This press release comments on the results of Cr\u00e9dit Agricole S.A. and those of Cr\u00e9dit Agricole Group, which comprises the Cr\u00e9dit Agricole S.A. entities and the Cr\u00e9dit Agricole Regional Banks, which own 63.5% of Cr\u00e9dit Agricole S.A.\u00a0 <\/p>\n
All financial data are now presented stated for Cr\u00e9dit Agricole Group, Cr\u00e9dit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios. <\/p>\n
Cr\u00e9dit Agricole Group <\/p>\n
Group activity <\/p>\n
The Group’s commercial activity remained strong this quarter across all its business lines, with a very dynamic pace of new customer capture. In the second quarter of 2026, the Group gained 580,000 new retail banking customers, including 420,000 in France and 160,000 internationally (Italy, Poland, Egypt and Ukraine). <\/p>\n
As of 30 June 2026, retail banking on-balance sheet deposits reached \u20ac846\u00a0billion, up 1.1% year-on-year in France and Italy (+1.2% for Regional\u00a0Banks and LCL and -0.3% in Italy). Outstanding loans totalled \u20ac904\u00a0billion, up +2.1% year-on-year in these same regions (+2.0% for the Regional Banks and LCL, and +2.6% in Italy). In France, home loan production was up by +10% overall compared with the second quarter of 2025 (+12% for Regional Banks and +2% for LCL). In the corporate segment, activity also remained well oriented, rising +8% compared with the same period in 2025. In Italy, production was strong with an upturn in home loans in a competitive market and corporate loan production that remains solid. <\/p>\n
In asset management, net inflows reached a high level (+\u20ac24 billion), buoyed by medium to long-term inflows, especially by passive management (ETFs, index-based solutions) and, in active management, by fixed-income\/credit strategies. There was also good momentum in third-party distribution. In insurance, gross savings\/retirement inflows amounted to \u20ac11.8 billion (+19% compared to second quarter 2025). Net inflows reached a record +\u20ac6.1\u00a0billion, positive for both euro-denominated and unit-linked products. In property and casualty insurance, performance was supported by prices changes, scope effects and portfolio growth to 18.2\u00a0million policies at the end of June 2026 (+7.3% year-on-year). Overall, assets under management in asset management and savings reached \u20ac3,290\u00a0billion (+13.3% year-on-year), of which \u20ac2,581\u00a0billion in asset management, \u20ac392\u00a0billion in life insurance and \u20ac317\u00a0billion in wealth management. <\/p>\n
The SFS division reported a solid business activity. CAPFM’s production was strong, driven by both personal finance and mobility, up +3.2% compared with the second quarter of 2025 to reach \u20ac12.8 billion. Consumer finance outstandings were up \u20ac124.3 billion\u00a0(+2.8% compared with the end of June 2025). The ongoing adverse automotive market weighed, however, on used vehicle sales. For CAL&F, leasing production recorded an increase of +15.2% compared with the second quarter of 2025, driven in France by property leasing and renewable energy, and internationally by the integration of Merca Leasing. In factoring, production was strong internationally but with a downturn in France. <\/p>\n
Momentum was still strong this quarter for the Large Customers division. Revenues from Corporate and investment banking were up +4.4% compared with the second quarter of 2025, reaching \u20ac1,780 million. Revenues from Capital markets and investment banking were up at \u20ac933\u00a0million (+8.5% compared with the second quarter of 2025), driven by investment banking (+63.8% excluding foreign exchange impact) due to an excellent performance from structured equity and ECM activities. FICC performance was stable on a high comparison base, with revenues impacted most notably by the underperformance of treasury products against a backdrop of the reduction in central bank balance sheets. Revenues from Financing activities stood at \u20ac847 million (+0.3% compared to the second quarter of 2025) with structured finance up +3.8%, with asset financing up with strong growth in the transport sector. Commercial banking was stable, excluding foreign exchange impact. <\/p>\n
Lastly, asset servicing maintained a high level of assets under custody (\u20ac6,190\u00a0billion) and assets under administration (\u20ac3,871\u00a0billion), supported by the acquisition of new customers, the integration of Degroof Petercam’s activities and positive market effects. Settlement and delivery volumes rose sharply against a backdrop of increased market volatility in 2026. <\/p>\n
Accelerating the AI transformation <\/p>\n
Cr\u00e9dit Agricole is accelerating its transformation around artificial intelligence with an investment of \u20ac500 million over three years from the IT investment plan of the ACT 2028 strategic plan, including \u20ac150 million to endow the capital of the AI Company. <\/p>\n
This ambition is reflected in particular in the creation of Cr\u00e9dit Agricole Artificial Intelligence, an entity dedicated to the development and operation of shared technological bases, as well as the deployment of an industrial agent platform designed to strengthen employee productivity and enrich interactions with customers. Driven by the principles of performance, European technological sovereignty and ethical AI, this approach aims to make AI a collective lever for transformation and efficiency for the benefit of the entire Group. <\/p>\n
Group results <\/p>\n
In the second quarter of 2026, the Cr\u00e9dit\u00a0Agricole\u00a0Group’s net income Group Share stood at \u20ac2,778\u00a0million, up +7.8% compared with the second quarter of 2025, driven by a strong increase in gross operating income (+25.8%). Excluding the base effect related to the capital gain of the deconsolidation of Amundi US\u00a0(2), the net income Group Share increase was +22.4%. <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0Group, Income statement Q2 and H1 2026 <\/p>\n
\u20acm <\/p>\n
Q2-26 <\/p>\n
Q2-25 <\/p>\n
\u2206 Q2\/Q2 <\/p>\n
H1-26 <\/p>\n
H1-25 <\/p>\n
\u2206 H1\/H1 <\/p>\n
Revenues <\/p>\n
10,880 <\/p>\n
9,638 <\/p>\n
+12.9% <\/p>\n
20,880 <\/p>\n
19,364 <\/p>\n
+7.8% <\/p>\n
Operating expenses <\/p>\n
(6,143) <\/p>\n
(5,872) <\/p>\n
+4.6% <\/p>\n
(12,176) <\/p>\n
(11,864) <\/p>\n
+2.6% <\/p>\n
Gross operating income <\/p>\n
4,737 <\/p>\n
3,766 <\/p>\n
+25.8% <\/p>\n
8,704 <\/p>\n
7,500 <\/p>\n
+16.1% <\/p>\n
Cost of risk <\/p>\n
(862) <\/p>\n
(840) <\/p>\n
+2.7% <\/p>\n
(1,822) <\/p>\n
(1,575) <\/p>\n
+15.7% <\/p>\n
Equity-accounted entities <\/p>\n
183 <\/p>\n
198 <\/p>\n
(7.3%) <\/p>\n
454 <\/p>\n
375 <\/p>\n
+21.2% <\/p>\n
Net income on other assets <\/p>\n
(11) <\/p>\n
452 <\/p>\n
n.m. <\/p>\n
16 <\/p>\n
456 <\/p>\n
(96.6%) <\/p>\n
Change in value of goodwill <\/p>\n
– <\/p>\n
0 <\/p>\n
n.m. <\/p>\n
– <\/p>\n
0 <\/p>\n
n.m. <\/p>\n
Income before tax <\/p>\n
4,047 <\/p>\n
3,576 <\/p>\n
+13.2% <\/p>\n
7,352 <\/p>\n
6,756 <\/p>\n
+8.8% <\/p>\n
Tax <\/p>\n
(1,080) <\/p>\n
(648) <\/p>\n
+66.6% <\/p>\n
(2,101) <\/p>\n
(1,648) <\/p>\n
+27.5% <\/p>\n
Net income from discont. or held-for-sale ope. <\/p>\n
– <\/p>\n
(0) <\/p>\n
n.m. <\/p>\n
– <\/p>\n
0 <\/p>\n
n.m. <\/p>\n
Net income <\/p>\n
2,967 <\/p>\n
2,928 <\/p>\n
+1.3% <\/p>\n
5,251 <\/p>\n
5,108 <\/p>\n
+2.8% <\/p>\n
Non controlling interests <\/p>\n
(189) <\/p>\n
(352) <\/p>\n
(46.2%) <\/p>\n
(376) <\/p>\n
(545) <\/p>\n
(30.9%) <\/p>\n
Net income Group Share <\/p>\n
2,778 <\/p>\n
2,577 <\/p>\n
+7.8% <\/p>\n
4,875 <\/p>\n
4,564 <\/p>\n
+6.8% <\/p>\n
Cost\/Income ratio (%) <\/p>\n
56.5% <\/p>\n
60.9% <\/p>\n
-4.5 pp <\/p>\n
58.3% <\/p>\n
61.3% <\/p>\n
-3.0 pp <\/p>\n
In the second quarter of 2026, revenues amounted to \u20ac10,880\u00a0million, up +12.9% compared with the second quarter of 2025, benefiting from a very sharp rise in the regional banks’ net interest income (up +38% compared with the second quarter of 2025). Operating expenses stood at -\u20ac6,143 million, up +4.6% year-on-year, thereby generating a positive jaws of +8.3 percentage points. Consequently, gross operating income amounted to \u20ac4,737\u00a0million, up +25.8% compared with the first quarter of 2025, with a cost\/income ratio of 56.5%, an improvement of -4.5\u00a0percentage points compared with the second quarter of 2025. <\/p>\n
The cost of credit risk stood at -\u20ac862\u00a0million, up +2.7% compared with the second quarter of 2025. This figure comprises a net addition of -\u20ac866 million for non-performing loans (stage 3), including the technical migration of a few files currently being disposed of, with a total addition amounting to -\u20ac128 million, and a net reversal of +\u20ac27 millions for performing loans (stage 1 and 2). There was also a net addition of -\u20ac24\u00a0million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter of 2026 were updated, with a central scenario (French GDP +0.9% in 2026, +0.9% in 2027) an unfavourable scenario (French GDP +0.3% in 2026 and -0.6% in 2027) and a severely adverse scenario (French GDP -1.2% in 2026 and -1.5% in 2027). The cost of risk\/outstandings\u00a0(3) was 30\u00a0basis points over a four-quarter rolling period and 28\u00a0basis points on an annualised quarterly basis\u00a0(4). <\/p>\n
Pre-tax income stood at \u20ac4,047\u00a0million, a year-on-year increase of +13.2% compared to second quarter 2025. It includes the contribution of equity-accounted entities of +\u20ac183 million. The tax charge amounted to -\u20ac1,080\u00a0million, up +66.6% over the period. <\/p>\n
Net income before non-controlling interests stood at \u20ac2,967\u00a0million, up +1.3% year-on-year. Non-controlling interests were up + \u20ac162 million due to the capital gain related to the deconsolidation of Amundi US and the acquisition of Santander’s non-controlling interests in CACEIS. <\/p>\n
Net income Group share in first half 2026 amounted to \u20ac4,875\u00a0million, compared with \u20ac4,564\u00a0million in\u00a0first\u00a0half\u00a02025, an increase of +6.8% and +14.5% excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US. <\/p>\n
Revenues totalled \u20ac20,880\u00a0million, up +7.8% in first half 2026 compared with first half 2025. <\/p>\n
Operating expenses amounted to -\u20ac12,176\u00a0million, up +2.6% compared to the first half of 2025. The cost\/income ratio for the first half of 2026 was 58.3%, an improvement of -3.0\u00a0percentage points compared with the first half of 2025. <\/p>\n
Gross operating income totalled \u20ac8,704\u00a0million, up +16.1% compared with the first half of 2025. <\/p>\n
Cost of risk for the half-year stood at -\u20ac1,822\u00a0million, of which -\u20ac132\u00a0million in cost of risk on performing loans (stage 1 and 2), -\u20ac1,620\u00a0million in cost of risk on non-performing loans (stage 3) and -\u20ac70\u00a0million in other risks, i.e. an increase of +15.7% compared with first half of 2025. <\/p>\n
At 30 June 2026, risk indicators confirm the high quality of Cr\u00e9dit\u00a0Agricole\u00a0Group’s assets and risk coverage level. The Non-Performing Loans ratio was low at 2.3%. Loan loss reserves amounted to \u20ac22.8\u00a0billion at the end of June 2026 (\u20ac13\u00a0billion for the Regional Banks), 41% of which represented provisioning of performing loans (47% for the Regional Banks). The prudent management of these loan loss reserves enabled the Cr\u00e9dit\u00a0Agricole\u00a0Group to post an overall coverage ratio for non-performing loans of 78.4%\u00a0(5) at the end of June 2026. <\/p>\n
Net income on other assets stood at \u20ac16\u00a0million in first half\u00a02026, vs. \u20ac456\u00a0million in first half\u00a02025 which included the capital gain related to the deconsolidation of Amundi US. Pre-tax\u00a0income\u00a0before discontinued operations and non-controlling interests rose by +8.8% to \u20ac7,352\u00a0million. The tax charge worked out at
-\u20ac2,101\u00a0million, up +27.5%. <\/p>\n
Net\u00a0income before non-controlling interests was therefore up by +2.8%. Non-controlling interests amounted to -\u20ac376\u00a0million in first half 2026, a drop of -30.9% impacted by the base effect related to the capital gain of the deconsolidation of Amundi US. <\/p>\n
Regional banks <\/p>\n
Gross customer capture totalled +300,000 new customers. The share of customers using demand deposits as their main account and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.9% (at the end of April 2026, source Banque de France), up by +0.2 percentage point compared to April 2025. Loan production remains buoyant, up +7.5% compared to the second quarter of 2025, driven by home loans, which rose +11.7%, and also by specialised markets, which rose +4.1% compared to the second quarter of 2025. The average production rate for home loans reached 3.08%\u00a0(6). The global loan stock rate improved by +14 basis points year-on-year. Outstanding loans totalled \u20ac665\u00a0billion at the end of June 2026, up by +2% year-on-year, with an increase across all markets. <\/p>\n
Customer assets were up +3.6% year-on-year to reach \u20ac957\u00a0billion at the end of June 2026. This growth was driven both by on-balance sheet deposits, which reached \u20ac614\u00a0billion (+1.3% year-on-year), and off-balance sheet deposits, which reached \u20ac343\u00a0billion (+8.1% year-on-year) benefiting from robust inflows in life insurance. The market share of on-balance sheet deposits is up compared to last year and stood at 20.5% (Source Banque de France, data at the end of April 2026, i.e. +0.1 percentage points compared to April 2025). The equipment rate for property and casualty insurance\u00a0(7) was 45% at the end of June 2026 and continued to rise (up +0.8\u00a0percentage point compared to the end of June 2025). In terms of payment instruments, the number of cards rose by +2% year-on-year, as did the percentage of premium cards in the stock, which increased by 3\u00a0percentage point year-on-year to account for 21% of total cards. <\/p>\n
In the second quarter of 2026, the Regional Banks’ consolidated revenues including the SAS Rue La Bo\u00e9tie dividend stood at \u20ac6,239\u00a0million, up +12.9% compared to the second quarter of 2025. Revenues were driven by a sharp rise in the net interest income (+38% Q2\/Q2), robust fee and commission income in insurance and growth in portfolio revenues (+11% Q2\/Q2) benefiting from the increase in dividends traditionally paid by SAS Rue de La Bo\u00e9tie in the second quarter of each year. Operating expenses increased in a controlled manner. The cost\/income ratio improved by -4.8\u00a0percentage points compared with the second quarter of 2025. The cost of risk, in line with previous quarters, stood at -\u20ac389\u00a0million. The cost of risk\/outstandings (in annualised quarter) remained under control at 23\u00a0basis points (-2\u00a0basis point decrease compared to first quarter 2026). The consolidated net income of the Regional Banks stood at \u20ac2,938\u00a0million, up 24% compared with the second quarter of 2025.
