONE at 16.7% in 2025 16.7%17.2% 2024 Basel III 2025 Basel IV Income Statement Highlights In EUR m Q4 25 Q4 24 Variation 2025 2024 Change Net banking income 2,408 2,464 -2.3% +0.3%* 10,419 10,153 +2.6% +3.9%* Operating expenses (1,606) (1,644) -2.3% +0.7%* (6,474) (6,542) -1.0% +0.3%* Gross operating income 801 820 -2.3% -0.3%* 3,945 3,611 +9.3% +10.5%* Net cost of risk (109) (97) +12.3% +12.3%* (297) (126) x 2.4 x 2.4* Operating income 692 723 -4.2% -2.1%* 3,649 3,485 +4.7% +5.9%* Group net income 574 633 -9.3% -7.5%* 2,915 2,811 +3.7% +4.9%* RONE 13.8% 15.5% 16.7% 17.2% 0 +0.0%* Cost to income 66.7% 66.7% 62.1% 64.4% 0 +0.0%*
Page 24
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 24 International Retail Banking *At constant perimeter (excluding disposals closed but including entities under disposal process reported under IFRS 5) and exchange rates +8%* / +7%* Loans / deposits outstanding* vs. Q4 24 In EURbn Stable* / +1%* Loans / deposits outstanding* vs. Q4 24 In EURbn +9%* Revenues* vs. Q4 24 In EURm International Retail Banking revenues +2.7%* vs. Q4 24 3 - MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES (MIBS) Perimeter & exchange rates impact Europe Strong loan growth across client segments (+11%* vs. Q4 24 in Romania and +7%* in Czech Republic) Deposits outstanding up +7%* vs. Q4 24, Loan / Deposit ratio at 82% at end Q4 25 Revenues slightly down (-1%* vs. Q4 24) vs. an exceptionally high level in Q4 24 Africa and others Stable* loans outstanding vs. Q4 24 Slight increase in deposits outstanding (+1%* vs. Q4 24), with continued growth in retail segment Strong increase in revenues (+9%* vs. Q4 24) driven by higher fees Q4 24 Q3 25 Q4 25 17.6 17.717.8 15.0 15.014.6 Deposits Loans 59.7 Q4 24 Q3 25 Q4 25 55.8 57.8 45.1 48.747.1 Deposits Loans Q4 24 556 Q3 25 543 Q4 25 549 -1%* Revenues* vs. Q4 24 In EURm Q4 24 Q3 25 379 Q4 25 369 339
Page 25
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 25 Mobility and Financial Services *At constant perimeter and exchange rates (1) Ayvens revenues at SG level, (2) Excluding impacts of prospective depreciation and PPA, (3) Excluding non-recurring items, mainly the agreement with the Lincoln Consortium, breakage costs and hyperinflation in Turkey, (4) As communicated in Ayvens Q4 25 results (excluding used car sales result and non-recurring items) vs. 63.2% in 2024 3 - MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES (MIBS) Q4 25 M&FS revenues In EURm 2025 M&FS revenues In EURm Ayvens(1) Consumer Finance SGEF perimeter impact 1,031 1,065 1,048 711 217 833 234 817 230 Q4 24 Q3 25 Q4 25 4,318 4,316 3,030 878 3,314 933 2024 2025 Mobility and Financial Services revenues +11.7%* vs. Q4 24 Consumer Finance revenues +5.9% vs. Q4 24 Strong revenue growth driven by increasing margins Ayvens revenues +15.0%(1) vs. Q4 24 (-8%(1) adjusted for depreciations(2) and non-recurring items(3)) Normalising UCS result per unit at EUR 702(2) in Q4 25 vs. EUR 1,267(2) in Q4 24, in line with expectations Increasing margins at 567bps(3) in Q4 25 vs. 541bps(3) in Q4 24, resulting from synergies Earning assets -1%* vs. Q4 24, reflecting strong focus on profitability and monitoring of residual values Successful delivery of 2025 targets: . Synergies at ~EUR 360m as planned . UCS result per unit at EUR 1,075(2) in 2025, within EUR 700-1,100 guidance . C/I ratio at 56.1%(4) in 2025, better than the target range 57%-59%
Page 26
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 26 Mobility, International Retail Banking and Financial Services *At constant perimeter and exchange rates 3 - MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES (MIBS) Revenues +7.3%* vs. Q4 24, +6.1%* vs. 2024 International Retail Banking +2.7%* vs. Q4 24, +3.1%* vs. 2024 Mobility and Financial Services +11.7%* vs. Q4 24, +8.8%* vs. 2024 Operating expenses -0.3%* vs. Q4 24, -3.3%* vs. 2024 Cost of risk at 30bps in Q4 25, 33bps in 2025 Cost / income ratio at 54.2% in 2025 RONE at 13.9% in 2025 RONE (in %) 13.9% 11.5% Income Statement Highlights In EURm Q4 25 Q4 24 Change 2025 2024 Change Net banking income 1,966 2,067 -4.9% +7.3%* 7,990 8,504 -6.0% +6.1%* Operating expenses (1,085) (1,240) -12.5% -0.3%* (4,334) (5,072) -14.5% -3.3%* Gross operating income 881 827 +6.5% +18.4%* 3,656 3,432 +6.5% +19.9%* Net cost of risk (107) (133) -19.6% -2.9%* (489) (705) -30.7% -19.4%* Operating income 774 694 +11.5% +22.1%* 3,168 2,727 +16.2% +29.6%* Net profits or losses from other assets 0 (2) n/s n/s (0) 96 n/s n/s Non-controlling interests 220 206 +6.9% +16.8%* 932 838 +11.2% +20.7%* Group net income 374 320 +16.9% +25.9%* 1,489 1,292 +15.2% +28.0%* RONE 14.4% 11.4% 13.9% 11.5% Cost to income 55.2% 60.0% 54.2% 59.6% 2024 Basel III 2025 Basel IV
Page 27
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 27 Corporate Centre *At constant perimeter and exchange rates Revenues Continued improvement of funding conditions and management of excess liquidity In EURm Q4 25 Q4 24 Change 2025 2024 Change Net banking income (27) (184) +85.4% +85.4%* (383) (548) +30.2% +30.2%* Operating expenses (93) (39) x 2.4 +22.1%* (429) (224) +91.8% +32.9%* Gross operating income (119) (222) +46.3% +54.0%* (812) (772) -5.2% +6.8%* Net cost of risk 5 7 +19.7% +19.7%* 12 12 +5.9% +5.9%* Net profits or losses from other assets (5) (7) +30.2% +30.2%* 312 (179) n/s n/s Income tax 144 (31) n/s n/s 358 106 n/s n/s Group net income 5 (276) n/s n/s (216) (909) +76.2% +78.0%* Operating expenses Up EUR 54m vs. a very low Q4 24 base
Page 28
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 28 Sustainable development (1) Power and Oil & Gas (first target of -50% exposure reduction to upstream O&G at 2025 vs. 2019 achieved ahead of schedule), (2) EUR 500bn sustainable finance target between 2024 and 2030, (3) Top 7% of 215 diversified banks worldwide, (4) Euromoney Awards for Excellence 2025 On track to deliver the EUR 500bn sustainable finance target(2) with ~30% achieved as at end of September 2025 New partnerships, including with EIB to finance fast-growing, innovative cleantech companies in Europe Continued progress in the decarbonisation of credit portfolios, in advance of our targets for the most emissive sectors(1) Executing EUR 1bn investment in energy transition players and emerging leaders 13.2 – Top 7%(3) 2025 marked by best-in-class recognition AAA A vs. AA before vs. A- before vs. 19.6 - top 16% previously Awarded World's Best Bank for ESG by Euromoney(4) Innovation for the future with our partnersStrengthened contribution to the transition
Page 29
3. Conclusion
Page 30
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 30 2025 targets exceeded, 2026 ROTE target upgraded (1) Excluding asset disposals, (2) 2025 ROTE of 9.6% excluding net gains on other assets NET COST OF RISK ROTE CET1 26bps in 2024 6.9% in 2024 13.3% end 2024 REVENUES 2026 NEW TARGETS COSTS COST / INCOME RATIO 2025 26bps in 2025 10.2%(2) in 2025 13.5% end 2025 +6.8%(1) vs. 2024 63.6% in 2025 -2.0%(1) vs. 2024 2025 TARGETS >+3%(1) vs. 2024 25-30bps in 2025 ~9% in 2025 >13% After Basel IV throughout the year <65% in 2025 >-1%(1) vs. 2024 2024 +6.7% vs. 2023 69.0% in 2024 CET1 >13% C/I RATIO <60% REVENUES >+2% vs. 2025 ROTE >10% NCR 25-30bps COSTS ~-3% vs. 2025 2026 CMD TARGETS 25-30bps 2024-2026 9-10% in 2026 13% in 2026 0%-2% CAGR 2022-2026 <60% in 2026 -0.3% vs. 2023
