Crédit Agricole (ACA) Investor presentation summary

Financial performance and key figures

• Achieved strong quarterly results with high profitability and significant revenue growth, with Q2-26 net income Group share at €2.8bn (+7.8% YoY, +22.4% YoY adjusted), and revenues at €10.9bn (+12.9% YoY).

• H1-2026 revenues reached €20.88bn (+7.8% YoY), with net income Group share at €4.88bn (+6.8% YoY); CET1 ratio at 17.2% and ROTE at 14.3%.

• Nearly 90% of the 2026 funding plan is already completed, maintaining solid solvency and liquidity reserves of €475bn.

• Cost/income ratio improved to 58.3% (-3.0pp YoY) for the group and 54.7% (-1.2pp YoY) for Crédit Agricole S.A.

• Banco BPM stake increased to 29.3%, and the group launched an AI industrial platform.

French housing market overview

• Home loan origination is based on borrower solvency, with DSTI averaging 30% and LTV at origination at 80.7% (Dec 2025); almost all loans are fixed rate and amortizing.

• Non-performing loan ratio for home loans remains very low, around 1%.

• The market is structurally supported by strong demand factors and limited supply, with a persistent housing deficit and low building permits.

• The market avoided a bubble, with stable prices post-2008 and a moderate rebound from 2015-2021; recent years saw normalization due to higher rates and inflation.

• In 2026, existing home prices are expected to remain stable, while new home sales remain weak despite policy support.

Crédit Agricole Home Loan SFH (Covered Bonds)

• Holds €512bn in home loans outstanding (end-June 2026), with a 33.1% market share in French home loans.

• Maintains a low risk profile: non-performing loans at 0.86% (2024), final losses at 0.01% (2025), and cautious provisioning above market average.

• Guarantee policy is diversified: 46.7% mortgage, 23.2% Crédit Logement, 30.1% CAMCA, and 10.6% with additional state guarantee.

• Legal framework ensures bankruptcy remoteness, over-collateralization (min 105%), and compliance with EU Covered Bond Directive.

• Programme size is €50bn, with €39bn outstanding across 54 series, rated Aaa/AAA/AAA.