Credit Agricole S A : Presentation to the press

‌RESULTS FOR THE 1ST QUARTER 2025

‌Agir chaque jour dans l'intérêt de nos clients et de la société

Philippe Brassac

FIRST QUARTER 2025 RESULTS

2

FIRST QUARTER 2025 RESULTS



‌RECORD REVENUES AND HIGH PROFITABILITY Sustained growth in revenues and net pre-tax income

CRÉDIT AGRICOLE GROUP

Revenues

€10.0bn

+5.5% Q1/Q1

Net pre-tax income

€3.4bn

+1.6% Q1/Q1

CRÉDIT AGRICOLE S.A.

Revenues

€7.3bn

+6.6% Q1/Q1

Net pre-tax income

€2.9bn

+4.6% Q1/Q1

3 FIRST QUARTER 2025 RESULTS

‌RECORD REVENUES AND HIGH PROFITABILITY Sustained growth in revenues and net pre-tax income

As a major taxpayer in France, the Group anticipates an additional corporate income tax of €330 million in 2025, including €207 million in Q1-25

CRÉDIT AGRICOLE GROUP

Revenues

€10.0bn

+5.5% Q1/Q1

Net pre-tax income

€3.4bn

+1.6% Q1/Q1

Net income group share

€2.2bn

-9.2% Q1/Q1

CRÉDIT AGRICOLE S.A.

Revenues

€7.3bn

+6.6% Q1/Q1

Net pre-tax income

€2.9bn

+4.6% Q1/Q1

Net income group share

€1.8bn

-4.2% Q1/Q1

4 FIRST QUARTER 2025 RESULTS

+5.6% AAGR

‌CONTINUED STRONG GROWTH MOMENTUM

7.3

6.8

+5.6%

CAGR

5.5

5.9

6.1

5.2

4.7

4.9

4.9

Q1-17 Q1-18 Q1-19 Q1-20 Q1-21 Q1-22 Q1-23 Q1-24 Q1-25

Crédit Agricole S.A. revenues (in billions of euros)

5 FIRST QUARTER 2025 RESULTS

‌A COMBINATION OF ORGANIC GROWTH AND ACQUISITIONS Organic growth: strong commercial performance…

Customer Capture in France, Italy and Poland

+550,000

new customers

Change in the equipment rate for Property and Casualty Insurance (vs March-24)

RB: 44.2% (+0.8 pp)

LCL 28.0% (+0.2 pp)

CA Italia: 20.3% (+1.0 pp)

Assets under management

Wealth management, life insurance, asset management

€2,878bn

(+8.7% March/March)

Retail banking loans outstanding

France and Italy

€881bn

(+1.0%

March/March)

…supplemented by acquisitions and partnerships

Partnerships and non-controlling interests

Leasing

Acquisitions

6 FIRST QUARTER 2025 RESULTS

‌A PROACTIVE TRANSITION PLAN, DRIVING GROWTH AND OPPORTUNITIES

Following through with our exit from the financing of carbon energy

Stepping up the roll-out of renewable and low-carbon energy

1 2

3

Supporting everyone's transition, as a universal bank

Environmental transition financing

Energy sector financing:

changes in outstanding loans for fossil fuel extraction and low-carbon energy (€bn)

26,3

+141%

€111.7bn

31/12/2024

of which

Energy-efficient buildings

€86.7bn

"Clean" transport €5.3bn

10,9

9,4

19,7

7,5 5,6

-40%

Fossil fuel extraction - Low-carbon energy

2020 2023 2024

7

FIRST QUARTER 2025 RESULTS

‌Agir chaque jour dans l'intérêt de nos clients et de la société

Jérôme Grivet

FIRST QUARTER 2025 RESULTS

8

FIRST QUARTER 2025 RESULTS

‌GROUPE CRÉDIT AGRICOLE

CRÉDIT AGRICOLE S.A.

