Source: Government of Sweden
Opinion piece by Romina Pourmokhtari, Minister for Climate and the Environment in Sweden, Christophe Béchu, Minister for Ecological Transition and Cohesion of the Territories in France and Magnus Heunicke, Minister for the Environment in Denmark, published in Dagens industri, March 25 2024.
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.
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
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.”
| 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.
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:
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%).
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”.
| 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.
| 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.
| 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.
| 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:
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 |
1 –The financial information presented for the second quarter and first half 2025 was examined by the Board of Directors on July 30th, 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 31st, 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:
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.
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:
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 22nd 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
Source: Government of Sweden
On Saturday 2 December at the UN Climate Change Conference (COP28), Prime Minister Ulf Kristersson, French President Emmanuel Macron and the United States Special Presidential Envoy for Climate John Kerry – together with heads of state and government, ministers and industrial leaders from some 20 countries – launched a declaration for strengthened cooperation in the area of civil nuclear energy.
Source: GlobeNewswire (MIL-OSI)
Solid H1 2025 financial results despite
softer revenue growth amid elongated sales cycles
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:
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:
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:
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
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:
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
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
CONTINUOUS FLOW OF STRATEGIC OPERATIONS
HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST
HIGH SOLVENCY RATIOS
CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY
PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025 |
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Dominique Lefebvre, “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” |
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Olivier Gavalda, “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.” |
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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 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 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:
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:
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.:
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:
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:
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:
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 4thof 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
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
|
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:
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:
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:
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 income3,4 | 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 value5,6 | 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% |
|
1,833 | 2,031 | -9.7% | 3,692 | 3,868 | -4.6% |
|
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% |
|
2,250 | 2,438 | -7.7% | 4,759 | 4,865 | -2.2% |
|
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 income2,3 | 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.
*
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| 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 Investor Relations Follow us on LinkedIn |
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All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.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
Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Australian National University
When it comes to dealing with two of the biggest current crises in the Muslim world – the devastation of Gaza and the Taliban’s draconian rule in Afghanistan – Arab and Muslim states have been staggeringly ineffective.
Their chief body, the Organisation of Islamic Cooperation (OIC), in particular, has been strong on rhetoric but very short on serious, tangible action.
The OIC, headquartered in Saudi Arabia, is composed of 57 predominantly Muslim states. It is supposed to act as a representative and consultative body and make decisions and recommendations on the major issues that affect Muslims globally. It calls itself the “collective voice of the Muslim world”.
Yet the body has proved to be toothless in the face of Israel’s relentless assault on Gaza, triggered in response to the Hamas attacks of October 7 2023.
The OIC has equally failed to act against the Taliban’s reign of terror in the name of Islam in ethnically diverse Afghanistan.
Despite its projection of a united umma (the global Islamic community, as defined in my coauthored book Islam Beyond Borders), the OIC has ignominiously been divided on Gaza and Afghanistan.
True, it has condemned Israel’s Gaza operations. It’s also called for an immediate, unconditional ceasefire and the delivery of humanitarian aid to the starving population of the strip.
It has also rejected any Israeli move to depopulate and annex the enclave, as well as the West Bank. These moves would render the two-state solution to the long-running Israeli–Palestinian conflict essentially defunct.
Further, the OIC has welcomed the recent joint statement by the foreign ministers of 28 countries (including the United Kingdom, many European Union members and Japan) calling for an immediate ceasefire in Gaza, as well as France’s decision to recognise the state of Palestine.
The OIC is good at putting out statements. However, this approach hasn’t varied much from that of the wider global community. It is largely verbal, and void of any practical measures.
Surely, Muslim states can and should be doing more.
For example, the OIC has failed to persuade Israel’s neighbouring states – Egypt and Jordan, in particular – to open their border crossings to allow humanitarian aid to flow into Gaza, the West Bank or Israel, in defiance of Israeli leaders.
Nor has it been able to compel Egypt, Jordan, the United Arab Emirates, Bahrain, Sudan and Morocco to suspend their relations with the Jewish state until it agrees to a two-state solution.
Further, the OIC has not adopted a call by Malaysian Prime Minister Anwar Ibrahim and the United Nations special rapporteur on Palestinian territories, Francesca Albanese, for Israel to be suspended from the UN.
Nor has it urged its oil-rich Arab members, in particular Saudi Arabia and the UAE, to harness their resources to prompt US President Donald Trump to halt the supply of arms to Israel and pressure Israeli Prime Minister Benjamin Netanyahu to end the war.
In a similar vein, the OIC has failed to exert maximum pressure on the ultra-extremist and erstwhile terrorist Taliban government in Afghanistan.
Since sweeping back into power in 2021, the Taliban has ruled in a highly repressive, misogynist and draconian fashion in the name of Islam. This is not practised anywhere else in the Muslim world.
In December 2022, OIC Secretary General Hissein Brahim Taha called for a global campaign to unite Islamic scholars and religious authorities against the Taliban’s decision to ban girls from education.
But this was superseded a month later, when the OIC expressed concern over the Taliban’s “restrictions on women”, but asked the international community not to “interfere in Afghanistan’s internal affairs”. This was warmly welcomed by the Taliban.
In effect, the OIC – and therefore most Muslim countries – have adopted no practical measures to penalise the Taliban for its behaviour.
It has not censured the Taliban nor imposed crippling sanctions on the group. And while no Muslim country has officially recognised the Taliban government (only Russia has), most OIC members have nonetheless engaged with the Taliban at political, economic, financial and trade levels.
There are many reasons for the OIC’s ineffectiveness.
For one, the group is composed of a politically, socially, culturally and economically diverse assortment of members.
But more importantly, it has not functioned as a “bridge builder” by developing a common strategy of purpose and action that can overcome the geopolitical and sectarian differences of its members.
In the current polarised international environment, the rivalry among its member states – and with major global powers such as the United States and China – has rendered the organisation a mere talking shop.
This has allowed extremist governments in both Israel and Afghanistan to act with impunity.
It is time to look at the OIC’s functionality and determine how it can more effectively unite the umma.
This may also be an opportunity for its member states to develop an effective common strategy that could help the cause of peace and stability in the Muslim domain and its relations with the outside world.
Amin Saikal does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan – https://theconversation.com/the-muslim-world-has-been-strong-on-rhetoric-short-on-action-over-gaza-and-afghanistan-262121
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: H1 2025 performance supported by listed companies
Asset management: strong momentum in fundraising and revenue growth
Dynamic implementation of new strategic directions
A more attractive dividend policy for shareholders: introduction of semi-annual interim dividend payments starting in 2025
Strong financial structure and committed to remaining Investment Grade
Consolidated net sales for H1 2025 €4,177.6 million, up +7.2% overall and up +3.9% organically year-to-date
| 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:
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 16th, 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 30th, 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:
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 16th, 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
Follow us on LinkedIn @Wendel
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
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
Source: GlobeNewswire (MIL-OSI)
| Results for the period ended June 30, 20251
1 |
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
Source: The Conversation – UK – By Brian Brivati, Visiting Professor of Contemporary History and Human Rights, Kingston University
Keir Starmer has announced that the UK will recognise Palestinian statehood by September 2025 unless Israel meets certain conditions, marking a significant shift in UK policy.
For decades, successive UK governments withheld recognition, insisting it could only come as part of a negotiated settlement between Israel and Palestine. This position, rooted in the Oslo accords of the 1990s and aligned with US policy, effectively gave Israel a veto over Palestinian statehood. As long as Israel refused to engage seriously in peace talks, the UK refrained from acting.
Starmer has now broken with this precedent, potentially aligning the UK with 147 other countries. But the Israeli government must take what the UK calls “substantive steps” toward peace. These include agreeing to a ceasefire in Gaza, allowing full humanitarian access, explicitly rejecting any plans to annex West Bank territory, and returning to a credible peace process aimed at establishing a two-state solution.
If Israel meets these conditions, the UK would presumably withhold recognition until the “peace process” has been completed. Starmer made clear that Britain will assess Israeli compliance in September and reserves the right to proceed with recognition regardless of Israel’s response. The message was unambiguous: no one side will have a veto.
This is more than just clever internal politics and party management. Anything that puts any pressure on Israel to move towards peace should be welcomed. But will it amount to much more than that?
Starmer has faced criticism over the last few years for resisting recognising Palestine as a state. While Labour’s frontbench held the line for much of the past year, rank-and-file discontent has grown – and with it, the political risks.
At the heart of Labour’s internal tensions lie two irreconcilable blocs. On one side are MPs and activists – both inside the party and expelled from it – who are vocally pro-Palestinian and have been outraged by the government’s failure to act. On the other side are members of the Labour right who continue to back Israel, oppose unilateral recognition of statehood and focus on the terrible crimes of Hamas but not the IDF campaign in Gaza.
Between them sits a soft-centre majority, for whom foreign policy is not a defining issue. They are not ideologically committed to either side but have become increasingly uneasy with the escalating violence and the UK’s diplomatic inertia.
As the humanitarian catastrophe in Gaza deepens, public outrage in the UK has grown. Mass protests have put mounting pressure on the government to act. Within parliament, over 200 MPs, including many from Labour, signed a letter demanding immediate recognition of Palestine. Senior cabinet ministers reportedly pushed hard for the shift on electoral grounds, as well as principle.
International dynamics have also played a crucial role. France’s announcement that it would recognise Palestine by September, becoming the first major western power to do so, created additional pressure. Spain, Ireland, Norway and several other European states have already taken the step. Britain chose to align itself with this emerging consensus.
These pressures combined created a sense of urgency and political opportunity. Starmer’s government appears to be using the threat of recognition as leverage –pressuring Israel to return to negotiations and halt annexation plans.
The calculation seems to be that Israel will either meet the UK’s conditions or face diplomatic consequences, including recognition of Palestine without its consent. There is also the possibility that Israel will simply ignore the UK and press on with its campaign for “Greater Israel”.
That is why, while this is a meaningful departure from the past, it is not without problems. Chief among them is the principle of conditionality itself. By making recognition contingent on Israeli behaviour, the UK risks reinforcing the very logic it claims to be rejecting – that Palestinian rights can be granted or withheld based on the actions of the occupying power.
