Intelligence – Page 244

MIL-OSI: eQ Plc Managers’ Transactions – Antti Lyytikäinen

Source: GlobeNewswire (MIL-OSI)

eQ Plc Managers’ Transactions
6 February 2025 at 1:00 p.m.

Person subject to the notification requirement
Name: Antti Lyytikäinen
Position: Chief Financial Officer

Issuer: eQ Oyj
LEI: 743700R4FA6AVH5J3D68
Notification type: INITIAL NOTIFICATION
Reference number: 94961/4/4
____________________________________________
Transaction date: 2025-02-03
Outside a trading venue
Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT
Name of the instrument: eQ Oyj Optio-oikeudet 2025
Nature of transaction: ACCEPTANCE OF A STOCK OPTION

Transaction details
(1): Volume: 70000 Unit price: 0 EUR

Aggregated transactions (1):
Volume: 70000 Volume weighted average price: 0 EUR

eQ Plc

Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

Distribution: Nasdaq Helsinki, www.eQ.fi

eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

More information about the Group is available on our website at www.eQ.fi.

The MIL Network –

February 7, 2025

MIL-OSI Economics: Steven Maijoor: Cyber resilience in an age of geopolitical tensions

Source: Bank for International Settlements

On December 12th 2023, Kyivstar, Ukraine’s largest telecom provider, suffered a cyberattack that disrupted services for millions of users. The attack, attributed to the Russian state-sponsored group Sandworm, was one of the biggest cyber incidents in Ukraine since the onset of the Russian invasion. The hackers had infiltrated Kyivstar’s infrastructure months earlier. They deployed malware that erased thousands of virtual servers and personal computers, crippling the company’s network for managing communication services.

The attack had several immediate effects. First of all, approximately half of Kyivstar’s network was disabled, leaving millions without mobile and internet connection. But the damage wasn’t limited to the telecom sector. The attack also disrupted banking operations, payment processing, and online banking services. Some ATMs and point-of-sale terminals didn’t work. Financial transactions were in disarray across the country.

Amazingly, the Ukrainians were quickly able to restore services. Over the past three years they have become quite proficient in dealing with large-scale disruption. Many critical processes in Ukraine are equipped with redundancy measures. Many people even have two sim cards in their phones. That enabled the other Ukrainian telecom providers to circumvent the outage. Services at Kyivstar were gradually reinstated, with almost full restoration achieved eight days after the attack.

This episode raises some inconvenient questions. What if this would happen to us? What if a large scale Russian or Chinese cyberattack is launched on the telecoms sector of an EU member state? Would it be possible? How much damage could such an attack cause? Would it affect financial services? And would we be able to recover as quickly as the Ukrainians did?

A few years ago, most people would have found these questions to be rather hypothetical, but today, unfortunately, they have become quite urgent. Geopolitical tensions have been rising for more than a decade, but over the past few years they have accelerated. Countries are re-arming, they are protecting their strategic economic infrastructures, they are imposing trade restrictions and sanctions on each other, and they are weaponising access to international financial infrastructures and services. Needless to say this is bad news for the world economy and the financial sector. But perhaps in no area is the geopolitical threat so real and acute as in the digital domain.

Apart from the Kyivstar case, there are many other examples to back this up. In late 2023, a Russian hacker breached Microsoft’s corporate network by exploiting a legacy account. As a result, the security and confidentiality of the email accounts of many organisations around the world were potentially compromised. Last year, the FBI discovered a dormant network of Chinese hackers in the United States that had compromised hundreds of routers and that was on standby to launch an attack if called on. And recently, Russian and Chinese vessels were suspected of damaging subsea data cables. Since state-sponsored cyberattacks are often very well concealed, we do not have reliable numbers on how often they occur. But anecdotal information from intelligence agencies, like the Dutch General Intelligence and Security Service, suggest their number is increasing.

Traditionally, the financial sector has been an attractive target for cyber criminals with financial motives. But with the changing geopolitical climate, nation-state cyberattacks have become a very real possibility. Their main aim is to cause disruption and to steal sensitive information. Nation-state actors possess more resources, sophistication, and endurance than other hackers. And many sectors of the economy have become more vulnerable to large-scale disruption due to increased complexity and digitalisation. This is certainly true of financial services, with their long outsourcing chains and interconnectedness. And many financial firms depend on the same third-party service providers, so if one of these suppliers is attacked, large chunks of the financial sector may experience the knock-on effects. As we showed in our latest Financial Stability overview, a quarter of all reported global cyberattacks can potentially affect the financial sector through a vital process run by a third party on which the financial system depends.

So, to answer the questions I posed at the start: yes, I think a major state-sponsored cyberattack on the financial sector or one of its supporting sectors could happen. And frankly, I hope we would be able to recover as quickly as the Ukrainians did.

That is not because financial institutions haven’t prepared. Many financial institutions have taken big steps in recent years to boost their cyber resilience. I think it is fair to say the financial industry is one of the better digitally defended sectors in the economy. As it should be. But given the size and urgency of the threat, we need to do even more to keep financial services safe. This is why cyber resilience will absolutely be a key focus area in our supervision of the financial industry in the coming years. This goes both for De Nederlandsche Bank, and for the European Central Bank.

Our aim is to make financial services safer against cyber threats. Not only by increasing the resilience of the financial sector itself, but also by stepping up the robustness of the entire chain of ICT service providers. DORA, the European Digital Operational Resilience Act, that came into effect at the beginning of this year, gives us additional tools to accomplish this aim.

To start with, under DORA, threat-led penetration tests are mandatory for the largest financial institutions in Europe. In the Netherlands we have been conducting these kinds of tests voluntarily for over eight years with good results, and we are very pleased that it is now becoming the norm at the European level.

But DORA also imposes stricter requirements for managing cyber risks in outsourcing chains. For example, financial firms face stricter rules for conducting due diligence on potential ICT providers. As a result, Fintechs may also experience more stringent due diligence from financial sector customers. And very importantly, under DORA, European supervisors can conduct inspections of critical third-party ICT service providers in tandem with national supervisory authorities. We expect bigtechs like Google and Microsoft to be placed under EU-wide supervision. And, just as with the banks, we are going to test their readiness to detect and withstand cyberattacks.

Despite all efforts, there is no such thing as perfect cyber security. It is therefore vital that financial institutions take measures to recover quickly after cyber incidents. This is crucial to ensure that services can continue and people don’t lose trust in financial firms or the financial sector as a whole.

The results of the ECB’s 2024 cyber stress test show that there is room for improvement on the recovery front. So it’s a very good thing that DORA also imposes new requirements on institutions’ continuity plans and backup policies. They need to develop a culture where cyber incidents are quickly detected and reported, they need to have their playbooks in place and they need to have clearly defined management roles and responsibilities. These are key ingredients for an effective response after a cyberattack.

An important principle of our supervision has always been that financial institutions are responsible for putting their own house in order. And that is also the case with cybersecurity. But if we only focus on individual institutions, we miss something. As I mentioned, on a digital level the financial sector is so interconnected, and connected to other vital sectors of the economy as well, that some degree of overall coordination and cooperation is necessary to arrive at an optimal level of resilience. Notably, recent assessments, derived from nationwide contingency exercises in the Netherlands, reveal various weaknesses. These weaknesses relate to the exchange of information between critical infrastructure providers, the distribution of roles and responsibilities, and the mobilisation of scarce cyber security knowledge and expertise in the event of major cyber incidents.

So the message here is: we need to work together. Governments should take the lead to improve cross-sectoral cooperation and coordination. They must continue to conduct large-scale cyber-drills and practice activating crisis plans. The insights gained should be used to enhance resilience.

But there is also a role for financial supervisors like DNB. Under the new legislation, we do not only need to check whether financial firms are compliant, but we also have an obligation ourselves to look over the fence and cooperate closely with other sectors. DNB is putting this into practice by working with vital sectors that are most critical to the financial sector, such as energy and telecommunications. Within our mandate, we support these sectors with information, cooperation and ethical hacking experience.

