Bnp Paribas S.a. Class A · EURONEXT:BNP
Bnp Paribas S.a. Class A — Bnp Paribas Ord — Q3 2025 Earnings Presentation
36 slides from Bnp Paribas S.a. Class A's earnings presentation, Oct 28, 2025
Slide 1: Results Third Quarter 2025
RESULTS THIRD QUARTER 2025 28 OCTOBER 2025 30.09.2025 Results | 1
Slide 2: Disclaimer
DISCLAIMER The figures included in this presentation are unaudited. As a reminder, on 28 March 2025, BNP Paribas published quarterly series for 2024, restated to reflect, among other things, the transposition into European Union law of the finalisation of Basel 3 (Basel 4) by Regulation (EU) 2024/16
Slide 3: Section 1: Key points
SECTION 1 Key points 30.09.2025 Results | 3
Slide 4: Solid results in line with our >€12.2bn 2025 net income target
KEY POINTS | Solid results in line with our > €12.2bn 2025 net income target Chg. vs. 3Q25 (€m) 3Q24 Revenue growth driven by our diversified model ⎯ Revenues 12,569 +5.3% • Operating divisions excl. AXA IM*: +3.5% vs. 3Q24; +4.9% at constant exchange rates • CIB (+4.5%): Very good quarter despite t
Slide 5: Our 3Q25 performance is in line with our 2025 net income target
KEY POINTS | Our 3Q25 performance is in line with our 2025 net income target ⎯ This quarter, our operating divisions recorded organic revenue growth of €584m (+4.9% vs. 3Q24, excluding FX impact) 367 584 12,569 -153 -171 11,941 +4.9% Operating Operating Divisions Divisions (excl. AXA IM) 12,179 12,9
Slide 6: Strong growth levers at the core of our integrated model
Strong growth levers at the core of our integrated model, with cross-sell representing KEY POINTS | ~1/3 of the Group’s revenues % Group % Group RoNE1 Growth levers 9M25 C/I revenues RWA (%) and contribution to Group RoTE2 trajectory CIB • Scaled-up platform and growth engine Global Banking Global M
Slide 7: The integration of AXA IM is a highly accretive, strategic lever of transformation
KEY POINTS | The integration of AXA IM is a highly accretive, strategic lever of transformation ⎯ Revenue and cost synergies* are estimated at €550m ⎯ The integration of AXA IM will drive IPS to represent ~ 20% by 2029 … of the Group pre-tax income * Financial Estimates • Illustration based on 2024
Slide 8: Our 2024-2026 trajectory supports the acceleration of total shareholder return
KEY POINTS | Our 2024-2026 trajectory supports the acceleration of Distribution policy 60% total shareholder return (50% dividends, 10% share buybacks) ⎯ We confirm our 2024-2026 trajectory ⎯ Our resilient model combines growth in our Net Tangible Book Value per share across cycles… CAGR: +4.4% Targ
Slide 9: Section 2: Focus: AXA IM
SECTION 2 Focus: AXA IM 30.09.2025 Results | 9
Slide 10: Creating a European leader in asset management
Creating a European leader in asset management, AXA IM INTEGRATION | at the core of our integrated model ⎯ The AXA IM acquisition provides us with critical mass to roll-out our scaled-up platform… European asset managers Asset managers: long-term savings in Europe AuM1 (€bn, 2024) AuM2 (€bn, 2024) A
Slide 11: Scaling-up with unique growth levers
AXA IM INTEGRATION | Scaling-up with unique growth levers ⎯ A well-balanced asset portfolio and distribution network ⎯ Unique growth levers Combined AuM 1 (30.09.2025) The only European asset manager with a full and Money-market scaled-up offering Bonds • Alternative assets 11% Diversified • Active
Slide 12: Our roadmap
AXA IM INTEGRATION | Our roadmap Leveraging on the strength of a comprehensive, high-performing offering ⎯ Alternative assets: Strengthening our leadership ⎯ Liquid assets: Capitalising on our critical mass • Significant growth potential based on a strong track-record • Scaled-up, high-performing an
Slide 13: ~€550m in estimated revenue and cost synergies by 2029
