Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Investor Day (September 2026)
83 slides from Societe Generale S.a. Class A's investor day presentation, Sep 21, 2026
Slide 1: Societe Generale Capital Markets Day
Societe Generale Capital Markets Day 21 September 2026 ONE BANK STREET, LONDON, UNITED KINGDOM
Slide 2: Agenda
Agenda 01 - Introduction 02 - 2026 plan outperformance 03 - 2029 strategy: more performance, consistent playbook 04 - Lower costs 05 - Accretive growth 06 - Strong risk management 07 - Deep business transformation 08 - Financials 09 - ESG 10 - Conclusion CAPITAL MARKETS DAY| 21 September 2026 2
Slide 3: Introduction
01 Introduction CAPITAL MARKETS DAY| 21 September 2026 3
Slide 4: From weakness to profitable growth
From weakness to profitable growth Before 2023 2023-2026 2027-2029 2029 2030 and beyond WEAKNESS STRENGTH UPSHIFT PROFITABILITY Low capital Capital build-up Disciplined capital allocation High costs Cost reduction Lower costs 2030 and 2029 Low profitability Accretive growth Higher accretive growth b
Slide 5: 2026 plan outperformance
02 2026 plan outperformance CAPITAL MARKETS DAY| 21 September 2026 5
Slide 6: Value creation
Value creation CET1 RATIO COSTS C/I RATIO ROTE (in EURbn) (2) 14.0% 17.6 70.6% ~11% Extra. Distrib. ~+140bps ~-1bn 12.6%(1) 13.2% ~16.6 ~-11pp ~2x <60% 5.8% Average H1 26 Average 2026 Average 2026 Average 2026 2018-2022 Basel IV 2018-2022 Target 2018-2022 Target 2018-2022 Target Basel III ~EUR 9.5bn
Slide 7: Value creation delivered
Value creation delivered EPS DPS TOTAL DISTRIBUTION TOTAL DISTRIBUTION 2026E(1) VS. AVG. 2018-2022 CAGR 2023-2026E PAYOUT(2) 2026E 2023-2026E ~3X >+30% ~75% ~60% of SG’s market cap.(3) TSR 2023-H1 26 ~+270% (1) Based on 2026 consensus, (2) Including ordinary and extraordinary distributions, (3) Base
Slide 8: Strong and resilient risk profile
Strong and resilient risk profile LOW REVENUE VOLATILITY STRONG GOI INCREASE LOW COST OF RISK (from Q3 23 to Q2 26)(1) (in EURbn) (in basis points) 120 12.6% ~11 100 10.3% ~+50% 80 7.4 6.5% 60 4.8% 5.2% 40 20 0 banks (2) banks (3) CIB (4) banks (5) Average 2026e SG 2018 2020 2022 2024 H1 26 US Europ
Slide 9: 2026 targets: all confirmed or upgraded
2026 targets: all confirmed or upgraded CMD 2023 NEW UPGRADED 2026 TARGETS 2026 TARGETS H1 26 Revenues REVENUES (REPORTED) 0%-2% +0.8% reported CAGR >+2% +2.4% CAGR 2022-2026 +8% organic growth 2026e vs. 2022 vs. H1 25 vs. 2025 Costs COSTS (REPORTED) Strong cost decrease ~-4% -5.0% -8% in 2026e vs.