To sum up, the threat of major disruptions to our financial system from nation-state cyberattacks has become more urgent. Financial firms, and the entire outsourcing chain on which they depend, therefore need to do whatever they can to further boost their cyber resilience. Both in terms of detection and recovery. Cyber resilience is a top priority for European financial supervisors and there are new European laws in place. And we are going to use these laws to make sure that financial institutions under our supervision are as secure and well defended as possible. Enhancing resilience also means we need to work together. Governments, financial firms, supervisors, telecom, energy and other vital players in the outsourcing chain. Because in cyberspace, we are all linked together. And after all, a chain is only as strong as its weakest link.

Thank you.

MIL OSI Economics –

February 7, 2025

MIL-OSI: Societe Generale: Fourth quarter & 2024 full year results

Source: GlobeNewswire (MIL-OSI)

RESULTS AT 31 DECEMBER 2024

Press release
Paris, 6 February 2025

2024 RESULTS ABOVE ALL GROUP TARGETS
GROUP NET INCOME OF EUR 4.2 BILLION, +69% vs. 2023

Annual revenues of EUR 26.8 billion, up by +6.7% vs. 2023, above the ≥+5% target set for 2024, driven in particular by the strong rebound in net interest income in France and by an excellent performance in Global Banking and Investor Solutions with revenues above EUR 10 billion

Cost-to-income ratio of 69.0%, below the target of <71% set for 2024, thanks to tight control of costs, which are stable vs. 2023

Cost of risk at 26 basis points, at the lower end of the 2024 guidance range

Profitability (ROTE) of 6.9%, above the target of >6% expected for 2024

CET1 ratio of 13.3% at end-2024, around 310 basis points above regulatory requirement

+75% INCREASE IN DISTRIBUTION TO SHAREHOLDERS VS. 2023

Proposed distribution of EUR 1,740 million¹, equivalent to EUR 2.18 per share¹, composed of:

a cash dividend of EUR 1.09 per share to be proposed to the General Meeting

a share buyback programme of EUR 872 million, equivalent to EUR 1.09 per share¹. ECB approval has been obtained to launch the programme, due to start on 10 February 2025
Increase of the payout ratio to 50% of net income²

2025 FINANCIAL TARGETS, STRONG CAPITAL, EXECUTION DISCIPLINE

Revenue growth of more than +3%³ vs. 2024

Decrease in costs above -1%³ vs. 2024

Improvement of the cost-to-income ratio, less than 66% in 2025

Cost of risk between 25 and 30 basis points in 2025

Increase of the ROTE, more than 8% in 2025

CET1 ratio above 13% post Basel IV throughout the year 2025

With a solid CET1 ratio ahead of the capital trajectory, we are proposing to improve the distribution policy with:

an overall distribution payout ratio of 50% of net income²
a balanced distribution between cash dividends and share buybacks

Slawomir Krupa, the Group’s Chief Executive Officer, commented:
“In 2024, our performance improves materially. All our targets are exceeded and ahead of plan. Strong capital build-up, strong and sustainable business growth, strong cost control and risk management, and a material progress in our integration projects led to the doubling of the earnings per share. Against this strong backdrop, we are improving both the 2024 distribution and our distribution policy. I would like to thank the entire Societe Generale team for their dedication and remarkable commitment, every single day, to serving our clients and our Bank.
We will continue to focus in 2025 on the relentless execution of our strategy, improving our performance even further.”

GROUP CONSOLIDATED RESULTS

In EURm	Q4 24	Q4 23	Change		2024	2023	Change
Net banking income	6,621	5,957	+11.1%	+12.5%*	26,788	25,104	+6.7%	+5.7%*
Operating expenses	(4,595)	(4,666)	-1.5%	-0.7%*	(18,472)	(18,524)	-0.3%	-1.6%*
Gross operating income	2,026	1,291	+57.0%	+61.3%*	8,316	6,580	+26.4%	+26.6%*
Net cost of risk	(338)	(361)	-6.4%	-4.9%*	(1,530)	(1,025)	+49.3%	+48.6%*
Operating income	1,688	930	+81.6%	+87.4%*	6,786	5,555	+22.2%	+22.5%*
Net income/expense from other assets	(11)	(21)	+48.9%	+45.2%*	(77)	(113)	+31.4%	+26.3%*
Income tax	(413)	(302)	+36.6%	+40.5%*	(1,601)	(1,679)	-4.7%	-4.9%*
Net income	1,273	612	x 2.1	x 2.1*	5,129	3,449	+48.7%	+49.6%*
O.w. non-controlling interests	233	183	+27.0%	+33.6%*	929	957	-3.0%	-9.3%*
Group net income	1,041	429	x 2.4	x 2.5*	4,200	2,492	+68.6%	+73.2%*
ROE	5.8%	1.5%			6.1%	3.1%	+0.0%	+0.0%*
ROTE	6.6%	1.7%			6.9%	4.2%	+0.0%	+0.0%*
Cost to income	69.4%	78.3%			69.0%	73.8%	+0.0%	+0.0%*

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

The Board of Directors of Societe Generale, which met on 5 February 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for Q4 24 and endorsed the 2024 financial statements.

Net banking income

Net banking income stood at EUR 6.6 billion, up by +11.1% vs. Q4 23.

Revenues of French Retail, Private Banking and Insurance were up by +15.5% vs. Q4 23 and totalled EUR 2.3 billion in Q4 24. Net interest income increased in Q4 24 (+36% vs. Q4 23), in line with the latest estimates. Assets under management in Private Banking and Insurance increased by +7% each in Q4 24 vs. Q4 23. Lastly, BoursoBank showed strong growth momentum with more than 460,000 new clients in the quarter, allowing to reach a client base of 7.2 million clients at end-December 2024, above the target of 7 million clients set for end-2024. In addition, BoursoBank posted a positive contribution to Group net income in 2024 for the second year in a row.

Global Banking and Investor Solutions registered a +12.4% increase in revenues relative to Q4 23. Revenues amounted to EUR 2.5 billion for the quarter, driven by strong momentum across all businesses. Global Markets grew by 9.8% in Q4 24 vs. Q4 23. Revenues from the Equities business were up by +10%, reaching a record level for a fourth quarter. They were driven by favourable market conditions, particularly after the result of the presidential elections in the United States. Fixed Income and Currencies were up by +9% owing to solid commercial activity in financing and intermediation across all asset classes. In Financing and Advisory, solid commercial momentum was recorded in structured finance and the performance of M&A and advisory continued to rebound. Likewise, Global Transaction & Payment Services posted a +26% increase in revenues vs. Q4 23, driven by a sustained commercial development across all businesses, particularly in correspondent banking.

Mobility, International Retail Banking and Financial Services’ revenues were up by +2.0% vs. Q4 23, mainly due to an increase in margins at Ayvens. International Retail Banking recorded a -3.6% fall in revenues vs. Q4 23 at EUR 1.0 billion, due to a scope effect related to the asset disposals finalised in Africa (Morocco, Chad, Congo, Madagascar). Revenues were up +3.4% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up by +8.3% vs. Q4 23 mainly due to non-recuring items in Q4 23 and improved margins at Ayvens.

The Corporate Centre recorded revenues of EUR -159 million in Q4 24.

Over 2024, net banking income increased by +6.7% vs. 2023.

Operating expenses

Operating expenses came out to EUR 4,595 million in Q4 24, down by -1.5% vs. Q4 23.
They include a scope effect of around EUR 46 million related to the integration of Bernstein’s cash equity operations and a decrease in transformation costs of EUR 26 million. Excluding these items, operating expenses were down by nearly -2% in Q4 24 vs. Q4-23 owing to the effect of the cost saving measures implemented across all business lines.

The cost-to-income ratio stood at 69.4% in Q4 24, significantly lower than in Q4 23 (78.3%).

Over 2024, operating expenses remained relatively stable (-0.3% vs. 2023), thanks from rigorous cost management. The cost-to-income ratio stood at 69.0% (vs. 73.8% in 2023), a level below the target of 71% for 2024.

