Results for the 1st quarter of 2026 of Groupe BPCE

Key figures¹for Q1-26

Net banking income of €6.8bn, up 7% YoY, driven by growth across all business lines
Cost/income ratio² of 65.0%, representing a 3.1pp improvement YoY
Net income³ of €1bn, up 21% YoY
High level of solvency: CET1 ratio at 16.4%⁴ at end-March 2026

Business lines

RETAIL BANKING & INSURANCE  Sustained revenue growth of 12% YoY in Q1-26 driven by strong business momentum and a sharp rise in net interest income; excellent performance achieved by the Banque Populaire and Caisse d’Epargne networks, including the acquisition of 217,000 new clients⁶ during the period

• Local & regional financing: €25bn in new loans granted to households and businesses in Q1-26, up 15% YoY
• Client deposits⁷ up €16bn YoY, reaching €714bn at the end of March 2026
• Insurance: premiums up 19% YoY in Q1-26
• Financial Solutions & Expertise: 24% YoY revenue growth in Q1-26, with strong growth in consumer credit for individuals and in leasing and factoring services for corporates
• Digital & Payments: net banking income up 5% YoY in Q1-26, including +8% for Oney Bank

GLOBAL FINANCIAL SERVICES   Net banking income up 6% YoY in Q1-26 at constant exchange rates; Corporate & Investment Banking revenue up 7% at constant exchange rates; net inflows of €9bn in Asset Management

• Corporate & Investment Banking: net banking income of €1.3bn, driven by strong performance in the Global Markets’ Equity  business, up 29% YoY at constant exchange rates; revenues up 15% for Global Finance  at constant exchange rates, including +41% for Real Assets ; +16% in Investment Banking  and M&A  at constant exchange rates
• Asset & Wealth Management: net inflows of €9bn in Q1-26, driven in particular by Ostrum’s insurance expertise as well as the fixed-income businesses of Loomis Sayles and DNCA; assets under management at Natixis IM reached €1,261 billion at the end of March 2026; net banking income of €841m, up 4% YoY at constant exchange rates

Results/Capital⁴

Cost/income ratio² of 65.0% in Q1-26, a significant 3.1pp improvement YoY thanks to very effective cost control while maintaining a high level of investment
Cost of risk: €654m in Q1-26, or 29bps, stable vs. Q1-25 and slightly down vs. Q4-25
Financial strength: CET1 ratio of 16.4%⁴ at end-March 2026; liquidity reserves of €324bn
 

novobanco, a major milestone in the realization of the Vision 2030 strategic plan

The Groupe BPCE finalized the acquisition of 100% of the capital of novobanco on April 30, 2026,
This acquisition strengthens the Group’s diversification strategy, expanding its European footprint and making Portugal its second-largest domestic market for retail banking
With a 9% market share in Portugal – including 18% in the SME segment – and profitability at the highest European standard, novobanco will leverage all of BPCE’s expertise to serve its clients and finance the Portuguese economy

• First benefits for novobanco the day of the completion of the acquisition by Groupe BPCE:
  The Fitch rating agency upgraded novobanco’s senior long-term credit rating by two notches to A- with a stable outlook
  Moody’s also upgraded novobanco’s senior long-term credit rating to A3 with a stable outlook

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.”

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