Bpce: Results for the 3rd quarter and first 9 months of 2025

Paris, November 5, 2025

Q3-25 net income: +24%

¹ See the notes on methodology annexed to this press release ²Underlying cost to income ratio ³Group share ³ Estimated at end-September 2025 ⁴ Average monthly LCRs in Q3-25 ⁶ 630,000 additional active clients since the beginning of the year ⁷ On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit ⁸Excluding the reassurance treaty with CNP Assurance ⁹Subject to obtaining the usual regulatory approvals

Nicolas Namias, Chairman of the Management Board of BPCE, said: “The results for the third quarter of 2025 reflect the very good performance achieved by Groupe BPCE’s business lines. The sharp 9% rise in net banking income went together with very tight control over expenses, enabling the Group to record a historically low underlying cost/income ratio of 63.3% and 24% growth in net income to a total of 1.1 billion euros.

The 15% growth in revenues generated this quarter by the Banques Populaires and Caisses d’Épargne retail banking networks illustrates once again the effectiveness of our cooperative business model based on our in-depth understanding of the local markets and the close relationships we have built with our clients. Natixis’s business lines posted solid results, with strong performances in Corporate & Investment Banking and a positive contribution from Asset Management.

We have continued to pursue our European project with the signature of an agreement with the Portuguese public authorities with a view to giving us a 100% equity stake in novobanco. We also demonstrated our commitment to the defense sector with the launch of the first European Defense Bond and established a partnership with Bpifrance to make it easier for individual clients to obtain access to investments in unlisted companies. BPCE Assurances also reasserted its growth ambitions by completing its first public offering of subordinated debt.

I would like to express my warmest thanks to our 100,000 employees, whose commitment has enabled us to unite these strategic, commercial, and financial dynamics in favor of our clients, our cooperative shareholders, and the development of local and regional France.”

The quarterly financial statements of Groupe BPCE for the period ended September 30, 2025, approved by the Management

Board on November 4, 2025, were verified and reviewed by the Supervisory Board at a meeting chaired by Eric Fougère convened on November 5, 2025.

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 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 annex on pages 18 and 26.

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 Q3-25 and Q3-24 and between 9M-25 and 9M-24.

Groupe BPCE’s net banking income rose 9% to 6,410 million euros in Q3-25 and grew by 10% to 19,029 million euros in 9M-25, thanks to dynamic commercial activity across all its business lines.

Revenues for the Retail Banking & Insurance business unit (RB&I) reached 4,439 million euros, up 15% YoY in Q3-25, and stood at 12,773 million euros in 9M-25, up 13% over a 12-month period.

• The Banques Populaires and Caisses d’Epargne posted solid commercial performance with the acquisition of 630,000 new clients since the beginning of the year. The net interest margin rose 21% in 9M-25 YoY for both retail banking networks, and commission income increased by 4% for both networks.
• The Financial Solutions & Expertise business unit saw its revenues increase by 39% and 31% in Q3-25 and 9M-25 respectively over a 12-month period driven, in particular, by the retail and corporate services business activities.
• The Insurance business unit benefited from strong momentum across all its business lines and recorded higher revenues driven both by BPCE Assurance – which enjoyed strong momentum in life insurance with 12.1 billion euros in gross inflows¹ – and by CEGC.
• Business was strong for the Digital & Payments business unit.

The Global Financial Services business unit posted a 1% increase in revenues in Q3-25, rising to 2,004 million euros, and a 6% increase in 9M-25, to 6,216 million euros. Revenues at constant exchange rates rose by 4% and 7%, respectively.

• In Q3-25, revenues generated by the Corporate & Investment Banking business unit driven by strong commercial performance came to 1,160 million euros, up 4% YoY, and stood at 3,656 million euros in 9M-25, up 9% YoY, thanks in particular to the good commercial performance achieved by Global Markets (+17% revenue growth in 9M-25 YoY).
• Net banking income for the Asset & Wealth Management business unit in Q3-25 was down 2% YoY at current exchange rates to stand at 844 million euros (+2% at constant exchange rates YoY). In 9M-25, the net banking income generated by the unit increased by 1% to 2,560 million euros (+2% at constant exchange rates YoY). At end-September 2025, assets under management² stood at 1,301 billion euros. Net inflows were strong, with an aggregate of 23 billion euros recorded in 9M-25.

