Bpce: Groupe BPCE Results Q4-25 & 2025

Paris, February 3, 2026

Record levels of revenues and net income in 2025
• Revenues of €25.7bn, +10% •
• Net income¹ of €4.1bn, +15% •

¹ Group share ² Underlying cost/income ratio ³ Estimated at end-December 2025 ⁴ Average LCR at the end of Q4-25 ⁵ Kantar Study ⁶ Given by Challenges Magazine
⁷ On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit ⁸ Excluding the reinsurance treaty with CNP Assurances
See the notes on methodology annexed to this press release

Nicolas Namias, Chairman of the Management Board of BPCE, said: “In 2025, Groupe BPCE delivered an excellent performance across all its banking, insurance, and asset management business lines while simultaneously pursuing the effective implementation of its Vision 2030 strategic project.

We have achieved our best results since BPCE was created in 2009, with net banking income of 25.7 billion euros and net income up 15% at 4.1 billion euros. The improvement in the cost/income ratio reflects very tight cost control, and our financial strength was confirmed by a CET1 ratio of 16.5%. The results for the 4^th quarter of the year confirmed this excellent momentum.

The Banques Populaires and Caisses d’Épargne put up a very fine performance by providing their clients with support closely aligned with their needs and by expanding their clients base. Revenues from retail banking activities enjoyed 16% growth over the year as a whole. It was also a remarkable year for the global business lines of Natixis CIB, with quarterly revenues consistently exceeding 1 billion euros, and for the global activities of Natixis IM, which achieved annual inflows of more than 40 billion euros for the 2^nd year in a row.

With the well-paced execution of the Vision 2030 strategic plan, we are expanding our activities in three widening areas: in France, with our plans to set up a shared technology platform for the Banques Populaires and Caisses d’Epargne, with the launch of the first pilot bank operations in October last year; in Europe, where we are now rolling out the expertise of BPCE Equipment Solutions and preparing for the integration of novobanco in Portugal, due to be completed in the 2^nd quarter of this year; and globally, with the development of Natixis CIB in Japan and the strengthening of Natixis IM’s distribution activities in the United States.

Thanks to the active commitment of our 100,000 employees, to whom I would like to extend my warmest thanks for this remarkable year, we are giving full expression to our cooperative business model dedicated to providing our customers with local banking services and supporting the group’s development in favor of European economic and financial sovereignty.”

The quarterly financial statements of Groupe BPCE for the period ended December 31, 2025, approved by the Management Board on February 2, 2026, were verified and reviewed by the Supervisory Board at a meeting chaired by Eric Fougère convened on February 3, 2026.

2024 figures have been restated on a pro-forma basis (see the annex for the reconciliation of reported data to pro-forma data).

Groupe BPCE

1. Groupe BPCE

Unless specified to the contrary, the financial data and related comments refer to reported results of the group and business lines. Changes express differences between Q4-25 and Q4-24 and between full-year 2025 and full-year 2024.

Groupe BPCE’s net banking income grew by 11% in Q4-25 to reach a total of 6,693 million euros and rose by 10% in full-year 2025 to stand at 25,722 million euros driven by dynamic commercial activity across all the group’s business lines.

Revenues for the Retail Banking & Insurance (RB&I) business unit came to 4,729 million euros, up 16% year-on-year in Q4-25, and stood at 17,502 million euros, up 14% year-on-year in 2025.

• The Banques Populaires and Caisses d’Epargne achieved a strong commercial performance, attracting close to 820,000 new customers across all markets. New loan production generated by the retail banking networks came to 102 billion euros, up 20%. On-balance sheet deposits & savings increased by 14 billion euros year-on-year.

• The Financial Solutions & Expertise business unit recorded a good level of activity across all its business lines with, in particular, 82% growth in receivables arising from leasing activities (BPCE Lease and BPCE ES).
• The Insurance business unit posted record-breaking premium income of more than 20 billion euros.
• The Digital & Payments business unit recorded +52% growth in underlying income before tax³ in full-year 2025 thanks to improved margins.

The Global Financial Services business unit posted 4% growth in revenues in Q4-25, to 2,141 million euros, and a 5% increase in full-year 2025, to 8,357 million euros. Revenue growth at constant rates of exchange was identical for both periods: +7%.

• Corporate & Investment Banking put up a strong performance across all business lines, notably thanks to the commercial dynamism of Global Markets (+15% revenue growth in 2025 year-on-year).
• Assets under management⁴ entrusted to the Asset & Wealth Management business unit stood at 1,323 billion euros. Net inflows reached a record level for the second year in succession at 40 billion euros in 2025, including 17 billion euros in Q4-25.

The net interest margin stood at 9.7 billion euros in 2025, up 28% year-on-year. Commission earnings rose 2% year-on-year to 11.3 billion euros in 2025.

Operating expenses rose 7% year-on-year to reach 4,471 million euros in Q4-25. In full-year 2025, they increased by 6% year-on-year to 17,290 million euros.

The underlying cost/income ratio⁵ saw substantial improvement in both Q4-25 and 2025, reaching 64.8% (-3.0pp) and 65.6% (-3.8pp), respectively.

Gross operating income came to 2,222 million euros in Q4-25 and 8,433 million euros in 2025, up 19% year-on-year in Q4-25 and up 22% in full-year 2025.