Cost of risk

The cost of risk fell to 23 basis points over the quarter (or EUR 338 million). This includes a EUR 386 million provision for non-performing loans (around 26 basis points) and a reversal of a provision on performing loans for EUR -48 million.

At end-December, the Group’s provisions on performing loans amounted to EUR 3,119 million, stable relative to 30 September 2024. The EUR -453 million contraction relative to 31 December 2023 is mainly owing to the application of IFRS 5.

The gross non-performing loan ratio stood at 2.81%⁴^,⁵ at 31 December 2024, significantly down vs. end of September 2024 (2.95%). The net coverage ratio on the Group’s non-performing loans stood at 81%⁶ at 31 December 2024 (after taking into account guarantees and collateral).

Net profits from other assets

The Group recorded a net loss of EUR -11 million in Q4 24, mainly related to the accounting impacts of finalised asset sales, such as the disposals of our activities in Morocco and Madagascar.

Group net income

Group net income stood at EUR 1,041 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 6.6%.

Over the year, Group net income stood at EUR 4,200 million, equating to a Return on Tangible Equity (ROTE) of 6.9%.

Shareholder distribution

The Board of Directors approved the distribution policy for the 2024 fiscal year, aiming to distribute EUR 2.18 per share, equivalent to EUR 1,740 million, of which EUR 872 million in share buyback⁷. A cash dividend of EUR 1.09 per share will be proposed at the General Meeting of Shareholders on 20 May 2025. The dividend will be detached on 26 May 2025 and paid out on 28 May 2025.

AN ESTABLISHED ESG STRATEGY FROM WHICH TO STEP FORWARD

In 2024, Societe Generale accelerated the execution of its ESG roadmap, particularly with respect to the contribution to the environmental transition:

The Group now covers ~70% of companies’⁸ financed emissions, with 10 alignment targets for the carbon-intensive sectors. It has already reduced its oil and gas upstream exposure by more than 50% since the end of 2019⁹
In Q2 24 and ahead of schedule, the Group reached its target of EUR 300 billion for sustainable finance planned for the period 2022-2025. A new target of EUR 500 billion, complementing the work carried out as part of the portfolio alignment, was announced for the period 2024-2030. This will help increase the orientation of financial flows towards decarbonization activities.

The Group has broadened the scope of actions to prepare for a sustainable future by supporting new players and new technologies:

The EUR 1 billion investment for the transition, announced during the Capital Markets Day, has entered its operationalization phase
A new partnership with the EIB to unlock up to EUR 8 billion in the wind industry supply chain in Europe was signed in Q4 24.

At the same time, ESG risk management continues to be strengthened, enhancing forward-looking assessments of environmental risk materiality and further integrating environmental, social and governance risks into the risk framework.
Lastly, the Group is moving forward with its ambitions as a responsible employer: at the end of 2024, the “Group Leaders Circle” (Top 250) had ~30% women executives¹⁰ and ~30% international members. As announced during the Capital Markets Day, the EUR 100 million envelope commitment to reduce the gender pay gap was launched in 2023.

THE GROUP’S FINANCIAL STRUCTURE

At 31 December 2024, the Group’s Common Equity Tier 1 ratio stood at 13.3%¹¹, around 310 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well ahead of regulatory requirements at 156% at end-December 2024 (145% on average for the quarter), and the Net Stable Funding Ratio (NSFR) stood at 117% at end-December 2024.

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

	31/12/2024	31/12/2023	Requirements
CET1⁽¹⁾	13.3%	13.1%	10.24%
Fully-loaded CET1	13.3%	13.1%	10.24%
Tier 1 ratio ⁽¹⁾	16.1%	15.6%	12.17%
Total Capital⁽¹⁾	18.9%	18.2%	14.73%
Leverage ratio⁽¹⁾	4.34%	4.25%	3.60%
TLAC (% RWA)⁽¹⁾	29.7%	31.9%	22.31%
TLAC (% leverage)⁽¹⁾	8.0%	8.7%	6.75%
MREL (% RWA)⁽¹⁾	34.2%	33.7%	27.58%
MREL (% leverage)⁽¹⁾	9.2%	9.2%	6.23%
End of period LCR	156%	160%	>100%
Period average LCR	145%	155%	>100%
NSFR	117%	119%	>100%

In EURbn	31/12/2024	31/12/2023
Total consolidated balance sheet	1,574	1,554
Shareholders’ equity (IFRS), Group share	70	66
Risk-weighted assets	390	389
O.w. credit risk	327	326
Total funded balance sheet	952	970
Customer loans	463	497
Customer deposits	614	618

At 31 December 2024, the parent company had issued EUR 43.2 billion in medium/long-term debt under its 2024 funding program. The subsidiaries had issued EUR 4.7 billion. In all, the Group has issued a total of EUR 47.9 billion.

At 10 January 2025, the parent company 2025 funding program was executed at 47% for vanilla notes.

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

FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

In EURm	Q4 24	Q4 23	Change	2024	2023	Change
Net banking income	2,267	1,963	+15.5%	8,657	8,053	+7.5%
Of which net interest income	1,091	801	+36.2%	3,868	3,199	+20.9%
Of which fees	1,028	948	+8.5%	4,108	3,975	+3.3%
Operating expenses	(1,672)	(1,683)	-0.7%	(6,634)	(6,756)	-1.8%
Gross operating income	596	280	x 2.1	2,024	1,297	+56.0%
Net cost of risk	(115)	(163)	-29.6%	(712)	(505)	+41.0%
Operating income	481	118	x 4.1	1,312	792	+65.6%
Net profits or losses from other assets	(2)	5	n/s	6	9	-35.1%
Group net income	360	90	x 4.0	991	596	+66.2%
RONE	9.1%	2.3%		6.3%	3.9%
Cost to income	73.7%	85.7%		76.6%	83.9%

Commercial activity

SG Network, Private Banking and Insurance

The SG Network’s average outstanding deposits amounted to EUR 232 billion in Q4 24, down by -1% on Q4 23, with strong shift of inflows into investment products and savings life insurance.

The SG Network’s average loan outstandings contracted by -4% vs. Q4 23 to EUR 194 billion, but -2.5% excluding PGE (state guaranteed loans). Outstanding loans to corporate and professional clients grew vs. Q3 24 excluding state guaranteed PGE loans, and individual clients lending experienced an increased commercial momentum.

The average loan to deposit ratio came to 83.6% in Q4 24, down by 2.6 percentage points relative to Q4 23.

Private Banking activities saw their assets under management¹² maintain a record level of EUR 154 billion in Q4 24, up by +7% vs. Q4 23. Net gathering stood at EUR 6.3 billion in 2024, the annual net asset gathering pace (net new money divided by AuM) being at +4% in 2024. Net banking income came to EUR 348 million over the quarter, a decrease of -2% vs. Q4 23. It stands at EUR 1,469 million for 2024, unchanged from 2023.

Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +7% vs. Q4 23 to reach a record EUR 146 billion at end-December 2024. The share of unit-linked products remained high at 40%. Savings Life insurance gross inflows amounted to EUR 3.4 billion in Q4 24, and EUR 18.3 billion for 2024, up by +42% vs. 2023.

Personal protection and P&C premia were up by +3% vs. Q4 23 (+5% at constant perimeter).

BoursoBank

BoursoBank’s growth momentum continued with more than 460K new clients in the fourth quarter of 2024. BoursoBank reached almost 7.2 million clients in December 2024, above 2024 target.

Thanks notably to its comprehensive banking offer and recognized among the “Digital Leaders”¹³, the Bank has a low attrition rate (~3% in 2024), still down vs. 2023.

BoursoBank continued its profitable growth trajectory in 2024 with a cost per client down by -17.0% vs. 2023 with an expanding client base, more than 1.3 million net clients over 12 months (+22.4% vs. 2023).

Loans outstanding improved by +5.4% relative to Q4 23, at EUR 16 billion in Q4 24.