The net interest margin reached 6.9 billion euros in 9M-25, up 25% YoY. Commissions, which came to 8.3 billion euros in
9M-25, increased by 2% YoY.

Operating expenses rose by 3% YoY to 4,157 million euros in Q3-25. In 9M-25, they rose 5% YoY to 12,819 million euros.

The underlying cost/income ratio³ improved significantly in both Q3-25 and 9M-25, standing at 66.3% (-4.6pp) and 65.9%                (-4.0pp) respectively.

Gross operating income amounted to 2,253 million euros in Q3-25 and 6,211 million euros in 9M-25, up 22% YoY in both Q3-25 and 9M-25.

Groupe BPCE’s cost of risk stood at 27bp in Q3-25, -587 million euros (+12% YoY), and -1,796 million euros in 9M-25, representing a 23% increase YoY.

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

¹ Including the reassurance treaty with CNP Assurances ² Asset Management: Europe includes Dynamic Solutions and Vega IM ; North America includes WCM IM ; excluding Wealth Management ³ 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.  

 ^{(1 )}Cost of risk 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 97 million euros in Q3-25 vs. an allocation to provisions of 34 million euros in Q3-24.
• For the nine-month period, to a reversal of 37 million euros in 9M-25 vs. a reversal of 146 million euros in 9M-24.

The provision for loans with proven risk, rated ‘Stage 3,’ corresponds to:

• For the quarter, an allocation to provisions of 683 million euros in Q3-25 compared to an allocation of 488 million euros in Q3-24,
• For the nine-month period, an allocation to provisions of 1,833 million euros in 9M-25 vs. an allocation of 1,611 million euros in 9M-24.

In Q3-25, the cost of risk stood at 27bps of gross client loan outstandings for the Groupe BPCE, compared with 24bps in Q3-24. This includes a 4bp reversal of provisions on performing loans in Q3-25 vs. a 2bp allocation to provisions in Q3-24 and a 31bp allocation on loans with a proven risk in Q3-25 vs. a 23bp allocation in Q3-24.

In Q3-25, the cost of risk for the Retail Banking & Insurance business unit stood at 28bps, including a 2bp reversal on performing loans (vs. a 1bp allocation to provisions in Q3-24) and a 31bp allocation for loans with      a proven risk vs. 22bps in
Q3-24.

The cost of risk for Corporate & Investment Banking business unit stood at 28bps, vs. 22bps in Q3-24, including a 23bp reversal on performing loans (vs. a 1bp allocation in Q3-24) and a 51bp allocation for loans with a proven risk (vs. a 21bp allocation in
Q3-24).

In 9M-25, the cost of risk stood at 27bps of gross client loan outstandings for Groupe BPCE (23bps in 9M-24). It includes a reversal of provisions on performing loans of 1bp (vs. a reversal of 2bps in 9M-24) and an allocation to provisions for loans with a proven risk of 28bps (vs. an allocation of 25bps in 9M-24).

The cost of risk came to 27bps for the Retail Banking & Insurance business unit (22bps in 9M-24), including a reversal of provisions on performing loans of 2bps (vs. a reversal of 2bps in 9M-24) and an allocation to provisions of 29bps on outstandings with a proven risk (vs. an allocation of 24bps in 9M-24).

The cost of risk for Corporate & Investment Banking stood at 30bps (35bps in 9M-24), including an allocation to provisions of 1bp on performing loans (vs. a reversal of 3bp in 9M-24) and an allocation of 29bps on loans with a proven risk (vs. an allocation of 38bps in 9M-24).

The ratio of non-performing loans to gross loan outstandings stood at 2.7% as at September 30, 2025, up 0.2pp compared to the end of December 2024.

