CREDIT AGRICOLE SA: Fourth quarter 2025 and full-year 2025 results - DYNAMIC ACTIVITY AND STRONG RESULTS IN 2025

About this update from Credit Agricole Sa

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","length":22,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":" High full-year results and profitability (>€7bn for Crédit Agricole S.A., return on tangible equity of 13.5%), driven by record annual revenues that were able to absorb the additional corporate income tax charge (Crédit Agricole Group: €280m, Crédit Agricole S.A €147m)","length":302,"tagName":"p"}]},{"val":[{"type":"text","content":" Quarterly results impacted by the effect of the first consolidation of Banco BPM and high-level quarterly revenues driven by good performances by all business lines and marked by the upturn of Retail Banking in France","length":217,"tagName":"p"}]},{"val":[{"type":"text","content":" Stable cost of risk (Crédit Agricole Group: 28 basis points on outstandings, Crédit Agricole S.A.: 35 basis points on outstandings)","length":166,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":685,"olType":false},{"type":"text","content":" PROPOSED 2025 DIVIDEND INCREASE TO €1.13 PER SHARE (+3% VS. 2024) STRONG GROWTH MOMENTUM IN ALL BUSINESS LINES IN 2025 ","length":120,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":" High loan production : in France, upturn in home loans (+21%) and good momentum in corporate loans; strong international activity; high-level and balanced production between personal finance and mobility","length":202,"tagName":"p"}]},{"val":[{"type":"text","content":" Record annual revenues and net inflows in Insurance , driven by all activities, and a high level of net inflows in Asset Management  ","length":130,"tagName":"p"}]},{"val":[{"type":"text","content":"Record Corporate and Investment Banking revenues for this quarter and for the full year","length":87,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":419,"olType":false},{"type":"text","content":" PERFORMANCES THAT CONFIRM THE TRAJECTORY OF THE ACT 2028 PLAN 2026: ROLLING START ","length":82,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Initiatives in favour of development in France (digitalisation, new offers and services) and internationally (Germany: digital savings platform, day-to-day banking, Midcap; Asia)","length":178,"tagName":"p"}]},{"val":[{"type":"text","content":"Launch of innovation and performance projects (tokenized finance, AI, Data Market Place, simplification)","length":104,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":282,"olType":false},{"type":"text","content":" HIGH SOLVENCY RATIOS ","length":20,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Phased-in CET1 of 17.4% for Crédit Agricole Group and 11.8% for Crédit Agricole S.A.","length":104,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":104,"olType":false},{"type":"text","content":" 2026 ANNUAL REFINANCING PROGRAMME 32% COMPLETED IN JANUARY CONTINUED SUPPORT FOR THE ENERGY TRANSITION ","length":103,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Continued roll-out of financing and investment for the energy transition and support for the transition of households and businesses","length":132,"tagName":"p"}]},{"val":[{"type":"text","content":"Improvement in the CDP rating from A- to A, reflecting our progress on climate action","length":85,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":217,"olType":false}]}]}],"length":2616},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","style":"width:677.47px;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"   Eric Vial, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors   “The Group continued its development in 2025 with strong growth momentum across all business lines. I welcome the 2.1 million customers who joined us this year, and I thank our elected representatives, our mutual shareholders, and all our employees who, every day, are mobilised with commitment and professionalism, with a special thought for our colleagues in Ukraine who have been working with courage and determination since the beginning of the war.” ","length":579,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"2","style":"width:677.47px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:676.94px;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A.   “The strong results we are posting in 2025 reinforce the ambitions of our ACT 2028 Strategic Plan. With this rolling start, 2026 will mark the realisation of several strategic initiatives, such as the deployment of the universal bank in Germany and the acceleration of our development in Asia.” ","length":383,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]}]}],"length":980},{"type":"text","content":" This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.  ","length":232,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios. ","length":207,"tagName":"p"},{"type":"text","content":" Crédit Agricole Group ","length":31,"tagName":"p"},{"type":"text","content":" Group activity ","length":14,"tagName":"p"},{"type":"text","content":"The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture . In the fourth quarter of 2025, the Group recorded 517,000 new customers in retail banking. The Group gained 401,000 new Retail Banking customers in France and 116,000 new International Retail Banking customers (Italy and Poland). At 31 December 2025, in retail banking, on-balance sheet deposits totalled €847 billion, up +1.2% year-on-year in France and Italy (+1.3% for Regional Banks and LCL and +0.7% in Italy). Outstanding loans totalled €895 billion, up +1.7% year-on-year in France and Italy (+1.7% for Regional Banks and LCL and +1.0% in Italy). Home loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +9% compared to the fourth quarter of 2024. For CA Italia, loan production was stable compared to the fourth quarter of 2024. The property and casualty insurance equipment rate 1 rose to 44.7% for the Regional Banks (+0.8 percentage points compared to the fourth quarter of 2024), 28.5% for LCL (+0.6 percentage points) and 20.3% for CA Italia (+0.3 percentage points).","length":1240,"tagName":"p"},{"type":"text","content":"In asset management , net inflows for the quarter were very high at +€21 billion, driven by passive management, with net inflows into active management driven by fixed income and diversified strategies. In insurance , savings/retirement gross inflows were strong, at €9.9 billion for the quarter (+19% compared to the fourth quarter of 2024), with the rate of unit-linked production remaining high at 37.6%. Net inflows were high at +€3.9 billion, positive for both euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (17.9 million contracts at end-December 2025, +7% year-on-year). The assets under management of the Asset Management and Savings business lines stood at €3,051 billion, up +6.4% year-on-year for the three business segments: €2,380 billion (+6.2% year on year) for Asset Management, €373 billion (+7.4% year on year) for Life Insurance, and €298 billion (+6.8% year on year) for Wealth Management (Indosuez Wealth Management and LCL Private Banking).","length":1105,"tagName":"p"},{"type":"text","content":"Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €122.5 billion, up +2.6% compared with end-December 2024, with car loans representing 53% 2 of total outstandings, and new loan production increased by +3.1% compared with the fourth quarter of 2024, balanced between personal finance and mobility. Regarding Crédit Agricole Leasing & Factoring (CAL&F), leasing outstandings were €21.7 billion, up +7.1% compared to December 2024, with production up +11.7%  3 compared to the fourth quarter of 2024. However, factoring activity was lower, with a decline in production of -28% year on year, compared to a high fourth quarter of 2024.","length":713,"tagName":"p"},{"type":"text","content":"The Large Customers segment saw strong momentum, with record revenue achieved for the fourth quarter and the full year. The capital markets and investment banking activity posted a high level of revenues (+7.3% compared to the fourth quarter of 2024) thanks to the good performance of capital markets, which benefited from the good results of the fixed income and repo activities, and of investment banking, driven by structured equity. Financing activities (-1.4% compared to the fourth quarter of 2024) were driven by commercial banking, with dynamic activity in the Telecom sector in particular, while the structured financing activity was lower, with an unfavourable base effect for aerospace. Lastly, Asset Servicing recorded a high level of assets under custody at €5,896 billion and assets under administration of €3,705 billion (+11.4% and +9.1%, respectively, compared with the end of December 2024), and benefited from customer capture and positive market effects over the quarter.","length":1001,"tagName":"p"},{"type":"text","content":" Strategic transactions in 2025 ","length":30,"tagName":"p"},{"type":"text","content":" In 2025 , the Group continued its momentum in partnerships and equity investments, notably with structuring partnerships and targeted acquisitions in Europe, Asia, and the United States . In particular, the year saw the launch of a partnership with Victory Capital in the United States, the increase in our stake in Banco BPM in Italy, and a long-term partnership with Crelan in Belgium. The Group also acquired non-controlling interests in CACEIS and formed a major partnership with ICG in private assets. In China, it acquired a 50% stake in GAC Leasing. At the same time, several strategic acquisitions were carried out, including Merca Leasing in Germany, Petits-fils in France, Banque Thaler in Switzerland, as well as the acquisition of a majority stake in Comwatt to accelerate energy transitions. Lastly, two acquisition projects were launched: a joint transaction led by LCL and CA Assurances targeting Milleis Bank, and the acquisition of BNPP’s Monaco portfolio by Indosuez Wealth Management. These key transactions strengthen the Group’s position as a leading European player and accelerate its development in high-potential markets.","length":1148,"tagName":"p"},{"type":"text","content":" Strategic deployment in 2026 ","length":28,"tagName":"p"},{"type":"text","content":"The 2026 outlook is based on a set of favourable factors: the continuation and acceleration of the commercial momentum, amplified by the roll-out of new strategic initiatives; the gradual integration of recent acquisitions – ISB, Degroof Petercam, Thaler, Victory Capital, the BNPP Monaco portfolio, Alpha Associates and Merca Leasing – which are set to generate synergies and strengthen the Group’s positioning in its key markets. The Retail Banking and Personal Finance business lines in France are expected to continue to