Bpce: Results for the 1st quarter of 2026

Paris, May 5^th, 2026

Results for the 1^st quarter of 2026

• Net income up 21% •
• Acquisition of novobanco finalized •

¹ See the notes on methodology appended to this press release ² Underlying cost/income ratio ³ Group share ⁴ Estimate at end-March 2026 ⁵ Average end-of-month LCRs for Q1-26 ⁶ 217,000 new active clients recorded since the start of the year ⁷ On-balance sheet savings & deposits within the scope of Retail Banking & Insurance activities

Nicolas Namias, Chairman of the Management Board of BPCE, said: “In the first quarter of 2026, Groupe BPCE delivered a very strong performance: net income up sharply by 21%, driven by robust revenue growth and a significant decrease in the cost/income ratio. In an uncertain economic and geopolitical environment, this performance demonstrates our commitment to our clients and confirms the strength of our development trajectory across our three growth circles: France, Europe, and the World.

The Banque Populaire and Caisse d’Epargne retail banking networks are achieving excellent commercial and financial performance, reflecting their strong growth momentum throughout all territories. Following their lead, all the retail banking businesses – Insurance, Financial Solutions & Expertise, and Payments – are performing very well. Natixis’ business lines are also showing their dynamism, with very strong performance in Corporate & Investment Banking and positive net inflows in Asset Management.

The execution of our Vision 2030 strategic plan has reached a decisive milestone with the acquisition of novobanco, which makes Portugal our second largest domestic market for retail banking. This transaction strengthens our diversification and positioning in Europe and demonstrates our ability to execute major external growth operations, following the acquisition of BPCE Equipment Solutions last year.

Our business and financial performance achieved this quarter, combined with the completion of the acquisition of novobanco, illustrates the strength of our cooperative business model focused on supporting the real economy. We are accelerating the pace of Vision 2030 to become a leading European bank dedicated to serving its clients and territories.
I thank all our 100,000 employees for their daily commitment, the true driving force behind this momentum.”

The quarterly financial statements of Groupe BPCE for the period ended March 31, 2026, approved by the Management Board
at a meeting convened on May 4, 2026, were verified and reviewed by the Supervisory Board, chaired by Eric Fougère, at a
meeting convened on May 5, 2026.

Groupe BPCE

1. Groupe BPCE

Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
business lines; changes express differences between Q1-26 and Q1-25.

Groupe BPCE’s net banking income rose 7% to reach a total of 6,758 million euros, driven by strong commercial activity across all the business lines.

Revenues for the Retail Banking & Insurance (RB&I) business unit reached 4,637 million euros, up 12%.

• The Banques Populaires and Caisses d’Epargne posted strong commercial performance, with nearly 217,000 new clients across all markets since the start of the year. Loan production by the retail banking networks for households and businesses totaled 25 billion euros since the start of the year, up 15%. On-balance sheet deposits & savings increased by 16 billion euros YoY.

• The Financial Solutions & Expertise business unit saw strong activity across all its business lines in Q1-26, with a 6% increase in receivables from leasing activities (BPCE Lease and BPCE ES).
• The Insurance business unit recorded nearly 7 billion euros in earned premiums in Q1-26, up 19% YoY.
• The underlying income before tax³ of the Digital & Payments business unit rose 18% in Q1-26 thanks to solid business performance while investing in innovation and initiatives to promote sovereignty.

The Global Financial Services business unit reported revenues of 2,127 million euros, up 1% and 6% at constant exchange rates.

• Corporate & Investment Banking delivered solid performance across all business lines, notably driven by strong performance in Equity, up 25% YoY, and Global Finance, whose revenues increased by 10% YoY.
• Asset & Wealth Management recorded net inflows of 9 billion euros for the quarter.

Net interest income reached 2.8 billion euros in Q1-26, up 23% YoY, while commissions amounted to 2.8 billion euros in
Q1-26, up 1% YoY.

Operating expenses stood at 4,490 million euros in Q1-26, up 3% YoY.

The underlying cost/income ratio⁴ improved by 3.1pp in Q1-26 to 65.0%.