Recognition of statehood should not be used as a diplomatic carrot or stick. It is a matter of justice, not reward. Palestinians are entitled to self-determination under international law.
There is also concern that the September deadline could become another missed opportunity. If Israel makes vague or symbolic gestures – such as issuing carefully worded statements or temporarily suspending one settlement expansion – will the UK delay recognition further, claiming that “progress” is being made?
Palestinians have seen such tactics before. Recognition has been delayed for decades in the name of preserving leverage. But leverage for what?
The Israeli government, dominated by ultra-nationalists and pro-annexation hardliners, is unlikely to satisfy the UK’s conditions in good faith. The risk is that the deadline becomes a mirage – always imminent, never reached.
Recognition also comes as part of a proposed new peace plan. This will be supported by the UK, France and Germany, and it allows the government to say it is being consist with its policy that recognition is part of a peace plan.
If, by some miracle, pressure works and Israel meets all the conditions, then the UK can claim that recognition has played a role in bringing Israel back to the negotiating table.
But if recognition is then withheld, there will not be two equal actors at that table. The State of Palestine will not have been recognised by key international players, and a new round of western-run peace processes will begin. These do not have a good track record.
If Israel fails to agree to a ceasefire and let aid into Gaza, then Starmer will be forced to go through with recognition.
For now, he has defused the internal division in his party. It is clever politics, good party management – it remains to be seen if it is also statesmanship.
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.
Brian Brivati is affiliated with Britain Palestine Project, a Scottish Charity that campaigns for equal rights, justice and security for Israelis and Palestiniains
– ref. Starmer’s move on Palestinian statehood is clever politics – https://theconversation.com/starmers-move-on-palestinian-statehood-is-clever-politics-262239
Source: Government of Canada News
July 30, 2025 – Ottawa, Ontario – Global Affairs Canada
The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:
“We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;
“Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;
“Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;
“Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;
Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;
“Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;
“Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;
“Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”
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
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
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US Senate News:
Source: United States Senator for New Mexico Martin Heinrich
WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), and Andy Kim (D-N.J.) reintroduced bipartisan legislation to promote artificial intelligence (AI) innovation in the financial services industry. The Unleashing AI Innovation in Financial Services Act will establish regulatory guardrails at financial regulatory agencies for regulated entities to test AI projects, allowing them to experiment with cutting-edge technologies in a safe way.
“To unlock AI’s full potential and ensure it is deployed responsibly, we need regulatory guardrails that are informed by real-life use cases,” said Heinrich. “Our Unleashing AI Innovation in Financial Services Act does exactly this by enabling the private sector and government agencies to work together and encourage innovation that protects consumers.”
The Unleashing AI Innovation in Financial Services Act establishes regulatory innovation labs for AI test projects at the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA). Regulated entities would apply through their primary regulator and must be able to demonstrate the project will serve the public interest (including consumer projection), enhance efficiency or increase competitiveness and not present a systemic risk to the financial system.
The legislation is led by U.S. Representatives French Hill (R-Ark.), Ritchie Torres (D-N.Y.), Bryan Steil (R-Wis.), and Josh Gottheimer (D-N.J.) in the House.
The full text of the bill is here.
Source: United Kingdom – Executive Government & Departments
A study published in PLOS One estimates human exposure to microplastics in homes and cars.
Prof Oliver Jones, Professor of Chemistry, RMIT University, said:
“The only thing this paper measured was the concentrations of microplastics in a limited set of environments. The authors tested the air in three apartments and two cars via a total of 12 samples (plus four blanks). This is simply not enough data to make generalisations about the cities in France where the work took place, let alone the rest of the world. The authors did not conduct any testing to determine whether the microplastics they found were associated with or caused any health effects. The results should thus be treated as preliminary at best.
“But what if there were more samples? What would the results mean?
“When we talk about air pollution, you often hear the terms PM10 and PM2.5. The PM stands for particulate matter, and the numbers stand for the diameter of the particle in micrometres (microns). PM10 means particulate matter 10 micrometres (0.01 mm) in diameter or smaller, while PM2.5 means particles of matter 2.5 micrometres (0.0025 mm) in diameter or smaller. They usually come from dust and smoke, and we know that very fine particulate matter, no matter the source, can be a health risk; that’s why air quality is regularly tested, and there are guidelines in place for total PM10 and PM2.5 concentrations in the air in many countries [1].
“Particles at the top end of the PM10 range generally do not travel further into the lungs than the upper respiratory tract (nose and throat). Plastic particles in the PM2.5 range (or smaller) might travel further, but the keyword here is ‘might’; this is a relatively new area of research.
“However, even if we assume plastic PM2.5 were an issue, their effects are already considered as part of the general impact of PM2.5 pollution, and any effect from plastics would likely be dwarfed by the contribution of PM2.5 particles from burning petrol oil and other fossil fuels, which are present in much greater abundance (while a figure like 2238 particles per cubic meter sounds like a large number, the particles themselves are very small, so the total physical amount of particles is also very small).
“In short, while particulate pollution is an issue we should pay attention to, you don’t have to worry about breathing plastic air just yet.
[1] Accredited official statistics, particulate matter (PM10/PM2.5), https://www.gov.uk/government/statistics/air-quality-statistics/concentrations-of-particulate-matter-pm10-and-pm25 accessed 30/06/25″
‘Human exposure to PM10 microplastics in indoor air’ by Nadiia Yakovenko et al. will be published in PLOS One at 19:00 UK time Wednesday 30 July 2025, which is when the embargo will lift.
DOI: 10.1371/journal.pone.0328011
Declared interests
Prof Oliver Jones: I am a Professor of Chemistry at RMIT University in Melbourne. I have previously published research on microplastics in the environment. I have no conflicts of interest to declare but I have received funding from the Environment Protection Authority Victoria and various Australian Water utilities for research into environmental pollution.
Source: Republic of China Taiwan
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2025-07-24
President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam
On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values. This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.
Details
2025-07-22
President Lai meets cross-party Irish Oireachtas delegation
On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.
Details
2025-07-22
President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.
Details
2025-07-17
President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos
On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows: I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.
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2025-07-08
President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.
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2025-05-20
President Lai interviewed by Nippon Television and Yomiuri TV
In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era. The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.
US Senate News:
Source: United States Senator for New Hampshire Maggie Hassan
HELP Committee Also Advances Additional Hassan-Led Bills
WASHINGTON – The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously voted today to advance a package that includes the SAFE Sunscreen Standards Act, bipartisan legislation led by U.S. Senators Maggie Hassan (D-NH) and Roger Marshall (R-KS) to modernize the U.S. Food and Drug Administration’s process for reviewing and approving new sunscreens. The FDA has not approved a new sunscreen active ingredient since 1999, while other countries, such as France and South Korea, have innovative sunscreen products on the market that often use newer, more effective UV filters. The SAFE Sunscreen Standards Act would require the FDA to improve its outdated approval process and will help American consumers access more effective sun protection options that have been safely used in other countries for years.
“As Granite Staters head outside and enjoy summer, Congress needs to remove the outdated barriers that prevent Americans from being able to use modern sunscreen products,” said Senator Hassan. “This commonsense bipartisan legislation will modernize the FDA’s approval process to allow American manufacturers to make more up-to-date, effective sunscreens that people are already using safely around the world. I am pleased to see this important measure advance, and I will continue working to get this bill signed into law.”
As part of the bipartisan package, the HELP Committee also advanced the bipartisan Prescription-to-OTC Process Act, led by Senators Hassan and Husted (R-Ohio), which directs the FDA to communicate more clearly with the health industry about the process and standards for switching medications from prescription to over-the-counter marketing. In addition, the committee voted unanimously to advance Senator Hassan’s Advocate for Employee Ownership Act, which establishes an Advocate for Employee Ownership position at the Department of Labor to promote and improve access to employee stock ownership plans, or ESOPs.
Source: United Nations 4
The High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution took place in New York from 28 to 30 July.
The United States and Israel did not participate.
France and Saudi Arabia, co-chairs of the Conference, called on all UN Member States to support a declaration urging collective action to end the war in Gaza and to achieve a just, peaceful and lasting settlement of the Israeli-Palestinian conflict.
The New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution outlines political, humanitarian, and security steps to be taken on a timebound and irreversible basis.
The co-chairs urged countries to endorse the declaration by the end of the 79th session of the General Assembly, in early September, should they so wish.
In his stark opening remarks on Monday, Secretary-General Guterres stressed that the two-State solution is the only viable path to ending the longstanding conflict and achieving lasting peace in the region, warning that there is no alternative.
“A one-State reality where Palestinians are denied equal rights and forced to live under perpetual occupation and inequality? A one-State reality where Palestinians are expelled from their land? That is not peace. That is not justice. And that is not acceptable,” he said.
He condemned both Hamas’ 7 October 2023 attacks and the scale of Israel’s military response, reiterating his call for an immediate and permanent ceasefire, the unconditional release of hostages, and unfettered humanitarian access.
“This conflict cannot be managed. It must be resolved,” Mr. Guterres concluded. “We must act before it is too late.”
Secretary-General António Guterres addresses the high-level conference on the peaceful settlement of the question of Palestine and the implementation of the two-State solution.
Over the three days, more than 125 speakers took the floor during the general debate, including high-level representatives from across the globe and major regional and international organizations such as the Organization of Islamic Cooperation (OIC) and the International Committee of the Red Cross (ICRC).
Delegates underscored the urgency of concrete steps to realise a two-State solution, highlighting the need to empower and reform the Palestinian Authority, reconstruct Gaza and ensure accountability for violations of international law.
France, which co-chaired the Conference, recalled its support for Israel as it joined the community of nations and affirmed that Palestinians deserve the same right to a homeland.
“At a time where the two-State solution is more threatened than ever, France is ready to fully recognise the State of Palestine,” said Jean-Noël Barrot, Minister for Europe and Foreign Affairs. That recognition, he added, would come in September when leaders reconvene for the General Assembly’s 80th session.
