NewzIntel.com

Category: European Union

  • MIL-OSI United Kingdom: Lifesaving bleed kits installed across Oxford to help in an emergency

    Source: City of Oxford

    Wednesday, 5 February 2025

    Oxford City Council has worked with an Oxford-based theatre group and Thames Valley Police to install four new lifesaving bleed control kits in key locations across the city.

    Oxford City Council has worked with an Oxford-based theatre group and Thames Valley Police to install four new lifesaving bleed control kits in key locations across the city. 

    The kits, which are designed to help treat severe bleeding before emergency services arrive, have been installed by ODS at: 

    Each kit contains essential first aid equipment, such as tourniquets, gauze and gloves, to help control heavy bleeding in critical situations. Like defibrillators, the bleed kits are stored in secure cabinets on the outside of buildings. Emergency call handlers provide the key code access to the cabinets when needed. While Oxford has many defibrillators, including in Oxford Town Hall, these are the first publicly accessible bleed kits installed in the city. 

    The initiative is part of a wider effort to enhance community safety and ensure people have access to essential first-aid tools in critical situations. Oxford City Council and Thames Valley Police had already been working to install bleed kits, and the initiative has also been supported by Claire Nelson, who last year wrote and performed a solo show, “Motherhood”, about the impact of knife crime on parents, inspired by real-life experiences. A Crowdfunder linked to the show raised over £1300 to fund two of the newly installed kits. 

    The installation of the kits follows similar initiatives in other UK cities, where they have been credited with helping to save lives. 

    Claire Nelson, “Motherhood” writer and performer, and key fundraiser, said: 

    “I’m so pleased that Oxford now has bleed kits and would like to thank all the people who donated to the crowdfunding campaign for this.

    Bleed kits can help any member of the public save a life before professional medical help arrives and those minutes could just make the difference to help save someone’s life.”

    Councillor Lubna Arshad, Cabinet Member for A Safer Oxford said: 

    “In an emergency, every second counts. Having these vital kits in place really could save lives. We’re proud to support this initiative between the Council, Thames Valley Police and brilliant community advocates like Claire, to help make Oxford a safer place for everyone.” 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Economy and Infrastructure Committee statement re Enva fire

    Source: Scotland – City of Perth

    I would like to address the understandable concerns raised by many residents of Perth and Kinross regarding the fires at the waste management site on Shore Terrace, Perth, and their impact on the Friarton Road Bridge and local residents.

    The most recent fire, in the early hours of 14 January, was the third to happen on the site, with the previous fire – in February 2023 – resulting in the tragic death of a worker on the site.

    All of the incidents were related to lithium battery fires.

    On this most recent occasion local residents again faced having to take action to prevent the risk of smoke getting into their properties, added to which local roads and the city centre became badly congested as a result of diverted traffic from Friarton Bridge which had to be closed for 10 hours. This also caused significant disruption to school transport, leaving pupils, including some due to sit exams, stranded for a lengthy period. And of course, the bridge itself is an integral component of Scotland’s road network and its necessary closure will have caused widespread disruption to very many road users from across Scotland.

    In my view, this is an unacceptable situation which must be urgently addressed to find solutions which minimise any risks in the future.

    Perth and Kinross Council does not have a role in granting or reviewing the licence for waste management on the site, or for inspecting the fire safety arrangements on the site. 
    Nor can we change or influence the use or disposal of lithium batteries, although the use, recycling and storage of these is currently under review at a national level.

    However, we do understand and share the concerns of our residents who are seeking reassurances about how fires at the site can be prevented in future. And, as representatives of the community we are committed to advocating for the safety and wellbeing of our residents.

    To this end we are inviting representatives of site operators ENVA and lead agencies SEPA, the Health and Safety Executive, Transport Scotland, Scottish Fire and Rescue Service and Police Scotland to meet with the Leader of the Council, local parliamentarians, council officers and myself as soon as possible to seek reassurances, to understand what action can and will be taken to prevent such incidents from recurring and to ensure effective collaboration across all agencies. 

    We shall keep members of the public, this committee and ward councillors informed of the outcome of these discussions.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Homelessness statistics, April to September 2024

    Source: Scottish Government

    An Accredited Official Statistics Publication for Scotland

    An update on Homelessness Statistics covering 1 April to 30 September 2024 has been released today.

    Over that period:

    • There were 20,823 applications for homelessness assistance. This is an increase of 1% (295) compared with the same six-month period in 2023.
    • There were 17,424 households assessed as homeless or threatened with homelessness: an increase of 4% (636) on the same six-month period in 2023.
    • There were 32,272 open cases at 30 September 2024. This is slightly lower than 32,377 at 30 June 2024 although 6% higher than the 29,856 at 30 September 2023.
    • There were 16,634 households and 10,360 children in temporary accommodation at 30 September 2024. These are the highest in the time series since 2002 and increases of 6% and 5%, respectively, compared to 15,620 households and 9,855 children at 30 September 2023.
    • There were 1,785 households reporting a household member experiencing rough sleeping in the three months prior to application, and 1,198 the night before. These are increases of 25% and 32%, respectively, compared to the same period in 2023.
    • There was a 4% increase in the number of adults (to 19,894) and a 1% decrease (to 8,063) in the number of children associated with homeless households compared to 2023.
    • There were 7,545 instances of households not being offered temporary accommodation. This is a notable increase from 2,000 in 2023. The vast majority of these (6,320) were in Glasgow.
    • A total of 20,345 cases closed between April and September 2024, an increase of 5% compared to 19,428 in 2023.
    • The proportion of households who secured settled accommodation having been assessed as unintentionally homeless, and where the outcome was known, was 82%, the same as 2023.

    Background

    The full statistical publication is available on our website.

    The Homelessness in Scotland: Update to 30 September 2024 publication provides an indication of trends for key aspects of homelessness including applications, assessments, use of temporary accommodation and outcomes in the period from 1 January 2022 to 30 September 2024.

    Official statistics are produced by professionally independent statistical staff – more information on the standards of official statistics in Scotland is available.  

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Glasgow prison given go-ahead

    Source: Scottish Government

    New investment to create jobs and support work to cut reoffending.

    A new modern prison in Glasgow to replace the 143-year-old HMP Barlinnie has been given the go-ahead – delivering £450 million worth of economic benefits.

    With the construction contract now signed, HMP Glasgow will have a capacity of 1,344 – adding 357 more places to the overall prison estate once completed in 2028. The total project cost is £998.4 million. 

    The prison has been designed to deliver fit-for-purpose, safe and secure accommodation that will improve opportunities for successful rehabilitation to help reduce reoffending, while creating a safer working environment for staff.

    The project, which independent benchmarking shows is in line with costs for similar recent prison builds in England and Wales, will provide significant economic benefits both during construction and following completion. During peak construction activity there will be over 1,000 people on site, with several thousand working on the project over the lifespan. There will be 50 new apprenticeships created within that workforce.

    Developer Kier Construction has committed to providing a range of community benefits, including employment for the local community, such as apprenticeships, training and work placements for ex-offenders, as well as supporting local businesses.

    Justice Secretary Angela Constance said:

    “HMP Glasgow is a bold vision for the future of Scottish prisons that will help reduce reoffending, contribute to less crime, while delivering a considerable economic boost for the city and beyond.

    “The new modern establishment will replace a Victorian-age prison that is no longer fit for purpose. It will increase prison capacity and transform how prisoners are rehabilitated, as well as considerably improving staff working conditions.

    “Delivering the best value has been a key consideration of this project, which will provide more £450 million worth of economic benefits, including jobs and contracts for businesses in Scotland. I very much welcome that at least 50% of project spend will benefit the local supply chain.

    “It has taken time to find the right site and plan for HMP Glasgow, and like all other major infrastructure projects it has not been immune to inflation as a result of Brexit and the COVID pandemic.

    “The project’s cost has been extensively scrutinised, with independent benchmarking analysis finding the costs are comparable with similar prison projects elsewhere in the UK.”

    Teresa Medhurst, Chief Executive of the Scottish Prison Service, said:

    “HMP Glasgow will have a transformative impact in how we support and rehabilitate people.

    “It is an investment in our staff, in those in our care, and in Glasgow and Scotland as a whole, as we work with our partners to improve people’s futures and together build safer communities.

    “I want to thank Scottish Government, for its continued support and investment, and everyone whose hard work has helped us reach this important milestone as we continue to develop a prison estate fit for the 21st century.”

    Rebecca Boundy, Public Sector Director at Kier Construction, said: “It’s an honour to be awarded the contract to deliver this critical project.

    “We will build a sustainable, state-of-the-art facility while ensuring that local communities, schools and charities directly benefit both now and in the future.

    “Using the latest techniques and modern methods of construction, we will harness the very best of our team’s significant experience in the justice sector to provide a high-quality, more efficient prison for Scotland which has rehabilitation at its core.

    “The project will provide new jobs, with at least 50% of project spend committed to local supply chain partners, and also including provision for those who have directly experienced the justice system in the last six months.”

    Background

    The total cost of the project is £998.4 million which includes the cost of land acquisition, VAT and a construction contract cost of £683.8 million.

    Scotland’s largest prison, HMP Barlinnie is more than 140 years old. It houses male prisoners – both individuals on remand, and those with convictions serving vary lengths of sentence. HM Inspector of Prisons for Scotland said in its last independent annual report on Barlinnie that its buildings, accommodation and facilities are not fit for purpose.

    A National Audit Office report published on 4 December 2024, has highlighted recent significant increases in the costs of prisons builds in England and Wales.

    HMP Glasgow will be sited at Provanmill, south of Royston Road.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Seasonal decline in Scottish vitamin D levels has persisted over hundreds of years People living in Scotland 400 hundred years apart have been shown to suffer similar seasonal declines over winter in their vitamin D levels despite the enormous changes in lifestyle and diet over the intervening period.

    Source: University of Aberdeen

    Orsolya Czére examining hair samplePeople living in Scotland 400 hundred years apart have been shown to suffer similar seasonal declines over winter in their vitamin D levels despite the enormous changes in lifestyle and diet over the intervening period.
    Archaeologists and nutrition scientists from the University of Aberdeen have teamed up with researchers from Ireland’s Atlantic Technological University and Boise State University (USA) to examine the long-term impact of living in a region with low levels of winter sunlight.
    Their findings, published in the Nature journal Scientific Reports, were obtained using a new method to detect vitamin D in human hair samples – the first time it has been applied to archaeological remains.
    The researchers compared vitamin D levels in the hair of volunteers who have been living in the Aberdeen area for at least two and a half years to those analysed in a rare specimen of preserved hair from a burial previously excavated from St Nicholas Kirk, estimated to have lived in the city in the 16th or 17th century.
    Vitamin D is essential for healthy skeletal growth and is increasingly recognised for its role in chronic disease development, inflammation and immunity. But in Scotland the sunshine is only strong enough to allow our bodies to produce our own vitamin D between April and September.
    In addition to hours spent outside, vitamin D levels can be increased through diet such as oily fish and supplementation.
    Archaeologist Kate Britton, who led the research team which included early career scientists Orsolya Czére and Eléa Gutierrez, said a clear seasonal variation could be detected in both modern and historical hair samples.
    She said: “We might expect that with modern methods to enhance our vitamin D intake through diet and supplementation this seasonal variation would be less significant.
    “In recent years there have been wide-spread health promotions around the benefits of supplementing with vitamin D during winter.
    “Similarly, we could reasonably expect that medieval population is likely to have spent a greater proportion outside and that those living in coastal areas like Aberdeen in the past may have consumed a greater proportion of their diet from local sources such a fish.

    If we can measure something such as vitamin D then we might also be able to use these state-of-the-art techniques to look at other aspects of health in the past through hair, such as stress levels, or even drug use of previous populations” Professor Kate Britton

    “But what this unique study has shown is that levels in many of our modern participants were similar to those of our archaeological sample, and that levels were consistently higher in summer and lower in winter in people who lived in the same city 400 years apart.”
    The study is a global first in applying a new technique to measure vitamin D using hair in an ancient specimen and it opens a new window into the lives of those living in the past.
    “In archaeology a lack of vitamin D is usually identified through skeletal manifestations such as rickets but that only informs us about the most extreme deficiencies and cannot be quantified,” Professor Britton added.
    “Using hair in this way is a significant step forward in the growing field of metabolomics in archaeological science.
    “If we can measure something such as vitamin D then we might also be able to use these state-of-the-art techniques to look at other aspects of health in the past through hair, such as stress levels, or even drug use of previous populations.”
    The study also suggests that examining vitamin D through hair rather than blood offers potential benefits for understanding health today.
    As hair grows around a centimetre each year, scientists can detect changes over multiple months rather than taking a snapshot in time as might be obtained through a blood sample taken in a medical setting.
    Professor Baukje de Roos, a nutrition scientist from the Rowett Institute at the University of Aberdeen who was responsible for collecting hair samples from modern participants, and with Gary Duncan carried out the vitamin D analysis in hair, said: “Our findings also support previous research which has shown than weight loss can mobilise vitamin D from adipose fat and significantly increase vitamin D levels in our blood, and in hair.
    “It is important that we gain a greater understanding of how vitamin D in hair compares to vitamin D levels in blood, which is currently used to assess vitamin D deficiency globally.
    “The method to measure vitamin D in hair opens new opportunities to more easily monitor and understand how diet, supplementation or weight loss affects our vitamin D levels across the seasons and in different settings. This could help health professionals to provide better guidance and recommendations in the ways we can best support vitamin D and health.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: All the fun of the Job Fair at Central Library

    Source: City of Liverpool

    Looking for employment? Not sure what your next steps should be? Make sure those steps take you to Liverpool City Council’s Job Fair next week.

    On Monday, 10 February, a whole host of employers will be at Central Library and they are ready to recruit right away.

    The event, held in partnership between Liverpool in Work and INGEUS, is open from 10.30am-1.30pm and job seekers can drop in at any time to speak directly to recruiters.

    Roles are available across several sectors including social care, Early Years, construction, hospitality and security.

    Employers attending include:

    • Sodexo – ACC Arena Liverpool
    • Randstad- School roles
    • Aramark- Roles for Bramley Moore Stadium
    • Dovehaven Care
    • Compass- Hospital roles
    • Primeseal – construction
    • Liverpool City Council
    • Honey Pot Nursery Group.

    As well as employers there will also be support organisations attending including the National Careers Service who will be running CV writing workshops and the Business and IP Centre who will be offering advice on self-employment.

    Young people who are looking to move into work for the first time can also speak to the Liverpool City Region Be More team who will be on hand giving guidance on apprenticeships.

    Households into Work, Citizens Advice and the council’s benefits maximisation team will also be attending to advise on wider welfare issues.

    Cllr Lila Bennett, Liverpool City Council’s Cabinet Member for Employment, Educational Attainment and Skills, said: “This event is set to be a real one-stop shop for jobs and careers.

    “There is a really impressive range of vacancies on offer and if you’re looking for work or want to change jobs you could well strike lucky next Monday!

    “As always, there will be plenty of other organisations on hand to answer any questions you might have – whether it’s polishing your CV or starting to work for yourself.

    “Wherever you might be on your job-seeking journey – I’d encourage you to get along to Central Library next week to have a friendly chat with all our experts.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Liverpool City Council cracking down on illegally dumped waste 

    Source: City of Liverpool

    Liverpool City Council will step up its efforts to counter fly-tipping, dog-fouling and littering across the City by inviting applications for an external partner to provide additional enforcement. 

    Feedback from residents’ surveys, which found that fly-tipping and littering were priority issues, has played a significant part in the move to work alongside specialists with the aim of eradicating illegal waste in Liverpool. 

    The Council interviewed potential suppliers in December 2024 ensuring that an open-market procurement process would attract a range of partners. The award of a contract to the successful bidder is due to take place in March, with the chosen supplier beginning work early this summer. 

    Combatting fly-tipping, which is the illegal dumping of waste, was highlighted in a series of recommendations to help drive up environmental standards across the City were agreed by Cabinet last year.

    As part of these recommendations, the Council is also revising the cost of Fixed Penalty Notices for anyone who is found to be fly-tipping or littering.

    Each year, clearing fly-tipping costs approximately £1m, which could be used to improve services elsewhere within Liverpool. Nine out of 10 reports are responded to and cleared in five working days, but the issue is one that could be avoided entirely.

    Last summer, the Council appointed a new Environmental Enforcement Team to identify and take action against offenders. The team patrol the streets every day of the week to educate local communities on correct waste management and investigate environmental crimes.  

    Working closely with Merseyside Police, the team also check waste carriers to make sure they are disposing of waste correctly and carry the right licence to be able to do so. 

    Since June last year, the team has spoken to over 450 residential properties and businesses about fly-tipping, issuing almost 100 written warnings. This team is set to double in size in the coming months, providing more capacity to work with residents and businesses to prevent future fly-tipping.

    The incoming external partner will work closely with the taskforce to increase awareness of correct waste disposal and clamp down on illegal dumping, littering and dog-fouling. 

    The Council offers a free bulky item collection for anyone looking to get rid of items that are too big to place in household waste. Up to five items, including fridges, wardrobes, and sofas, can be collected at one time. Once taken away, these items will then be safely recycled. Alternatively, excess waste can be taken to a nearby Household Waste Recycling Centre.

    Councillor Laura Robertson-Collins, Liverpool City Council’s Cabinet Member for Communities, Neighbourhoods and Streetscene said: “Fly-tipping is an ugly and hazardous act. Liverpool is a fantastic city that we should all be proud to live in, but it’s clear that a small minority has no respect for our streets. 

    “In the past year, we’ve cleared over 20,000 instances of illegally dumped waste, many of which have been reported by concerned residents.

    “We know that fly-tipping is unsightly and can harm the environment, so a lot of time and resources are committed to cleaning it up quickly. The time and money we’ve spent on doing this could have been used on improving our City rather than having to fix a problem that selfish people have created. 

    “Residents have said to us that this is a major issue, and we agree. We’ve already taken significant steps internally by hiring more enforcement officers and the next step is to expand our operations through an external partner.

    “Our procurement strategy is focused on finding the best possible partner to achieve our aims of tackling fly-tipping, littering and dog-fouling across Liverpool.” 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Landing obligation exemption changes in English waters

    Source: United Kingdom – Executive Government & Departments

    Marine Management Organisation is advising fishers of forthcoming changes to a number of exemptions to the Landing Obligation in English waters following a scientific review and public consultation.

    Fishing boat at sea.

    The Sea Fisheries (Amendment) (England) Regulations 2025 no.92 were laid before parliament at the end of January and will come in to force on February 28 2025.

    The changes mean that from the end of February a number of exemptions to the Landing Obligation will be removed so fishers will be legally required to land the species that these exemptions covered. All other exemptions remain in place.

    The changes have been made following a review of Landing Obligations exemptions by experts at the Centre for Environment, Fisheries and Aquaculture (Cefas) and a public consultation.

    Four exemptions are set to be disapplied, three fully and one partially.

    The details are:

    • The high survivability exemption for turbot caught in English waters of ICES subarea 4 with beam trawls with a cod-end larger than 80mm will be disapplied. This is due to insufficient evidence to support this exemption. The exemption remains in place within Scottish waters of ICES subarea 4.
    • The de minimis exemption for mackerel, horse mackerel, herring and whiting caught in the pelagic fishery carried out by pelagic trawlers up to 25 metres in length overall, using mid-water trawls, and targeting mackerel, horse mackerel and herring in ICES divisions 4b and 4c south of 54 degrees north will be disapplied. This is due to insufficient evidence to support this exemption.
    • The de minimis exemption for mackerel, horse mackerel, herring and whiting caught in the fishery carried out with pelagic trawlers up to 25 meters in length overall, using mid-water trawls, and targeting mackerel, horse mackerel and herring in ICES division 7d will be disapplied. This is due to insufficient evidence to support this exemption. 
    • The cod element of a de minimis exemption for cod and whiting below the minimum conservation reference size caught in the mixed demersal fisheries by vessels using bottom trawls or seines with a mesh size of 70-99 mm in ICES division 4c will be disapplied. This is due to concerns about the Northern shelf cod stock, in particular in the Southern North Sea, and insufficient evidence to support this exemption. It provides a consistent approach across ICES subarea 4. The whiting element of this exemption will be retained.

    Under the Landing Obligation, all fish caught must be landed and not discarded if there is no exemption in place.

    For more information, see Technical Conservation and Landing Obligation rules and regulations 2025 – GOV.UK  or read general landing obligation collection page.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Virtune AB (Publ) launches two new Crypto ETPs on Nasdaq Helsinki

    Source: GlobeNewswire (MIL-OSI)

    Helsinki, February 5th, 2025 – Virtune, a Swedish regulated digital asset manager and issuer of crypto exchange-traded products, today announced the listing of Virtune Avalanche ETP and Virtune Staked Cardano ETP on Nasdaq Helsinki. 

    Virtune recently introduced the first five crypto ETPs in Finland on Nasdaq Helsinki, receiving a strong reception in the Finnish market. The previously listed products include Virtune Bitcoin ETP, Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, Virtune XRP ETP, and Virtune Crypto Altcoin Index ETP. To meet the growing demand from Finnish investors, Virtune has now expanded its offering with two additional crypto ETPs on Nasdaq Helsinki.

    About Virtune Avalanche ETP
    Virtune Avalanche ETP provides exposure to Avalanche. Like all of Virtune’s exchange-traded products, Virtune Avalanche ETP is 100% physically backed and fully collateralized, denominated in EUR for the Finnish investors, available through brokers and banks such as Nordnet.

    Key Information about Virtune Avalanche ETP and what it offers to investors :

    • 1:1 exposure to Avalanche
    • 100% physically backed by AVAX
    • 1.49% annual management fee

    Virtune Avalanche ETP

    • Full name: Virtune Avalanche ETP 
    • Short name: Virtune Avalanche
    • Nasdaq Helsinki Ticker: VIRAVAXE
    • Trading currency: EUR
    • First day of trading: Wednesday 5th of February 2025 
    • ISIN: SE0022050092
    • Stock exchange: Nasdaq Helsinki and Nasdaq Stockholm 

    About Virtune Staked Cardano ETP
    Virtune Staked Cardano ETP provides exposure to Cardano combined with the benefits of staking rewards. Like all of Virtune’s exchange-traded products, Virtune Staked Cardano ETP is 100% physically backed and fully collateralized, is denominated in EUR for the Finnish investors and is available through brokers and banks such as Nordnet.

    Key Information about Virtune Staked Cardano ETP and what it offers to investors :

    • 1:1 exposure to Cardano with 2% extra annual return through staking rewards
    • Staking rewards are added continuously and reflected in the daily price of the ETP
    • 100% physically backed by ADA
    • 1.49% annual management fee

    Virtune Staked Cardano ETP

    • Full name: Virtune Staked Cardano ETP 
    • Short name: Virtune Staked Cardano
    • Ticker: VIRADAE
    • Trading currency: EUR
    • First day of trading: Wednesday 5th of February 2025 
    • ISIN: SE0021630449 
    • Stock exchange: Nasdaq Helsinki and Nasdaq Stockholm

    Christopher Kock, CEO of Virtune:

    “After successfully introducing Finland’s first crypto ETPs on Nasdaq Helsinki two weeks ago, we are pleased to expand our local offering in Finland by announcing the listing of the first Avalanche ETP and Staked Cardano ETP on Nasdaq Helsinki. These innovative products are 100% physically backed, with AVAX and ADA securely stored in cold storage with our custodian, Coinbase. They are accessible to both institutional and retail investors through various brokers and banks.“

    If you, as an (institutional) investor, are interested in meeting with Virtune to discuss the opportunities our ETPs offer for your asset management services or to learn more about Virtune and our ETPs, please do not hesitate to contact us at hello@virtune.com. You can also read more about Virtune and our ETPs at www.virtune.com and register your email address on our website to subscribe to our newsletters, which cover updates on Virtune’s upcoming ETP launches and other news related to digital assets.

    Press contact
    Christopher Kock, CEO Virtune AB (Publ)
    christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The MIL Network –

  • MIL-OSI Europe: Statement by President Meloni to mark National STEM Week (4-11 February 2025)

    Source: Government of Italy (English)

    According to the World Bank, 80% of the most advanced nations’ wealth is represented by knowledge. In this context, STEM subjects are taking on an increasingly crucial role, offering great opportunities and prospects. Unfortunately, in Italy, the indicators show a misalignment between supply and demand. According to ISTAT, only a quarter of Italian graduates aged between 25 and 34 studied STEM subjects, and Italian companies say they have difficulty in finding professionals with training in these disciplines.

    The Government is determined to reverse this trend, and has already taken the first steps in this direction. I am referring, for example, to the technical-vocational education and training reform to create a stable and structural link between technical and vocational education pathways, higher technical institutes (‘ITS’) and production chains; the establishment of the ‘Made in Italy’ high school, which encompasses both humanities and STEM subjects; the incentives for companies to hire researchers and research contract holders; the funding allocated for career guidance and the ‘scientific degree plan’. There is still a lot of work to be done, but we are convinced that the path we have taken is the right one.

    Overcoming the skills challenge is essential to building an increasingly competitive nation that is at the forefront of the great transformations of our time. We can only achieve this goal if we are able to work together as a team, involving families, schools, universities, companies, professional associations, cultural institutions and the media in this mission. Believing in Italy’s future also means working to shape the professions and the professionals of tomorrow, thus helping to reawaken that courage and daring that are innate in our people and that have allowed our nation to become what it is today.

    [Courtesy translation]

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: More than a quarter of a million local businesses benefit from Mayor of London’s new support service

    Source: Mayor of London

    • Grow London Local is a one-stop-shop to support small businesses across the capital, launched with £8.7m of Mayoral funding and delivered by London & Partners
    • The programme has surpassed targets in its first year, reaching 250,000 entrepreneurs and supporting 16,000 businesses – with 88% of those helped coming from communities that face additional barriers
    • Friday 7 February will see special events for London’s small businesses to help them thrive

    More than 250,000 of the capital’s entrepreneurs and small businesses have accessed a dedicated support service set up by the Mayor Sadiq Khan to help them grow and thrive.

    Grow London Local provides in-person and online support for small and medium sized enterprises (SMEs) through the capital’s business growth agency London & Partners. Business Support Managers work in communities to help entrepreneurs overcome barriers through skills training, expert guidance, and connecting with other business leaders to foster peer learning.

    There are estimated to be more than a million SMEs in London (defined as employing up to 249 people), with one in four currently facing financial vulnerability  [1]. Grow London Local helps firms to access the right support at the right time, so that entrepreneurs can become financially resilient and their businesses can thrive.

    Since the Mayor invested £8.7m to launch the service in January 2024, Grow London Local has reached more than a quarter of a million entrepreneurs and helped more than 16,000 – almost double the initial targets of 132,580 and 12,484 respectively. While beneficiaries span every London borough, 88 per cent of entrepreneurs supported come from communities who face additional barriers to finding help.

    Grow London Local delivers on the Mayor’s 2021 manifesto pledge to create a ‘single front door’ for small businesses, uniting various schemes and resources under one banner, enhanced by the expertise of London & Partners. 

    The Mayor has been clear that SMEs have a vital part to play in London’s economy, and in how it can help national growth. Ensuring people and businesses across the capital have the skills they need will be a focus of his new London Growth Plan, which he will soon publish alongside London Councils and London & Partners. The Plan will outline measures to improve the lives of all Londoners, drive the capital’s green transition, boost the economy and support prosperity in London and beyond.

    The Mayor of London, Sadiq Khan, said: “The capital’s one million small businesses are the backbone of our economy, delivering services and products we take for granted in our daily lives – but all too often they don’t get the help they need or are entitled to. I’m proud to see Grow London Local helping the capital’s entrepreneurs to not just survive but really thrive. As London’s most pro-business mayor, supporting our fantastic small businesses is a key component of my work to build a better and more prosperous London for everyone.”    

    Grow London Local’s Managing Director, Michelle Cuomo-Boorer, commented: “Reaching 250,000 entrepreneurs in our first year is a remarkable milestone – and it’s just the beginning. We’re incredibly proud of the impact we’ve made in supporting London’s dynamic and diverse small business community, and excited to build on this success by empowering more businesses to help them thrive.” 

    Andrea Pickard, a London-based career coach who supports people with dyslexia, said: “Grow London Local has been a game-changer, boosting my confidence and supporting my growth as a new business owner. Their coffee mornings connected me to other entrepreneurs, providing invaluable advice, and a NatWest Bank dinner was an incredible opportunity. As someone with dyslexia, it’s empowering to feel recognised and supported. Their impact has been transformative for both me and my business.” 

    Mrinal Madin, whose Kingston-based business The Entertainment Sports Agency has also benefited from Grow London Local services, added: “Learning about the digital skills needed and what to focus on was useful. There is still a long way to go to implement all the actions, but having systems and processes is going to be key to our growth.” 

    Paul Wight, Programme Manager for Allia’s Hackney Impact project – one of 374 providers who have partnered with Grow London Local to deliver support – noted: “Our partnership with Grow London Local has been pivotal in connecting us to nearly 400 Hackney businesses. As an active partner in the SME and social enterprise ecosystem, Grow London Local helps ensure we remain integrated in a broader network of support, which empowers businesses to thrive and contributes to sustainable economic growth across Hackney.” 

    To celebrate its first birthday, Grow London Local will host four free coffee mornings across the capital on Friday 7 February, where small business leaders can make connections and access support. Events will take place from 10am at Bobo Social in Ealing, Blooming Scent Café in Tottenham, SoLo Craft Fair in Southwark and Unit Six Café in Newham.

    Find out more and get involved at  www.growlondonlocal.london.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: More city residents taking up their free NHS Health Check

    Source: City of Wolverhampton

    NHS Health Checks are available to eligible 40 to 74 year olds – those without pre-existing conditions – once every 5 years. They assess the individual’s health and identifies relatively simple lifestyle changes they could make to lower their risk of developing serious but preventable conditions such as heart disease, stroke, kidney disease, type 2 diabetes, some cancers and dementia.

