Category: Finance

MIL-OSI China: Hainan policy to boost investor appeal

Source: People’s Republic of China – State Council News

Customs operations at the Hainan Free Trade Port, which will be completely independent island-wide from mid-December, are expected to strengthen the port’s connectivity with Asia-Pacific economies and boost its appeal to global investors, said market watchers and business leaders.

They said that the move, which follows a policy announcement by the government earlier this month, would elevate Hainan’s strategic position in international trade and economic relations, enabling the island to serve as a unique platform for global business cooperation, particularly in sectors seeking closer integration with international markets.

The policy envisages the establishment of a designated area, under the special supervision of Customs authorities, that covers the whole island of Hainan.

Yu Tao, a researcher at the National Institute for South China Sea Studies in Haikou, Hainan province, said the island-wide independent Customs operation will preserve the Hainan FTP’s close economic ties with the Chinese mainland and support the development of a unified national market.

Building a unified national market is essential to unleashing domestic demand, facilitating the efficient flow of goods and factors, improving resource allocation and fully harnessing the market’s industrial and demand advantages, according to information released by the Research Office of the State Council.

In addition, the newly released negative list clearly defines, for the first time, the full scope of goods and items subject to import and export restrictions in the Hainan FTP, said Yu.

“Based on favorable policies, the list offers clearer regulatory guidance for businesses and enhances trade liberalization and facilitation through more relaxed administrative measures,” he added.

Zhou Mi, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, expressed a similar view.

“The policy’s appeal goes beyond consumer-facing imports and is expected to drive a broader restructuring of manufacturing across the Asia-Pacific region, fostering a trade environment distinct from existing frameworks,” he said.

Zhou said Hainan will become a more attractive destination for investment and industrial development, significantly lowering operating costs for businesses in the Asia-Pacific region.

For instance, the scope of zero-tariff goods will expand from the current 1,900 tariff lines to about 6,600, covering about 74 percent of all tariff lines — an increase of nearly 53 percentage points compared with the level before the policy’s implementation at the end of this year, said the Ministry of Finance.

Zhou noted that the intensified market competition may prompt adjustments or relocations in traditional industries such as manufacturing, biomedicine, duty-free retail and hospitality, potentially changing the existing income structure of local residents.

The actual utilization of foreign capital in Hainan reached 102.5 billion yuan ($14.3 billion) over the past five years, with an average annual growth rate of 14.6 percent. Meanwhile, its offshore duty-free sales have grown rapidly, accounting for over 8 percent of the global duty-free market, data from the Hainan provincial government showed.

With China creating more favorable conditions to drive the opening-up in the Hainan FTP, DFS Group, a part of French multinational LVMH Group, and Shanghai-based Shenya Group will jointly build a mega luxury retail complex in Sanya, Hainan.

Scheduled for completion in 2026, this project is expected to generate more than 1,000 jobs and spur the development of related businesses, including infrastructure, logistics, and hotel and catering services in the Hainan FTP, said Nancy Liu, president of DFS China.

She said the project is expected to attract between 16 million and 18 million visitors yearly by 2030 and create lucrative commercial opportunities for Sanya.

MIL OSI China News –

July 31, 2025
MIL-OSI: Defiance Launches DKNX: 2X Leveraged ETF on DraftKings (DKNG)

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 31, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a leader in thematic and leveraged exchange-traded funds, today announced the launch of an innovative ETF: The Defiance Daily Target 2X Long DKNG ETF (Ticker: DKNX). This fund provides investors with amplified 2X daily exposure to the performance of DraftKings Inc. (DKNG), empowering retail investors to capitalize on high-growth opportunities in the sports betting and gaming industry without the need for a margin account.

DKNX seeks to deliver daily investment results, before fees and expenses, of 200% of the daily performance of DraftKings Inc. Through the use of derivatives, including swaps and options, DKNX aims to achieve precise 2X daily leveraged exposure to the underlying stock.

“DKNX represents Defiance’s continued commitment to pioneering leveraged ETFs that give investors amplified access to high-growth, innovative companies,” said Sylvia Jablonski, CEO of Defiance ETFs. “DraftKings’ leadership in digital sports betting and entertainment makes DKNX a timely addition to our lineup, allowing active investors to pursue targeted growth strategies.”

Why DraftKings Inc. (DKNG)?

DraftKings Inc. is a leading digital sports entertainment and gaming company, offering sports betting, daily fantasy sports, and online gaming across regulated markets in the U.S. and beyond. As legalized sports betting expands and consumer engagement accelerates, DraftKings continues to innovate with technology-driven platforms, data analytics, and strategic partnerships.

An investment in DKNX is not an investment in DraftKings Inc.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

About Defiance
Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

IMPORTANT DISCLOSURES

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

DKNG Risks. The Funds invest in swap contracts and options that are based on the share prices of DKNG. This subjects the Funds to the risk that the respective share prices decrease. If the share price of DKNG decreases, the Funds will likely lose value and, as a result, the Funds may suffer significant losses. Therefore, as a result of the Funds’ exposure to the values of DKNG, the Funds may also be subject to the following risks:

Underlying Securities Trading Risk. The trading prices of DKNG may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.

Underlying Securities Performance Risk. DKNG may fail to meet publicly announced guidelines or other expectations about its business, which could cause its share price to decline.

Sports Betting and Gaming Industry Risk (DKNX). The sports betting and gaming industry can be significantly affected by regulatory changes, legal developments, taxation, competitive pressures, and consumer behavior shifts.

Derivatives Risks. The Funds’ derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.

Leverage Risk. As part of the Funds’ principal investment strategy, the Funds will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss.

Compounding Risk. The Funds have a single day investment objective, and performance for any other period is the result of compounding daily returns for each trading day. The effects of compounding will likely cause the performance of a Fund to be either greater than or less than the Underlying Security’s performance times the stated multiple in the Fund’s investment objective, before accounting for fees and fund expenses.

High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Funds’ expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

Non-Diversification Risk. Because the Funds are non-diversified, they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk of the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods of adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

New Fund Risk. As newly formed funds, they have no operating history, providing a limited basis for investors to assess performance or management.

Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

David Hanono, info@defianceetfs.com, 833.333.9383

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fb250b6-cfe3-4d2b-9e44-2ad670c59bb4

The MIL Network –

July 31, 2025

MIL-OSI: Societe Generale: Second quarter and first half 2025 results

Source: GlobeNewswire (MIL-OSI)

RESULTS AT 30 JUNE 2025

Press release
Paris, 31 July 2025, 6:25 a.m.

GROUP NET INCOME OF EUR 3.1BN IN H1 25, UP +71% VS. H1 24

UPGRADE OF 2025 TARGETS

FIRST ADDITIONAL SHARE BUY-BACK OF EUR 1BN

NEW INTERIM CASH DIVIDEND OF EUR 0.61¹ PER SHARE

Group revenues at EUR 13.9 billion in H1 25, up +8.6% excluding asset disposals vs. H1 24, exceeding 2025 annual target > +3%
Costs down -2.6% in H1 25 vs. H1 24, excluding asset disposals, ahead of our 2025 annual target of a decrease higher than -1%
Cost / income ratio at 64.4% in H1 25, below the initial annual target of <66% for 2025
Solid asset quality with a low cost of risk at 24bps in H1 25, below the 2025 annual target of 25 to 30 basis points
Group net income of EUR 3.1 billion in H1 25, up +71% vs. H1 24, ROTE at 10.3%, above the initial annual target of >8% for 2025
As in H1 25, strong performance in Q2 25, C/I ratio at 63.8% (vs. 68.4% in Q2 24), Group net income of EUR 1.5bn (+31% vs. Q2 24) and ROTE at 9.7%
Upgrade of the 2025 financial targets driven by better than guided revenues and costs:
- Cost / income ratio now expected below 65% in 2025
- ROTE target for 2025 increased to ~9% in 2025
First distribution of excess capital in the form of an additional share buy-back of EUR 1 billion (~-25 basis points of the CET1 ratio), to be launched as soon as 4 August 2025
CET1 ratio at 13.5% at the end of Q2 25 after additional share buy-back of EUR 1bn, around 330 basis points above the regulatory requirement
The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. For the first half of 2025, an interim dividend of EUR 0.61¹ per share will be paid on 9 October 2025

Slawomir Krupa, Group Chief Executive Officer, commented:

“We are once again reporting strong results this quarter with a solid commercial and financial performance in all our businesses. Revenue growth, cost reduction, cost income ratio and profitability improvement: we are ahead of all our annual targets for the first half of the year, and we have revised them upwards for the full year 2025. With a high capital ratio, well above our target, we decided to provide an additional distribution to shareholders in the form of a share buy-back and to introduce an interim dividend for the first half of 2025. I would like to thank all our teams for their commitment to our clients and to our Bank. We remain fully focused on the precise and methodical execution of our 2026 roadmap to continue delivering sustainable and profitable growth for all our stakeholders.”

GROUP CONSOLIDATED RESULTS

In EURm	Q2 25	Q2 24	Change		H1 25	H1 24	Change
Net banking income	6,791	6,685	+1.6%	+7.8%*	13,874	13,330	+4.1%	+8.8%*
Operating expenses	(4,331)	(4,570)	-5.2%	-0.1%*	(8,935)	(9,550)	-6.4%	-2.6%*
Gross operating income	2,460	2,115	+16.4%	+25.3%*	4,939	3,780	+30.7%	+37.8%*
Net cost of risk	(355)	(387)	-8.2%	+0.7%*	(699)	(787)	-11.1%	-4.9%*
Operating income	2,105	1,728	+21.8%	+30.6%*	4,240	2,993	+41.7%	+48.8%*
Net profits or losses from other assets	75	(8)	n/s	n/s	277	(88)	n/s	n/s
Income tax	(477)	(379)	+25.8%	+37.7%*	(967)	(653)	+48.1%	+58.3%*
Net income	1,702	1,348	+26.3%	+34.6%*	3,557	2,265	+57.1%	+64.4%*
o/w non-controlling interests	249	235	+5.8%	+11.5%*	496	472	+5.0%	+11.3%*
Group net income	1,453	1,113	+30.6%	+39.6%*	3,061	1,793	+70.8%	+78.1%*
ROE	8.6%	6.5%			9.1%	5.1%	+0.0%	+0.0%*
ROTE	9.7%	7.4%			10.3%	5.8%	+0.0%	+0.0%*
Cost to income	63.8%	68.4%			64.4%	71.6%	+0.0%	+0.0%*

Asterisks* in the document refer to data at constant scope and exchange rates

Societe Generale’s Board of Directors, at a meeting chaired by Lorenzo Bini Smaghi on 30 July 2025, reviewed the Societe Generale Group’s results for the second quarter and first half of 2025.

Net banking income

Net banking income stood at EUR 6.8 billion, up +1.6% vs. Q2 24 and +7.1% excluding asset disposals.

Revenues of French Retail, Private Banking and Insurance were up +6.5% vs. Q2 24 (+10.7% excluding asset disposals). They stood at EUR 2.3 billion in Q2 25. Net interest income grew strongly in Q2 25 by +14.8% vs. Q2 24, and by +2.4% when restating the disposals and the impact of short-term hedges recognised in Q2 24 (around EUR -150 million). Assets under management in Private Banking (excluding disposals of the Swiss and UK operations) and life insurance outstandings increased by +6% and +5% in Q2 25 vs. Q2 24 respectively. Lastly, BoursoBank continued its strong commercial development with ~424,000 new clients during the quarter, and has reached 8 million clients in July 2025, ahead of its initial 2026 guidance given at the Capital Markets Day in September 2023.

Global Banking and Investor Solutions maintained a high level of revenues of EUR 2.6 billion in Q2 25, up +0.7% vs. Q2 24 owing to the continued sustained activity in Fixed Income and Currencies and in Financing and Advisory. Global Markets posted a revenue base up +0.8% in Q2 25, compared with a level that was already very high in Q2 24. The Equities business maintained a very high level of revenues, although this fell slightly by -2.9% in Q2 25, compared with an elevated level in Q2 24, mainly due to the positive commercial momentum in derivatives. Fixed Income and Currencies grew by 7.3%, driven by buoyant activity in flow and financing products. Securities Services posted a slight decrease in revenues of -3.1% due to the impact of the fall in interest rates. Global Banking & Advisory benefited from the strong performance of the acquisition finance, fund financing and project finance businesses, as well as from the solid momentum in loan origination and distribution. Lastly, despite robust commercial activity with corporate and institutional clients, Global Transaction & Payment Services recorded a fall in revenues of -4.7% compared with Q2 24, also due to the contraction of interest rates.

In Mobility, International Retail Banking and Financial Services, revenues were down -5.6% vs. Q2 24 mainly due to a scope effect of around EUR -260 million in Q2 25. Excluding the impact of asset disposals, they were up +7.3%. International Retail Banking recorded a -12.1% fall in revenues vs. Q2 24 to
EUR 0.9 billion, due to a scope effect related to the disposals completed in Africa (mainly Morocco and Madagascar). They rose +2.7% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up +0.4% vs. Q2 24 and up +11.7% excluding the disposal of SGEF. Ayvens’ revenues grew by +10.6% vs. Q2 24, with notably improved margins. Consumer Finance posted a revenue increase of +12.6%, notably driven by higher net interest income.

The Corporate Centre recorded revenues of EUR -160 million in Q2 25.

In the first half of the year, the Group’s net banking income increased by +4.1% vs. H1 24 and +8.6% excluding asset disposals.

Operating expenses

Operating expenses came to EUR 4,331 million in Q2 25, down -5.2% vs. Q2 24 and -0.6% excluding asset disposals.

The slight decrease in operating expenses in Q2 25 excluding asset disposals largely results from the accounting of an exceptional charge of approximately EUR 100 million² related to the launch of a Global Employee Share Ownership Programme in June 2025. Restated from this non-recurring item, operating expenses were down -2.8% vs. Q2 24, confirming the strong cost control at Group level. In Q2 25, transformation charges fell by EUR -93 million vs. Q2 24.

The cost-to-income ratio stood at 63.8% in Q2 25, down from Q2 24 (68.4%) and below the initial guidance of <66% for 2025.

In the first half of the year, operating expenses fell significantly by -2.6% vs. H1 24 (excluding asset disposals). The cost-to-income ratio stood at 64.4% (vs. 71.6% in H1 24), also ahead of the initial 2025 guidance of <66%.

Revenues and costs in H1 25 being ahead of the initial targets in H1 25, the C/I ratio target is now at <65% in 2025.

Cost of risk

The cost of risk remained low during the quarter at 25 basis points, or EUR 355 million and is still at the lower end of the target set for 2025 of between 25 and 30 basis points. This comprises a
EUR 390 million provision for doubtful loans (around 27 basis points) and a reversal of a provision for performing loans for EUR 35 million.

At end-June, the Group had a stock of provisions for performing loans of EUR 3,011 million, down by -3.8% from 31 March 2025, mainly driven by asset disposals and FX impact.

The gross non-performing loan ratio amounted to 2.77%³^,⁴ at 30 June 2025, down compared with its level at end-March 2025 (2.82%). The net coverage ratio on the Group’s non-performing loans stood at 81%⁵ at 30 June 2025 (after netting of guarantees and collateral).

Net profits from other assets

The Group recorded a net profit of EUR 75 million in Q2 25, mainly related to the accounting impacts resulting from the sale of Societe Generale Burkina Faso, completed in June 2025.

Group net income

Group net income stood at EUR 1,453 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 9.7%.

In the first half of the year, Group net income stood at EUR 3,061 million, equating to a Return on Tangible Equity (ROTE) of 10.3%, higher than the target set for 2025 of >8%.

Considering the performance in the first half of 2025, the Group is now targeting a ROTE of around 9% in 2025.

Shareholder distribution

The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. Based on the financial statements for the first half of 2025, the Board of Directors has decided the payment of an interim dividend of EUR 0.61 per share. The ex-dividend date will be on 7 October 2025 and the payment on 9 October 2025.

In addition, as part of the first application of a possible option of the Group’s new distribution policy announced on 6 February 2025⁶, a distribution of excess capital will be made in the form of an additional EUR 1 billion share buy-back. Authorisations, including the one from the ECB, have been obtained⁷ to launch this programme, which will start on 4 August 2025.

ESG: PREPARING FOR THE FUTURE

The Group announced the composition of its Scientific Advisory Council this quarter. The role of this body is to provide the General Management with ESG insights, taking a science-based approach to the key emerging trends that will influence the economic environment and the Group’s activities in the future. Composed of eight expert members with complementary skills, the Council will provide holistic views in order to identify long-term opportunities and challenges (for more details, see Societe Generale unveils the composition of its Scientific Advisory Council – Societe Generale).

At the same time, Societe Generale is continuing to develop its actions for the energy transition, as well as innovative financing solutions to support its customers:

During the United Nations Ocean Conference (UNOC), Societe Generale recalled its efforts to protect marine ecosystems and its key role in the transition to a more sustainable maritime economy. It acted as the exclusive advisor to Eurazeo for the “Maritime Upgrade” debt fund (Eurazeo and Societe Generale to join forces to support the sustainable transition of the maritime sector – Wholesale Banking).
Through its subsidiary REED, Societe Generale has invested in Voltekko Tech, a platform specialising in energy-efficient data centres. A total of nine investments, mainly in the energy sector, have been made since the acquisition of REED.

Lastly, Societe Generale received the Euromoney award for “The World’s Best Bank for ESG”, together with an excellent rating from Sustainalytics, at 15.4 – an improvement on the rating assigned by the agency in its last review, which positions it among the world’s best banks (top 12%).

THE GROUP’S FINANCIAL STRUCTURE

At 30 June 2025, the Group’s Common Equity Tier 1 ratio stood at 13.5%, or around 330 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was also well above regulatory requirements at 148% at end-June 2025 (149% on average for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 117% at end-June 2025.

All liquidity and solvency ratios are well above the regulatory requirements.

	30/06/2025	31/12/2024	Requirements
CET1⁽¹⁾	13.5%	13.3%	10.22%
Tier 1 ratio⁽¹⁾	15.8%	16.1%	12.14%
Total Capital⁽¹⁾	18.4%	18.9%	14.71%
Leverage ratio⁽¹⁾	4.4%	4.3%	3.60%
TLAC (% RWA)⁽¹⁾	29.9%	29.7%	22.33%
TLAC (% leverage)⁽¹⁾	8.3%	8.0%	6.75%
MREL (% RWA)⁽¹⁾	33.4%	34.2%	27.44%
MREL (% leverage)⁽¹⁾	9.2%	9.2%	6.13%
End of period LCR	148%	162%	>100%
Period average LCR	149%	150%	>100%
NSFR	117%	117%	>100%

In EURbn	30/06/2025	31/12/2024
Total consolidated balance sheet	1,551	1,574
Shareholders’ equity (IFRS), Group share	68	70
Risk-weighted assets	388	390
O.w. credit risk	314	327
Total funded balance sheet	923	952
Customer loans	456	463
Customer deposits	594	614

⁸

As of 30 June 2025, the parent company has issued EUR 13.5 billion of medium / long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at end-2024. The subsidiaries had issued EUR 1.8 billion. In total, the Group has issued a total of EUR 15.3 billion in medium / long-term debt since the start of the year.

As of 30 June 2025, the parent company’s 2025 financing programme is around 80% complete for vanilla issuance.

The Group is rated by four rating agencies: (i) Fitch Ratings – Issuer default rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, stable outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

In EURm	Q2 25	Q2 24	Change	H1 25	H1 24	Change
Net banking income	2,269	2,131	+6.5%	4,568	4,146	+10.2%
Of which net interest income	1,036	902	+14.8%	2,097	1,729	+21.3%
Of which fees	1,013	1,027	-1.4%	2,069	2,045	+1.1%
Operating expenses	(1,477)	(1,649)	-10.4%	(3,043)	(3,377)	-9.9%
Gross operating income	791	482	+64.3%	1,525	770	+98.2%
Net cost of risk	(146)	(173)	-15.4%	(317)	(420)	-24.5%
Operating income	645	309	x 2.1	1,208	350	x 3.5
Net profits or losses from other assets	20	8	x 2.6	27	8	x 3.3
Group net income	488	240	x 2.0	909	271	x 3.4
RONE	11.2%	5.7%		10.4%	3.3%
Cost to income	65.1%	77.4%		66.6%	81.4%

Commercial activity

SG Network, Private Banking and Insurance

The SG Network’s average outstanding deposits amounted to EUR 227 billion in Q2 25, down -3% compared with Q2 24, and -1% vs. Q1 25.

The SG Network’s average loan outstandings contracted by -2% on Q2 24 to EUR 194 billion and were stable excluding repayments of state-guaranteed loans (PGE). Mortgage loan production saw a sharp increase of +175% vs. Q2 24.

The average loan to deposit ratio came to 85.5% in Q2 25, down -1 percentage point relative to Q2 24.

Private Banking saw its assets under management⁹ grow by +6% vs. Q2 24 to EUR 132 billion in Q2 25. Net asset inflows totalled EUR 2.3 billion in Q2 25, with asset gathering pace (annualised net new money divided by AuM) standing at +6% in H1 25. Net banking income amounted to EUR 308 million for the quarter and EUR 669 million for the first half of the year.

Insurance, which covers activities in and outside France, posted a strong commercial performance. Life insurance outstandings increased by +5% vs. Q2 24 to reach EUR 150 billion in Q2 25. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 4.8 billion in Q2 25.

BoursoBank

BoursoBank reached 7.9 million clients in Q2 25, the threshold of 8 million clients being reached in July 2025. In Q2 25, the bank recorded a +22% increase in the number of clients vs. Q2 24, bringing growth in the number of clients to +1.4 million year on year. Onboarding remained high during the quarter (~424,000 new clients in Q2 25), while the attrition is very low, at less than 4%.

BoursoBank once again confirmed its position as the French market leader, as shown by the award received from Euromoney for best digital bank in France¹⁰.

Average outstanding savings, including deposits and financial savings, totalled EUR 69.8 billion, the average outstanding deposits increasing sharply by +16% vs. Q2 24. Average life insurance outstandings increased by +7% vs. Q2 24 (the share of unit-linked products was 48%) and gross inflows being up +12% vs. Q2 24. The brokerage activity recorded a strong increase in the number of market orders of +33% vs. Q2 24.

Average loan outstandings rose +10% compared with Q2 24 to EUR 16.7 billion in Q2 25.

Net banking income

Revenues for the quarter amounted to EUR 2,269 million (including PEL/CEL provision) up +6.5% compared with Q2 24 and +10.7% excluding asset disposals. Net interest income grew by +14.8%
vs. Q2 24 and +2.4% excluding asset disposals and the impact of short-term hedges in Q2 24. Fees were down -1.4% compared with Q2 24 and up +1.4% excluding asset disposals.

First-half revenues came to EUR 4,568 million (including PEL/CEL provision), up +10.2% on H1 24 and +13.6% excluding asset disposals. Net interest income grew by +21.3% vs. H1 24. It is up +0.6% excluding asset disposals and the impact of short-term hedges in H1 24. Fee income rose +1.1% vs. H1 24 and +3.7% excluding asset disposals.

Operating expenses

Operating expenses came to EUR 1,477 million for the quarter, down -10.4% vs. Q2 24 and -5.7% excluding asset disposals. The cost-to-income ratio stood at 65.1% in Q2 25, an improvement of 12.3 percentage points vs. Q2 24.

During the first half of the year, operating expenses amounted to EUR 3,043 million, down -9.9% compared with H1 24 and -6.2% excluding asset disposals. The cost-to-income ratio stood at 66.6%, an improvement of 14.8 percentage points vs. H1 24.

Cost of risk

The cost of risk amounted to EUR 146 million, or 25 basis points, for the quarter, which was lower than in Q2 24 and Q1 25 (29 basis points in both cases).

In the first half of the year, the cost of risk totalled EUR 317 million, or 27 basis points.

Group net income

Group net income totalled EUR 488 million for the quarter. RONE stood at 11.2% in Q2 25.

In the first half of the year, Group net income totalled EUR 909 million. RONE stood at 10.4% in H1 25.

GLOBAL BANKING AND INVESTOR SOLUTIONS

In EUR m	Q2 25	Q2 24	Variation		H1 25	H1 24	Change
Net banking income	2,647	2,628	+0.7%	+2.4%*	5,542	5,259	+5.4%	+5.5%*
Operating expenses	(1,630)	(1,647)	-1.0%	+0.2%*	(3,385)	(3,404)	-0.5%	-0.4%*
Gross operating income	1,017	981	+3.6%	+6.1%*	2,157	1,856	+16.2%	+16.4%*
Net cost of risk	(81)	(21)	x 3.8	x 3.8*	(136)	(1)	x 91.4	x 91.4*
Operating income	936	960	-2.5%	-0.1%*	2,021	1,854	+9.0%	+9.2%*
Reported Group net income	750	776	-3.4%	-1.1%*	1,606	1,473	+9.0%	+9.2%*
RONE	16.8%	19.0%	+0.0%	+0.0%*	17.7%	18.2%	+0.0%	+0.0%*
Cost to income	61.6%	62.7%	+0.0%	+0.0%*	61.1%	64.7%	+0.0%	+0.0%*

Net banking income

Global Banking and Investor Solutions reported solid results for the quarter, with revenues of
EUR 2,647 million, remaining consistently high, slightly up +0.7% compared with Q2 24.

In the first half of the year, revenues grew by +5.4% vs. H1 24 (EUR 5,542 million vs. EUR 5,259 million).

Global Markets and Investor Services maintained a high level of revenues of EUR 1,753 million, stable (+0.4%) over the quarter compared with Q2 24. In the first half of the year, they amounted to EUR 3,674 million, up +5.2% vs. H1 24.

Market Activities were slightly up during the quarter (+0.8%), with revenues of EUR 1,577 million. In the first half of the year, they rose +5.9% in comparison with H1 24 to EUR 3,336 million.

The Equities business was resilient during the quarter, at -2.9% compared with a high level in Q2 24. Revenues stood at EUR 962 million for the quarter, driven by the positive commercial momentum in derivatives. In the first half of the year, they rose +8.7% in comparison with H1 24 to EUR 2,023 million.

Fixed Income and Currencies rose sharply during the quarter, with revenues up +7.3% vs. Q2 24 to
EUR 615 million, driven by a strong performance in flow and financing products. Commercial momentum remained strong during the quarter, despite an uncertain macroeconomic environment. In the first half of the year, revenues were up +1.9% from H1 24 to EUR 1,313 million.

In Securities Services, revenues fell -3.1% compared with Q2 24 to EUR 176 million, due to the fall in interest rates. Excluding equity participations, revenues are down -2.4%. In the first half of the year, revenues were down -1.0% and -1.3% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 5,222 billion and EUR 638 billion, respectively.

