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 to €13.9bn, with costs down 2.6%, both ahead of 2025 targets.

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

• Announced €1bn share buyback and interim dividend of €0.61 per share, with enhanced shareholder returns.

• Achieved high profitability and operational efficiency across all business segments.

Financial highlights

• H1 2025 group net income was €3.1bn, up 70.8% year-over-year; Q2 net income €1.5bn, up 30.6% year-over-year.

• H1 2025 revenues reached €13.9bn, up 8.6% year-over-year (excluding disposals); Q2 revenues €6.8bn, up 7.1%.

• Cost/income ratio improved to 64.4% in H1 2025, down from 71.6% in H1 2024.

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

• EPS for H1 2025 at €3.40; net asset value per share at €77.1; tangible net asset value per share at €68.2.

Outlook and guidance

• Upgraded 2025 targets: ROTE ~9%, cost/income ratio below 65%, revenue growth above 3%.

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

• Interim dividend of €0.61 per share to be paid in October 2025; new policy introduces annual interim dividend.

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

• Macroeconomic scenarios remain cautious, with persistent geopolitical uncertainties.