Average outstanding in savings including deposits and financial savings were +15.5% higher vs. Q4 23 at EUR 64 billion. Deposits outstanding totalled EUR 39 billion in Q4 24, posting another strong increase of +15.4% vs. Q4 23, driven by interest-bearing savings. Average life insurance outstandings, at EUR 13 billion in Q4 24, rose by +10.2% vs. Q4 23 (o/w 48% in unit-lined products, +3.8 percentage points vs. Q4 23). The activity continued to register strong gross inflows over the quarter (+50.4% vs. Q4 23, 65% unit-linked products).

For the second year in a row, BoursoBank recorded a positive contribution to Group net income in 2024.

At end of 2025, BoursoBank aims to exceed 8 million clients.

Net banking income

Over the quarter, revenues amounted to EUR 2,267 million (including PEL/CEL provision), up by +15% compared with Q4 23 and up by +1% compared with Q3 24. Net interest income grew by +36% vs. Q4 23 and +3% vs. Q3 24. Fee income rose by +9% relative to Q4 23.

Over the year, revenues reached EUR 8,657 million, up by +8% compared with 2023 (including PEL/CEL provision). Net interest income was up by +21% vs. 2023. Fees increased by +3% relative to 2023.

Operating expenses

Over the quarter, operating expenses came to EUR 1,672 million, down -1% compared to Q4 23. The cost-to-income ratio reached 73.7% in Q4 24 and improved by 12 percentage points vs. Q4 23.

Over the year, operating expenses totalled EUR 6,634 million, decreasing by -2% vs. 2023. The cost-to-income ratio stood at 76.6% and improved by 7.3 percentage points compared with 2023.

Cost of risk

Over the quarter, the cost of risk amounted to EUR 115 million, or 20 basis points, down compared with Q3 24 (30 basis points).

Over the year, the cost of risk totalled EUR 712 million, or 30 basis points.

Group net income

Over the quarter, Group net income totalled EUR 360 million. RONE stood at 9.1% in Q4 24.

Over the year, Group net income totalled EUR 991 million. RONE stood at 6.3% for the year.

GLOBAL BANKING AND INVESTOR SOLUTIONS

In EURm	Q4 24	Q4 23	Change		2024	2023	Change
Net banking income	2,457	2,185	+12.4%	+11.6%*	10,122	9,642	+5.0%	+4.8%*
Operating expenses	(1,644)	(1,601)	+2.7%	+2.0%*	(6,542)	(6,788)	-3.6%	-3.7%*
Gross operating income	812	584	+39.0%	+37.9%*	3,580	2,854	+25.4%	+25.0%*
Net cost of risk	(97)	(38)	x 2.5	x 2.5*	(126)	(30)	x 4.2	x 4.3*
Operating income	715	546	+31.0%	+30.1%*	3,455	2,824	+22.3%	+21.9%*
Group net income	627	467	+34.4%	+33.0%*	2,788	2,280	+22.2%	+21.7%*
RONE	16.6%	12.2%	+0.0%	+0.0%*	18.4%	14.8%	+0.0%	+0.0%*
Cost to income	66.9%	73.3%	+0.0%	+0.0%*	64.6%	70.4%	+0.0%	+0.0%*

Net banking income

Global Banking & Investor Solutions delivered an excellent fourth quarter, with revenues up by +12.4% compared with Q4 23, at EUR 2,457 million.

Over 2024, revenues reached a record¹⁴ level of EUR 10,122 million, up by +5.0% vs. FY23, owing to excellent momentum across all business lines.

Global Markets and Investor Services recorded a sharp rise in revenues over the quarter vs Q4 23 of +9.8% to EUR 1,493 million. Over 2024, they totalled EUR 6,557 million, up by +4.5% vs. FY 2023. This growth is the result of solid performance across all activities.

Global Markets posted both a record fourth quarter and a record¹ year with revenues, respectively, of EUR 1,332 million, up +9.5% vs. Q4 23, and EUR 5,884 million, up +5.6% vs. 2023, in a market environment that remains conducive.

The Equities business delivered an excellent performance, with both a record year and fourth quarter. In Q4 24, revenues amounted to EUR 831 million, a steady increase of +10.0% vs. Q4 23, benefiting from a strong commercial dynamic post US elections especially in flow, listed products and financing activities. Over 2024, revenues increased sharply by +12.2% versus 2023 to EUR 3,569 million.

Fixed Income and Currencies grew by +8.8% to EUR 501 million in Q4 24, thanks to a solid performance across all products, with an increased client engagement across Corporates and Financial Institutions following the impact of the US elections on rates and currencies. In addition, European rates and currencies franchise outperformed, together with solid secured financing opportunities in the Americas. Over 2024, revenues decreased slightly by -3.2% to EUR 2,315 million.

Securities Services’ revenues were sharply up by +12.4% versus Q4 23 at EUR 162 million but increased by +4.8% excluding the impact of equity participations. The business continued to reap the benefit of a positive fee generation trend and robust momentum in fund distribution, especially in France and Italy. Over 2024, revenues were down by -4.0%, but up by +2.8% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 4,921 billion and EUR 623 billion, respectively.

The Financing and Advisory business posted revenues of EUR 964 million, up by +16.7% vs. Q4 23. Over 2024, revenues totalled EUR 3,566 million, up by +5.8% vs. 2023.

The Global Banking & Advisory business grew steadily by +13.7% compared with Q4 23 with a double digit increase in fees vs. Q4 23 driven by strong origination and distribution volumes in Fund Financing and Structured Finance. The rebound in M&A and Advisory continued in the fourth quarter with a strong increase in revenues. This is the second best quarter ever in terms of revenues, close to record Q4 22. Over 2024, revenues grew by +3.2% vs. 2023.

The Global Transaction & Payment Services business once again delivered an excellent performance compared with Q4 23. The sharp increase in revenues of +26.1% was driven by solid commercial momentum in all activities, as well as a high level of fee generation, led by a strong performance in correspondent banking. Over 2024, revenues saw a steady increase of +13.9%. This represents a record year and fourth quarter.

Operating expenses

Operating expenses came out to EUR 1,644 million for the quarter, including around EUR 32 million in transformation costs. They are up by +2.7% relative to Q4 23. The cost-to-income ratio came to 66.9% in Q4 24.

Over 2024, operating expenses decreased by -3.6% compared with 2023 and the cost-to-income ratio came to 64.6%.

Cost of risk

Over the quarter, the cost of risk was EUR 97 million, or 24 basis points vs. 9 basis points in Q4 23.

Over 2024, the cost of risk was EUR 126 million, or 8 basis points.

Group net income

Group net income recorded strong growth, up by +34.4% vs. Q4 23 to EUR 627 million. Over 2024, Group net income rose sharply by +22.2% to EUR 2,788 million.

Global Banking and Investor Solutions reported significant RONE of 16.6% over the quarter and 18.4% over 2024.

MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

In EURm	Q4 24	Q4 23	Change		2024	2023	Change
Net banking income	2,056	2,016	+2.0%	+6.7%*	8,458	8,507	-0.6%	-3.8%*
Operating expenses	(1,240)	(1,281)	-3.2%	+0.8%*	(5,072)	(4,760)	+6.6%	+1.7%*
Gross operating income	816	734	+11.1%	+17.0%*	3,386	3,747	-9.6%	-10.9%*
Net cost of risk	(133)	(137)	-2.5%	+2.2%*	(705)	(486)	+45.1%	+43.5%*
Operating income	682	598	+14.2%	+20.4%*	2,681	3,261	-17.8%	-19.1%*
Net income/expense from other assets	(2)	(12)	+86.1%	+84.3%*	96	(11)	n/s	n/s
Non-controlling interests	203	152	+33.1%	+39.6%*	826	826	-0.1%	-7.1%*
Group net income	314	284	+10.5%	+16.1%*	1,270	1,609	-21.1%	-20.0%*
RONE	12.0%	11.0%			12.2%	16.6%
Cost to income	60.3%	63.6%			60.0%	56.0%

⁽²⁾()

Commercial activity

International Retail Banking

International Retail Banking¹⁵ activity remained strong in Q4 24 with outstanding loans at EUR 59 billion, up by +3.4%* vs. Q4 23 and deposits at EUR 74 billion, up by +3.9%* vs. Q4 23.

