October 2026 – Page 82

Amundi: Third quarter and Nine-months 2026 results

Posted on October 29, 2026 by Ravi Shankar

Amundi Third Quarter & First Nine Months 2026 Results

Net income¹ up +20% Q3/Q3,
+€102bn in net inflows² over nine months

Strong net inflows²		Net inflows² of +€102bn over nine months, +€46bn in Q3 excluding transfers related to a large institutional mandate in India² Strong contribution from medium-long-term assets (MLTs³) and Retail Assets under management⁴ of €2.6tn at the end of September, up +11% year-on-year, stable in Q3

Strong earnings growth		Net income¹: €409m in Q3, up +20% Q3/Q3, +22% 9M/9M⁵ Revenue¹ growth of +11% Q3/Q3, driven by management fees Costs: very positive jaws effect of 7 points Q3/Q3, cost-income ratio¹ to 50.0% in Q3 Accounting net income: €675m in Q3, including c.€300m capital gain related to the IPO of SBI FM

Good progress across strategic priorities		Digital players: +€4bn net inflows in Q3, 2 new partnerships plus partnership extensions Retirement: +€12bn net inflows in Q3; new German distribution mandate and two institutional mandates in Germany and Asia Distribution partnership with Banco Sabadell extended by five years, until 2035 Geographies: strong net inflows in Q3 in Northern Europe (+€18bn), Asia² (+€8bn) and the Middle East (+€2bn) Active management: +€14bn net inflows, driven by fixed income and multi-asset management ETFs: +€17bn net inflows, assets under management >€100bn in Germany Private assets: completion of 9.9% ICG stakebuilding; launch of first ICG co-developed evergreen fund Surplus capital of €1bn+ following completion of ICG stake building and €500m share buyback

Paris, 29 October 2026

Amundi’s Board of Directors met on 28 October 2026 under the chairmanship of Olivier Gavalda, and reviewed the financial statements for the third quarter and the first nine months of 2026.

Valérie Baudson, Chief Executive Officer, said: « Amundi delivered strong net inflows², resulting in adjusted net income¹ growth of more than +20% in both Q3 and the nine-month period. This performance demonstrates the relevance of our strategic priorities and our continued ability to meet clients’ diverse needs. Our strong position in retirement, growing partnerships with digital distributors and broad capabilities across active management, index solutions and private assets are translating into sustained commercial momentum. Together with our diversified business model and strong financial position, these achievements give us confidence in our ability to capture further growth across the savings industry.”

Strong business momentum and innovation across the 2028 strategic plan ambitions

In the third quarter, the Amundi Group recorded sustained activity, fuelled by innovations and commercial successes in the strategic priorities of its Invest for the Future 2028 plan:

Clients:

Net inflows from digital players totalled +€4bn. Amundi signed two new partnerships in the third quarter, and extended existing relationships.
On retirement, Amundi collected +€12bn. In Germany, a new agreement for the distribution of “pillar 3” retirement solutions (AVD)⁶ was signed with a distributor. Two new institutional mandates were won, with a German regional authority and in Asia.
The distribution partnership with Banco Sabadell, which was due to be renewed in 2030, has been extended by 5 years, until 2035. Discretionary portfolio management for Banco Sabadell, Cartera Sabadell, launched in 2024, has exceeded €3bn in assets under management, out of a total of nearly €30bn managed for all of the bank’s clients.

Geographies:

Northern Europe recorded net inflows of +€18bn, positive in all countries in the region, particularly in the United Kingdom, in Germany with digital players, in Ireland with an institutional client and in the Netherlands in third-party distribution. Net inflows are therefore diversified by countries and types of clients.
Asia collected +€8bn², of which +€5bn from direct distribution (excluding JVs). China (+€2bn) is the leading contributor, thanks to the two JVs and direct distribution. In Japan, the thematic fund on energy transition materials, launched in partnership with a broker, is the leading thematic fund by net inflows in the year-to-date, and the fourth active fund by net inflows across all categories..

Solutions:

In active management, net inflows accelerated to +€14bn, driven primarily by fixed income and multi-asset. This reflects the high performance of Amundi’s flagship fixed-income funds, such as Global Aggregate and Emerging Markets Bonds. Victory Capital’s US and global strategies, distributed in Europe and Asia, once again raised nearly +€3bn in Q3, in equities and multi-asset.
The ETF platform reached €432bn in assets under management at the end of September, of which €100bn+ in Germany, a country where net inflows are very dynamic thanks to digital players. The Group’s net inflows in ETFs accelerated to +€17bn in Q3. Amundi is the leading collector for European-equity ETFs, notably with the Core Stoxx Europe 600 ETF, which reached €21bn in assets. Eight new index strategies were launched, including thematic technology ETFs. Three new active ETFs were also launched, combining quantitative and fundamental approaches and offering exposures to global, European and eurozone equities markets.
In private assets, the first evergreen fund resulting from the partnership with ICG, Amundi ICG Global Private Equity Secondaries, was launched. Amundi Alpha’s multi-management strategies raised +€1.3bn, thanks in particular to the win of two Infrastructure mandates with institutional clients in France and Germany.
Finally, in responsible investment, a fund dedicated to the restoration of forest ecosystems, Arbora Nova, has been launched with the ambition of mobilising €200m.

Technology:

Amundi Technology continued to deliver strong revenue growth, with revenues up +17% Q3/Q3.

Efficiency:

The Amundi Investment Institute has developed a model combining its cross-asset analysis framework and generative AI to build scenarios and asset allocation proposals, over multiple time horizons. The model saves half the analysis time compared to previous tools and supports better-informed still investment decisions.

ICG partnership and dynamic capital management

ICG: the launch of the first fund of the partnership followed the completion of the acquisition of a 9.9% stake in this company specialising in private assets. The final acquisition cost was €620m, below the amount estimated when the partnership was announced.
The €500m share buyback programme was completed in September. 5.9 million shares, representing 3% of the capital, were purchased on the market and then cancelled by decision of the Board of Directors.

After the completion of these two transactions and including the nine-month net income with the capital gain on SBI FM, the capital surplus at the end of September was €1bn+.

Inflows at the highest level: +€102bn² on nine months, of which +€46bn² in Q3

Q3 net inflows were affected by -€39.1bn of transfers relating to the partial reallocation of a large institutional mandate in India managed by our JV SBI FM. Given the negligible margin associated with these assets, the transfers are expected to have a negligible impact on SBI FM’s revenues and earnings, or on Amundi’s earnings. Accordingly, unless otherwise stated, commentary on net inflows for Q3 and the first nine months of 2026 excludes these transfers.

Net inflows² for nine months achieved +€102.0bn, the highest first nine months in Amundi’s history. It reflects strong business momentum across all client segments, MLT asset³ classes and geographies.

In the third quarter, net inflows² reached +€45.6bn.

MLT assets³ accounted for +€42.5bn of Q3 net inflows. MLT³ net inflows were driven by both ETFs & index solutions (+€27bn, of which +€17bn for ETFs) and active management (+€14bn), especially fixed income and multi-asset.

Quarterly net inflows of +€45.6bn were broadly diversified across client segments:

+€21bn for Retail, mainly in MLT assets³ (+€18bn), thanks to very dynamic net inflows with third-party distributors (17% annualised, almost exclusively in MLT assets³), and despite the exits from the UniCredit networks, (-€4bn in Q3); assets under management for UniCredit’s networks amounted to €71bn, of which €50bn for the network in Italy;
+€20bn for Institutional, of which +€25bn in MLT assets³, thanks in particular to several new mandates in Europe and Asia, on a wide range of expertise (active fixed income, index solutions, ETFs, private assets, etc.); the mandates with CA and SG insurers also benefited from the good momentum of life contracts in euros;
and +€5bn for associates excluding transfers related to the institutional mandate in India². JV net inflows reached +€3bn excluding the Indian mandate, of which +€5bn in MLT assets³, partially offset by outflows from money market funds at the end of the quarter in Korea, China and India. Victory Capital’s US distribution⁷ collected +€2bn.

Assets under management² as at 30 September 2026 were up +11% year-on-year, and almost stable quarter-on-quarter, to reach €2,579bn. Over the 12 months to 30 September 2026, net inflows contributed +€123bn excluding transfers related to the mandate in India, a record for this period. The market & forex effect reached +€172bn, despite the fall in the rupee over the period. The first consolidation of ICG in the second quarter completes the 12-month increase with a scope effect of +€6bn.

Third Quarter 2026 Results – net income¹ +20% year-on-year

Adjusted net revenues¹ amounted to €908m. They are up by +11.3% compared to the third quarter of 2025, driven by business-related revenues:

Net management fees increased by +13.1% Q3/Q3, driven by continued net inflows and asset growth;
Performance fees, at €20m, are seasonally more limited in Q3;
Technology revenues amounted to €34m, up +16.5%;
Net financial income¹ amounted to €9m, up from the same quarter last year (€6m) thanks to the rate hikes in the euro area year-on-year, but down from the second quarter, which benefited from the market rebound in the quarter and seasonal dividends.

Adjusted operating expenses¹, at €454m, increased by +4.0% Q3/Q3, with a particularly positive jaws effect of nearly 7 percentage points compared with revenue growth. Costs have been mostly flat in the past four quarters. Their year-on-year growth can be explained, as in previous quarters, by the business momentum and the investments in strategic growth areas. It should be noted that, as last year, they include costs related to the capital increase reserved for employees, i.e. €17m, the same amount as in the third quarter of last year.

Thanks to the jaws effect, the cost-income ratio improved year-on-year to 50.0% on an adjusted basis¹.

Contributions from associates accounted for using the equity method¹, at €83m, were up by +23.4% Q3/Q3. The integration of ICG⁷ contributes to this with €14m over the quarter. The contribution of Asian JVs (€32m, or -6.0% Q3/Q3) reflects the decline in the Indian rupee (-7%) and especially the sale of 10% of the Group’s stake in the SBI Funds Management JV; excluding these two effects, the contribution of JVs would have been up +7% year-on-year. The contribution of Victory¹^,⁷ has increased by +9.8% thanks to a good level of activity and synergies.

Pre-tax income¹ was €535m, up +20.1% compared to the third quarter of 2025.

Adjusted tax charge¹ for the third quarter 2026 includes the quarterly impact of the exceptional tax contribution in France (-€10m), equivalent to that of the third quarter of 2025 (-€9m).

Adjusted net income¹ rose to €409m, up by +20.2% Q3/Q3.

Adjusted¹ earnings per share in the third quarter of 2026 was €2.04, again above two euros over a quarter. The calculation takes into account the cancellation of the shares repurchased under the €500m share buyback programme that began last February and was finalised on 17 September, i.e. 5.9 million shares (3% of the share capital).

Accounting data:

Accounting net income group share amounted to €675m, a strong increase compared to the same quarter of 2025 as it includes the capital gain on the sale of 10% of the Group’s stake in its Indian JV, SBI FM (c.€300m).

Accounting earnings per share reached €3.27. This does not account yet for the cancellation of the shares from the buy-back programme.

Results for the first nine months of 2026– Earnings per share¹ +23% year-on-year

Adjusted net revenues¹ amounted to €2,743m, the all-time high over nine months⁵. They are up by +13.0% compared to the first nine months of 2025 pro forma⁵, driven by business-related revenues. Net Management Fees increased by +12.0% 9M/9M pro forma⁵, and performance fees, at €142m (vs. €91m in the nine months of 2025), benefited from the high level reached in the first quarter thanks to the excellent performance of a strategy.

Adjusted operating expenses¹, at €1,365m, increased by +7.6% 9M/9M pro forma⁵, showing a positive jaws effect of over 6 percentage points compared to the increase⁵ in revenues¹.

The cost-income ratio improved by 2.5 percentage points to 49.7% on an adjusted data basis¹ and pro forma⁵.

Contributions from associates accounted for using the equity method¹, at €237m, were up by +30.8% 9M/9M⁵. They include ICG’s contribution to the second (€12m) and third (€14m) quarter. The remainder of the increase (+16%) was thanks to strong growth of Victory Capital¹: +32.7% 9M/9M⁵, while the increase in the contribution of JVs (+2.8%) was materially affected by the decline of the Indian rupee (-11% on average 9M/9M) and the sale of 10% of the stake in the Indian JV. Excluding these two effects, the contribution of JVs would have been up +16%.

Pre-tax income¹ achieved €1,609m, up +20.6% compared to the first nine months of 2025 pro forma⁵.

Adjusted tax charge¹ included the exceptional tax contribution in France (-€66m), equivalent to that of the same period in 2025 (-€64m).

Adjusted net income¹ rose to €1,189m, up +21.6% 9M/9M pro forma⁵.

Adjusted earnings per share ¹ in the first nine months of 2026 achieved €5.82, up +22.6% 9M/9M pro forma⁵. The calculation takes into account the cancellation for the entire third quarter of shares repurchased under the €500m share buyback programme.

Accounting data:

Accounting net income group share amounted to €1,428m. It benefited in 2026 from the capital gain on the partial sale of SBI FM, and in 2025 from the capital gain related to the partnership with Victory Capital (€402m).

Accounting earnings per share reached €6.92. This does not account yet for the cancellation of the shares from the buy-back programme

APPENDICES

Adjusted income statement¹ of the third quarter of 2026

(€m)	Q3 2026	Q3 2025	% ch. Q3/Q3	Q2 2026	% ch. Q3/Q2

Net revenue – Adjusted	908	815	+11.3%	933	-2.7%
Net management fees	845	747	+13.1%	837	+1.0%
Performance fees	20	33	-41.0%	36	-45.8%
Technology	34	29	+16.5%	32	+4.8%
Net financial income & other net income – Adjusted	9	6	+50.9%	27	-68.1%
Operating expenses – Adjusted	(454)	(436)	+4.0%	(456)	-0.5%
Cost income ratio – Adjusted	50.0%	53.5%	-3.5pp	48.9%	+1.1pp
Gross operating income – Adjusted	454	379	+19.7%	477	-4.9%
Cost of risk & others – Adjusted	(2)	(1)	+87.4%	(1)	+79.8%
Associates – JVs	32	34	-6.0%	42	-24.3%
Associates – Victory Capital – Adjusted	36	33	+9.8%	35	+5.4%
Associates – ICG – Adjusted	14	–	NM	12	+22.3%
Pre-tax income – Adjusted	535	445	+20.1%	564	-5.3%
Corporate tax – Adjusted	(125)	(106)	+18.1%	(132)	-5.6%
Non-controlling interests	(1)	1	NM	(1)	+47.9%
Net income group share – Adjusted	409	340	+20.2%	431	-5.3%
Depreciation of intangible assets (net of tax)	(13)	(14)	-6.6%	(14)	-7.1%
ICG stake – mark-to-market revaluation	(2)	–	NM	–	NM
Integration costs and PPA depreciation (net of tax)	(1)	(61)	-98.0%	(1)	-0.0%
Associates adjustments (after tax, group share) – Victory	(11)	(15)	-31.9%	(7)	+54.2%
Associates adjustments (after tax, group share) – ICG	(2)	–	NM	–	NM
Capital gains (SBI FM in 2026), net of tax	296	(0)	NM	–	NM
Net income group share	675	249	x2.7	409	+65.2%
Earnings per share (€)	3.27	1.21	x2.7	1.98	+65.2%
Earnings per share – Adjusted (€)	2.04	1.65	+23.2%	2.09	-2.5%

Adjusted income statement¹ from the first 9 months of 2026

(€m)	9M 2026	9M 2025*	% ch. 9M/9M*

Net revenue – Adjusted	2,743	2,428	+13.0%
Net management fees	2,465	2,201	+12.0%
Performance fees	142	91	+57.0%
Technology	97	81	+20.6%
Net financial income & other net income – Adjusted	39	56	-30.4%
Operating expenses – Adjusted	(1,365)	(1,269)	+7.6%
Cost income ratio – Adjusted	49.7%	52.2%	-2.5pp
Gross operating income – Adjusted	1,378	1,160	+18.9%
Cost of risk & others – Adjusted	(6)	(7)	-11.5%
Associates – JVs	102	99	+2.8%
Associates –US⁸ operations – Adjusted	108	81	+32.7%
Associates – ICG – Adjusted	26	–	NM
Pre-tax income – Adjusted	1,609	1,334	+20.6%
Corporate tax – Adjusted	(417)	(359)	+16.2%
Non-controlling interests	(3)	3	NM
Net income group share – Adjusted	1,189	978	+21.6%
Depreciation of intangible assets (net of tax)	(42)	(43)	-1.8%
ICG stake – mark-to-market revaluation	(71)	–	NM
Integration costs and PPA depreciation (net of tax)	(4)	(65)	-94.4%
Associates adjustments (after tax, group share) – Victory	(24)	(26)	-8.9%
Associates adjustments (after tax, group share) – ICG	83	–	NM
Capital gains (Victory in 2025, SBI FM in 2026), net of tax	296	402	-26.4%
Net income group share	1,428	1,246	+14.6%
Earnings per share (€)	6.92	6.07	+14.1%
Earnings per share – Adjusted (€)	5.82	4.76	+22.2%

* For comparison purposes after the finalisation of the partnership with Victory Capital on 1 April 2025 (see press release), the quarterly series have been restated as if Amundi US had been 100% equity-accounted in the first quarter of 2025, therefore without contribution to revenues, expenses and taxes, but only to net income via an equity-accounted company line.

Details of the restatements can be found on the following pages.

