Societe Generale: Third quarter 2025 earnings

RESULTS AT 30 SEPTEMBER 2025

Press release
Paris, 30 October 2025 at 6.25 a.m.

ROTE OF 10.5% IN 9M 25, ABOVE THE 2025 TARGET

GROUP NET INCOME OF EUR 4.6BN IN 9M 25, UP +45% VS. 9M 24

STRONG REVENUE GROWTH, UP +6.7%1 IN 9M 25 VS. 9M 24

COST / INCOME RATIO DECLINING SHARPLY TO 63.3% IN 9M 25

Group revenues of EUR 20.5bn in 9M 25, strongly up +6.7% vs. 9M 24 excluding asset disposals, above 2025 annual target >>+3%Costs down -2.2% in 9M 25 vs. 9M 24 excluding asset disposals, above our 2025 annual target >> -1%Cost / income ratio of 63.3% in 9M 25, below the annual target of 100%NSFR117%117%>100%

In EURbn30/09/202531/12/2024Total consolidated balance sheet1,5971,574Shareholders’ equity, Group share7070Risk-weighted assets388390O.w. credit risk315327Total funded balance sheet933952Customer loans455463Customer deposits604614

10
As of 15 October 2025, the parent company has issued around EUR 17 billion of medium/long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at end-2024. The subsidiaries have issued EUR 2.8 billion.

As of 15 October 2025, the parent company had completed its 2025 financing programme and had raised EUR 1.1 billion in pre-financing under its 2026 programme.

The Group is rated by four rating agencies: (i) FitchRatings - long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s - long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I - long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings - long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

In EURmQ3 25Q3 24Change9M 259M 24ChangeNet banking income2,2812,260+0.9%+4.5%*6,8496,406+6.9%+10.4%*Of which net interest income1,0721,064+0.8%+4.7%3,1702,793+13.5%+18.0%*Of which fees1,0211,034-1.2%+2.1%3,0903,079+0.3%+3.2%*Operating expenses(1,498)(1,585)-5.5%-0.3%*(4,541)(4,962)-8.5%-4.3%*Gross operating income783675+16.1%+15.0%*2,3081,444+59.8%+58.1%*Net cost of risk(189)(178)+6.0%+6.3%*(505)(597)-15.4%-15.6%*Operating income595497+19.7%+18.1%*1,803847x 2.1x 2.1*Net profits or losses from other assets(5)(1)n/sn/s217x 2.9x 2.9*Group net income439372+18.1%+16.4%*1,348643x 2.1x 2.1*RONE9.9%8.2% 10.2%5.1% Cost to income65.7%70.1% 66.3%77.5%

Commercial activity

SG Network, Private Banking and Insurance

The SG Network’s deposits outstanding totalled EUR 221 billion in Q3 25, down -5% vs. Q3 24 and -2% compared with Q2 25 with stable retail deposits and continued growth of retail saving and investment products.

The SG Network’s loans outstanding increased by +1% vs. Q3 24 to EUR 194 billion. Meanwhile, home loan production saw an increase of +74% vs. Q3 24.

The loan to deposit ratio stood at 88% in Q3 25.

PrivateBanking saw net inflows of EUR 1.9 billion in Q3 25, with annualised inflows in 9M 25 representing 7% of assets under management. Assets under management11 grew by +7% vs. Q3 24 to a record level of EUR 135 billion in Q3 25. Net banking income amounted to EUR 312 million for the quarter, up by +1.5% at constant perimeter1 and exchange rates. It came to EUR 981 million for the first nine months of the year, up +1.7% vs. 9M 24 at constant perimeter1 and exchange rates.

Insurance, which covers activities in and outside France, once again posted a very strong commercial performance. Savings life insurance net inflows amounted to EUR 1.6 billion in Q3 25. Savings life insurance outstandings increased by +6% vs. Q3 24 to reach EUR 153 billion in Q3 25. The share of unit-linked products remained high at 41%.

