Understanding our annual results 2025

Letter to shareholders N°149

Dear shareholders,

In 2025, we took a decisive step in the transformation of our Group. We have published annual results that successfully exceed all the targets set, driven by the disciplined execution of our strategic roadmap. This solid performance strengthens our capital position in the long term and significantly improves our profitability.

These record results are based on robust growth across all the Group’s businesses, combined with strict cost and risk management. 

The Group’s revenues reached EUR 27.3 billion for the year, a significant increase of 6.8%¹ on 2024, thus exceeding our annual target of an increase of more than 3%. 

Our general expenses are down -2.0%, excluding asset disposals over the past year. This is well above our initial target of a reduction of at least -1%. It also represents a decrease of 5.4 percentage points in our cost-to-income ratio compared with 2024, at 63.6% for 2025, below the annual guidance of less than 65%. Our operational discipline has led to a structural reduction in our cost base. 

The quality of our assets and our rigorous risk management through the cycle allow us to report a cost of risk of 26 basis points, at the lower end of our guidance range of 25 to 30 basis points.

Group Net income exceeded the threshold of EUR 6 billion in 2025, representing an increase of +43% compared with 2024. This performance translates into a return on tangible equity (ROTE) of 10.2% and 9.6% excluding net gains on other assets, above our 2025 annual target of ~9%.

Our CET1 capital ratio stood at 13.5% at the end of 2025, around 320 basis points above the regulatory requirement. 

Because of these results, we have been able to significantly increase the level of shareholder return. This has already resulted in the announcement of a extraordinary distribution of capital in the form of two successive additional share buy-backs of EUR 1 billion each.

On that basis, the Board of Directors approved the ordinary distribution policy for the 2025 fiscal year, which aims to distribute an amount of EUR 2,679 million. This will consist of a cash dividend of EUR 1.61² per share, including an interim dividend of EUR 0.61 paid per share on 9 October 2025 and a final dividend of EUR 1.00³ per share, as well as a share buy-back programme of EUR 1,462 million. 

Our 2026 targets reflect our constant effort to create value through growth, operational leverage and rigorous risk management. The continued implementation of our roadmap has led us to raise our Group profitability target, with a ROTE now expected to exceed 10%.

We will hold our next Capital Markets Day on 21 September 2026 to present the Group’s next strategic plan. This is aimed at the ongoing improvement of our sustainable performance, which is a key driver of value creation for all our stakeholders. 

I would like to thank you warmly for continuing to place your trust in our Group, and for your long-term commitment to us. 

Slawomir Krupa
Chief Executive Officer

^{1  Excluding asset disposals
2 Based on the number of outstanding shares (excluding treasury shares) at 31 January 2026 for the final dividend and at 7 October 2025 for the interim dividend (subject to the approval of the General Meeting)
3 The ex-date for the final dividend will be 1 June 2026 and the payment date will be 3 June 2026}