Slide 10: 2029 strategy: more performance, consistent playbook
03 2029 strategy: more performance, consistent playbook CAPITAL MARKETS DAY| 21 September 2026 10
Slide 11: Strong business foundations
Strong business foundations FRENCH RETAIL, PRIVATE BANKING GLOBAL BANKING MOBILITY, INTERNATIONAL RETAIL AND INSURANCE AND INVESTOR SOLUTIONS BANKING AND FINANCIAL SERVICES ▪ >17m clients ▪ Lead positions in equity derivatives ▪ >9m clients ▪ #1 full service digital bank in France ▪ Ayvens ▪ Lead po
Slide 12: Culture change drives team performance
Culture change drives team performance A CULTURE A CULTURE A CULTURE A CULTURE OF OWNERSHIP OF EFFICIENCY OF COOPERATION OF RESPONSIBILITY ▪ Bottom-up Group-wide ▪ Employees as initiative to increase efficiency, ▪ Unified data and cyber risk ▪ Workforce reduction largest shareholder (9%) involving t
Slide 13: 2029 strategy
2029 strategy DECREASE ACCELERATE MAINTAIN DEEPEN Higher FURTHER DISCIPLINED BEST-IN-CLASS BUSINESS = Value OUR COST BASE GROWTH RISK MANAGEMENT TRANSFORMATION Creation CAPITAL MARKETS DAY| 21 September 2026 13
Slide 14: 2029 Group financial targets
2029 Group COSTS(1) REVENUES C/I RATIO financial targets <EUR 16.3bn in 2029 ~+3% <55% CAGR 2026e-2029 in 2029 ~-2% vs. 2026e COST OF RISK ROTE CET1 RATIO >13% 25-30bps 13-14% through the cycle in 2029 PAYOUT RATIO(2) 50% (1) Based on our macroeconomic scenario of a EUR/USD of 1.15, (2) Based on the
Slide 15: A compelling distribution policy
A compelling distribution policy TOTAL POTENTIAL DISTRIBUTION(7) Total potential distribution(7) 2026e-2029 ORDINARY DISTRIBUTION EXTRAORDINARY DISTRIBUTION >EUR 21bn Ordinary DPS(2) CAGR Excess capital distribution payout(1) 2026e-2029(3) threshold Total potential Low-to-mid 50% CET1>13% = distribu
Slide 16: Lower costs
04 Lower costs CAPITAL MARKETS DAY| 21 September 2026 16
Slide 17: Strong cost reduction track-record
Strong cost reduction track-record 2022-2026E COST EVOLUTION MORE EFFICIENT IT SPENDING WORKFORCE MANAGEMENT (in EURbn) (in EURbn(3)) (FTE(5) in thousands) Sharp improvement of the -8% 100 composite IT efficiency Index(4) 73 -17%(6) -17% ~-18% ~20.0 122 LP(7) 18.0 -0.9 5.0 115 ~+7k ~16.6 ~-2.6 ~4.1
Slide 18: 2029 cost base down in absolute terms
2029 cost base down in absolute terms 2029 TARGETS COST BASE(3) <EUR 16.3bn NET COST INFLATION ~EUR +1.0BN(1) INVESTMENTS(2) ~EUR +0.6BN(1) GROSS SAVINGS ~EUR -1.9BN(1) = REDUCTION ~-2% vs. 2026e ~EUR -0.3BN(1) C/I RATIO <55% (1) Between end 2026e and 2029, (2) Incremental investments, (3) Based on
Slide 19: Cost reduction roadmap
Cost reduction roadmap TECHNOLOGIES & AI HUMAN CAPITAL PROCUREMENT ▪ Group-wide control ▪ IT simplification ▪ Focus on natural attrition of external spend ▪ Discipline usage of consultants, ▪ Scaling AI use cases across the Group ▪ External recruitment scrutiny external workforce and IT providers ▪
Slide 20: Further optimisation of IT and processes
Further optimisation of IT and processes MORE EFFICIENT IT SPENDING Total IT costs (EURbn(1)) Efficiency gains 18% ~15% Sharp decrease in the IT intensity ratio(2) ~12% -18% ▪ Simplify application landscape (from 7k to 5k applications) 5.0 ~-12% ~4.1 ▪ Rationalise technologies (from 900 to 600 techn