The Regional Banks’ contribution to net income Group share was \u20ac634\u00a0million in the second quarter of 2026 (x3.5 compared with the second quarter of 2025). <\/p>\n
In the first half 2026, revenues including the dividend from SAS Rue La Bo\u00e9tie were up (+11%) compared to the first half of 2025. Operating expenses rose by +2.3%, and gross operating income consequently grew by +23% over the first half. With cost of risk at \u20ac801 million, the Regional banks’ net income Group share, including the SAS Rue La Bo\u00e9tie dividend, amounted to \u20ac3,350 million, up +23% compared to the first half of 2025. Finally, the Regional Banks’ contribution to the results of Cr\u00e9dit\u00a0Agricole\u00a0Group in first half 2026 amounted to \u20ac1,056\u00a0million (x2 compared with the first half of 2025) with revenues of \u20ac7,603\u00a0million (+13%) and a cost of risk of -\u20ac795\u00a0million (+11%). <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A. <\/p>\n
Results <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s Board of Directors, chaired by Eric Vial, met on 30 July 2026 to examine the financial statements for the second\u00a0quarter and first\u00a0half\u00a0of\u00a02026. <\/p>\n
Cr\u00e9dit Agricole S.A. \u2013 Income statement, Q2 and H1-26 <\/p>\n
\u20acm <\/p>\n
Q2-26 <\/p>\n
Q2-25 <\/p>\n
\u2206 Q2\/Q2 <\/p>\n
H1-26 <\/p>\n
H1-25 <\/p>\n
\u2206 H1\/H1 <\/p>\n
Revenues <\/p>\n
7,363 <\/p>\n
6,836 <\/p>\n
+7.7% <\/p>\n
14,357 <\/p>\n
13,771 <\/p>\n
+4.3% <\/p>\n
Operating expenses <\/p>\n
(3,870) <\/p>\n
(3,700) <\/p>\n
+4.6% <\/p>\n
(7,851) <\/p>\n
(7,691) <\/p>\n
+2.1% <\/p>\n
Gross operating income <\/p>\n
3,493 <\/p>\n
3,136 <\/p>\n
+11.4% <\/p>\n
6,506 <\/p>\n
6,080 <\/p>\n
+7.0% <\/p>\n
Cost of risk <\/p>\n
(466) <\/p>\n
(441) <\/p>\n
+5.6% <\/p>\n
(1,013) <\/p>\n
(855) <\/p>\n
+18.5% <\/p>\n
Equity-accounted entities <\/p>\n
153 <\/p>\n
172 <\/p>\n
(10.7%) <\/p>\n
396 <\/p>\n
321 <\/p>\n
+23.2% <\/p>\n
Net income on other assets <\/p>\n
(10) <\/p>\n
455 <\/p>\n
n.m. <\/p>\n
(13) <\/p>\n
456 <\/p>\n
n.m. <\/p>\n
Change in value of goodwill <\/p>\n
– <\/p>\n
– <\/p>\n
n.m. <\/p>\n
– <\/p>\n
– <\/p>\n
n.m. <\/p>\n
Income before tax <\/p>\n
3,170 <\/p>\n
3,321 <\/p>\n
(4.6%) <\/p>\n
5,876 <\/p>\n
6,002 <\/p>\n
(2.1%) <\/p>\n
Tax <\/p>\n
(874) <\/p>\n
(574) <\/p>\n
+52.3% <\/p>\n
(1,663) <\/p>\n
(1,360) <\/p>\n
+22.3% <\/p>\n
Net income from discont. or held-for-sale ope. <\/p>\n
– <\/p>\n
0 <\/p>\n
n.m. <\/p>\n
– <\/p>\n
0 <\/p>\n
n.m. <\/p>\n
Net income <\/p>\n
2,296 <\/p>\n
2,748 <\/p>\n
(16.4%) <\/p>\n
4,212 <\/p>\n
4,643 <\/p>\n
(9.3%) <\/p>\n
Non controlling interests <\/p>\n
(245) <\/p>\n
(420) <\/p>\n
(41.7%) <\/p>\n
(485) <\/p>\n
(669) <\/p>\n
(27.4%) <\/p>\n
Net income Group Share <\/p>\n
2,051 <\/p>\n
2,328 <\/p>\n
(11.9%) <\/p>\n
3,727 <\/p>\n
3,974 <\/p>\n
(6.2%) <\/p>\n
Cost\/Income ratio (%) <\/p>\n
52.6% <\/p>\n
54.1% <\/p>\n
-1.6 pp <\/p>\n
54.7% <\/p>\n
55.9% <\/p>\n
-1.2 pp <\/p>\n
In the second quarter of 2026, Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s net\u00a0income\u00a0Group\u00a0share came to \u20ac2,051\u00a0million, down -11.9% compared to the second\u00a0quarter of 2025 which included the +\u20ac304 million impact relating to the capital gain linked to the deconsolidation of Amundi US. Excluding this impact, the quarter-on-quarter change comes to +1.4%. <\/p>\n
Revenues totalled \u20ac7,363\u00a0million, up +7.7% compared to the second quarter of 2025. Operating expenses amounted to -\u20ac3,870 million, up +4.6% over the period, thereby generating a positive jaws of +3.1 percentage points. Gross operating income stood at \u20ac3,493\u00a0million, an increase of +11.4% compared to the second quarter of 2025. <\/p>\n
Cost of risk was a net addition of -\u20ac466\u00a0million, up +5.6% compared to the second quarter of 2025. This figure comprises a net addition for non-performing loans (stage 3) of -\u20ac699\u00a0million (compared to a net addition of -\u20ac524\u00a0million in the second quarter of 2025), including the technical migration of a few files currently being disposed of, with a total addition amounting to -\u20ac128 million, and a net reversal on performing loans (stages 1 and 2) of +\u20ac240\u00a0million (compared with a net reversal of +\u20ac91\u00a0million in the second quarter of 2025). Also noteworthy is a net addition of -\u20ac7\u00a0million for other risks (compared with a net addition of -8\u00a0million in the second quarter of 2025). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter of 2026 were updated, with a central scenario (French GDP +0.9% in 2026, +0.9% in 2027) an unfavourable scenario (French GDP +0.3% in 2026 and -0.6% in 2027) and a severely adverse scenario (French GDP -1.2% in 2026 and -1.5% in 2027). In the second quarter of 2026, the cost of risk\/outstandings was 38\u00a0basis points over a four-rolling quarter period\u00a0(8) and 32\u00a0basis points on an annualised quarterly basis\u00a0(9) (respectively stable and improving by 6\u00a0basis points compared to the first quarter of 2026). <\/p>\n
At 30 June 2026, risk indicators confirm the high quality of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s assets and risk coverage level. The Non-Performing Loans ratio was low at 2.5%, up +0.2\u00a0percentage point over the quarter. The coverage ratio\u00a0(10), which remained high at 65.6%, decreased by -7\u00a0percentage points\u00a0over the quarter, mainly due to the to the technical migration of a few files currently being disposed of\u00a0(11). Loan loss reserves amounted to \u20ac9.7\u00a0billion for Cr\u00e9dit\u00a0Agricole\u00a0S.A., stable compared to the end of March 2026. Of these loan loss reserves, 33.1% corresponds to the provisioning of performing loans. <\/p>\n
The contribution of equity-accounted entities was +\u20ac153\u00a0million in the second quarter of 2026 versus +\u20ac172 million, including in particular the impact at Leasys of the drop in margins on used vehicles (contribution of -\u20ac37 million in the second quarter of 2026). Pre-tax income, discontinued operations and non-controlling interests therefore decrease by -4.6% to \u20ac3,170 million. The tax charge was up -\u20ac300 million quarter-on-quarter at -\u20ac874 million, mainly due to higher gross operating income in the quarter, unfavourable base effects and higher taxes in Italy, Ukraine and Poland. Net\u00a0income before non-controlling\u00a0interests was down -16.4% to \u20ac2,296\u00a0million. Non-controlling interests stood at -\u20ac245 million in the second quarter of 2026, down -41.7% due to the base effect related to the capital gain of the deconsolidation of Amundi US\u00a0and the acquisition of Santander’s minority interests in CACEIS. <\/p>\n
Net\u00a0income\u00a0Group\u00a0share in the\u00a0first\u00a0half\u00a0of\u00a02026 amounted to \u20ac3,727\u00a0million compared with \u20ac3,974\u00a0million in the\u00a0first\u00a0half\u00a0of\u00a02025, which included the impact of the capital gain related to deconsolidation of Amundi US. Excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US, the change was +1.6% from the previous half year. <\/p>\n
Revenues were up +4.3% compared to first\u00a0half\u00a02025. Operating expenses were up +2.1% compared to first half 2025. The cost\/income ratio for the first half of the year was 54.7%, an improvement of -1.2\u00a0percentage points compared to first half 2025. Gross operating income totalled \u20ac6,506\u00a0million, up +7.0% compared to the first half of 2025. The cost of risk increased by +18.5% over the period, to -\u20ac1,013\u00a0million, versus -\u20ac855\u00a0million for first half 2025. <\/p>\n
The contribution of equity-accounted entities stood at \u20ac396 million\u00a0in first half 2026, up +\u20ac75\u00a0million compared to first half 2025, or +23.2%. Net income on other assets stood at -\u20ac13\u00a0million in first half\u00a02026, vs. +\u20ac456\u00a0million in first half\u00a02025 which included the capital gain related to the deconsolidation of Amundi US. Pre-tax income, discontinued operations and non-controlling interests therefore decreased by -2.1% to \u20ac5,876\u00a0million. The tax charge was -\u20ac1,663\u00a0million, versus -\u20ac1,360\u00a0million for first half 2025. Net\u00a0income before non-controlling\u00a0interests was down -9.3% to \u20ac4,212\u00a0million. Non-controlling interests stood at -\u20ac485\u00a0million in first half 2026, down -27.4% compared with first half 2025. <\/p>\n
RoTE\u00a0(12), calculated on the basis of an annualised net income Group share\u00a0(13), IFRIC charges, the effects of the additional corporate tax charge linearised over the year, net of annualised Additional\u00a0Tier\u00a01 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1s, and restated for all volatile items recognised in equity (including unrealised gains and\/or losses), reached 14.3% in the first half of 2025, down -0.9\u00a0percentage point compared to the first half of 2025. <\/p>\n
Distribution <\/p>\n
In accordance with the announcement made on November 18, 2025 during the presentation of the ACT2028 strategic plan, the Board of Directors decided on July 30, 2026 to pay an interim dividend in cash, corresponding to 50% of consolidated net earnings per share for the first half of 2026, i.e. \u20ac0.57 per share. It will be ex-dividend date on October 13, 2026 and paid on October 15, 2026, and will be applied to the dividend to be distributed for the current 2026 financial year. <\/p>\n
Analysis of the activity and the results of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s divisions and business lines <\/p>\n
Activity of the Asset Gathering division <\/p>\n
At the end of June 2026, assets under management in the Asset Gathering (AG) division stood at \u20ac3,290\u00a0billion, up by +\u20ac385\u00a0billion over the quarter (or +13.3%), thanks to positive net inflows across all business lines, benefiting as well from a positive market effect over the period. <\/p>\n
Insurance activity (Cr\u00e9dit\u00a0Agricole\u00a0Assurances) was very strong, with total premium income at a record high of \u20ac15.0\u00a0billion, up +17.6%\u00a0(14) compared to second quarter 2025. <\/p>\n
In Savings\/Retirement, revenues for the second quarter of 2026 reached \u20ac11.8\u00a0billion, up +19.1% compared with the second quarter of 2025, driven by the savings rate among French households, the success of the new Oriance 100% self-care policy (launched on 23 February in the Regional Banks). The momentum in gross inflows was seen in both unit-linked products and euro-denominated products. Unit-linked rate in gross inflows\u00a0(15) was 33.5%. Net inflows were still dynamic and reached a record level of +\u20ac6.1\u00a0billion, comprised of +\u20ac3.5\u00a0billion net inflows into euro funds and +\u20ac2.6\u00a0billion for unit-linked contracts. <\/p>\n
Assets under management (savings, retirement and funeral insurance) continued to grow as a result of net inflows and positive market effects and came to \u20ac392.1 billion (up +\u20ac32.7 billion year-on-year, or +9.1%). Unit-linked products accounted for 32% of assets under management, up +1.3\u00a0percentage points compared with the end of March 2026, and +0.9\u00a0percentage point compared with December 2025. <\/p>\n
In property and casualty insurance, premium income stood at \u20ac1.6\u00a0billion in the second quarter of 2026, up +11.4%\u00a0(16) compared with the second quarter of 2025. The portfolio reached 18.2\u00a0million policies at the end of June 2026 (up +7.3%\u00a0(17) year-on-year). The equipment rate among individual customers at Cr\u00e9dit\u00a0Agricole\u00a0Group banks continued to rise year-on-year, both at the Regional Banks (45%, up +0.8\u00a0percentage point), at LCL (28.9%, up +0.5\u00a0percentage point), and at CA Italia (21.2%, up +0.6\u00a0percentage points). Finally, the combined ratio at the end of June 2026 stood at 96.7%\u00a0(18), up +2.1\u00a0percentage points year-on-year, due to climate-related claims in the first quarter. <\/p>\n
In death & disability\/creditor insurance\/group insurance, premium income for the second quarter of 2026 stood at \u20ac1.6\u00a0billion, up +13.5%\u00a0(19) compared with the second quarter of 2025. Creditor insurance recorded growth of +13.5% at current scope, and +5.7%, restating for the consolidation of Pi\u00f9Vera Assicurazioni and Pi\u00f9Vera Protezione. Group insurance posted a sharp rise (+21.7% compared with the second quarter of 2025), notably with the entry into force of the Industries Electriques et Gazi\u00e8res (IEG) contract on 1 July 2025. Lastly, Individual death & disability showed growth of +9.8%\u00a0(20) related to the increase in the average amount of guarantees. <\/p>\n
In Asset Management (Amundi), assets under management by Amundi increased by +7.6% and +13.9%, respectively, over the quarter and the year, reaching a new record of \u20ac2,581\u00a0billion at the end of June 2026. Assets under management benefited from a high level of inflows over the quarter (+\u20ac24\u00a0billion), as well as from a positive market and foreign exchange impact of +\u20ac152.7\u00a0billion. <\/p>\n
By asset class, and excluding associates (JVs, Victory Capital, ICG) net inflows were driven by medium-to-long-term net inflows of +\u20ac20\u00a0billion, buoyed by ETFs (+\u20ac12 billion) and active management (+\u20ac9\u00a0billion) still driven by fixed-income\/credit strategies. <\/p>\n
By customer type, net inflows were positive across retail, institutional investors and associates. In the retail segment (+\u20ac14.9\u00a0billion), net inflows benefited from continued strong momentum in third-party distribution (net inflows of +\u20ac13\u00a0billion amounting to a record first half of \u20ac38 billion), which offset outflows of -\u20ac5\u00a0billion from the UniCredit networks. In the institutional segment,\u00a0net inflows amounted to +\u20ac3.6\u00a0billion in the second quarter (of which +\u20ac11bn from Cr\u00e9dit Agricole and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale insurers). Lastly, the associates segment recorded net inflows of +\u20ac5.9\u00a0billion over the period, with inflows from JVs up, despite the effect of the drop in the Indian rupee. The quarter also recognised the initial consolidation of ICG. <\/p>\n
In Wealth Management, total assets under management (CA\u00a0Indosuez Wealth Management and LCL Private Banking) amounted to \u20ac317\u00a0billion at the end of June 2026 and were up +14% compared with June 2025 and +6.3% compared with December 2025. <\/p>\n
Indosuez Wealth Management assets under management at the end of June 2026 stood at \u20ac249 billion, up +6.4% compared with the end of March 2026, thanks to high net inflows of +\u20ac2.9 billion and a positive market effect of +\u20ac12 billion. Commercial activity increased over the quarter, notably with a 44% rise in fee and commission income on structured products compared with the second quarter of 2025, and a +16% increase in outstanding loans at end-June. <\/p>\n
Compared with the end of June 2025, assets under management increased by +\u20ac35\u00a0billion, or +16.2%, driven by positive net inflows and the impact of scope effects (takeover of BNPP Monaco assets under management of +\u20ac1.4\u00a0billion in the first quarter of 2026, the integration of Banque Thaler amounting to +\u20ac3.3\u00a0billion in the third quarter of 2025) and favourable market and foreign exchange impacts over the period. <\/p>\n
Results of the Asset Gathering division <\/p>\n
In the second quarter of 2026, the Asset Gathering division generated \u20ac2,207\u00a0million of revenues, up +12.1% compared with the second quarter of 2025. Expenses increased 6.6% to -\u20ac920\u00a0million and gross operating income came to \u20ac1,287\u00a0million, +16.4% compared with the second quarter of 2025. The cost\/income ratio for the second quarter of 2026 stood at 41.8%, down -2.1\u00a0percentage\u00a0points compared to the same period in 2025. Equity-accounted entities contributed \u20ac81\u00a0million, compared with \u20ac58\u00a0million in the second quarter of 2025, due in particular to the \u20ac28\u00a0million contribution of Victory Capital and the first integration of ICG amounting to \u20ac12 million. Net income on other assets was zero this quarter, compared with \u20ac453\u00a0million in the second quarter of 2025, which included the capital gain related to the deconsolidation of Amundi US. Consequently, pre-tax income was down by -15.2% and stood at \u20ac1,366\u00a0million in the second quarter of 2026. Net income Group share showed a decrease of -21.4% to \u20ac865\u00a0million. Excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US, it rose +8.7% over the period. <\/p>\n