Page 31
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 31 Capital Markets Day SAVE THE DATE Societe Generale Capital Markets Day Monday 21 September 2026 London, United Kingdom
Page 32
4. Supplement
Page 33
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 33 In EURm Q4 25 Q4 24 2025 2024 Net Banking Income - Total exceptional items 0 0 0 287 Exceptional proceeds received - Corporate Centre 0 0 0 287 Operating expenses - Total exceptional items and transformation charges (102) (76) (363) (616) Transformation charges (102) (76) (262) (613) Of which French Retail, Private Banking and Insurance (18) 7 (66) (132) Of which Global Banking & Investor Solutions (43) (32) (58) (236) Of which Mobility, International Retail Banking & Financial Services (42) (51) (139) (199) Of which Corporate Centre 0 0 0 (47) Exceptional items 0 0 (101) (3) Global Employee Share Ownership Programme 0 0 (101) (3) Other exceptional items - Total 8 (7) 345 (74) Net profits or losses from other assets 8 (7) 345 (74) Of which French Retail, Private Banking and Insurance 13 0 34 0 Of which Mobility, International Retail Banking and Financial Services 0 0 (0) 86 Of which Corporate Centre (5) (7) 312 (160) Group Overview of exceptional items
Page 34
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 34 Group IFRIC 21 impact Total IFRIC 21 - costs o/w Resolution Funds In EURm 2025 2024 2025 2024 French Retail, Private Banking and Insurance (45) (47) 0 0 Global Banking and Investor Solutions (144) (106) (3) 0 Global Markets and Investor Services (110) (85) (3) 0 Financing and Advisory (34) (21) 0 0 Mobility, International Retail Banking & Financial Services (52) (72) (12) (29) Mobility and Financial Services (12) (17) 0 0 International Retail Banking (40) (55) (12) (29) Czech Republic (14) (31) (5) (24) Romania (16) (15) (7) (5) Other Europe (4) (2) 0 0 Africa, Asia, Mediterranean bassin and Overseas (5) (7) 0 0 Corporate Centre (81) (80) 0 0 Group (322) (305) (14) (29)
Page 35
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 35 Group Q4 25 income statement by core business French Retail, Private Banking and Insurance Global Banking and Investor Solutions Mobility, International Retail Banking & Financial Services Corporate Centre Group In EURm Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Net banking income 2,378 2,273 2,408 2,464 1,966 2,067 (27) (184) 6,725 6,621 Operating expenses (1,560) (1,672) (1,606) (1,644) (1,085) (1,240) (93) (39) (4,344) (4,595) Gross operating income 818 601 801 820 881 827 (119) (222) 2,381 2,026 Net cost of risk (198) (115) (109) (97) (107) (133) 5 7 (409) (338) Operating income 620 487 692 723 774 694 (114) (215) 1,972 1,688 Net income from companies accounted for by the equity method (0) 2 (1) 0 5 6 (0) 1 3 9 Net profits or losses from other assets 13 (2) (1) (0) 0 (2) (5) (7) 8 (11) Income tax (165) (121) (114) (88) (186) (173) 144 (31) (321) (413) Non controlling Interests 2 1 2 2 220 206 19 24 243 233 Group net income 467 364 574 633 374 320 5 (276) 1,420 1,041 C/I ratio 65.6% 73.6% 66.7% 66.7% 55.2% 60.0% n/s n/s 64.6% 69.4% Average allocated capital 18,112 16,801 16,589 16,327 10,377 11,241 13,598 13,826 58,677 58,204 Group ROTE / RONE 10.3% 8.7% 13.8% 15.5% 14.4% 11.4% n/s n/s 9.5% 6.6%
Page 36
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 36 Group 2025 income statement by core business French Retail, Private Banking and Insurance Global Banking and Investor Solutions Mobility, International Retail Banking & Financial Services Corporate Centre Group In EURm 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net banking income 9,227 8,679 10,419 10,153 7,990 8,504 (383) (548) 27,254 26,788 Operating expenses (6,100) (6,634) (6,474) (6,542) (4,334) (5,072) (429) (224) (17,338) (18,472) Gross operating income 3,127 2,045 3,945 3,611 3,656 3,432 (812) (772) 9,916 8,316 Net cost of risk (703) (712) (297) (126) (489) (705) 12 12 (1,477) (1,530) Operating income 2,423 1,333 3,649 3,485 3,168 2,727 (800) (760) 8,439 6,786 Net income from companies accounted for by the equity method 2 7 (0) (0) 18 15 (1) (0) 18 21 Net profits or losses from other assets 34 6 (0) (0) (0) 96 312 (179) 345 (77) Income tax (639) (334) (726) (664) (765) (709) 358 106 (1,771) (1,601) Non controlling Interests 6 4 8 10 932 838 85 76 1,030 929 Group net income 1,815 1,007 2,915 2,811 1,489 1,292 (216) (909) 6,002 4,200 C/I ratio 66.1% 76.4% 62.1% 64.4% 54.2% 59.6% n/s n/s 63.6% 69.0% Average allocated capital 17,750 16,690 17,417 16,332 10,701 11,250 12,806 12,950 58,674 57,223 Group ROTE / RONE 10.2% 6.0% 16.7% 17.2% 13.9% 11.5% n/s n/s 10.2% 6.9%
Page 37
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 37 Group CRR3/CRD6 prudential capital ratios NB: Including Danish compromise for insurance. Prudential and accounting amounts may differ upon the prudential treatment applied to items subject to specific provisions in the current regulation (1) Excluding issue premia on deeply subordinated notes and on undated subordinated notes, (2) The amount of provision for distribution to be retained corresponds to the proposed ordinary distribution amount minus the interim dividend paid on 9 October 2025 plus the remaining portion of the additional share buy-back to be finalised as of 31 December 2025 related to the EUR 1bn programme announced on 17 November 2025; subject to the AGM approval Phased-in Common Equity Tier 1, Tier 1 and Total Capital In EURbn 31.12.2025 31.12.2024 Shareholder equity Group share 70.1 70.3 Deeply subordinated notes(1) (9.4) (10.5) Distribution to be paid(2) & interest on subordinated notes (2.8) (1.9) Goodwill and intangible (7.0) (7.3) Non controlling interests 9.0 9.0 Deductions and regulatory adjustments (6.9) (7.8) Common Equity Tier 1 Capital 53.1 51.8 Additionnal Tier 1 Capital 9.8 10.8 Tier 1 Capital 62.9 62.6 Tier 2 capital 10.0 11.2 Total capital (Tier 1 + Tier 2) 72.9 73.7 Risk-Weighted Assets 393.1 389.5 Common Equity Tier 1 Ratio 13.5% 13.3% Tier 1 Ratio 16.0% 16.1% Total Capital Ratio 18.5% 18.9%
Page 38
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 38 Group CRR3/CRD6 leverage ratio (1) The prudential balance sheet corresponds to the IFRS balance sheet less entities accounted for through the equity method (mainly insurance subsidiaries), (2) Securities financing transactions: repurchase transactions, securities lending or borrowing transactions and other similar transactions Phased-in Leverage Ratio In EURbn 31.12.2025 31.12.2024 Tier 1 Capital 62.9 62.6 Total prudential balance sheet(1) 1,370 1,407 Adjustments related to derivative financial instruments 3 2 Adjustments related to securities financing transactions (2) 18 14 Off-balance sheet exposure (loan and guarantee commitments 122 129 Technical and prudential adjustments (107) (110) Leverage exposure 1,406 1,442 Phased-in leverage ratio 4.47% 4.34%
Page 39