    Latest figures show that so far in 2024 to 2025, a total of 5,762 Wolverhampton residents have received their NHS Health Check, an increase of over 500 checks compared to the same period last year.

    Additionally, over the last 5 years, almost 90% of Wolverhampton’s eligible population have been invited for their NHS Health Check, putting Wolverhampton in the top 25% performing local authorities in England.

    Councillor Jasbir Jaspal, the City of Wolverhampton Council’s Cabinet Member for Adults and Wellbeing, said: “It’s great that so many more people in Wolverhampton are coming forward for their NHS Health Check when it is due, and I would like to thank the excellent work of our city’s GP practices in helping us achieve improved uptake.

    “The Health Check is free and will help you to take steps to maintain or improve your health. It only takes about 30 minutes and you’ll be asked some simple questions, such as family history and choices which may put your health at risk. Your height, weight and blood pressure will be recorded and there will also be a simple blood test to check your cholesterol level.

    “You will be provided with your results and given advice on any steps you might need to take to reduce the risk of developing heart disease, stroke, diabetes and kidney disease.”

    She added: “Whilst there has been an increase in those taking up the offer of a health check, we continue to encourage more people to accept the offer of a health check if invited – and if you think your NHS Health Check is overdue, please speak to your GP practice.

    “As always, if you are concerned about any aspect of your health, contact your GP practice to discuss these – don’t wait for an invitation for your NHS Health Check.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Youth Justice Board publishes knife crime insights pack

    Source: United Kingdom – Executive Government & Departments

    The Youth Justice Board (YJB) is sharing its Knife Crime Insights Pack to add context to the YJB’s Annual Statistics which include data on knife crime and offensive weapons.

    Evidence and insights

    The YJB Annual Statistics highlight:

    • In the year ending March 2024, there were just over 3,200 knife or offensive weapon offences committed by children resulting in a caution or sentence, which is 6% fewer than the previous year but 20% greater than 10 years ago. This is the sixth consecutive year-on-year decrease.
    • In the latest year, the vast majority (99.7%) of knife or offensive weapon offences committed by children were possession offences and the remaining 0.1% were threatening with a knife or offensive weapon offences.
    • Out-of-court disposals are a method of resolving an investigation outside of court. In the year ending March 2024, 61% of disposals given to children for a knife or offensive weapon offence were a community sentence. This proportion is broadly stable over the last 10 years.
    • The proportion of children sentenced to immediate custody was 7% in the last year, which is the same level it has been for the last three years.

    Included within the Knife Crime Insights Pack (PDF, 417 KB, 16 pages) are a number of evidence-based insights into what works and what doesn’t. There are also a number of recommendations informed by these insights, which are:

    1. The YJB supports attempts to reduce knife supply.
    2. The YJB supports individualised decisions on outcomes.
    3. The YJB supports local strategies to address the conditions that sustain violence.
    4. The YJB supports local partnerships working together to ensure that adults meet the needs of children.

    Chief Executive, Stephanie Roberts-Bibby, said:

    Any incidence of violence involving knives and weapons is one too many. This type of violence, specifically involving children, should not happen and when it does, it is an emotionally charged time for all involved, not least for the victims, their families and the communities who are so greatly impacted. My heart goes out to those affected.

    Our Annual Statistics which we published last week show a worrying number of children still involved in offences involving weapons. While the overall picture is improving, it is important to consider the broader context, which is so often missed when we speak of individual tragedies. 

    To address knife crime adequately, it is vital that we understand the context in which children live their lives – so publicly and with an increasing use of social media and technology. This is exacerbated by the pandemic which will have affected maturation and development. It is essential that children have access to early intervention and the right support at the critical stages of their lives. Evidence shows this work is crucial in preventing further harm, reducing the number of victims and creating safer communities through steering children away from carrying weapons.

    We cannot underestimate the importance of attendance in inclusive education as a protective factor in preventing children offending. Equally important is support from health services when appropriate. We will continue to do all we can to provide evidence-based advice to ministers and all partners responsible for preventing children offending, including local authorities, children’s social care, education, health, probation and police.

    The pack is a comprehensive report which informs the basis of cross-sector discussions hosted by the YJB. The pack provides context to the landscape of knife crime by summarising facts, and insights gathered from experts who work with children in the youth justice system. It also provides recommendations based on the evidence. These insights draw attention to the significant role that early intervention, targeted prevention and diversion programs play in reducing knife crime by children.

    Chair of the Youth Justice Board, Keith Fraser, commented:

    Understanding the landscape of knife crime is essential to reducing the number of victims affected by it, which is why this insights pack was developed. It is also why senior experts and decision makers are routinely invited to discuss the insights and refine the recommendations.

    We hear a lot in the press that “knife crime is an epidemic”. In actual fact, the statistics show that knife crime has been decreasing since 2019 and we want to continue this trend by highlighting what works based on the evidence.

    There is very weak evidence to support that ‘scared straight’ initiatives, weapons amnesties, increased stop and search or mandatory sentencing have any sustained impact on knife crime in communities. Initiatives that do work are social skills training, mentoring and tailored support with education, housing and employment.

    For more information access the full Knife Crime Insights Pack on the Youth Justice Resource Hub

    ENDS

    Youth Justice Board media enquiries

    Youth Justice Board for England and Wales
    Clive House
    70 Petty France
    London
    SW1H 9EX

    Email comms@yjb.gov.uk

    For out-of-hours press queries 020 3334 3536

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: 4th Meeting of the Team of Specialists on Forest Products and Wood Energy Statistics

    Source: United Nations Economic Commission for Europe

    The 4th Meeting of the Joint ECE/FAO Team of Specialists on Forest Products and Wood Energy Statistics will be held on 7 and 8 April 2025 in Lisbon, Portugal.

    The meeting agenda will be shared with participants ahead of the meeting.

    For more information, please contact Mr. Daniel Griswold. 

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Libraries must remain the ‘beating heart’ of Scottish communities

    Source: Scottish Greens

    05 Feb 2025 Culture

    Libraries are special places and must be protected.

    More in Culture

    Public libraries are the ‘beating heart’ of our communities that must be saved from closure, say the Scottish Greens as many of these vital public spaces await a decision on their fate.

    The Scottish Green MSP for Mid Scotland and Fife, Mark Ruskell, has been active in supporting campaigns to save  7 libraries at risk of closing in Perth and Kinross. 

    Today he will bring this issue into the chamber for a Member’s Debate in which he seeks to gain cross-party support to save the services.

    Across Scotland, many councils have sealed the fates of these vital community spaces with many more at risk. There are 13 public libraries in Aberdeenshire and 7 in Moray that are also threatened with closure.

    Speaking ahead of today’s member’s debate in Holyrood, Mr Ruskell said:

    “Libraries are not only for borrowing books. They are the beating heart of our communities. They are vital, life-enhancing spaces where opportunities for learning, connection and support take place.

    “I am glad that we will finally be discussing the future of our libraries at my debate today. I hope other parties will join me in supporting them and all of the incredible work that they do.

    “We must come together to give our full support to these crucial public spaces and ensure they remain supported and open for everyone to enjoy for years to come.”

    Text of Mark Ruskell’s motion
    That the Parliament notes what it sees as the vital role that local libraries play in their communities, acting as central hubs for borrowing, learning, community engagement and sourcing advice and support; believes that the closure of libraries leaves communities without these vital services, and that this is particularly damaging for rural areas where libraries can be heavily relied on; considers that library closures have a disproportionate impact on vulnerable populations, including children, older residents and people with limited access to digital resources; notes the reported concerns raised by communities around the proposed closure of libraries across Scotland, including the threatened closure of those in the Perth and Kinross Council area; understands that local authorities have a legal obligation to provide public library services; believes that mobile libraries are often not suitable alternatives; considers that library services require adequate public funding to remain viable and have a critical role to play in achieving the Scottish Government’s priorities, including eradicating child poverty; believes that a closed library is unlikely to reopen, permanently limiting opportunities for the communities they once served, and notes the calls on the Scottish Government to help protect the future of Scotland’s libraries.

    MIL OSI United Kingdom –

  • MIL-OSI Video: UK Prime Minister’s Questions (PMQs) – 5 February 2025

    Source: United Kingdom UK Parliament (video statements)

    Watch PMQs with British Sign Language (BSL) – https://youtube.com/live/ZlLlL2hQgkk

    Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

    In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

    The Leader of the Opposition, Kemi Badenoch MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

    Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

    Twitter: https://www.twitter.com/HouseofCommons
    Facebook: https://www.facebook.com/ukhouseofcommons
    Instagram: https://www.instagram.com/ukhouseofcommons

    https://www.youtube.com/watch?v=nvCleiM8tAk

    MIL OSI Video –

  • MIL-OSI Video: UK Prime Minister’s Questions with British Sign Language (BSL) – 5 February 2025

    Source: United Kingdom UK Parliament (video statements)

    Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

    In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

    The Leader of the Opposition, Kemi Badenoch MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

    Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

    Twitter: https://www.twitter.com/HouseofCommons
    Facebook: https://www.facebook.com/ukhouseofcommons
    Instagram: https://www.instagram.com/ukhouseofcommons

    https://www.youtube.com/watch?v=ZlLlL2hQgkk

    MIL OSI Video –

  • MIL-OSI United Kingdom: expert reaction to study looking at shipping aerosol emissions, ocean surface temperatures and rate of global warming

    Source: United Kingdom – Executive Government & Departments

    A study published in Environment: Science and Policy for Sustainable Development looks at shipping aerosol emissions and the rate of global warming.

    Dr Karsten Haustein, Climate Scientist, Leipzig University, said:

    “Jim Hansen and colleagues have revisited the topic of aerosol-induced warming due to reduced shipping emissions (due to regulatory changes in 2020).  It’s a more credible attempt than their last – rather disappointing – effort, but there is still much speculation involved.  They estimate the global aerosol forcing from reduced shipping aerosols might be as high as 0.5 W/m2, which is far higher than the current estimates of 0.05-0.15 W/m2.  They argue that Earth’s radiative imbalance as well as high levels absorbed solar radiation justify such assumption.  Accordingly, they argue that Climate Sensitivity (temperature response after CO2 doubling in the atmosphere) might be as high as 4.5 W/m2.

    “Given that Earth’s radiative imbalance has considerably come down in the 2nd half of 2024 (notwithstanding the uncertainties related to measuring the global radiative imbalance), I continue to remain skeptical of their claims.  This is particularly true, as some of the extra warming could be traced to other internal factors that have not been discussed.  The so-called ‘hiatus’ discussion in the 2010s should be an example of a cautionary tale.  This is true all the more as we know with some certainty that CO2 and methane (CH4) forcing has continued to accelerate slightly, such that additional aerosol forcing increase is not necessarily required to explain what has happened in 2023 and 2024.

    “They are correct in one aspect though: 2025 will prove whether there is more to the warming story than we thought.”

    Prof Richard Allan, Professor of Climate Science, University of Reading, said:

    “Multiple lines of evidence are showing that human caused climate change is gathering pace.  Heat is continuing to flood into the climate system as atmospheric greenhouse gases continue to rise and the reflective haze of aerosol particle pollution diminishes in some regions following clean air policies.  This is causing the warming of the oceans to increase at ever greater rates.

    “The comprehensive, extensive and wide-ranging new report argues that masking of global warming by particle pollution has been underestimated and future climate change may be even worse than anticipated.  Cleaning up dirty air may be having a larger than expected effect on increasing how much sunlight reaches the ground, which is adding to a more potent greenhouse effect from continued fossil fuel emissions.  The arguments presented are not new and although reasonable they appear overly bleak compared to the growing body of scientific research.  However, the magnitude of increases in Earth’s heating rate and ocean surface warming, as well as record January global temperatures despite an expected cooling from La Niña, mean that scientists are carefully scrutinising and puzzling over the unfolding changes to Earth’s climate.  And the new report emphasises the urgent need to cut greenhouse gas emissions and to properly account for the full economic cost of our actions on the planet and people.”

    Prof William Collins, Professor of Climate Processes, University of Reading, said:

    “This paper suggests that the cooling effects of aerosols has been underestimated and hence this has hidden more of the warming effect of greenhouse gases than has previously been assessed.  This would make the climate sensitivity to carbon dioxide larger than has been assessed.  If this is the case then cleaning up aerosol pollution (as has happened with shipping since 2020) will uncover more of the underlying warming from greenhouse gases.  Aerosol pollution peaked in the 1980s, when studies have increased the cooling effect of aerosols their calculations give cooler temperatures in the 1980s than we observed.  So this paper sits outside most previous assessments of the strength of aerosol cooling.

    “There have been several assessments of the recent decline in shipping aerosols.  These range from a negligible effect on the record-breaking 2023 temperatures to a small contribution.  It will require detailed comparisons with these previous studies to determine why the shipping contribution in this paper is so much more significant.”

    ‘Global Warming Has Accelerated: Are the United Nations and the Public Well-Informed?’ by James E. Hansen et al. was published in Environment: Science and Policy for Sustainable Development at 14:00 UK time on Tuesday 4 February 2025.

    DOI: 10.1080/00139157.2025.2434494

    Declared interests

    Dr Karsten Haustein: “No conflict of interests.”

    Prof Richard Allan: “No competing interests.”

    Prof William Collins: “No conflicts.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: expert reaction to observational study of cholesterol and glaucoma

    Source: United Kingdom – Executive Government & Departments

    An observational study published in British Journal of Ophthalmology looks at the association between cholesterol levels and glaucoma. 

    Rachel Richardson, Manager at the Methods Support Unit at Cochrane, said:

    “Although this is an well-conducted study, the usual caveats for observational research apply. The authors have controlled for several factors that may also influence lipid levels and the development of glaucoma, including age and sex. However, there are other factors, such as diet, that have not been accounted for.

    “It’s also important to consider the sample on which the study is based. The authors have used data from the UK Biobank Study, which is not fully representative of the UK population. The press release acknowledges that participants are predominantly of European ancestry, but there is also a ‘healthy volunteer’ bias. Participants in the UK Biobank Study tend to be healthier than average, so findings may not be applicable to the whole UK population. The authors were only able to use data from hospital inpatient records to ascertain who developed glaucoma, and this potentially misses people who developed glaucoma, but were not admitted to hospital. For example, records from opticians and GP practices were not used.

    “Finally, it’s important to not only consider the effect estimate, but also the margins of error (confidence intervals). The authors state that people who had the highest level of HDL cholesterol were 10% more likely to develop glaucoma than those with the lowest level. However the lower confidence level for this estimate is 2%, and this could mean that there is a much smaller difference. Likewise, the authors state that people with the highest levels of LDL cholesterol were 8% less likely to develop glaucoma, but the upper confidence level for this estimate is 1%, which could again mean that there is a much smaller difference.

    “The impact of all these limitations means that further research is needed to investigate these associations and look at the effects in more representative populations. This should be carried out before any changes are made to advice on lipid management.”

    ‘Associations between serum lipids and glaucoma: a cohort study of 400 229 UK Biobank participants’ by Yiyuan Ma et al. was published in British Journal of Ophthalmology at 23:30 UK time on 4th February.

    DOI: 10.1136/bjo-2024-326062

    Declared interests

    Rachel Richardson: I have no conflicts of interest to declare

    MIL OSI United Kingdom –

  • MIL-OSI: Nokia and Orange France extend long-term partnership with new 5G deal 

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia and Orange France extend long-term partnership with new 5G deal 

    • New 5G contract extends companies’ long-standing partnership with upgraded network boosting performance and customer experience.
    • Nokia’s energy-efficiency AirScale equipment portfolio to support Orange France’s sustainability ambitions.
    • Orange France to trial Nokia’s Cloud RAN solutions.

    5 February 2025
    Espoo, Finland – Nokia today announced that it signed a four-year contract extension with Orange France to upgrade its 5G radio infrastructure with Nokia’s energy-efficient AirScale portfolio. The new deal will deliver an enhanced customer experience with best-in-class speeds, capacity, and performance across Orange’s footprint in Southeastern and Western France. Orange will also trial Nokia’s 5G Cloud RAN solutions to assess the transition of its network towards Cloud RAN technology

    Under the deal, Nokia will supply equipment from its industry-leading O-RAN-compliant 5G AirScale portfolio. This includes Nokia’s next-generation industry-leading, high-capacity AirScale baseband solutions, lightweight, and high-output Massive MIMO Habrok radios, and Nokia’s Pandion portfolio of FDD multiband remote radio heads to cover all use cases and deployment scenarios. These are all powered by its energy-efficient ReefShark System-on-Chip technology and combine to provide superior coverage and capacity. Nokia will also supply its AI-powered radio network management solution, MantaRay NM, which supports all radio and mobile core technologies.

    Orange will also trial Nokia’s 5G Cloud RAN solutions. Nokia is helping its global customers to seamlessly transition to Cloud RAN technology with future-proof solutions that drive innovation for CSPs and enterprises. Nokia’s comprehensive anyRAN approach provides the best choice of strategic options for their RAN evolution with purpose-built, hybrid, or Cloud RAN solutions, enabling customers to evolve their networks and continue to deliver maximum field performance.

    Emmanuel Lugagne Delpon, CTO at Orange France, commented: “This new contract extension with Nokia and their industry-leading equipment portfolio will support our pioneering efforts to drive superior customer experience further, reduce our environmental footprint, and make our network as energy efficient as possible.”

    Tommi Uitto, President of Mobile Networks at Nokia, said: “We are excited to continue our long-standing partnership with Orange France and contribute positively towards their network performance, sustainability goals, and commitment to net carbon neutrality. Our industry-leading, energy-efficient AirScale portfolio and AI-powered MantaRay network management solution will enhance Orange’s network performance and deliver premium connectivity experiences to Orange customers.”

    Resources
    Webpage: Nokia Cloud RAN
    Product page: Nokia anyRAN
    Product page: Nokia AirScale Baseband
    Product page: MantaRay NM

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI Economics: IMF Staff Concludes Visit to Lithuania

    Source: International Monetary Fund

    Washington, DC – February 5, 2025: An International Monetary Fund (IMF) mission, led by Ms. Kazuko Shirono, visited Vilnius during January 27–31, 2025, to meet with the Lithuanian authorities and other stakeholders to discuss recent economic developments, the outlook, and policy priorities. At the end of the visit, the mission issued the following statement:

    MIL OSI Economics –

  • MIL-OSI Submissions: Energy Sector – Equinor fourth quarter and full year 2024 results

    Source: Equinor

    05 FEBRUARY 2025 – Equinor delivered adjusted operating income* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.

    The fourth quarter and full year results were characterised by:

    Solid financial performance and 21% return on average capital employed* in 2024
    Strong operational performance with stable oil and gas production
    Continued industrial progress and value driven transactions

    Capital distribution

    Proposed fourth quarter cash dividend of USD 0.37 per share
    Announced share buy-back of up to USD 5 billion for 2025
    Expected total capital distribution for 2025 of up to USD 9 billion
    Stronger expected free cash flow*, supporting sustained competitive capital distribution

    Equinor is well positioned for stronger cash flow and growth:

    • Strategy to deliver competitive shareholder returns. Consistent value driven execution – expecting above 15% return on average capital employed* towards 2030
    • Strengthening free cash flow*, expecting USD 23 billion for 2025-2027 by reducing capex and addressing costs
    • Increasing oil and gas production, expecting more than 10% growth from 2024-2027
    • Reducing investments to renewables and low carbon solutions to around USD 5 billion in total after project financing for 2025-2027
    • Lowering expected capacity in renewables to 10-12 gigawatt by 2030

    Anders Opedal, President and CEO of Equinor ASA:

    “Equinor is well positioned for further growth and competitive shareholder returns. We expect to deliver industry-leading return on average capital employed, above 15% all the way to 2030. Our oil and gas production outlook is increased to more than 10% growth from 2024 to 2027. We strengthen our expected free cash flow significantly compared to last year’s outlook. We do this by high-grading the portfolio, reducing the investment outlook for renewables and low carbon solutions and improving cost across our organisation.”

    “Today we announce total capital distribution of up to USD 9 billion for 2025. Supported by stronger free cash flow, we expect to continue to grow the quarterly cash dividend and use share buy backs to ensure a competitive capital distribution also going forward.”

    “We have a consistent growth strategy and our strategic direction remains the same. We continue to reduce emissions from our production and build profitable business in renewables and low carbon solutions towards our net zero ambition in 2050. By adapting to market situation and opportunities, we are set to create shareholder value for decades to come.”

    “In 2024 we delivered solid financial results and high production through strong operational performance. We now expect the 2025 Johan Sverdrup production to be close to the level of the last two years. This shows how we work systematically to improve our producing assets to remain a safe and reliable provider of energy.”

    Strong operational performance

    Equinor had strong operational performance and stable production levels in the fourth quarter. The total equity production was 2,072 mboe per day, down from 2,197 mboe in the same quarter last year.

    On the Norwegian continental shelf (NCS), production levels were sustained by the ramp-up of Breidablikk and the addition of new gas wells. However, the production levels are lower compared to the same period last year, due to natural decline, outage at Sleipner B and planned maintenance. For the full year, Equinor sustained high production level at the NCS, with record high production from the Troll and Johan Sverdrup fields.

    The production at the Johan Sverdrup field is expected to continue to be close to 2023 and 2024 levels in 2025. The recovery rate ambition has been increased from 65% in the plan for development and operations to 75% now, including Johan Sverdrup phase 3. Effective turnarounds and lower unplanned losses contributed to the slight increase in production from the NCS in 2024 compared to 2023.

    Internationally, the upstream business delivered lower production for the fourth quarter compared to the same period in 2023. The divestments in Azerbaijan and Nigeria, natural decline, higher turnaround activities and curtailments in the US contributed to the decline also for the full year. The decline was partially offset by the ramp up of new wells on stream and volumes from the Buzzard field in the UK.

    In the quarter, Equinor completed 10 offshore exploration wells with 4 commercial discoveries. The Himalia and Cappahayden wells were expensed during the quarter.

    The addition of onshore power plants in Brazil and Poland during 2023, along with the start-up of the Mendubim solar projects in 2024, contributed to a 19% increase in renewables power generation in the quarter and a 51% increase for the full year compared to the same periods in 2023.

    Solid financial results in the fourth quarter

    Equinor delivered adjusted operating income* of USD 7.90 billion. and USD 2.29 billion after tax* in the fourth quarter of 2024.

    In the quarter, Equinor recognised net impairments of USD 280 million, primarily related to acquired early phase project rights within onshore markets in renewables.

    Equinor realised a European gas price of USD 13.5 per mmbtu and realised liquids prices were USD 68.5 per bbl in the fourth quarter.

    The Marketing, Midstream and Processing segment delivered solid results through equity and third-party LNG trading. These results were further supported by physical and financial trading of LPG.

    A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 9.81 billion for the fourth quarter. Cash flow from operations after taxes paid* ended at USD 3.91 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 17.9 billion for the year.

    Equinor paid two NCS tax instalments of a total of USD 5.78 billion in the quarter.

    Organic capital expenditure* was USD 3.37 billion for the quarter, and USD 12.1 billion for the full year. Total capital expenditure was USD 5.41 billion for the fourth quarter and USD 16.7 billion for 2024.

    After taxes, capital distribution to shareholders and investments, net cash flow* ended at negative USD 4.57 billion for the fourth quarter and at negative USD 12.2 billion for the full year. Equinor retains a strong financial position with net debt to capital employed adjusted ratio* at 11.9% by the end of the fourth quarter, compared to negative 2.0% at the end of the third quarter of 2024. The ratio is impacted by the Ørsted acquisitions and working capital effects over year-end to take advantage of commodity market situations.

    Strategic progress

    Equinor continues to develop the portfolio and deliver on its strategy in the quarter.

    On the NCS, Equinor increased ownership to 69.5% in the Halten East Unit in The Norwegian Sea, an important project in a core area with strong profitability and low emissions. A discovery was made near the Fram field in the North Sea. The activity level on the NCS is high with 19 ongoing projects towards 2027.

    The international portfolio will be strengthened by the agreement to establish UK’s largest independent oil and gas company with Shell. The new company is expected to produce over 140,000 barrels of oil equivalent per day in 2025 and play a crucial role in securing UK’s energy supply. Equinor increased its stake in the Northern Marcellus asset in the US and exited the upstream businesses in Azerbaijan and Nigeria.

    A major milestone in the carbon capture and storage portfolio was realised with the final investment decision and financial close on two of UK’s first carbon capture and storage infrastructure projects.

    The acquisition of a 10% stake in Ørsted was completed in the quarter giving Equinor exposure to premium offshore wind assets in operation and a solid project pipeline.

    In 2024 Equinor added proved reserves mainly through estimate revisions, transactions and improved recovery projects. The reserve replacement ratio (RRR) in 2024 was 151%.

    Absolute scope 1+2 GHG emissions for Equinor’s operated production, on a 100% basis, were 11.0 million tonnes CO₂e in 2024. This represents a decrease of 0.60 million tonnes CO₂e compared to last year.

    The twelve-month average serious incident frequency (SIF) for the period was 0.3, a decrease from 2023. The 2024 result represents the lowest frequency on record.

    Competitive capital distribution

    The board of directors proposes to the annual general meeting an ordinary cash dividend of USD 0.37 per share for the fourth quarter 2024, an increase of USD 0.02 per share from the third quarter of 2024, in line with previously announced ambition. The Equinor share will trade ex-dividend on Oslo Børs from and including 15 May and New York Stock Exchange from and including 16 May 2025.

    The interim cash dividends for the first, second and third quarter of 2025, are to be decided by the board of directors on a quarterly basis and in line with the company’s dividend policy, subject to existing and renewed authorisation from the annual general meeting, and are expected to be at the same level as for the fourth quarter of 2024.

    The fourth tranche of the share buy-back programme for 2024 was completed on 14 January 2025 with a total value of USD 1.6 billion. Following this, the total share buy-backs under the share buy-back programme for 2024 amounts to USD 6 billion.

    The board of directors has decided to announce share buy-back for 2025 of up to USD 5 billion in total to conclude the two-year programme for 2024–2025. The 2025 share buy-back programme will be subject to market outlook and balance sheet strength. The first tranche of up to USD 1.2 billion of the 2025 share buy-back programme will commence on 6 February and end no later than 2 April 2025. Commencement of new share buy-back tranches after the first tranche will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to existing and new board authorisations for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    Capital markets update: Firm strategic direction – stronger free cash flow* and growth

    Equinor maintains a firm strategic direction and has taken action to strengthen free cash flow* and returns1. With a profitable project portfolio and strict capital discipline, Equinor expects to deliver high-value production growth in selected markets creating value for shareholders.

    Key messages:

    • Firm strategy – high returns
    • Remaining value driven in the execution. Expecting return on average capital employed* above 15% to 2030
    • Strengthening free cash flow*
    • Expecting strengthened free cash flow* to USD 23 billion for 2025 – 2027 by reducing capex and addressing costs
    • Increasing production growth
    • Expecting above 10% oil and gas production growth driven by developing an attractive project portfolio and value adding transactions, increasing expected 2030 production from 2 to 2.2 million boe per day
    • Building resilient business for the future
    • Lowering investment outlook for renewables and low-carbon solutions to adapt to market conditions and further strengthen value creation for shareholders. Lowering 2030 renewable capacity ambition to 10-12 gigawatt including financial investments, and introducing range for ambition for net carbon intensity reduction. Maintaining strategic direction towards net zero.

    Growth in free cash flow*

    Equinor has significantly increased the free cash flow* outlook by reducing investments and addressing costs. Expected organic capital expenditure* of USD 13 billion for 2025 and on average for the period 2025–2027. After project financing of Empire Wind I, organic capital expenditure* is expected at USD 11 billion for 2025 and on average USD 12.5 billion for 2026–2027.

    Stronger free cash flow provides capacity for Equinor to continue to deliver competitive capital distribution.

    Equinor also strengthens its resilience and can be cash flow neutral after all investments at an oil price around 50 dollars per barrel.

    Oil and gas – delivering long term value

    Equinor expects an oil and gas production growth of above 10% from 2024 to 2027. In 2030 expected production is around 2.2 million boe per day, up from previous expectation of around 2 million. For the NCS, production is expected to maintain at a high level of around 1.2 million boe per day all the way to 2035.

    Equinor will continue to develop existing fields and an attractive project portfolio both on the NCS and internationally. Driving increased recovery and exploration near infrastructure is expected to bring high value volumes with short lead time, low cost and low emissions.

    From the international upstream portfolio, Equinor expects the annual free cash flow* to grow to more than USD 5 billion in 2030.

    A CO2 intensity* around 6 kg per boe is expected by 2030 and the company is on track to deliver on the 2030 ambition of net 50 percent reduction in operated scope 1 and 2 CO2 emissions.

    Renewables and low carbon – adjusting ambitions to realities

    Equinor has high-graded the project portfolios in renewables and low carbon solutions, and reduced cost and early phase spend to improve the value creation for shareholders. The portfolio is expected to deliver more than 10% life-cycle equity returns. For renewables, the ambition for installed capacity is reduced to 10-12 gigawatt by 2030, including the Ørsted and Scatec ownership positions.

    Equinor demonstrates a leading position in carbon capture and storage and has projects with a storage capacity of 2.3 million tonnes CO2 installed or under development. The ambition to store 30-50 million tonnes of CO2 per annum by 2035 is maintained, and Equinor has secured licenses with capacity to store more than 60 million tonnes annually.

    To underline that value creation is at the core of decision making, the ambition to allocate 50% of gross capital expenditures to renewables and low carbon solutions by 2030 is retired.

    Updated Energy transition plan

    The Energy transition plan describes how Equinor creates value, cuts emissions and develops new energy solutions to reach net zero by 2050. The ambition for cutting scope 1 and 2 emissions by 50% within 2030 is upheld.

