- Record Revenues & Net Income: Achieved EUR 27.3 billion revenues and EUR 6 billion group net income in 2025, driven by 7% revenue growth (excluding disposals) and 2% cost reduction.
- ROTE & Capital Strength: Returned 10.2% ROTE (9.6% ex-disposals) and maintained a CET1 ratio of 13.5% after Basel IV, with EUR 4.679 billion total distribution (169% growth YoY).
- Cost Efficiency: Cost-to-income ratio improved to 63.6% in 2025 (64.6% in Q4), exceeding targets, with plans to reduce it below 60% by 2026 via 3% cost cuts.
- Business Segment Performance: Global Markets, FMA, and Ayvens drove growth, with GBIS recording EUR 10.4 billion revenue (+2.6% YoY) and MIBS net income up 28% ex-FX.
- 2026 Guidance: Targets NBI growth above 2%, ROTE above 10%, and cost-to-income ratio <60%, leveraging capital allocation to high-return businesses and disciplined cost management.
Segment Performance
The bank's businesses performed well, with French Retail, Private Banking, and Insurance recording strong revenue growth of 4.2% versus 2024. Global Markets delivered a record year in terms of revenues, and Financing & Advisory increased its origination volumes at a high marginal rate of return. International Retail Banking revenues improved 2.7% versus Q4 '24 at constant perimeter and exchange rates, with Europe posting solid commercial momentum.
Capital Position and Distribution
The bank's capital position remains strong, with a CET1 ratio of 13.5% after Basel IV regulatory impact. The Board has proposed a total ordinary distribution of EUR 2.7 billion, including a dividend per share of EUR 1.61 and a share buyback of EUR 1.462 billion. The total distribution for 2025 will amount to EUR 4.679 billion, a growth of 169% versus last year.
Outlook and Valuation
In 2026, the bank expects NBI growth above 2%, a net cost decrease of around 3%, a cost-to-income ratio below 60%, and a ROTE above 10%. With a current P/TBV of 0.92, the market is pricing in a relatively modest growth expectation. The dividend yield stands at 2.34%, providing a relatively attractive return for investors. Analysts estimate next year's revenue growth at 3.5%.
Key Drivers and Challenges
The bank's growth strategy in Financing & Advisory is expected to continue, with no exceptional seasonality expected. The company's approach to inorganic growth is rational and based on financial sense, considering factors like relative valuation and residual value risk. The revenue mix for equities includes cash equities, derivatives, and prime, with a geographical mix, and the company is working to optimize execution, with a focus on controlling expenses and maintaining a healthy base for growth.