Revenues for the Financing and Advisory business totalled EUR 895 million for the quarter, slightly up +1.3% compared with Q2 24. In the first half of the year, they were up +5.7% in comparison with H1 24 to EUR 1,868 million.

Global Banking & Advisory posted significant revenues for the quarter, up +3.6% compared with Q2 24, driven in particular by buoyant activity in acquisition finance, fund financing and project finance. In the first half of the year, revenues were up +7.1% versus H1 24.

Global Transaction & Payment Services delivered good commercial performance during the quarter, particularly with corporate and institutional clients. However, revenues fell by -4.7% during the quarter due to the impact of lower interest rates. In the first half of the year, revenues were up +1.6% vs. H1 24.

Operating expenses

Operating expenses came to EUR 1,630 million for the quarter, down -1.0% vs. Q2 24. The cost-to-income ratio was 61.6% in Q2 25.

During the first half of the year, operating expenses contracted by -0.5% compared with H1 24, while the cost-to-income ratio reached 61.1%, vs. 64.7% in H1 24.

Cost of risk

During the quarter, the cost of risk was EUR 81 million, or 19 basis points vs. 5 basis points in Q2 24.

During the first half of the year, the cost of risk was EUR 136 million, or 16 basis points vs. 0 basis points in H1 24.

Group net income

Group net income fell -3.4% vs. Q2 24 to EUR 750 million. In the first half of the year, it rose +9.0% to
EUR 1,606 million.

Global Banking and Investor Solutions reported RONE of 16.8% for the quarter and RONE of 17.7% for the first half of the year.

MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

In EURm	Q2 25	Q2 24	Change		H1 25	H1 24	Change
Net banking income	2,036	2,157	-5.6%	+7.2%*	4,036	4,318	-6.5%	+4.1%*
Operating expenses	(1,059)	(1,261)	-16.0%	-4.2%*	(2,240)	(2,611)	-14.2%	-4.5%*
Gross operating income	977	896	+8.9%	+22.9%*	1,796	1,707	+5.3%	+17.4%*
Net cost of risk	(126)	(189)	-33.1%	-18.4%*	(250)	(370)	-32.4%	-21.2%*
Operating income	850	708	+20.1%	+32.9%*	1,546	1,336	+15.7%	+27.5%*
Net profits or losses from other assets	0	(0)	n/s	n/s	0	4	-92.7%	-92.7%*
Non-controlling interests	246	211	+16.5%	+23.5%*	458	406	+12.6%	+20.6%*
Group net income	404	321	+25.7%	+41.3%*	722	599	+20.5%	+33.7%*
RONE	15.3%	11.4%			13.2%	10.7%
Cost to income	52.0%	58.4%			55.5%	60.5%

⁾()

Commercial activity

International Retail Banking

International Retail Banking posted strong commercial momentum in Q2 25, mainly driven by loan outstandings, up +4.3%* vs. Q2 24 to EUR 61 billion. Deposit outstandings stabilised* vs. Q2 24 to EUR 75 billion.

Europe continued to post strong growth in loan outstandings of 7.0%* vs. Q2 24 to EUR 46 billion in Q2 25. Deposits were stable* this quarter at EUR 56 billion in Q2 25.

In Africa, Mediterranean Basin and French Overseas Territories, loan outstandings were down -3.1%* vs. Q2 24 to EUR 15 billion. Deposit outstandings increased +1.9%* vs. Q2 24 to EUR 19 billion in Q2 25, mainly driven by sight deposits from retail and corporate clients.

Mobility and Financial Services

Overall, Mobility and Financial Services recorded a broadly stable commercial performance.

Ayvens maintained earning assets of around EUR 53 billion at end-June 2025, broadly stable compared to end-June 2024.

Consumer Finance posted loans outstanding of EUR 23 billion, still down -2.8% vs. Q2 24.

Net banking income

In Q2 25, Mobility, International Retail Banking and Financial Services delivered a good performance, with EUR 2,036 million in Q2 25, up 7.2%* vs. Q2 24.

In the first half of the year, revenues grew by +4.1%* vs. H1 24 to EUR 4,036 million.

International Retail Banking revenues increased +2.7%* vs. Q2 24 to EUR 920 million in Q2 25. They rose +2.3%* in the first half vs. H1 24 to EUR 1,833 million in H1 25.

In Europe, revenues amounted to EUR 528 million in Q2 25, strongly up +6.1%* vs. Q2 24. The increase was due to the high level of net interest income in both countries (+7.3%* vs. Q2 24).

Overall, revenues in Africa, Mediterranean Basin and French Overseas Territories were slightly down -1.5%* vs. Q2 24 to EUR 392 million in Q2 25, compared with a high Q2 24 level. The net interest income was up +2.8%* vs. Q2 24.

Mobility and Financial Services posted strong revenue growth in both businesses, at +11.1%* overall vs. Q2 24, to EUR 1,116 million in Q2 25. In the first half of the year, the increase was +5.7%* vs. H1 24 to EUR 2,203 million.

The significant improvement in Ayvens’ revenues of +10.6% vs. Q2 24 (EUR 868 million in Q2 25) is due, as expected, to the reduced impact of depreciation adjustments and non-recurring items¹¹ (-3% revenues vs. Q2 24, adjusted from those two items). Margins increased to 550 basis points in Q2 25 vs. 539 basis points in Q2 24, excluding non-recurring items. The depreciations were down vs. Q2 24 and the average results on sales of used vehicles per unit on the secondary market continued to normalise very gradually (EUR 1,234¹² in Q2 25 vs. EUR 1,480² in Q2 24). At company level, Ayvens had a cost-to-income ratio of 57.6%¹³ in Q2 25, in line with the 2025 guidance (57%-59% for the year).

Revenues from the Consumer Finance business increased by +12.6% vs. Q2 24, to EUR 247 million in Q2 25. This significant growth reflects both an improvement in the margin on new production and the positive impact of an asset revaluation.

Operating expenses

Over the quarter, operating expenses for the quarter decreased by -4.2%* vs. Q2 24 to EUR 1,059 million in Q2 25 (including EUR 29 million in transformation charges). The cost-to-income ratio improved in Q2 25 to 52.0% vs. 58.4% in Q2 24. In the first half of the year, costs of EUR 2,240 million were down -4.5%* vs. H1 24, while the cost-to-income ratio stood at 55.5% vs. 60.5% in H1 24.

International Retail Banking recorded a -5.2%* decrease in costs vs. Q2 24 at EUR 482 million, in a still inflationary local environment.

Mobility and Financial Services costs reached EUR 577 million in Q2 25, down -3.3%* vs. Q2 24. Ayvens benefitted from the initial cost synergies related to the integration of Leaseplan.

Cost of risk

Over the quarter, the cost of risk amounted to EUR 126 million or 35 basis points this quarter, which was considerably lower than in Q2 24 (45 basis points).

In the first half of the year, the cost of risk stood at 33 basis points vs. 44 basis points in H1 24.

Group net income

Group net income came to EUR 404 million for the quarter, up +41.3%* vs. Q2 24. RONE improved to 15.3% in Q2 25 vs. 11.4% in Q2 24. RONE was 18.4% in International Retail Banking and 13.1% in Mobility and Financial Services in Q2 25.

In the first half of the year, Group net income came to EUR 722 million, up +33.7%* vs. H1 24. RONE improved to 13.2% in H1 25 vs. 10.7% in H1 24. RONE was 16.3% in International Retail Banking and 11.1% in Mobility and Financial Services in H1 25.

CORPORATE CENTRE

In EURm	Q2 25	Q2 24	Change		H1 25	H1 24	Change
Net banking income	(160)	(231)	+30.8%	+30.8%*	(273)	(394)	+30.8%	+30.8%*
Operating expenses	(164)	(13)	x 12.3	x 4.3*	(267)	(158)	+68.3%	+45.3%*
Gross operating income	(324)	(245)	-32.5%	-20.2%*	(539)	(552)	+2.4%	+6.6%*
Net cost of risk	(2)	(4)	-55.7%	-55.7%*	4	5	+16.7%	+16.7%*
Net profits or losses from other assets	57	(15)	n/s	n/s	250	(99)	n/s	n/s
Income tax	83	67	-23.0%	-12.2%*	143	157	+8.7%	+12.3%*
Group net income	(188)	(225)	+16.1%	+22.5%*	(176)	(551)	+68.0%	+69.1%*

The Corporate Centre includes:

the property management of the Group’s head office,
the Group’s equity portfolio,
the Treasury function for the Group,
certain costs related to cross-functional projects, as well as various costs incurred by the Group that are not re-invoiced to the businesses.

Net banking income

The Corporate Centre’s net banking income totalled EUR -160 million for the quarter, vs. EUR -231 million in Q2 24.

In the first half of the year, the Corporate Centre’s net banking income totalled EUR -273 million, vs. EUR -394 million in H1 24.

Operating expenses

During the quarter, operating expenses totalled EUR -164 million, vs. EUR -13 million in Q2 24. They include around EUR 100 million in expenses related to the Global Employee Share Ownership Programme launched in June 2025.

In the first half of the year, operating expenses totalled EUR -267 million, vs. EUR -158 million in H1 24.

Net profits from other assets

The Corporate Centre recognised EUR 57 million in net profits from other assets during the quarter, mainly related to the completion of the disposal of Societe Generale Burkina Faso in June 2025.

Group net income

The Corporate Centre’s Group net income totalled EUR -188 million for the quarter, vs. EUR -225 million in Q2 24.

The Corporate Centre’s Group net income totalled EUR -176 million in the first half, vs. EUR -551 million in H1 24.

8. 2025 FINANCIAL CALENDAR

2025 and 2026 Financial communication calendar

7 October 2025 Ex-dividend date
9 October 2025 Payment of the interim dividend
30 October 2025 Third quarter and nine months 2025 results
6 February 2026 Fourth quarter and full year 2025 results
30 April 2026 First quarter 2026 results

The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

– anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

– evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

9. APPENDIX 1: FINANCIAL DATA

GROUP NET INCOME BY CORE BUSINESS

In EURm	Q2 25	Q2 24	Variation	H1 25	H1 24	Variation
French Retail, Private Banking and Insurance	488	240	x 2.0	909	271	x 3.4
Global Banking and Investor Solutions	750	776	-3.4%	1,606	1,473	+9.0%
Mobility, International Retail Banking & Financial Services	404	321	+25.7%	722	599	+20.5%
Core Businesses	1,642	1,322	+24.2%	3,238	2,313	+40.0%
Corporate Centre	(188)	(225)	+16.1%	(176)	(551)	+68.0%
Group	1,453	1,113	+30.6%	3,061	1,793	+70.8%

MAIN EXCEPTIONAL ITEMS

In EURm	Q2 25	Q2 24	H1 25	H1 24
Operating expenses – Total one-off items and transformation charges	(131)	(127)	(205)	(479)
Transformation charges	(30)	(124)	(104)	(476)
Of which French Retail, Private Banking and Insurance	(10)	(45)	(33)	(127)
Of which Global Banking & Investor Solutions	9	(29)	(3)	(183)
Of which Mobility, International Retail Banking & Financial Services	(29)	(50)	(68)	(119)
Of which Corporate Centre	0	0	0	(47)
One-off items	(101)	(3)	(101)	(3)
Global Employee Share Ownership Programme	(101)	(3)	(101)	(3)

Other one-off items – Total	75	(8)	277	(88)
Net profits or losses from other assets	75	(8)	277	(88)

CONSOLIDATED BALANCE SHEET

In EUR m	30/06/2025	31/12/2024
Cash, due from central banks	148,782	201,680
Financial assets at fair value through profit or loss	566,690	526,048
Hedging derivatives	7,769	9,233
Financial assets at fair value through other comprehensive income	103,297	96,024
Securities at amortised cost	49,240	32,655
Due from banks at amortised cost	81,711	84,051
Customer loans at amortised cost	446,154	454,622
Revaluation differences on portfolios hedged against interest rate risk	(330)	(292)
Insurance and reinsurance contracts assets	494	615
Tax assets	4,198	4,687
Other assets	73,477	70,903
Non-current assets held for sale	4,018	26,426
Investments accounted for using the equity method	442	398
Tangible and intangible fixed assets	60,465	61,409
Goodwill	5,084	5,086
Total	1,551,491	1,573,545

In EUR m	30/06/2025	31/12/2024
Due to central banks	10,957	11,364
Financial liabilities at fair value through profit or loss	406,704	396,614
Hedging derivatives	13,628	15,750
Debt securities issued	156,922	162,200
Due to banks	100,588	99,744
Customer deposits	518,397	531,675
Revaluation differences on portfolios hedged against interest rate risk	(6,129)	(5,277)
Tax liabilities	2,261	2,237
Other liabilities	94,155	90,786
Non-current liabilities held for sale	3,526	17,079
Insurance and reinsurance contracts liabilities	156,370	150,691
Provisions	3,916	4,085
Subordinated debts	12,735	17,009
Total liabilities	1,474,030	1,493,957
Shareholder’s equity	–	–
Shareholders’ equity, Group share	–	–
Issued common stocks and capital reserves	20,657	21,281
Other equity instruments	8,762	9,873
Retained earnings	36,741	33,863
Net income	3,061	4,200
Sub-total	69,221	69,217
Unrealised or deferred capital gains and losses	(928)	1,039
Sub-total equity, Group share	68,293	70,256
Non-controlling interests	9,168	9,332
Total equity	77,461	79,588
Total	1,551,491	1,573,545

APPENDIX 2: METHODOLOGY

1 –The financial information presented for the second quarter and first half 2025 was examined by the Board of Directors on July 30^th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The limited review procedures on the condensed interim statement at 30 June 2025 carried by the Statutory Auditors are currently underway.

2 – Net banking income

The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

3 – Operating expenses

Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31^st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

In EURm		Q2-25	Q2-24	S1-25	S1-24
French Retail, Private Banking and Insurance	Net Cost Of Risk	146	173	317	420
	Gross loan Outstandings	230,025	236,044	231,781	237,219
	Cost of Risk in bp	25	29	27	35
Global Banking and Investor Solutions	Net Cost Of Risk	81	21	136	1
	Gross loan Outstandings	171,860	164,829	172,321	163,643
	Cost of Risk in bp	19	5	16	0
Mobility, International Retail Banking & Financial Services	Net Cost Of Risk	126	189	250	370
	Gross loan Outstandings	144,329	166,967	151,727	167,429
	Cost of Risk in bp	35	45	33	44
Corporate Centre	Net Cost Of Risk	2	4	(4)	(5)
	Gross loan Outstandings	26,404	24,583	25,998	23,974
	Cost of Risk in bp	3	6	(3)	(5)
Societe Generale Group	Net Cost Of Risk	355	387	699	787
	Gross loan Outstandings	572,618	592,422	581,827	592,265
	Cost of Risk in bp	25	26	24	27

The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

5 – ROE, ROTE, RONE

The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Since Q1 25 results, with restated historical data, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

ROTE calculation: calculation methodology

End of period (in EURm)	Q2-25	Q2-24	H1 25	H1 24
Shareholders’ equity Group share	68,293	66,829	68,293	66,829
Deeply subordinated and undated subordinated notes	(8,386)	(9,747)	(8,386)	(9,747)
Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	23	(19)	23	(19)
OCI excluding conversion reserves	512	705	512	705
Distribution provision⁽²⁾	(2,375)	(718)	(2,375)	(718)
ROE equity end-of-period	58,067	57,050	58,067	57,050
Average ROE equity	58,579	56,797	58,743	56,660
Average Goodwill⁽³⁾	(4,174)	(4,073)	(4,182)	(4,040)
Average Intangible Assets	(2,787)	(2,937)	(2,811)	(2,947)
Average ROTE equity	51,618	49,787	51,749	49,673

Group net Income	1,453	1,113	3,061	1,793
Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation	(200)	(190)	(387)	(356)
Adjusted Group net Income	1,253	923	2,674	1,437
ROTE	9.7%	7.4%	10.3%	5.8%

¹⁴¹⁵¹⁶
RONE calculation: Average capital allocated to Core Businesses (in EURm)

In EURm	Q2 25	Q2 24	Change	H1 25	H1 24	Change
French Retail , Private Banking and Insurance	17,412	16,690	+4.3%	17,549	16,605	+5.7%
Global Banking and Investor Solutions	17,894	16,313	+9.7%	18,109	16,162	+12.0%
Mobility, International Retail Banking & Financial Services	10,535	11,247	-6.3%	10,955	11,250	-2.6%
Core Businesses	45,841	41,180	+11.3%	46,613	40,955	+13.8%
Corporate Center	12,738	12,544	+1.5%	12,130	12,644	-4.1%
Group	58,579	56,797	+3.1%	58,743	56,660	+3.7%

6 – Net assets and tangible net assets

Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
¹⁷¹⁸

End of period (in EURm)	H1 25	Q1 25	2024
Shareholders’ equity Group share	68,293	70,556	70,256
Deeply subordinated and undated subordinated notes	(8,386)	(10,153)	(10,526)
Interest of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	23	(60)	(25)
Book value of own shares in trading portfolio	(46)	(44)	8
Net Asset Value	59,884	60,299	59,713
Goodwill⁽²⁾	(4,173)	(4,175)	(4,207)
Intangible Assets	(2,776)	(2,798)	(2,871)
Net Tangible Asset Value	52,935	53,326	52,635

Number of shares used to calculate NAPS⁽³⁾	776,296	783,671	796,498
Net Asset Value per Share	77.1	76.9	75.0
Net Tangible Asset Value per Share	68.2	68.0	66.1

7 – Calculation of Earnings Per Share (EPS)

The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
The calculation of Earnings Per Share is described in the following table:

Average number of shares (thousands)	H1 25	Q1 25	2024
Existing shares	800,317	800,317	801,915
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff	2,175	2,586	4,402
Other own shares and treasury shares	12,653	7,646	2,344
Number of shares used to calculate EPS⁽⁴⁾	785,488	790,085	795,169
Group net Income (in EURm)	3,061	1,608	4,200
Interest on deeply subordinated notes and undated subordinated notes (in EURm)	(387)	(188)	(720)
Adjusted Group net income (in EURm)	2,674	1,420	3,481
EPS (in EUR)	3.40	1.80	4.38

¹⁹
8 – Solvency and leverage ratios

Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.
²⁰

9- Funded balance sheet, loan to deposit ratio

The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

The Group loan / deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

Societe Generale

Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

1 Out of a total contemplated distribution accrual of EUR 1.77 per share at end H1 25 based on a pay-out ratio of 50% of the H1 25 Group net income restated from non-cash items (including GESOP) and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including H1 25 results and including interim cash dividend; the distribution policy being based on a balanced mix of the payout between cash dividend and share buy-back
2 A non-cash item with no impact on the CET1 ratio, and therefore no impact on distributable net income
3 Ratio calculated according to EBA methodology published on 16 July 2019
4 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
5 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
6 6 February 2025 – Q4 2024 Financial Results – Presentation – Page 6
7 Cf. Description of the share buy-back program of 17 May 2024 relating to the 22^nd resolution of the Combined general meeting of shareholders of 22 May 2024, for which the authorisation for the company to purchase its own shares is valid until 22 November 2025
8 Including Basel IV phasing
9 Excluding asset diposals (Switzerland and the United Kingdom)
10 France Best Digital Bank, Awards for Excellence, Euromoney July 2025
11 Mainly hyperinflation in Turkey
12 Excluding impacts of depreciation adjustments
13 As disclosed in Ayvens Q2 25 earnings report, excluding revenues from used vehicle sales and non-recurring items
14   Interest net of tax
15    The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes, and including the additional share buy-back of EUR 1bn for Q1 25 and H1 25
16    Excluding goodwill arising from non-controlling interests
17    Interest net of tax
18 Excluding goodwill arising from non-controlling interests
19 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)
20 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)

Attachment

Societe-Generale-Q2-2025-Financial-Results-Press-release-en

The MIL Network –

July 31, 2025

MIL-OSI USA: Rosen Helps Introduce Legislation to Make Child Care More Affordable and Accessible

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

WASHINGTON, D.C. – U.S. Senator Jacky Rosen (D-NV) helped introduce a bill to make child care more affordable and available for working families. A report labeled Nevada as a “child care desert,” meaning that 75% of children age five and younger don’t have access to a licensed provider in the state. The Child Care for Working Families Act would help lower child care costs for families, support child care provider start-ups, raise wages for early educators, and boost investment in high-quality preschool. Under the proposal, no eligible family would pay more than 7 percent of their income on child care, and many would pay nothing at all.
“Families in Nevada are being stretched thin by the soaring costs of child care. It is outrageous that in Nevada a year of child care costs more than a year of college tuition,” said Senator Rosen. “That’s why I’m proud to help introduce a bill that takes bold steps to lower child care costs, expand access, and invest in our children’s futures. I’ll continue working on policies that provide Nevada’s working families with the affordable, high-quality child care they need and deserve.”
Senator Rosen has been actively working to lower costs for families and increase access to child care across Nevada. Earlier this year, she introduced the bipartisan Small Business Child Care Investment Act, which was successfully approved by the Senate Committee on Small Business & Entrepreneurship and would make nonprofit child care providers eligible for U.S. Small Business Administration loan programs, helping them grow and reach more working families. Senator Rosen has also discussed child care costs with constituents and local leaders, hosting roundtables focused on lower costs.

MIL OSI USA News –

July 31, 2025
MIL-OSI Security: Laplace Man Charged With Bank Fraud

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that ERNEST X. TAYLOR, JR. (“TAYLOR”), age 40, a resident of LaPlace, Louisiana, was charged on July 30, 2025 in a superseding bill of information with Bank Fraud, in violation of Title 18, United States Code, Section 1344(2).

According to court documents, between 2019 and 2022, TAYLOR applied for over $400,000 in loans from credit unions and falsely claimed that the funds would be utilized to purchase vehicles. TAYLOR fraudulently applied for loans under other people’s names and did not disclose to the credit unions that the loan proceeds would go to TAYLOR. In furtherance of his scheme, TAYLOR presented materially false documentation to the credit unions, including fraudulent vehicle titles and falsified pay stubs. After receiving the loan proceeds, TAYLOR defaulted on the loans.

If convicted, TAYLOR faces up to thirty years imprisonment, up to five years of supervised release, a fine of up to $250,000, and a mandatory special assessment fee of $100.

Acting U.S. Attorney Simpson reiterated that the superseding bill of information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

The case was investigated by the Federal Bureau of Investigation and the United States Secret Service. Assistant United States Attorneys Maria M. Carboni and Edward Rivera of the Financial Crimes Unit are handling the prosecution.

MIL Security OSI –

July 31, 2025
MIL-OSI Security: Man Charged With Arson Of U.S. Post Office In San Jose

Source: Office of United States Attorneys

SAN JOSE – A criminal complaint was unsealed today charging Richard Tillman with the federal crime of malicious destruction by fire of a U.S. post office in San Jose. Tillman made his initial appearance in federal district court in San Jose today.

According to the criminal complaint, in the early hours of July 20, 2025, Tillman, 44, set fire to the Almaden Valley United States Post Office located on Crown Boulevard in San Jose. Tillman allegedly purchased “instalogs” and lighter fluid and drove to the U.S. post office. The complaint describes that Tillman then placed the instalogs throughout his vehicle, poured lighter fluid over the instalogs, backed his vehicle into the lobby of the U.S. post office, exited the vehicle, and lit the vehicle on fire with a match.

Tillman then allegedly began spray painting the words “Viva La Me” on the outside of the building after starting the fire, but did not finish the graffiti because the heat from the fire was too intense.

The Almaden Valley United States Post Office was partially destroyed by the fire, as depicted below:

The San Jose Fire Department and the San Jose Police Department responded to the fire. Tillman allegedly told law enforcement officers that he set the fire to make a statement to the U.S. government and that he livestreamed the event on YouTube using his phone.

United States Attorney Craig H. Missakian, U.S. Postal Inspection Service (USPIS), San Francisco Division Inspector in Charge Stephen M. Sherwood, Bureau of Alcohol, Tobacco, and Firearms (ATF) Acting Special Agent in Charge Robert Topper, and Federal Bureau of Investigation (FBI) Special Agent in Charge Sanjay Virmani made the announcement.

Tillman is currently in federal custody. He is next scheduled to appear in district court on Aug. 6, 2025, for a status conference before U.S. Magistrate Judge Nathanael Cousins.

A criminal complaint merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendant faces a maximum sentence of 20 years in prison, a minimum sentence of five years in prison, and a fine of $250,000 for the charge of malicious destruction of government property by fire in violation of 18 U.S.C. § 844(f)(1). Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

Assistant U.S. Attorney Michael G. Pitman is prosecuting the case with the assistance of Sahib Kaur. The prosecution is the result of an investigation by the USPIS, ATF, FBI, and the San Jose Police Department. The U.S. Attorney’s Office appreciates the assistance of the Santa Clara County District Attorney’s Office.

Tillman Complaint

MIL Security OSI –

July 31, 2025
MIL-OSI Security: Federal Jury Convicts Texas Man of Cocaine Trafficking

Source: Office of United States Attorneys

PITTSBURGH, Pa. – Jorge Luis Guerrero, of Socorro, Texas, was found guilty by a federal jury in Pittsburgh of possessing with intent to distribute 500 grams or more of cocaine, Acting United States Attorney Troy Rivetti announced today. The jury returned its verdict on July 29, 2025, after deliberating for five-and-a-half hours following a six-day trial.

Guerrero, 39, was tried before Senior United States District Judge Joy Flowers Conti.

The evidence presented at trial established that Guerrero transported five kilograms of cocaine to the Western District of Pennsylvania hidden in a secret compartment in the bumper of a vehicle registered to his wife. Accessing the cocaine required removing the bumper cover and bumper of the vehicle and then additional metal plates that concealed the compartment housing the cocaine.

Judge Conti scheduled sentencing for December 10, 2025. The law provides for a maximum total sentence of not less than five years and up to 40 years in prison, a fine of up to $5 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based on the seriousness of the offense and the prior criminal history, if any, of the defendant.

Assistant United States Attorneys Robert C. Schupansky and V. Joseph Sonson prosecuted this case on behalf of the United States.

Agents and task force officers from the Federal Bureau of Investigation, as well as personnel from the Socorro Police Department, United States Customs and Border Protection, and the United States Drug Enforcement Administration, assisted in the trial.

This prosecution is a result of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles high-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten communities throughout the United States. OCDETF uses a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

July 31, 2025
Sensex, Nifty open lower amid concerns over US tariffs effective August 1

Source: Government of India

Source: Government of India (4)

Indian benchmark indices opened lower on Thursday after US President Donald Trump announced a steep 25 per cent tariff on imports from India, triggering concerns among investors.

