Societe Generale SA (SCGLF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for holding. The conference will begin shortly. 🎵 🎵 Thank you. Welcome to the Societe Generale conference call. At any time during the presentation you may press star and 1 to enter the queue for the Q&A session. Thank you for holding. The conference will begin shortly. © transcript Emily Beynon Thank you for holding. The conference will begin shortly. Thank you. Thank you. Thank you. Thank you. © transcript Emily Beynon Ladies and gentlemen, welcome to the Societe Generale first quarter 2026 results conference call. I will now hand over to Mr. Slavomir Krupa, Chief Executive Officer. Sir, please go ahead. Thank you. Good morning, everyone, and thank you for joining us today on what I know is a busy morning. Leo and I are very pleased to present our results for the first quarter in what is the final year of our current strategic roadmap. We all know the volatility of the environment we operate in. It's complex, to say the least. And yet, once again, we continued our strong momentum in Q1 26. Here are some of the highlights that demonstrate how we are progressing with discipline towards the targets we have set for 2026. We delivered a strong profitability with a ROTI of 11.7% in Q1 26, which is well above our full-year target. Specifically, our revenues are slightly up by 0.3% versus Q1 25 on a reported basis and up 4.4% at constant perimeter and exchange rates. As you know, our absolute commitment to cost reductions continues to yield results. We further decreased our costs by minus 6% versus Q125, and minus 2.6% at constant perimeter and exchange rates. This translates into a cost-to-income ratio of 60.9%, or 57.6 when linearizing IFRIC 21 taxes, which were fully paid in Q1 26. It's in line with our end-of-year target of a cost-to-income ratio below 60%....