BoursoBank

BoursoBank reached a total of around 8.3 million clients in Q3 25. The threshold of 8 million clients was reached in July 2025, around 18 months ahead of the target set in the Capital Markets Day strategic plan presented in September 2023. In Q3 25, the bank recorded a +22% increase in the number of clients vs. Q3 24, bringing growth in the number of clients to +1.5 million year on year, driven by a still high level of client acquisition during the quarter (nearly 400,000 new clients in Q3 25), while the churn rate remained low, at less than 4%.

Outstanding savings, including deposits and financial savings, reached EUR 75.6 billion in Q3 25, up +18% vs. Q3 24. Outstanding deposits rose sharply by +17% vs. Q3 24 to EUR 46 billion. Life insurance outstandings increased by +11% vs. Q3 24 to EUR 14 billion, with net inflows up 4x vs. Q3 24. Brokerage recorded a strong increase in stock market orders of +38% vs. Q3 24.

Loans outstanding rose by +8% compared with Q3 24, at EUR 16.9 billion in Q3 25.

Net banking income

During the quarter, revenues amounted to EUR 2,281 million (including PEL/CEL provision), up +0.9% from Q3 24 and +4.5% excluding asset disposals. Net interest income grew by +4.7% vs. Q3 24 excluding asset disposals. Fees were up +2.1% compared with Q3 24 excluding asset disposals.

For the first nine months of 2025, revenues totalled EUR 6,849 million (including PEL/CEL provision), up +6.9% compared with 9M 24 and +10.4% excluding asset disposals. Net interest income grew by +13.5% vs. 9M 24. It was up by +2.0% excluding asset disposals and the impact of short-term hedges in 9M 24. Fee income rose +3.2% vs. 9M 24 excluding asset disposals.

Operating expenses

During the quarter, operating expenses came to EUR 1,498 million, down -5.5% vs. Q3 24 and down -0.3% excluding asset disposals. The cost-to-income ratio stood at 65.7% in Q3 25, an improvement of 4.5 percentage points compared with Q3 24.

For the first nine months of 2025, operating expenses amounted to EUR 4,541 million, down -8.5% compared with 9M 24 and -4.3% excluding asset disposals. The cost-to-income ratio was 66.3%, an improvement of 11.2 percentage points compared with 9M 24.

Cost of risk

During the quarter, the cost of risk amounted to EUR 189 million or 33 basis points, compared to 25 basis points in Q2 25.

For the first nine months of 2025, the cost of risk was EUR 505 million, or 29 basis points.

Group net income

During the quarter, the Group net income totalled EUR 439 million. RONE stood at 9.9% in Q3 25.

In the first nine months of 2025, Group net income totalled EUR 1,348 million. RONE stood at 10.2% in 9M 25.

GLOBAL BANKING AND INVESTOR SOLUTIONS

In EUR mQ3 25Q3 24Change9M 259M 24ChangeNet banking income2,4692,429+1.6%+4.1%*8,0127,689+4.2%+5.0%*Operating expenses(1,482)(1,494)-0.8%+1.3%*(4,868)(4,898)-0.6%+0.1%*Gross operating income987936+5.5%+8.6%*3,1442,791+12.6%+13.7%*Net cost of risk(51)(27)+88.4%+88.4%*(187)(29)x 6.5x 6.5*Operating income936909+3.0%+6.1%*2,9572,763+7.0%+8.0%*Reported Group net income734704+4.3%+7.4%*2,3402,178+7.5%+8.4%*RONE17.4%16.9%+0.0%+0.0%*17.6%17.8%+0.0%+0.0%*Cost to income60.0%61.5%+0.0%+0.0%*60.8%63.7%+0.0%+0.0%*

Net banking income

Global Banking and Investor Solutions reported solid results for the quarter, with revenues of
EUR 2,469 million, up +1.6% from the high level in Q3 24.

For the first nine months of 2025, revenues were up +4.2% compared with 9M 24 (EUR 8,012 million vs. EUR 7,689 million).

Global Markets and Investor Services reported revenues of EUR 1,587 million, up +0.3% for the quarter compared with Q3 24. In the first nine months of 2025, they amounted to EUR 5,262 million, up +3.7% vs. 9M-24.

