{"id":77086,"date":"2026-02-04T12:04:12","date_gmt":"2026-02-04T12:04:12","guid":{"rendered":"https:\/\/english.saigonbiz.com\/vn\/credit-agricole-sa-fourth-quarter-2025-and-full-year-2025-results-dynamic-activity-and-strong-results-in-2025\/"},"modified":"2026-02-04T12:04:12","modified_gmt":"2026-02-04T12:04:12","slug":"credit-agricole-sa-fourth-quarter-2025-and-full-year-2025-results-dynamic-activity-and-strong-results-in-2025","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/credit-agricole-sa-fourth-quarter-2025-and-full-year-2025-results-dynamic-activity-and-strong-results-in-2025\/","title":{"rendered":"CREDIT AGRICOLE SA: Fourth quarter 2025 and full-year 2025 results &#8211; DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025"},"content":{"rendered":"<div>\n<table style=\"border-collapse: collapse; margin-left:0; width:670.65pt; border-collapse:collapse ;\">\n<tr>\n<td colspan=\"13\" style=\"width:755.94px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; text-align: center ;  vertical-align: middle; \"><b>DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025<\/b><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:86.74px;;border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:86.67px;;border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:330.67px;;border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:26.07px;;border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:105.8px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td colspan=\"4\" style=\"width:258.27px;;border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:230.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A.<\/b><\/td>\n<td colspan=\"6\" style=\"width:230.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CR\u00c9DIT\u00a0AGRICOLE\u00a0GROUP<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>\u20acm<\/i><\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2025<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Var. 2025\/2024<\/b><\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2025<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Var. 2025\/2024<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Revenues<\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>28,079<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+3.3%<\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>39,558<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+3.9%<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Expenses<\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>-15,628<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+4.9%<\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>-23,568<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+3.7%<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Gross Operating Income<\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>12,451<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+1.3%<\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>15,990<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+4.3%<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>-1,973<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+6.6%<\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>-3,452<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+8.2%<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income Group share<\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>7,074<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">-0.2%<\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>8,754<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+1.3%<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:226.8px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Cost\/income ratio<\/td>\n<td style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>55.7%<\/b><\/td>\n<td colspan=\"2\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">+0.9 pp<\/td>\n<td colspan=\"3\" style=\"width:113.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>59.6%<\/b><\/td>\n<td colspan=\"3\" style=\"width:117.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">-0.1 pp<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"14\" style=\"width:894.2px;;text-align: justify ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; text-align: justify ;  vertical-align: middle; \"><b>HIGH FULL-YEAR RESULTS <\/b><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt; text-align:justify;\"><b>High full-year results and profitability <\/b>(&gt;\u20ac7bn for Cr\u00e9dit\u00a0Agricole\u00a0S.A., return on tangible equity of 13.5%), driven by <b>record annual revenues that were able to absorb the additional corporate income tax charge<\/b> (Cr\u00e9dit\u00a0Agricole\u00a0Group: \u20ac280m, Cr\u00e9dit\u00a0Agricole\u00a0S.A \u20ac147m)<\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\"><b>Quarterly results impacted by the effect of the first consolidation of Banco BPM and high-level quarterly revenues<\/b> driven by good performances by all business lines and marked by the upturn of Retail Banking in France <\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\"><b>Stable cost of risk<\/b> (Cr\u00e9dit\u00a0Agricole\u00a0Group: 28\u00a0basis points on outstandings, Cr\u00e9dit\u00a0Agricole\u00a0S.A.:\u00a035\u00a0basis points on outstandings)<\/li>\n<\/ul>\n<p> <b>PROPOSED 2025 DIVIDEND INCREASE TO \u20ac1.13 PER SHARE (+3% VS. 2024) <\/b><\/p>\n<p><b>STRONG GROWTH MOMENTUM IN ALL BUSINESS LINES IN 2025<\/b><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt; text-align:justify;\"><b>High loan production<\/b>: in France, upturn in home loans (+21%) and good momentum in corporate loans; strong international activity; high-level and balanced production between personal finance and mobility <\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\"><b>Record annual revenues and net inflows in Insurance<\/b>, driven by all activities, and a<b> high level of net inflows in Asset Management\u00a0<\/b> <\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\">Record <b>Corporate and Investment Banking revenues<\/b> for this quarter and for the full year <\/li>\n<\/ul>\n<p> <b>PERFORMANCES THAT CONFIRM THE TRAJECTORY OF THE ACT 2028 PLAN<\/b><\/p>\n<p><b>2026: ROLLING START<\/b><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt; text-align:justify;\">Initiatives in favour of development in France (digitalisation, new offers and services) and internationally (Germany: digital savings platform, day-to-day banking, Midcap; Asia)<\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\">Launch of innovation and performance projects (tokenized finance, AI, Data Market Place, simplification)<\/li>\n<\/ul>\n<p> <b>HIGH SOLVENCY RATIOS<\/b><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt; text-align:justify;\">Phased-in CET1 of 17.4% for Cr\u00e9dit\u00a0Agricole\u00a0Group and 11.8% for Cr\u00e9dit\u00a0Agricole\u00a0S.A. <\/li>\n<\/ul>\n<p> <b>2026 ANNUAL REFINANCING PROGRAMME 32% COMPLETED IN JANUARY<\/b><\/p>\n<p><b>CONTINUED SUPPORT FOR THE ENERGY TRANSITION <\/b> <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt; text-align:justify;\">Continued roll-out of financing and investment for the energy transition and support for the transition of households and businesses <\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\">Improvement in the CDP rating from A- to A, reflecting our progress on climate action<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table align=\"right\" style=\"border-collapse: collapse; width:508.1pt; border-collapse:collapse ;\">\n<tr>\n<td colspan=\"2\" style=\"width:677.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\n<p>\u00a0<\/p>\n<p><b>Eric Vial, <\/b><br \/>Chairman of SAS Rue La Bo\u00e9tie and Chairman of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. Board of Directors<\/p>\n<p>\u00a0<\/p>\n<p><i>\u201cThe Group continued its development in 2025 with strong growth momentum across all business lines. I welcome the 2.1 million customers who joined us this year, and I thank<\/i> <i>our elected representatives, our mutual shareholders, and all our employees who, every day, are mobilised with commitment and professionalism, with a special thought for our colleagues in Ukraine who have been working with courage and determination since the beginning of the war.\u201d<\/i><\/p>\n<p>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:677.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:676.94px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/p>\n<p><b>Olivier Gavalda,<\/b><br \/>Chief Executive Officer of Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/p>\n<p> \u00a0<\/p>\n<p><i>\u201cThe strong results we are posting in 2025 reinforce the ambitions of our ACT 2028 Strategic Plan. With this rolling start, 2026 will mark the realisation of several strategic initiatives, such as the deployment of the universal bank in Germany and the acceleration of our development in Asia.\u201d<\/i><\/p>\n<p>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><i>This press release comments on the results of Cr\u00e9dit Agricole S.A. and those of Cr\u00e9dit Agricole Group, which comprises the Cr\u00e9dit Agricole S.A. entities and the Cr\u00e9dit Agricole Regional Banks, which own 63.5% of Cr\u00e9dit Agricole S.A.\u00a0<\/i><\/p>\n<p align=\"justify\"><i>All financial data are now presented stated for Cr\u00e9dit\u00a0Agricole\u00a0Group, Cr\u00e9dit\u00a0Agricole\u00a0S.A. and the business lines results, both for the income statement and for the profitability ratios. <\/i><\/p>\n<p align=\"center\"><b>Cr\u00e9dit\u00a0Agricole\u00a0Group<\/b><\/p>\n<p><b>Group activity<\/b><\/p>\n<p align=\"justify\">The Group\u2019s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of <b>customer capture<\/b>. In the fourth quarter of 2025, the Group recorded 517,000 new customers in retail banking. The Group gained 401,000 new Retail Banking customers in France and 116,000 new International Retail Banking customers (Italy and Poland). At 31 December 2025, in retail banking, <b>on-balance sheet deposits<\/b> totalled \u20ac847\u00a0billion, up +1.2% year-on-year in France and Italy (+1.3% for Regional\u00a0Banks and LCL and +0.7% in Italy). <b>Outstanding loans<\/b> totalled \u20ac895\u00a0billion, up +1.7% year-on-year in France and Italy (+1.7% for Regional\u00a0Banks and LCL and +1.0% in Italy). <b>Home loan production<\/b> continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +9% compared to the fourth quarter of 2024. For CA\u00a0Italia, loan production was stable compared to the fourth quarter of 2024. The property and casualty insurance equipment rate<sup>1<\/sup> rose to 44.7% for the Regional Banks (+0.8\u00a0percentage points compared to the fourth quarter of 2024), 28.5% for LCL (+0.6\u00a0percentage points) and 20.3% for CA\u00a0Italia (+0.3\u00a0percentage points).<\/p>\n<p align=\"justify\">In <b>asset management<\/b>, net inflows for the quarter were very high at +\u20ac21\u00a0billion, driven by passive management, with net inflows into active management driven by fixed income and diversified strategies. In <b>insurance<\/b>, savings\/retirement gross inflows were strong, at \u20ac9.9\u00a0billion for the quarter (+19% compared to the fourth quarter of 2024), with the rate of unit-linked production remaining high at 37.6%. Net inflows were high at +\u20ac3.9\u00a0billion, positive for both euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (17.9 million contracts at end-December 2025, +7% year-on-year). The assets under management of the <b>Asset Management and Savings business lines<\/b> stood at \u20ac3,051\u00a0billion, up +6.4% year-on-year for the three business segments: \u20ac2,380\u00a0billion (+6.2% year on year) for Asset Management, \u20ac373\u00a0billion (+7.4% year on year) for Life Insurance, and \u20ac298\u00a0billion (+6.8% year on year) for Wealth Management (Indosuez Wealth Management and LCL Private Banking).<\/p>\n<p align=\"justify\">Business in the <b>SFS division<\/b> showed strong activity. At CAPFM, consumer finance outstandings increased to \u20ac122.5\u00a0billion, up +2.6% compared with end-December 2024, with car loans representing 53%<sup>2<\/sup> of total outstandings, and new loan production increased by +3.1% compared with the fourth quarter of 2024, balanced between personal finance and mobility. Regarding Cr\u00e9dit\u00a0Agricole Leasing &amp; Factoring (CAL&amp;F), leasing outstandings were \u20ac21.7\u00a0billion, up +7.1% compared to December 2024, with production up +11.7%\u00a0<sup>3<\/sup> compared to the fourth quarter of 2024. However, factoring activity was lower, with a decline in production of -28% year on year, compared to a high fourth quarter of 2024.<\/p>\n<p align=\"justify\">The <b>Large Customers<\/b> segment saw strong momentum, with record revenue achieved for the fourth quarter and the full year. The <b>capital markets and investment banking<\/b> activity posted a high level of revenues (+7.3% compared to the fourth quarter of 2024) thanks to the good performance of capital markets, which benefited from the good results of the fixed income and repo activities, and of investment banking, driven by structured equity. Financing activities (-1.4% compared to the fourth quarter of 2024) were driven by commercial banking, with dynamic activity in the Telecom sector in particular, while the structured financing activity was lower, with an unfavourable base effect for aerospace. Lastly, <b>Asset Servicing<\/b> recorded a high level of assets under custody at \u20ac5,896\u00a0billion and assets under administration of \u20ac3,705\u00a0billion (+11.4% and +9.1%, respectively, compared with the end of December 2024), and benefited from customer capture and positive market effects over the quarter. <\/p>\n<p><b>Strategic transactions in 2025<\/b><\/p>\n<p align=\"justify\"><b>In 2025<\/b>, the Group continued its momentum in partnerships and equity investments, <b>notably with structuring partnerships and targeted acquisitions in Europe, Asia, and the United States<\/b>. In particular, the year saw the launch of a partnership with Victory Capital in the United States, the increase in our stake in Banco BPM in Italy, and a long-term partnership with Crelan in Belgium. The Group also acquired non-controlling interests in CACEIS and formed a major partnership with ICG in private assets. In China, it acquired a 50% stake in GAC Leasing. At the same time, several strategic acquisitions were carried out, including Merca Leasing in Germany, Petits-fils in France, Banque Thaler in Switzerland, as well as the acquisition of a majority stake in Comwatt to accelerate energy transitions. Lastly, two acquisition projects were launched: a joint transaction led by LCL and CA\u00a0Assurances targeting Milleis Bank, and the acquisition of BNPP\u2019s Monaco portfolio by Indosuez Wealth Management. These key transactions strengthen the Group\u2019s position as a leading European player and accelerate its development in high-potential markets.<\/p>\n<p><b>Strategic deployment in 2026<\/b><\/p>\n<p align=\"justify\">The 2026 outlook is based on a set of favourable factors: the continuation and acceleration of the commercial momentum, amplified by the roll-out of new strategic initiatives; the gradual integration of recent acquisitions \u2013 ISB, Degroof Petercam, Thaler, Victory Capital, the BNPP Monaco portfolio, Alpha Associates and Merca Leasing \u2013 which are set to generate synergies and strengthen the Group\u2019s positioning in its key markets.\u00a0The Retail Banking and Personal Finance business lines in France are expected to continue to benefit from the upturn in margins, while mobility activities are set to see a recovery in the profitability of Leasys, a return to growth in China and growth in insurance and related services. Corporate and Investment Banking should confirm an improvement in its positioning serving its customers. In addition, Banco BPM will now make a recurring and high contribution to profit, of around \u20ac100\u00a0million per quarter. This solid momentum could nevertheless be mitigated by an environment marked by macroeconomic uncertainties in France, a higher tax impact and the capping of the interest margin in several entities (CA\u00a0Italia, CACEIS, Indosuez Wealth Management).<\/p>\n<p align=\"justify\"><b>2026: rolling start<\/b><\/p>\n<p align=\"justify\">Cr\u00e9dit Agricole is launching new initiatives as part of its strategic development.<\/p>\n<p align=\"justify\"><b>In France<\/b>, Cr\u00e9dit\u00a0Agricole continues the development of its Retail Banking via the digitalisation of journeys and the development of offerings adapted to the uses of strategic customer segments.<\/p>\n<p align=\"justify\">In the fourth quarter of 2025, the Regional Banks will begin implementing the 100% digitalised agreement in principle for the home loan process. From 2026, several initiatives will bolster this momentum, in particular the launch, by the Regional Banks, of a disruptive solution for young people, and the roll-out by LCL of a 100% digital access banking offer for individuals and professionals (L by LCL Pro). In addition, the creation of Indosuez Corporate Advisory will support the executive shareholders of SMEs and Mid Caps.<\/p>\n<p align=\"justify\">These initiatives are drivers of the more ambitious 2028 targets in terms of commercial capture, with <b>gross capture of 8\u00a0million customers<\/b>, Cr\u00e9dit\u00a0Agricole\u2019s positioning as <b>the leading bank for young people<\/b>, and <b>1\u00a0million additional business and SME customers<\/b> in gross terms.<\/p>\n<p align=\"justify\"><b>Internationally, <\/b>the Group is also continuing its development.<b> In Germany, <\/b>Cr\u00e9dit\u00a0Agricole will launch a digital savings platform in 2026, offering on-balance sheet deposit products at the beginning, supplemented in 2027 by an off-balance sheet deposit offering. The Group also plans to launch an everyday banking offering based on essential banking products. In addition, a joint LCL\/Cr\u00e9dit\u00a0Agricole\u00a0CIB initiative to strengthen support for European MSEs will be developed later in the year. <b>In Asia<\/b>, CACEIS will open a branch in Singapore in 2026.<\/p>\n<p align=\"justify\">These initiatives target, by 2028, <b>2\u00a0million customers in Germany<\/b>, more than <b>\u20ac40\u00a0billion in deposits in Europe<\/b> via the digital platform, and the <b>capture of 200 European MSE Group customers outside France.<\/b><\/p>\n<p align=\"justify\"><b>At the same time, Cr\u00e9dit\u00a0Agricole plans to launch several innovation and performance projects.<\/b> Amundi, in partnership with CACEIS, has launched its first tokenised fund. From 2026, the Group plans to roll out an artificial intelligence assistant for employees, a Group data marketplace, as well as the first measures to simplify the Finance function, including simplifying reporting and setting up expertise hubs, particularly in the area of securitisation.<\/p>\n<p align=\"justify\">These transformations should <b>speed up the time-to-market<\/b> with the target of halving it, and improve the Group\u2019s operational efficiency, with a <b>cost\/income ratio below 55% by 2028<\/b>.<\/p>\n<p><b>Continued support for the energy transition <\/b><\/p>\n<p align=\"justify\">The Group is continuing the mass roll-out of financing and investment to promote the energy transition. Thus, the exposure of Cr\u00e9dit\u00a0Agricole\u00a0Group to low-carbon financing\u00a0<sup>4<\/sup> increased 2.6 fold between the end of 2020 and September 2025, with \u20ac28.6\u00a0billion at 30 September 2025. Moreover, Cr\u00e9dit\u00a0Agricole Assurances exceeded its 14\u00a0GW target for the financing of renewable energy production capacity, with 16.2\u00a0GW at 30 September 2025.<\/p>\n<p align=\"justify\">At the same time, as a universal bank, Cr\u00e9dit\u00a0Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition\u00a0<sup>5<\/sup> amounted to \u20ac116.5\u00a0billion at 30 September 2025, including \u20ac84.9\u00a0billion for energy-efficient property and \u20ac7.2\u00a0billion for \u201cclean\u201d transport and mobility.<\/p>\n<p align=\"justify\">Furthermore, the Group is continuing to phase out its financing of carbon-based energies and is disclosing its progress at end 2025 in three sectors, in line with or ahead of their 2030 targets. (vs. a 2020 baseline). Financed emissions in the oil and gas sector were reduced by -81% at end 2025 compared to a target of -75% by the end of 2030. The intensity of financed emissions in the power sector\u00a0<sup>6<\/sup> was down by -44% at end 2025, for a target of -58% by the end of 2030. Lastly, the intensity of financed emissions in the automotive sector dropped by -24% at the end of 2025, with a target of 50% by the end of 2030.<\/p>\n<p align=\"justify\">For the first time, Cr\u00e9dit\u00a0Agricole\u00a0S.A. was awarded an A\/Leadership rating by CDP for its climate strategy, two notches above the sector average. This increase reflects the maturity of Cr\u00e9dit\u00a0Agricole\u2019s climate governance, the relevance of its disclosures on these matters and its progress in decarbonisation. <\/p>\n<p><b>Group results<\/b><\/p>\n<p align=\"justify\"><b>In the fourth quarter\u00a0of 2025<\/b>, the Cr\u00e9dit\u00a0Agricole\u00a0Group\u2019s<b> net\u00a0income\u00a0Group\u00a0share<\/b> came to <b>\u20ac1,634\u00a0million<\/b>, down -23.9% compared to the fourth quarter\u00a0of\u00a02024, with a -\u20ac607\u00a0million impact of the first consolidation of Banco BPM on the equity-accounted line.<\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025<\/b>, <b>revenues<\/b> amounted to \u20ac9,971\u00a0million, up +1.6% compared to the fourth quarter of 2024. <b>Operating expenses<\/b> were stable (+0.9%) and totalled -\u20ac5,917\u00a0million. Overall, Credit\u00a0Agricole\u00a0Group saw its<b> cost\/income ratio <\/b>reach 59.3% in the fourth quarter of 2025, a slight improvement of -0.4\u00a0percentage point compared to the fourth quarter of 2024. <b>Gross operating income <\/b>thus stood at \u20ac4,054\u00a0million, an increase of +2.5% compared to the fourth quarter of 2024.<\/p>\n<p align=\"justify\">The <b>cost of credit risk <\/b>stood at -\u20ac1,009\u00a0million, an increase of +16.3% compared to the fourth quarter of 2024. It includes a net addition of -\u20ac34\u00a0million to provisions on performing loans (stages 1 and 2) and a net addition of -\u20ac876\u00a0million for the cost of proven risk (stage 3). There was also a net addition of -\u20ac99\u00a0million for other risks, including a provision linked to Banca Progetto\u2019s recovery plan for -\u20ac30\u00a0million at CA\u00a0Italia and an additional provision for legal risk for UK car loans for -\u20ac41\u00a0million at CAPFM. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a central scenario (French GDP at +0.7% in 2025, +1.2% in 2026), an unfavourable scenario (French GDP at +0.6% in 2025 and -0.3% in 2026) and an adverse scenario (French GDP at 0.6% in 2025 and -1.2% in 2026). The <b>cost of risk\/outstandings<\/b>\u00a0<sup>7<\/sup> <b>reached 28\u00a0basis points over a four rolling quarter period <\/b>and 33\u00a0basis points on an annualised quarterly basis\u00a0<sup>8<\/sup>. <\/p>\n<p align=\"justify\"><b>Pre-tax income stood at \u20ac2,424\u00a0million<\/b>, a year-on-year decrease of -23.0% compared to fourth quarter 2024. This includes the <b>contribution from equity-accounted entities<\/b> for -\u20ac603\u00a0million\u00a0(taking into account the impact of the first consolidation of Banco BPM for -\u20ac607\u00a0million). The <b>tax charge <\/b>was -\u20ac616\u00a0million, down -\u20ac167\u00a0million, or -21.4% over the period. <\/p>\n<p align=\"justify\"><b>Net\u00a0income before non-controlling\u00a0interests <\/b>was down -23.6% to \u20ac1,807\u00a0million. <b>Non-controlling interests<\/b> decreased -20.4%.<\/p>\n<p align=\"justify\"><b>For the full year 2025, <\/b>net income Group share was \u20ac8,754\u00a0million, up +1.3% compared to 2024. <\/p>\n<p align=\"justify\"><b>Revenues<\/b><b> totalled \u20ac39,558\u00a0million, <\/b>up <b>+3.<\/b><b>9<\/b><b>%<\/b> compared to\u00a02024. <b>Operating expenses<\/b> amounted to -\u20ac23,568\u00a0million, a +3.7% increase over the year, due to support for business line development, IT expenditure and the integration of scope effects. <b>The cost\/income ratio<\/b> was stable at 59.6% in 2025 (-0.1\u00a0percentage\u00a0point) compared with 2024. <b>Gross operating income<\/b> thus stood at \u20ac15,990\u00a0million, an increase of +4.3% compared to 2024.<\/p>\n<p align=\"justify\">The<b> cost of risk<\/b> for full-year 2025 increased to -\u20ac3,452\u00a0million, of which -\u20ac78\u00a0million in cost of risk on performing loans (stages 1 and 2), -\u20ac3,202\u00a0million in cost of proven risk, and -\u20ac172\u00a0million in other risks, i.e. an increase of +8.2% compared to full-year 2024.<\/p>\n<p align=\"justify\">At 31 December 2025, risk indicators confirm <b>the high quality of Cr\u00e9dit\u00a0Agricole\u00a0Group\u2019s assets and risk coverage level<\/b>. Loan loss reserves amounted to \u20ac22.2\u00a0billion at the end of December 2025 (\u20ac12.6\u00a0billion for Regional Banks), 41% of which represented provisioning of performing loans (46% for Regional Banks). The prudent management of these loan loss reserves enabled the Cr\u00e9dit\u00a0Agricole\u00a0Group to post an overall coverage ratio for doubtful loans of 82.2% at the end of December 2025.<\/p>\n<p align=\"justify\"><b>Net income from equity-accounted entities<\/b> came to -\u20ac423\u00a0million, compared with +\u20ac283\u00a0million at the end of 2024, impacted by the first consolidation of Banco BPM for -\u20ac607\u00a0million in the fourth quarter of 2025. <b>Net income on other assets<\/b> was\u00a0\u20ac437\u00a0million compared to -\u20ac39\u00a0million in 2024, benefiting from the +\u20ac453\u00a0million gain on the deconsolidation of Amundi US recorded in the second quarter of 2025. Pre-tax\u00a0income\u00a0before discontinued operations and non-controlling interests rose by +1.3% to \u20ac12,552\u00a0million. <b>The tax charge<\/b> stood at <br \/>-\u20ac3,018\u00a0million, up +4.5%, impacted by the additional corporate income tax charge of +\u20ac280\u00a0million. <\/p>\n<p align=\"justify\"><b>Net income before non-controlling\u00a0interests<\/b> was \u20ac9,535\u00a0million, a slight increase of +0.4\u00a0percentage point compared to 2024. <b>Non-controlling interests<\/b> amounted to -\u20ac781\u00a0million, down -9.2%, impacted in particular by the acquisition of non-controlling interests in CACEIS (+\u20ac140\u00a0million) in 2025.<\/p>\n<p>Credit Agricole Group, Income statement Q4-25 and 2025<\/p>\n<table style=\"border-collapse: collapse; width:495.65pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:264.6px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">En m\u20ac<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">Q4-25<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">Q4-24<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">\u2206 Q4\/T4<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">2025<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">2024<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">\u2206 12M\/12M<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>9,971<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>9,817<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+1.6%<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>39,558<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>38,060<\/b><\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+3.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(5,917)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(5,863)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+0.9%<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(23,568)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(22,729)<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+3.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>4,054<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>3,954<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+2.5%<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>15,990<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>15,332<\/b><\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+4.3%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,009)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(867)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+16.3%<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,452)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,191)<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+8.