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Revenue: 27.3 billion, up by almost 7% excluding asset disposal.

Net Income: 6 billion.

Cost to Income Ratio: 63.6% in 2025, improved by more than 5 percentage points from the previous year.

Cost Reduction: 2% decrease in costs, excluding asset disposal.

Return on Tangible Equity (ROTE): 10.2% for the year, 9.6% excluding capital gains on disposals.

CET1 Ratio: 13.5% after regulatory impact and share buybacks.

Ordinary Distribution: 2.7 billion, including a dividend per share of 1.61 and a share buyback of 1 billion.

French Retail, Private Banking, and Insurance Revenue Growth: 4.2% versus 2024.

Global Markets Revenue: 5.98 billion, a record since 2009.

Cost of Risk: 26 basis points for the year.

Liquidity Reserves: 318 billion in Q4 2025.

Loan to Deposit Ratio: 77% at group level.

Net Income for Retail Banking, Private Banking, and Insurance: 1,815 million, up 80% versus 2024.

GBIS Net Income: 2.9 billion in 2025, up by 3.7% versus 2024.

International Retail Banking Revenue Growth: 2.7% versus Q4 2024 at constant perimeter and exchange rates.

Mobility and Financial Services Revenue Growth: 11.7% in Q4 2025.

Corporate Center Revenue Increase: More than 160 million in 2025.

Release Date: February 06, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Societe Generale SA (SCGLF) reported record revenues of 27.3 billion and a group net income of 6 billion for 2025.

The company achieved a 7% increase in revenues, excluding asset disposals, which is more than double their target of 3%.

Cost reduction efforts resulted in a 2% decrease in costs, surpassing the target of at least 1%, leading to a cost-to-income ratio improvement to 63.6%.

The return on tangible equity (ROTE) reached 10.2%, exceeding the 2025 target of around 9%.

The board proposed a total ordinary distribution of 2.7 billion, a 54% increase compared to 2024, including a dividend per share of 1.61 and a share buyback of 1 billion.

Negative Points

Despite strong performance, the company acknowledges the need for continued efforts to maintain cost reductions and efficiency improvements.

The global markets segment showed weaker trends compared to some peers, attributed to differences in business mix and geographic focus.

The transaction banking business experienced a decline in revenues due to negative interest rates and currency impacts.

The company faces strong competition in the market, particularly in the French retail banking sector.

There is a need to address the footprint imbalance in global markets, particularly in the US, to align more closely with industry trends.

Q & A Highlights

Q: Can you provide more details on Borso Bank’s profitability and its impact on French retail? A: Slawomir Krupa, CEO: We are not providing specific numbers for Borso Bank, but it has shown significant improvement over the initial target of a 150 million loss in gross operating income. The net income improvement target for 2026 is 300 million, reflecting our strong commitment to growth.

Q: How do you plan to manage costs in 2027, and what is your approach to capital return? A: Slawomir Krupa, CEO: The cost reduction target for 2026 is clean and does not heavily rely on disposals. We are committed to operating leverage, and further cost reductions are likely if growth remains moderate. Regarding capital return, we will make strategic decisions once a year, considering organic growth, shareholder returns, and inorganic opportunities.

Q: Are the 2026 targets, especially on costs, achievable, and what initiatives support this? A: Slawomir Krupa, CEO: The 3% cost reduction target is ambitious but achievable. We are focused on technology efficiency, organizational changes, and ongoing group-wide transformation to ensure we meet this target. We aim to maintain this trajectory beyond 2026.

Q: What is the outlook for global markets and the impact of UCS results on your projections? A: Slawomir Krupa, CEO: We expect global markets revenues to be above the top end of the guidance range in 2026. The UCS results are normalizing, and this is factored into our projections, including the 2% revenue growth target.

Q: How do you plan to address the footprint imbalance in global markets, and what is your approach to AI infrastructure? A: Slawomir Krupa, CEO: We are working on balancing our global markets footprint, particularly in the US, through strategic hires and investments. Regarding AI, we are focusing on using the best available tools, like co-pilot, to enhance efficiency and maintain a competitive edge.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.