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 39 Group TLAC and MREL ratios (1) Tier 2 capital computed for TLAC / MREL differ from Tier 2 capital for total capital ratio due to TLAC / MREL eligibility rules o.w. junior debt 22.7% 13.5% 53 2.5% 10 2.6% 10 11.1% 44 27.5% 2.8% 11 Req. 2025 31/12/2025 31/12/2025 SP SNP T2 ⁽¹⁾ AT1 CET1 EUR 128bn32.5% TLAC Q4 25 ratios % RWA MREL Q4 25 ratios EUR bn % Leverage % RWA EUR bn % Leverage Societe Generale has chosen to waive the possibility offered by Article 72b(3) of the CRR to use Senior Preferred debt for compliance with its TLAC requirement MREL ratio well above requirements without recourse to Senior Preferred debt (thanks to EUR 117bn of junior debt) 6.75% 8.3% Req. 2025 31/12/2025 22.4% 13.5% 53 2.5% 10 2.6% 10 11.1% 44 Req. 2025 31/12/2025 31/12/2025 SP SNP T2 ⁽¹⁾ AT1 CET1 EUR 117bn EUR 117bn29.7% 6.13% 9.1% Req. 2025 31/12/2025 EUR 117bn
Page 40
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 40 Group Risk-weighted assets(1) (CRR3/CRD6, in EUR bn) (1) Including the entities reported under IFRS 5 until diposal Total Operational Market Credit 115.1 109.4 111.1 113.3 103.9 105.8 87.3 88.8 90.2 11.5 12.5 12.2 327.2 314.6 319.3 0.0 0.0 0.0 0.1 0.1 0.1 10.7 9.5 10.8 1.4 1.3 1.1 12.2 10.9 11.9 5.2 18.6 18.8 7.5 19.2 18.5 29.4 24.9 24.1 8.1 0.3 0.6 50.1 62.9 61.9 120.3 128.0 129.9 120.9 123.2 124.3 127.3 123.2 125.1 21.0 14.1 13.8 389.5 388.5 393.1 Q4 24 Basel III Q3 25 Basel IV Q4 25 Basel IV Q4 24 Basel III Q3 25 Basel IV Q4 25 Basel IV Q4 24 Basel III Q3 25 Basel IV Q4 25 Basel IV Q4 24 Basel III Q3 25 Basel IV Q4 25 Basel IV Q4 24 Basel III Q3 25 Basel IV Q4 25 Basel IV French Retail, Private Banking and Insurance Mobility, International Retail Banking & Financial Services Global Banking and Investor Solutions Corporate Centre Group
Page 41
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 41 43% 23% 15% 9% 7% 2%1% Group Geographic breakdown commitments at 31.12.2025 (1) Total credit risk (debtor, issuer and replacement risk for all portfolios). Estimate as of 6 February 2026 France Western Europe (excl. France) North America Eastern Europe Asia Pacific Africa & Middle East Latin America & Caribbean On-and off-balance sheet EAD(1) EUR 1,045bn
Page 42
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 42 Group Gross loans outstanding(1) (1) Customer loans, deposits and loans due from banks, financing lease and operating lease. Excluding repurchase agreements and excluding entities reported under IFRS 5 End of period in EURbn Total 23.4 24.6 25.1 25.7 25.6 26.4 26.5 26.6 26.3 234.5 232.9 231.1 225.9 224.8 226.6 228.5 229.5 229.9 167.5 169.0 167.7 164.8 177.7 176.2 161.0 159.0 167.0 166.7 141.9 142.7 141.1 142.9 143.2 141.3 141.8 144.8 592.0 568.5 566.6 557.6 571.0 572.5 557.2 556.8 567.9 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mobility, International Retail Banking & Financial Services Global Banking and Investor Solutions French Retail, Private Banking & Insurance Corporate Centre
Page 43
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 43 Group Cost of risk See: Methodology. Cost of Risk in bps is calculated based on gross loans outstanding at the beginning of period (annualised) for quarterly figures and on a gross loans outstanding average of the last 4 quarters of period for yearly figures In EURm Q4 25 Q4 24 2025 2024 French Retail, Private Banking and Insurance Net Cost Of Risk 198 115 703 712 Gross loan Outstandings 232,638 233,298 232,042 235,539 Cost of Risk in bp 34 20 30 30 Global Banking and Investor Solutions Net Cost Of Risk 109 97 297 126 Gross loan Outstandings 155,040 160,551 164,110 162,749 Cost of Risk in bp 28 24 18 8 Mobility, International Retail Banking & Financial Services Net Cost Of Risk 107 133 489 705 Gross loan Outstandings 143,242 167,911 147,466 167,738 Cost of Risk in bp 30 32 33 42 Corporate Centre Net Cost Of Risk (5) (7) (12) (12) Gross loan Outstandings 26,578 25,730 26,265 24,700 Cost of Risk in bp (8) (11) (4) (5) Societe Generale Group Net Cost Of Risk 409 338 1,477 1,530 Gross loan Outstandings 557,498 587,490 569,882 590,725 Cost of Risk in bp 29 23 26 26
Page 44
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 44 Group Non-performing loans (1) Data restated excluding loans at fair value through profit or loss which are not eligible to IFRS 9 provisioning. (2) Figures calculated on on-balance sheet customer loans and advances, deposits at banks and loans due from banks, finance leases, excluding loans and advances classified as held for sale, cash balances at central banks and other demand deposits, in accordance with the EBA/ITS/2019/02 Implementing Technical Standards amending Commission Implementing Regulation (EU) No 680/2014 with regard to the reporting of financial information (FINREP). The NPL rate calculation was modified in order to exclude from the gross exposure in the denominator the net accounting value of the tangible assets for operating lease. Performing and non-performing loans include loans at fair value through profit or loss which are not eligible to IFRS 9 provisioning and so not split by stage. Historical data restated In EURbn 31.12.2025 30.09.2025 31.12.2024 Performing loans 493.4 488.3 496.9 inc. Stage 1 book outstandings ⁽¹⁾ 437.8 433.7 443.4 inc. Stage 2 book outstandings 43.7 42.4 39.6 Non-performing loans 14.3 13.9 14.4 inc. Stage 3 book outstandings 14.3 13.9 14.4 Total Gross book outstandings (2) 507.7 502.3 511.2 Group Gross non performing loans ratio (2) 2.81% 2.77% 2.81% Provisions on performing loans 2.5 2.5 2.6 inc. Stage 1 provisions 0.8 0.8 0.8 inc. Stage 2 provisions 1.7 1.7 1.8 Provisions on non-performing loans 6.3 6.2 6.2 inc. Stage 3 provisions 6.3 6.2 6.2 Total provisions 8.8 8.7 8.8 Group gross non-performing loans ratio (provisions on non-performing loans/ non-performing loans) 44% 45% 43% Group net non-performing loans ratio (provisions on non-performing loans+Guarantees+Collateral/ non-performing loans) 82% 82% 81%
Page 45
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 45 Group Sovereign bonds(1) exposure by geography (1) Including government bonds and public agencies, (2) o/w 98% Saudi Arabia Tr ad i ng b ook In EUR bn, as of 31 December 2025 France 11.6 9.1 6.8 2.3 2.5 Czech Republic 7.5 7.4 7.2 0.3 0.0 Romania 2.4 2.4 0.8 1.6 Luxembourg 1.4 1.4 1.4 Netherlands 0.1 0.1 0.1 Italy 2.1 2.1 2.1 Germany 2.5 2.4 0.1 2.3 0.1 Other EU 9.1 8.9 2.1 6.9 0.0 0.2 Tot al EU 3 6 . 6 3 3 . 8 1 9 . 0 1 4 . 8 0 . 0 2 . 8 Switzerland 0.4 0.4 UK 1.1 1.1 1.1 0.0 Other 0.2 0.2 O t he r Eur op e 1 . 6 1 . 1 0 . 0 1 . 1 0 . 0 0 . 5 USA 27.0 26.9 11.2 15.7 0.0 Japan 0.7 0.4 0.4 0.3 Africa 3.3 3.3 2.2 1.1 0.0 Asia (excl. Japan) 5.2 4.3 0.0 4.3 0.8 Middle East (2) 0.5 0.0 0.5 Other countries 2.3 2.1 0.4 1.7 0.2 Tot al 7 7 . 1 7 2 . 0 3 2 . 8 3 9 . 1 0 . 0 5 . 2 Tot al (A + B) Tot al (A) Bond s at F V t hr ough P &L (B) Bank i ng b ook o/w bonds at amortised cost o/w bonds at FV through OCI o/w bonds at FV through P&L
Page 46
