Results at 31 March 2026

ROTE OF 11.7%[1] IN Q1 26, WELL ABOVE THE 2026 TARGET

COST-TO-INCOME RATIO OF 60.9%[2] IN Q1 26 

COSTS DOWN -6.0% VS. Q1 25

COST OF RISK OF 25BPS, AT THE LOW END OF THE 2026 GUIDANCE RANGE

• Revenues of EUR 7.1 billon in Q1 26, up by +0.3% vs. Q1 25
• Strict cost discipline with operating expenses down -6.0% vs. Q1 25, better than the 2026 annual target of a decrease of ~-3%
• Cost-to-income ratio of 60.9%² in Q1 26 vs. 65.0% in Q1 25
• Cost of risk at 25bps in Q1 26, at the low end of the 2026 guidance range of 25 to 30bps. 
  High S1/S2 buffer of EUR 2.9bn (or ~2.0x 2025 cost of risk)
• Group net income of EUR 1,696 million in Q1 26, +5.5% vs. Q1 25
• Profitability (ROTE) of 11.7% and 12.7% with IFRIC 21 linearisation and excluding net gains on other assets, above the 2026 annual target of >10%
• Completion on 18 March 2026 of the 2025 ordinary share buy-back programme of EUR 1,462 million, launched on 9 February 2026
• CET1 ratio of 13.5% at end of Q1 26, around 325bps above the regulatory requirement, including -6bps related to the consolidation of Bernstein US activities
• Liquidity Coverage Ratio of 149% at end of Q1 26

Slawomir Krupa, the Group’s Chief Executive Officer, commented:  
“This quarter, we continued delivering a strong financial performance. Solid revenue momentum, structural reduction in costs, and ongoing improvement in our cost-to-income ratio led to a 2026 first quarter profitability level well above our full-year target. 
In a particularly uncertain geopolitical and economic environment, our diversified model, prudent risk management, and strong capital position are key strengths supporting a resilient business that serves the needs of our clients. I would like to warmly thank all our teams for their performance and commitment.  
Through the disciplined and rigorous execution of our strategic plan, we are moving forward with confidence towards achieving our 2026 financial targets and further strengthening Societe Generale’s position among leading European banks.”