Credit Agricole S A : LCL Workshop

About this update from Credit Agricole Sa

LCL WORKSHOP 1 26.05.2026 Solid and recurring contribution to the activity of Crédit Agricole S.A. Revenues (1) 14% 14% 15% €28.4bn €27.8bn €25.9bn 86% 86% 85% 2025 2024 2023 LCL Other CAsa Synergies between the business lines of CAsa and LCL, offering a best-in-class expertise to customers 2 Excluding corporate center Contents LCL, a well-established, successful retail bank 3 Reshaping client's relationship models Industrial, technological and human transformation An ambitious financial trajectory A leading national bank, looking forward Leader in serving affluent clients and entrepreneurs 6.6m Customers 1 mid-cap in 2, 1 SME in 3 Leader among independent healthcare professionals TOP 1 LBO financing for small and mid-caps €77bn AuM in Private Banking & Wealth Management (including Milleis) Focused on expertise and customer satisfaction, supporting entrepreneurs 90% of branches in areas with high growth potential 70% Mobile app user rate Leader in customer satisfaction since 2022 4 specialised subsidiaries Financial partner of independent professionals Residential real estate Commercial real estate 3 rd largest independent Private Bank in France A full national coverage c.1,400 branches c.100 entrepreneur hubs 56 private banking centers 48 corporate banking centers 4 remote customer service centers Revenue growth trajectory outperforming the market A best-in-class player for nearly 7 years Revenues (€m) +2.2% p.a. vs panel +0.9% p.a. CAGR 19-25 Solid fundamentals (2025) €3,945m Revenues 64% Cost/income ratio €663m Net income group share 9.6% RONE NII growth (2) : 3,457 3,521 3,696 3,851 3,850 3,872 3,945 2019 2020 2021 2022 2023 2024 2025 NII Fees +1.3% +3.2% Volume effect +5.2% Rate effect -4.9% Fees growth (2) driven by: Savings +3.6% Non-life insurance +4.5% Cost/income ratio (%) 76% Best-in-class cost/income 69% 69% 70% 66% 67% 64% 68% 62% 63% 74% 63% 69% 64% Panel 1 LCL ratio , reflecting operational efficiency focus 2019 2020 2021 2022 2023 2024 2025 panel: Société Générale, BNP Paribas, Caisse d'Epargne, Banque Populaire, CA Regional Banks 2019-2025 CAGR Productivity among the best in the market Peers productivity benchmarking Net income Group share (k€) / FTE 2025 indicators -54 -26 18 19 35 37 43 44 TOP 1 45 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Changes (2024-2019) - -272% -51% -26% +11% -2% +15% +11% +44% Net income Group share (€) / Customer 2024 indicators -262 -62 56 62 72 87 125 TOP 2 130 133 Changes (2024-2019) Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 - -262% -42% -38% +5% +13% -10% +46% +6% Net income Group share (€m) / Branch 2024 indicators -0,9 -0,1 0,3 0,3 0,3 0,5 TOP 3 0,6 0,7 0,7 Changes (2024-2019) Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 - -283% -26% -0,1% +0,6% +27% +80% +46% +6% 6 Panel: Société Générale, BNP Paribas, Caisse d'Epargne, Banque Populaire, Crédit Mutuel, La Banque postale, CCF, CA Regional Banks Source: external study based on annual reports A comprehensive offer, targeting high-potential clients €3,945m €3,945m Corporates Professionals 42% from specialised markets NII 50% NII Private banking & wealth management Affluent 82% from high-potential clients Life insurance Non-life insurance High potential individuals Account management and payment instruments 50% Fee and commission income Mass market Other 2025 revenues by customer 2025 revenues by product A significant footprint into high potential customers Off-balance sheet savings €94bn €174 bn Corporates Professionals Consumer . credit Other on-balance sheet savings €165bn Home loans Sight Deposits 2025 Loans outstanding 2025 Savings outstandings 61% 5% 15% 19% A well-distributed balance sheet structure Anticipation of upcoming sectorial changes Customer onboardings via digital channels 40% (x2 vs 2018) Corporates failures Share of products held by the main bank 67% (-11 pp vs 2021) New employee expectations Adaptation challenges Social challenges Role of public authorities Penetration of digital players in new customer captures Disruption driven by AI and personalisation Process automated New cybersecurity standards Wait-and-see attitude ahead of the 2027 presidential elections Future political and budgetary priorities Fears of increase of public deficit Changes in customer needs Disintermediation and fragmentation of banking consumption Ageing and transmission New segments to be captured Rising entrepreneurship Employees and society Digitalisation and AI Political uncertainty Customer needs and demography 2028 AMBITION Customer capture +1.2m 25-28 gross customer capture Growth +5% 25-28 CAGR revenues Efficiency <60% (1) Cost/income ratio Profitability >13% RONE 1. Excluding transformation costs Our answer: 2030 Energy plan CUSTOMER