    The pace of transition depends on frame conditions and market opportunities to create value. Adjusting to the market situation and opportunity set, the range for the net carbon intensity (NCI) ambition will be 15-20% in 2030 and 30-40% in 2035.

    Updated outlook for 2025:

    Organic capex expenditures* are estimated at USD 13 billion for 20252.
    Oil & gas production for 2025 is estimated to grow 4% compared to 2024 level.

    This press release contains Forward Looking Statements. Please see the Forward Looking Statement disclaimer published on our webpages: ( https://www.equinor.com/investors/cmu-2025-forward-looking-statements )

    * For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
    1 All forward looking financial numbers are based on Brent blend 70 USD/bbl, Henry Hub 3.5 USD/MMBtu and European gas price 2025: 13 USD/MMBtu, 2026: 11 USD/MMBtu and thereafter: 9 USD/MMBtu
    2 USD/NOK exchange rate assumption of 11

    MIL OSI – Submitted News –

  • MIL-OSI: Crédit Agricole Assurances : Record activity driven by all our business lines – Strong growth of result

    Source: GlobeNewswire (MIL-OSI)

    Press release                                                                         Paris, February 5, 2025

    Record activity driven by all our business lines
    Strong growth of result

    2024 KEY FIGURES:

    • Premium income1at a record high of 43.6 billion euros, up +17.2%2
    • Net inflows of +6.6 billion euros, including +2.2 billion euros on the General Account
    • Net income Group share of 1,959 million euros3, up +11,5%2
    • Solvency II prudential ratio above 200%

            
    « In 2024, in a context of increased protection needs in the face of uncertainties in our environment, Crédit Agricole Assurances enjoyed very buoyant activity in all our business lines, in France and internationally. This development momentum, which is fully reflected in our published results and in the increase in our satisfaction and recommendation rates, demonstrates that we are fully focused on the delivery of our missions: planning and repairing. Finally, as a witness of the vulnerabilities of the regions and a partner in their transformation, we have continued our societal commitment, like the recent launch of a new debt fund, intended to finance French and European companies deploying projects contributing to a less carbon-intensive economy. I would like to thank all our colleagues and partner banks for their commitment, as well as our clients for their continued trust ».

    Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

    ACTING IN THE INTERESTS OF OUR CLIENTS AND SOCIETY

    Customer satisfaction at the heart of our purpose

    Customer satisfaction rates of 97% in savings/retirement4 and 91% in property and casualty insurance5 testify from Crédit Agricole Assurances’ quality of the customer relationship, the management of contracts, benefits and claims, which are a priority.

    In 2024, Crédit Agricole Assurances further redesigned its digital customer journeys. For example, customers can now make voluntary payments on their savings contracts autonomously using Ma Banque mobile app6; in property and casualty insurance, home, car and health insurance solutions are now fully available in self-care on the Ma Banque6 and LCL Mes Comptes apps.

    A strong commitment to environmental responsibility

    As a committed player in the circular economy, Crédit Agricole Assurances launched in June 2024, via Pacifica, its property and casualty insurance subsidiary in France, a new home insurance offer, accessible to all, focussing on the repair or refurbished household appliances and IT after a claim. This new offer can be underwritten autonomously via the online customer page, the banking application or directly at Crédit Agricole Group branches.

    Crédit Agricole Assurances, as a player mobilised to finance the ecological transition, created in June 2024 via its subsidiary Spirica, the “Fonds Euro Objectif Climat”. As the first General Account fund under Article 9 of the SFDR regulation in the market, this innovation is in line with Crédit Agricole Assurances’ societal and environmental commitment and meets the concerns of its customers.

    In addition, by strengthening its targets for reducing the carbon footprint7 of investment portfolios8 by the end of 2029 (-50% compared to the end of 2019), and by putting in place a new sector policy on the oil and gas sector, Crédit Agricole Assurances, a leading institutional investor in renewable energies, reaffirms its active contribution to the transition to a low-carbon economy. In this context, in September 2024, Crédit Agricole Assurances signed a lease before completion for a 20,000 m² office building in Paris with EssilorLuxottica, a world leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. This service sector property complex, which will be delivered at the end of 2027, will aim for the highest environmental certifications on the market; HQE level Excellent, BREEAM level Excellent, Ready to Osmoz, BBCA (Low Carbon Renovation), BBC (Low-Consumption Building) and WiredScore level Gold.

    EXCELLENT PERFORMANCE CONFIRMING OUR POSITION AS A LEADING PLAYER

    Over the full year 2024, Crédit Agricole Assurances generated premium income1 of €43.6 billion, at the highest level in history, up +17.2%2 compared to the end of December 2023. The level of activity is high both in France (+13.1%) and internationally (+44.0%2), in all business lines, mainly in savings and retirement thanks to the success of commercial campaigns in France (+15.9%) and the reshaping of international product offering (+54.3%).

    In savings and retirement, premium income1 reached €32.1 billion at end-December 2024, up +21.5% year-on-year, fuelled by the keen interest on payment bonus campaigns on the General Account and digital journeys in France, as well as the recovery of international activity. Combined with the acquisition of a significant group retirement contract, these factors contributed to a high level of gross inflows9 on the General Account, at €20.7 billion (+44.6%). Unit-linked gross inflows9 totalled €11.4 billion, down -6.2% year-on-year, following less favourable market conditions, notably a lower attractiveness of unit-linked bond products. As a result, the share of unit-linked within gross inflows9 fell to 35.5% (-10.4 points year-on-year).

    Net inflows9 amounted to +€6.6 billion, up +€6.9 billion over one year. By product, net inflows amounted to +€4.4 billion on unit-linked and +€2.2 billion on the General Account, back in positive territory for the last three quarters (+€8.6 billion over one year on the General Account).

    Life insurance outstandings10 reached €347.3 billion at the end of December 2024, up +5.1% over one year, thanks to a positive market effect and net inflows. Unit-linked outstandings amounted to €104.1 billion (+9.1% since January 1, 2024). General Account outstandings have risen by +3.5% since January 1, 2024 to reach a total of €243.2 billion. Unit-linked represented 30.0% of total life insurance outstandings at the end of December 2024 (+1.1 points year-on-year).

    In a dynamic competitive environment, Crédit Agricole Assurances pursues its objective of supporting its customers in building up their wealth by offering attractive returns on their savings. Accordingly, Crédit Agricole Assurances, through its subsidiary Predica, offers a stable General Account profit-sharing rate life insurance contracts, which can reach up to 3.85%. This is made possible in particular by the mobilisation of the policyholder participation reserve (PPE), which amounted to €7.5 billion at the end of 2024, representing 3.3%11 of General Account outstandings.

    In property and casualty12, the business continued its momentum, with gross written premiums1 up +8.2% compared to the end of December 2023, reaching €6.2 billion thanks to gains in market share in value and volume. By including CATU, a Polish non-life insurance subsidiary, the portfolio grew by +5.3% to nearly 16.7 million contracts, representing a net addition of more than 563,000 policies over the year; in addition to the price increases induced by climate change and inflation of repair costs, the average premium is boosted by changes in the product mix.

    Equipment rates within the Crédit Agricole Group’s banking networks kept growing year-on-year, at the Regional Banks (43.9%13, up +0,8 point), LCL (27.9%13, up +0.4 point) and CA Italia (20.0%14, up +1.2 points).

    In personal protection (death and disability/creditor/group insurance15), gross written premiums1 were up +4.6% compared to the end of December 2023, at €5.3 billion, mainly thanks to group insurance (+21.8%) and individual death and disability (+6.6%).
    One of the successes of 2024 in group insurance is the signing of an agreement with the Industries Electriques et Gazières (IEG) to insure and manage supplementary health coverage for statutory employees, as of July 1, 2025. This new scheme covers a total of 310,000 beneficiaries for €70 million in annual premiums.

    EARNINGS GROWTH DRIVEN BY BUSINESS GROWTH

    Crédit Agricole Assurances’ net income Group share amounted to €1,959 million, up +11.5%2 year-on-year, reflecting in particular a very good performance in property and casualty, a good increase in life insurance outstandings10 and dynamic activity in the other business lines.

    The combined ratio16 stood at 94.4%, an improvement of -2.7 points year-on-year due to (i) relatively favourable claims in 2024, whereas 2023 was marked by significant climate claims in the last quarter, (ii) partly mitigated by a lesser impact of the discounting effect (+1.6 points). The all years discounted claims ratio net of reinsurance amounted to 70.2%, down -2.2 points year-on-year. It included 1.1% of natural catastrophes17, down -0,5 point compared to 2023.
    The net combined ratio excluding discounting stood at 96.4%, down -4.3 points over the year.

    The Contractual Service Margin18 amounted to €25.2 billion at the end of December 2024, up +5.8% year-on-year. It includes a stock revaluation effect – excluding new business – of +€1.1 billion, notably in relation to technical assumptions review. The contribution from new business of +€2.4 billion, driven by revenue growth, was higher than the release to P&L (-€2.1 billion).
    The contractual service margin allocation factor stood at 7.7%19 for 2024.

    SOLVENCY

    At the end of December 2024, Crédit Agricole Assurances once again demonstrated its strength, with a Solvency II prudential ratio above 200%.

    RATINGS

    Rating agency Date of last review Main operating subsidiaries Crédit Agricole Assurances Outlook Subordinated debt
    S&P Global Ratings October 3, 2024 A+ A Stable BBB+

    KEY EVENTS SINCE THE LAST PUBLICATION

    About Crédit Agricole Assurances
    Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros.
    www.ca-assurances.com

    Press contacts

    Nicolas Leviaux +33 (0)1 57 72 09 50 / +33 (0)6 19 60 48 53

    Julien Badé +33 (0)1 57 72 93 40 / +33 (0)7 85 18 68 05

    service.presse@ca-assurances.fr

    		 Investor relations contacts

    Yael Beer-Gabel +33 (0)1 57 72 66 84

    Gaël Hoyer +33 (0)1 57 72 62 22

    Sophie Santourian +33 (0)1 57 72 43 42

    Cécile Roy +33 (0)1 57 72 61 86

    relations.investisseurs@ca-assurances.fr

    Appendix – Activity analysis by geographic area

    Geographic area 2024 revenues1
    In billion euros    		 2023 revenues1
    In billion euros    		 Change over 1 year
    At constant scope
    France 36.6 32.4 +13.1%
    Italy 4.8 3.6 +32.2%
    Rest of the world 2.2 1.3 +75.6%

    1 Non-GAAP revenues
    2 Excluding the 1stconsolidation of CATU (Crédit Agricole Towaraystow Ubezpieczeń, property and casualty insurance subsidiary in Poland) on 30 June 2024 with retroactive effect from 1 January 2024, changes are: +17.1% for total premium income, +43.6% for international premium income and +11.5% for the net income Group share
    3 The contribution to the net income Group share of Crédit Agricole S.A. amounted to €1,884 million. The difference with Crédit Agricole Assurances’ net income Group share was mainly due to consolidation restatements, including subordinated (RT1) debt coupons for €45 million.
    4 Survey conducted among 3,896 individual customers, holders of life insurance or individual retirement savings plans, of the 39 Regional Banks and LCL from February to November 2024, following a recent event on their contract. Result: 97% of satisfied customers of which 23% extremely satisfied.
    5 Survey conducted among 4,506 Pacifica individual customers who had a property and casualty claim between 1 October 2023 and 30 September 2024
    6 Banking application of the Crédit Agricole Regional Banks
    7 In tonnes of CO2equivalent per million euros invested
    8 Investment portfolios listed in equities and corporate and real estate bonds held directly
    9 In local GAAP
    10 Savings, retirement, death and disability (funeral)
    11 France life scope
    12 At constant scope: +7.8% growth in non-life gross written premiums, +3,2% increase in the portfolio, net addition of more than 509,000 policies; at end-December 2024, CATU’s portfolio comprised more than 335,000 policies, including net addition of more than 54,000 policies over the year
    13 Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances’ non-life insurance subsidiary
    14 Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances’ non-life insurance subsidiary
    15 Excluding savings/retirement
    16 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums
    17 Impact of undiscounted Cat Nat claims in France (Pacifica), all years, net of reinsurance, as a percentage of gross earned premiums
    18 CSM or Contractual Service Margin: corresponds to the expected profits by the insurer on the insurance activity, over the duration of the contract, for profitable contracts, for Savings, Retirement, Death and Disability and Creditor products
    19 Annualised CSM allocation factor = CSM release to P&L / (opening CSM stock + revaluation of stock + new business)

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    The MIL Network –

  • MIL-OSI: Planisware receives EcoVadis Gold Medal for its sustainable development performance

    Source: GlobeNewswire (MIL-OSI)

    Planisware receives EcoVadis Gold Medal for its sustainable development performance

    Paris, France, February 5, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, has been awarded the Ecovadis Gold Medal, the world’s leading CSR assessment organization, for its commitment to sustainable development. After being awarded the silver medal the previous year, the gold medal award also recognizes Planisware’s continuous progress in CSR.

    EcoVadis evaluates over 130,000 companies in more than 220 sectors and 180 countries on the basis of 21 sustainability criteria divided into 4 main themes: environment, labor and human rights, ethics and sustainable procurement. On this basis, EcoVadis assigns a score from 0 to 100, as well a medal, associated with the score obtained.

    With a score of 79/100, Planisware is now one of EcoVadis’ top-rated companies over the last 12 months. This places Planisware among the top 5% of companies rated in December 2024, and also places itself among the top 2% of companies in its sector.

    Loïc Sautour, Chief Executive Officer at Planisware, commented: “Receiving the EcoVadis Gold Medal is a recognition of our commitment to an ambitious CSR policy. At Planisware, we firmly believe that economic performance and social responsibility go hand in hand, and this distinction encourages us to continue innovating while respecting the highest environmental and ethical standards. Following our IPO and our recent inclusion in the SBF 120, this distinction illustrates Planisware’s rapid progress and ongoing commitment to building a more responsible society.“

    This gold medal testifies to the significant progress made by Planisware in recent years to promote an ambitious and consistent CSR approach among its employees, customers and suppliers. It highlights the remarkable achievements of 2024, including:

    • The publication of its first Extra-Financial Performance Declaration (“DPEF”), a key step illustrating Planisware’s commitment to integrating CSR at the heart of its strategy and providing greater transparency on its actions in this area.
    • Strengthening its internal policies and procedures, with the aim of adopting the highest standards in environmental sustainability, sustainable procurement, business ethics and the defense of human rights.
    • The structuring and launch of concrete initiatives designed to remedy the shortcomings identified in previous assessments, turning lessons learned into drivers for continuous improvement.
    • Optimized KPI monitoring, enabling more accurate measurement of the impact of deployed policies, while reinforcing the monitoring of key indicators to guarantee tangible, sustainable results.

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit https://planisware.com/ and connect with Planisware on LinkedIn.

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    The MIL Network –

  • MIL-OSI: Alm. Brand A/S – Interim report Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    Highly satisfactory Q4 performance

    • The insurance service result for Q4 2024 was a profit of DKK 440 million (Q4 2023: DKK 287 million), equivalent to a combined ratio of 84.5 (Q4 2023: 89.3), driven by favourable developments both in Personal Lines and Commercial Lines
    • Insurance revenue grew by 6.2% to DKK 2,845 million (Q4 2023: DKK 2,680 million), driven by sustained strong premium growth of 7.2% in Personal Lines and premium growth of 5.1% in Commercial Lines
    • The undiscounted underlying claims ratio fell by 1.9 percentage points to 63.8% (Q4 2023: 65.7%), driven by the effects of profitability-enhancing measures in Personal Lines
    • The expense ratio fell to 18.0 (Q4 2023: 19.0), and the implementation of synergy initiatives generated a positive accounting effect of DKK 138 million in Q4 2024 (Q4 2023: DKK 75 million)
    • Satisfactory investment result of DKK 74 million (Q4 2023: DKK 140 million)

    Full-year performance

    • The insurance service result for 2024 was DKK 1,443 million (2023: DKK 1,215 million), equivalent to a combined ratio of 87.0 (2023: 88.4), which was better than the most recently announced full-year guidance and driven in particular by a lower level of major claims
    • The expense ratio dropped to 18.3 in 2024 (2023: 19.0) in line with our plans to reach the targets set by end-2025.  
    • The consolidated profit before tax and excluding special costs for continuing activities was DKK 1,747 million in 2024 (2023: DKK 1,447 million)
    • For 2025, Alm. Brand Group expects to report an insurance service result of DKK 1.5-1.7 billion excluding run-off gains or losses, an expense ratio of about 17% and a combined ratio of about 85.5-87.5 in line with the targets set in 2022
    • The Board of Directors recommends that an ordinary dividend of DKK 0.6 per share be paid in respect of the 2024 financial year. Alm. Brand Group is furthermore launching a new DKK 100 million share buyback programme related to the profit for 2024, corresponding to a payout ratio of 96% of the adjusted profit after tax including the already completed share buyback programme of DKK 150 million
    • Alm. Brand Group still expects to distribute DKK 1.6 billion related to the divestment of the Energi & Marine business in the form of a share buyback programme to be launched upon closing of the transaction
    • At 31 December 2024, Alm. Brand Group had an SCR ratio of 181% after deduction of the total amount distributed in respect of 2024

    CEO Rasmus Werner Nielsen is pleased with the performance:

    “Seen overall, 2024 was a year in which many people in Denmark needed their insurance company. We helped process claims from more than 430,000 of our customers. In particular, motor-related and travel insurance claims gave rise to many enquiries, whereas weather-related events were not as dramatic as in 2023.

    We’re pleased that more and more people choose to become customers of Alm. Brand Group, and we’re extremely satisfied with the financial results we generated in the final quarter of the year, which marked a strong finish to the year. The strong performance underlines the strength of our large, Denmark-based group. We’re entering 2025 in good shape, and we’re well on the way to realising the targets we set for the merger of Codan and Alm. Brand.”

    This interim report and related materials are available at Alm. Brand Group’s investor website: Q4 2024

    Webcast and conference call
    Alm. Brand will host a conference call for investors and analysts today, Wednesday 5 February 2025 at 11:00 a.m. The conference call and presentation will be available on Alm. Brand Group’s investor website:

    Conference call dial-in numbers for investors and analysts (pin: 551812):

    United Kingdom: +44 20 3936 2999
    USA: +1 646 664 1960
    Denmark: +45 89 87 50 45

    Link to webcast: https://events.q4inc.com/attendee/748881636

    Contact
    Please direct any questions regarding this announcement to:

    Investors and equity analysts:                 

    Head of IR, Rating & ESG Reporting                
    Mads Thinggaard                 
    Mobile no. +45 2025 5469                

    Press:        

    Media Relations Manager
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

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    The MIL Network –

  • MIL-OSI China: Spanish potter shapes fusion of Eastern and Western art in China’s ‘porcelain capital’

    Source: China State Council Information Office 3

    This photo taken on May 1, 2023 shows a view of the Taoxichuan Ceramic Art Avenue at night in Jingdezhen, east China’s Jiangxi Province. (Xinhua)

    In the quiet of winter, the cherry trees in the courtyard have withered, yet the fruits continue to flourish in the porcelain works of Spanish ceramic artist Jaume Ribalta.

    The 32-year-old artist, who has spent the past three years wandering through Jingdezhen, dubbed China’s “porcelain capital”, in Jiangxi Province, draws inspiration from his surroundings to craft pieces that seamlessly blend nature with artistry.

    Ribalta settled in Xianghu Village, a hub for ceramic artists in Jingdezhen, where he established his studio and now feels at home, deeply immersed in the rhythms of rural Chinese life.

    Amid the Spring Festival aura, Ribalta’s studio courtyard hums with festive energy, as red lanterns sway among the greenery, festive paintings adorn the doors, and traditional decorations like spring couplets and Chinese knots complete the scene, marking a joyful celebration of the season.

    “Over the years, I’ve created a Zodiac series of teacups, each featuring a different Chinese zodiac animal in my designs. Last year it was the dragon, and this year it’s the snake,” he explains. “I’ve grown to love this traditional Chinese cultural element and have continued to incorporate it into my work.”

    His studio is filled with Chinese elements — antique furniture, a portrait of Confucius, and traditional ink landscape paintings — each detail reflecting Ribalta’s deep appreciation for Chinese culture.

    “I learned Chinese painting from books, with masters like Qi Baishi serving as my ‘teachers,’” he said. Beyond this, Ribalta has expertly fused his Spanish heritage with Chinese artistry, drawing inspiration from the black-and-white ceramic designs of his hometown, Barcelona. He employs traditional blue-and-white porcelain techniques to craft distinctive works that seamlessly blend Eastern and Western artistic styles.

    Jingdezhen’s history of ceramics spans over 2,000 years, and its role as an official and royal kiln elevated its porcelain-making techniques to the highest level in history. Driven by a passion for ceramics, thousands of foreign artists have migrated to Jingdezhen, a city with a population of less than 900,000, in recent years. During the peak period, there was one foreigner among every six migrants.

    The open, inclusive and eclectic creative environment of Jingdezhen has allowed foreign drifters like Ribalta, despite initial language barriers, to quickly adapt to local life. For him, Jingdezhen is a vast cultural heritage, where every corner offers fertile ground for ceramic artistry.

    In addition to the many ceramic studios nearby, Ribalta said another reason he was drawn to this particular village is its proximity to Jingdezhen Ceramic University.

    “Engaging in conversations with young ceramic artists and students, exploring how to blend tradition with innovation, is key to keeping my inspiration alive,” he said.

    For Ribalta, Jingdezhen was the obvious choice for his ceramic art, as the city is like “an art utopia,” boasting an omnipresent artistic atmosphere and a warm, free-spirited environment. However, creating individual ceramic pieces is not his sole ambition. He said that his goal for the year 2025 is to create a cultural landmark for the village.

    He pulled up his design concept on his phone, explaining how blue-and-white porcelain could move beyond its traditional role as vessels and be repurposed as striking wall decorations.

    “In Spain and Portugal, ceramics are often used in architectural decoration,” he said. “China has many exquisite, large blue-and-white porcelain vases, but their application in architectural settings is relatively rare. I hope to integrate ceramics into architecture in a public space someday, creating a monumental scene that blends Chinese and Western cultures with my own hands.”

    MIL OSI China News –

  • MIL-OSI: Melexis Q4 and FY 2024 results – Full year sales of 932.8 million EUR

    Source: GlobeNewswire (MIL-OSI)

    Regulated information

    Intermediate declaration by the Board of Directors

    Ieper, Belgium – February 5th, 2025, 07.00 hrs CET

    Dear,

    Please find herewith the link to our most recent press release:

    https://www.melexis.com/en/news/2025/financial/melexis-q4-2024-results

    Attachment

    The MIL Network –

  • MIL-OSI: Credit Agricole SA : CONTINUED STRONG EARNINGS MOMENTUM IN 2024

    Source: GlobeNewswire (MIL-OSI)

    CONTINUED STRONG EARNINGS MOMENTUM IN 2024
    CASA AND CAG STATED AND UNDERLYING DATA Q4-2024
               
      CRÉDIT AGRICOLE S.A.   CRÉDIT AGRICOLE GROUP
        Stated   Underlying     Stated   Underlying
    Revenues   €7,092m
    +17.4% Q4/Q4    		   €7,116m
    +18.2% Q4/Q4    		     €9,817m
    +11.9% Q4/Q4    		   €9,840m
    +13.4% Q4/Q4
    Expenses   -€3,917m
    +5.6% Q4/Q4    		   -€3,878m
    +4.4% Q4/Q4    		     -€5,863m
    +3.2% Q4/Q4    		   -€5,824m
    +2.4% Q4/Q4
    Gross Operating Income   €3,175m
    +36.2% Q4/Q4    		   €3,238m
    +40.4% Q4/Q4    		     €3,954m
    +28.0% Q4/Q4    		   €4,017m
    +34.3% Q4/Q4
    Cost of risk   -€594m
    +35.0% Q4/Q4    		   -€594m
    +35.0% Q4/Q4    		     -€867m
    +13.9% Q4/Q4    		   -€867m
    +13.9% Q4/Q4
    Net income group share   €1,689m
    +26.6% Q4/Q4    		   €1,730m
    +32.8% Q4/Q4    		     €2,149m
    +24.6% Q4/Q4    		   €2,190m
    +33.7% Q4/Q4
    C/I ratio   55.2%
    -6.2 pp Q4/Q4    		   54.5%
    -7.2 pp Q4/Q4    		     59.7%
    -5.1 pp Q4/Q4    		   59.2%
    -6.4 pp Q4/Q4
    ALL OF THE FINANCIAL TARGETS OF THE 2025 AMBITIONS PLAN EXCEEDED AS OF 2024

    STRONG INCREASE IN QUARTERLY AND FULL-YEAR EARNINGS

    • Record quarterly and full-year revenues, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: low cost/income ratio (increase in recurring expenses contained at +3.0% Q4/Q4) and 14.0% return on tangible equity in 2024
    • Cost of risk rose in Q4-24, driven by provisions for performing loans related to model effects at Crédit Agricole CIB and Crédit Agricole Personal Finance & Mobility (CAPFM)

    PROPOSED 2024 DIVIDEND INCREASE TO €1.10 PER SHARE (+5% VS. 2023)

    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Robust growth in retail banking and consumer finance driven by multiple factors: continued upturn in the home loan business in France (up +18%), higher corporate loan production, thriving international lending business, consumer finance stability at a high level and confirmed stabilisation of the deposit mix in France
    • Record CIB, asset management and insurance business, reflected in the record level in insurance revenues with contributions from all activities, high net inflows and record level of assets under management, as well as a new quarterly and full-year record reached by CIB

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Instruments finalised to acquire an additional 5.2% in Banco BPM
    • Signing of an agreement for the acquisition of Santander’s 30.5% stake in CACEIS
      • Acquisition of aixigo, European leader in Wealth Tech
      • Finalization of the acquisition of 50% of GAC Leasing in China by CAPFM

    SOLID CAPITAL AND LIQUIDITY POSITIONS

    • Crédit Agricole S.A.’s phased-in CET1 at 11.7% and Group phased-in CET1 at 17.2%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Phased withdrawal from fossil energies and reallocation of investments to renewable energy
    • Decarbonisation pathways in line with targets (oil & gas, power and automotive)

    At the meeting of the Board of Directors of Crédit Agricole S.A. on 4 february 2025, SAS Rue La Boétie informed the company of its intention to purchase Crédit Agricole S.A. shares on the market for a maximum amount of 500 million euros in line with the operations announced in August 2023 and in November 2022. Details of the transaction are provided in a press release issued today by SAS Rue La Boétie.

     

    Dominique Lefebvre,
    Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

    « The Group’s excellent results illustrate our overall capacity to support all our customers in a global and loyal relationship over the long term. Three-quarters of these results are retained to serve the development of the economy. I would like to thank all of our employees who work every day with professionalism and commitment. »
     
     

    Philippe Brassac,
    Chief Executive Officer of Crédit Agricole S.A.

    « Driven by its unique Group model based on utility and universality, the Crédit Agricole Group reports excellent results in 2024. Crédit Agricole S.A. has once again exceeded all the financial objectives of its strategic plan, one year ahead of schedule. »

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.4% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. During 2024, the Group added +1 900,000 new customers in Retail Banking and grew its customer base by +214,000 customers. More specifically, over the year, the Group gained +1 500,000 new customers for Retail Banking in France and +400,000 new International Retail Banking customers (Italy and Poland). The customer base also grew (+126,000 and +88,000 customers, respectively).

    At 31 December 2024, retail banking on-balance sheet deposits totalled €837 billion, up +1.8% year-on-year in France and Italy (+0.5% for Regional Banks and LCL and +1.7% in Italy). Outstanding loans totalled €880 billion, up +0.4% year-on-year in France and Italy (+0.3% for Regional Banks and LCL and +1.7% in Italy). Home loan production picked up gradually in France during this quarter, recording an increase of +1% for the Regional Banks and +11% for LCL compared to the third quarter of 2024, and +7.8% and +59% respectively compared to the fourth quarter of 2023. Although high, home loan production by CA Italia was down -6.3% compared with an already high Q4 2023. The property and casualty insurance equipment rate1 rose to 43.9% for the Regional Banks (+0.8 percentage points compared with the third quarter of 2023), 27.9% for LCL (+0.4 percentage point) and 20.0% for CA Italia (+1.2 percentage point).

    In asset management, inflows remained strong at +€20.5 billion, fuelled by strong medium/long-term assets, excluding JVs (+€17.9 billion) and at the JVs. In insurance, savings/retirement gross inflows rose to a record €8.3 billion over the quarter (+17% year-on-year), with the unit-linked rate in production staying at a high 37.4%. Net inflows were positive at +€2.4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.7 million contracts at end-December 2024, +5.3% year-on-year). Assets under management totalled €2,867 billion, up +12.1% in the year for all three segments: asset management rose 10% over the year to €2,240 billion; life insurance was up +5.1% to €347.3 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased 46.9% year-on-year to €279 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

    Business in the SFS division was stable. At CAPFM, consumer finance outstandings increased to €119.3 billion, up +5.6% compared with the end of December 2023, buoyed by car loans, which accounted for 53%2 of total outstandings. New loan production decreased slightly, by -2.9% compared with the same period in 2023, mainly due to the Chinese market. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +7.2% vs. December 2023 to 20.3%, with a particularly strong contribution from property leasing and renewable energy financing.

    Large Customers again posted record results for both the quarter and the full year in Corporate and Investment Banking. Capital Markets and Investment Banking held up well with a strong performance by the repo and securitisation businesses, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,291 billion and assets under administration of €3,397 billion (+12.1% and +3%, respectively, compared with the end of December 2023), with good sales momentum and positive market effects over the quarter.

    Each of the Group’s business lines posted strong activity (see Infra).