Reported net income (Group share) stood at 1,146 million euros in Q3-25, up 24% YoY.

The exceptional surcharge amounted to -32 million euros in Q3-25.

In 9M-25, reported net income (Group share) amounted to 2,957 million euros, up 13% YoY.

The exceptional surcharge came to a total of -138 million euros in 9M-25.

2. A Group committed to decarbonizing the economy with concrete impact in all territorial regions

Energy renovation & transition:

• Banque Populaire and Caisse d’Epargne expand their energy renovation offering with Cozynergy to allow clients to obtain recommendations directly on their mobile app thanks to:

• A full, no-cost assessment including both technical and financial analyses
• A high-performance, AI-enhanced simulator

• “Advice & Sustainable Solutions” on the mobile app:

• More than 6 million visitors as at September 30, 2025
• With a view to guiding our individual clients toward concrete solutions for renovation, mobility, and responsible investment

• Financing transition and decarbonization projects for the B2B clients (SMEs and ISEs) of the Banques Populaires and Caisses d’Epargne

• Loan production of approximately 1.8 billion euros as at end-August 2025.

Protection of local natural heritage:

• Commitment to protecting local natural heritage throughout France and around the world, through a wide-ranging, tangible initiative:

• A territorial commitment focused on protecting ecosystems related to water and forests
• An approach supported by a scientific committee made up of independent experts and national institutions specializing in biodiversity issues
• 23 projects approved by the scientific committee as at September 30, 2025
• VISION 2030 target: 30 natural ecosystems to be protected between now and end-2026

The Group’s carbon footprint: BPCE spearheads a market coalition

• The “Achats 2030” collective spearheaded by Groupe BPCE to decarbonize purchasing, the foremost contributor to the carbon footprint of our sector

Natixis was voted “ESG Lender of the Year” by IJ Global ESG Awards 2025. This award reinforces our position as a key player in the transition to a more responsible economy

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

3.1    CET1 ratio

Groupe BPCE’s CET1 ratio at the end of September 2025 stood at an estimated 16.4%, up over the quarter. This change can be explained by the following impacts:

• Retained earnings: +25bps,
• Change in risk-weighted assets: -11bps,
• Change in the allocation to provisions for goodwill, the prudential backstop, and other adjustments: -5bps,

Groupe BPCE generated organic capital creation of 14bps over the quarter.

Groupe BPCE has an estimated buffer of 19.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital as of September 2025, while taking account of the prudential requirements laid down by the ECB applicable as of October 1, 2025.

3.2 TLAC ratio¹

The Total Loss-Absorbing Capacity (TLAC) estimated at end-September 2025 amounts to 122.5 billion euros¹. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.9%² at end-September 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 October 1, 2025.

3.3 MREL ratio¹

Expressed as a percentage of risk-weighted assets at September 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 26.9%² and 33.3% respectively, well above the minimum requirements laid down by the SRB on October 1, 2025, of 24.69%³ and 27.49%³ respectively.

3.4 Leverage ratio¹

At September 30, 2025, the estimated leverage ratio stood at 5.0%, well above the requirement for this metric.

3.5 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 148% of the end-of-month LCRs for the third quarter of 2025.

The volume of liquidity reserves stood at 303 billion euros at the end of September 2025.

3.6  MLT funding plan: 96% of the 2025 plan already completed by October 31, 2025

For 2025, the size of the MLT funding plan, excluding structured private placements and Asset-Backed Securities (ABS), has been set at 23 billion euros, broken down by type of debt as follows:

• 10.0 billion euros in TLAC funding: 2.0 billion euros in Tier 2 and 8.0 billion euros in senior non-preferred debt,
• 3.0 billion euros of senior preferred debt,
• 10.0 billion in covered bonds.

The target for ABS is 8.0 billion euros.