CAPTURE New digital acquisition levers Enlarging our customer base Synergies between markets New differentiated relationship models Strengthening expertise and advisory capabilities Excellence in customer experience LCL Liberté LCL Signature RELATIONSHIP MODEL INDUSTRIAL ORGANISATIONAL Automated and digital standard services AI-enhanced customer services IT product/business organisation, driven by value Greater agility and cost efficiency of the IT system Under a single brand, offering a differentiated and innovative solution across all our markets 9 First achievements in 2025 CUSTOMER CAPTURE New Mouv by LCL app (teenagers) New model L by LCL Pro Development of the Start-up Bank New models Private Banking First and Private Banking Premium Centres of expertise by chapter of life RELATIONSHIP MODEL INDUSTRIAL ORGANISATIONAL AI at scale, writing assistant for advisors Process redesign and automated processing New tool orchestrating flows IT product / business mode and agile mode 10 Acceleration of IT APIsation Reposition LCL's brand recognition around its core areas Tour de France Partnership renewal To move ahead New brand positioning Tour de France of Entrepreneurial energy Engaging with entrepreneurs 40 years partnership with the yellow jersey 3 rd most watched sporting event in the world 45m French viewers 10m roadside spectators 6,000 TV adverts 49m digital TV impressions Continued investment in brand recognition in 2026/2028 10,000 entrepreneurs met 12 stages across France Publication of the Entrepreneurship report 11 Reshaping client's relationship models Individual customers Entrepreneurs / Professionnals Corporates 12 Private client models Customer capture engine L by LCL The innovative bank 100% digital , with competitive rates Launch planned for September 2026 Autonomous and digital LCL Liberté Responsive retail banking to meet customer standard needs Branch-based , simple and responsive, entry-level advisory service LCL Signature The premium bank and its dedicated advisors, supporting all customer projects, both in branch and remotely Need for tailored advice over the long term Client profiles Tailored offers for each customer segments Cost-to-serve engine Value engine Unified IT System Unique brand Unique IBAN Unique legal entity 13 L by LCL Part, a unique digital experience "VoiceBanking" conversational agent 100% digital journey & automated processes A simple, competitive offering A unique conversational experience 100% digital, real-time, mobile and AI industrialised 3 packaged offerings that will be progressively enhanced until 2028 (savings, credit, non-banking) L by LCL, financial coach An app with a conversational Live chat Hotline experience: "the bank that talks to you" Launch - Q3 2026 14 LCL Liberté, a cost-effective model Meets customers' needs Optimises cost-to-serve Branch access (shared advisors) Complementarity Branch - Specialised remote advice - Digital Best-in class digital foundations with autonomous customers journeys A comprehensive range to meet standard needs: 100% of standard products available digitally 1 , with some more advanced options 2 Densification and pooling of portfolios Value-added transactions handled by specialist remote advisors (remote customer service centers) Commercial pro-activity Everyday banking, Ordinary Securities Account/French equity savings account (PEA), life insurance, home loans <€200k 15 Home loans (any amount), interest-free loans, death & disability insurance etc. LCL Signature, a premium bank with expert advice Three pillars HUMAN Dedicated, expert, pro-active and committed advisors, offering personalised support to LCL Signature customers A redesigned digital experience for LCL Signature customers, supported by a new wealth monitoring tool for customers and advisors DIGITAL OFFERS A range of offers combining banking and non-banking benefits, access to sophisticated financial solutions and a rewarding loyalty programme Driven by Accelerate customer capture and intensify relationships Customer capture engine +0.9m Gross customer capture 2025-2028 Large digital acquisition campaign Synergies between markets Personalisation of the offer and relationship model Sponsorship , recommendation Relationship engine x[2] Equipment rate on core products 40% digital sales Personalisation and relationship intensification Development of digital and human proactivity Wealth advisors Digitalisation of customer journeys 2028 AMBITION Growth +5% Revenues CAGR 25-28 Three progressive solutions by wealth stages Progression up the value chain from retail banking Client profiles LCL Banque Privée First €300k - €500k or affluent customers The leading wealth management bank, providing digital and local support to clients during the wealth creation phase Entrepreneurs, high-potential executives