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 46 Group Limited exposure to French sovereign (1) Exposure in the banking book (see slide “Sovereign bonds exposure by geography” for more details on trading exposure), excluding central bank deposits and cash at the Caisse des Dépôts et Consignations, (2) Hold to Collect, (3) Hold to Collect and Sell ~80% ~10% ~100% Limited exposure to French sovereign debt (OAT) for EUR 8.5bn at end of December 2025 Low sensitivity on CET1 ratio, <5bps for a rate movement of 100bps ~80% of French OAT exposure accounted at amortised cost EUR 8.5bn EUR 5.9bn EUR 0.6bn French OAT Public sector loans and other Other securities ~20% Amortised cost (HTC(2)) Fair value (HTCS(3)) ~90% Total French sovereign exposure: EUR 15.0bn French sovereign exposure(1)
Page 47
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 47 EUR 2.6bn Exposure at Default Average LTV: ~71% ~15% exposure classified in S3 EUR 26bn Exposure at Default Average LTV: ~53% ~2% exposure classified in S3 Group Limited and diversified commercial real estate exposure NB: exposure as of September 2025 Commercial real estate EAD by geography (%) EUR 30bn Exposure at Default ~2.8% of total Group EaD ~26% exposure to offices Average LTV: ~55% ~3% exposure classified in S3 European commercial real estate EAD by asset class (%) 25% 17% 26% 16% 16% Office Residential Retail Industrial Other European Commercial real estate EAD by geography (%) 56% 9% 7% 10% 6% 4% 8% France Czech Republic Germany UK Italy Spain Other US commercial real estate EAD by asset class (%) 34% 5% 25% 34% 2% Office Residential Retail Industrial Other 48% 37% 9%4% 2% France Europe US Asia Other Diversified exposure European portfolio US portfolio
Page 48
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 48 0.5% 0.6% 0.7% 1.0% 1.0% 1.0% 1.1% 1.2% 1.2% 1.2% 1.2% 1.4% 1.5% 1.7% 1.8% 2.3% 2.5% 2.9% 3.3% 7.1% Hotels, catering, tourism & leisure Conglomerates Oil and gas trading Shipping and cruise Oil and gas industry Aviation & Defense Retail trade (excl. Automobile) Land transport & logistics Pharmaceuticals, health and social work Building & construction Others Automotive B2B and B2C services Heavy industry & mining ⁽³⁾ Agriculture, food industry ⁽³⁾ Manufacturing industries Telecoms, media & technology Real Estate Utilities Financial services Group Focus on exposures (1) Estimate as of 6 February 2026. EAD for the corporate portfolio as defined by the Basel regulations (large corporate including insurance companies, funds and hedge funds, SME, specialised financing and factoring) based on the obligor’s characteristics before taking into account of the substitution effect. Total credit risk (debtor, issuer and replacement risk). Corporate EAD : EUR 368bn (2) The grouping of business segments was reviewed in 2022 in order to comply with internal credit risk monitoring methodologies and new reporting requirements from EBA on sectors. The grouping used is based on the main economic activity of counterparties, (3) Including trading activities, (4) Overall exposure of ~1.9% (all regulatory portfolios) Corporate EAD(1) in each sector(2) in % of total Group EAD at 31.12.2025 Total Group EAD: EUR 1,045bn Most sensitive exposuresCorporate portfolio breakdown FINANCIAL SPONSORS: ~1.2%(4) of total Group EAD HEDGE FUNDS: ~0.4% of total Group EAD DATA CENTERS: ~0.5% of total Group EAD FIBER OPTICS: ~0.3% of total Group EAD COMMERCIAL REAL ESTATE: ~2.8% of total Group EAD CONSTRUCTION: ~1.2% of total Group EAD NON-FOOD RETAIL DISTRIBUTION: ~0.6% of total Group EAD CAR MANUFACTURERS: ~0.5% of total Group EAD SME: ~4% of total Group EAD (mostly in France)
Page 49
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 49 Group Change in trading VaR(1) and stressed VaR(2) (1) Trading VaR: measurement over one year (i.e. 260 scenarios) of the greatest risk obtained after elimination of 1% of the most unfavourable occurrences, (2) Stressed VaR : Identical approach to VaR (historical simulation with 1-day shocks and a 99% confidence interval), but over a fixed one-year historical window corresponding to a period of significant financial tension instead of a one-year rolling period Quarterly Average of 1-day, 99% Trading VaR(1) (in EUR m) -25 -14 -15 -17 -16 -16 -20 -15 -19 0 0 0 0 0 0 0 0 22 2 1 1 1 2 3 2 2 11 13 14 12 16 17 15 16 12 17 10 8 9 8 9 10 8 9 12 14 9 10 10 9 10 8 10 17 24 18 16 19 20 17 19 15 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Credit Interest Rates Equity Forex Commodities Compensation Effect --- Trading VaR(1) Stressed VAR(2) (1 day 99%, in EUR M) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Minimum 37 21 27 26 28 Maximum 57 54 53 51 58 Average 47 38 39 37 41
Page 50
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 50 EUR 750m of Green Senior Preferred Notes issued by Ayvens under the 2026 programme Group Long term funding programme *As of 20 January 2026 and including EUR 3.1bn of pre-funding raised in 2025 2026 vanilla long-term funding programme already well advanced* In January-26 Senior Non-Preferred 11NC10 USD 1bn 5.400% Apr-37NC36 Senior Non-Preferred 4NC3 USD 400m FRN Apr-30NC29 USD 1.1bn 4.450% Apr-30NC29 Societe Generale In January-26 Senior Non-Preferred 11NC10 EUR 1bn 4.000% Feb-37NC36 Societe Generale 2025 long-term vanilla funding programme of ~EUR 17bn successfully completed (incl. ~EUR 4.5bn of pre-funding raised in 2024), of which: EUR ~14bn of Senior Non-Preferred EUR 1bn of T2 / EUR ~2bn AT1 Selected recent transactions Main issuances from subsidiaries in 2026 2026 long-term vanilla funding programme well advanced with a 45% execution rate In January-26 Additional Tier 1 PerpNC10 USD 1bn 7.125% PerpNC36 Societe Generale Programme Issued* (in EURbn) (in EURbn) Secured notes - - Senior Preferred notes ~ 0 – 2 - Senior Non-Preferred notes ~ 10 – 11 ~ 5 Subordinated notes (T2/AT1) ~ 3 – 4 ~ 2 Vanilla notes ~ 15 ~ 7 Ayvens 2025 funding programme completed with EUR ~1.2bn Senior Preferred Notes issued In November-25 Tier 2 10NC5 EUR 1bn 3.875% Nov-35NC30 Societe Generale In November-25 Senior Non-Preferred 6NC5 EUR 1bn 3.500% Mar-32NC31 Societe Generale
Page 51
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 51 Group Liquid asset buffer (1) Excluding mandatory reserves, (2) Unencumbered, net of haircuts Central Bank Loans and Deposits(1) High Quality Liquid Asset Securities(2) Central Bank Eligible Assets(2) Liquidity reserves at EUR 318bn in Q4 25 . Significant part of cash at Central Banks (EUR 121bn as of Q4 25 vs. EUR 190bn as of Q4 24) . HQLA securities (EUR 142bn net of haircuts) mostly composed of highly rated sovereign debt which are hedged against interest rate risk Liquidity Coverage Ratio at 143% on average in Q4 25 and 144% at end of period Liquid Asset Buffer (in EURbn)Strong liquidity reserves 190 166 138 154 121 82 104 129 127 142 43 46 45 46 55 315 316 313 328 318 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Page 52