In the first half of 2026, the Asset Gathering division generated revenues of \u20ac4,167\u00a0million, up +3.4% compared with first half 2025. Expenses increased by +2.2%. As a result, the cost\/income ratio stood at 44.2%, down -0.5\u00a0percentage\u00a0point compared with the first half of 2025. Gross operating income stood at \u20ac2,327\u00a0million, up +4.4% compared to first half 2025. Equity-accounted entities recorded a contribution of \u20ac225 million versus a contribution of \u20ac86 million for the first half of 2025 in the asset management activity. This increase was in line with the first consolidation impacts of ICG in the first quarter of 2026 (\u20ac85 millions), the growth in US assets, the growth in Asian JVs and recognition of the initial contribution from ICG in the second quarter of 2026. Net income on other assets was zero this half, compared with \u20ac453\u00a0million in the first half of 2025, which included the capital gain related to the deconsolidation of Amundi US. Taxes stood at \u20ac705\u00a0million, a +17.2% increase. The net income Group share of the Asset Gathering division stood at \u20ac1,565\u00a0million, down -12.1% compared with first half 2025. Excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US, it rose +6% over the period. <\/p>\n
In the first half of 2026, the Asset Gathering division contributed 39% to the net income Group share of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. core businesses and 28% to revenues (excluding the Corporate Centre division). <\/p>\n
At 30 June 2026, equity allocated to the division amounted to \u20ac14.9\u00a0billion, including \u20ac11.6\u00a0billion for Insurance, \u20ac2.3\u00a0billion for Asset Management, and \u20ac1.0\u00a0billion for Wealth Management. The division’s risk weighted assets amounted to \u20ac55.2\u00a0billion, including \u20ac25.6\u00a0billion for Insurance, \u20ac20.9\u00a0billion for Asset management and \u20ac8.8\u00a0billion for Wealth management. <\/p>\n
Insurance results <\/p>\n
In the second quarter of 2026, insurance revenues amounted to \u20ac862\u00a0million, up +9.1% compared with the second quarter of 2025. Revenues benefited from the integration of the Spanish entity Abanca Seguros Generales in the third quarter of 2025 and the Italian entities Pi\u00f9Vera Assicurazioni and Pi\u00f9Vera Protezione in the fourth quarter of 2025. The impact of these three entities was +\u20ac18\u00a0million quarter-on-quarter. This growth was driven by all business lines and by positive market conditions, particularly in Savings\/Retirement. Revenues for the quarter included \u20ac631\u00a0million from savings\/retirement and funeral insurance\u00a0(21), \u20ac110\u00a0million from personal protection\u00a0(22) and \u20ac124 million from property and casualty insurance\u00a0(23). <\/p>\n
The Contractual Service Margin (CSM) totalled \u20ac29.5\u00a0billion\u00a0at the end of June\u00a02026, an increase of +7.2% compared with the end of December\u00a02025. It benefited from a contribution from new business exceeding the CSM allocation, whereas changing market conditions had a positive impact on the revaluation of the portfolio. <\/p>\n
Non-attributable expenses for the quarter stood at -\u20ac115\u00a0million, up +32.3% compared with the second quarter of 2025. This increase is primarily due to the -\u20ac6\u00a0million impact of the integration of the Italian entities in partnership with Banco BPM and of Abanca SG. As a result, gross operating income stood at \u20ac747\u00a0million, up +6.2% compared with the second quarter of 2025. Net pre-tax income was the same as gross operating income. The tax charge came to -\u20ac215\u00a0million, a +50.4% increase compared with the second quarter 2025. Net income Group share was \u20ac529\u00a0million, down -5.1% compared with the second quarter of 2025. <\/p>\n
Revenues from insurance in the first half of 2026 came to \u20ac1,566 million, up +3.2% compared with the first half of 2025. Non-attributable expenses came to \u20ac223\u00a0million, i.e. an increase of +22.0%. The cost\/income ratio is thus 14.2%, below the target ceiling set by the Medium-Term Plan of 15%. Gross operating income stood at \u20ac1,344\u00a0million, up +0.6% compared with the first half of 2025. The tax charge totalled \u20ac387\u00a0million, up +16.4% over the period. Net income Group share amounted to \u20ac951\u00a0million, down -4.6% compared with the first half of 2025. <\/p>\n
Solvency 2 ratio is estimated at around 195% at end-June 2026. <\/p>\n
Insurance contributed 24% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s business lines (excluding the Corporate Centre division) at end-June 2026 and 11% to their revenues (excluding the Corporate Centre division). <\/p>\n
Asset Management results <\/p>\n
In the second quarter of 2026, revenues amounted to \u20ac913\u00a0million, showing an increase of +18.5% compared with the second quarter of 2025. Net management fees posted an increase of +17% compared with the second quarter of 2025, driven by strong inflows and an increase in assets under management. Amundi Technology’s revenues increased by +25% compared to the second quarter of 2025. Operating expenses amounted to -\u20ac467\u00a0million, up +8.8% compared with the second quarter of 2025. The increase was in line with continued investment in strategic priorities. Jaws were largely positive and amounted to +9.7\u00a0percentage for the second quarter of 2026. The cost\/income ratio was down at 51.1% (an improvement of +4.6\u00a0percentage points compared with second\u00a0quarter\u00a02025). Gross operating income stood at \u20ac446\u00a0million, an increase of +30.8% compared with the second quarter of 2025. The contribution from equity-accounted entities includes the contribution from Amundi’s joint ventures (\u20ac42\u00a0million, up +10% despite the decline in the Indian rupee), the contribution from Victory Capital (\u20ac28\u00a0million, benefiting from the realisation of synergies), and the new contribution from ICG (\u20ac12\u00a0million) and stands at \u20ac81\u00a0million. Net income on other assets was zero this quarter, compared with \u20ac453\u00a0million in the second quarter of 2025, which included the capital gain related to the deconsolidation of Amundi US. Consequently, pre-tax income came to \u20ac526\u00a0million, a -38.1% decrease compared with the second quarter of 2025. Tax charges amounted to -\u20ac124\u00a0million, versus -\u20ac95\u00a0million for second quarter 2025. Non-controlling interests amounted to -\u20ac123\u00a0million this quarter. Net income Group share was \u20ac280\u00a0million, down -44.7% compared with the second quarter of 2025. Excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US, net income Group share was up +38.5%. <\/p>\n
Over the first half of 2026, revenues were up at \u20ac1,728\u00a0million (+3.9%). Operating expenses rose slightly by +0.9% to -\u20ac934\u00a0million. The cost\/income ratio was 54%, an improvement of 1.6\u00a0percentage points compared with first half 2025. This resulted in a +7.7% increase in gross operating income compared with the first half of 2025. Net income from equity-accounted entities was \u20ac225 million, compared with \u20ac86 million in the first half of 2025, reflecting the impacts of ICG’s initial consolidation in the first quarter of 2026 and its first contribution in the second quarter of 2026. Net income on other assets was zero this quarter, compared with \u20ac453\u00a0million in the first half of 2025, which included the capital gain related to the deconsolidation of Amundi US. Non-controlling interests amounted to -\u20ac237\u00a0million for the first half. All in all, net income Group share\u00a0for the half year stood at -\u20ac503 million, down -27%. Excluding the base effect related to the capital gain linked to the deconsolidation of Amundi US, net income Group share was up +30.5%. <\/p>\n
Asset Management contributed 12% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s business lines (excluding the Corporate\u00a0Centre division) at end June\u00a02026 and 12% to revenues. <\/p>\n
Wealth Management results\u00a0(24) <\/p>\n
In the second quarter of 2026, revenues from wealth management stood at \u20ac432\u00a0million, an increase of +5.7% compared with the second quarter of 2025. Revenues primarily benefited from strong growth in commercial activity, particularly from transactional fee and commission income (+21%, including a +4% scope effect\u00a0(25)). Expenses for the quarter amounted to -\u20ac339\u00a0million, down -2.5% compared with the second quarter of 2025, taking into account the tight control of operating expenses and lower integration costs\u00a0(26). The cost\/income ratio for the second quarter of 2026 stood at 76.3% excluding integration costs, compared with 78.4% as stated, an improvement of 6.6 percentage points compared with the same period in 2025. Gross operating income reached \u20ac94 million, up sharply (+52.4%) compared with the second quarter of 2025. The tax charge came to \u20ac27\u00a0million in the second quarter of 2026, versus \u20ac11\u00a0million in the second quarter of 2025. The increase was largely in line with the increase in pre-tax income (+63% over the period). Net income Group share amounted to \u20ac56\u00a0million, up sharply by +55% compared with the second quarter of 2025. <\/p>\n
In first half of 2026, wealth management’s revenues were up by +3% compared with the first half of 2025, benefiting from robust business activity. Expenses fell by -1.1%. The drop in integration costs relating to Degroof Petercam in the first half of 2026 compared with the first half of 2025 should be noted. Gross operating income was therefore up +21.4% at \u20ac190\u00a0million. The tax charge totalled \u20ac43\u00a0million, up +47.3% over the period. Net income Group share was \u20ac111\u00a0million over the first half, up 18% from first half 2025. The additional net income Group share target of +\u20ac150\u00a0million to +\u20ac200\u00a0million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 45%. <\/p>\n
Wealth Management contributed 3% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s business lines (excluding the Corporate\u00a0Centre division) at end-June\u00a02026 and 6% of their revenues (excluding the Corporate Centre division). <\/p>\n
Activity of the Large Customers division <\/p>\n
The Large Customers division posted good activity in the second quarter of 2026, with the good performance of Corporate and Investment Banking (CIB) and strong activity in Asset Servicing. <\/p>\n
In the first quarter of 2026, revenues from Corporate and Investment Banking rose to \u20ac1,780\u00a0million, i.e. +4.4% compared with the second quarter of 2025 (+5.1% excluding the foreign exchange impact). The Capital markets and investment banking business was up at \u20ac933\u00a0million, +8.5% compared with the second quarter of 2025 (+9.0% excluding the foreign exchange impact). These high revenues were driven by investment banking (+63.8% excluding foreign exchange impact) due to an excellent performance from structured equity (in a positive market environment in the second quarter) and ECM activities. FICC performance was stable (-0.8% and -0.2% excluding foreign exchange impact) on a high comparison base, with revenues impacted most notably by the underperformance of treasury products against a backdrop of falling central bank balance sheets. Revenues from Financing activities stood at \u20ac847 million (i.e. +0.3% compared to the second quarter of 2025, +1.2% excluding foreign exchange impact) with structured finance up +3.8% (+4.4% excluding financing activities), with asset financing up with strong growth in the transport sector. Commercial banking was stable, excluding foreign exchange impact (-0.6%). <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0CIB ranked #2 for Green, Social & Sustainable bonds in EUR\u00a0(27) and #3 for All bonds in EUR Worldwide\u00a0(28), and confirmed its strong position in syndicated loans (#2 in France\u00a0(28) and #2 in EMEA\u00a0(28)). Average regulatory VaR stood at \u20ac10.4\u00a0million in the second quarter of 2026, against a backdrop of geopolitical tensions and uncertainties, and was up slightly from \u20ac9.2\u00a0million in the first quarter of 2026. It remained at a level that reflected prudent risk management. <\/p>\n
For Asset Servicing, business growth compared with the second quarter of 2025 was driven by the acquisition of new customers and the scope effect resulting from the takeover of Degroof Petercam’s activities and positive market effects. <\/p>\n
Assets under custody rose by +1.0% at the end of June 2026 compared to the end of March 2026 and increased by +12.0% compared to the end of June 2025, to reach \u20ac6,190 billion. Assets under administration also increased by +1.0% this quarter and were up +11.6% year-on-year, totalling \u20ac3,871\u00a0billion at end-June 2026. Settlement and delivery volumes were up by +19% compared with the second quarter of 2025, mainly driven by France, Germany and Luxembourg. Significant growth against a backdrop of increased volatility in 2026. <\/p>\n
Two key events should be noted for digital assets: for the first time at a global level, CACEIS supported the subscription of an alternative investment fund (AIF) to a natively tokenised initial public offering on blockchain exchange LISE. In addition, CACEIS issued the CASA EURXT stable coin (EURO eXchange Token) on the Ethereum blockchain with an initial subscription via the EURXT in a tokenised Amundi money market fund, a European first.\u00a0 <\/p>\n
CACEIS and BNPP entered into exclusives talks with Euroclear for the disposal of Uptevia. <\/p>\n
CACEIS and Santander entered into exclusive talks with State Street for the disposal of the Latam JV. <\/p>\n
Results of the Large Customers division <\/p>\n
The Large Customers division posted record second quarter revenues in 2026 at \u20ac2,343\u00a0million, up +5.4% compared with the second quarter of 2025, supported by record revenues in Corporate and Investment Banking and in Asset Servicing. <\/p>\n
Operating expenses stood at \u20ac1,289 million, up +2.6% compared with the second quarter of 2025, due to the rise in variable compensation and the impact of the business development and IT investment in corporate and investment banking, and benefiting from the full effect of synergies and the end of ISB consolidation costs\u00a0(29) in asset servicing. As a result, the division’s gross operating income was up +9.0% compared with the second quarter of 2025 to \u20ac1,054\u00a0million. The division recorded low additions to provisions for the cost of risk of -\u20ac16\u00a0million, compared with an addition to provisions of -\u20ac20\u00a0million in the second quarter of 2025. Pre-tax income amounted to \u20ac1,042\u00a0million in the second quarter of 2026, up +8.7% compared with the second quarter of 2025, and the tax charge amounted to -\u20ac259\u00a0million. Lastly, net income Group share for the second quarter of 2026 reached \u20ac769\u00a0million, up +2.3% compared with the second quarter of 2025 which included Santander’s non-controlling interests (-\u20ac43 million), the acquisition of which by Cr\u00e9dit\u00a0Agricole\u00a0S.A. was completed in the third quarter of 2025. <\/p>\n
In first half 2026, the revenues of the Large Customers business line amounted to a historical high of \u20ac4,701\u00a0million (+1.5% compared with first half 2025). Operating expenses were down -0.4% compared with first half 2025 at \u20ac2,607 million. Gross operating income for first half 2026 therefore totalled \u20ac2,094\u00a0million, up +3.9% from first half 2025. The cost of risk ended the first half of 2026 with a net addition of -\u20ac65\u00a0million, compared with a reversal of +\u20ac5\u00a0million in the first half of 2025. The business line’s contribution to underlying net income Group share was at \u20ac1,480\u00a0million, up +0.4% compared with first half 2025. <\/p>\n
The business line contributed 37% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2026 and 32% to revenues excluding the Corporate Centre. <\/p>\n
At 30 June 2026, the equity allocated to the division was \u20ac15.8\u00a0billion and the division’s risk weighted assets were \u20ac143.5\u00a0billion. <\/p>\n
Corporate and Investment Banking results <\/p>\n
