Slides
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Societe Generale Capital Markets Day 21 September 2026 ONE BANK STREET, LONDON, UNITED KINGDOM
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CAPITAL MARKETS DAY| 21 September 2026 2 01 - Introduction 02 - 2026 plan outperformance 03 - 2029 strategy: more performance, consistent playbook 04 - Lower costs 05 - Accretive growth 06 - Strong risk management 07 - Deep business transformation 08 - Financials 09 - ESG 10 - Conclusion Agenda
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CAPITAL MARKETS DAY| 21 September 2026 3 01 Introduction
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CAPITAL MARKETS DAY| 21 September 2026 4 Disciplined execution and stewardship of capital 2023-2026 2027-2029 2029 STRENGTH Capital build-up Cost reduction Accretive growth Portfolio simplification UPSHIFT Disciplined capital allocation Lower costs Higher accretive growth Deep business transformation PROFITABILITY 2030 and beyond From weakness to profitable growth 2029 ROTE 13-14% 2030 and beyond ROTE >15% WEAKNESS Low capital High costs Low profitability Complexity Volatility, low revenues, dilution risk Before 2023 Linear ROTE improvementROTE 2026 target ~11%ROTE avg. 2018-2022 5.8%
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CAPITAL MARKETS DAY| 21 September 2026 5 02 2026 plan outperformance
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CAPITAL MARKETS DAY| 21 September 2026 6 (1) Based on a quarters’ average, (2) CET1 ratio before extraordinary distribution of EUR 3.5bn in 2025 and 2026, (3) Including the interim dividend of EUR 0.75 per share and the EUR 1.5bn share buy-back, both announced on 30 July 2026, (4) 2026e based on 2026 targets, unless stated otherwise, (5) Growth variation excluding mainly perimeter effect, TLTRO and UCS results Value creation ROTE Strong outperformance vs. initial target of 9-10% ~11% 2026 Target Average 2018-2022 5.8% ~2x C/I RATIO 2026 Target Average 2018-2022 70.6% ~-11pp <60% NBI organic growth ~+8%(5) in 2026e vs. 2022 COSTS (in EURbn) Costs decrease of ~–8% in 2026e(4) vs. 2022 2026 Target Average 2018-2022 ~-1bn ~16.6 17.6 CET1 RATIO ~EUR 9.5bn(3) total distribution, o/w EUR 3.5bn extraordinary over 2023-H1 26 14.0% H1 26 Basel IV Average 2018-2022 Basel III 12.6%(1) Extra. Distrib. 13.2%~+140bps (2)
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CAPITAL MARKETS DAY| 21 September 2026 7 (1) Based on 2026 consensus, (2) Including ordinary and extraordinary distributions, (3) Based on 2026 consensus and SG’s market capitalisation as of 23/05/2023 Value creation delivered EPS 2026E(1) VS. AVG. 2018-2022 ~3X TOTAL DISTRIBUTION PAYOUT(2) 2026E ~75% TOTAL DISTRIBUTION 2023-2026E ~60% of SG’s market cap.(3) TSR 2023-H1 26 ~+270% DPS CAGR 2023-2026E >+30%
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CAPITAL MARKETS DAY| 21 September 2026 8 (1) Revenue volatility calculated as the standard deviation of quarterly revenues over the quarterly revenue average, (2) Retail banks: BBVA, ING, Intesa Sanpaolo, Nordea, Santander, UniCredit, (3) Universal banks: BNP Paribas, Credit Agricole SA, (4) European CIB: Barclays, Deutsche Bank, HSBC, UBS, (5) US banks: Bank of America, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, (6) Main peers: BNP Paribas, Barclays, Credit Agricole SA, Deutsche Bank, (7) Other peers: BBVA, Intesa Sanpaolo, ING, Nordea, Santander, UniCredit, (8) Based on the quarterly average between Q1 23 and Q2 26 Strong and resilient risk profile 0 20 40 60 80 100 120 2018 2020 2022 2024 H1 26 SG Avg. - Main peers Avg. - Other banks LOW COST OF RISK (in basis points) Cost of risk average of 23bps(8) since 2023 (6) (7) LOW REVENUE VOLATILITY (from Q3 23 to Q2 26)(1) Best-in-class in low volatility of revenues Retail banks 4.8% 5.2% 6.5% 10.3% 12.6% SG Universal banks European CIB US banks (2) (3) (4) (5) STRONG GOI INCREASE (in EURbn) Pre-provision profit buffer, increased by +50% ~+50% Average 2018-2022 7.4 2026e ~11
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CAPITAL MARKETS DAY| 21 September 2026 9(1) Based on the quarterlyaverage between Q1 23 and Q2 26 2026 targets: all confirmed or upgraded H1 26 NEW UPGRADED 2026 TARGETS CMD 2023 2026 TARGETS REVENUES (REPORTED) +2.4% vs. H1 25 Revenues >+2% vs. 2025 0%-2% CAGR 2022-2026 +0.8% reported CAGR +8% organic growth 2026e vs. 2022 COSTS (REPORTED) -5.0% vs. H1 25 Costs ~-4% vs. 2025 Strong cost decrease -8% in 2026e vs. 2022 COST / INCOME RATIO 59.7% in H1 26 C/I ratio <60%<60% in 2026 Linear improvement as targeted COST OF RISK 26bps in H1 26 COR 25-30bps 25-30bps through the cycle Low cost of risk ~23bps(1) on average since 2023 ROTE 12.0% in H1 26 ROTE ~11%9%-10% in 2026 Exceeded and upgraded guidance twice CETI 13.2% end Q2 26 CETI >13%13% in 2026 Achieved 2 years earlier EUR 3.5bn of extraordinary distribution
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CAPITAL MARKETS DAY| 21 September 2026 10 03 2029 strategy: more performance, consistent playbook
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CAPITAL MARKETS DAY| 21 September 2026 11 MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES Leading and profitable franchises GLOBAL BANKING AND INVESTOR SOLUTIONS Strong franchises and one of the most profitable CIBs globally Strong business foundations (1) Market penetration rate: percentage of the target population that holds an account with the bank, Source: CSA H1 26 FRENCH RETAIL, PRIVATE BANKING AND INSURANCE Comprehensive market offering and strong market position ▪ Lead positions in equity derivatives ▪ Lead positions in structured finance ▪ Lead positions in equity research and cash equities ▪ Leading in innovation in tokenised finance with SG Forge ▪ >9m clients ▪ Ayvens #1 Global multi-brand mobility player ▪ KB #3 in Czech Republic ▪ BRD Among the leaders in Romania ▪ >17m clients ▪ #1 full service digital bank in France (>9m clients) ▪ #2 Private Bank in France and top-tier Insurer ▪ ~25% penetration(1) among affluent segment
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CAPITAL MARKETS DAY| 21 September 2026 12 Culture change drives team performance (1) Global Employee Share OwnershipProgramme A CULTURE OF OWNERSHIP A CULTURE OF EFFICIENCY A CULTURE OF COOPERATION A CULTURE OF RESPONSIBILITY ▪ Employees as largest shareholder (9%) ▪ 3rd consecutive GESOP(1) with record subscription rates ▪ Increased business ownership ▪ Bottom-up Group-wide initiative to increase efficiency, involving thousands of employees day-to-day ▪ Focus on talent retention, mobility and reskilling ▪ Strict spend and hiring control towers ▪ Unified data and cyber risk management ▪ Common Group objectives across businesses and functions ▪ Sharing best practices, successes and challenges ▪ Workforce reduction focused on natural attrition ▪ 15 disposals since 2023, respectful of clients, teams and all stakeholders ▪ ESG embedded in day-to-day decisions
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CAPITAL MARKETS DAY| 21 September 2026 13 2029 strategy DECREASE FURTHER OUR COST BASE ACCELERATE DISCIPLINED GROWTH MAINTAIN BEST-IN-CLASS RISK MANAGEMENT DEEPEN BUSINESS TRANSFORMATION Higher Value Creation =
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CAPITAL MARKETS DAY| 21 September 2026 14 2029 Group financial targets (1) Based on our macroeconomic scenario of a EUR/USD of 1.15, (2) Based on the reported Group net income restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes <EUR 16.3bn in 2029 COSTS(1) REVENUES <55% in 2029 C/I RATIO 25-30bps through the cycle COST OF RISK 13-14% in 2029 ROTE 50% PAYOUT RATIO(2) >13% CET1 RATIO ~+3% CAGR 2026e-2029 ~-2% vs. 2026e