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 52 Group EPS calculation (1) The number of shares considered is the average number of shares outstanding during the period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares) Average number of shares (thousands) 2025 2024 2023 Existing shares 790,605 801,915 818,008 Deductions Shares allocated to cover stock option plans and free shares awarded to staff 2,328 4,402 6,802 Other own shares and treasury shares 12,021 2,344 11,891 Number of shares used to calculate EPS (1) 776,255 795,169 799,315 Group net Income (in EURm) 6,002 4,200 2,493 Interest on deeply subordinated notes and undated subordinated notes (in EURm) (720) (720) (759) Adjusted Group net income (in EURm) 5,282 3,481 1,735 EPS (in EUR) 6.80 4.38 2.17
Page 53
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 53 Group Net asset value, tangible net asset value (1) Interest net of tax, (2) Excluding goodwill arising from non-controlling interests, (3) The number of shares considered is the number of shares outstanding at end of period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares) End of period (in EURm) 2025 2024 2023 Shareholders' equity Group share 70,144 70,256 65,975 Deeply subordinated and undated subordinated notes (9,366) (10,526) (9,095) Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) 14 (25) (21) Book value of own shares in trading portfolio (22) 8 36 Net Asset Value 60,770 59,713 56,895 Goodwill(2) (4,225) (4,207) (4,008) Intangible Assets (2,625) (2,871) (2,954) Net Tangible Asset Value 53,919 52,635 49,933 Number of shares used to calculate NAPS (3) 754,887 796,498 796,244 Net Asset Value per Share 80.5 75.0 71.5 Net Tangible Asset Value per Share 71.4 66.1 62.7
Page 54
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 54 Group ROE/ROTE calculation detail ROE/ROTE: see Methodology, (1) Interest net of tax, (2) For the ROTE calculation, the amount of provision for distribution to be retained (EUR 2,697m) corresponds to the proposed ordinary distribution amount (EUR 2,679m) minus the interim dividend of EUR 469m paid on 9 October 2025 plus the remaining portion of the additional share buy-back to be finalised as of 31 December 2025 (EUR 487m) related to the EUR 1bn programme announced on 17 November 2025; subject to the AGM approval, (3) Excluding goodwill arising from non-controlling interests End of period (in EURm) Q4 25 Q4 24 2025 2024 Shareholders' equity Group share 70,144 70,256 70,144 70,256 Deeply subordinated and undated subordinated notes (9,366) (10,526) (9,366) (10,526) Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) 14 (25) 14 (25) OCI excluding conversion reserves 259 757 259 757 Distribution provision(2) (2,697) (1,740) (2,697) (1,740) ROE equity end-of-period 58,354 58,722 58,354 58,722 Average ROE equity 58,677 58,204 58,674 57,223 Average Goodwill(3) (4,201) (4,192) (4,185) (4,108) Average Intangible Assets (2,665) (2,883) (2,757) (2,921) Average ROTE equity 51,811 51,129 51,732 50,194 Group net Income 1,420 1,041 6,002 4,200 Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (191) (199) (720) (720) Cancellation of goodwill impairment - - - - Adjusted Group net Income 1,228 842 5,282 3,480 ROTE 9.5% 6.6% 10.2% 6.9%
Page 55
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 55 French Retail, Private Banking and Insurance Q4 25 and 2025 results French Retail, Private Banking and Insurance o/w Insurance French Retail, Private Banking and Insurance o/w Insurance In EURm Q4 25 Q4 24 Change Q4 25 Q4 24 Change 2025 2024 Change 2025 2024 Change Net banking income 2,378 2,273 +4.6% +7.9%* 188 169 +10.6% 9,227 8,679 +6.3% +9.7%* 708 674 +4.9% Operating expenses (1,560) (1,672) -6.7% -2.5%* (34) (37) -8.0% (6,100) (6,634) -8.0% -3.9%* (129) (148) -13.1% Gross operating income 818 601 +36.1% +35.5%* 153 132 +15.9% 3,127 2,045 +52.9% +51.5%* 579 526 +10.0% Net cost of risk (198) (115) +72.8% +68.8%* (0) (0) -87.0% (703) (712) -1.2% -1.8%* (0) (0) n/s Operating income 620 487 +27.5% +27.5%* 153 132 +15.9% 2,423 1,333 +81.7% +79.7%* 578 526 +10.0% Net profits or losses from other assets 13 (2) n/s n/s (0) 1 n/s 34 6 x 5.9 x 5.9* (0) 2 n/s Income tax (165) (121) +35.8% +35.8%* (40) (33) +19.7% (639) (334) +91.0% +88.8%* (150) (132) +13.8% Group net income 467 364 +28.2% +28.3%* 113 99 +13.6% 1,815 1,007 +80.3% +78.1%* 424 393 +8.0% C/I ratio 65.6% 73.6% 1% 22.1% 66.1% 76.4% 18.2% 22.0% Average allocated capital 18,112 16,801 1,621 1,802 17,750 16,690 1,467 1,812 RONE 10.3% 8.7% 27.8% 22.0% 10.2% 6.0% 28.9% 21.7% *When adjusted for changes in Group structure and at constant exchange rates
Page 56
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 56 French Retail, Private Banking and Insurance Net banking income NBI (in EURm) Fees Other income Net Interest Income (excluding PEL/CEL provision or reversal) Insurance revenues PEL/CEL provision or reversal -22 12 47 11 54 1,100 1,056 1,028 1,071 1,149 1,029 1,056 1,013 1,021 987 169 170 173 177 188 -3 6 8 1 1 2,273 2,299 2,269 2,281 2,378 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 +4.5% +125.8% +4.3% +349.5% +4.6%
Page 57
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 57 66 63 59 57 60 56 57 57 57 58 35 36 37 39 39 13 12 12 11 11 130 119 122 120 121 35 27 26 28 28 146 148 150 153 158 481 462 464 466 475 Q 4 2 4 Q 1 2 5 Q 2 2 5 Q 3 2 5 Q 4 2 5 French Retail, Private Banking and Insurance Customer deposits and financial savings (1) Includes French and International activities, (2) Including deposits from Financial Institutions and medium-term notes, and French networks corporate deposits End of period outstandings (in EURbn) Life Insurance (1) Mutual Funds PEL Sight Deposits Passbook deposits Regulated Savings Schemes (excl. PEL) Term Deposits(2)
Page 58
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 58 French Retail, Private Banking and Insurance Loans outstanding (1) SMEs, self-employed professionals, local authorities, corporates, Non-Profit Organisations, including foreign currency loans End of period outstandings, net of provisions (in EURbn) Housing Consumer Credit and Overdraft Business Customers(1) and Financial Institutions 93 94 93 93 93 14 14 14 14 14 117 113 115 116 116 225 221 222 223 223 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Page 59
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 59 60% 62% 66% 65% 59% 40% 38% 34% 35% 41%3.4 5.4 4.8 4.2 4.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 1 2 3 4 5 6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Property and Casualty Insurance Premiums (in EURm)Life Insurance Gross Inflows (in EURbn) French Retail, Private Banking and Insurance Insurance key figures Life Insurance Outstandings and Unit Linked Breakdown (in EURbn) Unit-Linked Euro Funds Unit-Linked Euro Funds Personal Protection Insurance Premiums (in EURm) 60% 60% 60% 59% 59% 40% 40% 40% 41% 41% 146.1 148.1 150.3 153.4 158.1 0 20 40 60 80 100 120 140 160 180 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 259 262 252 252 260 0 50 100 150 200 250 300 350 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 253 240 242 244 241 0 50 100 150 200 250 300 350 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Page 60