Co-chair Saudi Arabia’s Foreign Minister, Faisal bin Farhan al Saud, emphasised the suffering of thousands of civilians in Gaza under bombardment, while Israeli settlements expand in Jerusalem and the West Bank to alter the region’s demographic nature.
“Peace and security do not take place through deprivation of rights or force,” he said, underscoring the need for a genuine and irreversible peace process.
Foreign Secretary David Lammy of the United Kingdom addresses the high-level conference.
The United Kingdom’s Foreign Secretary, David Lammy, outlined recent UK actions – including the suspension of arms exports and sanctions on extremist settlers, and restoring of funding to the UN Relief and Works Agency for Palestine Refugees.
“It is with the hand of history on our shoulders that His Majesty’s Government therefore intends to recognise the State of Palestine when the UN General Assembly gathers in September here in New York,” he declared.
“We will do this unless the Israeli Government acts to end the appalling situation in Gaza, ends its military campaign and commits to a long-term sustainable peace based on a two-State solution.”
Source: People’s Republic of China – State Council News
Bayern Munich veteran Thomas Muller is close to sealing a move to Major League Soccer (MLS).
According to German and Canadian media reports, only minor details remain before the 35-year-old signs a two-year contract with the Vancouver Whitecaps as a free agent on August 1.
The 131-time capped German international is expected to further boost the MLS’ profile alongside Argentine superstar Lionel Messi, who plays for Inter Miami. Reports say Muller’s debut for the Whitecaps could come on August 9 against the San Jose Earthquakes.
Layvin Kurzawa (L) from Paris Saint-Germain competes with Thomas Muller from Bayern Munich during their match of Group B of the 2017-18 season Champions League at Parc des Princes in Paris, France on Sept. 27, 2017. Paris Saint-Germain won by 3-0 at home. (Xinhua/Chen Yichen)
The Bavarian forward recently expressed a desire to gain international experience to round out a decorated career that includes two UEFA Champions League titles, 13 Bundesliga championships and six German Cup trophies.
Muller has called the MLS an intriguing competition, noting that “we see a World Cup played in the United States, Canada and Mexico, in 2026.”
German ties to the Canadian west coast club may have influenced his decision. Canadian international full-back Alphonso Davies joined Bayern from Vancouver in 2018, while Whitecaps managing director Alexander Schuster previously worked for German sides Mainz 05 and Schalke 04. In 2022, Nick Salihamidzic, son of former Bayern sporting director Hasan Salihamidzic, played for Vancouver.
“I am looking forward to playing in the MLS and meeting figureheads such as Messi,” said Muller, who leaves Bayern after contributing 250 goals and 276 assists in 756 competitive appearances.
He follows in the footsteps of fellow Bayern and German greats Franz Beckenbauer, Gerd Muller, Lothar Matthaeus and Bastian Schweinsteiger, who all played in the MLS after their European careers.
The Whitecaps have won the Canadian Championship four times, including three in the past three years.
Muller acknowledged the challenge of adapting to new surroundings, saying, “When you leave a club like Bayern, you meet different circumstances.” He added that he still feels “the desire for football burning in my chest.”
Turning 36 in September, Muller saw his wish for a one-year contract extension turned down by Bayern as his playing time declined in recent seasons, when he primarily served as a substitute and mentor for younger players.
Source: People’s Republic of China – State Council News
Although the club has yet to make the news official, FC Barcelona defender Jules Kounde on Wednesday confirmed that he has agreed a new five-year contract.
Barcelona’s Lamine Yamal (R) celebrates his goal with teammate Jules Kounde during the UEFA Champions League Round of 16 2nd leg football match between FC Barcelona and SL Benfica in Barcelona, Spain, on March 11, 2025. (Photo by Joan Gosa/Xinhua)
Speaking from the club’s Asian tour in South Korea, the French international commented that “everything has been finished” in terms of a contract extension until the end of June 2030.
He added it was “a question of days” before the contract was made official, saying he was “very happy” the negotiations had been “so fast.”
“Barca and I had the same idea. I am very happy with the team and to be at such an ambitious club and happy we can fight for titles every year,” commented the player who scored a late winner as Barca beat Real Madrid in last season’s Copa del Rey final.
26-year-old Kounde joined Barcelona from Sevilla in 2022 and has scored seven goals in 141 games for Barcelona. Although he was initially signed as a central defender, recent seasons have seen him adapt to play at right-back.
Source: Government of Canada News (2)
July 30, 2025—Gatineau—Canadian Radio-television and Telecommunications Commission (CRTC)
Today, the CRTC approves an application by 506992 N.W.T. Ltd. (Cabin Radio) to operate an English-language commercial FM radio station in Yellowknife, Northwest Territories.
This decision will help Yellowknife residents have better access to local news and community-focused programming, including Indigenous voices while reflecting the realities and priorities of people in the North in our broadcasting system.
In February 2025, the CRTC held a two-day public hearing to consider applications to operate a new commercial FM radio station serving the Yellowknife market.
Cabin Radio’s proposal received strong local support, met the CRTC’s requirements for commercial radio, and was found to better enhance competition and the diversity of voices in the Yellowknife radio market. It also included commitments to diversity, emerging artists, and French-language programming. To maintain market stability, the CRTC approved only one new station and denied Vista’s application, noting concerns about the financial impact of adding two FM stations — an issue raised by both applicants.
Cabin Radio’s arrival on the FM band will bring a new voice to Yellowknife’s radio landscape and increase programming diversity.
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) School Meals Coalition Featured Event: “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:
It is truly inspiring to witness how far the School Meals Coalition has come. With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.
First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.
I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.
Today’s speakers are excellent examples. The progress we witness is being driven by Governments, but they are not walking alone. Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.
But, why is there so much momentum behind school meals? Why are so many Governments and partners making this a priority? Because school meals are more than just a plate of food. They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.
To truly pull that lever — to unlock its full power — we must focus on four key priorities.
First: Expand coverage and raise collective ambitions. As we’ve just heard from our distinguished speakers, momentum is building. Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.
Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target: to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year. This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.
Second: Pull the lever — use procurement to transform food systems. Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.
Third: Integrate school meals into climate finance. When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity. The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.
Fourth: Plug the financing gap. The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means. But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.
We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General. Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.
Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign. “Our job is not to scale our work. It’s to scale what works.” This is what we see across the School Meals Coalition: Governments and partners coming together to expand a solution that works.
So, let’s build on the progress we’ve made — and finish what we started in 2021: by 2030, every child receiving a healthy, nutritious meal in school. Let’s feed the future together.
Source: GlobeNewswire (MIL-OSI)
Amundi: First half and second quarter 2025 results
Record inflows of +€52bn in the first half of the year
| Inflows already at full year 2024 level |
Assets under management1at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect
Net inflows +€52bn in H1, of which +€20bn in Q2
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| Growth in profit before tax |
First half 2025: profit before tax3,4€895m, up +4% H1/H14:
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| Continued success on strategic pillars | Partnership with Victory Capital finalised on 1 April Strong H1 inflows in strategic priorities:
Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo |
Paris, 29 July 2025
Amundi’s Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.
Valérie Baudson, Chief Executive Officer, said: “With net inflows of +€52bn, Amundi’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients’ needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.
Amundi has continued to grow both in terms of activity and results, with first half revenues3up +5% and profit before tax3up +4% year-on-year4.
Amundi has also leveraged its position as Europe’s leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.»
* * * * *
Highlights
Continued organic growth thanks to continued successes in the strategic pillars
2025 marks the final year of Ambitions 2025 plan, which set a number of strategic pillars aimed at accelerating the diversification of the Group’s growth drivers and exploiting development opportunities. Several objectives were achieved in 2024 and the first half of 2025 confirms Amundi’s growth momentum.
On 1 April, Amundi finalised its partnership with Victory Capital and received shares representing 26% of the share capital in return for contributing Amundi US to Victory. This stake is consolidated in the second quarter accounts under the equity method, with a one-quarter lag compared to Victory Capital’s publications because the company, listed on the Nasdaq, publishes its accounts after those of Amundi (on 8 August for its second quarter 2025 results). Assets under management are consolidated at 26% in a separate line (Victory Capital – US distribution” for the portion distributed to US clients, and at 100% in the relevant client segments and asset classes for the portion managed by Victory Capital but distributed by Amundi to clients outside the United States.
Activity
Record inflows in the first half of the year of +€52bn, already at the level of the whole of 2024
Assets under management1as at 30 June 2025 rose by +5.2% year-on-year, to reach an all-time high at €2,267bn. They benefited over 12 months from a high level of net inflows, +€75bn, the positive effect of market appreciation for +€109bn, more than half reduced by the unfavourable impact of currency moves (-€60bn) linked to the fall in the US dollar and the Indian rupee.
These two currencies fell vs. the euro in average for the second quarter by -5% and -7% respectively year-on-year and by -7% and -6% quarter-on-quarter. In the first half of 2025 and also in average terms, the US dollar is down by -1% and the Indian rupee by -4% compared to the first half of 2024.
In the first half of 2025, the market effect and the forex effect amounted to +€58bn and -€73bn respectively,
Amundi recorded a scope effect of -€10bn related to the finalisation of the partnership with the American asset manager Victory Capital in the second quarter.
Net inflows were healthy at +€52bn in the first half of the year, almost reaching the level of the whole of 2024 (+€55bn), and far exceeding it in assets MLT8 excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).
These MLT net inflows8 (+€26bn) were driven by passive management (+€44bn), in particular ETFs (+€19bn) and active management (+€9bn), driven by fixed income strategies.
Treasury products excluding JVs and US distribution posted outflows of -€9bn over the half-year, entirely due to withdrawals from corporate clients, which were particularly strong over the first half (€15bn); on the contrary, all other client segments posted net inflows on this asset class, reflecting the wait-and-see attitude in the face of volatility in risky asset markets.
The three main client segments contributed to the net inflows of +€52bn:
In the second quarter, net inflows reached +€20.4bn, divided between:
First half 2025 results
The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the P&L and, in the second quarter, the equity-accounted contribution of Victory Capital (Group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking Group share of the net profit for the first quarter of 2025.