As of October 31, 2025, Groupe BPCE had raised 22.1 billion euros, excluding structured private placements and ABS (96% of the 23 billion euro program):

• 10.8 billion euros in TLAC funding: 2 billion euros in Tier 2 (100% of requirements) and 8.8 billion euros in senior

non-preferred debt (110% of requirements);

• 2.2 billion euros in senior preferred debt (72% of requirements);
• 9.1 billion euros in covered bonds (91% of requirements).

ABS issues came to a total of 7.6 billion euros as at October 31, 2025, representing 95% of the target.

BPCE Assurances has reached a major milestone in its development with the successful completion of its inaugural public offering of subordinated debt totaling 680 million euros: 280 million euros for the “restricted Tier 1” tranche and 400 million euros for the “Green Tier 2” tranche.

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

¹ Estimate as at September 30, 2025 based on CRR3/CRD6 rules applicable from January 1, 2025, including Basel IV phase-in

² Groupe BPCE has chosen to waive the possibility offered by Article 72c (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC/subordinated MREL requirements

³ Following receipt of the 2025 annual MREL letter 

4. 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 Q3-25 and Q3-24 and between 9M-25 and 9M-24.

4.1  Retail Banking & Insurance 

At the end of September 2025, loan outstandings grew by 1% over a 12-month period to reach 731 billion euros. On a YoY basis, outstandings also saw 1% growth for residential mortgages, which now stand at 395 billion euros, 3% growth for equipment loans to 206 billion euros, and 3% growth for consumer loans to 44 billion euros.

On-balance sheet deposits & savings stood at 704 billion euros at the end of September 2025, up 13 billion euros YoY (+2%), with term accounts up 1% YoY and regulated and unregulated passbook savings accounts up 4% YoY.

The net banking income generated by the Retail Banking & Insurance business unit rose 15% YoY to 4,439 million euros in Q3-25 and by 13% in 9M-25 to 12,773 million euros benefiting from dynamic loan production and deposit activities. These changes include a 15% increase in revenues for the Banque Populaire retail banking network in Q3-25 and 11% in 9M-25, as well as a 15% increase in revenues for the Caisse d’Épargne network in Q3-25 and 12% in 9M-25.

The Financial Solutions & Expertise business lines continued to benefit from strong commercial momentum in 9M-25 on a YoY basis, particularly in consumer credit and leasing activities. Revenues rose by 39% in Q3-25 and by 31% in 9M-25.

In Insurance, revenues declined by 8% in Q3-25, due to high basis of comparison in Q3-24 but enjoyed 12% growth in 9M-25. Life insurance assets under management have increased by 8% since the beginning of the year, driven by positive net inflows in both unit-linked and euro-denominated funds.

The Digital & Payments business unit recorded a 9% increase in revenues in Q3-25 and an 8% increase in 9M-25.

The net interest margin of the two retail banking networks rose by 21% in 9M-25.

Operating expenses were tightly managed, rising by 5% in both Q3-25 and 9M-25, to 2,519 million euros and 7,756 million euros, respectively.

The underlying cost/income ratio³ fell by 5.9pp YoY in Q3-25 to 55.8% and by 4.9pp in 9M-25 to 59.9%.

The business unit’s gross operating income rose by 31% YoY in Q3-25 to 1,920 million euros and by 28% in 9M-25 to
5,017 million euros.

The cost of risk stood at -532 million euros in Q3-25, up 26% YoY, and at -1,544 million euros in 9M-25, up 29%.

For the business unit, income before tax amounted to 1,399 million euros in Q3-25, up 34%, and 3,506 million euros in
9M-25, up 25%.

Underlying income before tax² stood at 1,442 million euros in Q3-25, up 36%, and at 3,619 million euros in 9M-25, up 26%.

¹ Reported figures until “income before tax”; 2024 figures have been adjusted pro forma to account for the integration of CEGC 

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses.

4.1.1        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 September 2025, compared with 302 billion euros at the end of September 2024.

On-balance sheet deposits & savings increased by 5 billion euros YoY at the end of September 2025, with both regulated and unregulated passbook savings accounts up 4% YoY.