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 60 Global Banking and Investor Solutions Q4 25 results *When adjusted for changes in Group structure and at constant exchange rates Global Markets and Investor Services Financing and Advisory Total Global Banking and Investor Solutions In EURm Q4 25 Q4 24 Change Q4 25 Q4 24 Change Q4 25 Q4 24 Change Net banking income 1,391 1,497 -4.9%* 1,017 968 +8.5%* 2,408 2,464 -2.3% +0.3%* Operating expenses (1,088) (1,089) +2.9%* (518) (556) -3.7%* (1,606) (1,644) -2.3% +0.7%* Gross operating income 302 409 -25.3%* 499 412 +24.8%* 801 820 -2.3% -0.3%* Net cost of risk (3) 3 n/s (106) (100) +6.2%* (109) (97) +12.3% +12.3%* Operating income 299 411 -26.7%* 393 312 +31.1%* 692 723 -4.2% -2.1%* Income tax (71) (96) -25.4%* (43) 8 n/s (114) (88) +30.0% +36.0%* Net income 226 316 -27.7%* 350 320 +12.7%* 576 635 -9.2% -7.5%* Non controlling Interests 2 1 +27.9%* 0 0 n/s 2 2 +18.7% +18.7%* Group net income 224 314 -28.0%* 350 320 +12.7%* 574 633 -9.3% -7.5%* C/I ratio 78.3% 72.7% 50.9% 57.4% 66.7% 66.7% Average allocated capital 7,999 7,999 8,602 8,314 16,589 16,327 RONE 11.2% 15.7% 16.3% 15.4% 13.8% 15.5%
Page 61
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 61 Global Banking and Investor Solutions 2025 results *When adjusted for changes in Group structure and at constant exchange rates. Global Markets and Investor Services Financing and Advisory Total Global Banking and Investor Solutions In EURm 2025 2024 Change 2025 2024 Change 2025 2024 Change Net banking income 6,653 6,572 +2.4%* 3,767 3,582 +6.7%* 10,419 10,153 +2.6% +3.9%* Operating expenses (4,434) (4,492) -0.1%* (2,041) (2,050) +1.0%* (6,474) (6,542) -1.0% +0.3%* Gross operating income 2,219 2,080 +7.7%* 1,726 1,532 +14.3%* 3,945 3,611 +9.3% +10.5%* Net cost of risk (9) 8 n/s (288) (133) x 2.2* (297) (126) x 2.4 x 2.4* Operating income 2,210 2,088 +6.9%* 1,438 1,398 +4.5%* 3,649 3,485 +4.7% +5.9%* Income tax (526) (499) +6.5%* (200) (165) +24.6%* (726) (664) +9.3% +11.0%* Net income 1,683 1,590 +6.9%* 1,240 1,232 +2.0%* 2,922 2,821 +3.6% +4.8%* Non controlling Interests 7 10 -27.4%* 1 0 +30.5%* 8 10 -24.8% -24.8%* Group net income 1,676 1,580 +7.1%* 1,239 1,231 +2.0%* 2,915 2,811 +3.7% +4.9%* C/I ratio 66.6% 68.4% 54.2% 57.2% 62.1% 64.4% Average allocated capital 8,359 8,147 9,061 8,175 17,417 16,332 RONE 20.0% 19.4% 13.7% 15.1% 16.7% 17.2%
Page 62
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 62 Global Banking and Investor Solutions Key financial indicators Global Markets and Investor Services RWA (in EURbn) Operational Market Securities Services: Assets under Custody (in EURbn) Credit Financing and Advisory RWA (in EURbn) Securities Services: Assets under Administration (in EURbn) 4,921 5,194 5,222 5,449 5,396 Q4 24 Q1 24 Q2 25 Q3 25 Q4 25 623 637 638 650 669 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 27.0 30.0 27.8 9.6 8.4 9.4 23.8 16.4 16.1 60.3 54.8 53.3 Q4 24 Q3 25 Q4 25 60.3 58.7 62.4 1.1 1.1 1.3 5.6 8.5 8.0 67.0 68.3 71.7 Q4 24 Q3 25 Q4 25
Page 63
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 63 Financing & Advisory Revenues (in EURm)Global Markets and Investor Services Revenues (in EURm) Global Banking and Investor Solutions Revenues Securities Services Equities Fixed Income and Currencies Revenues split by region (in %) 11%27% 62% NBI Q4 25 EUR 2.4bn Europe AsiaAmericas 834 1,061 962 824 789 502 698 615 597 435 162 163 176 167 167 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 968 973 895 882 1,017 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Page 64
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 64 Financing & Advisory Supporting clients in their transformations Client proximity Innovation Product excellence Industry expertise Advisory capacity Global coverage Sizewell C Senior Mandated Lead Arranger GBP 5.5bn green loan project financing arranged for the 3.2GW Sizewell C nuclear power station in the UK, marking the world’s first new nuclear development to secure funding from independent private financial investors Orange Global Coordinator EUR 5bn multi-tranche senior offering for Orange, French leading telecommunication operator and digital service provider, for general corporate purposes, including potential refinancing of existing indebtedness, and/or potential acquisition of 50% stake in MasOrange TataMotors Mandated Lead Arranger and Bookrunner EUR 3.8bn bridge facility to support Tata Motors’ acquisition of Iveco, expanding its international footprint and creating a global leader in commercial vehicles Aquarian Joint Lead Arranger and Joint Bookrunner USD 1.5bn bridge loan to finance Aquarian’s all-cash acquisition of Brighthouse, one of the largest providers of annuities and life insurance in the US Vitalia Financial Advisor Societe Generale acted as financial advisor to CVC & Portobello Capital on the EUR 1.5bn sale of Vitalia, Spain’s second largest care home owner-operator, to StepStone Real Estate & Greykite
Page 65
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 65 Global Banking and Investor Solutions Recognised expertise: league tables - rankings - awards Sources: Dealogic FY 2025, (1) Bloomberg FY 2025, (2) IJGlobal FY 2025 AWARDS& RANKINGS LEAGUE TABLES GLOBAL MARKETS 2026 Global Finance Supply Chain Finance TRANSACTION BANKING Best Supply Chain Finance provider in Western Europe (also won in 2025) World’s best Provider of Sustainable Finance Solutions in Trade Finance (ESG award) Best Trade Finance Provider in France, Romania, Algeria, Tunisia, Ghana, and Senegal 2026 Global Finance Trade Finance Treasury Management International - 2026 Euromoney - 2025 Best House Germany #1: Knock-Out-Products #1: Bonus-Certificates #1: Investment Products 2025 Deutscher Zertifikatepreis 2026 Scope Certificate Awards Best Certificate Issuer in Secondary Market Derivatives Client clearer of the year 2025 Risk Awards #2: Overall ranking #2: Best issuer for Warrants #2: Best issuer for Bonus-Certificates #2: Best issuer for Discount-Certificates #3: Best issuer for Knock-Out-Products #3: Best issuer for Secondary Market #3: Best issuer for Trading 2025/2026 Zertifikate Awards World's Best Fintech Collaboration in Supply Chain Finance Europe's Best Transaction Bank #2 in Investment Grade Strategy Extel Global Fixed Income Research Survey 2025 GLOBAL BANKING & ADVISORY Investment Bank of the Year Sustainable Finance Investment Bank of the Year Infrastructure and Project Finance The Banker Awards 2025 Americas Bank of the Year 2026 PFI Awards ESG Global Financial Advisor of the Year ESG APAC Lender of the Year IJGlobal ESG Awards IFR Awards 2025 European Investment-Grade Corporate Bond House Euromoney - 2025 Europe Best Bank for Real Estate SUSTAINABLE FINANCE #3 Sustainability-Linked Loans Volume by Bookrunner #4 Sustainability-Linked Loans Volume by MLA #5 Global Green Loans Volume by MLA LOANS #3 Bookrunner EMEA Acquisition Finance Syndicated Loans1 #3 Bookrunner France Acquisition Finance Syndicated Loans1 #3 Mandated Lead Arranger France Acquisition Finance Syndicated Loans1 #4 Loans Volume by Bookrunner France #1 Syndicated Marine Finance Loans Volume by Bookrunner #1 Syndicated Shipping Loans Volume by Bookrunner #5 Syndicated Real Estate Non-Recourse Loans Volume by Bookrunner EMEA #4 Syndicated Real Estate Non-Recourse Loans Volume by MLA EMEA PROJECT FINANCING #4 Project Finance MLAs Global2 #3 Project Finance MLAs Europe2 #4 Project Finance MLAs North America2 #4 Renewables Project Finance MLAs Global2 #2 Transport Project Finance MLAs Global2 #3 Social & Defence Project Finance MLAs Global2 #3 Telecoms Project Finance MLAs Global2 CAPITAL MARKETS #2 ECM Volume by Bookrunner France #2 ABS by Manager EMEA3 #3 DCM Volume by Bookrunner France