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(603)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">80<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(423)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">283<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(19)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(20)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(7.2%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">437<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(39)<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Change in value of goodwill<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">4<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(97.8%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">4<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(97.8%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,424<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>3,150<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(23.0%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>12,552<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>12,388<\/b><\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+1.3%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(616)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(784)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(21.4%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,018)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2,888)<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+4.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Net income from discont&#8217;d or held-for-sale ope.<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,807<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,366<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(23.6%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>9,535<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>9,500<\/b><\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+0.4%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(173)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(217)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(20.4%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(781)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(860)<\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(9.2%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,634<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,149<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(23.9%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>8,754<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>8,640<\/b><\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+1.3%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Cost\/Income ratio (%)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>59.3%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>59.7%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>-0.4 pp<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>59.6%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>59.7%<\/b><\/td>\n<td style=\"width:78.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>-0.1 pp<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>Regional banks<\/b><\/p>\n<p align=\"justify\"><b>Gross customer capture <\/b>totalled 286,000 new customers over the quarter and 1,186,000 for the year. The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.8% (at the end of September 2025, source: Banque de France), up by +0.1\u00a0percentage point compared to September 2024. <b>Loan production remains buoyant, up<\/b> +16.5% compared to the fourth quarter of 2024, driven by home loans, which rose +17.6%, and also by specialised markets, which rose +16.9% compared to the fourth quarter of 2024. The average production rate for home loans reached 2.98%\u00a0<sup>9<\/sup>. The global loan stock rate improved year-on-year (+6\u00a0basis points). <b>Outstanding loans <\/b>totalled \u20ac658\u00a0billion at the end of December 2025, up by +1.6% year-on-year across all markets and up slightly by +0.6% over the quarter. <\/p>\n<p align=\"justify\"><b>Customer assets <\/b>were up +3.6% year-on-year to reach \u20ac944\u00a0billion at the end of December 2025. This growth was driven both by on-balance sheet deposits, which reached \u20ac616\u00a0billion (+1.7% year-on-year), driven by demand deposits (+3%) and passbook accounts (+3.9%) and off-balance sheet deposits, which reached \u20ac328\u00a0billion (+7.6% year-on-year), benefiting from strong inflows in life insurance. <b>The market share of on-balance sheet deposits<\/b> is up compared to last year and stands at 20.4% (Source Banque de France, data at the end of September 2025, i.e. +0.1 percentage points compared to September 2024). The <b>equipment rate for property and casualty insurance<\/b>\u00a0<sup><b>10<\/b><\/sup> was 44.7% at the end of December 2025 and continues to rise (up +0.8\u00a0pp compared to the end of December 2024). In terms of <b>payment instruments<\/b>, the number of cards rose by +1.7% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.8\u00a0percentage points year-on-year to account for 19.2% of total cards.<\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025, the Regional Banks\u2019 consolidated revenues, including the SAS Rue La Bo\u00e9tie dividend<\/b>, amounted to \u20ac3,730\u00a0million, up +14.9% compared to the fourth quarter of 2024. This increase was driven by consecutive growth in the intermediation margin (+18.7% compared to the fourth quarter of 2024, and +16.3% compared to the third quarter of 2025) linked to the decrease in the cost of resources over the quarter. Fee and commission income in insurance, account management and payment instruments were dynamic and rose over the period (+11% compared to the fourth quarter of 2024). <b>Operating expenses<\/b> were contained (up +3.5% compared to the fourth quarter of 2024) and the <b>cost\/income ratio<\/b> improved by -7.6\u00a0percentage points. The <b>cost of risk was in line with the previous quarters<\/b> (+2.4% compared to the third quarter of 2025), at -\u20ac383\u00a0million. The <b>cost of risk\/outstandings <\/b>(over four rolling quarters) was stable compared to the third quarter of 2025, at 22\u00a0basis points. The <b>consolidated net income <\/b>of the Regional Banks stood at \u20ac577\u00a0million, up +37.8% compared with the fourth quarter of 2024. Lastly, <b>the Regional Banks\u2019 contribution to net income Group share<\/b> was \u20ac571\u00a0million in the fourth quarter of 2025, up +41.7% compared to the fourth quarter of 2024. <\/p>\n<p align=\"justify\"><b>In full-year 2025<\/b>, <b>revenues including the SAS Rue La Bo\u00e9tie dividend <\/b>were up +6.2% compared to the same period in 2024. Operating expenses rose by +2.9%, and the <b>cost of risk<\/b> increased by +11.8%. <b>The Regional Banks\u2019 net income Group share<\/b>, <b>including SAS Rue La Bo\u00e9tie\u2019s dividend<\/b>, amounted to \u20ac3,753\u00a0million, up +8.1% compared to full-year 2024. <b>The Regional Banks\u2019 contribution to the results of Cr\u00e9dit\u00a0Agricole\u00a0Group in full-year 2025 <\/b>amounted to \u20ac1,545\u00a0million (+8.5% compared to 2024), with revenues of \u20ac13,912\u00a0million (+6.1%), expenses of -\u20ac10,252\u00a0million (+3.0%) and a cost of risk of -\u20ac1,471\u00a0million (+11.5%). <\/p>\n<p align=\"center\"><b>Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/b><\/p>\n<p><b>Results <\/b><\/p>\n<p align=\"justify\">Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s Board of Directors, chaired by Eric Vial, met on 3 February 2026 to examine the financial statements for the fourth quarter and full year 2025. <\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025, <\/b>Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s <b>net income Group Share\u00a0<\/b>amounted to<b>\u00a0\u20ac1,025\u00a0million<\/b>, a decrease of -39.3% compared to the fourth quarter of 2024, with a -\u20ac607\u00a0million impact of the first consolidation of Banco BPM on the equity-accounted line.<\/p>\n<p align=\"justify\"><b>Revenues<\/b> totalled \u20ac6,966\u00a0million, down -1.8% compared to the fourth quarter of 2024. The growth in revenues of the Asset Gathering division (+2.9%) resulted from dynamic activity across all business lines, a positive scope effect linked to the integration of Insurance entities in partnership with Banco BPM (+\u20ac58\u00a0million), offset by an unfavourable scope effect linked to the deconsolidation of Amundi US (-\u20ac93\u00a0million). The revenues of the Large Customers division increased by +2.1%, driven by record revenues at Cr\u00e9dit\u00a0Agricole\u00a0CIB and dynamic activity at CACEIS. The revenues of the Specialised Financial Services division (-0.8%) were up excluding the adverse base effect (-\u20ac30\u00a0million) for CAPFM and benefited from the integration of Merca Leasing (+\u20ac21.5\u00a0million). For the Personal Finance activity, price and volume effects were positive, while the Mobility activity continued to be impacted by the competitive environment. The revenues of Retail Banking in France (+6.5%) benefited from an upturn in the net interest margin and growth in fee and commission income. The revenues of International Retail Banking (+3.0%) were supported by the increase in fee and commission income in Italy. Corporate Centre revenues were down by -\u20ac315\u00a0million, mainly impacted by the revaluation of Banco BPM securities (-\u20ac320\u00a0million) and the increase in the dividend received from Banco BPM (+\u20ac78\u00a0million).<\/p>\n<p align=\"justify\"><b>Operating expenses <\/b>in the fourth quarter of 2025 stood at -\u20ac4,100\u00a0million, an increase of +4.7% compared to the fourth quarter of 2024. The -\u20ac182\u00a0million increase in expenses over the period includes favourable scope effects and integration costs of +\u20ac1\u00a0million, an increase in restructuring costs and impact of the DGS (deposit guarantee fund in Italy) for -\u20ac88\u00a0million. Excluding these non-recurring items, expenses increased by +2.5% compared to the fourth quarter of 2024. <\/p>\n<p align=\"justify\"><b>Gross operating income<\/b> in the fourth quarter of 2025 amounted to \u20ac2,867\u00a0million, down -9.7% compared to the fourth quarter of 2024. <\/p>\n<p align=\"justify\">At 31 December 2025, risk indicators confirm <b>the high quality of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s assets and risk coverage level<\/b>. The Non-Performing Loans ratio showed little change from the previous quarter and remained low at 2.4%. The coverage ratio\u00a0<sup>11<\/sup> was high at 71.5%, down -1.2\u00a0percentage points over the quarter. <b>Loan loss reserves<\/b> amounted to \u20ac9.6\u00a0billion for Cr\u00e9dit\u00a0Agricole\u00a0S.A., a +\u20ac0.1\u00a0billion increase from end-September 2025. Of these loan loss reserves, 34.3% were for provisioning for performing loans. <\/p>\n<p align=\"justify\"><b>Cost of risk<\/b> was a net addition of -\u20ac629\u00a0million, up +5.9% compared to the fourth quarter of 2024. It includes a net addition for non-performing loans (stage 3) of -\u20ac508\u00a0million (compared to a net addition of -\u20ac297\u00a0million in the fourth quarter of 2024) and a net addition on performing loans (stages 1 and 2) of -\u20ac4\u00a0million (compared to a net addition of -\u20ac278\u00a0million in the fourth quarter of 2024). Also noteworthy is a net addition of -\u20ac117\u00a0million for other risks (compared to a net addition of -\u20ac18\u00a0million in the fourth quarter of 2024), notably including a provision linked to Banca Progetto\u2019s recovery plan for -\u20ac30\u00a0million at CA\u00a0Italia and an additional provision for legal risk for UK car loans for -\u20ac41\u00a0million at CAPFM. By business line, 50% of the net addition for the quarter came from Specialised Financial Services (52% at end-December 2024), 21% from LCL (13% at end-December 2024), 20% from International Retail Banking (17% at end-December 2024), 15% from Large Customers (16% at end-December 2024) and -8% from the Corporate Centre (1% at end-December 2024) due to a revision of the models, which resulted in a reversal of stage 1 and stage 2 provisions. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a central scenario (French GDP at +0.7% in 2025, +1.2% in 2026), an unfavourable scenario (French GDP at +0.6% in 2025 and -0.3% in 2026) and an adverse scenario (French GDP at 0.6% in 2025 and -1.2% in 2026). In the fourth quarter of 2025, the cost of risk\/outstandings was 35\u00a0basis points over a rolling four-quarter period\u00a0<sup>12<\/sup> and 45\u00a0basis points on an annualised quarterly basis\u00a0<sup>13<\/sup> (a deterioration of 1\u00a0basis point versus the fourth quarter of 2024 for both ratios).<\/p>\n<p align=\"justify\">The contribution of the<b> equity-accounted entities <\/b>was -\u20ac633\u00a0million\u00a0in fourth quarter 2025 versus \u20ac62\u00a0million in fourth quarter 2024. This change is explained in particular by the impact of first consolidation of Banco BPM in the fourth quarter of 2025 for -\u20ac607\u00a0million. At CAPFM, Leasys was penalised by the revision of the used vehicle remarketing values and the deterioration of activity in China in past quarters affected the contribution of GAC Sofinco. <b>Pre-tax income<\/b>, discontinued operations and non-controlling interests therefore decreased by -39.3% to \u20ac1,599\u00a0million. The <b>tax charge <\/b>was -\u20ac376\u00a0million, versus -\u20ac681\u00a0million for the fourth quarter of 2024. This reduction in the tax charge is linked in particular to the positive effect of infra-annual variations. <b>Net\u00a0income before non-controlling\u00a0interests<\/b> was down -37.4% to \u20ac1,223\u00a0million. <b>Non-controlling interests<\/b> amounted to -\u20ac199\u00a0million in fourth quarter 2025, down -24.6%, benefiting from the acquisition of Santander\u2019s non-controlling interests in CACEIS completed in the third quarter.<\/p>\n<p align=\"justify\"><b>In\u00a02025<\/b>, net income Group share amounted to\u00a0\u20ac7,074\u00a0million, a stable level compared to\u00a0\u20ac7,087\u00a0million for the year 2024. <\/p>\n<p align=\"justify\"><b>Revenues <\/b>were<b> \u20ac28,079\u00a0million<\/b>, up<b> +3.3%<\/b> compared to\u00a02024, driven by all divisions. <\/p>\n<p align=\"justify\"><b>Operating expenses <\/b>were up +4.9%, especially in connection with supporting the development of business lines and the integration of scope effects. The cost\/income ratio stood at 55.7% over the period, an increase of +0.9\u00a0percentage point compared to 2024. <b>Gross operating income<\/b> thus reached \u20ac12,451\u00a0million, up +1.3% compared to 2024. <\/p>\n<p align=\"justify\">The <b>cost of risk<\/b> increased by +6.6% over the period, to -\u20ac1,973\u00a0million, versus -\u20ac1,850\u00a0million for the full year 2024. <\/p>\n<p align=\"justify\">The contribution of <b>equity-accounted entities<\/b> came to -\u20ac527\u00a0million over the full-year 2025, compared with +\u20ac194\u00a0million in 2024, impacted by the first consolidation of Banco BPM for -\u20ac607\u00a0million in the fourth quarter of 2025. <b>Net income on other assets<\/b> was \u20ac452\u00a0million for the full-year 2025 compared to -\u20ac4\u00a0million in 2024, benefiting from the +\u20ac453\u00a0million gain on the deconsolidation of Amundi US in the second quarter of 2025. <b>Pre-tax income<\/b>, discontinued operations and non-controlling interests therefore decreased by -2.1% to \u20ac10,402\u00a0million. The <b>tax charge<\/b> was -\u20ac2,349\u00a0million, versus -\u20ac2,472\u00a0million in 2024. This includes the impact of the exceptional corporate income tax of -\u20ac147\u00a0million and benefited from the drop in the effective tax rate of -2.2\u00a0percentage points compared to 2024. <\/p>\n<p align=\"justify\"><b>Net\u00a0income before non-controlling\u00a0interests <\/b>was \u20ac8,053\u00a0million, down -1.2% compared to 2024. <b>Non-controlling interests <\/b>were -\u20ac979\u00a0million in 2025, down -8.3% compared to 2024, impacted in particular by the acquisition of CACEIS non-controlling interests (+\u20ac140\u00a0million) in 2025.<\/p>\n<p align=\"justify\"><b>Earnings per share reached\u00a0\u20ac2.18 in 2025<\/b> compared to \u20ac2.11 in 2024.<\/p>\n<p align=\"justify\">The <b>RoTE<\/b><sup>14<\/sup> was <b>13.5%<\/b> <b>for the full-year 2025<\/b>, stable compared to 2024. <\/p>\n<p>Cr\u00e9dit Agricole S.A. Income statement Q4-25 and 2025<\/p>\n<table style=\"border-collapse: collapse; width:481.9pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">En m\u20ac<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">Q4-25<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">Q4-24<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">\u2206 Q4\/Q4<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">2025<\/td>\n<td style=\"width:60.47px;;vertical-align: middle ; \"> 2024<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">\u2206 12M\/12M<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>6,966<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>7,092<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(1.8%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>28,079<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>27,181<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+3.3%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(4,100)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,917)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+4.7%<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(15,628)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(14,895)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+4.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,867<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>3,175<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(9.7%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>12,451<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>12,286<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+1.3%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(629)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(594)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+5.9%<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,973)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,850)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">+6.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(633)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">62<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(527)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">194<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(5)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(40.7%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">452<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(4)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Change in value of goodwill<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,599<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,634<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(39.3%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>10,402<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>10,625<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(2.1%)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(376)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(681)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(44.8%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2,349)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2,472)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(4.9%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Net income from discont&#8217;d or held-for-sale ope.<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">n.m.<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,223<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,953<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(37.4%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>8,053<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>8,153<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(1.2%)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(199)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(264)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(24.6%)<\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(979)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,067)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(8.3%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,025<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>1,689<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(39.3%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>7,074<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>7,087<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(0.2%)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Earnings per share (\u20ac)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>0.30<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>0.52<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>(42.9%)<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2.18<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2.11<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+3.4%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264.6px;;vertical-align: middle ; \"><b>Cost\/Income ratio (%)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>58.9%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>55.2%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+3.6 pp<\/b><\/td>\n<td style=\"width:15.14px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>55.7%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>54.8%<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>+0.9 pp<\/b><\/td>\n<\/tr>\n<\/table>\n<p>\u00a0\u00a0<\/p>\n<p><b>Analysis of the activity and the results of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s divisions and business lines <\/b><\/p>\n<p><b>Activity of the Asset Gathering division<\/b><\/p>\n<p align=\"justify\">At end-December 2025, the assets under management of the Asset Gathering (AG) division stood at \u20ac3,051\u00a0billion, up +\u20ac77\u00a0billion over the quarter (i.e. +2.6%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Year-on-year, assets under management increased by +\u20ac184\u00a0billion, i.e. +6.4%.<\/p>\n<p align=\"justify\"><b>Insurance activity (Cr\u00e9dit\u00a0Agricole\u00a0Assurances)<\/b> was very strong, with total revenues at a high level of \u20ac13.1\u00a0billion, up +20.4%<sup>15<\/sup> compared to fourth quarter 2024. Annual revenues reached a record level of \u20ac52.4\u00a0billion.<\/p>\n<p align=\"justify\"><b>In Savings\/Retirement<\/b>, fourth quarter 2025 <b>revenues<\/b> reached \u20ac9.9\u00a0billion, up +19.5% compared to fourth quarter 2024, in a favorable market environment. The strong momentum of gross inflows was observed both for France (+20%) and International (+17%); and both for unit-linked (+21%) and euro (+19%) accounts, as well as for collective retirement with a significant new contract. The unit-linked rate in gross inflows<sup>16<\/sup> was up at 37.6% (+0.2\u00a0point) compared to fourth quarter 2024. Net inflows were dynamic and reached +\u20ac3.9\u00a0billion (+\u20ac1.4\u00a0billion compared to the fourth quarter of 2024), comprised of +\u20ac1.6\u00a0billion net inflows into euro funds and +\u20ac2.3\u00a0billion into unit-linked contracts. <\/p>\n<p align=\"justify\"><b>Assets under management <\/b>(savings, retirement and funeral insurance) continued to grow and came to \u20ac373.0\u00a0billion (up +\u20ac25.7\u00a0billion year-on-year, or +7.4%). The growth in assets under management was driven by record net inflows of +\u20ac15.9\u00a0billion and positive market effects. Unit-linked contracts accounted for 31.1% of outstandings, up +1.2 percentage points compared to the end of December 2024.<\/p>\n<p align=\"justify\"><b>In property and casualty insurance<\/b>, premium income rose to \u20ac1.5\u00a0billion in the fourth quarter of 2025, up +22.7%\u00a0<sup>17<\/sup> compared to the fourth quarter of 2024. The average premium benefited from a positive price effect of revised rates due to climate change and the inflation of repair costs as well as changes in the product mix, and a volume effect, with a portfolio of \u20ac17.9\u00a0million\u00a0policies at the end of December 2025 (or +7.3%\u00a0<sup>18<\/sup> year-on-year). Lastly, the combined ratio at the end of December 2025 stood at 94.6%\u00a0<sup>19<\/sup>, up +0.2\u00a0percentage point year-on-year. <\/p>\n<p align=\"justify\">In <b>death &amp; disability\/creditor\/group insurance<\/b>, premium income for the fourth quarter of 2025 stood at \u20ac1.7\u00a0billion, up +24.0%\u00a0<sup>20<\/sup> compared to the fourth quarter of 2024. Individual death &amp; disability showed growth of +17.3% <sup>21<\/sup> related to the increase in the average amount of guarantees. Creditor insurance recorded a stable premium over the period, with slight growth in home loans partially offset by a decline in international consumer finance. Group insurance posted a sharp rise (+27.6% compared to the fourth quarter of 2024), notably with the entry into force of the IEG contract on 1 July. <\/p>\n<p align=\"justify\"><b>In Asset Management (Amundi),<\/b> assets under management by Amundi increased by +2.7% and +6.2% respectively over the quarter and the year, reaching a new record of \u20ac2,380\u00a0billion at the end of December 2025. Assets under management benefited from a high level of inflows over the quarter (+\u20ac21\u00a0billion), and a positive market and foreign exchange effect of +\u20ac42\u00a0billion. Net inflows were driven by passive management (+\u20ac21\u00a0billion) and active management (+\u20ac5\u00a0billion) driven by fixed income and diversified strategies. Net inflows were positive for retail, institutional investors and JVs. In retail (+\u20ac6.8\u00a0billion), net inflows benefited from the continued strong momentum of third-party distribution (+\u20ac11.1\u00a0billion), especially due to digital platforms. In the institutional segment,\u00a0net inflows amounted to +\u20ac13.2\u00a0billion in the fourth quarter thanks to several significant new mandates. The JV segment recorded net inflows of +\u20ac0.9\u00a0billion over the period, with strong inflows in India. In total for the year 2025, net inflows are at a very high level and reached +\u20ac88\u00a0billion, an increase of +58% compared to the previous year.<\/p>\n<p align=\"justify\">In <b>Wealth Management<\/b>, total assets under management (CA\u00a0Indosuez Wealth Management and LCL Private Banking) amounted to \u20ac298\u00a0billion at the end of December 2025 and were up +6.8% compared to December 2024 and +2.7% compared to September 2025. <\/p>\n<p align=\"justify\">For <b>Indosuez Wealth Management<\/b>, assets under management at the end of December stood at \u20ac233\u00a0billion\u00a0<sup>22<\/sup>, up +3.2% compared to the end of September 2025, with record positive net inflows of +\u20ac3.9\u00a0billion, confirming the recovery seen in the third quarter. The increase in assets under management also benefited from a foreign exchange and market impact of +\u20ac3.2\u00a0billion. Commercial activity increased sharply over the quarter, notably with a 21% Q4\/Q4 rise in transactional income, reflecting in particular a higher volume of structured products compared to last year, and an increase in outstanding loans of +15%.<\/p>\n<p align=\"justify\">Compared to the end of December 2024, assets under management were up by +\u20ac18.2\u00a0billion (or +8.5%), thanks to net inflows of +\u20ac6.2\u00a0billion, the impact of the integration of Banque Thaler (+\u20ac3.3\u00a0billion in the third quarter of 2025) and a positive market and foreign exchange effect.<\/p>\n<p><b>Results of the Asset Gathering division <\/b><\/p>\n<p align=\"justify\">In the fourth quarter of 2025, Asset Gathering generated <b>revenues <\/b>of \u20ac2,105\u00a0million, up +2.9% compared to the fourth quarter of 2024. <b>Expenses<\/b> increased +5.3% to -\u20ac979\u00a0million and gross operating income came to \u20ac1,127\u00a0million, +1% compared to the fourth quarter of 2024. The <b>cost\/income ratio<\/b> for the fourth quarter of 2025 stood at 46.5%, up +1.0\u00a0percentage\u00a0points compared to the same period in 2024. <b>Equity-accounted entities<\/b> contributed \u20ac64\u00a0million, compared to \u20ac29\u00a0million in the fourth quarter of 2024, due in particular to the \u20ac29\u00a0million contribution of Victory Capital. Consequently, <b>pre-tax income <\/b>was up by +3.9% and stood at \u20ac1,178\u00a0million in the fourth quarter of 2025. The <b>net income Group share<\/b> showed an increase of +14.0% to \u20ac792\u00a0million.