Gross operating income came in at 2,267 million euros in Q1-26, up 16% YoY.

Groupe BPCE’s cost of risk stood at 29bps in Q1-26, equal to -654 million euros; it remained stable YoY.

Performing loans are classified as Stage 1 or Stage 2, and outstanding amounts with incurred risk are classified as Stage 3.

⁽¹⁾ Cost of risk expressed in annualized basis points on gross client outstandings at the beginning of the period or in € amounts

For Groupe BPCE, provisions for performing loans classified as Stage 1 or Stage 2 amounted to 13 million euros in Q1-26, compared with 97 million euros in Q1-25.

Provisions for loans with proven risk, classified as Stage 3, amounted to an allocation to provisions of 642 million euros in Q1-26, compared to an allocation to provisions of 554 million euros in Q1-25.

For Groupe BPCE in Q1-26, the cost of risk stood at 29bps of gross client outstandings compared with 30bps in Q1-25. This includes a 1bp forward-looking provision on performing loans in Q1-26 vs. a provision of 4bps in Q1-25 and an allocation to provisions on outstanding loans with a proven risk of 29bps vs. an allocation of 26bps in Q1-25.

In Q1-26, the cost of risk for the Retail Banking & Insurance business unit stood at 28bps, including a 4bp reversal of provisions for performing loans (vs. a 1bp allocation to provisions in Q1-25) and an allocation of 32bps to provisions for outstanding loans with a proven risk (vs. an allocation of 28bps in Q1-25).
The cost of risk for the Corporate & Investment Banking unit amounted to 30bps vs. 32bps in Q1-25, including an allocation to provisions of 17bps on performing loans (vs. an allocation of 28bps in Q1-25) and an allocation of 13bps on outstanding loans with proven risk (vs. an allocation of 4bps in Q1-25).

The ratio of non-performing loans to gross loan outstandings remained stable compared to the end of December 2025 and stood at 2.7% as of March 31, 2026.

Reported net income (Group share) stood at 1,008 million euros in Q1-26, up 21% YoY, including 136 million euros in exceptional surcharge in Q1-26 (vs. 75 million euros in Q1-25).

1. The Group mobilizes its expertise to support its clients as they navigate the challenges of transitions

Groupe BPCE’s second CSRD Sustainability Report details further progress in the Group’s results and in the realization of its ambitions to make impact accessible to all.

Supporting competitiveness and energy sovereignty

• Progress in decarbonizing the 11 most carbon-intensive sectors of the economy, while simultaneously strengthening the 2030 target for reducing the carbon intensity of commercial real estate from -25% to -35%; new renewable energy financing is set to increase by 15% in 2024/2025 compared to 2021/2023.
• Active management of Natixis CIB’s exposures, with a growth in green-rated loan outstandings from 35% of total outstandings in 2024 to 38% in 2025.
• Phased rollout of ESG dialogues with a view to helping BP and CE client companies make their transition plans a reality.

Commitment to society at large, with the strengthening of cohesion and solidarity in local communities through the Banque Populaire and Caisse d’Epargne retail banking networks:

• Through funding for the 1^st plan for the Social & Solidarity Economy, social housing, and public entities, which increased by 8.5%.
• By supporting social entrepreneurship at the local level – a driver of social integration and financial inclusion – with more than 10,000 projects funded by 2025.

As a responsible employer:

• By planning to hire 16,000 employees in 2026, including 10,000 in the BP and CE retail banking networks
• Nearly half of these new hires are expected to be young people under the age of 25.

Natixis CIB is innovating:

• By creating two stock market indices⁵ to support the most responsible digital companies and promote European strategic autonomy.
• By supporting the world’s first project financing for sustainable aviation (SkyNRG, a sustainable aviation fuel production plant).

All figures are derived from the Group’s 2025 Sustainability Report published in the 2025 Universal Registration Document of Groupe BPCE.

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

1.1             CET1 Ratio

Groupe BPCE’s CET1 ratio at the end of March 2026 stood at an estimated 16.4%. This change is attributable to the following factors:

• Retained earnings: +22bps,
• Changes in risk-weighted assets: -19bps,
• Estimated payout to cooperative shares in 2026: -15bps,
• Net issue of cooperative shares: +2bps,
• Regulatory and exceptional adjustments, FX effects and others: -1bp.