At 9:27 a.m., the Sensex was down 487 points or 0.60 per cent at 80,994, while the Nifty declined 140 points or 0.57 per cent to trade at 24,717.

Broader markets also witnessed selling pressure. The Nifty Midcap 100 index fell by 457 points or 0.79 per cent to 57,484, and the Nifty Smallcap 100 index was down 100 points or 0.55 per cent at 18,037.

“From an investor’s perspective, it is important to understand that the 25 per cent tariff is likely to come down after negotiations, which are expected to begin in mid-August. The tariff imposed on India is significantly higher than the rates agreed upon in trade deals with other countries,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He termed it a typical “Trumpian strategy” aimed at negotiating better deals from India in other areas, likely culminating in a final tariff rate of around 20 per cent or lower.

“Nifty is unlikely to fall below the support level of 24,500. Investors can consider buying on dips, with a focus on domestic consumption themes. Sectors like private sector banking, telecom, capital goods, cement, hotels, and select auto stocks that performed well in Q1 remain attractive,” he added.

Almost all sectoral indices turned red in morning trade, with auto, energy, pharma, PSU banks, financial services, metal, realty, and public sector enterprises (PSEs) among the top laggards.

In the Sensex pack, M&M, Bharti Airtel, Reliance, Infosys, HCL Tech, Titan, SBI, TCS, ICICI Bank, Trent, L&T, HDFC Bank, and NTPC were among the top losers. On the other hand, Power Grid, Tata Steel, ITC, and HUL emerged as the top gainers.

In terms of institutional activity, foreign institutional investors (FIIs) continued their selling streak for the eighth straight session on July 30, offloading equities worth ₹850 crore. In contrast, domestic institutional investors (DIIs) extended their buying spree for the 18th consecutive session, purchasing equities worth ₹1,829 crore on the same day.

-IANS

July 31, 2025

MIL-OSI: ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income

Source: GlobeNewswire (MIL-OSI)

ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income


2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3%
•	Well on track to reach our targets, one year into our ‘Growing the difference’ strategy
•	Continued strong increase in mobile primary customers of over 300,000 to 14.9 million
•	Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio
•	Further growth in fee income in both Retail and Wholesale Banking, up 12% year-on-year
•	ING will pay an interim cash dividend of €0.35 per ordinary share
CEO statement “During the second quarter of 2025, we have continued to successfully execute our strategy, which we set out one year ago, by accelerating growth, increasing impact and delivering value,” said Steven van Rijswijk, CEO of ING. “The quarter started with heightened market volatility, as well as macroeconomic and geopolitical uncertainty, which still continue to this day. In that context, we are pleased that our customer base has shown significant growth and that our volumes have increased as we further diversified our income streams, with fees now making up almost 20% of our total income. We are well on track to reach our financial targets for 2027. “We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double-digit increase in fee income. Commercial NII declined year-on-year due to margin pressure and currency fluctuations, leaving total income stable. “In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year-on-year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year-on-year in retail fee income, primarily from higher investment activity. “In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short-term trade-related financing. Demand for long-term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year-on-year, driven by Lending, Global Capital Markets and Payments & Cash Management. “Costs have developed as expected, increasing moderately year-on-year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking. “Risk costs were below our through-the-cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4-quarter rolling average return on equity came out at 12.7%. “We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes. “We are pleased with our results during a volatile first half of 2025. Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets. I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication.”

Further information All publications related to ING’s 2Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 2Q 2025 results is available on Youtube. For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and our executives are available for download at Flickr.

Investor conference call and webcast Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 July 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.

Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 20 576 5000 E: media.relations@ing.com

ING PROFILE ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate. IMPORTANT LEGAL INFORMATION Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

Attachment

Full ING 2Q2025 Results Press Release (PDF)

The MIL Network –

July 31, 2025

MIL-OSI: Planisware: solid H1 2025 financial results despite softer revenue growth amid elongated sales cycles

Source: GlobeNewswire (MIL-OSI)

Solid H1 2025 financial results despite
softer revenue growth amid elongated sales cycles

Revenue up +11.0% in constant currencies, led by +16% growth of recurring revenue
Adjusted EBITDA margin¹up by +230bps to 35.8% of revenue reflecting continued operational discipline
Strong cash conversion* at 95.9% of adjusted EBITDA*
Macroeconomic headwinds and extended decision cycles impacting revenue growth are expected to continue into H2
Updated 2025 objectives:
- Revenue growth in constant currencies now expected at c. 10% (vs. mid-to-high teens)
- Adjusted EBITDA margin* raised to c. 36% (vs. c. 35%)
- Cash Conversion Rate* of c. 80% (confirmed)

Paris, France, July 31, 2025 – Planisware, a leading provider of B2B AI powered SaaS platforms serving the rapidly growing Project Economy, announces today its H1 2025 results. Revenue amounted to € 95.8 million, up by +10.6% in current currencies. In constant currencies, revenue growth reached +11.0% (€+9.1 million), mainly led by the continued success of the Group’s SaaS Model** up by +17.4% in constant currencies (€+11.7 million). In a context of a still challenging economic and geopolitical environment now having tangible impact on delayed customer decision making, recurring revenue amounted to €88.6 million (92% of total revenue) and was up by +16.0% in constant currencies, while non-recurring activities faced high comparison basis.

Adjusted EBITDA* reached € 34.3 million (up +18.1% vs. H1 2024), representing 35.8% of revenue, higher than the objective of c. 35% adjusted EBITDA margin* for 2025. The year-on-year margin improvement of c. +230 basis points is the result of the translation of revenue growth and a positive mix effect, combined with further operational efficiencies resulting from the Group’s strict financial discipline.

Current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024 and Profit for the period amounted to € 21.7 million, up by +35.5% compared to H1 2024 that was impacted by IPO costs.

Cash generation was strong in H1 2025, with adjusted FCF* reaching € 32.9 million, representing a Cash Conversion Rate* of 95.9%, above the objective of c. 80% for 2025 but in line with the usual seasonality in H1 due to SaaS solutions cash collection at the beginning of the year. Net cash position* (excluding lease liabilities) was € 182.0 million as of June 30, 2025, compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.

Loïc Sautour, CEO of Planisware, commented: “In recent months, as uncertainties around global macroeconomic conditions intensified across our key markets, we have observed increased cautiousness from our customers. This has led to longer decision-making cycles weighing on our commercial momentum and revenue growth, primarily in our non-recurring activities and with new logos.

At the same time, our recurring business lines have continued to deliver solid performance, particularly with existing clients, a testament to the strong demand for our solutions and their sustained business impact.

Our commercial pipeline continues to expand, supported by a high volume of strategic engagements with both existing customers and new prospects, underscoring the strength and relevance of our competitive value proposition. This provides encouraging mid-term visibility for renewed momentum once market conditions stabilize.

Despite the softer revenue growth trajectory, Planisware achieved a significant improvement in profitability in H1 2025. Our ongoing focus on operational efficiency and disciplined resource allocation enabled us to enhance margins and maintain best-in-class cash conversion rate, further strengthening the Group’s foundation for the future.

In light of these dynamics and a more moderate growth outlook for the remainder of 2025, we have prudently revised our 2025 revenue objectives to c. 10%. We now target an adjusted EBITDA margin of 36%, up from 35% previously. This adjustment reflects our commitment to navigating the current environment with discipline while safeguarding profitability and preserving our ability to invest in long-term growth.

As always, Planisware remains focused on supporting our customers’ strategic priorities and on reinforcing our leadership in project and portfolio management solutions, even in the face of heightened economic headwinds.”

H1 2025 revenue by revenue stream

In € million	H1 2025	H1 2024	*Variation* *YoY*	*Variation* *in cc**
Recurring revenue	88.6	76.6	*+15.5%*	*+16.0%*
SaaS & Hosting	45.6	38.8	+17.6%	+18.1%
Annual licenses	0.1	–	N/A	N/A
Evolutive support	27.2	22.9	+18.4%	+18.9%
Subscription support	5.9	5.6	+5.3%	+6.1%
Maintenance	9.7	9.3	+4.8%	+5.2%
Non-recurring revenue	7.2	10.0	*-27.7%*	*-27.5%*
Perpetual licenses	2.0	4.1	-52.3%	-52.2%
Implementation & others non-recurring	5.3	5.9	-10.6%	-10.4%
Total revenue	95.8	86.6	*+10.6%*	*+11.0%*

* Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.

Reaching € 95.8 million in H1 2025, revenue was up by +10.6% in current currencies and +11.0% in constant currencies. The exchange rates effect was mainly related to the depreciation of the US dollar versus the euro, partially compensated by the appreciation of the Japanese yen and the British pound. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying H1 2024 average exchange rates to H1 2025 revenue figures, unless expressly stated otherwise.

Recurring revenue

Representing 92% of H1 2025 total revenue, up by c.+400 basis points versus 88% in H1 2024, recurring revenue reached € 88.6 million, up by +16.0%.

Revenue growth was led by +17.4% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.4%.

Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.

Non-recurring revenue

Non-recurring revenue was down by -27.5% in H1 2025, mostly due to the decline by -52.2% in Perpetual licenses against a particularly strong H1 2024 comparison base and despite several extensions and upgrades sold to customers with specific on-premises needs.

Implementation declined by -10.4% as a results of Planisware’s continues focus on shorter implementations and faster delivery to customers, combined with the lack of new logo signatures since H2 2024.

H1 2025 revenue by region

In € million	H1 2025	H1 2024	*Variation* *YoY*	*Variation* in cc*
Europe	45.5	41.9	+8.6%	+8.6%
North America	41.6	37.6	+10.8%	+12.0%
APAC & ROW	8.6	7.1	+20.7%	+20.4%
Total revenue	95.8	86.6	*+10.6%*	*+11.0%*

* Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.

In H1 2025, all key geographies contributed to Planisware’s revenue growth:

Representing 43% of H1 2025 Group revenue, North America was the main contributor to H1 2025 Group revenue growth with +12.0% (€+4.5 million) and a steady performance in both Q1 and Q2 2025.
Revenue in Europe grew by +8.6% and represented 48% of H1 2025 Group revenue, with contrasted performances across countries. In particular, France recovered from its 2024 low points. This was compensated by softer performance in Germany (notably related to a strong H1 2024 performance in particular in Perpetual licenses) and in the UK.
Planisware’s growth in APAC & Rest of the World of +20.4% resulted from a strong commercial momentum in Singapore and the Middle East. Overall, this region represented 9% of H1 2025 Group revenue.

H1 2025 revenue by pillar

In € million	H1 2025	H1 2024	*Variation* *YoY*	*Variation* in cc*
Product Development & Innovation	50.5	48.3	+4.5%	+5.1%
Project Controls & Engineering	22.1	16.0	+38.2%	+38.8%
IT Governance & Digital Transformation**	16.3	15.6	+4.8%	+5.1%
Project Business Automation	6.8	6.6	+2.7%	+2.7%
Others	0.1	0.2	-37.1%	-36.9%
Total revenue	95.8	86.6	*+10.6%*	*+11.0%*

* Revenue evolution in constant currencies, i.e. at H1 2024 average exchange rates.
** Formally named Agility & IT Project Portfolios (A&IT).

By Pilar, revenue growth in H1 2025 was quite concentrated in Project Controls & Engineering and, to a lesser extent Product Development & Innovation:

Product Development & Innovation (“PD&I”) drives R&D and product development teams with a focus on companies in the life sciences, manufacturing and engineering, automotive design and fast-moving consumer goods sectors. In H1 2025, it remained Planisware’s principal pillar with 53% of total revenue and grew by +6.9%, resulting from both new customer wins and the expansion of offerings to existing customers.
Project Controls & Engineering (“PC&E”) supports production teams in industries with sophisticated products, plants and infrastructure, such as aerospace and defense, energy and utilities, manufacturing and engineering and life sciences. While still a recent pillar for Planisware, it represented 23% of H1 2025 total revenue and was the main contributor to revenue growth. Supported by the successful roll-out of offerings in North America, PC&E grew by +38.8%.
IT Governance & Digital Transformation (“IT&DT)^** helps IT teams across all sectors develop comprehensive solutions to automate IT portfolio management, accelerate digital transformation and simplify IT architecture. IT&DT represented 17% of H1 2025 Group revenue and grew by +25.1% on the back of a strong growth delivered in H1 2024 (+27.3%).
Project Business Automation (“PBA”) supports companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes. Due to a more recent entry of Planisware in the market relating to this pillar, PBA represented only 7% of H1 2025 total revenue and slightly contributed to Group revenue growth with +2.7%.

H1 2025 key financial figures

In € million	H1 2025	H1 2024	*Variation* *YoY*
Total revenue	95.8	86.6	*+10.6%*
Cost of sales	-25.7	-24.9	+3.2%
Gross profit	70.1	61.7	*+13.5%*
*Gross margin*	*73.2%*	*71.3%*	*+190 bps*
Operating expenses	-43.0	-68.4	-37.2%
Current operating profit	27.1	23.4	*+15.8%*
Other operating income & expenses	–	-5.8
Operating profit	27.1	17.7	*+53.6%*
Profit for the period	21.7	16.0	*+35.5%*

Adjusted EBITDA*	34.3	29.0	*+18.1%*
*Adjusted EBITDA margin**	*35.8%*	*33.5%*	*+230 bps*

Adjusted FCF*	32.9	36.9	*-11.0%*
*Cash Conversion Rate**	*95.9%*	*127.2%*
Net cash position*	182.0	156.4	*+16.4%*

* Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

Gross profit and margin

Reaching € 25.7 million in H1 2025, cost of sales was broadly stable year-on-year. As a percentage of revenue, cost of sales decreased by -190 basis points to 26.8% thanks to a continued strict monitoring of costs and further operational efficiency gains.

This enabled Planisware to deliver a € 70.1 million gross profit in H1 2025 (+13.5% year-on-year), representing a 73.2% gross margin, a significant improvement of c. +190 basis points compared to 71.3% in H1 2024.

Operating profit and profit for the period

R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, represented 11.7% of revenue and reached € 11.2 million. Planisware intends to maintain a high level of R&D spending, as it believes that its ability to provide innovative products and software solutions, expand its offerings portfolio and promote its offerings in the project management market will have a considerable effect on its revenues and operating results in the future.

Reaching € 17.4 million in H1 2025 (18.2% of revenue), Sales & marketing expenses increased by €+1.9 million, or +12.5%, compared to € 15.5 million in H1 2024, or +30 basis points, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to continue to increase in the future as Planisware plans on expanding its domestic and international selling and marketing activities in order to strengthen its leading market position.

Representing 15.0% of revenue in H1 2025, General & administrative expenses reached € 14.3 million (€+2.4 million, or +19.6% compared to € 12.0 million in H1 2024). Two third of this increase was related to employee costs engaged to support the growth of the business, the strengthening of global support functions, and the international expansion of the Group. The remaining third was related to foreign exchange effects on operating assets and liabilities and share base compensation expenses accounted on a significantly higher share price in H1 2025 than in H1 2024 (partially pre-IPO). Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.

As a result, current operating profit reached € 27.1 million in H1 2025, up by +15.8% compared to H1 2024.

There was no Other operating income & expenses in H1 2025 while it amounted to a net expense of € 5.8 million related to IPO costs in H1 2024. As a results of the above, operating profit reached the same level as current operating profit at € 27.1 million in H1 2025 and showed a +53.6% (or €+9.5 million), compared to € 17.7 million in H1 2024.

Representing a loss of € 0.8 million in H1 2025, financial results deteriorated compared to a € 1.9 million income recorded in H1 2024. This was primarily driven by foreign exchange losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies for € 2.5 million.

Income tax expense amounted to € 4.7 million in H1 2025, +30.3% compared to € 3.6 million in H1 2024, slightly less than profit for the period increase.

As a result of these evolutions, profit for the period reached € 21.7 million in H1 2025, up by +35.5% (€+5.7 million) compared to H1 2024.

Adjusted EBITDA

Adjusted EBITDA* reached € 34.3 million, a strong increase compared to H1 2024 (€+5.3 million, or +18.1%). It represented 35.8% of H1 2025 revenue, c. +230 basis points compared to 33.5% in H1 2024. The increase in adjusted EBITDA reflects the translation of revenue growth into profit as the business is fueled by the addition of new customers, a positive mix effect and further operational efficiencies on employee-related costs.

Cash generation and net cash position

Change in working capital was €+8.3 million thanks to subscription contracts billed in advance of the services rendered. Capital expenditures totaled € 2.4 million, representing 2.5% of revenue, compared to € 2.1 million in H1 2024 (2.4% of revenue) and in line with the usual c. 3% level targeted over the year. Finally, tax paid in H1 2025 amounted to € 7.5 million compared to € 4.1 million in H1 2024 due to the significant increase of 2024 taxable profit.

In H1 2025, adjusted Free Cash Flow* reached € 32.9 million, representing a Cash Conversion Rate* of 95.9%. H1 2025 adjusted Free Cash Flow was down by 11.0% year-on-year due to a lower conversion rate related to delays in the collection of some invoices and earlier payment for social security contributions in France than in H1 2024. Nevertheless, it does not question the yearly objective of 80% level that the Group considers being the normative Cash Conversion Rate for the coming years.

As of June 30, 2025, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.9 million (€ 17.0 million as of December 31, 2024 and € 14.0 million as of June 30, 2024) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* ^{amounted to}€ 182.0 million as of June 30, 2025 compared to € 176.1 million as of December 31, 2024 and € 156.4 million as of June 30, 2024.

Headcount evolution

Total number of employees by region	30.06.24	31.12.24	30.06.25
Europe	395	403	429
North America	167	174	183
APAC & ROW	152	171	188
Total	714	748	800

Total headcount grew by +7.0% (+52 employees) over the first half of the year and by +12.0% (+86 employees) over 12 months.

Hiring efforts mostly targeted the fastest growing region, APAC & ROW, with headcount net growth by +9.9% (+17 employees) in H1 2025 and by +23.7% (+36 employees) over 12 months.

By function, besides support teams, the hirings mostly concerned Sales & Marketing with headcount net growth by +10.5% (+14 employees) in H1 2025 and by +18.5% (+23 employees) over 12 months, as part of Planisware’s growth strategy.

Updated 2025 objectives

Taking into account further elongation of sales cycles materializing since the start of the year leading to delays in the start of new contracts, Planisware updates its 2025 objectives:

c. 10% revenue growth in constant currencies (Mid-to-high teens priorly)
c. 36% adjusted EBITDA margin** ^{(c. 35% priorly)}
Cash Conversion Rate** of c. 80% (confirmed)

Appendices

Q2 2025 revenue by revenue stream

In € million	Q2 2025	Q2 2024	*Variation* *YoY*	*Variation* *in cc**
Recurring revenue	44.7	39.5	*+13.2%*	*+15.9%*
SaaS & Hosting	22.9	19.9	+15.1%	+17.7%
Annual licenses	0.09	–	N/A	N/A
Evolutive support	14.0	12.1	+15.5%	+18.0%
Subscription support	2.9	2.8	+3.9%	+8.2%
Maintenance	4.8	4.7	+3.3%	+5.2%
Non-recurring revenue	3.6	6.2	*-42.5%*	*-41.6%*
Perpetual licenses	1.1	3.0	-62.8%	-62.2%
Implementation & others non-recurring	2.5	3.2	-23.8%	-22.6%
Total revenue	48.3	45.7	*+5.6%*	*+8.1%*

* Revenue evolution in constant currencies, i.e. at Q2 2024 YTD average exchange rates.

Non-IFRS measures reconciliations

In € million	H1 2025	H1 2024
Current operating profit after share of profit of equity-accounted investee	27.1	23.4
Depreciation and amortization of intangible, tangible and right-of-use assets	4.2	3.5
Share-based payments	3.0	2.1
Adjusted EBITDA**	34.3	29.0

In € million	H1 2025	H1 2024
Net cash from operating activities	36.2	35.2
Capital expenditures	-2.4	-2.1
Other finance income/costs	-1.0	-1.8
IPO costs paid	0.0	5.6
Adjusted Free Cash Flow**	32.9	36.9

Investors & Analysts conference call

Planisware’s management team will host an international conference call on July 31, 2025 at 8:00am CET to details H1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

Upcoming event

October 21, 2025: Q3 2025 revenue publication

Contact

About Planisware

Planisware is a leading business-to-business (“B2B”) provider of AI powered Software-as-a-Service (“SaaS”) platforms serving 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 circa 800 employees across 18 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.

Disclaimer

Forward-looking statements

This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

Rounded figures

Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

Variation in constant currencies

Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

Non-IFRS measures

This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, and “Net cash position”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

Non-IFRS measures included in this document are defined as follows:

Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.
Net cash position is defined as Cash minus indebtedness excluding lease liabilities.

1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.
** Planisware’s SaaS Model is composed of SaaS & Hosting, Annual Licenses, Evolutive support, and Subscription support reporting lines.

Attachment

Planisware – H1 2025 results – PR

The MIL Network –

July 31, 2025

MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

Source: GlobeNewswire (MIL-OSI)

THE GROUP IS ACCELERATING ITS DEVELOPMENT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
€m	Q2 2025	Change Q2/Q2	Q2 2025	Change Q2/Q2
Revenues	7,006	+3.1%	9,808	+3.2%
Expenses	-3,700	+2.2%	-5,872	+3.2%
Gross Operating Income	3,306	+4.1%	3,936	+3.1%
Cost of risk	-441	+4.2%	-840	-3.7%
Net income group share	2,390	+30.7%	2,638	+30.1%
C/I ratio	52.8%	-0.5 pp	59.9%	+0.0 pp
STRONG ACTIVITY IN ALL BUSINESS LINES Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities CIB: record half year and strong quarter CONTINUOUS FLOW OF STRATEGIC OPERATIONS Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS¹ New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings) Results especially benefiting from the capital gain related to the deconsolidation of Amundi US HIGH SOLVENCY RATIOS Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6% CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and corporates Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025 PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025

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

“The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍

Olivier Gavalda,
Chief Executive Officer of Crédit Agricole S.A.

“With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

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 63.5% of Crédit Agricole S.A.

All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

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. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate ⁽²⁾ rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% ⁽³⁾ of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group ⁽⁴⁾ has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy ⁽⁵⁾ increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition ⁽⁶⁾ amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024.

In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025.

Group results

In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings ⁽⁷⁾reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis ⁽⁸⁾.

Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Credit Agricole Group, Income statement Q2 and H1 2025

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	9,808	9,507	+3.2%	19,856	19,031	+4.3%
Operating expenses	(5,872)	(5,687)	+3.2%	(11,864)	(11,276)	+5.2%
Gross operating income	3,936	3,819	+3.1%	7,992	7,755	+3.0%
Cost of risk	(840)	(872)	(3.7%)	(1,575)	(1,523)	+3.4%
Equity-accounted entities	56	74	(24.0%)	131	142	(7.9%)
Net income on other assets	452	(7)	n.m.	456	(14)	n.m.
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,604	3,014	+19.6%	7,004	6,361	+10.1%
Tax	(615)	(762)	(19.3%)	(1,656)	(1,517)	+9.1%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,990	2,252	+32.8%	5,348	4,843	+10.4%
Non controlling interests	(352)	(224)	+57.0%	(545)	(432)	+26.1%
Net income Group Share	2,638	2,028	+30.1%	4,803	4,412	+8.9%
Cost/Income ratio (%)	59.9%	59.8%	+0.0 pp	59.8%	59.2%	+0.5 pp

Regional banks

Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% ⁽⁹⁾, -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance ⁽¹⁰⁾ was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million ⁽¹¹⁾. Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio ⁽¹²⁾ was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period ⁽¹³⁾ and 32 basis points on an annualised quarterly basis ⁽¹⁴⁾.

The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

RoTE ⁽¹⁵⁾, which is calculated on the basis of an annualised net income Group share ⁽¹⁶⁾ and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US 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 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

Crédit Agricole S.A. – Income statement, Q2 and H1-25

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	7,006	6,796	+3.1%	14,263	13,602	+4.9%
Operating expenses	(3,700)	(3,621)	+2.2%	(7,691)	(7,289)	+5.5%
Gross operating income	3,306	3,175	+4.1%	6,571	6,312	+4.1%
Cost of risk	(441)	(424)	+4.2%	(855)	(824)	+3.8%
Equity-accounted entities	30	47	(35.2%)	77	90	(14.1%)
Net income on other assets	455	15	x 29.4	456	9	x 50.7
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,350	2,814	+19.0%	6,250	5,587	+11.9%
Tax	(541)	(704)	(23.2%)	(1,368)	(1,315)	+4.0%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,809	2,110	+33.1%	4,882	4,273	+14.3%
Non-controlling interests	(420)	(282)	+48.7%	(669)	(542)	+23.5%
Net income Group Share	2,390	1,828	+30.7%	4,213	3,731	+12.9%
Earnings per share (€)	0.74	0.58	+29.1%	1.30	1.08	+20.3%
Cost/Income ratio (%)	52.8%	53.3%	-0.5 pp	53.9%	53.6%	+0.3 pp

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

Activity of the Asset Gathering division

At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows⁽¹⁷⁾ is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million ⁽¹⁸⁾ policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% ⁽¹⁹⁾, stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

For Indosuez Wealth Management assets under management at the end of June stood at €214 billion ⁽²⁰⁾, up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

Results of the Asset Gathering division

In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

Insurance results

In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance ⁽²¹⁾, €89 million from personal protection ⁽²²⁾ and €114 million from property and casualty insurance ⁽²³⁾.

The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).

Asset Management results

In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,⁽²⁴⁾, revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% ⁽²⁵⁾ compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%²⁵ from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership²⁴, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

Wealth Management results ⁽²⁶⁾

In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, ⁽²⁷⁾ revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect²⁷ and -€22.5 million in integration costs in the second quarter of 2025 ⁽²⁸⁾. Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam⁽²⁹⁾ in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam²⁹ in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

Activity of the Large Customers division

The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

Financing activities consolidated its leading position in syndicated loans (#1 in France ⁽³⁰⁾ and #2 in EMEA³⁰). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide³⁰) and was ranked #1 in Green, Social & Sustainable bonds in EUR ⁽³¹⁾. Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.

Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
-3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

Results of the Large Customers division

In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

Corporate and Investment Banking results

In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

Asset servicing results

In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 ⁽³²⁾. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target ⁽³³⁾of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

Specialised financial services activity

Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing ⁽³⁴⁾ in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% ⁽³⁵⁾, LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context ⁽³⁶⁾. In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

Specialised financial services’ results

In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

Personal Finance and Mobility results

In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt ⁽³⁷⁾. Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points⁽³⁸⁾, a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt³⁷. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

Leasing & Factoring results

In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points³⁸, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

Crédit Agricole S.A. Retail Banking activity

In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

Retail banking activity in France

In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

Retail banking activity in Italy

In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion ⁽³⁹⁾, up +1.6% compared with end-June 2024, in an Italian market up slightly ⁽⁴⁰⁾, driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

French retail banking results

In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

International Retail Banking results ⁽⁴¹⁾

In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

Results in Italy

In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings ⁽⁴²⁾ is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

Results for Crédit Agricole Group in Italy ⁽⁴³⁾

In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

International Retail Banking results – excluding Italy

In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.

At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 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 was -€287 million in the second quarter of 2025, up +€45 million.
The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
The “structural” component contribution was up +€237 million compared to first half 2024 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 -€601 million for first half 2025, up +€26 million compared to first half 2024;
Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

The contribution of “other items” was down -€15 million compared to first half 2024.

At 30 June 2025, risk weighted assets stood at €38.3 billion.

Financial strength

Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other⁴⁴. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of: +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

Crédit Agricole Group’s financial structure

	Crédit Agricole Group			Crédit Agricole S.A.
	*30/06/25*	31/03/25	Exigences 30/06/25	*30/06/25*	31/03/25	Exigences 30/06/25
Phased-in CET1 ratio⁴⁵	17.6%	17.6%	9.88%	11.9%	12.1%	8.71%
Tier1 ratio⁴⁵	18.9%	19.0%	11.72%	14.0%	14.3%	10.52%
Total capital ratio⁴⁵	21.4%	21.8%	14.17%	17.8%	18.4%	12.94%
Risk-weighted assets (€bn)	649	641		406	405
Leverage ratio	5.6%	5.6%	3.5%	3.9%	4.0%	3.0%
Leverage exposure (€bn)	2,191	2,173		1,445	1,434
TLAC ratio (% RWA)⁴⁵^,⁴⁶	27.6%	28.5%	22.4%
TLAC ratio (% LRE)⁴⁶	8.2%	8.4%	6.75%
Subordinated MREL ratio (% RWA)⁴⁵	27.6%	28.5%	21.6%
Subordinated MREL ratio (% LRE)	8.2%	8.4%	6.25%
Total MREL ratio (% RWA)⁴⁵	32.7%	34.0%	26.2%
Total MREL ratio (% LRE)	9.7%	10.0%	6.25%
Distance to the distribution restriction trigger (€bn)⁴⁷	46	46		13	14

For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger⁴⁸, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements⁴⁹. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. 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.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.

Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).

The Group’s liquidity reserves, at market value and after haircuts⁵⁰, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

Liquidity reserves covered more than twice the short-term debt net of treasury assets.

This change in liquidity reserves is notably explained by:

The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
The increase in central bank deposits for +€4 billion.

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 €131 billion.

Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

Senior secured debt of €93 billion, up +€4 billion;
Senior preferred debt of €162 billion;
Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
And Tier 2 securities of €23 billion, down -€1 billion.

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

At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).

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 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion⁵¹in medium-to-long-term debt on the market, 84% 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 RT1 perpetual NC10.75 year;
Crédit Agricole Personal Finance & Mobility issued:
- €1 billion in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €420 million in securitisations through Agos;
Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51^,⁵².

The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

€2.75 billion 52^,⁵³ ;
5.4 billion US dollars (€5.1 billion equivalent);
1.6 billion pounds sterling (€1.9 billion equivalent);
179.3 billion Japanese yen (€1.1 billion equivalent);
0.4 billion Singapore dollars (€0.3 billion equivalent);
0.6 billion Australian dollars (€0.4 billion equivalent);
0.3 billion Swiss francs (€0.3 billion equivalent).

At end-June, Crédit Agricole S.A. had issued 77%⁵²^,⁵³ of its funding plan in currencies other than the euro.

In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.

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

The programme was 82% completed at 30 June 2025, with:

€4.7 billion in senior secured debt;
€1.7 billion equivalent in senior preferred debt;
€7.3 billion equivalent in senior non-preferred debt;
€2.8 billion equivalent in Tier 2 debt.

Economic and financial environment

Review of the first half of 2025

An even more conflict-ridden and unpredictable environment, causing a slowdown

The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields ⁽⁵⁴⁾ on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

2025–2026 Outlook

An anxiety-inducing context, some unprecedented resistance

The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(⁵⁵), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

Appendix 1 – Crédit Agricole Group: income statement by business line

Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,364	976	1,031	1,967	881	2,224	(635)	9,808
Operating expenses	(2,690)	(597)	(540)	(864)	(438)	(1,257)	514	(5,872)
Gross operating income	674	380	491	1,104	442	967	(121)	3,936
Cost of risk	(397)	(95)	(61)	(7)	(235)	(20)	(26)	(840)
Equity-accounted entities	1	–	–	58	(13)	10	–	56
Net income on other assets	1	1	0	449	1	0	0	452
Income before tax	278	286	430	1,604	194	958	(147)	3,604
Tax	(96)	(69)	(130)	(249)	(58)	(149)	136	(615)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	0	0
Net income	182	218	300	1,356	136	810	(11)	2,990
Non-controlling interests	(0)	(0)	(40)	(247)	(22)	(43)	1	(352)
Net income Group Share	182	217	260	1,108	114	767	(10)	2,638

	Q2-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,255	979	1,051	1,946	889	2,223	(837)	9,507
Operating expenses	(2,560)	(591)	(573)	(813)	(443)	(1,204)	497	(5,687)
Gross operating income	694	389	477	1,133	447	1,019	(340)	3,819
Cost of risk	(444)	(95)	(75)	(2)	(211)	(39)	(6)	(872)
Equity-accounted entities	2	–	–	33	29	10	–	74
Net income on other assets	1	2	0	(12)	(1)	2	(0)	(7)
Income before tax	253	296	402	1,152	265	993	(347)	3,014
Tax	(44)	(65)	(117)	(282)	(54)	(248)	48	(762)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	209	231	285	870	210	745	(299)	2,252
Non-controlling interests	(1)	(0)	(38)	(124)	(23)	(36)	(2)	(224)
Net income Group Share	208	231	247	746	187	710	(300)	2,028

Credit Agricole Group – Results par by business line, H1-25 and H1-24

	H1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,716	1,939	2,079	4,016	1,749	4,632	(1,275)	19,856
Operating expenses	(5,220)	(1,222)	(1,075)	(1,799)	(912)	(2,617)	982	(11,864)
Gross operating income	1,496	717	1,003	2,217	837	2,015	(293)	7,992
Cost of risk	(717)	(186)	(128)	(17)	(484)	5	(48)	(1,575)
Equity-accounted entities	7	–	–	86	23	16	–	131
Net income on other assets	3	2	0	449	1	0	0	456
Income before tax	790	533	875	2,734	376	2,036	(341)	7,004
Tax	(267)	(181)	(267)	(599)	(71)	(453)	182	(1,656)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	–	0
Net income	523	352	608	2,135	305	1,583	(159)	5,348
Non-controlling interests	(0)	(0)	(82)	(348)	(43)	(78)	7	(545)
Net income Group Share	523	352	526	1,787	263	1,504	(151)	4,803

	H1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,568	1,933	2,131	3,739	1,736	4,489	(1,565)	19,031
Operating expenses	(5,044)	(1,193)	(1,098)	(1,567)	(897)	(2,501)	1,024	(11,276)
Gross operating income	1,524	740	1,033	2,172	839	1,988	(541)	7,755
Cost of risk	(691)	(214)	(159)	(5)	(429)	(5)	(20)	(1,523)
Equity-accounted entities	7	–	–	61	59	14	–	142
Net income on other assets	3	4	(0)	(20)	(1)	2	(2)	(14)
Income before tax	842	530	875	2,208	468	1,999	(563)	6,361
Tax	(191)	(119)	(260)	(501)	(97)	(482)	133	(1,517)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	651	412	615	1,707	372	1,517	(430)	4,843
Non-controlling interests	(1)	(0)	(89)	(236)	(42)	(69)	6	(432)
Net income Group Share	650	412	525	1,471	330	1,448	(424)	4,412

Appendix 2 – Crédit Agricole S.A.: ‍ Income statement by business line

Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,970	2,224	881	976	1,007	(51)	7,006
Operating expenses	(864)	(1,257)	(438)	(597)	(520)	(25)	(3,700)
Gross operating income	1,106	967	442	380	487	(76)	3,306
Cost of risk	(7)	(20)	(235)	(95)	(61)	(24)	(441)
Equity-accounted entities	58	10	(13)	–	–	(24)	30
Net income on other assets	453	0	1	1	0	0	455
Income before tax	1,610	958	194	286	426	(125)	3,350
Tax	(249)	(149)	(58)	(69)	(129)	113	(541)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	1,361	810	136	218	297	(12)	2,809
Non-controlling interests	(261)	(58)	(22)	(10)	(59)	(10)	(420)
Net income Group Share	1,100	752	114	208	238	(22)	2,390

	Q2-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,944	2,223	889	979	1,027	(267)	6,796
Operating expenses	(813)	(1,204)	(443)	(591)	(555)	(15)	(3,621)
Gross operating income	1,131	1,019	447	389	472	(283)	3,175
Cost of risk	(2)	(39)	(211)	(95)	(72)	(5)	(424)
Equity-accounted entities	33	10	29	–	–	(25)	47
Net income on other assets	(12)	2	(1)	2	0	24	15
Income before tax	1,150	993	265	296	400	(289)	2,814
Tax	(283)	(248)	(54)	(65)	(117)	63	(704)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	867	745	210	231	283	(226)	2,110
Non-controlling interests	(131)	(51)	(23)	(10)	(55)	(12)	(282)
Net income Group Share	736	694	187	220	228	(238)	1,828

Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

	H1-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	4,028	4,632	1,749	1,939	2,033	(118)	14,263
Operating expenses	(1,799)	(2,617)	(912)	(1,222)	(1,035)	(106)	(7,691)
Gross operating income	2,229	2,015	837	717	998	(224)	6,571
Cost of risk	(17)	5	(484)	(186)	(128)	(45)	(855)
Equity-accounted entities	86	16	23	–	–	(47)	77
Net income on other assets	453	0	1	2	0	0	456
Income before tax	2,749	2,037	376	533	870	(316)	6,250
Tax	(601)	(454)	(71)	(181)	(266)	205	(1,368)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	2,148	1,583	305	352	604	(111)	4,882
Non-controlling interests	(368)	(108)	(43)	(16)	(121)	(13)	(669)
Net income Group Share	1,780	1,475	263	337	483	(124)	4,213

	H1-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	3,733	4,489	1,736	1,933	2,085	(374)	13,602
Operating expenses	(1,567)	(2,501)	(897)	(1,193)	(1,060)	(71)	(7,289)
Gross operating income	2,166	1,988	839	740	1,024	(445)	6,312
Cost of risk	(5)	(5)	(429)	(214)	(154)	(16)	(824)
Equity-accounted entities	61	14	59	–	–	(46)	90
Net income on other assets	(20)	2	(1)	4	(0)	24	9
Income before tax	2,203	1,999	468	530	870	(483)	5,587
Tax	(502)	(482)	(97)	(119)	(259)	144	(1,315)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	1,701	1,517	372	412	610	(339)	4,273
Non-controlling interests	(248)	(101)	(42)	(18)	(126)	(7)	(542)
Net income Group Share	1,453	1,416	330	393	485	(345)	3,731

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE


€m					Q2-25	Q2-24			H1-25			H1-24
Net income Group share					2,390	1,828			4,213			3,731
– Interests on AT1, including issuance costs, before tax					(141)	(83)			(270)			(221)
– Foreign exchange impact on reimbursed AT1					4	–			4			(247)
NIGS attributable to ordinary shares		[A]			2,252	1,745			3,947			3,263
Average number shares in issue, excluding treasury shares (m)		[B]			3,025	3,025			3,025			3,008
Net earnings per share		[A]/[B]			0.74 €	0.58 €			1.30 €			1.08 €

€m									30/06/25			30/06/24
Shareholder’s equity Group share								75,528				70,396
– AT1 issuances								(8,612)				(7,164)
– Unrealised gains and losses on OCI – Group share								872				1,305
Net book value (NBV), not revaluated, attributable to ordin. sh.				[D]				67,787				64,537
– Goodwill & intangibles** – Group share								(18,969)				(17,775)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.				[E]				48,818				46,763
Total shares in issue, excluding treasury shares (period end, m)				[F]				3,025				3,025
NBV per share, after deduction of dividend to pay (€)	[D]/[F]								22.4 €			21.3 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]								16.1 €			15.5 €
** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle
€m									H1-25			H1-24
Net income Group share							4,213			3,731
Added value Amundi US									304			0
Additionnal corporate tax									-129			0
IFRIC									-173			-110
NIGS annualised ⁽¹⁾	[N]								8,382			7,572
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised	[O]								-536			-689
Result adjusted			[P] = [N]+[O]					7,846			6,884
Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** ⁽²⁾			[J]					47,211			44,710
ROTE adjusted (%)	= [P] / [J]								16.6%			15.4%
*** including assumption of dividend for the current exercise									*0,0%*

⁽¹⁾ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
⁽²⁾Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁶

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.

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.

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.

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 second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

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 six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

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. 2024 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.

Financial Agenda

30 October 2025                Publication of the 2025 third quarter and first nine months results
18 November 2025        Presentation of the Medium-Term Plan
4 February 2026                Publication of the 2025 fourth quarter and full year results
30 April 2026                Publication of the 2026 first quarter results
20 May 2026                2026 General Meeting
31 July 2026                Publication of the 2026 second quarter and the first half-year results
30 October 2026                Publication of the 2026 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors		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


Debt 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
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

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

1 Closing at 4^thof July
⁽2⁾Car, home, health, legal, all mobile phones or personal accident insurance.
⁽3⁾CA Auto Bank, automotive JVs and automotive activities of other entities
⁽4⁾Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
⁽5⁾CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
⁽6⁾Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
⁽7⁾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
⁽8⁾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
⁽9⁾Average rate of loans to monthly production for April to May 2025
⁽10⁾Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
⁽11⁾Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

⁽12⁾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.
⁽13⁾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
⁽14⁾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
⁽15⁾See Appendixes for details on the calculation of the RoTE (return on tangible equity)
⁽16⁾The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
⁽17⁾In local standards
⁽18⁾Scope: property and casualty in France and abroad
⁽19⁾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: 97.4% (+0.1 pp over the year)
⁽20⁾Excluding assets under custody for institutional clients
⁽21⁾Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
⁽22⁾Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
⁽23⁾Net of reinsurance cost, including financial results
⁽24⁾Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
⁽25⁾Excluding scope effect
⁽26⁾Indosuez Wealth Management scope
⁽27⁾Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
⁽28⁾Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
⁽29⁾Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
⁽30⁾Refinitiv LSEG
⁽31⁾Bloomberg in EUR
⁽32⁾ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
⁽33⁾Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
⁽34⁾CA Auto Bank, automotive JVs and auto activities of other entities
⁽35⁾CA Auto Bank and automotive JVs
⁽36⁾Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
⁽37⁾Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
⁽38⁾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.
⁽39⁾Net of POCI outstandings
⁽40⁾Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
⁽41⁾At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

(42) Over a rolling four quarter period.
⁽43⁾At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
⁽44⁾Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

⁽48⁾
⁽49⁾

⁽54⁾This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
⁽55⁾In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
⁽56⁾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 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.

Attachment

CASA_PR_2025-Q2

The MIL Network –

July 31, 2025

MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 2nd quarter and 1st half-year 2025

Source: GlobeNewswire (MIL-OSI)

Fund Manager’s Commentary

In Q2 2025, the Baltic commercial real estate market continued to reflect similar trends as in previous quarters. Transaction activity remained very low, primarily due to a lack of equity capital, and modest economic growth did not bring new major tenants to the market. On a positive side, the decline in EURIBOR continued, resulting in reduced borrowing costs.

Despite intense competition in the tenant market, EfTEN Real Estate Fund AS managed to decrease portfolio’s vacancy by 0.7 percentage points during the quarter, down to 3.7%. New tenants were added in the retail segment, and after a long pause, the first faintly positive signs were also observed in the Estonian office segment. On the other hand, the high volume of new developments in recent years continues to pressure the Vilnius office market. In Q2, the Paemurru logistics center within the fund’s portfolio was completed, and construction of Block C at the Valkla elderly home was finalized. As a result, the fund’s sales revenue increased by 4.5% compared to Q1 and by 3.1% year-on-year.

The fund’s subsidiaries have floating interest rate bank loans. With the rapid decline in EURIBOR, interest expenses have decreased significantly. However, euro interest rates have now reached a level where further substantial decrease is unlikely. In this context, the fund has started fixing interest rates—one subsidiary entered into an interest rate swap agreement in June with a nominal value of €11.6 million at a rate of 1.995%. Given favourable swap terms, the fund plans to continue fixing interest rates for up to half of its loan portfolio.

Financial Performance Overview

EfTEN Real Estate Fund AS earned consolidated sales revenue of €8.210 million for Q2 2025 (Q2 2024: €7.957 million), and consolidated revenue for H1 2025 was €16.068 million (H1 2024: €15.918 million). This represents a 3.1% year-on-year increase for Q2 and a 1.0% increase for H1. Revenue increase was primarily driven by new investments in the logistics and elderly care sectors.

The fund’s consolidated net operating income (NOI) for H1 2025 was €14.845 million (H1 2024: €14.781 million), reflecting a 0.4% increase. The NOI margin was 92% in H1 (2024: 93%), indicating that direct property-related costs (including land tax, insurance, maintenance and improvement works), along with marketing expenses, accounted for 8% of the fund’s revenue (2024: 7%).

In Q2 2025, the fund earned a consolidated net profit of €4.025 million (Q2 2024: €2.442 million). The increase in net profit was primarily due to the positive change in the fair value of investment properties, which amounted to €546 thousand in June 2025, compared to a revaluation loss of €1.454 million in the same period in 2024. Additionally, the decrease in interest expenses resulting from the decline in EURIBOR had a positive impact on quarterly net profit—interest costs totalled €1.697 million in Q2 2025, down from €2.237 million a year earlier.

The consolidated net profit for H1 2025 was €8.192 million (H1 2024: €6.250 million). Interest expenses decreased by €973 thousand, or 22%, year-on-year.

As of 30 June 2025, the Group’s total assets amounted to €399.517 million (31 December 2024: €398.763 million), of which the fair value of investment properties accounted for 95.6% (31 December 2024: 93.7%).

Real estate portfolio

As of 30 June 2025, the Group held 37 (31 December 2024: 36) commercial real estate investments with a fair value of €382.018 million (31 December 2024: €373.815 million) and an acquisition cost of €378.218 million (31 December 2024: €370.561 million). In addition to the investment properties owned by the fund’s subsidiaries, the Group also holds a 50% interest in a joint venture that owns the Palace Hotel in Tallinn, with a fair value of €8.630 million as of 30 June 2025 (31 December 2024: €8.630 million).

In the first half of 2025, the Group invested a total of €7.657 million in both new properties and the development of the existing real estate portfolio.

In March, the Group’s subsidiary EfTEN Hiiu OÜ acquired a property located at Hiiu 42 in Tallinn for €4 million. Under an existing lease agreement, the North Estonia Medical Centre Foundation continues to occupy part of the property, while a long-term (10 + 10 years) lease was signed for the remaining space with Hiiu Südamekodu OÜ, a company within the Südamekodud AS group. In cooperation with the tenant and Südamekodud AS, the building will be partially redeveloped into a general elderly home called “Nõmme Südamekodu,” which will eventually accommodate up to 170 residents.

In H1 2025, construction of Block C at the Valkla care home was completed, and phase II construction began at the Ermi elderly home in Tartu.

In April 2025, the Paemurru logistics center—acquired in autumn of the previous year—was completed, with an additional €1.743 million invested in the property during the first half of the year.

In the first six months of 2025, the Group earned a total of €15.571 million in rental income, representing a 1% increase compared to the same period in 2024.

As of 30 June 2025, the vacancy rate for the Group’s investment properties stood at 3.7% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 16.2%, where leasing of vacant space has taken longer than in previous periods. Compared to the end of last year, the most notable increase in vacancy occurred in the office building at Pärnu mnt 102 in Tallinn, where an additional 2.2 thousand sqm of space became vacant.

EfTEN Real Estate Fund AS conducts regular valuations of its investment properties twice a year—as of 30 June and 31 December. Based on the valuations carried out by Colliers International in June 2025, the fair value of the investment properties increased by 0.1%, resulting in a revaluation gain of €0.5 million for the fund.

Financing

In April 2025, subsidiaries of EfTEN Real Estate Fund AS increased their total bank loan commitments by €7.32 million, reflecting improved financial capacity. Additionally, bank financing totalling €2.67 million was used in the first half of the year for the construction of the Valkla elderly home and the Paemurru logistics center. In April, the fund’s subsidiary EfTEN Hiiu OÜ entered into a loan agreement of €3.25 million to finance the redevelopment of the building at Hiiu 42. As of the end of June, this loan had not yet been drawn down.

Over the next 12 months, loan agreements of eleven subsidiaries will mature, with a total outstanding balance of €40.641 million as of 30 June 2025. The LTV (Loan-to-Value) ratios of these maturing loans range from 37% to 46%, and the related investment properties generate stable rental cash flows. Therefore, management of the Fund does not foresee any obstacles to refinancing.

As of 30 June 2025, the Group’s weighted average interest rate on loan agreements was 3.95% (31 December 2024: 4.89%), and the overall LTV stood at 41% (31 December 2024: 40%). All loan agreements of the fund’s subsidiaries are based on floating interest rates. To mitigate interest rate risk, one of the Group’s subsidiaries entered into an interest rate swap agreement in June 2025 with a notional amount of €11.6 million, fixing the 1-month EURIBOR at 1.995%.

As of 30 June 2025, the fund’s interest coverage ratio (ICR) was 3.7 (30 June 2024: 2.9), with the improvement primarily driven by the decrease in EURIBOR.

Share information

As of 30 June 2025, the registered share capital of EfTEN Real Estate Fund AS was €114,403 thousand (31 December 2024: unchanged). The share capital consisted of 11,440,340 shares (31 December 2024: unchanged), each with a nominal value of €10 (31 December 2024: unchanged).

The net asset value (NAV) per share of EfTEN Real Estate Fund AS was €19.98 as of 30 June 2025 (31 December 2024: €20.37), reflecting a 1.9% decrease during the first half of 2025. Excluding dividend distributions, the fund’s NAV would have increased by 4.1% over the same period.

As of 30 June 2025, 32.18% of the shares belonged to the fund’s board and management members and persons associated with them.

CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME

	2nd quarter		6 months
	2025	2024	2025	2024
€ thousands
Sales revenue	8 210	7 957	16 068	15 918
Cost of services sold	-389	-341	-895	-759
Gross profit	7 821	7 616	15 173	15 159

Marketing costs	-187	-178	-328	-378
General and administrative expenses	-941	-880	-1 947	-1 819
Profit / loss from investment properties fair value changes	546	-1 454	546	-1 454
Other operating income and expense	15	44	-22	86
Operating profit	7 254	5 148	13 422	11 594

Profit/-loss from joint ventures	87	-204	29	-254
Interest income	35	64	118	165
Other finance income and expense	-1 739	-2 238	-3 542	-4 473
Profit before income tax	5 637	2 770	10 027	7 032

Income tax expense	-1 612	-328	-1 835	-782
Net profit of the financial year	4025	2442	8 192	6 250
Total comprehensive income for the period	4 025	2 442	8 192	6 250
Earnings per share
– basic	0,35	0,23	0,72	0,58
– diluted	0,35	0,23	0,72	0,58

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	30.06.2025	31.12.2024
€ thousands
ASSETS
Cash and cash equivalents	13 449	18 415
Short-term deposits	0	2 092
Receivables and accrued income	1 671	2 055
Prepaid expenses	137	138
Total current assets	15 257	22 700

Long-term receivables	133	154
Shares in joint ventures	1 989	1 960
Investment property	382 018	373 815
Property, plant and equipment	120	134
Total non-current assets	384 260	376 063
TOTAL ASSETS	399 517	398 763

LIABILITIES AND EQUITY
Borrowings	45 418	30 300
Derivatives	42	0
Liabilities and prepayments	2 705	3 245
Total current liabilities	48 165	33 545

Borrowings	110 688	119 120
Other long-term liabilities	2 090	1 928
Deferred income tax liability	10 008	11 097
Total non-current liabilities	122 786	132 145
TOTAL LIABILITIES	170 951	165 690

Share capital	114 403	114 403
Share premium	90 306	90 306
Statutory reserve capital	4 156	2 799
Retained earnings	19 701	25 565
TOTAL EQUITY	228 566	233 073
TOTAL LIABILITIES AND EQUITY	399 517	398 763

Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee

Attachment

EREF_6kuud_vahearuanne_2025_ENG

The MIL Network –

July 31, 2025

MIL-OSI: SCOR – Second quarter 2025 results: EUR 226 million net income in Q2 2025, contributing to a EUR 425 million net income in H1 2025

Source: GlobeNewswire (MIL-OSI)

Press release
31 July 2025 – N° 11

Second quarter 2025 results

EUR 226 million net income in Q2 2025,
contributing to a EUR 425 million net income in H1 2025

Group net income of EUR 226 million in Q2 2025 driven by all business activities
(EUR 225 million adjusted¹)
- P&C combined ratio of 82.5% with benign natural catastrophe experience and excellent attritional loss performance allowing for additional buffer building
- L&H insurance service result² of EUR 118 million, with H1 experience variance in line with expectations
- Investments regular income yield of 3.5%, with continued attractive reinvestment rates

IFRS 17 Group Economic Value³ of EUR 8.5 billion as of 30 June 2025, up +10.5%⁴ at constant economics⁵ (down -1.7% on a reported basis) compared with 31 December 2024, implying an Economic Value per share of EUR 47 (vs. EUR 48 as of 31 December 2024)
Estimated Group solvency ratio of 210%⁶ as of 30 June 2025, in the upper part of the optimal solvency range of 185%-220%

Annualized Return on Equity of 22.6% (22.6% adjusted¹) in Q2 2025 implying an annualized Return on Equity of 20.3% in H1 2025 (20.1% adjusted¹)

SCOR SE’s Board of Directors met on 30 July 2025, under the chairmanship of Fabrice Brégier, to approve the Group’s Q2 2025 financial statements.