Europe continues to post good commercial performance for both entities in individual and corporate client segments. With EUR 43 billion in Q4 24, outstanding loans increased by 4.9%* vs. Q4 23, across segments in Romania and more particularly in home loans in the Czech Republic. Outstanding deposits totalled EUR 55 billion in Q4 24, up by +3.8%* vs. Q4 23, mostly driven by Romania.

In the Africa, Mediterranean Basin and Overseas France network, outstanding loans were stable* vs. Q4 23, with EUR 16 billion in Q4 24, on the back of the good performance in retail. Outstanding deposits of EUR 20 billion in Q4 24 increased by 4.0%* vs. Q4 23, mainly driven by sight deposits in retail.

Mobility and Financial Services

Overall, Mobility and Financial Services maintained a good commercial performance.

Ayvens’ earning assets totalled EUR 53.6 billion at end-December 2024, a +2.9% increase vs. end-December 2023.

Consumer Finance posted outstandings of EUR 23 billion in Q4 24, still down by -4.0% vs. Q4 23.

With EUR 15 billion in Q4 24, Equipment Finance outstandings slightly decreased by -1.4% vs. Q4 23.

Net banking income

Over the quarter, Mobility, International Retail Banking and Financial Services’ revenues rose by +2.0% vs. Q4 23 to EUR 2,056 million in Q4 24.

Over the year, revenues were stable compared with 2023 at EUR 8,458 million.

International Retail Banking revenues reached EUR 1,029 million, up by +3.4%* vs. Q4 23. Over 2024, revenues amounted to EUR 4,161 million, up by 3.8%* vs. 2023.

Revenues in Europe, which amounted to EUR 539 million in Q4 24, rose by +6.4%* vs. Q4 23, driven by the +3.5%* increase in net interest income for both KB in Czech Republic and BRD in Romania. Fee income increased strongly over the quarter in the Czech Republic, up by +29.5%* vs. Q4 23. Over 2024, revenues improved by +2.8%* vs. 2023 at EUR 2,028 million.

The Africa, Mediterranean Basin and French Overseas network maintained a sustained level of revenues in Q4 24 of EUR 490 million, stable* vs. Q4 23, mainly driven by fee growth. Over 2024, revenues improved by +4.8%* vs. 2023 at EUR 2,133 million.

Overall, revenues from Mobility and Financial Services were up by 8.3% vs. Q4 23 at EUR 1,026 million. They remained stable vs. 2023, at EUR 4,298 million in 2024.

At Ayvens, net banking income stood at EUR 707 million in Q4 24, a sharp increase of +16,3% vs. Q4 23 as reported, and of +2.0% adjusted for non-recurring items¹⁶. The amount of margins stood at 541 basis points, generating revenues up +12%¹ vs. T4-23. The used car sales markets are gradually normalising, as expected, with an average Used Car Sale (UCS) result per unit of EUR 1,267¹ per unit this quarter, vs. EUR 1,420¹ in Q3 24 and EUR 1,706¹ in Q4 23. In 2024, Ayvens posted an increase in revenues of +1.2% vs. 2023 (at EUR 3,015 million), with an increase in underlying margins.

The Consumer Finance entities posted revenues of EUR 216 million in Q4 24, still down by -4.2% vs. Q4 23. These are stabilizing from Q3 24, with an improvement in the margin for new production. Revenues from the Equipment Finance business was down this quarter by -9.3% vs. Q4 23, with EUR 103 million in Q4 24. In 2024, overall revenues for both businesses decreased by -4.0% vs. 2023.

Operating expenses

Over the quarter, operating expenses remained contained at EUR 1,240 million (-3.2% vs. Q4 23, stable* at constant perimeter and exchange rates). The cost-to-income ratio stood at 60.3% in Q4 24 vs. 63.6% in Q4 23.

Over the year, operating expenses came to EUR 5,072 million, up by +6.6% vs. 2023. They include transformation costs of around EUR 200 million.

International Retail Banking recorded an increase in costs of +4.8%* vs. Q4 23 (down by -2.1% at current perimeter and exchange rates, to EUR 577 million in Q4 24), still including the new bank tax in Romania, implemented since January 2024.

Mobility and Financial Services costs reached EUR 663 million in Q4 24, down by -4.2% vs. Q4 23.

Cost of risk

Over the quarter, the cost of risk amounted to EUR 133 million or 32 basis points, which was considerably lower than in Q3 24 (48 basis points).

Over the year, the cost of risk normalised to a level of 42 basis points, compared with 32 basis points in 2023.

Group net income

Over the quarter, Group net income came out to EUR 314 million, up by +10.5% vs. Q4 23. RONE stood at 12.0% in Q4 24. RONE was 16.3% in International Retail Banking, and 9.1% in Mobility and Financial Services in Q4 24.

Over 2024, Group net income came out to EUR 1,270 million, down by -21.1% vs. 2023. RONE stood at 12.2% in 2024. RONE was 16.4% in International Retail Banking, and 9.4% in Mobility and Financial Services in 2024.

CORPORATE CENTRE

In EURm	Q4 24	Q4 23	Change		2024	2023	Change
Net banking income	(159)	(207)	+23.4%	+24.4%*	(450)	(1,098)	+59.0%	+59.6%*
Operating expenses	(39)	(101)	-61.8%	-61.8%*	(224)	(220)	+1.6%	+1.4%*
Gross operating income	(197)	(308)	+36.0%	+36.5%*	(674)	(1,318)	+48.9%	+49.5%*
Net cost of risk	7	(23)	n/s	n/s	12	(4)	n/s	n/s
Net income/expense from other assets	(7)	(15)	+51.3%	+51.3%*	(179)	(111)	-61.3%	-61.4%*
Income tax	(37)	(45)	-17.9%	-16.6%*	81	(130)	n/s	n/s
Group net income	(261)	(412)	+36.7%	+37.0%*	(848)	(1,994)	+57.5%	+57.8%*

The Corporate Centre includes:

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

Net banking income

Over the quarter, the Corporate Centre’s net banking income totalled EUR -159 million, vs. EUR – 207 million in Q4 23.

Over the year, the Corporate Centre’s net banking income totalled EUR -450 million, vs. EUR – 1,098 million in 2023. It includes the booking in Q3 24 of exceptional proceeds received of approximately EUR 0.3 billion¹⁷.

Operating expenses

Over the quarter, operating expenses totalled EUR -39 million, vs. EUR -101 million in Q4 23.

Over the year, operating expenses totalled EUR -224 million, vs. EUR -220 million in 2023.

Net losses from other assets

Pursuant notably to the application of IFRS 5, the Group booked in Q4 24 various impacts from ongoing disposals of assets.

Group net income

Over the quarter, the Corporate Centre’s Group net income totalled EUR -261 million, vs. EUR -412 million in Q4 23.

Over the year, the Corporate Centre’s Group net income totalled EUR -848 million, vs. EUR -1,994 million in 2023.

To be noted that starting from 2025, normative return to businesses will be based on a 13% capital allocation.