Page 66
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 66 Mobility, International Retail Banking and Financial Services Q4 25 results *When adjusted for changes in Group structure and at constant exchange rates International Retail Banking Mobility and Financial Services o/w Consumer finance Total In EURm Q4 25 Q4 24 Change Q4 25 Q4 24 Change Q4 25 Q4 24 Change Q4 25 Q4 24 Change Net banking income 919 1,036 +2.7%* 1,048 1,031 +11.7%* 230 217 +5.9%* 1,966 2,067 +7.3%* Operating expenses (493) (577) -0.7%* (592) (663) +0.0%* (94) (99) -5.4%* (1,085) (1,240) -0.3%* Gross operating income 425 459 +6.9%* 455 368 +31.6%* 136 118 +15.5%* 881 827 +18.4%* Net cost of risk (26) (54) -43.4%* (82) (79) +25.4%* (55) (32) +70.9%* (107) (133) -2.9%* Operating income 400 405 +13.3%* 374 289 +33.0%* 81 86 -5.5%* 774 694 +22.1%* Net profits or losses from other assets 2 0 n/s (2) (2) -35.1%* (0) (0) n/s 0 (2) n/s Income tax (91) (100) +9.8%* (95) (74) +34.5%* (25) (24) +4.1%* (186) (173) +21.2%* Non-controlling interests 112 129 -3.4%* 108 76 +49.4%* 3 4 -23.8%* 220 206 +16.8%* Group net income 198 176 +29.1%* 175 143 +22.1%* 56 60 -6.6%* 374 320 +25.9%* C/I ratio 53.7% 55.7% 0.0% 56.5% 64.3% 0.0% 40.8% 45.7% 0.0% 55.2% 60.0% +0.0%* Average allocated capital 4,421 4,524 +0.0%* 5,936 6,701 +0.0%* 2,128 1,994 +0.0%* 10,377 11,241 +0.0%* RONE 18.0% 15.6% 11.8% 8.6% 10.6% 12.1% 14.4% 11.4%
Page 67
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 67 Mobility, International Retail Banking and Financial Services 2025 results *When adjusted for changes in Group structure and at constant exchange rates International Retail Banking Mobility and Financial Services o/w Consumer finance Total In EURm 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change Net banking income 3,675 4,187 +3.1%* 4,316 4,318 +8.8%* 933 878 +6.3%* 7,990 8,504 +6.1%* Operating expenses (2,000) (2,388) -1.7%* (2,335) (2,684) -4.5%* (386) (424) -8.9%* (4,334) (5,072) -3.3%* Gross operating income 1,675 1,799 +9.6%* 1,981 1,633 +30.2%* 548 454 +20.5%* 3,656 3,432 +19.9%* Net cost of risk (123) (341) -55.0%* (365) (364) +10.0%* (248) (204) +22.0%* (489) (705) -19.4%* Operating income 1,552 1,457 +23.7%* 1,615 1,270 +35.9%* 299 251 +19.3%* 3,168 2,727 +29.6%* Net profits or losses from other assets 1 93 -98.8%* (1) 3 n/s (1) 0 n/s (0) 96 n/s Income tax (355) (386) +9.4%* (409) (322) +37.5%* (93) (70) +31.8%* (765) (709) +22.8%* Non-controlling interests 436 467 +4.9%* 496 371 +39.0%* 12 14 -16.1%* 932 838 +20.7%* Group net income 761 697 +24.7%* 726 595 +31.4%* 206 175 +17.8%* 1,489 1,292 +28.0%* C/I ratio 54.4% 57.0% 54.1% 62.2% 41.3% 48.2% 54.2% 59.6% Average allocated capital 4,451 4,503 6,231 6,722 2,163 1,983 10,701 11,250 RONE 17.1% 15.5% 11.7% 8.8% 9.5% 8.8% 13.9% 11.5%
Page 68
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 68 Mobility, International Retail Banking and Financial Services Breakdown by region – Q4 25 results *When adjusted for changes in Group structure and at constant exchange rates Czech Republic Romania Africa, Mediterranean basin and Overseas Total International Retail Banking In EURm Q4 25 Q4 24 Change Q4 25 Q4 24 Change Q4 25 Q4 24 Change Q4 25 Q4 24 Change Net banking income 350 357 -6.9%* 196 194 +3.5%* 369 494 +9.0%* 919 1,036 +2.7%* Operating expenses (177) (173) -3.0%* (121) (111) +11.5%* (191) (283) -2.4%* (493) (577) -0.7%* Gross operating income 173 184 -10.6%* 75 83 -7.1%* 178 212 +24.7%* 425 459 +6.9%* Net cost of risk 5 (2) n/s 3 (2) n/s (34) (50) -18.5%* (26) (54) -43.4%* Operating income 178 182 -7.2%* 78 81 -0.8%* 144 162 +42.3%* 400 405 +13.3%* Net profit or losses from other assets (2) (3) +31.6%* 0 3 -97.8%* 4 0 x 54.7* 2 0 n/s Income tax (34) (34) -6.9%* (15) (16) -4.0%* (43) (53) +21.9%* (91) (100) +9.8%* Non-controlling interests 55 56 -8.4%* 25 27 -6.5%* 28 44 +1.1%* 112 129 -3.4%* Group net income 88 89 -5.9%* 39 41 -2.3%* 77 64 x 2.0* 198 176 +29.1%* C/I ratio 50.5% 48.5% 0.0% 61.8% 57.3% 0.0% 51.8% 57.2% 0.0% 53.7% 55.7% 0.0% Average allocated capital 1,779 1,434 +0.0%* 845 720 +0.0%* 1,796 2,370 +0.0%* 4,421 4,524 +0.0%* RONE 19.8% 24.9% 0.0% 18.3% 22.6% 0.0% 17.1% 10.9% 0.0% 18.0% 15.6% 0.0%
Page 69
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 69 Mobility, International Retail Banking and Financial Services Breakdown by region – 2025 results *When adjusted for changes in Group structure and at constant exchange rates Czech Republic Romania Africa, Mediterranean basin and Overseas Total International Retail Banking In EURm 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change Net banking income 1,349 1,316 -0.3%* 776 734 +7.1%* 1,537 2,150 +2.7%* 3,675 4,187 +3.1%* Operating expenses (696) (711) -4.7%* (468) (439) +7.8%* (827) (1,219) -2.9%* (2,000) (2,388) -1.7%* Gross operating income 653 604 +4.7%* 308 295 +6.1%* 710 930 +10.1%* 1,675 1,799 +9.6%* Net cost of risk 59 (36) n/s (36) (29) +22.7%* (147) (275) -27.4%* (123) (341) -55.0%* Operating income 712 568 +22.6%* 273 266 +4.3%* 563 655 +27.2%* 1,552 1,457 +23.7%* Net profit or losses from other assets (1) 84 n/s 2 8 -76.6%* 0 1 -68.4%* 1 93 -98.8%* Income tax (135) (124) +6.4%* (52) (52) +2.0%* (168) (216) +9.8%* (355) (386) +9.4%* Non-controlling interests 224 206 +7.2%* 88 88 +1.2%* 104 162 -3.0%* 436 467 +4.9%* Group net income 352 323 +5.8%* 134 133 +2.6%* 292 278 +58.8%* 761 697 +24.7%* C/I ratio 51.6% 54.1% 0.0% 60.3% 59.8% 0.0% 53.8% 56.7% 0.0% 54.4% 57.0% 0.0% Average allocated capital 1,706 1,443 +0.0%* 834 705 +0.0%* 1,910 2,355 +0.0%* 4,451 4,503 +0.0%* RONE 20.6% 22.4% 0.0% 16.1% 18.9% 0.0% 15.3% 11.8% 0.0% 17.1% 15.5% 0.0%
Page 70
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 70 Mobility, International Retail Banking and Financial Services Breakdown of loans and deposits outstanding * When adjusted for changes in Group structure and at constant exchange rates (1) Customer loans at constant perimeter and exchange rates, net of provisions. Including intercompany and entities reported under IFRS 5 Breakdown of loans outstanding end of period* (in EURbn)(1) Breakdown of deposits outstanding end of period* (in EURbn) Variation* Q4 25 / Q4 24 Variation* Q4 25 / Q4 24 Consumer Finance Sub-total Mobility and Financial Services : Ayvens (Earning assets) Czech Republic Sub-total International Retail Banking : Romania Africa and other15.0 15.0 9.6 10.6 35.6 38.1 60.1 63.7 53.6 53.0 23.1 22.5 76.7 75.5 Q4 24 Q4 25 +6.0%* +11.0%* +7.1%* +0.2%* -2.5%* -1.0%* -1.5%* 17.6 17.7 13.4 14.8 42.5 44.9 73.5 77.5 13.9 14.33.0 3.716.9 18.0 Q4 24 Q4 25 +5.7%* +10.6%* +0.7%* +21.1%* +6.3%* +3.0%* +5.4%*
Page 71
