Bnp Paribas S.a. Class A · EURONEXT:BNP
Bnp Paribas S.a. Class A — Bnp Paribas Ord — Q2 2026 Earnings Presentation
36 slides from Bnp Paribas S.a. Class A's earnings presentation, Jul 23, 2026
Slide 1: Results Second Quarter 2026
RESULTS SECOND QUARTER 2026 23 JULY 2026 30.06.2026 Results | 1
Slide 2: Disclaimer
DISCLAIMER The figures included in this presentation are unaudited. As a reminder, on 16 March 2026, BNP Paribas published quarterly series for 2025, restated to reflect, among other things, the reorganization of Global Capital Markets within CIB, the evolution of the sharing agreement between Wealt
Slide 3: Section 1: Key points
SECTION 1 Key points 30.06.2026 Results | 3
Slide 4: Strong 2Q26 results driven by double-digit revenue growth
Strong 2Q26 results driven by double-digit revenue growth 2Q26 RESULTS | and the execution of transformative strategies 2Q26 (€m) 2Q25 restated1 (€m) Double-digit revenue growth ⎯ Revenues +12.0% 14,091 12,581 • CIB (+12.7%; +13.8% csr*): excellent quarter • CPBS (+4.8%; +4.9% csr*): sustained busin
Slide 5: Our growth trajectory is underpinned by a supportive rate environment
2028 TRAJECTORY | Our growth trajectory is underpinned by a supportive rate environment ⎯ Accelerating growth 2Q26/2Q25: +8.2% CPBS perimeter sensitive to euro zone rate assumption Change in revenues (Q/Q-4 in %) at Commercial & Personal Banking1 in the Eurozone (CPBE) and Personal Finance ~70% of C
Slide 6: We confirm our targets and continue to improve our profitability
2028 TRAJECTORY | We confirm our targets and continue to improve our profitability 1H26 2026e 2028e ⎯ Strategic plans / Deep Dives ROTE 13.3% 12% >13% 10 Personal Finance 30.06.26 June RONE > 17% in 2028 and 20% in 2030; 2025 11% of RWA Cost-income ratio 59.3% ~60% <56% CPBF (100% PB) 26 June RONE >
Slide 7: A clear path to double-digit net income and EPS growth by 2028
2028 TRAJECTORY | A clear path to double-digit net income and EPS growth by 2028 ⎯ We are targeting average annual net income growth >10% from 2025 to 2028, driven by strong revenue growth and a significant improvement in the Cost-income ratio Net Net income, Group share income CAGR >+10% CAGR 25-28
Slide 8: We leverage complementary leading franchises to accelerate growth
EQUITY STORY | We leverage complementary leading franchises to accelerate growth, 2030 Plan profitability and shareholder returns 2 Feb. 2027 2Q26 % Group % Group C/I RoNE ⎯ CIB revenues RWA (pretax, %) • We have built a scaled and highly profitable Global Banking CIB growth engine since 2016 Global
Slide 9: Structural support functions transformation program: from Plan to Execution
EQUITY STORY | Structural support functions transformation program: from Plan to Execution ⎯ 1H26 confirms accelerating Cost-income ratio improvement ⎯ Our plan will amplify annual savings from ~€700m to €1bn Illustration Cost-income ratio (C/I) ~€1bn 67.3% 2027-2030 annual average 1H26 C/I: 59.3% (
Slide 10: AI at the heart of our 2027-2030 Plan
EQUITY STORY | AI at the heart of our 2027-2030 Plan ⎯ We are moving from fragmented AI initiatives to industrialised ⎯ We position our leading franchises to benefit from the AI execution at scale, paving the way to the Agentic era Capex supercycle Up to $7tn of cumulative data centre Capex by 2030
Slide 11: Section 2: 2Q26 results Group
SECTION 2 2Q26 results Group 30.06.2026 Results | 11
Slide 12: 2Q26 Simplified Profit & Loss Statement
2Q26 SIMPLIFIED PROFIT & LOSS STATEMENT €m 2Q26 2Q25* Var. / 2Q25 Var. / 2Q25 csr Revenues (NBI) 14,091 12,581 +12.0% +10.4% Operating Expenses and Dep. -7,986 -7,232 +10.4% +6.6% Gross Operating Income 6,105 5,349 +14.1% +15.4% Cost of Risk -949 -884 +7.4% +8.3% Costs of legal risks on financial in
Slide 13: 2Q26 Exceptional Items
2Q26 EXCEPTIONAL ITEMS (€m) 2Q26 2Q25 restated Restructuring costs and adaptation costs (Corporate Centre) -90 -63 IT reinforcement costs (Corporate Centre) -40 -86 Total operating expenses -130 -149 Net capital gain on AGEAS/ AGI transaction (Corporate Centre) 858 Total other non-operating items 85