and independent professionals LCL Banque Privée Premium €500k - €5m An expert private bank supporting clients in structuring, managing and transferring their wealth over time Top-executives, entrepreneurs, HNW and independent professionals LCL Wealth Management > €5m Tailor-made wealth management to enhance, diversify and transfer high-value substantial fortune and complex wealth UHNW, business leaders, top executives Acquisition of Milleis, a new growth driver Top 3 independent private bank €12bn 64,000 in assets customers €1.5bn €130m in deposits of revenues* 675 employees * Including Cholet Dupont Oudart, excluding Milleis Vie Transaction details Acquisition by LCL announced on July 24 th 2025 and finalised on April 30 th , 2026 Milleis Vie sold to CAA on April 30 th , 2026 LCL owns 100% of: Milleis Banque Cholet Dupont Oudart Cholet Dupont AM Strategy 2028 AMBITION Growth +5% AuM per year +5% fee and commission income per year Efficiency €40m in savings at least Profitability >20% ROI Maintain Milleis's brand and to expand discretionary advisor network Create a reference player in wealth management: leverage on Milleis' fundamentals, LCL and CA Group's strength To deliver the significant potential for revenue and cost synergies A platform for further external growth, if required. 2. Reshaping client's relationship models Individual customers Entrepreneurs / Professionals Corporates 20 Two models, from business creation to maturity ENTREPRENEUR PORTAL To create, manage and grow their business Online banking L by LCL Pro Branch based banking LCL Premier Pro The 100% digital all-in-one bank to help entrepreneurs to get started and develop The partner bank of entrepreneurs set up to support their projects Client profiles Independent, very small businesses and business founders seeking autonomy, simplicity and competitiveness Entrepreneurs, independent professionals and small business owners who are established or with potential Developing the dual individual / professional relationship Possible transition in-between models (unique LCL IBAN) 21 < €7m turnover or < €21m for independent professionals Client profiles L by LCL Pro - The best of both worlds A top online bank Coverage of banking and non-banking needs Early results 500 A seamless, 100% digital and turnkey model : fast account opening, autonomous management, transparent pricing First-class user experience Day-to-day banking, payments, flows Financing Fiduciary Treasury management Insurance Accounting and billing Creation alongside administrative management openings/week, 4 months after launch Customer capture Mass campaigns Ecosystem of referral partners Synergies Part. /Pro (>6m LCL customers) 22 Premier Pro - More expert and specialised advice 2028 AMBITION Growth +5% Revenues CAGR 25-28 Customer capture +140k new customers 1 customer/2 Independent professionals in private banking 25% of independent professionals (targeted market share) A value-creating model A dedicated network of hubs for entrepreneurs Dedicated, specialised pro-advisor Pro insurance managers Pro business line with enhanced and unified expertise Reinforcement of expertise and solutions New electronic payment services E-invoicing (Kolecto) Specialised Insurance Executive banking Expertise from the Corporate and Institutional Banking expertise (1) Synergies through with private banking (Top-executive advisor) Two amplified lines of leadership Expertise for professionals Large franchised networks Very small businesses/SMEs Artisans Franchises Independent professionals 23 1. A platform approach of expertise in support of entrepreneurs (corporate finance, trade finance etc.) Accelerate customer capture and strengthen expertise Customer capture engine +320k new customers by 2028 (vs 2025) Access to additional customers (small business owners, business founders) Mass digital marketing acquisition campaigns Targeted partnerships Supporting the move from individual customers to entrepreneurs Natural progression from L by LCL Pro to Premier Pro Relationship engine 100% of Premium entrepreneurs' customers in entrepreneurs hubs 40% of entrepreneurs' customers on L by LCL Relationship intensification within corners for professionals , Specialisation and network / manager upskilling Expansion of the ranges and platform approach to expertise of LCL Corporate Banking Synergies with the Wealth Management and Private Banking network via the bank for top-executives 24 2. Reshaping client's relationship models Individual customers 25 Entrepreneurs / Professionals Corporates Solid foundations Corporate Finance Cash management Trade Finance Energy transition Sector-specific approach German desk Recognised expertise 8.8K relationships, 32K business registration numbers 1 SME 1 in 3 1 mid-cap in 2 A proven model to build upon A