1.2     TLAC ratio⁶

The Total Loss-Absorbing Capacity (TLAC) estimated at the end of March 2026 stands at 128.6 billion euros¹. The TLAC ratio, expressed as a percentage of risk-weighted assets, came to an estimated 27.3%⁷ at end-March, 2026 (without taking account of senior preferred debt in the calculation of this ratio), well above the standard requirements of 22.40%⁸ laid down by the Financial Stability Board as of May 1, 2026.

1.3     MREL ratio¹

Expressed as a percentage of risk-weighted assets at March 31, 2026, Groupe BPCE’s subordinated MREL ratio (excluding senior preferred debt in the calculation of this ratio) and total MREL ratio stood at 27.3%² and 32.9% respectively, well above the minimum requirements set by the SRB on May 1, 2026 of 24.44%³ and 27.77%³ respectively.

1.4     Leverage ratio¹

At March 31, 2026, the estimated leverage ratio stood at 5.1%, well above the requirement.

1.5     Liquidity reserves at a high level

The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, averaging 144% for the end-of-month LCRs for Q1-26.
The volume of liquidity reserves totaled 324 billion euros at the end of March 2026.

1.6     MLT funding plan: 47% of the 2026 plan already completed on May 5, 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, with the breakdown 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 of May 5, 2026, Groupe BPCE had raised 10.4 billion euros, excluding structured private placements and ABS (47% of the 22 billion euro funding plan):

• 7.5 billion euros in TLAC funding: 1.9 billion euros in Tier 2 capital (93% of requirements) and 5.6 billion euros in senior non-preferred debt (62% of requirements),
• 2.9 billion euros in covered bonds (34% of requirements).

ABS issues came to a total of 5.0 billion euros on May 5, 2026, representing 55% of the annual target.

Solvency, Total Loss Absorption 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 Q1-26 and Q1-25.

1.7             Retail Banking & Insurance

At the end of March 2026, on-balance sheet deposits & savings increased by 16 billion euros YoY (+2%), with a 1% YoY increase in time deposits and a 2% increase in regulated and unregulated passbook savings accounts. Financial savings outstandings increased by 21 billion euros YoY.

On a YoY basis at the end of March 2026, home loans had increased by 2% to reach 400 billion euros, equipment loans had risen by 3% to 211 billion euros, and consumer loans were up by 1% to 45 billion euros.

Net banking income for the Retail Banking & Insurance business unit rose by 12% in Q1-26 to reach a total of 4,637 million euros.

This growth in Q1-26 reflects the good level of business activity achieved by the retail banking networks, with revenue up 12% for the Banque Populaire network and up 13% for the Caisse d’Épargne network. The net interest income generated by both networks rose sharply driven by a solid recovery in margins.

The Financial Solutions & Expertise business lines reported strong activity in Q1-26, notably in leasing with BPCE Lease and BPCE ES (up 61% YoY) and in consumer credit activities (up 5% YoY).

In Insurance, revenues declined by 7% in Q1-26. Life insurance assets under management increased by 3% to reach 127.7 billion euros at the end of March 2026. This growth was driven by positive net inflows in both unit-linked and euro-denominated funds. Net banking income was impacted notably by IFRS 17 standard regarding market volatility.

The Digital & Payments business unit reported a 5% increase in revenue in Q1-26. Its business performance was dynamic, driven by strong growth at Wero (+57%), the continued development of point-of-sale (POS) systems for merchants (+17%), and solid net banking income growth for Oney (+8%).

The network’s net interest income rose by 30% thanks to a sharp improvement in the margin. For the BP, it came to 1,066 billion euros (up 25% YoY), and for the CE, it stood at 962 billion euros (up 36% YoY).

Fee and commission income increased in both retail banking networks in Q1-26 by 4% YoY.

Operating expenses were well controlled in Q1-26. They reached a total of 2,769 million euros, up 5% YoY.

The underlying cost/income ratio³ improved by 4.2pp in Q1-26, to 58.8%.