Adjusted pro forma historical series¹ – Quarters & 9M 2025-2026

(€m)	9M 2026	9M 2025	– Contrib. Amundi US Q1 2025	9M 2025 pro forma	% ch. 9M/9M pro forma

Net management fees	2,465	2,289	88	2,201	+12.0%
Performance fees	142	91	0	91	+57.0%
Net asset management revenues	2,607	2,380	88	2,292	+13.7%
Technology	97	81	0	81	+20.6%
Net financial & other income	(88)	(2)	2	(4)	NM
Net financial & other income – Adjusted	39	57	2	56	-30.4%

Net revenue (a)	2,616	2,458	90	2,369	+10.4%
Net revenue – Adjusted (b)	2,743	2,518	90	2,428	+13.0%

Operating expenses (c)	(1,370)	(1,423)	(67)	(1,356)	+1.0%
Operating expenses – Adjusted (d)	(1,365)	(1,330)	(67)	(1,269)	+7.6%

Gross operating income (e)=(a)+(c)	1,246	1,035	22	1,013	+23.1%
Gross operating income – Adjusted (f)=(b)+(d)	1,378	1,187	28	1,160	+18.9%
Cost income ratio (%) -(c)/(a)	52.4%	57.9%	75.0%	57.2%	-4.9pp
Cost income ratio – Adjusted (%) -(d)/(b)	49.7%	52.8%	75.0%	52.2%	-2.5pp
Cost of risk & others (g)	343	395	(0)	395	-13.3%
Cost of risk & others – Adjusted (h)	(6)	(7)	(0)	(7)	-11.5%
Associates – JVs (i)	102	99		99	+2.8%
Associates – US operations (j)	84	38	(18)	55	+52.4%
Associates – US operations – Adjusted (k)	108	60	(22)	81	+32.7%
Associates – ICG (l)	109
Associates – ICG – Adjusted (m)	26
Pre-tax income (n)=(e)+(g)+(i)+(j)+(l)	1,884	1,567	5	1,563	+20.6%
Pre-tax income – Adjusted (o)=(f)+(h)+(i)+(k)+(m)	1,609	1,340	10	1,334	+20.6%
Corporate tax (p)	(453)	(324)	(5)	(319)	+42.1%
Corporate tax – Adjusted (q)	(417)	(365)	(6)	(359)	+16.2%
Non-controlling interests (r)	(3)	3	0	3	NM
Net income group share (s)=(n)+(p)+(r)	1,428	1,246	0	1,246	+14.6%
Net income group share – Adjusted (t)=(o)+(q)+(r)	1,189	978	0	978	+21.6%

Earnings per share (€)	6.92	6.07		6.07	+14.1%
Earnings per share – Adjusted (€)	5.82	4.76		4.76	+22.2%

Definition of assets under management and net inflows

Assets under management and net inflows including advised and marketed assets and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, the distribution to US clients of Victory Capital and ICG, assets under management and net inflows are included according to Amundi’s share in the capital of the entities.

Evolution of assets under management from the end of 2022 to the end of September 2026

(€bn)	*Assets under management*	*Net* *flows*	*Market and forex effect*	*Scope* *effect*			*Change in assets under management* *vs. prior quarter*
31.12.2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
31.03.2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
31.06.2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
30.09.2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
31.12.2023	2,037					+3.2%
Q1 2024		+16.6	+62.9		–
31.03.2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+7.9
30.06.2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30.09.2024	2,192					+1.6%
Q4 2024		+20.5	+28.1		–
31.12.2024	2,240					+2.2%
Q1 2025		+31.1	-24.0		–
31.03.2025	2,247					+0.3%
Q2 2025		+20.4	+9.2		-9.7
30.06.2025	2,267					+0.9%
Q3 2025		+15.1	+35.2		–
30.09.2025	2,317					+2.2%
Q4 2025		+20.9	+41.6		–
31.12.2025	2,380					+2.7%
Q1 2026		+32.0	-13.6		–
31.03.2026	2,398					+0.8%
Q2 2026		+24.4	+152.7		+5.8
30.06.2026	2,581					+7.6%
Q3 2026		+6.5	-8.8		–
30.09.2026	2,579					-0.1%

Total year-on-year between 30 September 2025 and 30 September 2026: +11.3% including transfers related to the institutional mandate in India (-€39.1bn in Q3 2026)

Net inflows +€83.9bn
Market effect +€162.1bn
Change rate effect +€9.8bn
Perimeter effect +€5.8bn ICG assets under management recognized as at 1 April 2026

Details of assets under management and net inflows by client segments⁹

*(€bn)*	AuM 30.09.2026	AuM 30.09.2025	% ch. /30.09.2025	Inflows Q3 2026	Inflows Q3 2025	Inflows 9M 2026	Inflows 9M 2025
Retail	915	781	+17.1%	+21.2	+7.4	+49.3	+18.6
*Institutional ()**	767	672	+14.1%	+19.1	-0.5	+20.8	+17.3
CA & SG Insurers	470	450	+4.5%	+0.6	+4.1	+18.2	+13.5
Associated companies	427	414	+3.1%	-34.4¹⁰	+4.1	-25.4¹⁰	+17.2
JVs	347	354	-2.0%	-36.4¹⁰	+4.6	-27.4¹⁰	+17.9
Victory-US distribution	72	60	+20.4%	+1.9	-0.6	+1.7	-0.6
ICG	8	–	NM	+0.0	–	+0.2	–
Total	2,579	2,317	+11.3%	+6.5¹⁰	+15.1	+62.9¹⁰	+66.6
Total (excl. transfers in India)	2,579	2,317	+11.3%	+45.6	+15.1	+102.0	+66.6

(*) Including funds of funds

Details of assets under management and net inflows by asset classes⁹

(€bn)	AuM 30.09.2026	AuM 30.09.2025	% ch. /30.09.2025	Inflows Q3 2026	Inflows Q3 2025	Inflows 9M 2026	Inflows 9M 2025
Equities	747	592	+26.2%	+17.7	+4.6	+42.4	+37.8
Multi-assets	324	280	+15.5%	+9.4	+2.8	+7.3	+1.9
Bonds	800	742	+7.8%	+14.3	+2.3	+44.4	+23.2
Private, alternative & structured assets	104	106	-2.2%	+1.2	-0.6	-0.2	-5.9
MLT ASSETS³ *()**	1,975	1,721	+14.8%	+42.5	+9.0	+93.9	+57.0
*Treasury products ()**	177	183	-3.0%	-1.5	+2.1	-5.6	-7.6
TOTAL ASSETS excl. associates	2,152	1,903	+13.1%	+40.9	+11.0	+88.3	+49.4
Associates	427	414	+3.1%	-34.4¹⁰	+4.1	-25.4¹⁰	+17.2
TOTAL¹⁰	2,579	2,317	+11.3%	+6.5¹⁰	+15.1	+62.9¹⁰	+66.6
*o/w MLT assets*³	*2,362*	*2,098*	*+12.6%*	*+10.4*	*+12.5*	*+68.0*	*+68.7*
*o/w Treasury products*	*217*	*219*	*-0.9%*	*-3.9*	*+2.6*	*-5.1*	*-2.1*
TOTAL(excl. transfers in India)	2,579	2,317	+11.3%	+45.6	+15.1	+102.0	+66.6

(*) excluding Associates

Details of assets under management and net inflows by type of management and asset classes⁹

(€bn)	AuM 30.09.2026	AuM 30.09.2025	% ch. /30.09.2025	Inflows Q3 2026	Inflows Q3 2025	Inflows 9M 2026	Inflows 9M 2025
Active management	1,214	1,133	+7.1%	+13.9	-0.8	+29.4	+8.3
Equities	223	200	+11.6%	-0.1	-2.5	-1.1	-7.3
Multi-assets	301	271	+11.0%	+7.0	+2.6	+6.1	+1.7
Bonds	690	662	+4.1%	+6.9	-0.9	+24.4	+13.9
Structured products	35	41	-14.6%	-0.6	-1.0	-5.6	-4.4
ETF & Index solutions	657	481	+36.6%	+27.4	+10.4	+64.7	+54.6
ETFs & ETCs	432	314	+37.5%	+16.8	+9.8	+44.6	+28.4
Index solutions	225	167	+35.0%	+10.6	+0.6	+20.1	+26.2
Private & alternative assets	70	66	+5.5%	+1.8	+0.3	+5.3	-1.4
*MLT ASSETS ()**	1,975	1,721	+14.8%	+42.5	+9.0	+93.9	+57.0
*Treasury products ()**	177	183	-3.0%	-1.5	+2.1	-5.6	-7.6
TOTAL excl. associates	2,152	1,903	+13.1%	+40.9	+11.0	+88.3	+49.4
Associates	427	414	+3.1%	-34.4¹⁰	+4.1	-25.4¹⁰	+17.2
TOTAL	2,579	2,317	+11.3%	+6.5¹⁰	+15.1	+62.9¹⁰	+66.6
*o/w MLT assets*	*2,362*	*2,098*	*+12.6%*	*+10.4*	*+12.5*	*+68.0*	*+68.7*
*o/w Treasury products*	*217*	*219*	*-0.9%*	*-3.9*	*+2.6*	*-5.1*	*-2.1*
TOTAL (excl. transfers in India)	2,579	2,317	+11.3%	+45.6	+15.1	+102.0	+66.6

(*) excluding Associates

Details of assets under management and net inflows by geographic area⁹

(€bn)	AuM 30.09.2026	AuM 30.09.2025	% var. /30.09.2025	Inflows Q3 2026	Inflows Q3 2025	Inflows 9M 2026	Inflows 9M 2025
France	1,122	1,041	+7.9%	+10.8	+0.7	+42.2	+10.0
Italy	191	200	-4.6%	-0.2	-3.0	-15.5	-6.3
Northern Europe	423	319	+30.3%	+18.2	+4.3	+39.6	+23.9
Rest of Europe	201	167	+20.0%	+5.9	+2.6	+13.2	+5.7
Asia	486	461	+5.3%	-31.3¹⁰	+7.4	-15.3¹⁰	+29.0
Rest of the world	155	129	+20.6%	+3.0	+3.0	-1.2	+4.3
TOTAL	2,579	2,317	+11.3%	+6.5¹⁰	+15.1	+62.9¹⁰	+66.6
TOTAL(excl. transfers in India)	2,579	2,317	+11.3%	+45.6	+15.1	+102.0	+66.6

Methodological Appendix – Alternative Performance Measures (APM)

Accounting and adjusted data

Amundi has chosen to present adjusted accounting data for certain income items (net revenues, operating expenses, share of net income of associates) in order to better reflect the company’s economic and operating profitability. These adjustments are intended to neutralise the impacts identified during acquisitions:

amortisation of distribution agreements or client contracts (UniCredit, Banco Sabadell, Alpha Associates) in other revenues;
depreciation and amortisation related to the inclusion of earn-outs (Alpha Associates) and the change in the market value of the stake in ICG (in Q4 2025 and Q1 2026) in net financial income;
depreciation of technology intangible assets (aixigo) in operating expenses;
integration and acquisition costs (Victory Capital in Q2 2025, ICG in Q4 2025) in operating expenses;
capital gains or losses on disposals (Victory Capital in Q2 2025 and SBI FM in Q3 2026) in profit or loss on other assets
as well as provisioned expenses related to optimisation or restructuring plans into operating expenses.

The adjustments applied by Victory Capital, a listed equity-accounted investment, between its reported results and its adjusted results are included identically in the results of the Amundi Group, as they correspond to adjustments of the same nature as those of the Group detailed above. They are included in the line of share of net income from associates.

Finally, as at 31 March 2026, Amundi neutralised the impact of the first consolidation of ICG on the equity-accounted line: reversal of the revaluation of shares in Q4 2025 and Q1 2026 booked in revenues and recognition of ICG’s net book value and activation of acquisition costs in Q1 2026.

The aggregate amounts of these items for the different periods under review are as follows:

Q3 2025 : -€118m pre-tax and -€91m after tax

Q2 2026: -€29m before tax and -€22m after tax

Q3 2026: -€33m pre-tax and -€27m after tax and +€349m in capital gain SBI MF before tax (+€296m after tax)

9M 2025* : -€173m pre-tax and -€134m after tax +€402m of capital gain Victory Capital (without tax effect)

9M 2026: -€73m before tax and -€55m after tax (of which impact of ICG -€68m in revenues and
+€83m in associates, i.e. +€16m after tax) and +€349m in capital gain (SBI MF) before tax (+€296m after tax)

In addition, 5.9 million shares were cancelled by decision of the Board of Directors on 28 October 2026; this cancellation was taken into account in adjusted earnings per share, over the whole of Q3 for the calculation of earnings per share for Q3 2026 and the nine months of 2026 (see p. 13).

Alternative Performance Measures¹¹

In order to present an income statement that is closer to the economic reality, Amundi publishes adjusted data which are calculated in accordance with the methodological appendix presented above. The adjusted data are reconciled with the accounting data as follows:

= accounting data

= adjusted data

(€m)	9M 2026	9M 2025*	Q3 2026	Q3 2025	Q2 2026
Net revenue (a)	2,616	2,369	889	795	913
– Amortisation of intangible assets (bef. Tax)	(54)	(55)	(17)	(18)	(18)
– Other non-cash charges related to Alpha Associates	(5)	(4)	(2)	(1)	(2)
– ICG – mark-to-market valuation	(68)	–	–	–	–
Net revenue – Adjusted (b)	2,743	2,428	908	815	933
Operating expenses (c)	(1,370)	(1,356)	(455)	(518)	(458)
– Integration and restructuring costs (bef. Tax)	0	82	0	80	(0)
– Amortisation related to aixigo PPA (bef. Tax)	5	5	2	2	2
Operating expenses – Adjusted (d)	(1,365)	(1,269)	(454)	(436)	(456)
Gross operating income (e)=(a)+(c)	1,246	1,013	434	277	455
Gross operating income – Adjusted (f)=(b)+(d)	1,378	1,160	454	379	477
Cost / Income ratio (%) -(c)/(a)	52.4%	57.2%	51.2%	65.2%	50.1%
Cost / Income ratio, adjusted (%) -(d)/(b)	49.7%	52.2%	50.0%	53.5%	48.9%
Cost of risk and others (g)	343	395	347	(1)	(1)
Cost of risk and others – Adjusted (h)	(6)	(7)	(2)	(1)	(1)
Share of net income from Associates (i)	296	155	70	51	81
Share of net income from Associates – Adjusted (j)	237	181	83	67	88
Associates – JVs	102	99	32	34	42
Associates – Victory Capital	84	55	26	18	28
Associates – Victory Capital – Adjusted	108	81	36	33	35
Associates – ICG	109	–	13	–	12
Associates – ICG – Adjusted	26	–	14	–	12
Pre-tax income (k)=(e)+(g)+(i)	1,884	1,563	851	327	536
Pre-tax income – Adjusted (l)=(f)+(h)+(j)	1,609	1,334	535	445	564
Corporate tax (m)	(453)	(319)	(174)	(79)	(126)
Corporate tax – Adjusted (n)	(417)	(359)	(125)	(106)	(132)
Non-controlling interests (o)	(3)	3	(1)	1	(1)
Net income group share (p)=(k)+(m)+(o)	1,428	1,246	675	249	409
Net income group share – Adjusted (q)=(l)+(n)+(o)	1,189	978	409	340	431
Earnings per share (€)	6.92	6.07	3.27	1.21	1.98
Earnings per share – Adjusted (€)	5.82	4.76	2.04	1.65	2.09

* pro forma: for comparison purposes after the finalisation of the partnership with Victory Capital on 1 April 2025, Q1 2025 results have been restated as if Amundi US had been consolidated at 100% under the equity method, i.e. without contribution to revenues, expenses and taxes, but only to net income via an equity-accounted contribution to net income line.

Shareholding

	30 September 2026		30 June 2026		31 December 2025		30 September 2025
(units)	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	68.35%	141,057,399	68.35%	141,057,399	68.35%	141,057,399	68.67%
Employees	4,520,297	2.19%	4,847,042	2.35%	4,990,841	2.42%	4,221,408	2.06%
Treasury shares	7,149,086	3.46%	4,805,605	2.33%	1,631,846	0.79%	1,651,188	0.80%
Free float	53,659,544	26.00%	55,676,280	26.98%	58,706,240	28.44%	58,489,267	28.47%

Number of shares at end of period	206,386,326	100.0%	206,386,326	100.0%	206,386,326	100.0%	205,419,262	100.0%
Average number of shares year-to-date	206,386,326	–	206,386,326	–	205,602,077	–	205,419,262	–
Average number of shares quarter-to-date	206,386,326	–	206,386,326	–	206,060,467	–	205,419,262	–

Average number of shares pro rata temporis.

The average number of shares was unchanged between Q2 2026 and Q3 2026, increased by +0.5% between Q3 2025 and Q3 2026 as well as between the first 9 months 2025 and the first 9 months 2026
A capital increase reserved for employees was booked on 22 October 2026. 613,300 shares (~0.3% of the capital before the transaction) were created
A capital increase reserved for employees was booked on 23 October 2025. 967,064 shares (~0.5% of the capital before the transaction) were created
On 3 February 2026, Amundi announced a share buyback programme for a maximum of €500m (c.3% of the capital before the operation). Shares bought are intended to be subsequently cancelled. This programme was completed on 17 September 2026 with 5,913,261 shares bought. They were cancelled following a decision of the Board that was held on 28 October 2026.
For the purpose of calculating adjusted earnings per share for Q3 2026 and the first nine months of 2026, this cancellation was taken into account as if it had occurred on 1 July 2026. Consequently, the adjusted average number of shares is 200,473,065 for Q3 2026 and 204,393,579 for the first nine months of 2026

Financial communication calendar

Q4 & Full Year 2026 Results: 2 February 2027
Q1 2027 earnings release: 29 April 2027
Shareholders’ Meeting: 31 May 2027
Q2 & H1 2027 earnings release: 27 July 2027
Q3 & 9-month 2027 results: 27 October 2027

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players¹², offers over 200 million investors a complete range of savings and investment solutions in active and passive management, in listed and private assets. Developed for a range of distributors (banks, wealth managers, financial advisors…) as well as for institutional investors and corporates, this offering is enhanced by services and technology tools covering the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.6 trillion of assets¹³.

