Crédit Agricole (ACA) Q4 2025 Fixed income earnings summary

Executive summary

• Delivered strong annual results in 2025, with dynamic commercial activity and robust net interest margin in French retail, despite additional corporate tax charges of €147m for Crédit Agricole S.A. and €280m for the Group.

• Group revenues reached €39.6bn (+3.9% year-over-year); Crédit Agricole S.A. revenues at €28bn (+3.3%).

• Net income Group share for 2025 was €8.8bn (+1.3% year-over-year), aligning with the 5% CAGR target; return on tangible equity at 13.9%, close to the 14% medium-term plan target.

• Customer acquisition exceeded 2.1 million across France, Italy, and Poland; retail loan production grew 15% year-over-year.

• Asset quality remained solid, with a stable NPL ratio of 2.2% and a phased-in CET1 ratio at 17.4%, the highest among European GSIBs.

Financial highlights

• Group revenues grew 3.9% year-over-year to €39,558m; gross operating income up 4.3% to €15,990m.

• Net income Group share for 2025 was €8,754m (+1.3% year-over-year); Q4 net income Group share was €1,634m (-23.9% Q4/Q4).

• Insurance premiums hit a record €52.4bn (+20% year-over-year); Amundi net inflows at €88bn, more than double the previous year.

• Cost of risk at 28 bps (group), slightly above the 25 bps medium-term plan assumption.

• Liquidity reserves stood at €485bn at year-end.

Outlook and guidance

• Confident in delivering medium-term plan targets, including <55% cost-income ratio by 2028 and maintaining 14%+ return on equity.

• Net interest margin for French retail expected to grow at a high single-digit rate in 2026.

• Funding plan for 2026 set at €18bn, with 32% already completed by end-January 2026; plan to slow issuance pace for the remainder of the year.

• Banco BPM expected to contribute ~€100m per quarter to income; macroeconomic uncertainties in France and impact of taxation noted.

• ACT 2028 plan targets ROTE >14%, cost/income ratio <55%, and revenues >€27.2bn by 2028.