<\/p>\n<p align=\"justify\"><b>In 2025<\/b>, the Asset Gathering division generated <b>revenues<\/b> of \u20ac8,000\u00a0million, up +4.6% compared to 2024. Expenses rose by +11.4% to -\u20ac3,747\u00a0million. As a result, the cost\/income ratio stood at 46.8%, up +2.8\u00a0percentage\u00a0points compared to 2024. Gross operating income stood at \u20ac4,253\u00a0million, down -0.7% compared with 2024. <b>Equity-accounted entities <\/b>showed a contribution of \u20ac201\u00a0million, up +63.2%, especially in relation to the contribution of Victory Capital since the second quarter of 2025 in the Asset Management division; the stake in Victory Capital is now 26.7%. The <b>net income on other assets<\/b> is impacted by the recognition of a capital gain of \u20ac452\u00a0million also related to the deconsolidation of Amundi US. Taxes stood at -\u20ac1,052\u00a0million, a +8.0% increase. <b>Net income Group share<\/b> of the Asset Gathering division includes the additional corporate income tax charge in France and amounted to \u20ac3,232\u00a0million, up +12.4% compared to 2024 (+26.0% for Asset Management, +5.7% for Insurance and +19.7% for Wealth Management).<\/p>\n<p align=\"justify\">In the fourth quarter of 2025, the Asset Gathering division contributed by 40% to the net income Group share of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).<\/p>\n<p align=\"justify\">At 31 December 2025, equity allocated to the division amounted to \u20ac14.3\u00a0billion, including \u20ac11.3\u00a0billion for Insurance, \u20ac2.1\u00a0billion for Asset Management, and \u20ac0.9\u00a0billion for Wealth Management. Risk weighted assets of Asset Gathering account for \u20ac52.4\u00a0billion including \u20ac24.7\u00a0billion on Insurance, \u20ac19.4\u00a0billion on Asset management and \u20ac8.3\u00a0billion on Wealth Management.<\/p>\n<p align=\"justify\"><b>Insurance results<\/b><\/p>\n<p align=\"justify\">In the fourth quarter of 2025, insurance <b>revenues<\/b> amounted to \u20ac795\u00a0million, up +11.2% compared to the fourth quarter of 2024. Revenues benefited during the quarter from the entry of the Italian entities in partnership with Banco BPM, Pi\u00f9Vera Assicurazioni and Pi\u00f9Vera Protezione, into the death &amp; disability, creditor and property &amp; casualty scope. The impact of these two entities was +\u20ac58\u00a0million in the quarter, corresponding to a full year of revenue. At constant scope, revenues increased by +3.1%, thanks in particular to lower claims. Revenues for the quarter included \u20ac460\u00a0million from savings\/retirement and funeral insurance<sup>23<\/sup>, \u20ac164\u00a0million from personal protection<sup>24<\/sup> and \u20ac161\u00a0million from property and casualty insurance<sup>25<\/sup>.<\/p>\n<p align=\"justify\">The Contractual Service Margin (<b>CSM<\/b>) totalled \u20ac27.5\u00a0billion\u00a0at the end of December\u00a02025, an increase of +9.1% compared to the end of December\u00a02024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The allocation factor was 7.5% (down -0.2\u00a0point compared to 2024).<\/p>\n<p align=\"justify\">Non-attributable expenses for the quarter amounted to -\u20ac141\u00a0million, up +83.6% vs. the fourth quarter of 2024. This increase is notably linked to the -\u20ac43\u00a0million impact of the integration of the Italian entities in partnership with Banco BPM (recognition of a full year of expenses in the fourth quarter). As a result, <b>gross operating income<\/b> reached \u20ac654\u00a0million, up +2.5% compared to the same period in 2024. The <b>net pre-tax income<\/b> was up +3.5% and stood at \u20ac655\u00a0million. The tax charge was -\u20ac121\u00a0million, down -\u20ac97\u00a0million compared to a high fourth quarter in 2024 (adjustment in the last quarter of 2024 of an insufficient tax estimate at the end of September 2024). <b>Net income Group share<\/b> was \u20ac531\u00a0million, up +27.2% compared to the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>Insurance revenues for full-year 2025 <\/b>amounted to\u00a0\u20ac2,987\u00a0million, up +5% compared to 2024, given significant growth in assets under management (record net inflows over the year and a positive market effect), the change in the scope of consolidation at the end of 2025 with the entry of the entities Pi\u00f9Vera Assicurazioni, Pi\u00f9Vera Protezione and Abanca SG for +\u20ac56\u00a0million, and a contained level of claims with no major climate impact in 2025. Revenues for the year included the impact of Tier 2 debt coupons replacing AT1 debts (the cost of which was accounted for in non-controlling interests). Non-attributable expenses amounted to -\u20ac426\u00a0million, up +25.1%, also relating to the change in consolidation scope. <b>Gross operating income<\/b> was \u20ac2,561\u00a0million (+2.3% compared to 2024). The cost\/income ratio thus stood at 14.3% at the end of 2025. The tax charge was -\u20ac561\u00a0million, versus -\u20ac572\u00a0million in 2024. <b>Net income Group share<\/b> came to \u20ac1,992\u00a0million, up +5.7% compared to 2024.<\/p>\n<p align=\"justify\">The estimated Solvency 2 ratio at the end of December 2025 was at ~195%. The policyholders&#8217; participation reserve amounted to \u20ac6.3\u00a0billion at the end\u00a0of 2025.<\/p>\n<p align=\"justify\">Insurance contributed 25% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s business lines (excluding the Corporate Centre division) at end-December 2025 and 10% to their revenues (excluding the Corporate Centre division).<\/p>\n<p align=\"justify\"><b>Asset Management results <\/b><\/p>\n<p align=\"justify\">In the fourth quarter of 2025, <b>revenues<\/b> amounted to \u20ac881\u00a0million, down -2.1% compared to the fourth quarter of 2024. Restated for the deconsolidation of Amundi US\u00a0<sup>26<\/sup>, revenues increased by +9.2% compared to the fourth quarter of 2024. Net management fee and commission income increased by +4.4%\u00a0excluding the scope effect compared with fourth quarter 2024. Amundi Technology\u2019s revenues recorded a significant increase and rose +37% over the fourth quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fees rose by +47% excluding the scope effect compared to the fourth quarter of 2024 thanks to favourable market conditions. <b>Operating expenses<\/b> amounted to -\u20ac480\u00a0million, a decline of -5% from the fourth quarter of 2024. Restated for the impacts of the deconsolidation of Amundi US\u00a0<sup>27<\/sup>, restructuring and acquisition costs\u00a0<sup>28<\/sup> of -\u20ac21\u00a0million, operating expenses increased by +4.5%. The cost\/income ratio was down, at 54.5% (-1.6\u00a0percentage points compared to fourth\u00a0quarter\u00a02024). Excluding the restructuring and acquisition costs, the cost\/income ratio was 52.2%. <b>Gross operating income<\/b> stood at \u20ac401\u00a0million, an increase of +1.5% compared to the fourth quarter of 2024. The contribution of the <b>equity-accounted entities<\/b>, including Amundi\u2019s Asian joint ventures as well as the new contribution of Victory Capital, was \u20ac64\u00a0million, of which +\u20ac29\u00a0million for Victory Capital, whose contribution is recognised with an offset of one quarter; the contribution of the Asian joint ventures increased by +22% compared to the fourth quarter of 2024. Consequently, pre-tax income came to \u20ac464\u00a0million, a +10.1% increase compared to the fourth quarter of 2024. Tax amounted to -\u20ac126\u00a0million, versus -\u20ac80\u00a0million for fourth quarter 2024. This increase is linked to the higher net pre-tax income, as well as the impact of the exceptional tax contribution in France, and an exceptional tax charge relating to the payment of an exceptional dividend by the Indian JV\u00a0<sup>29<\/sup>. Non-controlling interests amounted to -\u20ac118\u00a0million over the quarter. Net income Group share was \u20ac220\u00a0million, down -2.6% compared to the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>Over the full year 2025<\/b>, revenues totalled \u20ac3,342\u00a0million (-1.9%). Excluding the scope effect linked to the deconsolidation of Amundi US, they rose +6.2% over the period. Operating expenses increased by +2.4% and were impacted by a -\u20ac88\u00a0million provision for restructuring. Excluding the scope effect linked to the deconsolidation of Amundi US, restructuring and acquisition expenses, they rose by +5.9% over the period. The cost\/income ratio was 57.9%, up +2.4 points compared to 2024 (54.4% pro forma Victory Capital, excluding restructuring and acquisition costs). Gross operating income was thus -7.2% lower compared to 2024, but rose +6.6% after restating for the scope effect of the deconsolidation of Amundi US, restructuring and acquisition expenses. Income from equity-accounted entities increased by +63.2% (from \u20ac123\u00a0million in 2024 to \u20ac201\u00a0million in 2025), reflecting in particular the integration of the contribution of Victory Capital from the second quarter of 2025. The income of the Asian JVs increased by +10%. <b>Net income on other assets <\/b>was impacted by the recognition of a non-monetary capital gain of \u20ac453\u00a0million, also related to the finalisation of the Victory Capital transaction in the second quarter of 2025. In total, net income Group share for full-year 2025, including the additional corporate income tax charge in France, came to \u20ac1,070\u00a0million, an increase of +26%. <\/p>\n<p align=\"justify\">Asset Management contributed 14% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s business lines (excluding the Corporate\u00a0Centre division) at end December\u00a02025 and 12% to revenues.<\/p>\n<p align=\"justify\"><b>Wealth Management results\u00a0<\/b><sup><b>30<\/b><\/sup> <\/p>\n<p align=\"justify\">In the fourth quarter of 2025, <b>revenues <\/b>from wealth management amounted to \u20ac429\u00a0million, stable at -0.1% compared to the fourth quarter of 2024, benefiting from the increase in fee and commission income (+9% Q4\/Q4) offset by the decline in the interest margin in a context of lower rates. The impacts of Banque Thaler and the takeover of depositary banking activities by CACEIS offset each other. <b>Expenses <\/b>for the quarter came to -\u20ac358\u00a0million, up +3.0% compared to the fourth quarter of 2024, impacted notably by -\u20ac18.6\u00a0million in integration costs in the fourth quarter of 2025\u00a0<sup>31<\/sup> and scope effects\u00a0<sup>32<\/sup>. Excluding these items, expenses were up slightly by +0.4% compared to the fourth quarter of 2024. The <b>cost\/income ratio <\/b>for the fourth quarter of 2025 stood at 83.4%, up +2.5 percentage points compared to the same period in 2024. Excluding the Degroof Petercam integration costs, it comes to 79.0%. <b>Gross operating income<\/b> was \u20ac71\u00a0million, down -13.4% compared to the fourth quarter of 2024. <b>Cost of risk<\/b> for the quarter was -\u20ac11.6\u00a0million. Finally, <b>net income Group share<\/b> stood at \u20ac41\u00a0million, a decrease of -20.0% compared to the fourth quarter of 2024. <\/p>\n<p align=\"justify\"><b>In full year 2025<\/b>, Wealth Management revenues rose by +19.6% compared to 2024, notably benefiting from the integration of Degroof Petercam\u00a0<sup>33<\/sup> in June 2024 and reached \u20ac1,671\u00a0million. Expenses rose by +22.2% mainly due to the impact of the integration of Degroof Petercam\u00a0<sup>33<\/sup> in June 2024 and integration costs\u00a0<sup>31<\/sup>. The cost\/income ratio restated for the Degroof Petercam integration costs was 78.3%. Gross operating income was therefore up +8.4% at \u20ac286\u00a0million. The cost of credit risk was -\u20ac29.8\u00a0million compared to -\u20ac15.3\u00a0million in 2024. Net income on other assets was close to zero for the full year in 2025 compared with -\u20ac23\u00a0million in 2024, corresponding to the Degroof Petercam acquisition costs. Net income Group share was \u20ac170\u00a0million in 2025, up +19.7% from 2024. <\/p>\n<p align=\"justify\">Regarding the integration of Degroof Petercam, the <b>rate of progress of synergies <\/b>is around 30%. The estimated integration costs in 2026 are -\u20ac40m to -\u20ac50m. The net income group share contribution of +\u20ac150\u00a0million to +\u20ac200\u00a0million by 2028 is confirmed.<\/p>\n<p align=\"justify\">Wealth Management contributed 2% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s business lines (excluding the Corporate\u00a0Centre division) at end-December\u00a02025 and 6% of their revenues (excluding the Corporate Centre division).<\/p>\n<p><b>Activity of the Large Customers division<\/b><\/p>\n<p align=\"justify\">The Large Customers division posted good activity in the fourth quarter of 2025, thanks to good performance of <b>Corporate and Investment Banking (CIB)<\/b> and strong activity in <b>Asset Servicing<\/b>.<\/p>\n<p align=\"justify\"><b>In <\/b><b>fourth quarter 2025<\/b>, <b>Corporate and Investment Banking<\/b> revenues were up at \u20ac1,609\u00a0million, i.e. +2.3% compared to the fourth quarter of 2024. The <b>Capital Markets and Investment Banking activity<\/b> was up by \u20ac723\u00a0million, i.e. +7.3% compared to the fourth quarter of 2024 (+11.3% excluding the foreign exchange impact), supported by capital markets (FICC), which benefited from good performances in the fixed income and repo activities, up +5.2% compared to the fourth quarter of 2024 (+9.3% excluding the foreign exchange impact), and by investment banking, buoyed by structured equity, which grew by +16.8% compared to the fourth quarter of 2024 (+20.4% excluding the foreign exchange impact). Revenues from <b>Financing Activities<\/b> were lower at \u20ac887\u00a0million, -1.4% compared to the fourth quarter of 2024 (+3.2% excluding the foreign exchange impact). Structured finance revenues declined by -10.1% compared to the fourth quarter of 2024 (-5.7% excluding the foreign exchange impact), particularly in aerospace with an unfavourable base effect, while commercial banking rose +4.0% compared to the fourth quarter of 2024 (+8.8% excluding the foreign exchange impact), notably with the dynamic activity of Corporate &amp; Leverage Finance in the Telecom sector.<\/p>\n<p align=\"justify\">Cr\u00e9dit\u00a0Agricole\u00a0CIB was ranked #1 for \u201cGreen, social &amp; sustainable bonds\u201d in EUR\u00a0<sup>34<\/sup> and #4 for \u201cAll bonds in EUR Worldwide\u201d<sup>34<\/sup>, and confirmed its leading position in syndicated loans (#1\u00a0in France\u00a0<sup>35<\/sup> and #2 in EMEA<sup>35<\/sup>). The average regulatory VaR stood at \u20ac9.7\u00a0million in the fourth quarter of 2025, down from \u20ac12.7\u00a0million in the third quarter of 2025, reflecting the trend on the financial market and changes in positions. It remained at a level that reflected prudent risk management.<\/p>\n<p align=\"justify\">For <b>Asset Servicing<\/b>, business growth was supported by new customer capture and favourable market effects for the quarter and the year.<\/p>\n<p align=\"justify\"><b>Assets under custody<\/b> increased by +3.4% at end-December 2025 compared with end September 2025, and by +11.4% compared with end December 2024, to reach \u20ac5,896\u00a0billion. <b>Assets under administration<\/b> also increased by +3.7% this quarter and were up +9.1% year-on-year, totalling \u20ac3,705\u00a0billion at end-December 2025. Settlement and delivery volumes were up sharply by +27.4% compared to the fourth quarter of 2024, mainly driven by France and Germany.<\/p>\n<p align=\"justify\">In addition, the fourth quarter was marked by the <b>finalisation of the integration of ISB<\/b> following the complete customer migration and the decommissioning of the former-RBC IT systems, and thus recorded the last integration costs related to this acquisition. For this transaction, the rate of progress of synergies achieved in 2025 was 66% and the additional net profit target of more than \u20ac100\u00a0million expected in 2026 was confirmed. <\/p>\n<p><b>Results of the Large Customers division<\/b><\/p>\n<p align=\"justify\">The<b> Large Customers division<\/b> posted a record <b>fourth quarter in 2025 <\/b>for <b>revenues<\/b> at \u20ac2,152\u00a0million, up +2.1% compared to the fourth quarter of 2024, supported by record revenues in Corporate and Investment Banking and a high level of revenues in Asset Servicing.<\/p>\n<p align=\"justify\">Operating <b>expenses <\/b>rose slightly, up +0.8% compared to the fourth quarter of 2024, due to a contained increase related to IT investments and the development of the activities of the business lines, partly offset by a decline in Asset Servicing in connection with the decrease in ISB integration costs\u00a0<sup>36<\/sup> and the completion of the ISB integration, which ended the TSA (Transition Service Agreement). As a result, the division\u2019s <b>gross operating income<\/b> was up +4.2% from the fourth quarter of 2024 to \u20ac843\u00a0million. The business line recorded a limited addition to the cost of risk of -\u20ac96\u00a0million, compared to an addition of -\u20ac93\u00a0million in the fourth quarter of 2024. Pre-tax income amounted to \u20ac754\u00a0million, up +4.2% compared to the fourth quarter of 2024. The tax charge amounted to -\u20ac105\u00a0million in fourth quarter 2025. Lastly, <b>net income Group share<\/b> for the fourth quarter of 2025 totalled \u20ac638\u00a0million. a sharp increase of +24.7% compared to the fourth quarter of 2024, which had included Santander\u2019s non-controlling interests (30.5%), the acquisition of which by Cr\u00e9dit\u00a0Agricole\u00a0S.A. was completed in the third quarter of 2025. <\/p>\n<p align=\"justify\"><b>Over full-year 2025<\/b>, the <b>revenues<\/b> of the Large Customers division was a record high of \u20ac8883\u00a0million, up +2.7% compared with 2024. <b>Operating expenses <\/b>rose +2.6% compared to 2024 to \u20ac5,171\u00a0million, primarily related to staff costs and IT investments. <b>Gross operating income <\/b>thus amounted to \u20ac3,712\u00a0million for 2025, up +2.8% compared to 2024. The <b>cost of risk<\/b> ended 2025 with a net addition of -\u20ac127\u00a0million, up from 2024 (net addition of -\u20ac117\u00a0million). The business line\u2019s contribution to underlying<b> net income Group share<\/b> was therefore \u20ac2,735\u00a0million, up +11.7% compared to 2024. <\/p>\n<p align=\"justify\">The business line contributed 35% to the <b>net income Group share <\/b>of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s core businesses (excluding the Corporate Centre division) at end-December 2025 and 31% to <b>revenues <\/b>excluding the Corporate Centre.<\/p>\n<p align=\"justify\">At 31 December 2025, the <b>equity<\/b> <b>allocated <\/b>to the division was \u20ac15.1\u00a0billion and the division\u2019s <b>risk-weighted assets<\/b> were \u20ac137.1\u00a0billion.<\/p>\n<p align=\"justify\"><b>Corporate and Investment Banking results<\/b><\/p>\n<p align=\"justify\">In <b>the fourth quarter of 2025,<\/b> Corporate and Investment Banking posted a record level of\u00a0<b>revenues<\/b> of \u20ac1,609\u00a0million, up +2.3% compared to a high base in the fourth quarter of 2024 (and +6.7% excluding the foreign exchange impact). <b>Operating<\/b> <b>expenses<\/b> amounted to -\u20ac926\u00a0million, with a contained increase of +2.6% due to IT investments and the development of the activity of the business lines. <b>Gross operating income <\/b>was +1.9% higher than in the fourth quarter of 2024, and totalled +\u20ac683\u00a0million. The cost\/income ratio was 57.5%, an increase of +0.2\u00a0percentage\u00a0point over the period. The <b>cost of risk<\/b>, which in this quarter consisted mainly of stage 1 and stage 2 additions stemming from rating effects, was still at a low level. Lastly, <b>pre-tax income<\/b> in fourth quarter 2025 stands at \u20ac611\u00a0million, up +4.3% compared with fourth quarter 2024. Lastly, stated <b>net income Group share<\/b> was up +21.2% at \u20ac529\u00a0million in the fourth quarter of 2025. In addition, synthetic securitisation programmes released an additional \u20ac4.6\u00a0billion in RWAs in 2025, i.e. \u20ac1.6\u00a0billion in the fourth quarter of 2025.<\/p>\n<p align=\"justify\"><b>For full year 2025<\/b>, <b>revenues<\/b> increased by +3.3% compared to 2024 (+5.2% excluding the foreign exchange impact) to\u00a0\u20ac6,783\u00a0million, a record level both for capital markets and investment banking and financing activities, despite a negative foreign exchange impact. <b>Operating expenses<\/b> increased by +4.9%, mainly for the development of the business lines and IT investments. As a result, <b>gross operating income<\/b> rose to \u20ac3,083\u00a0million, up +1.4% compared with 2024. The <b>cost of risk<\/b> recorded a net addition of -\u20ac97\u00a0million in 2025, compared to an addition of -\u20ac93\u00a0million in 2024. The income tax charge stood at -\u20ac677\u00a0million, down -9.5%. Lastly, <b>net income Group share<\/b> totalled \u20ac2,261\u00a0million in 2025, an increase of +5.1% over the year.<\/p>\n<p><b>Asset servicing results<\/b><\/p>\n<p align=\"justify\">In the fourth quarter of 2025, the<b>\u00a0revenues<\/b> of Asset Servicing were \u20ac543\u00a0million, up +1.5% compared to the fourth quarter of 2024, driven by the higher fee and commission income linked to the increase in assets under management over the period, with a stable net interest margin. <b>Operating expenses <\/b>were down by -3.3% to -\u20ac383\u00a0million, due to the decrease in ISB integration costs compared to the fourth quarter of 2024\u00a0<sup>37<\/sup> as well as the completion of the integration of ISB ending the Transition Service Agreement (TSA). As a result, <b>gross operating income<\/b> was up by +15.2% to \u20ac160\u00a0million in the fourth quarter of 2025. The <b>cost\/income ratio<\/b> for the fourth quarter of 2025 stood at 70.5%, down -3.5\u00a0percentage\u00a0points compared to the same period in 2024. The <b>cost of risk<\/b> recorded a net addition of -\u20ac24 million in 2025 due to additions to provisions for legal risk. <b>Pre-tax income <\/b>was up by +3.8% and amounted to \u20ac143\u00a0million in the fourth quarter of 2025. <b>Net income Group share<\/b> recorded a very strong increase of +45.1% this quarter compared to fourth quarter 2024, which included Santander\u2019s non-controlling interests. <\/p>\n<p align=\"justify\"><b>2025 revenues <\/b>were up +0.8% compared to 2024, despite the planned exit of former RBC customers, with good commercial momentum, a favourable interest margin over the period and the favourable scope effect linked in particular to the acquisition of Degroof Petercam\u2019s custodian bank activities. <b>Operating expenses<\/b> declined -2.6% and included -\u20ac33.8\u00a0million in integration costs related to the acquisition of ISB\u2019s activities (versus -\u20ac97\u00a0million in integration costs in 2024). <b>Gross operating income <\/b>was up +10.0% compared to 2024. <b>The cost\/income ratio<\/b> stood at 70.1%, down -2.5\u00a0percentage points compared to 2024. In all, the contribution of the business line to <b>net income Group share <\/b>in 2025 came to \u20ac474\u00a0million, representing a sharp +59.9% increase compared with 2024, which included Santander\u2019s non-controlling interests.<\/p>\n<p><b>Specialised financial services activity <\/b><\/p>\n<p align=\"justify\">The <b>commercial production<\/b> of <b>Cr\u00e9dit\u00a0Agricole Personal Finance &amp; Mobility (CAPFM)<\/b> totalled \u20ac12.1\u00a0billion in the fourth quarter of 2025, up +3.1% compared to the fourth quarter of 2024, balanced between personal finance and mobility, with the latter nevertheless impacted by an unfavourable market environment: production at Leasys was relatively stable, it was down at CA Auto Bank, and the upturn observed in China since the third quarter of 2025 was confirmed in the fourth quarter. The share of automotive financing\u00a0<sup>38<\/sup> in quarterly production thus stood at 49%. The <b>average customer rate for production <\/b>was virtually stable, down -3\u00a0basis points from the third quarter of 2025\u00a0<sup>39<\/sup>. CAPFM <b>assets under management <\/b>stood at \u20ac122.5\u00a0billion at end-December 2025, up +2.6% from end-December 2024, over all scopes (Automotive +1.8%\u00a0<sup>40<\/sup>, LCL and Regional Banks +4.5%, Other Entities +2.6%), benefiting from the expansion of the management portfolio with the Regional Banks and the development of car rental with Leasys and Drivalia and the entry into the scope of GAC Leasing. Lastly, <b>consolidated outstandings<\/b> totalled \u20ac67.6\u00a0billion at end-December 2025, down -2.1% from end-December 2024.<\/p>\n<p align=\"justify\">The <b>commercial production of Cr\u00e9dit\u00a0Agricole Leasing &amp; Factoring (CAL&amp;F)<\/b> was up +22.4% from the fourth quarter of 2024 in leasing, benefiting from the integration of Merca Leasing. Excluding this scope effect, leasing production rose by +11.7%, driven by production in France, which was buoyed by all markets, particularly renewable energy. Internationally, production also increased across all entities. <b>Leasing outstandings<\/b> rose by +7.1% year-on-year, both in France (+4.2%) and internationally (+5.6%), and this quarter includes Merca Leasing\u2019s outstandings, reaching \u20ac21.7\u00a0billion at the end of December 2025 (including \u20ac16.6\u00a0billion in France, \u20ac4.6\u00a0billion internationally and \u20ac0.5\u00a0billion in outstandings contributed by Merca Leasing). <b>Commercial factoring production<\/b> was strong this quarter but down -28% compared to a very high fourth quarter 2024, both in France (-17%) and internationally (-39%), mainly in Germany. <b>Factoring outstandings<\/b> at end-December 2025 were up +5.5% compared to end-December 2024, and factored revenues were up by +4% compared to the same period in 2024.<\/p>\n<p><b>Specialised financial services\u2019 results <\/b><\/p>\n<p align=\"justify\">In the <b>fourth quarter of 2025<\/b>, <b>revenues<\/b> for the Specialised Financial Services division amounted to \u20ac908\u00a0million, stable at -0.8% compared to the fourth quarter of 2024, impacted by an unfavourable base effect of \u20ac30\u00a0million in the fourth quarter of 2024 at CAPFM and benefiting from the integration of Merca Leasing\u00a0<sup>41<\/sup> into CAL&amp;F this quarter. Excluding the unfavourable base effect on CAPFM, the division\u2019s net revenues were up 2.6% and remained stable excluding this base effect and the Merca Leasing scope effect<sup>41<\/sup> (+0.2% compared to the fourth quarter of 2025). <b>Expenses <\/b>amounted to -\u20ac470\u00a0million, up +5.3% compared to the fourth quarter of 2024, also impacted by the integration of Merca Leasing. The <b>cost\/income ratio<\/b> stood at 51.8%, up 3\u00a0percentage points versus the same period in 2024 and +1.3\u00a0percentage points excluding the base effect. <b>Gross operating income<\/b> thus stood at \u20ac437\u00a0million, down -6.5% compared to the fourth quarter of 2024, but remained stable excluding the unfavourable base effect. <b>Cost of risk <\/b>amounted to -\u20ac313\u00a0million, up +2.4% compared to the fourth quarter of 2024, impacted by the integration of Merca Leasing<sup>41<\/sup>. <b>Income from equity-accounted entities <\/b>amounted to -\u20ac99 million, down sharply compared to the fourth quarter of 2024, which amounted to \u20ac43 million, particularly at CAPFM, impacted by the revision of the remarketing values of Leasys\u2019s used vehicle portfolio (Leasys\u2019s contribution amounted to -\u20ac111 million) and by the deterioration in business in China between the fourth quarter of 2024 and the second quarter of 2025. The division\u2019s<b> pre-tax income<\/b> amounted to \u20ac21\u00a0million, down sharply from \u20ac196\u00a0million in the fourth quarter of 2024. <b>Net income Group share<\/b> amounted to -\u20ac27 million, down from \u20ac124\u00a0million in the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>For the full year 2025<\/b>, the Specialised Financial Services division\u2019s <b>revenues<\/b> amounted to \u20ac3,540 million, up slightly by +0.6% compared to 2024, driven on the one hand by positive price and volume effects in personal finance, which offset the decline in revenues from mobility and insurance activities, and by the strong performance of the leasing business at CAL&amp;F, and on the other hand impacted by an unfavourable base effect of \u20ac30\u00a0million in the fourth quarter of 2025 at CAPFM and the integration of Merca Leasing at CAL&amp;F. <b> Operating expenses<\/b> increased by +2.8% compared to 2024 to -\u20ac1,829\u00a0million, and were impacted by IT investments and the integration of Merca Leasing at CAL&amp;F. <b>Gross operating income<\/b> thus stood at \u20ac1,710\u00a0million, down (-1.7%) compared to 2024. <b>The cost\/income ratio <\/b>stood at 51.7%, up +1.1\u00a0percentage points compared to the same period in 2024. The<b> cost of risk <\/b>increased by +12.2% compared to 2024, to -\u20ac1,076\u00a0million, notably impacted by a overall addition of +\u20ac61\u00a0million in legal provisions for Auto Loans UK (+\u20ac20\u00a0million in the third quarter of 2025 and +\u20ac41\u00a0million in the fourth quarter of 2025), compared to an addition for legal provisions of +\u20ac30\u00a0million in the fourth quarter of 2024, also including provisions for Auto Loans UK. The contribution of the <b>equity-accounted entities <\/b>dropped sharply from the same period in 2024, mainly linked to the decline in remarketing revenues, the revision of remarketing values at Leasys, the deterioration of CAPFM\u2019s business in China, and a depreciation of goodwill for CAL&amp;F (in the second quarter of 2025). <b>Net income Group share<\/b> includes the corporate income tax additional charge in France and amounted to \u20ac333\u00a0million, down -47% compared to the same period in 2024.