Groupe BPCE’s cost of risk stood at 30bps in Q4-25, representing -669 million euros (+12% year-on-year), and came to 28bps in 2025, equal to -2,465 million euros, up 20% on a year-on-year basis.

Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

⁽¹⁾   The cost of risk is expressed in annualized basis points on gross client outstandings at the beginning of the period

For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds to:

• For the quarter, a reversal of 25 million euros in Q4-25 vs. a reversal of 31 million euros in Q4-24,
• For the full-year period, a reversal of 62 million euros in 2025 vs. a reversal of 177 million euros in 2024.

The amount of provisions for loans with proven risk, rated ‘Stage 3,’ corresponds to:

• For the quarter, a provision of 694 million euros in Q4-25 vs. a provision of 627 million euros in Q4-24,
• For the full-year period, a provision of 2,527 million euros in 2025 vs. a provision of 2,238 million euros in 2024.

In Q4-25, the cost of risk stood at 30bps of gross customer loan outstandings for Groupe BPCE, compared with 28bps in Q4-24. This includes a 1bp reversal of provisions for performing loans in Q4-25 vs. a 1bp reversal in Q4-24 and a 31bp allocation to provisions for loans with a proven risk in Q4-25 vs. a 29bp allocation to provisions in Q4-24.
In Q4-25, the cost of risk for the Retail Banking & Insurance business unit stood at 33bps, including a 2bp reversal of provisions for performing loans (vs. a 1bp allocation to provisions in Q4-24) and a 35bp allocation to provisions for loans with a proven risk vs. a 30bp provision in Q4-24.
The cost of risk for the Corporate & Investment Banking business unit stood at 29bps, vs. 55bps in Q4-24, including a 12bp provision for performing loans (vs. a 13bp reversal in Q4-24) and a 17bp allocation to provisions for loans with a proven risk (vs. a provision of 67bps in Q4-24).

In 2025, the cost of risk stood at 28bps of gross customer loan outstandings for Groupe BPCE (24bps in 2024). This includes a 1bp reversal of provisions for performing loans (vs. a 2bp reversal in 2024) and an allocation to provisions for loans with a proven risk of 29bps (vs. an allocation to provisions of 26bps in 2024).
The cost of risk stands at 29bps for the Retail Banking & Insurance business unit (24bps in 2024), including a 2bp reversal of provisions for performing loans (vs. a 2bp reversal in 2024) and a 30bp allocation to provisions for loans with a proven risk (vs. a 26bp allocation to provisions in 2024).
The cost of risk for the Corporate & Investment Banking business unit stood at 30bps (40bps in 2024), including a 4bp allocation to provisions for performing loans (vs. a 6bp reversal in 2024) and a 26bp allocation to provisions for loans with a proven risk (vs. a 46bp allocation in 2024).

The ratio of non-performing loans to gross loan outstandings stood at 2.7% at December 31, 2025, up 0.2pp compared to the ratio at end-December 2024.

Reported net income (Group share) stood at 1,104 million euros in Q4-25, up 21% year-on-year. The exceptional surcharge came to -39 million euros in Q4-25.

In 2025, published net income (Group share) amounted to 4,061 million euros, up 15% year-on-year. The exceptional surcharge stood at -177 million euros in 2025.

1. 2025: A year of strategic execution for Groupe BPCE in France, Europe, and around the world

In France, growth momentum is continuing with transformative projects and partnerships designed to support the group’s competitive edge:

• Transformative projects:
  • Plan to set up a shared technology platform for the Banques Populaires and Caisses d’Epargne. This plan will generate economies of scale and accelerate future commercial development. Work in the pilot bank began as planned in October 2025 and should be completed by 2028.
  • Development of the use of transformative AI with the widespread adoption of MAIA, the in-house generative AI system, by more than 50% of our employees in 2025.
  • Groupe BPCE ranks 25^th in the Evident AI ranking, up 15 places (best progress in the panel covered in the ranking).
• Partnerships:
  • Creation of BPCE Partenaire Conseil: a new advisory structure dedicated to SMEs, mid-sized companies, and institutional clients, aimed at supporting them as they confront their own development, adaptation, and transformation challenges.
  • Banques Populaires and Caisses d’Epargne are the first French banks to sign an agreement with the European Investment Bank to support small- and medium-sized companies working in the defense industry.

In Europe, the group is expanding its presence with major projects designed to support the development of its European footprint:

• Retail Banking:
  • Planned acquisition of novobanco, with a view to making Portugal BPCE’s second-largest domestic market in retail banking; in 9M-25, novobanco generated net income worth a total of 611 million euros.

• Financial Services:
  • With the creation of BPCE Equipment Solutions, BPCE becomes the European leader in equipment leasing.

• Payments:
  • Strategic partnership in payments with BNP Paribas resulting in the creation of Estreem with a view to making this platform one of the top three payment processors in Europe with 17 billion payment transactions expected in 2029.

Internationally, new initiatives to reinforce our global positions:

• In July 2025, Natixis CIB obtained a banking license in Japan to pursue its expansion in the APAC region.
• Natixis Investment Managers entered into a new strategic partnership with Edward Jones, one of the leading US financial advisory firms with more than 20,000 financial advisors responsible for managing assets worth more than 2 trillion US dollars on behalf of more than 9 million clients across North America.

