Bnp Paribas S.a. Class A · EURONEXT:BNP
Bnp Paribas S.a. Class A — Bnp Paribas Ord — Q4 2025 Earnings Presentation
36 slides from Bnp Paribas S.a. Class A's earnings presentation, Feb 5, 2026
Slide 1: Results: Fourth Quarter and Full Year 2025
RESULTS FOURTH QUARTER AND FULL YEAR 2025 5 FEBRUARY 2026 2025 Full-Year 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 2025 Full-Year Results | 3
Slide 4: A record fourth quarter with excellent operating performances
A record fourth quarter with excellent operating performances RESULTS | and a sharp rise in net income Chg. vs. Chg. vs. 4Q25 (€m) 2025 (€m) 4Q24 2024 Strong revenue growth driven by our diversified and ⎯ Revenues 13,113 +8.0% 51,223 +4.9% integrated model Operating divisions: +7.8% vs. 4Q24 • CIB (
Slide 5: CPBS has entered a structurally favourable medium-term interest-rate environment
RESULTS | As of 4Q25, CPBS has entered a structurally favourable medium-term interest-rate environment ⎯ Change in revenues (Q/Q-4) at Commercial & Personal Banking1 in the Eurozone and Personal Finance CPBS perimeter under the euro zone rate assumption ~70% of CPBS RWA Inflation / Interest ~40% of
Slide 6: We confirm our trajectory through to 2026
2026 OBJECTIVES | Building on our 2025 results and the structurally favourable interest-rate environment, we confirm our trajectory through to 2026 ⎯ 2025 is a pivotal year ⎯ 2024-2026 growth trajectory confirmed 2025 2025 actual Objectives 2026e objective RoTE 12% RoTE1 11.5% 11.6% Net income CAGR
Slide 7: We are accelerating and raising our 2028 objectives
2028 TRAJECTORY | We are accelerating and raising our 2028 objectives 1 2028 2 2028 3 Net income 4 2027 and 2028 RoTE Cost/income ratio 2025-2028 CAGR CET1 ratio (post-FRTB) >13% (vs. 13%) < 56% (vs. ~58%) > +10% 13% Target raised Target raised New target Target confirmed Our upgraded ROTE target fo
Slide 8: The 2028 RoTE target >13% results from ongoing strategic plans
2028 TRAJECTORY | 1 The 2028 RoTE target >13% results from ongoing strategic plans ⎯ Our current strategic plans ⎯ Ongoing implementation of the strategic plans will improve profitability Personal Finance > 13% 10 +0.4% -0.3% June RoNE > 17% in 2028 and 20% in 2030; 13% +0.4% 2025 11% of RWA +0.5% 1
Slide 9: Improving our 2028 cost-income target from 58% to below 56%
2028 TRAJECTORY | 2 We are improving our 2028 cost-income target from 58% to below 56% ⎯ In 2025, our operating efficiency measures produced €800m in cost savings. They will total ~€3.5bn for the 2022-2026 period (beyond the €2.9bn equivalent initially projected) Cumulative savings from efficiency m
Slide 10: Building an even more efficient and value-creating Group
STRENGTHENING FOUNDATIONS FOR OUR 2027-2030 PLAN | Building an even more efficient and value-creating Group Industrial We will continue to scale our platforms We are accelerating by launching a structural transformation plan vision at marginal cost over time for our support functions ⎯ Structural tr
Slide 11: We are deploying our AI levers at scale
STRENGTHENING FOUNDATIONS FOR OUR 2027-2030 PLAN | We are deploying our AI levers at scale ⎯ Many use cases are already in production in all our business ⎯ Our structural transformation plan for support functions will lines largely leverage the development of AI at scale Illustration – AI use case v
Slide 12: New target of >10% average annual net income growth 2025-2028
2028 TRAJECTORY | 3 New target of >10% average annual growth in net income from 2025 to 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 CAGR >+10% CAGR >+7% 11,688 12,225 12,225 Ne
Slide 13: Rapid progress towards our 13% CET1 ratio target
