Strategy 2029

A new phase of disciplined, profitable and value-creating growth

On the occasion of its Capital Markets Day on 21 September 2026, Societe Generale presented its strategic roadmap for 2029, opening a new development phase after the successful transformation initiated in 2023.

With a simplified model, an improved risk profile, increased discipline in capital allocation, and a substantially improved financial performance, the Group is now entering a new stage of value creation based on four main priorities:

• Decrease further our cost base: the Group will pursue its cost reduction efforts, continuing the structural measures successfully undertaken in recent years, by relying on traditional levers of simplification, operational efficiency and technological transformation, as well as on the gradual and responsible acceleration of the deployment of Artificial Intelligence (AI).
• Accelerate its disciplined growth approach: the Group will pursue a disciplined growth strategy, in line with the selective approach implemented in recent years in terms of capital allocation and prioritizing the activities that create the most value.
• Deepen the transformation of our businesses:
  • by relying on a more integrated approach in France, the Group intends to accelerate the development of French Retail Banking, Private Banking and Insurance, in order to better serve its customers; 
  • by strengthening its already highly profitable Global Banking and Investor Solutions businesses; 
  • by ensuring a disciplined development combining growth and improvement in the profitability of the International Mobility, Retail Banking and Financial Services activities.
• Maintain best-in-class risk management: rigorous risk management will remain a cornerstone of the Group’s strategy, extending the actions taken since 2023 to control the risk/return profile of its activities.

Ambitious financial targets for 2029

• Cost reduction of ~-2% vs. 2026 estimated (2026e), with a 2029 cost base expected to be below EUR 16.3bn 
• Average annual growth (CAGR) in Group revenues ~+3% on average between 2026e and 2029
• Cost/income ratio below 55% in 2029
• Cost of risk in a target range of 25 to 30bps in 2026e-2029
• Return on tangible capital (ROTE) between 13% and 14% in 2029 and more than 15% in 2030 and beyond
• CET1 ratio above 13%