benefit from the upturn in margins, while mobility activities are set to see a recovery in the profitability of Leasys, a return to growth in China and growth in insurance and related services. Corporate and Investment Banking should confirm an improvement in its positioning serving its customers. In addition, Banco BPM will now make a recurring and high contribution to profit, of around €100 million per quarter. This solid momentum could nevertheless be mitigated by an environment marked by macroeconomic uncertainties in France, a higher tax impact and the capping of the interest margin in several entities (CA Italia, CACEIS, Indosuez Wealth Management).","length":1203,"tagName":"p"},{"type":"text","content":" 2026: rolling start ","length":19,"tagName":"p"},{"type":"text","content":"Crédit Agricole is launching new initiatives as part of its strategic development.","length":82,"tagName":"p"},{"type":"text","content":" In France , Crédit Agricole continues the development of its Retail Banking via the digitalisation of journeys and the development of offerings adapted to the uses of strategic customer segments.","length":199,"tagName":"p"},{"type":"text","content":"In the fourth quarter of 2025, the Regional Banks will begin implementing the 100% digitalised agreement in principle for the home loan process. From 2026, several initiatives will bolster this momentum, in particular the launch, by the Regional Banks, of a disruptive solution for young people, and the roll-out by LCL of a 100% digital access banking offer for individuals and professionals (L by LCL Pro). In addition, the creation of Indosuez Corporate Advisory will support the executive shareholders of SMEs and Mid Caps.","length":527,"tagName":"p"},{"type":"text","content":"These initiatives are drivers of the more ambitious 2028 targets in terms of commercial capture, with gross capture of 8 million customers , Crédit Agricole’s positioning as the leading bank for young people , and 1 million additional business and SME customers in gross terms.","length":290,"tagName":"p"},{"type":"text","content":" Internationally, the Group is also continuing its development. In Germany, Crédit Agricole will launch a digital savings platform in 2026, offering on-balance sheet deposit products at the beginning, supplemented in 2027 by an off-balance sheet deposit offering. The Group also plans to launch an everyday banking offering based on essential banking products. In addition, a joint LCL/Crédit Agricole CIB initiative to strengthen support for European MSEs will be developed later in the year. In Asia , CACEIS will open a branch in Singapore in 2026.","length":564,"tagName":"p"},{"type":"text","content":"These initiatives target, by 2028, 2 million customers in Germany , more than €40 billion in deposits in Europe via the digital platform, and the capture of 200 European MSE Group customers outside France. ","length":214,"tagName":"p"},{"type":"text","content":" At the same time, Crédit Agricole plans to launch several innovation and performance projects. Amundi, in partnership with CACEIS, has launched its first tokenised fund. From 2026, the Group plans to roll out an artificial intelligence assistant for employees, a Group data marketplace, as well as the first measures to simplify the Finance function, including simplifying reporting and setting up expertise hubs, particularly in the area of securitisation.","length":462,"tagName":"p"},{"type":"text","content":"These transformations should speed up the time-to-market with the target of halving it, and improve the Group’s operational efficiency, with a cost/income ratio below 55% by 2028 .","length":179,"tagName":"p"},{"type":"text","content":" Continued support for the energy transition ","length":43,"tagName":"p"},{"type":"text","content":"The Group is continuing the mass roll-out of financing and investment to promote the energy transition. Thus, the exposure of Crédit Agricole Group to low-carbon financing  4 increased 2.6 fold between the end of 2020 and September 2025, with €28.6 billion at 30 September 2025. Moreover, Crédit Agricole Assurances exceeded its 14 GW target for the financing of renewable energy production capacity, with 16.2 GW at 30 September 2025.","length":469,"tagName":"p"},{"type":"text","content":"At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition  5 amounted to €116.5 billion at 30 September 2025, including €84.9 billion for energy-efficient property and €7.2 billion for “clean” transport and mobility.","length":347,"tagName":"p"},{"type":"text","content":"Furthermore, the Group is continuing to phase out its financing of carbon-based energies and is disclosing its progress at end 2025 in three sectors, in line with or ahead of their 2030 targets. (vs. a 2020 baseline). Financed emissions in the oil and gas sector were reduced by -81% at end 2025 compared to a target of -75% by the end of 2030. The intensity of financed emissions in the power sector  6 was down by -44% at end 2025, for a target of -58% by the end of 2030. Lastly, the intensity of financed emissions in the automotive sector dropped by -24% at the end of 2025, with a target of 50% by the end of 2030.","length":624,"tagName":"p"},{"type":"text","content":"For the first time, Crédit Agricole S.A. was awarded an A/Leadership rating by CDP for its climate strategy, two notches above the sector average. This increase reflects the