    Roll-out of strategic plan

    Crédit Agricole S.A.’s model offers constantly renewed potential for organic growth. This model is based on three pillars: customer acquisition, customer equipment and the development of new offers. Gross customer capture amounts to 1.9 million new customers on average since 2022, which marked the roll-out of the Horizon 2025 plan. Customer equipment is growing steadily across our various offers. The bank’s market share in household loans stood structurally at 30%3 helping to drive the market shares for our other offerings. These currently stand at 28% in asset management,3 27% in payment services,3 23% in individual death and disability insurance,4 19% in creditor insurance,4 15% in life insurance,4 7% in property and casualty insurance,4 and 4% in property services.4 Lastly, in line with our universal banking model, we are steadily expanding our customer offers: the new CA Transitions et Energies (CATE) and CA Santé et Territoires (CAST) business lines have been rolled out for the large-scale financing of renewable energy projects as well as the production and supply of electricity, and to offer solutions to improve access to healthcare and support for the elderly.

    This model is complemented by a steady stream of self-financed acquisitions and partnerships, through the consolidation of Crédit Agricole S.A.’s business lines in their markets to build the universal bank. Following on from acquisitions in the period 2019 to 2021 for a total of €3.3 billion, all of which were successful with some €1.3 billion5 in revenues generated, and a cost/income ratio of 52%, acquisitions and partnerships during the period covered by the Medium-Term Plan were in five main areas of development. The total investment was €7.2 billion6 (against €1.4 billion in disposals),7 generating around €3 billion in revenues.

    First of all, transactions to consolidate our business lines and strengthen our expertise were carried out in France and Europe, in particular: Private Banking through the transaction under way with Degroof Petercam, and a 70% stake in the capital of Wealth Dynamix8; Asset Servicing with the creation of Uptevia9, a common company with BNP Paribas, the acquisition of RBC Investor Services’ European businesses and the purchase of Santander’s minority interest in CACEIS; and Asset Management with the acquisitions of Alpha Associates10 and aixigo11; and finally, Leasing and factoring activity accelerate its development in Germany with the acquisition of Merca Leasing12. Crédit Agricole S.A. is also structuring its property services through the acquisition of property management business of Casino (Sudeco), and more recently the ones of Nexity.

    At the same time, the bank has expanded its distribution networks through new partnerships, notably by taking a stake in Banco BPM; signing a new distribution agreement between Crédit Agricole Assurances and Banco BPM for non-life and creditor insurance in Italy; partnership in automobile insurance with Mobilize Financial Services, subsidiary of Renault13; and entering into a distribution agreement between Amundi US and Victory Capital14.

    In addition, Specialised Financial Services division developed a comprehensive mobility with: the joint venture Leasys, created with Stellantis to become the European leader in long-term car rental; 100% of CA Auto Bank was acquired, in order to develop partnerships with smaller manufacturers and with independent distributors; six European subsidiaries of ALD and LeasePlan were acquired; and lastly, CA Mobility Services was formed, to create 20 service offers by 2026, mainly through the acquisition of a minority stake in WATEA15, the creation of a joint venture with Opteven16, the acquisition of a stake in HiFlow17, and the commercial partnership with FATEC18. More recently, Credit Agricole Personal Finance & Mobility strengthens its partnership with the car manufacturer GAC with, on the one hand a financial partnership aimed at entrusting CA Auto Bank the financing of vehicules from the Chinese manufacturer in Europe, and on the other end, the acquisition of 50% of the capital of GAC Leasing in order to offer from 2025 financial and operational leasing on the Chinese market.

    In addition, Crédit Agricole S.A. has acquired a stake in Worklife19 and formed a partnership with Wordline20 as part of its drive to accelerate digitisation and innovation. In January 2024, Crédit Agricole S.A. announced its acquisition of a 7% non-controlling interest in Worldline.

    Lastly, to support the transitions in the new CATE and CAST business lines, Crédit Agricole S.A. acquired minority stakes of 40% in R3 (energy transition consultancy) and 43% in Selfee (energy production and supply), and become a reference shareholder in the capital of Office Santé21 and Cette Famille22. In addition, Crédit Agricole Assurances acquired majority stakes of 93% in Omedys23 and 86% in Medicalib23.

    These two pillars of Crédit Agricole S.A.’s universal banking model ensure steady, high growth in revenues and high profitability. Revenues have grown every year between 2015 and 2024 regardless of the environment at an average annual rate of +5.6%. Operational efficiency has also steadily improved with the cost/income ratio falling -15 percentage points in the period 2015 to 2024. Profitability has also risen significantly over the past 10 years. ROTE was 14% at the end of 2024, the highest since 2015, offering even more attractive shareholder remuneration: the dividend per share has tripled in the 10-year period.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing24 by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024.

    Investments by Crédit Agricole Assurances25 and Amundi Transition Energétique in low-carbon energy totalled €6 billion at 31 December 2024. What is more, Crédit Agricole Assurances hit its target of 14 GW of renewable energy production capacity financed one year ahead of schedule.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Crédit Agricole CIB’s green loan portfolio26 grew by +75% between the end of 2022 and December 2024, and represented €21.7 billion at 31 December 2024. The Group also continues to encourage low-carbon mobility. 37% of new vehicles financed by CAPFM in 2024 were electric or hybrid vehicles. The target for the end of 2025 is 50%.

    In addition, the Group is continuing on its pathway to exit the financing of carbon-based energies and is disclosing progress at end 2024 in three sectors, in line with their 2030 targets (vs. a 2020 baseline). Financed emissions in the oil and gas sector were reduced by -70% at end 2024 working towards a target of -75% by the end of 2030. The intensity of financed emissions in the power sector27 was down by -29% at end 2024, for a target of -58% by the end of 2030, and by -21% in the automotive sector, for a target of -50% by 2030.

    The Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in outstandings in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. At the same time, large-scale financing of low-carbon energies, with outstandings of €26.3 billion, will increase their relative share of the energy mix financed from 54% in 2020 to 82% by the end of 2024.

    Group results

    In the fourth quarter of 2024, Crédit Agricole Group’s stated net income Group share came to €2,149 million, up +24.6% compared with the fourth quarter of 2023.

    Specific items in the fourth quarter of 2024 had a negative net impact of -€42 million on the net income Group share of the Crédit Agricole Group. These items comprise the following recurring accounting items: recurring accounting volatility items, namely the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for -€19 million in net income Group share from Capital Markets and Investment Banking, and the hedging of the loan book in Large Customers for +€1 million in net income Group share. In addition to these recurring items, there were other items specific to this quarter: ISB integration costs of
    -€15 million in the net income Group share of Large Customers and the Degroof Petercam integration costs of
    -€9 million in the net income Group share of Asset Gathering.

    Specific items for the fourth quarter of 2023 had a combined impact of +€86 million on net income Group share and included +€69 million in recurring accounting items and +€17 million in non-recurring items. The recurring items mainly corresponded to the reversal of the Home Purchase Saving Plans provision of +€64 million (+€5 million for LCL, +€4 million for the Corporate Centre and +€55 million for the Regional Banks); the other recurring items (+€5 million) are split between the issuer spread portion of the FVA28 and secured lending (+€4 million) and loan book hedging (+€1 million). The non-recurring items related to the ongoing reorganisation of the Mobility activities29 in the SFS division (+€18 million).

    Excluding these specific items, Crédit Agricole Group’s underlying net income Group share30 amounted to €2,190 million, up +33.7% compared to fourth quarter 2023.

    Crédit Agricole Group – Stated and underlying results, Q4-24 and Q4-23

    €m Q4-24
    stated    		 Specific items Q4-24
    underlying    		 Q4-23
    stated    		 Specific items Q4-23
    underlying    		 ∆ Q4/Q4
    stated    		 ∆ Q4/Q4
    underlying
                     
    Revenues 9,817 (24) 9,840 8,769 93 8,677 +11.9% +13.4%
    Operating expenses excl.SRF (5,863) (39) (5,824) (5,682) 4 (5,686) +3.2% +2.4%
    SRF – – – – – – n.m. n.m.
    Gross operating income 3,954 (63) 4,017 3,088 97 2,991 +28.0% +34.3%
    Cost of risk (867) 0 (867) (762) – (762) +13.9% +13.9%
    Equity-accounted entities 80 – 80 73 – 73 +9.9% +9.9%
    Net income on other assets (20) (1) (19) (19) – (19) +7.5% +2.2%
    Change in value of goodwill 4 – 4 2 12 (9) +60.4% n.m.
    Income before tax 3,150 (64) 3,214 2,382 109 2,274 +32.2% +41.4%
    Tax (784) 16 (799) (455) (23) (432) +72.4% +85.1%
    Net income from discont’d or held-for-sale ope. – – – (10) – (10) (100.0%) (100.0%)
    Net income 2,366 (48) 2,414 1,918 86 1,832 +23.4% +31.8%
    Non controlling interests (217) 7 (224) (194) – (194) +12.2% +15.6%
    Net income Group Share 2,149 (42) 2,190 1,724 86 1,638 +24.6% +33.7%
    Cost/Income ratio excl.SRF (%) 59.7%   59.2% 64.8%   65.5% -5.1 pp -6.4 pp

    In the fourth quarter of 2024, underlying revenues amounted to €9,840 million, up +13.4% compared to the fourth quarter of 2023, driven by favourable results from most of the business lines. Underlying revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect. In addition, International Retail Banking revenues were stable. Underlying operating expenses were up +2.4% in fourth quarter 2024, totalling €5,824 million. Overall, the Group saw its underlying cost/income ratio reach 59.2% in the fourth quarter of 2024, a -6.4 percentage point improvement. As a result, the underlying gross operating income came to €4,017 million, up +34.3% compared to the fourth quarter 2023.

    The underlying cost of credit risk stood at -€867 million, an increase of +13.9% compared to fourth quarter 2023. This figure comprises an amount of -€363 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€489 million for the cost of proven risk (stage 3). There was also an addition of
    -€16 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). The cost of risk/outstandings31reached 27 basis points over a four rolling quarter period and 29 basis points on an annualised quarterly basis32.

    Underlying pre-tax income stood at €3,214 million, a year-on-year increase of +41.4% compared to fourth quarter 2023. This includes the contribution from equity-accounted entities for €80 million (up +9.9%) and net income on other assets, which came to -€19 million over this quarter. The underlying tax charge was up +85.1% over the period, with the tax rate this quarter rising by +6.0 percentage points to 25.5%. Underlying net income before non-controlling interests was up +31.8% to €2,414 million. Non-controlling interests rose +15.6%. Lastly, underlying net income Group share was €2,190 million, +33.7% higher than in the fourth quarter of 2023.

    Crédit Agricole Group – Stated and underlying results 2024 and 2023

    En m€ 2024
    stated    		 Specific items 2024
    underlying    		 2023
    stated    		 Specific items 2023
    underlying    		 ∆ 2024/2023
    stated    		 ∆ 2024/2023
    underlying
                     
    Revenues 38,060 93 37,967 36,492 851 35,641 +4.3% +6.5%
    Operating expenses excl.SRF (22,729) (123) (22,606) (21,464) (14) (21,450) +5.9% +5.4%
    SRF – – – (620) – (620) (100.0%) (100.0%)
    Gross operating income 15,332 (30) 15,362 14,408 837 13,572 +6.4% +13.2%
    Cost of risk (3,191) (20) (3,171) (2,941) (84) (2,856) +8.5% +11.0%
    Equity-accounted entities 283 (0) 283 263 (39) 302 +7.6% (6.1%)
    Net income on other assets (39) (24) (15) 88 89 (1) n.m. x 18.9
    Change in value of goodwill 4 – 4 2 12 (9) +60.4% n.m.
    Income before tax 12,388 (74) 12,462 11,821 814 11,007 +4.8% +13.2%
    Tax (2,888) 12 (2,900) (2,748) (203) (2,545) +5.1% +13.9%
    Net income from discont’d or held-for-sale ope. – – – (3) – (3) (100.0%) (100.0%)
    Net income 9,500 (62) 9,562 9,071 611 8,459 +4.7% +13.0%
    Non controlling interests (860) 23 (883) (813) (0) (813) +5.8% +8.7%
    Net income Group Share 8,640 (39) 8,679 8,258 611 7,647 +4.6% +13.5%
    Cost/Income ratio excl.SRF (%) 59.7%   59.5% 58.8%   60.2% +0.9 pp -0.6 pp

    For full-year 2024, stated net income Group share amounted to €8,640 million, compared with €8,258 million for full-year 2023, an increase of +4.6%.

    Specific items for full-year 2024 include the specific items of the Regional Banks (+€47 million in reversals of Home Purchase Savings Plan provisions) and Crédit Agricole S.A. specific items, which are detailed in the Crédit Agricole S.A. section.

    Excluding specific items, underlying net income Group share reached €8,679 million, up +13.5% compared with full-year 2023.

    Underlying revenues totalled €37,967 million, up +6.5% compared with full-year 2023, driven by all business lines (excluding Corporate Centre).

    Underlying operating expenses amounted to -€22,606 million, up +5.4% excluding SRF compared to full-year 2023, mainly due to higher compensation in an inflationary environment, support for business development, IT expenditure and scope effects as detailed for each division. The underlying cost/income ratio for full-year 2024 was 59.5%, a -0.6 percentage point improvement compared to full-year 2023 excluding SRF. The SRF stood at
    -€620 million in 2023.

    Underlying gross operating income totalled €15,362 million, up +13.2% compared to full-year 2023.

    The underlying cost of risk for full-year 2024 rose to -€3,171 million (of which -€540 million in cost of risk on performing loans (stages 1 and 2), -€2,637 million in cost of proven risk, and +€6 million in other risks corresponding mainly to reversals of legal provisions), i.e. an increase of +11.0% compared to full-year 2023.

    As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (45% of gross outstandings) and corporates (33% of gross outstandings). Loan loss reserves amounted to €21.3 billion at the end of December 2024 (€11.7 billion for Regional Banks), 42.2% of which represented provisioning of performing loans (47.3% for Regional Banks). The prudent management of these loan loss reserves meant that the Crédit Agricole Group’s overall coverage ratio for doubtful loans at the end of December 2024 was 84.9%.

    Underlying net income on other assets stood at -€15 million for full-year 2024 versus -€1 million for full-year 2023. Underlying pre-tax income before discontinued operations and non-controlling interests rose by +13.2% to €12,462 million. The tax charge was -€2,900 million, up +13.9%, with an underlying effective tax rate of 23.8%, stable compared to full-year 2023. Underlying net income before non-controlling interests was therefore up by +13.0%. Non-controlling interests amounted to -€883 million for full-year 2024, up +8.7%.

    Underlying net income Group share for full-year 2024 thus stood at €8,679 million, up 13.5% compared to full-year 2023.

    Regional banks

    Gross customer capture stands at +273,000 new customers and the customer base grew by +10,000 new customers over the same period. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stands at 22.7% (at the end of September 2024, source Banque de France). Loan production was up +7.4% compared to the fourth quarter of 2023, reflecting the +7.8% rise in home loans and specialised markets. Home loan production has been gradually recovering since the beginning of the year. The average production rate for home loans stood at 3.35%33 over October and November 2024, -12 basis points lower than in the third quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+16 basis points compared to the fourth quarter of 2023). Outstanding loans totalled €648 billion at the end of December 2024, stable year-on-year across all markets but up slightly by +0.2% over the quarter.
    Customer assets were up +2.6% year-on-year to reach €910.9 billion at the end of December 2024. This growth was driven both by on-balance sheet deposits, which reached €605.9 billion (+1.7% year-on-year), and off-balance sheet deposits, which reached €305 billion (+4.4% year-on-year) benefiting from strong inflows in life insurance. The mix of on-balance sheet deposits for the quarter remained almost unchanged, with demand deposits and term deposits fluctuating by -0.5% and +0.1%, respectively, from end-September 2024. The market share of balance sheet collection is up compared to last year and stands at 20.3% (Source Banque de France, data at the end of September 2024, i.e. +0.4 percentage points compared to September 2023). The equipment rate for property and casualty insurance34 was 43.9% at the end of December 2024 and continues to rise (up +0.8 percentage point compared to the end of December 2023). In terms of payment instruments, the number of cards rose by +1.6% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.6 percentage points year-on-year to account for 16.4% of total cards.
    In the fourth quarter of 2024, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend35 stood at €3,247 million, up +0.7% compared to the fourth quarter of 2023, notably impacted by a base effect of +€73.6 million related to the reversal of the Home Purchase Savings Plan provision in the fourth quarter of 202336. Excluding this item, revenues were up +3.1% compared to the fourth quarter of 2023, the rise in the net interest margin (+9.8% excluding Home Purchase Savings36) and good momentum of fee and commission income (+1.6%) in insurance, account management and payment instruments offsetting the drop in portfolio revenues (-10.0%). Operating expenses were stable (+0.7%), below inflation. Gross operating income was up +0.8% year-on-year (+11.6% excluding the Home Purchase Savings Plan base effect36). The cost of risk was down -24.6% compared with the fourth quarter of 2023 to -€242 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 20 basis points (a -1 basis point drop compared to third quarter 2024).
    The Regional Banks’ consolidated net income, including the SAS Rue La Boétie dividend35 amounted to €419 million, up +19.9% compared to the fourth quarter 2023 (+42.1% excluding the base effect36).
    The Regional Banks’ contribution to net income Group share was €403 million in the fourth quarter of 2024, up +20.3% compared to the fourth quarter of 2023.
    In full-year 2024, revenues including the SAS Rue La Boétie dividend were up +1.9% compared to the same period in 2023. Operating expenses rose by +1.4%, resulting in a rise in gross operating income of +2.7%. Finally, with a cost of risk up +14.0%, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €3,470 million, up +2.5% compared to full-year 2023 (+5.5% excluding the Home Purchase Savings Plan base effect36).The Regional Banks’ contribution to the results of Crédit Agricole Group in full-year 2024 amounted to €1,423 million in stated net income Group share (-18.9% compared to the same period in 2023), with revenues of €13,110 million (-1.1%), expenses of -€9,956 (+2.6%) and a cost of risk of -€1,319 million (+14.5%).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 4 February 2025 to examine the financial statements for the fourth quarter of 2024.

    Crédit Agricole S.A. – Stated and underlying results, Q4-24 and Q4-23

    €m Q4-24
    stated    		 Specific items Q4-24
    underlying    		 Q4-23
    stated    		 Specific items Q4-23
    underlying    		 ∆ Q4/Q4
    stated    		 ∆ Q4/Q4
    underlying
                     
    Revenues 7,092 (24) 7,116 6,040 19 6,021 +17.4% +18.2%
    Operating expenses excl.SRF (3,917) (39) (3,878) (3,710) 4 (3,714) +5.6% +4.4%
    SRF – – – – – – n.m. n.m.
    Gross operating income 3,175 (63) 3,238 2,330 24 2,307 +36.2% +40.4%
    Cost of risk (594) 0 (594) (440) – (440) +35.0% +35.0%
    Equity-accounted entities 62 – 62 61 – 61 +2.4% +2.4%
    Net income on other assets (9) (1) (8) (17) – (17) (45.9%) (51.9%)
    Change in value of goodwill – – – 2 12 (9) n.m. (100.0%)
    Income before tax 2,634 (64) 2,698 1,937 35 1,902 +36.0% +41.9%
    Tax (681) 16 (697) (369) (4) (365) +84.7% +91.0%
    Net income from discont’d or held-for-sale ope. – – – (10) – (10) n.m. n.m.
    Net income 1,953 (48) 2,001 1,558 32 1,527 +25.3% +31.1%
    Non controlling interests (264) 7 (271) (224) (0) (224) +17.8% +21.1%
    Net income Group Share 1,689 (41) 1,730 1,334 31 1,303 +26.6% +32.8%
    Earnings per share (€) 0.52 (0.01) 0.54 0.41 0.01 0.40 +26.8% +33.4%
    Cost/Income ratio excl. SRF (%) 55.2%   54.5% 61.4%   61.7% -6.2 pp -7.2 pp

    In the fourth quarter of 2024, Crédit Agricole S.A.’s stated net income Group share came to €1,689 million, up +26.6% compared to the fourth quarter of 2023, having benefited from non-recurring items related to reversals of Home Purchase Savings Plan and Cheque Image Exchange fine provisions and from the end of the reorganisation of the Mobility activities (see below). This was an excellent result for the fourth quarter of 2024, based on high revenues (exceeding €7 billion) and a cost/income ratio kept at a low level.

    Specific items for this quarter had a cumulative impact of -€41 million on net income Group share, and included the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA and secured lending for -€19 million in net income Group share in the Large Customers segment, and the hedging of the loan book in the Large Customers segment for +€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: Degroof Petercam integration costs of -€8 million in the net income Group share in Asset Gathering; ISB integration costs for -€15 million in the net income Group share in Large Customers.

    Specific items for the fourth quarter 2023 had a cumulative impact of +€31 million on net income Group share, and included recurring accounting items for +€14 million and non-recurring items for +€17 million. The recurring items mainly corresponded to the reversal of the Home Purchase Savings Plans provision of +€8 million (+€4 million for LCL and +€4 million for the Corporate Centre); the other recurring items – the issuer spread portion of the FVA and secured lending (+€4 million) and loan book hedging (+€1 million) – offset each other. The non-recurring items related to the ongoing reorganisation of the Mobility activities in the SFS division (+€17 million).

    Excluding specific items, underlying net income Group share37 stood at €1,730 million in the fourth quarter of 2024, up +32.8% compared to the fourth quarter of 2023.

    In the fourth quarter of 2024, underlying revenues were at a high level, standing at €7,116 million. They were up sharply by +18.2% compared to the fourth quarter of 2023. This growth was driven by growth in the Asset Gathering division (+31.6%) which in turn was driven by the rise in outstandings across all business lines, including the integration of Degroof Petercam38. There was a positive base effect relating to very high weather-related claims in the fourth quarter of 2023. Large Customer division revenues (+10.6%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking in the fourth quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+4.0%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+0.8%) was driven by the rise in fee and commission income which offset the drop in NIM, and International Retail Banking revenues (-0.5%) were stable. Corporate Centre revenues were up +€362 million, positively impacted by the dividend and the revaluation of the equity interest in Banco BPM of +€294 million.

    Underlying operating expenses totalled -€3,878 million in the fourth quarter of 2024, an increase of +4.4% compared to the fourth quarter of 2023, reflecting the support given to business line development. The -€164 million year-on-year rise in expenses was mainly due to a -€132 million scope effect39.

    The underlying cost/income ratio in fourth quarter 2024 stood at 54.5%, a decrease of -7.2 percentage points compared to fourth quarter 2023.

    Underlying gross operating income in the fourth quarter of 2024 stood at €3,238 million, an increase of +40.4% compared to the fourth quarter of 2023.

    As at 31 December 2024, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (44% of Crédit Agricole S.A. gross outstandings). The Non-Performing Loans ratio was down
    -0.2 point from the previous quarter and remains low at 2.3%. The coverage ratio40 was high at 74.1%, up +2.7 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., relatively unchanged from end September 2024. Of those loan loss reserves, 35.8% were for performing loans (percentage up +1.5% from the previous quarter).

    The underlying cost of risk showed a net addition of -€594 million, up +35.0% from the fourth quarter of 2023, including a -€278 million addition for performing loans (stages 1 and 2) (versus a reversal of -€1 million in the fourth quarter of 2023) and -€297 million in provisioning for proven risks (stage 3) (versus -€373 million in the fourth quarter of 2023). Also note a provision of -€18 million for other items (legal provisions), primarily for the SFS business line (-€30 million in legal provisions). By business line, 52% of the net addition for the quarter came from Specialised Financial Services (an increase from end-December 2023, unchanged from September 2024), 13% from LCL (22% at end-September 2023), 17% from International Retail Banking (23% at end-December 2023), 16% from Large Customers (9% at end-December 2023) and 1% from the Corporate Centre (3% at end-December 2023). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated relative to the third quarter, with a favourable scenario (French GDP at +1.1% in 2024, +1.3% in 2025) and an unfavourable scenario (French GDP at +1.1% in 2024 and -0.1% in 2025). In the fourth quarter of 2024, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period41 and 44 basis points on an annualised quarterly basis42 (a deterioration of 1 basis point and 10 basis points, respectively, versus the fourth quarter of 2023 for both bases).

    The underlying contribution from equity-accounted entities amounted to €62 million in the fourth quarter of 2024, up +2.4% compared to the fourth quarter of 2023, mainly due to the growth of equity-accounted entities in the personal finance and mobility business line.

    Underlying income43before tax, discontinued operations and non-controlling interests was up +41.9% to €2,698 million. The underlying effective tax rate stood at 26.4%, up +6.7 percentage points on fourth quarter 2023. The underlying tax charge was -€697 million, a +91% increase chiefly due to a positive base effect. Underlying net income before non-controlling interests was up +31.1% to €2,001 million. Non-controlling interests amounted to -€271 million in the fourth quarter of 2024, an increase of +21.1%.

    Underlying earnings per share in fourth quarter 2024 came to €0.54, up +33.4% compared to fourth quarter 2023.

    Crédit Agricole S.A. – Stated and underlying results, 2024 and 2023

    En m€ 2024
    stated    		 Specific items 2024
    underlying    		 2023
    stated    		 Specific items 2023
    underlying    		 ∆ 2024/2023
    stated    		 ∆ 2024/2023
    underlying
                     
    Revenues 27,181 30 27,151 25,180 617 24,563 +7.9% +10.5%
    Operating expenses excl.SRF (14,895) (123) (14,772) (13,632) (14) (13,618) +9.3% +8.5%
    SRF – – – (509) – (509) (100.0%) (100.0%)
    Gross operating income 12,286 (94) 12,379 11,039 603 10,436 +11.3% +18.6%
    Cost of risk (1,850) (20) (1,830) (1,777) (84) (1,693) +4.1% +8.1%
    Equity-accounted entities 194 (0) 194 197 (39) 235 (1.5%) (17.6%)
    Net income on other assets (4) (24) 20 85 89 (4) n.m. n.m.
    Change in value of goodwill – – – 2 12 (9) (100.0%) (100.0%)
    Income before tax 10,625 (138) 10,763 9,546 580 8,966 +11.3% +20.0%
    Tax (2,472) 28 (2,500) (2,201) (153) (2,047) +12.3% +22.1%
    Net income from discont’d or held-for-sale ope. – – – (3) – (3) n.m. n.m.
    Net income 8,153 (109) 8,263 7,343 427 6,916 +11.0% +19.5%
    Non controlling interests (1,067) 24 (1,090) (995) (2) (992) +7.3% +9.9%
    Net income Group Share 7,087 (86) 7,172 6,348 425 5,923 +11.6% +21.1%
    Earnings per share (€) 2.11 (0.03) 2.14 1.94 0.14 1.80 +8.5% +18.5%
    Cost/Income ratio excl.SRF (%) 54.8%   54.4% 54.1%   55.4% +0.7 pp -1.0 pp

    Over year 2024, stated net income Group share amounted to €7,087 million, versus €6,348 million for full-year 2023, an increase of +11.6%.

    Specific items for 2024 had a negative impact of -€86 million on stated net income Group share and comprise +€21 million in recurring accounting items and -€107 million in non-recurring items. The recurring items mainly correspond to the reversals of and additions to the Home Purchase Savings Plans provisions for +€1 million net, as well as the accounting volatility items of the Large Customers division (the DVA for +€15 million and loan book hedging for +€6 million). Non-recurring items relate to the integration and acquisition costs of Degroof Petercam (-€35 million) within the Asset Gathering division, the costs of integrating ISB (-€52 million) within the Large Customers division and an additional provision for risk in Ukraine (-€20 million) within the International Retail Banking division.

    Excluding specific items, underlying net income Group share reached €7,172 million, up +21.1% compared to full-year 2023.

    Underlying revenues were up +10.5% year-on-year, driven by all business lines. Underlying operating expenses excluding SRF were +8.5% higher than in 2023, essentially reflecting the development of the Group’s business lines and the integration of scope effects, partially offset by the end of the SRF44 building-up period. The underlying cost/income ratio excluding SRF for the period was 54.4%, a decrease of 1 percentage point compared to the same period in 2023. Underlying gross operating income totalled €12,379 million, up +18.6% compared to full-year 2023. The underlying cost of risk increased by +8.1% over the period to
    -€1,830 million, versus -€1,693 million in 2023. Lastly, underlying contributions from equity-accounted entities amounted to €194 million, down -17.6% over the period.

    Underlying earnings per share stood at €2.14 per share for full-year 2024, up 18.5% from full-year 2023.

    Underlying RoTE45, which is calculated on the basis of an annualised Underlying Net Income Group Share46 and IFRIC charges linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 14.0% in 2024, up +1.4 percentage point compared to 2023.

    Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

    Activity of the Asset Gathering division

    In the fourth quarter of 2024, assets under management in the Asset Gathering division (AG) stood at

    €2,867 billion, up +€58 billion over the quarter (or +2.1%), mainly due to a positive market effect and strong net inflows in the three business lines – Asset Management, Insurance and Wealth Management. Over the year, assets under management rose by +12.1%.

    Insurance activity (Crédit Agricole Assurances) was very dynamic with total premium income of €10.9 billion – a record level for a fourth quarter – up +14.2% compared to the fourth quarter of 2023, and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance. In total for the year, overall premium income also stood to a record €43.6 billion, up +17.2% vs. 2023.

    In Savings/Retirement, fourth-quarter premium income stood at €8.3 billion, up +17.3% compared to the fourth quarter of 2023. Business was driven by euro payment bonus campaigns in France, launched during the first quarter, which boosted gross euro inflows, as well as by a confirmed upturn in international business. Unit-linked contracts accounted for 37.4% of gross inflows47, down -12.8 percentage points over the year, reflecting the reduced appeal of unit-linked bond products. The quarter’s net inflows47 totalled +€2.4 billion (up +€0.8 billion compared to the third quarter of 2024), comprised of +€1.4 billion net inflows from unit-linked contracts and +€1.1 billion from euro funds. In total, Savings/Retirement premium income amounted to €32.1 billion, up +21.5% compared to the end of December 2023.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €347.3 billion (up +€17.0 billion year-on-year, or +5.1%). The growth of assets under management was supported by positive market effects and positive net inflows. Unit-linked contracts accounted for 30.0% of outstandings, up +1.1 percentage point compared to the end of December 2023.

