Société Générale (GLE) investor relations material

Macroeconomic and geopolitical environment

• Short-term impact from Middle East conflict is limited, but prolonged instability could affect sentiment and energy prices, influencing macroeconomic conditions globally.

• Direct exposure to the Middle East is minimal, with concentration risk well managed and sector exposures kept below 1% of EAD.

• Ongoing volatility is actively navigated, with daily monitoring and strategic focus on resilience.

Strategic priorities and financial targets

• Main priority for 2026 is increasing operating leverage by growing revenues 2%+ and reducing costs by 3%.

• Confident in achieving ROTE above 10% for 2025, supported by strong capital base and controlled cost of risk (25-30bps).

• BoursoBank aims to contribute €400 million to retail top line by 2026, with focus on acquisition cost optimization and client value growth.

Capital allocation and growth

• Target capital ratio is 13%; excess capital decisions are made annually at Q2, balancing organic growth, inorganic opportunities, and shareholder returns.

• Preference for organic growth due to high returns and sustainability, with bolt-on acquisitions considered only if strategically meaningful and well-priced.

• Shareholder returns are compelling when at or below tangible book value, with disciplined capital stewardship.