RESULTS AT 31 DECEMBER 2025
Press release
Paris, 6 February 2026 at 6:25 am
RECORD REVENUES OF EUR 27.3BN IN 2025, +6.8%1 VS. 2024
RECORD GROUP NET INCOME OF EUR 6BN IN 2025, +43% VS. 2024
2025 TOTAL DISTRIBUTION OF EUR 4.7BN, +169% VS. 2024
2026 ROTE TARGET UPGRADED TO MORE THAN 10%
Record revenues of EUR 27.3bn in 2025, strongly up by +6.8% vs. 2024, excluding asset disposals, above the 2025 annual target of >+3%Costs down -2.0% vs. 2024, excluding asset disposals, better than the 2025 annual target of >-1%Cost-to-income ratio of 63.6% in 2025, below the 2025 annual target of +2% and reduction in costs of ~-3% vs. 2025, leading to a cost-to-income ratio of <60% in 2026 cost of risk between 25 and 30bps in 2026profitability upgrade with a ROTE of more than 10% in 2026
Societe Generale's Board of Directors, which met on 5 February 2026 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group's results for Q4 25 and endorsed the 2025 financial statements.
Slawomir Krupa, the Group's Chief Executive Officer, commented:
"In 2025, we took a decisive step in the transformation of our Group. Through the disciplined execution of our strategic roadmap, we have sustainably strengthened our capital position and significantly improved our commercial and financial performance, successfully exceeding all targets set for the year. We achieved both record revenues and net income for the Group, combining robust growth across all businesses with strict cost and risk management. I warmly thank our clients for their trust and our employees for their commitment, as we continue to build a stronger and more efficient bank. Given our strong results, we have significantly increased the return to our shareholders, in particular with the extraordinary distribution of capital through two successive share buy-backs. We will accelerate in 2026 and aim for an upgraded ROTE target of more than 10%. We will hold our Capital Markets Day on 21 September 2026 to present the Group's next strategic phase and the continued improvement of our sustainable performance, which is a key driver of value for all our stakeholders."
Lorenzo Bini Smaghi, Chairman of the Board of Directors, commented:
"The Board of Directors is grateful to all teams across the Group and to the leadership team of Societe Generale for delivering a strong set of results in 2025, above expectations in all businesses, including remarkable achievements in terms of revenue growth and cost reduction. In this context, the Board of Directors6 has unanimously decided to renew the mandate of Slawomir Krupa as Chief Executive Officer for a four-year term starting in 2027, to further strengthen the position of Societe Generale as a leading European bank."
GROUP CONSOLIDATED RESULTS In EURmQ4 25Q4 24Change20252024ChangeNet banking income6,7256,621+1.6%+7.6%*27,25426,788+1.7%+7.2%*Operating expenses(4,344)(4,595)-5.5%-0.4%*(17,338)(18,472)-6.1%-1.5%*Gross operating income2,3812,026+17.5%+25.8%*9,9168,316+19.2%+26.9%*Net cost of risk(409)(338)+20.9%+28.6%*(1,477)(1 530)-3.5%+2.9%*Operating income1,9721,688+16.8%+25.3%*8,4396,786+24.4%+32.3%*Net profits or losses from other assets8(11)n/sn/s345(77)n/sn/sNet income from companies accounted for by the equity method39-62.1%-61.4%*1821-13.8%-13.8%*Income tax(321)(413)-22.2%-15.4%*(1,771)(1,601)+10.6%+19.5%*Net income1,6621,273+30.6%+39.3%*7,0325,129+37.1%+45.3%*O.w. non-controlling interests243233+4.3%+12.7%*1,030929+10.8%+19.4%*Group net income1,4201,041+36.4%+45.2%*6,0024,200+42.9%+50.8%*ROE8.4%5.8% 9.0%6.1% ROTE9.5%6.6% 10.2%6.9% Cost to income64.6.4% 63.6.0%
Asterisks* in the document refer to data at constant scope and exchange rates
Net banking income
Net banking income for the quarter stood at EUR 6,725 million, up +6.8% vs. Q4 24, excluding asset disposals.
French Retail, Private Banking and Insurance revenues were up +4.6% on Q4 24 (+7.9% excluding asset disposals). They totalled EUR 2,378 million in Q4 25. Net interest income grew by +8.5% vs. Q4 24, excluding asset disposals. Private Banking assets under management (excluding the disposal of private banking activities in Switzerland and the United Kingdom) and life insurance outstandings rose to record levels and grew by +9% and +8%, respectively, in Q4 25 vs. Q4 24. Lastly, BoursoBank reported a record level of acquisition this quarter with around 575,000 new clients, taking the total to 8.8 million clients at end-December 2025.
Global Banking and Investor Solutions reported revenues of EUR 2,408 million in Q4 25, down -2.3% from a very high level in Q4 24. Global Markets posted a fall in revenues of -7.1% in Q4 25 vs. Q4 24. Equity revenues were down -5.3% in Q4 25 from a high level in Q4 24. This was mainly due to a negative FX impact and a slowdown in commercial activity in the European and Asian markets, despite strong client activity in the Americas with revenues up +24% vs. Q4 24. Fixed Income and Currencies recorded a fall in revenues of -13.3%, compared with a strong quarter in Q4 24. This was due to weaker commercial momentum in rates markets, particularly in Europe. Securities Services present an increase in revenues of +3.2%, following strong commercial activity across all business lines. Global Banking & Advisory reported a robust performance, driven by financing activities, led by Infrastructure, Transportation, and Fund Financing. Originated and distributed volumes continued to benefit from strong momentum. Lastly, despite the continuation of strong commercial activity and growth in customer deposits, Global Transaction & Payment Services posted a fall in revenues of -5.0% compared with a strong Q4 24, driven by lower interest rates and currency effects.
Revenues from Mobility, International Retail Banking and Financial Services totalled EUR 1,966 million, up +8.6% excluding asset disposals. International Retail Banking reported revenues up +2.7% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up +11.7% at constant perimeter and exchange rates. Ayvens' revenues grew by +15.0% vs. Q4 24, with higher margins. Consumer Finance revenues were up +5.9%, mainly driven by growth in net interest income.
The Corporate Centre recorded revenues of EUR -27 million in Q4 25.
For 2025, Group revenues increased by +1.7% vs. 2024 and by +6.8% excluding asset disposals to rise to an all‑time high of EUR 27,254 million.
Operating expenses
Operating expenses came to EUR 4,344 million in Q4 25, down -5.5% vs. Q4 24 and
-1.4% excluding asset disposals. The cost-to-income ratio stood at 64.6% for the quarter, down from 69.4% in Q4 24.
For 2025, Group operating expenses fell sharply by -6.1% vs. 2024 and by -2.0% excluding asset disposals. The cost-to-income ratio stood at 63.6% in 2025, down from 2024 (69.0%) and below the 2025 target of a cost-to-income ratio of