The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%)
Profit before tax3+4% H1/H14
Adjusted data3
The Group’s results for the first half of 2025 include, in addition to the 26% equity contribution of Victory Capital, the contribution of aixigo, acquisition of which was finalised in early November 2024, as well as Alpha Associates, an acquisition finalised early April 2024, which were therefore not integrated or only partially integrated in the first half of 2024.
Victory Capital’s contribution is accounted for under the equity method for its 26% share with a one-quarter lag.
The profit before tax3reached €895m in up +4.2% compared to the first half of 2024 pro forma4. This growth comes mainly from revenue growth.
Adjusted net revenues3 reached €1,703m, +4.9% compared to the first half of 2024 (+4,0% excluding the integration of aixigo and an additional quarter of Alpha Associates). Contributing to this progression, at current scope:
The increase in adjusted operating expenses3, €894m, is +5,3% compared to the first half of 2024 pro forma4 and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, reflecting the Group’s operational efficiency.
In addition to the scope effect, this increase is mainly due to investments in the development initiatives of the Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.
The cost-income ratio at 52,5%, on an adjusted basis3, is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%).
The adjusted gross operating income3reached €808m, up +4,5% compared to the first half of 2024 pro forma4, reflecting growth in revenues and cost control.
The contribution of equity-accounted JVs12, at €66m, up +7.1% compared to the first half of 2024, reflects the strong momentum of the Indian JV SBI MF (+7.4%), which accounts for nearly 80% of the contribution of JVs. The commercial dynamism of the JV allowed the continued growth of its management fees and more than offset the effects of the depreciation of the Indian rupee (-€3m, or -6 percentage points of growth). The half-year contribution also benefited from the profitability of the Chinese JV ABC-CA.
The adjusted contribution3of the U.S. operations, accounted for under the equity method, which includes Victory Capital’s Group share (26%) contribution from the second quarter onward, amounts to €26m. As explained, this figure corresponds to Victory Capital’s first quarter adjusted net income, due to the lag in publication and therefore does not take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full year before tax) and of which $50m had already been achieved at the time of the finalisation of the partnership. The comparison with Amundi US contribution in the second quarter of 2024, at €32m, which also included positive non-recurring items, is therefore not relevant.
The adjusted corporate tax expense3 of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma4.
In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the taxable profits made in France in 2024 and 2025. This exceptional contribution is estimated13 to -€72m for the year as a whole, and is not accounted for on a straight-line basis over the quarters. Thus, it amounted to -€54m in the first half of 2025. Excluding this exceptional contribution, the adjusted tax expense3 would have been -€205m and the adjusted effective tax rate3 would be equivalent to that of the first half of 2024.
Adjusted net income3 rose to €638m. Excluding the exceptional corporate income tax contribution, it would have reached €692m, up +4% compared to the first half of 2024 pro forma4.
Adjusted3earnings per share was €3.11 in the first half of 2025, including -€0.26 related to the exceptional tax contribution in France. Excluding this exceptional contribution, adjusted3 earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma4.
Accounting data in the first half of 2025
Accounting net income group share amounted to nearly one billion euros, at €998m. It includes a non-cash capital gain of €402m related to the finalisation of the partnership with Victory Capital.
As a reminder, this operation took the form of a share swap and did not give result in any cash payment. The accounting capital gain corresponds to the difference between the market value of what Amundi Group received at the transaction date, namely 26% of the share capital of the new entity Victory Capital, and the historical accounting price of Amundi US that the Group contributed to Victory Capital.
As in the other half-years, the reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).
Accounting earnings per share in the first half of 2025 was €4.86, including the capital gain and the exceptional tax contribution in France.
Second quarter 2025 results
The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including the first quarter of 2025. In the second quarter, following the finalisation of the partnership with Victory Capital, the contribution of Amundi US was replaced by the consolidation under the equity method of the Group share (26%) in Victory Capital, with a one-quarter lag in publication (integration for the second quarter 2025 of the net income published by Victory Capital in the first quarter of 2025).
Q2/Q2 decline in profit before tax3due to performance fees and financial revenues
Adjusted data3
The results include aixigo, acquisition of which was finalised in early November 2024.
Adjusted net revenues3 totalled €790m, down -1.0% compared to the second quarter of 2024 pro forma4, but business-related revenues, management fees and technology revenues, were up:
Adjusted operating expenses3 are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma4 and were stable excluding aixigo, reflecting the Group’s operational efficiency. Investments in the development initiatives of the Ambitions 2025 plan continued, particularly in technology, third-party distribution and Asia.
The cost-income ratio at 52,7% on an adjusted data basis3 is in line with the Ambitions 2025 objective (<53%).
The optimisation plan, which was announced in the first quarter, has been launched and will finance the acceleration of investments by generating between €35 and €40m in savings from 2026. The first concrete announcements were made in the second quarter, including the merger between CPR and BFT to create a leader in asset management in France within the Group, with around €100bn in assets under management. The restructuring costs of this plan will be recorded for an amount of €70 to 80m14in the second half of the year.
The Adjusted gross operating income3(GOI) amounted to €374m, down -3,8% compared to the second quarter of 2024 pro forma4.
The contribution of JVs15, at €38m (+16.6%), increased strongly thanks to the growth in activity and management fees of the main contributing entity, the Indian JV SBI MF (+19%), as well as the good profitability of the JV in China ABC-CA.
The adjusted contribution3of the U.S. operations, accounted for like JVs under the equity method, reflects for the first time this quarter the contribution of Victory Capital to the group share (26%), at €26m. As explained, this figure corresponds to Victory Capital’s first quarter result due to the publication lag, and therefore does not yet take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full-year before tax) and of which $50m were realised at the time of the finalisation of the partnership on 1 April 2025. The comparison with Amundi US’s contribution to Group net income in the second quarter of 2024 (€32m), which also included positive non-recurring items, is therefore not relevant. In addition, the average US dollar fell by -5% year-on-year, also weighing on this contribution.
Adjusted income before tax3reached €437m, down -1.8% compared to the second quarter of 2024 pro forma4.
The adjusted corporate tax expense3 of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma4.
In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated16 at -€72m for the full year, is not accounted for on a straight-line basis. It amounted to -€9m in the second quarter of 2025, compared to -€46m in the first quarter. Excluding this exceptional contribution, the adjusted tax expense3 would have been -€95m and the adjusted3 effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma4.
Adjusted net income3 was €334m. Excluding the exceptional tax contribution, it would have been €343m.
Adjusted3earnings per share in the second quarter of 2025 achieved €1.63, including -4 cents related to the exceptional tax contribution in France.
Accounting data in the second quarter of 2025
Accounting net income group share amounted to €715m. It includes the non-cash capital gain of €402m related to the completion of the partnership with Victory Capital.
As in the previous quarters, reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).
Accounting earnings per share in the second quarter of 2025 reached €3.48, including the capital gain on the Victory Capital transaction and the exceptional tax contribution in France.
A solid financial structure, €1.3bn in surplus capital
Tangible equity17 amounted to €4.3bn as at 30 June 2025, down slightly compared to the end of 2024 due to the payment of dividends (-€0.9bn) for the fiscal year 2024 and the impact of foreign exchange (-€0.2bn), most of which were offset by accounting net income for the first half of the year, including the capital gain related to this transaction (+€1.0bn), including the capital gain related to the partnership with Victory Capital (+€0.4bn).
As indicated at the time of signing in July 2024, the partnership with Victory Capital did not have a significant effect on the CET1 ratio.
The capital surplus at the end of the first quarter stood at €1.3bn.
In a press release dated 4 July, the rating agency FitchRatings confirmed Amundi’s A+ issuer rating18 with a stable outlook, the best in the sector.