Slide 14: Double-digit organic and reported growth
REVENUES | Double-digit organic and reported growth ⎯ Revenues rose sharply in 2Q26: +12.0%; +10.4% csr YoY 12m rolling revenue growth (%) 14,091 14,091 +8.5% 182 416 315 597 +5.1% 12,581 Contribution AXA IM +€350m -1.2% -1.7% 2Q23 2Q24 2Q25 2Q26 2Q25 CIB CPBS IPS Corporate 2Q26 Centre €m CIB €5,281
Slide 15: +1.6 pts jaws including AXA IM, in line with 2026 guidance
+1.6 pts jaws including AXA IM, in line with 2026 guidance OPERATING EFFICIENCY | +3.7 pts organic jaws driven by operating efficiency ⎯ Strong revenue momentum with positive jaws effect of +1.6 pts and +3.7 pts at csr in 2Q26 -7.0 +0.5 +1.6 +2.6 +0.8 Positive jaws effect (+2.6 pts) ; increase in co
Slide 16: Cost of risk contained in a volatile environment
COST OF RISK | Cost of risk contained in a volatile environment 2026e Cost of Risk ⎯ Cost of risk in line with our 2026 guidance <40bps ⎯ Our cost of risk tends to evolve in a low <40 bps and narrow range across the cycle Cost of risk / 300 Cost of Risk/Customer loans outstanding (bps) 39 bps Stage
Slide 17: Risk remains low across all business lines
COST OF RISK | Risk remains low across all business lines Cost of risk / customer loans outstanding at the beginning of the period (in bps), including 100% of Private Banking within Commercial & Personal Banking ⎯ CPBF (France) ⎯ CPBB (Belgium) • €12m (-€13m vs. • €142m (+€22m vs. 2Q25) 2Q25) • Low
Slide 18: We have a long-standing track record of strong risk management
COST OF RISK | We have a long-standing track record of strong risk management ⎯ Prudent risk management across the cycle ⎯ Cost of risk remains well managed, underpinned by the diversification and quality of our credit portfolio Cost of risk/ GOI (%) and bps of loans Wholesale Transport & Trade Stor
Slide 19: 13% CET1 ratio achieved ahead of schedule
CAPITAL | 13% CET1 ratio achieved ahead of schedule LCR 149% Leverage 4.4% 30.06.26 30.06.26 ⎯ Evolution of the CET1 ratio between 31.03.2026 and 30.06.2026 ⎯ Our resilient model combines growth in our Net Tangible Book Value per share across cycles… CET1 ratio end 2027 30.06.26: 98.4€ 93.5 +30 bps
Slide 20: SRT: A tightly managed part of our capital framework
SRT | A tightly managed part of our capital framework ⎯ SRT, a tightly managed component of our capital framework ⎯ Breakdown of notional amounts subject to SRT as of 30.06.26 €63bn by loan type RWA optimisation and CET1 benefit1 ~90bps Large Corp SME €15bn Auto Loans ~30bps Leverage & LBO Consumer
Slide 21: We are well positioned to benefit from finalisation of framework
SIU | We are well positioned to benefit from finalisation of framework ⎯ Next steps : significant progress due in the coming months — Our diversified model uniquely positions us across both sides of SIU: financing Europe’s investment needs and mobilising its • Trilogue discussions on securitisation
Slide 22: We continue to support our clients in addressing sustainability challenges
SUSTAINABILITY | We continue to support our clients in addressing sustainability challenges ⎯ Latest Rankings ⎯ A robust flow of transactions across all operating divisions • ADAPTING TO CLIMATE CHANGE World's Best Bank for Sustainable Finance $1bn - Green Bond for the Development Bank of Latin Amer
Slide 23: A reinforced internal control set-up
A REINFORCED INTERNAL CONTROL SET-UP An even more solid compliance, conduct and control set-up and ongoing insertion of reinforced conduct culture into daily operations • Ongoing improvement of the operating model for combating money laundering and terrorism financing • A standards-based, risk-adjus
Slide 24: Section 3: 2Q26 results Operating divisions
SECTION 3 2Q26 results Operating divisions 30.06.2026 Results | 24
Slide 25: CIB: Excellent quarter anchoring our #1 position amongst European banks