maturity of Crédit Agricole’s climate governance, the relevance of its disclosures on these matters and its progress in decarbonisation.","length":325,"tagName":"p"},{"type":"text","content":" Group results ","length":13,"tagName":"p"},{"type":"text","content":" In the fourth quarter of 2025 , the Crédit Agricole Group’s net income Group share came to €1,634 million , down -23.9% compared to the fourth quarter of 2024, with a -€607 million impact of the first consolidation of Banco BPM on the equity-accounted line.","length":305,"tagName":"p"},{"type":"text","content":" In the fourth quarter of 2025 , revenues amounted to €9,971 million, up +1.6% compared to the fourth quarter of 2024. Operating expenses were stable (+0.9%) and totalled -€5,917 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.3% in the fourth quarter of 2025, a slight improvement of -0.4 percentage point compared to the fourth quarter of 2024. Gross operating income thus stood at €4,054 million, an increase of +2.5% compared to the fourth quarter of 2024.","length":515,"tagName":"p"},{"type":"text","content":"The cost of credit risk stood at -€1,009 million, an increase of +16.3% compared to the fourth quarter of 2024. It includes a net addition of -€34 million to provisions on performing loans (stages 1 and 2) and a net addition of -€876 million for the cost of proven risk (stage 3). There was also a net addition of -€99 million for other risks, including a provision linked to Banca Progetto’s recovery plan for -€30 million at CA Italia and an additional provision for legal risk for UK car loans for -€41 million at CAPFM. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a central scenario (French GDP at +0.7% in 2025, +1.2% in 2026), an unfavourable scenario (French GDP at +0.6% in 2025 and -0.3% in 2026) and an adverse scenario (French GDP at 0.6% in 2025 and -1.2% in 2026). The cost of risk/outstandings   7 reached 28 basis points over a four rolling quarter period and 33 basis points on an annualised quarterly basis  8 .","length":1199,"tagName":"p"},{"type":"text","content":" Pre-tax income stood at €2,424 million , a year-on-year decrease of -23.0% compared to fourth quarter 2024. This includes the contribution from equity-accounted entities for -€603 million (taking into account the impact of the first consolidation of Banco BPM for -€607 million). The tax charge was -€616 million, down -€167 million, or -21.4% over the period.","length":389,"tagName":"p"},{"type":"text","content":" Net income before non-controlling interests was down -23.6% to €1,807 million. Non-controlling interests decreased -20.4%.","length":137,"tagName":"p"},{"type":"text","content":" For the full year 2025, net income Group share was €8,754 million, up +1.3% compared to 2024.","length":98,"tagName":"p"},{"type":"text","content":" Revenues totalled €39,558 million, up +3. 9 % compared to 2024. Operating expenses amounted to -€23,568 million, a +3.7% increase over the year, due to support for business line development, IT expenditure and the integration of scope effects. The cost/income ratio was stable at 59.6% in 2025 (-0.1 percentage point) compared with 2024. Gross operating income thus stood at €15,990 million, an increase of +4.3% compared to 2024.","length":458,"tagName":"p"},{"type":"text","content":"The cost of risk for full-year 2025 increased to -€3,452 million, of which -€78 million in cost of risk on performing loans (stages 1 and 2), -€3,202 million in cost of proven risk, and -€172 million in other risks, i.e. an increase of +8.2% compared to full-year 2024.","length":289,"tagName":"p"},{"type":"text","content":"At 31 December 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level . Loan loss reserves amounted to €22.2 billion at the end of December 2025 (€12.6 billion for Regional Banks), 41% of which represented provisioning of performing loans (46% for Regional Banks). The prudent management of these loan loss reserves enabled the Crédit Agricole Group to post an overall coverage ratio for doubtful loans of 82.2% at the end of December 2025.","length":519,"tagName":"p"},{"type":"text","content":" Net income from equity-accounted entities came to -€423 million, compared with +€283 million at the end of 2024, impacted by the first consolidation of Banco BPM for -€607 million in the fourth quarter of 2025. Net income on other assets was €437 million compared to -€39 million in 2024, benefiting from the +€453 million gain on the deconsolidation of Amundi US recorded in the second quarter of 2025. Pre-tax income before discontinued operations and non-controlling interests rose by +1.3% to €12,552 million. The tax charge stood at -€3,018 million, up +4.5%, impacted by the additional corporate income tax charge of +€280 million.","length":698,"tagName":"p"},{"type":"text","content":" Net income before non-controlling interests was €9,535 million, a slight increase of +0.4 percentage point compared to 2024. Non-controlling interests amounted to -€781 million, down -9.2%, impacted in particular by the acquisition of non-controlling interests in CACEIS (+€140 million) in 2025.","length":320,"tagName":"p"},{"type":"text","content":"Credit Agricole Group, Income statement Q4-25 and 2025","length":54,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:264.6px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"En