Understanding our first quarter 2026 results

Letter to shareholders N°150

Dear shareholders,

In the first quarter of 2026, we continued to improve our performance. We made solid progress, confirming the profound transformation underway within our Group. The rigorous and methodical execution of our strategic plan is producing tangible results quarter after quarter, enabling us to move forward with determination and confidence towards achieving our financial 2026 targets.

Our revenues were substantial at EUR 7.1 billion, up +0.3% compared with the first quarter of 2025 and up 4.4% at constant perimeter and exchange rates. This growth was largely driven by the strong recovery in French Retail, Private Banking and Insurance. BoursoBank, with a solid base of 8.9 million clients, contributed EUR 92 million to Group net income in the first quarter, in line with the target of an annual contribution of more than EUR 300 million and a return on net equity (RONE) of 65.9%. At the same time, it acquired 188,000 new customers, thus demonstrating the strength of its model. 

Revenues from Global Banking and Investor Solutions were down -4.9% from the exceptional level in Q1 2025. Despite this, our performance remains solid. Market conditions were favourable for Equities, but unfavourable for Fixed Income and Currencies in Europe. Financial and Advisory activities remained buoyant, with the decrease mainly due to the negative currency impact from the US dollar.  

Lastly, Mobility, International Retail Banking and Financial Services are seeing sustained momentum, with revenues up +2.9% at constant perimeter and exchange rates. Revenues are growing overall: they are stable in Europe and have increased in Africa, as well as at Ayvens.

At the same time, we are maintaining strict cost discipline, with general expenses down -6.0% compared with the first quarter of 2025, and above our 2026 annual target of ~-3%. The structural reduction in costs is continuing. The performance and efficiency initiatives we have launched within the Group are yielding tangible results.

This discipline enabled us to achieve a cost-to-income ratio of 60.9%¹ for the quarter.

As a result of our rigorous risk management, we can also report a cost of risk of 25 basis points this quarter, below the guidance of between 25 and 30 basis points for 2026.

Group net income amounted to EUR 1,696 million for the quarter, up +5.5%, reflecting the high level of profitability with ROTE of 11.7%², well above our 2026 annual target.

As of 31 March 2026, our CET1 ratio reached 13.5%, around 325 basis points above the regulatory requirement.

This performance reflects our ambition to strengthen Societe Generale’s position among leading European banks. 

In a particularly uncertain geopolitical and economic environment, the solid foundations we have built up over the past three years, our strengthened capital position, the diversification of our exposures and our rigorous risk management are major assets, ensuring the resilience of our business and providing lasting support to our clients throughout the economic cycle.

Our performance is also driven by the commitment and dedication of all our teams, to whom I would like to thank warmly.

We are confident and fully committed to the future. We look forward to seeing you again at our next General Meeting on 27 May at CNIT La Défense.

I would like to thank you for your continued confidence in our Group and for your long-term commitment to us.

Slawomir Krupa
Chief Executive Officer

_{1 - C/I ratio of 57.6% with IFRIC 21 linearisation.
2 - ROTE of 12.7% with IFRIC 21 linearisation and excluding net gains on other assets.}