1. Groupe BPCE is delivering its Impact ambitions

Pursuing its commitments:

• Acting in favor of Nature with:
  • The publication of its 1^st Climate & Biodiversity report on our actions, showcasing the collective mobilization of Groupe BPCE companies and business lines to make impact accessible to all, and
• By speeding up the decarbonization of our financing:
  • Decarbonization targets with Net Zero trajectories implemented and piloted across 11 sectors, including the extension of commercial real estate to the BP and CE retail banking networks
• By addressing geopolitical and sovereignty concerns:

Publication of the Defense & Security ESG policy aimed at supporting sovereignty issues and ensuring a rigorous management of ESG risks

Accelerating support for transitions:

• Strengthening the energy renovation solutions developed by the BP and CE aimed at supporting the renovation of all private individuals’ homes, representing €1.2m euros in financing in 2025.
• Local advisory services to help BP and CE customers successfully transition their business models: SMEs, mid-sized companies, and entities in local and regional France, representing €4.5m euros in financing in 2025.
• Natixis expertise critical to transition and sustainable investment solutions, with 290 million euros in green revenues and 10% AuM growth in the transitions at the end of September 2025.
• Reduction of the carbon footprints of the asset portfolios of BPCE Assurances, representing a 48% reduction by the end of September 2025.
• Group energy consumption, with 30% of needs covered by a long-term contract for direct supply of renewable energy as of January 1, 2026.

CDP climate extra-financial rating impoved from B in 2024 to A- in 2025.

1. Capital, loss-absorption capacity, liquidity and funding

1.1             CET1 ratio

Groupe BPCE’s CET1 ratio at the end of December 2025 stood at an estimated level of 16.5%, reflecting growth during the quarter. This change can be explained by the following impacts:

• Retained earnings: +24bps,
• Net issue of cooperative shares: +1bp,
• Change in risk-weighted assets: -2bps,
• Change in the allocation to provisions for goodwill, the prudential backstop, and other adjustments: -15bps.

Groupe BPCE generated organic capital creation of 22bps during the quarter.

Groupe BPCE has an estimated buffer of 20.3 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital as at December 2025, while taking account of the prudential requirements laid down by the ECB applicable as of January 2, 2026.

1.2     TLAC ratio⁶
The Total Loss-Absorbing Capacity (TLAC) estimated at end-December 2025 stands at 123.6 billion euros . The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7% at end-December 2025 (without taking account of senior preferred debt for the calculation of this ratio), well above the standard requirements of 22.40%³ laid down by the Financial Stability Board as of January 1, 2026.

1.3     MREL ratio¹

Expressed as a percentage of risk-weighted assets as at December 30, 2025, Groupe BPCE’s subordinated MREL ratio (without taking account of senior preferred debt for the calculation of this ratio) and total MREL ratio stood at 26.7%⁷ and 32.8% respectively, well above the minimum requirements laid down by the SRB on January 1, 2026, of 24.69%⁸ and 27.49%³, respectively.
1.4     Leverage ratio¹

At December 31, 2025, the estimated leverage ratio stood at 5.1%, well above the requirement for this metric.

1.5     Liquidity reserves at a high level

The Liquidity Coverage Ratio (LCR) for Groupe BPCE is well above the regulatory requirement of 100%, standing at an average of 138% of the end-of-month LCRs for the fourth quarter of 2025.
The volume of liquidity reserves stood at 305 billion euros at the end of December 2025.

1.6     MLT refinancing program: 32% of the 2026 program as of January 29, 2026

For 2026, the size of the MLT funding plan, excluding structured private placements and Asset-Backed Securities (ABS), has been set at 22 billion euros, broken down by type of debt as follows:

• 11.0 billion euros in TLAC funding: 2.0 billion euros in Tier 2 and 9.0 billion euros in senior non-preferred debt,
• 2.5 billion euros of senior preferred debt,
• 8.5 billion euros in covered bonds.

The target for ABS is 9 billion euros.

As at January 29, 2026, Groupe BPCE had raised 6.9 billion euros, excluding structured private placements and ABS (32% of the 22 billion euro program):

• 5 billion euros in TLAC funding: 1.4 billion euros in Tier 2 (72% of requirements) and 3.6 billion euros in senior non-preferred debt (40% of requirements),
• 1.9 billion euros in covered bonds (22% of requirements).

ABS issues came to a total of 1.5 billion euros as at January 29, 2026, representing 17% of the annual target.

Solvency, Total loss-absorbing capacity – see notes on methodology

1. Results of the business lines

Unless specified to the contrary, the following financial data and related comments refer to the reported results of the group and its business lines. Changes express differences between Q4-25 and Q4-24 and between 2025 and 2024.

1.7             Retail Banking & Insurance

At the end of December 2025, loan outstandings grew overall by 1% year-on-year to reach 732 billion euros. On a year-on-year basis, outstandings also saw 1% growth for residential mortgages, which rose to a total of 395 billion euros. Outstandings also rose by 3% for equipment loans, reaching a total of 207 billion euros, and rose by 4% for consumer loans to stand at a total of 45 billion euros.

