Société Générale (GLE) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of €27.3bn in 2025, up 6.8% year-over-year, with group net income reaching €6bn, both surpassing all targets and supported by all business lines.

• Cost-to-income ratio improved to 63.6% in 2025, with a 2% reduction in costs versus 2024 and strict cost management.

• ROTE reached 10.2% in 2025, up from 6.9% in 2024.

• Total shareholder distribution for 2025 was €4.7bn, up 169% from 2024, including €2bn in extraordinary share buy-backs.

• Upgraded 2026 profitability target and confirmed all other CMD targets, reflecting strong transformation and operational execution.

Financial highlights

• Revenues grew by 6.8% year-over-year to €27.3bn, with net income up 43% to €6bn and ROTE at 10.2%.

• Cost of risk at 26bps for 2025, within guidance; NPL ratio stable at 2.8%.

• Operating expenses down 2% year-over-year; cost-to-income ratio at 63.6%.

• Liquidity reserves at €318bn; LCR at 144%, NSFR at 116%.

• Earnings per share rose to €6.80 in 2025 from €4.38 in 2024.

Outlook and guidance

• 2026 targets: revenue growth above 2%, net cost decrease of ~3%, cost-to-income below 60%, cost of risk 25-30bps, ROTE above 10%.

• Organic RWA growth target for 2026 set at ~2%.

• Global Markets revenues expected above €5.7bn in 2026, with base case to exceed guidance.

• BoursoBank net income targeted above €300m in 2026.

• Continued focus on strict cost discipline and capital allocation to most profitable businesses.