Slide 21: The AI opportunity
The AI opportunity INCREASING IMPROVING ENHANCING COST REDUCTION IT EFFICIENCY PRODUCTIVITY CLIENT RELATIONSHIP THROUGH AI ▪ >30% reduction of ▪ 50% end-to-end process ▪ 20% increase in advisory coding costs simplification on our main processes capacities through AI Current ▪ >20% productivity gain
Slide 22: A strategic collaboration with Anthropic
A strategic collaboration with Anthropic A COMPREHENSIVE AGREEMENT SUSTAINABLE VALUE CREATION ▪ Recurring rollout of Anthropic’s ▪ Accelerated automations across main latest Claude Models, coding tools support functions and agentic capabilities A key milestone ▪ Co-development to tailor Claude to ou
Slide 23: Accretive growth
05 Accretive growth CAPITAL MARKETS DAY| 21 September 2026 23
Slide 24: We delivered accretive revenue growth
We delivered accretive revenue growth ~+8% ORGANIC REVENUE GROWTH OVER 2022-2026E Total revenues (in EURbn) Main drivers ~28 ▪ RPBI: strong BoursoBank contribution in 2026 and revenue growth in the SG network ~+8% Steady growth ~26 ▪ GBIS: 2026 revenues up vs. a high with limited level in 2022 and e
Slide 25: Enduring commitment
Enduring commitment ~+3% REVENUE GROWTH CAGR 2026E-2029 Total revenues (in EURbn) ~+3% CAGR 2026e-2029 Balanced revenue growth ~28 at ~+3% CAGR(1) with organic RWA growth at ~+2% CAGR(1) 2026e RPBI GBIS MIBS 2029 Expected increase in NBI/RWA 6.8% based on an organic RWA CAGR 2026e-2029 of ~+2% ~7.0%
Slide 26: Disciplined organic growth
Disciplined organic growth MARGINAL INVESTMENT OPPORTUNITIES RATIONALE RONE ▪ BoursoBank Asset-light businesses with low RWA consumption Focus on: 40%-60% and strong growth prospects ▪ Wealth and Savings France ▪ Proven strengths ▪ Equities Higher RWA density businesses well positioned to ▪ Growth ▪
Slide 27: Approach to portfolio management
Approach to portfolio management STRICT PORTFOLIO MANAGEMENT STRICT ACQUISITION CRITERIA STRICT MINORITIES MANAGEMENT ▪ Accretive to Group profitability ▪ RoIC > Group CoE ▪ 3 large subsidiaries ▪ Material Group synergies ▪ EPS accretive ▪ Full control of strategy ▪ Limited exposure to tail risks ▪
Slide 28: Strong risk management
06 Strong risk management CAPITAL MARKETS DAY| 21 September 2026 28
Slide 29: Strong diversification and low concentration risk
Strong diversification and low concentration risk STRONG GEOGRAPHIC AND BUSINESS DIVERSIFICATION STRONG CREDIT RISK PROFILE H1 26 EaD(1) breakdown Low sector concentration by geography (in %) by business (in %) Top 5 corporate sectors <13% of total EaD(1) 3 8% % 9% Limited client concentration 9% 27
Slide 30: Strong market risk reduction
Strong market risk reduction GLOBAL MARKET STRESS TEST USAGE MARKET RWA REDUCTION (based at 100 on 1 June 2018) (in EURbn) -16% 180 15.8 130 -72% decrease 13.3 between avg. June 2018-2022 12.2 and avg. LTM(1) 80 5.8 3.3 4.7 30 -20 Jun '18 Jun '19 Jun '20 Jun '21 Jun '22 Jun '23 Jun '24 Jun '25 Jun '
Slide 31: Strong asset quality and loss-absorption capacity
