Société Générale (GLE) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of €27.3 billion and group net income of €6.0 billion for 2025, up 6.8% and 43% year-over-year, surpassing all targets.

• All business lines contributed to growth, supported by strong cost control and risk management.

• Cost-to-income ratio improved to 63.6% in 2025, with a 2% reduction in costs versus 2024.

• ROTE reached 10.2% in 2025, up from 6.9% in 2024.

• Total shareholder distribution for 2025 was €4.7 billion (+169% year-over-year), including €2 billion in extraordinary share buybacks.

Financial highlights

• Revenues grew by 6.8% year-over-year to €27.3 billion, with net banking income at €27.3 billion for 2025.

• Operating expenses decreased by 2% year-over-year (excluding disposals); cost-to-income ratio at 63.6%.

• Group net income increased by 43% to €6.0 billion in 2025.

• Cost of risk at 26 bps for 2025, within guidance.

• CET1 ratio stood at 13.5% at year-end 2025, 320 bps above regulatory requirements.

Outlook and guidance

• 2026 targets: revenue growth above 2%, cost reduction around 3%, cost-to-income ratio below 60%, and ROTE above 10%.

• Cost of risk expected to remain in the 25–30 bps range for 2026.

• Segment targets: BoursoBank net profit above €300 million, Global Markets revenues expected above €5.7 billion.