<\/p>\n<p align=\"justify\">The business line contributed 4% to the <b>net income Group share <\/b>of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s core businesses (excluding the Corporate Centre division) at end 2025 and 12% to revenues excluding the Corporate Centre.<\/p>\n<p align=\"justify\">At 31 December 2025, the <b>equity allocated <\/b>to the division was \u20ac8.8\u00a0billion and its <b>risk weighted assets<\/b> were \u20ac79.9\u00a0billion.<\/p>\n<p align=\"justify\"><b>Personal Finance and Mobility results<\/b><\/p>\n<p align=\"justify\">In the <b>fourth quarter of 2025<\/b>, CAPFM\u2019s <b>revenues<\/b> reached \u20ac705\u00a0million, down -2.3% compared to the fourth quarter of 2024, but up +2% excluding exceptional items in the fourth quarter of 2024 of approximately \u20ac30\u00a0million, benefiting from positive price and volume effects on personal finance activities, which offset the decline in revenues from mobility and insurance activities. <b>Expenses<\/b> totalled -\u20ac339\u00a0million, down -2.2%. <b>Gross operating income<\/b> therefore stood at \u20ac366\u00a0million, down -2.4% compared with the fourth quarter of 2024. The <b>cost\/income ratio<\/b> stood at 48.1%, stable compared to the same period in 2024. <b>Cost of risk<\/b> amounted to -\u20ac283\u00a0million, down -1.3% compared to the fourth quarter of 2024. <b>Cost of risk\/outstandings<\/b> thus stood at 141\u00a0basis points\u00a0<sup>42<\/sup>, an improvement of -1\u00a0basis points compared to the third quarter of 2025, including once again an addition for legal provisions (UK auto loans) of +\u20ac41\u00a0million. The Non Performing Loans ratio was 4.9% at the end of December 2025, slightly up by +0.2\u00a0percentage\u00a0points compared to the end of September 2025, while the coverage ratio reached 72.1%, down -0.1\u00a0percentage points compared to the end of September 2025. Income from <b>equity-accounted entities <\/b>was down to -\u20ac104\u00a0million, impacted by the revision of the remarketing values of Leasys\u2019s used vehicle portfolio (Leasys\u2019s contribution amounted to -\u20ac111\u00a0million) and by the deterioration in business in China between the fourth quarter of 2024 and the second quarter of 2025. <b>Pre-tax income<\/b> was at a loss of -\u20ac22\u00a0million compared to a profit of \u20ac132\u00a0million in the fourth quarter of 2024. <b>Net income Group share <\/b>was a loss of -\u20ac65\u00a0million compared to a profit of \u20ac74\u00a0million in the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>In 2025<\/b>, CAPFM\u2019s revenues reached \u20ac2,780\u00a0million, up +0.6% compared to 2024, up +1.7% excluding exceptional items of \u20ac30\u00a0million recorded in the fourth quarter of 2024, benefiting from positive volume and price effects, particularly in the personal finance business, offsetting the decline in revenues from the mobility business, which suffered from the unfavourable automotive market environment, and the decline in insurance revenues. <b>Expenses <\/b>stood at -\u20ac1,392\u00a0million, stable at +0.7% compared to 2024. <b>Gross operating income<\/b> thus amounted to \u20ac1,388\u00a0million, up +0.4% (+2.7% excluding exceptional items of \u20ac30\u00a0million recorded in the fourth quarter of 2024). The <b>cost\/income ratio<\/b> stood at 50.1%, up +0.1\u00a0percentage point compared to 2024. The <b>cost of risk<\/b> increased by +12.6% compared to 2024, to -\u20ac988\u00a0million, mainly due to a deterioration in international subsidiaries and impacted by an overall addition of +\u20ac61\u00a0million in legal provisions for UK Auto Loans in 2025 (+\u20ac20\u00a0million in the third quarter of 2025 and +\u20ac41\u00a0million in the fourth quarter of 2025), compared with an addition of +\u20ac30\u00a0million in legal provisions in the fourth quarter of 2024, including provisions for UK Auto Loans. The contribution from <b>equity-accounted entities <\/b>was down sharply, from a profit of \u20ac133\u00a0million in 2024 to a loss of -\u20ac64\u00a0million in 2025, due to lower remarketing revenues and the revision of remarketing values at Leasys, as well as the deterioration in business in China since the fourth quarter of 2024. Therefore, <b>net income Group share<\/b>, which includes the additional corporate income tax charge in France, amounted to \u20ac178\u00a0million, down -58% from 2024.<\/p>\n<p align=\"justify\"><b>Leasing &amp; Factoring results<\/b><\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025, CAL&amp;F\u2019s revenues<\/b> reached \u20ac202\u00a0million, up +4.9% compared to the fourth quarter of 2024, driven by the momentum of leasing activity and benefiting from the integration of Merca Leasing<sup>41<\/sup> this quarter. Excluding this scope effect, revenues fell by -6.2% compared to the fourth quarter of 2024, due to lower factoring revenues. <b>Operating expenses<\/b> amounted to -\u20ac131\u00a0million, up +31% over the quarter, impacted by IT investments and expenses, as well as the integration of Merca Leasing<sup>41<\/sup> and non-recurring items. The <b>cost\/income ratio<\/b> stood at 64.7%, up +13\u00a0percentage points compared to the fourth quarter of 2024. <b>Gross operating income<\/b> stood at \u20ac72\u00a0million, down -23% compared to the fourth quarter of 2024. The full cost of risk thus amounted to -\u20ac31\u00a0million for the quarter, up +56% compared to the same period in 2024, impacted by some factoring cases in Spain and the integration of Merca Leasing<sup>41<\/sup>. <b>Cost of risk\/outstandings<\/b> stood at 24\u00a0basis points\u00a0(<sup>42<\/sup>), up 2\u00a0basis points compared to fourth quarter 2024. <b>Income from equity-accounted entities <\/b>amounted to \u20ac5\u00a0million in the fourth quarter of 2025, down from -\u20ac2\u00a0million in the fourth quarter of 2024. Pre-tax income amounted to \u20ac43\u00a0million, down -32% compared to the same period in 2024. <b>Net income Group share<\/b> stood at \u20ac38\u00a0million, a decrease of -24.7% compared to the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>For 2025<\/b>, <b>revenues<\/b> were up slightly (+0.6%) compared with 2024, at \u20ac760\u00a0million, benefiting from the integration of Merca Leasing<sup>41<\/sup>. Excluding this scope effect, revenues fell by -2.3% over the year, with the increase in revenues from dynamic leasing activity over the year being offset by a decline in factoring revenues (notably due to lower interest rates). <b>Operating expenses<\/b> rose by +9.9% to -\u20ac437\u00a0million, including the Merca Leasing scope effect<sup>41<\/sup> and impacted over the year by IT investments and non-recurring items in the fourth quarter. <b>Gross operating income <\/b>was down -9.8% from 2024 to total \u20ac323\u00a0million. The <b>cost\/income ratio<\/b> stood at 57.5%, up +4.9\u00a0percentage points compared to 2024. The <b>cost of risk<\/b> rose over the year (+7.9%), impacted by an increase in risk in the fourth quarter on a few factoring cases in Spain and by the effect of the integration of Merca Leasing<sup>41<\/sup>, partly offset by a reversal of provisions on performing loans of +\u20ac20\u00a0million in the second quarter of 2025. The <b>contribution of the equity-accounted entities <\/b>amounted to -\u20ac20\u00a0million in 2025, down sharply from 2024 at -\u20ac8\u00a0million due to a depreciation of goodwill in 2025. Finally, <b>net income Group share<\/b> includes the additional corporate income tax charge in France and amounted to \u20ac155\u00a0million, down -24% from 2024.<\/p>\n<p><b>Cr\u00e9dit\u00a0Agricole\u00a0S.A. Retail Banking activity <\/b><\/p>\n<p align=\"justify\">In Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s <b>Retail Banking division<\/b>, loan production in France decreased this quarter and was sustained in Italy, driven by the corporate and individual markets. The number of customers with insurance is progressing.<\/p>\n<p align=\"justify\"><b>Retail banking activity in France <\/b><\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025<\/b>, loan production amounted to \u20ac7.8\u00a0billion, down -7% compared to the fourth quarter of 2024, particularly in home loans (-18% compared to a high fourth quarter in 2024). Specialised markets remained stable (corporates +1%, SMEs -1%). Annual production was up 10% in 2025 compared to 2024, supported by all markets (home loans +6%, corporates +17%, SMEs +10%). Gross customer capture totalled 262,000 new customers in 2025. <\/p>\n<p align=\"justify\">The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.6\u00a0percentage points over one year to stand at 28.5% at end-December 2025.<\/p>\n<p align=\"justify\">The average production rate for home loans came to 3.08%, down -10\u00a0basis points from the third quarter of 2025 and -16\u00a0basis points year on year. The home loan stock rate improved by +4\u00a0basis points over the quarter and by +15\u00a0basis points year on year. Consumer finance production remained stable over the period. <\/p>\n<p align=\"justify\">Outstanding loans stood at \u20ac173.8\u00a0billion at end-December 2025, a +0.5% increase quarter-on-quarter and +1.9% year-on-year (of which +1.1% for home loans, +2.6% for loans to professionals, +4.7% for loans to corporates). Customer assets totalled \u20ac259.3\u00a0billion at end-December 2025, up +1.7% year-on-year, driven in particular by off-balance sheet resources, with balance sheet savings showing a very slight decline. Over the quarter, on-balance sheet deposits rose by +0.5% compared with the end of September 2025, with demand deposits up +0.3% and term deposits up +2.0%. Off-balance sheet deposits benefited from positive net inflows driven by life insurance and a positive market effect.<\/p>\n<p align=\"justify\"><b>Retail banking activity in Italy<\/b><\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025<\/b>, CA\u00a0Italia\u2019s gross customer capture reached 57,000 new customers, with one-third of these acquired online. <\/p>\n<p align=\"justify\">CA\u00a0Italia\u2019s loan outstandings at the end of December 2025 stood at \u20ac62.8\u00a0billion, up +1.0% compared to the end of December 2024 (in a recovering Italian market\u00a0<sup>43<\/sup>), driven by the individual market, where loan outstandings increased by +2.3% and were stable in the corporate market (including SMEs). The loan stock rate was stable compared to the third quarter of 2025 (+1\u00a0bp Q4\/Q3) and down -83\u00a0basis points compared to the fourth quarter of 2024 (less than the market\u00a0<sup>44<\/sup>). <\/p>\n<p align=\"justify\">Loan production for the quarter was strong, up +5.4% compared to the fourth quarter of 2024, driven by the corporate and individual markets. Loan production for the year rose by +2.4% compared with the full year 2024.<\/p>\n<p align=\"justify\">Customer assets at end-December 2025 totalled \u20ac123.7\u00a0billion, up +3.1% compared with end-December 2024; on-balance sheet deposits were up +0.7% compared with end-December 2024, particularly in the individual market (less expensive deposits). Finally, off-balance sheet deposits increased by +6.0% over the same period and benefited from positive net inflows and positive market effects.<\/p>\n<p align=\"justify\">CA\u00a0Italia\u2019s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.3%, up +0.3\u00a0percentage points over the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>International Retail Banking activity excluding Italy<\/b><\/p>\n<p align=\"justify\"><b>For International Retail Banking excluding Italy<\/b>, loan outstandings were \u20ac7.8 billion, up +6.8% at current exchange rates at end-December 2025 compared with end-December 2024 (+7.6% at constant exchange rates). Customer assets rose by +\u20ac12.7\u00a0billion and were up +5.0% over the same period at current exchange rates (+7.4% at constant exchange rates).<\/p>\n<p align=\"justify\">In Poland in particular, loan outstandings increased by +3.7% compared to end-December 2024 (+2.2% at constant exchange rates) and on-balance sheet deposits by +5.4% (+3.9% at constant exchange rates). Loan production in Poland rose this quarter compared to the fourth quarter of 2024 (+8.1% at current exchange rates and +6.3% at constant exchange rates). In addition, gross customer capture in Poland reached 58,000 new customers this quarter.<\/p>\n<p align=\"justify\">In Egypt, commercial activity was strong in all markets. Loan outstandings rose +15.0% between end-December 2025 and end-December 2024 (+22.3% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +8.4%% and were up +15.4% at constant exchange rates.<\/p>\n<p align=\"justify\">Liquidity showed a net surplus of inflows over loans in Poland and Egypt amounting to +\u20ac2.5\u00a0billion at 31 December 2025, and reaches \u20ac3.9\u00a0billion when Ukraine is included.<\/p>\n<p>\u00a0\u00a0<\/p>\n<p><b>French retail banking results<\/b><\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025<\/b>, LCL <b>revenues<\/b> amounted to \u20ac1,023\u00a0million, up +6.5% compared to the fourth quarter of 2024. Net interest margin saw an upturn over the period (+11.2%), driven by lower resource costs (normalisation of the customer deposit mix and interest rate effect) and gradual loan repricing. The increase in fee and commission income (+2% over fourth quarter 2024) was driven by the strong momentum in insurance (life and non-life). <\/p>\n<p align=\"justify\"><b>Expenses<\/b> remained stable at -\u20ac664\u00a0million excluding base effects. The cost\/income ratio stood at 64.9%, down -2.5\u00a0percentage points compared to fourth quarter 2024. Gross operating income therefore rose by +14.7% to \u20ac359\u00a0million.<\/p>\n<p align=\"justify\">The <b>cost of risk<\/b> rose (+69.8% compared to the fourth quarter of 2024) to -\u20ac132\u00a0million (including an addition of -\u20ac162\u00a0million for proven risk and a +\u20ac35\u00a0million reversal on performing loans). The cost of risk\/outstandings rose to 24\u00a0basis points, with an increase in individual risk on corporates (retail\/distribution sectors). The coverage ratio still remains at a high level and was 58.2% at the end of December 2025. The Non Performing Loans ratio was 2.5% at the end of December 2025. <\/p>\n<p align=\"justify\">Finally, <b>pre-tax income<\/b> stood at \u20ac227\u00a0million, down -3.8% compared to the fourth quarter of 2024, and net income Group share was down -18.4% over the period.<\/p>\n<p align=\"justify\"><b>In 2025, <\/b>LCL revenues totalled \u20ac3,945\u00a0million, a +1.9% increase compared to 2024. Net interest margin was up (+0.9%), benefiting from the gradual repricing of loans and lower resource costs. Fee and commission income rose +2.8% compared to 2024, particularly on insurance. Expenses rose by +3.1% over the period and the cost\/income ratio was up (+0.8\u00a0percentage point compared with 2024) at 64.0%. As a result, gross operating income was stable at -0.2% and the cost of risk rose by +9.9%. Lastly, the business line\u2019s contribution to net income Group share includes the additional corporate income tax charge in France and amounted to \u20ac663\u00a0million (-16.1% compared to 2024). <\/p>\n<p align=\"justify\">The business line contributed 8% to the <b>net income Group share<\/b> of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s core businesses (excluding the Corporate Centre division) at end-December 2025 and 14% to <b>revenues <\/b>excluding the Corporate Centre.<\/p>\n<p align=\"justify\">At 31 December 2025, the <b>equity allocated <\/b>to the business line stood at \u20ac6.3\u00a0billion and <b>risk-weighted assets<\/b> amounted to \u20ac57.1\u00a0billion.<\/p>\n<p><b>International Retail Banking results<\/b><sup><b>45<\/b><\/sup><\/p>\n<p align=\"justify\">In the <b>fourth quarter of 2025<\/b>, revenues for <b>International Retail Banking<\/b> totalled <br \/>\u20ac998\u00a0million, up (+3.0% at current exchange rates, +3.5% at constant exchange rates) compared with the fourth quarter of 2024. <b>Operating expenses<\/b> amounted to -\u20ac636\u00a0million, up +12.0% (12.3% at constant exchange rates), including non-recurring items\u00a0<sup>46<\/sup> at Cr\u00e9dit\u00a0Agricole\u00a0Italia. <b>Gross operating income<\/b> consequently totalled \u20ac361\u00a0million, down -9.9% (-9.0% at constant exchange rates) for the period. The <b>cost of risk<\/b> amounted to <br \/>-\u20ac128\u00a0million, up +28.5% compared to the fourth quarter of 2024 (+28.8% at constant exchange rates), including -\u20ac30\u00a0million in non-recurring items at CA\u00a0Italia (related to a <i>Banca Progetto<\/i> provision). <b>All in all, net income Group share for CA\u00a0Italia, CA\u00a0Egypt, CA\u00a0Poland and CA\u00a0Ukraine<\/b> amounted to \u20ac160\u00a0million in the fourth quarter of 2025, up +1.1% (and +2.2% at constant exchange rates). <\/p>\n<p align=\"justify\">For <b>2025<\/b>, <b>International Retail Banking<\/b> <b>revenues<\/b> fell by -0.8% to \u20ac4,027\u00a0million (stable at constant exchange rates). <b>Operating expenses<\/b> amounted to -\u20ac2,175\u00a0million, up +1.3% (stable at constant exchange rates) compared with the full year 2024, benefiting from a lower contribution to DGS in 2025, which was recorded at <br \/>-\u20ac58\u00a0million in the fourth quarter of 2024 (compared to -\u20ac5\u00a0million in the fourth quarter of 2025), a reversal of expenses for +\u20ac34\u00a0million in the third quarter of 2025 and a net provision of -\u20ac65\u00a0million in restructuring costs in the fourth quarter of 2025. <b>Gross operating income<\/b> totalled \u20ac1,852\u00a0million, down -3.1% (-0.5% at constant exchange rates). The <b>cost of risk<\/b> rose by +6.0% (+8.3% at constant exchange rates) to -\u20ac332\u00a0million compared with 2024, taking into account non-recurring items of -\u20ac30\u00a0million relating to the <i>Banca Progetto<\/i> provision. All in all, <b>net income Group share<\/b> of <b>International Retail Banking<\/b> was \u20ac876\u00a0million, up +4.7% compared to 2024.<\/p>\n<p align=\"justify\">At 31 December 2025, <b>capital allocated <\/b>to the International retail banking business line was \u20ac5.6\u00a0billion, and <b>risk-weighted assets<\/b> stood at \u20ac50.5\u00a0billion. <\/p>\n<p align=\"justify\"><b>Results in Italy<\/b><\/p>\n<p align=\"justify\"><b>In the fourth quarter of 2025<\/b>, <b>Cr\u00e9dit\u00a0Agricole\u00a0Italia\u2019s revenues<\/b> amounted to \u20ac751\u00a0million, up +2.4% compared to the fourth quarter of 2024, thanks to a solid net interest margin (stable compared to the third quarter of 2025 and down -3.8% compared to the fourth quarter of 2024, in line with the decline in interest rates); the increase in fee and commission income across all segments (+13.4% compared to the fourth quarter of 2024) offset the change in NIM. <b>Operating expenses <\/b>amounted to -\u20ac511\u00a0million, up +15.7% compared to the fourth quarter 2024, including non-recurring items<sup>46<\/sup>. Excluding these effects, expenses were stable.<\/p>\n<p align=\"justify\">The <b>cost of risk<\/b> amounted to -\u20ac113\u00a0million in the fourth quarter of 2025, up +48.8% compared to the fourth quarter of 2024, with the cost of risk\/outstandings\u00a0<sup>47<\/sup> deteriorating by 6\u00a0basis points to 44\u00a0basis points, due to a non-recurring provision of -\u20ac30\u00a0million related to <i>Banca Progetto<\/i> this quarter. Excluding this item, the cost of risk increased by +9.1% compared to the fourth quarter, and the cost of risk\/outstandings stood at 39\u00a0basis points, stable compared to the third quarter of 2025.<\/p>\n<p align=\"justify\">Asset quality (Non Performing Loans ratio of 2.8%) and coverage ratio (79.8%) remained stable over the quarter and at a good level. As a result,<b> net income Group share<\/b> for CA\u00a0Italia was \u20ac75\u00a0million, down -32.4% compared with the fourth quarter of 2024.<\/p>\n<p align=\"justify\"><b>For 2025<\/b>, <b>revenues<\/b> for <b>Cr\u00e9dit\u00a0Agricole\u00a0Italia <\/b>were stable at \u20ac3,054\u00a0million. <b>Operating expenses<\/b> amounted to -\u20ac1,675\u00a0million, up +0.9% compared to the full year 2024, benefiting from a lower contribution from DGS in 2025 (-\u20ac5\u00a0million in 2025 compared to -\u20ac58\u00a0million in 2024) but penalised by non-recurring items (recovery of +\u20ac34\u00a0million in expenses in the third quarter compared with -\u20ac65\u00a0million net of restructuring expenses recognised in the fourth quarter of 2025). <b>Gross operating income<\/b> thus came to \u20ac1,379\u00a0million, down -1.2% compared with the full year 2024. <b>Cost of risk<\/b> stood at -\u20ac272\u00a0million, up +10.4% compared with the full year 2024. All in all, <b>net income Group share<\/b> of CA\u00a0Italia totalled \u20ac596\u00a0million, a decrease of -2.1% compared with the full year 2024.<\/p>\n<p align=\"justify\">At 31 December 2025, the <b>equity allocated<\/b> to the business line stood at \u20ac4.4\u00a0billion and <b>risk weighted assets<\/b> stood at \u20ac39.5\u00a0billion.<\/p>\n<p align=\"justify\"><b>International Retail Banking results \u2013 excluding Italy<\/b><\/p>\n<p align=\"justify\">In the <b>fourth quarter of 2025<\/b>, <b>revenues<\/b> for <b>International Retail Banking excluding Italy<\/b> totalled \u20ac247\u00a0million, up +4.6% (+6.8% at constant exchange rates) compared to the fourth quarter of 2024. Revenues in Poland were up +10.1% compared to the fourth quarter of 2024 (+8.2% at constant exchange rates), driven by an increase in fee and commission income that offset the NIM decrease. Revenues in Egypt fell by -2.6% (+1.1% at constant exchange rates) thanks to strong fee and commission income (+2.2% at constant exchange rates) and despite a decline in net interest margin (-3.7% at constant exchange rates), which was penalised by lower central bank policy rates. <b>Operating expenses<\/b> for <b>International Retail Banking excluding Italy<\/b> amounted to -\u20ac125\u00a0million, down -0.7% compared with the fourth quarter of 2024 (+0.2% at constant exchange rates). At constant exchange rates, the cost\/income ratio for International Retail Banking operations (excluding Italy) improved by <br \/>-2.7\u00a0percentage points to 50.8%. <b>Gross operating income<\/b> amounted to \u20ac121.3\u00a0million, an increase of +10.7% (+14.9% at constant exchange rates) compared to the fourth quarter of 2024. The <b>cost of risk<\/b> was low at <br \/>-\u20ac15.7\u00a0million, compared with -\u20ac24.1\u00a0million in the fourth quarter of 2024 (i.e. a change of -35.0% over the period). Furthermore, at end December 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 123% and 131% respectively. In Ukraine, the local coverage ratio remains prudent (628%). All in all, the contribution of <b>International Retail Banking excluding Italy <\/b>to net income Group share was \u20ac84\u00a0million, up +88.7% at current exchange rates and +81.9% at constant exchange rates. <\/p>\n<p align=\"justify\">In<b> 2025<\/b>, <b>revenues<\/b> for <b>International Retail Banking excluding Italy<\/b> totalled \u20ac973\u00a0million, down -3.0% (+1.1% at constant exchange rates) compared with the full year 2024. <b>Operating expenses <\/b>amounted to -\u20ac501\u00a0million, up +2.7% compared with the full year 2024 (+4.3% at constant exchange rates). The <b>cost\/income ratio<\/b> stood at 51.4% at the end of December 2025, 2.8\u00a0percentage points worse than for the full year 2024. <b>Gross operating income<\/b> amounted to \u20ac472\u00a0million, down -8.3% (-2.2% at constant exchange rates) compared with the full year 2024. The <b>cost of risk<\/b> stood at -\u20ac60\u00a0million, down -10.3% (-12.6% at constant exchange rates) compared to 2024. <b>Corporate income tax<\/b> amounted to -\u20ac93\u00a0million in 2025, compared to -\u20ac169\u00a0million in 2024, a decrease of -45.2%. This decrease is mainly due to a reduction in the corporate income tax rate in Ukraine (25% in 2025 compared to 50% in 2024) and accounts for approximately +\u20ac37\u00a0million in positive tax effects this year. In addition, the corporate income tax rate will be increased to 50% in Ukraine in 2026 and will rise from 19% to 30% in Poland in 2026.<\/p>\n<p align=\"justify\">All in all, <b>International Retail Banking excluding Italy <\/b>contributed \u20ac280\u00a0million to net income Group share.<\/p>\n<p align=\"justify\">At 31 December 2025, <b>the entire Retail Banking business line<\/b> contributed 20% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.<\/p>\n<p align=\"justify\">At 31 December 2025, the division\u2019s <b>equity <\/b>amounted to \u20ac11.9\u00a0billion. Its risk weighted assets totalled \u20ac107.6\u00a0billion. <\/p>\n<p><b>Corporate Centre results<\/b><\/p>\n<p align=\"justify\">The <b>net income Group share<\/b> of the Corporate Centre was -\u20ac688\u00a0million in the fourth quarter of 2025, down -\u20ac706\u00a0million compared with the fourth quarter of 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the \u201cstructural\u201d contribution (-\u20ac688\u00a0million) and other items (near \u20ac0\u00a0this quarter).<br \/>The contribution of the \u201cstructural\u201d component (-\u20ac688\u00a0million) decreased by -\u20ac662\u00a0million compared to fourth quarter 2024 and can be broken down into three types of activity:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:2pt; text-align:justify;\">The contribution of the <b>Cr\u00e9dit\u00a0Agricole\u00a0S.A. Parent Company\u2019s corporate centre activities and functions<\/b> amounted to -\u20ac176\u00a0million in the fourth quarter of 2025, up +\u20ac178\u00a0million year-on-year. This increase was mainly due to a review of models that had a positive impact on the cost of risk of +\u20ac61\u00a0million compared with the fourth quarter of 2024, as well as a favourable intra-year base effect on taxes of +\u20ac125\u00a0million compared with the fourth quarter of 2024.<\/li>\n<li style=\"margin-bottom:2pt; text-align:justify;\">The contribution of <b>the business lines that are not part of the core business lines, such as CACIF (Private equity), CA\u00a0Immobilier, CATE and BforBank, which are accounted for using the equity method, and other investments (including Banco BPM)<\/b>, amounted to -\u20ac503\u00a0million in the fourth quarter of 2025, down -\u20ac818\u00a0million compared to the fourth quarter of 2024. This quarter, it includes a significant change of -\u20ac607\u00a0million compared to the fourth quarter of 2024 due to the impact of the first-time consolidation of Banco BPM, as well as a change of -\u20ac320\u00a0million related to the valuation effect of Banco BPM securities, and a change of +\u20ac78\u00a0million compared to the fourth quarter of 2024 due to the increase in the dividend received from Banco BPM.<\/li>\n<li style=\"margin-bottom:2pt; text-align:justify;\">Finally, the contribution from <b>the Group\u2019s support functions <\/b>amounted to -\u20ac9\u00a0million this quarter, down -\u20ac21\u00a0million compared with the fourth quarter of 2024.\n<\/li>\n<\/ul>\n<p align=\"justify\">The contribution from \u201cother items\u201d amounted to +\u20ac0\u00a0million, down -\u20ac44\u00a0million compared to the fourth quarter of 2024, mainly due to the unfavourable impact of volatility factors.<\/p>\n<p align=\"justify\"><b>Over 2025<\/b>, the net income Group share of the Corporate Centre division was -\u20ac764\u00a0million, down -\u20ac276\u00a0million compared with 2024. The structural component contributed -\u20ac795\u00a0million, and other items of the division recorded a positive contribution of +\u20ac31\u00a0million over the year 2025.