Strong asset quality and loss-absorption capacity LOW COST OF RISK STRONG S1/S2 PROVISIONS STRONG PRE-PROVISION PROFIT (PPP) (in basis points) 2025 S1/S2 provisions/cost of risk 2025 PPP/cost of risk 120 100 6.7x 2.0x 80 5.2x 60 1.1x 40 20 0 2018 2020 2022 2024 H1 26 SG Weighted SG Weighted (1) (2)
Slide 32: Deep business transformation
07 Deep business transformation CAPITAL MARKETS DAY| 21 September 2026 32
Slide 33: Powerful forces create opportunities
Powerful forces create opportunities STRUCTURAL AND EMERGING TRENDS OPPORTUNITIES FOR SOCIETE GENERALE ▪ Energy transition and adaptation needs Financing and Advisory ▪ Demographics Investment product innovation and investment advisory (ageing, education) ▪ Technology and AI Greater client satisfact
Slide 34: French retail, Private Banking and Insurance (RPBI)
French retail, Private Banking and Insurance (RPBI) CAPITAL MARKETS DAY| 21 September 2026 34
Slide 35: RPBI: strengths
RPBI: strengths HIGH-VALUE FRANCHISES REVENUE MIX BY NATURE ASSET GATHERING H1 26 revenue breakdown by type (in %) ▪ RPBI ~EUR 480bn deposits and ▪ >17m clients savings in H1 26, +8%(2) vs. 2022 7% ▪ #1 full service digital bank in France Fees and ~EUR 5bn 47% ▪ Life insurance ~EUR 170bn in H1 26 (>
Slide 36: RBPI: strong achievements
RBPI: strong achievements REALISED 2026 TARGETS C/I ratio C/I ratio DELIVERING SUPERIOR PROFITABILITY 57.5% <60% in H1 26 in 2026 ▪ Organic(1) revenue growth ~+14% in 2026e(2) vs. 2022 BoursoBank BoursoBank ▪ Organic(1) cost decrease ~-11% in 2026e(2) vs. 2022 WELL Net income Net income ON TRACK >EU
Slide 37: 2023–2026: cross-convergence in French retail
2023–2026: cross-convergence in French retail OUR VISION IN 2023: CROSS-CONVERGENCE OF STRENGTHS SUCCESSFUL DELIVERY VALUE GROWTH ▪ Strong growth model: 9.1m clients H1 26 vs. 2026 target >8m A bank for corporate, professionals Leader in online banking, & retail with high value by client the most ef
Slide 38: 2026 onwards: unlock French retail potential
2026 onwards: unlock French retail potential OUR VISION IN 2026: AN INTEGRATED AND SEGMENTED APPROACH HOW WE TRANSFORM THE MARKET French retail ▪ All individual clients served by an integrated franchise under one management ▪ A segmented pricing strategy K RSOBAN Digital clients across Focus on mass
Slide 39: RPBI: strategy 2029
RPBI: strategy 2029 ACCELERATING TRANSFORMATION TO BETTER SERVE OUR CLIENTS 2029 TARGET ▪ Optimise the branch network with targeted reductions Efficiency ▪ Pursue streamlining of SG network central functions C/I ratio ▪ Remove one regional head office layer <55% in 2029 ▪ Seize the Wealth & Savings
Slide 40: BoursoBank: a powerful and proven business model
BoursoBank: a powerful and proven business model CLIENT-ACQUISITION STRONG HIGH-POTENTIAL SCALABLE FRANCHISE CLIENT LOYALTY CLIENT BASE OPERATING MODEL ▪ # 1 online bank and ▪ Full-service offer ▪ Low cost-to-serve ▪ Young: 35 years average # 1 online broker (~60 products) (~1k employees) ▪ #1 clien
Slide 41: BoursoBank: strong revenue growth, strong profitability
BoursoBank: strong revenue growth, strong profitability VINTAGES MATURITY CLIENT BASE GROWTH TARGETS Assets per client and origination year (base 100) Number of clients in m BOURSOBANK 500 #CLIENTS >14 400 >+50% >14m 8.8 9.1 in 2029 300 7.2 5.9 4.7 200 = 100 BOURSOBANK Year 1 Year 3 Year 5 Year 7 20