EXCELLENT PERFORMANCE IN CIB AND AG

Change March 25/March 24

+550,000 in France, Italy and Poland

France (RB + LCL): 771 (+1.6%)

Italy: 64 (-2.1%)

Total: 835 (+1.3%)

New customers

On-balance sheet deposits in retail banking (€bn)

• A new record achieved in CIB

  France (RB + LCL): 820 (+1.0%)

  Italy: 61 (+1.6%)

  Total: 881 (+1.0%)

  Retail banking

  loans outstanding (€bn)

• Record net inflows (MLT) and level of assets under management

• Record revenues in Insurance, boosted by all activities

  Property and

  casualty insurance equipment rate

  44.2% (+0.8 pp) Regional Banks

  28.0% (+0.2 pp) LCL

  20.3% (+1.0 pp) CA Italia

• Loan production in France recovered compared with the low point in early 2024, without confirming the momentum seen at the end of the year

  Wealth management: 278 (+41.2%)

  Life insurance: 352 (+5.2%)

  Asset management: 2,247 (+6.2%)

  Total: 2,878 (+8.7%)

  Assets under management

  (€bn)

• Consumer finance down, affected by a decline in car financing activity

• Strong international loan activity

Consumer finance outstandings

(€bn)

Total: 120 (+5.3%)

Of which Automotive: 54% (+1.0 pp)

#1 Syndicated loans in France

#2 Syndicated loans in EMEA

#2 All bonds in EUR worldwide

Source: Refinitiv

9 FIRST QUARTER 2025 RESULTS

‌GROUPE CRÉDIT AGRICOLE

HIGH NET PRE-TAX INCOME

Change in net pre-tax income by business line Q1/Q1 (€m)

Change in income by type Q1/Q1 (€m)

+1.6%

+€53m

-9.2%

€-219m

Gross operating income

3,347

+74

+72

(21)

+22

3,399

(93)

+523

(404)

+32

2,165

(84)

(286)

Impact of corporate income tax surtax: -€207m

2,384

Q1-24	Retail Banking	Asset	Large	SFS	Corporate	Q1-25
		gathering	Customers		centre

Very good performance by the AG and LC business lines, RB impacted by a negative base effect in Egypt and revisions to provisioning models in France

Q1-24 Revenues Operating expenses

Cost of risk Taxe Other Q1-25

Cost of risk/outstandings

27 bp

€21.4bn

Loan loss reserves

NPL ratio

2.1%

84.9%

Coverage ratio

AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre

10 FIRST QUARTER 2025 RESULTS

‌CRÉDIT AGRICOLE S.A.

RECORD REVENUES RECORDING STRONG GROWTH

Change in revenues by business line Q1/Q1 (€m)

+6.6%

+€451m

+269

(22)

6,806

+142 +22 +40

7,256

Q1-24 Asset gathering Large customers SFS Retail banking Corporate centre Q1-25

Very good performance by the AG and LC business lines, gradual improvement in RB and SFS margins

AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre

11 FIRST QUARTER 2025 RESULTS

‌CRÉDIT AGRICOLE S.A.

SUPPORT FOR BUSINESS DEVELOPMENT, LOW COST/INCOME RATIO AT 55.0%

Q1/Q1 change in expenses, by business line (€m)

Breakdown of change by type (€m)

+105

Staff costs IT investments

Others

-31

+39

+182

+63

+20

+32

+25

3,991

3,669

+8.8%

+€322m

+138

+322

Recurring expenses

+72

Q1-25 Asset gathering Large customers SFS Retail banking Corporate centre Q1-25

Increase in expenses in relation to strong revenue performance

Q1/Q1 expenses Scope effect

and integration costs

IFRIC Impact

Recurring expenses controlled at +3.4%

Provision for variable compensatio

(+€30m)

AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre

12 FIRST QUARTER 2025 RESULTS

‌CRÉDIT AGRICOLE S.A.

-4.2%

€-80m

	+4.6%
+3	+€127m 2,900
(13)	1,903

NET PRE-TAX INCOME UP

Q1/Q1 change in pre-tax income by business line (€m)

Change in net income Group share by P&L line (€m)

2,773

(21)

+86

+72

Increase in GOI

(13)

+22

1,824

(217)

Impact of corporate income tax surtax: -€123m

+451

(322)

Q1-24 Asset gathering Large customers SFS Retail banking Corporate centre Q1-25

Q1-24 Revenues Operating

expenses

Cost of risk Tax Other Q1-25

Cost of risk/outstandings

34 bp

€9.4bn Loan loss reserves

NPL ratio

2.3%

Stable vs Q4-24

74.9%

+0.8 pp vs. Q4-24

Coverage ratio

Very good performance by the AG and LC business lines, RB impacted by a negative base effect in Egypt

AG: Asset gathering; LC: Large customers; SFS: Specialised financial services; RB: Retail banking; CC: Corporate Centre

13 FIRST QUARTER 2025 RESULTS

‌CRÉDIT AGRICOLE S.A.

SOLVENCY RATIOS BENEFITING FROM A POSITIVE CRR3 IMPACT

Group's CET1 ratio (bp)

Crédit Agricole S.A. CET1 ratio (bp)

+56 bp

+25 bp

-17bp

-17bp

+44 bp

+21 bp

11.8%

-30 bp

11.7%

12.1%

-9 bp

-10 bp

17.2%

17.6%

December 24 CRR3 Retained result Business lines

organic growth

Regulatory effects, M&A and others

March 25

December 24 CRR3 Retained result Business lines

organic growth

Regulatory effects,

M&A and others

March 25 Finalized M&A

operations post Q1-25

Proforma

Very solid capital position Good solvency ratio (11% target)

14 FIRST QUARTER 2025 RESULTS

‌15 FIRST QUARTER 2025 RESULTS

‌KEY FIGURES

CRÉDIT AGRICOLE GROUP

1st QUARTER 2025

Revenues

€10,048m

+5.5% Q1/Q1

Gross operating

income

€4,056m

+3.0% Q1/Q1

Pre-tax income

€3,399m

+1.6% Q1/Q1

Net Income Group

Share (1)

€2,165m

-9.2% Q1/Q1

Revenues

Gross operating

income

Pre-tax income

Net Income Group

share

1st QUARTER 2025

CRÉDIT AGRICOLE S.A.

€7,256m

+6.6% Q1/Q1

€3,266m

+4.1% Q1/Q1

€2,900m

+4.6% Q1/Q1

€1,824m

-4.2% Q1/Q1

Cost/income 59.6%

ratio +1.0 pp 3M/3M

27 bp

stable Q1/Q4

CoR/outstandings

4 rolling quarters

CET 1

Phased-in

17.6%

+0.5 pp March/Dec

€487bn

+3% March/Dec

Liquidity reserves

Cost/income ratio

55.0%

+1.1 pp 3M/3M

34 bp

stable Q1/Q4

CoR/outstandings

4 rolling quarters

CET 1

Phased-in

12.1%

+0.4 pp March/Dec

15.9%

-0.1 pp Q1/Q1

ROTE

16

FIRST QUARTER 2025 RESULTS

‌RETAIL BANKING

Regional banks LCL Italy International

• Customer capture: +319K new customers in Q1-25

• Outstanding loans: stability in March/March +0.8%

• Inflows up +2.5% March/March, driven in particular by off-balance sheet deposits

• Revenues up +2.6% excluding the reversal of provisions for Home Savings, in line with growth in NIM

• Expenses' increase under control

• Cost of risk affected by model revisions

  Pre-tax income: €522m

  -11.6% Q1/Q1

• Gross customer capture: +67K new customers in Q1-25

• Loans outstanding +1.6% March/March, stable over the quarter

• Loan production up +32% Q1/Q1, driven by home loans

• Customer assets +2.2% March/March and up this quarter

• Revenues up +1% at €963 million, with higher fee and commission income offsetting the decline in NIM

• Expenses up +3.8% due to increased investments

  Pre-tax income: €247m

  +5.3% Q1/Q1

• Gross customer capture: +53K new customers in Q1-25

• Loans outstanding: +1.6% March/March, driven by private individuals

• Customer assets: +1.7% March/March driven by off-balance sheet deposits

• Revenues: up slightly (+0.3%) at

  €777 million; higher fee and commission income (+7.4% Q1/Q1) offset the decline in NIM

• Expenses under control

  Pre-tax income: €337m

  +1.7% Q1/Q1

• Loans outstanding +4.7% March/March at constant exchange rates

• Customer assets +11.5% March/March at constant exchange rates

• CA Poland revenues +5.3% Q1/Q1, net income up

• CA Egypt revenues down -13.2% Q1/Q1 (base effect from exceptional foreign exchange activity in Q1-24), net income down sharply

• CA Ukraine positive net income Group share

  Pre-tax income: €107m

  -22.4% Q1/Q1

  
  
  

  17 FIRST QUARTER 2025 RESULTS

  ‌ASSET GATHERING

  Insurance Asset management Wealth management

• Record revenues in Q1-25 at €14.8 billion (+21% Q1/Q1)

• Savings/retirement: continuing success of bonus campaigns and digitisation of customer experiences. Gross inflow +27% Q1/Q1; UL share 34.3%. Outstandings at €352.4 billion (+1% March/Dec.).

• Property & casualty: performance driven by the increase in average premium and portfolio growth of +5% year on year (>16.8 million contracts)

• Personal insurance: strong momentum Q1/Q1 with an excellent quarter in group insurance

• Revenues up slightly to €727 million

  Pre-tax income: €631m

  +2% Q1/Q1*

• Record quarterly inflow of MLT assets at

  +€37 billion

• Assets under management, record level at

  €2,247 billion, strong negative exchange rate impact (-€26 billion) in Q1-25

• Partnership with Victory Capital finalised on 1 April 2025

• Revenues up +11% Q1/Q1 at €892 million, of which

  +7.7% in fee and commission income, +30.7% in performance fees (low Q1-24 base), and +46.2% in technology revenues

• Expenses improvement in cost/income ratio to 54.8% excluding integration costs related to Victory

  Pre-tax income: €419m

  +9.3% Q1/Q1

• Outstandings: €213 billion (+60.2% vs March 24) with the consolidation of Degroof Petercam's assets under management

• Planned acquisition of Thaler Bank in Switzerland announced on 4 April 2025

• Revenues up 66% to €439 million, benefiting from the integration of Degroof Petercam and very strong momentum in transaction fee and commission income

• Expenses are stable excluding scope effects and integration costs

  Pre-tax income: €89m

  ×2.3 Q1/Q1

  *excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 2024

  
  
  

  18 FIRST QUARTER 2025 RESULTS

  ‌LARGE CUSTOMERS

  Corporate and investment banking Asset servicing

• Capital markets and investment banking +10.0% Q1/Q1 compared with a high baseline in Q1-24, further growth in revenues across all Capital Markets activities. Dynamic performance in structured equity activities in investment banking.

• Financing activities +4.4% Q1/Q1, driven by a very positive performance of asset and project financing (green energy and aeronautics) and by transaction banking (trade and export finance) activities.

• Revenues best quarter ever recorded at €1,887 million (+7.3% Q1/Q1)

• Expenses increase due to IT investments and the development of activity within the business lines

• Assets under custody and administration respectively amounting to

  €5,467 billion and €3,575 billion and up 9.0% and 4.7% March/March, benefiting from favourable markets and new customer acquisitions

• Settlement and delivery volume the upwards trend continued (+10% Q1/Q1), mainly driven by France and Luxembourg

• Revenues up 2.7% at €522 million, driven by the favourable evolution of the NIM and fee and commission income on flow and transaction activities.

• Expenses down slightly (-1.6%) due to ISB integration effects

  Pre-tax income: €919m

  +5.3% Q1/Q1

  Pre-tax income:

  €160m

  +19.1% Q1/Q1

  
  
  

  19 FIRST QUARTER 2025 RESULTS

  ‌SPECIALISED FINANCIAL SERVICES

  Personal Finance and Mobility Leasing and factoring

• Production -6.4% Q1/Q1 at €11.0 billion, in an economic context adversely affecting the automotive market in Europe and China; car financing represents 48.5% of total production in the quarter

• Assets under management rose to €120.7 billion, with the automotive sector benefiting from the consolidation of GAC Leasing this quarter; consolidated assets rose slightly to €68.7 billion.

• Cost of risk/outstandings down slightly to +13 bp Q1/Q1, mainly on international subsidiaries

• Revenues up 2% Q1/Q1 to €683 million, with positive price and volume effects

• Expenses increase linked to employee and IT expenses

  Pre-tax income: €126m

  -14.3% Q1/Q1

• Leasing outstanding amounts up +5.7% year-on-year to €20.5 billion, production up 3.0% Q1/Q1 driven by real estate leasing and renewable energy financing in France

• Factoring production down -5.1% Q1/Q1, mainly internationally -31.6% Q1/Q1 with a base effect in Germany

• Revenues up +4.8% Q1/Q1, driven by equipment leasing and factoring

• Expenses up +4.6% Q1/Q1 to €185 million, due to growth of the business

Pre-tax income: €56m

stable Q1/Q1

20 FIRST QUARTER 2025 RESULTS