Global Markets recorded a +0.5% rise in revenues to EUR 1,421 million during the quarter compared with a high level of revenues in Q3 24. For the first nine months of 2025, revenues totalled
EUR 4,756 million, up +4.2% vs. 9M 24.

Equities recorded a -6.7% fall for the quarter, compared with a very strong Q3 24, mainly due to day-one accounting base effect, EUR/USD FX impact and volatility patterns. In addition, commercial activity was sound in derivatives. Revenues amounted to EUR 824 million for the quarter. For the first nine months of 2025, they totalled EUR 2,847 million, up +3.7% vs. 9M 24.

Fixed Income and Currencies strongly improved during the quarter at +12.4%, with revenues
of EUR 597 million, driven by a sustained commercial momentum. There was a strong performance during the quarter for financing and derivatives activities and it leverages on a higher client activity in rates and currency products. In the first nine months of 2025, revenues were up +5.0% from 9M 24 at EUR 1,910 million.

Revenues from SecuritiesServices were slightly down -1.3% compared with Q3 24 at EUR 167 million, affected by lower interest rates. Revenues were down -1.1% in the first nine months of 2025. Assets under custody and assets under administration amounted to EUR 5,449 billion and EUR 650 billion, respectively.

Revenues for the Financial and Advisory business totalled EUR 882 million for the quarter, an increase of +4.2% compared with Q3 24. For the first nine months of 2025, they totalled EUR 2,750 million, up +5.2% vs. 9M 24.

Global Banking & Advisory posted significant revenues for the quarter, up +6.9% from Q3 24, mainly driven by a dynamic activity in financing, particularly in key sectors of infrastructure and energy, as well as in fund financing. Activities in capital markets, both equity and debt, continued to grow as well as the volume of originated and distributed loans. In the first nine months of 2025, revenues grew by +7.1% vs. 9M 24.

Global Transaction & Payment Services posted a -2.5% fall in revenues for the quarter due to lower interest rates, partially offset by the solid commercial performance with corporate clients. In the first nine months of 2025, revenues were stable at +0.2% compared with 9M 24.

Operating expenses

Operating expenses came to EUR 1,482 million for the quarter, down -0.8% vs. Q3 24. The cost-to-income ratio stood at 60.0% in Q3 25.

During the first nine months of 2025, operating expenses contracted by -0.6% compared with 9M 24, while the cost-to-income ratio reached 60.8%, vs. 63.7% in 9M 24.

Cost of risk

During the quarter, the cost of risk was EUR 51 million, or 13 basis points vs. 7 basis points in Q3 24.

During the first nine months of 2025, the cost of risk was EUR 187 million, or 15 basis points vs. 2 basis points in 9M 24.

Group net income

Group net income increased +4.3% vs. Q3 24 to EUR734 million. In the first nine months of 2025, it rose +7.5% to EUR 2,340 million.

Global Banking and Investor Solutions reported RONE of 17.4% for the quarter and 17.6% for the first nine months of 2025.

MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

In EURmQ3 25Q3 24Change 9M 259M 24ChangeNet banking income1,9882,119-6.2%+8.7%* 6,0246,437-6.4%+5.7%*Operating expenses(1,010)(1,221)-17.3%-3.9%* (3,249)(3,832)-15.2%-4.1%*Gross operating income978898+8.9%+25.7%* 2,7752,605+6.5%+20.0%*Net cost of risk(131)(201)-35.0%-25.4%* (381)(572)-33.3%-22.8%*Operating income847697+21.6%+40.5%* 2,3942,033+17.7%+31.6%*Net profits or losses from other assets(1)94n/sn/s (1)98n/sn/sNon-controlling interests254226+12.5%+23.8%* 712632+12.6%+21.8%*Group net income393373+5.3%+19.2%* 1,115972+14.7%+27.8%*RONE14.9%13.2% 13.8%11.5% Cost to income50.8%57.6% 53.9%59.5%

)()

Commercial activity

International Retail Banking

The solid commercial momentum in International Retail Banking continued in the third quarter of 2025, with a +4.2%* increase in loans outstanding vs. Q3 24 to EUR 62 billion and a +2.6%* increase in deposits vs. Q3 24 to EUR 76 billion.