In second quarter 2026, Corporate and Investment banking revenues stood at \u20ac1,780\u00a0million,\u00a0up +4.4% compared with second quarter 2025, achieving a record second-quarter high. Operating expenses amounted to -\u20ac949\u00a0million, with an increase of +6.0% due to an increase in variable compensation, development of the activity and IT investment. Gross operating income was up +2.7% compared with the second quarter of 2025, standing at +\u20ac831\u00a0million. The cost\/income ratio was 53.3%, an increase of +0.8\u00a0percentage\u00a0point over the period. The cost of risk was -\u20ac5 million (compared with a cost of risk of -\u20ac19 million in the second quarter of 2025), still very low, impacted this quarter by the migration of some significant stage 1 and stage 2 loans to stage 3 (neutral overall in terms of cost of risk). Pre-tax income in second quarter 2026 stood at \u20ac821\u00a0million, up +3.6% compared with the second quarter of 2025. The tax charge was -\u20ac205 million this quarter (compared with -\u20ac120\u00a0million for second quarter 2025). Lastly, net income Group share was down -8.4% at \u20ac603\u00a0million in the second quarter of 2026. <\/p>\n
In first half 2026, revenues were stable compared to first half 2025, at \u20ac3,592\u00a0million, the highest historical half-year level ever. Operating expenses were up +1.4% due to the impact of IT investment to support business line development, partly offset by a positive foreign exchange impact. As a result, gross operating income stood at \u20ac1,679\u00a0million, down -1.5% compared with the first half of 2025. The cost of risk recorded a net addition of -\u20ac37 million in the first half of 2026, compared with a reversal of +\u20ac4 million in the first half of 2025. The tax charge was -\u20ac437\u00a0million this half (compared with -\u20ac376\u00a0million for first half 2025). Lastly, net income Group share for first half 2026 stood at \u20ac1,175\u00a0million, a decrease of -10.1% over the period. <\/p>\n
RWA were stable compared with Q2 excluding foreign exchange impact. Releases of RWA amounted to \u20ac3.0\u00a0billion in the first half, including \u20ac2.5 billion of synthetic securitisations (\u20ac1.6 billion in the first quarter and \u20ac0.8 billion in the second quarter of 2026). <\/p>\n
Asset servicing results <\/p>\n
In the second quarter of 2026, revenues from Asset Servicing stood at \u20ac563\u00a0million, up +8.4% compared with the second quarter of 2025, driven by higher fee and commission income on assets under management and flow activities. The net interest margin remained stable. Operating expenses fell sharply by -5.9% to -\u20ac340\u00a0million, notably due to the full effect of synergies. Integration costs also helped to lower expenses (ISB integration costs of -\u20ac5 million in the second quarter of 2025). Gross operating income thus rose sharply by +41.2% to \u20ac223\u00a0million in the second quarter of 2026. The cost\/income ratio improved greatly and stood at 60.4%, down -9.2\u00a0percentage points compared with the same period in 2025. The cost of risk stood at -\u20ac11 million due to provisions for legal risk. Pre-tax income was up by +33.4% and amounted to \u20ac220\u00a0million in the second quarter of 2026. Net income Group share recorded a very strong increase of +78.3% this quarter to reach \u20ac166 million, compared to second quarter 2025, which included Santander’s non-controlling interests for -\u20ac43 million, the acquisition of which was finalised by Cr\u00e9dit\u00a0Agricole\u00a0S.A. in the third quarter of 2025. <\/p>\n
Revenues for first half 2026 were up +6.6% compared with first half 2025, driven by an increase in fee and commission income on assets under management and flow activities. The interest margin was stable over the period. Operating expenses fell by -4.9%, mainly due the full effect of ISB synergies and the end of integration costs related to the acquisition of ISB’s activities (-\u20ac14\u00a0million in the first half of 2025). Gross operating income rose +33.5% increase compared to first half 2025. The cost\/income ratio improved significantly and stood at 62.6%, down -7.5\u00a0points compared to the second half of 2025. The cost of risk recorded an addition of -\u20ac29 million due to provisions for legal risk. Pre-tax income was up by 24.2% and amounted to \u20ac403\u00a0million in the second quarter of 2026. Finally, the contribution of the business line to net income Group share in the first half of 2026 was \u20ac306\u00a0million, representing a +81.8% increase compared with the first half of 2025. <\/p>\n
Specialised financial services activity <\/p>\n
The commercial production of Cr\u00e9dit\u00a0Agricole\u00a0Personal\u00a0Finance\u00a0&\u00a0Mobility (CAPFM) totalled \u20ac12.8\u00a0billion (+3.2% compared with the second quarter of 2025). It was driven both by mobility and by personal financing. The average customer rate for production(30) was up by +11\u00a0basis points compared with the first quarter of 2026. CAPFM’s assets under management thus stood at \u20ac124.3\u00a0billion at the end of June 2026, the increase being driven by three sectors: the Group’s networks (LCL and Regional Banks), mobility (Cr\u00e9dit Agricole Auto Bank and the auto joint venture) and personal finance. In mobility, outstandings were down for Cr\u00e9dit Agricole Auto Bank, stable in China and up for Leasys. Finally, consolidated outstandings amounted to \u20ac67.4\u00a0billion at the end of June 2026, down by -0.8% compared with the end of June 2025 and down -0.4% compared with the end of March 2026. In addition, the automotive market environment remains unfavourable, weighing on the used car rremarketing business. <\/p>\n
Cr\u00e9dit\u00a0Agricole Leasing & Factoring (CAL&F) commercial production was up +15.2% compared with the second quarter of 2025 in leasing, driven in France by property leasing and renewable energy and, internationally, by the integration of Merca Leasing (since the fourth quarter of 2025). Leasing outstandings rose by +6.5% year-on-year, both in France (+4.4%) and internationally (+14.2%), and have included Merca Leasing’s outstandings since the fourth quarter of 2025. They amounted to \u20ac22.2\u00a0billion at the end of June 2026 (including \u20ac17.1\u00a0billion in France and \u20ac5.1\u00a0billion internationally). Commercial factoring production fell by -25.7% compared with the second quarter of 2025 with a robust international performance that failed to offset the downturn in France. Factoring outstandings at end-June 2026 were up +8.6% compared with end-June 2025, and factored revenues were up by +6.2% compared with the same period in 2025. <\/p>\n
Specialised financial services’ results <\/p>\n
In the second quarter of 2026, revenues in the Specialised Financial Services division were \u20ac898\u00a0million, up +2% compared with the second quarter of 2025. Expenses stood at -\u20ac484\u00a0million, up +10.5% compared to the second quarter of 2025. The cost\/income ratio stood at 53.9%, up +4.1\u00a0percentage points compared with the same period in 2025. Gross operating income stood at \u20ac414\u00a0million, down -6.4% compared with the second quarter of 2025. Cost of risk amounted to -\u20ac272\u00a0million, up +15.7% compared with the second quarter of 2025. Income from equity-accounted entities amounted to -\u20ac22\u00a0million, down from -\u20ac13 million in the second quarter of 2025. The division’s pre-tax income stood at \u20ac118\u00a0million, down from \u20ac194\u00a0million in the second quarter of 2025 (-39.2%). Net income Group share stood at \u20ac52\u00a0million, down -54.5% from \u20ac114 million in the second quarter of 2025. <\/p>\n
In the first half of 2026, revenues for the Specialised Financial Services division were \u20ac1,765\u00a0million, up +0.9% compared with the first half of 2025. Operating expenses were up +5.4% from first half 2025 at -\u20ac962\u00a0million. Gross operating income amounted to \u20ac803\u00a0million, stable (-4.0%) in relation to first half 2025. The cost\/income ratio stood at 54.5%, up +2.3\u00a0percentage points compared with the same period in 2025. The cost\u00a0of\u00a0risk increased by +13.5% compared with the first\u00a0half\u00a0of\u00a02025 to -\u20ac550\u00a0million. The contribution from equity-accounted entities fell sharply by -\u20ac21\u00a0million compared with the same period in\u00a02025 (\u20ac23 million). Net income Group share amounted to \u20ac123\u00a0million, down -53.3% compared with the same period in 2025. <\/p>\n
The business line contributed 3% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2026 and 12% to revenues excluding the Corporate Centre. <\/p>\n
At 30 June 2026, the equity allocated to the division was \u20ac9.0\u00a0billion and its risk weighted assets were \u20ac81.8\u00a0billion. <\/p>\n
Personal Finance and Mobility results <\/p>\n
In the second quarter of 2026, CAPFM revenues amounted to \u20ac696\u00a0million, stable at -0.2% compared with the second quarter of 2025. The positive price effect on personal finance offset the impacts of the deterioration in the automotive market on mobility: drop in margins on used vehicles for Cr\u00e9dit Agricole Auto Bank\/Drivalia and negative volume effect on car rental for Drivalia. Expenses stood at -\u20ac371 million, up +9.4% in support of business development, and including investment in strategic projects (around -\u20ac13 million in the second quarter of 2026), of which Cr\u00e9dit Agricole Deutschland and Cr\u00e9dit Agricole Savings (around -\u20ac9 million in the first half of 2026). Gross operating income stood at \u20ac324\u00a0million, down -9.4% compared with the second quarter of 2025. The cost\/income ratio stood at 53.4%, up +4.7\u00a0percentage points compared to the same period in 2025. Cost of risk totalled -\u20ac249\u00a0million, an increase of +9.4% compared with the second quarter of 2025, with an increase in proven risk in France and negative model effects, against the backdrop of a challenging economic environment for consumer finance. The cost of risk\/outstandings thus stood at 145 basis points\u00a0(31), down -3 basis points compared with the first quarter of 2026. The Non-Performing Loans ratio and the coverage ratio stood at 4.7% and 71.3%, respectively, at end-June 2026, up -0.1 and -0.3\u00a0percentage points, respectively, compared with end-March 2026. Income from equity-accounted entities stood at -\u20ac22 million for the second quarter of 2026 compared with \u20ac9 million for the second quarter of 2025, impacted by the drop in margins on used vehicles at Leasys (contribution of -\u20ac37 million in the second quarter of 2026). Pre-tax income fell sharply to \u20ac52\u00a0million, compared with \u20ac140\u00a0million in the second quarter of 2025. Net income Group share was zero compared with \u20ac81\u00a0million in the second quarter of 2025, i.e. down sharply.\u00a0\u00a0 <\/p>\n
In the first half of 2025, CAPFM revenues reached \u20ac1,379 million, stable compared with the first half of 2025, benefiting from volume effects and positive prices for personal financing, offset by the impacts of the deterioration in the automotive market on mobility (drop in margins on used vehicles for Cr\u00e9dit Agricole Auto Bank\/Drivalia). Expenses stood at -\u20ac737\u00a0million, an increase of +3.9% compared with first half 2025. They include investments in strategic projects, including Cr\u00e9dit\u00a0Agricole Deutschland and Cr\u00e9dit\u00a0Agricole Savings, of around -\u20ac9 million in the first half of 2026. Gross operating income stood at \u20ac642\u00a0million, down -4.3%. The cost\/income ratio stood at 53.4%, up +2\u00a0percentage points compared with the same period in 2025. The cost of risk was up +11.1% compared with the first half of 2025, at -\u20ac504\u00a0million, in line in particular with an addition for legal provisioning (UK auto credit) of +\u20ac17 million in the first quarter of 2026 and the increase in proven risk in France and negative model effects in the second quarter of 2026, against the backdrop of a challenging economic climate for consumer finance. The contribution from equity-accounted entities was down sharply at -\u20ac21 million in the first half of 2026 compared with +\u20ac47 million in the first half of 2025, impacted notably by the drop in margins on used vehicles at Leasys. Net income Group share was \u20ac32\u00a0million in the first quarter of 2026, compared with \u20ac188 million over the same period in 2025, i.e. down sharply. <\/p>\n
Leasing & Factoring results <\/p>\n
In the second quarter of 2026, CAL&F revenues reached \u20ac202\u00a0million, up +10.4% compared with the second quarter of 2025, driven by the growth in factoring volumes and by the integration of Merca Leasing\u00a0(32). Operating expenses amounted to -\u20ac113\u00a0million, up +14.1% quarter-on-quarter, in line with IT investment for the development of leasing and factoring platforms, as well as the integration of Merca Leasing\u00a0(32). The cost\/income ratio stood at 55.7%, up +1.8\u00a0percentage points compared with the second quarter of 2025. Gross operating income stood at \u20ac90\u00a0million, up +6.2% compared with the second quarter of 2025. The cost of risk came to -\u20ac23 million for the quarter, at a normalised level and up sharply at 3.5 times compared to the second quarter of 2025 which recorded a reversal on performing loans of +\u20ac20 million. Cost of risk\/outstandings\u00a0stood at 24\u00a0basis points (31), which was stable compared to second quarter 2025. Income from equity-accounted entities was zero in the second quarter of 2026, compared with -\u20ac22\u00a0million in the second quarter of 2025 due to goodwill depreciation. Pre-tax income amounted to \u20ac66\u00a0million, up +21.9% compared with the same period in 2025. Net income Group share amounted to \u20ac52\u00a0million, up +56.7% compared with the second quarter of 2025. <\/p>\n
In the first half of 2026, revenues were up +4.7% compared with the first half of 2025 at \u20ac386 million, driven by the growth in factoring volumes and by the integration of Merca Leasing\u00a0(33) in leasing. Operating expenses were up +11% at -\u20ac225 million in line with IT investment in France and internationally for the development of leasing and factoring platforms, as well as the integration of Merca Leasing\u00a0(33). Gross operating income was down -3.0% from the first half of 2025 to total \u20ac161\u00a0million. The cost\/income ratio stood at 58.3%, up +3.3\u00a0percentage points compared to first half 2025. The cost of risk was up +50% compared with the first half of 2025 because of a provision reversal of +\u20ac20\u00a0million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities was zero in the first half of 2026, compared with -\u20ac24 million in the first half of 2025, due to goodwill depreciation in first half 2025. The business line’s contribution to net\u00a0income\u00a0Group\u00a0share was \u20ac91\u00a0million, up +20.8% compared with first half 2025. <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A. Retail Banking activity <\/p>\n
In Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s Retail Banking division, loan production was up in France and in Italy. The number of customers with insurance is progressing. <\/p>\n
Retail banking activity in France <\/p>\n
In the second quarter of 2026, LCL’s gross customer capture totalled around 76,000\u00a0new customers, driven by growth in digital acquisition. <\/p>\n
Loan production stood at \u20ac7.1 billion (+5% compared with the second quarter of 2025), driven by strong corporate loan production (+13%) and a slight increase in home loans (+2%). <\/p>\n
The average production rate for home loans came to 3.22%, up +3\u00a0basis points compared with the first quarter of 2026 and +15\u00a0basis points year on year. The home loan stock rate continued to improve and was up by +3\u00a0basis points over the quarter and by +13\u00a0basis points year-on-year. <\/p>\n
The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.5\u00a0percentage points over one year to stand at 28.9% at end-June 2026. <\/p>\n
Outstanding loans stood at \u20ac175\u00a0billion at end-June 2026, a +1% increase quarter-on-quarter and +2% year-on-year (of which +1% for home loans, +3% for loans to professionals, +5% for corporate loans). Customer assets reached \u20ac277.5\u00a0billion at end June 2026, up +8.4% year-on-year. Off-balance sheet resources, including \u20ac12 billion from the integration of Milleis, were buoyed by positive net inflows, still driven by life insurance and a positive market effect. Balance sheet savings were stable (with the increase in demand deposits offsetting the decrease in term deposits). <\/p>\n
Retail banking activity in Italy <\/p>\n
In the second quarter of 2026, CA Italia’s gross customer capture totalled around 52,000 new customers, 38% of whom were acquired online. <\/p>\n
CA Italia’s loan outstandings stood at \u20ac63.6\u00a0billion at the end of June 2026, up +2.6% compared with the end of June 2025, driven by the retail market, where outstanding loans rose by +2.2%, and the corporate market (including SMEs), where outstandings increased by +5.8%. The stock rate on loans in the second quarter of 2026 was up compared with the first quarter of 2026 (+2\u00a0bp). <\/p>\n
Loan production was robust this quarter, up +8.5% compared with the second quarter of 2025, driven by an upturn in home loans in a market that is characterised by fierce competition. <\/p>\n
Customer assets at end-June 2026 totalled \u20ac124.4\u00a0billion, up +3.3% compared with end-June 2025; on-balance sheet deposits were virtually unchanged (-0.3%) from end-June 2025. Finally, off-balance sheet deposits increased by +7.5% over the same period and benefited from net flows and a positive market effect. <\/p>\n
CA\u00a0Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 21.2%, up +0.6\u00a0percentage points over the second quarter of 2025. <\/p>\n
International Retail Banking activity excluding Italy <\/p>\n
For International Retail Banking excluding Italy, loan outstandings were \u20ac8.0 billion, up +7.9% at current exchange rates at end-June 2026 compared with end-June 2025 (+8.8% at constant exchange rates). Customer assets rose by +\u20ac13.0 billion and were up +11.1% over the same period at current exchange rates (+12.3% at constant exchange rates). <\/p>\n
In Poland in particular, loan outstandings increased by +1.9% compared with end-June 2025 (+3.2% at constant exchange rates) and on- and off-balance sheet deposits by +7.6% (+9.0% at constant exchange rates). Loan production in Poland increased significantly this quarter compared with the second quarter of 2025 (+20.3% at current exchange rates and +20.4% at constant exchange rates). In addition, gross customer capture in Poland reached 61,000 new customers this quarter. <\/p>\n
In Egypt, commercial activity was strong in consumer finance and corporate loans. Loans outstanding rose +27.0% between end-June 2026 and end-June 2025 (+22.7% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +25.9% (+21.6% at constant exchange rates). <\/p>\n
In Ukraine, loan outstandings rose +33.8% between end-June 2026 and end-June 2025 (+39.1% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +11.6% at current exchange rates (+16% at constant exchange rates). <\/p>\n
Liquidity showed a net surplus of inflows over loans in Poland, Egypt and Ukraine amounting to +\u20ac4.0\u00a0billion at 30 June 2026. <\/p>\n
French retail banking results <\/p>\n
In the second quarter of 2026 LCL’s revenues reached a high of \u20ac1,102 million, up +13% compared with the second quarter of 2025, benefiting in particular from the integration of Milleis\u00a0(34). The net interest income saw an upturn over the period (+17%), driven by lower resource costs and gradual loan repricing. The increase in fee and commission income (+9% and +5% excluding the Milleis scope effect) was driven by the robust momentum in savings and non-life insurance. <\/p>\n
Expenses were up +9.6% and +3% excluding the Milleis scope effect\u00a0(35) and the impact of the\u00a0“Energies 2030” transformation plan\u00a0(36). The cost\/income ratio stood at 59.4% (-1.8\u00a0percentage points compared with the second quarter of 2025) and at 57.8% excluding the transformation plan. Gross operating income therefore rose by +18% to \u20ac448\u00a0million. <\/p>\n
The cost of risk was up (+29.6% compared with the second quarter of 2025) to -\u20ac123\u00a0million. The annualised cost of risk\/outstandings rose compared with the second quarter of 2025, to 28\u00a0basis points, driven by an increase in individual risk on corporates (retail, distribution and construction sectors). The coverage ratio still remains at a high level and was 56.7% at the end of June 2026. The Non Performing Loans ratio was 2.4% at the end of June 2026. <\/p>\n
Finally, pre-tax income stood at \u20ac321\u00a0million, up +12% compared with the second quarter of 2025, and net income Group share was up +14% over the period. <\/p>\n
In first half 2026, LCL revenues reached \u20ac2,144 million, up +11% compared with first\u00a0half\u00a02025. The net interest income saw an upturn over the period (+15%). Fee and commission income rose +6% compared to first half 2025, particularly on insurance. Expenses rose by +8% over the period and the cost\/income ratio stood at 61.7% (-1.4\u00a0percentage points compared with first half 2025). As a result, gross operating income was up +15% and the cost of risk rose by +26%. All in all, the business line’s contribution to net income Group share amounted to \u20ac380\u00a0million, (+13% compared to the first half 2025). <\/p>\n
The business line contributed 9% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s core businesses (excluding the Corporate Centre division) in the first half of 2026 and 14% to revenues excluding the Corporate Centre division. <\/p>\n
International Retail Banking results\u00a0(37) <\/p>\n
In the second quarter of 2026, revenues for International Retail Banking totalled \u20ac1,046\u00a0million, up compared with the second quarter of 2025 (+3.9% at current exchange rates; +4.4% at constant exchange rates). Operating expenses stood at -\u20ac534 million, up compared with the second quarter of 2025 (+2.6% at current exchange rates; +2.9% at constant exchange rates). Gross operating income consequently totalled \u20ac513\u00a0million, up +5.3% (+6.0% at constant exchange rates) over the period. Cost of risk amounted to -\u20ac55\u00a0million, down -9.6% compared to second quarter 2025 (+10.9% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to \u20ac234\u00a0million in the second quarter of 2026, down by -1.5% (and -0.8% at constant exchange rates), and includes the impact of the increase in tax rates in Italy\u00a0(38), Poland\u00a0(39) and Ukraine\u00a0(40). <\/p>\n
In first half 2025, International Retail Banking revenues were up by +2.7% to \u20ac2,087 million (+2.7% at constant exchange rates). Operating expenses amounted to -\u20ac1,048\u00a0million, down +1.3% (+1.5% at constant exchange rates) compared with the first half of 2025. Gross operating income totalled \u20ac1,039\u00a0million, up +4.1% (+3.9% at constant exchange rates). The cost of risk fell by -0.9% (-3.9% at constant exchange rates) to -\u20ac126\u00a0million compared with first half 2025. Ultimately, net income Group share of International Retail Banking was \u20ac464\u00a0million, down in comparison with \u20ac483\u00a0million in the first half of 2025 and included the impact of the increase in tax rates in Italy\u00a0(38), Poland\u00a0(39) and Ukraine\u00a0(40). <\/p>\n
At 30 June 2026, capital allocated to the International Retail Banking business line was \u20ac5.8\u00a0billion, and risk weighted assets stood at \u20ac53.0\u00a0billion. <\/p>\n
Results in Italy <\/p>\n
In the second quarter of 2026, Cr\u00e9dit\u00a0Agricole Italia’s revenues stood at \u20ac802\u00a0million, up +4.5% compared with the second quarter of 2025, thanks to an increase in fee and commission income (up +8.2% compared with the second quarter of 2025), balanced between fee and commission income from banking services and fee and commission income from managed savings. The net interest margin was up +2.0% compared with second quarter 2025. Operating expenses were under control and stood at -\u20ac411\u00a0million, up +3.3% compared with the second quarter of 2025, thereby generating a positive jaws of +1.2\u00a0percentage points. Gross operating income thus stood at \u20ac391 million, an increase of +5.9% compared with the second quarter of 2025. The cost\/income ratio stood at 51.2%, an improvement of 0.6\u00a0percentage points compared with the same period in 2025. Cost of risk amounted to -\u20ac44\u00a0million\u00a0in the second\u00a0quarter\u00a0of\u00a02026, down -2.5% compared with the second quarter of 2025. The ratio of cost of risk\/outstandings\u00a0(41) improved by 5 basis points quarter-on-quarter to reach 28 basis points. Asset quality (the Non Performing Loans ratio stood at 2.6%) and the coverage ratio (83.6%) were at a healthy level and improved over the quarter. CA Italia’s net income Group share thus stood at \u20ac174\u00a0million, up +1.2% compared with the second quarter of 2025, and included a negative impact of -\u20ac13\u00a0million due to the increase in the tax rate\u00a0(38) for banks and financial intermediaries in Italy in 2026. <\/p>\n
In first half 2026, revenues for Cr\u00e9dit Agricole Italia rose +3.6% to \u20ac1,600\u00a0million. Operating expenses amounted to -\u20ac797\u00a0million, up +2.0% compared with the first half of 2025. This took gross operating income to \u20ac803\u00a0million, up +5.1% compared with first half 2025. The cost of risk amounted to -\u20ac97\u00a0million, down -5.0% compared with the first half of 2025. Lastly, CA Italia’s net income Group share stood at \u20ac358\u00a0million, up +2.2% compared with the first half of 2025, and included a negative impact of -\u20ac24\u00a0million due to the increase in the tax rate\u00a0(38) for banks and financial intermediaries in Italy in 2026. <\/p>\n
At 30 June 2026, the equity allocated to the business line stood at \u20ac4.6\u00a0billion and risk weighted assets stood at \u20ac41.7\u00a0billion. <\/p>\n
Results for Cr\u00e9dit\u00a0Agricole\u00a0Group in Italy\u00a0(42) <\/p>\n
In the first half of 2026, the net income Group share of entities in Italy amounted to \u20ac878\u00a0million43, up +10.6% compared to the first half of 2025. The breakdown by business line is as follows: Retail Banking 66%; Specialised Financial Services 8%; Asset Gathering and Insurance 17%; and Large Customers 9%. Lastly, Italy’s contribution to net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.44 in first half 2026 was around 21%. <\/p>\n
International Retail Banking results \u2013 excluding Italy <\/p>\n
In the second quarter of 2026, revenues for International Retail Banking excluding Italy totalled \u20ac244 million, up +1.7% (+3.8% at constant exchange rates) compared with the second quarter of 2025. Revenues in Poland fell by -3.1% compared with the second quarter of 2025 (also down -3.1% at constant exchange rates), with a decline in fee and commission income compared with the highs of the second quarter of 2025. Revenues in Egypt were up +10.7% (+14.4% at constant exchange rates) driven by the net interest margin due to volume growth as well as by foreign exchange activity relating to the geopolitical situation in the Middle East. Operating expenses for International Retail Banking excluding Italy amounted to -\u20ac123\u00a0million, stable (+0.1%) compared with the second quarter of 2025 (and up +1.4% at constant exchange rates). The cost\/income ratio for International Retail Banking \u2013 excluding Italy \u2013 improved by -0.8 percentage points compared with the second quarter of 2025, at 50.3%. Gross operating income amounted to \u20ac121\u00a0million, an increase of +3.4% (+6.3% at constant exchange rates) compared with the second quarter of 2025. The cost of risk was low at -\u20ac11\u00a0million, compared with -\u20ac16\u00a0million in the second quarter of 2025, the drop being primarily driven by Poland. Furthermore, at end-June 2026, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 142% and 121%, respectively. In Ukraine, the local coverage ratio remains prudent (620%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was \u20ac60\u00a0million, down -8.6% at current exchange rates (-5.9% at constant exchange rates) and included the impact of the increase in tax rates in Poland\u00a0(39) and Ukraine\u00a0(40). <\/p>\n
In the first half of 2025, revenues for International Retail Banking excluding Italy totalled \u20ac488\u00a0million, stable (-0.1%) compared with the first half of 2025 (and up +3.7% at constant exchange rates). Operating expenses fell to -\u20ac251\u00a0million, down -0.9% compared with the first half of 2025 (+1.7% at constant exchange rates). The cost\/income ratio stood at 51.5% at the end of June 2026, improving by -0.4\u00a0percentage points compared with the first half of 2025. Gross operating income amounted to \u20ac236\u00a0million, up +0.8% (+6.0% at constant exchange rates) compared with the first half of 2025. Cost of risk amounted to -\u20ac30\u00a0million, up +15.0% (+12.3% at constant exchange rates) compared with the first half of 2025. All in all, the contribution of International Retail Banking excluding Italy to net income Group share was \u20ac106\u00a0million and included the impact of the increase in tax rates in Poland\u00a0(39) and Ukraine\u00a0(40). <\/p>\n
At 30 June 2026, the entire Retail Banking business line contributed 21% to the net income Group share of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre. <\/p>\n
At 30 June 2026, the division’s equity amounted to \u20ac12.4\u00a0billion. Its risk weighted assets totalled \u20ac112.8\u00a0billion. <\/p>\n
Corporate Centre results <\/p>\n
The net income Group share of the Corporate Centre was -\u20ac106\u00a0million in second quarter 2026, down -\u20ac23\u00a0million compared with second quarter 2025. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-\u20ac140\u00a0million) and other items (+\u20ac34\u00a0million this quarter). <\/p>\n
The contribution of the “structural” component (-\u20ac140\u00a0million) decreased by -\u20ac18 million compared with second quarter 2025 and can be broken down into three types of activity: <\/p>\n
The contribution of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. Parent Company’s corporate centre activities and functions amounted to -\u20ac251\u00a0million in the second quarter of 2026, an improvement of +\u20ac36\u00a0million. <\/p>\n
The contribution of the business lines that are not part of the core business lines, such as CACIF (Private equity), CA\u00a0Immobilier, CATE and BforBank, which are equity-accounted, and other investments (including Banco BPM), amounted to +\u20ac105\u00a0million in the second quarter of 2026, down -\u20ac51\u00a0million compared with the second quarter of 2025. This quarter it included an equity-accounted contribution from Banco BPM of \u20ac111 million, down -\u20ac31 million, in line with the negative base effect relating to the consolidation of Anima in BPM’s results in the second quarter of 2025. Given the increased capital interest in Banco BPM of 29.3%, its contribution is expected to reach around \u20ac150 million per quarter, from the third quarter of 2026. <\/p>\n
Finally, the contribution from the Group’s support functions amounted to +\u20ac6\u00a0million this quarter, down -\u20ac3\u00a0million compared with the second quarter of 2025.<\/p>\n
The contribution of “other items” was +\u20ac34 million, down -\u20ac5 million compared with the second quarter of 2025. <\/p>\n
The underlying net income Group share of the Corporate Centre division in first half 2026 was -\u20ac285\u00a0million, up +\u20ac79 million compared with the first\u00a0half\u00a02025. The structural component contributed -\u20ac325\u00a0million, while the division’s other items contributed +\u20ac40\u00a0million over the half-year. <\/p>\n
The “structural” component contribution was up +\u20ac29\u00a0million compared with first half 2025 and can be broken down into three types of activity: <\/p>\n
The activities and functions of the Corporate Centre of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. Parent Company. This contribution amounted to -\u20ac532\u00a0million for first half 2026, up +\u20ac69\u00a0million compared with first half 2025; <\/p>\n
The businesses that are not part of the business lines, such as CACIF (Private equity) CA Immobilier, BforBank and other investments: their contribution of +\u20ac197 million in the first half of 2026 was down by -\u20ac32 million compared with the first half of 2025; <\/p>\n
The Group’s support functions: their contribution for the first half of 2025 was +\u20ac10 million, down -\u20ac7 million compared with the first half of 2025.<\/p>\n
The contribution of “other items” was up compared with first half 2025 (+\u20ac49\u00a0million).
At 30 June 2026, risk-weighted\u00a0assets stood at \u20ac40.9\u00a0billion. <\/p>\n
Financial strength <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0Group has the best level of solvency among European Global Systemically Important Banks. <\/p>\n
The Cr\u00e9dit\u00a0Agricole\u00a0Group’s capital ratios remain well above regulatory requirements.
At 30 June 2026, the Group’s Common Equity Tier 1 (CET1) ratio stood at 17.2%, providing a comfortable buffer of 6.8\u00a0percentage points-above the regulatory minimum. <\/p>\n
Quarter-on-quarter, the CET1 ratio was up by +0.1\u00a0percentage point. This change mainly reflects: <\/p>\n
A positive impact of +21 basis points relating to the organic capital generation, corresponding to net income Group share, after deduction of AT1 coupons, and including organic growth of the business lines; <\/p>\n
A negative impact of -7 basis points linked to distribution; <\/p>\n
An adverse impact of -14 basis points linked to mergers and acquisitions; including -10 basis points related to the increased capital stake in Banco BPM; <\/p>\n
A negative impact of -12 basis points linked to the acquisition of Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s shares by the the Regional Banks; <\/p>\n
Methodological and modelling effects amounting to +28 basis points, benefiting in particular from the update of risk-weighting parameters for Regional Banks scope; <\/p>\n
Finally, other comprehensive income (OCI) and various effects contributed -3\u00a0basis points. <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A., in its capacity as the central body of the Cr\u00e9dit\u00a0Agricole\u00a0Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Cr\u00e9dit\u00a0Agricole\u00a0Group. At 31 March 2026, Cr\u00e9dit\u00a0Agricole\u00a0S.A.’s Common Equity Tier 1 (CET1) ratio stood at 11.3%, representing a buffer of 2.5\u00a0percentage points above the regulatory requirement. <\/p>\n
Over the quarter, the change in the CET1 ratio reflected several factors: <\/p>\n
It benefited from a positive impact of +31 basis points relating to organic capital generation, corresponding to net income Group share, after deduction of AT1 coupons (+44 basis points), and including organic growth of the business lines (-13 basis points); <\/p>\n
Distribution had a negative impact of -22 basis points, including a dividend provision of \u20ac0.31 per share for the second quarter of 2026; <\/p>\n
Mergers and acquisitions also negatively impacted the ratio by -41\u00a0basis points, mainly due to the increase in the stake in Banco BPM to 29.3% (-33\u00a0basis points) and the acquisition of Milleis (-4\u00a0basis points); <\/p>\n
Finally, methodological effects had a positive impact of +10\u00a0basis points, while changes in unrealised gains or losses on the securities portfolio (OCI) and various other effects contributed +12\u00a0basis points. <\/p>\n
At the end of June 2026, Cr\u00e9dit Agricole S.A.’s risk weighted assets amounted to \u20ac435 billion, up \u20ac2 billion compared to the end of March 2026. This increase over the quarter is mainly due to the growth of the business lines, amounting to +\u20ac5.5 billion, almost entirely offset by favorable methodological effects. Organic growth in the business lines was mainly concentrated this quarter on the Specialized Financial Services division, at +\u20ac2.8 billion, and on the Retail Banking division, at +\u20ac2.0 billion. <\/p>\n
For the Cr\u00e9dit Agricole Group, weighted uses stood at \u20ac688 billion at the end of June 2026, stable over the quarter. The increases of +\u20ac7.0 billion in business line growth and +\u20ac3.5 billion in the impact of mergers and acquisitions, mainly in connection with the increase in the stake in Banco BPM, were fully offset by favorable methodological effects. <\/p>\n
Cr\u00e9dit Agricole Group’s financial structure <\/p>\n
Cr\u00e9dit Agricole Group <\/p>\n
Cr\u00e9dit Agricole S.A. <\/p>\n
30\/06\/26 <\/p>\n
31\/03\/26 <\/p>\n
Requirements 30\/06\/26 <\/p>\n
30\/06\/26 <\/p>\n
31\/03\/26 <\/p>\n
Requirements 30\/06\/26 <\/p>\n
CET1 ratio 45 <\/p>\n
17.2% <\/p>\n
17.1% <\/p>\n
10.4% <\/p>\n
11.3% <\/p>\n
11.4% <\/p>\n
8.7% <\/p>\n
Tier1 ratio 45 <\/p>\n
18.4% <\/p>\n
18.3% <\/p>\n
12.2% <\/p>\n
13.1% <\/p>\n
13.2% <\/p>\n
10.6% <\/p>\n
Total capital ratio 45 <\/p>\n
21.0% <\/p>\n
20.8% <\/p>\n
14.7% <\/p>\n
16.8% <\/p>\n
16.9% <\/p>\n
13.0% <\/p>\n
Risk-weighted assets (\u20acbn) <\/p>\n
688 <\/p>\n
688 <\/p>\n
435 <\/p>\n
433 <\/p>\n
Leverage ratio <\/p>\n
5.5% <\/p>\n
5.6% <\/p>\n
3.75% <\/p>\n
3.7% <\/p>\n
3.8% <\/p>\n
3.0% <\/p>\n
Leverage exposure (\u20acbn) <\/p>\n
2,287 <\/p>\n
2,246 <\/p>\n
1,528 <\/p>\n
1,493 <\/p>\n
TLAC ratio (% RWA) 45,46 <\/p>\n
27.3% <\/p>\n
27.0% <\/p>\n
22.9% <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
TLAC ratio (% LRE) 46 <\/p>\n
8.2% <\/p>\n
8.3% <\/p>\n
6.75% <\/p>\n
Subordinated MREL ratio (% RWA) 45 <\/p>\n
27.3% <\/p>\n
27.0% <\/p>\n
21.2% <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Subordinated MREL ratio (% LRE) <\/p>\n
8.2% <\/p>\n
8.3% <\/p>\n
6.17% <\/p>\n
Total MREL ratio (% RWA) 45 <\/p>\n
31.6% <\/p>\n
31.5% <\/p>\n
26.8% <\/p>\n
Total MREL ratio (% LRE) <\/p>\n
9.5% <\/p>\n
9.7% <\/p>\n
6.17% <\/p>\n
Distance to the distribution restriction trigger (\u20acbn) 47 <\/p>\n
41 <\/p>\n
41 <\/p>\n
11 <\/p>\n
11 <\/p>\n
For Cr\u00e9dit\u00a0Agricole\u00a0S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger\u00a047, i.e. 251 basis points, or \u20ac11\u00a0billion of CET1 capital at 30 June 2026. Cr\u00e9dit\u00a0Agricole\u00a0S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements). <\/p>\n
For Cr\u00e9dit\u00a0Agricole\u00a0Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2026. Cr\u00e9dit\u00a0Agricole\u00a0Group posted a buffer of 178 basis points above the L-MDA trigger, i.e. \u20ac41 billion in Tier 1 capital. <\/p>\n
At 30 June 2026, Cr\u00e9dit\u00a0Agricole\u00a0Group’s TLAC and MREL ratios are well above requirements\u00a046. Cr\u00e9dit\u00a0Agricole\u00a0Group posted a buffer of 440\u00a0basis points above the M-MDA trigger, i.e. \u20ac30\u00a0billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The 2028 Medium-Term Plan target is to maintain Cr\u00e9dit\u00a0Agricole\u00a0Group’s TLAC ratio of around 27% of RWAs, excluding eligible senior preferred debt. <\/p>\n
Liquidity and Funding <\/p>\n
Liquidity is measured at Cr\u00e9dit\u00a0Agricole\u00a0Group level. <\/p>\n
Diversified and granular customer deposits amounted to \u20ac1,176\u00a0billion at 30 June 2026, stable compared with March 2026. <\/p>\n
The Group’s liquidity reserves, at market value and after haircuts\u00a048, amounted to \u20ac475\u00a0billion at 30 June 2026, stable compared with 31 March 2026 with a reallocation of Central Bank deposits to Securities Reserves: <\/p>\n
Decrease in Central Bank deposits of -\u20ac14\u00a0billion <\/p>\n
Increase in the HQLA securities portfolio of +\u20ac10\u00a0billion <\/p>\n
Increase in the non-HQLA securities portfolio of +\u20ac4\u00a0billion<\/p>\n
Liquidity reserves covered more than twice the short-term debt net of treasury assets. <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to \u20ac129\u00a0billion. <\/p>\n
Standing at \u20ac1,773\u00a0billion at 30 June 2026, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of \u20ac184\u00a0billion, down -\u20ac18\u00a0billion over the quarter. <\/p>\n
Long term debt was \u20ac342\u00a0billion at 30 June 2026, up +\u20ac5\u00a0billion compared with end-March 2026. This included: <\/p>\n
Senior secured debt of \u20ac101 billion, up +\u20ac4 billion; <\/p>\n
Senior preferred debt of \u20ac174\u00a0billion, up +\u20ac1 billion; <\/p>\n
Senior non-preferred debt of \u20ac45\u00a0billion, up +\u20ac1\u00a0billion; <\/p>\n
And Tier 2 securities of \u20ac22 billion, down -\u20ac1 billion. <\/p>\n
Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1\u00a0January 2018. <\/p>\n
At 30 June 2026, the average LCR ratios (calculated on a rolling 12-month basis) were 136% for Cr\u00e9dit\u00a0Agricole\u00a0Group (representing a surplus of \u20ac85\u00a0billion) and 141% for Cr\u00e9dit\u00a0Agricole\u00a0S.A. (representing a surplus of \u20ac83\u00a0billion). It should be noted that Cr\u00e9dit\u00a0Agricole\u00a0Group’s LCR ratio is above the 2028 Medium-Term Plan target range of 110% to 130%. <\/p>\n
In addition, at 31 March 2026, the NSFR ratios of Cr\u00e9dit\u00a0Agricole\u00a0Group and Cr\u00e9dit\u00a0Agricole\u00a0S.A. stood at 119% and 114%, respectively. <\/p>\n
The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products. <\/p>\n
At 30 June 2026, the Group’s main issuers raised the equivalent of \u20ac20.4\u00a0billion\u00a049 in medium-to-long-term debt on the market, 76% of which was issued by Cr\u00e9dit\u00a0Agricole\u00a0S.A. <\/p>\n
In particular, the following amounts are noted for the Group issuers excluding Cr\u00e9dit\u00a0Agricole\u00a0S.A.:\u00a0\u00a0 <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0Assurances issued \u20ac750\u00a0million in Subordinated Tier 2 Bullet notes due December 2036 and \u20ac750 million in RT1 notes Perpetual NC 10.75-years; <\/p>\n
Cr\u00e9dit\u00a0Agricole Personal Finance & Mobility issued: <\/p>\n
\u20ac650 million in EMTN issuances through Cr\u00e9dit Agricole Auto Bank (CAAB); <\/p>\n
\u20ac0.8\u00a0billion in securitisations through Agos; <\/p>\n
\u20ac200 million in securitisations through Leasys. <\/p>\n
Cr\u00e9dit\u00a0Agricole Leasing & Factoring issued \u20ac0.5\u00a0billion in securitisations through Lixxbail S.A.; \u00a0 <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0Italia issued \u20ac1.0 billion in Covered bond; <\/p>\n
Cr\u00e9dit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green bond format. <\/p>\n
At 30 June 2026, Cr\u00e9dit\u00a0Agricole\u00a0S.A. raised the equivalent of \u20ac15.5 billion through the market\u00a049,\u00a050. <\/p>\n
The bank raised the equivalent of \u20ac15.5\u00a0billion, of which \u20ac7.9\u00a0billion in senior non-preferred debt and \u20ac2.0\u00a0billion in Tier 2 debt, as well as \u20ac2.0\u00a0billion in senior preferred debt and \u20ac3.6\u00a0billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including: <\/p>\n
\u20ac2.5 billion\u00a051; <\/p>\n
4.75 billion US dollars (\u20ac4.4 billion equivalent); <\/p>\n
1.40 billion pounds sterling (\u20ac1.6 billion equivalent); <\/p>\n
221 billion Japanese yen (\u20ac1.2 billion equivalent); <\/p>\n
0.72 billion Singapore dollars (\u20ac0.5 billion equivalent); <\/p>\n
2.25 billion Australian dollars (\u20ac1.3\u00a0billion equivalent); <\/p>\n
0.4 billion Swiss francs\u00a051 (\u20ac0.4 billion equivalent).<\/p>\n
At end-June 2026, Cr\u00e9dit\u00a0Agricole\u00a0S.A. had issued 79%\u00a051 of its funding plan in currencies other than the euro. <\/p>\n
The 2026 MLT market funding programme\u00a050 is set at \u20ac18 billion, with \u20ac6 billion senior preferred or senior secured debt and \u20ac12 billion senior non-preferred or Tier 2 debt. <\/p>\n
The programme was 86% completed at 30 June 2026, with: <\/p>\n
\u20ac3.6\u00a0billion equivalent in senior secured debt; <\/p>\n
\u20ac2.0\u00a0billion equivalent in senior preferred debt; <\/p>\n
\u20ac7.9\u00a0billion equivalent in senior non-preferred debt; <\/p>\n
\u20ac2.0 billion equivalent in Tier 2 debt. <\/p>\n
Appendix 1 \u2013 Cr\u00e9dit\u00a0Agricole\u00a0Group: income statement by business line <\/p>\n
Cr\u00e9dit\u00a0Agricole Group \u2013 Results by business line, Q2-2026 and Q2-2025 <\/p>\n
\u00a0 <\/p>\n
Q2-26 <\/p>\n
\u20acm <\/p>\n
RB <\/p>\n
LCL <\/p>\n
IRB <\/p>\n
AG <\/p>\n
SFS <\/p>\n
LC <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
3,975 <\/p>\n
1,102 <\/p>\n
1,071 <\/p>\n
2,196 <\/p>\n
898 <\/p>\n
2,343 <\/p>\n
(705) <\/p>\n
10,880 <\/p>\n
Operating expenses <\/p>\n
(2,743) <\/p>\n
(654) <\/p>\n
(554) <\/p>\n
(920) <\/p>\n
(484) <\/p>\n
(1,289) <\/p>\n
502 <\/p>\n
(6,143) <\/p>\n
Gross operating income <\/p>\n
1,232 <\/p>\n
448 <\/p>\n
517 <\/p>\n
1,275 <\/p>\n
414 <\/p>\n
1,054 <\/p>\n
(203) <\/p>\n
4,737 <\/p>\n
Cost of risk <\/p>\n
(387) <\/p>\n
(123) <\/p>\n
(57) <\/p>\n
(2) <\/p>\n
(272) <\/p>\n
(16) <\/p>\n
(5) <\/p>\n
(862) <\/p>\n
Equity-accounted entities <\/p>\n
5 <\/p>\n
– <\/p>\n
– <\/p>\n
81 <\/p>\n
(22) <\/p>\n
9 <\/p>\n
111 <\/p>\n
183 <\/p>\n
Net income on other assets <\/p>\n
(3) <\/p>\n
(5) <\/p>\n
0 <\/p>\n
(0) <\/p>\n
(1) <\/p>\n
(5) <\/p>\n
2 <\/p>\n
(11) <\/p>\n
Income before tax <\/p>\n
847 <\/p>\n
321 <\/p>\n
460 <\/p>\n
1,354 <\/p>\n
118 <\/p>\n
1,042 <\/p>\n
(96) <\/p>\n
4,047 <\/p>\n
Tax <\/p>\n
(209) <\/p>\n
(72) <\/p>\n
(163) <\/p>\n
(363) <\/p>\n
(45) <\/p>\n
(259) <\/p>\n
32 <\/p>\n
(1,080) <\/p>\n
Net income from discont’d or held-for-sale ope. <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
Net income <\/p>\n
638 <\/p>\n
249 <\/p>\n
297 <\/p>\n
991 <\/p>\n
74 <\/p>\n
783 <\/p>\n
(64) <\/p>\n
2,967 <\/p>\n
Non controlling interests <\/p>\n
(4) <\/p>\n
(0) <\/p>\n
(41) <\/p>\n
(128) <\/p>\n
(22) <\/p>\n
0 <\/p>\n
6 <\/p>\n
(189) <\/p>\n
Net income Group Share <\/p>\n
634 <\/p>\n
249 <\/p>\n
255 <\/p>\n
863 <\/p>\n
52 <\/p>\n
783 <\/p>\n
(58) <\/p>\n
2,778 <\/p>\n
\u00a0 <\/p>\n
Q2-2552 <\/p>\n
\u20acm <\/p>\n
RB <\/p>\n
LCL <\/p>\n
IRB <\/p>\n
AG <\/p>\n
SFS <\/p>\n
LC <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
3,364 <\/p>\n
976 <\/p>\n
1,031 <\/p>\n
1,967 <\/p>\n
881 <\/p>\n
2,224 <\/p>\n
(805) <\/p>\n
9,638 <\/p>\n
Operating expenses <\/p>\n
(2,690) <\/p>\n
(597) <\/p>\n
(540) <\/p>\n
(864) <\/p>\n
(438) <\/p>\n
(1,257) <\/p>\n
514 <\/p>\n
(5,872) <\/p>\n
Gross operating income <\/p>\n
674 <\/p>\n
380 <\/p>\n
491 <\/p>\n
1,104 <\/p>\n
442 <\/p>\n
967 <\/p>\n
(291) <\/p>\n
3,766 <\/p>\n
Cost of risk <\/p>\n
(397) <\/p>\n
(95) <\/p>\n
(61) <\/p>\n
(7) <\/p>\n
(235) <\/p>\n
(20) <\/p>\n
(26) <\/p>\n
(840) <\/p>\n
Equity-accounted entities <\/p>\n
1 <\/p>\n
– <\/p>\n
– <\/p>\n
58 <\/p>\n
(13) <\/p>\n
10 <\/p>\n
141 <\/p>\n
198 <\/p>\n
Net income on other assets <\/p>\n
1 <\/p>\n
1 <\/p>\n
0 <\/p>\n
449 <\/p>\n
1 <\/p>\n
0 <\/p>\n
0 <\/p>\n
452 <\/p>\n
Income before tax <\/p>\n
278 <\/p>\n
286 <\/p>\n
430 <\/p>\n
1,604 <\/p>\n
194 <\/p>\n
958 <\/p>\n
(175) <\/p>\n
3,576 <\/p>\n
Tax <\/p>\n
(96) <\/p>\n
(69) <\/p>\n
(130) <\/p>\n
(249) <\/p>\n
(58) <\/p>\n
(149) <\/p>\n
102 <\/p>\n
(648) <\/p>\n
Net income from discont’d or held-for-sale ope. <\/p>\n
– <\/p>\n
– <\/p>\n
0 <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
0 <\/p>\n
Net income <\/p>\n
182 <\/p>\n
218 <\/p>\n
300 <\/p>\n
1,356 <\/p>\n
136 <\/p>\n
810 <\/p>\n
(73) <\/p>\n
2,928 <\/p>\n
Non controlling interests <\/p>\n
(0) <\/p>\n
(0) <\/p>\n
(40) <\/p>\n
(247) <\/p>\n
(22) <\/p>\n
(43) <\/p>\n
1 <\/p>\n
(352) <\/p>\n
Net income Group Share <\/p>\n
182 <\/p>\n
217 <\/p>\n
260 <\/p>\n
1,108 <\/p>\n
114 <\/p>\n
767 <\/p>\n
(72) <\/p>\n
2,576 <\/p>\n
Cr\u00e9dit\u00a0Agricole Group \u2013 Results by business line, H1-2026 and H1-2025 <\/p>\n
\u00a0 <\/p>\n
H1-26 <\/p>\n
\u20acm <\/p>\n
RB <\/p>\n
LCL <\/p>\n
IRB <\/p>\n
AG <\/p>\n
SFS <\/p>\n
LC <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
7,603 <\/p>\n
2,144 <\/p>\n
2,137 <\/p>\n
4,153 <\/p>\n
1,765 <\/p>\n
4,701 <\/p>\n
(1,623) <\/p>\n
20,880 <\/p>\n
Operating expenses <\/p>\n
(5,350) <\/p>\n
(1,322) <\/p>\n
(1,090) <\/p>\n
(1,840) <\/p>\n
(962) <\/p>\n
(2,607) <\/p>\n
994 <\/p>\n
(12,176) <\/p>\n
Gross operating income <\/p>\n
2,253 <\/p>\n
822 <\/p>\n
1,046 <\/p>\n
2,314 <\/p>\n
803 <\/p>\n
2,094 <\/p>\n
(629) <\/p>\n
8,704 <\/p>\n
Cost of risk <\/p>\n
(795) <\/p>\n
(235) <\/p>\n
(130) <\/p>\n
(20) <\/p>\n
(550) <\/p>\n
(65) <\/p>\n
(28) <\/p>\n
(1,822) <\/p>\n
Equity-accounted entities <\/p>\n
11 <\/p>\n
– <\/p>\n
– <\/p>\n
225 <\/p>\n
(21) <\/p>\n
17 <\/p>\n
222 <\/p>\n
454 <\/p>\n
Net income on other assets <\/p>\n
26 <\/p>\n
(4) <\/p>\n
0 <\/p>\n
(0) <\/p>\n
(4) <\/p>\n
(5) <\/p>\n
2 <\/p>\n
16 <\/p>\n
Income before tax <\/p>\n
1,496 <\/p>\n
583 <\/p>\n
917 <\/p>\n
2,519 <\/p>\n
229 <\/p>\n
2,041 <\/p>\n
(433) <\/p>\n
7,352 <\/p>\n
Tax <\/p>\n
(438) <\/p>\n
(184) <\/p>\n
(326) <\/p>\n
(702) <\/p>\n
(61) <\/p>\n
(535) <\/p>\n
146 <\/p>\n
(2,101) <\/p>\n
Net income from discontinued or held-for-sale operations <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
Net income <\/p>\n
1,059 <\/p>\n
398 <\/p>\n
590 <\/p>\n
1,816 <\/p>\n
167 <\/p>\n
1,506 <\/p>\n
(286) <\/p>\n
5,251 <\/p>\n
Non controlling interests <\/p>\n
(3) <\/p>\n
(0) <\/p>\n
(84) <\/p>\n
(249) <\/p>\n
(45) <\/p>\n
1 <\/p>\n
3 <\/p>\n
(376) <\/p>\n
Net income Group Share <\/p>\n
1,056 <\/p>\n
398 <\/p>\n
507 <\/p>\n
1,568 <\/p>\n
123 <\/p>\n
1,507 <\/p>\n
(284) <\/p>\n
4,875 <\/p>\n
\u00a0 <\/p>\n
H1-2553 <\/p>\n
\u20acm <\/p>\n
LCL <\/p>\n
IRB <\/p>\n
AG <\/p>\n
SFS <\/p>\n
LC <\/p>\n
CC <\/p>\n
Total <\/p>\n
RB <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
6 716 <\/p>\n
1 939 <\/p>\n
2 079 <\/p>\n
4 016 <\/p>\n
1 749 <\/p>\n
4 632 <\/p>\n
(1 767) <\/p>\n
19 364 <\/p>\n
Operating expenses <\/p>\n
(5 220) <\/p>\n
(1 222) <\/p>\n
(1 075) <\/p>\n
(1 799) <\/p>\n
(912) <\/p>\n
(2 617) <\/p>\n
982 <\/p>\n
(11 864) <\/p>\n
Gross operating income <\/p>\n
1 496 <\/p>\n
717 <\/p>\n
1 003 <\/p>\n
2 217 <\/p>\n
837 <\/p>\n
2 015 <\/p>\n
(785) <\/p>\n
7 500 <\/p>\n
Cost of risk <\/p>\n
(717) <\/p>\n
(186) <\/p>\n
(128) <\/p>\n
(17) <\/p>\n
(484) <\/p>\n
5 <\/p>\n
(48) <\/p>\n
(1 575) <\/p>\n
Equity-accounted entities <\/p>\n
7 <\/p>\n
– <\/p>\n
– <\/p>\n
86 <\/p>\n
23 <\/p>\n
16 <\/p>\n
244 <\/p>\n
375 <\/p>\n
Net income on other assets <\/p>\n
3 <\/p>\n
2 <\/p>\n
0 <\/p>\n
449 <\/p>\n
1 <\/p>\n
0 <\/p>\n
0 <\/p>\n
456 <\/p>\n
Income before tax <\/p>\n
790 <\/p>\n
533 <\/p>\n
875 <\/p>\n
2 734 <\/p>\n
376 <\/p>\n
2 036 <\/p>\n
(588) <\/p>\n
6 756 <\/p>\n
Tax <\/p>\n
(267) <\/p>\n
(181) <\/p>\n
(267) <\/p>\n
(599) <\/p>\n
(71) <\/p>\n
(453) <\/p>\n
190 <\/p>\n
(1 648) <\/p>\n
Net income from discontinued or held-for-sale operations <\/p>\n
– <\/p>\n
– <\/p>\n
0 <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
0 <\/p>\n
Net income <\/p>\n
523 <\/p>\n
352 <\/p>\n
608 <\/p>\n
2 135 <\/p>\n
305 <\/p>\n
1 583 <\/p>\n
(399) <\/p>\n
5 108 <\/p>\n
Non controlling interests <\/p>\n
(0) <\/p>\n
(0) <\/p>\n
(82) <\/p>\n
(348) <\/p>\n
(43) <\/p>\n
(78) <\/p>\n
7 <\/p>\n
(545) <\/p>\n
Net income Group Share <\/p>\n
523 <\/p>\n
352 <\/p>\n
526 <\/p>\n
1 787 <\/p>\n
263 <\/p>\n
1 504 <\/p>\n
(391) <\/p>\n
4 564 <\/p>\n
Appendix 2 \u2013 Cr\u00e9dit\u00a0Agricole\u00a0S.A.: \u00a0 Income statement by business line <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A. \u2013 Contribution by division – Q2-26 and Q2-25 <\/p>\n
\u00a0 <\/p>\n
Q2-26 <\/p>\n
\u20acm <\/p>\n
AG <\/p>\n
LC <\/p>\n
SFS <\/p>\n
FRB
(LCL) <\/p>\n
IRB <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
2,207 <\/p>\n
2,343 <\/p>\n
898 <\/p>\n
1,102 <\/p>\n
1,046 <\/p>\n
(234) <\/p>\n
7,363 <\/p>\n
Operating expenses <\/p>\n
(920) <\/p>\n
(1,289) <\/p>\n
(484) <\/p>\n
(654) <\/p>\n
(534) <\/p>\n
12 <\/p>\n
(3,870) <\/p>\n
Gross operating income <\/p>\n
1,287 <\/p>\n
1,054 <\/p>\n
414 <\/p>\n
448 <\/p>\n
513 <\/p>\n
(222) <\/p>\n
3,493 <\/p>\n
Cost of risk <\/p>\n
(2) <\/p>\n
(16) <\/p>\n
(272) <\/p>\n
(123) <\/p>\n
(55) <\/p>\n
3 <\/p>\n
(466) <\/p>\n
Equity-accounted entities <\/p>\n
81 <\/p>\n
9 <\/p>\n
(22) <\/p>\n
– <\/p>\n
– <\/p>\n
85 <\/p>\n
153 <\/p>\n
Net income on other assets <\/p>\n
(0) <\/p>\n
(5) <\/p>\n
(1) <\/p>\n
(5) <\/p>\n
0 <\/p>\n
0 <\/p>\n
(10) <\/p>\n
Income before tax <\/p>\n
1,366 <\/p>\n
1,042 <\/p>\n
118 <\/p>\n
321 <\/p>\n
458 <\/p>\n
(134) <\/p>\n
3,170 <\/p>\n
Tax <\/p>\n
(366) <\/p>\n
(259) <\/p>\n
(45) <\/p>\n
(72) <\/p>\n
(163) <\/p>\n
31 <\/p>\n
(874) <\/p>\n
Net income from discontinued or held-for-sale operations <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
Net income <\/p>\n
1,000 <\/p>\n
783 <\/p>\n
74 <\/p>\n
249 <\/p>\n
295 <\/p>\n
(103) <\/p>\n
2,296 <\/p>\n
Non controlling interests <\/p>\n
(135) <\/p>\n
(14) <\/p>\n
(22) <\/p>\n
(11) <\/p>\n
(60) <\/p>\n
(3) <\/p>\n
(245) <\/p>\n
Net income Group Share <\/p>\n
865 <\/p>\n
769 <\/p>\n
52 <\/p>\n
238 <\/p>\n
234 <\/p>\n
(106) <\/p>\n
2,051 <\/p>\n
\u00a0 <\/p>\n
Q2-2554 <\/p>\n
\u20acm <\/p>\n
AG <\/p>\n
LC <\/p>\n
SFS <\/p>\n
FRB
(LCL) <\/p>\n
IRB <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
1,970 <\/p>\n
2,224 <\/p>\n
881 <\/p>\n
976 <\/p>\n
1,007 <\/p>\n
(221) <\/p>\n
6,836 <\/p>\n
Operating expenses <\/p>\n
(864) <\/p>\n
(1,257) <\/p>\n
(438) <\/p>\n
(597) <\/p>\n
(520) <\/p>\n
(25) <\/p>\n
(3,700) <\/p>\n
Gross operating income <\/p>\n
1,106 <\/p>\n
967 <\/p>\n
442 <\/p>\n
380 <\/p>\n
487 <\/p>\n
(246) <\/p>\n
3,136 <\/p>\n
Cost of risk <\/p>\n
(7) <\/p>\n
(20) <\/p>\n
(235) <\/p>\n
(95) <\/p>\n
(61) <\/p>\n
(24) <\/p>\n
(441) <\/p>\n
Equity-accounted entities <\/p>\n
58 <\/p>\n
10 <\/p>\n
(13) <\/p>\n
– <\/p>\n
– <\/p>\n
117 <\/p>\n
172 <\/p>\n
Net income on other assets <\/p>\n
453 <\/p>\n
0 <\/p>\n
1 <\/p>\n
1 <\/p>\n
0 <\/p>\n
0 <\/p>\n
455 <\/p>\n
Income before tax <\/p>\n
1,610 <\/p>\n
958 <\/p>\n
194 <\/p>\n
286 <\/p>\n
426 <\/p>\n
(153) <\/p>\n
3,321 <\/p>\n
Tax <\/p>\n
(249) <\/p>\n
(149) <\/p>\n
(58) <\/p>\n
(69) <\/p>\n
(129) <\/p>\n
80 <\/p>\n
(574) <\/p>\n
Net income from discontinued or held-for-sale operations <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
0 <\/p>\n
– <\/p>\n
0 <\/p>\n
Net income <\/p>\n
1,361 <\/p>\n
810 <\/p>\n
136 <\/p>\n
218 <\/p>\n
297 <\/p>\n
(73) <\/p>\n
2,748 <\/p>\n
Non controlling interests <\/p>\n
(261) <\/p>\n
(58) <\/p>\n
(22) <\/p>\n
(10) <\/p>\n
(59) <\/p>\n
(10) <\/p>\n
(420) <\/p>\n
Net income Group Share <\/p>\n
1,100 <\/p>\n
752 <\/p>\n
114 <\/p>\n
208 <\/p>\n
238 <\/p>\n
(84) <\/p>\n
2,328 <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A. \u2013 Contribution by division – H1-26 and H1-25 <\/p>\n
\u00a0 <\/p>\n
H1-26 <\/p>\n
\u20acm <\/p>\n
AG <\/p>\n
LC <\/p>\n
SFS <\/p>\n
FRB
(LCL) <\/p>\n
IRB <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
4,167 <\/p>\n
4,701 <\/p>\n
1,765 <\/p>\n
2,144 <\/p>\n
2,087 <\/p>\n
(508) <\/p>\n
14,357 <\/p>\n
Operating expenses <\/p>\n
(1,840) <\/p>\n
(2,607) <\/p>\n
(962) <\/p>\n
(1,322) <\/p>\n
(1,048) <\/p>\n
(72) <\/p>\n
(7,851) <\/p>\n
Gross operating income <\/p>\n
2,327 <\/p>\n
2,094 <\/p>\n
803 <\/p>\n
822 <\/p>\n
1,039 <\/p>\n
(579) <\/p>\n
6,506 <\/p>\n
Cost of risk <\/p>\n
(20) <\/p>\n
(65) <\/p>\n
(550) <\/p>\n
(235) <\/p>\n
(126) <\/p>\n
(16) <\/p>\n
(1,013) <\/p>\n
Equity-accounted entities <\/p>\n
225 <\/p>\n
17 <\/p>\n
(21) <\/p>\n
– <\/p>\n
– <\/p>\n
174 <\/p>\n
396 <\/p>\n
Net income on other assets <\/p>\n
(0) <\/p>\n
(5) <\/p>\n
(4) <\/p>\n
(4) <\/p>\n
0 <\/p>\n
0 <\/p>\n
(13) <\/p>\n
Income before tax <\/p>\n
2,532 <\/p>\n
2,041 <\/p>\n
229 <\/p>\n
583 <\/p>\n
912 <\/p>\n
(421) <\/p>\n
5,876 <\/p>\n
Tax <\/p>\n
(705) <\/p>\n
(535) <\/p>\n
(61) <\/p>\n
(184) <\/p>\n
(326) <\/p>\n
148 <\/p>\n
(1,663) <\/p>\n
Net income from discontinued or held-for-sale operations <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
Net income <\/p>\n
1,827 <\/p>\n
1,506 <\/p>\n
167 <\/p>\n
398 <\/p>\n
587 <\/p>\n
(273) <\/p>\n
4,212 <\/p>\n
Non controlling interests <\/p>\n
(262) <\/p>\n
(26) <\/p>\n
(45) <\/p>\n
(18) <\/p>\n
(123) <\/p>\n
(12) <\/p>\n
(485) <\/p>\n
Net income Group Share <\/p>\n
1,565 <\/p>\n
1,480 <\/p>\n
123 <\/p>\n
380 <\/p>\n
464 <\/p>\n
(285) <\/p>\n
3,727 <\/p>\n
\u00a0 <\/p>\n
H1-2555 <\/p>\n
\u20acm <\/p>\n
AG <\/p>\n
LC <\/p>\n
SFS <\/p>\n
FRB
(LCL) <\/p>\n
IRB <\/p>\n
CC <\/p>\n
Total <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Revenues <\/p>\n
4,028 <\/p>\n
4,632 <\/p>\n
1,749 <\/p>\n
1,939 <\/p>\n
2,033 <\/p>\n
(610) <\/p>\n
13,771 <\/p>\n
Operating expenses <\/p>\n
(1,799) <\/p>\n
(2,617) <\/p>\n
(912) <\/p>\n
(1,222) <\/p>\n
(1,035) <\/p>\n
(106) <\/p>\n
(7,691) <\/p>\n
Gross operating income <\/p>\n
2,229 <\/p>\n
2,015 <\/p>\n
837 <\/p>\n
717 <\/p>\n
998 <\/p>\n
(716) <\/p>\n
6,080 <\/p>\n
Cost of risk <\/p>\n
(17) <\/p>\n
5 <\/p>\n
(484) <\/p>\n
(186) <\/p>\n
(128) <\/p>\n
(45) <\/p>\n
(855) <\/p>\n
Equity-accounted entities <\/p>\n
86 <\/p>\n
16 <\/p>\n
23 <\/p>\n
– <\/p>\n
– <\/p>\n
197 <\/p>\n
321 <\/p>\n
Net income on other assets <\/p>\n
453 <\/p>\n
0 <\/p>\n
1 <\/p>\n
2 <\/p>\n
0 <\/p>\n
0 <\/p>\n
456 <\/p>\n
Income before tax <\/p>\n
2,749 <\/p>\n
2,037 <\/p>\n
376 <\/p>\n
533 <\/p>\n
870 <\/p>\n
(563) <\/p>\n
6,002 <\/p>\n
Tax <\/p>\n
(601) <\/p>\n
(454) <\/p>\n
(71) <\/p>\n
(181) <\/p>\n
(266) <\/p>\n
213 <\/p>\n
(1,360) <\/p>\n
Net income from discontinued or held-for-sale operations <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
– <\/p>\n
0 <\/p>\n
– <\/p>\n
0 <\/p>\n
Net income <\/p>\n
2,148 <\/p>\n
1,583 <\/p>\n
305 <\/p>\n
352 <\/p>\n
604 <\/p>\n
(351) <\/p>\n
4,643 <\/p>\n
Non controlling interests <\/p>\n
(368) <\/p>\n
(108) <\/p>\n
(43) <\/p>\n
(16) <\/p>\n
(121) <\/p>\n
(13) <\/p>\n
(669) <\/p>\n
Net income Group Share <\/p>\n
1,780 <\/p>\n
1,475 <\/p>\n
263 <\/p>\n
337 <\/p>\n
483 <\/p>\n
(364) <\/p>\n
3,974 <\/p>\n
Appendix 3 \u2013 Data per share <\/p>\n
Cr\u00e9dit\u00a0Agricole\u00a0S.A. \u2013 Earnings p\/share, net book value p\/share and ROTE <\/p>\n
(\u20acm) <\/p>\n
\u00a0 <\/p>\n
Q2-2026 <\/p>\n
Q2-2025 <\/p>\n
H1-26 <\/p>\n
H1-25 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
Net income Group share <\/p>\n
\u00a0 <\/p>\n
2,051 <\/p>\n
2,328 <\/p>\n
3,727 <\/p>\n
4,213 <\/p>\n
– Interests on AT1, including issuance costs, before tax <\/p>\n
\u00a0 <\/p>\n
(258) <\/p>\n
(141) <\/p>\n
(258) <\/p>\n
(270) <\/p>\n
– Foreign exchange impact on reimbursed AT1 <\/p>\n
\u00a0 <\/p>\n
3 <\/p>\n
(6) <\/p>\n
3 <\/p>\n
4 <\/p>\n
NIGS attributable to ordinary shares <\/p>\n
[A] <\/p>\n
1,796 <\/p>\n
2,181 <\/p>\n
3,472 <\/p>\n
3,947 <\/p>\n
Average number shares in issue, excluding treasury shares (m) <\/p>\n
[B] <\/p>\n
3,025 <\/p>\n
3,025 <\/p>\n
3,025 <\/p>\n
3,025 <\/p>\n
Net earnings per share <\/p>\n
[A]\/[B] <\/p>\n
0.59 \u20ac <\/p>\n
0.72 \u20ac <\/p>\n
\u00a0 <\/p>\n
1.15 \u20ac <\/p>\n
1.30 \u20ac <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
(\u20acm) <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
30\/06\/2026 <\/p>\n
30\/06\/2025 <\/p>\n
Shareholder’s equity Group share <\/p>\n
78,211 <\/p>\n
75,528 <\/p>\n
– AT1 issuances <\/p>\n
(8,020) <\/p>\n
(8,612) <\/p>\n
– Unrealised gains and losses on OCI – Group share <\/p>\n
2,522 <\/p>\n
3,136 <\/p>\n
Net book value (NBV), not revaluated, attributable to ordin. sh. <\/p>\n
[D] <\/p>\n
72,712 <\/p>\n
70,051 <\/p>\n
– Goodwill & intangibles – Group share (**) <\/p>\n
(20,204) <\/p>\n
(18,969) <\/p>\n
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. <\/p>\n
[E] <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
52,508 <\/p>\n
51,083 <\/p>\n
Total shares in issue, excluding treasury shares (period end, m) <\/p>\n
[F] <\/p>\n
3,025 <\/p>\n
3,025 <\/p>\n
NBV per share, after deduction of dividend to pay (\u20ac) <\/p>\n
[D]\/[F] <\/p>\n
24.0 \u20ac <\/p>\n
23.2 \u20ac <\/p>\n
+ Dividend to pay (\u20ac) <\/p>\n
[H] <\/p>\n
0.57 \u20ac <\/p>\n
– <\/p>\n
NBV per share, before deduction of dividend to pay (\u20ac) <\/p>\n
24.6 \u20ac <\/p>\n
23.2 \u20ac <\/p>\n
TNBV per share, after deduction of dividend to pay (\u20ac) <\/p>\n
[G]=[E]\/[F] <\/p>\n
17.4 \u20ac <\/p>\n
16.9 \u20ac <\/p>\n
** including goodwill in the equity-accounted entities <\/p>\n
(\u20acm) <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n
H1-26 <\/p>\n
H1-25 <\/p>\n
Net income Group share <\/p>\n
[K] <\/p>\n
3,727 <\/p>\n
4,213 <\/p>\n
NIGS annualised <\/p>\n
[N] <\/p>\n
7,685 <\/p>\n
8,384 <\/p>\n
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised <\/p>\n
[O] <\/p>\n
-513 <\/p>\n
-536 <\/p>\n
Result adjusted <\/p>\n
[P] = [N]+[O] <\/p>\n
7,172 <\/p>\n
7,848 <\/p>\n
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg (1) <\/p>\n
[J] <\/p>\n
50,279 <\/p>\n
48,699 <\/p>\n
Stated ROTE adjusted (%) (2) <\/p>\n
= [P] \/ [J] <\/p>\n
14.3% <\/p>\n
16.1% (3) <\/p>\n
(1)\u00a0\u00a0\u00a0Average of the TNBV not revalued attributable to ordinary shares calculated between 31\/12\/2025 and 30\/06\/2026 (line [E]). Average restated equity Group share of intangible assets, all unrealised gains and\/or losses, AT1 debt stock and the proposed dividend distribution on current income. <\/p>\n
(2)\u00a0\u00a0\u00a0ROTE calculated on the basis of tangible equity restated for all unrealised gains and\/or losses <\/p>\n
(3)\u00a0\u00a0\u00a0ROTE proforma Banco BPM stands at 15,2% for H1-25 <\/p>\n
Alternative Performance Indicators56 <\/p>\n
NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and\/or losses on OCI Group share and the pay-out assumption on annual results have been deducted. <\/p>\n
NBV per share Net Book Value per share \u2013 NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares. <\/p>\n
Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares. <\/p>\n
EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases. <\/p>\n
Cost\/income ratio
The cost\/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses. <\/p>\n
Cost of risk\/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period. <\/p>\n
Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions. <\/p>\n
The calculation method for the indicator is specified each time the indicator is used. <\/p>\n
Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met: <\/p>\n
a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation. <\/p>\n
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right. <\/p>\n
Impaired loan
Loan which has been provisioned due to a risk of non-repayment. <\/p>\n
Impaired (or non-performing) loan coverage ratio\u00a0
This ratio divides the outstanding provisions by the impaired gross customer loans. <\/p>\n
Impaired (or non-performing) loan ratio\u00a0 <\/p>\n
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans. <\/p>\n
Net income Group share
Net income\/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries. <\/p>\n
Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax. <\/p>\n
RoTE Return on Tangible Equity
RoTE (Return on Tangible Equity) compares annualised net income Group share, excluding the impairment of intangible assets and goodwill and net of AT1 coupons, to average restated equity Group share of intangible assets, unrealised gains and\/or losses, AT1 debt stock and the proposed distribution in N+1. <\/p>\n
Disclaimer <\/p>\n
The financial information for second\u00a0quarter\u00a0and first half 2026 for Cr\u00e9dit\u00a0Agricole\u00a0S.A. and Cr\u00e9dit\u00a0Agricole\u00a0Group comprises this press release and the presentation slides and related appendices, all of which are available at https:\/\/www.credit-agricole.com\/finance\/financial-publications<\/a> . <\/p>\n This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019\/980 of 14 March 2019 (Chapter 1. article 1. d). <\/p>\n This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment. <\/p>\n Readers must take all these risk factors and uncertainties into consideration before making their own judgement. <\/p>\n Applicable standards and comparability <\/p>\n The figures presented for the six-months period ending 30 June 2026 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited. <\/p>\n Note: The scopes of consolidation of the Cr\u00e9dit\u00a0Agricole\u00a0S.A. and Cr\u00e9dit\u00a0Agricole\u00a0Groups have not changed materially since the Cr\u00e9dit\u00a0Agricole\u00a0S.A. 2025 Universal Registration Document was filed with the AMF (the French Financial Markets Authority). The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding. <\/p>\n NB: All financial data are now presented stated for Cr\u00e9dit\u00a0Agricole\u00a0Group, Cr\u00e9dit\u00a0Agricole\u00a0S.A. and the business lines results, both for the income statement and for the profitability ratios. <\/p>\n All data at June 30, 2025 is presented on a pro forma basis, with Banco BPM accounted for under the equity method at 20.1%. Full detailed figures are provided in the quarterly data series published alongside the presentation slides. <\/p>\n Financial Agenda <\/p>\n 31 July 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the second quarter and the first half-year 2026 results Contacts <\/p>\n CREDIT AGRICOLE PRESS CONTACTS <\/p>\n CR\u00c9DIT\u00a0AGRICOLE\u00a0S.A. INVESTOR RELATIONS CONTACTS <\/p>\n Institutional investors <\/p>\n investor.relations@credit-agricole-sa.fr <\/p>\n Individual shareholders <\/p>\n + 33 800 000\u00a0777 relation@actionnaires.credit-agricole.com <\/p>\n C\u00e9cile Mouton <\/p>\n + 33 1 57 72 86 79 <\/p>\n cecile.mouton@credit-agricole-sa.fr <\/p>\n \u00a0<\/p>\n Equity investor relations: <\/p>\n Jean-Yann Asseraf + 33 1 57 72 23 81 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr<\/a> <\/p>\n Oriane Cante <\/p>\n + 33 1 43 23 03 07 <\/p>\n oriane.cante@credit-agricole-sa.fr <\/p>\n Nicolas Ianna <\/p>\n + 33 1 43 23 55 51 <\/p>\n nicolas.ianna@credit-agricole-sa.fr <\/p>\n Leila Mamou <\/p>\n + 33 1 57 72 07 93 <\/p>\n leila.mamou@credit-agricole-sa.fr<\/a> <\/p>\n Anna Pigoulevski <\/p>\n + 33 1 43 23 40 59 <\/p>\n anna.pigoulevski@credit-agricole-sa.fr <\/p>\n Debt investor and rating agency relations: <\/p>\n Gwena\u00eblle Lereste <\/p>\n + 33 1 57 72 57 84 <\/p>\n gwenaelle.lereste@credit-agricole-sa.fr <\/p>\n Florence Quintin de Kercadio <\/p>\n + 33 1 43 23 25 32 <\/p>\n florence.quintindekercadio@credit-agricole-sa.fr<\/a> <\/p>\n Yury Romanov <\/p>\n + 33 1 43 23 86 84 <\/p>\n
13 October 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ex interim dividend date
15 October 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Interim dividend payment date
30 October 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the 2026 third quarter and first nine months results
25 November 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0CAA Workshop
4 February 2027\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the fourth quarter and full year 2026 results
30 April 2027\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the first quarter 2027 results
30 July 2027\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the second quarter and the first half-year 2027 results
29 October 2027\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Publication of the third quarter and the first nine-months 2027 results <\/p>\n
(toll-free number in France only) <\/p>\n
Fethi Azzoug <\/p>\n
+ 33 1 57 72 03 75 <\/p>\n