m€","length":5,"tagName":"p","attribs":{}}]},{"style":"width:60.47px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"Q4-25","length":5,"tagName":"p","attribs":{}}]},{"style":"width:60.47px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"Q4-24","length":5,"tagName":"p","attribs":{}}]},{"style":"width:60.47px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"∆ 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The percentage of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.8% (at the end of September 2025, source: Banque de France), up by +0.1 percentage point compared to September 2024. Loan production remains buoyant, up +16.5% compared to the fourth quarter of 2024, driven by home loans, which rose +17.6%, and also by specialised markets, which rose +16.9% compared to the fourth quarter of 2024. The average production rate for home loans reached 2.98%  9 . The global loan stock rate improved year-on-year (+6 basis points). Outstanding loans totalled €658 billion at the end of December 2025, up by +1.6% year-on-year across all markets and up slightly by +0.6% over the quarter.","length":909,"tagName":"p"},{"type":"text","content":" Customer assets were up +3.6% year-on-year to reach €944 billion at the end of December 2025. This growth was driven both by on-balance sheet deposits, which reached €616 billion (+1.7% year-on-year), driven by demand deposits (+3%) and passbook accounts (+3.9%) and off-balance sheet deposits, which reached €328 billion (+7.6% year-on-year), benefiting from strong inflows in life insurance. The market share of on-balance sheet deposits is up compared to last year and stands at 20.4% (Source Banque de France, data at the end of September 2025, i.e. +0.1 percentage points compared to September 2024). The equipment rate for property and casualty insurance   10 was 44.7% at the end of December 2025 and continues to rise (up +0.8 pp compared to the end of December 2024). In terms of payment instruments , the number of cards rose by +1.7% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.8 percentage points year-on-year to account for 19.2% of total cards.","length":1029,"tagName":"p"},{"type":"text","content":" In the fourth quarter of 2025, the Regional Banks’ consolidated revenues, including the SAS Rue La Boétie dividend , amounted to €3,730 million, up +14.9% compared to the fourth quarter of 2024. This increase was driven by consecutive growth in the intermediation margin (+18.7% compared to the fourth quarter of 2024, and +16.3% compared to the third quarter of 2025) linked to the decrease in the cost of resources over the quarter. Fee and commission income in insurance, account management and payment instruments were dynamic and rose over the period (+11% compared to the fourth quarter of 2024). Operating expenses were contained (up +3.5% compared to the fourth quarter of 2024) and the cost/income ratio improved by -7.6 percentage points. The cost of risk was in line with the previous quarters (+2.4% compared to the third quarter of 2025), at -€383 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the third quarter of 2025, at 22 basis points. The consolidated net income of the Regional Banks stood at €577 million, up +37.8% compared with the fourth quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €571 million in the fourth quarter of 2025, up +41.7% compared to the fourth quarter of 2024.","length":1317,"tagName":"p"},{"type":"text","content":" In full-year 2025 , revenues including the SAS Rue La Boétie dividend were up +6.2% compared to the same period in 2024. Operating expenses rose by +2.9%, and the cost of risk increased by +11.8%. The Regional Banks’ net income Group share , including SAS Rue La Boétie’s dividend , amounted to €3,753 million, up +8.1% compared to full-year 2024. The Regional Banks’ contribution to the results of Crédit Agricole Group in full-year 2025 amounted to €1,545 million (+8.5% compared to 2024), with revenues of €13,912 million (+6.1%), expenses of -€10,252 million (+3.0%) and a cost of risk of -€1,471 million (+11.5%).","length":650,"tagName":"p"},{"type":"text","content":" Crédit Agricole S.A. ","length":30,"tagName":"p"},{"type":"text","content":" Results ","length":7,"tagName":"p"},{"type":"text","content":"Crédit Agricole S.A.’s Board of Directors, chaired by Eric Vial, met on 3 February 2026 to examine the financial statements for the fourth quarter and full year 2025.","length":176,"tagName":"p"},{"type":"text","content":" In the fourth quarter of 2025, Crédit Agricole S.A.’s net income Group Share  amounted to  €1,025 million , a decrease of -39.3% compared to the fourth quarter of 2024, with a -€607 million impact of the first consolidation of Banco BPM on the equity-accounted line.","length":293,"tagName":"p"},{"type":"text","content":" Revenues totalled €6,966 million, down -1.8% compared to the fourth quarter of 2024. The growth in revenues of the Asset Gathering division (+2.9%) resulted from dynamic activity across all business lines, a positive scope effect linked to the integration of Insurance entities in partnership with Banco BPM (+€58 million), offset by an unfavourable scope effect linked to the deconsolidation of Amundi US (-€93 million). The revenues of the Large Customers division increased by +2.1%, driven by record revenues at Crédit Agricole CIB and dynamic activity at CACEIS. The revenues of the Specialised Financial Services division (-0.8%) were up excluding the adverse