In Europe, the strong growth in loans outstanding continued in both entities (+6.0%* vs. Q3 24, to EUR 47 billion in Q3 25), both for corporate and individual clients, particularly home loans. Deposits increased by +2.3%* vs. Q3 24, to EUR 58 billion in Q3 25. The loan to deposit ratio stood at 81% in Q3 25.

The Africa, Mediterranean Basin and French Overseas Territories region posted resilient loans outstanding (-1.3%* vs. Q3 24) at EUR 15 billion, with growth in the retail segment. Deposits outstanding of EUR 18 billion in Q3 25 continue to increase (+3.8%* vs. T3-24).

Mobility and Financial Services

The commercial activities of Mobility and Financial Services proved resilient this quarter in an environment still challenging globally.

Ayvens’ earning assets remained at around EUR 53 billion at end-September 2025. They were broadly stable vs. Q3 24.

Consumer Finance loans outstanding slightly contracted (-2.1% vs. Q3 24), to EUR 22 billion in Q3 25.

Net banking income

Over the quarter, Mobility, International Retail Banking and Financial Services continued to deliver a solid performance during the quarter, with EUR 1,988 million in Q3 25, up 8.7%* vs. Q3 24. In the first nine months of the year, revenues grew by +5.7%* vs. 9M 24 to EUR 6,024 million.

International Retail Banking revenues increased by +4.6%* vs. Q3 24 to EUR 923 million in Q3 25, and +3.2%* vs. 9M 24 to EUR 2,756 million in 9M 25.

Europe recorded revenues of EUR 541 million in Q3 25, with an increase of +4.2%* vs. Q3 24, driven by strong growth in net interest income for both entities.

Revenues in Africa, Mediterranean Basin and French Overseas Territories reached EUR 382 million in Q3 25, up +5.2%* vs. Q3 24, driven by the upward momentum in fees during the quarter.

Mobility and Financial Services posted a solid performance with revenues up +12.4%* vs. Q3 24, to EUR 1,065 million in Q3 25. For the first nine months of the year, the increase was +7.8%* vs. 9M 24 to EUR 3,268 million.

Ayvens’ revenues grew by +13.2%12 vs. Q3 24 (stable1 excluding depreciation adjustments13 and non-recurring items14), to EUR 833 million in Q3 25. Margins3 increased sharply to 593 basis points in Q3 25, +72 basis points vs. Q3 24. The normalisation of the used car sales result per unit on the secondary market continued (EUR 1,1102 in Q3 25 vs. EUR 1,2342 in Q2 25 and EUR 1,4202 in Q3 24). At company level, Ayvens reported a marked improvement in cost-to-income ratio of 53%15 in Q3 25, with higher margins and tight cost management. Synergies are delivering as planned.

Revenues from the Consumer Finance business increased by +6.6% vs. Q3 24 to EUR 234 million in Q3 25, with improving margins over the quarter, particularly in France.

Operating expenses

Over the quarter, operating expenses strongly declined by -3.9%* vs. Q3 24 at EUR 1,010 million in Q3 25 (including EUR 30 million in transformation charges). The cost-to-income ratio improved to 50.8% in Q3 25 vs. 57.6% in Q3 24. In the first nine months of the year, costs of EUR 3,249 million were down -4.1%* vs. 9M 24, while the cost-to-income ratio stood at 53.9% vs. 59.5% in 9M 24.

International RetailBanking costs amounted to EUR 479 million, up 2.5%* vs. Q3 24, in a local context that remains inflationary in certain countries. Also of note is the impact of the additional tax for banks in Romania (retroactive from 1 July 2025).

The two business lines of the Mobility and Financial Services division posted lower operating expenses (-9.0%* vs. Q3 24), at EUR 531 million in Q3 25.

Cost of risk

Over the quarter, the cost of risk amounted to EUR 131 million for the quarter, or 37 basis points, considerably lower than in Q3 24 (48 basis points).

In the first nine months of the year, the cost of risk stood at 34 basis points vs. 45 basis points in 9M 24.