On-balance sheet deposits & savings stood at 707 billion euros at the end of December 2025, up 14 billion euros, with term deposits up 1% year-on-year and regulated and unregulated passbook savings accounts up 3% year-on-year.

Net banking income for the Retail Banking & Insurance business unit rose 16% year-on-year to reach a total of 4,729 million euros in Q4-25 and grew by 14% in full-year 2025 to stand at 17,502 million euros, benefiting from strong momentum in new loan production and deposit activities. This performance includes a 13% increase in revenues for the Banque Populaire retail banking network in Q4-25 and 12% growth in full-year 2025, as well as revenue growth for the Caisse d’Épargne retail banking network equal to 19% in Q4-25 and to 14% in full-year 2025. The net interest margin for both networks rose by 22% in 2025.

The business lines run by the Financial Solutions & Expertise unit enjoyed strong commercial momentum in 2025, particularly in Leasing with BPCE Lease and BPCE ES (x 2.2 year-on-year) and in Consumer Credit (+12% year-on-year). Revenue growth stood at 40% in Q4-25 and 33% in 2025.

In Insurance, revenues increased by 12% in both Q4-25 and full-year 2025. Life insurance assets under management achieved 10% growth in 2025, reaching a total of 124.3 billion euros at the end of December 2025. This growth was driven by positive net inflows in both unit-linked and euro-denominated funds.

The Digital & Payments business unit recorded a 5% increase in revenues in Q4-25 and 7% growth in 2025. Its business was buoyant in 2025 year-on-year, with mobile payments up 31% and instant payments up 92%.

Operating expenses remained well under control, rising by 8% in Q4-25 to 2,694 million euros and by 6% in full-year 2025 to 10,451 million euros, benefiting from a positive jaws effect.

The underlying cost/income ratio³ declined by 4.5pp year-on-year in Q4-25 to stand at 55.9% and was down 4.8pp in
full-year 2025 to 58.8%.

The gross operating income generated by the business unit rose 30% year-on-year in Q4-25 to 2,034 million euros and by 28% in 2025 to stand at 7,051 million euros.

The cost of risk came to -622 million euros in Q4-25, up 12% year-on-year, and stood at -2,167 million euros in 2025, up 24%.
Income before tax for the business unit amounted to 1,444 million euros in Q4-25, up 45%, and came to 4,950 million euros in 2025, up 30%.

Underlying income before tax² amounted to 1,502 million euros in Q4-25, up 44%, and stood at 5,121 million euros in 2025, up 31%.

1.7.1      Banque Populaire retail banking network

The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual Guarantee Companies.

Loan outstandings stood at 303 billion euros at the end of December 2025, vs. 302 billion euros at the end of December 2024.
On-balance sheet deposits & savings increased by 6 billion euros year-on-year at the end of December 2025, with growth in regulated and unregulated passbook savings accounts up 3% year-on-year.

Net banking income stood at 1,825 million euros in Q4-25, equal to growth of 13%.
In 2025, net banking income rose 12% year-on-year to 6,800 million euros, including:

• 3,768 million euros in net interest margin^15,5, up 18%,
• 2,946 million euros in commissions¹⁶, up 3%.

Operating expenses remained well under control, rising by 9% in Q4-25 to 1,066 million euros. In 2025, they stood at 4,240 million euros, up +5% year-on-year.

This led to a clear 2.5pp improvement in the underlying cost/income ratio³ in Q4-25, which stood at 57.2%.
This metric declined by 4.0pp in 2025 to 61.5%.

Gross operating income increased by 20% to reach 759 million euros in Q4-25 and rose by 25% in 2025 to 2,560 million euros, benefiting from positive jaws effects.

The cost of risk stood at -296 million euros in Q4-25, up 11%, and at -971 million euros in 2025 (+19%).

Income before tax amounted to 489 million euros in Q4-25 (+39%) and stood at 1,631 million euros in 2025 (+27%).

Underlying income before tax² rose 38% to 510 million euros in Q4-25. It came to 1,687 million euros in full-year 2025 (+26% year-on-year).

1.7.2      Caisse d’Epargne retail banking network

The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries.

Loan outstandings rose by 1% year-on-year to stand at 382 billion euros at the end of December 2025.
On-balance sheet deposits & savings grew by 8 billion euros year-on-year at the end of December 2025, with growth in term deposits (+6% year-on-year) and regulated and unregulated passbook savings accounts (+4% year-on-year).

Net banking income came to 1,917 million euros in Q4-25, up 19%.
In full-year 2025, net banking income stood at 6,891 million euros, up 14% year-on-year, including:

• 3,311 million euros in net interest margin^20,5, up 27%,
• 3,502 million euros in commissions²¹, up 4%.

Operating expenses, which remained well under control, rose slightly by 4% in Q4-25 to stand at 1,126 million euros; they increased by 2% in full-year 2025 to 4,315 million euros.

The underlying cost/income ratio³ improved by 8.0pp to stand at 57.4% in Q4-25, and improved by 7.2pp in full-year 2025 to stand at 61.5%.

Gross operating income increased by 49% to 791 million euros in Q4-25 and rose by 40% to 2,576 million euros in 2025, benefiting from a large jaws effect.

The cost of risk stood at -229 million euros in Q4-25, up 12%, and at -837 million euros in 2025, up 31%.