Net banking income stood at 1,731 million euros in Q3-25, up 15%.

In the first nine months of 2025, net banking income stood at 4,975 million euros, up 11%, including:

• 2,723 million euros in net interest margin^4,5, up 19%,
• 2,212 million euros in commissions⁵, up 3%.

Operating expenses, which were kept under tight control, rose by a modest 4% in Q3-25 to 1,034 million euros and reached 3,174 million euros in 9M-25 (+3% YoY).

This led to a significant improvement in the underlying cost/income ratio³ of 6.6pp in Q3-25, which stood at 58.9%. It fell by 4.5pp in 9M-25 to 63.1%.

Gross operating income rose by 37% to 697 million euros in Q3-25 and by 27% in 9M-25 to 1,801 million euros, benefitting from significant positive jaws effects.

The cost of risk stood at -237 million euros in Q3-25, up 21%, and at -675 million euros in 9M-25 (+23%).

Income before tax amounted to 469 million euros in Q3-25 (+49%) and 1,142 million euros in 9M-25 (+22%).

Underlying income before tax² rose 48% to 483 million euros in Q3-25. It stood at 1,177 million euros in 9M-25 (+22% YoY).

¹ Reported figures until “income before tax”

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

⁴ Excluding provisions for home-purchase savings schemes

⁵ Income on regulated savings has been restated to account for the net interest margin and included under commissions

4.1.2       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 1% YoY to 381 billion euros at the end of September 2025.

On-balance sheet deposits & savings increased by 7 billion euros YoY, with growth in term accounts (+6% YoY) and regulated and unregulated passport savings accounts (+4% YoY).

Net banking income amounted to 1,740 million euros in Q3-25, up 15%.

In 9M-25, net banking income came to 4,974 million euros, up 12%, including:

• 2,339 million euros in net interest margin^4,5, up 24%,
• 2,603 million euros in commissions⁵, up 5%.

Operating expenses, which remained tightly managed, rose by a marginal 1% in Q3-25 to 1,017 million euros and by 2% in 9M-25 to 3,189 million euros.

The underlying cost/income ratio³ improved by 8.8pp to 57.3% in Q3-25 and by 6.8pp to 63.0% in 9M-25.

Gross operating income rose by 42% to 723 million euros in Q3-25 and by 37% to 1,785 million euros in 9M-25, benefitting from significant positive jaws effects.

The cost of risk stood at -196 million euros in Q3-25, up 23%, and at -608 million euros in 9M-25, up 40%.

Income before tax stood at 526 million euros in Q3-25, up 50%, and came to 1,186 million euros in 9M-25, up 36%.

Underlying income before tax² amounted to 545 million euros in Q3-25 (+54% vs. Q3-24) and 1,241 million euros in 9M-25 (+37% vs. 9M-24).

¹ Reported figures until “income before tax”

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

⁴ Excluding provisions for home-purchase savings schemes

⁵ Income on regulated savings has been restated to account for the net interest margin and included under commissions

4.1.3       Financial Solutions & Expertise

Business remained strong in Consumer credit with average outstanding personal loans and revolving credit up 4% at the end of September 2025. Stock market activity was buoyant, in line with market volatility and the commercial dynamism of the retail banking networks, with stock market orders up 23% vs. 9M-24.

Since March 1, 2025, the Financial Solutions & Expertise business unit has included the acquisition of BPCE Equipment Solutions.

In Corporate Services, continued support for businesses in France and internationally is being provided, notably in Leasing, with total outstanding amounts for BPCE Lease and BPCE ES up 84% at the end of September 2025, including 8% organic growth for BPCE Lease. BPCE ES’s business remained strong, with a 5% increase in production in 9M-25. The acquisition of new factoring clients is gathering pace (+15% vs. 9M-24).

The Housing & Real Estate business remains resilient, with an increase in average outstanding loans financed by SOCFIM (+5% vs. 9M-24) driven by medium/long-term activity (+9% vs. 9M-24), which offset the decline in the real estate development activity. SOCFIM’s cost of risk increased by 92% in 9M-25 compared to a low basis of comparison in 9M-24.