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CAPITAL MARKETS DAY| 21 September 2026 15 (1) Based on the reported Group net income restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, (2) Dividend per share, (3) Based on the ordinary distribution mix and excluding extraordinary distribution, (4) Including the interim dividend of EUR 0.75 per share announced on 30/07/2026, (5) Absent M&A opportunity, excess capital allocated to extraordinary distribution, (6) Including EUR 1.5bn of extraordinary distribution announced on 30/07/2026, (7) Including potential ordinary and extraordinary distributions, (8) SG’s market capitalisation as of 18/09/2026 A compelling distribution policy = ORDINARY DISTRIBUTION EXTRAORDINARY DISTRIBUTION Cumulative ordinary distribution expected between 2026e and 2029 >EUR 13bn Excess capital expected between 2026e and 2029(5) ~EUR 8bn Total potential distribution(7) 2026e-2029 >EUR 21bn Total potential distribution(7) 2026e-2029 ~39% of SG’s market cap.(8) TOTAL POTENTIAL DISTRIBUTION(7) Avg. total potential distribution(7) payout(1) ~80% over 2026e-2029 Ordinary distribution payout(1) 50% DPS(2) CAGR 2026e-2029(3) Low-to-mid teens Excess capital threshold CET1>13% (4) (6)
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CAPITAL MARKETS DAY| 21 September 2026 16 04 Lower costs
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CAPITAL MARKETS DAY| 21 September 2026 17 ~EUR 2.6bn gross savings and ~EUR 1.4bn net cost decrease between 2022 and 2026e (1) Expected impact between end of 2022 and end of 2026e, (2) Pro forma, (3) On a cash-flow basis, (4) Composite IT efficiency index is the average of the following indicators (rebased at 100 in 2022): total IT costs, number of applications, number of technologies, number of major incidents and number of IT employees, (5) Full-time equivalent employees, (6) –11% excluding disposals, (7) LeasePlan Strong cost reduction track-record 2022-2026E COST EVOLUTION (in EURbn) WORKFORCE MANAGEMENT (FTE(5) in thousands) MORE EFFICIENT IT SPENDING (in EURbn(3)) Sustained cost discipline with a -8% decrease in 2026e vs. 2022 Lower IT costs, EUR -900m in 2026e vs. 2022 Workforce down ~20k FTE in 2026e vs. 2023 Operating model optimisation Sharp improvementof the composite IT efficiency Index(4)100 73 5.0 2026e ~4.1 Streamlining of IT spend ~-18% App. & tech. simplification Inflation & Investments 2022 -17%(6) LP(7) ~+7k 115 2022 2023 2026e 122 ~101 -17% -8% ~-2.6 ~16.6 ~20.0 -0.9 2022 Perimeter(1) Inflation(1) 2022 PF(2) SRF Gross savings 2026e 18.0
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CAPITAL MARKETS DAY| 21 September 2026 18 2029 cost base down in absolute terms (1) Between end 2026e and 2029, (2) Incremental investments, (3) Based on our macroeconomic scenario of a EUR/USD of 1.15 2029 TARGETS COST BASE(3) <EUR 16.3bn ~-2% vs. 2026e C/I RATIO <55% = INFLATION ~EUR +1.0BN(1) INVESTMENTS(2) ~EUR +0.6BN(1) GROSS SAVINGS ~EUR -1.9BN(1) NET COST REDUCTION ~EUR -0.3BN(1)
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CAPITAL MARKETS DAY| 21 September 2026 19 Cost reduction roadmap (1) On a cash-flow basis TECHNOLOGIES & AI ▪ IT simplification ▪ Scaling AI use cases across the Group ▪ Strengthen platform-based operating model ▪ Reduce IT run costs HUMAN CAPITAL ▪ Focus on natural attrition ▪ External recruitment scrutiny ▪ Span of control and delayering ▪ Leveraging staff mobility and reskilling PROCUREMENT ▪ Group-wide control of external spend ▪ Discipline usage of consultants, external workforce and IT providers ▪ Renegotiation and consolidation of the strategic supplier base ▪ AI-controlled tail spend sourcing IT cost decrease ~EUR -0.5bn(1) in 2029 vs. 2026e Low replacement rate on natural attrition Procurement costs ~EUR -0.4bn in 2029 vs. 2026e
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CAPITAL MARKETS DAY| 21 September 2026 20(1) On a cash-flow basis, (2) IT expenditure on Group revenues Further optimisation of IT and processes MORE EFFICIENT IT SPENDING IT intensity ratio(2) target of ~12% in 2029 2022 ~4.1 2029 ~3.6 App. & tech. simplification Inflation & investments Total IT costs (EURbn(1)) ~15% ~12% AI for IT Efficiency gains ▪ Simplify application landscape (from 7k to 5k applications) ▪ Rationalise technologies (from 900 to 600 technologies) ▪ Optimise operating model (organisation simplification, supplier partnerships, etc.) ▪ Deploy AI for IT IT costs down by ~30% between 2022 and 2029, while maintaining high IT investments Operating model optimisation ~-12% Sharp decrease in the IT intensity ratio(2) 2026e 5.0 18% -18%
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CAPITAL MARKETS DAY| 21 September 2026 21 The AI opportunity INCREASING IT EFFICIENCY IMPROVING PRODUCTIVITY ENHANCING CLIENT RELATIONSHIP Better-quality IT spending at lower costs A more efficient operating model Growth through higher client satisfaction ▪ >30% reduction of coding costs ▪ x1.5 IT time-to-market acceleration ▪ >15% reduction of maintenance and support costs ▪ 50% end-to-end process simplification on our main processes ▪ >20% productivity gain with streamlined, low-touch workflows ▪ Automated reporting and KPI monitoring ▪ 20% increase in advisory capacities through AI ▪ 40% of incoming calls covered by 24/7 availability through AI assistants ▪ Improved customer insights and targeting Current opportunity of EUR 500-600m, with ~EUR 350m embedded so far by 2029 COST REDUCTION THROUGH AI
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CAPITAL MARKETS DAY| 21 September 2026 22 A strategic collaboration with Anthropic A COMPREHENSIVE AGREEMENT A key milestone in AI adoption SUSTAINABLE VALUE CREATION ▪ Recurring rollout of Anthropic’s latest Claude Models, coding tools and agentic capabilities ▪ Co-development to tailor Claude to our specific financial services requirements ▪ Joint creation of responsible AI use cases and control frameworks ▪ Accelerated automations across main support functions ▪ Faster, more tailored service to our clients across all businesses ▪ Upskilled workforce and stronger draw for technology talent
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CAPITAL MARKETS DAY| 21 September 2026 23 05 Accretive growth
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CAPITAL MARKETS DAY| 21 September 2026 24(1) 2022 PF revenues represent 2022 reported revenues restated mainly for perimeter effect, TLTRO and UCS results We delivered accretive revenue growth Steady growth with limited RWA increase Main drivers ▪ RPBI: strong BoursoBank contribution in 2026 and revenue growth in the SG network ▪ GBIS: 2026 revenues up vs. a high level in 2022 and excluding Bernstein contribution (~EUR 0.4bn) ▪ MIBS: strong commercial momentum at KB and BRD and higher underlying margins at Ayvens ~+8% ORGANIC REVENUE GROWTH OVER 2022-2026E Total revenues (in EURbn) ~28 2022 PF(1) ~+8% ~26 2026e
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CAPITAL MARKETS DAY| 21 September 2026 25(1) 2026e-2029 CAGR Enduring commitment Balanced revenue growth at ~+3% CAGR(1) with organic RWA growth at ~+2% CAGR(1) ~+3% REVENUE GROWTH CAGR 2026E-2029 Total revenues (in EURbn) ~+3% CAGR 2026e-2029 ~28 Expected increase in NBI/RWA based on an organic RWA CAGR 2026e-2029 of ~+2%6.8% ~7.0% 2026e RPBI GBIS 2029MIBS
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CAPITAL MARKETS DAY| 21 September 2026 26 Disciplined organic growth INVESTMENT OPPORTUNITIES MARGINAL RONE RATIONALE ▪ BoursoBank 40%-60% Asset-light businesses with low RWA consumption and strong growth prospects ▪ Wealth and Savings France ▪ Equities 20%-40% Higher RWA density businesses well positioned to benefit from major expansion opportunities▪ United States ▪ Financing & Advisory ▪ CEE retail banking 25%-45% Steady investment, but modest in absolute size ▪ Ayvens 25%-45% Accretive business with cycle-dependent investments Invest in our most profitable businesses Focus on: ▪ Proven strengths ▪ Growth opportunities ▪ Capital efficiency