Income before tax amounted to 565 million euros in Q4-25, up 72%, and stood at 1,751 million euros in 2025, up 46%.

Underlying income before tax² amounted to 591 million euros in Q4-25 (+67% vs. Q4-25) and came to 1,832 million euros in 2025 (+45% vs. 2024).
1.7.3      Financial Solutions & Expertise

Business momentum remained strong in retail banking services, notably in consumer credit, where activities remained at a good level with 4% growth in average personal loan and revolving credit outstandings at the end of December 2025. Stock market activity was buoyant with stock market orders up 23% in. 2025.

In Corporate Services, support services provided to businesses in France and in the international market remained strong, particularly in leasing, with total outstandings for BPCE Lease and BPCE ES up 82% at the end of December 2025, of which 7% was derived from organic growth for BPCE Lease. Buoyant activity for BPCE ES, with production up 11% in 2025 compared to full-year 2024. The acquisition of new factoring customers is gaining speed (+17% vs. 2024).

The Housing & Real Estate business remained resilient, with an increase in average outstanding loans financed by SOCFIM (+4% vs. full-year 2024) driven by medium/long-term activity (+8% vs. 2024).

Net banking income for the Financial Solutions & Expertise business unit rose 40% to reach 406 million euros in Q4-25 and increased by 33% to stand at 1,512 million euros in full-year 2025.

Operating expenses rose by 43% in Q4-25 to 228 million euros and by 38% in 2025 to 828 million euros.

The underlying cost/income ratio³ increased by 1.0pp in Q4-25 to 56.0% and by 1.8pp in full-year 2025 to 54.5%.

Gross operating income rose by 36% in Q4-25 to 178 million euros and by 27% in 2025 to 684 million euros.

The cost of risk stood at -46 million euros in Q4-25, up 22%, and -179 million euros in 2025 (+65% year-on-year).

Income before tax came to 132 million euros in Q4-25, up 41%, and stood at 506 million euros in 2025, up 18%.

Underlying income before tax² amounted to 133 million euros in Q4-25, up 42%, and came to 510 million euros in 2025, up 19%.
1.7.4      Insurance

The results presented below concern BPCE Assurance and CEGC.

In Q4-25, premium income²⁹ rose 10% to 5.4 billion euros, with a 9% increase for Life Insurance & Personal Protection, 10% growth for Property & Casualty Insurance, and 27% growth for Sureties & Financial Guarantees. In full-year 2025, these items came to a total of 20.7 billion euros, representing growth of 8%, with a 7% increase for life and personal protection, 11% for P&C and 29% for loan guarantees.

Life insurance assets under management⁶ rose 10% year-on-year to 124.3 billion euros at the end of December 2025, driven by net inflows of 9 billion euros in full-year 2025.
Over the 12-month period, gross inflows⁶ in Life Insurance came to 16 billion euros (up 7% vs. full-year 2024), with record-breaking growth in individual retirement plans thanks to the Individual Retirement Savings Plan (more than 1 billion euros in gross inflows in 2025).

In Non-Life Insurance, revenues were up 11% compared to full-year 2024.

Net banking income increased by 12% in both Q4-25 and full-year 2025, reaching a total of 241 million euros and 959 million euros, respectively.

Operating expenses increased by 1% in both Q4-25 and full-year 2025, rising to 47 million euros and 182 million euros, respectively.

The underlying cost/income ratio⁴ stood at 19.5% in Q4-25, representing an improvement of 2.0pp, and came to 18.3% in full-year 2025, an improvement of 2.7pp.

Gross operating income rose by 15% in Q4-25 to 194 million euros and increased by 14% in 2025 to stand at 777 million euros in 2025 with strong jaws effects.

Income before tax rose 16% in Q4-25 to 200 million euros and increased by 14% to 790 million euros in full-year 2025.

Underlying income before tax³ increased by 16% to stand at 200 million euros in Q4-25 and rose by 15% to 797 million euros in 2025.
1.7.5      Digital & Payments

Digital & AI

At the end of December 2025, 77% of active customers were using the digital services provided by mobile applications (+3.1% year-on-year growth).
Groupe BPCE has integrated the IpaidThat offer (invoice management), an all-in-one digital solution for the customers of the BP and CE retail banking networks (24,000 new customers equipped by the end of December 2025).

Payments

In Payment Solutions, business was strong in full-year 2025, with the number of payment transactions up 3% vs. full-year 2024 and growth in instant payments (+92% vs. full-year 2024). The rollout of Android POS terminals continued to enjoy positive momentum (+60% vs. 2024).
The business unit reported an acceleration in sovereignty initiatives with the robust development of WERO: 7.5 million transactions in December and more than 4.2 million active users (+200,000 new users per month).

Net banking income rose 3% in 2025, thanks to the impact of new offerings and stable margins. The underlying cost/income ratio improved by 3.3pp in 2025 year-on-year, while the business unit continued to invest in strategic projects.

Oney Bank

Net banking income enjoyed 12% growth in full-year 2025 compared to full-year 2024.
Growth in credit outstandings (+5% in 2025), with a solid contribution from Europe outside France (+15% in volumes year-on-year).

The underlying cost/income ratio^2,3 improved by 5.6pp in 2025 year-on-year thanks to strict control of current expenses, enabling investments in digital and development initiatives.