* * * * *
APPENDICES
Adjusted income statement3of the first half of 2025
| (M€) | H1 2025 | H1 2024* | % ch. H1/H1* | |
| Net revenue – adjusted | 1,703 | 1,623, | +4.9% | |
| Management fees | 1,542 | 1,475 | +4.6% | |
| Performance fees | 58 | 66 | -13.2% | |
| Technology | 52 | 35 | +48.0% | |
| Financial income and other revenues | 52 | 47 | +10.4% | |
| Operating expenses – adjusted | (894) | (849) | +5.3% | |
| Cost/income ratio – adjusted (%) | 52.5% | 52.3% | +0.2pp | |
| Gross operating income – adjusted | 808, | 773, | +4.5% | |
| Cost of risk & others | (6) | (8) | -28.7% | |
| Equity-accounted companies – JVs | 66 | 61 | +7.1% | |
| Equity-accounted companies – Adjusted Victory Capital | 26 | 32 | -16.8% | |
| Income before tax – adjusted | 895 | 858, | +4.2% | |
| Corporate tax – adjusted | (259) | (192) | +35.0% | |
| Non-controlling interests | 2 | 1 | +88.1% | |
| Net income group share – adjusted | 638, | 668, | -4.5% | |
| Amortization of intangible assets after tax | (28) | (32) | -10.8% | |
| Integration costs and amortisation of the PPA after tax | (7) | 0 | NS | |
| Victory Capital adjustments (after tax, on a co-payment basis) | (7) | 0 | NS | |
| Victory Capital Capital Capital Gain, after tax | 402 | 0 | NS | |
| Net income group share | 998 | 636 | +56.9% | |
| Earnings per share (€) | 4.86 | 3.11 | +56.3% | |
| Earnings per share – adjusted (€) | 3.11 | 3.26 | -4.8% |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Adjusted income statement3of the second quarter
| (M€) | Q2 2025 | Q2 2024* | % var. T2/T2* | Q1 2025* | % ch. Q2/Q1* | ||
| Net revenue – adjusted | 790 | 799 | -1.0% | 823 | -3.9% | ||
| Management fees | 717 | 709 | +1.2% | 737 | -2.7% | ||
| Performance fees | 35 | 49 | -28.9% | 23 | +53.5% | ||
| Technology | 26 | 17 | +49.8% | 26 | +0.7% | ||
| Financial income & other revenues | 12 | 23 | -47.2% | 37 | -66.9% | ||
| Operating expenses – adjusted | (417) | (410) | +1.6% | (416) | +0.2% | ||
| Cost/income ratio – adjusted (%) | 52,7% | 51,4% | +1.4pp | 50.6% | +2.2pp | ||
| gross operating income – adjusted | 374 | 388 | -3.8% | 407 | -8.1% | ||
| Cost of risk & others | (1) | (8) | -82.4% | (4) | -67.4% | ||
| Equity-accounted companies – JVs | 38 | 33 | +16.6% | 28 | +38.6% | ||
| Equity-accounted companies – Adjusted Victory Capital | 26 | 32 | -16.8% | 22 | +21.2% | ||
| Income before tax – adjusted | 437 | 445 | -1.8% | 452 | -3.3% | ||
| Corporate tax – adjusted | (104) | (95) | +9.0% | (149) | -30.6% | ||
| Non-controlling interests | 1 | 0 | NS | 1 | +32.6% | ||
| Net income group share – adjusted | 334 | 350 | -4.5% | 303 | +10.2% | ||
| Amortization of intangible assets after tax | (15) | (17) | -13.7% | (14) | +8.8% | ||
| Integration costs and amortisation of the PPA after tax | (1) | 0 | NS | (3) | -78.2% | ||
| Victory Capital adjustments (after tax, on a co-payment basis) | (7) | 0 | NS | (4) | +62.2% | ||
| Victory Capital Capital Capital Gain, after tax | 402 | 0 | NS | 0 | NS | ||
| Net income group share | 715 | 333 | NS | 283 | NS | ||
| Earnings per share (€) | 3.48 | 1.63 | NS | 1.38 | NS | ||
| Earnings per share – adjusted (€) | 1.63 | 1.71 | -4.8% | 1.48 | +10.2% |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Pro Forma Historical Series3Adjusted4– First semester
| (m€) | H1 2025 | H1 2024 | -Contrib. Amundi US T2 2024 |
H1 2024 pro forma |
% ch. 25/24 | % ch. 25/24 pro forma |
|||
| Net management fees | 1,542 | 1,560 | 85 | 1,475 | -1.2% | -1.4% | |||
| Performance fees | 58 | 67 | 1 | 66 | -14.1% | -13.6% | |||
| Net asset management revenues | 1,599 | 1,627 | 86 | 1 541 | -1.7% | -1.9% | |||
| Technology | 52 | 35 | 0 | 35 | +48.0% | +48.0% | |||
| financial income & other revenues | 12 | 6 | 3 | 3 | NS | NS | |||
| Financial income & other revenues – adjusted | 52 | 50 | 3 | 47 | +4.1% | +6.6% | |||
| Net revenue (a) | 1,663 | 1 667 | 89 | 1,578 | -0.3% | -0.3% | |||
| Net revenue – adjusted (b) | 1,703 | 1 711 | 89 | 1,623 | -0.5% | -0.6% | |||
| Operating expenses (c) | (905) | (900) | (51) | (849) | +0.6% | -1.4% | |||
| Operating expenses – adjusted (d) | (894) | (900) | (51) | (849) | -0.6% | -2.0% | |||
| Gross operating income (e)=(a)+(c) | 758 | 767 | 38 | 729 | -1.2% | +0.9% | |||
| Gross operating income – adjusted (f)=(b)+(d) | 808 | 811 | 38 | 773 | -0.4% | +0.9% | |||
| Cost/income ratio (%) -(c)/(a) | 54.4% | 54.0% | 57.2% | 53.8% | 0.44pp | -0.56pp | |||
| Cost/income ratio – adjusted (%) -(d)/(b) | 52.5% | 52.6% | 57.2% | 52.3% | -0.06pp | -0.72pp | |||
| Cost of risk & others (g) | 397 | (5) | 3 | (8) | NS | NS | |||
| Cost of risk & others – adjusted (h) | (6) | (5) | 3 | (8) | +16.4% | -29.7% | |||
| Equity-accounted companies – JV (i) | 66 | 61 | 61 | +7.1% | +7.1% | ||||
| Equity-accounted companies – US operations (j) | 20 | 0 | (32) | 32 | NS | +18.1% | |||
| Equity-accounted companies – U.S. operations – adjusted (k) | 26 | 0 | (32) | 32 | NS | +51.8% | |||
| Income before tax (l)=(e)+(g)+(i)+(j) | 1,240 | 824 | 9 | 814 | +50.6% | +51.8% | |||
| Income before tax – adjusted (m)=(f)+(h)+(i)+(k) | 895 | 868 | 9 | 858 | +3.1% | +3.5% | |||
| Corporate tax (n) | (245) | (189) | (9) | (179) | +29.6% | +33.8% | |||
| Corporate tax – adjusted (o) | (259) | (201) | (9) | (192) | +28.8% | +32.0% | |||
| Non-controlling interests (p) | 2 | 1 | 0 | 1 | +88.1% | +88.1% | |||
| Net income group share (q)=(l)+(n)+(p) | 998 | 636 | 0 | 636 | +56.9% | +56.9% | |||
| Net income group share – adjusted (r)=(m)+(o)+(p) | 638 | 668 | 0 | 668 | -4.5% | -4.5% | |||
| Earnings per share (€) | 4.86 | 3.11 | 3.11 | +56.3% | +56.3% | ||||
| Earnings per share – adjusted (€) | 3.11 | 3.26 | 3.26 | -4.8% | -4.8% |
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Pro Forma Historical Series3Adjusted4– Quarters 2024-2025
| (m€) | Q2 2025 | Q2 2024 | -Contrib. Amundi US Q2 2024 |
Q2 2024 pro forma |
% ch. T2/T2 | % var. Q2/Q2 pro forma |
Q1 2025* | -Contrib. Amundi US T1 2025 |
Q1 2025 pro forma |
% ch. T2/T1 | % var. Q2/Q1 pro forma |
|||||
| Net management fees | 717 | 794 | 85 | 709 | -9.7% | +1.2% | 824 | 88 | 737 | -13.0% | -2.7% | |||||
| Performance fees | 35 | 50 | 1 | 49 | -29.9% | -28.9% | 23 | 0 | 23 | +52.0% | +53.5% | |||||
| Net asset management revenues | 752 | 844 | 86 | 758 | -10.9% | -0.8% | 847 | 88 | 760 | -11.2% | -1.0% | |||||
| Technology | 26 | 17 | 0 | 17 | +49.8% | +49.8% | 26 | 0 | 26 | +0.7% | +0.7% | |||||
| Financial income and other revenues | (7) | 3 | 3 | (0) | NS | NS | 19 | 2 | 18 | NS | NS | |||||
| Financial income and other revenues – adjusted | 12 | 26 | 3 | 22 | -52.9% | -43.7% | 39 | 2 | 37 | -68.4% | -66.9% | |||||
| Net income (a) | 771 | 864 | 89 | 775 | -10.8% | -0.6% | 892 | 90 | 803 | -13.7% | -4.0% | |||||
| Net income – adjusted (b) | 790 | 887 | 89 | 799 | -10.9% | -1.0% | 912 | 90 | 823 | -13.4% | -3.9% | |||||
| Operating expenses (c) | (418) | (461) | (51) | (410) | -9.2% | +2.0% | (486) | (67) | (419) | -14.0% | -0.2% | |||||
| Operating expenses – adjusted (d) | (417) | (461) | (51) | (410) | -9.6% | +1.6% | (478) | (62) | (416) | -12.8% | +0.2% | |||||
| Gross Operating Income (e)=(a)+(c) | 352 | 403 | 38 | 365 | -12.6% | -3.5% | 406 | 22 | 384 | -13.3% | -8.2% | |||||
| Rross operating income – adjusted (f)=(b)+(d) | 374 | 426 | 38 | 388 | -12.4% | -3.8% | 434 | 28 | 407 | -14.0% | -8.1% | |||||
| Cost/income ratio (%) -(c)/(a) | 54.3% | 53.4% | 57.2% | 52.9% | 0.95pp | 1.38pp | 54.5% | 75.0% | 52.2% | -0.20pp | 2.08pp | |||||
| Cost/income ratio – adjusted (%) -(d)/(b) | 52.7% | 51.9% | 57.2% | 51.4% | 0.79pp | 1.37pp | 52.4% | 69.0% | 50.6% | 0.35pp | 2.16pp | |||||
| Cost of risk & others (g) | 401 | (5) | 3 | (8) | NS | NS | (4) | (0) | (4) | NS | NS | |||||
| Cost of Risk & Other – adjusted (h) | (1) | (5) | 3 | (8) | -71.0% | -82.4% | (4) | (0) | (4) | -67.9% | -67.4% | |||||