Thierry Léger, Chief Executive Officer of SCOR, comments: “After a strong first quarter, all our business activities continue to perform well, contributing to a Group net income of EUR 226 million in the second quarter of 2025. The excellent combined ratio in P&C is the result of our disciplined underwriting and of successful strategy to grow into profitable and diversifying lines of business. This allows us to build an additional level of prudence to our P&C reserves. L&H and Investments also deliver strong results. Despite increased competition in the P&C reinsurance segment, SCOR has compensated the impact by optimizing its business mix and retrocession, leading to an unchanged net expected technical profitability in the treaty renewals year-to-date. I remain confident for the rest of the year and in SCOR’s ability to execute the Forward 2026 strategic plan.”

Group performance and context

SCOR records EUR 226 million net income (EUR 225 million adjusted¹) in Q2 2025, supported by all business activities:

In P&C, the combined ratio stands at 82.5% in Q2 2025, including a natural catastrophe ratio of 3.8%, reflecting a benign quarter of low natural catastrophe activity. Over the first six months of 2025, the natural catastrophe ratio of 8.2% remains below the budget despite the LA wildfire impact in Q1. The excellent Nat Cat and attritional loss performance in the second quarter allow for additional buffer building.
In L&H, the insurance service result² stands at EUR 118 million in Q2 2025, driven by a strong CSM amortization including some positive one-offs, a risk adjustment release and a H1 experience variance in line with expectations.
In Investments, SCOR benefits from still-elevated reinvestment rates in Q2 2025 and records a high regular income yield of 3.5%.
The effective tax rate stands at 28.3% for Q2 2025.

The annualized Return on Equity stands at 22.6% (22.6% adjusted¹) in Q2 2025 and the Group Economic Value over the first half of 2025 increases by 10.5%⁴ at constant economics⁵. Over the first half of 2025, SCOR reports a net income of EUR 425 million (EUR 420 million adjusted¹), implying an annualized Return on Equity of 20.3% (20.1% adjusted¹).

The Group solvency ratio is estimated at 210% at the end of Q2 2025, in the upper part of the optimal range of 185%-220%, and stable versus FY 2024. This is supported by the strong operating capital generation from all business activities, net of capital deployment for business growth and the accrual of dividend for the first half of 2025, partly offset by unfavorable market variances.

June-July P&C reinsurance treaty renewals

During the June-July 2025 renewals, SCOR continues to grow in its preferred and diversifying lines, maintaining its underwriting discipline in a competitive context.

EGPI⁷ on the business up for renewal in June-July stays flat, with continued growth in the diversifying lines (+11.8%⁸) driven by International Casualty and Marine, while Alternative Solutions declines by 3.8%, impacted by a large contract that was not renewed. Exposure to US Casualty is further reduced. As a reminder, premiums up for renewals in June-July represent c.14% of annual P&C reinsurance premiums up for renewals.

Since the start of the year, SCOR has achieved gross premium growth of +6.2%⁸ for its renewed portfolio with a stable price evolution. On a year-to-date basis, the net technical profitability⁹ is expected to remain unchanged for the renewed portfolio compared to last year. SCOR is successfully weathering a competitive environment thanks to its strategy of growing in a profitable and diversified way.

Looking ahead, SCOR anticipates a continued trend of overcapacity in the reinsurance segment, which is expected to exert pressure on pricing. Nonetheless, SCOR maintains a sharp focus on accessing attractive business opportunities, and is committed to maintaining stringent underwriting discipline, prepared to redeploy capital or reduce capacity if necessary to meet its hurdle rates.

Excellent P&C underlying performance

In Q2 2025, P&C insurance revenue stands at EUR 1,833 million, down -6.6% at constant exchange rates (down -9.7% at current exchange rates) compared to Q2 2024, impacted by a large contract commutation effect of -6.4 points. Excluding this effect, P&C insurance revenue would decline by -0.2% at constant exchange rates. Strong growth in the Reinsurance segment from preferred lines is mostly offset by reduced business in Agriculture and US Casualty reinsurance and in SCOR Business Solutions.

New business CSM in Q2 2025 stands at EUR 225 million, down -6.4% at current exchange rates compared to Q2 2024, mainly driven by an unfavorable foreign exchange effect. New business CSM in H1 2025 stands at EUR 935 million, up +4.8% compared to H1 2024, reflecting the successful P&C strategy to grow into profitable and diversifying lines of business.

P&C (re)insurance key figures:

In EUR million (at current exchange rates)	Q2 2025	Q2 2024	Variation	H1 2025	H1 2024	Variation
P&C insurance revenue	1,833	2,031	-9.7%	3,692	3,868	-4.6%
P&C insurance service result	241	201	19.6%	446	383	16.6%
Combined ratio	82.5%	86.9%	-4.4pts	83.7%	87.0%	-3.3pts
P&C new business CSM	225	240	-6.4%	935	891	4.8%

The P&C combined ratio stands at 82.5% in Q2 2025, compared to 86.9% in Q2 2024. It includes:

A Nat Cat ratio of 3.8%, reflecting a benign quarter with low Cat activity, and translating into a H1 cat ratio of 8.2%;
An attritional loss and commission ratio of 77.4%, reflecting a strong underlying performance and additional buffer building;
A discount effect of -6.3%;
An attributable expense ratio of 7.7%.

The P&C insurance service result of EUR 241 million is driven by a CSM amortization of
EUR 286 million, a risk adjustment release of EUR 25 million, a negative experience variance of
EUR -60 million and an impact of onerous contracts of EUR 10 million.

L&H H1 experience variances in line with expectations

In Q2 2025, L&H insurance revenue amounts to EUR 1,986 million, down -0.1% at constant exchange rates (-3.3% at current exchange rates) compared to Q2 2024. SCOR continues to build its L&H CSM through new business generation (EUR 136 million new business CSM¹⁰ in Q2 2025), notably from Protection business with positive true ups from Q1 2025.

L&H reinsurance key figures:

In EUR million (at current exchange rates)	Q2 2025	Q2 2024	Variation	H1 2025	H1 2024	Variation
L&H insurance revenue	1,986	2,054	-3.3%	4,191	4,330	-3.2%
L&H insurance service result	118	-329	n.a.	236	-257	n.a.
L&H new business CSM	136	145	-6.2%	212	257	-17.7%

The L&H insurance service result amounts to EUR 118 million in Q2 2025. It includes:

A CSM amortization of EUR 105 million, higher than expected, and partly driven by some positive one-offs;
A Risk Adjustment release of EUR 29 million;
An experience variance of EUR -7 million;
A negative impact of onerous contracts of EUR -10 million.

Investments delivering a return on invested assets at 3.6%

As of 30 June 2025, total invested assets amount to EUR 23.2 billion. SCOR’s asset mix is optimized, with 78% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 3.9 years.

Investments key figures:

In EUR million (at current exchange rates)	Q2 2025	Q2 2024	Variation	H1 2025	H1 2024	Variation
Total invested assets	23,189	22,682	2.2%	23,189	22,682	2.2%
Regular income yield	3.5%	3.6%	-0.1pt	3.5%	3.5%	0pt
Return on invested assets*	3.6%	3.3%	0.3pt	3.7%	3.3%	0.4pt

(*) Fair value through income on invested assets excludes EUR 1 million in Q2 2025 and EUR 7 million in H1 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.

Total investment income on invested assets stands at EUR 210¹¹ million in Q2 2025. The return on invested assets stands at 3.6%¹¹ (vs. 3.8% in Q1 2025) and the regular income yield at 3.5% (vs. 3.5% in Q1 2025).

The reinvestment rate stands at 4.1%¹² as of 30 June 2025, compared to 4.3% as of 31 March 2025. The invested assets portfolio remains highly liquid and financial cash flows of EUR 8.5 billion are expected over the next 24 months¹³, enabling SCOR to benefit from still-elevated reinvestment rates.

New developments on arbitrations

SCOR has been informed that Covéa just filed a request for arbitration to contest the validity of the settlement agreement drawn up and concluded in the presence of the French regulator ACPR on 10 June 2021¹⁴. SCOR considers this request unfounded and will vigorously defend its rights. This request for a new arbitration comes in addition to the ongoing arbitration on the retrocession treaties, initiated by SCOR in November 2022 and which has now reached its final phase. In this context, Covéa has requested that the tribunal in charge of the 2022 arbitration stay its decision until the outcome of this new arbitration. SCOR opposes this request and remains firmly committed to keeping the current proceedings within the agreed timeline, for a decision to be rendered in the course of 2026. These latest developments have no impact on SCOR’s business and its ability to deliver its strategic plan Forward 2026.

This update is an ad hoc disclosure pursuant to Article 17 of Regulation (EU) No 596/2014 of 16 April 2014.

* *

APPENDIX

1 – SCOR Group Q2 2025 key financial details

In EUR million (at current exchange rates)	Q2 2025	Q2 2024	Variation	H1 2025	H1 2024	Variation
Insurance revenue	3,819	4,085	-6.5%	7,883	8,198	-3.8%
Gross written premiums¹	4,661	5,076	-8.2%	9,569	10,029	-4.6%
Insurance Service Result²	358	-127	n.a.	682	126	n.a.
Management expenses	-313	-318	1.6%	-614	-612	-0.3%
Annualized ROE³	22.6%	-23.7%	n.a.	20.3%	-4.7%	n.a.
Annualized ROE excluding the mark to market impact of the option on own shares from Q2 2025	22.6%	-21.9%	n.a.	20.1%	-4.5%	n.a.
Net income^3,4	226	-308	n.a.	425	-112	n.a.
Net income⁴ excluding the mark to market impact of the option on own shares from Q2 2025	225	-283	n.a.	420	-107	n.a.
Economic value^5,6	8,469	8,425	0.5%	8,469	8,425	0.5%
Shareholders’ equity	4,129	4,500	-8.2%	4,129	4,500	-8.2%
Contractual Service Margin (CSM)⁶	4,340	3,924	10.6%	4,340	3,924	10.6%

1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Includes revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax. 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholder’s equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM.

2 – P&L key figures Q2 2025

In EUR million (at current exchange rates)	Q2 2025	Q2 2024	Variation	H1 2025	H1 2024	Variation
Insurance revenue	3,819	4,085	-6.5%	7,883	8,198	-3.8%
P&C insurance revenue	1,833	2,031	-9.7%	3,692	3,868	-4.6%
L&H insurance revenue	1,986	2,054	-3.3%	4,191	4,330	-3.2%
Gross written premiums¹	4,661	5,076	-8.2%	9,569	10,029	-4.6%
P&C gross written premiums	2,250	2,438	-7.7%	4,759	4,865	-2.2%
L&H gross written premiums	2,410	2,637	-8.6%	4,810	5,164	-6.9%
Investment income on invested assets	210	184	14.3%	436	376	+15.8%
Operating results	347	-227	n.a.	665	60	n.a.
Net income^2,3	226	-308	n.a.	425	-112	n.a.
Net income²excluding the mark to market impact of the option on own shares from Q2 2025	225	-283	n.a.	420	-107	n.a.
Earnings per share³(EUR)	1.26	-1.72	n.a.	2.38	-0.63	n.a.
Earnings per share (EUR) excluding the mark to market impact of the option on own shares from Q2 2025	1.26	-1.58	n.a.	2.35	-0.60	n.a.
Operating cash flow	395	134	194.2%	546	286	90.9%

1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax.

3 – P&L key ratios Q2 2025

In EUR million (at current exchange rates)	Q2 2025	Q2 2024	Variation	H1 2025	H1 2024	Variation
Return on invested assets ^1,2	3.6%	3.3%	+0.3pts	3.7%	3.3%	+0.4pts
P&C combined ratio ³	82.5%	86.9%	-4.4pts	83.7%	87.0%	-3.3pts
Annualized ROE⁴	22.6%	-23.7%	n.a.	20.3%	-4.7%	n.a.
Annualized ROE excluding the mark to market impact of the option on own shares	22.6%	-21.9%	n.a.	20.1%	-4.5%	n.a.
Economic Value growth⁵	n.a.	n.a.	n.a.	10.5%	-7.3%	+17.8pts

1: Annualized; 2: In Q2 2025 and H1 2025, fair value through income on invested assets excludes respectively EUR 1m and EUR 7m pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax, H1 2025 impact of EUR 7 million before tax; 5: Not annualized. Growth at constant economic assumptions, and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid in 2025. Economic Value defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM.

4 – Balance sheet key figures as of 30 June 2025

In EUR million (at current exchange rates)	As of 30 June 2025	As of 31 December 2024	Variation
Total invested assets ¹	23,189	24,155	-4.0%
Shareholders’ equity	4,129	4,524	-8.7%
Book value per share (EUR)	23.09	25.22	-8.5%
Economic Value²	8,469	8,615	-1.7%
Economic Value per share (EUR)³	47.35	48.03	-1.4%
Financial leverage ratio⁴	24.9%	24.5%	0.3pts
Total liquidity⁵	2,362	2,466	-4.2%

1: Excludes 3rd party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Includes cash and cash equivalents and short-term investments.

* *

SCOR, a leading global reinsurer

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

For more information, visit: www.scor.com

Media Relations
Alexandre Garcia
media@scor.com

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Thomas Fossard
InvestorRelations@scor.com

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General

Figures presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

This press release does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

Forward-looking statements

This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

These statements may be identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly impact the future results, performance and accomplishments planned or expected by SCOR.

In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.

Accordingly, all assessments, assumptions, and figures presented in this press release should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org.

In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

Financial information

The Group’s financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the second quarter and first half of 2025 which is available on SCOR’s website www.scor.com.

The financial results for the first half of 2025 have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

Any financial data or figures for a period subsequent to June 30, 2025 are not to be construed as a forecast of the expected financials for these periods

¹ Adjusted by excluding the mark to market impact of the option on own shares.
² Includes revenues on financial contracts reported under IFRS 9.

³ Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
⁴ Not annualized. The starting point is adjusted for the future payment of dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid in 2025.
⁵ Growth at constant economic assumptions (i.e. adjusted for interest rate changes and FX impacts on shareholders’ equity and CSM) as of 31 December 2024 and excluding the mark to market impact of the option on own shares.

⁶ Solvency ratio estimated after taking into account the dividend accrual for the first six months based on the dividend paid for the fiscal year 2024 (EUR1.8 per share).
⁷ Estimated Gross Premium Income (EGPI).
⁸ Compared to the same period in 2024.
⁹ Measured by net underwriting ratio, excluding Alternative Solutions.
¹⁰ Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts).
¹¹ Excluding the mark to the market impact of the option on own shares. Q2 2025 impact of EUR 1 million before tax.

¹² Reinvestment rate is based on Q2 2025 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 30/06/2025.
¹³ As of 30 June 2025. Includes current cash balances and future coupons and redemptions.
¹⁴SCOR and Covéa announce the signing of a settlement agreement | SCOR

Attachment

SCOR Press Release

The MIL Network –

July 31, 2025

MIL-OSI Europe: Inflation coming down and economic situation weakening

Source: Government of Sweden

Inflation is starting to come down, but Swedish businesses and households are still burdened by high prices and interest rates. This means a weaker economic situation and that the Swedish economy is considered to be in a recession that will last until 2025. These are the Ministry of Finance’s conclusions presented in a new forecast of the economic outlook.

MIL OSI Europe News –

July 31, 2025
MIL-OSI United Nations: Unlock More Capital, Deputy Secretary-General Urges at AGFUND Event Citing Real Leadership across Africa to Achieve Sustainable Food Security, Resilience

Source: United Nations MIL OSI

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) Arab Gulf Programme for Development (AGFUND) side event: “Mobilizing Investment for Sustainable Development Goal (SDG) 2: The Role of Public-Private Partnerships”, in Addis Ababa today:

It is a pleasure to be with you today to confront one of the great injustices of our time, and to spotlight a response that offers hope.

Let me start with the stark reality we all know too well. Hunger is rising. Over 800 million people are food insecure. Climate shocks and conflict are battering food systems. Inflation and instability are undermining livelihoods.

Once again, those with the least are paying the highest price. Behind the numbers are human potential being lost every single day. Children whose growth is stunted, mothers who skip meals to feed their families and farmers trapped in cycles of debt when harvests fail.

This is both a development emergency and a solvable failure. We have the knowledge and the means, what we lack is the scale of investment needed to act decisively. Food systems don’t stop at borders: rivers flow across regions and markets stretch across continents. Our response must reflect that same interconnection grounded in shared responsibility.

We meet here in Addis Ababa, a city that has long embodied African cooperation and leadership. There is no better place to recommit to food security and resilience.

Food is more than a necessity. It is also a foundation for peace and a force for unity. In a divided world, food carries the promise of shared responsibility and shared survival. It is with this understanding that I welcome the Global Flagship Initiative for Food Security.

That is why I welcome the Global Flagship Initiative for Food Security. Launched at the Sixteenth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP16) under Saudi leadership and supported by AGFUND and many others, this initiative offers a structured, forward-looking response to today’s urgent needs.

The value of the Flagship lies in its design. It brings together science and policy, local knowledge and institutional finance, Governments and field-based delivery. Over 30 partners are already involved.

With careful targeting and strong regional coordination, the Flagship is directing resources to the people and places that need them most — smallholder farmers, women producers and fragile ecosystems.

This approach recognizes that sustainable food security cannot be achieved through top-down solutions alone. It requires empowering local communities, strengthening Indigenous knowledge systems and ensuring that women — who produce the majority of the world’s food — have equal access to land, credit and decision-making power.

This initiative is not just a vision on paper, it is already generating real momentum — through integration with the Global Drought Resilience Partnership and through collaboration with the Joint SDG Fund in countries like Ethiopia and Cameroon. These efforts show that it’s possible to build practical, blended financing models that support action.

We are seeing real leadership across Africa. Countries are moving forward with national strategies, restoring land and linking action to results. This is African leadership in motion rooted in local priorities, supported by global partners.

Yet we must be clear-eyed about the obstacles that remain, particularly around financing. The financing gap for food systems transformation is estimated at over $300 billion annually.

Connected, is the fundamental inequity in how climate finance flows. The countries most affected by climate change receive the least support, while those who have contributed least to the problem bear the greatest burden.

The financing gap is felt most in the least developed countries and small island developing States. We need to unlock more capital, not only from traditional sources, but also through environmental, social and governance bonds, responsible land investment and climate-aligned funds.

Before I close, I want to acknowledge the partners who have made this possible. Let me thank AGFUND and Dr. Nasser Al Kahtani for their leadership, the Crop Trust for hosting the Secretariat and the Arab Coordination Group for their financial and strategic backing.

As we move forward together, we must remember what this work is really about. This initiative is a reminder that change comes from purpose, partnership and persistence.

So, let us move forward with a shared determination. Because food systems transformation is not only about agriculture. It is about dignity. It is about justice. It is about the future we owe one another.

MIL OSI United Nations News –

July 31, 2025
MIL-OSI USA: Completion of Affordable Housing in Brooklyn

Source: US State of New York

overnor Kathy Hochul today announced the completion of Shepherd-Glenmore, a new $61 million affordable and supportive housing development in Cypress Hills, Brooklyn. Developed by Housing Plus and Spatial Equity, Shepherd-Glenmore features 123 affordable apartments in a LEED Gold building located adjacent to the Shepherd Avenue C train station. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 7,700 affordable homes in Brooklyn. Shepherd-Glenmore continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

“Shepherd-Glenmore marks a significant step forward in our mission to provide safe, affordable and supportive housing for all New Yorkers,” Governor Hochul said. “This development transforms a once-dilapidated site into a vibrant, energy-efficient community, provides easy access to public transit, and offers critical supportive services to those who need it most. Through our $25 billion housing plan and partnerships with dedicated partners, we continue to make New York a more affordable and inclusive place of opportunity where people can thrive.”

Developed on the site of a former junkyard that was demolished as part of construction, Shepherd-Glenmore apartments are affordable to households earning up to 60 percent of the Area Median Income.

Supportive services and rental subsidies for 74 apartments are provided by Housing Plus and are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Temporary and Disability Assistance. Services include case management, crisis intervention, mental health and wellness services, employment and education services, recreation and socialization services, and referral services. Additionally, eight apartments will be set aside for independent seniors through the New York City Affordable Independent Residence for Seniors Program, who will receive rental assistance through HCR project based rental vouchers.

Shepherd-Glenmore was made possible with help from New York City’s rezoning of East New York, requiring that 31 units remain permanently affordable as part of the New York City Mandatory Inclusionary Housing Program.

Shepherd-Glenmore was designed to meet Energy Star Multifamily New Construction and LEED Gold criteria. The development features a roof-top solar array to generate on-site electricity and is designed and built to high standards of building envelope performance and indoor quality standards.

Amenities include 5,000 square feet of outdoor recreation space, community garden, 24-hour security, a fitness room and a wellness room.

New York State Homes and Community Renewal’s state and federal Low-Income Housing Tax Credit Programs generated more than $21 million in equity and $24 million in subsidy for the development. The New York City Department of Housing Preservation and Development provided more than $13 million in subsidy.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Shepherd-Glenmore is a shining example of how partnerships between State and local government can create high-quality, affordable housing that uplifts communities. With 123 energy-efficient apartments, including 74 with supportive services for New Yorkers at-risk of homelessness, this development provides a stable foundation that will help its residents, particularly those most in need, succeed in the future. Under Governor Hochul’s leadership, HCR is proud to advance projects like this that align with our commitment to creating and preserving 100,000 affordable homes statewide.”

Senator Kirsten Gillibrand said, “Safe and affordable housing should be accessible to all New Yorkers regardless of their background. Investing in high-quality and affordable housing is critical to ensuring the safety and well-being of all New Yorkers. I am proud that the Shepherd-Glenmore project supports our seniors and delivers real results for East New York. I will continue fighting for more funding that supports affordable housing projects like this one so all New Yorkers have access to the comfortable and safe homes they deserve.”

State Senator Julia Salazar said, “New York City desperately needs more affordable housing, and so I applaud the completion of Shepherd-Glenmore here in Brooklyn. The new building has more than 120 affordable apartments, 74 of which will have supportive services for formerly homeless and those at-risk of homelessness. I look forward to the day New Yorkers can begin moving in.”

HousingPlus CEO Karen Ford said, “Permanent supportive housing ensures that families with significant barriers are able to obtain and maintain safety and stability. We are thankful to our state leadership, including Governor Hochul and HCR for helping to bring these supportive units to East New York.”

Spatial Equity Principal Teghvir Sethi said, “Shepherd Glenmore represents transformation: a derelict junkyard reimagined into LEED Gold housing for seniors, families and individuals to build new lives in rent stabilized, state-of-the-art homes. We are grateful to Governor Hochul, HCR, Mayor Adams, HPD, and Wells Fargo for their support of non-profit and MWBE developers joining the fight in the city’s housing crisis.”

Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The combination of affordable housing and supportive services is fundamental to helping individuals experiencing homelessness get the assistance they need to remain stably housed. Shepherd-Glenmore will serve some of our most vulnerable fellow New Yorkers and we are grateful to play a role in the creation of these permanent supportive housing units. Congratulations to our state and local partners, and everyone involved in the completion of this much-needed project.”

Governor Hochul’s Housing Agenda

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 60,000 homes have been created or preserved to date.

The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 300 communities have received Pro-Housing certification, including the City of New York.

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Dermatology Providers Agree to Pay Nearly $850,000 to Resolve Allegations of False Wound Repair Claims

Source: US State of California

Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.

Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.

The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.

“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”

“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”

“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”

The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.

The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.

The claims resolved by the settlement are allegations only and there has been no determination of liability.

MIL OSI USA News –

July 31, 2025
MIL-OSI Security: Dermatology Providers Agree to Pay Nearly $850,000 to Resolve Allegations of False Wound Repair Claims

Source: United States Attorneys General

Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.

Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.

The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.

“Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”

“This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”

“Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”

The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.

The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.

The claims resolved by the settlement are allegations only and there has been no determination of liability.

MIL Security OSI –

July 31, 2025

MIL-OSI: Security Federal Corporation Announces Increase in Quarterly and Year-To-Date Earnings

Source: GlobeNewswire (MIL-OSI)

AIKEN, S.C., July 30, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCID: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and six months ended June 30, 2025.

The Company reported net income available to common shareholders of $2.4 million, or $0.75 per common share, for the quarter ended June 30, 2025, compared to $2.1 million, or $0.66 per common share, for the second quarter of 2024. Year-to-date net income available to common shareholders was $5.0 million, or $1.56 per common share, for the six months ended June 30, 2025, compared to $3.9 million, or $1.20 per common share, during the six months ended June 30, 2024. The increase in both quarterly and year-to-date net income available to common shareholders was primarily due to increases in net interest income and non-interest income, as well as a decrease in the provision for credit losses, which were partially offset by an increase in non-interest expense, provision for income taxes and an increase in the payment of preferred stock dividends during 2025.

Second Quarter Financial Highlights

Net interest income increased $1.1 million, or 11.1%, to $11.3 million as interest income increased and interest expense decreased.
Total interest income increased $629,000, or 3.3%, to $19.4 million while total interest expense decreased $502,000, or 5.8%, to $8.1 million during the second quarter of 2025 compared to the same quarter in 2024. The increase in interest income was the result of a $1.1 million increase in interest income from loans and a $258,000 increase in income from other interest-earning assets, which was partially offset by a decrease in interest income from investments. Interest expense decreased during the second quarter of 2025 due to lower market interest rates and the payoff of outstanding borrowings with the Federal Reserve, which resulted in a lower average balance of these interest-bearing liabilities compared to the second quarter of 2024.
Non-interest income increased $141,000, or 5.7%, to $2.6 million during the second quarter of 2025 compared to the same quarter in the prior year primarily due to a $106,000 increase in rental income and $62,000 gain on sale of land held for sale. During the first quarter of 2025, we purchased a multi-tenant property resulting in an increase to rental income. The property is intended to be the future site of a full-service branch.
Non-interest expense increased $692,000, or 7.2%, to $10.4 million during the quarter ended June 30, 2025, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits, occupancy expense, debit card expenses and cloud services expenses, which were partially offset by a decrease in expenses for advertising and depreciation and maintenance of equipment.

	*Quarter Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*6/30/2025*		*6/30/2024*
Total interest income	$	19,449	$	18,820
Total interest expense		8,137		8,639
Net interest income		11,312		10,181
Provision for credit losses		–		175
Net interest income after provision for credit losses		11,312		10,006
Non-interest income		2,595		2,454
Non-interest expense		10,361		9,669
Income before income taxes		3,546		2,791
Provision for income taxes		756		565
Net income		2,790		2,226
Preferred stock dividends		415		97
Net income available to common shareholders	$	2,375	$	2,129
Earnings per common share (basic)	$	0.75	$	0.66

Year to Date (Six Months) Comparative Financial Highlights

Net interest income increased $2.4 million, or 11.8%, to $22.5 million during the six months ended June 30, 2025 compared to the same period in the prior year.
Total interest income increased $1.1 million, or 3.0%, to $38.7 million while total interest expense decreased $1.2 million, or 7.1%, to $16.1 million during the six months ended June 30, 2025 compared to the same period in the prior year.
Non-interest income increased $264,000, or 5.5%, to $5.0 million during the six months ended June 30, 2025 compared to the same period in the prior year primarily due to an increase in rental income.
Non-interest expense increased $898,000, or 4.7%, to $20.2 million.