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CAPITAL MARKETS DAY| 21 September 2026 27 Approach to portfolio management STRICT PORTFOLIO MANAGEMENT ▪ Accretive to Group profitability ▪ Material Group synergies ▪ Limited exposure to tail risks ▪ Leading franchises in attractive markets ▪ Consistent with our ESG imperative STRICT ACQUISITION CRITERIA ▪ RoIC > Group CoE ▪ EPS accretive ▪ Accretive to the Group ROTE ▪ Industrial and strategic fit ▪ Contained execution risk STRICT MINORITIES MANAGEMENT Proven track-record in portfolio management (15 disposals since 2023) Disciplined and focused approach to external growth Principles consistent with portfolio management and acquisition criteria ▪ 3 large subsidiaries ▪ Full control of strategy ▪ Relevant contributors to SG strategic and financial model ▪ Financial impact of all scenarios assessed on a regular basis
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CAPITAL MARKETS DAY| 21 September 2026 28 06 Strong risk management
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CAPITAL MARKETS DAY| 21 September 2026 29 (1) Exposure at default, (2) French Retail, Private Banking and Insurance, (3) Global Markets and Investor Services, (4) Financing and Advisory, (5) International Retail Banking, (6) Mobility and Financial Services Strong diversification and low concentration risk Europe Americas Asia Africa & others France Rigorous and diversified risk management ~EUR 1,079bn ~EUR 1,079bn Low sector concentration Top 5 corporate sectors <13% of total EaD(1) Limited client concentration Top 25 clients ~8% Corporate EaD(1) Strong asset quality >70% IG Corporate exposure Sensitive sector exposure Controlled exposure to Private Credit and Software STRONG GEOGRAPHIC AND BUSINESS DIVERSIFICATION STRONG CREDIT RISK PROFILE Corporate Centre GMIS(3) F&A(4) IRB(5) MFS(6) RPBI(2) H1 26 EaD(1) breakdown by geography (in %) by business (in %) 27% 24%23% 10% 9% 9% 40% 33% 16% 8% 3 %
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CAPITAL MARKETS DAY| 21 September 2026 30(1) Last twelve months as of 11 September 2026 Strong market risk reduction GLOBAL MARKET STRESS TEST USAGE (based at 100 on 1 June 2018) MARKET RWA REDUCTION (in EURbn) Global market stress test usage kept at low levels since 2021 despite volatile market conditions Low market RWA level with high Global Markets average revenues in 2023-2025 Global Markets revenues (EURbn) -16% 2018-2022 average 2023-2025 average H1 26 15.8 12.2 13.3 4.7 5.8 3.3 -72% decrease between avg. June 2018-2022 and avg. LTM(1) -20 30 80 130 180 Jun '18 Jun '19 Jun '20 Jun '21 Jun '22 Jun '23 Jun '24 Jun '25 Jun '26
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CAPITAL MARKETS DAY| 21 September 2026 31 0 20 40 60 80 100 120 2018 2020 2022 2024 H1 26 SG Avg. - Main peers Avg. - Other banks (1) Main peers: Barclays, BNP Paribas, Credit Agricole SA and Deutsche Bank, (2) Other banks: BBVA, ING, Intesa Sanpaolo, Nordea, Santander and UniCredit, (3) Based on the quarterly average between Q1 23 and Q2 26, (4) Weighted average peers: Barclays, BBVA, BNP Paribas, Credit Agricole SA, Deutsche Bank, ING, Intesa Sanpaolo, Santander, UBS and UniCredit Strong asset quality and loss-absorption capacity LOW COST OF RISK (in basis points) STRONG S1/S2 PROVISIONS 2025 S1/S2 provisions/cost of risk Cost of risk average of 23bps(3) since 2023 STRONG PRE-PROVISION PROFIT (PPP) 2025 PPP/cost of risk Higher S1/S2 provision buffer vs. peers on average Higher capacity to absorb credit risk losses vs. peers Weighted average Peers(4) SG 2.0x 1.1x Weighted average Peers(4) SG 6.7x 5.2x Target CoR 25-30bps through the cycle (1) (2)
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CAPITAL MARKETS DAY| 21 September 2026 32 07 Deep business transformation
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CAPITAL MARKETS DAY| 21 September 2026 33 Powerful forces create opportunities ▪ Energy transition and adaptation needs ▪ Demographics (ageing, education) ▪ Technology and AI ▪ A more fragmented global economy ▪ Global capex boom (AI, defence, energy, infrastructure) ▪ Digitalisation of finance ▪ Financing Europe’s strategic ambitions (Defence, infra., innovation and capital markets gradual integration) ▪ US growth prospects and market opportunities Financing and Advisory Investment product innovation and investment advisory Greater client satisfaction, process efficiency, cost decrease Multi-local reach Specialised structured finance growth and strategic advisory Favourable paradigm shift Specialised and structured finance growth, gradual removal of frictions in European capital markets Strong and diversified US business able to grow substantially STRUCTURAL AND EMERGING TRENDS OPPORTUNITIES FOR SOCIETE GENERALE
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CAPITAL MARKETS DAY| 21 September 2026 34 French retail, Private Banking and Insurance (RPBI)
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CAPITAL MARKETS DAY| 21 September 2026 35 RPBI: strengths (1) Market penetration rate: percentage of the target population that holds an account with the bank, Source: CSA H1 26, (2) Assets under management at constant perimeter, (3) Assets under administration HIGH-VALUE FRANCHISES REVENUE MIX BY NATURE ASSET GATHERING ▪ >17m clients ▪ #1 full service digital bank in France (>9m clients) ▪ #2 Private Bank in France and top-tier Insurer ▪ ~25% penetration(1) among affluent segment Full coverage of French retail market Broad and balanced revenue base Consistent asset growth since 2022 47% 44% 7% ~EUR 5bn H1 26 H1 26 revenue breakdown by type (in %) Fees and Insurance: >50% Net Interest Income (including PEL/CEL) Fees Insurance revenues Other income ▪ RPBI ~EUR 480bn deposits and savings in H1 26, +8%(2) vs. 2022 ▪ Life insurance ~EUR 170bn in H1 26 outstandings, +27% vs. 2022 ▪ Private Bank >EUR 145bn AuM(2) in H1 26, +30% vs. 2022 ▪ BoursoBank ~EUR 85bn AuA(3) in H1 26, +71% vs. 2022
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CAPITAL MARKETS DAY| 21 September 2026 36 RBPI: strong achievements (1) Organic variation excluding perimeter effects, TLTRO in revenues and SRF in costs, (2) Based on 2026 consensus ▪ Organic(1) revenue growth ~+14% in 2026e(2) vs. 2022 ▪ Organic(1) cost decrease ~-11% in 2026e(2) vs. 2022 ▪ C/I ratio 58% in H1 26 vs. 73% in 2022 ▪ RONE 14.2% in H1 26 (vs. 10.4% on avg. 2018-2022) DELIVERING SUPERIOR PROFITABILITY WELL ON TRACK TO REACH 2026 TARGETS C/I ratio 57.5% in H1 26 C/I ratio <60% in 2026 BoursoBank Net income EUR 176m in H1 26 BoursoBank Net income >EUR 300m in 2026 BoursoBank # of clients 9.1m in Q2 26 BoursoBank # of clients >8m in 2026 REALISED 2026 TARGETS
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CAPITAL MARKETS DAY| 21 September 2026 37 2023–2026: cross-convergence in French retail OUR VISION IN 2023: CROSS-CONVERGENCE OF STRENGTHS VALUE A bank for corporate, professionals & retail with high value by client HIGHER CONTRIBUTION Increase NBI per client Maintain the best operating model GROWTH Leader in online banking, the most efficient operating model HIGHER EFFICIENCY Increase efficiency Further strengthen the value proposition SUCCESSFUL DELIVERY ▪ Strong growth model: 9.1m clients H1 26 vs. 2026 target >8m ▪ High profitability: >EUR 300m in 2026e and RONE >60% H1 26 ▪ High value model: RONE 14.2% H1 26 vs. 11.6% in 2022 ▪ Increased efficiency: C/I ratio 58% H1 26 vs. 73% in 2022 Building-up the strengths and maturity of our two banks in France FRENCH RETAIL, PRIVATE BANKING AND INSURANCE (RPBI)