base effect (-€30 million) for CAPFM and benefited from the integration of Merca Leasing (+€21.5 million). For the Personal Finance activity, price and volume effects were positive, while the Mobility activity continued to be impacted by the competitive environment. The revenues of Retail Banking in France (+6.5%) benefited from an upturn in the net interest margin and growth in fee and commission income. The revenues of International Retail Banking (+3.0%) were supported by the increase in fee and commission income in Italy. Corporate Centre revenues were down by -€315 million, mainly impacted by the revaluation of Banco BPM securities (-€320 million) and the increase in the dividend received from Banco BPM (+€78 million).","length":1449,"tagName":"p"},{"type":"text","content":" Operating expenses in the fourth quarter of 2025 stood at -€4,100 million, an increase of +4.7% compared to the fourth quarter of 2024. The -€182 million increase in expenses over the period includes favourable scope effects and integration costs of +€1 million, an increase in restructuring costs and impact of the DGS (deposit guarantee fund in Italy) for -€88 million. Excluding these non-recurring items, expenses increased by +2.5% compared to the fourth quarter of 2024.","length":496,"tagName":"p"},{"type":"text","content":" Gross operating income in the fourth quarter of 2025 amounted to €2,867 million, down -9.7% compared to the fourth quarter of 2024.","length":136,"tagName":"p"},{"type":"text","content":"At 31 December 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level . The Non-Performing Loans ratio showed little change from the previous quarter and remained low at 2.4%. The coverage ratio  11 was high at 71.5%, down -1.2 percentage points over the quarter. Loan loss reserves amounted to €9.6 billion for Crédit Agricole S.A., a +€0.1 billion increase from end-September 2025. Of these loan loss reserves, 34.3% were for provisioning for performing loans.","length":549,"tagName":"p"},{"type":"text","content":" Cost of risk was a net addition of -€629 million, up +5.9% compared to the fourth quarter of 2024. It includes a net addition for non-performing loans (stage 3) of -€508 million (compared to a net addition of -€297 million in the fourth quarter of 2024) and a net addition on performing loans (stages 1 and 2) of -€4 million (compared to a net addition of -€278 million in the fourth quarter of 2024). Also noteworthy is a net addition of -€117 million for other risks (compared to a net addition of -€18 million in the fourth quarter of 2024), notably including a provision linked to Banca Progetto’s recovery plan for -€30 million at CA Italia and an additional provision for legal risk for UK car loans for -€41 million at CAPFM. By business line, 50% of the net addition for the quarter came from Specialised Financial Services (52% at end-December 2024), 21% from LCL (13% at end-December 2024), 20% from International Retail Banking (17% at end-December 2024), 15% from Large Customers (16% at end-December 2024) and -8% from the Corporate Centre (1% at end-December 2024) due to a revision of the models, which resulted in a reversal of stage 1 and stage 2 provisions. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the fourth quarter were updated from the third quarter, with a central scenario (French GDP at +0.7% in 2025, +1.2% in 2026), an unfavourable scenario (French GDP at +0.6% in 2025 and -0.3% in 2026) and an adverse scenario (French GDP at 0.6% in 2025 and -1.2% in 2026). In the fourth quarter of 2025, the cost of risk/outstandings was 35 basis points over a rolling four-quarter period  12 and 45 basis points on an annualised quarterly basis  13 (a deterioration of 1 basis point versus the fourth quarter of 2024 for both ratios).","length":1985,"tagName":"p"},{"type":"text","content":"The contribution of the equity-accounted entities was -€633 million in fourth quarter 2025 versus €62 million in fourth quarter 2024. This change is explained in particular by the impact of first consolidation of Banco BPM in the fourth quarter of 2025 for -€607 million. At CAPFM, Leasys was penalised by the revision of the used vehicle remarketing values and the deterioration of activity in China in past quarters affected the contribution of GAC Sofinco. Pre-tax income , discontinued operations and non-controlling interests therefore decreased by -39.3% to €1,599 million. The tax charge was -€376 million, versus -€681 million for the fourth quarter of 2024. This reduction in the tax charge is linked in particular to the positive effect of infra-annual variations. Net income before non-controlling interests was down -37.4% to €1,223 million. Non-controlling interests amounted to -€199 million in fourth quarter 2025, down -24.6%, benefiting from the acquisition of Santander’s non-controlling interests in CACEIS completed in the third quarter.","length":1111,"tagName":"p"},{"type":"text","content":" In 2025 , net income Group share amounted to €7,074 million, a stable level compared to €7,087 million for the year 2024.","length":145,"tagName":"p"},{"type":"text","content":" Revenues were €28,079 million , up +3.3% compared to 2024, driven by all divisions.","length":92,"tagName":"p"},{"type":"text","content":" Operating expenses were up +4.9%, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio stood at 55.7% over the period, an increase of +0.9 percentage