	*Six Months Ended*
*(Dollars in Thousands, except for Earnings per Share)*	*6/30/2025*		*6/30/2024*
Total interest income	$	38,682	$	37,540
Total interest expense		16,141		17,376
Net interest income		22,541		20,164
Provision for credit losses		–		510
Net interest income after provision for credit losses		22,541		19,654
Non-interest income		5,039		4,775
Non-interest expense		20,202		19,304
Income before income taxes		7,378		5,125
Provision for income taxes		1,582		1,146
Net income		5,796		3,979
Preferred stock dividends		830		97
Net income available to common shareholders	$	4,966	$	3,882
Earnings per common share (basic)	$	1.56	$	1.20

Credit Quality

The Company recorded no provision for credit losses during the first six months of 2025 compared to a $475,000 provision for credit losses on loans and a $35,000 provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $510,000 for the first six months of 2024.
Non-performing assets were $5.9 million, or 0.37% of total assets, at June 30, 2025, compared to $7.6 million, or 0.47% of total assets, at December 31, 2024.
The allowance for credit losses as a percentage of gross loans was 2.00% at June 30, 2025, compared to 1.98% at December 31, 2024.

*At Period End (dollars in thousands):*	*6/30/2025*			*12/31/2024*			*6/30/2024*
Non-performing assets	$	5,954		$	7,636		$	7,122
Non-performing assets to total assets		0.37	%		0.47	%		0.46	%
Allowance for credit losses	$	14,007		$	13,894		$	12,958
Allowance for credit losses to gross loans		2.00	%		1.98	%		1.95	%

Balance Sheet Highlights and Capital Management

Total assets were $1.6 billion at June 30, 2025, a year-over-year increase of $82.1 million, or 5.3%, and a $13.5 million, or 0.8%, increase since December 31, 2024.
Cash and cash equivalents decreased $36.1 million during the six months ended June 30, 2025 to $142.2 million at June 30, 2025, primarily because of the repayment of borrowings with the Federal Reserve.
Total loans receivable, net was $685.5 million at June 30, 2025, a $1.6 million, or 0.2%, decrease since December 31, 2024.
Investment securities increased $46.8 million, or 7.1%, during the first half of the year to $707.6 million at June 30, 2025, due to the purchases of investment securities exceeding maturities and principal paydowns.
Deposits increased $59.2 million, or 4.5%, during the first half of 2025 to $1.4 billion at June 30, 2025.
Borrowings decreased $53.4 million, or 57.4%, during the first half of 2025 to $39.6 million at June 30, 2025, primarily due to the repayment of borrowings with the Federal Reserve Bank.
Common equity book value per share increased to $34.02 at June 30, 2025, from $31.21 at December 31, 2024.

*BALANCE SHEET HIGHLIGHTS*
*Dollars in thousands (except per share amounts)*	*6/30/2025*			*12/31/2024*			*6/30/2024*
Total assets	$	1,625,236		$	1,611,773		$	1,543,101
Cash and cash equivalents		142,190			178,277			138,350
Total loans receivable, net		685,501			687,149			655,202
Investment securities		707,609			660,823			662,035
Deposits		1,383,201			1,324,033			1,236,154
Borrowings		39,566			92,964			118,641
Total shareholders’ equity		191,279			182,389			175,891
Common shareholders’ equity		108,330			99,440			92,942
Common equity book value per share	$	34.02		$	31.21		$	29.08
Total risk based capital to risk weighted assets (1)		20.46	%		19.96	%		19.49	%
CET1 capital to risk weighted assets (1)		19.20	%		18.71	%		18.24	%
Tier 1 leverage capital ratio (1)		10.54	%		9.88	%		10.23	%
(1) – Ratio is calculated using Bank only information and not consolidated information

Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in the Community Development Capital Initiative (CDCI) Program; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

The MIL Network –

July 31, 2025

MIL-OSI: WENDEL: 2025 Half-Year Results

Source: GlobeNewswire (MIL-OSI)

2025 Half-Year Results:

Continued strategic deployment with the

Asset Management Platform ramp up:

Wendel Group now manages €45 billion+,
of which €39 billion of Private Assets under Management
for third parties

NAV per share at €167.7 as of June 30, 2025

Implementation of a semi-annual interim dividend starting in November 2025, with an interim dividend of €1.50

Taking into account the dividend payment of €4.7, the fully diluted net asset value¹per share as of June 30, 2025 is down 2.4% compared to the end of March 2025, and stable at constant exchange rates.

The strengthening of euro vs US dollar, generated a -€4.7 per share FX effect in Q2. At constant exchange rate, NAV main components evolved as follows:

Principal Investments:
- Listed assets (38% of Gross Asset Value excluding cash): +5.0% vs Q1 2025 thanks to Bureau Veritas, IHS and Tarkett share prices increase
- Unlisted assets (38% of GAV excl. cash): total value down 4.8% vs Q1 2025, reflecting mainly multiples and aggregates evolution
Asset Management activities (22% of GAV excl. cash): total valuation up +9.0% vs Q1 2025, induced by multiples and aggregates evolution

Principal investments: H1 2025 performance supported by listed companies

Positive contribution from the Group’s listed companies, driven by higher share prices over the period
Total sales of Group companies up 3.9% organically
New CEOs at Crisis Prevention Institute and Scalian

Asset management: strong momentum in fundraising and revenue growth

Wendel Asset Management platform AuM reach close to €39 billion, focused on midmarket. Altogether IK Partners and Monroe Capital have raised c.€4.3 billion of new funds on various strategies over H1 2025, without any sponsor money from Wendel in H1. IK Partners reached its hard caps on its Midcap and Small Cap funds in the first half of 2025, and Monroe Capital raised $4 billion.
Management fees totalled €152 million and Fee Related Earnings totalled €59 million, growing more than threefold vs last year, thanks to organic growth and strong scope effects

Dynamic implementation of new strategic directions

Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
- Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
- Total net proceeds for Wendel of €750 million
- Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas

Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €39 billion in AUM²
- On March 31, 2025, Wendel has invested $1.13³ billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025

Ordinary dividend of €4.70 per share for 2024, up 17.5% compared to 2023, paid in May 2025, representing a distribution to shareholders of €200 million
€1.50 interim dividend to be paid in November 2025
- In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial year
- The balance of the 2025 dividend, will be paid in May 2026, in line with Wendel dividend policy
- This new interim dividend policy will be recurring

Strong financial structure and committed to remaining Investment Grade

Average debt maturity of 3.1 years with an average cost of 2.4%
LTV ratio at 18.5%⁴ on a pro forma basis
On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date

Net income from operations, group share down 17.9% at €86.0 million
H1 2025 net income (Group share) at €4.3 million impacted by a negative scope effect due to the disposal of Constantia Flexibles (€419m capital gain, group share) in the first half of 2024, while the capital gain related to the forward sale of 6.7% of Bureau Veritas share capital in March 2025 is not accounted in the P&L

Laurent Mignon, Wendel Group CEO, commented:

“ With the successful closing of Monroe Capital’s acquisition, Wendel materializes its strategy to grow third-party asset management alongside our principal investment activity.

With Monroe Capital and IK Partners representing €39 billion of assets under management and €4.3 billion raised in H1 2025, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile. IK Partners has closed its Midcap and Small Cap strategies at their hardcaps, finalizing its 2024/2025 fundraising at €6 billion, in line with the ambition announced when it was acquired by Wendel in October 2023. We are actively building a diversified pipeline of high-quality acquisition opportunities to expand our third-party asset management business.

We actively support the development of our permanent capital portfolio companies in navigating a persistently complex macroeconomic environment.

Our teams remain fully mobilized to generate value through the current portfolio and further develop our asset management platform while maintaining a solid financial profile. Our strategic transformation has also gone hand in hand with a reinforced cash return to shareholders, reflected in the €4.7 dividend per share paid in May, growing 17.5% vs 2024. Given the stronger recurring and predictable cash flow generation of Wendel, we have decided to implement a semi-annual interim dividend payment policy starting in 2025. ”

Wendel’s net asset value as of June 30, 2025: €167.7 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of June 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €167.7 per share as of June 30, 2025 (see details in the table below), as compared to €176.7 on March 31, 2025, representing a decrease of -5.1% over the quarter and stable restated from the dividend paid in May 2025 and at constant exchange rate. Compared to the last 20-day average share price as of June 30, the discount to the fully diluted NAV per share was -48.4% as of June 30, 2025,.

FX had a negative impact of -4.7€ per share over the second quarter due to the dollar evolution vs. euro.

Bureau Veritas is slightly up over the quarter (+1.2% on a 20-day average). IHS Towers (+29.5%) and Tarkett (+3%) 20-day average share prices also contributed positively to the NAV. Total value creation per share of listed assets was therefore positive (+€3.5) at constant exchange rate on a fully diluted basis over the second quarter 2025.

Unlisted asset contribution to NAV was negative over the second quarter with a total change per share of – €5.0 at a constant exchange rate reflecting selected assets operational performance and multiples evolution.

Asset management activities contribution to NAV was positive, +€3.8 at a constant exchange rate, due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €49M of sponsor money is included in the NAV as of end of June, both for IK Partners and Monroe Capital.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.9 at constant exchange rate, as Wendel benefits from a positive carry and maintains a good cost control.

Over the first half of the year, total Net Asset Value evolution per share amounted to -€13.2, restated from the €4.7 of dividend returned to shareholders in May 2025, i.e. -€6.2 at a constant exchange rate.

Fully diluted NAV per share of €167.7 as of June 30, 2025

(in millions of euros)				06/30/2025	03/31/2025
Listed investments	Number of shares	Share price ⁽¹⁾		3,088	2,965
Bureau Veritas	89.9m⁽²⁾/120.3m		€29.2/€28.5	2,630	2,565
IHS	63.0m/63.0m		$5.7/$4.4	307	254
Tarkett		€16.9/€16.4		151	146
Investment in unlisted assets ⁽³⁾				3,071	3,346
Asset Management Activities ⁽⁴⁾				1,824	1,778
Asset Managers (IK Partners & Monroe Capital)				1,775	1,749
Sponsor Money				49	29
Other assets and liabilities of Wendel & holding companies ⁽⁵⁾				150	161
Net cash position & financial assets ⁽⁶⁾				1,770	2,058
Gross asset value				9,903	10,308
Wendel bond debt & accrued interests				-2,373	-2,378
IK Partners transaction deferred payment and Monroe Capital earnout				-235	-244
Net Asset Value				7,295	7,686
Of which net debt				-838	-564
Number of shares				44,461,997	44,461,997
Net Asset Value per share				€164.1	€172.9
Wendel’s 20 days share price average				€86.6	€92.0
Premium (discount) on NAV				-47.2%	-46.8%
Number of shares – fully diluted				42,457,994	42,456,176
Fully diluted Net Asset Value, per share				€167.7	€176.7
Premium (discount) on fully diluted NAV				-48.4%	-47.9%

(1)  Last 20 trading days average as of June 30, 2025, and March 31, 2025.
(2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities of Wendel & holding companies.
(3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
(4)  Investments in IK Partners and Monroe Capital (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.
(5)  Of which 2,004,003 treasury shares as of June 30, 2025, and 2,005,821 as of March 31, 2025.
(6)  Cash position and short-term financial assets of Wendel & holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

Wendel invested €41.5M in Scalian in H1 2025 to support its external growth and to strengthen its balance sheet.

Wendel’s Asset Management platform evolution

Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €39 billion in AUM⁵, and should generate, on a full-year basis, c.€ 455 million revenues⁶, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

Third-Party Asset Management Platform: 22% of Gross Asset Value excluding cash

Over the first half of 2025, the Wendel Asset Management platform (IK Partners and Monroe Capital), focused on the midmarket private markets, registered particularly strong levels of activity, generating a total of €152.0 million in Management fees and others, up 355 % vs. H1 2024, thanks to good organic growth and strong scope effects: Only IK Partners was consolidated over 2 months in H1 2024, to be compared in H1 2025 with a 6 months consolidation for IK and 3 months consolidation for Monroe Capital in H1 2025.

As a consequence, the consolidated Fee Related Earnings of the platform amounted to €59.9 million in H1 2025, up 318% vs last year, and Profit Before Tax was €60.2 million, up 303% vs. last year.

The Wendel Asset Management Platform has known a Strong Momentum in terms of fund raising with €4.3 billion raised over the semester, without any sponsor money committed by Wendel.

IK Partners has closed its Midcap and its Small Cap strategy at the hard cap. This completes IK fund raising cycle (2024/2025) at €6 billion, in line with the announced target at acquisition in October 2023. Monroe Capital has also maintained its strong dynamic with $4 billion of asset raised in 6 months with a good diversification in terms of strategies and geographies.

As of June 30, 2025 Wendel’s third-party asset management platform⁷ represented total assets under management of €39.1 billion (of which €10.1 billion of Dry Powder⁸), and FPAuM⁹ of €29.0 billion, FX adjusted, up +187% year-to-date. Over the period, €5.0 billion of new Fee Paying AuM were generated and about €3 billion of exits and payoffs have been realized.

Sponsor money invested by Wendel

Wendel committed in 2024 €434 million in IK Partners funds (of which €300 million in IK X). As of June 30, 2025, a value of €49 million of sponsor money have been called in IK Partners and Monroe Capital funds.

Principal Investment companies’ sales

Figures post IFRS 16 unless otherwise specified.

Listed Assets: 38% of Gross Asset Value excluding cash

Bureau Veritas: Robust organic revenue growth and strong margin increase in H1 2025 as the LEAP | 28 strategy execution accelerates; Confirmed 2025 outlook

(full consolidation)

Revenue in the first half of 2025 amounted to €3,192.5 million, a 5.7% increase compared to H1 2024. The organic increase was 6.7% compared to H1 2024 (including 6.2% in the second quarter of 2025) and a broad organic growth across most businesses and geographies.

First half adjusted operating profit increased by 8.8% to €491.5 million. This represents an adjusted operating margin of 15.4%, up 44bps year-on-year and up 55bps at constant currency.

As of June 30, 2025, adjusted net financial debt was €1,254.7 million and the adjusted net financial debt/EBITDA ratio was maintained at a low level of 1.11x (vs. 1.06x as of December 31, 2024).

2025 share buyback program

Bureau Veritas executed the €200 million share buyback program announced on April 24, 2025, thus

acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the

months of May and June 2025. The purchase was completed at an average price of €29.77 per share.

2025 outlook confirmed

Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

Mid-to-high single-digit organic revenue growth,
Improvement in adjusted operating margin at constant exchange rates,
Strong cash flow, with a cash conversion¹⁰ above 90%.

For further details: group.bureauveritas.com

IHS Towers – IHS Towers will report its H1 2025 results in August 2025

Tarkett reported its H1 on July 29, 2025

For more information: https://www.tarkett-group.com/en/investors/

Unlisted Assets: 38% of Gross Asset Value excluding cash

(in millions)	Sales		EBITDA			Net debt
	H1 2024	H1 2025	H1 2024 including IFRS 16	H1 2025 including IFRS 16	Δ	end of June including IFRS 16
Stahl	€464.7	€462.9	€106.7	€90.8	-14.9%	€357.8
CPI	$66.9	$69.5	$28.4	$29.9	+5.3%	$370.8
ACAMS	$48.7	$53.4	$8.9	$13.7	+53.9%	$161.2
Scalian	€271.8	€257.6	€30.3	€28.9	-4.6%	€354.8
Globeducate⁽¹⁾	€202.6	€224.7	na	€77.7	na	€739.6

(1) Globeducate acquisition was completed on October 16^th, 2024. Globeducate fiscal year ends in August, and figures shown are last six months at the end of May 2025. Indian operations are deconsolidated and accounted for by the equity method.

Stahl – Total sales slightly down -0.4% in H1 2025 in a context of challenging market conditions in the automotive and luxury goods end-markets. Strong EBITDA margin of 19.6%.

(Full consolidation) 

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €462.9 million in the first half of 2025, representing a total decrease of -0.4% versus H1 2024.

Organically, sales were down -5.9%, in a context of lower demand across end-markets due to very high levels of uncertainty around changing tariffs and destocking in the supply chains served by Stahl, while FX contributed -2.0%. Acquisitions contributed positively (+7.6%) to total sales variation, thanks to the acquisition of Weilburger Graphics GmbH completed in September 2024.

Half Year 2025 EBITDA¹¹ amounted to €90.8 million (-14.9% vs. H1 2024), translating into a strong EBITDA margin of 19.6%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

Net debt as of June 30^t^h, 2025, was €357.8 million¹², versus €383.8 million at the end of 2024 and leverage stood at 1.9x¹³.

Crisis Prevention Institute reports +4.0% in revenue and +5.3% EBITDA growth. Andee Harris will become the new CEO of CPI on August 20, 2025.

(full consolidation)

Crisis Prevention Institute recorded first half 2025 revenue of $69.5 million, up +4% compared to H1 2024. Of this increase, +3.2% was organic growth, -0.2% came from FX movements and +1.1% from scope effect related to the Verge acquisition in Norway in January 2025. Despite ongoing federal oversight and funding uncertainty for some of CPI’s US customers that may have led to deferred spending on expanded training, CPI’s installed base of certified instructors continued to renew and maintain their certification and train their colleagues. Growth in the first half therefore increased revenues from renewals and learning materials in North America, as well as double digit growth in markets outside North America.

H1 2025 EBITDA was $29.9 million¹⁴, reflecting a margin of 43.0%. EBITDA was up +5.3% vs. H1 2024 while margins are slightly up due to tight cost policy and in spite of lower-than-expected top line growth.

As of June 30, 2025, net debt totaled $370.8 million¹⁵, or 4.7x EBITDA as defined in CPI’s credit agreement. In early July, CPI raised $60 million through an incremental term loan to fund c. $33 million dividend payment to Wendel by year end and a partial repurchase of management’s shares. Both the dividend and the share repurchases are expected to occur in September.

On August 20, 2025, Andee Harris will become CEO of CPI and a member of the company’s board of directors.

Andee Harris will take over from Tony Jace, CPI’s current CEO, who is retiring after leading CPI’s significant expansion over the past 16 years. Tony will remain on CPI’s Board of Directors through the end of 2025.

Andee Harris was the CEO of Challenger, a global leader in training, technology and consulting. Harris will bring more than two decades of experience in growing and scaling service and technology businesses. She has previously led multiple companies, both as CEO and Senior Vice President, through periods of rapid revenue growth, digital transformation, critical fundraising and successful acquisition.

ACAMS – Total sales up +9.6% in H1, reflecting double-digit growth in the core Americas and APAC segments, generating very strong EBITDA growth.
(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $53.4 million, up +9.6% compared to the first half of 2024. First-half results were driven by double-digit growth in Americas and APAC segments, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales.

H1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform.

EBITDA¹⁶ for the first half was c.$13.7 million, up 53.9% vs. H1 2024 and reflecting a 25.7% margin, up 740 bps year-over-year. The strong increase in first half profitability largely reflects the aforementioned revenue growth as well as strong cost control by the Company’s management.

As of June 30, 2025, net debt totaled $161.2 million¹⁷, down from $165.0 million at the end of 2024, which represents 4.8x EBITDA as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

ACAMS anticipates continued mid-to-high single digit growth in revenues for 2025. To support its long-term development, which is expected to produce accelerated levels of growth and profitability over the next several years, additional investments and hirings will be made in H2 2025, leading to more normalized c.25% margin for the full year.

Scalian – Total sales down 5.2% in first-half 2025, reflecting persistently tough market conditions for engineering services and digital services companies. Equity contributions by Wendel since the beginning of the year totalling €41.5 million to support Scalian’s acquisition-led growth and strengthen its balance sheet.

Changes in governance with the appointment of a new Chief Executive Officer.

Scalian, a leader in digital transformation and operational performance consulting, reported total sales of €257.6 million as of June 30, 2025, down 5.2% year on year. The downturn in sales continues to take hold in several sectors and geographies, particularly in France and in automotive in Germany. Sales were down 11.1% on a like-for-like basis (including a negative currency impact), and benefited from a positive scope effect of 5.9% driven by acquisitions that were accretive in terms of growth and margins.

Other European countries and North America reported further robust growth, buoyed by the acquisition of Mannarino, which made a significant contribution to half-year earnings thanks to strong business momentum.

Scalian generated €28.9 million in EBITDA¹⁸ over first-half 2025. The EBITDA margin stood at 11.2% of sales, in line with the level recorded for full-year 2024, reflecting a tight rein on costs. As of June 30, 2025, net debt¹⁹ stood at €354.8 million (leverage of 6.7x²⁰ EBITDA).

Over the past 24 months, Scalian has undertaken bold transformation initiatives, which are being accelerated in 2025 in response to the worsening market environment:

Creation of a team focusing on key strategic clients and sectors with high growth potential
Expansion of the bestshoring platform
Launch of the “One Motion” plan, a transformation designed to improve the efficiency of the Scalian business model in three areas (sales and staffing, automation for productivity, and finance and operations)
Dynamic management of utilization rates
Accelerated integration of acquisitions and generation of related synergies
Targeted indirect cost reduction actions
More disciplined management of working capital

These initiatives, aimed at strengthening Scalian’s business model and attractiveness, have already had a positive impact, and have led to significant commercial successes in recent months, including major agreements in the aerospace and defense sectors.

Since the beginning of the year, Wendel has injected an additional €41.5 million in equity to support Scalian’s acquisition-led growth and strengthen its balance sheet.

Wendel is also announcing today a major change in Scalian’s governance, with the appointment of a new Chief Executive Officer effective October 1 at the latest, the date on which Yvan Chabanne will step down following a decade of intensive development. The aim is to launch Scalian into the next cycle of growth and transformation with a new Chief Executive Officer, who has already been identified, also a highly experienced executive from the engineering industry, whose name will be announced shortly.

David Darmon, Chairman of Scalian’s Supervisory Board:

“On behalf of the Wendel Group, I would like to extend my warmest thanks to Yvan Chabanne for his remarkable achievements and unfailing commitment at the helm of Scalian, the brand he founded. Under his leadership, the Group has undergone an exceptional transformation: it has expanded strongly on an international level, become a leader in engineering, digital transformation and operational performance consulting, strengthened its positions with major customers and multiplied its sales almost ten-fold – half of which through a dozen acquisitions. Today, consolidated sales stand at around €530 million.

We are delighted to welcome on board a new Chief Executive Officer whose international background, in-depth knowledge of our businesses and unifying leadership skills will be key assets in supporting the Group’s development going forward. We look forward to working alongside the future Chief Executive Officer on an ambitious value creation plan, which will unleash the full potential of this magnificent company, driven by the expertise, dedication and talent of its teams.”

Globeducate – Total sales up +10.9%²¹over 6-month period ending May 31, 2025. Annualized EBITDA margin c.25%²²in line with expectations.

(Accounted for by the equity method. Globeducate acquisition was completed on October 16^th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 6-month revenue and EBITDA from December 1, 2024 to May 31, 2025).

Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €224.7 million¹ for the 6-month period ending May 31, 2025, representing a total increase of +10.9% over last year. Of this increase, +3.3% came from accretive M&A transactions.

EBITDA² for the same period stood at €77.7 million. EBITDA is always particularly high at this time of year driven by the seasonality of the business (revenues are recognized over the academic year while costs are spread out across the entire fiscal year) and will smooth out over the next quarter. EBITDA was in line with expectations and ensures an annualized EBITDA margin at c.25%. This solid financial performance was fueled by a combination of organic and external growth as well as strict cost control.

Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK.

Net debt as of May 31, 2025, was €739.6 million²³ and leverage stood at 6.3x⁴.

Consolidated Accounts

The Supervisory Board met on July 30, 2025, under the chairmanship of Nicolas ver Hulst, to review Wendel’s condensed consolidated financial statements, as approved by the Executive Board on July 25, 2025. The interim financial statements were subject to a limited review by the Statutory Auditors prior to publication.

Wendel Group’s consolidated net sales totaled €4,177.6 million, up +7.2% overall and up +3.9% organically. FX contribution is -2.1% and scope effect is +5.4%.

The net income from operations of Group companies, Group share amounted to €86.0 million, down -17.9%.

Financial expenses, operating expenses and taxes recorded by Wendel represented €46.0 million, up €13.2 million from the €32.9 million reported in H1 2024, mainly due to lower returns from cash. Operating expenses were down 15.6% due to good cost control.

H1 2025 net income Group share €4.3 million vs. €388.2 million in the first half of 2024, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024. In H1 2025, The impact (group share) of impairment on investments was limited over the period, as the reversal of the impairment on Tarkett Participation was offset by the impairment recognized on Scalian, as a result of the slowdown in its markets. The gain on the forward sale of Bureau Veritas in 2025 and the positive change in the fair value of IHS are not recognized in the income statement but in shareholder equity.

Estimated impact of new tariffs on Wendel’s businesses

Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets. In the second quarter of 2025, the main indirect impact of trade tariffs was on the euro-dollar exchange rate, which impacted the valuation of some of our assets, mainly US companies or listed in the US. The impacts of trade tariffs specific to each company are described in the relevant sections of this press release.

Agenda

Thursday, October 23, 2025

Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

Friday, December 12, 2025,

2025 Investor Day.

Wednesday, February 25, 2026

Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)

Wednesday, April 22, 2026

Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)

Thursday, May 21, 2026

Annual General Meeting

Wednesday, July 29, 2026

H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of June 30, 2025, Wendel manages 39 billion euros on behalf of third-party investors, and c.6.2 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.For more information: wendelgroup.com

Appendix 1: H1 2025 Consolidated sales and results

H1 2025 consolidated net sales

(in millions of euros)	H1 2024	H1 2025	Δ	Organic Δ
Bureau Veritas	3,021.7	3,192.5	+5.7%	+6.7%
Stahl	464.7	462.9	-0.4%	-5.9%
Scalian ⁽¹⁾	271.8	257.6	-5.2%	-11.1%
CPI	61.9	63.7	+3.0%	+3.2%
ACAMS	44.5	48.8	+9.6%	+9.8%
IK Partners ⁽²⁾	33.4	91.2	n.a.	n.a.
Monroe Capital ⁽³⁾	n.a.	60.8	n.a.	n.a.
Consolidated sales	3,897.9	4,177.6	+7.2%	+3.9%

(1) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, sale’s contribution corresponds to 6 months’ sales between January 1st 2025 and June 30 2025. The contribution published last year (€278.2M) corresponded to 6 months’ sales between October 1st 2024 and March 31st 2025.

(2) Acquisition d’IK Partners in May 2024. Contribution of sales for 2 months in 2024 versus 6 months in 2025.

(3) Contribution of 3 months’ sales from April 1st, 2025 to June 30, 2025. Including PRE.

H1 2025 net sales of equity-accounted companies

(in millions of euros)	H1 2024	H1 2025	Δ	Organic Δ
Tarkett ⁽⁴⁾	1,558.7	1,573.5	+0.9%	-0.2%
Globeducate ⁽⁵⁾	n.a.	224.7	n.a.	n.a.

(4) Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the “organic growth” indicator.

(5) Contribution of 6 months of sales from December 1st, 2024 to May 31st, 2025 excluding India.

H1 2025 consolidated results

(in millions of euros)	H1 2024	H1 2025
Contribution from asset management	11.6	49.0
Consolidated subsidiaries	364.6	353.8
Financing, operating expenses and taxes	-32.9	-46.0
Net income from operations⁽¹⁾	343.4	356.8
Net income from operations, Group share	*104.8*	*86.0*
Non-recurring income/loss	643.4	15.7
Impact of goodwill allocation	-50.4	-65.1
Impairment	-90.6	-39.4
Total net income ⁽²⁾	845.8	268.0
Net income, Group share	388.2	4.3

(1) Net income before goodwill allocation entries and non-recurring items.

(2) IHS is accounted for as financial assets through OCI

H1 2025 net income from operations

(in millions of euros)	H1 2024				H1 2025	Change
IK Partners				11.6	30.3	+161.8%
Monroe Capital				n.a.	18.7	n.a.
Total contribution from asset management				11.6	49.0	n.a.
Total contribution from AM Group share				5.9	29.3	+153.2%
Bureau Veritas	302.5				307.9	+1.8%
Stahl	52.6				36.0	-31.6%
Scalian	0.3				-6.5	n.a.
CPI	4.8				6.0	+23.7%
ACAMS	-3.0				-1.3	n.a.
Tarkett (equity accounted)	7.4				3.7	-50.4%
Globeducate (equity accounted)	n.a.				8.0	n.a;
Total contribution from Group companies		364.6			353.8	-3.0%
of which Group share	131.6				102.5	-22.1%
Operating expenses net of management fees			-38.2		-32.2	-15.6%
Taxes	-1.7				-2.1	+21.3%
Financial expenses	19.0				-1.0	-105.3%
Non-cash operating expenses	-11.9				-10.5	-11.2%
Net income from operations	343.4				356.8	+3.9%
of which Group share	104.8				86.0	-17.9%

Appendix 2: Conversion from accounting presentation to economic presentation

Please refer to table 5.1 of the consolidated statements.

Appendix 3: Glossary

AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
FRE (Fee-Related Earnings): Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

1 Fully diluted of share buybacks and treasury shares. Net Asset Value non fully diluted stands at €164.1.
2 As of end of June 2025, AuM of IK Partners and Monroe Capital

3 This amount includes usual closing adjustments

4 Including sponsor money commitment in IK (-€434m partly called as of 06.30.2025) & expected commitments in Monroe Capital (-$200m partly called as of 06.30.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$527M), and pro forma of Bureau Veritas dividend payment in July (€80.9 million).

5 As of end of June 2025

6 Based on USD/EUR exchange rate of 1.08

7 IK Partners and Monroe Capital

8 Commitments not yet invested

9 Fee Paying AuM

10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

11 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €87.6m.

12 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €341.8m.

13 Leverage as per credit documentation definition.

14 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $29.3m

15 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $367.9m.

16 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $13.1m

17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $159.5 million.

18 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €24.2 million.

19 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €324.0 million.

20 As per credit documentation (pre IFRS 16).

21 6-month revenue from December 1, 2024, to May 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited.

22 EBITDA including IFRS 16 impacts and excluding Indian activities.

23 Including IFRS 16 impacts; excluding IFRS 16, net debt stood at €572.1 million.

⁴ Leverage as per credit documentation definition.

Attachment

Wendel_EN_H1 2025

The MIL Network –

July 31, 2025

MIL-OSI: Crédit Mutuel Alliance Fédérale – 2025 Half-year results press release

Source: GlobeNewswire (MIL-OSI)

Results for the period ended June 30, 2025¹

Press Release

Strasbourg, July 30, 2025

First half of 2025:
very strong business activity and solid results,
penalized by the non-recurring income tax surcharge

Crédit Mutuel Alliance Fédérale posted solid results in the first half of 2025, demonstrating the strength of its universal banking and insurance model and the relevance of its Togetherness Performance Solidarity 2024-2027 strategic plan.

The mutualist group’s operating results reached record levels, with net revenue of €8.8 billion (+6.2%) and income before tax of €2.9 billion (+8.4%). Net income came to €1.8 billion, (-10.1%), penalized by €314 million due to the non-recurring income tax surcharge introduced by the French 2025 Finance Act.

All business lines delivered solid performances. The banking networks were buoyed by improved net interest margin and a rebound in new business. The insurance and specialized business lines remain solid, despite being particularly hard hit by the surcharge.

Total cost of risk stabilized at €902 million (-5.8%). It remains high due to the difficulties faced by companies in the current economic climate. With €68 billion in shareholders’ equity and a CET1 ratio of 19.5% estimated at June 30, 2025, the group ranks among the most solid banks in the Eurozone.

General operating expenses amounted to €5 billion (+6.7%). They reflect Credit Mutuel Alliance Federale’s investments to maintain its technological lead, expand in France and Europe with the planned acquisition of German bank OLB, and maintain a strong social pact.

Crédit Mutuel Alliance Fédérale, the first bank to adopt the “benefit corporation” approach, has stepped up its efforts to promote the common good. Twenty strong commitments have been adopted by the Chambre Syndicale et interfédérale, its mutualist parliament. These include the Societal Dividend, which allocates 15% of its consolidated net income each year to building a fairer, more sustainable world.

Results for the period ended June 30, 2025	06/30/2025	06/30/2024	Change
Record net revenue	€8.768bn	€8.257bn	+6.2 %
of which retail banking	€6.466bn	€6.094bn	+6.1 %
of which insurance	€812m	€701m	+15.9 %
of which specialized business lines ²	€1.532bn	€1.491bn	+2.8 %
General operating expenses reflecting investments	-€5.026bn	-€4.712bn	+6.7 %
Stabilized cost of risk	-€902m	-€957m	-5.8 %
Record income before tax	€2.863bn	€2.641bn	+8.4 %
Net income down due to the corporate tax surcharge effect	€1.826bn	€2.032bn	-10.1 %
of which income tax surcharge	-€314m	N/A	N/A

RENEWED GROWTH IN FINANCING³: +1.1%
Home loans	Equipment loans	Consumer credit
€263.6bn	€146.9bn	€58.3bn

A SOLID FINANCIAL STRUCTURE
CET1 ratio⁴	Shareholders’ equity
19.5%	€67.7bn

1 Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF). ² Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking. ³ Change in outstandings calculated over twelve months. ⁴ Estimated at June 30, 2025, the inclusion of the result in shareholders’ equity is subject to the approval of the ECB.

Attachment

Crédit Mutuel Alliance Fédérale – 2025 half-year results press release

The MIL Network –

July 31, 2025

MIL-OSI Analysis: Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow?

Source: The Conversation – UK – By Sam Halvorsen, Reader in Human Geography, Queen Mary University of London

When UK Conservative party head Kemi Badenoch recently declared that she aspires to be Britain’s Milei, she aligned herself with one of the world’s most radical and controversial leaders.

Javier Milei, Argentina’s self-styled “anarcho-capitalist” president, has gained global notoriety since his election in December 2023 for wielding a chainsaw at rallies, promising to destroy the so-called “political caste” and launching a scorched-earth economic reform programme.

But what has Milei actually achieved since entering office? And should Britain really be looking to his administration for inspiration?

Milei swept to power on a wave of anti-establishment anger. Styling himself as an outsider economist rallying against the ruling caste, he promised to slash state spending and replace Argentina’s peso with the more stable US dollar. He also pledged to eliminate entire government ministries, including health, education and culture.

His now-famous “chainsaw plan” proposed a dramatic restructuring of Argentina’s political and economic institutions, which he blamed for decades of stagnation and corruption. Backed by business elites and libertarian ideologues, Milei offered a vision of Argentina remade through radical individualism and state retrenchment.

His campaign, which contained some clear populist tendencies, was built as much on spectacle as substance. It contained daily media outbursts, personal attacks and an anti-caste rhetoric designed to turn governance into performance.

Inflation was central to Milei’s campaign. When he took office, annual inflation in Argentina stood at over 130%, one of the highest rates in the world. Milei promised to bring it under control by slashing the fiscal deficit and enforcing monetary discipline.

Monthly inflation doubled in the first months of his administration, forcing millions of Argentinians further into poverty. But it has fallen below 50% since the middle of 2025, which has been held by the government as a success.

However, the decrease in the inflation rate is the result of economic recession. While international markets have praised Milei’s fiscal orthodoxy, there is little sign of a growth rebound. Investment has stalled, consumption has plummeted and local industries are struggling amid cuts to public procurement.

Consumption has shown signs of recovery in the last few months, but only in the high-income segment. This has deepened a dual reality where middle-class and working sectors cannot make ends meet. Instead of helping the Argentinian economy recover, high-income consumption also pushes the trade balance to deteriorate.

Milei’s government has endeavoured to keep the Argentine peso strong. A strong currency has seen foreign investments paused and, despite ongoing capital controls, millions of US dollars leave the country with a surge in Argentinian tourism abroad. This trend is exactly the opposite of the most controversial of Milei’s promises: to adopt the dollar in Argentina.

Given the critical level of the central bank’s foreign reserves, the International Monetary Fund (IMF) approved the release of a US$4.7 billion (£3.5 billion) loan tranche in April 2024. It is expected to loan an extra US$2 billion before the 2025 mid-term elections in October.

Squeezing Argentinian society

Job losses have been extensive. Tens of thousands of public sector workers have been laid off, and many more have seen their salaries decimated by inflation. Entire agencies have been shut, from science and housing to the post office.

Milei’s framing of public employees as part of a parasitic caste has helped him politically. It has reinforced his anti-establishment credentials and mobilised resentment among private sector workers and the self-employed. But it has further polarised an already fragmented Argentinian society.

Unions and civil society organisations have mobilised in response, organising strikes and mass protests. These have been met in turn with crackdowns, the criminalisation of dissent and expanded police powers.

Meanwhile, Congress has been sidelined. Milei’s critics warn of creeping authoritarianism as the president governs increasingly by decree, perhaps most notably by attempting to fill two vacancies of the Supreme Court in February.

Environmental protection and foreign policy have also been reshaped by Milei’s radical agenda. The ministry of environment was among the agencies targeted for elimination. And Milei’s sweeping law of bases bill, which became law in 2024, included provisions to weaken environmental regulations and accelerate extractive industries such as lithium and oil.

Milei dismisses environmental concerns as leftist distractions from economic freedom. This is a stance echoed in his foreign policy, which has seen Argentina pivot away from regional cooperation. He has snubbed neighbours like Brazil, withdrawn from the accession process to the Brics group of nations and has aligned himself more closely with the US, Israel and the global far right.

He frequently rails against “global socialism”, and presents himself as a figurehead of a new anti-globalist movement. This posture appeals to his domestic base and international allies, but has further isolated Argentina diplomatically and eroded longstanding regional ties.

If Badenoch wants to emulate Milei, it raises serious questions about the political and economic future she envisions for Britain. Argentina is currently living through a radical experiment in state destruction. Despite circumstantially winning praise from bond markets and libertarian circles, it has brought pain, polarisation and increasing levels of repression.

For those looking beyond spectacle, Milei’s presidency offers not a blueprint for bold reform, but a cautionary tale about the dangers of governing by chainsaw.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow? – https://theconversation.com/kemi-badenoch-says-she-wants-to-be-britains-javier-milei-but-is-the-argentinian-president-a-model-to-follow-261915

MIL OSI Analysis –

July 31, 2025
MIL-OSI USA: Legacy Investment for Technology (LIFT) Announces Loan for North Dakota Energy Services Company

Source: US State of North Dakota

The North Dakota Department of Commerce announced that the Legacy Investment for Technology (LIFT) program has awarded a $1 million loan to Trilogy LLC, a North Dakota-based company that developed the Sand Titan, a high-performance sand separator for the oil and gas industry.

“The LIFT program is a vital resource for fostering innovation and supporting North Dakota’s oil and gas industry,” said Commerce Economic Development & Finance Deputy Director and Head of Investments and Innovation Shayden Akason. “This funding highlights our commitment to supporting North Dakota businesses that drive economic impact in our core industries and create lasting impact across the state.”

LIFT is an innovation loan fund that supports technology advancement by providing financing for the commercialization of intellectual property within North Dakota. The loan funds are available to enhance capacity and, when possible, leverage state, federal and private sources of funding.

Since its inception, the LIFT program has awarded more than $45 million across 72 projects, with an average award of approximately $635,000. These investments span sectors such as health care, agriculture technology, energy, and advanced computing, demonstrating the program’s broad impact on North Dakota’s innovation economy.

Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years, 2% interest for the next two years, and a standard Bank of North Dakota loan rate for all subsequent years. The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state’s economy.

For more information, application guidelines and program details, visit https://belegendary.link/LIFT.

MIL OSI USA News –

July 31, 2025

MIL-OSI: Banque Fédérative du Crédit Mutuel – 2025 half-year results press release

Source: GlobeNewswire (MIL-OSI)

Results for the period ended June 30, 2025¹	Press release
	Strasbourg, July 30, 2025

First half of 2025:
very strong business activity and solid results,
penalized by the non-recurring income tax surcharge

Results for the period ended June 30, 2025	06/30/2025	06/30/2024	Change
Record net revenue	€6.549bn	€6.178bn	+6.0%
of which retail banking	€4.427bn	€4.159bn	+6.4%
of which insurance	€822m	€711m	+15.7%
of which specialized business lines ²	€1.532bn	€1.491bn	+2.8%
General operating expenses reflecting investments	-€3.405bn	-€3.208bn	+6.1%
Stabilized cost of risk	-€782m	-€799m	-2.1%
Record income before tax	€2.402bn	€2.210bn	+8.7%
Net income down due to the corporate tax surcharge effect	€1.638bn	€1.714bn	-4.4%
of which income tax surcharge	€192m	N/A	N/A

RENEWED GROWTH IN FINANCING³: +1,8%
Home loans	Equipment loans	Consumer credit
€119.8bn	€119.4bn	€49.1bn

A SOLID FINANCIAL STRUCTURE
CET1 ratio⁴	Shareholders’ equity
19.5%	€46.7bn

Press contacts:

Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr

Press relations – +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr

Investor contact:

Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr

1.1. Financial results

(in € millions)	06/30/2025	06/30/2024	Change
Net revenue	6,549	6,178	+6.0 %
General operating expenses	-3,405	-3,208	+6.1 %
Gross operating income/(loss)	3,144	2,970	+5.9 %
Cost of risk	-782	-799	-2.1 %
cost of proven risk	-733	-782	-6.3 %
cost of non-proven risk	-49	-17	n.s
Operating income	2,363	2,171	+8.8 %
Net gains and losses on other assets and ECC ⁽¹⁾	39	39	+0.8 %
Income before tax	2,402	2,210	+8.7 %
Income tax	-764	-496	+54.0 %
Net income	1,638	1,714	-4.4 %
Non-controlling interests	191	189	+1.0 %
GROUP NET INCOME	1,447	1,524	-5.1 %

⁽¹⁾ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.

Net revenue

At June 30, 2025, the net revenue of Banque Fédérative du Crédit Mutuel amounted to €6.5 billion, up +6.0% compared with the first half of 2024, driven by strong momentum in the banking and insurance networks.

Revenues from retail banking were up by +6.4%, driven by the good performance of the banking networks (+6.7%) and consumer finance (including Cofidis Group +12.4%).

The contribution of the insurance business to net revenue, at €822 million, was up +15.7%, with growth driven by all business lines (property & casualty insurance, life insurance).

Asset management and private banking posted an overall increase in net revenue of +5.1%, with both activities making a positive contribution: asset management, +6.5% thanks to positive inflows and private banking, +3.9% thanks to good growth in commissions.

Corporate banking posted a decline in net revenue of -3.7% compared with the first half of 2024, which was particularly favorable in terms of net interest margin.

Net revenue from capital markets posted good growth of +11.0%, due in particular to the sharp increase in revenues from the commercial business line.

Total income generated by the private equity business remained high at €211 million, albeit down slightly on the first half of 2024.

General operating expenses and gross operating income

General operating expenses increased by +6.1% to -€3,405 million in the first half of 2025.

To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +7.5%, while other operating expenses were kept under control at +4.6%.

The scissors effect was slightly negative at 0.1 percentage point and the cost/income ratio remained low at 52.0%.

Gross operating income rose by +5.9% to €3,144 million.

Cost of risk and operating income

In the first half of 2025, the cost of risk was -€782 million compared with -€799 million, a slight decrease of -2.1%.

It breaks down into a -€733 million provision for the cost of proven risk (stage 3) and a -€49 million provision for the cost of non-proven risk (prudential provisioning) on performing loans (stages 1 and 2).

The cost of proven risk was down by -6.3% at June 30, 2025. It was down in the banking networks, which represent 24% of the cost of proven risk (vs. 35% in June 2024). Consumer finance still accounts for a significant proportion of the cost of proven risk (71%). The specialized business lines (2% of the cost of proven risk) had a low level of cost of proven risk at -€17 million.

In line with fiscal year 2024, the provisioning for future risks is recorded as a net expense in a context of uncertainty (particularly economic and related to international trade) in the short and medium term.

Given the sustained level of business and operational efficiency, operating income rose by 8.8% year-on-year to €2,363 million.

Other

Net gains/(losses) on other assets and ECC amounted to €39 million.

Income before tax

Thanks to higher revenues and controlled risks, income before tax was up +8.7% year-on-year to €2,402 million.

Net income

Income tax (-€764 million in the first half of 2025 compared with -€496 million in the first half of 2024) is impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €192 million in surcharge at June 30, 2025.

Net income fell by -4.4% to €1,638 billion. Excluding the surcharge, it would be up by +6.8%.

1.2. Financial structure

Banque Fédérative de Crédit Mutuel’s shareholders’ equity totaled €46.7 billion at the end of June 2025 compared with €45.2 billion at the end of 2024.

BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale. At end-June 2025, the latter’s estimated Common Equity Tier 1 (CET1) ratio was 19.5%².

The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:

	LT/ST Counterparty**	Issuer/LT preferred senior debt	Outlook	ST preferred senior debt	Stand-alone rating***	Date of last publication
Standard & Poor’s ⁽¹⁾	AA-/A-1+	A+	Stable	A-1	a	11/07/2024
Moody’s ⁽²⁾	Aa3/P-1	A1	Stable	P-1	a3	12/19/2024
Fitch Ratings * ⁽³⁾	AA-	AA-	Stable	F1+	a+	06/17/2025

* The Issuer Default Rating is stable at A+.
** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
*** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
⁽¹⁾ Standard & Poor’s: Crédit Mutuel group rating.
⁽²⁾ Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
In terms of Moody’s ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
⁽³⁾ Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).

Despite a start to 2025 still marked by action on France’s sovereign rating (outlook downgraded to “negative” on February 28, 2025 for S&P), these agencies confirmed, in 2024 (on November 7, 2024 for S&P and December 19, 2024 for Moody’s), in 2025 (on June 17, 2025 for Fitch Ratings) the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group. This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals.

As a reminder, Moody’s downgraded France’s sovereign rating on December 14, 2024, with mechanical consequences for the highest-rated French banks (loss of support from the country rating that they had benefited from according to the agency’s methodology).

The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The completion of this acquisition is subject to approval by regulatory authorities, in particular the European Central Bank (ECB) and the European Commission. This transaction would further strengthen Crédit Mutuel Alliance Fédérale’s diversification, with an impact on CET1 that would not alter the agencies’ assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.

1.3. Results by business line

Retail banking

Net revenue from retail banking increased by €6.4% to €4.4 billion. General operating expenses, at -€2.6 billion, grew at a slower pace than net revenue, i.e. 4.9%. The cost of risk rose to -€801 million, of which -€716 million for proven risk (decrease of -1.8%) and -€85 million for non-proven risk. Retail banking posted a slight increase in net income to €643 million.

Insurance

Net insurance income increased by +15.7%, driven by the increase in income from health, protection & creditor insurance and life insurance as well as by the increase in financial income (increase in dividends received from Desjardins Group, Crédit Mutuel Alliance Fédérale’s long-standing partner in Canada).
General operating expenses totaled -€92 million, corresponding solely to expenses not attributable to contracts.
Net income was €495 million, up +0.5% compared with end-June 2024.

Asset management and private banking

Overall net revenue for both activities increased by +5.1% to €667 million. Private banking net revenue was up by 3.9% to €365 million; asset management net revenue increased by +6.5% (to €302 million) due to gains on commissions. General operating expenses rose by +9.0% to -€498 million, of which +8.2% for private banking and +9.9% for asset management.
Net income was €129 million, up by 14.3% compared with the first half of 2024.

Corporate banking

Net revenue was down by -3.7% to €323 million at the end of June 2025, in a context of falling interest rates, despite higher commissions (+9.8%). The cost of risk (+€15 million compared with -€40 million at June 2024) was up, with a significant reversal effect on non-proven OEL provisions. Net income was stable at €158 million in the first half of 2025, versus €156 million in the first half of 2024.

Capital markets

The investment and commercial business lines continued to grow, with total net revenue up +11.0% to €331 million. General operating expenses increased by +5.5% to -€150 million. Net income increased by 3.1% to €124 million.

Private equity

In financial terms, €174 million was invested in the first half of 2025 in around 20 deals in France and abroad. The pace of disposals slowed compared with the exceptionally high level in 2024. Total income remained solid at €211 million in the first half of 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income.

In the first half of 2025, the contribution to net income was €169 million, close to that of the first half of 2024

1.4. Key figures

Banque Fédérative du Crédit Mutuel³

(in € millions)	06/30/2025	12/31/2024
Financial structure and business activity
Balance sheet total	732,747	734,840
Shareholders’ equity (including net income for the period before dividend pay-outs)	46,698	45,203
Customer loans	343,888	342,285
Total savings	670,633	665,478
– of which customer deposits	287,627	295,099
– of which insurance savings	55,168	53,650
– of which financial savings (under management and in custody)	327,838	316,730

	06/30/2025	12/31/2024
Key figures
Number of branches	2	2
Number of customers (in millions)	22.4	22.2

Key ratios
Cost/income ratio (at 06/30/2025 vs 06/30/2024)	52.0%	51.9%
Loan-to-deposit ratio	119.6%	116.0%
Overall solvency ratio² (estimated for 06/2025)	21.8%	21.0%
CET1 ratio² (estimated for 06/2025)	19.5%	18.8%

1.5 Banque Fédérative du Crédit Mutuel financial statements

Balance sheet (assets)

(in € millions)	06/30/2025	12/31/2024
Cash and central banks	75,012	86,190
Financial assets at fair value through profit or loss	41,077	39,653
Hedging derivatives	1,588	1,701
Financial assets at fair value through equity	46,814	44,421
Securities at amortized cost	5,952	5,680
Loans and receivables due from credit institutions and similar at amortized cost	61,836	61,897
Loans and receivables due from customers at amortized cost	343,888	342,285
Revaluation adjustment on rate-hedged books	284	209
Financial investments of insurance activities	140,977	135,472
Insurance contracts issued – Assets	8	10
Reinsurance contracts held – Assets	247	284
Current tax assets	780	1,002
Deferred tax assets	858	1,005
Accruals and miscellaneous assets	7,077	8,682
Non-current assets held for sale	0	0
Investments in equity consolidated companies	929	911
Investment property	56	36
Property, plant and equipment	2,556	2,606
Intangible assets	494	483
Goodwill	2,315	2,315
TOTAL ASSETS	732,747	734,840

Balance Sheet – Liabilities and shareholders’ equity

(in € millions)	06/30/2025	12/31/2024
Central banks	15	18
Financial liabilities at fair value through profit or loss	26,847	26,643
Hedging derivatives	2,660	3,261
Debt securities at amortized cost	158,853	163,710
Due to credit and similar institutions at amortized cost	50,404	46,031
Due to customers at amortized cost	287,627	295,099
Revaluation adjustment on rate-hedged books	-16	-15
Current tax liabilities	425	450
Deferred tax liabilities	478	481
Accruals and miscellaneous liabilities	12,010	12,671
Debt related to non-current assets held for sale	0	0
Insurance contracts issued – liabilities	129,868	125,195
Provisions	3,285	2,913
Subordinated debt at amortized cost	13,593	13,180
Total shareholders’ equity	46,698	45,203
Shareholders’ equity – Attributable to the group	41,997	40,737
Capital and related reserves	6,568	6,568
Consolidated reserves	33,822	30,959
Gains and losses recognized directly in equity	161	195
Profit (loss) for the period	1,447	3,015
Shareholders’ equity – Non-controlling interests	4,701	4,466
TOTAL LIABILITIES	732,747	734,840

At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.

Income statement

(in € millions)	06/30/2025	06/30/2024
Interest and similar income	14,617	17,055
Interest and similar expenses	-11,235	-13,787
Commissions (income)	2,389	2,332
Commissions (expenses)	-743	-698
Net gains on financial instruments at fair value through profit or loss	839	497
Net gains or losses on financial assets at fair value through shareholders’ equity	16	-13
Net gains or losses resulting from derecognition of financial assets at amortized cost	2	0
Income from insurance contracts issued	3,901	3,712
Expenses related to insurance contracts issued	-3,170	-3,085
Income and expenses related to reinsurance contracts held	-67	-51
Financial income or financial expenses from insurance contracts issued	-2,992	-3,073
Financial income or expenses related to reinsurance contracts held	3	4
Net income from financial investments related to insurance activities	3,115	3,189
Income from other activities	659	371
Expenses on other activities	-784	-275
Net revenue	6,549	6,178
of which Net income from insurance activities	789	695
General operating expenses	-3,231	-3,041
Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets	-174	-166
Gross operating income	3,144	2,970
Cost of counterparty risk	-782	-799
Operating income	2,363	2,171
Share of net income of equity consolidated companies	37	40
Net gains and losses on other assets	0	-2
Changes in the value of goodwill	1	0
Income before tax	2,402	2,210
Income taxes	-764	-496
Net income	1,638	1,714
Net income – Non-controlling interests	191	189
NET INCOME ATTRIBUTABLE TO THE GROUP	1,447	1,524

At June 30, 2024, an expense of €244 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”.

1Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF).
² Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
³ Change in outstandings calculated over twelve months.
⁴ Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation.

2Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.

3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.

² Estimate as of June 30, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.

Attachment

BFCM – 2025 half-year results press release

The MIL Network –

July 31, 2025

MIL-OSI United Nations: Hailing Progress to Transform Food Systems, Deputy Secretary-General Urges Stronger Collaboration to End Global Hunger, at UN Summit+4 Stocktake’s Closing Plenary
Source: United Nations General Assembly and Security Council

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the closing plenary of the Second United Nations Food Systems Summit Stocktake (UNFSS+4), in Addis Ababa today:

Let me begin by extending my appreciation to the Government of Ethiopia for its warm hospitality, and to the Italian Government as well, for their support as Co-Hosts of this Second United Nations Food Systems Summit Stocktake.

Over the last three days, we have engaged and heard from over 3,000 of you — leaders from Ethiopia and Italy, Kenya, Somalia, Comoros, Liberia, Nigeria, Uganda, Cuba; the ministers from a wide range of sectors; National Convenors and other government representatives; youth, Indigenous Peoples, food producers, business, civil society, development partners; our Rome-based agencies; and the UN system. I am particularly grateful to the resident coordinators that joined us here in Addis and will now go back to work with renewed impetus to make food systems transformation a reality.

The energy and vitality of this movement continues to inspire. This gathering has reminded us of the value of coming together as a global community to benefit from the perspectives and experiences of others and to shape new, bold action for the future.

At the UN Food Systems Summit (UNFSS) in 2021, in the midst of a global pandemic, we embarked on a journey to grow and catalyse energy behind an emerging movement for the transformation of our food systems to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). Too often food systems are seen as part of our challenges, when they can be one of the greatest solutions to deliver for people, planet, peace and prosperity.

Two years ago, still grappling with the socioeconomic impacts of the pandemic, facing planetary crises and the effects of new conflicts, the Call to Action from the First Stocktake of the UN Food Systems Summit (UNFSS+2) in Rome appealed for inclusivity to strengthen our efforts to drive more targeted investment and mutual accountability.

Since then, Governments have continued to shift how they govern and shape policy for food systems. A total of 130 countries have articulated integrated, multisectoral National Pathways for Food Systems Transformation and here again; I want to acknowledge the incredible contribution of Sir David Nabarro.

In 168 countries, nationally determined contributions are now reflecting the critical role of food and agriculture in reducing greenhouse gas emissions as we seek to adapt and transform.

More than 170 countries are implementing school meal programmes that support child nutrition, often connecting with local producers and contributing to regenerative production practices. At the subnational level, many cities are leading the way in reducing food waste and strengthening local supply chains.

I am proud of what we have achieved. We have heard powerful stories of progress and rising ambition since 2021 from a diverse ecosystem of partners, who are reforming policies, championing local innovation and digitalization, mobilizing investments and partnerships and empowering women and youth.

And when it comes to our young people, there is increased understanding that ensuring youth-inclusive and youth-led food systems transformation is important both for enhancing youth welfare and building sustainable and resilient food systems.

The food systems movement has taken root in global and regional agreements — from the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) Declaration to initiatives emerging from the Group of Seven (G7) and Group of Twenty (G20) to regional agreements, such as the Kampala Declaration earlier this year.

These are powerful commitments to transform food systems for people and the planet that you have helped inspire. Thanks to your collective work and efforts we are better equipped to meet our ambition.

You are strengthening coalitions and launching new initiatives to help drive our work, including:
- The Food Systems Accelerator, launched by Food and Agriculture Organization (FAO), GAIN and the UN Food Systems Coordination Hub, will support countries to turn strategies into financed, scalable change.
- Through greater uptake of the Financial Flows to Food Systems framework, co-developed by the International Fund for Agricultural Development (IFAD) and the World Bank, we can help Governments design more effective, tailored financing strategies.
- Business engagement — co-led by the Food and Agriculture Organization (FAO), UN Global Compact and the World Business Council for Sustainable Development — broke new ground. These efforts culminated in a Business Compendium of 15 investment-ready models, showing how business is shifting from commitment to implementation.
- As a result of the investment pitch for Cameroon, the Global Flagship Initiative for Food Security has announced their intent to partner with the Joint SDG Fund to significantly scale up existing programmes. The launch for this large-scale commitment will take place in New York this September 2025.
- The Convergence Initiative helps drive integration of food systems transformation and climate action for accelerated sustainable development and represents a useful resource for countries to navigate competing policy choices with partners.
- Investments in critical sectors, including those under the Mattei Plan for Africa, are mobilizing public-private partnerships and catalysing private sector investment.
- The UNFSS+4 Youth Declaration, crafted by more than 3,000 youth from all over the world, called for inclusive, participatory decision-making in food systems, climate justice and intergenerational collaboration.
- The UNFSS Coalitions of Action demonstrated that they are dynamic vehicles for food systems transformation, mobilizing diverse stakeholders across sectors and scales to deliver impact aligned with national priorities.
With just five years until 2030, it is encouraging to see that the world remains committed to the realization of the 2030 Agenda.

As we conclude this Stocktake, we must acknowledge that we met in the face of challenges that test our moral values and threaten the future sustainability of our planet, underscoring the urgency of our work together.

The release of the 2025 State of Food Security and Nutrition in the World Report last night confirmed: hunger and malnutrition persist. Climate shocks, conflict, debt and inequality are widening the cracks in our systems.

It is estimated that between 638 and 720 million people — a bit less than 1 in 10 people in the world — faced hunger in 2024. 2.6 billion people are still unable to afford a healthy diet. Only about one third of children aged 6 to 23 months and two thirds of women aged 15 to 49 years achieved minimum dietary diversity globally.

People’s access to food in conflict zones is highly constrained and — in some instances — attempts to access humanitarian relief has led to injury and death. Whole communities experience man-made food insecurity and malnutrition, with extreme long-term consequences for their children.

Farmers everywhere are facing unprecedented adverse climate impacts, threatening livelihoods and food security. Developing economies are still coping with impacts of inflation, severe fiscal constraints, debt challenges and the high cost of capital. Looking ahead, 512 million people are still projected to be facing hunger in 2030, of whom nearly 60 per cent will be in Africa.

As we consider the pathway to 2030, peace and respect for human rights must anchor our ambition. Every person in our world — rich or poor, young or old — has the right to food that is accessible, affordable, safe and nutritious. Present and future generations are depending on our choices. Only through inclusive dialogue and genuine partnerships can countries and communities ensure faster and more effective progress.

As we leave this Stocktake and take what we achieved here in Addis back home and to other milestones, clear points of emphasis have been identified:

First, we must act urgently to summon the funding, innovations and global solidarity to build the food-secure and climate-resilient future that every person, everywhere, needs and deserves. The dramatic reduction in life-saving humanitarian funding to respond to these needs must be immediately reversed and safe access to life-saving humanitarian support granted.

Second, is to deepen the implementation of National Pathways for Food Systems Transformation. The effective and meaningful participation of all relevant stakeholders is a priority, with particular attention to involving family farmers, front-line food workers, women, youth, Indigenous Peoples and local communities.

Third, we must unlock finance and investment. That means mobilizing domestic resources and investments at scale for all dimensions of food systems transformation. It also means scaling up finance and investment by multilateral development banks, international financial institutions, and public development banks behind country priorities.

And we have work to do to scale up private sector investment in agriculture and food systems. This should include the small and medium-sized enterprises that serve as a backbone of our food systems interfacing with millions of food producers and consumers.

Fourth, we must continue the drive for an integrated approach. We need to simultaneously pursue policy measures that focus on equity and resilience through linking environmental, economic and social dimensions of food systems. Policies should be rooted in local culture, communities and traditional knowledge to help guide approaches that can accelerate transformation and enhance self-reliance.

Fifth, we must continue to leverage science, technology and knowledge. Science and innovation are prerequisites for food systems transformation and can support alignment of health, agriculture, climate, biodiversity and economic objectives and policies. Strong science-policy-society interfaces are essential and must appreciate traditional knowledge.

New technologies, such as artificial intelligence, are changing our economies and our societies. The road ahead demands we leverage the appropriate and responsible use of technology to ensure prosperity for all in a healthy and liveable planet. The digital public infrastructure needs more investment to ensure the connectivity of our rural communities.

And, finally, we must connect with our future. I agree with our young people — they are not merely future beneficiaries of food systems change, they are active co-leaders in transformation. Policies should enhance opportunities for young people to create, innovate and thrive.

On the road to 2030, there will be important milestones that the outcomes of UNFSS+4 will inform and in which this movement will engage. These include the World Social Summit, United Nations Framework Convention on Climate Change (UNFCCC) COP30, UN Convention on Biological Diversity COP17 and the 2027 SDG Summit.

UNFSS+4 has reinforced the value of a dedicated space to foster collaboration, deepen systems approaches and encourage the emergence of food systems whose purposes are at the heart of the 2030 Agenda.

The UN Food Systems Coordination Hub will continue to advance progress at country level, through our resident coordinators and country teams, accompanying National Convenors and collaborating with other partners. Our movement has shown what is possible when we work together in deliberate ways across sectors, stakeholders and countries with a shared purpose.

I call on Governments and people everywhere to build on what has been accomplished and continue to work together for peace and to realize the vision of the 2030 Agenda. Let’s continue to lead the way — together.

MIL OSI United Nations News –
July 31, 2025
MIL-OSI USA: Senate Appropriators Advance Bill with Alaska Priorities for Transportation, Infrastructure, and Housing
US Senate News:
Source: United States Senator for Alaska Lisa Murkowski

07.30.25

Washington, DC – Last week, U.S. Senator Lisa Murkowski (R-AK), a senior member of the Senate Appropriations Committee, voted to advance the Transportation, Housing, and Urban Development bill for Fiscal Year 2026 (FY26) that contains significant Alaska priorities. The bill was approved in committee and will now advance to the Senate floor for consideration.

“This funding meets some of Alaska’s most critical needs, ranging from affordable housing to infrastructure improvements,” said Senator Murkowski. “I look forward to continuing to advocate for these wide-ranging investments that will benefit all Americans and provide stability for those who need some help getting back on their feet.”

Highlights from the Transportation, Housing, and Urban Development (THUD) Bill

Investments in Aviation Safety

Air travel is a way of life in Alaska, and oftentimes pilots are flying without guidance or accurate weather assessments. In recognition of these life-threatening conditions, Senator Murkowski is focused on bolstering aviation safety in Alaska and around the country. To that end, the THUD appropriations bill invests $20 million for the Don Young Alaska Aviation Safety Initiative (DYAASI), and $687.5 million for Essential Air Service.

Bolstering Infrastructure

Senator Murkowski understands the diverse infrastructure needs in Alaska and around the country. Ensuring America’s roads, railroads, and maritime transport routes remain safe and efficient is essential. This bill provides for $63 billion for the Federal Highway Administration, $2.9 billion for the Federal Railroad Administration, and $874 million for the Maritime Administration, including $30 million for Assistance to Small Shipyards Grants and $75 million for the Port Infrastructure Development Program.

Supporting Community Development Initiatives

Senator Murkowski recognizes the importance of having a safe place to call home for people of all ages, and how difficult it is to secure it. She advocated for significant funding for initiatives that aim to make housing more accessible in communities around the country.

Senator Murkowski ensured a continued investment of $107 million in funding for the Youth Homeless Demonstration Program, which takes a comprehensive, community-based approach to reduce the number of young people experiencing homelessness. She also secured $1.25 billion for the HOME Investment Partnership Program, which provides the Department of Housing and Urban Development funding for grants used by states, local governments, and nonprofits to buy, build, and/or rehabilitate affordable housing options for low-income Americans. She also successfully fought for $52 million to rehouse survivors of domestic violence. Additionally, Senator Murkowski advocated for significant investments in Tribal Housing programs, $1.11 billion for Indian Housing Block Grants, and $10 million for Tribal Housing and Urban Development-Veterans Affairs Supportive Housing Vouchers.

In addition to programmatic funding to help Alaskans, Senator Murkowski was able to secure investments specific to 27 Alaska communities, projects that have been requested and prioritized by local governments and organizations in this bill:
- Anchorage: $1,600,000 for Covenant House Alaska to purchase the Dena’ina House.
- Anchorage: $287,000 for NeighborWorks Alaska to replace their fire alarm system.
- Anchorage: $750,000 for Anchorage Community Land Trust for building repairs.
- Anchorage: $320,000 for Catholic Social Services to improve accessibility and egress at shelter.
- Buckland, Noatak, Kivalina: $330,000 for Northwest Arctic Borough School District to construct and renovate teacher housing.
- Central Council of the Tlingit & Haida Indian Tribes of AK: $2,500,000 to provide housing for first responders in Angoon, Hydaburg, Kake, Thorne Bay, and Pelican.
- City of Angoon: $2,000,000 to design and construct access to boat launch facility.
- Cordova: $750,000 for Cordova Family Resource Center to purchase and renovate a building.
- Craig: $900,000 for Helping Ourselves Prevent Emergencies (HOPE) to purchase a building for a domestic violence shelter.
- Emmonak: $4,000,000 through the Denali Commission to construct a domestic violence shelter.
- Fairbanks: $5,000,000 for the Alaska Department of Transportation (AKDOT) for road reconstruction.
- Fairbanks: $2,000,000 for North Star Council on Aging to rehabilitate senior housing.
- Fairbanks: $1,000,000 for Fairbanks Neighborhood Housing Services Inc to construct affordable housing.
- Fairbanks: $700,000 for Fairbanks Youth Advocates to build transitional housing for youth at risk of homelessness.
- Haines: $1,000,000 for Borough of Haines to construct an early childhood education building.
- Kake: $2,000,000 for Kake Tribal Corporation to replace a dock.
- Ketchikan: $1,575,000 for Inter-Island Ferry Authority for marine vessel upgrades.
- Ketchikan: $1,000,000 for Southeast Alaska Independent Living, Inc. to purchase and renovate a building to support people with disabilities.
- Ketchikan: $2,000,000 for Ketchikan Indian Community to construct a navigation center.
- Minto: $608,000 for Yukon Koyukuk School District to renovate teacher housing.
- Naknek: $2,000,000 for South Naknek Village Council to construct affordable housing.
- Native Village of Diomede: $1,500,000 to renovate teacher housing.
- Native Village of Unalakleet: $255,000 to construct housing for victims of violent crimes.
- Nome: $4,000,000 for City of Nome to construct housing for teachers and public safety officers.
- Nulato Village: $4,000,000 for Nulato Village for port infrastructure improvements.
- Petersburg: $2,000,000 for Petersburg Borough to replace a float and breakwater at Banana Point.
- Saint Paul Island: $1,000,000 for City of Saint Paul for fire station construction and renovation.
- Seldovia: $482,000 for City of Seldovia to replace the Jakolof Bay Dock.
- Sitka: $1,000,000 for Sitkans Against Family Violence to construct and renovate a domestic violence shelter.
- Soldotna: $2,387,000 for AKDOT to reconstruct a portion of Marydale Avenue.
- Talkeetna: $4,500,000 for Sunshine Station Child Care Center to design and construct a new childcare center.
- Thorne Bay: $1,574,000 for City of Thorne Bay to construct a new Fire and EMS building.
- Wasilla: $3,000,000 for Wasilla Airport (IYS) to design and extend runway.
- Yakutat: $2,000,000 for City & Borough of Yakutat to build housing.
MIL OSI USA News –
July 31, 2025
MIL-OSI: LYNO Debuts Presale Offering for AI-Powered Arbitrage Token
Source: GlobeNewswire (MIL-OSI)

ROAD TOWN, British Virgin Islands, July 30, 2025 (GLOBE NEWSWIRE) — The team behind $LYNO has officially launched the first phase of its presale for a decentralized, AI-powered cross-chain arbitrage protocol designed to operate across more than 15 EVM-compatible blockchains. The presale is structured into seven stages and aims to provide early participants with tiered pricing and bonus opportunities.

7-Stage LYNO Presale Begins—Early Access Tokens Available at Discounted Rate

The presale of LYNO has already begun, and it is well-organized with a 7-phase launch plan that will reward early participants. The Early Bird phase is the first Community Round, where 16 million tokens or 3.20 percent of the total 140 million supply will be offered at a highly discounted price of 0.05 dollars per token, in order to encourage early participation. This round aims at raising 800,000. After this level, the price of the token shoots to 0.055 – the next level immediately adding value to the early investors who get the tokens at the lowest rates.

The Community Round is now underway, offering 16 million tokens—or 3.20% of the total 140 million supply—at a discounted price of $0.05 per token. This phase targets a raise of $800,000 before the token price increases to $0.055 in the next stage. Participants can use ETH or USDT on the Ethereum network and must connect via Web3-compatible wallets such as MetaMask or Trust Wallet.

Smart contracts associated with the presale have been audited by Cyberscope , providing an added layer of transparency and security. Purchased tokens will be claimable via the official LYNO dashboard upon the conclusion of the presale.

Introducing the LYNO Protocol

The $LYNO protocol is an AI-powered, decentralized arbitrage system that autonomously identifies and executes cross-chain trading opportunities. By leveraging real-time market data and machine learning algorithms, it seeks to detect price inefficiencies and execute arbitrage with minimal latency.

The protocol consists of four core modules:
1. Data Aggregation
2. AI-Based Decision Making
3. Autonomous Execution
4. Settlement and Reporting
It is built to interact seamlessly with popular chains including Ethereum, BNB Chain, Polygon, Arbitrum, and Optimism. Interoperability is enabled through bridges such as LayerZero, Axelar, and Wormhole.

The $LYNO token will serve multiple functions within the ecosystem, including:
- Governance voting
- Profit-sharing via staking
- Protocol upgrades and community initiatives
Next Steps

The team encourages interested participants to review the project documentation and join the community channels for regular updates.

For more information:

Contact:

LYNO AI
Email: contact@lyno.ai

Disclaimer: This content is provided by LYNO AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ddc05c6a-661b-4f0a-8d44-d8c207fa0e5e

https://www.globenewswire.com/NewsRoom/AttachmentNg/6e21c7b3-e34c-4d1b-9e86-9db02e733906

The MIL Network –
July 31, 2025
MIL-OSI: BSNFinance Expands Global Operations, Marking 10+ Years of Consistent Growth

Source: GlobeNewswire (MIL-OSI)

London, UK, July 30, 2025 (GLOBE NEWSWIRE) — In a significant milestone for the company, BSNFinance has announced the expansion of its global operations, underscoring more than a decade of sustained performance in the rapidly evolving digital asset landscape. This latest development reinforces the platform’s longstanding commitment to innovation, market stability, and delivering value to a growing base of international investors.

With over 10 years in operation, BSNFinance has established itself as a trusted name in the world of cryptocurrency trading, offering a comprehensive suite of tools designed to meet the demands of both institutional and retail clients. The platform’s ability to adapt to market changes while maintaining consistent growth has positioned it as a leader among multi-asset trading solutions.

Throughout its history, BSNFinance has focused on delivering high-performance technology and reliable execution, attributes that have earned it a strong reputation within the industry. Its expansion into new global markets reflects a strategic plan to leverage this experience, ensuring clients benefit from advanced infrastructure and seamless access to a diverse range of crypto assets.

One of the key elements that has fueled this growth is the platform’s emphasis on continuous technological development. Over the past decade, BSNFinance has invested heavily in infrastructure that enables faster trade execution, enhanced risk management tools, and advanced analytical features for traders seeking precision in volatile markets. These efforts have contributed to the company’s reputation as a forward-thinking trading platform that consistently delivers measurable value.

As the digital asset market becomes increasingly competitive, trust and credibility play a crucial role in client acquisition and retention. Independent analyses and numerous BSNFinance reviews highlight the platform’s ability to combine stability with innovation, making it a preferred choice for traders navigating diverse market conditions. The expansion of operations is expected to strengthen these capabilities further, enabling the company to deliver its proven solutions on a larger scale.

Another significant factor behind BSNFinance’s success is its commitment to client-centric development. The platform has spent over a decade refining user experience, ensuring that both new and seasoned traders have access to intuitive interfaces and reliable market data. This approach has been consistently reflected in BSNFinance reviews, which emphasize the company’s focus on user satisfaction and long-term relationship building.

The expansion plan includes the integration of advanced liquidity networks, allowing BSNFinance to offer enhanced market depth and competitive pricing. These improvements are designed to support traders across a wide range of strategies, from day trading to long-term portfolio management. Such strategic developments underscore the platform’s ability to evolve in response to changing market demands while preserving the consistency that has defined its operations for over a decade.

Industry observers note that BSNFinance reviews frequently highlight the company’s ability to maintain high performance across different market cycles. This consistency is a direct result of its comprehensive approach to risk management and technology integration, both of which are at the core of the platform’s expansion initiatives. By scaling its operations globally, BSNFinance aims to ensure that its clients continue to benefit from the same stability and reliability, regardless of market volatility.

The company’s decade-long presence in the crypto trading space has also allowed it to develop strong partnerships and networks within the financial ecosystem. These connections play a crucial role in supporting the platform’s expansion strategy, ensuring seamless access to liquidity and market insights. Many BSNFinance reviews emphasize this depth of market integration as one of the defining features that separate the platform from newer entrants in the industry.

With more than 10 years of operational excellence, BSNFinance is uniquely positioned to navigate the complexities of today’s digital asset landscape. Its latest global expansion is not just a reflection of past success but also a signal of its continued commitment to delivering cutting-edge solutions to traders worldwide. This strategic move ensures that the platform remains a key player in the crypto trading sector, balancing innovation with the proven stability that clients have come to expect.

As the company enters this next phase of growth, BSNFinance reviews are expected to continue reinforcing its reputation as a trusted and established leader in the market. The combination of technological advancement, client-focused development, and over a decade of experience provides a strong foundation for sustained success in an increasingly competitive environment.

Australia – Sydney
“BSNFinance has been my go-to trading platform for years. The stability and accuracy of their tools are unmatched, especially during volatile market swings.”

Australia – Melbourne
“After using several platforms, BSNFinance stands out for its consistency and execution speed. A decade of experience really shows in the way they operate.”

Canada – Toronto
“I’ve seen steady growth in my portfolio thanks to BSNFinance. The platform combines advanced technology with a user-friendly interface that makes trading efficient.”

Canada – Vancouver
“Reliable, professional, and innovative. BSNFinance has maintained a high standard for over a decade, and it continues to deliver excellent results.”

About BSNFinance

BSNFinance is a global cryptocurrency trading platform with over 10 years of operational excellence in the digital asset market. The company provides a comprehensive suite of trading solutions, advanced analytics, and robust infrastructure designed to serve both institutional and retail traders worldwide. Known for its consistent performance and client-focused innovation, BSNFinance continues to deliver trusted solutions that adapt to evolving market dynamics.

Disclaimer: trading involves risk and may not be suitable for all investors. This content is for informational purposes only and does not constitute investment or legal advice.

The MIL Network –

July 31, 2025
MIL-OSI: Little Pepe (LILPEPE) Sells Out Presale Stage 8 Ahead of Schedule, Raised Amount Crosses $13,775,000

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, July 30, 2025 (GLOBE NEWSWIRE) — Little Pepe (LILPEPE), the newest token sensation in the meme coin sphere, is successfully selling Presale Stage 8 long before the planned deadline, and this marks a significant milestone on the way to the outfit raising funds. Earlier today, the amount raised had already skyrocketed to an impressive amount nearing $13.7 million. The project momentum is only then gaining speed as it starts attracting the interest of investors in the whole crypto space.

LILPEPE Raises Over $13.7M as Token Demand Soars in Stage 8
Little Pepe ($LILPEPE) is smashing through its presale of Stage 8, raising $13.75 million, bringing the funds raised to a total of around $13.775 million. The Ethereum-based meme coin, with over 9.7 billion tokens sold at the price of $0.0017, was still a strong attraction to investors.

The presale has experienced growth in interest, taking place in phases of increased prices and in Stage 7, it was an $11.225 million fund. A low-cost, scalable, EVM-compatible network is a great way to create a meme coin with some actual utility, with $LILPEPE tapping into the future of the part culture, meme NFTs, and utilities of the blockchain industry.

$777K Little Pepe Giveaway Still Open
To thank the early adopters, Little Pepe is running a giveaway of 777,000 dollars. The winners will be 10 people who will share 77,000 dollars worth of LILPEPE tokens.

The entry requires buying a minimum of $100 in Little Pepe during the presale and performing social actions such as following, sharing, tagging, and others and you should only enter via the official site, LittlePepe.com, to not getting scammed. Little Pepe will never DM or contact you to request wallet information.

About Little Pepe
Little Pepe is a blockchain of the next generation that combines the meme culture and the light infrastructure of decentralization, which is low-cost and fast at the same time and it is entirely EVM-compatible and able to support scalable applications with low fees. The project builds on these factors, as there is power in the $LILPEPE token, making this a project that brings utility and virality together, providing a meme coin with utility and cutting-edge technology.

Conclusion
Little Pepe ($LILPEPE) is quickly gaining traction, as Stage 8 is seeing its tokens sell out before its completion, and more than $13.7 million has already been raised. It poses a strong possibility in the meme coin market by having the support of a strong community and being useful. The giveaway of 777K is still ongoing, making it a great moment to attract new users. As it gets ready to launch, Little Pepe is establishing that meme coins can be more than hype-fueled vehicles; they can be a source of genuine innovation on the crypto scene.

For More Details About Little PEPE, Visit The Below Link:
Website: https://littlepepe.com

Telegram: https://t.me/littlepepetoken
Twitter: https://x.com/littlepepetoken

Contact Details: COO- James Stephen Email: media@littlepepe.com

Disclaimer: This content is provided by Little Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34b6a1c5-e3f2-4a29-ab26-3ec0613d3f17

The MIL Network –

July 31, 2025
MIL-OSI: Societe Generale: shares & voting rights as of 28 July 2025
Source: GlobeNewswire (MIL-OSI)

NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 28 JULY 2025

Regulated Information

Paris, 30 July 2025

Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.

Date Number of shares composing current share capital Total number of
voting rights

28 July 2025 785,180,327
Gross: 874,777,040

Press contacts:

Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

Societe Generale

Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
- Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

Attachment
- Societe-Generale-shares-voting-rights-as-of-28-07-2025
The MIL Network –
July 31, 2025

Date	Number of shares composing current share capital	Total number of voting rights
28 July 2025	785,180,327	Gross: 874,777,040

Category: Finance

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