RESULTS FOR THE 3RD QUARTER AND FIRST 9 MONTHS OF 2026

>> KEY FIGURES²
 

  Q3-26    

Net banking income up 9% vs. Q3-25, to €7.0bn
Cost/income ratio³ down 2.6pp YoY, to 60.7%
Net income¹ of €1.4bn, up 25% YoY

  9M-26  

Net banking income up 10% YoY, to €20.9bn
Cost/income ratio³ down 3.8pp, to 62.1%
Net income of €3.8bn, up 28% YoY

Very high solvency level: CET1 ratio stood at 15.5%⁴ at end-September 2026

 >> BUSINESS LINES

  RETAIL BANKING IN FRANCE   

Net banking income up 11% in 9M-26 YoY, driven by new-client acquisition and the net interest margin

• 610,000 new clients acquired YTD by the Banques Populaires and Caisses d’Epargne
• +€19bn off-balance sheet deposits & savings inflows for the two retail banking networks, and loan outstandings up 2% YoY
   

  RETAIL BANKING IN EUROPE   

Net banking income up 121% in 9M-26 YoY, to €1.3bn, with strong momentum at novobanco

• Loan outstandings up 8% YoY at novobanco
• +10% in new loan production YoY in 9M-26 for BPCE Equipment Solutions
   

  INSURANCE AND ASSET MANAGEMENT  

Net banking income up 3% in 9M-26 YoY, including +7% for Insurance and +5% for Asset Management at constant exchange rates

• €13bn in life insurance gross inflows in 9M-26 for BPCE Assurances, up 10% YoY
• +€50bn5 in assets under management YTD in 9M-26 in Asset Management, driven by €19bn in new net inflows
   

  CORPORATE AND INVESTMENT BANKING        

Net banking income up 6% in 9M-26 YoY at constant exchange rates

• +6% in net banking income for Global Markets in 9M-26 YoY at constant rates, including +15% in Fixed Income in Q3-26
• Net banking income up 8% for Global Banking in 9M-26 YoY at constant rates, driven by Global Trade and Real Assets
   

>> PERFORMANCE, SOLVENCY AND LIQUIDITY

Cost/income ratio of 60.7% in Q3-26 and 62.1% in 9M-26, representing a sharp improvement of 2.6pp and 3.8pp respectively YoY thanks to tight control over expenses

Stage 3 cost of risk of €639m in Q3-26, or 27bps⁶, down slightly YoY. Prudent provisioning policy that includes 7bps for future risks in Q3-26

Financial strength: CET1 ratio of 15.5%⁴ at end-September 2026; liquidity reserves of €347bn and LCR of 156% at end-September 2026

>> CONTINUED EXPANSION IN EUROPEAN RETAIL BANKING

Strategic investment in Banco Sabadell, Spain’s fourth-largest bank

• Friendly acquisition of a 7% equity stake
• Intention to take an active part in governance by obtaining a seat on the Board of Directors
• Exploration of industrial partnerships for the benefit of clients of both BPCE and Sabadell
  
   

Project to acquire GamaLife, novobanco’s partner insurance compagny

• Expansion of the bancassurance model in Portugal with the country’s 8th-largest insurance company
• GamaLife manages €7.5bn in assets for 500,000 clients with about 100 employees 
   

Nicolas Namias, Chairman of the Management Board of BPCE, said: “ Groupe BPCE is continuing to build strong momentum in the execution of Vision 2030 with the delivery of very strong commercial and financial results and the determined pursuit of its strategic ambitions.

This quarter, the sharp rise in revenues combined with a tight control over expenses helped to improve our operating efficiency. All our business lines are contributing to this momentum and to the 25% increase in net income. Retail Banking in France achieved a sustained performance, driven by the dynamism of the Banques Populaires and Caisses d’Epargne and supported by their deep roots in local and regional France. In Retail Banking in Europe, our results reflect the significant contribution of novobanco. Insurance and Asset Management continue to grow their activities and generate positive net inflows. Corporate & Investment Banking delivered very strong performances in both its financing and market activities.

BPCE is achieving new milestones in the creation of a European retail banking platform. The strategic investment in Banco Sabadell in Spain creates new opportunities for cooperation for the greater benefit of our respective clients. The project to acquire GamaLife in Portugal would allow us to roll our bancassurance model outside of France for the first time and strengthen our second-largest domestic market.

In the wake of the damage caused by recent events across many parts of France, I would like to reaffirm Groupe BPCE's solidarity with, and support for, all those affected. We have mobilized emergency insurance, financing and payment solutions to help Banque Populaire and Caisse d'Epargne customers who suffered the consequences of these events. I would like to express my heartfelt thanks to our 110,000 employees for their dedication, both in times of crisis and in the pursuit of their day-to-day activities. This local presence is central to our cooperative business model and to our commitment to our clients and cooperative shareholders, and to the communities we support.

1. ^{Group share}

2. ^{See the notes on methodology in the annexes}

3. ^{Underlying cost/income ratio}

4. ^{Estimate at end-September 2026}

5. ^{Europe, including Dynamic Solutions and Vega IS; United States, including WCM IM; AuM pro forma for €56bn assets transfer following the sale of the overlay management services capabilities of Natixis IM Solutions in the USA to Edward Jones}

6. ^{Excluding the restaging one-off linked to novobanco acquisition}