Crédit Agricole (ACA) investor relations material

Executive summary

• Q3 revenue rose 10.7% YoY to €10.5bn and net income attributable to shareholders increased 28.2% to €2.78bn; adjusted net income growth was 23.0% after excluding specified one-off effects.

• 9M revenue reached €31.4bn, up 8.8%, while net income attributable to shareholders was €7.65bn, up 13.7% reported and 15.9% adjusted.

• Solvency and liquidity remained strong: consolidated CET1 was 17.3%, liquidity reserves €491bn, and the 2026 parent-company funding plan was exceeded by October.

Financial highlights

• Q3 gross operating income rose 23.6% YoY to €4.56bn; operating expenses increased 2.5% to €5.93bn and cost of risk rose 16.7% to €1.01bn.

• 9M gross operating income increased 18.5% to €13.27bn; income before tax rose 16.9% to €11.36bn and net income to €8.30bn.

• Q3 net income attributable to shareholders was €2.78bn versus €2.17bn; 9M was €7.65bn versus €6.73bn on a pro forma comparison basis.

• Q3 net income growth included a €210m gain from SBI FM’s IPO; adjusted Q3 growth was 23.0%, after also adjusting for the prior-year CACEIS non-controlling-interest effect.

Outlook and guidance

• 2028 ambitions include net income attributable to shareholders above €8.5bn, ROTE above 14%, and a cost/income ratio below 55%.

• Medium-term cost-of-risk assumptions are 25bp for the consolidated scope and 40bp for the parent-company scope; the capital protection trajectory targets CET1 of at least 17% at consolidated level.

• The proposed IKB acquisition has an estimated purchase price of ~€660m, projected 3-year ROI of 15% and estimated CET1 impact of -20bp, excluding earn-outs and closing adjustments.

• French housing forecasts point to existing-home sales down 1.1% YoY and prices down 0.5% in 2026; in 2027, sales are forecast down 5.9% and prices down 1.6%.