Société Générale (GLE) Q2 2025 earnings summary

Executive summary

• Group net income reached €3.1bn in H1 2025, up 71% year-over-year, with ROTE at 10.3%, surpassing annual targets.

• Revenues rose 8.6% year-over-year (excluding disposals), and costs fell 2.6% in H1 2025, both ahead of 2025 targets.

• Upgraded 2025 targets: ROTE around 9%, cost-to-income ratio below 65%, and revenue growth above 3%.

• Announced €1bn share buyback and interim dividend of €0.61 per share, with new annual interim dividend policy.

• Achieved high profitability and operational efficiency across all business segments, with enhanced shareholder returns.

Financial highlights

• H1 2025 group revenues at €13.9bn, up 8.6% year-over-year (excluding disposals); net income €3.1bn, up 71%.

• Q2 2025 net income was €1.5bn, up 31% year-over-year; Q2 revenues €6.8bn, up 7.1%.

• Cost/income ratio improved to 64.4% in H1 2025 (vs. 71.6% in H1 2024); Q2 at 63.8%.

• ROTE at 10.3% in H1 2025, Q2 ROTE at 9.7%.

• CET1 ratio at 13.5% after €1bn buyback, 330bps above regulatory requirement.

Outlook and guidance

• Upgraded 2025 cost-to-income ratio target to below 65% and ROTE to around 9%.

• Revenue growth target above 3% for 2025.

• Cost of risk guidance maintained at 24–30bps for 2025.

• Interim dividend of €0.61 per share to be paid in October 2025.

• Continued focus on cost reduction and efficiency for sustainable value creation.