The gross operating income generated by the business unit rose by 25% in Q1-26 to 1,868 million euros, benefiting from a strong positive jaws effect.

The cost of risk amounted to -537 million euros in Q1-26, up 1%.

For the business unit as a whole, income before tax amounted to 1,342 million euros in Q1-26, up 38%.

Underlying income before tax² came to 1,389 million euros in Q1-26, also up 38%.
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.

On-balance sheet deposits & savings increased by 10 billion euros YoY at March 31, 2026, with a 3% YoY increase in term deposits and in regulated and unregulated passbook savings accounts. Financial savings outstandings increased by 6 billion euros YoY at the end of March 2026.
Loan outstandings stood at 306 billion euros at the end of March 2026, compared to 301 billion euros at the end of March 2025.

In Q1-26, net banking income totaled 1,821 million euros, up 12% YoY, including:

• A 25% YoY increase in net interest income^15,5 to 1,066 million euros, and
• A 3% YoY increase in commissions¹⁶, to 758 million euros.

Operating expenses remained well under control, rising by a limited 4% in Q1-26 to stand at 1,125 million euros.

The underlying cost/income ratio³ improved by 4.8pp in Q1-26, to 61.0%.

The business unit’s gross operating income rose by 28% in Q1-26 to 696 million euros, benefiting from a positive jaws effect.

The cost of risk amounted to -234 million euros in Q1-26, up 8%.

For the business unit as a whole, income before tax amounted to 473 million euros in Q1-26, up 43%.

Underlying income before tax² came to 487 million euros in Q1-26, also up 42%.

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.

On-balance sheet deposits & savings increased by 6 billion euros YoY at March 31, 2026, with term deposits up 3% YoY and regulated and unregulated savings accounts up 2% YoY. Financial savings outstandings increased by 15 billion euros YoY as of March 31, 2026
Loan outstandings stood at 386 billion euros at the end of March 2026, compared with 379 billion euros at the end of March 2025, equal to an increase of 2%.

In Q1-26, net banking income stood at 1,831 million euros, up 13% YoY, including:

• A 36% YoY increase in net interest income^20,5 to 962 million euros, and
• A 5% YoY increase in fee and commission income²¹, to 892 million euros.

Operating expenses are kept under good control, rising by a limited 3% in Q1-26 to stand at 1,147 million euros.

The underlying cost/income ratio³ improved by 6.5pp to 61.4% in Q1-26.

Gross operating income increased by 36% to 684 million euros in Q1-26 and benefited from a positive jaws effect.

The cost of risk stood at -204 million euros in Q1-26, down 10%.

Income before tax equaled 480 million euros in Q1-25, up 75%.

Underlying income before tax² amounted to 502 million euros in Q1-26, up 73%.
1.7.3      Financial Solutions & Expertise

Robust commercial activity confirms the positive momentum generated 2025, especially in services to individual clients, notably in consumer credit, with average personal loans and revolving credit outstandings up 2% in Q1-26 YoY. Stock market activity was robust, with stock market orders for both networks up 21% in Q1-26 YoY.

In Corporate Services in the area of leasing activities, business was dynamic in France and in the international market. Total outstandings (BPCE Lease and BPCE ES) rose by 6%, thanks to the successful integration of BPCE Lease’s operations, which saw strong growth in Q1-26 (production +24% vs. Q1-25), driven by growth across all geographic regions (particularly the United States, Italy, and Spain).
Active support for businesses was maintained, with strong synergies generated with the BP and CE retail banking networks in factoring, resulting in a faster pace of new client acquisition (+8% vs. Q1-25)

The Housing & Real Estate business showed initial positive signs of recovery, with an increase in loan outstandings on SOCFIM (+7% YoY), driven by medium- and long-term activity (+13%) and a 25% rise in revenues from residential properties (BPCE Solutions Immobilières).

Net banking income for the Financial Solutions & Expertise business unit rose 24% to 407 million euros in Q1-26.

Operating expenses came to a total of 224 million euros in Q1-26, up 1% (excluding the integration of BPCE ES).

The underlying cost/income ratio³ increased by 1.0pp in Q1-26 to 54.8%.