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CAPITAL MARKETS DAY| 21 September 2026 38 2026 onwards: unlock French retail potential OUR VISION IN 2026: AN INTEGRATED AND SEGMENTED APPROACH HOW WE TRANSFORM THE MARKET All individual clients BOURSO BANK French retail Digital clients across all levels of wealth Focus on mass affluent to UHNW clients A client-focused strategic shift ▪ All individual clients served by an integrated franchise under one management ▪ A segmented pricing strategy ▪ A segmented cost to serve strategy ▪ A traditional network with a strategic focus on mass affluent to UHNW clients ▪ Optimised operating model through no duplication of efforts High RONE increase potential
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CAPITAL MARKETS DAY| 21 September 2026 39 RPBI: strategy 2029 2029 TARGET C/I ratio <55% in 2029 ACCELERATING TRANSFORMATION TO BETTER SERVE OUR CLIENTS ▪ Optimise the branch network with targeted reductions ▪ Pursue streamlining of SG network central functions ▪ Remove one regional head office layer ▪ Seize the Wealth & Savings opportunity ▪ Grow BoursoBank while maintaining a high level of profitability ▪ Unlock the unique potential of our French retail franchise Efficiency Growth Transformation
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CAPITAL MARKETS DAY| 21 September 2026 40 CLIENT-ACQUISITION FRANCHISE Growing client base +29% p.a. on avg. (2022-2025) BoursoBank: a powerful and proven business model (1) Assets under administration,(2) Client acquisitioncosts per client, (3) #1 NPS (Net Promoter Score) in the French banking sector - Bain & Company, April 2026, (4) Best ranked in app stores – source: Mind Fintech Q2 26 ▪ # 1 online bank and # 1 online broker ▪ #1 financial news portal ▪ AuA(1) of ~EUR 9,000 per client ▪ Sharp CAC(2) decrease (~-65% in H1 26 vs. 2016) STRONG CLIENT LOYALTY Low churn rate (<4% in H1 26) HIGH-POTENTIAL CLIENT BASE H1 26 AuA(1) at ~EUR 85bn (~6x in H1 26 vs. 2016) SCALABLE OPERATING MODEL Highly profitable (RONE of 63% in H1 26) ▪ Full-service offer (~60 products) ▪ #1 client satisfaction (NPS +54(3)) ▪ #1 banking app(4) ▪ Open architecture ▪ Young: 35 years average ▪ Recent clients (average relationship duration <4 years) ▪ >50% new clients below 25 years old ▪ Affluent: 25% EUR 100k+ total wealth ▪ Low cost-to-serve (~1k employees) ▪ Automated processes ▪ Autonomy of clients (0.6 client contact per year) ▪ Growing AI interaction: 39% (2020) to 65% (2025)
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CAPITAL MARKETS DAY| 21 September 2026 41 BoursoBank: strong revenue growth, strong profitability TARGETS BOURSOBANK #CLIENTS >14m in 2029 BOURSOBANK RONE >45% each year from 2026 to 2029 = VINTAGES MATURITY Substantial future value embedded in the existing client base Assets per client and origination year (base 100) 100 200 300 400 500 Year 1 Year 3 Year 5 Year 7 2018 2019 2020 2021 2022 2023 2024 2025 Significant value upside driven by new client acquisition CLIENT BASE GROWTH Number of clients in m 4.7 5.9 7.2 8.8 9.1 >14 2022 2023 2024 2025 H1 26 2029 >+50%
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CAPITAL MARKETS DAY| 21 September 2026 42 Seize the Wealth and Savings opportunity 2029 OPPORTUNITIESSIGNIFICANT MARKET OPPORTUNITY Compelling asset growth potential Total RPBI AuA of ~EUR 480bn in H1 26 FULLY INTEGRATED FRANCHISES ▪ ~EUR 7tn of households’ financial assets 2nd largest in the Eurozone, high savings rate at ~18% ▪ Ageing society and rising retirement self-funding needs ▪ ~EUR 9tn intergenerational wealth transfer, ~300% of the GDP by 2040 ▪ Erosion of the welfare state ▪ 4 complementary channels covering all client segments with >17m clients ▪ #1 online bank BoursoBank ~EUR 85bn AuA H1 26 ▪ #2 Private Bank in France ~EUR 145bn AuM in H1 26 ▪ #4 in Life and Savings in France ~EUR 170bn outstandings in H1 26 ▪ Internalisation of Asset Management Life insurance outstandings ~EUR 205bn in 2029 Private Banking AuM ~EUR 180bn in 2029 BoursoBank AuA ~EUR 115bn in 2029
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CAPITAL MARKETS DAY| 21 September 2026 43 2029 RPBI financial targets RPBI <55% in 2029 C/I RATIO >45% each year from 2026 to 2029 RONE >14m in 2029 Number of clients BOURSOBANK
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CAPITAL MARKETS DAY| 21 September 2026 44 Global Banking and Investor Solutions (GBIS)
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CAPITAL MARKETS DAY| 21 September 2026 45 GBIS: strengths HIGH-VALUE FRANCHISES REVENUE DIVERSIFICATION A STRONG WHOLESALE FRANCHISE ▪ Lead positions in equity derivatives ▪ Lead positions in structured finance ▪ Lead positions in equity research and cash equity ▪ Leading in innovation in tokenised finance with SG Forge Leading franchises in Global Markets and CIB A diversified client and product base Balanced client mix EUR 10bn 2025 NBI ~6,000 clients end 2025 EUR 10bn 2025 NBI 52%48% Financial Institutions Corporates Europe Americas Asia 27% 18% 20% 19% 9% 6% Global Banking Flow Financing Derivatives Transaction Banking Securities Services 63% 26% 12%
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CAPITAL MARKETS DAY| 21 September 2026 46 GBIS: strong achievements ONE OF THE MOST PROFITABLE CIBS GLOBALLY ▪ Fee share increase from 40% in 2022 to 45% in 2025 ▪ Successful integration of Bernstein (NBI ~EUR 400m) ▪ C/I ratio 60% in H1 26 vs. 68% in 2022 ▪ RONE 19% in H1 26 vs. 14% in 2022 WELL ON TRACK TO REACH 2026 TARGETS C/I ratio 60.5% in H1 26 C/I ratio <65% in 2026 F&A NBI 3.4% CAGR H1 22- H1 26 F&A NBI 1%-2% CAGR 2022- 2026 REALISED 2026 TARGETS Global Markets NBI EUR 3.3bn in H1 26 Global Markets NBI EUR 5.1-5.7bn in 2026
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CAPITAL MARKETS DAY| 21 September 2026 47 GBIS: strategy 2029 2029 TARGETS GROWING A PROFITABLE FRANCHISE ▪ Re-engineer and automate processes and accelerate the roll out of AI for IT ▪ Refocus SGSS operating model on its core wholesale franchise ▪ Invest further in our leading franchises ▪ Close client, products and geographic gaps through granular growth ▪ Maintain disciplined credit underwriting and a consistent market risk appetite ▪ Diversify the business and geographic mix and enhance the quality of revenues and distribution capacity Growth Transformation Global Markets NBI (EURbn) 6.0-6.5 through the cycle F&A NBI 3%-5% CAGR 2026e-2029 C/I ratio <60% in 2029 Efficiency Risk
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CAPITAL MARKETS DAY| 21 September 2026 48 (1) Including Hedge Fund Managers and Non-Bank Liquidity Providers, (2) Asset and Wealth Managers, (3) Source: Coalition Greenwich Institutional Client Intelligence & Corporate Client Intelligence - FY25. Analysis is based on Coalition Greenwich universe of 2,272 Institutions and 5,400 Corporates, with Client segments mapped to SG's client taxonomy. Not to be reproduced without the explicit consent of Crisil Coalition Greenwich, (4) At end of August 2026 Global Markets: closing gaps and scaling-up STRONG FOCUS ON HEDGE FUNDS AND ASSET MANAGERS SCALING-UP OUR PRIME BROKERAGE FRANCHISE FURTHER DEVELOPMENT OF FIXED INCOME AND CREDIT PLATFORM Scale revenues from selected strategic clients in underpenetrated segments Increase product diversification and expand share of recurring NBI Expand our FIC franchise in Derivatives, Financing and Credit Share of Hedge Funds(1) and Asset Managers(2) in Global Markets revenues mix Clients’ Prime balances (USDbn) Strong upside potential46% 61% SG 2025 Industry 2025(3) Global Markets 2025 revenue mix Flow Derivatives Financing Equities FIC Equities FIC Europe Americas Asia Geographic mix Business mix Strong growth ambition ~180 2025 20292026(4) ~210 41% 25% 34% 26% 38% 36% 59%26% 15% 61%23% 16%
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CAPITAL MARKETS DAY| 21 September 2026 49 Global Markets: high profitability and predictability (1) Rebased at 100 on average June 2018-2022, (2) Average from June 2018 until end of 2022, (3) Last twelve months as of 11 September 2026, (4) Peers comprise Bank of America, Barclays, BNP Paribas, Citi, Credit Agricole SA, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan and Morgan Stanley, (5) Source: Coalition Greenwich Cost and Capital Analytics – FY25. Analysis is based on a selected peer group of large U.S. and European systemically important banks. Return on Normative Equity (RONE) is calculated as post-tax operating profit divided by capital where capital is calculated as 14% of RWA and tax rate is assumed to be 25%. Not to be reproduced without the explicit consent of Crisil Coalition Greenwich, (6) RONE calculation based on Coalition Greenwich Cost and Capital Analytics methodology (see note 5) Global Markets Revenues (in EURbn) STRICT MARKET RISK MANAGEMENT Revenue growth with strict risk discipline Best-in-class capital allocation model +EUR 1.3bn -72% Global Markets NBI (EURbn) Global Markets stress test usage(1) Low quarterly revenue volatility STRONG REVENUE PREDICTABILITY -11pp reduction From Q1 19 to Q2 23 From Q3 23 to Q2 26 Global Markets revenue volatility RISK-ADJUSTED RETURNS Global Markets 2025 NBI/RWA 2x vs. peers Global Markets 2025 RONE +5pp vs. peers Average 2018-2022 4.7 2025 6.0 6.0 Average 2018-2022(2) 100 LTM(3) 28 SG ~12% Average peers(4) 6.0 ~21% SG ~23% Average peers(4) 6.0 ~22% SG(6) ~21% Average peers(5) 6.0 ~16% SG ~12% Average peers(5) ~6%
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CAPITAL MARKETS DAY| 21 September 2026 50(1) Distribution volumes represent the portion of Origination volumes distributed or to be distributed to third-party investors F&A: profitable, resilient and capital-efficient franchise EXPAND OUR GLOBAL FINANCING FRANCHISE CAPTURE INVESTMENT BANKING UPSIDE STRENGTHEN TRANSACTION AND PAYMENT SERVICES Well-positioned to further increase our market share Build on sector expertise and strong client franchise to grow Investment Banking Accelerate growth leveraging our strong corporates client franchise Strong origination and distribution momentum ~160 2025 ~90 ~140 2024 ~70 ~200 2029 ~120 ~100 2023 ~40 Origination (EURbn) Distribution(1) (EURbn) ~60 2025 ~90 2029 ~+10% CAGR Strong deposit growth (EURbn) ▪ Scale sector expertise ▪ Deepen sponsor coverage ▪ Strengthen presence worldwide with a focus on the US Targeted investments in client-facing teams Bernstein’s unique expertise Strong momentum in US ECM~130 analysts ~1,900 clients (AM) Top 8 EMEA Top 10 US
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CAPITAL MARKETS DAY| 21 September 2026 51 F&A: disciplined underwriting (1) Exposure At Default, (2) As reported in Q2 26 results publication HIGH SECTOR DIVERSIFICATION CONTROLLED EXPOSURE TO PRIVATE CREDIT AND SOFTWARE PROVEN TRACK-RECORD IN RISK MANAGEMENT THROUGH THE CYCLE Global Banking & Advisory cost of risk (in bps) F&A EAD(1) at end of H1 26 (in %) 71% 21% 8% 59%18% 12% 11% 5 19 83 7 33 5 11 23 5 21 2018 2019 2020 2021 2022 2023 2024 2025 H1 26 Cost of risk (in basis points) Average cost of risk (bps) Collateralised leveraged loans financing Business Development Companies Capital call financing Computer programming Data centres IT consulting Application software publishing EaD(2) EUR 14bn EaD(2) EUR 13bn Private Credit Data Centres, IT Consulting and Software 0.3% 1% 1% 1% 1% 2% 2% 2% 3% 4% 4% 4% 5% 6% 7% 8% 8% 11% 32% Hotels, restaurants, tourism Conglomerates Others Construction Retail trade Pharmaceuticals and health Agriculture & food industry Automotive Land transport & logistics Shipping & cruise Manufacturing industries Aviation & defence Heavy industry & mining B2B and B2C services Oil & Gas Real estate Telecom, media and technology Utilities Financial Services
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CAPITAL MARKETS DAY| 21 September 2026 52 2029 GBIS financial targets GBIS <60% in 2029 C/I RATIO 6.0-6.5 through the cycle REVENUES (EURbn) 3%-5% CAGR 2026e-2029 REVENUE GROWTH GLOBAL MARKETS F&A
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CAPITAL MARKETS DAY| 21 September 2026 53 Mobility, International Retail Banking and Financial Services (MIBS)
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CAPITAL MARKETS DAY| 21 September 2026 54 MIBS: strengths HIGH-VALUE FRANCHISES REVENUE MIX ▪ >9m clients ▪ Ayvens #1 Global multi-brand mobility player ▪ KB #3 in Czech Republic ▪ BRD Among the leaders in Romania Leading and profitable franchises Diversified revenues Top-tier lenders EUR 8bn 2025 NBI LOANS OUTSTANDING 38% 27% 17% 8% 10% EUR 139bn H1 26 Loans 46% 42% 12% International Retail Banking Consumer Finance Ayvens Ayvens Consumer Finance Czech Republic Romania Africa & others
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CAPITAL MARKETS DAY| 21 September 2026 55 MIBS: strong achievements HIGH PROFITABILITY ▪ Strict business portfolio management ▪ Sound loan growth in International Retail Banking +5% CAGR 2023-2025 ▪ Higher margins in Ayvens and recovery in Consumer Finance ▪ Strong MIBS profitability 14% average RONE 2023-2025 WELL ON TRACK TO REACH 2026 TARGETS C/I ratio 52.8% in H1 26 C/I ratio <55% in 2026 REALISED 2026 TARGETS
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CAPITAL MARKETS DAY| 21 September 2026 56 MIBS: strategy 2029 2029 TARGET C/I ratio <47% in 2029 IMPROVE PROFITABILITY ▪ Optimise efficiency through digitalisation and AI ▪ International Retail Banking (IRB) Grow consistently in our markets ▪ Ayvens Focus on selected growth segments and high margin resiliency ▪ Consumer Finance Maintain rigorous underwriting to deliver strong risk-adjusted returns Efficiency Growth
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CAPITAL MARKETS DAY| 21 September 2026 57(1) At constant perimeter IRB: disciplined market share gains in high growth markets KB BRD AFRICA & OTHERS Continue to deliver accretive profitability Drive sustainable efficiency gains Deliver higher and sustainable profitability Loans and deposits outstanding (in EURbn) Loans and deposits outstanding (in EURbn) Loans and deposits outstanding(1) (in EURbn) 33 34 33 37 3838 41 41 45 47 2022 2023 2024 2025 H1 26 Loans Deposits 8 9 10 11 1112 13 14 15 14 2022 2023 2024 2025 H1 26 Loans Deposits 13 14 14 14 1415 15 16 16 17 2022 2023 2024 2025 H1 26 Loans Deposits ▪ Profitable growth market ▪ Strengthen leadership in corporates. Renewed market share gains in retail ▪ Improve efficiency through AI and optimise set-up ▪ Profitable growth market ▪ Consolidating market position while maintaining strong risk discipline ▪ Scale digital channels ▪ Trusted local partner for clients ▪ Continued restructuring to enhance profitability ▪ Maintain superior risk discipline
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CAPITAL MARKETS DAY| 21 September 2026 58 ▪ Efficient business model with restored margins - C/I ratio 41% in H1 26 ▪ Expanded partnerships portfolio Consumer Finance: focused and efficient (1) In % of loans, (2) #4 among largest consumer finance specialists, (3) CGI #1 in France, BDK #3 in Germany and Fiditalia #4 in Italy, (4) of which 72% in used cars, (5) of which 67% in e-commerce FOCUSED FOOTPRINT BUSINESS OVERVIEW STRATEGY 2029 ▪ Deliver attractive risk-adjusted margins ▪ Accelerate digital transformation ▪ Maintain leading profitability levels ▪ Loan geographic mix(1) #4 in Europe(2) ▪ Leader in top 3 Eurozone economies(3) in independent car finance 37% 39% 3% 21% 61%22% 12% 5 % Points of sale(5) Car Finance(4) Personal loans Boat Finance EUR 23bn H1 26 Loans
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CAPITAL MARKETS DAY| 21 September 2026 59(1) As reported in Ayvens financial communication Ayvens: global industry leader C/I ratio(1) 52.1% in H1 26 C/I ratio(1) ~52% in 2026 ROTE(1) 14.1% in H1 26 ROTE(1) 13%-15% in 2026 Gross synergies(1) EUR 222m H1 26 WELL ON TRACK TO REACH 2026 FINANCIAL TARGETS REALISED 2026 TARGETS Gross synergies(1) EUR 440m in 2026 PROVEN COMPETITIVE EDGE STRONG ACHIEVEMENTS ▪ #1 global multi-brand 3.1m fleet ▪ Diversified product range and geographicmix with presence in 40 countries ▪ Superior margins ▪ Scalable business ▪ Best positioned to navigate a transforming mobility market ▪ Successful integration of Leaseplan ▪ Disciplined delivery of the financial roadmap ▪ Navigated well the material disruptions in the car industry ▪ Shifted focus from volume growth to profitability and risk management ▪ Benefited from becoming a regulated Financial Institution
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CAPITAL MARKETS DAY| 21 September 2026 60(1) As per Ayvens updated methodology, corresponding 2026 figure at ~53%, (2) As reported in Ayvens financial communication Ayvens: strategy 2029 C/I ratio(1) ~49% in 2029 ROTE(2) 14-16% in 2029 2029 TARGETS GROW SELECTIVELY REDUCE COSTS PREPARE FOR FUTURE OPPORTUNITIES ▪ Differentiated growth strategies across geographies ▪ Grow in the retail segment ▪ Increase LCV share and upgrade footprint ▪ Upsell by scaling up services offer (insurance, EV charging) ▪ Shape the used car lease market ▪ Connected, software defined & AI-enabled vehicles ▪ Lead the shift to autonomous vehicles value chain ▪ Simplify and standardise processes ▪ Disciplined IT investment focused on value creation ▪ Automate labor-intensive processes ▪ Optimise cost to serve on vehicles operations Relentless focus on value creation, balancing profitability and selective growth
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CAPITAL MARKETS DAY| 21 September 2026 61 2029 MIBS financial targets (1) As per Ayvens updated methodology, corresponding 2026 figure at ~53%, (2) As reported in Ayvens financial communication MIBS <47% in 2029 C/I RATIO ~49% in 2029 C/I RATIO(1) 14-16% in 2029 ROTE(2) AYVENS
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CAPITAL MARKETS DAY| 21 September 2026 62 08 Financials
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CAPITAL MARKETS DAY| 21 September 2026 63 INFLATION RATE (%) EURIBOR, SOFR (%) GDP GROWTH (%) 10yr GOVERNMENT BOND RATE (%) EUR/USD RATE 2.7% 2.8% 2.8% 2.9% 1.0% 0.8% 1.1% 1.4% 0.3% 0.7% 1.1% 1.9% 1.7% 1.8% 2.0% 2026 2027 2028 2029 Global Eurozone France US Main macroeconomic and rates assumptions 2.8% 2.1% 1.9%2.6% 1.7% 1.7% 1.9% 3.4% 2.2% 2.6% 2.7% Current 2027 2028 2029 Eurozone France US (1) 3.5% 3.3% 3.5% 3.5% 4.5% 4.3% 4.3% 4.3% 5.0% 4.8% 5.0% 5.0% Current 2027 2028 2029 Germany France US (1) 2.6% 2.5% 2.5% 2.7% 3.0% 2.5% 2.5% 2.7% 3.9% 3.9% 3.9% 3.9% Current 2027 2028 2029 E3M E6M SOFR (1) 1.15 1.15 1.15 1.15 Current 2027 2028 2029 EUR/USD (1) (1) As of 18/09/2026
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CAPITAL MARKETS DAY| 21 September 2026 64 Drivers of revenue growth MAIN DRIVERS OF REVENUE EVOLUTION (in EURbn) Balanced revenue growth: ~+3% CAGR in 2026e-2029 2026E-2029 REVENUE EVOLUTION (in EURbn) CAGR 2026e-2029: ~+3% ~28 ~28 CAGR 2026e-2029: ~+3% 2026e RPBI GBIS 2029MIBS 2026e 2027 2028 2029
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CAPITAL MARKETS DAY| 21 September 2026 65 RPBI Net Interest Income: gradual progression ahead (1) Depending on client type, (2) Period-end volumes at constant perimeter. Business Customers including SMEs, self-employed professionals, local authorities, corporates, Non-Profit Organisations, including foreign currency loans, (3) Period-end volumes at constant perimeter. Term deposits - Including deposits from Financial Institutions and medium-term notes, and incl. French networks corporate deposits KEY DRIVERS 2026 – 2029 ▪ Interest rates base case 2029 ~2.7% Euribor 3 month / ~4.3% OAT 10 year ▪ Deposit growth +1.0-2.0% - CAGR ▪ Deposit mix Staying broadly stable with peak share of term and regulated deposits over total deposits ▪ Average maturity of non-remunerated deposits 5 to 8 years(1) ▪ Rates sensitivity: +/-100bps parallel shift EUR +/-10m NII in year 1 ▪ Volume sensitivity: EUR +/-1bn sight deposits EUR ~+/-25m NII in year 1 NII driven by back-book deposits replacement renewal and volume dynamics Loan book (2) Stable mix Selective origination focused on profitability improvement Deposits (3) Mix stabilised since 2024 50% 52% 8% 6% 42% 42% 240 221 2022 H1 26 Business Customers and FI Consumer and Overdraft Housing 2026 2029 13% 20%15% 20%19% 17% 54% 43% 295 286 2022 H1 26 Sight deposits Passbook & PEL Regulated savings schemes Term deposits Loan to deposit (%) 77%81%
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CAPITAL MARKETS DAY| 21 September 2026 66 BoursoBank: Accounting of client acquisition costs FROM IMMEDIATE EXPENSE ACCOUNTING TO CAPITALISATION Acquisition costs 100% expensed upon payment Amortisation of the newly created Client Acquisition Asset Amortisation period From H2 26 7 years RWA 100% Client Acquisition Asset Capitalisation of acquisition costs An accurate reflection of customer value creation over time IFRS 15 >15 years of reliable customer data and profitability analysis
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CAPITAL MARKETS DAY| 21 September 2026 67(1) Transformation charges (cost to achieve), (2) 2022 PF total costs are 2022 reported costs adjusted for perimeter impact and inflation Drivers of cost reduction ~-2% cost reduction over 2026e-2029 or -EUR 1.9bn gross savings mostly front-loaded MAIN DRIVERS OF TOTAL COST EVOLUTION (in EURbn) 2022 PF-2029 TOTAL COST EVOLUTION (in EURbn) ~-2% ~16.6 <16.3 Inflation & investments Gross savings ~-19% ~16.6 ~20 2022 PF(2) <16.3 2026e 2027 2028 20292026e 2029 EUR 1.9bn gross savings with no CTA(1)
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CAPITAL MARKETS DAY| 21 September 2026 68 Operating performance improvement A strong improvement in operating performance with a C/I ratio target <55% in 2029 ~+25% <60% <55% ~11 2026 Target Inflation & investments Gross savings Organic growth MAIN DRIVERS OF GOI EVOLUTION (in EURbn) MAIN DRIVERS OF C/I RATIO EVOLUTION (in %) RPBI GBIS MIBS Other2026e 2029 2029
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CAPITAL MARKETS DAY| 21 September 2026 69 2029 C/I ratio targets at business level RPBI GBIS MIBS <60% 2026 <55% 2029 <65% 2026 <60% 2029 <55% 2026 <47% 2029 C/I ratio targets significantly improve in all three pillars
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CAPITAL MARKETS DAY| 21 September 2026 70(1) Excluding IFRS 17 restatement, neutral in gross operating income, (2) Based on 2026 consensus Increase Business Units ownership REDUCE THE CORPORATE CENTRE DRAG2023-2026 ACHIEVEMENTS NEXT STEPS ▪ Business transformation costs fully allocated to them ▪ Improvement of management of excess liquidity ▪ Improvement of liquidity steering with the businesses ▪ From now on, overhead and regulatory costs allocated to businesses: ~75% of Corporate Centre cost base(1) in 2026e(2) ▪ Reduce structural complexity while enhancing accountability Difference between Group ROTE and business RONE 2016-2022 average 2023-2026e(2) average 2029 <-3pp ~-4.5pp ~-6pp 2029 ROTE vs. business RONE <-3pp
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CAPITAL MARKETS DAY| 21 September 2026 71 (1) Main peers: Barclays, BNP Paribas, Credit Agricole SA and Deutsche Bank, (2) Weighted average peers: Barclays, BBVA, BNP Paribas, Credit Agricole SA, Deutsche Bank, ING, Intesa Sanpaolo, Santander, UBS and UniCredit Disciplined low-risk growth 2029 TARGETSTRONG ASSET QUALITY AND LOSS ABSORPTION CAPACITY Cost of risk 25-30bps through the cycle Average cost of risk 2023-H1 26 (in bps) Main Peers(1) SG 23 39 Total H1 26 S1/S2 provisions over 2025 cost of risk Weighted average Peers(2) SG 2.0x 1.1x 2025 pre-provision profit over cost of risk Weighted average Peers(2) SG 6.7x 5.2x