<br \/>The \u201cstructural\u201d component contribution was down -\u20ac262\u00a0million compared with 2024 and can be broken down into three types of activities:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:2pt; text-align:justify;\">The contribution of <b>Cr\u00e9dit\u00a0Agricole\u00a0S.A. Parent Company\u2019s corporate centre activities and functions<\/b> amounted to -\u20ac1,007\u00a0million in 2025, up +\u20ac107\u00a0million compared with 2024;<\/li>\n<li style=\"margin-bottom:2pt; text-align:justify;\"><b>The business lines that are not part of the core business lines, such as CACIF (private equity), CA\u00a0Immobilier and BforBank, and other investments (including Banco BPM)<\/b> contributed +\u20ac197\u00a0million in 2025, down -\u20ac353\u00a0million compared to 2024.<\/li>\n<\/ul>\n<p align=\"justify\">In 2025, the stake held in Banco BPM generated +\u20ac229\u00a0million in net income Group share (including +\u20ac834\u00a0million in income comprising +\u20ac515\u00a0million in revaluation of securities and instruments at fair value and +\u20ac318\u00a0million in dividends, +\u20ac21\u00a0million in equity accounting, -\u20ac19\u00a0million in taxes, and -\u20ac607\u00a0million in the impact of first-time consolidation in equity accounting) compared to net income Group share of +\u20ac590\u00a0million generated in 2024 (including +\u20ac607\u00a0million in revenues consisting of +\u20ac462\u00a0million in revaluation of securities and instruments at fair value and +\u20ac114\u00a0million in dividends, and -\u20ac16\u00a0million in taxes). Following its consolidation in the fourth quarter of 2025, the 20.1% stake in Banco BPM should generate approximately \u20ac400\u00a0million\u00a0<sup>48<\/sup> in net income Group share per year from 2026 onwards.<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:2pt; text-align:justify;\">Finally, the contribution of the Group\u2019s <b>support functions<\/b> amounted to +\u20ac15\u00a0million in 2025, down -\u20ac17\u00a0million compared to 2024.\n<\/li>\n<\/ul>\n<p align=\"justify\">The contribution of \u201cother items\u201d was down -\u20ac13 million compared to 2024.<br \/>At 31 December 2025, <b>risk-weighted\u00a0assets<\/b> stood at \u20ac42.1\u00a0billion.<\/p>\n<p align=\"center\"><b>Financial strength <\/b><\/p>\n<p align=\"justify\"><b>Cr\u00e9dit\u00a0Agricole\u00a0Group<\/b> has the best level of solvency among European Global Systemically Important Banks. <\/p>\n<p align=\"justify\">Capital ratios for Cr\u00e9dit\u00a0Agricole\u00a0Group are well above regulatory requirements. At 31 December 2025, the phased <b>Common Equity Tier 1<\/b> ratio (CET1) for Cr\u00e9dit\u00a0Agricole\u00a0Group stood at 17.4%, or a substantial buffer of 7.6 percentage points above regulatory requirements. Over the quarter, the CET1 ratio fell by -0.2\u00a0percentage points. The CET1 ratio benefited from a +26\u00a0basis point (bp) impact related to retained earnings, while the change in risk weighted assets linked to organic growth in the business lines had a -9\u00a0bp impact on the ratio, offset by active balance sheet management for +7\u00a0bp (including SRTs for +7\u00a0bp). Methodological, M&amp;A and other effects had an unfavourable impact of -37\u00a0basis points, including in particular model revisions at CA\u00a0Italia, LCL and the Regional Banks for -29\u00a0bp, as well as the first-time consolidation effect of Banco BPM for -2\u00a0bp.<\/p>\n<p align=\"justify\"><b>Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/b>, in its capacity as the corporate centre of the Cr\u00e9dit\u00a0Agricole\u00a0Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Cr\u00e9dit\u00a0Agricole\u00a0Group. Its phased-in CET1 ratio at 31 December 2025 stood at 11.8%, 3.0 percentage points above the regulatory requirement, +10 bp compared to end-September 2025. The CET1 ratio benefited this quarter from a positive impact of +22 basis points linked to retained earnings. This impact corresponds to net income Group share net of AT1 coupons and of the distribution of 50% of earnings, i.e. a provision for dividends of 20\u00a0euro cents per share in the fourth quarter of 2025. The change in risk weighted assets linked to organic growth in the business lines had a negative impact of -6\u00a0basis points on the CET1 ratio, offset by active balance sheet management for +8\u00a0basis points (including SRTs for +7\u00a0basis points). Methodological, M&amp;A and other effects had an unfavourable impact of -12\u00a0basis points, including model revisions at CA\u00a0Italia and LCL for -19\u00a0bp, the first-time consolidation effect of Banco BPM for +9\u00a0bp, and share buybacks to offset the capital increase reserved for employees for -9\u00a0bp. <\/p>\n<p align=\"justify\">At end-December 2025, <b>Cr\u00e9dit\u00a0Agricole\u00a0S.A.\u2019s risk weighted assets<\/b> amounted to \u20ac419\u00a0billion, up +\u20ac5\u00a0billion. This increase over the quarter was mainly due to the +\u20ac6.1\u00a0billion increase in the Retail Banking division linked to model effects at CA\u00a0Italia for +\u20ac5.6\u00a0billion. The +\u20ac1.9\u00a0billion increase in the Corporate Centre division was mainly due to a neutral impact linked to the crossing of the threshold in Banco BPM.<\/p>\n<p align=\"justify\">For the <b>Cr\u00e9dit\u00a0Agricole\u00a0Group<\/b>, risk weighted assets stood at \u20ac663\u00a0billion at the end of December 2025, up +\u20ac5\u00a0billion over the quarter. This increase over the quarter was mainly due to the +\u20ac7.5\u00a0billion increase in the Retail Banking division linked to model effects at CA\u00a0Italia for +\u20ac5.6\u00a0billion.<\/p>\n<p align=\"center\"> <b>Cr\u00e9dit Agricole Group\u2019s financial structure<\/b><\/p>\n<table style=\"border-collapse: collapse; width:98.98%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:15.54%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:15.47%;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Cr\u00e9dit Agricole Group<\/b><\/td>\n<td style=\"width:0.88%;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.37%;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Cr\u00e9dit Agricole S.A.<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>31\/12\/25<\/i><\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>30\/09\/25<\/i><\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><i>Requirements 31\/12\/25<\/i><\/td>\n<td style=\"width:0.88%;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; vertical-align: middle ; \"><b><i>31\/12\/25<\/i><\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><i>30\/09\/25<\/i><\/td>\n<td style=\"width:5.47%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><i>Requirements 31\/12\/25<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;border-top: solid black 1pt ; vertical-align: middle ; \">Phased-in CET1 ratio <sup>49<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>17.4%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">17.6%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">9.9%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; vertical-align: middle ; \"><b>11.8%<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; vertical-align: middle ; \">11.7%<\/td>\n<td style=\"width:5.47%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">8.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Tier1 ratio <sup>49<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>18.7%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">18.9%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">11.7%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>13.6%<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">13.7%<\/td>\n<td style=\"width:5.47%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">10.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Total capital ratio <sup>49<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>21.1%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">21.3%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">14.2%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>17.3%<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">17.4%<\/td>\n<td style=\"width:5.47%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">13.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Risk-weighted assets (\u20acbn)<\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b> 663<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">658<\/td>\n<td style=\"width:5.5%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b> 419<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">414<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Leverage ratio <\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>5.6%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">5.6%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3.5%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>3.9%<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">3.9%<\/td>\n<td style=\"width:5.47%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;border-bottom: solid black 1pt ; vertical-align: middle ; \">Leverage exposure (\u20acbn)<\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b> 2,214<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2,203<\/td>\n<td style=\"width:5.5%;;border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b> 1,463<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,456<\/td>\n<td style=\"width:5.47%;;border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">TLAC ratio (% RWA) <sup>49<\/sup>,<sup>50<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>27.2%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">27.6%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">22.4%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">TLAC ratio (% LRE) <sup>50<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>8.1%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">8.2%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6.75%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Subordinated MREL ratio (% RWA) <sup>49<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>27.2%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">27.6%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">21.6%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Subordinated MREL ratio (% LRE)<\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>8.1%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">8.2%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6.25%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Total MREL ratio (% RWA) <sup>49<\/sup><\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>32.1%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">32.4%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">26.2%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;vertical-align: middle ; \">Total MREL ratio (% LRE)<\/td>\n<td style=\"width:1.74%;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>9.6%<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">9.7%<\/td>\n<td style=\"width:5.5%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6.25%<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;border-right: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:5.47%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:15.54%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Distance to the distribution restriction trigger (\u20acbn) <sup>51<\/sup> <\/td>\n<td style=\"width:1.74%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.04%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b> 46<\/b><\/td>\n<td style=\"width:4.93%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">47<\/td>\n<td style=\"width:5.5%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:0.88%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b> 13<\/b><\/td>\n<td style=\"width:5.45%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12<\/td>\n<td style=\"width:5.47%;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">For Cr\u00e9dit\u00a0Agricole\u00a0S.A., the distance to the trigger for distribution restrictions is the distance to the<b> MDA trigger<\/b>\u00a0<sup>51<\/sup>, i.e. 301 basis points, or \u20ac13\u00a0billion of CET1 capital at 31 December 2025. Cr\u00e9dit\u00a0Agricole\u00a0S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).<\/p>\n<p align=\"justify\">For Cr\u00e9dit\u00a0Agricole\u00a0Group, the distance to the trigger for distribution restrictions is the distance to the <b>L-MDA trigger<\/b> at 31 December 2025. Cr\u00e9dit\u00a0Agricole\u00a0Group posted a buffer of 208 basis points above the L-MDA trigger, i.e. \u20ac46 billion in Tier 1 capital.<\/p>\n<p align=\"justify\">At 31 December 2025, Cr\u00e9dit\u00a0Agricole\u00a0Group\u2019s <b>TLAC and MREL ratios<\/b> are well above requirements\u00a0<sup>50<\/sup>. Cr\u00e9dit\u00a0Agricole\u00a0Group posted a buffer of 480\u00a0basis points above the <b>M-MDA trigger<\/b>, i.e. \u20ac32\u00a0billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The 2028 Medium-Term Plan target is to maintain Cr\u00e9dit Agricole Group\u2019s TLAC ratio of around 27% of RWAs, excluding eligible senior preferred debt.<\/p>\n<p><b>Liquidity and Funding<\/b><\/p>\n<p align=\"justify\">Liquidity is measured at Cr\u00e9dit\u00a0Agricole\u00a0Group level.<\/p>\n<p align=\"justify\">Diversified and granular customer deposits amounted to \u20ac1,180\u00a0billion as at 31 December 2025, up +\u20ac21\u00a0billion compared with September 2025.<\/p>\n<p align=\"justify\"><b>The Group\u2019s liquidity reserves, at market value and after haircuts\u00a0<\/b><sup>52<\/sup><b>, amounted to \u20ac485\u00a0billion at 31 December 2025<\/b>, down slightly by -\u20ac3\u00a0billion compared to 30 September 2025.<\/p>\n<p align=\"justify\">Liquidity reserves covered more than twice the short-term debt net of treasury assets.<\/p>\n<p align=\"justify\">This change in liquidity reserves is notably explained by:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt; text-align:justify;\">The increase in the securities portfolio (HQLA and non-HQLA) for +\u20ac10\u00a0billion;<\/li>\n<li style=\"margin-bottom:6pt; text-align:justify;\">The decrease in collateral already pledged to Central Banks and unencumbered for -\u20ac7\u00a0billion, linked to the decrease in self-securitisations for -\u20ac4\u00a0billion and the decrease in Central Bank eligible receivables for -\u20ac3\u00a0billion due to the discontinuation of the refinancing channel for government-guaranteed credit claims (PGE) by the Banque de France in the fourth quarter of 2025;<\/li>\n<li style=\"margin-bottom:6pt; text-align:justify;\">The decrease in central bank deposits for -\u20ac6\u00a0billion.\n<\/li>\n<\/ul>\n<p align=\"justify\">Cr\u00e9dit\u00a0Agricole\u00a0Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to \u20ac129\u00a0billion.<\/p>\n<p align=\"justify\">Standing at \u20ac1,732\u00a0billion at 31 December 2025, the Group\u2019s liquidity balance sheet shows <b>a surplus of stable funding resources over stable application of funds of \u20ac194\u00a0billion<\/b>, stable over the quarter.<\/p>\n<p align=\"justify\"><b>Long term debt was \u20ac324\u00a0billion at 31 December 2025<\/b>, up +\u20ac2\u00a0billion compared with end-September 2025. This included:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:6pt; text-align:justify;\">Senior secured debt of \u20ac97\u00a0billion, up +\u20ac2 billion;<\/li>\n<li style=\"margin-bottom:6pt; text-align:justify;\">Senior preferred debt of \u20ac167\u00a0billion, up +\u20ac2 billion;<\/li>\n<li style=\"margin-bottom:6pt; text-align:justify;\">Senior non-preferred debt of \u20ac39\u00a0billion, down -\u20ac1 billion;<\/li>\n<li style=\"margin-bottom:6pt; text-align:justify;\">And Tier 2 securities of \u20ac21\u00a0billion, down -\u20ac1 billion.<\/li>\n<\/ul>\n<p align=\"justify\">Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1\u00a0January 2018.<\/p>\n<p align=\"justify\"><b>At 31 December 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 136% for Cr\u00e9dit\u00a0Agricole\u00a0Group <\/b>(representing a surplus of \u20ac85\u00a0billion) <b>and 141% for Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/b> (representing a surplus of \u20ac83\u00a0billion). It should be noted that Cr\u00e9dit\u00a0Agricole\u00a0Group\u2019s LCR ratio is above the 2028 Medium-Term Plan target range of 110% to 130%. <\/p>\n<p align=\"justify\">In addition, at 30 September 2025, <b>the NSFR ratios of Cr\u00e9dit\u00a0Agricole\u00a0Group and Cr\u00e9dit\u00a0Agricole\u00a0S.A. stood at 120% and 114%<\/b>, respectively.<\/p>\n<p align=\"justify\">The Group continues to follow a prudent policy as regards <b>medium-to-long-term refinancing<\/b>, with a very diversified access to markets in terms of investor base and products.<\/p>\n<p align=\"justify\"><b>At 31 December 2025, the Group\u2019s main issuers raised the equivalent of \u20ac30.9\u00a0billion\u00a0<\/b><sup>53<\/sup> <b>in medium-to-long-term debt on the market<\/b>, 83% of which was issued by Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/p>\n<p align=\"justify\">In particular, the following amounts are noted for the Group excluding Cr\u00e9dit\u00a0Agricole\u00a0S.A.:\u00a0\u00a0<\/p>\n<ul type=\"circle\">\n<li>Cr\u00e9dit\u00a0Agricole\u00a0Assurances issued \u20ac750 million in RT1 perpetual NC10.75 year;<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">Cr\u00e9dit\u00a0Agricole Personal Finance &amp; Mobility issued:\n<ul type=\"square\">\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">\u20ac1\u00a0billion in EMTN issuances and \u20ac0.9\u00a0billion in securitisations through Cr\u00e9dit\u00a0Agricole\u00a0Auto\u00a0Bank (CAAB);<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">\u20ac1.4\u00a0billion in securitisations through Agos;<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">Cr\u00e9dit\u00a0Agricole\u00a0Italia issued one senior secured debt issuance for a total of \u20ac1 billion;<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">Cr\u00e9dit\u00a0Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.<\/li>\n<\/ul>\n<p align=\"justify\"><b>At 31 December 2025, Cr\u00e9dit\u00a0Agricole\u00a0S.A. raised the equivalent of \u20ac23.1\u00a0billion through the market\u00a0<\/b>53,<sup>54<\/sup>.<\/p>\n<p align=\"justify\">The bank raised the equivalent of \u20ac23.1\u00a0billion, of which \u20ac11.2\u00a0billion in senior non-preferred debt and \u20ac3.4\u00a0billion in Tier 2 debt, as well as \u20ac2.8\u00a0billion in senior preferred debt and \u20ac5.7\u00a0billion in senior secured debt at end-December. The financing comprised a variety of formats and currencies, including:<\/p>\n<ul type=\"circle\">\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">\u20ac5.25\u00a0billion <sup>54<\/sup><sup>,<\/sup><sup>55<\/sup>;<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">6.9 billion US dollars (\u20ac6.4\u00a0billion equivalent);<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">1.6 billion pounds sterling (\u20ac1.9 billion equivalent); <\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">179.3 billion Japanese yen (\u20ac1.1 billion equivalent);<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">0.4 billion Singapore dollars (\u20ac0.3 billion equivalent);<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">2.1 billion Australian dollars (\u20ac1.2\u00a0billion equivalent);<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">0.9 billion Canadian dollars (\u20ac0.5\u00a0billion equivalent);<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">0.6 billion Swiss francs (\u20ac0.7\u00a0billion equivalent).<\/li>\n<\/ul>\n<p align=\"justify\">At end-December, Cr\u00e9dit\u00a0Agricole\u00a0S.A. had issued 70%\u00a054,55 of its funding plan in currencies other than the euro.<\/p>\n<p align=\"justify\">In addition, Cr\u00e9dit\u00a0Agricole\u00a0S.A.:<\/p>\n<ul type=\"circle\">\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">On 13 February 2025, issued a PerpNC10 AT1 bond for \u20ac1.5\u00a0billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 with \u00a3103\u00a0million outstanding (XS1055037920) \u2013 ineligible, grandfathered until 28\/06\/2025 \u2013 redeemed on 30\/06\/2025;<\/li>\n<li style=\"margin-top:6pt; margin-bottom:4pt; text-align:justify;\">On 2 September 2025, issued a PerpNC10 AT1 bond for US$1.25\u00a0billion at an initial rate of 7.125%, simultaneously launched a public buyback offer on a USD (US225313AJ46\/USF2R125CD54) and GBP (XS2353100402\/ XS2353099638) bond, and announced on 30 October 2025 that it would exercise the call option on the USD AT1 with US$458\u00a0million outstanding (US225313AJ46\/USF2R125CD54) \u2013 redeemed on 23\/12\/2025.<\/li>\n<\/ul>\n<p align=\"justify\">The 2025 MLT market funding programme had been set at \u20ac20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt. The programme was 115% completed at 31 December 2025.<\/p>\n<p align=\"justify\">The 2026 MLT market funding programme is set at \u20ac18 billion, with \u20ac6 billion senior preferred or senior secured debt and \u20ac12 billion senior non-preferred or Tier 2 debt.<\/p>\n<p align=\"center\"><b>Economic and financial environment<\/b><\/p>\n<p align=\"justify\"><b>2025 retrospective<\/b><\/p>\n<p align=\"justify\"><b>A year marked by American politics<\/b> <\/p>\n<p align=\"justify\">Uncertainty was the keyword of 2025. Already high due to the unprecedented shocks that the planet had experienced since the beginning of the decade, uncertainty clearly rose a notch following Donald Trump\u2019s election to the White House. The year 2025 was marked by profound economic and geopolitical upheavals. <\/p>\n<p align=\"justify\">Using their favourite tool \u2013 tariffs, the United States very quickly embarked on an aggressive trade policy aimed at correcting the \u201cinjustice\u201d of the American trade deficit. Tariffs on American imports were raised for all countries and a large number of sectors. Liberation Day on 2 April, announcing a series of so-called \u201creciprocal\u201d tariffs, followed by Donald Trump\u2019s backtracking a few days later, marked the peak of trade tensions; agreements were then signed, including one with the European Union at the end of July, marking a gradual de-escalation. While there is now greater visibility on tariffs, uncertainties remain, with the United States regularly wielding the tariff weapon in response to decisions by its partners that it does not like (e.g. European regulations and measures against American tech companies). And although things have calmed down for now, the fact remains that tariffs have been increased substantially, triggering major disruptions and a rapid reorganisation of trade flows. The impact of these tariffs is gradually becoming apparent, but it remains difficult to fully assess the consequences.<\/p>\n<p align=\"justify\">Geopolitics is another major aspect of US policy. Its positions and interventions in conflicts around the world, particularly in the war in Ukraine and the Middle East, have also often been disconcerting. Similarly, its hostile statements towards its neighbours, made since the beginning of Trump\u2019s term of office under the guise of national security, are disrupting the world order. The year 2026, which began with strong-arm intervention by the United States in Venezuela and renewed threats against Greenland, promises further geopolitical shocks. <\/p>\n<p align=\"justify\">US policy has led many countries around the world to rethink their dependencies and strengthen their strategic autonomy, from an economic, technological and military point of view, leading to increased investment programmes, particularly in defence. In particular, 2025 saw a spectacular budgetary turnaround in Germany, as soon as the new Chancellor Friedrich Merz took office, with the roll-out of an unprecedented public spending plan for infrastructure and defence. <\/p>\n<p align=\"justify\">\u202fFinally, the United States\u2019 position on global warming and in favour of fossil fuels is leading to a relaxation of global political action on climate transition and increasing the risks associated with climate change.<\/p>\n<p align=\"justify\"><b>Growth remains resilient despite a challenging international environment<\/b><\/p>\n<p align=\"justify\">Despite sharp increases in tariffs, the global economy remained resilient, both in developed countries and emerging economies.<\/p>\n<p align=\"justify\">In the United States, the economic slowdown has been less severe than anticipated. With average annual growth of around 2%, the US economy held up well in 2025, despite the prevailing uncertainty. Admittedly, this represents a sharp decline from the very strong pace of 2.8% in 2024, but it is still a long way from the recession that some feared in the aftermath of Liberation Day. On a quarterly basis, growth has been uneven, with volatile components of GDP, such as net exports and inventories, fluctuating sharply as a result of trade policy. Although the recent government shutdown delayed the release of data for the third quarter of 2025, growth continued at a strong pace in the third quarter, exceeding expectations once again. Growth is expected to be more moderate in the fourth quarter of 2025, due to the effects of the shutdown. The resilience of the US economy is due in particular to the financial health of households, whose overall net wealth has increased by nearly $60\u00a0trillion compared to the pre-Covid period, although there are pockets of weakness, concentrated in the low-income household segment. The rise of AI has also played a key role, boosting investment. <\/p>\n<p align=\"justify\">Furthermore, the inflationary impact of tariffs has so far been more contained than expected. Inflation ended the year at 2.7% and remains significantly above the Fed\u2019s target. The labour market is rather mixed, with clear signs of a slowdown since the summer, notably a marked decline in job creation. However, the restrictive migration policy has contained the rise in unemployment (4.4% at the end of 2025). It was this weakening of employment that guided the Fed\u2019s monetary policy, rather than inflation resistance: after nine months of the <i>status quo<\/i>, the Fed cut its key interest rates by 25\u00a0basis points (bp) at each of its last three monetary policy meetings in 2025, bringing the upper limit of the Fed funds rate to 3.75% at the end of the year. <\/p>\n<p align=\"justify\">In China, 2025 was marked by the trade war with the United States, which ended in November with a fragile one-year agreement covering tariffs and rare earths. The 5% growth target is expected to be met once again, despite the slowdown in activity observed in the second half of the year. The Chinese economic environment remains marked by deflation, fuelled by weak private consumption and the ongoing property crisis, with no real signs of improvement. Retail sales continue to grow at a significantly slower pace than economic activity, raising questions about the sustainability of a growth model that lacks internal momentum and relies primarily on foreign trade. This reached record levels in 2025, despite the decline in exports to the United States, as the country quickly redirected its trade flows to other partners in Asia, Latin America and Europe.<\/p>\n<p align=\"justify\">In the Eurozone, mirroring developments in the United States, quarterly GDP growth was marked by fluctuations in exports to the United States. These rose sharply in the first quarter in anticipation of higher tariffs, then declined; but the backlash was significantly less severe than feared and growth proved surprisingly resilient. Thus, despite foreign trade being undermined by tariffs, the strength of the euro and competition from Asia, the good health of private agents and the resilience of domestic demand have enabled the Eurozone to post accelerating growth of around 1.4% in 2025 after 0.8% in 2024. Inflation returned to its target (2% in December), leaving the ECB in a comfortable position to keep its rates unchanged since June 2025 (deposit rate at 2%), after a 100\u00a0basis point cut in the first half of the year. <\/p>\n<p align=\"justify\">In France, activity slowed on an annual average basis in 2025 (0.8% after 1.1% in 2024), but remained particularly resilient despite an ongoing unstable political environment. The slowdown in activity is mainly due to foreign trade, which, after supporting it in the previous two years, weighed on growth by 0.6\u00a0point in 2025 (after a contribution of +1.3\u00a0points in 2024), thanks to a slowdown in exports and an upturn in imports. Furthermore, despite a smaller decline in investment compared with 2024 (-0.2%, after -1.3%), final domestic demand excluding inventories is being held back by the sharp slowdown in household consumption (+0.3% after +1.0%), despite the increase in purchasing power. Households continue to behave cautiously and the savings rate has remained above 18%, a historically high level. Public administration consumption expenditure, meanwhile, remains relatively buoyant. Only the contribution from inventory changes has recovered. Inflation fell again in 2025 to 0.9% (as measured by the consumer price index), after 2.0% in 2024. This is one of the lowest rates in the Eurozone. The unemployment rate rose slightly (7.6% on average in 2025) but remains far from the levels reached during the 2010s (9.6% on average). <\/p>\n<p align=\"justify\">In Italy, despite a difficult international context, the economy proved resilient. Growth nevertheless remained moderate at an average of 0.5% in 2025, despite a clear recovery in investment. The year was marked by high volatility in foreign trade \u2013 due to US tariff policy \u2013 to which the Italian export sector remains particularly exposed (10% of total exports). While the effects of front-loading in anticipation of US tariff barriers have boosted exports for the time being, they have also led to strong growth in imports and significant destocking, clouding the picture of economic dynamics over the year. Employment continued to grow, leading to a fall in the unemployment rate, which dropped below 6% in November. Although household disposable income recovered, household consumption failed to pick up, still hampered by precautionary savings behaviour.