Gross operating income increased by 22% in Q1-26 to 183 million euros.

The cost of risk stood at -48 million euros in Q1-26, up 27%.

Income before tax rose by 20% to 135 million euros in Q1-26.

Underlying income before tax ² rose by 19% in Q1-26 to 136 million euros.
1.7.4      Insurance

The results presented below relate to BPCE Assurance and CEGC.

In Q1-26, gross written premium²⁹ rose by 19% to 6.8 billion euros, with a 20% increase for Life & Personal Protection insurance, a 12% increase for Property & Casualty insurance, and a 31% increase for surety and guarantee insurance.

Life insurance assets under management⁵ came to a total of 128 billion euros at the end of March 2026 (up 3% year-to-date), driven by net inflows of 3.6 billion euros. Net inflows were positive for both euro-denominated funds and unit-linked products, with BPCE Assurances achieving a penetration rate of 29.8% among Banques Populaires and Caisses d’Epargne clients at the end of March 2026.
Gross life insurance inflows⁶ amounted to 5.7 billion euros in Q1-26.

Net banking income, affected by exceptional climatic events claims in January and February in P&C segment and IFRS 17 standard regarding market volatility in Life Insurance, decreased by 7% in Q1-26 to 228 million euros.

Operating expenses decreased by 2%² YoY in Q1-25 to 46 million euros.

The underlying cost/income ratio⁴ stood at 19.8% in Q1-26, up 1.1pp.

Gross operating income fell by 9% in Q1-26 to 182 million euros.

Income before tax came to 185 million euros in Q1-26, down 8%.

Underlying income before tax³ stood at 186 million euros in Q1-26 (-8%).
1.7.5      Digital & Payments

Payments

Groupe BPCE was the first bank to launch a Wero e-commerce payment solution for clients and small businesses in France, with strong growth in Q1-26, recording 18.2 million transactions in Q1-26, representing 57% YoY growth in transactions

In Payment Solutions, business remained robust, with the number of payment transactions up 3% YoY, and growth in instant payments reaching 43% YoY. The rollout of Android POS terminals continued to gain momentum (+17% YoY).

Net banking income rose 2% YoY, with operating expenses well under control. Investment in strategic projects continued.

Oney Bank

Net banking income rose 8% in Q1-26. Loan outstandings increased by 7% YoY, driven by strong new lending in Europe excluding France (+14% in volume YoY).

The cost/income ratio improved by 6.1pp, driven by strict control of operating expenses, enabling continued investment in digital initiatives and business development.

The cost of risk increased compared to a low base in Q1-25.

Digital & AI

At the end of March 2026, 60% of the group’s employees used MAiA, the secure in-house generative AI solution, every month, and 77% of active clients use the digital services of the mobile apps (+3.0pp YoY).

In terms of transformative AI, we are seeing an acceleration in AI use cases: 700,000 AI interactions in mobile apps (+27% vs. Q4-25) and, since the end of December 2025, 900,000 meeting minutes have been generated by AI.

In March 2026, BPCE launched a crypto-asset investment and custody service through its subsidiary Hexarq for clients of the Banque Populaire and Caisse d’Epargne retail banking networks.

The business unit’s net banking income rose 5% in Q1-26 to 241 million euros.

The business unit’s operating expenses decreased by 1% in Q1-26 to 166 million euros.

This resulted in a 4.6-percentage-point improvement in the underlying cost/income ratio³ to 67.1% in Q1-26.

Gross operating income, benefiting from a positive jaws effect, rose by 20% in Q1-26 to 75 million euros.

The cost of risk increased by 23% in Q1-26 to -38 million euros.

Income before tax for Q1-26 amounted to 35 million euros, up 1%.

Underlying income before tax² stood at 43 million euros in Q1-26, up 18%.
1.8     Global Financial Services

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

Revenues generated by Global Financial Services totaled 2,127 million euros, up 1% in Q1-26 (+6% at constant exchange rates), driven by strong performance across the global business lines.