The net banking income of the Financial Solutions & Expertise business unit rose 39% to 390 million euros in Q3-25 and 31% to 1,106 million euros in 9M-25.

Operating expenses rose 50% in Q3-25 to 212 million euros and 36% in 9M-25 to 600 million euros.

The underlying cost/income ratio³ increased by 3.6pp in Q3-25 to 54.1% and by 2.0pp in 9M 25 to 54.0%.

Gross operating income rose by 28% in Q3-25 to 178 million euros and by 24% in 9M-25 to 506 million euros.

The cost of risk stood at -59 million euros in Q3-25, up 147%, and at -132 million euros in 9M-25 (+88% YoY).

Income before tax amounted to 120 million euros in Q3-25, up 5%, and 374 million euros in 9M-25, up 12%.

Underlying income before tax² came to 120 million euros in Q3-25, up 6%, and to 377 million euros in 9M-25, up 12%.

¹ Reported figures until “income before tax”; figures for Q3-24 and 9M-24 have been adjusted pro forma to account for the transfer of CEGC 
² “Underlying” means exclusive of exceptional
³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

4.1.4       Insurance

The results presented below concern BPCE Assurance and CEGC.

In Q3-25, premium income⁵ rose 16% to 4.4 billion euros, with a 16% increase for Life Insurance & Personal Protection, 13% for Property & Casualty Insurance, and 29% for Sureties & Financial Guarantees. In 9M-25, premiums reached a total of
15.3 billion euros, up 7%.

Life Insurance assets under management⁶ rose 8% to 121.5 billion euros at the end of September 2025, driven by net inflows of 7 billion euros in 9M-25.

Over the 12-month period, gross inflows⁶ in Life Insurance amounted to 12.1 billion euros, continuing the already very strong momentum noted last year (up 6% vs. 9M-24). Unit-linked products accounted for 51% of inflows⁶ at the end of September 2025.

In non-life insurance, revenues were up 11% compared to 9M-24.

Net banking income fell by 8% in Q3-25 compared to a high basis of comparison related to market effects, declining to 238 million euros, but rose by 12% in 9M-25 to 718 million euros.

Operating expenses decreased by 11% in Q3-25 to 44 million euros and increased by a marginal 1% in 9M-25 to 136 million euros.

The underlying cost to income ratio⁴ stood at 16.9% in Q3-25, an improvement of 2.3pp, and at 17.9% in 9M-25, an improvement of 2.9pp.

Gross operating income declined by 7% in Q3-25 to 194 million euros but rose 14% in 9M-25 to 583 million euros.

Income before tax decreased by 6% in Q3-25 to 196 million euros and increased by 14% to 590 million euros in 9M-25.

Underlying income before tax³ fell 4% to 200 million euros in Q3-25 and rose 15% to 598 million euros in 9M-25.

¹ Reported figures until “income before tax”

² “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts

³  “Underlying” means exclusive of exceptional

⁴ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

⁵ Including retirement savings plans and also the reinsurance treaty with CNP Assurances

4.1.5       Digital & Payments

Digital & AI

At the end of September 2025, 8 million clients were using the digital services offered by mobile apps (+4% compared to the end of September 2024).

Groupe BPCE has developed new digital banking features (e.g., real-time payment notifications) and moved up 15 places in the 2025 Evident AI Index ranking, to 25^th place among the world’s 50 largest banks.

Nearly 50% of the Group’s employees use in-house generative AI solutions.

Payments

Business activities are robust in Payment Solutions with the number of payment transactions up 3% vs. 9M-24 and a sharp rise in instant payments (+90% vs. 9M-24). The strong momentum in the rollout of Android POS terminals is being maintained (+68% vs. 9M-24).

Net banking income is up 5% compared to 9M-24, thanks to the impact of new offerings and sustained margins. The underlying cost/income ratio improved by 2.9pp despite investments in strategic projects.