<\/p>\n<p align=\"justify\"><b>Markets largely unaffected by international concerns<\/b><\/p>\n<p align=\"justify\">The differences in the timing of the monetary policies of the Fed and the ECB, as well as slowing activity in the United States and something of an acceleration in the eurozone, caused a divergence in the evolution of interest rates on both sides of the Atlantic in 2025.<\/p>\n<p align=\"justify\">In the United States, the Liberation Day period led to a certain mistrust of US assets and an upturn in interest rates in the spring, which continued into the early summer due to the prospect of fiscal largesse enacted by the One Big Beautiful Bill Act in July. However, the overall trend for the year was a sharp decline in interest rates as the slowdown in the labour market became apparent and the prospects for monetary policy easing became clearer: two-year sovereign rates (US Treasuries) fell by 76\u00a0basis points, ending the year at 3.5%, and ten-year rates fell by 43\u00a0basis points to 4.14%, reflecting a further steepening of the yield curve. <\/p>\n<p align=\"justify\">In the Eurozone, the steepening of the curve was even more pronounced, but was driven by a rise in long-term rates (+61\u00a0bp for the 10-year Bund, to 3% at the end of the year), partly driven by German budget announcements, while short-term rates remained stable (at 2.1%). At the same time, sovereign spreads narrowed, with the spread between Italian 10-year BTPs and the German Bund falling by 51\u00a0basis points, while Italian 10-year yields remained stable over the year. At 66\u00a0basis points, the Italian spread fell slightly below the French spread, which, at 71\u00a0basis points at the end of the year, lost only 12\u00a0basis points, suffering from the deterioration in the fiscal outlook. The euro benefited from the narrowing of the gap between US and European yields, gaining 13.4% in 2025 to end at 1.17 against the dollar.<\/p>\n<p align=\"justify\">Despite the uncertainties and concerns dominating the international climate, equity investors remained very optimistic, continuing to bet on the performance of the technology and AI sectors, and also buoyed by the growth prospects of the defence industries. Despite high volatility, and in particular a sharp fall in stock market indexes in April, the S&amp;P 500 and Euro Stoxx 50 once again broke records, gaining 16.4% and 18.3% respectively over the year, while the CAC 40 rose by \u201conly\u201d 10.4%, weighed down by political uncertainty. <\/p>\n<p align=\"justify\">Only precious metal prices reflect the serious concerns surrounding global geopolitical developments. The price of gold rose sharply in 2025, by more than 64%. <\/p>\n<p align=\"justify\"><b>2026 Outlook<\/b><\/p>\n<p align=\"justify\"><b>Counting on fiscal policy support to counteract adversity <\/b><\/p>\n<p align=\"justify\">Against a backdrop of persistent geopolitical uncertainty, but with the US trade fog lifting, growth rates are expected to remain steady or even pick up in 2026. Fiscal measures will contribute to this resilience, notably through tax cuts in the United States and, in the Eurozone, spending linked to the NGEU plan on the one hand and the German recovery on the other.<\/p>\n<p align=\"justify\">In the United States, growth slowed in 2025 but held up well despite the uncertainty, and our scenario envisions a slight acceleration to 2.1% in 2026, due to more favourable political and economic decisions. These refer to the second part of the Trump administration\u2019s measures, which are being rolled out at the following pace: measures that are detrimental to growth in the short term are being taken quickly, as they fall within the president\u2019s prerogatives, followed by fiscal stimulus measures. In 2026, fiscal policy should begin to take effect and uncertainty, particularly on the trade front, should fade but without disappearing. On the other hand, economic strategy, and tariffs in particular, will continue to fuel inflationary pressures. Overall inflation is expected to reach 2.7% and core inflation nearly 2.8% by the end of 2026. <\/p>\n<p align=\"justify\">In China, 2026 will be marked by the publication of the fifteenth five-year plan, which will set China\u2019s sector-specific targets and priorities for the next five years. Unsurprisingly, innovation and industrial development in new technologies are likely to remain at the heart of the Chinese model, despite growing imbalances between investment and consumption. The authorities could choose to maintain a growth target of around 5% in 2026; our scenario anticipates a slight deceleration in growth to 4.7%, in line with recent trends. The Chinese economic environment remains marked by deflation, fuelled by a lack of consumer confidence, weak private consumption and the ongoing property crisis, with no real signs of improvement. Although the authorities have affirmed the need to rebalance growth in favour of domestic demand, exports will remain essential. <\/p>\n<p align=\"justify\">In the Eurozone, the resilience of domestic demand is helping to cope with an adverse environment. In 2026, the good health of private agents, still favourable financial terms and a slightly expansionary fiscal policy are expected to absorb the confidence shock associated with the trade war and geopolitical uncertainty. Our scenario therefore remains unchanged: growth in line with its potential pace, supported by accelerated investment, particularly public investment, with a significant contribution coming from the German spending plan. Growth could thus be around 1.2% in 2026, but this resilience faces a number of risks: increased competition from Asian products on global and domestic markets is hurting the competitiveness of European companies and could weigh on sector-specific developments. Slowdowns in certain sectors may spread sequentially \u2013 without immediately causing a widespread \u201cdepression\u201d, they may, over time, lead to a broad economic slowdown. Finally, headline and core inflation rates (around 1.8% at the end of 2026) are expected to remain below the 2% target. <\/p>\n<p align=\"justify\">In France, activity is expected to pick up in 2026. Supporting factors (increased defence spending in the European Union, Germany\u2019s budgetary \u201cbazooka\u201d and a revival in domestic investment) are expected to outweigh the headwinds (notably higher US tariffs). Political instability would no longer weigh particularly heavily on growth; fiscal adjustment would be limited, with a reduction in the public deficit to below 3% of GDP and a stabilisation of the de facto debt ratio delayed.<\/p>\n<p align=\"justify\">In Italy, growth would remain limited to 0.5% in 2026, the same level as in 2025. Households are maintaining high savings, while businesses are experiencing reduced margins and the incomplete restoration of price competitiveness. The economy remains vulnerable to US tariff shocks. While disinflation and improved financial conditions are stabilising activity, they are not triggering any real catch-up momentum. Household consumption and productive investment should cushion the slowdown thanks to a number of support measures planned for 2026, although fiscal room for manoeuvre remains limited. <\/p>\n<p align=\"justify\">In terms of monetary policy, in the United States, stubborn inflation and a further slowdown in the labour market justify the Fed\u2019s continued preference for a \u201chard line\u201d approach. The Fed is expected to pause until early 2027, keeping the upper limit of the Fed funds rate at 3.75%, before reducing it. This outlook remains more cautious than that of the market, which, continuing its trend of excessive optimism, forecasts a rate slightly above 3% towards the end of 2026. The risks surrounding our scenario are rather bearish, with political pressures and the imminent arrival of a new Fed chair in particular. In the Eurozone, inflation at target and anticipated resilience in growth are unlikely to prompt the ECB to further ease monetary policy in 2026; it is also expected to maintain its central bank policy rates at 2026 levels until spring 2027, before likely raising them in response to robust growth.<\/p>\n<p align=\"justify\">Interest rates in both the United States and the Eurozone are expected to be subject to moderate upward pressure in 2026, justified by decent growth rates and fiscal stimulus. However, the divergent monetary policy moves anticipated for 2027 (slight easing for the Fed, tightening for the ECB) justify different distortions in the yield curves: steepening in the United States and flattening in the eurozone.<\/p>\n<p align=\"justify\">While the market is expecting the Fed funds rate to ease by nearly 50\u00a0basis points in 2026 in the United States, the pause in monetary easing assumed in our scenario for 2026 points to a slight rise in the two-year interest rate, whose recent decline reflects the market\u2019s somewhat overly optimistic expectations of monetary easing. Our scenario anticipates a two-year rate of around 3.70% at the end of 2026. Driven by slightly stronger growth in 2026 and continued high public financing needs, our scenario forecasts a ten-year rate of 4.50% at the end of 2026. <\/p>\n<p align=\"justify\">In the Eurozone, the prospect of monetary tightening in 2027 should lead to a rise in interest rates. Compared to December 2025, our scenario assumes a 20\u00a0bp increase in the two-year rate in 2026. The increase in the German debt supply will lead to a very slight rise in the ten-year yield. The tightening of financial terms would be less favourable for higher risk issuers (peripheral issuers including France and Italy).<\/p>\n<p align=\"justify\">Finally, in 2026, the dollar should benefit from yield spreads, while it is unlikely that the euro will be able to take advantage of speculation surrounding the US currency\u2019s status as a reserve currency.<\/p>\n<p><b>Appendix 1 \u2013 Cr\u00e9dit Agricole Group: income statement by business line <\/b><\/p>\n<p>Groupe Cr\u00e9dit Agricole \u2013 Results by business line Q4-25 et Q4-24<\/p>\n<table style=\"border-collapse: collapse; width:490.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:247.47px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"8\" style=\"width:406.54px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Q4-25<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;vertical-align: middle ; \"><b>\u20acm<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>RB<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LCL<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.8px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.8px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.8px;;border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.8px;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.8px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.8px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.8px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.94px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>3,774<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,023<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,023<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,107<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>908<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,152<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(1,015)<\/b><\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>9,971<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2,598)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(664)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(658)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(979)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(470)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,309)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">761<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5,917)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,176<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>359<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>365<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,128<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>437<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>844<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(254)<\/b><\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>4,054<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(379)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(132)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(121)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(12)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(313)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(96)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">44<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,009)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">11<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">64<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(99)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(586)<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(603)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(4)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(10)<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(19)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>804<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>227<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>244<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,179<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>21<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>754<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(806)<\/b><\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,424<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(232)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(70)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(42)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(258)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(21)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(105)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">112<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(616)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discont&#8217;d or held-for-sale ope.<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>572<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>157<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>203<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>921<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>0<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>649<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(694)<\/b><\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,807<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(25)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(121)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(28)<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(173)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>571<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>157<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>177<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>800<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(27)<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>650<\/b><\/td>\n<td style=\"width:50.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(693)<\/b><\/td>\n<td style=\"width:50.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,634<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:491.1pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:247.74px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"8\" style=\"width:407.07px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Q4-24<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;vertical-align: middle ; \"><b>\u20acm<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>RB<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LCL<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.87px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.87px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.87px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.87px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.87px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.87px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.87px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:51px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,276<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>960<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>993<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,037<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>915<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,108<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(472)<\/b><\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>9,817<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2,503)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(647)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(588)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(930)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(447)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,298)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">549<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5,863)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>773<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>313<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>405<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,107<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>468<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>810<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>77<\/b><\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,954<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(263)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(78)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(97)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(11)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(306)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(93)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(19)<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(867)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">29<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">43<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">80<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">0<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(10)<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(20)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>513<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>236<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>308<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,125<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>196<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>724<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>48<\/b><\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,150<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(110)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(44)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(100)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(313)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(49)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(166)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(784)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>404<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>192<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>207<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>813<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>147<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>557<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>46<\/b><\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,366<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non-controlling interests<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(31)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(117)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(24)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(34)<\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(11)<\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(217)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:247.74px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>403<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>192<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>177<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>696<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>124<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>523<\/b><\/td>\n<td style=\"width:50.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>35<\/b><\/td>\n<td style=\"width:51px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,149<\/b><\/td>\n<\/tr>\n<\/table>\n<p>Groupe Cr\u00e9dit\u00a0Agricole \u2013 Results by business line 2025 et 2024<\/p>\n<table style=\"border-collapse: collapse; width:490.6pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:245.14px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"8\" style=\"width:409px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12M-25<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;vertical-align: middle ; \"><b>\u20acm<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>RB<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LCL<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.4px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.4px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.4px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.4px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.4px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.4px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.4px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.2px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>13,912<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,945<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>4,122<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>7,968<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,540<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,882<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(2,810)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>39,558<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(10,252)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,524)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,258)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,747)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,830)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5,171)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">2,213<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(23,568)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,660<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,421<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,864<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,220<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,710<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,711<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(597)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>15,990<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,471)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(410)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(327)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(38)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,076)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(127)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3)<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,452)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">17<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">201<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(85)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">29<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(586)<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(423)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">4<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">448<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(3)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(10)<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">437<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,205<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,015<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,538<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,831<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>547<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,612<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(1,196)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12,552<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(659)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(321)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(435)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,044)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(123)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(827)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">391<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(3,018)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,546<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>694<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,103<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,787<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>424<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,785<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(805)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>9,535<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non-controlling interests<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(147)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(552)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(92)<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">11<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(781)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.14px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,545<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>693<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>956<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,235<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>333<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,786<\/b><\/td>\n<td style=\"width:50.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(795)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,754<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:491.1pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:245.34px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"8\" style=\"width:409.47px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12M-24<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;vertical-align: middle ; \"><b>\u20acm<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>RB<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LCL<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.47px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.47px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:50.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:50.