Corporate & Investment Banking revenues rose 3% in Q1-26 (+7% at constant exchange rates) to 1,286 million euros, driven in particular by strong YoY performance in Equity (+29% at constant exchange rates) and Real Assets (+41% at constant exchange rates) business lines.

In Q1-26, Asset & Wealth Management revenues at 841 million euros, rose 4% at constant exchange rates, driven by solid recurring revenue with higher management fees.

Global Financial Services’ operating expenses remained stable at 1,476 million euros in Q1-26 (+4% at constant exchange rates).

In Q1-26, operating expenses incurred by Corporate & Investment Banking increased by 3% in line with revenue growth. Operating expenses for Asset & Wealth Management decreased by 3%.

The underlying cost/income ratio³ stood at 69.1% in Q1-26, an improvement of 0.9pp.

Gross operating income rose 3% in Q1-26 to 651 million euros and 9% at constant exchange rates.

The cost of risk decreased by 14% in Q1-26 to -62 million euros.

Income before tax increased by 5% in Q1-26 to 597 million euros

Underlying income before tax² for Q1-26 came to 603 million euros, up 6%.

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 generated by the Corporate & Investment Banking business unit rose 3% in Q1-26 (+7% at constant exchange rates) to reach a record high of 1,286 million euros.

Global Finance revenues rose 10% YoY to 477 million euros in Q1-26 (+15% at constant exchange rates). Real Assets activities showed strong momentum: +33% (+41% at constant exchange rates) YoY. Global Trade business lines grew 7% (+13% at constant exchange rates) YoY.

Global Markets revenues came to a total of 655 million euros in Q1-26 and remained virtually flat YoY at constant exchange rates.

Revenues from the Equity business stood at 253 million euros in Q1-26, up 25% (up 29% at constant exchange rates) YoY, driven by strong activity, particularly in derivatives.

FIC-T revenue totaled 398 million euros in Q1-26, down 14% (-12% at constant exchange rates) YoY, primarily due to a lower contribution from the Rates and Credit asset classes amid challenging market conditions. Client activity was very strong in the Foreign Exchange and Commodities segments.

Investment Banking and M&A revenues equal to 158 million euros in Q1-26, up 12% (+16% at constant exchange rates) YoY, were driven by SECM and M&A activities.

Operating expenses of – 815 million euros in Q1-26 were up 3%, in line with revenue growth.

The underlying cost/income ratio³ improved by 0.3pp to 63.0% in Q1-26.

Gross operating income increased by 3% in Q1-26 to reach a total of 471 million euros.

The cost of risk stood at -60 million euros, down 4%, in Q1-26.

Income before tax rose 4% to 418 million euros in Q1-26.

Underlying income before tax² rose 5% to 423 million euros in Q1-26.
1.8.7      Asset & Wealth Management

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

In Asset Management, assets under management⁴ reached 1.3 trillion euros at the end of March 2026, with positive net inflows and currency effects offset by an unfavorable market effect. 55 billion euros in assets were transferred following the groundbreaking partnership entered into with Edward Jones.

Net inflows in Asset Management⁴ reached 9 billion euros at the end of March 2026, primarily in fixed-income products, money market funds, and insurance products managed by DNCA Finance, Loomis Sayles, and Ostrum AM.

Asset management revenues increased by 4% at constant exchange rates in Q1-26 YoY, driven by higher average assets under management (+5% YoY) and improved margin levels following the transfer of Natixis IM’s overlay business.

In Asset Management⁴² in Q1-25, the total fee rate (excluding performance fees) stood at 25.0bps (+0.4bps YoY) and at 35.3bps, if insurance asset management activities are excluded (+0.4bps YoY).

Net banking income for the Asset & Wealth Management business unit decreased by 2% (but rose by +4% at constant exchange rates) in Q1-26 to stand at 841 million euros.

Operating expenses totaled 661 million euros, down 3% in Q1-26 (+2% at constant exchange rates).

The underlying cost/income ratio³ decreased by 1.3pp in Q1-26, to 78.4%.

Gross operating income amounted to 180 million euros in Q1-26, up 4% (+13% at constant exchange rates).

Income before tax came to 179 million euros in Q1-26, up 5%.

