Société Générale (GLE) Q2 2026 earnings summary

Executive summary

• Record net income of EUR 3.5bn for H1 2026, up 13.9% year-over-year, with ROTE at 12.0% and strong execution across segments.

• Revenues rose 2.4% to EUR 14.2bn in H1 2026, while costs fell 5.0%, driving a cost/income ratio of 59.7%.

• Extraordinary EUR 1.5bn share buyback and interim dividend of EUR 0.75 per share (+23% y/y) announced, with total distribution accrual of EUR 2.19 per share.

• Upgraded 2026 targets: cost reduction now expected at -4%, ROTE target raised to ~11%.

• Total assets increased to EUR 1,673.5bn as of June 30, 2026, with growth in financial assets at fair value and customer loans.

Financial highlights

• H1 2026 revenues up 2.4% year-over-year to EUR 14.2bn; Q2 2026 revenues up 4.5% to EUR 7.1bn.

• Q2 2026 net income at EUR 1.8bn (+23.2% y/y); H1 2026 net income at EUR 3.5bn (+13.9% y/y).

• Operating expenses down 5% year-over-year in H1 2026, driving positive jaws and cost-to-income ratio of 58.6% in Q2.

• Cost of risk at 26–27bps in H1 2026, at the low end of guidance; gross non-performing loan ratio at 2.70%.

• CET1 ratio at 13.2% post-buyback, LCR at 146%, NSFR at 115%.

Outlook and guidance

• Upgraded 2026 targets: revenue growth >2%, cost reduction ~-4%, ROTE ~11%, cost/income ratio <60%.

• Cost of risk guidance maintained at 25–30bps for 2026.

• Commitment to maintain CET1 ratio close to 13%.

• Macroeconomic scenarios updated for ongoing geopolitical and economic uncertainties.

• 2029 strategic plan to be presented in September, with qualitative long-term outlook.