Excellent quarter anchoring our #1 position amongst European banks; Very strong growth in the CIB | US and APAC €m 2Q26 2Q25 Var • Global Banking – NBI: €1,547m (+2.7%) Revenues (NBI) 5,281 4,684 +12.7% Operating expenses -2,836 -2,574 +10.2% • Global Markets – NBI: €2,810m (+17.5%) Gross Operating
Slide 26: CPBS: Strong increase in pre-tax income
CPBS | Strong increase in pre-tax income stemming from continued revenue growth €m 2Q26 2Q25 Var • Commercial & Personal Banking – NBI: €4,679m (+9.1%) Revenues 6,945 6,630 +4.8% Operating Expenses and Dep. -3,984 -3,833 +4.0% • CPBE (Eurozone) – NBI: €3,710m (+9.0%) Gross operating profit 2,961 2,7
Slide 27: IPS: Strong net inflows, driving revenue and profitability growth
IPS | Strong net inflows, driving sustained revenue and profitability growth in 2Q26 €m 2Q26 2Q25 Var • Insurance – NBI: €610m (-3.9%; +5.5% csr) Revenues 1,942 1,526 +27.3% Operating Expenses and Dep. -1,172 -873 +34.2% • Asset Management – NBI: €673m (> x2; +9.4% csr) Gross operating profit 770 65
Slide 28: Scaling up global AuM to €2,590bn as of 30.06.2026
IPS | Scaling up global AuM to €2,590bn as of 30.06.2026 ⎯ AuM: €2,590bn as of 30.06.26 (+6.0% vs. 31.12.25; +85.2% vs. 30.06.25 with the effect of AXA IM consolidation), net inflows in line with the Strategic Plan trajectory: +€350bn inflows across 2025-2030 +€146.8bn +29.7 2,590 +61.9 +18.9 +36.3
Slide 29: Deep Dives: Delivering on our commitments
DEEP DIVES | Delivering on our commitments ⎯ CPBF (France)* – 26 June 2025 ⎯ CPBB (Belgium)** – 1 June 2026 2028 objectives 2Q26 / 2Q25 2028 objectives 2Q26 / 2Q25 >+5% >+9% Revenues +10.4% Revenues +14.2% 24-28 CAGR 25-28 CAGR +3-4 pts +5 pts Jaws effect +6.5 pts Jaws effect +10.1 pts on average pe
Slide 30: Corporate Centre: Adjusted trajectory
CORPORATE CENTRE | Adjusted trajectory ⎯ Restatements related to insurance activities (IFRS 17) €m 2026e 2Q26 1H26 2Q25 2026e (adjusted) Revenues -268 -628 -303 Of which volatility 42 3 -4 -70 / +70 Of which attributable costs -310 -632 -299 Operating expenses 310 632 299 GOI 42 3 -4 -70 / +70 -70 /
Slide 31: 2Q26: reaching a new scale
CONCLUSION | 2Q26: reaching a new scale ⎯ 12m-rolling revenues ⎯ 12m-rolling GOI 21 248 CAGR 23-26: CAGR 23-26: 53 829 +11.3% +4.0% 19 050 49 619 17 243 47 815 47 232 15 405 €m €m ⎯ 12m-rolling operating income ⎯ 12m rolling net Income attributable to Equity Holders CAGR 23-26: 17 245 +11.8% CAGR 23
Slide 32: Conclusion
CONCLUSION We delivered strong results for 2Q26 We achieved our 13% CET1 ratio ahead of schedule We confirm our 2026 & 2028 targets Our 2028 ROTE target of >13% is underpinned by strategic plans already announced Our earnings growth is stepping up to >+10% CAGR over 2025-2028 We are well advanced in
Slide 33: Glossary
GLOSSARY AuM Assets under Management End-of-period Liquidity Coverage Ratio calculated in LCR accordance with Regulation (CRR) 575/2013, art. 451b AuC Assets under Custody Leverage calculated in accordance with Regulation (EU) Leverage AIM Alternative Investment Managers 575/2013 - Art. 429 AWM Asse
Slide 34: Notes
NOTES • Slide 4 • Slide 18 1. On 16th March 2026, we published on our website a restatement of the 2025 1. Internal classification of corporate sectors (excluding finance, business quarterly series under the 2026 reporting format services, personal sector, sovereign & public administrations), credit
Slide 35: Appendices: Presentation contents
APPENDICES | Presentation contents – Details by division and Other items ⎯ Details by division (2Q26) ⎯ Other items ⎯ 1H26 simplified profit & loss statement • Corporate Centre • Number of shares and Earnings Per Share ⎯ 1H26 exceptional Items • Book value per share ⎯ CIB (2Q26) • Return on equity a
Slide 36: Contacts and upcoming events
CONTACTS AND UPCOMING EVENTS ⎯ Investor Relations ⎯ Upcoming events Bénédicte Thibord, Head of Investor Relations and Financial 3Q26 earnings: 28 October 2026 Information Deep Dive BNL bc: 18 November 2026 Equity Meriem Afilal-Costard 4Q26 earnings & 2030 trajectory: 2 February 2027 Raphaëlle