    The profit sharing rate on Predica’s euro-denominated life insurance policies in 2024 remained stable compared to 2023.48 The Policy Participation Reserve (PPE49) amounted to €7.5 billion at 31 December 2024, representing 3.3% of total euro outstandings.

    In property and casualty insurance, premium income rose to €1.2 billion in the fourth quarter of 2024, up +9.9%50 compared to the fourth quarter of 2023. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of close to €16.7 million51 policies at the end of December 2024 (an increase of +5.3% over the year). The combined ratio at end-December 2024 was 94.4%,52 an improvement of -2.7 percentage points year-on-year, related to a positive base effect due to lower claims in the fourth quarter of 2024 compared with the same period one year earlier, which was impacted by fierce storms. In total, at the end of December 2024, premium income stood at €6.2 billion, an increase of +8.2% compared to full-year 2023.

    In death & disability/creditor/group insurance, premium income for the fourth quarter of 2024 stood at €1.3 billion, up +1.4% compared to the fourth quarter of 2023. The strong performance in individual death and disability insurance and group insurance (+9.9% and +22.1%, respectively, compared to fourth quarter 2023) offset a decline in creditor insurance of -4.9% in both consumer finance and mortgage lending. In total, at the end of December 2024, premium income from personal protection insurance stood at €5.3 billion, an increase of +4.6% compared to 2023.

    In Asset Management (Amundi), assets under management by Amundi increased by +2.2% and +10.0% respectively over the quarter and the year, reaching a new record of €2,240 billion at the end of December 2024, benefiting from the positive market effect, but also from a high level of inflows over the quarter and year.

    Over the quarter, net inflows amounted to +€20.5 billion, the highest level since 2021, driven by medium-long-term assets 53 (+€17.9 billion) in active management and, as in previous quarters, in ETFs. Third-party distributors also posted record inflows in 2024, which were well diversified and positive in all asset classes.

    The Retail segment recorded record net inflows in 2024 from third-party distributors, well diversified across all asset classes, and positive inflows from partner networks in France. The institutional segment continued to record solid commercial momentum, with net inflows driven by medium/long-term assets in the institutional and sovereign segments, and by treasury products in the corporate segment. Finally, JVs continue to benefit from the dynamic inflows of SBI MF in India. Thus, the increase in assets under management of +€48.5 billion over the quarter is linked to a good level of activity (net inflows of +€20.5 billion) and a positive market and foreign exchange effect of +€28.1 billion. In 2024, the increase in assets under management of +€203 billion is linked to record net inflows of +€55.4 billion, doubling compared to 2023, a favorable market effect of +€140.1 billion and a scope effect of +€7.9 billion in connection with the integration of Alpha Associate since the second quarter of 2024.

    In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of December 2024, and were up +1.9% compared to September 2024 and +46,9% compared to December 2023.

    For Indosuez Wealth Management assets under management at the end of December stood at €215 billion54, up +2.6% compared to the end of September 2024, thanks to a good level of activity with net inflows of +€1.9 billion and a favourable market effect of +€3.7 billion. Compared to the end of December 2023, assets under management were up by +€87 billion (or +68.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). Also of note over the quarter was the continued integration of Degroof Petercam with several capital reorganisations in France and in Luxembourg, and the effective mergers of legal entities planned for Q3 2025. In 2025, Wealth Management projects in the region of €70-80 million in additional integration costs for Degroof Petercam.

    Results of the Asset Gathering division

    In the fourth quarter of 2024, the Asset Gathering division generated €2,045 million in revenues, up +31.6% compared to the fourth quarter of 2023, driven by all the division’s business lines. Expenses increased +28% to -€930 million and gross operating income came to €1,116 million, +34.7% compared to fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 45.5%, down -1.3 percentage points compared to the same period in 2023. Taxes amounted to -€315 million, up +82.3%, notably related to the scope of insurance activities. Net income Group share for Asset Gathering division was €695 million in the fourth quarter of 2024, up +27.4% compared to the same period in 2023.

    In full-year 2024, Asset Gathering generated €7,648 million in revenues, up +14.4% compared to the end of December 2023, driven by very high level of revenues in all three business lines – in Insurance, Asset Management and Wealth Management. Expenses excluding SRF increased +17.1%.to -€3,365 million, while gross operating income came to €4,284 million (up +12.5% compared to end-December 2023). As a result, the cost/income ratio excluding SRF stood at 44%, up +1.0 percentage points compared to the end of December 2023. The tax charge was -€973 million in 2024, up +11.7% on 2023. Finally, Asset Gathering net income Group share came to €2,875 million, up +13.1% compared to 2023, up in the three activities of the Asset Gathering division.

    At end-December 2024, the Asset Gathering, contributed 38% to the underlying net income Group share of the Crédit Agricole S.A. core businesses and 28% to underlying revenues (excluding the Corporate Centre division).

    As at 31 December 2024, equity allocated to the division amounted to €12.6 billion, including €10.4 billion for Insurance, €1.3 billion for Asset Management, and €0.9 billion for Wealth Management. The division’s risk-weighted assets amounted to €57.5 billion, including €34.5 billion for Insurance, €13.7 billion for Asset Management and €9.4 billion for Wealth Management.

    Underlying RoNE (return on normalised equity) stood at 26.9% at the end of December 2024.

    Insurance results

    In the fourth quarter of 2024, insurance revenues reached €715 million, up sharply by +37.1% compared to the fourth quarter of 2023, benefiting from a favorable base effect (fourth quarter 2023 having been impacted by the high claims rate related to storms Ciaran and Domingos), dynamic activity and growth in assets under management. Revenues for the quarter include €540 million from savings/retirement55, €93 million from personal protection56 and €141 million from property and casualty insurance57.

    The CSM (Contractual Service Margin) stood at €25.2 billion at 31 December 2024, up 5.8% year-on-year, benefiting from the positive impact of the revaluation of the stock and the contribution of new business exceeding the CSM allocation. The CSM allocation factor was 7.7% in 2024. Non-attributable expenses for the quarter amounted to -€77 million, up +2.7% vs. the fourth quarter of 2023. As a result, gross operating income reached €638 million, up +42.9% compared to the same period in 2023. Taxes amounted to -€218 million, compared with -€79 million in the fourth quarter of 2023, in connection with the increase in the tax rate to 34.5% (+16.7 percentage points compared to the fourth quarter of 2023). This change is linked in particular to an upward reassessment of the tax rate including a decrease in the valuation of assets at a reduced rate. Non-controlling interests amounted to €3 million compared to €-32 million in the fourth quarter of 2023, impacted by the inclusion of accounting items related to the redemption of RT1 instruments. Net income Group share was €418 million, up +24.5% compared to the fourth quarter of 2023.

    Full year 2024 insurance revenues reached €2,845 million, up +11.9% compared to 2023, in line with dynamic activity, the increase in outstandings, as well as the lower claims experience in 2024 compared to 2023. Non-attributable expenses amounted to -€341 million, up +9.3%. The cost/income ratio is thus 12%, below the target ceiling set by the Medium-Term Plan of 15%. Gross operating income was €2,504 million (+12.2% compared to 2023). The tax expense was -€572 million, up +16.6% compared to 2023, in line with the lower contribution of reduced tax rate operations to the overall tax rate. As a result, net income Group share reached €1,884 million, up +14% compared to 2023.

    Insurance contributed 25% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 10% to their underlying revenues.

    Crédit Agricole Assurances remains solid with a prudential Solvency 2 ratio superior to 200% as of 31 December 2024.

    Asset Management results

    In the fourth quarter of 2024, revenues reached €901 million, up +14.5% compared to the fourth quarter of 2023, mainly driven by management and technology revenues. Net management fees posted sustained growth of +13.5% compared to the fourth quarter of 2023, linked to the good level of activity and the increase in average assets under management. Performance fees were also up +67.6% compared to the fourth quarter of 2023, benefiting from the good performance of active strategies, particularly rates and credit. Amundi Technology’s revenues continued their sustained growth and increased by +47,1% compared to the fourth quarter of 2023, amplified this quarter by the first consolidation of aixigo, a European leader in Wealth Tech, whose acquisition was finalized in November 2024. Operating expenses amounted to €-506 million, up +16.2% compared to the fourth quarter of 2024, mainly explained by the effect of the first consolidation of Alpha Associates and aixigo, the acceleration of strategic investments, the growth of variable compensation revenues related to operational performance and acquisition-related integration costs.58 Restated for integration costs, the increase in expenses remains lower than the increase in revenues, thus generating a positive jaws effect. Gross operating income was €395 million, up +12.5% compared to the fourth quarter of 2023, reflecting double-digit revenue growth. The contribution of associates, including the contribution of Amundi’s Asian joint ventures, amounted to €29 million, up +1.8% compared to the fourth quarter of 2023. The tax expense amounted to -€80 million (down -9.6%). Net income before deduction of minority interests amounted to €341 million, up +18% compared to the same period in 2023. As a result, net income Group share was €226 million, +16.2% compared to the fourth quarter of 2023.

    In 2024, net banking income reached €3,406 million, up +9.1% in asset management, reflecting growth in management revenues, linked to the growth in average assets under management and the very good performance of active and passive management. Amundi Technology’s revenues also grew strongly, amplified by the acquisition of aixigo in the fourth quarter of 2024. Operating expenses excluding SRF amounted to -€1,890 million, an increase of +8.8%, explained by the first consolidation of Alpha Associates and aixigo, investments in growth areas, the increase in provisions for variable compensation in line with operational performance and integration costs58.The cost/income ratio excluding SRF stood at 55.5%, stable compared to 2023 (-0.2 percentage points). Thus, gross operating income increased by +9.7% compared to 2023, reflecting the increase in revenues. Profit from associates increased by +20.9%, mainly driven by the JV in India, which contributed more than €100 million for the first time to this result. In the end, net income Group share was €849 million, up +11.7% compared to 2023.

    Wealth Management results59

    In the fourth quarter of 2024, net banking income from wealth management amounted to €430 million, up +73.9% compared to the fourth quarter of 2023, benefiting from the impact of the integration of Degroof Petercam in June 2024.60   Excluding this effect, revenues were supported by the good momentum of management fees in connection with the increase in outstandings, offsetting the anticipated decrease in the net interest margin on deposits. Expenses for the quarter amounted to -€347 million, up +60.4% compared to the fourth quarter of 2023, impacted by a Degroof Petercam60 and -€12.8 million in integration costs. Restated for these impacts, the evolution of expenses is slightly lower than in the fourth quarter of 2023. The cost/income ratio for the fourth quarter of 2024 stood at 80.8%, down -6.8 percentage points compared to the same period in 2023. Restated for integration and acquisition costs, the cost/income ratio was 77.8%. Gross operating income reached €82 million, up sharply (x 2.7) compared to the fourth quarter of 2023. The cost of risk for the quarter remained moderate at -€3 million, in line with the fourth quarter of 2023 (-€5 million). Net income Group share reached €51 million, up sharply (x 3.3) compared to the fourth quarter of 2023. Restated for integration and acquisition costs61, net income Group share for the fourth quarter of 2024 amounted to €60 million.

    For the full year 2024, net banking income from the wealth management business amounted to €1,397 million, up +36.6% compared to the end of December 2023, benefiting in particular from the integration of Degroof Petercam in June 202462. Expenses excluding SRF were up +37.5% due to a Degroof Petercam62 scope effect and -€26.4 million in integration costs. Restated for these impacts, 2024 expenses are up slightly by +2.8% compared to 2023. Gross operating income increased by +35.0% to €264 million. The cost of risk at the end of 2024 was -€15 million, up -€11 million compared to the end of December 2023, related to the consideration of litigation and the provisioning of various cases. Net income on other assets amounted to -€23 million, mainly corresponding to acquisition costs for Degroof Petercam63, restated for specific items. Net income Group share for 2024 was €142 million, up 11.1% compared to 2023. Restated for integration and acquisition costs63, 2024 net income Group share amounted to €177 million.

    Wealth Management contributed 2% to the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding AHM) at the end of December 2024 and 5% of their underlying revenues.

    As of 31 December 2024, the equity allocated to Wealth Management amounted to €0.9 billion; risk weighted assets are €9.4 billion.

    Activity of the Large Customers division

    Once again in Q4 2024, Corporate and Investment Banking (CIB) posted an excellent performance across all its businesses (best fourth quarter and best year in terms of revenues). Asset servicing also recorded strong business momentum during the period.

    Corporate and Investment Banking’s fourth-quarter underlying revenues rose sharply to €1,596 million, an increase of +9.9% compared with the fourth quarter of 2023, driven by growth in its two business lines. Revenues from Financing activities were up +4.4% year-on-year to €898 million. This was mainly due to the strong performance recorded by Commercial Banking (+4.0% versus the fourth quarter of 2023), driven by good momentum in Corporate activities, especially in the Telecom sector, and strong revenues from asset financing and project financing, especially in Green energy and Aerospace. Capital Markets and Investment Banking also grew its revenues to €699 million, an increase of +18.0% compared with the fourth quarter of 2023. Growth was fuelled by the high revenues maintained by Capital Markets (+17.0% versus the fourth quarter of 2023), driven by the Repo and Securitisation businesses, and the strong performance recorded by Investment Banking (with growth of +23.0% compared with the fourth quarter of 2023) thanks to the strong performance of Structured Equities.

    In total, Corporate and Investment Banking’s underlying revenue rose a steep +6.5% year-on-year to €6,540 million, driven by growth in its two business lines. Revenues from Financing activities were up +5.7% compared to the total for 2023, at €3,355 million. Capital Markets and Investment Banking also grew its revenues by +7.3% compared with the end of December 2023, to total €3,185 million.

    Financing activities consolidated its leading position in syndicated loans (#1 in France64 and #2 in EMEA64). Crédit Agricole CIB reaffirmed its strong position in bond issues (#4 All bonds in EUR Worldwide64) and was ranked #2 in Green, Social & Sustainable bonds in EUR.65 Average regulatory VaR stood at €9.5 million in the fourth quarter of 2024, down from the €10.1 million recorded in the third quarter of 2024, reflecting changes in positions and the financial markets. It remained at a level that reflected prudent risk management.

    In Asset Servicing, buoyant sales and favourable market conditions boosted growth in assets over the year, which offset the planned withdrawal of ISB customers. The fourth quarter of 2024 saw the continued migration of ISB (formerly RBC Investor Services in Europe) client portfolios to CACEIS platforms, following the effective merger of the legal entities with those of CACEIS on 31 May 2024. Client migration is now practically complete. On 19 December 2024, Crédit Agricole S.A. announced the signature of an agreement to acquire Santander’s 30.5% non-controlling stake in CACEIS, with the aim of full ownership.

    Assets under custody increased by +4.5% at end-December 2024 compared with end September 2024, and by +12.1% compared with end December 2023, to reach €5,291 billion. Assets under administration also increased by +0.3% this quarter and were up +3.0% year-on-year, totalling €3,397 billion at end December 2024.

    Results of the Large Customers division

    In the fourth quarter of 2024, stated revenues of the Large Customers division once again reached a record level, with €2,108 million, up +8.9% compared with the fourth quarter of 2023, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased (+7.4%) compared with the fourth quarter of 2023, due to IT investments and business development. As a result, the division’s gross operating income was up +11.6% compared with the fourth quarter of 2023 to €810 million. The division recorded an overall net provision for cost of risk of -€93 million in the fourth quarter of 2024, compared with additions of -€39 million in the fourth quarter of 2023. Stated pre-tax income totalled €723 million, an increase over the period (+4.7%). The tax charge was -€166 million. Lastly, stated Net income Group share came to €512 million in the fourth quarter of 2024, compared with stated income of €525 million in Q4 2023.

    Over full-year 2024, stated revenues of the Large Customers division was a record high of €8,651 million, up +11.2% compared with the 2023 total. At -€5,039 million, operating expenses excluding SRF rose +11.8% compared with the same period in 2023, due mainly to IT investments and business development. Expenses for the year include ISB integration costs of -€97 million. Gross operating income stood at €3,612 million for full-year 2024, representing an increase of +22.0% compared to 2023. Over the period, the cost of risk recorded a net addition of -€117 million, compared to an addition of -€120 million in the same period in 2023. The business line’s contribution to stated Net income Group share was €2,448 million, a strong increase of +21.7% compared to full-year 2023.

    The business line contributed 32% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 31% to underlying revenues excluding the Corporate Centre.

    At 31 December 2024, the equity allocated to the division was €14 billion and its risk-weighted assets were €147.8 billion.

    Underlying RoNE (return on normalised equity) stood at 17.7% at the end of December 2024.

    Corporate and Investment Banking results

    In the fourth quarter of 2024, Corporate and Investment Banking stated revenues reached a record at €1,573 million, up +7.7% from the fourth quarter of 2023. This was a record fourth quarter for Corporate and Investment Banking. The specific items had an impact of -€23.7 million in the fourth quarter of 2024 (compared to +€7.8 million in the fourth quarter of 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for -€25.6 million (compared to +€6.0 million in the fourth quarter of 2023) and loan book hedging totalling +€1.9 million (compared to +€1.8 million in the fourth quarter of 2023).

    Operating expenses rose by +6.3% to -€902 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +9.7% compared to the fourth quarter of 2023, taking it to a high level of +€671 million. The cost/income ratio was 57.4%, a slight change of -0.8 percentage point over the period. The cost of risk recorded a net addition of -€86 million, higher than the fourth quarter 2023 (-€32 million). This level of allocations is driven by model effects. The overall level remains low with a cost of risk/outstandings of 7 basis points66. Lastly, pre-tax income in the fourth quarter of 2024 stood at €586 million, versus €580 million in the fourth quarter of 2023 (up +1.0%). The tax charge stood at -€139 million. Lastly, stated net income Group share was down -7.1% at €437 million in the fourth quarter of 2024.

    In 2024, stated revenues were up +7.6% to a record level of €6,568 million for the year, with balanced growth between Corporate and Investment Banking and on a very good level recorded for full-year 2023. The specific items over the period had an impact of +€28.5 million (compared to -€38.9 million in 2023) and comprised the DVA, the issuer spread portion of the FVA, and secured lending for +€20.2 million (compared to -€14.6 million in 2023) and loan book hedging totalling +€8.2 million, (compared to -€24.3 million in 2023).

    Operating expenses excluding SRF rose +5.4%, mainly due to variable compensation and investments in IT and employees to support the development of the business lines. The cost/income ratio of 53.7% remained contained and below the MTP target. As a result, gross operating income of €3,040 million was up sharply (+22.3% compared with full-year 2023.) The cost of risk recorded a net addition of -€93 million for 2024, compared to a net addition of -€111 million for 2023. The income tax charge stood at -€748 million, up +29.4%. Lastly, stated net income Group share totalled €2,152 million for 2024, an increase of +22.7% over the period.

    Risk weighted assets at the end of December 2024 amounted to €136.9 billion, up by +€8.3 billion compared to the end of September 2024, notably due to an unfavourable foreign exchange impact and rating.

    Asset servicing results

    In the fourth quarter of 2024, the revenues of Asset Servicing were up +12.7% compared to the fourth quarter of 2023, totalling €535 million. This rise was driven by high fee and commission income, itself driven by the increase in assets and by the favourable trend in net interest margin. Operating expenses rose by +9.8% to -€396 million, including -€2.7 million in scope effects linked to the consolidation of the remaining ISB entities and -€26.6 million in ISB integration costs restated as specific items (-€24.9 million in integration costs in the fourth quarter of 2023). Excluding these effects, the increase in expenses was +9.3% compared to the third quarter of 2023, linked to IT expenses and business growth. As a result, gross operating income was up by +21.7% to €139 million in the fourth quarter of 2024. Thus, the cost/income ratio stood at 74%, down -1.9 percentage point. Excluding ISB integration costs, it stood at 69.0%. Net income thus totalled €110 million, up +36.9% compared with the fourth quarter of 2023. Adjusted for the €35 million share of non-controlling interests, the business line’s contribution to net income Group share totalled €75 million in the fourth quarter of 2024, up +36.4% compared with the fourth quarter of 2023.

    In 2024, revenues totalled €2,083 million, up +24.2% compared to the same period in 2023, buoyed by the integration of ISB, strong commercial momentum and a favourable trend in the interest margin over the period. Costs excluding SRF increased by +30.1% and stood at €1,511 million. They included a scope effect of -€207 million over the first six months of 2024 and -€97 million in ISB integration costs. Gross operating income was up +20.4% compared to full year 2023. The cost/income ratio stood at 72.6%, up 3.3 points compared to 2023. Excluding ISB integration costs, the cost/income ratio stood at 67.9%. Net income thus rose by +15.8%. The overall contribution of the business line to net income Group share at the end of December 2024 was €296 million, representing a +15.1% increase compared to full year 2023.

    Specialised financial services activity

    The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.7 billion in the fourth quarter of 2024. This represents a decrease, mainly due to the Chinese market, of -2.9% compared to fourth quarter 2023. The share of automotive financing67 in quarterly new business production stood at 50.2% this quarter. The average customer rate for production was up +5 basis points from the third quarter of 2024. CAPFM’s assets under management stood at €119.3 billion at the end of December 2024, up +5.6% compared to the end of December 2023, driven by all activities (Automotive +8.2%68 with Crédit Agricole Auto Bank and Leasys, LCL and Regional Banks +5.3%; Other entities +3.2%). Lastly, consolidated outstandings totalled €69.1 billion at the end of December 2024, up +3.3% compared to the fourth quarter of 2023.

    In January 2025, CAPFM announced the finalisation of the acquisition of 50% of GAC Leasing.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +15.7% compared to the fourth quarter of 2023. It was driven by property leasing and renewable energy financing. Leasing outstandings rose +7.2% year-on-year, both in France (+5.9%) and internationally (+12.3%), to reach €20.3 billion at the end of December 2024 (of which €16.0 billion in France and €4.3 billion internationally). Commercial factoring production was up sharply, recording a twofold increase compared to the fourth quarter of 2023. It was driven by the signing of significant contracts both in France, where production increased by +32.5% in the fourth quarter of 2024 compared to the fourth quarter of 2023, and internationally, where production was multiplied by a factor of 3.5 in the fourth quarter of 2024 compared to the fourth quarter of 2023. Factoring outstandings at end-December 2024 were up +3.7% compared to end-December 2023, and factored revenues were up by +6.9% compared to the same period in 2023.

    Specialised financial services’ results

    The revenues of the Specialised Financial Services division were €915 million in the fourth quarter of 2024, up +4.0% compared to the fourth quarter of 2023. Expenses amounted to -€447 million, down -0.5% versus fourth quarter 2023 and down -1.4% excluding the base effect69 related to the reorganisation of the Mobility activities at CAPFM in the fourth quarter of 2023. The cost/income ratio stood at 48.8%, up -2.2 percentage points compared to the same period in 2023. Gross operating income thus came to €468 million, up +8.6% compared to the fourth quarter of 2023. Cost of risk amounted to -€306 million, up +66.2% compared to the fourth quarter of 2023, with this quarter including model revisions at CAPFM, essentially leading to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. Net income from equity-accounted entities rose +8.4% compared to the fourth quarter of 2023 to €43 million, with this quarter including around €14 million in non-recurring items. The change in value of goodwill was €0 million vs. €12 million in the fourth quarter of 2023, and excluding the base effect69 related to the reorganisation of Mobility activities at CAPFM, there was no change. The division’s Net income Group share amounted to €124 million, down -43.1% compared to the same period in 2023, and down -8.4% excluding the base effect69 related to the reorganisation of Mobility activities at CAPFM and excluding provisions for legal risks and model revisions in Q4-24 at CAPFM.

    Over 2024, revenues for the Specialised Financial Services division fell by -2.2%, but rose by +6.8% excluding the base effect70 related to the reorganisation of the Mobility activities at CAPFM, compared to 2023. This favourable trend was driven by a good performance in CAL&F (+6.8%) and by higher revenues for CAPFM excluding the base effect70 (+6.8%), benefiting from the scope effects linked to the strategic pivot around Mobility at CAPFM, which led to the 100% consolidation of Crédit Agricole Auto Bank from the second quarter of 2023 and of ALD and LeasePlan activities in six European countries, as well as the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Costs excluding SRF increased by +6.4% compared to 2023. Expenses excluding SRF, the base effect70 and scope effects rose by +2.3%. The cost/income ratio stood at 50.6%, or +4.1 percentage points versus the same period in 2023; excluding the base effect70, the change was +0.3 percentage points. Cost of risk increased by +10.1% compared to 2023, to -€958 million, and increased by +21.9% excluding the base effect70.This rise notably includes the impact of scope effects as well as -€50 million due to model revisions and a -€30 million provision for legal risk of which UK car loans in the fourth quarter of 2024 at CAPFM. The contribution from equity-accounted entities was down -3.3% versus the same period in 2023, and down -25.5% excluding the base effect70, due to the full consolidation of Crédit Agricole Auto Bank in the second quarter of 2023, which was previously accounted for using the equity method. Net income on other assets amounted to -€12 million at the end of December 2024, compared to €71 million at the end of December 2023 and -€18 million excluding the base effect70. The change in value of goodwill was €0 million for 2024 vs. €12 million for 2023, and excluding the base effect70 related to the reorganisation of the Mobility activities at CAPFM, there was no change. Net income Group share thus came to €625 million, down -26.6% compared to 2023, and down -7.5% excluding the base effect70 related to the reorganisation of the Mobility activities at CAPFM.

    The business line contributed 8% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-December 2024 and 13% to underlying revenues excluding the Corporate Centre.

    At 31 December 2024, the equity allocated to the division was €7.2 billion and its risk-weighted assets were €76.2 billion.

    The underlying RoNE (return on normalised equity) stood at 8.1% for the 12 months of 2024.

    Personal Finance and Mobility results

    CAPFM revenues reached €722 million in the fourth quarter of 2024, up +4.5% compared to the fourth quarter of 2023, with a positive price effect thanks in particular to the production margin rate, which improved by +75 basis points in the fourth quarter of 2024 compared to the fourth quarter of 2023 (up +31 basis points compared to the third quarter of 2024), and with around €30 million in non-recurring items in the fourth quarter of 2024. Expenses were down by -0.7% and stood at -€347 million. They were down by -1.9% excluding the base effect71 related to the reorganisation of the Mobility activities compared to the same period in 2023. Gross operating income stood at €375 million, up +9.9%. The cost/income ratio stood at 48.1%, or -2.5 percentage points versus the same period in 2023 and -3.2 percentage points excluding the base effect71 related to the reorganisation of the Mobility activities. Cost of risk increased by +68.4% to -€286 million compared to the fourth quarter of 2023, with this quarter including model revisions leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The cost of risk/outstandings thus stood at 127 basis points72, a deterioration of +6 basis points compared to the fourth quarter of 2023. The Non Performing Loans ratio was 4.7% at the end of December 2024, up +0.2 percentage point compared to the end of September 2024, while the coverage ratio reached 73.2%, down -1.0 percentage point compared to the end of September 2024. The contribution from equity-accounted entities rose by +9.7% compared to the same period in 2023. Excluding the base effect71 related to the reorganisation of the Mobility activities, the change in value of goodwill is zero, it stood at €12 million in the fourth quarter of 2023. As a result, net income Group share totalled €74 million in the fourth quarter of 2024, i.e. -56.2% compared to the same period the previous year. Excluding the base effect71 and excluding the legal provisions and model revisions, net income Group share was down -11.7%.

    In 2024, CAPFM’s revenues totalled €2,764 million, down -4.3% compared with 2023, but up +6.8% excluding the base effect related to the reorganisation of the Mobility activities73. Revenues benefited from scope effects related to the strategic pivot around Mobility that had resulted in the full consolidation of Crédit Agricole Auto Bank from the second quarter of 2023, the acquisition of ALD and LeasePlan activities in six European countries, and the acquisition of a majority stake in the capital of Hiflow in the third quarter of 2023. Expenses excluding SRF stood at -€1,382 million, an increase of +7.0% on 2023. Expenses excluding SRF, excluding the base effect73 and scope effects, were up +1.7%. Gross operating income therefore came in at €1,382 million, which was a drop of -12.8% but an increase of +6.4% excluding the base effect73. The cost/income ratio stood at 50.0%, or +5.3 percentage points versus the same period in 2023; excluding the base effect73, the change was +0.7 percentage points. Cost of risk increased by +8.6% compared with 2023, to -€877 million, and rose +21.3% when the base effect73 is excluded. This rise notably includes the impact of scope effects as well as a model revision leading essentially to a -€50 million deterioration in unproven risk, and a -€30 million provision for legal risk of which UK car loans. The contribution from equity-accounted entities was down -0.8% versus the same period in 2023, and down -22.9% excluding the base effect73 related to the scope effects of Crédit Agricole Auto Bank, which was fully consolidated in the second quarter of 2023 having previously been accounted for using the equity method. Net income on other assets was down -€82.1 million between 2024 and 2023. However, excluding the base effect73, it was up +€7 million. The change in value of goodwill was €0 million for 2024 against €12 million for 2023, and excluding the base effect73 related to the reorganisation of the Mobility activities, there was no change. As a result, net income Group share stood at €422 million for 2024, a decline of -37.5% from the same period one year earlier. Excluding the base effect73, net income Group share was down -15.4% from the same period in 2023.