strategy of continuity and strengthening 1. SMEs with turnover of €30-50m Expand the customer base in the core market (SMEs and mid-caps) and capture new growth drivers (start-ups, very small businesses in Ile-de-France, international) 1 2 2028 AMBITION Customer capture + c. 1,300 relationships +5 points of primary bank share and circle 1 Growth +5% Revenues CAGR 25-28 Increase relationship intensity with our customers 3 4 Strengthen coverage and business lines Redesign our main customer journeys (loan journey, web banking) 5 Support Crédit Agricole S.A. initiative for mid-caps in Europe A unique strategic support tool Capture the mid-caps and tomorrow unicorn companies by getting ahead of their growth trajectory Support throughout the customer's trajectory from ideation to expansion Renewal of the customer base Connection to the innovation ecosystem Be positioned as a platform bank , at the heart of innovation ecosystems Connect our teams and customers with key players to create opportunities throughout the value chain Influence in support of LCL Consistent with LCL's DNA: support those who take initiatives and move ahead Build on its strong external visibility and an already engaged community, LCL is recognised as a major player in entrepreneurship and innovation 2028 AMBITION Customer capture >250 Start-ups supported 28 Industrial, technological and human transformation A transformed distribution model for productivity gains Redesign physical network focused on high value customers Entrepreneurs hubs (x2 by 2028) and corporate business centers (+5 by 2028) : Expertise and customer focus 2025 2020 2015 c.1,400 Change in the number of branches Continued adaptation of the regional footprint to maintain the critical size of retail branches and gather expertise c. 1,900 Branches consolidation and focus on high value customers Expand remote teams (LCL Mon Contact, helpers etc.) Divide by 2 human intensity by transfering a part of the client relationship from branch to call center / remote Lowering human resource intensity in client servicing Invest in digital relationship models for autonomous customers 25% selfcare Migration of clients to digital models Driver of productivity gains 2028 Ambition Invest in our human and technological capital CUSTOMERS Front Middle and Back Customer Service Developing advisors and centers of expertise Offer the possibility of an autonomous digital relationship Automate front-to-back processes Accelerate time-to-market and increase agility Human capital (Skills) Technological capital and innovation (IT, data, AI) Attracting & developing skills for a higher differentiation SKILLING Business Digital Data IA R ESKILL ING & UPSKILLING 2028 AMBITION 300+ Certified/graduated employees by 2028 100% of employees trained and confident in using AI 100% of managers coached in leadership 100% of new business employees trained by a specific on boarding program Learning & Development for On-boarding & Mobility ATTRACT AND RETAIN TALENT Employer brand Career Recognition Leveraging IT as a key engine of transformation Enablers Strengthen our foundations 1 (data quality, technological foundations, governance) Making our IT system more 2 agile (APIs, automation and decoupling) Shifting our IT / business 3 organization to a product-driven model 4 Using AI to boost our IT development rates 5 Ensuring our digital sovereignty (controlled sourcing) 2028 AMBITION x2 ROI of digital marketing campaigns X2 Conversion rate of digital customer journeys Time-to-market cut by half to deliver a use case 33 An ambitious financial trajectory Increased profitability for value creation Growth in RONE (2025-2028) CAGR c. 5% A growing RONE trajectory, including Milleis C/I <60% (1) 9.6% c. 22 bp CAGR c. 3% >13% Revenue growth as the main driver: customer capture, upscaling and structural improvement of NII Positive jaws: efficiency gains absorb transformation investments RONE 2025 Revenues Expenses Cost of risk Tax RWA RONE 2028 Cost of risk under control, in line with a historically prudent profile Optimised management of scarce resources Excluding transformation costs 34 Growth profitability and positive jaws allowing the absorption of transformation costs Growth in revenues (2021-2028, €m) +5% p.a. c. 4,600 3,945 3,872 Fee and CAGR 25-28 Cost/income ratio evolution (2021-2028) 63% A resilient and diversified revenue trajectory: <60% 2 64% c. 62% 1 Dynamic customer capture, especially via digital channels 2021 2022 2023 commission income NII 2024 2025 2028 MTP +5% +6% 2021 2022 2023 Targeted relationship intensification for affluent customers and specialised markets MTP 2024 2025 2028 2028 Structural improvement of NII, driven by the profitability of inflows A model supported by strong Cost of risk (2019-2028, bps/outstandings) RWA trajectory (2019-2028, €Bn) financial discipline: Continuous optimisation of Average 2019-2025 = 19bps 20 24 c.22 CAGR 25-28 MTP 2025 2028 2020 2021 2022 2023 2024 +3% p.a. 57.1 2025 2028 expenses to maintain best-in-class positioning Cost of risk under control, in line with a prudent profile Disciplined capital allocation for sustainable profitability MTP 35 Including transformation costs Excluding transformation costs An interest rate scenario favourable to the profitability of intermediation Loans evolution (2021-2028, €bn) Growth in on-balance sheet savings (2021-2028, €bn) Keeping the same deposit mix. Home loans outstanding Other loans (incl. specialized markets) +2% p.a. Demand deposits and fixed-term deposit Passbooks Other +2% p.a. Improved profitability of new loan origination , with a mix oriented towards higher-value specialised markets 2021 2022 2023 2024 2025 2028 NII evolution on outstanding loans (base = 100) 2021 2022 2023 2024 2025 2028 Scenario (average 2025-2028) Maintaining our prudent ALM strategy , having demonstrated its effectiveness Assumptions for interest rate LCL Panel 1 Eurozone Growth of GDP c. 1.4% Eurozone inflation c. 1.9% scenarios: moderate growth, normalised inflation, slight rise in interest rates Euribor 3 months c. 2.2% SWAP 10 years (EUR) c. 2.9% Sustainable growth in NII, aiming for c.€2.3bn by 2028 Growth in NII (2025-2028, €m) c. +6% 1,977 2025 Volume effect +6% p.a. c. +2% Credit rate effect (mix effect) c. +10% Liability rate effect c. 2,300 2028 Sustainable growth in NII : Volume effect : Controlled growth in outstanding loans Change in customer mix : Growth of specialised markets with higher margins (Entrepreneurs and Corporates) Revaluation of liabilities : Gradual normalisation of the funding margin, supported by a stable demand deposits base Trajectory resilient to restrained interest rate changes: A sensitivity to a +50 bps move is marginal Main sensitivity driven by volumes of non-remunerated demand deposits (€1bn = +/- €25m margin) Target growth in fee and commission income of +5% p.a. supported by upscaling and customer capture Growth in fee and commission income (2025-2028, €m) Customer capture in all markets 1,968 +6% p.a. c. +3% +5% p.a. c. +11% c. +7% c. -4% c.2,300 Upscaling linked to the LCL Signature offering (savings, insurance) Intensification of the relationship with all our customers (equipment rates and use) Conquête Equipement et montée en gamme Milleis Contraintes réglementaires Fee and commission income on accounts and payment instruments driven by an expected, partly regulatory, decrease in certain fee and commission income (succession, incident fees) 2025 Customer capture Customer equipment and up-selling Milleis Regulatory constraints 2028 Cost focus management to finance the transformation and support profitability Growth in costs (2025-2028, €m) +4% p.a. c.+3% c.+3% c.+6% c.-4% c.+4% c. 2,900 c. 2.5 pts Cost/income ratio dedicated per year to transformation costs 2026-2028 investments: targeted and managed acceleration c. 50% of investments dedicated to new relationship and customer capture models; c. 50% dedicated to industrial and organisational drivers 2,524 2025 Inflation Marketing et support digital Inflation Marketing and digital support Milleis Structural cost savings Coûts de transfo Transfo. costs 2028 Offset by structural efficiency levers: Milleis Economie de coûts structurels relationship model: reallocation of distributive resources to affluent clients Focus on the costs of the LCL 2030 transformation plan (2026-2028, €m) and continued adaptation of the regional footprint 2026 2027 2028 €95m Modèles LbyLCL Modèles humain et industriel L by LCL models Human and industrial models €120m €130m A total of c. €350m Cumulative 26-28 Industrial model: digitalisation of journeys, IT productivity gains (rationalisation) and operational (AI) A high-quality portfolio, cost of risk under control Trajectory High-quality customers Corporate customers Average Corporate portfolios remain predominantly investment grade (62%) 38% 62% Growth in corporate outstandings but cyclical 2019-2025 = 19bps c.22 bps by 2028 Investment Grade Non-investment grade prudence maintained Secure retail development in professional segments CoR bps/ outstandings 12 months and outstanding loans by market (2025 and 2028) Corporate c.65 Retail c.60 c.13 c.12 Q1 2026: high and prudent provisioning level 3 years of normative cost of risk (high level vs history) NPL ratio: 2.2% Average 2019-2024 c.45 bps Average 2019-2024 c.12 bps A clear sign of resilience , beyond sector-specific provisions and in line with the models 2025 2028 Encours bps/ encours Outstandings bps/outstandings Outstandings 2025 2028 Encours bps/ encours Outstandings bps/outstandings 2

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