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CAPITAL MARKETS DAY| 21 September 2026 72 Sustainable improvement in profitability Linear improvement of ROTE towards the target of 13-14% in 2029 ~11% 13-14% MAIN DRIVERS OF ROTE EVOLUTION (in %) 2026E-2029 ROTE EVOLUTION (in %) ~11% 13-14% 2026e RPBI GBIS 2029MIBS Other 2026e 2027 2028 2029
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CAPITAL MARKETS DAY| 21 September 2026 73 (1) Based on the reported Group net income restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, (2) Dividend per share, (3) Based on the ordinary distribution mix and excluding extraordinary distribution, (4) Including the interim dividend of EUR 0.75 per share announced on 30/07/2026, (5) Including EUR 1.5bn of extraordinary distribution announced on 30/07/2026, (6) Including potential ordinary and extraordinary distributions, (7) SG’s market capitalisation as of 18/09/2026 Significant shareholder value ahead = ORDINARY DISTRIBUTION ▪ Payout ratio 50%(1) ▪ DPS(2) CAGR 2026e-2029(3): low-to-mid teens growth ▪ Balanced mix between cash dividend and share buy-back ▪ Interim dividend to be announced each year during Q2 results EXTRAORDINARY DISTRIBUTION ▪ Excess capital threshold: CET1 ratio >13% ▪ Absent M&A opportunity, excess capital allocated to extraordinary distribution ▪ Extraordinary distribution (if any) to be announced once a year during Q2 results >EUR 13bn Cumulative ordinary distribution expected between 2026e and 2029 ~EUR 8bn Excess capital expected between 2026e and 2029 (4) (5) Total potential distribution(6) 2026e-2029 >EUR 21bn Total potential distribution(6) 2026e-2029 ~39% of SG’s market cap.(7) Avg. total potential distribution(6) payout(1) ~80% over 2026e-2029 TOTAL POTENTIAL DISTRIBUTION(6)
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CAPITAL MARKETS DAY| 21 September 2026 74 09 ESG
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CAPITAL MARKETS DAY| 21 September 2026 75 ▪ Positioning across the segments of the energy transition: ▪ Deploying cross-sector expertise to scale emerging solutions and position as an early mover ▪ Financing innovation and emerging leaders of the transition(4) ▪ Delivering on our EUR 500bn sustainable finance target(5), >EUR 200bn achieved at H1 26 PROGRESSING CONCRETELY ON DECARBONISATION ▪ Strong progress on fossil fuel and power generation targets reshaping the financing portfolio energy mix: ▪ Progressing on 2030 portfolio alignment targets while preparing 2035 alignment ambitions (1) Announcement of new upstream oil and gas exposure target -80% by 2030 vs. 2019, (2) Includes renewable energies and nuclear (3) Includes thermal coal, upstream oil and gas and gas-to-power, (4) Including hydrogen, wind & solar energy, energy storage & efficiency, e-saf & e-methanol, (5) 2024-2030 Sustainability: creating and preserving value Low carbon production of energy (2) Fossil-based energies(3) GROWING BUSINESS OPPORTUNITIES 0 5,000 10,000 15,000 20,000 25,000 30,000 2019 2020 2021 2022 2023 2024 2025 CMD 2023(1) Commitmentsin EURm 81% 19% 43% 57% 2019 2025 Energy Industry and transport Carbon capture Best Bank for Sustainable Infrastructure & Project Finance Global Finance 2023, 2024, 2025, 2026
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CAPITAL MARKETS DAY| 21 September 2026 76 (1) World Economic Forum 2025 report (2) Under a 2°C scenario at 2050, source McKinsey, 2025 Advancing Adaptation report (3) UN Global, Restoration Finance report, needs increasing from 2022 levels of USD 64bn to USD 296bn by 2030, (4) Equity and debt investment achieved through a different equity/debt mix to initial announcement, (5) New debt and equity ambition, September 2026-2029, supporting Nature and Emerging Leaders of both the climate transition and adaptation Capturing new opportunities in nature and climate adaptation RISING NEEDS OUR SOLUTIONS ▪ Investments for global water infrastructure estimated at USD 13.2tn by 2040(1) ▪ Adaptation finance needs rising to USD 1.2tn per year by 2040(2) ▪ Nature restoration finance to quadruple by 2030(3) ▪ Secure supply chains as climate shocks intensify ▪ Financing and engineering expertise ▪ Strategic project advisory ▪ Nature-based solutions ▪ Blended finance solutions EARLY-STAGE INNOVATION Transition Investment 2023-2026(4) EUR 1bn REALISED 2029 AMBITION Nature and Emerging Leaders(5) EUR 1.5bn
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CAPITAL MARKETS DAY| 21 September 2026 77 Positive social impact (1) Top 250 positions or Group Leaders Circle is made up of the members of the Executive Committee, the Management Committee and the other Key Group Positions, (2) Group Employee Share Ownership Programme, (3) Annual budget from EUR 11m to EUR 17m SUPPORT OUR TEAMS’ PERFORMANCE MANAGE TRANSFORMATION RESPONSIBLY ▪ 35% of women in senior leadership positions(1) at Group level and 40% in France by 2029 ▪ Accelerate talents’ visibility and leadership development: ~2,000 talents to join Group leadership training by 2029 ▪ Share the Group’s success through GESOP(2) every year for the 2026-2029 period ▪ Shaping workforce reduction responsibly through natural attrition ▪ 15 disposals since 2023, respectful of clients, teams and all stakeholders ▪ Consistent focus on ESG INCREASE PHILANTHROPIC CONTRIBUTION ▪ +50% increase in SG Foundation budget(3) ▪ Philanthropic initiatives across Education, Culture, Environment ▪ Commitment to support financial literacy
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CAPITAL MARKETS DAY| 21 September 2026 78 (1) In accordance with the AFEP-MEDEF Code, the two directors representing employees and the director representing employee shareholders are excluded from the calculation (2) In accordance with French legislation, the two Directors representing the employees are excluded from the calculation (3) 2026 PRB Individual Progress Report on Societe Generale (4) Top 9%, Top 12%, Top 13% in corporate governance scores among 3 leading extra-financial rating agencies as at the latest annual review Strong governance A BOARD BUILT FOR PERFORMANCE ▪ Highly independent and effective Board oversight: 91% independence(1), separation of Chair / CEO roles since 2015 ▪ Diverse and complementary expertise: 46% women(2), 8 nationalities, highly diversified skills ▪ Continuous Board development: 12 training sessions in 2025 and annual Director assessments ▪ The ESG strategy is defined by General Management, approved by the Board of Directors, and implemented across the Group through its businesses, functions and processes ▪ Scientific Advisory Council advising management on long-term trends ▪ Responsible Commitments Committee, chaired by the Deputy CEO SUSTAINABILITY EMBEDDED ACROSS GOVERNANCE ▪ UN Principles for Responsible Banking: Governance a clear strength, supported by strong Board and executive oversight(3) ▪ Consistently strong governance ratings from extra-financial agencies(4) EXTERNAL RECOGNITION
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CAPITAL MARKETS DAY| 21 September 2026 79 10 Conclusion
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CAPITAL MARKETS DAY| 21 September 2026 80 2029 Group financial targets (1) Based on our macroeconomic scenario of a EUR/USD of 1.15, (2) Based on the reported Group net income restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes <EUR 16.3bn in 2029 COSTS(1) REVENUES <55% in 2029 C/I RATIO 25-30bps through the cycle COST OF RISK 13-14% in 2029 ROTE 50% PAYOUT RATIO(2) >13% CET1 RATIO ~+3% CAGR 2026e-2029 ~-2% vs. 2026e