Group net income

Over the quarter, Group net income came to EUR 393 million, up +19.2%* vs. Q3 24. RONE improved to 14.9% in Q3 25 vs. 13.2% in Q3 24. In International Retail Banking, RONE was 17.9% in 9M 25. It was 12.7% in Q3 25 in Mobility and Financial Services.

In the first nine months of the year, Group net income came to EUR 1,115 million, up +27.8%* vs. 9M 24. RONE improved to 13.8% in 9M 25 vs. 11.5% in 9M 24. In International Retail Banking, RONE was 16.8%. It was 11.6% in 9M 25 in Mobility and Financial Services.

CORPORATE CENTRE

In EURmQ3 25Q3 24Change9M 259M 24ChangeNet banking income(83)29n/sn/s(356)(365)+2.5%+2.5%*Operating expenses(70)(27)x 2.6+10.2%*(337)(185)+81.9%+36.3%*Gross operating income(154)2n/sn/s(693)(550)-25.9%-13.2%*Net cost of risk21n/sn/s66-10.8%-10.8%*Net profits or losses from other assets67(73)n/sn/s317(172)n/sn/sIncome tax71(20)n/sn/s214137-56.5%-40.0%*Group net income(45)(82)+44.8%+58.7%*(221)(633)+65.0%+67.4%*

The Corporate Centre includes:

the property management of the Group’s head office,the Group’s equity portfolio,the Treasury function for the Group,certain costs related to cross-functional projects, as well as various costs incurred by the Group that are not re-invoiced to the businesses.

Net banking income

During the quarter, the Corporate Centre’s net banking income totalled EUR -83 million, vs. EUR +29 million in Q3 24, which included an exceptional income of EUR 287 million received to settle the remaining exposures in Russia linked to the Group’s former local presence via Rosbank.

Operating expenses

During the quarter, operating expenses totalled EUR -70 million, vs. EUR -27 million in Q3-24.

Net profits from other assets

The Corporate Centre recognised EUR +67 million in net profits from other assets during the quarter, mainly related to completion of the disposal of Societe Generale Guinée.

Group net income

During the quarter, the Corporate Centre’s Group net incometotalled EUR -45 million, vs. EUR -82 million in Q3 24.

8.   2025 AND 2026 FINANCIAL CALENDAR

2025 and 2026 Financial communication calendar 6 February 2026 Fourth quarter and full year 2025 results
30 April 2026    First quarter 2026 results 27 May 2026 Combined General Meeting
30 July 2026     Second quarter and half year 2026 results

The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.



This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.



These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

- anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

- evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.



Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.



More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).



Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

9.   APPENDIX 1: FINANCIAL DATA

GROUP NET INCOME BY BUSINESSES

In EURmQ3 25Q3 24Variation9M 259M 24VariationFrench Retail, Private Banking and Insurance439372+18.1%1,348643x 2.1Global Banking and Investor Solutions734704+4.3%2,3402,178+7.5%Mobility, International Retail Banking & Financial Services393373+5.3%1,115972+14.7%Businesses1,5661,449+8.1%4,8043,793+26.7%Corporate Centre(45)(82)+44.8%(221)(633)+65.0%Group1,5211,367+11.3%4,5823,160+45.0%

MAIN EXCEPTIONAL ITEMS

In EURmQ3 25Q3 249M 259M 24Net Banking Income - Total exceptional items 287287Exceptional income received - Corporate Centre02870287 Operating expenses - Total one-off items and transformation charges(57)(62)(262)(541)Transformation charges(57)(62)(161)(538)Of which French Retail, Private Banking and Insurance(15)(12)(48)(139)Of which Global Banking & Investor Solutions (12)(21)(15)(204)Of which Mobility, International Retail Banking & Financial Services(30)(29)(98)(148)Of which Corporate Centre(47)One-off items(101)(3)Global Employee Share Ownership Plan (101)(3) Other one-off items - Total611333813Net profits or losses from other assets611333813Of which French Retail, Private Banking and Insurance(5)21Of which Mobility, International Retail Banking & Financial Services(1)86(1)86Of which Corporate Centre67(73)317(73)