Slide 42: Seize the Wealth and Savings opportunity
Seize the Wealth and Savings opportunity SIGNIFICANT MARKET OPPORTUNITY FULLY INTEGRATED FRANCHISES 2029 OPPORTUNITIES ▪ ~EUR 7tn of households’ financial assets ▪ 4 complementary channels covering all 2nd largest in the Eurozone, client segments with >17m clients BoursoBank high savings rate at ~18
Slide 43: 2029 RPBI financial targets
2029 RPBI financial targets RPBI BOURSOBANK C/I RATIO RONE Number of clients <55% >45% >14m in 2029 each year from 2026 to 2029 in 2029 CAPITAL MARKETS DAY| 21 September 2026 43
Slide 44: Global Banking and Investor Solutions (GBIS)
Global Banking and Investor Solutions (GBIS) CAPITAL MARKETS DAY| 21 September 2026 44
Slide 45: GBIS: strengths
GBIS: strengths HIGH-VALUE FRANCHISES REVENUE DIVERSIFICATION A STRONG WHOLESALE FRANCHISE 12% ▪ Lead positions in equity derivatives EUR Europe 10bn Americas 26% 2025 NBI Asia 63% ▪ Lead positions in structured finance ~6,000 48% clients 52% end 2025 ▪ Lead positions in equity research 6% Global Ba
Slide 46: GBIS: strong achievements
GBIS: strong achievements REALISED 2026 TARGETS C/I ratio C/I ratio ONE OF THE MOST PROFITABLE CIBS GLOBALLY 60.5% <65% in H1 26 in 2026 ▪ Fee share increase from 40% in 2022 to 45% in 2025 Global Markets Global Markets ▪ Successful integration of Bernstein (NBI ~EUR 400m) WELL NBI NBI ON TRACK TO R
Slide 47: GBIS: strategy 2029
GBIS: strategy 2029 2029 TARGETS C/I ratio GROWING A PROFITABLE FRANCHISE <60% in 2029 ▪ Re-engineer and automate processes and accelerate the roll out of AI for IT Efficiency ▪ Refocus SGSS operating model on its core wholesale franchise Global Markets NBI (EURbn) ▪ Invest further in our leading fr
Slide 48: Global Markets: closing gaps and scaling-up
Global Markets: closing gaps and scaling-up STRONG FOCUS ON HEDGE FUNDS SCALING-UP OUR FURTHER DEVELOPMENT OF AND ASSET MANAGERS PRIME BROKERAGE FRANCHISE FIXED INCOME AND CREDIT PLATFORM Share of Hedge Funds(1) and Asset Managers(2) Clients’ Prime balances (USDbn) Global Markets 2025 revenue mix in
Slide 49: Global Markets: high profitability and predictability
Global Markets: high profitability and predictability STRICT MARKET RISK MANAGEMENT STRONG REVENUE PREDICTABILITY RISK-ADJUSTED RETURNS Global Markets Global Markets Global Markets Global Markets Global Markets NBI (EURbn) stress test usage(1) revenue volatility 2025 NBI/RWA 2025 RONE -11pp +EUR 1.3
Slide 50: F&A: profitable, resilient and capital-efficient franchise
F&A: profitable, resilient and capital-efficient franchise EXPAND CAPTURE STRENGTHEN OUR GLOBAL FINANCING FRANCHISE INVESTMENT BANKING UPSIDE TRANSACTION AND PAYMENT SERVICES Strong origination and distribution momentum Targeted investments in client-facing teams Strong deposit growth (EURbn) ▪ Scal
Slide 51: F&A: disciplined underwriting
F&A: disciplined underwriting HIGH SECTOR DIVERSIFICATION CONTROLLED EXPOSURE TO PROVEN TRACK-RECORD IN RISK F&A EAD(1) at end of H1 26 (in %) PRIVATE CREDIT AND SOFTWARE MANAGEMENT THROUGH THE CYCLE Global Banking & Advisory cost of risk Financial Services 32% Data Centres, (in bps) Utilities 11% I