    Leasing & Factoring results

    CAL&F’s revenues totalled €193 million, up +1.9% compared with the fourth quarter of 2023. This increase was driven by factoring, which benefited from positive volume effects (increase in factored revenues). Expenses remained stable with an increase of +0.4%, while the cost/income ratio stood at 51.7%, an improvement of -0.8 percentage points from the fourth quarter of 2023. Gross operating income rose +3.5% to €93 million, with a positive jaws effect of +1.5 percentage points. Cost of risk totalled -€20 million, up +40.1% compared to the same period in 2023. This rise was mainly due to the small business and SME markets. Cost of risk/outstandings stood at 24 basis points72, up +4 basis points compared to fourth quarter 2023. As a result, net income Group share was €50 million, up +1.7% compared with the fourth quarter of 2023.

    In 2024, revenues totalled €756 million, an increase of +6.8% compared to 2023. Costs excluding SRF increased by +4.3% to €398 million. Gross operating income rose significantly, +15.1% compared to 2023, to €358 million. The underlying cost/income ratio excluding SRF amounted to 52.6%, an improvement of -1.2 percentage points compared to 2023. The cost of risk increased by +29.7%, compared to the same period in 2023, to -€81 million. Net income Group share was €203 million, up +15.0% compared to the year 2023.

    Crédit Agricole S.A. Retail Banking activity

    Activity in Crédit Agricole S.A.’s Retail Banking business was solid during the quarter, with an increasing number of customers taking out insurance policies. Home loan production in France is steadily recovering, while continuing to rise for corporate loans. Outside France, loan activity was dynamic.

    Retail banking activity in France

    In the fourth quarter of 2024, activity remained strong with the upturn in mortgage lending and non-remunerated demand deposits which rose over the quarter. Customer acquisition is dynamic, with 60,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.4 percentage points to stand at 27.9% at end-December 2024.

    Loan production totalled €8.5 billion, representing a year-on-year increase of +34.2%. The fourth quarter of 2024 confirmed the recovery in home loan production (+59.3% compared to the fourth quarter of 2023 and +10.6% compared to the third quarter of 2023), boosted by the proactive pricing policy. The average production rate for home loans came to 3.24%, down -14 basis points from the third quarter of 2024 and -92 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+28.9% year on year) and the small business market (+19.3% year on year) but slowed for the consumer segment (-8.2%), in a challenging economic environment.

    Outstanding loans stood at €171 billion at end-December 2024, representing a +1.1% increase quarter-on-quarter and year-on-year (of which +1.3% for home loans, +0.8% for loans to professionals, +0.7% for loans to corporate). Customer assets totalled €255.0 billion at end-December 2024, up +3.0% year on year, driven by non-remunerated deposits and off-balance sheet funds. Customer assets also rose +0.7% during the quarter, thanks to the increase in demand deposit volumes (+1.1% compared with end-September 2024) in a still-uncertain environment, as well as term deposits (+1.2% compared with end-September 2024). Off-balance sheet deposits benefited from a positive year-on-year market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the fourth quarter of 2024, CA Italia posted gross customer capture of 45,000.

    Loan outstandings at CA Italia stood at €62.1 billion at end-December 202474, up +1.7% compared with end-December 2023. This was despite the downturn in the Italian market75, driven by the retail segment, which posted an increase in outstandings of 3.2%, and the corporate segment, which recorded an increase in outstandings of 3.6%. Loan production, buoyed by the solid momentum in all markets, rose +4.5% compared with the fourth quarter of 2023. Home loan production was good but nevertheless recorded a decline compared to a very high fourth quarter in 2023 (-6.3%). The loan stock rate fell by -20 bp on the third quarter of 2024, but was down less sharply than market rates.

    Customer assets at end-December 2024 totalled €120 billion, up +3.6% compared with end-December 2023; on-balance sheet deposits were relatively unchanged from the previous year at +0.5%, while the cost of ressources decreased. Lastly, off-balance sheet deposits rose +7.7%, benefiting from a market effect and positive net inflows.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile devices or personal accident insurance increased to 20.0%, up 1.2 percentage points compared with the fourth quarter of 2023.

    Crédit Agricole Group activity in Italy76

    The Group’s business lines in Italy continued to grow throughout 2024. They served 6.1 million customers at end-December 2024, and the Group’s market share stood at 5%77 in Italy at end-2024.

    Crédit Agricole Italia has the best NPS among commercial banks.78 The Group’s business lines were ranked 2nd in consumer finance79, 3rd in asset management80, and 4th in life bancassurance81.

    Loans outstanding stood at €102 billion at end-December 2024 (+2% versus end-December 2023). Total customer assets stood at €340 billion at end-December 2024 (+2.7% compared to end-December 2023).

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were stable at -0.2% at current exchange rates at end-December 2024 compared with end-December 2023 (+5.2% at constant exchange rates). Customer assets rose by +1.2% over the same period at current exchange rates (+8,9% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +3.8% versus December 2023 (+2.1% at constant exchange rates) and customer assets by +7.5% (+9.3% at constant exchange rates), against a backdrop of fierce competition for deposits. Loan production in Poland also remained strong, rising +9% compared with the fourth quarter of 2023 at current exchange rates (+6.3% at constant exchange rates).

    In Egypt, loan outstandings fell -16.4% between end-December 2024 and end-December 2023 (+29.3% at constant exchange rates). Over the same period, inflows fell by -26.8% but were still up +13.2% at constant exchange rates.

    The surplus of deposits over loans in Poland and Egypt amounted to €2.4 billion at 31 December 2024, and totalled €4.1 billion including Ukraine.

    French retail banking results

    In the fourth quarter of 2024, LCL’s revenues stood at €960 million, stable (+0.1%) compared with the fourth quarter of 2023 (+0.8% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 202382). The increase in fee and commission income (+8.4% Q4/Q4) was driven by all activities (excluding securities management), but mainly by strong momentum in cash flow and card premiums. NIM was down -7.7% Q4/Q4 (-6.6% excluding the reversal of the provision for Home Purchase Saving Plans in the fourth quarter of 202382). This quarter, the net interest margin was boosted by higher lending yields (stock repricing +18 bp Q4/Q4 and +5 bp Q4/Q3) making it possible to offset the increased cost of resources and a lower contribution from macro-hedging.

    Expenses were down by -1.1% and stood at -€647 million, benefiting in particular from a positive base effect (non-recurring items recorded in Q4 2023 including provisions on HR, property and IT components) making it possible to offset continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio stood at 67.4%, down 0.8 percentage point compared to fourth quarter 2023. Gross operating income rose by +2.7% to €313 million.

    The cost of risk was down -19.3% compared with the fourth quarter of 2023 to -€78 million (including -€42 million in cost of risk on performing loans, -€36 million in proven risk), cost of risk/outstandings remained stable at 22 basis points, in a context of a deterioration for SMEs and small businesses. The coverage ratio stood at 62.6% at end-December 2024 (+2.8 percentage point compared with end-September 2024). The non-performing loans ratio was 2.0% at end December 2024, -0.1 percentage point compared to end September 2024. As a result, net income Group share increased by +13.1% compared with the fourth quarter of 2024 (+16.3% excluding the Home Purchase Saving Plan base effect82).

    For the year 2024, LCL revenues were up +0.6% compared to 2023, totalling €3,872 million (+2.6% excluding the Home Purchase Saving Plan base effect83). The net interest margin was down -1.6% (+1.3% excluding the Home Purchase Saving Plan base effect83), benefiting from gradual loan repricing, making it possible to offset the increased cost of resources. Fee and commission income was up +2.7% compared to 2024 (+3.9% excluding the Cheque Image base effect84 in 2023), particularly on life insurance segments supported by the increase in assets in a positive market context, on non-life insurance linked to property and casualty insurance, and on payment instruments and account management. Costs excluding SRF were up +2.2% due to continued investments linked to IT and external expenditure (marketing, communication). The cost/income ratio excluding SRF stood at 63.2% (+1.0 percentage point compared with 2023). Gross operating income grew by +1.0% year on year. Cost of risk increased by +24.0%, impacted by the rise in proven risk on the corporate market, including corporate-specific files and on the retail market (small businesses and consumer finance). All in all, the business line’s contribution to net income Group share stood at €790 million, down -5.4% (+1.8% excluding the Home Purchase Saving Plan base effect and Cheque Image fine reversal)

    In all, the business line contributed 10% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in 2024 and 14% to underlying revenues excluding the Corporate Centre.

    At 31 December 2024, the equity allocated to the business line stood at €5.4 billion and risk-weighted assets amounted to €56.8 billion. LCL’s underlying return on normalised equity (RoNE) stood at 13.7% in 2024.

    International Retail Banking results85

    In the fourth quarter of 2024, revenues for International Retail Banking totalled
    €969 million, stable (-0.5% at current exchange rates, +2.8% at constant exchange rates) compared with the fourth quarter of 2023. Operating expenses were under control at €568 million, down -9.5% (-8.3% at constant exchange rates). Gross operating income consequently totalled €401 million, up +15.7% (+24.6% at constant exchange rates) for the period. Cost of risk amounted to -€100 million, down -2.5% compared with the fourth quarter of 2023 (-0.5% at constant exchange rates).

    All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €158 million in the fourth quarter of 2024, up +54% (+68.6% at constant exchange rates).

    For full-year 2024, International Retail Banking revenues rose by +2.8% to €4,059 million (+1.0% at constant exchange rates). Expenses excluding SRF were under control at -€2,148 million, an increase of +1.4% on 2023. Gross operating income totalled €1,911 million, up +6.7% (+5.3% at constant exchange rates). The cost of risk fell by -32.5% (-21.2% at constant exchange rates) -€313 million compared to 2023. All in all, net income Group share of International Retail Banking was €836 million, compared with €703 million in 2023.

    In full-year 2024 the International Retail Banking business line contributed 11% to the underlying net income Group share of Crédit Agricole S.A’s core businesses. (excluding the Corporate Centre) and 15% to underlying revenues excluding the Corporate Centre.

    As at 31 December 2024, the capital allocated to International Retail Banking was €4.5 billion and risk-weighted assets totalled €46.9 billion.

    Results in Italy

    In fourth quarter 2024, Crédit Agricole Italia’s revenues stood at €733 million, up +2.7% from fourth quarter 2023. The net interest margin was relatively stable from fourth quarter 2023 (-0.2% compared to fourth quarter 2023) and fee and commission income (-0.1%) benefited from the strong momentum of fee and commission income on assets under management (+18.8% compared to fourth quarter 2023). Operating expenses, excluding DGS, were stable at +0.8% compared to the fourth quarter of 2023.

    Cost of risk amounted to -€76 million in the fourth quarter of 2024, down -21.2% from the fourth quarter of 2023, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings86 stood at 40 basis points, an improvement of four basis points compared with the third quarter of 2024. The Non Performing Loans ratio improved compared with the third quarter of 2024 to stand at 2.9%, while the coverage ratio was 75.1% (+1.5 percentage points compared with the third quarter of 2024). Net income Group share for CA Italia was €112 million, up +74.3% compared to the fourth quarter of 2023.

    In full-year 2024, revenues for Crédit Agricole Italia rose by +1.3% to €3,056 million. Expenses excluding SRF and DGS (deposit guarantee fund in Italy) were under control at €1,602 million, up +0.1% compared with full-year 2023. Gross operating income stood at €1,396 million, a slight increase of +6.1% compared to 2023. The cost of risk amounted to -€246 million, down -25.5% compared to 2023. As a result, the net income Group share of CA Italia totalled €608 million, an increase of +12.7% compared to 2023.

    CA Italy’s underlying RoNE (return on normalised equity) was 20,8% at 31 December 2024.

    Results for Crédit Agricole Group in Italy87

    For full-year 2024, the underlying net income Group share of entities in Italy was €1,254 million, up 20% compared to 2023. This reflects the ongoing momentum of the various business lines, particularly Retail Banking, Asset Gathering, and Large Customers. The breakdown by business line is as follows: Retail Banking 49%; Specialised Financial Services 18%; Asset Gathering and Insurance 21%; and Large Customers 12%. Lastly, Italy’s contribution to the net income Group share of Crédit Agricole S.A. in full-year 2024 was 16%.

    International Retail Banking results – excluding Italy

    In the fourth quarter of 2024, revenues for International Retail Banking excluding Italy totalled €236 million, up -9.3% (+3.3% at constant exchange rates) compared to the fourth quarter of 2023. Revenues in Poland were up +2.5% on the fourth quarter of 2023 (+0.1% at constant exchange rates), boosted by a higher net interest margin. Revenues in Egypt fell (-21.5% compared with the fourth quarter of 2023) due to foreign exchange rate movements (depreciation of the Egyptian pound) but were particularly buoyant at constant exchange rates (+25%), benefiting from a sharp increase in the interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €126 million, down -1.3% compared with the fourth quarter of 2023 (+5.1% at constant exchange rates). Gross operating income amounted to €110 million, a decrease of -17.1% (+1.9% at constant exchange rates) compared with the fourth quarter of 2023. The cost of risk was stable at -€24 million, versus -€6 million in fourth quarter 2023. Furthermore, at end December 2024, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 151% respectively. In Ukraine, the local coverage ratio remains prudent (409%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €46 million, up 20.2% compared with the fourth quarter of 2023 at current exchange rates (+56.4% at constant exchange rates).

    In full-year 2024, revenues for International Retail Banking excluding Italy totalled €1,003 million, up +7.7% (+19.0% at constant exchange rates) compared to 2023, driven by the increase in the net interest margin. Revenues in Poland increased dynamically by +21% compared to 2023 (+15% at constant exchange rates) driven by net interest margin and commissions. Revenues in Egypt decreased slightly by -3% at current exchange rates compared to 2023, taking into account the evolution of exchange rates (in a context of devaluation of the EGP currency) but remain very well oriented at constant exchange rates (+43% compared to 2023), benefiting from a strong increase in the interest margin. Operating expenses amounted to -€488 million, up +6.9% compared with 2023 (+10.6% at constant exchange rates). The cost/income ratio at end-December 2024 was 48.6% (an improvement of 0.4 points on the cost/income ratio at end-December 2023). Thanks to strong growth in revenues, gross operating income came to €515 million, up 8.5% (+28.1% at constant exchange rates) from 2023. Cost of risk amounted to -€67 million, down -50.0% (-49.1% at constant exchange rates) compared to 2023. All in all, International Retail Banking excluding Italy contributed €228 million to net income Group share.

    The underlying RoNE (return on normalised equity) of Other IRB (excluding CA Italy) stood at 29.5% at 31 December 2024.

    At 31 December 2024, the entire Retail Banking business line contributed 21% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to underlying revenues excluding the Corporate Centre.

    At 31 December 2024, the division’s equity amounted to €9.9 billion. Its risk-weighted assets totalled €103.7 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was +€18 million in the fourth quarter of 2024, up +€236 million compared with the fourth quarter of 2023. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€26 million) and other items (+€44 million).
    The contribution of the “structural” component (-€26 million) was up by +€193 million compared with the fourth quarter of 2023 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€354 million in the fourth quarter of 2024, down -€116 million, mainly due to a negative corporate income tax catch-up effect of -€91 million.
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). They contributed +€315 million in the fourth quarter 2024, up +€297 million from the fourth quarter of 2023. This was due to the negative impact of the revaluation of Banco BPM shares for +234 million in revenues (+€271m in the fourth quarter of 2024 compared to +€37m in the fourth quarter of 2023), as well as an interim dividend of +€60 in revenues.
    • Group support functions. Their contribution amounted to +€12 million this quarter (+€12 million compared with the fourth quarter of 2023).

    The contribution of “other items” was up +€43 million compared with the fourth quarter of 2023.
    The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the quarter, the impact of internal margins was -€198 million in revenues and +€198 million in expenses.

    Over 2024, the underlying net income Group share of the Corporate Centre division was -€488 million, up +€105 million compared with 2023. The structural component contributed -€539 million, and other items of the division recorded a positive contribution of +€51 million over the year.
    The “structural” component contribution was up €160 million compared with 2023 and can be broken down into three types of activities:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€1,120 million in 2024, down -€202 million compared to 2023, including a base effect of -€171 million related the reversal of the provision for Home Purchase Saving Plans recognised in the third quarter of 2023 as well as -€42 million relating to the reversal of the Cheque Image Exchange fine in the second quarter of 2023;
    • Business lines not attached to the core businesses, such as CACIF (private equity) and CA Immobilier and BforBank: their contribution, which stood at +€549 million in 2024, was up +€343 on 2023. This increase was primarily due to the end of the SRF building-up period (+€77 million) and the impact of the valuation and dividend of Banco BPM shares for +€387 million;
    • The Group’s support functions: their contribution for 2024 was +€32 million, up +€19 million compared to 2023.

    The contribution of “other items” was down -€55 million compared to 2023.
    The “internal margins” effect at the time of the consolidation of the insurance activity at the Crédit Agricole level was accounted for through the Corporate Centre. Over the year, the impact of internal margins was -€832 million in revenues and +€832 million in expenses.

    At 31 December 2024, risk-weighted assets stood at €30.0 billion.

    Financial strength

    Crédit Agricole Group

    At 31 December 2024, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.2%, a decrease of -0.2 percentage point compared to end-September 2024. Therefore, the Crédit Agricole Group posted a substantial buffer of 7.4 percentage points between the level of its CET1 ratio and the 9.8% SREP requirement. The fully loaded CET1 ratio was 17.1%.
    During the fourth quarter 2024:

    • The CET1 ratio benefited from an impact of +25 basis points related to retained earnings.
    • Changes in risk weighted assets related to business line organic growth impacted the Group’s CET1 ratio by -28 basis points (see below), mainly due to a rating effect of -15 basis points.
    • Methodology, M&A and other effects had a negative impact of -14 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.

    The phased-in Tier 1 ratio stood at 18.3%, while the phased-in total ratio was 20.9% at end-December 2024.
    The phased-in leverage ratio stood at 5.5%, remaining stable compared with end-September 2024, well above the regulatory requirement of 3.5%.
    Risk-weighted assets for the Crédit Agricole Group amounted to €653 billion, up +€17.5 billion compared with 30 September 2024. The change can be broken down by business line as follows: Retail Banking +6.9 billion (including +4.1 billion in negative rating effects on LCL and the Regional Banks, Asset Gathering -1.3 billion, Specialised Financial Services +4.3 billion, Large Customers +7.3 billion (impacted by foreign exchange and negative rating effects) and Corporate Centre +0.3 billion.

    Maximum Distributable Amount (MDA and L-MDA) trigger thresholds

    The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined capital buffer requirements.

    The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1 capital, Tier 1 capital and total equity.

    At 31 December 2024, Crédit Agricole Group posted a buffer of 666 basis points above the MDA trigger, i.e. €44 billion in CET1 capital.

    Failure to comply with the leverage ratio buffer requirement would result in a restriction of distributions and the calculation of a maximum distributable amount (L-MDA).

    At 31 December 2024, Crédit Agricole Group posted a buffer of 197 basis points above the L-MDA trigger, i.e. €43 billion in Tier 1 capital. At the Crédit Agricole Group level, it is the distance to the L-MDA trigger that determines the distance to distribution restriction.

    At 31 December 2024, Crédit Agricole S.A. posted a buffer of 296 basis points above the MDA trigger, i.e. 12 billion in CET1 capital. Crédit Agricole S.A. is not subject to the L-MDA requirement.

    TLAC

    Crédit Agricole Group must comply with the following TLAC ratio requirements at all times:

    • a TLAC ratio above 18% of risk-weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, Crédit Agricole Group must adhere to a TLAC ratio of above 22.3%;
    • a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

    The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    At 31 December 2024, Crédit Agricole Group’s TLAC ratio stood at 26.9% of RWA and 8.0% of leverage ratio exposure, excluding eligible senior preferred debt88, which is well above the requirements. The TLAC ratio, expressed as a percentage of risk-weighted assets, decreased by 40 basis points over the quarter, due to risk-weighted assets increasing more rapidly than equity and eligible items over the period. Expressed as a percentage of leverage exposure (LRE), the TLAC ratio was down 20 basis points compared with September 2024.

    The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 460 basis points higher, i.e. €30 billion, than the current requirement of 22.3% of RWA.

    At end-December 2024, €10.4 billion equivalent had been issued in the market (senior non-preferred and Tier 2 debt) as well as €2.5 billion of AT1. The amount of Crédit Agricole Group senior non-preferred securities taken into account in the calculation of the TLAC ratio was €34.5 billion.

    MREL

    The required minimum levels are set by decisions of resolution authorities and then communicated to each institution, then revised periodically. At 31 December 2024, Crédit Agricole Group has to meet a minimum total MREL requirement of:

    • 22.01% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement (including, for Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer, the counter-cyclical buffer set at 0.77% and the 0.05% systemic risk buffer for CA Group at 31 December 2024). Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a total MREL ratio of above 26.3%;
    • 6.25% of the LRE.

    At 31 December 2024, the Crédit Agricole Group had a total MREL ratio of 32.4% of RWA and 9.7% of leverage exposure, well above the requirement.

    An additional subordination requirement (“subordinated MREL”) is also determined by the resolution authorities and expressed as a percentage of RWA and LRE. At 31 December 2024, this subordinated MREL requirement for the Crédit Agricole Group was:

    • 18.25% of RWA, plus a combined capital buffer requirement. Considering the combined capital buffer requirement, the Crédit Agricole Group has to meet to a subordinated MREL ratio of above 22.6%;
    • 6.25% of leverage exposure.

    At 31 December 2024, Crédit Agricole Group had a subordinated MREL ratio of 26.9% of RWA and 8.0% of leverage exposure, well above the requirement.

    The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowest of the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.

    At 31 December 2024, Crédit Agricole Group had a buffer of 430 basis points above the M-MDA trigger, i.e. €28 billion in CET1 capital; the distance to the M-MDA trigger corresponds to the distance between the subordinated MREL ratio and the corresponding requirement.

    Crédit Agricole S.A.

    At 31 December 2024, Crédit Agricole S.A.’s solvency ratio was higher than the Medium-Term Plan target, with a phased-in Common Equity Tier 1 (CET1) ratio of 11.7%, stable compared to end-September 2024. Crédit Agricole S.A. therefore had a comfortable buffer of 3.0 percentage points between the level of its CET1 ratio and the 8.6% SREP requirement. The fully loaded CET1 ratio was 11.6%.
    During the fourth quarter 2024:

    • The CET1 ratio benefited this quarter from a positive impact of +19 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons (impact of +38 basis points) and of the distribution of 50% of earnings, i.e. a provision for dividends of 27 euro cents per share in third quarter 2024 (-20 basis points).
    • Changes in risk-weighted assets related to business line organic growth impacted the CET1 ratio by -12 basis points, of which a rating effect of -10 basis points in Corporate and Investment Banking and French Retail Banking.
      • Methodology, M&A and other effects had a negative impact of -13 basis points and included, in particular, the -12 basis point Basel 4 impact relating to the consolidation of leasing activities.
    • The phased-in leverage ratio was 3.9% at end-December 2024, up +0.1 percentage point compared to end-September 2024 and above the 3% requirement.

    The phased-in Tier 1 ratio stood at 13.4% and the phased-in total ratio at 17.4% this quarter.
    Risk weighted assets for Crédit Agricole S.A. amounted to 415 billion at end of December 2024, up by +€12.9 billion compared to 30 September 2024. The change can be broken down by core business line as follows:

    • The Retail Banking divisions showed an increase of +€2.1 billion, particularly in France, with a rating effect at LCL of +€1.9 billion.
    • Asset Gathering posted a decrease of -€1.2 billion essentially for Insurance due to the impact of the interim dividend.
    • Specialised Financial Services increased by +€4.3 billion, due to the Basel 4 impact of consolidation of leasing activities
    • Large Customers recorded an increase in risk-weighted assets of +€7.4 billion over the quarter, mainly as a result of the growth of the Corporate and Investment Banking business lines, and negative foreign exchange effects (+€2.7 billion) and ratings (+€1.5 billion).
    • The Corporate Centre divisions posted an increase in risk-weighted assets of +€0.4 billion.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    Preliminary presentation information:

    At 31 December 2024, changes have been made to the liquidity balance sheet:

    • In assets, the section “Cash and Central Bank deposits (including mandatory reserves)”, eligible to LCR, was reduced to “Central Bank deposits (without Cash and mandatory reserves)”, for consistency with the presentation of Liquidity reserves, which exclude Cash and mandatory reserves. The latter have been reclassified under stable application of funds for the surplus of stable funding resources over stable application of funds, in the section “Net working capital” (see Infra). This methodological change had a negative impact on the indicator of €16 billion;
    • In assets, the sections “Interbank assets” and “Reverse repos (net) and other ST” in the banking book have been merged into a single section called “Treasury assets”;
    • In liabilities, the “Customer-related funds” section now only contains customer deposits eligible for the Stable Resources Position indicator89, and bonds issued by Group entities through its retail networks as well as national or supranational borrowings are now listed in the “LT debt” section (formerly called “MLT market funds”);
    • The sections “Tangible and intangible assets” previously in assets and “Equity and similar” previously in liabilities are netted in a single section called “Net working capital” in liabilities. The later now also includes the difference between accrued liabilities and accrued interests, which were historically included in the section “Reverse repos and other ST”. This reclassification had a positive impact on the surplus of stable funding resources over stable application of funds of €3 billion.

    In addition, the following changes have been made to the breakdown of long-term debt (considered within the meaning of banking activities) from the 31 December 2024:

    • Senior Preferred bonds issued by Group entities through its retail networks are classified within other debt with the same ranking issued on the market;
    • National or supranational borrowings are classified as senior secured debt.

    Comments on the liquidity position:

    Diversified and granular customer deposits has increased by +2% over the quarter (€1,152 billion at 31 December 2024). The stabilisation of the breakdown in deposits continues this quarter in France.

    The Group’s liquidity reserves, at market value and after haircuts90, amounted to €473 billion at 31 December 2024, up +€7 billion compared to 30 September 2024.

    Liquidity reserves (without Cash and Central Bank deposits) covered more than twice the short term debt net of treasury assets.

    This increase in liquidity reserves is notably explained by:

    • The increase in the securities portfolio (HQLA and non-HQLA) for +€24 billion, due to the subscription of additional securities (instead of Central Banks deposits, Cf. Infra) and to the change in haircuts to better reflect the economic reality of central bank value;
    • The decrease of collateral already pledged to Central Banks and unencumbered for -€12 billion since additional private non-financial corporate claims (ACC Corpo) are no longer eligible to ECB funding from Q4.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €139 billion.

    Standing at €1,685 billion at 31 December 2024, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €177 billion, down -€12 billion compared with end-September 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €305 billion at 31 December 2024, up from pro-forma end-September 2024.

    This included:

    • Senior secured debt of €84 billion;
    • Senior preferred debt of €159 billion, up +€10 billion, of which €7.5 billion due to the consolidation of CAPFM’s car lease subsidiaries in compliance with CRR3 regulation;
    • Senior non-preferred debt of €37 billion;
    • And Tier 2 securities of €25 billion.

    Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

    At 31 December 2024, the end of month LCR ratios were 127% for Crédit Agricole Group (representing a surplus of €66 billion) and 131% for Crédit Agricole S.A. (representing a surplus of €64 billion). They were higher than the Medium-Term Plan target (around 110%). The LCR ratio was lower in December given higher one-month net outflows weighing on the denominator of the ratio.

    In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

    The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

    At 31 December 2024, the Group’s main issuers raised the equivalent of €32.7 billion91in medium-to-long-term debt on the market, 81% of which was issued by Crédit Agricole S.A.

    In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:  

    • Crédit Agricole Assurances issued €750 million in Tier 2 10-year bullet subordinated and made a tender offer on two subordinated perpetual issuances (FR0012444750 & FR0012222297) for €788.5 million in September;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €2 billion equivalent in EMTN issuances and €0.9 billion in securitisations through Crédit Agricole Auto Bank (CAAB);
      • €0.7 billion in securitisations through Agos;
    • Crédit Agricole Italia issued two senior secured debt issuances for a total of €1.5 billion, of which €500 million in Green Bond format;
    • Crédit Agricole next bank (Switzerland) issued three tranches in senior secured format for a total of 300 million Swiss francs, of which 100 million Swiss francs in Green Bond format

    At 31 December 2024, Crédit Agricole S.A. raised the equivalent of €24.1 billion through the market92,93.

    The bank raised the equivalent of €24.1 billion, of which €7.3 billion in senior non-preferred debt and €3.1 billion in Tier 2 debt, as well as €7.2 billion in senior preferred debt and €6.5 billion in senior secured debt at end-December. The financing comprised a variety of formats and currencies, including:

    • €6.3 billion94,95;
    • 6.35 billion96 US dollars (€5.8 billion equivalent);
    • 1.1 billion pounds sterling (€1.3 billion equivalent);
    • 230 billion Japanese yen (€1.4 billion equivalent);
    • 0.8 billion Swiss francs (€0.8 billion equivalent);
    • 1.75 billion Australian dollars (€1.1 billion equivalent);
    • 7 billion renminbi (€0.9 billion equivalent).

    At end-December, Crédit Agricole S.A. had issued 64%97,98 of its funding plan in currencies other than the euro.

    In addition, on 2 January 2024, Crédit Agricole S.A. issued a PerpNC6 AT1 bond for €1.25 billion at an initial rate of 6.5% and, on 24 September 2024, a PerpNC10 AT1 bond for $1.25 billion at an initial rate of 6.7%.

    The 2025 MLT market funding programme was set at €20 billion, with equilibrium between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

    The programme was 30% completed at 31 January 2025, with:

    • €0.5 billion in senior secured debt;
    • €0.3 billion equivalent in senior preferred debt;
    • €4.6 billion equivalent in senior non-preferred debt;
    • €0.7 billion equivalent in Tier 2 debt.