Oney Bank

Net banking income is up 12% compared with 9M-24.

Outstanding loans increased by 4% with solid new loan production in Europe outside France (+11% in volume YoY).

The cost/income ratio³ showed a 4.3pp improvement thanks to strict control of current expenses, enabling investments in digital and other capital expenditure.

Net banking income for the Digital & Payments business unit rose 9% in Q3-25 and 8% in 9M-25, to 237 million euros and 698 million euros, respectively.

The business unit’s operating expenses rose by 4% in Q3-25 and 9M-25 to a total of 160 million euros and 493 million euros, respectively.

This led to a 4.8pp decrease in the underlying cost/income ratio³ to 65.9% in Q3-25 and a 3.8pp decrease to 69.3% in
9M-25.

Gross operating income rose by 21% in Q3-25 to 77 million euros and by 18% to 205 million euros in 9M-25.

The cost of risk increased 17% YoY in Q3-25 to -35 million euros and 6% YoY in 9M 25 to -99 million euros.

Income before tax stood at 42 million euros in Q3-25 and at 105 million euros in 9M-25.

Underlying income before tax² was 46 million euros in Q3-25, up 41%, and 116 million euros in

9M-25, also up by a significant +43%.

¹ Reported figures until “income before tax”

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

5.2 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 rose 1% YoY in Q3-25 and achieved 6% growth
in 9M-25, to 2,004 million euros (+4% at constant exchange rates) and 6,216 million euros (+7% at constant exchange rates), respectively. These increases were driven by solid commercial performance across global businesses.

Corporate & Investment Banking revenues rose 9% to 3,656 million euros in 9M-25 thanks to the strong performance achieved by Global Markets (+17% YoY), Real Assets (+14%) and Investment Banking (+8%). The Americas and APAC platforms performed strongly, up 4% and 28% respectively, despite an unfavorable EUR/USD exchange rate effect.

In 9M-25, Asset & Wealth Management revenues increased by 2% at constant exchange rates, thanks to recurring revenue levels with higher management fees. Net inflows reached 23 billion euros in 9M-25, chiefly in fixed income products. Despite an unfavorable currency effect, assets under management reached 1,301 billion euros thanks to a positive market effect and strong net fund inflows.

Operating expenses rose 1% in Q3-25 to 1,435 million euros (+4% at constant exchange rates) and 5% in 9M-25 to stand at 4,366 million euros (+6% at constant exchange rates).

In Q3-25, the operating expenses of the Corporate & Investment Banking business unit increased by 2% while those of Asset & Wealth Management remained stable. In 9M-25, operating expenses incurred by Corporate & Investment Banking increased by 9% and those related to Asset & Wealth Management rose by 1%.

The underlying cost/income ratio³ was 71.3% in Q3-25 and 70.0% in 9M-25, down 0.3pp and 0.5pp respectively.

Gross operating income rose 2% in Q3-25 to 569 million euros (+5% at constant exchange rates) and increased 6% in

9M-25 to 1,850 million euros (+8% at constant exchange rates).

The cost of risk was up 28% to -52 million euros in Q3-25; it remained stable at -181 million euros in 9M-25.

Income before tax rose 1% to 528 million euros in Q3-25 and increased 8% to 1,697 million euros in 9M-25.

Underlying income before tax² for Q3-25 was 533 million euros, up 2%, and 1,715 million euros for 9M-25, equal to growth of 9%.

¹ Reported figures until “income before tax”

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

5.2.1       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 4% in Q3-25 to 1,160 million euros (+6% at constant exchange rates) and rose 9% in 9M-25 to 3,656 million euros (+10% at constant exchange rates), driven by all the business lines.

Global Markets revenues rose 17% to 1.9 billion euros in 9M-25, including 584 million euros in Q3-25 (+14% YoY). They were driven by strong commercial momentum across all business lines and platforms.

FIC-T revenues rose 18% in 9M-25 to 1.3 billion euros, driven by strong activity in the Credit, Rates and FX asset classes.