| Equity-accounted companies – JV (i) | 38 | 33 | 0 | 33 | +16.6% | +16.6% | 28 | 0 | 28 | +38.6% | +38.6% | |||||
| Equity-accounted companies – US operations (j) | 20 | 0 | (32) | 32 | NS | -37.7% | 0 | (18) | 18 | NS | +11.7% | |||||
| Equity-accounted companies – U.S. operations – adjusted (k) | 26 | 0 | (32) | 32 | NS | -16.8% | 0 | (22) | 22 | NS | +21.2% | |||||
| Profit before tax (l)=(e)+(g)+(i)+(j) | 811 | 431 | 9 | 421 | +88.3% | +92.5% | 429 | 5 | 425 | +89.0% | +91.0% | |||||
| Profit before tax – adjusted (m)=(f)+(h)+(i)+(k) | 437 | 454 | 9 | 445 | -3.8% | -1.8% | 458 | 10 | 452 | -4.5% | -3.3% | |||||
| Corporate tax (n) | (97) | (98) | (9) | (89) | -0.5% | +10.1% | (147) | (5) | (143) | -33.7% | -31.6% | |||||
| Corporate tax – adjusted (o) | (104) | (105) | (9) | (95) | -0.8% | +9.0% | (155) | (6) | (149) | -33.2% | -30.6% | |||||
| Non-controlling interests (p) | 1 | 0 | 0 | 0 | NS | NS | 1 | 0 | 1 | +32.6% | +32.6% | |||||
| Net income group share (q)=(l)+(n)+(p) | 715 | 333 | 0 | 333 | NS | NS | 283 | 0 | 283 | NS | NS | |||||
| Net income group share – adjusted (r)=(m)+(o)+(p) | 334 | 350 | 0 | 350 | -4.5% | -4.5% | 303 | 0 | 303 | +10.2% | +10.2% | |||||
| Earnings per share (€) | 3.48 | 1.63 | 1.63 | NS | NS | 1.38 | 1.38 | NS | NS | |||||||
| Earnings per share – adjusted (€) | 1.63 | 1.71 | 1.71 | -4.8% | -4.8% | 1.48 | 1.48 | +10.2% | +10.2% |
Definition of assets under management
Assets under management and net inflows including assets under advisory and marketed and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are taken over by Amundi in the capital of the JV
Evolution of assets under management from the end of 2021 to the end of June 2025
| (€bn) | Assets under management | Collection
Net |
Market and exchange rate effect | Scope effect |
Change in assets under management vs. prior quarter |
||
| As of 31/12/2021 | 2,064 | +14%19 | |||||
| Q1 2022 | +3.2 | -46.4 | – | ||||
| As of 31/03/2022 | 2,021 | -2.1% | |||||
| Q2 2022 | +1.8 | -97.7 | – | ||||
| As of 30/06/2022 | 1,925 | -4.8% | |||||
| Q3 2022 | -12.9 | -16.3 | – | ||||
| As of 30/09/2022 | 1,895 | -1.6% | |||||
| Q4 2022 | +15.0 | -6.2 | – | ||||
| As of 31/12/2022 | 1,904 | +0.5% | |||||
| Q1 2023 | -11.1 | +40.9 | – | ||||
| As of 31/03/2023 | 1,934 | +1.6% | |||||
| Q2 2023 | +3.7 | +23.8 | – | ||||
| As of 31/06/2023 | 1,961 | +1.4% | |||||
| Q3 2023 | +13.7 | -1.7 | – | ||||
| As of 30/09/2023 | 1,973 | +0.6% | |||||
| Q4 2023 | +19.5 | +63.8 | -20 | ||||
| As of 31/12/2023 | 2,037 | +3.2% | |||||
| Q1 2024 | +16.6 | +62.9 | – | ||||
| As of 31/03/2024 | 2,116 | +3.9% | |||||
| Q2 2024 | +15.5 | +16.6 | +7.9 | ||||
| 30/06/2024 | 2,156 | +1.9% | |||||
| Q3 2024 | +2.9 | +32.5 | – | ||||
| 30/09/2024 | 2,192 | +1.6% | |||||
| Q4 2024 | +20.5 | +28.1 | – | ||||
| 31/12/2024 | 2,240 | +2.2% | |||||
| Q1 2025 | +31.1 | -24.0 | – | ||||
| 31/03/2025 | 2,247 | +0.3% | |||||
| Q2 2025 | +20.4 | +10.1 | -10.6 | ||||
| 30/06/2025 | 2,267 | +0.9% | |||||
Total over one year between 30 June 2024 and 30 June 2025: +5.2%
Details of assets under management and net inflows by client segments20
| (€bn) | AuM
30.06.2025 |
AuM 30.06.24 | % change /30.06.24 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| Networks France | 139 | 133 | +4.3% | -0.7 | -2.4 | -0.5 | -0.9 |
| International networks | 161 | 165 | -2.5% | -2.9 | -0.8 | -5.6 | -2.8 |
| Of which Amundi BOC WM | 3 | 3 | -15.0% | +0.7 | +0.4 | +1.0 | +0.1 |
| Third-Party Distributors | 350 | 359 | -2.5% | +5.0 | +5.4 | +13.3 | +12.4 |
| Retail | 650 | 658 | -1.1% | +1.4 | +2.2 | +7.2 | +8.7 |
| Institutional & Sovereigns (*) | 548 | 520 | +5.4% | +1.7 | +1.1 | +31.8 | +10.7 |
| Corporates | 107 | 108 | -1.4% | -3.7 | -3.9 | -14.0 | -8.1 |
| Company savings | 101 | 90 | +12.8% | +4.9 | +3.8 | +4.0 | +2.9 |
| CA & SG Insurers | 445 | 424 | +4.8% | +5.9 | +0.8 | +9.4 | +1.7 |
| Institutional | 1,201 | 1,142 | +5.1% | +8.7 | +1.7 | +31.2 | +7.3 |
| JVs | 359 | 356 | +0.6% | +10.3 | +11.6 | +13.2 | +16.1 |
| Victory- US distribution | 58 | 0 | NS | -0.0 | 0.0 | -0.0 | 0.0 |
| Total | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
(*) Including funds of funds
Details of assets under management and net inflows by asset classes20
| (€bn) | AuM
30.06.2025 |
AuM 30.06.2024 | % change /30.06.2024 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| Actions | 556 | 515 | +8.0% | +6.9 | +3.2 | +33.3 | +0.7 |
| Diversified | 270 | 282 | -4.3% | +0.1 | +0.7 | -0.9 | -6.9 |
| Obligations | 737 | 706 | +4.3% | +6.6 | +10.1 | +20.9 | +24.0 |
| Real, alternative, and structured | 108 | 112 | -4.0% | -2.5 | +1.0 | -5.2 | +0.7 |
| TOTAL MLT ASSETS excl. JV & US Distribution |
1,671 | 1,616 | +3.4% | +11.1 | +15.1 | +48.0 | +18.5 |
| Treasury products excl. JVs & US Distribution |
180 | 184 | -2.1% | -1.0 | -11.2 | -9.6 | -2.5 |
| TOTAL ASSETS excl. JV & US Distribution |
1,851 | 1,800 | +2.8% | +10.2 | +3.9 | +38.4 | +16.0 |
| JVs | 359 | 356 | +0.6% | +10.3 | +11.6 | +13.2 | +16.1 |
| Victory-distribution US | 58 | 0 | NS | -0.0 | 0.0 | -0.0 | 0.0 |
| TOTAL | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
| Of which MLT assets | 2,051 | 1,938 | +5.8% | +16.5 | +23.7 | +56.3 | +31.5 |
| Of which treasury products | 216 | 218 | -0.9% | +3.9 | -8.3 | -4.7 | +0.6 |
Details of assets under management and net inflows by type of management and asset classes20
| (€bn) | AuM
30.06.2025 |
AuM 30.06.24 | % change /30.06.24 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| Active management | 1,118 | 1,122 | -0.4% | +2.9 | +8.0 | +9.1 | +9.3 |
| Equities | 196 | 207 | -5.4% | -0.8 | -0.4 | -4.8 | -3.1 |
| Multi-assets | 261 | 272 | -3.8% | +0.0 | +0.3 | -0.9 | -7.7 |
| Bonds | 661 | 643 | +2.7% | +3.7 | +8.1 | +14.9 | +20.2 |
| Structured products | 41 | 42 | -0.3% | -1.4 | +1.3 | -3.5 | +1.9 |
| Passive management | 446 | 382 | +16.7% | +10.7 | +6.0 | +44.2 | +8.5 |
| ETFs & ETC | 288 | 237 | +21.2% | +8.2 | +4.5 | +18.6 | +9.5 |
| Index & Smart beta | 158 | 144 | +9.2% | +2.5 | +1.5 | +25.6 | -1.0 |
| Real & Alternative Assets | 67 | 71 | -6.2% | -1.0 | -0.3 | -1.8 | -1.2 |
| Real assets | 63 | 67 | -5.4% | -0.6 | -0.1 | -1.2 | -0.3 |
| Alternative | 4 | 4 | -18.4% | -0.4 | -0.2 | -0.5 | -1.0 |
| TOTAL MLT ASSETS excl. JV & US Distribution |
1,671 | 1,616 | +3.4% | +11.1 | +15.1 | +48.0 | +18.5 |
| Treasury products excl. JVs & US Distribution |
180 | 184 | -2.1% | -1.0 | -11.2 | -9.6 | -2.5 |
| TOTAL ASSETS excl. JV & US Distribution |
1,851 | 1,800 | +2.8% | +10.2 | +3.9 | +38.4 | +16.0 |
| JVs | 359 | 356 | +19.8% | +11.6 | -0.9 | +16.1 | -1.7 |
| Victory-US Distribution | 58 | 0, | NS | -0.0 | 0.0, | -0.0 | 0.0, |
| TOTAL | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
| Of which MLT assets | 2,051 | 1,938 | +5.8% | +16.5 | +23.7 | +56.3 | +31.5 |
| Of which treasury products | 216 | 218 | -0.9% | +3.9 | -8.3 | -4.7 | +0.6 |
Details of assets under management and net inflows by geographic area20
| (€bn) | AuM
30.06.2025 |
AuM 30.06.2024 | % change /30.06.2024 | Q2 2025 inflows | Q2 2024 inflows | H1 2025 inflows | H1 2024 inflows |
| France | 1,028 | 971 | +5.9% | +8.7 | +0.0 | +9.3 | +10.0 |
| Italy | 199 | 207 | -3.9% | -1.4 | -1.8 | -3.4 | -2.9 |
| Europe excluding France & Italy | 461 | 406 | +13.6% | -1.0 | +0.1 | +22.8 | +4.1 |
| Asia | 460 | 451 | +2.0% | +13.8 | +15.4 | +21.6 | +22.3 |
| Rest of the world | 119 | 121 | -1.5% | +0.3 | +1.7 | +1.3 | -1.3 |
| TOTAL | 2,267 | 2,156 | +5.2% | +20.4 | +15.5 | +51.6 | +32.1 |
| TOTAL outside France | 1,239 | 1,185 | +4.6% | +11.7 | +15.5 | +42.3 | +22.1 |
Methodological Annex – Alternative Performance Indicators (APIs)
Accounting and adjusted data
Accounting data – These include
The aggregate amounts of these items are as follows for the different periods under review:
Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.
Partnership with Victory Capital
Victory Capital adjusts its US GAAP accounts to better reflect the Group’s economic performance. These US GAAP to Non-GAAP adjustments include, with the figures for the first quarter of 2025 included in Amundi’s financial statements for the second quarter of 2025, the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets.
Alternative Performance Indicators21
In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.
The adjusted data can be reconciled with the accounting data as follows:
| = accounting data |
| = adjusted data |
| (M€) | H1 2025 | H1 2024* | Q2 2025 | Q2 2024 | Q2 2024* | Q1 2025 | Q1 2025* | |||
| Net revenue (a) | 1,663 | 1,578 | 771 | 864 | 775 | 892 | 803 | |||
| – Amortisation of intangible assets (bef. Tax) | (37) | (43) | (18) | (22) | (22) | (18) | (18) | |||
| – Other non-cash charges related to Alpha Associates | (3) | (1) | (1) | (1) | (1) | (1) | (1) | |||
| Net revenue – adjusted (b) | 1,703 | 1, 623 | 790 | 887 | 799 | 912 | 823 | |||
| Operating expenses (c) | (905) | (849) | (418) | (461) | (410) | (486) | (419) | |||
| – Integration costs (bef. tax) | (7) | 0 | 0 | 0 | 0 | (7) | (2) | |||
| – Amortisation related to aixigo PPA (bef. Tax) | (4) | 0 | (2) | 0 | 0 | (2) | (2) | |||
| Operating expenses – adjusted (d) | (894) | (849) | (417) | (461) | (410) | (478) | (416) | |||
| Gross operating income (e)=(a)+(c) | 758 | 729 | 352 | 403 | 365 | 406 | 384 | |||
| Gross operating income – adjusted (f)=(b)+(d) | 808 | 773 | 374 | 426 | 388 | 434 | 407 | |||
| Cost / Income ratio (%) -(c)/(a) | 54.4% | 53.8% | 54.3% | 53.4% | 52.9% | 54.5% | 52.2% | |||
| Cost / Income ratio, adjusted (%) -(d)/(b) | 52.5% | 52.3% | 52.7% | 51.9% | 51.4% | 52.4% | 50.6% | |||
| Cost of risk & others (g) | 397 | (8) | 401 | (5) | (8) | (4) | (4) | |||
| Cost of risk & others – Adjusted (h) | (6) | (8) | (1) | (5) | (8) | (4) | (4) | |||
| Share of net income from JVs (i) | 66 | 61 | 38 | 33 | 33 | 28 | 28 | |||
| Share of net income from Victory Capital (j) | 20 | 32 | 20 | 0 | 32 | 0 | 18 | |||
| Share of net income from Victory Capital – Adjusted (k) | 26 | 32 | 26 | 0 | 32 | 0 | 22 | |||
| Income before tax (l)=(e)+(g)+(i)+(j) | 1,240 | 814 | 811 | 431 | 421 | 429 | 425 | |||
| Income before tax – adjusted (m)=(f)+(h)+(i)+(k) | 895 | 858 | 437 | 454 | 445 | 458 | 452 | |||
| Corporate tax (m) | (245) | (179) | (97) | (98) | (89) | (147) | (143) | |||
| Corporate tax – adjusted (n) | (259) | (192) | (104) | (105) | (95) | (155) | (149) | |||
| Non-controlling interests (o) | 2 | 1 | 1 | 0 | 0 | 1 | 1 | |||
| Net income group share (q)=(l)+(n)+(p) | 998 | 636 | 715 | 333 | 333 | 283 | 283 | |||
| Net income group share – adjusted (r)=(m)+(o)+(p) | 638 | 668 | 334 | 350 | 350 | 303 | 303 | |||
| Earnings per share (€) | 4.86 | 3.11 | 3.48 | 1.63 | 1.63 | 1.38 | 1.38 | |||
| Earnings per share – adjusted (€) | 3.11 | 3.26 | 1.63 | 1.71 | 1.71 | 1.48 | 1.48 | |||
* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.
Shareholding
| 30 June 2025 | 31 March 2025 | 31 December 2024 | 30 June 2024 | |||||||||
| (units) | Number of shares |
% of capital | Number of shares |
% of capital | Number of shares |
% of capital | Number of shares |
% of capital | ||||
| Crédit Agricole Group | 141,057,399 | 68.67% | 141,057,399 | 68.67% | 141,057,399 | 68.67% | 141,057,399 | 68.93% | ||||
| Employees | 4,398,054 | 2.14% | 4,128,079 | 2.01% | 4,272,132 | 2.08% | 2,879,073 | 1.41% | ||||
| Self | 1,625,258 | 0.79% | 1,961,141 | 0.95% | 1,992,485 | 0.97% | 963,625 | 0.47% | ||||
| Floating | 58,338,551 | 28.40% | 58,272,643 | 28.37% | 58,097,246 | 28.28% | 59,747,537 | 29.20% | ||||
| Number of equities at the end of the period | 205,419,262 | 100.0% | 205,419,262 | 100.0% | 205,419,262 | 100.0% | 204,647,634 | 100.0% | ||||
| Average number of equities since the beginning of the year | 205,419,262 | – | 205,419,262 | – | 204,776,239 | – | 204,647,634 | – | ||||
| Average number of equities quarter-to-date | 205,419,262 | – | 205,419,262 | – | 205,159,257 | – | 204,647,634 | – | ||||
Average number of shares prorata temporis.
Financial communication calendar
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players22, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.3 trillion of assets23.
With its six international investment hubs24, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.
Amundi, a trusted partner, working every day in the interest of its clients and society
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com
Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
DISCLAIMER
This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.
This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.
These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.
Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.
The figures presented have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date.
Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.
The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.
1 See definition of assets under management p.14
2 Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
3 Adjusted data: see p. 16
4 For explanations of pro forma variations, see p. 12 and 13
5 Source: IPE “Top 500 Asset Managers” published in June 2025
6 Including JV and Victory Capital – US Distribution
7 The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
8 Medium to Long-Term Assets, excluding JVs
9 Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
10 See Third-Party Distribution Investor Workshop of 19 June 2025
11 Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
12 Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
13 Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
14 Currently being estimated
15 Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
16 Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
17 Net equity minus goodwill and intangible assets
18 Long-Term Issuer Default Rating (IDR)
19 Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
20 See definition of assets under management, p.14
21 See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
22Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
23Amundi data as at 30/06/2025
24Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)
Attachment
Source: Government of Qatar
New York, July 28
HE Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani participated on Monday in the plenary session of the High-Level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution, held in the United Nations General Assembly Hall in New York.
In Qatar’s statement to the plenary session, His Excellency said that this conference is being held at a critical moment for the region amid a horrific war waged by Israel on the Gaza Strip for two years and a worsening humanitarian tragedy affecting more than two million people, most of whom are women and children.
In one of the most brutal and heartbreaking moments of this tragedy, we witnessed scenes that are a disgrace to all of humanity – hungry civilians, who are exhausted by the blockade, and who get killed while standing in line waiting for a loaf of bread, a bag of flour, or a meal to feed their children, His Excellency noted.
He wondered: What future can be built on the bodies of the starving? And what peace can emerge in the midst of such hunger, humiliation, and killing?
HE the Prime Minister and Minister of Foreign Affairs explained that, in the face of this catastrophic situation, the State of Qatar has not hesitated to exert all its diplomatic efforts to stop the bloodshed of innocents, alleviate their suffering, and release prisoners and detainees.
He said that the State of Qatar, based on its firm position, condemns all forms of targeting civilians. It categorically rejects double standards. A human being is a human being, and a child is a child. None of us has the right to discriminate between innocents and their right to life on political or other grounds. The situation has reached the point of normalizing the use of starvation and targeting hospitals as a method of war, setting precedents that we cannot accept, otherwise it will become a normal practice in every conflict from now on.
His Excellency reiterated the State of Qatar’s categorical rejection of the use of food as a tool of pressure or a weapon in conflicts, and its condemnation in the strongest terms of the blockade and forced displacement policies practiced against innocent civilians, as well as the repeated targeting of hospitals, displacement centers, and vital facilities, in flagrant violation of international humanitarian law.
His Excellency noted that the mediation efforts undertaken by the State of Qatar, in partnership with the Arab Republic of Egypt and the United States of America, have yielded tangible results, represented by the entry of large quantities of aid and the release of hundreds of prisoners and detainees on both sides.
HE the Prime Minister and Minister of Foreign Affairs affirmed that, despite reoccurring obstacles and attempts to undermine the humanitarian track, efforts are ongoing to reach an immediate ceasefire, setting the stage to ending the crisis and launching recovery and reconstruction efforts. He stressed that this requires all parties to act responsibly and support mediation efforts.
His Excellency noted that the war against the Palestinian people in the Gaza Strip has not only caused unprecedented suffering for innocent civilians but has also undermined the credibility of international law and the universal values upon which the international community institutions were founded after World War II.
He added that it has also become clear that policies of force have failed and will continue to fail in eliminating the Palestinian cause.
All they have achieved is to worsen the situation with more tragedy, bitterness, a sense of injustice, and horrific scenes of death and destruction that will remain etched in the memory of people around the world, His Excellency continued.
The horrors of this war and its political failure prove that there is no alternative to a just and comprehensive settlement of the Palestinian cause, he said, adding that the key lies in acknowledging the historical injustice suffered by the Palestinian people and applying long-overdue justice, delayed for nearly eighty years.
The State of Qatar, based on its unwavering support for peace, affirms its full support for the objectives of this conference and its keenness to play an active role in ensuring its success and enhancing the chances of a peaceful solution in the Middle East, His Excellency said, noting that the State of Qatar co-chaired the conference’s third working group, which is concerned with the topic of “Narratives of Peace.”
His Excellency explained that this team addressed important topics and concluded with priority principles and proposals that contribute to the success of the conference’s overall objective. In order to create a conducive environment for achieving sustainable peace, there is a need to promote positive narratives that support peace between the two sides, based on rejecting violence, renouncing inflammatory rhetoric, and confronting attempts to dehumanize the other side, he added.
HE the Prime Minister and Minister of Foreign Affairs reaffirmed the State of Qatar’s steadfast position in support of a peaceful resolution to the Palestinian cause, in accordance with international law, UN resolutions, and the two-state solution, being the only viable option to end the conflict and achieve a comprehensive and just peace.
He added that from this standpoint, Qatar calls for a clear and unified international stance that opposes all practices that obstruct negotiations and the chances of achieving a just and lasting peace. In this context, His Excellency welcomed the recognition of the State of Palestine within the borders of June 4, 1967, encompassing the West Bank and Gaza Strip by several countries, describing such recognition as a crucial step toward achieving both regional and international peace and stability.
His Excellency also reiterated the State of Qatar’s welcome of the French Republic’s commitment to recognize the State of Palestine this coming September.
HE the Prime Minister and Minister of Foreign Affairs considered that the convening of this conference represents a collective international will to move from words to actions, and to genuinely contribute to advancing the peaceful resolution of the Palestinian Cause in all its dimensions.
His Excellency pointed out that the international community bears a key responsibility in creating the right conditions for a durable and just resolution, including restoring the relevance of international legitimacy following this devastating war, and providing the necessary political, economic, and humanitarian support.
HE the Prime Minister and Minister of Foreign Affairs expressed the State of Qatar’s hope that this conference will mark a turning point, leading to tangible commitments that go beyond declarations and stances, and paving the way for concrete steps toward the implementation of the two-state solution, which would guarantee a just, comprehensive, and lasting resolution to the conflict as well as contributing to peace, security, and stability throughout the region.
At the beginning of his statement, His Excellency expressed sincere appreciation to HE President of the French Republic Emmanuel Macron and HRH Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud, for their initiative in organizing this historic conference under the auspices of the United Nations, addressing one of the oldest unresolved peace and security issues and one of the last vestiges of colonial injustice still on the international agenda.
Source: Government of Qatar
New York, July 28
HE Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani met Monday with HE Minister of Foreign Affairs of the French Republic Jean-Noel Barrot, on the sidelines of the High-Level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution, held in New York.
During the meeting, they discussed cooperation relations between the two countries, developments in the Gaza Strip and the occupied Palestinian territories, as well as ways to advance international efforts to resolve the Palestinian cause through peaceful means and the implementation of the two-state solution.
HE Prime Minister and Minister of Foreign Affairs reiterated, during the meeting, the State of Qatar’s firm position in support of the Palestinian issue until the brotherly Palestinian people regain all their legitimate rights.
His Excellency praised the efforts of the French Republic in organizing the conference in partnership with the sisterly Kingdom of Saudi Arabia and reiterated the State of Qatar’s welcome of the French President’s announcement of his country’s intention to recognize the State of Palestine.
Source: GlobeNewswire (MIL-OSI)
Europe’s leading digital asset manager delivers institutional access to SEI, a breakthrough layer 1 blockchain with staking rewards
29 July 2025 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the European leading investment company specialising in digital assets with over $9 billion in assets under management, today launched the CoinShares Physical Staked SEI (Ticker: CSEI, ISIN: GB00BSLNZT73) – the world’s first zero fee exchange-traded product offering regulated exposure to SEI’s high-performance blockchain infrastructure.
This launch combines CoinShares’ proven track record of delivering institutional-grade digital asset innovations with SEI’s layer 1 technology engineered to power the next generation of decentralized applications.
Strategic Timing Meets Market Demand
As European institutional appetite for diversified blockchain exposure accelerates, CoinShares has identified SEI as a standout performer in the competitive layer 1 landscape. SEI is designed to combine scalability, speed, and developer simplicity into one high-performance chain, providing industry leading infrastructure for digital asset trading with institutional-grade performance.
“We don’t just follow trends – we identify the crypto technologies that will define the future of digital finance. SEI represents exactly what institutional investors have been waiting for: a blockchain that speaks their language of performance, reliability, and scale, backed by top-tier VCs and leading platforms.” commented Jean-Marie Mognetti, CEO and Co-Founder of CoinShares
Three Critical Market Problems Solved
The launch addresses three critical market gaps:
The Perfect Partnership
This launch represents the strategic alignment of two institution-focused organisations. CoinShares’ rigorous due diligence process identified SEI as a rare combination of technological superiority and institutional readiness.
“This launch reinforces CoinShares’ position as the institutional gateway to digital asset innovation. We’re not just offering exposure to SEI – we’re delivering institutional-grade access to the future of high-performance blockchain infrastructure, with unique cost-effectiveness.” – Jean-Marie Mognetti, CEO and Co-Founder of CoinShares
Jay Jog, Co-Founder of Sei Labs, commented, “We’re honored that CoinShares has chosen to launch the world’s first SEI ETP. CoinShares has been instrumental in bridging the gap between institutional capital and crypto innovation, and this partnership reflects our shared commitment to delivering institutional-grade blockchain infrastructure. The Sei network is uniquely positioned to meet the performance demands of sophisticated financial markets, and through CoinShares’ proven platform, institutional investors can now access this next-generation infrastructure with the reliability and regulatory certainty they require.”
Product Highlights
About CoinShares
CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.
For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com
About SEI
Sei is the fastest Layer 1 blockchain, Providing high performance rails for digital asset markets. Sei launched its mainnet in 2023, and has since processed billions of transactions across more than 35 million wallets. Currently on Devnet, Sei’s V3 Giga update will make Sei 50x more performant than any existing EVM chain, serving as a groundbreaking new scaling approach for the Ethereum ecosystem. The team is backed by Multicoin, Jump, Coinbase Ventures, and many more.
The CoinShares Physical SEI ETP (CSEI) begins trading on SIX exchange starting 28/7/2025 in USD, with the product passported across the same European markets as CoinShares’ existing CSDS product suite, providing broad institutional and retail access.
PRESS CONTACT
CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com
M Group Strategic Communications
Peter Padovano
coinshares@mgroupsc.com
Source: Government of India
Source: Government of India (4)
The first images of Earth were captured in 1946 through a motion camera picture. The world stood still from far above while its floor held the chaos on its surface and beneath all the land. Almost eight decades from then, the world will now see what is on and under Earth in remarkable detail, all thanks to the collaborative project between ISRO and NASA called “NISAR.” Slated to be launched on July 30 from India’s Satish Dhawan Space Center,the mission is set to change the course of how we see this planet.
What exactly is NISAR?
NISAR (NASA-ISRO Synthetic Aperture Radar) aims to monitor Earth’s surface using advanced radar imaging. A three-dimensional view of Earth will be generated through the two radars of NISARthat will be able to track changes in the surface with accuracy of a fraction of an inch. This project, which cost around $1.4 billion, is more than just a testament of collaboration between NASA and ISRO but a scientific marvel in itself. NISAR is the most advanced radar system that will generate around 80 terabytes of data per day. That is equivalent to one hundred and fifty hard drives that can store 512 GB. This is the maximum amount of data that will be generated per day by any Earth satellite that has ever been launched by NASA or ISRO. TheS-Band Radar of NISAR was developed by ISRO’s center in Ahmedabad, and the L-Band Radar was produced by NASA in Southern California. The labelling “L and S Band” is attributed to the microwave bandwidth regions from which the radar will collect the data.
How will this data from NISAR change things for scientists?
NISAR will map changes on the surface of Earth.Broadly, the applications can be seen in natural hazard monitoring, assessment of sea, ice, and glaciers, and also in crop management. The satellite will be able to see through clouds, rain, and in both day and night. The data will be able to provide insights into the time of glacial melting and provide unprecedented coverage ofAntarctica. Moreover, through NISAR, it will be possible to identify the parts of fault lines that move slowly and detect land movement essential for understanding and detecting earthquakes. Earthquakes have damaged large dams, like Koyna in 1967 and Shih-Gang in 1999, due to shaking or fault movement. NISAR satellite data can help prevent such failures by mapping ground shifts and fault risks with high precision.
The satellite will be used for ecosystem monitoring for land and ice-covered surfaces twice every twelve days and will also include parts of Earth that were not monitored so rigorously and with such frequency in the past. From forest canopies to croplands and from ice melts to land movements, NISAR will cover everything. Such detailed monitoring with advanced radar systems will thus paint a fresh picture of the planet in front of scientists. The data collected by NISAR is open access and is expected to unravel details of land movement and of ecosystems that may provide novel insights.From scientists to policymakers, this data will revolutionize our understanding of the planet.
Space Diplomacy and India’s new chapter in space
The NISAR project is critical to the US and India’s pioneering year of civil space cooperation. It was only in February 2025 when PM Modi visited the US and met President Donald Trump; the leaders hailed 2025 as a pioneering year for the U.S.-India civil space cooperation. The cooperation saw a bright beginning with the AXIOM Mission where Indian astronaut Shubhanshu Shukla traveled to space in a collaborative mission with NASA, making him only the second after Rakesh Sharma after a gap of almost four decades. It is clear that India is scripting a new chapter in space diplomacy, and it is not restricted only to the USA. ISRO has ongoing collaborative missions with other countries like France,Japan, Australia, Russia, Italy, and Europe. Given the success rate of ISRO, it has also become a key player in foreign launches with 433 foreign satellite launches from 34 countries. ISRO is pioneering space diplomacy through strategic international collaborations, fostering global cooperation and scientific advancement. By sharing expertise, resources, and satellite data, ISRO enhances global space research, promotes peaceful exploration, and positions India as a leader in space diplomacy.
Radar, Real-Time, and Responsibility
The NISAR mission marks a monumental leap in Earth observation, uniting ISRO and NASA in a shared vision to unravel our planet’s dynamic processes. By delivering unprecedented radar data, NISAR will empower scientists and policymakers to tackle climate change, natural disasters, and sustainable resource management with newfound precision. Beyond its scientific impact, the mission underscores India’s growing stature in space diplomacy, forging global partnerships that advance peaceful exploration and collective knowledge. As ISRO continues to collaborate with nations like the U.S., France, and Japan, NISAR stands as a beacon of innovation, cooperation, and India’s leadership in shaping the future of space exploration.
(Pooja Mishra is a Content Researcher at DD India)