Performance is fully in line with the targets laid out in the recovery plan pursued over the past three years.

Net banking income generated by the Digital & Payments business unit increased by 5% in Q4-25 and by 7% in full-year 2025, to 238 million euros and 936 million euros, respectively.

The business unit’s operating expenses fell by 3% in Q4-25 to 168 million euros but rose by 2% in full-year 2025 to 661 million euros.

This led to a 7.1pp decrease in the underlying cost/income ratio³ to 69.1% in Q4-25 and a 4.6pp decrease to 69.2% in full-year 2025.

Gross operating income rose 31% in Q4-25 to 71 million euros and increased by 21% to 275 million euros in 2025, benefiting from significant jaws effects both in Q4-25 and 2025.

The cost of risk increased by 7% year-on-year in both Q4-25 and full-year 2025, reaching -35 million euros and -134 million euros, respectively.

Income before tax came to 30 million euros in Q4-25 (+54% YoY) and stood at 135 million euros in 2025 (+39% YoY).
Underlying income before tax² came to 39 million euros in Q4-25, up 89%, and stood at 155 million euros in full-year 2025, also up by a significant +52%.
1.8     Global Financial Services

The business unit includes the activities pursued by the Corporate & Investment Banking and the Asset & Wealth Management business units of Natixis.

Revenues generated by the Global Financial Services business unit increased by 4% year-on-year in Q4-25 and by 5% in full-year 2025, to respectively 2,141 million euros (+7% at constant exchange rates) and 8,357 million euros (+7% at constant exchange rates). These changes are attributable to strong commercial performance across the global business lines.

Corporate & Investment Banking revenues grew by 9% to reach 4,817 million euros in 2025 (+10% at constant exchange rates) and rose by 7% to 1,161 million euros in Q4-25 (+9% at constant exchange rates). In full-year 2025, the Corporate & Investment Banking business unit enjoyed strong momentum driven, in particular, over the 12-month period by Global Markets (+15%), Real Assets (+24%) and Investment Banking (+4%).
In 2025, Asset & Wealth Management revenues increased by 1% (3% at constant exchange rates) to reach €3,540m thanks to higher levels of recurring revenue. Net inflows reached €40bn, primarily in fixed-income products. Assets under management reached €1,323bn thanks to strong net inflows and a positive market effect.

Operating expenses rose 6% in Q4-25 to 1,584 million euros (+10% at constant exchange rates) and increased by 5% in full-year 2025 to 5,950 million euros (+7% at constant exchange rates).
In Q4-25, operating expenses in the Corporate & Investment Banking business unit increased by 14% (+18% at constant exchange rates) and those in Asset & Wealth Management decreased by 3% (+1% increase at constant exchange rates). In full-year 2025, Corporate & Investment Banking operating expenses increased by 10% (+12% at constant exchange rates), in line with the high level of business performance recorded in 2025. Q4-25 expenses rose by 18%, chiefly due to the faster pace of front-office and support investments in IT. Asset & Wealth Management operating expenses are under control, rising by a slight 2% year-on-year at constant exchange rates in full-year 2025 and by 1% in Q4-25.

The underlying cost/income ratio³ stood at 73.7% in Q4-25, up 0.7pp, and at 70.9% in 2025, down 0.2pp.

Gross operating income rose by 1% in Q4-25 to 557 million euros (+2% at constant exchange rates) and increased by 5% in 2025 to 2,407 million euros (+7% at constant exchange rates).

The cost of risk decreased by 38% in Q4-25 and by 12% in full-year 2025, to -54 million euros and -235 million euros, respectively.

Income before tax grew by 6% to 508 million euros in Q4-25 and by 8% to 2,206 million euros in full-year 2025.

Underlying income before tax² for Q4-25 is 514 million euros, up 7%, and 2,229 million euros in full-year 2025, up 9%.
1.8.6      Corporate & Investment Banking

The Corporate & Investment Banking (CIB) business unit includes the Global Markets, Global Finance, Investment Banking and M&A activities of Natixis.

The net banking income of the Corporate & Investment Banking business unit rose 7% in Q4-25 to 1,161 million euros
(+9% at constant exchange rates) and increased by 9% in full-year 2025 to 4,817 million euros (+10% at constant exchange rates).

Global Markets revenues rose 15% to 2.4 billion euros in 2025, including 477 million euros in Q4-25 (+5% year-on-year).

FIC-T revenues rose 15% to 1.6 billion euros in 2025, including 366 million euros in Q4-25 (+3% year-on-year). Net revenues in full-year 2025 were driven by dynamic commercial activities in the Credit, Rates and FX asset classes.

Equity revenues came to a total of 689 million euros in 2025, up 14%, including 123 million euros in Q4-25 (+29% year-on-year). Net revenues in Q4-25 were driven by dynamic commercial activity, notably in derivatives and Global Securities Financing (GSF).

Global Finance revenues rose 1% to 1.8 billion euros in full-year 2025, including 487 million euros in Q4-25 (+5% year-on-year) thanks to strong momentum across all Real Assets activities (+24% compared to full-year 2024), particularly in Infrastructure & Energy Finance, Real Estate Finance and Hospitality Finance.
The Transportation Finance business line has been launched to support clients with innovative, tailor-made mobile asset financing solutions.