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CAPITAL MARKETS DAY| 21 September 2026 81 Building 2030 and beyond from now on EFFICIENT CAPITAL ALLOCATION ACCRETIVE FRANCHISES GROWTH DISCIPLINED COST MANAGEMENT STEADY IMPACT OF FRENCH RETAIL TRANSFORMATION = ROTE >15% in 2030 and beyond
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CAPITAL MARKETS DAY| 21 September 2026 82 Disclaimer This presentation and the attached press release, together with any materials made available to analysts or investors, any webcast or archived recording or transcript thereof, (together, the "Documentation"), which are or may be made available on https://investors.societegenerale.com/en, as well as any oral statements made in connection with the Capital Markets Day, including during any question-and-answer session, contain or may contain forward-looking statements relating to the targets and strategies of the Societe Generale Group. These forward-looking statements are based on a series of assumptions, both general and specific, including regulatory assumptions, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of prudential regulations in force as at the date of the Documentation. These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive, regulatory, political and geopolitical environment. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory, prudential, political and geopolitical changes, and the success of Societe Generale’s business, strategic, operating and financial initiatives. Actual results may also be affected by changes in regulatory capital, liquidity, resolution or supervisory requirements applicable to the Group. The Group may be unable to anticipate all the risks, uncertainties, contingencies or other factors likely to affect its business and to appraise their potential consequences, or to evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in the Documentation. Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks, uncertainties and contingencies arising, in particular, from a changing economic, financial, competitive, regulatory, political and geopolitical environment, including armed conflicts, international tensions, trade restrictions and political or fiscal instability in countries in which the Group operates. Such risks, uncertainties and contingencies may include matters of which the Group or its management are not yet aware or currently deem immaterial, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Investors are advised to take into account the factors of uncertainty and risk likely to affect the operations of the Group when considering the information contained in such forward-looking statements and not to place undue reliance on such statements as predictions of actual results. Any targets, objectives, ambitions, outlooks, estimates or other forward- looking financial information included in the Documentation are based on assumptions and judgments considered reasonable as at the date on which they are made. They do not constitute guarantees of future performance and remain subject to the risks, uncertainties and contingencies described in the Documentation and in Societe Generale’s Universal Registration Document, as amended. Other than as required by applicable law, Societe Generale undertakes no obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise. Certain financial indicators included in this presentation constitute Alternative Performance Measures (“APMs”), referred to as alternative performance indicators in Societe Generale’s Universal Registration Document. Such APMs are not defined by IFRS and should be considered together with, and not as a substitute for, IFRS measures. Societe Generale uses these indicators to monitor and assess the Group’s financial and operating performance and considers that they provide useful additional information for understanding such performance. Their definitions and calculation methodologies are provided in Section 2.3.6, “Definitions and methodology, alternative performance indicators”, of Societe Generale’s 2026 Universal Registration Document, as amended and, where applicable, in the methodological notes included in or published in connection with this presentation. Reconciliations to the most directly reconcilable IFRS measures are provided where required and applicable. The principles governing the presentation of prudential ratios are set out separately in the Universal Registration Document and, where applicable, in the methodological notes included in or published in connection with this presentation. For a detailed description of the potential risk factors that could affect Societe Generale’s business activities, financial condition and results of operations, please refer to the “Risk Factors” section of Societe Generale’s 2026 Universal Registration Document filed with the French Autorité des Marchés Financiers (“AMF”) on 13 March 2026 under number D.26-0091, as amended, most recently by the second amendment filed with the AMF on 31 July 2026 under number D-26-0091-A02. These documents are available on Societe Generale’s website. Sustainability-related information, including environmental, social and governance (“ESG”) and climate-related information, may be based on estimates, assumptions, judgments, evolving methodologies and data obtained from internal or third-party sources. Such methodologies and data may evolve over time, in particular as a result of regulatory developments, improvements in data availability or changes in market practices. Accordingly, such information may not be directly comparable over time, across reporting periods or with information published by other institutions. Further information on the Group’s sustainability- related disclosures and ESG risks is available in the “Sustainability Statement” and “Risk Factors” sections of Societe Generale’s Universal Registration Document, as amended. This presentation includes 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, including publications, surveys, forecasts and market, industry or sustainability data providers, as well as from our own internal estimates. Societe Generale has not independently verified these third-party sources and cannot guarantee their accuracy, truthfulness, precision or completeness. In addition, our internal surveys and estimates have not been verified by independent experts or other independent sources. Unless otherwise specified in the Documentation, the sources for business rankings and market positions are internal. Unless otherwise indicated, the financial information and figures included in this presentation have not been audited. Where financial information has been extracted from audited financial statements or financial statements subject to a limited review, its status is that specified in the relevant published financial statements or reports. 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, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in the Documentation, except as required by applicable law. Neither Societe Generale nor its representatives may be held liable for any error, omission or inaccuracy or for any consequences arising from reliance placed on, or use of, the Documentation or any document or information referred to therein, except to the extent that such liability cannot be excluded or limited under applicable law. The Documentation is provided for information purposes only and does not constitute, and should not be construed as, an offer to sell or a solicitation of an offer to purchase or subscribe for any Societe Generale shares or any other securities, financial instruments or financial contracts issued by, or relating to, Societe Generale, or any investment advice or recommendation in relation to any such securities, financial instruments or financial contracts.