AXA IM INTEGRATION | ~€550m in estimated revenue and cost synergies* by 2029 ⎯ Cost synergies*: deploying a high-performing platform at scale ⎯ Restructuring charges and other items (pre-tax) Alignment of capabilities within a combined structure ~€400m • ~€690m of restructuring charges* Pre-tax Real
Slide 14: Section 3: 3Q25 results Group
SECTION 3 3Q25 results Group 30.09.2025 Results | 14
Slide 15: Profit & Loss Statement
PROFIT & LOSS STATEMENT €m 3Q25 3Q25 (excl. AXA IM) 3Q24 Chg. vs. 3Q24 Net Banking Income (NBI) 12,569 12,225 11,941 +5.3% Operating expenses -7,610 -7,284 -7,213 +5.5% Gross Operating Income 4,959 4,940 4,728 +4.9% Cost of risk -905 -905 -729 +24.1% Other net losses for risk on financial instrument
Slide 16: Exceptional items and integration of AXA IM
EXCEPTIONAL ITEMS AND INTEGRATION OF AXA IM €m 3Q25 3Q24 Total revenues (a) - - Restructuring costs and adaptation costs -89 -64 IT reinforcement costs -65 -81 Total operating expenses (b) -154 -146 Revaluation of equity investments +100 - Total other non-operating income (c) +100 0 Total exceptiona
Slide 17: Jaws effect is positive in each operating division (excl. AXA IM)
OPERATING EFFICIENCY | Jaws effect is positive in each operating division (excl. AXA IM) in 3Q25 ⎯ 3Q25: positive jaws effects in all operating divisions (excl. AXA IM) • CIB: Continued growth at marginal cost; jaws effect of +3.4 pts, +3.4 +0.7 +3.4 +2.0 especially high at Securities Services (+6.5
Slide 18: We are advancing our operating efficiency initiatives in all divisions
OPERATING EFFICIENCY | We are advancing our operating efficiency initiatives in all divisions ⎯ We are committed to continue lowering our cost-income ratio ~€570m committed as of 30.09.25, out of the €600m planned for 2025 75% 72% Cost-income ratio 9M25 : 60.6% (57% CPBS, 33% CIB, 10% IPS) 70% 3,300
Slide 19: Risk under control thanks to the quality and diversification of the portfolio
COST OF RISK | Risk under control thanks to the quality and diversification of the portfolio ⎯ Cost of risk at 39 bps, in line with our 2024-2026 ⎯ The ratio of doubtful loans is low and has long been trajectory declining steadily 5.0% 4.5% Cost of risk1 / Stage 3 4.0% customer loans 39 bps €14.0bn
Slide 20: Risk remains low in all business activities
COST OF RISK | Risk remains low in all business activities Cost of risk1 / outstanding customer loans (beginning of period (bps)), including 100% of Private Banking for Commercial & Personal Banking ⎯ CPBF (France) ⎯ CPBB (Belgium) • €24m (+€41m vs. 3Q24) • €85m (-€37m vs. 3Q24) 33 • Low cost of ris
Slide 21: CET1 ratio = 12.5%
[12.4%] We have generated +30bps of organic capital this quarter CAPITAL | CET1 ratio = 12.5% We exceed our 2026 target of 12.3% pre-FRTB by 2027, post-FRTB ⎯ As of 30.09.25, our CET1 ratio came to 12.5%. We generated +30bps of organic capital in 3Q25 CET1 12.5% phased-in1 12.5% +30bps -20bps -35bps
Slide 22: Long-term debt ratings by debt category
LONG-TERM DEBT RATINGS BY DEBT CATEGORY* Standard & Moody’s Fitch Ratings DBRS Poor’s Senior Preferred A+ A1 AA- AA (Low) Senior Non-Preferred A- Baa1 A+ A (High) Tier 2 BBB+ Baa2 A- A Additional Tier 1 BBB- Ba1 BBB NA Outlook Stable Stable Stable Stable * Latest Rating Committee Date (17 June 2025)
Slide 23: We continue supporting our clients' transition and biodiversity
SUSTAINABLE DEVELOPMENT | We continue supporting our clients’ transition and biodiversity ⎯ Our continuous drive to supporting our clients in their energy ⎯ … is visible in our year-to-date leading position in transition, decarbonisation and biodiversity projects… sustainable finance rankings1 #1 Gl
Slide 24: 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 25: Section 4: 3Q25 Results Operating divisions
SECTION 4 3Q25 Results Operating divisions 30.09.2025 Results | 25
Slide 26: 3Q25 was a record quarter, reflecting the strength of our Originate & Distribute model
CIB | 3Q25 was a record quarter, reflecting the strength of our Originate & Distribute model CIB (M€) 3Q25 3Q24 Var. • Global Banking – NBI: €1,454m (-2.6% vs. 3Q24) Revenues (NBI) 4,458 4,267 +4.5% Operating expenses -2,599 -2,571 +1.1% • Global Markets – NBI: €2,228m (+9.4% vs. 3Q24) Gross Operati
Slide 27: A capital-efficient platform growing at marginal cost
CIB | A capital-efficient platform growing at marginal cost ⎯ CIB success story 2016 20241 9M25 Grow by winning market share: Revenues rising twice as fast as the total revenue pool2 from 2016 to 2024 14.4 NBI (€bn) 11.5 17.9 (+7.1%) Cost-income ratio 56.4% 72% 60% (%) (-1.6 pts) Grow at marginal co
Slide 28: Good overall performance in 3Q25 driving an increase in pre-tax income
CPBS | Good overall performance in 3Q25 driving an increase in pre-tax income €m 3Q25 3Q24 Var. • CPBS – NBI: €6,621m Revenues 6,621 6,423 +3.1% • Commercial & Personal Banking – NBI: €4,296m (+5.6% vs. 3Q24) Operating Expenses and Dep. -3,860 -3,770 +2.4% • Commercial & Personal Banking in the Euro
Slide 29: Three major tailwinds already in place to support future performance
CPBS | Three major tailwinds already in place to support future performance ⎯ Tailwind #1: Rebound in net interest revenue in Commercial ⎯ Tailwind #2: CPBF & PF 2028 strategic plans & Personal Banking in the Euro Zone 2,200 Personal Finance (PF) CPBF (100% PB) 2,150 Customer loans ~+4% ~+1% 2,100 o
Slide 30: AXA IM consolidation and robust organic growth driving the increase in results
IPS | AXA IM consolidation and robust organic growth driving the increase in results €m 3Q25 3Q24 Var. • Insurance – Revenues: €615m (+7.7% vs. 3Q24) Revenues 1,899 1,489 +27.5% • Wealth Management – NBI: €452m (+10.4% vs. 3Q24) Operating Expenses and Dep. -1,138 -881 +29.2% • Asset Management – NBI
Slide 31: Global assets under management reaching ~€2.4 trillion
IPS | Global assets under management1 changing scale, reaching ~€2.4 trillion as of 30.09.2025 ⎯ AuM: €2,392bn as of 30.09.25 (+74% vs. 31.12.24; +10.4% vs. 31.12.24 excluding AXA IM) +€1,015bn +74.4 2,392 +60.5 +49.3 -37.0 +867.5 1,377 AXA IM Net Market 31.12.24 consolidation FX effect Others2 30.0
Slide 32: Conclusion
CONCLUSION Our 3rd-quarter results are in line with our trajectory driven by positive operating momentum in all three divisions and our teams’ dedication The integration of AXA IM is a highly accretive, strategic lever of transformation Our growth levers are in place within each platform, thanks to
Slide 33: Endnotes (1/2)
ENDNOTES (1/2) • Slide 4 • Slide 12 1. Cost of risk does not include “Other net losses for risk on financial instruments” 1. Ranking of the top 10 ETF providers in Europe, based on the NNC ratio for the first 9 2. Net Income, Group share months of 2025 (9M2025) relative to assets under management at
Slide 34: Endnotes (2/2)
ENDNOTES (2/2) • Slide 23 1. Sustainable finance rankings for the first nine months of 2025: GSS bonds (Green, Social, Sustainable, and Sustainability-linked bonds); GSS loans (Green, Social and Sustainability-linked loans). Source: Dealogic. • Slide 26 1. CAGR: Compound annual growth rate • Slide 2
Slide 35: Appendices: Presentation contents
APPENDICES Presentation contents – Details by division and other items ⎯ Details by division (3Q25) ⎯ Other items ⎯ Key figures and 9M25 results • Corporate Centre • Number of shares and Earnings Per Share ⎯ CIB • Book value per share • Global Banking • Return on equity and permanent shareholders’ e
Slide 36: Contacts and upcoming events
CONTACTS AND UPCOMING EVENTS ⎯ Investor Relations ⎯ Upcoming events Bénédicte Thibord, Head of Investor Relations and Financial Earnings reporting date and General Assembly Information 4Q 2025 Earnings reporting: 5 February 2026 Equity 1Q 2026 Earnings reporting: 30 April 2026 Raphaëlle Bouvier-