2028 TRAJECTORY | 4 We are making rapid progress towards our 13% CET1 ratio target ⎯ From 2027, payout of surplus CET1 above 13% ratio will be determined on an annual basis 13% 12.6% CET1 Ratio Results Organic RWA Distribution Net disposals Model FRTB CET1 ratio 31.12.2025 growth assumptions 31.12.2
Slide 14: Section 2: 4Q25 and 2025 results - Group
SECTION 2 4Q25 and 2025 results Group 2025 Full-Year Results | 14
Slide 15: 4Q25 and 2025 Profit & Loss Statement
4Q25 AND 2025 PROFIT & LOSS STATEMENT Chg. 4Q25 vs. Chg. 2025 vs. €m 4Q25 4Q24 2025 2024 4Q24 2024 Revenues (NBI) 13,113 12,137 +8.0% 51,223 48,831 +4.9% Operating expenses -8,275 -7,867 +5.2% -31,374 -30,193 +3.9% Gross Operating Income 4,838 4,270 +13.3% 19,849 18,638 +6.5% Cost of risk -795 -878
Slide 16: Exceptional items and AXA IM integration: 4Q25 and 2025
EXCEPTIONAL ITEMS AND AXA IM INTEGRATION: 4Q25 AND 2025 €m 4Q25 4Q24 2025 2024 Revaluation of equity stakes (Global Markets, FICC) - 78 - 78 Total revenues (a) - 78 - 78 Restructuring costs and adaptation costs (Corporate Centre) -114 -87 -286 -230 IT reinforcement costs (Corporate Centre) -78 -87 -
Slide 17: Revenues: growth driven by diversified and integrated model, and AXA IM
REVENUES | 4Q25 growth was driven by our diversified and integrated model, as well as by AXA IM ⎯ A diversified model - Revenues rose sharply in 4Q25: +8.0% ⎯ An integrated model - in 2025, cross-selling 3 accounted for 32% of Group revenues1 568 By products 93 13,113 45 267 36% 36% 12,137 32% of 25
Slide 18: Very positive jaws effect of +2.9 pts at Group level in 4Q25
OPERATING EFFICIENCY | Very positive jaws effect of +2.9 pts at Group level in 4Q25 ⎯ Jaws effects were positive in 4Q25 in each operating division • CIB: good cost control (-0.1%) and positive jaws effect (+1.1 pts); very positive jaws effect at Securities Services (+6.7 +1.1 +6.2 +7.7 +4.5 +2.9 pt
Slide 19: Cost of risk: risk under control
COST OF RISK | Risk under control thanks to the quality and diversification of our portfolio ⎯ At 34 bps, cost of risk is in line with our 2024-2026 trajectory ⎯ A selective approach to private credit • ~ 3% of total loans2 • Vast majority in Senior Portfolio Financing, with diversity in the Cost of
Slide 20: Cost of risk: risk remains low in all business lines
COST OF RISK | Risk remains low in 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) • €135m (-€55m vs. • €10m (-€8m vs. 4Q24) 4Q24) • Low cost
Slide 21: CET1 ratio at 12.6% as of 31.12.25
FINANCIAL STRUCTURE | CET1 ratio at 12.6% as of 31.12.25 ⎯ CET1 ratio trend between 30.09.25 and 31.12.25 CET1 CET1 ratio ratio CET1 12.6% targeted Targetedfor for2027: 2027: +30 bps 31.12.25 12.5% 12.6% 12.6% 13% 13%post-FRTB post FRTB -20 bps 10.52% LCR 31.12.25 134% CET1 ratio Organic capital gen
Slide 22: Corporate Centre: 2025 results and 2026 trajectory
CORPORATE CENTRE | 2025 results and 2026 trajectory ⎯ Restatements related to insurance activities (IFRS 17) €m 4Q25 2025 2026 trajectory Restatements related to insurance activities in accordance with IFRS 17 include: Revenues -320 -1,206 Of which volatility • Costs related to insurance activities:
Slide 23: Long-term debt ratings
LONG-TERM DEBT RATINGS* 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 “Of the four large French banks that we rate ‘A+’, only BNPP c
Slide 24: Sustainable development: supporting clients' transition
SUSTAINABLE DEVELOPMENT | Leveraging our leadership to support our clients’ transition ⎯ Landmark 2025 deals, capitalising notably on the Low Carbon ⎯ 82% low carbon energies in the Group’s energy production Transition Group… credit exposure in 20251 90% LOW CARBON ENERGY PRODUCTION 82% > €40bn £5.5