Slide 52: 2029 GBIS financial targets
2029 GBIS financial targets GBIS GLOBAL MARKETS F&A C/I RATIO REVENUES (EURbn) REVENUE GROWTH <60% 6.0-6.5 3%-5% in 2029 through the cycle CAGR 2026e-2029 CAPITAL MARKETS DAY| 21 September 2026 52
Slide 53: Mobility, International Retail Banking and Financial Services (MIBS)
Mobility, International Retail Banking and Financial Services (MIBS) CAPITAL MARKETS DAY| 21 September 2026 53
Slide 54: MIBS: strengths
MIBS: strengths HIGH-VALUE FRANCHISES REVENUE MIX LOANS OUTSTANDING ▪ >9m clients 12% 10% 8% EUR 38% EUR 46% 139bn ▪ Ayvens 8bn 17% H1 26 #1 Global multi-brand mobility player 2025 NBI 42% Loans 27% ▪ KB #3 in Czech Republic Ayvens International Retail Banking Czech Republic ▪ BRD Consumer Finance A
Slide 55: MIBS: strong achievements
MIBS: strong achievements HIGH PROFITABILITY ▪ Strict business portfolio management REALISED 2026 TARGETS C/I ratio C/I ratio ▪ Sound loan growth in International Retail Banking WELL +5% CAGR 2023-2025 ON TRACK 52.8% <55% TO REACH in H1 26 in 2026 2026 TARGETS ▪ Higher margins in Ayvens and recovery
Slide 56: MIBS: strategy 2029
MIBS: strategy 2029 IMPROVE PROFITABILITY 2029 TARGET Efficiency ▪ Optimise efficiency through digitalisation and AI ▪ International Retail Banking (IRB) C/I ratio Grow consistently in our markets <47% in 2029 ▪ Ayvens Growth Focus on selected growth segments and high margin resiliency ▪ Consumer Fi
Slide 57: IRB: disciplined market share gains in high growth markets
IRB: disciplined market share gains in high growth markets KB BRD AFRICA & OTHERS Loans and deposits outstanding (in EURbn) Loans and deposits outstanding (in EURbn) Loans and deposits outstanding(1) (in EURbn) 45 47 41 41 16 16 17 38 37 38 15 15 15 33 34 33 14 14 14 14 14 14 13 13 12 11 11 10 8 9 2
Slide 58: Consumer Finance: focused and efficient
Consumer Finance: focused and efficient FOCUSED FOOTPRINT BUSINESS OVERVIEW STRATEGY 2029 ▪ Loan 5 geographic % mix(1) 12% ▪ Deliver attractive risk-adjusted margins Car Finance(4) #4 in Europe(2) 39% EUR 3% 23bn Points of sale(5) 22% H1 26 Loans 37% 61% Personal loans 21% Boat Finance ▪ Accelerate
Slide 59: Ayvens: global industry leader
Ayvens: global industry leader WELL ON TRACK TO REACH 2026 FINANCIAL TARGETS REALISED 2026 TARGETS PROVEN COMPETITIVE EDGE STRONG ACHIEVEMENTS C/I ratio(1) C/I ratio(1) 52.1% ~52% in H1 26 in 2026 ▪ #1 global multi-brand 3.1m fleet ▪ Successful integration of Leaseplan ▪ Diversified product range an
Slide 60: Ayvens: strategy 2029
Ayvens: strategy 2029 GROW REDUCE PREPARE FOR SELECTIVELY COSTS FUTURE OPPORTUNITIES 2029 TARGETS ▪ Differentiated growth ▪ Simplify and standardise C/I ratio(1) strategies across geographies processes ▪ Shape the used car lease market ~49% in 2029 ▪ Disciplined IT investment ▪ Grow in the retail se
Slide 61: 2029 MIBS financial targets
2029 MIBS financial targets MIBS AYVENS C/I RATIO C/I RATIO(1) ROTE(2) <47% ~49% 14-16% in 2029 in 2029 in 2029 (1) As per Ayvens updated methodology, corresponding 2026 figure at ~53%, (2) As reported in Ayvens financial communication CAPITAL MARKETS DAY| 21 September 2026 61