    Economic and financial environment

    2024 retrospective

    Continuing trend of disinflation and monetary easing

    The global context remained contentious and eruptive, marked by significant geopolitical tensions and ongoing open conflicts such as the wars in Ukraine and the Middle East, which began in February 2022 and October 2023, respectively. On their emergence, these conflicts had caused tensions for upstream prices, particularly for grain, gas and maritime transport. These sharp price increases combined with sources of inflation arising from the post-Covid recovery: pressure on demand (recovering strongly) and supply (tight), problems or disruptions in supply, slow return of the participation rate on the labour market to its pre-pandemic level (labour shortage, wage pressures).
    This combination of shocks resulted in a sudden upturn in global inflation, which peaked at 10.3% in October 2022 (an annual average of 8.7% in 2022 after 3.8% in 2021). This high inflation and the need to anchor inflation expectations quickly, to avoid price-wage spirals and persisting very high levels of inflation, resulted in sharp monetary tightening. The Federal Reserve and the ECB also began, in March and July 2022, respectively, a powerful rate hike cycle (increases of 525 and 450 base points (bp), respectively, in around 15 months). Thanks to the resorption of shocks upstream, the normalisation of the labour markets and the effects of monetary tightening, disinflation occurred from 2023 (average global inflation at 6.9%); global growth held up well overall.
    2024 was marked by widespread continued disinflation (average global inflation at 5%, 4.5% year-on-year in December), despite the resilience of services prices being almost as widespread. After having kept their policy rates at high levels for some time, the major central banks started to make cuts in the summer. While the ECB reduced its deposit rate by 150 bp (to 3% for a refinancing rate of 3.15% in December 2024), the Fed reduced the federal funds target rate by 100 bp (upper bound at 4.50% in December 2024). Widely anticipated, this monetary easing provided support to still robust global growth (recession was avoided despite the high inflation followed by much stricter financial conditions) but for which the overall resilience still masks very mixed performances.
    Overall resilient growth masking mixed performances

    In the US, the economy once again demonstrated its robustness in 2024, with growth that continued to exceed expectations, coming in at an annual average of 2.8% (after 2.9% in 2023). Despite some pockets of weakness (households with low incomes, negative net equity, small businesses, vulnerable workers more exposed to high interest rates), the monetary and financial tightening did not have a widespread depressive effect thanks to an overall strengthening of balance sheets (corporate and household) after the financial crisis. While the employment market showed signs of a slowdown, this was more of a normalisation following a period of overheating rather than a deep deterioration. The unemployment rate rose only slightly, (4.1% at end-December 2024 vs 3.8% one year earlier). Lastly, confirming that the last mile of disinflation is the hardest, year-on-year inflation climbed very slowly from September to reach 2.9% in December.
    In China, the property market has not yet stabilised and support measures (lowering mortgage rates, lowering reserve requirement rates to free up liquidity, creating support funds to buy back certain vacant properties or properties under construction) have not generated the confidence boost expected. Households have preferred to maintain their precautionary savings, to the detriment of consumption, and weak domestic demand has continued to feed strong deflationary pressure. Thanks to better-than-expected growth in the last quarter (5.4% year-on-year), average annual growth reached the government target of “around 5%”. However, inflation (0.2% in 2024) remained far below the Central Bank’s 3% target.
    In France, growth came in at 1.1% in 2024, as in 2023. However, inflation dropped sharply, with an annual average of 2%, after 4.9% in 2023. This disinflation led to increased purchasing power for households, although this did not translate into a sharp rise in consumption. The savings rate for households therefore increased to 18%, as an annual average, compared to below 17% in 2023 and 14% before the health crisis (2015-2019). Employment proved very resilient in 2024 and the unemployment rate showed only a slight increase (7.4%). As the previous tightening of financial terms continued to weigh heavily on private investment, domestic demand decelerated and growth was driven by foreign trade and the public sector. While public consumer spending drove growth, on the other side of the coin, the public deficit significantly increased and should reach around 6.2% of GDP (after 5.5% in 2023).

    In Italy, the slowdown in activity continued in 2024, with growth limited to 0.5%. The disinflation process that began at the end of 2023 continued (average annual inflation of 1.1%) but was not enough to significantly boost the economy. A buoyant employment market (with an unemployment rate of 6.7%, down one point on 2023), low inflation and slight wage increases enabled an upturn in purchasing power after two years of decline. Despite this support, growth in household consumption remained moderate and the savings rate stabilised after its drop in 2023. Investment growth stagnated, driven solely by projects linked to the stimulus package, while productive investment declined sharply, particularly in the third quarter. Continued restrictive financing terms and insufficient demand, both domestically and internationally, have hampered supply, particularly in industry, which saw a marked drop. The construction sector, supported in the first six months by the delayed effect of the Super Bonus, then slowed.

    Financial markets

    Disinflation did not drive inflation rates to the targets set by the major central banks, but within their “comfort zones” and enabled them, during the summer, to ease their monetary policy. However, firstly, the “last mile” of disinflation has proved harder than the markets had anticipated and, secondly, the US election revived hopes of stronger growth but fears of higher inflation in the US. Consequently, investors have had to temper their hopes for monetary easing and bond rate cuts, particularly in the US.

    On the other side of the Atlantic, while two-year US Treasury yields fell back very slightly during the year (around 4.25% in December 2024), longer-term rates (US 10-year Treasuries) picked up by almost 65 bp (to almost 4.60%). In the eurozone, with a fairly depressed growth outlook and modest inflation, 2-year and 10-year swap rates fell by around 65 bp and 15 bp, respectively, over the year (to 2.20% and 2.35%). The trend in sovereign spreads reflected the relative economic, as well as political, performance of the economies. Whilst difficulties piled up in Germany, the European periphery enjoyed political stability and/or better economic growth. While the Bund rate (German 10-year rate) gained 30 bp over the year (to 2.35%, i.e. the 10-year swap rate level, having been nearly 50 bp below this level at the end of December 2023), peripheral spreads tightened. In France, political instability and concerns about the trajectory of French debt prompted the spread to widen. At the end of 2024, the Spanish, Italian and French 10-year yield spreads against the Bund were around 120, 70 and 80 bp, respectively, (i.e. variations of -25 bp, -50 bp and +30 bp over the year). France’s spread is now higher than Spain’s.

    In 2024, US economic performance far outstripped that of other major regions, notably Europe. Whilst US equity markets were again buoyed by the performance of the “Magnificent Seven” and the expected benefits of the US election, Europe suffered for a variety of reasons (depressed manufacturing sector, high energy costs, excessive regulation, Chinese competition, technology gap, political concerns in France and Germany etc.). Between the start and end of 2024, the S&P index rose by 24%, the Eurostoxx 50 was up 8% and the CAC was down 2%. Lastly, although stable on average over the year (at US$1.08), the euro fell against the dollar by 5.5% between January and December 2024.

    2025 Outlook

    A highly conditional scenario

    More than ever, the outlook is dependent on the future course of US geopolitics and economic policy. The assumptions made about the scale and timing of the measures to be taken by the new administration suggest that, in the US, the economy is likely to remain resilient, but also that inflation will pick up, monetary easing will be modest and long-term interest rates will come under upwards pressure. Moreover, these measures are only one explanation for the eurozone’s expected sluggish recovery, below potential.
    Outlining the US (and, by extension, global) scenario obviously involves making assumptions about both the scale of the measures likely to be implemented and their timing, depending on whether they fall under the purview of the President or require the approval of Congress. As far as tariffs are concerned, the US President’s threats seem to be tantamount to extreme pressure tactics. They call for an intermediate scenario consisting of substantial increases, but not as high as campaign proposals. Trade tariffs would likely rise to an average of 40% for China, from the second quarter of 2025, and to an average of 6% for the rest of the world, phased in over the second half of 2025. An aggressive fiscal policy, favouring tax cuts and maintaining extremely high deficits, would be implemented later. Its effects could be seen from 2026 onwards. In terms of immigration, restrictions could be applied from the start of the presidential term. They would be followed by a very sharp slowdown in immigration flows and, while deportations are to be expected, they would be selective as opposed to a massive and indiscriminate deportation of millions of people. Lastly, deregulation, from which the energy and finance sectors are likely to benefit the most, would have rather positive effects throughout the presidential term of office.

    In the US, these policy guidelines should, on the whole, favour growth. If the expected positive effect of an aggressive fiscal policy and deregulation exceeds the negative impact of tariffs and immigration restrictions, growth will follow. Given the resilience of the US economy, whose growth is still expected to outperform forecasts to settle at around 2.8% in 2024, this suggests that growth will remain strong, albeit slightly weaker. Due to a number of vulnerabilities (low-income households and small businesses are more exposed to high interest rates), our scenario assumes a slowdown to 1.9% in 2025, before a recovery to 2.2% in 2026, a trend that is likely to be accompanied by an upturn in inflation. The end of the disinflationary path to the 2% target is, in fact, the most arduous, and tariffs could result in price pressure ranging between 25 to 30 basis points. Headline inflation could therefore fall back to around 2% next spring, before rising to around 2.5% by the end of 2025 and then remain stable in 2026. The potential for monetary policy easing will be very limited.

    In the eurozone, growth is likely to be sluggish, with the economy still not meeting its growth potential and below the pace enjoyed by the US. Although the upturn in household consumption points to slightly stronger growth, the latest data regarding investment does not augur well for a marked acceleration. Falling inflation boosts purchasing power, as well as a rebuilding of real wealth, implying less saving, and lower interest rates help to restore property purchasing power. The ingredients are there for a continued recovery in household spending, albeit only at a very moderate pace, however, as fiscal consolidation and global uncertainty are likely to encourage a continued high savings rate. Our scenario therefore assumes a modest acceleration in consumption to 1.1% in 2025 and 1.2% in 2026, after 0.7% in 2024. After a sharp fall in 2024, investment in 2025 is likely to continue to be penalised by the delay in passing on the interest rate cuts and, above all, by weak domestic demand and growing uncertainty about foreign demand. Investment is expected to grow by just 1.5%, before firming slightly in 2026 (2%). The Trump administration’s policies are likely to have a moderately negative impact on growth in the eurozone, in the short term primarily due to uncertainty. Les politiques de l’administration Trump auraient un impact modérément négatif sur la croissance de la zone euro, dont le canal le plus important à court terme serait l’incertitude. In addition, the monetary and fiscal policy mix remains unfavourable to growth, with the central bank policy rate returning to neutral by mid-2025, while the reduction in the ECB’s balance sheet continues to reflect a restrictive stance. Our forecasts therefore place growth on a relatively soft acceleration trend, rising from 0.7% in 2024 to 1% in 2025, then 1.2% in 2026: growth potential would be attained, but the output gap, which is slightly negative, would not yet be closed, as the growth gap with the US economy would widen.
    In France, in 2025, assuming that a 2025 finance act is adopted at the beginning of the year (probably at the end of the first quarter) and that the recovery in public finances is weaker than forecast by the former Barnier government’s draft bill, growth would fall to 0.8%. Economic activity would be curbed, especially at the start of the year, by the uncertainty surrounding national politics and international trade policies. Households and businesses are likely to adopt a more wait-and-see attitude to consumption, investment and hiring. Household consumption is nevertheless set to rise as a result of the ongoing disinflation process, with inflation easing to 2.1% on an annual average basis (CPI), but only slightly. The household savings rate is not expected to fall until the second half of the year and will remain very high, while the unemployment rate is set to rise moderately. Private investment, meanwhile, is expected to remain stable, with an upturn postponed until 2026. Foreign trade is no longer expected to contribute to growth, as imports and exports are expected to grow at more or less the same rate. A slight re-stocking phenomenon is set to support growth, but budgetary efforts are likely to weaken. The public deficit is, however, only expected to fall slightly, to 6% of GDP. In Italy, a slight improvement is expected in 2025, with GDP growth forecast at 0.6%. Although a weakening labour market and slightly higher inflation are expected, consumption should become the main driver of the economy. Productive investment could benefit from a more favourable monetary environment. The construction sector will continue to be weakened by the after-effects of the boom of previous years, despite partial support from projects under the stimulus package.

    Regarding emerging countries, were it not for the difficulties associated with “Trump 2.0”, the situation would be improving, with lower US central bank policy rates conducive to global monetary easing, easing of downwards pressure on emerging currencies and, more generally, on external financing for emerging countries, with domestic growth buoyed by falling inflation and interest rate cuts and exports to developed countries (primarily the US) still buoyant. However, the effects of these supporting factors are at risk of being undermined by the probable repercussions of the measures taken by the new US administration. In addition to trade tariffs that are likely to make emerging country exports more expensive and more limited, there will be less monetary accommodation in the US and a probable reduction in US military and financial support for Ukraine, fuelling geopolitical uncertainty in Europe. It will therefore be preferable to be a large country with a low level of openness, such as India, Indonesia or Brazil, a commodity-exporting country or an economy that is well integrated with China, which is preparing for the Trump storm.

    In China, the last Politburo meeting concluded in December with a commitment by the authorities to implement a “more proactive” fiscal policy and a “sufficiently accommodating” monetary policy, in order to boost domestic demand and stabilise the property and equity markets. A period of trade tensions is looming and, apart from restrictions on exports of critical products (including rare earths), the means of retaliation are limited. It is difficult to respond by boosting the competitiveness of exports (the yuan is already historically low) or by reciprocally raising tariffs, which would risk penalising already very fragile domestic consumption. The authorities’ plans to provide more vocal support for domestic demand are commendable, but the effectiveness of this strategy will depend on household confidence. The upturn cannot be ordered by decree, and our scenario continues to predict a slowdown in growth in 2025.

    The market’s hopes of a sharp monetary easing have been refuted and are absolutely no longer on the agenda, especially in the US.

    In an economy that is expected to remain robust, with inflation holding above 2% and which could pick up again, the easing would be modest. After a total reduction of 100 basis points in 2024 (bp), the Fed could ease by a further 50 bp in total, taking the Fed funds rate (upper limit of the target range) to 4.00% in the first half of 2025, before pausing for a prolonged period. With inflation on target and no recession in sight, the ECB is likely to continue moderate easing via its central bank policy rates, while extending its quantitative tightening. After its four 25 bp cuts in 2024, the ECB is expected to cut rates by 25 bp at its meetings in January, March and April, then maintain its deposit rate at 2.25%, i.e. very slightly below the neutral rate estimate (2.50%).
    Everything points to a scenario of rising long-term interest rates. In the US, given the economic scenario (limited slowdown in growth and moderation in inflation concentrated at the beginning of the period) and modest monetary easing followed by an earlier pause, interest rates could fall slightly in the first half of 2025 before picking up. The new forecasts look to a ten-year Treasury rate nearing 4.50% at the end of 2025, then rising to around 5.00% at the end of 2026.

    In the eurozone, a number of factors lead to a scenario of rising sovereign interest rates: excessive monetary easing expectations by the markets, the correction of which could lead to a rise in swap rates, an increase in the volume of government securities linked to the ECB’s balance sheet reduction (Quantitative Tightening) as well as still-high net national issuance and the extension of the rise in US bond yields to their European equivalents. Whilst the German economy (where early elections will be held in February) continues to suffer, and the political situation in France is not any clearer, “peripheral” countries have seen their sound economic results (notably Spain) and their political stability (this applies to Italy and Spain) rewarded by a significant tightening of their spreads against the German 10-year rate in 2024. They should benefit from the same supportive factors in 2025. Our scenario therefore assumes German, French and Italian ten-year interest rates of 2.55%, 3.15% and 3.55%, respectively, at the end of 2025.

    Lastly, on the dollar front, a number of positive factors, including the increased attractiveness of the dollar in terms of yield, seem to have already been largely incorporated into its price. As a result, our scenario assumes that the greenback will remain close to its recent highs throughout 2025, without exceeding them for any long period.

    Appendix 1 – Specific items, Crédit Agricole Group and Crédit Agricole S.A.

    Crédit Agricole Group – Specific items

      Q4-24 Q4-23 2024 2023
    €m Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income
                     
    DVA (LC) (26) (19) 6 4 20 15 (15) (11)
    Loan portfolio hedges (LC) 2 1 2 1 8 6 (24) (18)
    Home Purchase Savings Plans (LCL) – – 6 5 1 1 58 43
    Home Purchase Savings Plans (CC) – – 5 4 (0) (0) 236 175
    Home Purchase Savings Plans (RB) – – 74 55 63 47 192 142
    Mobility activities reorganisation (SFS) – – – – – – 300 214
    Check Image Exchange penalty (CC) – – – – – – 42 42
    Check Image Exchange penalty (LCL) – – – – – – 21 21
    Check Image Exchange penalty (RB) – – – – – – 42 42
    Total impact on revenues (24) (18) 93 69 93 69 851 650
    Degroof Petercam integration costs (AG) (13) (10) – – (26) (19) – –
    ISB integration costs (LC) (27) (15) – – (97) (52) – –
    Mobility activitiesreorganisation (SFS) – – 4 3 – – (14) (10)
    Total impact on operating expenses (39) (25) 4 3 (123) (72) (14) (10)
    Mobility activities reorganisation (SFS) – – – – –   (85) (61)
    Provision for risk Ukraine (IRB) – – – – (20) (20) – –
    Total impact on cost of credit risk – – – – (20) (20) (85) (61)
    Mobility activities reorganisation (SFS) – – – – – – (39) (39)
    Total impact equity-accounted entities – – – – –   (39) (39)
    ISB integration costs (LC) (2) – – – (2) – – –
    Degroof Petercam acquisition costs (AG) 1 1 – – (22) (16) – –
    Mobility activities reorganisation (SFS) – – – – – – 89 57
    Total impact Net income on other assets (1) 1 – – (24) (16) 89 57
    Mobility activities reorganisation (SFS) – – 12 12 – – 12 12
    Total impact on change of value of goodwill – – 12 12 – – 12 12
    Mobility activities reorganisation (SFS) – – – 3 – – – 3
    Total impact on tax – – – 3 – – – 3
                     
    Total impact of specific items (64) (42) 109 86 (74) (39) 814 611
    Asset gathering (12) (9) – – (49) (36) – –
    French Retail banking – – 80 59 65 48 312 248
    International Retail banking – – – – (20) (20) – –
    Specialised financial services – – 16 17 – – 263 176
    Large customers (52) (33) 8 6 (70) (31) (39) (29)
    Corporate centre – – 5 4 (0) (0) 277 216

    * Impact before tax and before minority interests

    Crédit Agricole S.A. – Specific items

      Q4-24 Q4-23 2024 2023
    €m Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income    		 Gross
    impact*    		 Impact on
    Net income
                     
    DVA (LC) (26) (19) 6 4 20 15 (15) (11)  
    Loan portfolio hedges (LC) 2 1 2 1 8 6 (24) (18)  
    Home Purchase Savings Plans (LCL) – – 6 4 3 2 58 41  
    Home Purchase Savings Plans (CC) – – 5 4 (2) (1) 236 175  
    Mobility activities reorganisation (SFS) – – – – – – 300 214
    Check Image Exchange penalty (CC) – – – – – – 42 42
    Check Image Exchange penalty (LCL) – – – – – – 21 20
    Total impact on revenues (24)            (17) 19 14 30 21 617 464
    Degroof Petercam integration costs (AG) (13) (9)    –    – (26) (19) – –  
    ISB integration costs (LC) (27) (15)    –     – (97) (52) – –  
    Mobility activities reorganisation (SFS)      –     –      4     3    –      – (14) (10)  
    Total impact on expenses               (39)              (25)             4        3 (123)               (71)       (14) (10)
    Provision for risk Ukraine (IRB) – – – – (20) (20) – –  
    Mobility activities reorganisation (SFS) – – – – –   (85) (61)  
    Total impact on cost of credit risk – – – – (20) (20) (85) (61)  
                     
    Mobility activities reorganisation (SFS) – – – – – – (39) (39)  
    Total impact equity-accounted entities – – – – –   (39) (39)  
    ISB integration costs (LC) (2) – – – (2) – – –  
    Degroof Petercam acquisition costs (AG) 1 1 – – (22) (16) – –  
    Mobility activities reorganisation (SFS) – – – – – – 89 57  
    Total impact Net income on other assets (1) 1 – – (24) (16) 89 57  
    Mobility activities reorganisation (SFS) – – 12 12 – – 12 12  
    Total impact on change of value of goodwill – – 12 12 – – 12 12  
    Mobility activities reorganisation (SFS) – – – 3 – – – 3  
    Total impact on tax – – – 3 – – – 3  
                     
    Total impact of specific items (64) (41) 35 31 (138) (86) 580 425  
    Asset gathering (12) (9) – – (49) (35) – –  
    French Retail banking – – 6 4 3 2 79 61  
    International Retail banking – – – – (20) (20) – –  
    Specialised financial services – – 16 17 – – 263 176  
    Large customers (52) (32) 8 6 (70) (32) (39) (28)  
    Corporate centre – – 5 4 (2) (1) 277 216  

    * Impact before tax and before minority interests

    Appendix 2 – Crédit Agricole Group: income statement by business line

    Crédit Agricole Group – Results by business line, Q4-23 and Q4-24

      Q4-24 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,276 960 993 2,037 915 2,108 (472) 9,817
    Operating expenses excl. SRF (2,503) (647) (588) (930) (447) (1,298) 549 (5,863)
    SRF – – – – – – – –
    Gross operating income 773 313 405 1,107 468 810 77 3,954
    Cost of risk (263) (78) (97) (11) (306) (93) (19) (867)
    Equity-accounted entities 1 – – 29 43 7 – 80
    Net income on other assets (2) 1 0 (0) (9) (1) (10) (20)
    Income before tax 513 236 308 1,125 196 724 48 3,150
    Tax (110) (44) (100) (313) (49) (166) (2) (784)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 404 192 207 813 147 557 46 2,366
    Non controlling interests (1) (0) (31) (117) (24) (34) (11) (217)
    Net income Group Share 403 192 177 696 124 523 35 2,149
      Q4-23 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,227 959 1,000 1,550 880 1,936 (782) 8,769
    Operating expenses excl. SRF (2,485) (654) (646) (726) (449) (1,209) 488 (5,682)
    SRF – – – – – – – –
    Gross operating income 742 305 353 824 431 727 (294) 3,088
    Cost of risk (321) (96) (98) (4) (184) (39) (20) (762)
    Equity-accounted entities (0) – (0) 29 40 5 – 73
    Net income on other assets (1) 0 2 (5) (11) (1) (4) (19)
    Income before tax 420 209 258 843 288 692 (328) 2,382
    Tax (85) (39) (104) (172) (53) (130) 128 (455)
    Net income from discont’d or held-for-sale ope. (0) – (10) – – – – (10)
    Net income 336 170 144 671 235 562 (200) 1,918
    Non controlling interests 0 0 (24) (123) (18) (25) (4) (194)
    Net income Group Share 336 170 120 548 217 537 (204) 1,724

    Crédit Agricole Group – Results by business line, 2024 et 2023

      2024 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 13,110 3,872 4,153 7,633 3,520 8,652 (2,879) 38,060
    Operating expenses excl. SRF (9,956) (2,448) (2,225) (3,365) (1,780) (5,039) 2,084 (22,729)
    SRF – – – – – – – –
    Gross operating income 3,155 1,424 1,928 4,268 1,740 3,613 (795) 15,332
    Cost of risk (1,319) (373) (316) (29) (958) (117) (79) (3,191)
    Equity-accounted entities 8 – – 123 125 27 – 283
    Net income on other assets 1 5 0 (23) (12) 1 (13) (39)
    Income before tax 1,849 1,056 1,612 4,339 895 3,523 (887) 12,388
    Tax (423) (229) (536) (970) (187) (883) 341 (2,888)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 1,425 827 1,076 3,369 708 2,641 (546) 9,500
    Non controlling interests (2) (0) (160) (481) (82) (139) 4 (860)
    Net income Group Share 1,423 827 916 2,889 625 2,502 (542) 8,640
      2023 (stated)
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 13,259 3,850 4,040 6,693 3,597 7,780 (2,728) 36,492
    Operating expenses excl. SRF (9,702) (2,396) (2,189) (2,874) (1,673) (4,507) 1,877 (21,464)
    SRF (111) (44) (40) (6) (29) (312) (77) (620)
    Gross operating income 3,446 1,410 1,811 3,813 1,896 2,961 (928) 14,408
    Cost of risk (1,152) (301) (463) (5) (871) (120) (28) (2,941)
    Equity-accounted entities 9 – 1 102 130 21 – 263
    Net income on other assets 5 21 3 (10) 71 2 (5) 88
    Income before tax 2,308 1,130 1,353 3,900 1,237 2,865 (971) 11,821
    Tax (551) (256) (425) (868) (306) (691) 350 (2,748)
    Net income from discont’d or held-for-sale ope. (0) – (3) 1 (0) – – (3)
    Net income 1,756 874 924 3,033 931 2,174 (621) 9,071
    Non controlling interests (0) (0) (145) (466) (79) (118) (4) (813)
    Net income Group Share 1,756 874 780 2,566 851 2,056 (625) 8,258

    Appendix 3 – Crédit Agricole S.A.:   Results by business line

    Crédit Agricole S.A. – Results by business line, Q4-24 et Q4-23

      Q4-24 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,045 2,108 915 960 969 95 7,092
    Operating expenses excl. SRF (930) (1,298) (447) (647) (568) (28) (3,917)
    SRF – – – – – – –
    Gross operating income 1,116 810 468 313 401 67 3,175
    Cost of risk (11) (93) (306) (78) (100) (6) (594)
    Equity-accounted entities 29 7 43 – – (17) 62
    Net income on other assets (0) (1) (9) 1 0 (0) (9)
    Income before tax 1,133 723 196 236 302 44 2,634
    Tax (315) (166) (49) (44) (101) (7) (681)
    Net income from discont’d or held-for-sale ope. – – – – – – –
    Net income 819 557 147 192 201 37 1,953
    Non controlling interests (124) (45) (24) (9) (43) (19) (264)
    Net income Group Share 695 512 124 183 158 18 1,689
      Q4-23 (stated)  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,555 1,935 880 959 974 (262) 6,040
    Operating expenses excl. SRF (726) (1,209) (449) (654) (627) (44) (3,710)
    SRF – – – – – – –
    Gross operating income 828 726 431 305 347 (306) 2,330
    Cost of risk (4) (39) (184) (96) (102) (14) (440)
    Equity-accounted entities 29 5 40 – (0) (12) 61
    Net income on other assets (5) (1) (11) 0 2 (3) (17)
    Income before tax 848 691 288 209 246 (345) 1,937
    Tax (173) (129) (53) (39) (103) 128 (369)
    Net income from discont’d or held-for-sale ope. – – – – (10) – (10)
    Net income 675 562 235 170 134 (217) 1,558
    Non controlling interests (130) (37) (18) (8) (31) (1) (224)
    Net income Group Share 546 525 217 162 103 (218) 1,334

    Crédit Agricole S.A. – Results by business line, 2024 et 2023

      2024 (stated)
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 7,648 8,651 3,520 3,872 4,059 (570) 27,181
    Operating expenses excl. SRF (3,365) (5,039) (1,780) (2,448) (2,148) (116) (14,895)
    SRF – – – – – – –
    Gross operating income 4,284 3,612 1,740 1,424 1,911 (685) 12,286
    Cost of risk (29) (117) (958) (373) (313) (59) (1,850)
    Equity-accounted entities 123 27 125 – – (82) 194
    Net income on other assets (23) 1 (12) 5 0 23 (4)
    Income before tax – – – – – – –
    Tax 4,355 3,523 895 1,056 1,599 (803) 10,625
    Net income from discont’d or held-for-sale ope. (973) (883) (187) (229) (535) 336 (2,472)
    Net income – – – – – – –
    Non controlling interests 3,381 2,640 708 827 1,063 (466) 8,153
    Net income Group Share (506) (192) (82) (37) (227) (22) (1,067)
    Revenues 2,875 2,448 625 790 836 (488) 7,087
      2023 (stated)  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 6,688 7,779 3,597 3,850 3,949 (683) 25,180
    Operating expenses excl. SRF (2,874) (4,507) (1,673) (2,396) (2,118) (64) (13,632)
    SRF (6) (312) (29) (44) (40) (77) (509)
    Gross operating income 3,808 2,960 1,896 1,410 1,791 (825) 11,039
    Cost of risk (5) (120) (870) (301) (464) (17) (1,777)
    Equity-accounted entities 102 21 130 – 1 (58) 197
    Net income on other assets (10) 2 71 21 3 (3) 85
    Income before tax – – 12 – – (9) 2
    Tax 3,894 2,864 1,237 1,130 1,332 (911) 9,546
    Net income from discont’d or held-for-sale ope. (872) (690) (306) (256) (422) 346 (2,201)
    Net income 1 – (0) – (3) – (3)
    Non controlling interests 3,024 2,174 931 874 906 (565) 7,343
    Net income Group Share (483) (162) (79) (39) (204) (28) (995)
    Revenues 2,541 2,011 852 835 703 (593) 6,348

    Appendix 4 – Data per share

    Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

    (€m)

    Q4-2024
    Q4-2023

    2024
    2023

    Net income Group share – stated

    1,689
    1,334

    7,087
    6,348
    – Interests on AT1, including issuance costs, before tax

    (112)
    (87)

    (463)
    (458)
    – Foreign exchange impact on reimbursed AT1

    –
    –

    (266)
    –
    NIGS attributable to ordinary shares – stated

    [A]
    1,577
    1,247

    6,358
    5,890
    Average number shares in issue, excluding treasury shares (m)

    [B]
    3,025
    3,032

    3,015
    3,031
    Net earnings per share – stated

    [A]/[B]
    0.52 €
    0.41 €

    2.11 €
    1.94 €
    Underlying net income Group share (NIGS)

    1,730
    1,303

    7,172
    5,923
    Underlying NIGS attributable to ordinary shares

    [C]
    1,618
    1,216

    6,443
    5,465
    Net earnings per share – underlying

    [C]/[B]
    0.54 €
    0.40 €

    2.14 €
    1.80 €

    (€m)

    31/12/2024
    31/12/2023
    Shareholder’s equity Group share

    74,710
    71,086
    – AT1 issuances

    (7,218)
    (7,220)
    – Unrealised gains and losses on OCI – Group share

    1,256
    1,074
    – Payout assumption on annual results*

    (3,327)
    (3,181)
    Net book value (NBV), not revaluated, attributable to ordin. sh.