Its six international investment hubs¹⁴, its financial and extra-financial research capabilities and its long-standing commitment to responsible investment make Amundi a leading player in the international asset management landscape.

Thanks to its strong local presence, particularly in Europe and Asia, Amundi offers its clients the expertise and advice of 5,400 professionals across 34 countries.

Amundi, a trusted partner, working every day in the interest of its clients and for society

www.amundi.com

Press contacts:	Shareholder contacts:
Natacha Andermahr	Cyril Meilland, CFA
Tel. +33 1 76 37 86 05	Tel. +33 1 76 32 62 67
natacha.andermahr@amundi.com	cyril.meilland@amundi.com
Corentin Henry	Thomas Lapeyre Annabelle Wiriath
Tel. +33 1 76 32 26 96	Tel. +33 1 76 33 70 54 Tel. +33 1 76 32 43 92
corentin.henry@amundi.com	thomas.lapeyre@amundi.com annabelle.wiriath@amundi.com

DISCLAIMER

This document does not constitute and does not form part of any offer or invitation to sell, exchange, buy or subscribe for, or any solicitation of an offer to buy, exchange or subscribe for any securities in any State or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or approval under the securities laws of such State or of this jurisdiction. No securities may be offered, subscribed for or sold in the United States of America without being registered in accordance with the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except under an exemption or in connection with a transaction not subject to the registration requirements of the U.S. Securities Act. The securities of Amundi shares have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offering of its securities in the United States of America or France.

This document may contain forward-looking statements relating to Amundi’s financial position and results. These statements include financial projections and estimates based on scenarios based on a number of economic assumptions made in a given competitive and regulatory environment, assumptions about plans, objectives and expectations relating to future events, operations, products and services, and assumptions about future performance and synergies. By their nature, they are therefore subject to known and unknown risks and uncertainties that may cause them not to materialise. Accordingly, no assurance can be given that these forward-looking statements will materially occur and Amundi’s actual financial position and results could differ materially from those projected or implied in such statements. These risks and uncertainties include, but are not limited to, the risk factors mentioned or identified in the documents made public that Amundi files from time to time with the French Autorité des Marchés Financiers, including the risk factors set out in section 5.2 “Risk Factors” of our Universal Registration Document for the fiscal year ended December 31, 2025, available on the Regulated Information page of Amundi’s website (about.amundi.com/regulated-information). Readers are advised to consider all of these risks and uncertainties before forming their own opinions.

Any forward-looking statements made by Amundi are made as of the date of this document. Amundi undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances, or otherwise, except as required by applicable laws and regulations.

This document refers to certain non-IFRS financial measures (or Alternative Performance Measures) used by Amundi to analyse operating trends, financial performance and financial position and to provide investors with additional information deemed useful and relevant regarding Amundi’s results. These Alternative Performance Measures are not measures recognised by IFRS, or any other generally accepted accounting standard, and they generally do not have a standardised meaning and therefore may not be comparable with similarly named measures used by other companies. Accordingly, none of these Alternative Performance Measures should be considered in isolation or as a substitute for the financial statements and notes thereto prepared in accordance with IFRS. For a definition of the Alternative Performance Measures included in this document and their reconciliation to the relevant financial statement item, subtotal or total, please refer to the methodological appendix to this document and section 4.3.4, “Alternative Performance Measures (APM) and pro forma restatements”, of our Universal Registration Document for the fiscal year ended 31 December 2025, available on the Regulated Information page of Amundi’s website (about.amundi.com/regulated-information).

The financial information included in this document for the third quarters and 9 months 2026 and 2025 and the second quarter of 2026 has not been audited by the Statutory auditors. Some of the numbers calculated (including data expressed in millions or billions) and percentages presented in this document have been rounded. In such cases, the totals presented in this document may differ slightly from the totals that would result from the addition of the exact (unrounded) amounts of the data so calculated.

Unless otherwise stated, the sources of rankings and market positions are internal. The information contained in this document, to the extent that it relates to entities other than Amundi, or is derived from external sources, has not been reviewed by a supervisory authority, nor has it generally been subject to independent verification, and no representation or commitment is given in respect of it, and no certainty should be given as to the accuracy, the truthfulness, accuracy and completeness of the information or opinions contained in this document. Neither Amundi nor its representatives shall be liable for any decision taken or negligence or for any damage that may result from the use of this document or its content or anything relating to them or any document or information to which this document may refer.

¹ Adjusted data: see p. 11
² Excluding transfers related to an institutional mandate managed by Indian JV SBI FM, amounting to -€39.1bn in Q3 2026, and carrying a negligible margin; including these transfers, total net inflows were +€6.5bn in Q3 and +€62.9bn over nine months
³ Medium-to-Long Term (MLT) assets, excluding associates: Asian JVs, Victory Capital’s US distribution and ICG
⁴ See definition of assets under management and net inflows on p.8; the Employee Savings and Retirement (ESR) business line was presented with the Institutional segment until the results of the 4^th quarter of 2025, it is now integrated into the Retail segment; the 2025 quarterly series have been restated to take account of this new allocation
⁵ Pro forma: in this document, the historical series have been restated on a comparable basis, see appendix p.7
⁶ Altersvorsorgedepot (retirement savings account), of which marketing will begin on 1 January 2027
⁷ Recognised for Amundi’s share in the capital, i.e. 27.59% for Victory Capital (27.45% in Q2) and 9.83% for ICG (7.72% in Q2)
⁸ 26% of Victory Capital as from Q2 2025, 27% in T2 and Q3 2026 and 100% of Amundi US in Q1 2025
⁹ See definition of assets under management, p.9
¹⁰ Including – €39.1bn of transfers related to the institutional managed by the Indian JV SBI MF, carrying a negligible margin
¹¹ See also section 4.3 of the 2025 Universal Registration Document filed with the AMF on 31 March 2026 under number D26-0183
¹² Source: IPE “Top 500 Asset Managers” published in June 2026, based on assets under management as at 31/12/2025.
¹³ Amundi data as at 30/09/2026.
¹⁴ Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital).

Attachment

Amundi_PR_results_Q3_2026_EN

Posted in UncategorizedTagged GlobeNewswire

ING shows continued commercial momentum in 3Q2026 and is well on track to deliver on 2026 outlook

Posted on October 29, 2026 by Ravi Shankar

ING shows continued commercial momentum in 3Q2026 and is well on track to deliver on 2026 outlook

3Q2026 net result of €1,850 million, up 3.5% year-on-year with an ROTE of 16.3%
•	Mobile primary customer base increases by 259,000 in the third quarter
•	Net core lending growth of €11.0 billion and net core deposit growth of €12.1 billion
•	Fee income of €1,273 million, up 9.3% year-on-year
•	Operating expenses remain under control; risk costs affected by a management overlay
•	Profit before tax increases 5.7% year-on-year to €2,705 million
•	Strong capital generation and CET1 ratio of 13.3% allow us to announce a €1.9 billion distribution
•	We are refocusing and simplifying Wholesale Banking to better serve our clients
CEO statement “ING has had a strong third quarter of 2026 as we continue to execute on our strategy and deliver solid commercial and financial performance,” said Steven van Rijswijk, CEO of ING. “Against a backdrop of continuing geopolitical uncertainty, volatility and pressure on consumer and corporate confidence, our clients continue to show their trust in ING and increasingly turn to us for more of their financial needs across our various segments. This demonstrates the strength and resilience of our business, and we remain well on track to deliver on our outlook for 2026. “We’re proud that more customers are choosing ING as their bank. We have added 259,000 mobile primary customers during the quarter, with strong contributions from Germany, the Netherlands and Romania. Total income has grown 5.6% and net result has increased 3.5% year-on-year. As our customer base grows, we are also doing more business with them and seeing higher customer balances, which contributed to double-digit growth in commercial interest income and 9.3% growth in fee income year-on-year. This was partly offset by lower other income, reflecting effects from heightened interest rate volatility, which are expected to reverse over time. “In Retail Banking, our mortgage portfolio has increased by €6.9 billion as we helped more people finance their homes, contributing to lending growth of €8.5 billion, or up 6% annualised. Deposits have grown by €2.7 billion, despite seasonal customer summer holiday spending. As more customers choose to invest with ING, we have also seen continued flows from deposits into investment products, which supported a €6.7 billion increase in assets under management & e-brokerage during the quarter to €328 billion, up 22% year-on-year. “In Wholesale Banking, lending growth was €2.5 billion on the back of continued client demand. Deposits have grown by €9.4 billion, highlighting good deposit-gathering momentum. Fee income has increased 9.4% year-on-year, with strong contributions from Daily Banking & Trade Finance. As part of the ambition to become the best European bank, we are taking a next strategic step in Wholesale Banking to simplify and make it easier for our clients to do business with us. As a reliable banking partner, we aim to create greater value for our clients and all our stakeholders. “Operating expenses have remained under control, with a 1.1% increase quarter-on-quarter as higher staff expenses reflecting wage inflation were partly mitigated by the ongoing implementation of cost initiatives. Risk costs excluding one-offs remained well below our through-the-cycle average of 20 basis points of average customer lending. Return on tangible equity was 16.3% in the quarter, with a four-quarter-rolling-average of 14.8%. “Our capital remains strong, with a CET1 ratio of 13.3%. In line with our capital velocity ambitions, we completed two significant risk-transfer (SRT) transactions during the quarter, generating total RWA relief of €3.0 billion. These included a transaction for Wholesale Banking and one for Retail Banking. “Operating at the right level of capital is in the best interest of all our stakeholders, including our customers and the economies where we do business. After completing the share buyback programme that we announced in April 2026, we today announce a further distribution of €1.9 billion. “We enter the remainder of this year with good momentum and continued customer growth. I would like to thank our employees for their dedication to supporting our customers and clients and for driving our progress in a complex geopolitical and macroeconomic environment. We remain focused on delivering our strategic priorities and look forward to providing an update on our strategy at our Capital Markets Day on 14 June 2027.”

Further information
All publications related to ING’s 3Q 2026 results can be found at the quarterly results page on ing.com. For more on investor information, go to the Investor Overview on ing.com. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 3Q 2026 results is available on Youtube. For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.

Investor conference call and webcast
Steven van Rijswijk (CEO), Ida Lerner (CFO) and Andrea Cesaroni (CRO) will discuss the results in an Investor conference call on 29 October 2026 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.

Investor enquiries
T: +31 20 576 6396
E: investor.relations@ing.com

Press enquiries
T: +31 20 576 5000
E: media.relations@ing.com

ING Profile
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI has been upgraded from ‘AA’ to ‘AAA’ in October 2025. As of July 2026, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 16.7 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

IMPORTANT LEGAL INFORMATION

Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

ING Group’s financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated financial statements. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine, other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyberattacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachment

Full ING Group 3Q 2026 Results Press Release (PDF)

Posted in UncategorizedTagged GlobeNewswire

ING shows continued commercial momentum in 3Q2026 and is well on track to deliver on 2026 outlook

Posted on October 29, 2026 by Ravi Shankar

ING shows continued commercial momentum in 3Q2026 and is well on track to deliver on 2026 outlook

3Q2026 net result of €1,850 million, up 3.5% year-on-year with an ROTE of 16.3%
•	Mobile primary customer base increases by 259,000 in the third quarter
•	Net core lending growth of €11.0 billion and net core deposit growth of €12.1 billion
•	Fee income of €1,273 million, up 9.3% year-on-year
•	Operating expenses remain under control; risk costs affected by a management overlay
•	Profit before tax increases 5.7% year-on-year to €2,705 million
•	Strong capital generation and CET1 ratio of 13.3% allow us to announce a €1.9 billion distribution
•	We are refocusing and simplifying Wholesale Banking to better serve our clients
CEO statement “ING has had a strong third quarter of 2026 as we continue to execute on our strategy and deliver solid commercial and financial performance,” said Steven van Rijswijk, CEO of ING. “Against a backdrop of continuing geopolitical uncertainty, volatility and pressure on consumer and corporate confidence, our clients continue to show their trust in ING and increasingly turn to us for more of their financial needs across our various segments. This demonstrates the strength and resilience of our business, and we remain well on track to deliver on our outlook for 2026. “We’re proud that more customers are choosing ING as their bank. We have added 259,000 mobile primary customers during the quarter, with strong contributions from Germany, the Netherlands and Romania. Total income has grown 5.6% and net result has increased 3.5% year-on-year. As our customer base grows, we are also doing more business with them and seeing higher customer balances, which contributed to double-digit growth in commercial interest income and 9.3% growth in fee income year-on-year. This was partly offset by lower other income, reflecting effects from heightened interest rate volatility, which are expected to reverse over time. “In Retail Banking, our mortgage portfolio has increased by €6.9 billion as we helped more people finance their homes, contributing to lending growth of €8.5 billion, or up 6% annualised. Deposits have grown by €2.7 billion, despite seasonal customer summer holiday spending. As more customers choose to invest with ING, we have also seen continued flows from deposits into investment products, which supported a €6.7 billion increase in assets under management & e-brokerage during the quarter to €328 billion, up 22% year-on-year. “In Wholesale Banking, lending growth was €2.5 billion on the back of continued client demand. Deposits have grown by €9.4 billion, highlighting good deposit-gathering momentum. Fee income has increased 9.4% year-on-year, with strong contributions from Daily Banking & Trade Finance. As part of the ambition to become the best European bank, we are taking a next strategic step in Wholesale Banking to simplify and make it easier for our clients to do business with us. As a reliable banking partner, we aim to create greater value for our clients and all our stakeholders. “Operating expenses have remained under control, with a 1.1% increase quarter-on-quarter as higher staff expenses reflecting wage inflation were partly mitigated by the ongoing implementation of cost initiatives. Risk costs excluding one-offs remained well below our through-the-cycle average of 20 basis points of average customer lending. Return on tangible equity was 16.3% in the quarter, with a four-quarter-rolling-average of 14.8%. “Our capital remains strong, with a CET1 ratio of 13.3%. In line with our capital velocity ambitions, we completed two significant risk-transfer (SRT) transactions during the quarter, generating total RWA relief of €3.0 billion. These included a transaction for Wholesale Banking and one for Retail Banking. “Operating at the right level of capital is in the best interest of all our stakeholders, including our customers and the economies where we do business. After completing the share buyback programme that we announced in April 2026, we today announce a further distribution of €1.9 billion. “We enter the remainder of this year with good momentum and continued customer growth. I would like to thank our employees for their dedication to supporting our customers and clients and for driving our progress in a complex geopolitical and macroeconomic environment. We remain focused on delivering our strategic priorities and look forward to providing an update on our strategy at our Capital Markets Day on 14 June 2027.”

Investor enquiries
T: +31 20 576 6396
E: investor.relations@ing.com

Press enquiries
T: +31 20 576 5000
E: media.relations@ing.com

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

IMPORTANT LEGAL INFORMATION

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachment

Full ING Group 3Q 2026 Results Press Release (PDF)

Posted in UncategorizedTagged GlobeNewswire

EZVIZ Backs Malaysian Families in Building Their Homes With Smart Cameras and Smart Entry Devices, Showcasing a User-Centric Way of Integrating Technology Into Lifestyle at HOMEDEC 2026

Posted on October 29, 2026 by sHq_LoGiNz

KUALA LUMPUR, Malaysia–(BUSINESS WIRE)–At HOMEDEC 2026, EZVIZ showcases its latest smart home solutions, reflecting EZVIZ’s approach to better suited to different household needs.

Posted in UncategorizedTagged Business Wire

Liven AS – Consolidated unaudited interim report for the 9 months and III quarter of 2026 – 2026 revenue target of EUR 59.0 million covered by sales contracts

Posted on October 29, 2026 by Ravi Shankar

A webinar on the presentation of the results (in Estonian) will take place on 29 October at 13:00 (EET), more information. English translation of the webinar transcription will be made available on https://liven.ee/en/investor/.

Summary of the third quarter
There were no new completions during the third quarter. We handed over only 7 previously completed homes, which is why sales volume was low and we recorded a net loss. Most of the year’s handovers and revenue will take place in the fourth quarter together with the completion of construction. The 2026 revenue target of EUR 59 million had been achieved or covered by contracts by the end of October. During the quarter, we acquired the Pärnu mnt 35/37/41 properties in the centre of Tallinn (the Cosmo project, more than 160 homes), and presales continued in new projects and phases, where the signing of sales contracts and the start of construction contracts take place in the last quarter of the year.

Overview of the third quarter and nine months of 2026
Activity in the residential real estate market remained stable in the third quarter of 2026. During the quarter, we signed 44 sales contracts (contracts under the law of obligations; Q3 2025: 60; Q2 2026: 57), including 1 in Berlin. Most new contracts came from the Iseära (16), Regati (10) and Luuslangi (8) projects. The relatively modest number of contracts was also affected by the fact that, in several projects, the conversion of reservations into sales contracts shifted largely into the fourth quarter. Over the nine months, we signed 155 sales contracts, 34% more than a year earlier (9 months 2025: 116).

The average weekly sales ratio for the quarter was about 1.2%, lower than in the second quarter (nearly 2.4%). The ratio varies with project sales and supply cycles. An average of 360 homes were on offer during the quarter, 30% more than in the previous quarter. According to Citify.eu, Liven’s market share in Greater Tallinn was about 8% in the nine months of 2026.

Sales contracts signed during the period that are not transferred under a real right contract within the same period are recognised as presales. As of the beginning of the quarter, the estimated monetary value of previously recognised presales was EUR 48.6 million, of which EUR 39.8 million was in projects planned for completion during 2026.

During the quarter, we signed new contracts in the sales revenue volume of EUR 13.1 million, and presales from new sales made during the quarter amounted to EUR 10.7 million. We enter the fourth quarter of 2026 with 205 contracts under the law of obligations and a presale volume of EUR 58.1 million, of which EUR 41.0 million is in buildings to be completed during 2026. Presales do not include Phase I of the Peakorter project, as the 50/50 joint venture results are not consolidated line by line and its sales revenue is not reflected in the consolidated results.

In the nine months, we signed new sales contracts worth EUR 39.3 million in revenue, of which EUR 32.0 million became presales. The presale portfolio has grown by EUR 24.4 million since the beginning of the year (beginning of 2026: EUR 33.7 million).

There were no new completions in the third quarter and we handed over 7 previously completed homes in the Regati project (Q3 2025: 15; Q2 2026: 12). Most of the year’s handovers take place in the fourth quarter.

Revenue for the third quarter of 2026 was EUR 3,675 thousand (Q3 2025: EUR 5,080 thousand; Q2 2026: EUR 4,503 thousand) and the loss before income tax was EUR 356 thousand (Q3 2025: profit of EUR 132 thousand; Q2 2026: loss of EUR 234 thousand).

During the first nine months of the year, we have handed over a total of 33 homes and commercial units (9 months 2025: 56), earned revenue of EUR 15,114 thousand (9 months 2025: EUR 14,399 thousand) and a loss before income tax of EUR 171 thousand (9 months 2025: profit before income tax of EUR 427 thousand).

The third quarter result was mainly affected by the small number of handovers. Gross profit for the quarter (EUR 449 thousand) did not cover distribution and administrative expenses (EUR 783 thousand). The net loss for the quarter was EUR 356 thousand and the net loss for the nine months EUR 555 thousand (Q3 2025: net profit of EUR 132 thousand; 9 months 2025: net profit of EUR 399 thousand).

As a result of continued construction and the acquisition of the Pärnu mnt properties, total assets grew by EUR 16,384 thousand during the quarter to EUR 116,570 thousand. Construction loans increased to EUR 25,188 thousand by the end of the quarter (30 June 2026: EUR 16,561 thousand) and other loan liabilities to EUR 45,854 thousand (30 June 2026: EUR 40,780 thousand), mainly due to the 60% bank loan financing of the Cosmo acquisition. Total loan liabilities reached EUR 71,042 thousand at the end of the quarter. Due to the construction cycle, loan liabilities peak just before buildings are completed. Most of this year’s handovers take place in the fourth quarter and we repay construction loans from the proceeds, so we expect loan liabilities to decrease significantly by the end of the year.

In line with our business model, operating cash flows were negative in both the third quarter and the nine months due to construction. Construction has been financed mainly with bank loans. Homes are handed over after completion in the last quarter of the year, which turns operating cash flows positive and repays the construction loans. During the quarter, cash and cash equivalents decreased by EUR 6,453 thousand to EUR 3,580 thousand, mainly due to the Cosmo acquisition.

Consolidated statement of financial position

(in thousands of euros)	30 September 2026	31 December 2025	30 September 2025
Current assets
Cash and cash equivalents	3,580	8,553	5,626
Trade and other receivables	3,253	1,456	1,332
Prepayments	1,605	531	1,643
Inventories	100,767	71,009	86,706
Total current assets	109,205	81,549	95,306
Non-current assets
Trade and other receivables	0	1,535	1,484
Prepayments	49	44	44
Investment properties	6,131	1,960	1,960
Property, plant and equipment	244	296	318
Intangible assets	428	467	456
Right-of-use assets	512	606	614
Total non-current assets	7,365	4,908	4,877
TOTAL ASSETS	116,570	86,457	100,183

(in thousands of euros)	30 September 2026	31 December 2025	30 September 2025
Current liabilities
Borrowings	19,219	11,882	2,784
Trade and other payables	18,585	13,822	17,021
Provisions	55	97	35
Total current liabilities	37,860	25,801	19,840
Non-current liabilities
Borrowings	51,823	34,850	59,777
Trade and other payables	410	2,065	1,868
Provisions	70	151	127
Total non-current liabilities	52,303	37,066	61,772
Total liabilities	90,163	62,866	81,612
EQUITY
Share capital	1,305	1,200	1,200
Share premium	14,187	9,586	9,581
Share option reserve	34	262	323
Own (treasury) shares	-3	-4	-6
Statutory capital reserve	120	120	120
Retained earnings (prior periods)	11,318	7,012	6,953
Profit for the year	-555	5,414	399
Total equity	26,407	23,590	18,571
TOTAL LIABILITIES AND EQUITY	116,570	86,457	100,183

Consolidated statement of comprehensive income

(in thousands of euros)	2026 III quarter (July–Sept)	2025 III quarter (July–Sept)	2026 9 months (Jan–Sept)	2025 9 months (Jan–Sept)
Revenue	3,675	5,080	15,114	14,399
Cost of sales	-3,226	-4,281	-12,579	-11,603
Gross profit	449	799	2,535	2,796
Distribution costs	-418	-376	-1,430	-1,410
Administrative expenses	-365	-326	-1,111	-1,166
Other operating income	14	32	52	254
Other operating expenses	-14	-9	-40	-29
Operating profit	-334	120	6	445
Finance income	68	40	197	76
Finance costs	-90	-28	-373	-94
Total finance income and costs	-22	12	-177	-18
Profit before income tax	-356	132	-171	427
Income tax expense	0	0	-384	-28
Net profit for the period	-356	132	-555	399
Attributable to owners of the parent	-356	132	-555	399
Total comprehensive income for the period	-356	132	-555	399
Attributable to owners of the parent	-356	132	-555	399
Basic earnings per share	-0.027	0.011	-0.044	0.033
Diluted earnings per share	-0.026	0.011	-0.043	0.033

Key events
In July, the group’s subsidiary Liven Kodu 25 OÜ signed a notarial contract to acquire the development properties at Pärnu maantee 35, 37 and 41 in central Tallinn (the Cosmo project). The transaction amounted to EUR 10 million and the estimated total investment is about EUR 40 million. Three 3–7-storey residential and commercial buildings with more than 160 homes are planned.

We started construction of the next seven terraced houses (43 homes) in Iseära (general contractor Tesron Ehitus OÜ; completion in autumn 2027).

Presales continued in Regati phase II, Kadakadabra and the next Iseära apartment buildings. In Regati phase II, we started signing contracts under the law of obligations.

During the quarter, we financed the acquisition of the Cosmo properties with a EUR 6 million Bigbank mortgage loan and refinanced the Kadakadabra property with a EUR 3.5 million Coop Pank mortgage loan. We also repaid the EUR 1.7 million unsecured loan raised earlier from investors to acquire the Wohngarten property.

Events after the reporting period
In October, we started construction of Regati phase II (102 homes and 6 commercial spaces; general contractor Mitt & Perlebach OÜ; first building to be completed in Q1 2028) and of three Iseära apartment buildings (34 homes; completion at the end of 2027).

In October, we also started signing sales contracts in Kadakadabra phase I. At the end of October, we launched presales of the first building in the final phase of Luuslangi (Jalami 7, 33 homes).

Economic environment overview
The Estonian economy continued to recover in the third quarter of 2026; GDP grew by 1.8% year-on-year in the second quarter. In September, the European Central Bank raised interest rates by 0.25 percentage points due to rising energy prices, and the 6-month Euribor rose to 3.07% by the end of the quarter (30 June 2026: 2.57%; 30 September 2025: 2.10%). Analysts expect one more rate rise this year. Eesti Pank’s September forecast projects growth of 2.6% in 2026 and 2.4% in 2027 and 2028.

Price growth accelerated at the end of the quarter. In the third quarter, consumer prices rose by an average of 2.4% year-on-year, but by 3.5% in September (Q2 2026: 2.3%), mainly due to higher fuel and energy prices (petrol +33.8%, diesel +58% year-on-year). Food prices fell by 1.2% year-on-year. Eesti Pank forecasts inflation of 3.1% in 2026 and 2.3% in 2027.

According to Statistics Estonia and our estimate, the average gross wage in the third quarter was about EUR 2,200, around 5% higher than a year earlier and still outpacing consumer prices. Income growth improves housing affordability, and banks report that demand for home loans remains strong despite rising interest rates.

Compared with the second quarter of 2026, the volume of new development sales offers in Tallinn remained at a similar level in the third quarter of 2026, while the average sales price grew modestly. According to Citify.eu, the average number of new apartment sales offers was 2,948 units (Q2 2026: 2,958 units; Q3 2025: 2,812 units), remaining nearly 5% higher year-on-year. The average price per square metre rose by 0.2% compared with the previous quarter (average for Q2 2026: EUR 5,227/m²; average for Q3 2026: EUR 5,236/m²) and was 4.7% higher than a year earlier (Q3 2025: EUR 4,999/m²).

According to Citify.eu, 402 sales contracts were signed in Tallinn in the third quarter, 6% more than in the previous quarter (Q2 2026: 379) but nearly 5% fewer than a year earlier (Q3 2025: 422). Around Tallinn, 246 apartments and terraced houses were sold in the quarter (Q2 2026: 239; Q3 2025: 202). In the nine months, 1,226 sales contracts were signed in Tallinn (9 months 2025: 1,147) and 701 apartments and terraced houses were sold around Tallinn (9 months 2025: 553). Transactions are growing much faster around Tallinn than in the city: by 27% versus 7% in the nine months.

The stock of completed unsold apartments in Tallinn decreased to 774 during the third quarter (30 June 2026: 797; 30 September 2025: 896). Completed apartments made up on average 28.2% of total supply in the quarter (Q2 2026: 27.6%; Q3 2025: 34.0%), clearly lower than a year earlier.

Outlook for the future
Third-quarter sales contracts were affected by several reservations converting into contracts only in the fourth quarter, so we expect the last quarter to be the strongest sales period of the year.

At the end of the nine months, the presale portfolio comprised 205 sales contracts worth EUR 58.1 million, of which EUR 41.0 million in buildings due for completion by year-end. Together with October sales in homes completed or completing this year and EUR 15.1 million of revenue earned in the nine months, the 2026 revenue target of EUR 59 million was achieved or covered by contracts by the end of October.

Most of the new home completions and handovers planned for 2026, and thus also revenue and profit, fall into the last quarter of the year. The annual revenue target remains unchanged, but achieving it requires all construction to be completed on time and the sold homes to be handed over to their new owners. Should the schedule of handovers planned close to the end of the year be extended, an estimated EUR 5 million of revenue may shift to the beginning of 2027.

With the handovers in the last quarter, we expect higher net profit for 2026, return on equity above target and a significant decrease in construction loans.

Results in 2027 and 2028 will be supported by Regati phase II and the next Iseära phase, started in the autumn (179 homes in total). 2027 will also benefit from homes already under construction, mainly in Peakorter phase I and Luuslangi.

At year-end, the focus has moved to activities that will deliver results in 2028. We are preparing to start construction in Kadakadabra phase I and the Juhkentali rental building (now Peatus), and we have launched presales in the final phase of Luuslangi.

Results for 2028–2031 will be significantly supported by this year’s acquisitions in Tallinn (Cosmo) and Berlin (Plantagenstraße 19 and Reichsstraße 101) and by Peakorter phase II (Erika 12), which awaits adoption of its detailed plan. In new acquisitions in Tallinn and Berlin, we focus mainly on projects that contribute to Liven’s results from 2030.

Our existing land portfolio enables us to continue growing business volumes and profit steadily and to keep return on equity above 20% over the long term.

The main risks associated with Liven’s business activities include market, operational and financial risks, including capitalisation and financing. Risk management is a central part of the group’s strategic management and aims to identify and minimise economic risks in order to achieve strategic and financial objectives.

Joonas Joost
Liven AS CFO
E-mail: joonas.joost@liven.ee

investor@liven.ee, liven.ee/en/investor
The interim report for the IV quarter and 12 months of 2026 will be published on 28 January 2027.

Attachment

Liven-2026-Q3-interim-report

Posted in UncategorizedTagged GlobeNewswire

Idorsia and SPV investors partner to unlock the blockbuster potential of TRYVIO/JERAYGO with a targeted launch in specialists

Posted on October 29, 2026 by Ravi Shankar

Ad hoc announcement pursuant to Art. 53 LR

Dedicated launch capital and shared participation in future revenues create a focused and capital-efficient pathway to realize the potential of TRYVIO/JERAYGO.

Idorsia to host a webcast to provide additional context in the coming week

Allschwil, Switzerland – October 29, 2026
Idorsia Ltd (SIX: IDIA) today announced a proposed commercialization partnership between Idorsia and noteholders in Idorsia Investments SARL (“SPV”) designed to unlock the substantial global commercial opportunity of TRYVIO™ /JERAYGO™ (aprocitentan), the first and only dual endothelin receptor antagonist approved for systemic hypertension. The proposed transaction combines dedicated launch capital of CHF 120 million with direct participation in future product revenues, creating a capital-efficient framework to accelerate commercialization while preserving meaningful upside for both Idorsia shareholders and participating investors.

Resistant or difficult-to-control hypertension remains one of the largest unmet needs in cardiovascular medicine, affecting millions of patients worldwide who remain above blood pressure targets despite treatment with multiple antihypertensive therapies. Growing physician awareness of this medical need due to new market entrants, is creating favorable conditions for commercialization. Despite decades of innovation, physicians have largely relied on adding more medicines directed at the same biological pathways. There is a significant number of patients, such as those with chronic kidney disease, those with cardiometabolic co-morbidities, and those with endothelin-related hypertension that require alternative treatment options. By targeting the endothelin pathway, TRYVIO/JERAYGO offers a differentiated approach for these patients.

Idorsia plans a focused specialty-driven approach centered initially on hypertension centers, nephrologists, and other specialists treating patients with resistant and difficult-to-control hypertension. The opportunity for TRYVIO/JERAYGO stems from its unique ability to deliver on three attributes that matter most in hypertension treatment: efficacy, safety, and simplicity. In clinical studies, TRYVIO demonstrated sustained double-digit blood pressure reductions in patients who remained uncontrolled despite treatment with multiple medicines, including those with chronic kidney disease. At the same time, it offers a favorable and straightforward treatment profile, with once-daily dosing, no risk of drug interactions, and no requirement for routine monitoring, and a differentiated tolerability profile, particularly absence of hyperkalemia, hyponatremia, and hypotension.

Roland Wandeler, CEO of Idorsia, commented:
“The proposed partnership is built on a shared belief that TRYVIO/JERAYGO can become a blockbuster medicine for patients with difficult-to-control hypertension. With its differentiated profile, compelling clinical data, and encouraging early commercial adoption in the US, we believe the foundations for success are firmly in place. The combination of dedicated launch capital and aligned incentives gives us a focused, capital-efficient path forward, with a direct participation of Idorsia shareholders in the success. Our job now is clear and I will ensure that we stay focused, execute with excellence, and work as one team to realize the full potential of TRYVIO/JERAYGO for patients and shareholders alike.”

The strategy prioritizes securing reimbursement and patient access, establishing a strong foundation in clearly identified patient populations before expanding into broader treatment settings as experience, awareness, and access increase. As market access broadens, Idorsia also expects to leverage selected co-promotion partnerships to expand commercial reach in key markets, while continuing to pursue licensing opportunities in additional territories. This new approach enables Idorsia shareholders have a direct economic participation mechanism in its commercial success.

Amer Joseph, MD, CMO and Head Global Clinical Development, commented:
“Having personally treated many patients at a leading hypertension center, I’ve seen firsthand the limitations of existing treatments focused on inhibiting the RAAS pathway. Aprocitentan, through its unique and novel mechanism targeting the endothelin pathway, offers a much-needed treatment option to these patients, without increasing the risk of hyperkalemia, hyponatremia, or orthostatic hypotension that is often seen with other treatments for uncontrolled hypertension.”

About the proposed partnership
Under the proposal, SPV noteholders would provide CHF 72 million of launch capital in exchange new Notes and a 12% earn-out on the three SPV assets (aprocitentan, selatogrel, cenerimod), such earn-out will begin once the debt in the SPV has been fully paid off. Subject to applicable consent, Idorsia would contribute CHF 48 million over a two-year period to support market access, medical affairs, marketing, and sales activities, in exchange for a 30% share in global net revenue of aprocitentan as of effective date of the agreement and keep the other 88% of the upside value of the SPV assets after the SPV Notes has been fully paid off.

The proposed investment is fully backstopped by a group of noteholders representing a significant majority of notes but remains subject to achieving the required noteholder approvals and completion of final documentation – anticipated by the end of the year. All noteholders in the SPV will be given the opportunity to participate in the transaction at the agreed terms.

The financing would support a focused, specialized US launch and a phased commercialization approach in Europe and Canada. Commercial investments would be continuously evaluated against market uptake, reimbursement progress, and return on investment, ensuring a disciplined deployment of capital.

The business plan projects breakeven in 2029, followed by profitable growth driven by increasing patient access and adoption.

Notes to the editor

About aprocitentan
Aprocitentan is a once-daily, orally active, dual endothelin receptor antagonist, which inhibits the binding of ET-1 to ETA and ETB receptors. Aprocitentan is approved as TRYVIO^® in the US for the treatment of systemic hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugs, and has been commercially available since October 2024. For more information see the Full Prescribing Information including BOXED Warning (PI and Medication Guide). TRYVIO is now included in the American College of Cardiology’s (ACC) and the American Heart Association’s (AHA) new comprehensive clinical practice guidelines for the management of high blood pressure. Aprocitentan is approved as JERAYGO^™ for the treatment of resistant hypertension in combination with other antihypertensives in the European Union, the UK, Switzerland, and Canada.