8. 2024 AND 2025 FINANCIAL CALENDAR

2025 Financial communication calendar

April 30, 2025 First quarter 2025 results
May 20, 2025 2024 Combined General Meeting
May 26, 2025 Dividend detachment
May 28, 2025 Dividend payment
July 31, 2025 Second quarter and first half 2025 results
October 30, 2025 Third quarter and nine months 2025 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	Q4 24	Q4 23	Variation	2024	2023	Variation
French Retail, Private Banking and Insurance	360	90	x 4.0	991	596	+66.2%
Global Banking and Investor Solutions	627	467	+34.4%	2,788	2,280	+22.2%
Mobility, International Retail Banking & Financial Services	314	284	+10.5%	1,270	1,609	-21.1%
Core Businesses	1,301	841	+54.7%	5,048	4,486	+12.5%
Corporate Centre	(261)	(412)	+36.7%	(848)	(1,994)	+57.5%
Group	1,041	429	x 2.4	4,200	2,492	+68.6%

MAIN EXCEPTIONAL ITEMS

In EURm	Q4 24	Q4 23	12M24	12M23
Net Banking Income – Total exceptional items	0	41	287	(199)
One-off legacy items – Corporate Centre	0	41	0	(199)
Exceptional proceeds received – Corporate Centre	0	0	287	0

Operating expenses – Total one-off items and transformation charges	(76)	(102)	(613)	(765)
Transformation charges	(76)	(102)	(613)	(730)
Of which French Retail, Private Banking and Insurance	7	18	(132)	(312)
Of which Global Banking & Investor Solutions	(32)	(64)	(236)	(167)
Of which Mobility, International Retail Banking & Financial Services	(51)	(56)	(199)	(251)
Of which Corporate Centre	0	0	(47)	0
One-off items	0	0	0	(35)
Of which French Retail, Private Banking and Insurance	0	0	0	60
Of which Global Banking & Investor Solutions	0	0	0	(95)

Other one-off items – Total	(7)	(115)	(74)	(820)
Net profits or losses from other assets	(7)	(15)	(74)	(112)
Of which Mobility, International Retail Banking and Financial Services	0	0	86	0
Of which Corporate Centre	(7)	(15)	(160)	(112)
Goodwill impairment – Corporate Centre	0	0	0	(338)
Provision of Deferred Tax Assets – Corporate Centre	0	(100)	0	(370)

CONSOLIDATED BALANCE SHEET

In EUR m	31/12/2024	31/12/2023
Cash, due from central banks	201,680	223,048
Financial assets at fair value through profit or loss	526,048	495,882
Hedging derivatives	9,233	10,585
Financial assets at fair value through other comprehensive income	96,024	90,894
Securities at amortised cost	32,655	28,147
Due from banks at amortised cost	84,051	77,879
Customer loans at amortised cost	454,622	485,449
Revaluation differences on portfolios hedged against interest rate risk	(292)	(433)
Insurance and reinsurance contracts assets	615	459
Tax assets	4,687	4,717
Other assets	70,903	69,765
Non-current assets held for sale	26,426	1,763
Investments accounted for using the equity method	398	227
Tangible and intangible fixed assets	61,409	60,714
Goodwill	5,086	4,949
Total	1,573,545	1,554,045

In EUR m	31/12/2024	31/12/2023
Due to central banks	11,364	9,718
Financial liabilities at fair value through profit or loss	396,614	375,584
Hedging derivatives	15,750	18,708
Debt securities issued	162,200	160,506
Due to banks	99,744	117,847
Customer deposits	531,675	541,677
Revaluation differences on portfolios hedged against interest rate risk	(5,277)	(5,857)
Tax liabilities	2,237	2,402
Other liabilities	90,786	93,658
Non-current liabilities held for sale	17,079	1,703
Insurance and reinsurance contracts liabilities	150,691	141,723
Provisions	4,085	4,235
Subordinated debts	17,009	15,894
Total liabilities	1,493,957	1,477,798
Shareholder’s equity	–	–
Shareholders’ equity, Group share	–	–
Issued common stocks and capital reserves	21,281	21,186
Other equity instruments	9,873	8,924
Retained earnings	33,863	32,891
Net income	4,200	2,493
Sub-total	69,217	65,494
Unrealised or deferred capital gains and losses	1,039	481
Sub-total equity, Group share	70,256	65,975
Non-controlling interests	9,332	10,272
Total equity	79,588	76,247
Total	1,573,545	1,554,045

10. APPENDIX 2: METHODOLOGY

1 –The financial information presented for the fourth quarter and full year 2024 was examined by the Board of Directors on February 5^th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The audit procedures carried out by the Statutory Auditors on the consolidated financial statements are in progress.

2 – Net banking income

The pillars’ net banking income is defined on page 42 of Societe Generale’s 2024 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

3 – Operating expenses

Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31^st, 2023. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 42 of Societe Generale’s 2024 Universal Registration Document.

4 – Cost of risk in basis points, coverage ratio for non-performing loan outstandings

The cost of risk is defined on pages 43 and 770 of Societe Generale’s 2024 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		Q4 24	Q4 23	2024	2023
French Retail, Private Banking and Insurance	Net Cost Of Risk	115	163	712	505
	Gross loan Outstandings	233,298	240,533	235,539	246,701
	Cost of Risk in bp	20	27	30	20
Global Banking and Investor Solutions	Net Cost Of Risk	97	38	126	30
	Gross loan Outstandings	160,551	168,799	162,749	169,823
	Cost of Risk in bp	24	9	8	2
Mobility, International Retail Banking & Financial Services	Net Cost Of Risk	133	137	705	486
	Gross loan Outstandings	167,911	164,965	167,738	150,161
	Cost of Risk in bp	32	33	42	32
Corporate Centre	Net Cost Of Risk	(7)	23	(12)	4
	Gross loan Outstandings	25,730	23,075	24,700	20,291
	Cost of Risk in bp	(11)	40	(5)	2
Societe Generale Group	Net Cost Of Risk	338	361	1,530	1,025
	Gross loan Outstandings	587,490	597,371	590,725	586,977
	Cost of Risk in bp	23	24	26	17

The gross coverage ratio for non-performing loan 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 (“non-performing loans”).

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 43 and 44 of Societe Generale’s 2024 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 44 of Societe Generale’s 2024 Universal Registration Document.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders if 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)	Q4 24	Q4 23	2024	2023
Shareholders’ equity Group share	70,256	65,975	70,256	65,975
Deeply subordinated and undated subordinated notes	(10,526)	(9,095)	(10,526)	(9,095)
Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(25)	(21)	(25)	(21)
OCI excluding conversion reserves	757	636	757	636
Distribution provision⁽²⁾	(1,740)	(995)	(1,740)	(995)
Distribution N-1 to be paid	–	–	–	–
Equity end-of-period for ROE	58,722	56,500	58,722	56,500
Average equity for ROE	58,204	56,607	57,223	56,396
Average Goodwill⁽³⁾	(4,192)	(4,068)	(4,108)	(4,011)
Average Intangible Assets	(2,883)	(3,188)	(2,921)	(3,143)
Average equity for ROTE	51,129	49,351	50,194	49,242

Group net Income	1,041	430	4,200	2,493
Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation	(199)	(215)	(720)	(759)
Cancellation of goodwill impairment	–	–	–	338
Adjusted Group net Income	842	215	3,480	2,073
ROTE	6.6%	1.7%	6.9%	4.2%

¹⁸¹⁹²⁰

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

In EURm	Q4 24	Q4 23	Change	2024	2023	Change
French Retail , Private Banking and Insurance	15,731	15,445	+1.9%	15,634	15,454	+1.2%
Global Banking and Investor Solutions	15,129	15,247	-0.8%	15,147	15,426	-1.8%
Mobility, International Retail Banking & Financial Services	10,460	10,313	+1.4%	10,433	9,707	+7.5%
Core Businesses	41,320	41,006	+0.8%	41,214	40,587	+1.5%
Corporate Center	16,884	15,601	+8.2%	16,009	15,809	+1.3%
Group	58,204	56,607	+2.8%	57,223	56,396	+1.5%

6 – Net assets and tangible net assets

Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2024 Universal Registration Document. The items used to calculate them are presented below:
²¹²²

End of period (in EURm)	2024	2023	2022
Shareholders’ equity Group share	70,256	65,975	66,970
Deeply subordinated and undated subordinated notes	(10,526)	(9,095)	(10,017)
Interest of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(25)	(21)	(24)
Book value of own shares in trading portfolio	8	36	67
Net Asset Value	59,713	56,895	56,996
Goodwill⁽²⁾	(4,207)	(4,008)	(3,652)
Intangible Assets	(2,871)	(2,954)	(2,875)
Net Tangible Asset Value	52,635	49,933	50,469

Number of shares used to calculate NAPS⁽³⁾	796,498	796,244	801,147
Net Asset Value per Share	75.0	71.5	71.1
Net Tangible Asset Value per Share	66.1	62.7	63.0

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 page 44 of Societe Generale’s 2024 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)	2024	2023	2022
Existing shares	801,915	818,008	845,478
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff	4,402	6,802	6,252
Other own shares and treasury shares	2,344	11,891	16,788
Number of shares used to calculate EPS⁽⁴⁾	795,169	799,315	822,437
Group net Income (in EUR m)	4,200	2,493	1,825
Interest on deeply subordinated notes and undated subordinated notes (in EUR m)	(720)	(759)	(596)
Adjusted Group net income (in EUR m)	3,480	1,735	1,230
EPS (in EUR)	4.38	2.17	1.50

²³²⁴
8 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The fully loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is also calculated according to applicable CRR2/CRD5 rules including the phased-in following the same rationale as solvency ratios.