Investment Banking and M&A activities were up 3% to 644 million euros in 2025, including 182 million euros in Q4-25 (+8% year-on-year).

Operating expenses rose 14% in Q4-25 to 842 million euros (+18% at constant exchange rates) and stood at 3,186 million euros, up 10% in full-year 2025 (+12% at constant exchange rates).

The underlying cost/income ratio³ increased by 4.2pp in Q4-25 and by 0.8pp in full-year 2025 to reach 72.1% and 65.8% respectively.

Gross operating income fell by 9% (-10% at constant exchange rates) in Q4-25 to 319 million euros but rose by 5% (+6% at constant exchange rates) in full-year 2025 to 1,630 million euros.

The cost of risk stood at -55 million euros, down 45% in Q4-25, and came to 228 million euros, down 19% in full-year 2025.

Income before tax rose 2% to 268 million euros in Q4-25 and increased by 11% to 1,430 million euros in 2025.

Underlying income before tax² rose 4% to reach 273 million euros in Q4-25 and rose 12% to 1,447 million euros in full-year 2025.
1.8.7      Asset & Wealth Management

The business unit includes the Asset Management and Wealth Management activities of Natixis.

Natixis IM was ranked second best-selling active fund house company in Europe in 2025. (source: Morningstar)

In Asset Management, assets under management⁴² amounted to 1,323 billion euros. Record-breaking net inflows for the 2^nd year in succession and a market effect were partially offset by an unfavorable currency effect.

Net inflows in Asset Management⁴ in full-year 2025 reached 40 billion euros (including 17 billion euros in Q4-25), chiefly thanks to Fixed-income products from Loomis Sayles and DNCA, as well as diversified products (Solutions).

At end-December 2025, Asset Management recorded solid fund performance: 77% of rated funds were ranked in the 1^st and 2^nd quartiles over a three-year time horizon, compared with 68% at the end of December 2025 (source: Morningstar).

Asset & Wealth Management revenues rose 3% in full-year 2025 at constant exchange rates, chiefly due to higher average assets under management (+8% year-on-year), partially offset by lower margin levels due to the growing share of fixed income in the product mix.

In Asset Management⁴, the total fee rate (excluding performance fees) in full-year 2025 was 24.8bps (-1.2bps year-on-year) and 34.6bps if insurance-driven asset management activities are excluded (-2.1bps year-on-year).

Net banking income generated by the Asset & Wealth Management business increased by 1% in Q4-25 (+6% at constant exchange rates) to reach a total of 980 million euros, and grew by 1% in full-year 2025 (+3% at constant exchange rates) to stand at 3,540 million euros.

Operating expenses rose 3% in Q4-25 to 742 million euros (+1% at constant exchange rates) but remained stable in full-year 2025 at 2,764 million euros (+2% at constant exchange rates).

The underlying cost/income ratio³ decreased by 3.2pp in Q4-25 and by 0.9pp in full-year 2025 to 75.6% and 77.9% respectively.

Gross operating income amounted to 238 million euros in Q4-25, up 16% (+23% at constant exchange rates), and came to 776 million euros in full-year 2025, up 4% (+7% at constant exchange rates) and benefited from positive jaws effects.

Income before tax amounted to 240 million euros in Q4-25, up 11%. It came to 775 million euros in full-year 2025, equal to 2% growth.

Underlying income before tax² rose by 11% in Q4-25 and by 3% in full-year 2025 to stand at 240 million euros and 782 million euros, respectively.

1. ANNEXES

1.9     Notes on methodology

Presentation on the pro-forma quarterly results

The 2024 quarterly series are presented pro forma with changes in sectoral reallocation of activities, mainly the reallocation of CEGC’s results from the SEF division to the Insurance division.
The main evolutions impact FSE, Insurance, RB&I, GFS and the Corporate center.
Data for 2024 has been recalculated to obtain a like-for-like basis of comparison.
The quarterly series of Groupe BPCE remain unchanged.
The tables showing the transition from reported 2024 to pro-forma 2024 are presented on annexes

Exceptional items

Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

Net banking income

Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

Operating expenses

Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the 2024 Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

Cost/income ratio

Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.

Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

Cost of risk

The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

Loan oustandings and deposits & savings

Restatements regarding transitions from book outstandings to outstandings under management are as follows:

Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,

Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

Capital Adequacy

Common Equity Tier 1 is determined in accordance with the applicable CRR III/CRD VI rules, after deductions.

Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.

The leverage ratio is calculated in accordance with the applicable CRR III/CRD VI rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

Total loss-absorbing capacity

The Total Loss-Absorbing Capacity (TLAC) requirement is determined by article 92a of CRR.
The TLAC numerator consists of the 4 following items:

• Common Equity Tier 1 in accordance with the applicable CRR III/CRD VI rules,
• Additional Tier-1 capital in accordance with the applicable CRR III/CRD VI rules,
• Tier-2 capital in accordance with the applicable CRR III/CRD VI rules,
• Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
  • The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
  • The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
  • The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.

Liquidity

Total liquidity reserves comprise the following:

• Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
• LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
• Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.