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.2px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>13,110<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,872<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>4,153<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>7,633<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,520<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,652<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(2,879)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>38,060<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(9,956)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,448)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2,225)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(3,365)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,780)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5,039)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">2,084<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(22,729)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,155<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,424<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,928<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>4,268<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,740<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,613<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(795)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>15,332<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,319)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(373)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(316)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(29)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(958)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(117)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(79)<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,191)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">8<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">123<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">125<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">27<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">283<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">5<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">0<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(23)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(12)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(13)<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(39)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,849<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,056<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,612<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>4,339<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>895<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,523<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(887)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12,388<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(423)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(229)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(536)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(970)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(187)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(883)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">341<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,888)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,425<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>827<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,076<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,369<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>708<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,641<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(546)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>9,500<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(160)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(481)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(82)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(139)<\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">4<\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(860)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:245.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,423<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>827<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>916<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,889<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>625<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,502<\/b><\/td>\n<td style=\"width:50.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(542)<\/b><\/td>\n<td style=\"width:56.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,640<\/b><\/td>\n<\/tr>\n<\/table>\n<p>\u00a0\u00a0<\/p>\n<p><b>Appendix 2 \u2013 Cr\u00e9dit\u00a0Agricole\u00a0S.A.: Income statement by business line<\/b><\/p>\n<p>Cr\u00e9dit Agricole S.A. \u2013 Results by business line Q4-25 et Q4-24<\/p>\n<table style=\"border-collapse: collapse; width:483.3pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"7\" style=\"width:364.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Q4-25<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u20acm<\/b><\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>FRB <\/b><br \/><b>(LCL)<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:47.2px;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:49.14px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:47.27px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.74px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:47.27px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:60.47px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,105<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,152<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>908<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,023<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>998<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(220)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>6,966<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(979)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,309)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(470)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(664)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(636)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(41)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(4,100)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,127<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>843<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>437<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>359<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>361<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(261)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,867<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(12)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(96)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(313)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(132)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(128)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">53<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(629)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">64<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(99)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(605)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(633)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(4)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,178<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>754<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>21<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>227<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>234<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(814)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,599<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(258)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(105)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(21)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(70)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(40)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">118<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(376)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>920<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>649<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>0<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>157<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>194<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(696)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,223<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(127)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(11)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(28)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(7)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(34)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">9<\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(199)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:47.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>792<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>638<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(27)<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>150<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>160<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(688)<\/b><\/td>\n<td style=\"width:60.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,025<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:484pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:278.34px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"7\" style=\"width:364.4px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Q4-24<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u20acm<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>FRB <\/b><br \/><b>(LCL)<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:61.34px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:48.94px;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:48.94px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:45.07px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:55.6px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:51.6px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:52.94px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:63.94px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2,045<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,108<\/b><\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>915<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>960<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>969<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>95<\/b><\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>7,092<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(930)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,298)<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(447)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(647)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(568)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(28)<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(3,917)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,116<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>810<\/b><\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>468<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>313<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>401<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>67<\/b><\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,175<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(11)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(93)<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(306)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(78)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(100)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(6)<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(594)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">29<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">43<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(17)<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">62<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,133<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>723<\/b><\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>196<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>236<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>302<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>44<\/b><\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,634<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(315)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(166)<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(49)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(44)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(101)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(7)<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(681)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>819<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>557<\/b><\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>147<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>192<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>201<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>37<\/b><\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,953<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(124)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(45)<\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(24)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(43)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(19)<\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(264)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>695<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>512<\/b><\/td>\n<td style=\"width:45.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>124<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>183<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>158<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>18<\/b><\/td>\n<td colspan=\"2\" style=\"width:63.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,689<\/b><\/td>\n<\/tr>\n<\/table>\n<p>Cr\u00e9dit Agricole S.A. \u2013 Results by business line 2025 et 2024<\/p>\n<table style=\"border-collapse: collapse; width:481.9pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"7\" style=\"width:362.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12M-25<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>In m\u20ac<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>FRB <\/b><br \/><b>(LCL)<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:49.14px;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:49.14px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:47.27px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.74px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:47.27px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:56.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>8,000<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,883<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,540<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,945<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>4,027<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(315)<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>28,079<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,747)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5,171)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,829)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,524)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,175)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(181)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(15,628)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,253<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,712<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,710<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,421<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,852<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(496)<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12,451<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(38)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(127)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,076)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(410)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(332)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">10<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,973)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">201<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">29<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(85)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(673)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(527)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">451<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(3)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">4<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(0)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">452<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,867<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,613<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>547<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,015<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,520<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(1,160)<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>10,402<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(1,052)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(827)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(123)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(321)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(431)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">405<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,349)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,815<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,786<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>424<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>694<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,089<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(755)<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,053<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(583)<\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(51)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(92)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(31)<\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(213)<\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(979)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:279.67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,232<\/b><\/td>\n<td style=\"width:49.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,735<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>333<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>663<\/b><\/td>\n<td style=\"width:56.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>876<\/b><\/td>\n<td style=\"width:47.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(764)<\/b><\/td>\n<td style=\"width:56.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>7,074<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:481.7pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:278.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"7\" style=\"width:361.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12M-24<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>In m\u20ac<\/b><\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>AG<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>LC<\/b><\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>SFS<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>FRB <\/b><br \/><b>(LCL)<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>IRB<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>CC<\/b><\/td>\n<td style=\"width:56.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Total<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:48.87px;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:48.94px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:47.07px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:55.6px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:51.6px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:52.94px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:59.07px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \"><b>Revenues<\/b><\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>7,648<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,651<\/b><\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,520<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,872<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>4,059<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(570)<\/b><\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>27,181<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Operating expenses<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(3,365)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(5,039)<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,780)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,448)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,148)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(116)<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(14,895)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Gross operating income<\/b><\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,284<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,612<\/b><\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,740<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,424<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,911<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(685)<\/b><\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>12,286<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Cost of risk<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(29)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(117)<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(958)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(373)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(313)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(59)<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,850)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Equity-accounted entities<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">123<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">27<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">125<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(82)<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">194<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income on other assets<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(23)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(12)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">5<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">23<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(4)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Income before tax<\/b><\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,355<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>3,523<\/b><\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>895<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,056<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,599<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(803)<\/b><\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>10,625<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Tax<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(973)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(883)<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(187)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(229)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(535)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">336<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(2,472)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Net income from discontinued or held-for-sale operations<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,381<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,640<\/b><\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>708<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>827<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>1,063<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(466)<\/b><\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>8,153<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-left: solid black 1pt ; vertical-align: middle ; \">Non controlling interests<\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(506)<\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(192)<\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(82)<\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(37)<\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(227)<\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(22)<\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \">(1,067)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:278.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>Net income Group Share<\/b><\/td>\n<td style=\"width:48.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,875<\/b><\/td>\n<td style=\"width:48.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2,448<\/b><\/td>\n<td style=\"width:47.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>625<\/b><\/td>\n<td style=\"width:55.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>790<\/b><\/td>\n<td style=\"width:51.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>836<\/b><\/td>\n<td style=\"width:52.94px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>(488)<\/b><\/td>\n<td colspan=\"2\" style=\"width:59.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \"><b>7,087<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>Appendix 3 \u2013 Data per share <\/b><\/p>\n<table style=\"border-collapse: collapse; width:106.32%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:642.34px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; border-top: solid black 1pt ; vertical-align: top ; \">Cr\u00e9dit Agricole S.A. \u2013 Earnings p\/share, net book value p\/share and ROTE<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:104.06%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;vertical-align: middle ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \"><b>(\u20acm)<\/b><\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Q4-2025<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Q4-2024<\/b><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2025<\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>2024<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"3\" style=\"width:5.05%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;vertical-align: bottom ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">Net income Group share<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1,025<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1,689<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">7,074<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">7,087<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">&#8211; Interests on AT1, including issuance costs, before tax<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(148)<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(112)<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(556)<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(463)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">&#8211; Foreign exchange impact on reimbursed AT1<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">24<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">&#8211;<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">80<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(266)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">NIGS attributable to ordinary shares<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[A]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">901<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1,577<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6,598<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6,358<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">Average number shares in issue, excluding treasury shares (m)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[B]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,025<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">3,025<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,027<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Net earnings per share<\/b><\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>[A]\/[B]<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>0.30 \u20ac<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>0.52 \u20ac<\/b><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2.18 \u20ac<\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2.11 \u20ac<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;vertical-align: middle ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \"><b>(\u20acm)<\/b><\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>31\/12\/2025<\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>31\/12\/2024<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \">Shareholder&#8217;s equity Group share<\/td>\n<td colspan=\"2\" style=\"width:5.58%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">77,662<\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">74,710<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \">&#8211; AT1 issuances<\/td>\n<td colspan=\"2\" style=\"width:5.58%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(8,143)<\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">(7,218)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \">&#8211; Unrealised gains and losses on OCI &#8211; Group share<\/td>\n<td colspan=\"2\" style=\"width:5.58%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">2,995<\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1,969<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211; Payout assumption on annual results*<\/td>\n<td colspan=\"2\" style=\"width:5.58%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(3,419)<\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(3,327)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \"><b>Net book value (NBV), not revaluated, attributable to ordin. sh.