About Idorsia
The purpose of Idorsia is to discover, develop and commercialize innovative medicines to help more patients. To achieve this, we will develop Idorsia into a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).

For further information, please contact
Kevin Boss
Director, Investor Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com – media.relations@idorsia.com – www.idorsia.com

The above information contains certain “forward-looking statements”, relating to the company’s business, which can be identified by the use of forward-looking terminology such as “intend”, “estimates”, “believes”, “expects”, “may”, “are expected to”, “will”, “will continue”, “should”, “would be”, “seeks”, “pending” or “anticipates” or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company’s investment and research and development programs, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company’s existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. Idorsia has transferred its rights for aprocitentan, cenerimod and selatogrel to Idorsia Investments SARL to allow the repayment of notes issued in connection with the repurchase offer completed in August 2025. More details on the transfer can be found in the latest Financial Report.

There can be no assurance that the required consents will be obtained or that the proposed transaction will be completed on the terms described or at all. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption.

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Societe Generale: Third quarter 2026 earnings

Posted on October 29, 2026 by Ravi Shankar

Press release

Results at 30 September 2026
Paris, 29 October 2026 at 6.25 a.m.

ROTE of 12.3% in 9M 26, above the 2026 target of ~11%

Record Group net income in 9M 26 of EUR 5.4bn, +17.3% vs. 9M 25

Cost-to-income ratio significantly improving to 58.8% in 9M 26

Group revenues of EUR 21.4bn in 9M 26, up +4.1% vs. 9M 25, on track to exceed 2026 target of >+2%
Strong positive jaws with costs down -3.2% in 9M 26 vs. 9M 25
Cost-to-income ratio of 58.8% in 9M 26, better than the 2026 target of <60%
Cost of risk at 27bps in 9M 26, within the 2026 guidance of 25 to 30bps
Record Group net income in 9M 26 of EUR 5.4bn, up +17.3% vs. 9M 25
ROTE of 12.3% in 9M 26, on track to exceed 2026 target of ~11%
In Q3 26, revenue growth of +7.8%, costs slightly up +0.8%, cost-to-income ratio of 57.1%, cost of risk at 28bps, record Group net income of EUR 1.9bn and ROTE of 13.0%
Completion of the extraordinary share buy-back of EUR 1.5bn on 30 September 2026
CET1 ratio of 13.4% at end-Q3 26, around 320bps above the regulatory requirement

Slawomir Krupa, the Group’s Chief Executive Officer, commented:

“Societe Generale has once again achieved very strong quarterly results. We published a record Group net income for both the quarter and for the first nine months of the year. The performance of our businesses demonstrates the Group’s ability to combine growth, operational efficiency, risk management and capital generation. I would like to warmly thank all our teams for their commitment to serving our clients and supporting the transformation of our Group.

With the same discipline and determination, we will continue to execute our profitable growth strategy to achieve our 2029 targets and further create sustainable value, quarter after quarter, for our shareholders, clients, employees and all our stakeholders.”

GROUP CONSOLIDATED RESULTS

In EURm	Q3 26	Q3 25	Change		9M 26	9M 25	Change
Net banking income	7,173	6,655	+7.8%	+8.4%*	21,375	20,529	+4.1%	+6.3%*
Operating expenses	(4,093)	(4,060)	+0.8%	+1.1%*	(12,577)	(12,994)	-3.2%	-1.5%*
Gross operating income	3,081	2,595	+18.7%	+19.8%*	8,798	7,535	+16.8%	+19.9%*
Net cost of risk	(408)	(369)	+10.7%	+12.2%*	(1,153)	(1,068)	+8.0%	+9.7%*
Operating income	2,673	2,226	+20.1%	+21.1%*	7,644	6,467	+18.2%	+21.6%*
Net profits or losses from other assets	(1)	61	n/s	n/s	74	338	-78.1%	-78.0%*
Net income from companies accounted for by the equity method	6	8	-19.8%	-19.8%*	18	15	+19.4%	+19.4%*
Income tax	(553)	(483)	+14.5%	+15.7%*	(1,619)	(1,450)	+11.7%	+15.5%*
Net income	2,125	1,812	+17.2%	+18.1%*	6,117	5,369	+13.9%	+16.8%*
O.w. non-controlling interests	237	291	-18.6%	-17.2%*	743	787	-5.6%	-4.7%*
Group net income	1,888	1,521	+24.1%	+24.8%*	5,374	4,582	+17.3%	+20.6%*
ROE	11.5%	9.4%			10.9%	9.2%
ROTE	13.0%	10.7%			12.3%	10.5%
Cost to income	57.1%	61.0%			58.8%	63.3%

Asterisks* in the document refer to data at constant perimeter and exchange rates

Societe Generale’s Board of Directors, which met on 28 October 2026 under the chairmanship of William Connelly, reviewed Societe Generale group’s results for the third quarter and the first nine months of 2026.

Net banking income

Net banking income for the quarter stood at EUR 7,173 million, up +7.8% vs. Q3 25 and +8.4% at constant perimeter and exchange rates, after adjusting for a negative impact of EUR -48 million related to disposals.

French Retail, Private Banking and Insurance revenues were up +10.9% from Q3 25, amounting to EUR 2,531 million in Q3 26. Net interest income rose sharply over the quarter to +12.7% vs. Q3 25. Private Banking assets under management and life insurance outstandings were up +10% and +9%, respectively, in Q3 26 vs. Q3 25, reaching record levels. Lastly, BoursoBank, which reached more than 9.4 million clients at end-September 2026, demonstrated the relevance of its strategy by contributing EUR 101 million to Group net income in Q3 26. This was in line with the target of an annual net contribution for 2026 of more than EUR 300 million. The RONE in Q3 26 stands at 74%.

Global Banking and Investor Solutions reported revenues of EUR 2,777 million in Q3 26, up +12.5% vs. Q3 25. Global Markets revenues totalled EUR 1.7 billion in Q3 26, a significant increase of +18.0% compared with Q3 25. Equity revenues rose sharply by +45.9% in Q3 26 compared with Q3 25, reaching a record level for the quarter of more than EUR 1.2 billion. Fixed Income and Currencies recorded a fall in revenues of -20.6% compared with Q3 25 on the back of lower rates activity. Securities Services posted an increase of revenues of +9.1% in Q3 26 vs. Q3 25, supported by strong commercial activity and deposit growth. Global Banking & Advisory reported a higher performance on the back of continued growth in structured finance. Lastly, Global Transaction & Payment Services saw substantial revenue growth of +8.8% compared with Q3 25, buoyed by fees and deposit growth in most key markets.

Revenues from Mobility, International Retail Banking and Financial Services totalled
EUR 1,855 million, down -4.3% at constant perimeter and exchange rates. International Retail Banking reported revenues up +1.0% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were down -7.8%. Ayvens’ revenues fell by -12.2% vs. Q3 25, due to lower used car sales result, partially offset by higher margins.

The Corporate Centre recorded revenues of EUR 10 million in Q3 26.

In the first nine months of 2026, the Group’s net banking income increased by +4.1% vs. 9M 25 and by +6.3% at constant perimeter and exchange rates.

Operating expenses

Operating expenses came to EUR 4,093 million in Q3 26, up +0.8% vs. Q3 25 and +1.1% at constant perimeter and exchange rates. The change in operating expenses is mainly due to an increase in Global Banking and Investor Solutions costs for EUR 123 million, notably driven by higher variable remuneration, owing to a strong revenue performance of these activities. This increase is largely offset by a fall in transformation charges of around EUR 39 million, a decrease related to disposals of around EUR 20 million and a net cost decrease for an amount of EUR 31 million.

Operating leverage improved sharply with a cost-to-income ratio of 57.1% for the quarter, compared with 61.0% in Q3 25 and significantly below the annual target of <60%.

In the first nine months of 2026, operating expenses fell by -3.2% vs. 9M 25 and by -1.5% at constant perimeter and exchange rates. The cost-to-income ratio stood at 58.8% (vs. 63.3% in 9M 25), better than the 2026 target of <60%.

Cost of risk

The cost of risk¹ for the quarter was 28 basis points, or EUR 408 million, within the guidance between 25 and 30 basis points for 2026. This comprises a EUR 488 million provision for doubtful loans (around 34 basis points) and a reversal of a provision for performing loans for EUR -80 million.

At end-September, the Group had a stock of provisions for performing loans (stage 1/stage 2)² of EUR 2,856 million, down -2.6% compared with 30 June 2026, while the stock of stage 2 provisions fell by -3.5%, accounting for 3.4%³ of the amount of stage 2 loans outstanding.

The gross non-performing loan ratio stood at 2.75%⁴ at 30 September 2026, slightly up from its level at end-June 2026 (2.70%). The net coverage ratio on the Group’s non-performing loans stood at 81%⁵ at 30 September 2026 (after netting of guarantees and collateral).

Group net income

Group net income reached a record level of EUR 1,888 million in Q3 26, corresponding to a Return on Tangible Equity (ROTE) of 13.0%, up sharply from Q3 25 (10.7%).

In the first nine months of 2026, Group net income was EUR 5,374 million, a record over nine months, representing a ROTE of 12.3%, above the 2026 target of around ~11%.

SUSTAINABLE DEVELOPMENT

Societe Generale supports the energy transition by leveraging its recognised expertise in the financing of infrastructure and the development of innovative solutions to address transition challenges.

During the quarter, the Group supported several strategic projects across the electrification value chain. The bank notably financed the innovative Gawara Baya⁶ hybrid project in Australia, combining wind power and battery energy storage, and mobilised its expertise for the UK’s electricity transmission network⁷.

In Italy, the Group contributed to the financing of a landmark agrivoltaic⁸ project, combining renewable energy production and biodiversity measures.

Societe Generale also continued to roll out innovative blended finance solutions underpinned by risk-sharing mechanisms with multilateral institutions, supporting economic and social development in emerging economies such as Rwanda and Benin.

Lastly, the Group continued its support for innovative, fast-growing companies in the cleantech sector, financing Peridot Solar in partnership with the European Investment Bank.

THE GROUP’S FINANCIAL STRUCTURE

As of 30 September 2026, the Group’s Common Equity Tier 1 ratio stood at 13.4%⁹, around 320 basis points¹⁰ above the regulatory requirement. In terms of liquidity, the Liquidity Coverage Ratio (LCR) was well ahead of regulatory requirements at 145% at end-September 2026 (149% on average for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 118% at end-September 2026.

All liquidity and solvency ratios are well above the regulatory requirements.

	30/09/2026	31/12/2025	Requirements
CET1⁽³⁾	13.4%	13.5%	10.26%
Tier 1 ratio⁽³⁾	16.5%	16.0%	12.18%
Total Capital⁽³⁾	18.6%	18.5%	14.74%
Leverage ratio⁽³⁾	4.5%	4.5%	3.60%
TLAC (% RWA)⁽³⁾	30.1%	29.7%	22.38%
TLAC (% leverage)⁽³⁾	8.2%	8.3%	6.75%
MREL (% RWA)⁽³⁾	32.6%	32.5%	27.46%
MREL (% leverage)⁽³⁾	8.8%	9.1%	6.01%
End of period LCR	145%	144%	>100%
Period average LCR	149%	143%	>100%
NSFR	118%	116%	>100%

In EURbn	30/09/2026	31/12/2025
Total consolidated balance sheet	1,691	1,547
Shareholders’ equity (IFRS), Group share	73	70
Risk-weighted assets (RWA)	405	393
O.w. credit risk	331	319
Total funded balance sheet	982	934
Customer loans	481	466
Customer deposits	647	605

¹¹

As of 12 October 2026, the parent company has issued around EUR 16 billion of medium/long-term vanilla debt under its 2026 vanilla financing programme, including EUR 3.1 billion of pre-financing issued at end-2025. The subsidiaries had issued EUR 2.8 billion of vanilla debt. In total, the Group has issued around EUR 18.8 billion of medium- and long-term vanilla debt and has completed its 2026 financing programme.

The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A+”, stable outlook, senior preferred debt rating “A+”, short-term rating “F1” (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1” (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, positive outlook, short-term rating “A-1”.

FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

In EURm	Q3 26	Q3 25	Change	9M 26	9M 25	Change
Net banking income	2,531	2,281	+10.9%	7,588	6,849	+10.8%	+11.4%*
Of which net interest income	1,208	1,072	+12.7%	3,587	3,170	+13.2%	+13.8%*
Of which net fee income	1,106	1,021	+8.3%	3,347	3,090	+8.3%	+9.1%*
Operating expenses	(1,421)	(1,498)	-5.1%	(4,331)	(4,541)	-4.6%	-3.8%*
Gross operating income	1,110	783	+41.7%	3,257	2,308	+41.1%	+41.3%*
Net cost of risk	(189)	(189)	+0.2%	(576)	(505)	+14.0%	+14.0%*
Operating income	921	595	+54.8%	2,681	1,803	+48.7%	+48.9%*
Net profits or losses from other assets	3	(5)	n/s	4	21	n/s	n/s
Group net income	682	439	+55.4%	1,981	1,348	+46.9%	+47.2%*
RONE	14.6%	9.9%		14.3%	10.2%
Cost to income	56.1%	65.7%		57.1%	66.3%

Commercial activity

SG Network, Private Banking and Insurance

The SG Network’s deposit outstandings totalled EUR 219 billion in Q3 26, down slightly by -1% compared with Q3 25 but stable vs. Q2 26.

The SG Network’s loan outstandings amounted to EUR 190 billion in Q3 26, down -2% compared with Q3 25 but stable vs. Q2 26.

The loan to deposit ratio stood at 87% in Q3 26.

Private Banking saw net inflows of EUR 1 billion in Q3 26. Assets under management grew by +10% vs. Q3 25 to a record level of EUR 150 billion in Q3 26. Net banking income stood at EUR 343 million for the quarter, a strong increase of +10% vs. Q3 25, and at EUR 1,042 million for the first nine months of 2026, up +6% vs. 9M 25.

Insurance, which covers activities in and outside France, recorded savings life insurance net inflows of EUR 1.5 billion in Q3 26 and a negative market effect on outstandings in Q3 26. Savings life insurance outstandings increased by +9% vs. Q3 25 to reach EUR 167 billion in Q3 26. The share of unit-linked products in Q3 26 remained high at 43%.

BoursoBank

Assets under administration, including deposits and financial savings, amounted to EUR 86 billion in Q3 26, a sharp increase of +13% vs. Q3 25. Deposits outstanding rose by +7% vs. Q3 25 to reach EUR 49 billion in Q3 26. Savings life insurance outstandings increased by +17% vs. Q3 25 to EUR 16 billion. Brokerage recorded a strong increase in stock market orders, reaching 3.4 million, up +20% vs. Q3 25.

Loans outstanding amounted to EUR 18 billion in Q3 26, up +7% compared with Q3 25.

BoursoBank totals more than 9.4 million clients in Q3 26, onboarding 446 thousand new clients this quarter with a churn rate that remains low at less than 4%.

Starting from Q3 26, the Group has updated the accounting treatment of Boursobank’s customer acquisition costs and referral bonuses, which are now recognised in profit or loss over their expected recovery period of these premiums, in accordance with IFRS 15.

BoursoBank’s Group net income totalled EUR 101 million in Q3 26, in line with a 2026 annual target of more than EUR 300 million. RONE stood at 74% in Q3 26.

Net banking income

Over the quarter, revenues totalled EUR 2,531 million (including PEL/CEL provision), up +10.9% from Q3 25. Net interest income and fees were up +12.7% and +8.3%, respectively, compared with Q3 25.

In the first nine months of 2026, revenues totalled EUR 7,588 million (including PEL/CEL provision), up +10.8% compared with 9M 25 and +11.4% at constant perimeter and exchange rates. Net interest income grew by +13.2% vs. 9M 25. It increased by +13.8% vs. 9M 25 at constant perimeter and exchange rates. Fee income rose by +8.3% vs. 9M 25 and +9.1% at constant perimeter and exchange rates.

Operating expenses

Over the quarter, operating expenses came to EUR 1,421 million, down -5.1% from Q3 25. The cost-to-income ratio stood at 56.1% in Q3 26, a sharp improvement of 9.6 percentage points vs. Q3 25.

In the first nine months of 2026, operating expenses came to EUR 4,331 million, down -4.6% compared with 9M 25 and -3.8% at constant perimeter and exchange rates. The cost-to-income ratio was 57.1%, an improvement of 9.2 percentage points compared with 9M 25.

Cost of risk

Over the quarter, the cost of risk was EUR 189 million, or 33 basis points vs. 38 basis points in Q2 26.

In the first nine months of 2026, the cost of risk was EUR 576 million, or 33 basis points vs. 29 basis points compared with 9M 25.

Group net income

Over the quarter, Group net income came to EUR 682 million, up +55.4% vs. Q3 25. RONE stood at 14.6% in Q3 26 vs. 9.9% in Q3 25.

In the first nine months of 2026, Group net income came to EUR 1,981 million, up +46.9%
vs. 9M 25. RONE was 14.3% in 9M 26 vs. 10.2% in 9M 25.

GLOBAL BANKING AND INVESTOR SOLUTIONS

In EURm	Q3 26	Q3 25	Change		9M 26	9M 25	Change
Net banking income	2,777	2,469	+12.5%	+11.8%*	8,250	8,012	+3.0%	+4.9%*
Operating expenses	(1,595)	(1,482)	+7.6%	+6.9%*	(4,904)	(4,868)	+0.7%	+2.2%*
Gross operating income	1,182	987	+19.8%	+19.1%*	3,346	3,144	+6.4%	+9.2%*
Net cost of risk	(46)	(51)	-10.0%	-10.0%*	(104)	(187)	-44.4%	-44.4%*
Operating income	1,136	936	+21.4%	+20.6%*	3,241	2,957	+9.6%	+12.7%*
Group net income	899	734	+22.4%	+21.6%*	2,539	2,340	+8.5%	+11.4%*
RONE	19.8%	17.4%			19.4%	17.6%
Cost to income	57.4%	60.0%			59.4%	60.8%

Net banking income

Global Banking and Investor Solutions reported strong Q3 26 results with revenues of EUR 2,777 million in Q3 26, up +12.5% on Q3 25.

In the first nine months of 2026, revenues amounted to EUR 8,250 million, +3.0% vs. 9M 25.

Global Markets and Investor Services revenues reached EUR 1,858 million in Q3 26, up +17.0% from Q3 25. For the first nine months of 2026, revenues amounted to EUR 5,467 million, representing an increase of +3.9% vs. 9M 25.

Global Markets revenues in Q3 26 of EUR 1,676 million grew by +18.0% vs. Q3 25. For the first nine months of 2026, revenues increased by +3.6% vs. 9M 25 to EUR 4,927 million.

Equities revenues reached a record level this quarter at EUR 1,202 million in Q3 26, +45.9% vs. Q3 25. This quarter was boosted by very strong momentum across all activities and all regions. In the first nine months of 2026, revenues grew by +17.2% vs. 9M 25 to EUR 3,337 million.

Fixed Income and Currencies revenues in Q3 26 declined by -20.6% vs. Q3 25 to EUR 474 million. They reflected lower activity in Rates. In the first nine months of 2026, revenues were down -16.7% vs. 9M 25 to EUR 1,590 million.

Securities Services revenues in Q3 26 increased by +9.1% vs. Q3 25 to EUR 182 million, driven by good commercial activity and deposit growth across key markets. Assets under custody and assets under administration in Q3 26 amounted to EUR 5,858 billion and EUR 755 billion, respectively. In the first nine months of 2026, revenues were up +6.8% on 9M 25.

Financing and Advisory revenues totalled EUR 919 million in Q3 26, +4.2% vs. Q3 25. In the first nine months of 2026, revenues grew by +1.2% vs. 9M 25 up to EUR 2,783 million.

Global Banking & Advisory reported a strong quarter with revenues in Q3 26 up +2.5% vs. Q3 25, driven by core franchises. Structured finance continued to grow thanks to strong origination and robust client activity across key sectors. In the first nine months of 2026, revenues were stable vs. 9M 25.

Global Transaction & Payment Services posted strong commercial activity with fees and deposit growth in most key markets. Revenues in Q3 26 increased by +8.8% vs. Q3 25. In the first nine months of 2026, revenues were up +4.3% on 9M 25.

Operating expenses

During the quarter, operating expenses increased by +7.6% vs. Q3 25 up to EUR 1,595 million. The cost-to-income ratio stood at 57.4% in Q3 26 vs. 60.0% in Q3 25.

In the first nine months of 2026, operating expenses increased slightly by +0.7% vs. 9M 25 at EUR 4,904 million. The cost-to-income ratio stood at 59.4% in 9M 26 vs. 60.8% in 9M 25.

Cost of risk

Over the quarter, the cost of risk was 11 basis points, compared with 3 basis points in Q2 26.

In the first nine months of 2026, the cost of risk stood at 8 basis points, compared with 15 basis points for 9M 25.

Group net income

Over the quarter, Group net income was up +22.4% from Q3 25 to EUR 899 million, with RONE of 19.8% in Q3 26 vs. 17.4% in Q3 25.

In the first nine months of 2026, Group net income grew by +8.5% to EUR 2,539 million, with RONE of 19.4% in 9M 26 vs. 17.6% in 9M 25.

MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

In EURm	Q3 26	Q3 25	Change		9M 26	9M 25	Change
Net banking income	1,855	1,988	-6.7%	-4.3%*	5,671	6,024	-5.9%	-2.1%*
Operating expenses	(961)	(1,010)	-4.8%	-2.6%*	(2,977)	(3,249)	-8.4%	-4.2%*
Gross operating income	894	978	-8.6%	-6.0%*	2,693	2,775	-2.9%	+0.3%*
Net cost of risk	(173)	(131)	+32.2%	+37.5%*	(475)	(381)	+24.5%	+30.4%*
Operating income	721	847	-14.9%	-12.7%*	2,218	2,394	-7.3%	-4.4%*
Net profits or losses from other assets	(1)	(1)	n/s	n/s	15	(1)	n/s	n/s
Non-controlling interests	210	254	-17.6%	-15.9%*	657	712	-7.7%	-6.8%*
Group net income	349	393	-11.1%	-8.6%*	1,074	1,115	-3.7%	+0.2%*
RONE	12.9%	14.9%			13.3%	13.8%
Cost to income	51.8%	50.8%			52.5%	53.9%

Commercial activity

International Retail Banking

International Retail Banking continued its good commercial momentum this quarter. Loans outstanding are up +7.5%* vs. Q3 25 to EUR 64 billion in Q3 26, and deposits outstanding up +4.9%* vs. Q3 25 to EUR 77 billion in Q3 26.

The Czech Republic recorded solid commercial activity among both retail and corporate clients in Q3 26. Loans outstanding increased by +8.8%* vs. Q3 25 to EUR 38 billion in Q3 26. Deposits outstanding were up +6.6%* vs. Q3 25 to EUR 46 billion in Q3 26.

Romania saw its loans outstanding grow in both client segments, up +11.3%* vs. Q3 25 to EUR 11 billion in Q3 26. The growth in deposits was more modest +2.1%* vs. Q3 25 to stand at EUR 14 billion in Q3 26, mainly driven by retail clients.

The Africa, Mediterranean Basin and Overseas region saw growth across all client segments, with loans outstanding up +1.5%* vs. Q3 25 to EUR 14 billion in Q3 26 and deposits of EUR 17 billion in Q3 26, +2.6%* vs. Q3 25.

Mobility and Financial Services

Ayvens’ earning assets remained at EUR 52.8 billion in Q3 26, thanks to the strategic refocus on profitability and prudent management of residual values.

Consumer Finance posted loans outstanding of EUR 23 billion in Q3 26.

Net banking income

Mobility, International Retail Banking and Financial Services posted revenues of EUR 1,855 million in Q3 26. The fall of -4.3%* vs. Q3 25 includes lower result from used car sales at Ayvens.

In the first nine months of 2026, revenues fell by -2.1%* vs. 9M 25 to EUR 5,671 million.

International Retail Banking posted revenues of EUR 874 million in Q3 26, up 1.0%* vs. Q3 25. In the first nine months of 2026, the increase was +2.1%* vs. 9M 25 to EUR 2,623 million.

The Czech Republic saw its revenues grow by +4.2%* vs. Q3 25 to EUR 350 million in Q3 26. This growth can be seen in both net interest income and fees, boosted by strong commercial momentum. Romania recorded revenues of EUR 189 million in Q3 26, up +1.5%* vs. Q3 25. Net interest income rose by +5.7%* vs. Q3 25, offsetting a decrease in fees.

In the Africa, Mediterranean Basin and Overseas region, revenues were stable* vs. Q3 25, at EUR 335 million in Q3 26, with solid momentum in the core franchises.

Mobility and Financial Services recorded revenues of EUR 981 million in Q3 26, down -7.8% vs. Q3 25, reflecting the lower performance of Ayvens. In the first nine months of 2026, they fell by -5.4%* vs. 9M 25 to EUR 3,048 million.

Ayvens’ revenues fell by -12.2% vs. Q3 25 to EUR 731 million in Q3 26. Margins continued to increase, reaching 620bps¹² in Q3 26 vs. ~590bps¹ in Q3 25. In used car sales¹³, average profit per vehicle was back down at around EUR 120 on the quarter Q3 26 and around EUR 310 in the first nine months of 2026, in line with the annual guidance of EUR 200 to 600. At the company level, Ayvens posted operational efficiency and profitability in line with the targets set for 2026, with a cost-to-income ratio of 49.2%¹⁴ and ROTE of 13.2%³ in Q3 26.

Operating expenses

Over the quarter, operating expenses decreased by -2.6%* vs. Q3 25 to EUR 961 million. The cost-to-income ratio stood at 51.8% in Q3 26 vs. 50.8% in Q3 25.

In the first nine months of 2026, costs fell by -4.2%* vs. 9M 25 to EUR 2,977 million. The cost-to-income ratio improved in 9M 26 to 52.5%, vs. 53.9% in 9M 25.

International Retail Banking reduced its costs at EUR 432 million in Q3 26, down by -2.9%* vs. Q3 25. The cost-to-income ratio stood at 49.5% in Q3 26 vs. 51.9% in Q3 25.

Mobility and Financial Services also stabilised operating expenses vs. Q3 25, at EUR 528 million in Q3 26. The cost-to-income ratio stood at 53.9% in Q3 26 vs. 49.9% in Q3 25.

Cost of risk

Over the quarter, the cost of risk amounted to EUR 173 million, or 47 basis points, slightly higher than in Q2 26 (43 basis points).

In the first nine months of 2026, the cost of risk totalled EUR 475 million, or 43 basis points.

Group net income

Over the quarter, Group net income came to EUR 349 million, down -8.6%* vs. Q3 25. RONE fell to 12.9% in Q3 26 vs. 14.9% in Q3 25. RONE was 16.5% in International Retail Banking and 10.2% in the Mobility and Financial Services division in Q3 26.

In the first nine months of 2026, Group net income came to EUR 1,074 million, stable* compared with 9M 25. RONE was down slightly at 13.3% in 9M 26 vs. 13.8% in 9M 25. RONE was 15.4% in International Retail Banking and 11.8% in the Mobility and Financial Services division in 9M 26.

CORPORATE CENTRE

In EURm	Q3 26	Q3 25	Change	9M 26	9M 25	Change
Net banking income	10	(83)	n/s	(133)	(356)	+62.6%
Operating expenses	(116)	(70)	+64.6%	(365)	(337)	+8.3%
Gross operating income	(106)	(154)	+31.3%	(498)	(693)	+28.1%
Net cost of risk	0	2	+82.4%	2	6	+64.7%
Net profits or losses from other assets	(3)	67	n/s	56	317	-82.3%
Income tax	85	71	-20.1%	277	214	-29.2%
Group net income	(42)	(45)	+6.4%	(220)	(221)	+0.8%

The Corporate Centre includes:

the property management of the Group’s head office,
the Group’s equity portfolio,
the Treasury function for the Group,
certain costs related to cross-functional projects, as well as various costs incurred by the Group that are not re-invoiced to the businesses.

Net banking income

Over the quarter, the Corporate Centre’s net banking income totalled EUR 10 million, compared with EUR -83 million in Q3 25, driven by revaluation of liabilities accounted at fair value.

In the first nine months of 2026, the Corporate Centre’s net banking income totalled EUR -133 million, vs. EUR -356 million in 9M 25.

Operating expenses

Over the quarter, operating expenses totalled EUR -116 million, against EUR -70 million in Q3 25.

In the first nine months of 2026, operating expenses totalled EUR -365 million, compared with
EUR -337 million in 9M 25.

Group net income

Over the quarter, the Corporate Centre’s Group net income totalled EUR -42 million vs. EUR -45 million in Q3 25, broadly stable, despite a EUR 67m net profit contribution from other assets in Q3 25.

In the first nine months of 2026, the Corporate Centre’s Group net income totalled EUR -220 million, vs. EUR -221 million in 9M 25.

8. 2026 AND 2027 FINANCIAL CALENDAR

2026 and 2027 Financial communication calendar

4 February 2027 Fourth quarter and full year 2026 results
4 May 2027 First quarter 2027 results
13 May 2027 Combined General Meeting
29 July 2027 Second quarter and half year 2027 results

9. APPENDIX 1: FINANCIAL DATA

GROUP NET INCOME BY BUSINESS

In EURm	Q3 26	Q3 25	Change	9M 26	9M 25	Change
French Retail, Private Banking and Insurance	682	439	+55.4%	1,981	1,348	+46.9%
Global Banking and Investor Solutions	899	734	+22.4%	2,539	2,340	+8.5%
Mobility, International Retail Banking & Financial Services	349	393	-11.1%	1,074	1,115	-3.7%
Total businesses	1,930	1,566	+23.2%	5,594	4,804	+16.5%
Corporate Centre	(42)	(45)	+6.4%	(220)	(221)	+0.8%
Group	1,888	1,521	+24.1%	5,374	4,582	+17.3%

MAIN EXCEPTIONAL ITEMS

In EURm	Q3 26	Q3 25	9M 26	9M 25
Operating expenses – Total one-off items and transformation charges	(18)	(57)	(180)	(262)
Transformation charges	(18)	(57)	(53)	(161)
Of which French Retail, Private Banking and Insurance	(8)	(15)	(18)	(48)
Of which Global Banking & Investor Solutions	(2)	(12)	(9)	(15)
Of which Mobility, International Retail Banking & Financial Services	(8)	(30)	(26)	(98)
Of which Corporate Centre	(0)	0	(0)	0
One-off items	0	0	(127)	(101)
Global Employee Share Ownership Programme	0	0	(127)	(101)

Other one-off items – Total	(1)	61	74	338
Net profits or losses from other assets	(1)	61	74	338

CONSOLIDATED BALANCE SHEET

In EUR m	30/09/2026	31/12/2025
Cash, due from central banks	147,082	133,322
Financial assets at fair value through profit or loss	650,286	576,057
Hedging derivatives	11,703	8,007
Financial assets at fair value through other comprehensive income	100,758	101,088
Securities at amortised cost	63,437	50,963
Due from banks at amortised cost	84,065	76,287
Customer loans at amortised cost	467,324	454,504
Revaluation differences on portfolios hedged against interest rate risk	(2,163)	(768)
Insurance and reinsurance contracts assets	414	649
Tax assets	4,224	4,709
Other assets	96,684	73,313
Non-current assets held for sale	1,506	2,496
Investments accounted for using the equity method	239	433
Tangible and intangible fixed assets	59,909	60,498
Goodwill	5,239	5,083
Total	1,690,707	1,546,641

In EUR m	30/09/2026	31/12/2025
Due to central banks	13,521	9,737
Financial liabilities at fair value through profit or loss	456,781	398,054
Hedging derivatives	19,503	13,919
Debt securities issued	159,338	151,389
Due to banks	111,888	103,786
Customer deposits	554,523	525,810
Revaluation differences on portfolios hedged against interest rate risk	(10,841)	(7,436)
Tax liabilities	2,668	2,603
Other liabilities	114,794	87,188
Non-current liabilities held for sale	2,072	3,033
Insurance and reinsurance contracts liabilities	169,680	162,463
Provisions	3,837	3,952
Subordinated debts	10,751	12,616
Total liabilities	1,608,514	1,467,114
Shareholder’s equity	–	–
Shareholders’ equity, Group share	–	–
Issued common stocks and capital reserves	16,483	19,237
Other equity instruments	11,875	9,762
Retained earnings	39,745	35,862
Net income	5,374	6,002
Sub-total	73,477	70,863
Unrealised or deferred capital gains and losses	(116)	(719)
Sub-total equity, Group share	73,361	70,144
Non-controlling interests	8,832	9,383
Total equity	82,193	79,527
Total	1,690,707	1,546,641

10. APPENDIX 2: METHODOLOGY

1 – Net banking income

The pillars’ net banking income is defined on page 42 of Societe Generale’s 2026 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

2 – Operating expenses

Operating expenses are defined on page 42 of Societe Generale’s 2026 Universal Registration Document. The term “costs” is also used to refer to Operating expenses. The cost-to-income ratio is defined on page 42 of Societe Generale’s 2026 Universal Registration Document.

3 – Cost of risk in basis points, coverage ratio for doubtful outstandings

The cost of risk is defined on pages 43 and 708 of Societe Generale’s 2026 Universal Registration Document. This measure makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

In EURm		Q3 26	Q3 25	9M 26	9M 25
French Retail, Private Banking and Insurance	Net Cost Of Risk	189	189	576	505
	Gross loan Outstandings	232,293	231,967	232,880	231,843
	Cost of Risk in bp	33	33	33	29
Global Banking and Investor Solutions	Net Cost Of Risk	46	51	104	187
	Gross loan Outstandings	175,172	156,757	172,042	167,133
	Cost of Risk in bp	11	13	8	15
Mobility, International Retail Banking & Financial Services	Net Cost Of Risk	173	131	475	381
	Gross loan Outstandings	146,047	143,166	145,889	148,874
	Cost of Risk in bp	47	37	43	34
Corporate Centre	Net Cost Of Risk	0	(2)	(2)	(6)
	Gross loan Outstandings	27,171	26,488	26,839	26,161
	Cost of Risk in bp	(1)	(3)	(1)	(3)
Societe Generale Group	Net Cost Of Risk	408	369	1,153	1,068
	Gross loan Outstandings	580,683	558,378	577,651	574,011
	Cost of Risk in bp	28	26	27	25

The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

4 – ROE, ROTE, RONE

The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 43 and 44 of Societe Generale’s 2026 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.

RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 44 of Societe Generale’s 2026 Universal Registration Document. Starting from Q1 25 results, with restated historical data, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.

Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

ROTE calculation: calculation methodology

End of period (in EURm)	Q3 26	Q3 25	9M 26	9M 25
Shareholders’ equity Group share	73,361	69,826	73,361	69,826
Deeply subordinated and undated subordinated notes	(11,695)	(9,372)	(11,695)	(9,372)
Distribution provision⁽¹⁾and interest payable to holders of deeply & undated subordinated notes⁽²⁾	(2,072)	(1,874)	(2,072)	(1,874)
OCI excluding conversion reserves	407	419	407	419
ROE equity end-of-period	60,002	58,999	60,002	58,999
Average ROE equity	59,159	58,533	58,918	58,673
Average Goodwill⁽³⁾	(4,268)	(4,176)	(4,255)	(4,180)
Average Intangible Assets	(2,495)	(2,740)	(2,558)	(2,787)
Average ROTE equity	52,396	51,618	52,104	51,706

Group net Income	1,888	1,521	5,374	4,582
Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation	(191)	(141)	(570)	(528)
Adjusted ROE Group net income	1,696	1,380	4,805	4,054
Cancellation of goodwill impairment	–	–	–	–
Adjusted ROTE Group net income	1,696	1,380	4,805	4,054
ROE	11.5%	9.4%	10.9%	9.2%
ROTE	13.0%	10.7%	12.3%	10.5%

¹⁵¹⁶¹⁷
RONE calculation: Average capital allocated to businesses (in EURm)

In EURm	Q3 26	Q3 25	Change	9M 26	9M 25	Change
French Retail, Private Banking and Insurance	18,635	17,787	+4.8%	18,411	17,629	+4.4%
Global Banking and Investor Solutions	18,145	16,861	+7.6%	17,488	17,693	-1.2%
Mobility, International Retail Banking & Financial Services	10,845	10,516	+3.1%	10,748	10,810	-0.6%
Total businesses	47,625	45,164	+5.4%	46,647	46,132	+1.1%
Corporate Centre	11,534	13,369	-13.7%	12,271	12,541	-2.2%
Group	59,159	58,533	+1.1%	58,918	58,673	+0.4%

5 – Net assets and tangible net assets

Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2026 Universal Registration Document. The items used to calculate them are presented below:
¹⁸¹⁹²⁰

End of period (in EURm)	9M 26	H1 26	2025
Shareholders’ equity Group share	73,361	71,645	70,144
Deeply subordinated and undated subordinated notes	(11,695)	(10,346)	(9,366)
Interest of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(160)	(123)	14
Book value of own shares in trading portfolio	(3)	(10)	(22)
Net Asset Value	61,503	61,166	60,770
Goodwill⁽²⁾	(4,278)	(4,257)	(4,225)
Intangible Assets	(2,487)	(2,504)	(2,625)
Net Tangible Asset Value	54,739	54,405	53,919

Number of shares used to calculate NAPS⁽³⁾	716,670	730,035	754,887
Net Asset Value per Share	85.8	83.8	80.5
Net Tangible Asset Value per Share	76.4	74.5	71.4

6 – Calculation of Earnings Per Share (EPS)

The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 44 of Societe Generale’s 2026 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.

The calculation of Earnings Per Share is described in the following table:

Average number of shares (thousands)	9M 26	H1 26	2025
Existing shares	750,569	754,338	790,605
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff	1,485	1,738	2,328
Other own shares and treasury shares	16,178	14,281	12,021
Number of shares used to calculate EPS⁽⁴⁾	732,907	738,319	776,255
Group net income (in EURm)	5,374	3,487	6,002
Interest on deeply subordinated notes and undated subordinated notes (in EURm)	(570)	(378)	(720)
Adjusted Group net income (in EURm)	4,805	3,108	5,282
EPS (in EUR)	6.56	4.21	6.80

²¹
7 – Solvency and leverage ratios

Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.

8- Funded balance sheet, loan to deposit ratio

The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

Disclaimer

The financial information on Societe Generale for its third quarter and nine-months 2026 financial results comprises a presentation and this dedicated press release which are available on the website (https://investors.societegenerale.com/en).
The financial information presented for the quarter ending 30 September 2026 has been prepared in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union (the “IFRS”) and applicable at this date. It was approved by the Board of Directors on 28 October 2026. This information has not been audited.
This press release contains forward-looking information and statements that reflect assessments and projections relating to Societe Generale’s business activities, objectives and strategy (the “Information”). This Information is based on assumptions, in particular regulatory ones, both general and specific, including the application of accounting principles and methods compliant with IFRS as well as the application of prudential regulations in force to date. This Information reflects various assumptions involving significant elements of subjective judgment and analysis, which may prove to be incorrect and are derived from scenarios based on a number of economic assumptions within a given competitive, regulatory and geopolitical context. Societe Generale may not be able to:

anticipate all risks, uncertainties, contingencies or other factors that may affect its business and to assess their potential consequences;
accurately assess the extent to which the occurrence of a risk or a combination of risks could result in outcomes that differ materially from those projected in this press release.

Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, this Information is subject to numerous risks, uncertainties and contingencies, including matters of which Societe Generale or its management are not yet aware or currently deem immaterial, and there is no guarantee that the anticipated events will occur or that the objectives set out will actually be achieved.
Important factors that could cause a material difference between actual results and the results anticipated in the Information include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory, prudential and geopolitical changes, and the success of Societe Generale’s business, strategic, operating and financial initiatives.
More detailed information on the potential risk factors that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on
https://investors.societegenerale.com/en).
It is therefore recommended to take into account factors of uncertainty and risk likely to impact the operations of Societe Generale when considering the Information contained in such press release. Other than as required by applicable law, Societe Generale makes no commitment to update or revise this Information.
Unless otherwise specified, the sources for the business rankings and market positions are internal. This press release may include information pertaining to our markets and our competitive positions therein. Such information is based on market data and our actual revenues in those markets for the relevant periods. We obtained this market information from various third-party sources (publications and surveys) and our own internal estimates. We have not independently verified these third-party sources and cannot guarantee their accuracy, truthfulness, precision and completeness. In addition, our internal surveys and estimates have not been verified by independent experts or other independent sources. No reliance should therefore be placed on this Information.
The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets as well as the principles for the presentation of prudential ratios are defined in our Universal Registration Document and, where applicable, in the methodological notes at the end of this document as well as in the presentation published jointly with this press release.
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
No representation, warranty or undertaking, whether express or implied is made as to the adequacy, accuracy, completeness or reasonableness of the Information. Societe Generale or its representatives cannot be held liable for any error, omission or inaccuracy or for any consequences arising from reliance placed on, or use of, the Information contained in the press release, anything relating thereto or any document or information to which it may refer.
This press release does not constitute an invitation to buy or sell Societe Generale shares or any other financial instruments or financial contracts issued by or related to Societe Generale.

Societe Generale

Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank;
Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives and structured finance;
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens, a global player in sustainable mobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official press releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

For more information, you can follow us on X @societegenerale or visit our website societegenerale.com.

1 Based on gross outstanding loans at the beginning of the period (annualised)
2 On and off-balance sheet provision outstandings. Quarterly variation of provisions for S1/S2 different from P&L impact, mainly due to IFRS 5 application and FX impact
3 Ratio calculated only on on-balance sheet outstanding
4 Ratio calculated according to the European Banking Authority methodology published on 16 July 2019, and excluding loans outstanding of companies classified as held for sale in accordance with IFRS 5
5 Ratio of the sum of stage 3 provisions, guarantees and collateral to gross outstanding non-performing loans
6 Developed by Copenhagen Infrastructure Partners
7 Supported by Finnish export credit agency Finnvera
8 Agrivoltaics combines solar energy generation with agricultural activities on the same land
9 Based on an ordinary distribution pay-out ratio of 50% of the 9M 26 Group net income restated for non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including Q3 26 results. At the end of 9M 26, the total distribution accrual in millions of euros is equivalent to EUR 3.42 per share. It includes the interim dividend of EUR 0.75 paid in October 2026
10 The European Central Bank notified Societe Generale group of the level of its regulatory requirements which will apply from 1 January 2027. Following this notification, Societe Generale group benefits from a comfortable pro forma buffer of approximately 300 basis points
¹¹ Including Basel IV phasing
¹² Excluding non-recurring items, mainly related to hyperinflation in Turkey
¹³ Gross revenues from used car sales, excluding the impact of impairment adjustments
¹⁴ As communicated by Ayvens in its Q3 26 results. The C/I ratio is on an underlying basis
¹⁵ The distribution provision is calculated based on an ordinary distribution payout ratio of 50% of the Group net income, restated from non-cash items and after deduction of deeply subordinated notes and on undated subordinated notes
¹⁶ Interest net of tax. Minor methodology adjustment starting from Q1 26. Historical data have not been restated
¹⁷ Excluding goodwill arising from non-controlling interests
¹⁸ Interest net of tax. Minor methodology adjustment starting from Q1 26. Historical data have not been restated
¹⁹ Excluding goodwill arising from non-controlling interests
²⁰ The number of shares considered is the number of ordinary shares outstanding as at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)
²¹ The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)

Attachment

Societe-Generale-Q3-2026-Financial-Results-Press-release-en

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JERA firma un acuerdo preliminar vinculante con AM Green para el suministro a largo plazo de amoníaco verde destinado a la descarbonización marítima

Posted on October 29, 2026 by sHq_LoGiNz

TOKIO e HYDERABAD (India)–(BUSINESS WIRE)–JERA Co., Inc. (JERA) y AM Green Ammonia (India) Private Limited (AM Green) anunciaron hoy de forma conjunta la firma de un acuerdo preliminar vinculante con AM Green relacionado con el suministro a largo plazo de amoníaco verde producido en India. JERA y AM Green acordaron un suministro de aproximadamente 70.000 toneladas de amoníaco verde anuales durante los próximos cinco años, con una potencial extensión del plazo para un suministro complementario

Posted in UncategorizedTagged Business Wire

Fiverr Announces Third Quarter 2026 Results

Posted on October 29, 2026 by Ravi Shankar

Higher-value project growth: Projects at or above $1,000 represented 16% of completed projects’ gross order amount on a trailing twelve-month basis.
AI transformation investments: Advancing the platform by leveraging our Knowledge Graph to match talent based on delivered outcomes, scaling our new Mira AI headhunter to improve project scoping and conversion, and expanding into external LLM ecosystems.
Capital allocation and liquidity: Generated $9.5 million in operating cash flow, $9.4 million in free cash flow, and ended the quarter with $316.2 million in cash, cash equivalents, deposits, and marketable securities.
2026 Outlook: Raised financial guidance ranges through fiscal year 2026 to reflect positive tailwinds from AutoDS’s recent high-profile campaign and disciplined cost management, partially offset by persistent search engine traffic headwinds.

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — Fiverr International Ltd. (NYSE: FVRR), the company that is transforming the way the world creates and works together, today reported financial results for the third quarter of 2026. The Company’s shareholder letter, posted on its investor relations website at investors.fiverr.com, includes additional operating results and management commentary.

“As the landscape shifts from traditional search toward GEO and automated workflows, we are proactively executing on a platform transformation to capture the future of work,” said Micha Kaufman, founder and CEO of Fiverr. “Our upmarket push continues to prove the defensibility and value of complex, high-value work. By upgrading our underlying infrastructure, advancing high-precision outcome matching, and embedding directly into the broader LLM ecosystem, we are rebuilding our traffic vectors while positioning our marketplace as the indispensable, agentic-friendly layer powering the future AI economy.”

“Our third quarter results demonstrate the resilience of our lean operating model amidst broader macro disruption. The stronger than expected performance in our services segment allowed us to outperform our previous quarterly guidance and support an upward revision to full year 2026,” said Esti Levy-Dadon, CFO of Fiverr. “With a strong balance sheet and healthy cash position, we are taking a disciplined approach to capital allocation, balancing liquidity, strict cost management, and cash flow generation while funding the key transformation investments to create long-term value.”

Third Quarter 2026 Financial Highlights

Revenue in the third quarter of 2026 was $90.9 million, compared to $107.9 million in the third quarter of 2025, a decrease of 15.8% year over year.
Marketplace revenue in the third quarter of 2026 was $55.4 million, compared to $73.6 million in the third quarter of 2025, a decline of 24.7% year over year.
Annual active buyers¹ as of September 30, 2026, were 2.4 million, compared to 3.3 million as of September 30, 2025, a decline of 25.8% year over year.
Annual spend per buyer¹ as of September 30, 2026, reached $373, compared to $330 as of September 30, 2025, an increase of 12.9% year over year.
Marketplace take rate¹ for the twelve-months period ended September 30, 2026 was 28.2%, compared to 27.6% for the twelve-months period ended September 30, 2025.
Services revenue in the third quarter of 2026 was $35.5 million, compared to $34.3 million in the third quarter of 2025, an increase of 3.4% year over year.
GAAP gross margin in the third quarter of 2026 was 81.3%, down 40 basis points from 81.7% in the third quarter of 2025. Non-GAAP gross margin¹ in the third quarter of 2026 was 84.4%, up 20 basis points from 84.2% in the third quarter of 2025.
GAAP net income in the third quarter of 2026 was $1.3 million, or $0.03 basic and diluted net income per share, compared to $5.5 million GAAP net income, or $0.15 basic and diluted net income per share in the third quarter of 2025.
Non-GAAP net income¹ in the third quarter of 2026 was $16.0 million, or $0.44 basic non-GAAP net income per share¹ and $0.43 diluted non-GAAP net income per share¹, compared to $30.5 million non-GAAP net income¹, or $0.84 basic non-GAAP net income per share¹ and $0.77 diluted non-GAAP net income per share¹, in the third quarter of 2025.
Net cash provided by operating activities in the third quarter of 2026 was $9.5 million, compared to $29.2 million in the third quarter of 2025, a decrease of 67.6% year over year.
Free cash flow¹ in the third quarter of 2026 was $9.4 million, compared to $29.1 million in the third quarter of 2025, a decrease of 67.8% year over year.
Adjusted EBITDA¹ in the third quarter of 2026 was $14.5 million, compared to $24.2 million in the third quarter of 2025. Adjusted EBITDA margin¹ was 16.0% in the third quarter of 2026, compared to 22.4% in the third quarter of 2025, representing a 640 basis points decline year over year.

Executive Leadership Update

Following her decision not to relocate to Israel, Jinjin Qian has stepped down from her position as Chief Business Officer. The search for her successor, who will be based in Israel, is well advanced. In the interim, day-to-day operations and strategic direction continue to be led by Micha Kaufman, Chief Executive Officer, alongside Esti Levy-Dadon, Chief Financial Officer, who has assumed an expanded operational role to ensure a smooth transition and continuous operational alignment.

Financial Outlook

Our revised financial guidance through the remainder of fiscal year 2026 reflects the impact of several items. First, our better than expected performance in Q3’26, which exceeded our previously provided guidance. A primary driver of that strength was our Services segment, driven by AutoDS and e-commerce expansion, along with continued strict expense management. Second, these positive drivers continue to be offset by ongoing demand and search traffic headwinds across the marketplace stemming from AI-related disruption to traditional SEO and SEM. Third, the positive trends associated with AutoDS and e-commerce expansion are expected to continue through 2026.

We expect the shift from search to AI-driven discovery to drive a steeper decline than previously expected in marketplace traffic through 2027. While we anticipate lower year-over-year operational expenses in 2027, the reduction will be offset by the ongoing demand and search traffic headwinds, resulting in downward pressure on 2027 Adjusted EBITDA margin. We will provide full 2027 financial guidance when we report fourth quarter results next year.

	Q4 2026	FY 2026
Revenue	$80 – $86 million	$374 – $380 million
y/y growth	(25)% – (20)%	(13)% – (12)%
Adjusted EBITDA⁽¹⁾	$6 – $10 million	$61 – $65 million

Conference Call and Webcast Details

Fiverr’s management will host a conference call to discuss its financial results on Thursday, October 29, 2026, at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Fiverr’s Investor Relations website. An archived version will be available on the website after the call. To participate in the conference call, please dial: Toll-Free: 1-833-630-1956 or International: 1-412-317-1837.

About Fiverr

Fiverr’s mission is to transform the way the world creates and works together. We’re shaping the future of work with the world’s leading open platform, seamlessly connecting top talent and cutting-edge technology with businesses around the globe. From expert freelancers in over 750 skilled categories to best-in-class GenAI models and agents, Fiverr provides the most advanced and comprehensive talent and tools for digital services – helping businesses get mission-critical projects done fast and cost-effectively.

From small businesses to Fortune 500 companies, millions trust Fiverr for projects in software and AI development, digital marketing, finance, business consulting, video animation, music, architecture, and more.

Learn how to future-proof your business with exceptional talent and cutting-edge tools at fiverr.com. Follow us on LinkedIn, Instagram, TikTok, and Facebook.

Investor Relations:
Steve Rubis
Emily Greenstein
investors@fiverr.com

Press:
Jenny Chang
Madeleine Bendalin
press@fiverr.com

Source: Fiverr International Ltd.

CONSOLIDATED BALANCE SHEETS¹
(in thousands)

	September 30,			December 31,
		2026			2025
	(Unaudited)			(Audited)
Assets
Current assets:
Cash and cash equivalents	$	125,471		$	125,215
Marketable securities		25,997			117,705
User funds		146,361			159,849
Bank deposits		90,000			40,000
Restricted deposit		3,418			3,409
Other receivables		36,416			34,465
Total current assets		427,663			480,643

Long-term assets:
Marketable securities		74,754			–
Property and equipment, net		2,578			3,360
Operating lease right of use asset		1,286			3,513
Deferred tax assets, net		30,359			26,423
Intangible assets, net		27,366			36,554
Goodwill		126,313			126,313
Other non-current assets		4,926			7,795
Total long-term assets		267,582			203,958

TOTAL ASSETS	$	695,245		$	684,601

Liabilities and Shareholders’ Equity
Current liabilities:
Trade payables	$	11,241		$	9,081
User accounts		137,329			149,454
Deferred revenue		16,035			18,567
Other account payables and accrued expenses		72,358			68,426
Operating lease liabilities		1,310			3,365
Total current liabilities		238,273			248,893

Long-term liabilities:
Operating lease liabilities		441			798
Other non-current liabilities		13,603			22,926
Total long-term liabilities		14,044			23,724

TOTAL LIABILITIES	$	252,317		$	272,617

Shareholders’ equity:
Share capital and additional paid-in capital		815,257			786,195
Accumulated deficit		(371,454	)		(377,739	)
Accumulated other comprehensive income (loss)		(875	)		3,528
Total shareholders’ equity		442,928			411,984

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	695,245		$	684,601

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2026			2025			2026			2025
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue	$	90,899		$	107,903		$	294,173		$	323,735
Cost of revenue		17,042			19,766			53,727			60,546
Gross profit		73,857			88,137			240,446			263,189

Operating expenses:
Research and development		18,052			25,150			54,740			72,771
Sales and marketing		39,254			40,669			126,348			132,903
General and administrative		17,213			22,214			47,145			64,595
Total operating expenses		74,519			88,033			228,233			270,269
Operating income (loss)		(662	)		104			12,213			(7,080	)
Financial income and other, net		2,981			6,815			6,590			20,694
Income before taxes on income		2,319			6,919			18,803			13,614
Taxes on income		(1,050	)		(1,382	)		(4,501	)		(4,091	)
Net income attributable to ordinary shareholders	$	1,269		$	5,537		$	14,302		$	9,523
Basic net income per share attributable to ordinary shareholders	$	0.03		$	0.15		$	0.39		$	0.26
Basic weighted average ordinary shares		36,822,775			36,415,189			36,369,156			36,340,110
Diluted net income per share attributable to ordinary shareholders	$	0.03		$	0.15		$	0.39		$	0.26
Diluted weighted average ordinary shares		37,236,336			37,237,699			36,798,549			37,343,283

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2026			2025			2026			2025
	(Unaudited)						(Unaudited)
Cash flows from operating activities:
Net income	$	1,269		$	5,537		$	14,302		$	9,523
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,454			3,074			10,293			11,447
Amortization of premium and accretion of discount of marketable securities, net		(106	)		772			(530	)		(825	)
Amortization of discount and issuance costs of convertible notes		–			643			–			1,926
Share-based compensation		6,714			11,925			23,919			41,734
Exchange rate fluctuations and other items, net		(57	)		(169	)		(106	)		(513	)
Impairment of intangible assets		–			2,400			–			2,400
Revaluation of earn-outs		3,425			2,274			3,498			9,603
Changes in assets and liabilities:
User funds		10,061			(4,172	)		13,488			(14,982	)
Operating lease ROU assets and liabilities		(178	)		53			(185	)		365
Other receivables		939			3,359			(1,904	)		3,072
Deferred tax assets, net		(1,964	)		(1,561	)		(3,936	)		(4,785	)
Trade payables		(846	)		(2,004	)		2,173			(642	)
Deferred revenue		(1,984	)		(1,215	)		(2,532	)		(466	)
User accounts		(9,260	)		3,657			(12,125	)		14,013
Payment of earn-outs		(1,610	)		(2,714	)		(6,893	)		(2,714	)
Other accounts payable and accrued expenses		(509	)		7,387			4,322			13,674
Non-current liabilities		120			(40	)		703			(111	)
Net cash provided by operating activities		9,468			29,206			44,487			82,719

Investing Activities:
Investment in marketable securities		(39,215	)		–			(102,869	)		(55,652	)
Proceeds from maturities of marketable securities		24,835			136,505			118,804			316,776
Investment in short-term bank deposits		(20,000	)		(187	)		(50,000	)		(2,187	)
Proceeds from short-term bank deposits		–			107,000			5			107,843
Purchase of property and equipment		(95	)		(77	)		(462	)		(549	)
Capitalization of internal-use software		–			–			–			(661	)
Other receivables and non-current assets		–			–			901			–
Lease payment made prior to commencement		(770	)		–			(770	)		–
Net cash provided by (used in) investing activities		(35,245	)		243,241			(34,391	)		365,570

Financing Activities
Repurchases of common stock		–			(22,520	)		(8,017	)		(22,520	)
Proceeds from exercise of share options		6			632			1,355			3,211
Payment of earn-out		–			(2,486	)		(1,717	)		(2,486	)
Proceeds from withholding tax related to employees’ exercises of share options and RSUs, net		(11	)		(2,073	)		(518	)		(785	)
Deferred payment related to business combination		–			–			(1,078	)		–
Net cash (used in) financing activities		(5	)		(26,447	)		(9,975	)		(22,580	)

Effect of exchange rate fluctuations on cash and cash equivalents		59			141			135			480

Increase (decrease) in cash and cash equivalents		(25,723	)		246,141			256			426,189
Cash and cash equivalents at the beginning of the period		151,194			313,520			125,215			133,472
Cash and cash equivalents at the end of the period	$	125,471		$	559,661		$	125,471		$	559,661

REVENUE BREAKDOWN
(in thousands¹)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2026			2025			2026			2025
	(Unaudited)						(Unaudited)
Marketplace Revenue	$	55,411		$	73,592		$	185,686		$	225,955
Annual Active Buyers		2,447			3,297			2,447			3,297
Annual Spend per Buyer	$	373		$	330		$	373		$	330
Marketplace Take Rate		28.2	%		27.6	%		28.2	%		27.6	%

Services Revenue	$	35,488		$	34,311		$	108,487		$	97,780
Total Revenue	$	90,899		$	107,903		$	294,173		$	323,735

Except for Annual Spend per Buyer and Marketplace Take Rate

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(in thousands, except gross margin data)


	Q3’25			Q4’25			Q1’26			Q2’26			Q3’26			FY 2024			FY 2025
							(Unaudited)									(Unaudited)			(Unaudited)
GAAP gross profit	$	88,137		$	88,304		$	86,658		$	79,931		$	73,857		$	320,915		$	351,493
Add:
Share-based compensation		365			39			256			247			224			2,136			1,230
Depreciation and amortization		2,186			2,446			2,582			2,605			2,632			7,017			10,951
Restructuring costs		238			(35	)		–			–			–			–			203
Earn-out revaluation, acquisition related costs and other		(43	)		6			6			6			(3	)		28			7
Non-GAAP gross profit	$	90,883		$	90,760		$	89,502		$	82,789		$	76,710		$	330,096		$	363,884
Non-GAAP gross margin		84.2	%		84.7	%		84.8	%		84.7	%		84.4	%		84.3	%		84.4	%



RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME AND NET INCOME PER SHARE
(in thousands, except share and per share data)


	Q3’25			Q4’25			Q1’26			Q2’26			Q3’26			FY 2024			FY 2025
							(Unaudited)									(Unaudited)			(Unaudited)
GAAP net income attributable to ordinary shareholders	$	5,537		$	11,460		$	8,564		$	4,469		$	1,269		$	18,246		$	20,983
Add:
Depreciation and amortization		3,074			3,245			3,414			3,425			3,454			10,476			14,692
Share-based compensation		11,925			9,655			8,982			8,223			6,714			73,942			51,389
Impairment of intangible assets		2,400			–			–			–			–			–			2,400
Restructuring costs		3,567			(143	)		–			–			–			–			3,424
Earn-out revaluation, acquisition related costs and other		3,111			7,854			1,725			1,496			5,036			5,631			20,858
Convertible notes amortization of discount and issuance costs		643			214			–			–			–			2,555			2,140
Taxes on income related to non-GAAP adjustments		(235	)		(268	)		(278	)		(281	)		(284	)		(16,610	)		(1,234	)
Exchange rate gain (loss), net		431			126			463			1,008			(164	)		859			446
Non-GAAP net income	$	30,453		$	32,143		$	22,870		$	18,340		$	16,025		$	95,099		$	115,098
Weighted average number of ordinary shares – basic		36,415,189			36,107,120			35,971,243			36,313,450			36,822,775			36,984,757			36,281,883
Non-GAAP basic net income per share attributable to ordinary shareholders	$	0.84		$	0.89		$	0.64		$	0.51		$	0.44		$	2.57		$	3.17

Weighted average number of ordinary shares – diluted		39,391,560			37,387,076			36,601,102			36,558,208			37,236,336			39,994,015			38,969,647
Non-GAAP diluted net income per share attributable to ordinary shareholders	$	0.77		$	0.86		$	0.62		$	0.50		$	0.43		$	2.38		$	2.95



RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
(in thousands, except adjusted EBITDA margin data)

	Q3’25			Q4’25			Q1’26			Q2’26			Q3’26			FY 2024			FY 2025
							(Unaudited)									(Unaudited)			(Unaudited)
GAAP net income	$	5,537		$	11,460		$	8,564		$	4,469		$	1,269		$	18,246		$	20,983
Add:
Financial income and other		(6,815	)		(3,899	)		(1,963	)		(1,646	)		(2,981	)		(27,706	)		(24,593	)
Taxes on income (tax benefit)		1,382			(1,658	)		1,894			1,557			1,050			(6,358	)		2,433
Depreciation and amortization		3,074			3,245			3,414			3,425			3,454			10,476			14,692
Share-based compensation		11,925			9,655			8,982			8,223			6,714			73,942			51,389
Impairment of intangible assets		2,400			–			–			–			–			–			2,400
Restructuring costs		3,567			(143	)		–			–			–			–			3,424
Earn-out revaluation, acquisition related costs and other		3,111			7,854			1,725			1,496			5,036			5,631			20,858
Adjusted EBITDA	$	24,181		$	26,514		$	22,616		$	17,524		$	14,542		$	74,231		$	91,586
Adjusted EBITDA margin		22.4	%		24.7	%		21.4	%		17.9	%		16.0	%		19.0	%		21.3	%



RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES
(In thousands)

	Q3’25			Q4’25			Q1’26			Q2’26			Q3’26			FY 2024			FY 2025
							(Unaudited)									(Unaudited)			(Unaudited)
GAAP research and development	$	25,150		$	17,893		$	18,061		$	18,627		$	18,052		$	90,241		$	90,664
Less:
Share-based compensation		3,229			2,333			2,196			1,816			1,742			23,569			14,421
Depreciation and amortization		309			301			279			266			270			831			1,188
Restructuring costs		2,258			(85	)		–			–			–			–			2,173
Earn-out revaluation, acquisition related costs and other		(83	)		137			159			160			174			28			181
Non-GAAP research and development	$	19,437		$	15,207		$	15,427		$	16,385		$	15,866		$	65,813		$	72,701

GAAP sales and marketing	$	40,669		$	43,772		$	45,579		$	41,515		$	39,254		$	171,678		$	176,675
Less:
Share-based compensation		1,338			1,079			984			1,037			854			13,592			6,032
Depreciation and amortization		507			429			467			469			470			2,308			2,202
Impairment of intangible assets		–			2,400			–			–			–			–			2,400
Restructuring costs		829			(2	)		–			–			–			–			827
Earn-out revaluation, acquisition related costs and other		805			1,263			1,385			1,400			1,421			1,878			4,412
Non-GAAP sales and marketing	$	37,190		$	38,603		$	42,743		$	38,609		$	36,509		$	153,900		$	160,802

GAAP general and administrative	$	22,214		$	20,736		$	14,523		$	15,409		$	17,213		$	74,814		$	85,331
Less:
Share-based compensation		6,993			6,204			5,546			5,123			3,894			34,645			29,706
Depreciation and amortization		72			69			86			85			82			320			351
Impairment of intangible assets		2,400			(2,400	)		–			–			–			–			–
Restructuring costs		242			(21	)		–			–			–			–			221
Earn-out revaluation, acquisition related costs and other		2,432			6,448			175			(70	)		3,444			3,697			16,258
Non-GAAP general and administrative	$	10,075		$	10,436		$	8,716		$	10,271		$	9,793		$	36,152		$	38,795



RECONCILIATION OF NET CASH PROVIDED BY OPERATING
ACTIVITIES TO FREE CASH FLOW (In thousands)

	Q3’25			Q4’25			Q1’26			Q2’26			Q3’26			FY 2024			FY 2025
							(Unaudited)									(Unaudited)			(Unaudited)
Net cash provided by operating activities	$	29,206		$	21,870		$	21,176		$	13,843		$	9,468		$	83,068		$	104,589
Purchase of property and equipment		(77	)		(98	)		(159	)		(208	)		(95	)		(1,303	)		(647	)
Capitalization of internal-use software		–			–			–			–			–			(103	)		(661	)
Free cash flow	$	29,129		$	21,772		$	21,017		$	13,635		$	9,373		$	81,662		$	103,281

Key Performance Metrics and Non-GAAP Financial Measures

This release includes certain key performance metrics and financial measures not based on GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow, as well as operating metrics, including marketplace Gross Merchandise Value or GMV, annual active buyers, annual spend per buyer and marketplace take rate. Some amounts in this release may not total due to rounding. All percentages have been calculated using unrounded amounts.

We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the above tables, adjusted for, as applicable, depreciation and amortization, share-based compensation expenses, restructuring costs, impairment of intangible assets, earn-out revaluation, acquisition related costs and other, income taxes, amortization of discount and issuance costs of convertible notes, financial (income) expenses, net and other. Amortization of acquired intangible assets is excluded from the measures, however, the revenue from the acquired companies is included, and their assets actively contribute to revenue generation. Non-GAAP gross margin represents non-GAAP gross profit expressed as a percentage of revenue. We define non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by GAAP weighted-average number of ordinary shares basic and diluted. We use free cash flow as a liquidity measure and define it as net cash provided by operating activities less capital expenditures. We define Adjusted EBITDA margin as Adjusted EBITDA expressed as a percentage of revenue.

We define GMV or marketplace Gross Merchandise Value as the total value of transactions ordered through our marketplace, excluding value-added tax, goods and services tax, service chargebacks and refunds. Annual active buyers on any given date is defined as buyers who have ordered a Gig on our marketplace within the last 12-month period, irrespective of cancellations. Annual spend per buyer on any given date is calculated by dividing our GMV within the last 12-month period by the number of annual active buyers as of such date. Marketplace take rate for a given period means marketplace revenue for such period divided by GMV for such period. When we refer in this release to the marketplace we refer to transactions conducted between buyers and freelancers on Fiverr.com. When we refer to the platform we refer to the marketplace and our additional services.

Management and our board of directors use certain metrics as supplemental measures of our performance that are not required by, or presented in accordance with GAAP because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations. We also use these metrics for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives and capital expenditures and to evaluate our capacity to expand our business. In addition, we believe that free cash flow, which we use as a liquidity measure, is useful in evaluating our business because free cash flow reflects the cash surplus available or used to fund the expansion of our business after the payment of capital expenditures relating to the necessary components of ongoing operations. Capital expenditures consist primarily of property and equipment purchases and capitalized software costs.

Free cash flow should not be used as an alternative to, or superior to, net cash provided by operating activities. In addition, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share as well as operating metrics, including GMV, annual active buyers, annual spend per buyer and marketplace take rate should not be considered in isolation, as an alternative to, or superior to net income (loss), revenue, cash flows or other performance measures derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business.

These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management’s discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non-GAAP metrics as supplemental measures of our performance. Our measures of Adjusted EBITDA, free cash flow and other non-GAAP metrics used herein are not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.

See the tables above regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

We are not able to provide a reconciliation of Adjusted EBITDA guidance to net income (loss), the nearest comparable GAAP measure, for the fourth quarter of 2026, or the fiscal year ending December 31, 2026, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, in the case of Adjusted EBITDA, we are unable to forecast the timing or magnitude of share based compensation, amortization of intangible assets, impairment of intangible assets, income or loss on revaluation of contingent consideration, other acquisition-related costs, convertible notes amortization of discount and issuance costs and exchange rate income or loss, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our financial outlook and expected financial and operational performance, our business plans and strategy, including our platform transformation and AI-related initiatives, traffic trends, capital allocation and liquidity, our leadership transition, and the long term growth of our business, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our recent reduction in force could adversely affect our business, results of operations and financial condition; AI developments may present challenges for our industry and reduce the demand for some of our service offerings; our ability to successfully implement our business plan within adverse economic conditions that may impact consumers, business spending and the demand for our services or have a material adverse impact on our business, financial condition and results of operations; our ability to attract and retain a large community of buyers and freelancers; our ability to generate sufficient revenue to maintain profitability or positive net cash flow generated by operating activities; our ability to maintain and enhance our brand; our dependence on the continued growth and expansion of the market for freelancers and the services they offer; our dependence on traffic to our websites; our ability to maintain user engagement on our websites and to maintain and improve the quality of our platform; our operations within a competitive market; political, economic and military instability in Israel, including related to the war in Israel; our ability and the ability of third parties to protect our users’ personal or other data from a security breach and to comply with laws and regulations relating to data privacy, data protection and cybersecurity; our ability to manage our current and potential future growth; our dependence on decisions and developments in the mobile device industry, over which we do not have control; our ability to detect errors, defects or disruptions in our platform; our ability to comply with the terms of underlying licenses of open source software components on our platform; our ability to expand into markets outside the United States and our ability to manage the business and economic risks of international expansion and operations; our ability to achieve desired operating margins; our ability to comply with a wide variety of U.S. and international laws and regulations, including with regulatory frameworks around the development and use of AI; our ability to attract, recruit, retain and develop qualified employees; our reliance on Amazon Web Services; our ability to mitigate payment and fraud risks; our dependence on relationships with payment partners, banks and disbursement partners; and the other important factors discussed under the caption “Risk Factors” in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2026, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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¹ _{See “Key Performance Metrics and Non-GAAP Financial Measures” and reconciliation tables at the end of this release for additional information regarding the non-GAAP metrics and Key Performance Metrics used in this release.}

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