Slide 62: Financials
08 Financials CAPITAL MARKETS DAY| 21 September 2026 62
Slide 63: Main macroeconomic and rates assumptions
Main GDP GROWTH (%) INFLATION RATE (%) macroeconomic 2.7% 2.8% 2.8% 2.9% 3.4% and rates 1.9% 1.7% 1.8% 2.0% 2.8% 2.6% 2.2% 2.6% 2.1% 2.7% 1.9% assumptions 1.0% 0.8% 1.1% 1.1% 1.4% 1.7% 1.7% 1.9% 0.3% 0.7% (1) 2026 2027 2028 2029 Current 2027 2028 2029 Global Eurozone France US Eurozone France US 10y
Slide 64: Drivers of revenue growth
Drivers of revenue growth MAIN DRIVERS OF REVENUE EVOLUTION 2026E-2029 REVENUE EVOLUTION (in EURbn) (in EURbn) CAGR 2026e-2029: ~+3% CAGR 2026e-2029: ~+3% ~28 ~28 2026e RPBI GBIS MIBS 2029 2026e 2027 2028 2029 Balanced revenue growth: ~+3% CAGR in 2026e-2029 CAPITAL MARKETS DAY| 21 September 2026 64
Slide 65: RPBI Net Interest Income: gradual progression ahead
RPBI Net Interest Income: gradual progression ahead NII driven by back-book deposits replacement KEY DRIVERS 2026 – 2029 renewal and volume dynamics ▪ Interest rates base case 2029 2026 2029 ~2.7% Euribor 3 month / ~4.3% OAT 10 year 240 221 ▪ Deposit growth Loan book(2) +1.0-2.0% - CAGR 42% 42% Busi
Slide 66: BoursoBank: Accounting of client acquisition costs
BoursoBank: Accounting of client acquisition costs IFRS 15 Amortisation period FROM IMMEDIATE EXPENSE TO CAPITALISATION From H2 26 ACCOUNTING 7 years Capitalisation Acquisition costs of acquisition costs RWA 100% expensed upon payment Amortisation 100% Client Acquisition Asset of the newly created C
Slide 67: Drivers of cost reduction
Drivers of cost reduction MAIN DRIVERS OF TOTAL COST EVOLUTION 2022 PF-2029 TOTAL COST EVOLUTION (in EURbn) (in EURbn) ~-2% ~-19% ~20 ~16.6 ~16.6 <16.3 <16.3 EUR 1.9bn gross savings with no CTA(1) 2026e Inflation & Gross savings 2029 2022 PF(2) 2026e 2027 2028 2029 investments ~-2% cost reduction ov
Slide 68: Operating performance improvement
Operating performance improvement MAIN DRIVERS OF GOI EVOLUTION MAIN DRIVERS OF C/I RATIO EVOLUTION (in EURbn) (in %) ~+25% <60% ~11 <55% 2026e RPBI GBIS MIBS Other 2029 2026 Inflation & Organic Gross 2029 Target investments growth savings A strong improvement in operating performance with a C/I rat
Slide 69: 2029 C/I ratio targets at business level
2029 C/I ratio targets at business level RPBI GBIS MIBS <65% <60% <60% <55% <55% <47% 2026 2029 2026 2029 2026 2029 C/I ratio targets significantly improve in all three pillars CAPITAL MARKETS DAY| 21 September 2026 69
Slide 70: Increase Business Units ownership
Increase Business Units ownership 2023-2026 ACHIEVEMENTS NEXT STEPS REDUCE THE CORPORATE CENTRE DRAG Difference between Group ROTE ▪ Business transformation costs and business RONE ▪ From now on, overhead and fully allocated to them regulatory costs allocated to businesses: ~75% of Corporate Centre
Slide 71: Disciplined low-risk growth
Disciplined low-risk growth STRONG ASSET QUALITY AND LOSS ABSORPTION CAPACITY 2029 TARGET Average cost of risk Total H1 26 S1/S2 provisions 2025 pre-provision profit 2023-H1 26 (in bps) over 2025 cost of risk over cost of risk 39 2.0x 6.7x 5.2x Cost of risk 23 1.1x 25-30bps through the cycle SG Main
Slide 72: Sustainable improvement in profitability