<\/b><\/td>\n<td colspan=\"2\" style=\"width:5.58%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>[D]<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>69,095<\/b><\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>66,134<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211; Goodwill &amp; intangibles &#8211; Group share<\/td>\n<td colspan=\"2\" style=\"width:5.58%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(19,321)<\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(17,851)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \"><b>Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.<\/b><\/td>\n<td colspan=\"2\" style=\"width:5.58%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>[E]<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>49,774<\/b><\/td>\n<td colspan=\"4\" style=\"width:5.64%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>48,282<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">Total shares in issue, excluding treasury shares (period end, m)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[F]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,026<\/td>\n<td colspan=\"4\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,025<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">NBV per share , after deduction of dividend to pay (\u20ac)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[D]\/[F]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">22.8 \u20ac<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">21.9 \u20ac<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">+ Dividend to pay (\u20ac)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[H]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1.13 \u20ac<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">1.10 \u20ac<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">NBV per share , before deduction of dividend to pay (\u20ac)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">24.0 \u20ac<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">23.0 \u20ac<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">TNBV per share, after deduction of dividend to pay (\u20ac)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[G]=[E]\/[F]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">16.5 \u20ac<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">16.0 \u20ac<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:28.74%;;vertical-align: bottom ; \"><i>* dividend proposed to the Board meeting to be paid<\/i><\/td>\n<td colspan=\"2\" style=\"width:2.63%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.58%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:3.91%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.95%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:4.8%;;vertical-align: top ; \">\u00a0<\/td>\n<td colspan=\"4\" style=\"width:5.38%;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" style=\"width:28.74%;;vertical-align: bottom ; \"><i>** including goodwill in the equity-accounted entities<\/i><\/td>\n<td colspan=\"2\" style=\"width:2.63%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.58%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.91%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.95%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:4.8%;;vertical-align: top ; \">\u00a0<\/td>\n<td colspan=\"4\" style=\"width:5.38%;;vertical-align: middle ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \"><b>(\u20acm)<\/b><\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \"><b>\u00a0<\/b><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>12M-25<\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>12M-24<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">Net income Group share<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[K]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">7,074<\/td>\n<td colspan=\"4\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">7,087<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">NIGS annualised<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[N]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">7,074<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">7,087<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[O]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">-476<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">-729<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \">Result adjusted<\/td>\n<td colspan=\"2\" style=\"width:5.69%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[P] = [N]+[O]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6,598<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">6,358<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:24.77%;;vertical-align: middle ; \">Tangible NBV (TNBV), not revaluated attrib. to ord. sh. \u2013 avg (1)<\/td>\n<td colspan=\"2\" style=\"width:5.69%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">[J]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">49,028<\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">47,027<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: middle ; \">ROTE (%)<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">= [P] \/ [J]<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>13.5%<\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>13.5% <\/b>(2)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: bottom ; \"><i>*** including assumption of dividend for the current exercise<\/i><\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \"><i>\u00a0<\/i><\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \"><b><i>\u00a0<\/i><\/b><\/td>\n<td colspan=\"3\" style=\"width:5.05%;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b><i>0.0%<\/i><\/b><\/td>\n<td colspan=\"3\" style=\"width:5.46%;;vertical-align: top ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:23.23%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:7.24%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.75%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:3.77%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:0.97%;;vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"6\" style=\"width:10.51%;;vertical-align: middle ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(1)\u00a0\u00a0\u00a0<i>Average of the TNBV not revalued attributable to ordinary shares calculated between 31\/12\/2024 and 31\/12\/2025 (line [E]). Average restated equity Group share of intangible assets, all unrealised gains and\/or losses, AT1 debt stock and the proposed dividend distribution on current income.<\/i><\/p>\n<p align=\"justify\">(2)\u00a0\u00a0\u00a0<i>ROTE calculated on the basis of tangible equity restated for all unrealised gains and\/or losses <\/i><\/p>\n<p><b>Alternative Performance Indicators<\/b><sup><b>56<\/b><\/sup><\/p>\n<p align=\"justify\"><b>NBV Net Book Value (not revalued)<\/b><br \/>The Net Book Value not revalued corresponds to the shareholders\u2019 equity Group share from which the amount of the AT1 issues, the unrealised gains and\/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.<\/p>\n<p align=\"justify\"><b>NBV per share Net Book Value per share \u2013 NTBV Net Tangible Book Value per share<\/b><br \/>One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.<\/p>\n<p align=\"justify\">Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares. <\/p>\n<p align=\"justify\"><b>EPS Earnings per Share<\/b><br \/>This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.<\/p>\n<p align=\"justify\"><b>Cost\/income ratio<\/b><br \/>The cost\/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses. <\/p>\n<p align=\"justify\"><b>Cost of risk\/outstandings<\/b><br \/>Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.<\/p>\n<p align=\"justify\">Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.<\/p>\n<p align=\"justify\">The calculation method for the indicator is specified each time the indicator is used.<\/p>\n<p align=\"justify\"><b>Doubtful loan<\/b><br \/>A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt; text-align:justify;\">a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor\u2019s financial situation.<\/li>\n<li style=\"margin-bottom:3pt; text-align:justify;\">the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.<\/li>\n<\/ul>\n<p align=\"justify\"><b>Impaired loan<\/b><br \/>Loan which has been provisioned due to a risk of non-repayment.<\/p>\n<p align=\"justify\"><b>Impaired (or non-performing) loan coverage ratio\u00a0 <\/b><br \/>This ratio divides the outstanding provisions by the impaired gross customer loans.<\/p>\n<p align=\"justify\"><b>Impaired (or non-performing) loan ratio\u00a0<\/b><br \/>This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.<\/p>\n<p align=\"justify\"><b>Net income Group share<\/b><br \/>Net income\/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.<\/p>\n<p align=\"justify\"><b>Net income Group share attributable to ordinary shares <\/b><br \/>The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.<\/p>\n<p align=\"justify\"><b>RoTE Return on Tangible Equity<\/b><br \/>RoTE (Return on Tangible Equity) compares annualised net income Group share, excluding the impairment of intangible assets and goodwill and net of AT1 coupons, to average restated equity Group share of intangible assets, unrealised gains and\/or losses, AT1 debt stock and the proposed distribution in N+1.<\/p>\n<p><b>Disclaimer<\/b><\/p>\n<p align=\"justify\"><i>The financial information on Cr\u00e9dit\u00a0Agricole\u00a0S.A. and Cr\u00e9dit\u00a0Agricole\u00a0Group for the fourth quarter and the full year 2025 comprises this press release and the presentation and the attached appendices which are available on the website: <\/i><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=mJapScnw80_XFzbaTSuc1jZc3otYccu_seF4oySLkbNpYZMIHsijN6CO6NPmdwBTY5qbVwJBZMSukDF-519aSMEEer92aBw6X9ZoARWvW0cY8B-O5bMJs29g-m8XTiyOqy4uqv_XvptagsEyAw41Km1s0sP-UCNyA4uGaBvDb4mqmdaL4IwpgFE1jVHqqxBZEkQsktKye4StRh6pyaWdBo76x9C2ViTS6_yTw3Qhh-0=\" rel=\"nofollow\" target=\"_blank\" title=\"\"><i>https:\/\/www.credit-agricole.com\/en\/finance\/finance\/financial-publications<\/i><\/a><i>.<\/i><\/p>\n<p align=\"justify\"><i>This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019\/980 of 14 March 2019 (Chapter 1, article 1, d). <\/i><\/p>\n<p align=\"justify\"><i>This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.<\/i><\/p>\n<p align=\"justify\"><i>Readers must take all these risk factors and uncertainties into consideration before making their own judgement.<\/i><\/p>\n<p align=\"justify\"><b>Applicable standards and comparability<\/b><\/p>\n<p align=\"justify\"><i>The figures presented for the 12-month period ending 31 December 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. The Statutory Auditor\u2019s audit work on the financial consolidated statements is under way.<\/i><\/p>\n<p align=\"justify\"><i>Note: The scopes of consolidation of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. and Cr\u00e9dit\u00a0Agricole\u00a0groups have not changed materially since the Cr\u00e9dit\u00a0Agricole\u00a0S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Cr\u00e9dit\u00a0Agricole\u00a0Group) were filed with the AMF (the French Financial Markets Authority).<\/i><\/p>\n<p align=\"justify\"><i>The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.<\/i><\/p>\n<p align=\"justify\"><i>At 31 December 2025, Banco BPM was consolidated using the equity-accounted method.<\/i><\/p>\n<p align=\"center\"><b>Financial Agenda<\/b><\/p>\n<p>30 April 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the 2026 first quarter results<br \/>20 May 2026 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0General Meeting in Saint-Brieuc<br \/>26 May 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Workshop LCL<br \/>26 May 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ex dividend date<br \/>28 May 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dividend payment date<br \/>31 July 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the 2026 second quarter and the first half-year results<br \/>13 October 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ex interim dividend date<br \/>15 October 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Interim dividend payment date<br \/>30 October 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the 2026 fourth quarter and first nine months results<\/p>\n<p align=\"center\"><b>Contacts<\/b><\/p>\n<p><b>CREDIT AGRICOLE PRESS CONTACTS<\/b><\/p>\n<table style=\"border-collapse: collapse; width:468.15pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Alexandre Barat<br \/>Olivier Tassain<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 57 72 12 19<br \/>+ 33 1 43 23 25 41<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">alexandre.barat@credit-agricole-sa.fr <a href=\"mailto:olivier.tassain@credit-agricole-sa.fr\" rel=\"nofollow\" target=\"_blank\" title=\"olivier.tassain@credit-agricole-sa.fr\">olivier.tassain@credit-agricole-sa.fr<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Mathilde Durand<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 57 72 19 43<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><a href=\"mailto:mathilde.durand@credit-agricole-sa.fr\" rel=\"nofollow\" target=\"_blank\" title=\"mathilde.durand@credit-agricole-sa.fr\">mathilde.durand@credit-agricole-sa.fr<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">B\u00e9n\u00e9dicte Gouvert<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 49 53 43 64<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><a href=\"mailto:benedicte.gouvert@ca-fnca.fr\" rel=\"nofollow\" target=\"_blank\" title=\"benedicte.gouvert@ca-fnca.fr\">benedicte.gouvert@ca-fnca.fr<\/a><\/td>\n<\/tr>\n<\/table>\n<p><b>CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A. INVESTOR RELATIONS CONTACTS<\/b><\/p>\n<table style=\"border-collapse: collapse; width:468.15pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Institutional investors<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>investor.relations@credit-agricole-sa.fr<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Individual shareholders<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 800 000\u00a0777<br \/>(toll-free number in France only)<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>relation@actionnaires.credit-agricole.com<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">C\u00e9cile Mouton <\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 57 72 86 79 <\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>cecile.mouton@credit-agricole-sa.fr<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/p>\n<p><b>Equity investor relations:<\/b><\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Jean-Yann Asseraf<br \/>Fethi Azzoug<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 57 72 23 81<br \/>+ 33 1 57 72 03 75<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>jean-yann.asseraf@credit-agricole-sa.fr <\/u><a href=\"mailto:fethi.azzoug@credit-agricole-sa.fr\" rel=\"nofollow\" target=\"_blank\" title=\"fethi.azzoug@credit-agricole-sa.fr\">fethi.azzoug@credit-agricole-sa.fr<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Oriane Cante<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 43 23 03 07<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>oriane.cante@credit-agricole-sa.fr<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Nicolas Ianna<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 43 23 55 51<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>nicolas.ianna@credit-agricole-sa.fr<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Leila Mamou<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 57 72 07 93<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><a href=\"mailto:leila.mamou@credit-agricole-sa.fr\" rel=\"nofollow\" target=\"_blank\" title=\"leila.mamou@credit-agricole-sa.fr\">leila.mamou@credit-agricole-sa.fr<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Anna Pigoulevski<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 43 23 40 59<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>anna.pigoulevski@credit-agricole-sa.fr<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:371.27px;;vertical-align: top ; \"><b>Debt investor and rating agency relations:<\/b><\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Gwena\u00eblle Lereste<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 57 72 57 84<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><u>gwenaelle.lereste@credit-agricole-sa.fr<\/u><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Florence Quintin de Kercadio<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 43 23 25 32<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><a href=\"mailto:florence.quintindekercadio@credit-agricole-sa.fr\" rel=\"nofollow\" target=\"_blank\" title=\"florence.quintindekercadio@credit-agricole-sa.fr\">florence.quintindekercadio@credit-agricole-sa.fr<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">Yury Romanov<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">+ 33 1 43 23 86 84<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \"><a href=\"mailto:yury.romanov@credit-agricole-sa.fr\" rel=\"nofollow\" target=\"_blank\" title=\"yury.romanov@credit-agricole-sa.fr\">yury.romanov@credit-agricole-sa.fr<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:204.27px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:167px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:252.94px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>See all our press releases at: www.credit-agricole.com \u2013 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=2DTJr-LKeDyTONIZIhtPBZu7TALhKlLKFvzE3KXZJebavHdQ79PWuf3IYxdwGiTs8DH5gU2Z5HAh_E6cdCqkgiRpoUyApksJigPqYys3-VJKPKKi6pj4vQpb9tpbK-0G\" rel=\"nofollow\" target=\"_blank\" title=\"www.creditagricole.info\">www.creditagricole.info<\/a><\/p>\n<table style=\"border-collapse: collapse; width:500.2pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:27.07px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:97.07px;;vertical-align: middle ; \">Cr\u00e9dit_Agricole<\/td>\n<td style=\"width:29.87px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:136.27px;;vertical-align: middle ; \">Cr\u00e9dit\u00a0Agricole\u00a0Group<\/td>\n<td style=\"width:28.94px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:347.74px;;vertical-align: middle ; \">cr\u00e9ditagricole_sa <\/td>\n<\/tr>\n<\/table>\n<p> <\/p>\n<hr>\n<p><i>1<\/i><i> Car, home, health, legal, all mobile phones or personal accident insurance<\/i><br \/><i>2<\/i><i> CA\u00a0Auto\u00a0Bank, automotive JVs and automotive activities of other entities<\/i><br \/><i>3<\/i><i> Excluding the impact of Merca Leasing<\/i><br \/><i>4<\/i><i> Low-carbon energy exposures made up of renewable energy produced by the clients of all Cr\u00e9dit\u00a0Agricole\u00a0Group entities, including nuclear energy exposures for Cr\u00e9dit\u00a0Agricole\u00a0CIB. <\/i><br \/><i>5<\/i><i> Cr\u00e9dit\u00a0Agricole\u00a0Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group\u2019s internal sustainable assets framework. <\/i><i>\u00a0\u00a0\u00a0\u00a0\u00a0<\/i> <br \/><i>6<\/i> <i>Scope of power sector: Cr\u00e9dit\u00a0Agricole\u00a0CIB and Unifergie (Cr\u00e9dit Agricole Transitions &amp; \u00c9nergies)<\/i><br \/><i>7<\/i><i> The cost of risk\/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters<\/i><br \/><i>8<\/i><i> The cost of risk\/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter<\/i><br \/><i>9<\/i><i> Average rate of loans to monthly production for the period October and November 2025<\/i><br \/><i>10<\/i><i> Equipment rate \u2013 Home-Car-Health policies, Legal, All Mobile\/Portable or personal accident insurance<\/i><\/p>\n<p align=\"justify\"><i>11<\/i><i> Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.<\/i><br \/><i>12<\/i><i> The cost of risk\/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters<\/i><br \/><i>13<\/i><i> The cost of risk\/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter.<\/i><br \/><i>14<\/i><i> See definition of the ROTE (return on tangible equity) in the APM indicators<\/i><br \/><i>15<\/i><i> At constant scope (excluding Abanca SG, Pi\u00f9Vera Assicurazioni and Pi\u00f9Vera Protezione), total revenues rose by +16.7%<\/i><\/p>\n<p align=\"justify\"><i>16<\/i><i> In local standards<\/i><br \/><i>17<\/i><i> At constant scope (excluding Abanca SG and Pi\u00f9Vera Protezione), revenues rose by +8.8%<\/i><br \/><i>18<\/i><i> At a constant scope, (excluding Abanca SG and Pi\u00f9Vera Assicurazioni), the portfolio volume is 17.1\u00a0million policies, up +2.3% compared to the end of 2024<\/i><br \/><i>19<\/i><i> Combined property &amp; casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)\/gross premiums earned. Undiscounted ratio: 96.7% (+0.3\u00a0pp year-on-year)<\/i><br \/><i>20<\/i><i> At constant scope (excluding Abanca SG, Pi\u00f9Vera Assicurazioni and Pi\u00f9Vera Protezione), revenues rose by +6.7%<\/i><br \/><i>21<\/i><i> At constant scope (excluding Abanca SG), revenues rose by +10.1%<\/i><br \/><i>22<\/i><i> Excluding assets under custody for institutional clients<\/i><br \/><i>23<\/i><i>Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular<\/i><br \/><i>24<\/i><i> Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.<\/i><br \/><i>25<\/i><i> Net of reinsurance cost, including financial results<\/i><br \/><i>26<\/i><i> Scope effect of Amundi US deconsolidated in Q4 2024: \u20ac93m in revenues, -\u20ac65m\u00a0in expenses<\/i><br \/><i>27<\/i><i> Scope effect of Amundi US deconsolidated in Q4 2024: \u20ac93m in revenues, -\u20ac65m\u00a0in expenses<\/i><br \/><i>28<\/i><i> Restructuring charges of \u20ac8\u00a0million recorded in Q4 (cumulative \u20ac88\u00a0million for Q3 and Q4) for a savings target of \u20ac40\u00a0million from 2026; and ICG acquisition costs of \u20ac13\u00a0million.<\/i><br \/><i>29<\/i><i> Dividend with no impact on revenues or income.<\/i><br \/><i>30<\/i> <i>Indosuez Wealth Management scope<\/i><br \/><i>31<\/i><i> Q4-25 integration costs: -\u20ac18.6m vs. -\u20ac12.8m in Q4-24 (-\u20ac76.3m for 12M-25\u00a0vs. -\u20ac26.4m for 12M-24).<\/i><br \/><i>32<\/i><i> Impact of Banque Thaler (-\u20ac5.2m) and takeover of depositay banking activities by CACEIS (+\u20ac1.9m)<\/i><br \/><i>33<\/i><i> Degroof Petercam scope effect in 2025: January to May 2025: Revenues of \u20ac260.1m and expenses of -\u20ac186.2m<\/i><br \/><i>34<\/i><i> Bloomberg in EUR <\/i><br \/><i>35<\/i><i> Refinitiv LSEG<\/i><br \/><i>36<\/i><i> ISB integration costs: -\u20ac12.9m in Q4-25 vs. -\u20ac28.4m in Q4-24<\/i><br \/><i>37<\/i><i>ISB integration costs: -\u20ac12.9m in Q4-25 vs. -\u20ac28.4m in Q4-24<\/i><br \/><i>38<\/i><i>CA\u00a0Auto\u00a0Bank, automotive JVs and auto activities of other entities<\/i><br \/><i>39<\/i><i> Excluding automotive joint ventures<\/i><br \/><i>40<\/i><i> CA Auto Bank and automotive JVs <\/i><br \/><i>41<\/i><i> Merca Leasing scope effect: +\u20ac21.5\u00a0million in revenues; -\u20ac7.5\u00a0million in expenses; -\u20ac3.6\u00a0million in CoR<\/i><br \/><i>42<\/i><i> Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.<\/i><br \/><i>43<\/i><i> Source: Abi, January 2026: +1.6% December\/December for all loans<\/i><br \/><i>44<\/i><i> Euribor 3M average down -96\u00a0bp Q4\/Q4<\/i><br \/><i>45<\/i><i> At 31 December 2025 this scope includes the entities CA\u00a0Italia, CA Polska, CA Egypt and CA Ukraine.<\/i><br \/><i>46<\/i><i> Non-recurring items at CA\u00a0Italia in Q4 2025 amounted to -\u20ac65\u00a0million net in restructuring costs and -\u20ac5\u00a0million (DGS) <\/i><br \/><i>47<\/i><i> Cost of risk\/outstandings (in annualised quarterly bp)<\/i><br \/><i>48<\/i><i> Taking into account a one-quarter difference compared with Banco BPM\u2019s publication, as Banco BPM publishes after Cr\u00e9dit\u00a0Agricole\u00a0S.A.<\/i><\/p>\n<p align=\"justify\"><i>49<\/i><i> SREP requirement applicable at 31 December 2025, including the combined capital buffer requirement (a) for Cr\u00e9dit\u00a0Agricole\u00a0Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.78%, as well as the 0.10% systemic risk buffer and (b) for Cr\u00e9dit\u00a0Agricole\u00a0S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.67% as well as the 0.15% systemic risk buffer. \u00a0<\/i><br \/><i>50<\/i><i> As part of its annual resolvability assessment, Cr\u00e9dit\u00a0Agricole\u00a0Group has chosen to continue waiving the possibility offered by Article 72b(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.<\/i><br \/><i>51<\/i><i>In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Cr\u00e9dit\u00a0Agricole\u00a0S.A. amounted to \u20ac45.5\u00a0billion, including \u20ac32.4\u00a0billion in distributable reserves and \u20ac13.1\u00a0billion in share premiums at 31 December 2025.<\/i><br \/><i>52<\/i><i> From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.<\/i><br \/><i>53<\/i> <i>Gross amount before buy-backs and amortisations<\/i><br \/><i>54<\/i> <i>Excl. AT1 issuances<\/i><br \/><i>55<\/i><i> Excl. senior secured issuances<\/i><br \/><i>56<\/i><i> APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company\u2019s actual performance. Each APM indicator is matched in its definition to accounting data.<\/i><\/p>\n<p id=\"gnw_attachments_section-header\">\n    <strong>Attachment<\/strong>\n<\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n        <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/Tracker?data=DiMnzDfPB1BnK27-GxAkkGtZfIdzuUS8u9BrNIfKASy4H1LQW94iqTUtlGnhUf4r_Vf_5EW_NhfoBTTNtcxFx1Uw-JKyCa65HFqjkRoGzfxwnE2s2sMScdCCgQ5OzXL_yChc2NEWb1U4PBcIjjUvJOagkF-q5FrUT29b5T7C_jo=\" title=\"CASA_PR_2025-Q4-25\" rel=\"nofollow\">CASA_PR_2025-Q4-25<\/a>\n      <\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/MDAyYTgzZjMtZGQzMC00MTZkLThmMGMtNWQwYmI1NzE2NWZhLTEwMTExNDgtMjAyNi0wMi0wNC1lbg==\/tiny\/CREDIT-AGRICOLE-SA.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A. CR\u00c9DIT\u00a0AGRICOLE\u00a0GROUP \u00a0 \u00a0 \u00a0 \u20acm 2025 Var. 2025\/2024 2025 Var. 2025\/2024 \u00a0 \u00a0 Revenues 28,079 +3.3% 39,558 +3.9% \u00a0 \u00a0 Expenses -15,628 +4.9% -23,568 +3.7% \u00a0 \u00a0 Gross Operating Income 12,451 +1.3% 15,990 +4.3% \u00a0 \u00a0 Cost [&#8230;]\n","protected":false},"author":1,"featured_media":79226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-77086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CREDIT AGRICOLE SA: Fourth quarter 2025 and full-year 2025 results - DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025 - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/credit-agricole-sa-fourth-quarter-2025-and-full-year-2025-results-dynamic-activity-and-strong-results-in-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CREDIT AGRICOLE SA: Fourth quarter 2025 and full-year 2025 results - DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025\" \/>\n<meta property=\"og:description\" content=\"DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A. 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