    [D]

    65,421
    61,760
    – Goodwill & intangibles** – Group share

    (17,851)
    (17,347)
    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

    [E]

    47,569
    44,413
    Total shares in issue, excluding treasury shares (period end, m)

    [F]

    3,025
    3,029

    NBV per share, after deduction of dividend to pay (€)
    Dividend to pay (€)
    TNBV per share, after deduction of dividend to pay (€)

    TNBV per sh., before deduct. of divid. to pay (€)

    €21.6 20,4 €
    €1.10 1,05 €
    €15.7 14,7 €
    €16.8 15,7 €
    20,4 €
    1,05 €
    14,7 €
    15,7 €
    €20.4
    €1.05
    €14.7
    €15.7

    * dividend proposed to the Board meeting to be paid
    ** including goodwill in the equity-accounted entities

    (€m)

    2024
    2023
    Net income Group share – stated

    [K]

    7,087
    6,348
    Impairment of intangible assets

    [L]

    0
    0
    Stated NIGS annualised

    [N] = ([K]-[L]-[M])*4/4+[M]

    7,087
    6,348
    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

    [O]

    -729
    -458
    Stated result adjusted

    [P] = [N]+[O]

    6,358
    5,890
    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (3)

    [J]

    46,125
    43,281
    Stated ROTE adjusted (%)

    = [P] / [J]

    13.8%
    13.6%
    Underlying Net income Group share

    [Q]

    7,172
    5,923
    Underlying NIGS annualised

    [R] = ([Q]-[M])*4/4+[M]

    7,172
    5,923
    Underlying NIGS adjusted

    [S] = [R]+[O]

    6,443
    5,465
    Underlying ROTE adjusted(%)

    = [S] / [J]

    14.0%
    12.6%
    *** including assumption of dividend for the current exercise

    0.0%

    (1) Underlying: see appendixes for more details on specific items
    (2) Underlying ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
    (3) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2023 and 31/12/2024 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators99

    NBV Net Book Value (not revalued)
    The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

    NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
    One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

    Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

    EPS Earnings per Share
    This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

    Cost/income ratio
    The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

    Cost of risk/outstandings
    Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

    Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

    The calculation method for the indicator is specified each time the indicator is used.

    Doubtful loan
    A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

    • a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
    • the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

    Impaired loan
    Loan which has been provisioned due to a risk of non-repayment.

    MREL
    The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers’ exposure to losses. Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French law by Order 2020-1636 of 21 December 2020.

    The MREL ratio corresponds to an equity and eligible liabilities buffer required to absorb losses in the event of resolution. Under BRRD2, the MREL ratio is calculated as the amount of equity and eligible liabilities expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure (LRE). Are eligible for the numerator of the total MREL ratio the Group’s regulatory equity, as well as eligible liabilities issued by the corporate centre and the Crédit Agricole network affiliated entities, i.e. subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year.

    Impaired (or non-performing) loan coverage ratio 
    This ratio divides the outstanding provisions by the impaired gross customer loans.

    Impaired (or non-performing) loan ratio 
    This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

    TLAC
    The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G-SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group. Agricole. The TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicable since 27 June 2019.

    The Group’s regulatory equity as well as subordinated notes and eligible senior non-preferred debt with residual maturities of more than one year issued by Crédit Agricole S.A. are eligible for the numerator of the TLAC ratio.

    Net income Group share
    Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

    Underlying Net income Group share
    The underlying net income Group share represents the stated net income Group share from which specific items have been deducted (i.e., non-recurring or exceptional items) to facilitate the understanding of the company’s actual earnings.

    Net income Group share attributable to ordinary shares
    The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

    RoTE Return on Tangible Equity
    The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the fourth quarter and the full year 2024 comprises this press release and the presentation and the attached appendices which are available on the website: https://www.credit-agricole.com/en/finance/finance/financial-publications.

    This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

    This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

    Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

    Applicable standards and comparability

    The figures presented for the twelve-month period ending 31 December 2024 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2023 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

    The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

    At 30 June 2024, Indosuez Wealth Management had completed the acquisition of Degroof Petercam and now holds 65% of Banque Degroof Petercam alongside with CLdN Cobelfret, its historical shareholder, which would maintain a 20% stake in capital. As of 30 September 2024, Indosuez Wealth Management’s stake in Degroof Petercam has increased to 76%.

    At 30 June 2024, Amundi had completed the acquisition of Alpha Associates, an independent asset manager offering multi-management investment solutions in private assets.

    As of December 31, 2024, Amundi finalized the acquisition of aixigo, a European Wealth Tech player, to complete the ALTO platform’s offering.

    As of December 31, 2024, Crédit Agricole S.A. has entered into financial instruments for 5.2% of Banco BPM’s share capital.

    Financial Agenda

    30 April 2025                Publication of the 2025 first quarter results
    14 May 2025                General Meeting
    31 July 2025                Publication of the 2025 second quarter and the first half-year results
    30 October 2025                Publication of the 2025 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Credit investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
         
         
         

    See all our press releases at: www.credit-agricole.com – www.creditagricole.info

             

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 2024 market shares: CRCA and LCL household loans (source: Banque de France and internal); French UCITS (all customer segments); payments (in No. of transactions; source: Banque de France and internal)
    4 2023 market shares: insurance (Argus de l’Assurance and France Assureurs); property services
    5 Economic outlook to 2025
    6 Purchase price of transactions carried out since 2022. Includes shares acquired in Banco BPM and Worldline
    7 Disposal of Crédit du Maroc, La Médicale, Crédit Agricole Serbia and others
    8 Indosuez Wealth management acquires a 70% stake in Wealth Dynamix, a fintech specialising in client relationship management for private banks, wealth management and asset management actors across the world.
    9 Creation of Uptevia, held in equal shares by CACEIS and BNPP, wich brings together the activities for the issuers of the two banks.
    10 Independent asset manager offering private markets multi-manager investment solutions.
    11 Technology company of high value-added modular service for distributors of savings solutions.
    12 Acquisition of Merca Leasing, independent leasing company in Germany
    13 Commercial partnership for automobile insurance between Mobilize Financial Services, subsidiary of Renault Group, specialised in services facilitating access to automobiles, and Pacifica, Property and Casualty subsidiary of Credit Agricole Assurances
    14 Merge between Amundi and Victory Capital, acquisition of a participation of 26.1% in Victory Capital, and signature of distribution and services agreement lasting 15 years.
    15 Digital fleet management tool on monthly subscription
    16 Extended warranty
    17 Delivery of single vehicule
    18 Agreement allowing CA Autobank, Drivalia, Agilauto and Leasys to offer fatec fllet management services to their customers in France
    19 Employee benefits management tool
    20 Creation of a joint venture to develop innovative commercial offers.
    21 Leader in design, construction, and daily support for multidisciplinary collective primary care structures
    22 Credit Agricole Santé et Territoires and 10 regional banks enter the capital of Cette Famille, major player in inclusive housing for seniors in France.
    23         Omedys, specialist in assisted telemedicine, Medicalib, home care expert
    24 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
    25 Listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly
    26 Crédit Agricole CIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
    27 Scope of power sector: CACIB and Unifergie (Crédit Agricole Transitions & Energies)
    28 DVA (Debt Valuation Adjustment)
    29Specific (one-off) items had impacted the fourth quarter of 2023 for the SFS division and for CACF as follows: +€17m in net income Group share, of which +€4m on operating expenses, +€12m on badwill and +€1m on tax.
    30 See Appendixes for more details on specific items.
    31 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    32 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    33 Average rate of loans to monthly production for October and November 2024.
    34 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    35 SAS Rue La Boétie dividend paid annually in Q2
    36 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q4-23 totalling +€73.6m in revenues and +€54.6m in net income Group share. 

    37 Underlying, excluding specific items.
    38 Scope effect of Degroof Petercam revenues: +€158 million in the fourth quarter of 2024.
    39 Scope effect in expenses in the fourth quarter of 2024: Degroof Petercam for -€120 million and miscellaneous others.

    40 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    41 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    42 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    43         See Appendixes for more details on specific items.
    44 SRF costs amounted to -€509 million over full-year 2023

    45 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    46 The annualised underlying net income Group share corresponds to the annualisation of the underlying net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts to linearise them over the year
    47 In local standards
    48 Can reach up to 3.85% for the Anaé policy with a UL rate > 50% and benefiting from management fees of 0.5% 
    49 Scope “Life France”
    50 Property and casualty insurance premium income includes a scope: effect linked to the initial consolidation of CATU in Q2-24 (a property and casualty insurance entity in Poland): 9.4% Q4/Q4 increase in premium income at constant scope

    51 Scope: property and casualty in France and abroad
    52 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 96.4% (-4.3 pp over the year)
    53 Excl. JVs
    54 Excluding assets under custody for institutional clients
    55 Amount of allocation of Contractual Service Margin (CSM) and Risk Adjustment (RA) including funeral guarantees
    56 Amount of allocation of CSM and RA
    57 Net of cost of reinsurance, excluding financial results
    58 Integration costs related to the acquisition of aixigo and the partnership with Victory Capital, which are expected to be completed towards the end of Q1 25, were recorded as operating expenses in the fourth quarter of 2024 for a total of -€14 million.
    59 Indosuez Wealth Management scope
    60 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €158m and expenses of -€120m (excluding integration costs partly borne by Degroof Petercam)
    61 In Q4 24: -€12.8 million of integration costs (impacting the operating expenses line); and +€0.8 million in acquisition costs (impacting the line gains and losses on other assets)
    62 2024 Degroof Petercam data included in the results of the Wealth Management business: NBI of €347 million and expenses of -€259 million (excluding integration costs partially borne by Degroof Petercam)
    63 In 2024: -€26.4 million in integration costs (impacting the operating expenses line); and -€22.2 million in acquisition costs (impacting the line gains and losses on other assets)
    64 Refinitiv LSEG
    65 Bloomberg in EUR
    66 Cost of risk for the last four quarters divided by the average of the outstandings at the start of all four quarters of the year
    67 CA Auto Bank, automotive JVs and auto activities of other entities
    68 CA Auto Bank and automotive JVs
    69 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
    70 12M-23 base effect linked to the reorganisation of Mobility activities (revenues €300m, expenses -€14m, cost of risk -€85m, equity-accounted entities -€39m, income on other assets €89m, Change in the value of goodwill +€12m, corporate tax €87m, net income Group share €176m)
    71 Q4-23 base effects related to the reorganisation of the Mobility activities (Expenses +€4m, Changes in value of goodwill +€12m, Corporate income tax +€1m and Net income Group share +€17m)
    72 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    7312M-23 base effect related to the reorganisation of the Mobility activities (Revenues €300m, Expenses -€14m, Cost of risk -€85m, Equity-accounted entities -€39m, GPAI €89m, Changes in value of goodwill +€12m, Corporate income tax €87m and Net income Group share €176m)
    74 Net of POCI outstandings
    75 Source: Abi Monthly Outlook, January 2024: -1.0% Dec./Dec. for all loans
    76 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
    77 In number of branches
    78 Net Promoter Score; source: Doxa survey, October 2023.
    79 Assofin publication, 30/04/2024 (excluding credit cards).
    80 Assets under management Source: Assogestioni, 31/05/2024
    81 Production. Source: IAMA, 30/04/2024
    82 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in Q4-23 of +€6.1 million in revenues and +€4.5 million in net income Group share versus 0 in Q4 2024.
    83 Home Purchase Saving Plan base effect (reversal of the provision for Home Purchase Saving Plans) in 2023 of +€57.9 million in revenues and +€41.2 million in net income Group share versus €3.1 million in revenues and +€2.2 million in net income Group share in 2024.
    84 Reversal of provision for Cheque Image Exchange Provision of + €21m in Q2-23
    85 At 31 December 2024 this scope includes the entities CA Italy, CA Polska, CA Egypt and CA Ukraine.

    86 Over a rolling four quarter period.
    87 At 31 December 2024, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italy, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
    88 As part of its annual resolvability assessment, Crédit Agricole Group has chosen in 2024 to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements over the resolvability period that will begin during 2025.
    89 Which excludes some client deposits from the asset custody business in coherence with the internal management.
    90Securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
    91 Gross amount before buy-backs and amortisations
    92 Gross amount before buy-backs and amortisations
    93 Excl. AT1 issuances
    94 Gross amount before buy-backs and amortisations
    95 Excl. senior secured debt
    96 Gross amount before buy-backs and amortisations
    97 Gross amount before buy-backs and amortisations
    98 Excl. AT1 issuances
    99 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as underlying net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

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    The MIL Network –

  • MIL-OSI: Equinor fourth quarter and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.

    The fourth quarter and full year results were characterised by:

    • Solid financial performance and 21% return on average capital employed* in 2024
    • Strong operational performance with stable oil and gas production
    • Continued industrial progress and value driven transactions

    Capital distribution

    • Proposed fourth quarter cash dividend of USD 0.37 per share
    • Announced share buy-back of up to USD 5 billion for 2025
    • Expected total capital distribution for 2025 of up to USD 9 billion
    • Stronger expected free cash flow*, supporting sustained competitive capital distribution

    Equinor is well positioned for stronger cash flow and growth:

    • Strategy to deliver competitive shareholder returns. Consistent value driven execution – expecting above 15% return on average capital employed* towards 2030
    • Strengthening free cash flow*, expecting USD 23 billion for 2025-2027 by reducing capex and addressing costs
    • Increasing oil and gas production, expecting more than 10% growth from 2024-2027
    • Reducing investments to renewables and low carbon solutions to around USD 5 billion in total after project financing for 2025-2027
    • Lowering expected capacity in renewables to 10-12 gigawatt by 2030

    Anders Opedal, President and CEO of Equinor ASA:

    “Equinor is well positioned for further growth and competitive shareholder returns. We expect to deliver industry-leading return on average capital employed, above 15% all the way to 2030. Our oil and gas production outlook is increased to more than 10% growth from 2024 to 2027. We strengthen our expected free cash flow significantly compared to last year’s outlook. We do this by high-grading the portfolio, reducing the investment outlook for renewables and low carbon solutions and improving cost across our organisation.”

    “Today we announce total capital distribution of up to USD 9 billion for 2025. Supported by stronger free cash flow, we expect to continue to grow the quarterly cash dividend and use share buy backs to ensure a competitive capital distribution also going forward.”

    “We have a consistent growth strategy and our strategic direction remains the same. We continue to reduce emissions from our production and build profitable business in renewables and low carbon solutions towards our net zero ambition in 2050. By adapting to market situation and opportunities, we are set to create shareholder value for decades to come.”

    “In 2024 we delivered solid financial results and high production through strong operational performance. We now expect the 2025 Johan Sverdrup production to be close to the level of the last two years. This shows how we work systematically to improve our producing assets to remain a safe and reliable provider of energy.”

    Strong operational performance

    Equinor had strong operational performance and stable production levels in the fourth quarter. The total equity production was 2,072 mboe per day, down from 2,197 mboe in the same quarter last year.

    On the Norwegian continental shelf (NCS), production levels were sustained by the ramp-up of Breidablikk and the addition of new gas wells. However, the production levels are lower compared to the same period last year, due to natural decline, outage at Sleipner B and planned maintenance. For the full year, Equinor sustained high production level at the NCS, with record high production from the Troll and Johan Sverdrup fields.

    The production at the Johan Sverdrup field is expected to continue to be close to 2023 and 2024 levels in 2025. The recovery rate ambition has been increased from 65% in the plan for development and operations to 75% now, including Johan Sverdrup phase 3. Effective turnarounds and lower unplanned losses contributed to the slight increase in production from the NCS in 2024 compared to 2023.

    Internationally, the upstream business delivered lower production for the fourth quarter compared to the same period in 2023. The divestments in Azerbaijan and Nigeria, natural decline, higher turnaround activities and curtailments in the US contributed to the decline also for the full year. The decline was partially offset by the ramp up of new wells on stream and volumes from the Buzzard field in the UK.

    In the quarter, Equinor completed 10 offshore exploration wells with 4 commercial discoveries. The Himalia and Cappahayden wells were expensed during the quarter.

    The addition of onshore power plants in Brazil and Poland during 2023, along with the start-up of the Mendubim solar projects in 2024, contributed to a 19% increase in renewables power generation in the quarter and a 51% increase for the full year compared to the same periods in 2023.

    Solid financial results in the fourth quarter

    Equinor delivered adjusted operating income* of USD 7.90 billion. and USD 2.29 billion after tax* in the fourth quarter of 2024.

    In the quarter, Equinor recognised net impairments of USD 280 million, primarily related to acquired early phase project rights within onshore markets in renewables.

    Equinor realised a European gas price of USD 13.5 per mmbtu and realised liquids prices were USD 68.5 per bbl in the fourth quarter.

    The Marketing, Midstream and Processing segment delivered solid results through equity and third-party LNG trading. These results were further supported by physical and financial trading of LPG.

    A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 9.81 billion for the fourth quarter. Cash flow from operations after taxes paid* ended at USD 3.91 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 17.9 billion for the year.

    Equinor paid two NCS tax instalments of a total of USD 5.78 billion in the quarter.

    Organic capital expenditure* was USD 3.37 billion for the quarter, and USD 12.1 billion for the full year. Total capital expenditure was USD 5.41 billion for the fourth quarter and USD 16.7 billion for 2024.

    After taxes, capital distribution to shareholders and investments, net cash flow* ended at negative USD 4.57 billion for the fourth quarter and at negative USD 12.2 billion for the full year. Equinor retains a strong financial position with net debt to capital employed adjusted ratio* at 11.9% by the end of the fourth quarter, compared to negative 2.0% at the end of the third quarter of 2024. The ratio is impacted by the Ørsted acquisitions and working capital effects over year-end to take advantage of commodity market situations.

    Strategic progress

    Equinor continues to develop the portfolio and deliver on its strategy in the quarter.

    On the NCS, Equinor increased ownership to 69.5% in the Halten East Unit in The Norwegian Sea, an important project in a core area with strong profitability and low emissions. A discovery was made near the Fram field in the North Sea. The activity level on the NCS is high with 19 ongoing projects towards 2027.

    The international portfolio will be strengthened by the agreement to establish UK’s largest independent oil and gas company with Shell. The new company is expected to produce over 140,000 barrels of oil equivalent per day in 2025 and play a crucial role in securing UK’s energy supply. Equinor increased its stake in the Northern Marcellus asset in the US and exited the upstream businesses in Azerbaijan and Nigeria.

    A major milestone in the carbon capture and storage portfolio was realised with the final investment decision and financial close on two of UK’s first carbon capture and storage infrastructure projects.

    The acquisition of a 10% stake in Ørsted was completed in the quarter giving Equinor exposure to premium offshore wind assets in operation and a solid project pipeline.

    In 2024 Equinor added proved reserves mainly through estimate revisions, transactions and improved recovery projects. The reserve replacement ratio (RRR) in 2024 was 151%.

    Absolute scope 1+2 GHG emissions for Equinor’s operated production, on a 100% basis, were 11.0 million tonnes CO2e in 2024. This represents a decrease of 0.60 million tonnes CO2e compared to last year.

    The twelve-month average serious incident frequency (SIF) for the period was 0.3, a decrease from 2023. The 2024 result represents the lowest frequency on record.

    Competitive capital distribution

    The board of directors proposes to the annual general meeting an ordinary cash dividend of USD 0.37 per share for the fourth quarter 2024, an increase of USD 0.02 per share from the third quarter of 2024, in line with previously announced ambition. The Equinor share will trade ex-dividend on Oslo Børs from and including 15 May and New York Stock Exchange from and including 16 May 2025.

    The interim cash dividends for the first, second and third quarter of 2025, are to be decided by the board of directors on a quarterly basis and in line with the company’s dividend policy, subject to existing and renewed authorisation from the annual general meeting, and are expected to be at the same level as for the fourth quarter of 2024.

    The fourth tranche of the share buy-back programme for 2024 was completed on 14 January 2025 with a total value of USD 1.6 billion. Following this, the total share buy-backs under the share buy-back programme for 2024 amounts to USD 6 billion.

    The board of directors has decided to announce share buy-back for 2025 of up to USD 5 billion in total to conclude the two-year programme for 2024–2025. The 2025 share buy-back programme will be subject to market outlook and balance sheet strength. The first tranche of up to USD 1.2 billion of the 2025 share buy-back programme will commence on 6 February and end no later than 2 April 2025. Commencement of new share buy-back tranches after the first tranche will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to existing and new board authorisations for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    Capital markets update: Firm strategic direction – stronger free cash flow* and growth

    Equinor maintains a firm strategic direction and has taken action to strengthen free cash flow* and returns(1). With a profitable project portfolio and strict capital discipline, Equinor expects to deliver high-value production growth in selected markets creating value for shareholders.

    Key messages:

    • Firm strategy – high returns: Remaining value driven in the execution. Expecting return on average capital employed* above 15% to 2030
    • Strengthening free cash flow*: Expecting strengthened free cash flow* to USD 23 billion for 2025 – 2027 by reducing capex and addressing costs
    • Increasing production growth: Expecting above 10% oil and gas production growth driven by developing an attractive project portfolio and value adding transactions, increasing expected 2030 production from 2 to 2.2 million boe per day
    • Building resilient business for the future: Lowering investment outlook for renewables and low-carbon solutions to adapt to market conditions and further strengthen value creation for shareholders. Lowering 2030 renewable capacity ambition to 10-12 gigawatt including financial investments, and introducing range for ambition for net carbon intensity reduction. Maintaining strategic direction towards net zero

    Growth in free cash flow*

    Equinor has significantly increased the free cash flow* outlook by reducing investments and addressing costs. Expected organic capital expenditure* of USD 13 billion for 2025 and on average for the period 2025–2027. After project financing of Empire Wind I, organic capital expenditure* is expected at USD 11 billion for 2025 and on average USD 12.5 billion for 2026–2027.

    Stronger free cash flow provides capacity for Equinor to continue to deliver competitive capital distribution.

    Equinor also strengthens its resilience and can be cash flow neutral after all investments at an oil price around 50 dollars per barrel.

    Oil and gas – delivering long term value

    Equinor expects an oil and gas production growth of above 10% from 2024 to 2027. In 2030 expected production is around 2.2 million boe per day, up from previous expectation of around 2 million. For the NCS, production is expected to maintain at a high level of around 1.2 million boe per day all the way to 2035.

    Equinor will continue to develop existing fields and an attractive project portfolio both on the NCS and internationally. Driving increased recovery and exploration near infrastructure is expected to bring high value volumes with short lead time, low cost and low emissions.

    From the international upstream portfolio, Equinor expects the annual free cash flow* to grow to more than USD 5 billion in 2030.

    A CO2 intensity* around 6 kg per boe is expected by 2030 and the company is on track to deliver on the 2030 ambition of net 50 percent reduction in operated scope 1 and 2 CO2 emissions.

    Renewables and low carbon – adjusting ambitions to realities

    Equinor has high-graded the project portfolios in renewables and low carbon solutions, and reduced cost and early phase spend to improve the value creation for shareholders.The portfolio is expected to deliver more than 10% life-cycle equity returns. For renewables, the ambition for installed capacity is reduced to 10-12 gigawatt by 2030, including the  Ørsted and Scatec ownership positions.

    Equinor demonstrates a leading position in carbon capture and storage and has projects with a storage capacity of 2.3 million tonnes CO2 installed or under development. The ambition to store 30-50 million tonnes of CO2 per annum by 2035 is maintained, and Equinor has secured licenses with capacity to store more than 60 million tonnes annually.

    To underline that value creation is at the core of decision making, the ambition to allocate 50% of gross capital expenditures to renewables and low carbon solutions by 2030 is retired.

    Updated Energy transition plan

    The Energy transition plan describes how Equinor creates value, cuts emissions and develops new energy solutions to reach net zero by 2050. The ambition for cutting scope 1 and 2 emissions by 50% within 2030 is upheld.

    The pace of transition depends on frame conditions and market opportunities to create value. Adjusting to the market situation and opportunity set, the range for the net carbon intensity (NCI) ambition will be 15-20% in 2030 and 30-40% in 2035.

    Updated outlook for 2025:

    • Organic capex expenditures* are estimated at  USD 13 billion for 2025 (2).
    • Oil & gas production for 2025 is estimated to grow 4% compared to 2024 level.

    This press release contains Forward Looking Statements. Please see the Forward Looking Statement disclaimer published on Equinor.com/investors/cmu-2025-forward-looking-statements.

    – – –

    * For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    (1) All forward looking financial numbers are based on Brent blend 70 USD/bbl, Henry Hub 3.5 USD/MMBtu and European gas price 2025: 13 USD/MMBtu, 2026: 11 USD/MMBtu and thereafter: 9 USD/MMBtu

    (2) USD/NOK exchange rate assumption of 11

    – – –

    Further information from:

    Investor relations
    Bård Glad Pedersen, Senior vice president Investor relations,
    +47 918 01 791 (mobile)

    Press
    Sissel Rinde, Vice president Media relations,
    +47 412 60 584 (mobile)

    This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

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    The MIL Network –

  • MIL-OSI United Kingdom: New UK support for Ukraine drives forward 100 Year Partnership

    Source: United Kingdom – Executive Government & Departments

    The UK will boost Ukrainian grain supplies to Syria as the Foreign Secretary drives forward the 100 Year Partnership on visit to Kyiv.

    • The UK’s immediate support for Ukraine and the longer-term partnership between our two countries both top of the agenda in Foreign Secretary’s visit to Kyiv. 

    • New UK support totalling £55m will boost resilience and growth in the UK and Ukraine.

    Visiting Kyiv today, David Lammy will see first-hand how UK support is putting Ukraine in the strongest possible position as it enters its fourth year of Russia’s full-scale invasion. 

    Delivering on commitments made to President Zelenskyy by Prime Minister Keir Starmer two weeks ago, the UK is providing £3 million for deliveries of Ukrainian grain and other food produce to Syria.  

    Working with the World Food Programme, this planned support will provide a lifeline to the most vulnerable in Syria unlike Russian grain supplies to the brutal Assad regime which attempted to buy favour, loading costly debt on the Syrian state. 

    These malign efforts from Russia often likely used produce from illegally occupied Ukrainian land. Russia is estimated to be taking 4.3 million tonnes of grain each year from temporarily occupied territories. It comes after the Prime Minister announced a new Grain Verification Scheme to track stolen grain from occupied Ukrainian territories last month. The UK developed the new scheme following an ask from Ukraine to the G7 to help trace snatched grain from Ukraine fields under Russian control, which is then relabelled and sold on. 

    Russia has repeatedly attacked Ukrainian port infrastructure and ships in the Black Sea, delaying vital food and aid from reaching the global south. These attacks hinder food supplies from reaching the most in need and help drive up food and fuel prices around the world. 

    However, Ukraine’s navy continues to fight back, having destroyed or damaged roughly one quarter of the Black Sea Fleet’s major combatant vessels, denying Russia control of the western Black Sea.  

    As part of the Foreign Secretary’s visit, he will meet with President Zelenskyy, Foreign Minister Sybiha, Prime Minister Shmyhal, and Deputy Prime Minister Stefanishyna, to reiterate the UK’s ongoing support and discuss first-hand how the UK and international partners can put Ukraine into the strongest position possible. 

    In his second official visit to Kyiv, Mr Lammy will announce £17 million for innovative energy projects to support the recovery and sustainability of Ukraine’s energy system. The InnovateUkraine competition will spur collaborations between British, Ukrainian and international businesses and research institutions to find the resilient, scalable and sustainable energy solutions of the future.  

    Despite relentless Russian attacks on their energy system, Ukrainians have shown that with the right support and international collaboration, they can use ingenuity and innovation to keep the lights on and defend themselves against Russia’s illegal invasion. Producing clean, reliable and affordable energy is a vital part of the struggle for Ukraine’s freedom and its defense against Russian attempts to use energy as a weapon.  

    Shoring up Ukraine’s private sector and the resilience of small and medium businesses, the new economic recovery programme, announced by the Prime Minister as part of the 100 Year Partnership, will receive a £10 million boost to help renew, rebuild and reform Ukraine’s economy for the future.

    Foreign Secretary, David Lammy said:

    Our support for Ukraine remains unbreakable. We are determined to put Ukraine in the strongest possible position, both in its fight against Russia and beyond, with our long-term relationship cemented by the 100 Year Partnership. 

    We believe in building for the future between our two countries, as well as supporting Ukraine in the present, as Russia’s barbaric and relentless attacks on vital infrastructure, communities, and businesses continue. That is why we are announcing more support for innovation in Ukraine, to rebuild a more resilient and sustainable society for years to come. 

    Delivering change at home, against the backdrop of an increasingly volatile world, means we must bolster the resilience of our partners.

    A further £25 million of UK funding will support Ukraine to strengthen more inclusive, effective and efficient social systems and services. We will work with Ukraine to revitalise family and community-based services that meet the needs of women, children, people with disabilities and marginalised groups and ensure a safe and loving family for every child.  

    The UK’s SPIRIT programme will bolster Ukraine’s resilience against Russian aggression by helping Ukraine build a more resilient, prosperous and barrier-free future for all. 

    Announcements made today will open up opportunities for British business, by harnessing UK expertise, creating trade and investment opportunities, and building links between the UK and Ukraine for years to come. 

    Support announced today builds on the UK’s strong record as a leading bilateral donor, having committed £977 million in support, including £477 million in humanitarian assistance to Ukraine and the region since the start of the full-scale invasion. We will provide £282 million in support for 2024-25, in addition to the Prime Minister’s commitment to provide £3billion of military support to Ukraine, this year and for as long as it takes.

    Background

    • More information on the UK’s support to Ukraine can be found here

    • More information on the 100 Year Partnership can be found here

    • The UK provided £35 million in emergency support for energy and most vulnerable in Ukraine in December

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –