Crédit Agricole (ACA) Q4 2025 earnings summary

Executive summary

• Net income Group share was stable at €7.1bn for 2025, with a ROTE of 13.5% and a proposed dividend of €1.13 per share, up 3%, despite a €147m tax surcharge and the first consolidation of Banco BPM.

• Revenues grew 3.3% to €28.1bn for Crédit Agricole S.A. and 3.9% for the Group, driven by dynamic commercial activity across all business lines.

• Operating expenses increased 4.9% for Crédit Agricole S.A., resulting in a cost/income ratio of 55.7%.

• CET1 ratio stood at 11.8% for Crédit Agricole S.A. and 17.4% for the Group, both well above regulatory requirements.

• Customer acquisition was robust, with 2.1 million new clients in 2025 and significant digital and international expansion initiatives.

Financial highlights

• Loan production in retail banking rose 15% year-over-year to €140bn; insurance premium income reached a record €52.4bn, up 20%.

• Asset management AUM reached €2,380bn (+6.2%), with €88bn net inflows; asset gathering AUM at €3,051bn (+6.4%).

• Gross operating income was €12.5bn (+1.3% year-over-year); cost of risk was €1.97bn (+6.6%), with Q4 cost of risk at €629m.

• Cost/income ratio was 55.7% for Crédit Agricole S.A. and 59.6% for the Group.

• Earnings per share increased to €2.18; dividend payout ratio at 50%.

Outlook and guidance

• 2026 outlook anticipates continued commercial momentum, integration of recent acquisitions, margin recovery in French retail, and digital/international expansion.

• Banco BPM expected to contribute ~€100m per quarter to profit from 2026.

• Targeting a cost/income ratio below 55% and ROTE of at least 14% by 2028.

• High single-digit NII growth expected in French retail for 2026; moderate NII headwinds in Italy.

• Macroeconomic uncertainties in France and impact of taxation remain key risks.