Slide 25: 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 26: Section 3: 4Q25 results - Operating divisions
SECTION 3 4Q25 results Operating divisions 2025 Full-Year Results | 26
Slide 27: Key figures
KEY FIGURES 2025 % Group % Group C/I RoNE revenues RWA (%) CIB Global Banking 58.2% 21.3% 37% 33% Global Markets Securities Services CPBS Commercial & Personal Banking 34% 37% 64.8% 14.1% Specialised Businesses 18% 19% 51.5% 13.6% IPS Insurance Asset Management 14% 8% 60.0% 22.8% Wealth Management B
Slide 28: CIB: delivering strong and sustainable profitability
CIB | Delivering strong and sustainable profitability CIB (M€) 4Q25 4Q24 Var. • CIB – NBI: €4,575m (+1.0% vs. 4Q24) Revenues (NBI) 4,575 4,529 +1.0% • Global Banking – NBI: €1,663m (-3.7% vs. 4Q24) Operating expenses -2,928 -2,930 -0.1% • Global Markets – NBI: €2,081m (+2.8% vs. 4Q24) Gross Operatin
Slide 29: CPBS: a pivotal quarter
A pivotal quarter: strong increase in pre-tax income, driven by an acceleration in revenues and CPBS | very positive jaws effect in 4Q25 €m 4Q25 4Q24 Var. • CPBS – NBI: €6,937m (+5.5% vs. 4Q24) Revenues 6,937 6,577 +5.5% Operating Expenses and Dep. -3,970 -3,999 -0.7% • Commercial & Personal Banking
Slide 30: IPS: strong growth in 4Q25
IPS | Strong growth in 4Q25 driven by organic growth and the integration of AXA IM • IPS – NBI: €2,002m (+39.6% vs. 4Q24) • Insurance – NBI: €606m (+12.6% vs. 4Q24) €m 4Q25 4Q24 Var. • Wealth Management – NBI: €450m (+8.7% vs. 4Q24) Revenues 2,002 1,434 +39.6% Operating Expenses and Dep. -1,240 -927
Slide 31: Scaling up global AuM to €2,443bn
IPS | Scaling up global AuM1 to €2,443bn as of 31.12.2025 ⎯ AuM: €2,443bn as of 31.12.25 (+77.4% vs. 31.12.24; +14.4% vs. 31.12.24 excl. AXA IM consolidation) +€1,066bn +867.5 +66.0 +73.1 -38.6 +97.7 2,443 1,377 AuM 31.12.24 Consolidation of AXA IM Collecte Inflows effet marché Market Change Autre A
Slide 32: Conclusion
CONCLUSION A record fourth quarter underpinned by excellent operating performances Building on our 2025 results and a structurally favourable interest-rate environment, we confirm our 2026 trajectory ROTE ambition for 2028 raised to above 13%, driven by strategic plans currently underway 2028 cost/i
Slide 33: Glossary
GLOSSARY AuA Assets under Management Minimum Requirement for own funds and Eligible MREL Liabilities AuC Assets under Custody Net income (€m) Net income, Group share AIM Alternative Investment Managers Tangible net book value per share, revalued at the end of NBV (€) AWM Asset & Wealth Managers the
Slide 34: Notes
NOTES • Slide 4 • Slide 21 1. Detachment on 18th May 2026 and payment on 20 May 2026 1. SREP CET1 requirement: Including countercyclical capital buffer of 74 bps • Slide 5 and a systemic risk capital buffer of 14 bps as of 31.12.25 1. Including 100% of Private Banking revenues and excluding PEL CEL
Slide 35: Appendices: presentation contents
APPENDICES | Presentation contents – Details by division and Other items ⎯ Details by division (4Q25) ⎯ Other items ⎯ 2025 Operating division results • Corporate Centre ⎯ CIB • Number of shares and Earnings Per Share • Global Banking • Book value per share • Global Markets • Return on Equity and Per
Slide 36: Contacts and upcoming events
CONTACTS AND UPCOMING EVENTS ⎯ Investor Relations ⎯ Upcoming events Bénédicte Thibord, Head of Investor Relations and Financial Earnings reporting dates and General Meeting Information 1Q26 earnings: 30 April 2026 Equity 2026 General Meeting: 12 May 2026 Meriem Afilal-Costard Raphaëlle Bouvier-F