Société Générale (GLE) investor relations material

Executive summary

• Group net income reached EUR 1,696 million in Q1 2026, up 5.5% year-over-year, with ROTE at 11.7%, exceeding the full-year target.

• Revenues rose 0.3% year-over-year to EUR 7.1 billion, with growth of 4.4% at constant perimeter and FX.

• Operating expenses declined 6.0% year-over-year, driving the cost-to-income ratio to 60.9%.

• CET1 ratio remained strong at 13.5%, well above regulatory requirements.

• Quarterly results are on track to meet or exceed 2026 strategic targets.

Financial highlights

• Net banking income: EUR 7,106 million (+0.3% year-over-year).

• Operating expenses: EUR 4,330 million (-6.0% year-over-year).

• Group net income: EUR 1,696 million (+5.5% year-over-year).

• EPS: EUR 2.05 for Q1 2026.

• Cost of risk: 25bps, at the low end of guidance.

Outlook and guidance

• 2026 targets reaffirmed: ROTE above 10%, cost-to-income ratio below 60%, CET1 ratio above 13%.

• Revenue growth target for 2026 is above 2% year-over-year.

• Cost reduction target for 2026 is approximately -3% year-over-year.

• Cost of risk expected to remain within 25–30bps for 2026.

• CET1 buffer of 325bps above requirements; capital requirement to increase by 25bps by 2028, already anticipated.