9 – Funded balance sheet, loan to deposit ratio

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

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

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

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

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

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

Societe Generale

Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

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

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

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

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

¹ Based on the number of shares in circulation at 31 December 2024 excluding own shares, subject to usual approvals from the General Meeting
² Reported Group net income, after deduction of interest on deeply subordinated notes and undated subordinated notes, restated from non-cash items that have no impact on CET1 ratio
³ Excluding assets sold
⁴ Ratio calculated according to EBA methodology published on 16 July 2019
⁵ Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5 (in particular Société Générale Equipment Finance, SG Marocaine de Banques and La Marocaine Vie)
⁶ Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
⁷ The share buyback programme and the subsequent capital reduction, aim also, and in priority, at fully offsetting the dilutive impact of the future capital increase as part of the next Group Employee Share Ownership Plan, the principle of which was adopted by the Board of Directors on February 5, 2025
⁸ Scopes 1 & 2 of corporate clients’ financed emissions
⁹Target: -80% upstream exposure reduction by 2030 vs. 2019, with an intermediary step in 2025 at -50% vs. 2019
¹⁰ The target is to have at least 35% of women executives by 2026
¹¹Including IFRS 9 phasing
¹²France and International (including Switzerland and the United Kingdom)
¹³ Banking App #1 in France and #2 worldwide based on Sia Partners International Mobile Banking Benchmark in October 2024
¹⁴ At comparable business model in the post Global Financial Crisis (GFC) regulatory regime

¹⁵ Including entities reported under IFRS 5, excluding entities sold in Morocco and Madagascar in December 2024
¹⁶ Excluding non-recurring items on either margins or UCS (mainly linked to fleet revaluation at EUR 107m in Q4 23 vs. EUR 0m in Q4 24, prospective depreciation at EUR -191m in Q4 23 vs. EUR -87m in Q4 24, hyperinflation in Turkey at EUR -27m in Q4 23 vs. EUR -40m in Q4 24 and MtM of derivatives at EUR -137m in Q4 23 vs. EUR -2m in Q4 24)

¹⁷ As stated in Q2 24 results press release
¹⁸ Interest net of tax
¹⁹ Based on the 2024 proposed distribution, subject to usual approvals of the General Meeting
²⁰ Excluding goodwill arising from non-controlling interests
²¹ Interest net of tax
²² Excluding goodwill arising from non-controlling interests
²³ The number of shares considered is the number of ordinary shares outstanding at the end of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousand of shares)
²⁴ The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group

Attachment

Societe-Generale-Q4-2024-Financial-Results-Press-release-en

The MIL Network –

February 6, 2025

MIL-OSI Security: Violent Felon Sentenced to 10 Years in Federal Prison for Firearm Possession

Source: Office of United States Attorneys

DEL RIO, Texas – An Eagle Pass man was sentenced in a federal court in Del Rio today to 120 months in prison and a $2,000 fine for one count of felon in possession of firearm ammunition.

According to court documents, Mark Ivy, 38, was arrested by San Antonio Police officers in San Antonio Dec. 20, 2019 for an outstanding warrant. Ivy was sitting in the front passenger seat of a vehicle in retail parking lot with a loaded 9mm ghost gun. Ivy had been previously convicted in Del Rio on May 13, 2010 for conspiracy to interfere with commerce by threats or violence and interstate communications with intent to extort. He was then sentenced to 48 months imprisonment and therefore unable to lawfully possess firearms or ammunition.

Following his 2019 arrest, Ivy was transferred into federal custody Oct. 9, 2020. He pleaded guilty to the charge in the indictment on Oct. 25, 2021.

“My office takes felons in possession of firearms and ammunition very seriously, and when the felon has a violent criminal history like that of this defendant, we argue for a sentence which reflects the seriousness of the conduct,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “I appreciate the investigative skill and expertise of our local, state and federal law enforcement partners, all of which provide immense value in these cases.”

“The FBI is dedicated to ensuring our citizens are safe in their communities,” said Special Agent in Charge Aaron Tapp for the FBI’s San Antonio Field Office. “Ivy was aware that he was not allowed to own a firearm or ammunition due to his past actions, but he made the choice to keep a gun on his person while fleeing from the scene of a violent homicide. We want to thank our partners at San Antonio Police Department, who continue to work with us to make our community safer.”

The FBI investigated the case with assistance from the Bureau of Alcohol, Tobacco, Firearms and Explosives, along with the San Antonio Police Department, Maverick County Sheriff’s Office and Texas Department of Public Safety.

Assistant U.S. Attorneys Holly Pavlinski and Rex Beasley prosecuted the case.

###

MIL Security OSI –

February 6, 2025

MIL-OSI Security: Texas man arrested for possessing child pornography while working as school bus driver in Fairbanks

Source: Office of United States Attorneys

The FBI is seeking additional information.

FAIRBANKS, Alaska – A Texas man was arrested early this week on criminal charges related to his alleged possession of child pornography while temporarily working in Fairbanks.

According to court documents, in December 2024, the Fairbanks Police Department (FPD) received information that a USB drive found in the business center of a Fairbanks hotel allegedly contained child sexual abuse materials (CSAM).

FPD provided the USB drive to the FBI Anchorage Field Office to process for forensic review. On Jan. 30, 2025, federal agents successfully imaged and extracted the USB drive and found information linking it to Scott O’Toole, 60, of Joshua, Texas. Agents also found images on the drive allegedly depicting child sexual abuse. Within 24 hours of the FBI’s review of the USB drive, law enforcement identified and located O’Toole in Texas, and arrested him shortly thereafter.

Court documents further allege that federal agents learned O’Toole was on Temporary Duty Assignment (TDY) to Fairbanks as a school bus driver between November and December 2024, and that he stayed at the hotel where the USB drive was found. Shortly after the USB drive was discovered, O’Toole returned to Texas.

O’Toole is currently charged with one count of possession of child pornography in the District of Alaska. If convicted, O’Toole faces up to 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

First Assistant U.S. Attorney Kate Vogel of the District of Alaska and Special Agent in Charge Rebecca Day of the FBI Anchorage Field Office made the announcement.

The FBI Anchorage Field Office is investigating the case, with assistance from FPD and the Texas State Troopers. If anyone has information concerning O’Toole’s alleged actions in Alaska, please contact the FBI Anchorage Field Office at (907) 276-4441 or anonymously at tips.fbi.gov.