CONSOLIDATED BALANCE SHEET

In EUR m 30/09/202531/12/2024Cash, due from central banks 163,999201,680Financial assets at fair value through profit or loss 598,387526,048Hedging derivatives 7,8159,233Financial assets at fair value through other comprehensive income 105,16596,024Securities at amortised cost 50,17232,655Due from banks at amortised cost 79,97484,051Customer loans at amortised cost 443,703454,622Revaluation differences on portfolios hedged against interest rate risk (480)(292)Insurance and reinsurance contracts assets 482615Tax assets 4,0614,687Other assets 74,80670,903Non-current assets held for sale 2,95426,426Investments accounted for using the equity method 451398Tangible and intangible fixed assets 60,15761,409Goodwill 5,0845,086Total 1,596,7301,573,545

In EUR m 30/09/202531/12/2024Due to central banks 10,43011,364Financial liabilities at fair value through profit or loss 436,932396,614Hedging derivatives 13,70015,750Debt securities issued 156,776162,200Due to banks 103,08699,744Customer deposits 528,713531,675Revaluation differences on portfolios hedged

against interest rate risk (6,533)(5,277)Tax liabilities 2,3222,237Other liabilities 92,69190,786Non-current liabilities held for sale 2,64117,079Insurance and reinsurance contracts liabilities 159,835150,691Provisions 4,0764,085Subordinated debts 12,59217,009Total liabilities 1,517,2611,493,957Shareholder's equity --Shareholders' equity, Group share --Issued common stocks and capital reserves 20,15621,281Other equity instruments 9,7629,873Retained earnings 36,16233,863Net income 4,5824,200Sub-total 70,66269,217Unrealised or deferred capital gains and losses (837)1,039Sub-total equity, Group share 69,82670,256Non-controlling interests 9,6439,332Total equity 79,46979,588Total 1,596,7301,573,545

APPENDIX 2: METHODOLOGY

1 –The financial information presented for the third quarter and first nine months of 2025 was examined by the Board of Directors on 29 October 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. This information has not been audited.

2 - Net banking income

The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

3 - Operating expenses

Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

4 - Cost of risk in basis points, coverage ratio for doubtful outstandings

The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

In EURm Q3 25Q3 249M 259M 24French Retail, Private Banking and Insurance Net Cost Of Risk189178505597Gross loan Outstandings231,967234,420231,843236,286Cost of Risk in bp33 30 29 34 Global Banking and Investor Solutions Net Cost Of Risk512718729Gross loan Outstandings156,757163,160167,133163,482Cost of Risk in bp13 7 15 2 Mobility, International Retail Banking & Financial Services Net Cost Of Risk131201381572Gross loan Outstandings143,166168,182148,874167,680Cost of Risk in bp37 48 34 45 Corporate Centre Net Cost Of Risk(2)(1)(6)(6)Gross loan Outstandings26,48825,12126,16124,356Cost of Risk in bp(3)(1)(3)(3)Societe Generale Group Net Cost Of Risk3694061,0681,192Gross loan Outstandings558,378590,882574,011591,804Cost of Risk in bp26 27 25 27

The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

5 - ROE, ROTE, RONE

The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Starting from Q1 25 results, with restated historical data, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:
ROTE calculation: calculation methodology
161718

End of period (in EURm)Q3 25Q3 249M 259M 24Shareholders' equity Group share69,82667,44669,82667,446Deeply subordinated and undated subordinated notes(9,372)(8,955)(9,372)(8,955)Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1)(40)(45)(40)(45)OCI excluding conversion reserves419560419560Distribution provision(2)(1,834)(1,319)(1,834)(1,319)Distribution N-1 to be paid----ROE equity end-of-period58,99957,68758,99957,687Average ROE equity58,53357,36858,67356,896Average Goodwill(3)(4,176)(4,160)(4,180)(4,079)Average Intangible Assets(2,740)(2,906)(2,787)(2,933)Average ROTE equity51,61850,30251,70649,884 Group net Income1,5211,3674,5823,160Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation(141)(165)(528)(521)Adjusted Group net Income1,3801,2024,0542,639ROTE10.7%9.6%10.5%7.1%

RONE calculation: Average capital allocated to Core Businesses (in EURm)