point compared to 2024. Gross operating income thus reached €12,451 million, up +1.3% compared to 2024.","length":345,"tagName":"p"},{"type":"text","content":"The cost of risk increased by +6.6% over the period, to -€1,973 million, versus -€1,850 million for the full year 2024.","length":129,"tagName":"p"},{"type":"text","content":"The contribution of equity-accounted entities came to -€527 million over the full-year 2025, compared with +€194 million in 2024, impacted by the first consolidation of Banco BPM for -€607 million in the fourth quarter of 2025. Net income on other assets was €452 million for the full-year 2025 compared to -€4 million in 2024, benefiting from the +€453 million gain on the deconsolidation of Amundi US in the second quarter of 2025. Pre-tax income , discontinued operations and non-controlling interests therefore decreased by -2.1% to €10,402 million. The tax charge was -€2,349 million, versus -€2,472 million in 2024. This includes the impact of the exceptional corporate income tax of -€147 million and benefited from the drop in the effective tax rate of -2.2 percentage points compared to 2024.","length":855,"tagName":"p"},{"type":"text","content":" Net income before non-controlling interests was €8,053 million, down -1.2% compared to 2024. Non-controlling interests were -€979 million in 2025, down -8.3% compared to 2024, impacted in particular by the acquisition of CACEIS non-controlling interests (+€140 million) in 2025.","length":303,"tagName":"p"},{"type":"text","content":" Earnings per share reached €2.18 in 2025 compared to €2.11 in 2024.","length":72,"tagName":"p"},{"type":"text","content":"The RoTE 14 was 13.5% for the full-year 2025 , stable compared to 2024.","length":69,"tagName":"p"},{"type":"text","content":"Crédit Agricole S.A. 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","length":7,"tagName":"p","attribs":{}}]}]}],"length":892},{"type":"text","content":"  ","length":12,"tagName":"p"},{"type":"text","content":" Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines ","length":105,"tagName":"p"},{"type":"text","content":" Activity of the Asset Gathering division ","length":40,"tagName":"p"},{"type":"text","content":"At end-December 2025, the assets under management of the Asset Gathering (AG) division stood at €3,051 billion, up +€77 billion over the quarter (i.e. +2.6%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Year-on-year, assets under management increased by +€184 billion, i.e. +6.4%.","length":389,"tagName":"p"},{"type":"text","content":" Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €13.1 billion, up +20.4% 15 compared to fourth quarter 2024. Annual revenues reached a record level of €52.4 billion.","length":240,"tagName":"p"},{"type":"text","content":" In Savings/Retirement , fourth quarter 2025 revenues reached €9.9 billion, up +19.5% compared to fourth quarter 2024, in a favorable market environment. The strong momentum of gross inflows was observed both for France (+20%) and International (+17%); and both for unit-linked (+21%) and euro (+19%) accounts, as well as for collective retirement with a significant new contract. The unit-linked rate in gross inflows 16 was up at 37.6% (+0.2 point) compared to fourth quarter 2024. Net inflows were dynamic and reached +€3.9 billion (+€1.4 billion compared to the fourth quarter of 2024), comprised of +€1.6 billion net inflows into euro funds and +€2.3 billion into unit-linked contracts.","length":718,"tagName":"p"},{"type":"text","content":" Assets under management (savings, retirement and funeral insurance) continued to grow and came to €373.0 billion (up +€25.7 billion year-on-year, or +7.4%). The growth in assets under management was driven by record net inflows of +€15.9 billion and positive market effects. Unit-linked contracts accounted for 31.1% of outstandings, up +1.2 percentage points compared to the end of December 2024.","length":412,"tagName":"p"},{"type":"text","content":" In property and casualty insurance , premium income rose to €1.5 billion in the fourth quarter of 2025, up +22.7%  17 compared to the fourth quarter of 2024. The average premium benefited from a positive price effect of revised rates due to climate change and the inflation of repair costs as well as changes in the product mix, and a volume effect, with a portfolio of €17.9 million policies at the end of December 2025 (or +7.3%  18 year-on-year). Lastly, the combined ratio at the end of December 2025 stood at 94.6%  19 , up +0.2 percentage point year-on-year.","length":594,"tagName":"p"},{"type":"text","content":"In death & disability/creditor/group insurance , premium income for the fourth quarter of 2025 stood at €1.7 billion, up +24.0%  20 compared to the fourth quarter of 2024. Individual death & disability showed growth of +17.3% 21 related to the increase in the average amount of guarantees. Creditor insurance recorded a stable premium over the period, with slight growth in home loans partially offset by a decline in international consumer finance. Group insurance posted a sharp rise (+27.6% compared to the fourth quarter of 2024), notably with the entry into force of the IEG contract on 1 July.","length":615,"tagName":"p"},{"type":"text","content":" In Asset Management (Amundi), assets under management by Amundi increased by +2.7% and +6.2% respectively over the quarter and the year, reaching a new record of €2,380 billion at the end