Underlying income before tax² rose by 6% to 180 million euros in Q1-26.

1. ANNEXES

1.9     Notes on methodology

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 2025 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 outstandings 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.
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.

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
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     Q1-26 & Q1-25 results : reconcialiation of reported data to alternative performance measures

1.11     Q1-26 & Q1-25 results: underlying cost to income ratio

1.12     Groupe BPCE : quarterly income statement per business line

1.13     Groupe BPCE : quarterly series

1.14     Groupe BPCE : Consolidated balance sheet

1.15     Groupe BPCE: Statement of changes in shareholders’ equity

1.16     Retail Banking & Insurance: quarterly income statement

1.17     Retail banking & insurance: quarterly series

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

1.19     Retail Banking & Insurance: FSE quarterly series

1.20     Retail Banking & Insurance: Insurance quarterly series

1.21     Retail Banking & Insurance: Digital & Payments quarterly series

1.22     Retail Banking & Insurance: Other network quarterly series

1.23     Global Financial Services: quarterly income statement per business line

1.24     Global Financial Services: quarterly series

1.25     Corporate & Investment Banking: quarterly series

1.26     Asset & Wealth Management: quarterly series

1.27     Corporate center: quarterly series

AVERTISSEMENT

This document 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. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. 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 document 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 document or of its contents or any related material, or of any document or information referred to in this document.

The financial information presented in this document relating to the fiscal period ended March 31, 2026 has been drawn up in compliance with IFRS standards, 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 March 31, 2026, 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 2025 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 document have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended March 31, 2026, approved by the Management Board at a meeting convened on May 4, 2026, were verified and reviewed by the Supervisory Board at a meeting convened on May 5, 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 banking group in the euro zone in terms of capitalization. Through its 100,000 staff, the group serves 36 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: Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook), Moody’s (A2, stable outlook) and R&I (A+, stable outlook).

         groupebpce.com

1 Reported figures as far as “Net income (Group share)”
2 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the notes on pages 19 and 23.
3 “Underlying” means exclusive of exceptional items
4 The Groupe BPCE’s underlying cost/income ratio is calculated based on net banking income and operating expenses excluding exceptional items. The calculations are detailed in the notes on page 23
5 iEdge Transatlantic Responsible Digitalization Value Chain Index and iEdge European Strategic Autonomy Index – January 2026
6 Estimate as at March 31, 2026, in accordance with the CRR3/CRD6 rules applicable from January 1, 2025, including the Basel IV phase-in
7 Groupe BPCE has chosen to waive the option provided for in Article 72 Ter/3 of the Capital Requirements Regulation (CRR) to use senior preferred debt to meet TLAC and MREL requirements
8 Following receipt of the MREL 2026 annual letter
9 Figures published until “Income before tax”
10 “Underlying” means exclusive of exceptional items
11 Business line cost/income ratios are 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 items
14 Business line cost/income ratios are calculated on the basis of net banking income and underlying operating expenses
15 Excluding the provision on home-purchase savings schemes
16 Interest on regulated savings has been reclassified from net interest income and included in commissions
17 Reported figures until “Income before tax”
18 “Underlying” means exclusive of exceptional items
19 Business line cost/income ratios are calculated on the basis of net banking income and underlying operating expenses
20 Excluding the provision on home-purchase savings schemes
21 Interest on regulated savings has been reclassified from net interest income and included in commissions
22 Reported figures until “Income before tax”
23 “Underlying” means exclusive of exceptional items
24 Business line cost/income ratios are 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 items
28 Business line cost/income ratios are calculated on the basis of net banking income and underlying operating expenses
29 Including retirement savings plans and the reinsurance treaty with CNP Assurances
30 Reported figures until “Income before tax”
31 “Underlying” means exclusive of exceptional items
32 The operating ratios for each business segment are calculated based on net banking income and underlying operating expenses
33 Reported figures until “Income before tax”
34 “Underlying” means exclusive of exceptional items
35 Business line cost/income ratios are 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 items
38 Business line cost/income ratios are 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 items
41 Business line cost/income ratios are 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

Attachment

• Groupe BPCE_PR_Results_Q1-26