In EURmQ3 25Q3 24Change9M 259M 24ChangeFrench Retail , Private Banking and Insurance17,78718,222-2.4%17,62916,653+5.9%Global Banking and Investor Solutions16,86116,680+1.1%17,69316,334+8.3%Mobility, International Retail Banking & Financial Services10,51611,259-6.6%10,81011,253-3.9%Core Businesses45,16444,683+1.1%46,13244,240+4.3%Corporate Center13,36912,685+5.4%12,54112,656-0.9%Group58,53357,368+2.0%58,67356,896+3.1%

6 - Net assets and tangible net assets
Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
192021

End of period (in EURm)9M 25H1 252024Shareholders' equity Group share69,82668,29370,256Deeply subordinated and undated subordinated notes(9,372)(8,386)(10,526)Interest of deeply & undated subordinated notes, issue premium amortisation(1)(40)23(25)Book value of own shares in trading portfolio(26)(46)8Net Asset Value60,38859,88459,713Goodwill(2)(4,178)(4,173)(4,207)Intangible Assets(2,704)(2,776)(2,871)Net Tangible Asset Value53,50652,93552,635 Number of shares used to calculate NAPS(3)769,925776,296796,498Net Asset Value per Share78.477.175.0Net Tangible Asset Value per Share69.568.266.1

7 - Calculation of Earnings Per Share (EPS)

The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
The calculation of Earnings Per Share is described in the following table:

Average number of shares (thousands)9M 25H1 252024Existing shares796,533800,317801,915Deductions Shares allocated to cover stock option plans and free shares awarded to staff1,9702,1754,402Other own shares and treasury shares12,96612,6532,344Number of shares used to calculate EPS(4)781,597785,488795,169Group net Income (in EURm)4,5823,0614,200Interest on deeply subordinated notes and undated subordinated notes (in EURm)(528)(387)(720)Adjusted Group net income (in EURm)4,0542,6743,481EPS (in EUR)5.193.404.38

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8 - Solvency and leverage ratios

Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.

9- Funded balance sheet, loan to deposit ratio

The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); exclude financial assets reclassified under loans and receivables in accordance with IFRS 9 (these positions have been reclassified in their original lines).Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

The Group loan/deposit ratio is determined as the ratio of the customer loans by customer deposits as presented in the funded balance sheet.

NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

Societe Generale

Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

1 Excluding asset disposals
2 Revenue growth of +3.0% excluding asset disposals and +7.7% excluding asset disposals and exceptional income received in Q3 24 for ~EUR 0.3bn
3 Revenue growth of +7.7% excluding asset disposal and exceptional income received in Q3 24 for EUR 287m
4 Ratio calculated according to EBA methodology published on 16 July 2019
5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
6 Ratio of the sum of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
7 Octobre Liquidity Guarantee Facility co-founded by Octobre, Innpact, Cardano Development, with the support of the European Commission
8 International Finance Corporation, a member of the World Bank Group
9 Based on a pay-out ratio of 50% of the 9M 25 Group net income restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including Q3 25 results. At the end of 9M 25, the total distribution accrual in millions of euros is equivalent to EUR 2.68 per share (taking into account a number of shares based on a completion rate of 76% at the end of September of the additional EUR 1bn share buy-back launched on 4 August 2025 and completed on 14 October 2025). It includes the interim dividend of EUR 0.61 paid in October 2025
10 Including Basel IV phasing
11 Excluding asset disposals (Switzerland and the United Kingdom)
12 Ayvens revenues at SG level
13 Excluding impacts of prospective depreciation and PPA
14 Excluding non-recurring items, mainly MtM of derivatives, hyperinflation in Turkey
15 As communicated in Ayvens Q3 25 results (excluding used car sales result and non-recurring items) vs. 63% in Q3 24
16 Interest net of tax
17 The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
18 Excluding goodwill arising from non-controlling interests
19 Interest net of tax
20 Excluding goodwill arising from non-controlling interests
21 The number of shares considered is the number of ordinary shares outstanding as at end of period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)
22 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)

Attachment

Societe-Generale-Q3-2025-Financial-Results-Press-release-en