Full-year 2025 and Q4-25 results of Groupe BPCE

 FINANCIAL PERFORMANCE    

2025:
Net banking income up 10% YoY to €25.7bn, driven by growth across all business lines

Gross operating income up 22% YoY, thanks to a highly positive jaws effect

Net income¹ of €4.1bn (including a surcharge of €177m in corporate income tax), +15% YoY
 

Q4-25: 
Net banking income of €6.7bn, up 11% YoY      
Cost/income ratio² at 64.8%, down 3.0pp YoY 
Net income¹ of €1.1bn, +21% YoY
 

Solvency and liquidity at very high levels: CET1 ratio up to 16.5%³ and LCR at 138%⁴ at end-December 2025

 BUSINESS PERFORMANCE   

RETAIL BANKING & INSURANCE 
14% revenue growth in full-year 2025 and 16% in Q4-25 YoY, driven by commercial momentum and an increase in the net interest margin; excellent commercial and financial performance achieved by the Banque Populaire and Caisse d'Epargne retail banking networks, which attracted 820,000 new clients

• Banque Populaire, No.1 bank for businesses for 16 consecutive years⁵; Caisse d’Epargne, winner of the “best savings advice” award⁶
• Local & regional financing: new loans granted to households and businesses of €102bn in 2025, up 20% over the year,
• Deposits⁷ up €14bn YoY, reaching a total of €707bn at end-December 2025
• Insurance: gross life fund inflows⁸ of €16bn in 2025; 11% increase YoY in premium income in non-life insurance
• Financial Solutions & Expertise: 33% growth in revenues in 2025 YoY, including BPCE Equipment Solutions since March 1^st, 2025; sustained commercial momentum in consumer credit, leasing, and factoring activities
• Digital & Payments: net banking income up 7% in 2025 YoY with dynamic activity in payments, and 12% revenue growth reported by Oney Bank

GLOBAL FINANCIAL SERVICES 
Net banking income up 7% in full-year 2025 and up 7% in Q4-25 YoY at constant exchange rates; record-breaking revenues achieved 10% growth for Corporate & Investment Banking in 2025
at constant exchange rates; record net inflows of €40bn in Asset Management for the 2^nd year in a row

• Corporate & Investment Banking: net banking income at €4.8bn in 2025, driven by the momentum achieved by Global Markets activities, up 15% YoY, including +14% in Equity and +15% in Fixed Income; +1% revenue growth for Global Finance, including +5% in Q4-25, with a strong performance for Real Assets (+24%); +3% growth in net banking income in Investment Banking and M&A in full-year 2025
• Asset & Wealth Management: +8% YoY growth in Natixis IM's average assets under management, reaching €1,323bn at end-December 2025; record-breaking net inflows of €40bn for the second year in a row, including €17bn in Q4-25, buoyed up in particular by the fixed-income expertise of Loomis Sayles and DNCA; net banking income of €3.5bn in 2025, up +3% YoY at constant exchange rates, including €1bn in Q4-25, +6% YoY

    FINANCIAL STRENGTHS    

Cost/income ratio² at 64.8% in Q4-25 and 65.6% in full-year 2025, a significant year-on-year improvement of 3.0pp and 3.8pp respectively thanks to good control of operating expenses while pursuying investments 

Cost of risk reflects the role played by the group in the French economy: €669m in Q4-25, or 30bps, and 28bps in full-year 2025

Financial strength: CET1 ratio rising to 16.5%³ at end-December 2025; liquidity reserves equal to €305bn

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."

^{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}