Sustainable improvement in profitability MAIN DRIVERS OF ROTE EVOLUTION 2026E-2029 ROTE EVOLUTION (in %) (in %) 13-14% 13-14% ~11% ~11% 2026e RPBI GBIS MIBS Other 2029 2026e 2027 2028 2029 Linear improvement of ROTE towards the target of 13-14% in 2029 CAPITAL MARKETS DAY| 21 September 2026 72
Slide 73: Significant shareholder value ahead
Significant shareholder value ahead TOTAL POTENTIAL DISTRIBUTION(6) Total potential distribution(6) 2026e-2029 ORDINARY DISTRIBUTION EXTRAORDINARY DISTRIBUTION >EUR 21bn ▪ Payout ratio 50%(1) ▪ Excess capital threshold: CET1 ratio >13% ▪ DPS(2) CAGR 2026e-2029(3): low-to-mid teens growth ▪ Absent M&
Slide 74: ESG
09 ESG CAPITAL MARKETS DAY| 21 September 2026 74
Slide 75: Sustainability: creating and preserving value
Sustainability: creating and preserving value PROGRESSING CONCRETELY ON DECARBONISATION GROWING BUSINESS OPPORTUNITIES ▪ Strong progress on fossil fuel and power generation targets ▪ Positioning across the segments of the energy transition: reshaping the financing portfolio energy mix: Energy CMD 20
Slide 76: Capturing new opportunities in nature and climate adaptation
Capturing new opportunities in nature and climate adaptation RISING NEEDS OUR SOLUTIONS EARLY-STAGE INNOVATION ▪ Investments for global water infrastructure ▪ Financing and engineering expertise estimated at USD 13.2tn by 2040(1) REALISED 2029 AMBITION ▪ Adaptation finance needs rising to Transition
Slide 77: Positive social impact
Positive social impact SUPPORT MANAGE INCREASE OUR TEAMS’ PERFORMANCE TRANSFORMATION RESPONSIBLY PHILANTHROPIC CONTRIBUTION ▪ 35% of women in senior leadership ▪ Shaping workforce reduction responsibly positions(1) at Group level and 40% in ▪ +50% increase in SG Foundation budget(3) through natural
Slide 78: Strong governance
Strong governance A BOARD BUILT FOR PERFORMANCE SUSTAINABILITY EMBEDDED ACROSS GOVERNANCE ▪ Highly independent and effective Board oversight: ▪ The ESG strategy is defined by General Management, approved by 91% independence(1), separation of Chair / CEO roles since 2015 the Board of Directors, and i
Slide 79: Conclusion
10 Conclusion CAPITAL MARKETS DAY| 21 September 2026 79
Slide 80: 2029 Group financial targets
2029 Group COSTS(1) REVENUES C/I RATIO financial targets <EUR 16.3bn in 2029 ~+3% <55% CAGR 2026e-2029 in 2029 ~-2% vs. 2026e COST OF RISK ROTE CET1 RATIO >13% 25-30bps 13-14% through the cycle in 2029 PAYOUT RATIO(2) 50% (1) Based on our macroeconomic scenario of a EUR/USD of 1.15, (2) Based on the
Slide 81: Building 2030 and beyond from now on
Building 2030 and beyond from now on ROTE = EFFICIENT ACCRETIVE DISCIPLINED STEADY IMPACT >15% CAPITAL FRANCHISES COST OF FRENCH RETAIL ALLOCATION GROWTH MANAGEMENT TRANSFORMATION in 2030 and beyond CAPITAL MARKETS DAY| 21 September 2026 81
Slide 82: Disclaimer
Disclaimer This presentation and the attached press release, together with any information contained in such forward-looking statements and not to developments, improvements in data availability or changes in market materials made available to analysts or investors, any webcast or archived place und
Slide 83: Societe Generale
SOCIETE GENERALE