AXA (CSP) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record financial results in FY25, with revenues of €116 billion (+6%), underlying earnings of €8.4 billion (+6%), and underlying EPS of €3.86 (+8%), driven by strong growth across all business lines and geographies.

• Net income rose 26% to €9.8 billion, benefiting from higher underlying earnings and the gain from the AXA IM sale.

• Solvency II ratio improved to 224%, reflecting robust capital generation and prudent reserve management.

• Laying foundations for the next strategic plan with a focus on technology, AI, and capital allocation.

Financial highlights

• Revenues/premiums grew 6% year-over-year to €116 billion; underlying earnings €8.4 billion (+6%); net income €9.8 billion (+26%).

• Underlying EPS: €3.86 (+8%); underlying ROE: 16.0%.

• Dividend proposed at €2.32 per share (+8%) and new annual share buyback program up to €1.25 billion.

• Debt gearing at 22.3%.

• Solvency II ratio: 224% (+9pts), expected to adjust to 215% in 2026 due to regulatory changes.

Outlook and guidance

• Confident in achieving the high end of the 6–8% underlying EPS growth target for 2026.

• Solvency II revision expected to add +17 points to the ratio in 2027.

• Next strategic plan for 2027–2029 to be presented in September 2026.

• Guidance maintained for underlying ROE between 14–16% and cumulative organic cash upstream >€21 billion for 2024–2026.