of December 2025. Assets under management benefited from a high level of inflows over the quarter (+€21 billion), and a positive market and foreign exchange effect of +€42 billion. Net inflows were driven by passive management (+€21 billion) and active management (+€5 billion) driven by fixed income and diversified strategies. Net inflows were positive for retail, institutional investors and JVs. In retail (+€6.8 billion), net inflows benefited from the continued strong momentum of third-party distribution (+€11.1 billion), especially due to digital platforms. In the institutional segment, net inflows amounted to +€13.2 billion in the fourth quarter thanks to several significant new mandates. The JV segment recorded net inflows of +€0.9 billion over the period, with strong inflows in India. In total for the year 2025, net inflows are at a very high level and reached +€88 billion, an increase of +58% compared to the previous year.","length":1186,"tagName":"p"},{"type":"text","content":"In Wealth Management , total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €298 billion at the end of December 2025 and were up +6.8% compared to December 2024 and +2.7% compared to September 2025.","length":252,"tagName":"p"},{"type":"text","content":"For Indosuez Wealth Management , assets under management at the end of December stood at €233 billion  22 , up +3.2% compared to the end of September 2025, with record positive net inflows of +€3.9 billion, confirming the recovery seen in the third quarter. The increase in assets under management also benefited from a foreign exchange and market impact of +€3.2 billion. Commercial activity increased sharply over the quarter, notably with a 21% Q4/Q4 rise in transactional income, reflecting in particular a higher volume of structured products compared to last year, and an increase in outstanding loans of +15%.","length":633,"tagName":"p"},{"type":"text","content":"Compared to the end of December 2024, assets under management were up by +€18.2 billion (or +8.5%), thanks to net inflows of +€6.2 billion, the impact of the integration of Banque Thaler (+€3.3 billion in the third quarter of 2025) and a positive market and foreign exchange effect.","length":297,"tagName":"p"},{"type":"text","content":" Results of the Asset Gathering division ","length":39,"tagName":"p"},{"type":"text","content":"In the fourth quarter of 2025, Asset Gathering generated revenues of €2,105 million, up +2.9% compared to the fourth quarter of 2024. Expenses increased +5.3% to -€979 million and gross operating income came to €1,127 million, +1% compared to the fourth quarter of 2024. The cost/income ratio for the fourth quarter of 2025 stood at 46.5%, up +1.0 percentage points compared to the same period in 2024. Equity-accounted entities contributed €64 million, compared to €29 million in the fourth quarter of 2024, due in particular to the €29 million contribution of Victory Capital. Consequently, pre-tax income was up by +3.9% and stood at €1,178 million in the fourth quarter of 2025. The net income Group share showed an increase of +14.0% to €792 million.","length":805,"tagName":"p"},{"type":"text","content":" In 2025 , the Asset Gathering division generated revenues of €8,000 million, up +4.6% compared to 2024. Expenses rose by +11.4% to -€3,747 million. As a result, the cost/income ratio stood at 46.8%, up +2.8 percentage points compared to 2024. Gross operating income stood at €4,253 million, down -0.7% compared with 2024. Equity-accounted entities showed a contribution of €201 million, up +63.2%, especially in relation to the contribution of Victory Capital since the second quarter of 2025 in the Asset Management division; the stake in Victory Capital is now 26.7%. The net income on other assets is impacted by the recognition of a capital gain of €452 million also related to the deconsolidation of Amundi US. Taxes stood at -€1,052 million, a +8.0% increase. Net income Group share of the Asset Gathering division includes the additional corporate income tax charge in France and amounted to €3,232 million, up +12.4% compared to 2024 (+26.0% for Asset Management, +5.7% for Insurance and +19.7% for Wealth Management).","length":1070,"tagName":"p"},{"type":"text","content":"In the fourth quarter of 2025, the Asset Gathering division contributed by 40% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).","length":225,"tagName":"p"},{"type":"text","content":"At 31 December 2025, equity allocated to the division amounted to €14.3 billion, including €11.3 billion for Insurance, €2.1 billion for Asset Management, and €0.9 billion for Wealth Management. Risk weighted assets of Asset Gathering account for €52.4 billion including €24.7 billion on Insurance, €19.4 billion on Asset management and €8.3 billion on Wealth Management.","length":411,"tagName":"p"},{"type":"text","content":" Insurance results ","length":17,"tagName":"p"},{"type":"text","content":"In the fourth quarter of 2025, insurance revenues amounted to €795 million, up +11.2% compared to the fourth quarter of 2024. Revenues benefited during the quarter from the entry of the Italian entities in partnership with Banco BPM, PiùVera Assicurazioni and PiùVera Protezione, into the death & disability, creditor and property & casualty scope. The impact of these two entities was +€58 million in the quarter, corresponding...

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