Equity revenues came to 566 million euros in 9M-25, up 12%, driven by strong commercial activity.

Global finance revenues remained stable at 1.3 billion euros in 9M-25 thanks to strong momentum across all Real Assets activities: Infrastructure & Energy Finance, Real Estate and Hospitality, and Aviation Finance.

Investment Banking and M&A activities, with revenues of 461 million euros in 9M-25, were up 1%.

Operating expenses rose by 2% in Q3-25 (+5% at constant exchange rates) and by 9% in 9M-25 (+10% at constant exchange rates), reaching a total of 768 million euros in Q3-25 and 2,344 million euros in 9M-25.

The underlying cost/income ratio³ fell by 1.1pp to 66.0% in Q3-25 and decreased by 0.3pp to 63.8% in 9M-25.

Gross operating income rose 7% (+10% at constant exchange rates) in Q3-25 to 392 million euros and increased 9% (+11% at constant exchange rates) in 9M-25 to 1,311 million euros.

The cost of risk stood at -53 million euros, up 36% in Q3-25, and came to -174 million euros, down 5% in 9M-25.

Income before tax rose 5% to 349 million euros in Q3-25 and grew by 13% to 1,162 million euros in 9M-25.

Underlying income before tax² rose by 6% to 352 million euros in Q3-25 and by 14% to 1,174 million euros in 9M-25.

¹ Reported figures until “income before tax”

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

5.2.2      Asset & Wealth Management

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

In Asset Management, assets under management⁴ came to a total of 1,301 billion euros, up 1% since the beginning of the year, with high net inflows and a positive market effect partially offset by a negative currency effect.

Net fund inflows⁴ in Asset Management reached 23 billion euros in the first nine months of 2025 (including 1 billion euros in Q3-25), chiefly thanks to fixed-income products from Loomis Sayles and DNCA and diversified products.

At the end of September 2025, Asset Management recorded strong fund performance: 78% of rated funds were ranked in the 1^st and 2^nd quartiles over a three-year horizon compared with 64% at the end of September 2024 (source: Morningstar).

ESG assets accounted for 41% of assets under management at the end of September 2025.

Asset & Wealth Management revenues increased by 2% in 9M-25 at constant exchange rates thanks, in particular, to higher average levels of assets under management (+8% YoY), 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) at 9M-25 was 24.9bp (-1.1bp YoY), and 34.6bps excluding insurance-driven asset management activities (-1.7bp YoY).

Net banking income for the Asset & Wealth Management business unit fell by 2% in Q3-25 (vs. +2% at constant exchange rates) to 844 million euros and rose by 1% in 9M-25 (+2% at constant exchange rates) to 2,560 million euros.

Operating expenses remained stable at 667 million euros in Q3-25 (+3% at constant exchange rates) and stood at 2,022 million euros, up 1% in 9M-25 (+3% at constant exchange rates).

The underlying cost/income ratio³ increased by 1.2pp in Q3-25 to 78.6% and remained stable in 9M-25 at 78.7%.

Gross operating income came to 178 million euros in Q3-25, down 8% (-4% at constant exchange rates), and 538 million euros in 9M-25, stable YoY (+2% at constant exchange rates).

Income before tax amounted to 178 million euros in Q3-25, down 7%. It came to 535 million euros in 9M-25 (-1%).

Underlying income before tax² was down 5% in Q3-25 to stand at 181 million euros and remained stable YoY at 542 million euros in 9M-25.

¹ Reported figures until “income before tax”

² “Underlying” means exclusive of exceptional

³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

⁴ Asset Management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding

Wealth Management

ANNEXES

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.

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.

Reconciliation of 2024 data to pro forma data

Q3-25 & Q3-24 results : reconciliation of reported data to alternative performance measures

9M-25 & 9M-24 results : reconcialiation of reported data to alternative performance measures

Q3-25 & Q3-24 results : underying cost to income ratio

9M-25 & 9M-24 results : underying cost to income ratio

Groupe BPCE : quarterly income statement per business line