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 71 Mobility, International Retail Banking and Financial Services Presence in Africa NB: Ranking based on loans outstanding (1) Including the entities sold in 2025, (2) Disposal process underway: Benin (including its branch in Togo), Cameroon Presence in Africa Disposal processes underway(2) Clients NBI(1) Group net income(1) C/I(1) RWA 2.6m EUR 1.3bn EUR 252m 53% EUR 16bn 2025 NBI RWA Credits Deposits L/D Ratio Ranking (in EURm) (in EURbn) (in EURbn) (in EURbn) Ivory Coast 408 4.6 3.7 4.2 88% 1st Tunisia 161 3.0 1.9 2.1 89% 7th Algeria 220 2.5 2.0 3.0 64% n.a. Senegal 179 2.3 1.7 1.8 94% 2nd Cameroon(2) 149 2.0 1.1 1.5 72% 2nd Ghana 96 0.9 0.4 0.5 77% 6th Benin(2) 28 0.6 0.4 0.5 85% 6th
Page 72
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 72 ESG Ambitions - Quantified (1) Please refer to 2025 Universal Registration Document, from pages 306 and 307: Universal Registration Document 2025 – D.25-0088 – 12 March 2025, (2) Comprising an equity investment component of 700 million euros Financing Sustainable finance EUR 500 billion to support sustainable finance over the period 2024-2030 with: ~EUR 400bn financing and ~EUR 100bn bonds ~EUR 400bn in environmental activities and ~EUR 100bn in social Reduction of fossil fuel financing(1) - Oil & Gas: -80% upstream exposure by 2030 vs. 2019, with an intermediary step of -50% in 2025 vs. 2019 - Thermal Coal: complete phase-out by 2030 for EU and OECD countries, by 2040 for the rest of the world Decarbonisation of financing portfolios(1) - Oil & Gas: -70% absolute carbon emissions by 2030 vs. 2019 - Power: -43% carbon emission intensity by 2030 vs. 2019 - Automotive: -51% carbon emission intensity by 2030 vs. 2021 - Steel: alignment score target of 0 by 2030 - Cement: -20% carbon emission intensity by 2030 vs. 2022 - Commercial Real Estate: -63% carbon emission intensity by 2030 vs. 2022 - Aluminium: -25% carbon emission intensity by 2030 vs. 2022 - Shipping: -43% carbon emission intensity by 2030 vs. 2022 - Aviation: -18% carbon emission intensity by 2030 vs. 2019 Investing Energy transition EUR 1bn(2) focused on emerging leaders and nature-based solutions Insurance Triple climate-related assets between 2020 and 2030 Mobility Mobility Ayvens: - 50% in scope 1 & 2 emissions by 2030 vs. 2019, -30% in scope 3 emissions by 2030 vs. 2019 Responsible Bank Increasing the representation of women ≥35% of women in Top 250 (Group Leaders Circle) by 2026 Reducing the pay gap between women and men ~EUR 100m to reduce gender pay gap Reducing the Group’s carbon footprint Cut own account CO2 emissions by 50% by 2030 vs. 2019
Page 73
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 73 External recognition of our ESG expertise NB : Ratings represent those allocated at annual reviews or in the event of significant methodology change of the agency AWARDS World's Best Bank for ESG by Euromoney Awards for Excellence 2025 World’s Best Bank for Sustainable Infrastructure& World’s Best Bank for Project Finance 2025 for the 3rd consecutive year by Global Finance Investment Bank of the Year for Sustainable Finance by The Banker Best Investment Bank for Sustainable Financingfor the 4th consecutive year AGENCIES SCOREWORST BEST AAACCC AAB BB BBB A SG Sector average 1000 34 50 70 SG Sector average A+D- PrimeD+D C- C C+ SG Sector average 060+ 40 Sector average SG 3050 20 Low Risk 13.2 AD- C-D C B- SG Sector average B A-
Page 74
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 74 Methodology (1/2) 1 – Net banking income The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity. 2 – Operating expenses Operating expenses are defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. 3 – Cost of risk in basis points, coverage ratio for non-performing loans The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases. The gross coverage ratio for non-performing loans or “doubtful outstandings” is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“non-performing”). 4 – ROE, RONE, ROTE The notion of ROE (Return On Equity) and ROTE (Return On Tangible Equity), as well as the methodology for calculating it, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess return on equity and Societe Generale’s return on tangible equity. RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Since Q1 25 results with historical data restated, normative return to businesses is based on a 13% capital allocation. As regards to the Corporate Centre, its average normative equity is calculated as the difference between total Group average equity and average equity allocated to the core businesses. The Q1 25 allocated equity includes the regulatory impacts related to Basel IV, applicable since 1 January 2025. The net result by the Group retained for the numerator of the ratio is the net profit attributable to the accounting Group adjusted by the interest paid and payable to holders of deeply subordinated notes and undated subordinated notes and issue premium amortization. For ROTE, income is also restated from goodwill impairment. 5 – Net asset value and net tangible asset value are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. 6 – Calculation of Earnings Per Share (EPS) The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 40 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
Page 75
4TH QUARTER AND FULL YEAR 2025 RESULTS I 6 FEBRUARY 2026 75 Methodology (2/2) Note: The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules. All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section 7 – Solvency and leverage ratios are calculated in accordance with applicable CRR3/CRD6 rules transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro forma basis for the current year’s accrued results, net of dividends, unless otherwise stated. 8 – The liquid asset buffer or liquidity reserve includes 1/ central bank cash and deposits recognised for the calculation of the numerator of the LCR ratio, 2/ liquid assets rapidly tradable in the market (High Quality Liquid Assets or HQLA), unencumbered net of haircuts, as included in the numerator of the LCR ratio and 3/ central bank eligible assets, unencumbered net of haircuts. 9 – The “Long Term Funding” outstanding is based on the Group financial statements adjusted by the following items for a more economic reading: interbank liabilities and debt securities issued with a maturity above one year at inception. Issues placed in the Group’s Retail Banking network (recorded in medium/long-term financing) are removed from the total of debt securities issued. 10- Funded balance sheet, loan/deposit ratio The funded balance sheet is based on the Group financial statements. It is obtained in two steps: - A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications: o Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities. o Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines). o Wholesale funding: Includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year. o Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing). o Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources. - A second step aiming at excluding the contribution of insurance subsidiaries, and netting into “other items” derivatives, repurchase agreements, securities borrowing/lending and other assets and liabilities. The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.