Assistant U.S. Attorney Adam Alexander is prosecuting the case. The United States Attorney’s Office for the District of Alaska thanks their colleagues in the Eastern District of Texas for their coordination on this case.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices, Project Safe Childhood combines federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

A criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

February 6, 2025

MIL-OSI USA: King, Intel Colleagues Sound Alarm About “DOGE” Risk to National Security and American Privacy in Letter to White House

US Senate News:

Source: United States Senator for Maine Angus King
WASHINGTON, D.C. –U.S. Senator Angus King (I-ME), a member of the Senate Select Committee on Intelligence (SSCI), joined his committee colleagues to sound the alarm on the new national security risks that present themselves with the current operations of the Department of Government Efficiency (DOGE). In a letter to White House Chief of Staff Susie Wiles, the Senators write about the risks to national security by allowing unvetted DOGE staff and representatives to access classified and sensitive government materials.
The Committee members demanded that the administration provide details to Congress about how DOGE staff and representatives are being vetted, which systems, records and information are being shared, and what steps the administration is taking to safeguard them from misuse or disclosure.
“According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies,” the Senators wrote. “No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.”
The Senators added, “As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a ‘need to know.’ Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.”
“Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information,” the Senators continued.
They concluded, “Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems.”
Joining King on the letter are Senators Mark Warner (D-VA), Ron Wyden (D-OR), Martin Heinrich (D-NM), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Jon Ossoff (D-GA), and Mark Kelly (D-AZ).
The full text of the letter is available here and below.
+++
Dear Ms. Wiles,
We write to express our grave concern with the illegal actions currently being undertaken by the Department of Government Efficiency (DOGE), which risk exposure of classified and other sensitive information that jeopardizes national security and violates Americans’ privacy. The January 20 Executive Order establishes DOGE under the Executive Office of the President with DOGE Teams established by Agency Heads within their respective agencies, and requires the Administrator of DOGE to report to the White House Chief of Staff. According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies.
No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.
As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a “need to know.” Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners.If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.
Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.
Moreover, there are strict cybersecurity controls for accessing federal networks, which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems. Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems.
The Executive Branch cannot operate without regard to rules, regulations, or Congressional oversight. The American people, and our intelligence officials, deserve to know that their information is being appropriately safeguarded. We therefore respectfully request written responses to the following questions by February 14, 2025:
Provide a list of personnel operating under DOGE, their position or role, and their duties.
Pursuant to the Executive Order, DOGE teams are to be established by Agency Heads within their respective agencies. Provide a list of each agency that has established a DOGE team, and the agency personnel overseeing such team.
Under what authorities is DOGE conducting its operations?
Who is overseeing DOGE’s operations?
Provide a list of each agency DOGE has requested information from.
Provide a list of all unclassified systems, records, or other information DOGE has requested and/or gained access to.
Provide a list of all classified systems, records, or other information DOGE has requested and/or gained access to.
Do DOGE staff or representatives have access to any Intelligence Community systems, networks, or other information? If so, please specify the extent of such access.
Under what authority is DOGE requesting and/or gaining access to classified information?
What security clearances have been provided to DOGE staff or representatives, and who has authorized such clearances?
What processes have been followed prior to granting security clearances to DOGE staff or representatives?
What vetting for potential conflicts of interest has been conducted prior to granting clearances or access to government systems, records, or other information to DOGE staff or representatives?
Provide a list of each DOGE staff or representative who has requested and/or gained access to classified information, what clearance each such individual holds, and who authorized each security clearance.
Who is supervising and/or monitoring DOGE employee access to classified information?
What processes have been followed prior to granting DOGE staff or representatives access to sensitive government systems and networks, and who has authorized such access?
Who is supervising and/or monitoring DOGE employee access to sensitive government systems and networks?
Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing classified and other sensitive information? If so, please specify the date of the briefing and those in attendance.
Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing government networks and systems? If so, please specify the date of the briefing and those in attendance.
Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing Treasury’s payment systems? If so, please specify the date of the briefing and those in attendance.
Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing USAID’s classified and other sensitive information, including security clearance files? If so, please specify the date of the briefing and those in attendance.
What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not create counterintelligence risks?
What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not compromise classified or other sensitive intelligence and/or personal information of intelligence community officials?
To underscore, DOGE seems to have unimpeded access to some of our nation’s most sensitive information, including classified materials and the private personal and financial information of everyday Americans. In light of such unprecedented risks to our national and economic security, we expect your immediate attention and prompt response.

MIL OSI USA News –

February 6, 2025

MIL-OSI USA: ICYMI: Grassley Joins Fox News to Discuss Bondi, Patel and the Need to End FBI Political Weaponization

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) today joined Fox News’ “America Reports” to discuss eliminating political weaponization at the FBI, expectations for Pam Bondi in her role as U.S. Attorney General and Kash Patel’s road to confirmation as FBI Director.
Audio and excerpts of Grassley’s remarks follow.
[embedded content]
VIDEO
On the Justice Department’s recent memo to FBI employees:
“People that are at [a] lower level, not at the supervisory level, have to take orders from their bosses, and if they were told to work on a case, even if they disagreed with the case, they [had] to work on it. And I think that there ought to be some consideration to that.
“…I’m not going to write to the White House now to get information, I’m going to wait until we get [Kash] Patel in place as head of the FBI and ask him the very same questions that we’re talking about here, because those that use the FBI for political weaponization…that’s not the role of the FBI.
“…I’ve made very clear that the FBI shouldn’t be used for political weaponization. Their job is law enforcement, and anything beyond that has to be cleaned up. And I think Kash Patel is a person that can do that.”
On the Grassley-Johnson release of FBI “Arctic Frost” emails:
“My emails show – and also the regulations of the FBI show – that [FBI Assistant Special Agent in Charge] Thibault was not in a position to [open the investigation into Trump]…
“But see…the culture on the seventh floor of the FBI building is that it’s okay for FBI agents to promote challenges and positions against a former President of the United States because he’s a political threat. Well, the voters of Iowa [and] the voters of the United States on November the fifth did away with that and proved that [Trump] was wrongly condemned. The voters didn’t buy it.”
On Attorney General Pam Bondi:
“[Bondi] is totally a prosecutor by profession and she’s going to be the chief prosecutor of our government. She made very clear that she’s going to follow the Constitution and follow the laws and follow the evidence…
“…[O]n the second day of [her] hearing…we had people in who knew her and worked for her, and we even had somebody that has never voted for Trump testify in favor of her, that she was a person who left politics out of the prosecution.”
On Kash Patel’s road to confirmation:
“I’ve got the votes to get him out of Committee, and I think that there’s going to be the votes to get him approved in the United States Senate, but I’m going to take it a step at a time.
“A week from tomorrow, [the Judiciary Committee] will have that vote, and he’ll be on the floor of the United States Senate.”
-30-

MIL OSI USA News –

February 6, 2025

MIL-OSI United Kingdom: Government rips up rules to fire-up nuclear power

Source: United Kingdom – Executive Government & Departments

More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

Prime Minister puts Britain back in the global race for nuclear energy.
Changes will allow for Small Modular Reactors for the first time.
Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term.

Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM.

This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

Prime Minister Keir Starmer said:

This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind.

Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.

I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long.

My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.

Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.

It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres.

These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.

There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards.

Energy Secretary Ed Miliband said:

Build, build, build – that is what Britain’s clean energy mission is all about.

The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity.

Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards.

Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.

Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.

The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate.

The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs.

The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact.

This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.

In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.

Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.

Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway.

Gary Smith, GMB General Secretary, said:

GMB has long said there can be no net zero without new nuclear.

For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth.

Sizewell C stands ready and waiting for the green light to power up our country’s future.

Now we need to see spades in the ground without delay.

Alistair Black, Senior Director, UK at X-energy said:

Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry.

We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

Simone Rossi, CEO of EDF in the UK, said:

As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

“The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

Darren Hardman, CEO, Microsoft UK, said:

We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

Chair of Great British Nuclear Simon Bowen said:

Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty.

Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

Jonathan Geldart, Director General of the Institute of Directors, said:

The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

Mike Clancy, General Secretary of Prospect said:

The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.

In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country.

Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

David Omand, former Director of GCHQ said:

It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

Kim Darroch, former National Security Adviser said:

As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

Julian David OBE, CEO, techUK said:

If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

Published 6 February 2025

MIL OSI United Kingdom –

February 6, 2025

MIL-OSI United Kingdom: Press release: Government rips up rules to fire-up nuclear power

Source: United Kingdom – Prime Minister’s Office 10 Downing Street

More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

Prime Minister puts Britain back in the global race for nuclear energy.
Changes will allow for Small Modular Reactors for the first time.
Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.