Société Générale (GLE) AGM 2025 summary

Opening remarks and agenda

• Welcomed shareholders, highlighted two years of new management, and outlined a revamped organization with improved diversity and clear 2026 strategic goals for capital, efficiency, and profitability.

• Record-high quorum of 64.28% with 25,721 shareholders, ensuring the meeting's validity.

• Agenda included financial results, strategy, CSR and climate, governance, compensation, debate, and voting on resolutions.

• Bureau formed with major shareholders and auditors present; meeting broadcast online and supported by a shareholder survey.

Financial performance review

• 2024 saw a 7% revenue increase, surpassing the 5% target, with strong performance across all business lines.

• Operating costs remained stable, with a cost-to-income ratio of 69%, better than the 71% target.

• ROTE improved to 6.9%, CET1 ratio rose to 13.3%, and a 75% increase in total distribution to €1.7 billion was proposed.

• 2025 targets include >3% revenue growth, cost-to-income ratio below 66%, and ROTE above 8%, aiming for 9-10% by 2026.

• Q1 2025 net income reached €1.6 billion, 2.4 times higher than Q1 2024, with a 65% cost-to-income ratio and 13.4% CET1.

Board and executive committee updates

• Board met 14 times in 2024, with 98% attendance, focusing on strategy, CSR, and preparing the first sustainability report.

• Major governance changes: new executive structure with only two directors, and several board renewals and appointments.

• Gender parity on the board at 42%, in line with current legislation, with plans to maintain compliance as laws evolve.