France · Delayed Price · Currency is EUR Société Générale Société anonyme Earnings Call Transcripts
Fiscal Year 2026
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Macroeconomic volatility is being managed with minimal direct exposure to conflict regions. Strategic focus is on operating leverage, cost reduction, and disciplined capital allocation, with BoursoBank and GBIS driving growth. AI adoption is advancing, and private credit risk remains contained.
Fiscal Year 2025
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Record 2025 results with €27.3B revenue and €6B net income, strong cost discipline, and all segments contributing to growth. 2026 targets upgraded, with ROTE above 10%, cost-to-income below 60%, and continued capital returns through dividends and buybacks.
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Capital targets were met ahead of schedule, enabling ongoing share buybacks and a higher payout policy. Cost-income ratio improvements are on track, with further gains expected from restructuring and IT optimization. French retail and BoursoBank show strong growth, while GBIS and Ayvens deliver solid performance.
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Nine-month 2025 results showed 6.7% revenue growth and a 10.5% ROTE, with Q3 net income at €1.5bn and CET1 at 13.7%. Cost-to-income and risk metrics improved, and management expects to outperform 2025 targets, with strong segment performance and ongoing capital returns.
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Capital build-up exceeded targets, enabling strategic capital allocation and shareholder returns. Efficiency and cost management are prioritized, with digital banking and traditional models coexisting to drive growth. Revenue outlook is stable, with Avence and capital markets divisions showing improved profitability.
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Strong H1 2025 results with net income of €3.1bn and upgraded 2025 ROTE and cost-to-income targets. Announced €1bn share buyback and interim dividend, with robust performance across all segments and continued focus on efficiency and prudent risk management.
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The session highlighted progress in capital strength, cost discipline, and transformation, with a 13.4% CET1 ratio achieved ahead of schedule and a new 50% dividend payout policy. Cost-to-income is targeted at 60% by 2026, with stable risk metrics and ongoing digitalization in French retail.
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The meeting highlighted strong 2024 financial results, a robust capital position, and progress on strategic and sustainability goals. All resolutions, including dividend and board appointments, were approved by large majorities. Shareholders engaged on topics from asset disposals to AI and ESG commitments.
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Revenue and cost performance exceeded targets, with ROTE at 11% and CET1 at 13.4%. Strong risk management, capital position, and diversified growth underpin confidence in surpassing annual goals, while capital distribution awaits FRTB clarity.
Fiscal Year 2024
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Surpassed all 2024 financial targets with 7% revenue growth, improved cost-to-income ratio, and strong capital position. 2025 guidance includes NBI growth above 3%, cost-to-income below 66%, and ROTE above 8%, with a 50% payout ratio and continued focus on efficiency and disciplined growth.
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Q3 2024 saw strong revenue and profit growth, improved cost efficiency, and capital ratios ahead of targets. French retail and digital banking performed well, while disposals and management changes support ongoing transformation. CET1 ratio at 13.2%, ROTE at 9.6%.
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Management is executing a focused strategy with strong capital progress, business simplification, and cost reduction. French retail banking is stabilizing, with positive long-term NII outlook and sound asset quality. Integration and investments in core businesses are on track for efficiency and growth.
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Net income grew 24% year-over-year to €1.1 billion, with revenues up 6% and cost-to-income ratio improving. CET1 ratio stands at 13.1%, French Retail NII guidance was revised down due to higher deposit beta and lower loan growth, and market revenues are expected to exceed €5.4 billion in 2024.