Customer deposits are subject to the following adjustments:

• Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
• Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

Business line indicators – BP & CE networks

Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

Financing the transition and decarbonation: sum of loans that have received a sustainable green and/or green transition qualification and loans whose contractual interest rate is indexed to extra-financial performance.
% of sales initiated digitally refers to the proportion of total sales that were generated from digital pathways (mobile app / website).

Business line indicators – Insurance
The percentage of individual clients insured corresponds to the proportion of principal banking customers of legal age with an auto, 2-wheeler, home, civil liability/private life, personal accident, comprehensive personal accident, legal protection, health, mobile or provident insurance policy on a given date.

The percentage of active professional clients holding insurance products corresponds to the proportion of active professional customers with a Professional Auto, Professional Multi-risk Property, Professional Health or Professional Provident insurance policy on a given date.

The penetration rate on loan guarantees for individual clients corresponds to the production of individual mortgages guaranteed by CEGC as a proportion of the production of individual mortgages by BP or CE entities (cumulative view to date since the beginning of the year).

Digital indicators

Number of cumulative sales generated from digital refers to sales generated from digital pathways (mobile app / website).
The number of active main banking clients use digital services on mobile apps corresponds to the number of individual customers who have made at least one visit via a mobile app in a given month. This metric only includes customers whose main banking activity is conducted through the account of a bank or savings bank.

1.10     Reconciliation of 2024 data to pro forma data

1.11     Q4-25 & Q4-24 results : reconcialiation of reported data to alternative performance measures

1.12     2024 & 2025 results : reconcialiation of reported data to alternative performance measures

1.13     Q4-25 & Q4-24 results: underlying cost to income ratio

1.14     2025 & 2024 results: underlying cost to income ratio

1.15     Groupe BPCE : quarterly income statement per business line

1.16     Groupe BPCE : 2025 income statement per business line

1.17     Groupe BPCE : quarterly series

1.18     Groupe BPCE : Consolidated balance sheet

1.19     Groupe BPCE : Goodwill

1.20     Groupe BPCE: Statement of changes in shareholders’ equity

1.21     Retail Banking & Insurance: quarterly income statement

1.22     Retail Banking & Insurance: 2024 income statement

1.23     Retail banking & insurance: quarterly series

1.24     Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

1.25     Retail Banking & Insurance: FSE quarterly series

1.26     Retail Banking & Insurance: Insurance quarterly series

1.27     Retail Banking & Insurance: Digital & Payments quarterly series

1.28     Retail Banking & Insurance: Other network quarterly series

1.29     Global Financial Services: quarterly income statement per business line

1.30     Global Financial Services: income statement per business line

1.31     Global Financial Services: quarterly series

1.32     Corporate & Investment Banking: quarterly series

1.33     Asset & Wealth Management: quarterly series

1.34     Corporate center: quarterly series

AVERTISSEMENT

This presentation may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

The financial information presented in this document relating to the fiscal period ended December 31, 2025 has been drawn up in compliance with IFRS guidelines, as adopted in the European Union.

Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates.

With respect to the financial information of Groupe BPCE for the quarter ended on December 31, 2025, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers.

Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2025, approved by the Management Board at a meeting convened on February 2, 2026, were verified and reviewed by the Supervisory Board at a meeting convened on February 3, 2026.

The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

About Groupe BPCE

Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone in terms of capital. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, negative outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

         groupebpce.com

1 Reported figures as far as “Net income (Group share)”
2 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 26.

3 “Underlying” means exclusive of exceptional items
4 Asset Management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management
5 Groupe BPCE’s underlying cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 26.
6 Estimate as at December 31, 2025 based on CRR3/CRD6 rules applicable from 1st January 2025, including Basel IV phase-in
7 Groupe BPCE has chosen to waive the possibility offered by Article 72 ter/3 of the Capital Requirements Regulation to use senior preferred debt for compliance with its TLAC/subordinated MREL requirements
8 Following receipt of the MREL 2025 annual letter
9 Reported figures until “income before tax”; 2024 figures are pro forma to account for the integration of CEGC.
10 “Underlying” means exclusive of exceptional
11The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses.
12 Reported figures until “income before tax”
13 “Underlying” means exclusive of exceptional
14 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
15 Excluding changes in home-purchase savings schemes
16 Commissions on regulated savings has been restated from net interest income and included in commissions
17 Reported figures until “income before tax”
18“Underlying” means exclusive of exceptional
19The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
20 Excluding changes in home-purchase savings schemes
21 Commissions on regulated savings has been reclassified from net interest income and included in commissions
22 Reported figures until “income before tax”; Q4-24 and full-year 2024 figures have been restated on a pro-forma basis following the transfer of CEGC
23Underlying” means exclusive of exceptional
24 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
25 Reported figures until “income before tax”
26 “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts
27 “Underlying” means exclusive of exceptional
28 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
29 Including retirement savings plans and reinsurance treaty with CNP Assurances
30 Reported figures until “income before tax”
31 “Underlying” means exclusive of exceptional
32 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
33 Reported figures until “income before tax”
34 “Underlying” means exclusive of exceptional
35 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
36 Reported figures until “income before tax”
37 “Underlying” means exclusive of exceptional
38 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
39 Reported figures until “income before tax”
40 “Underlying” means exclusive of exceptional
41 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses
42 Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management activities

Attachment

• Groupe BPCE_PR_Results_Q4-25_3 février FV3