Date: 30 October 2026
Release: Before opening of Euronext
Please open the following link to read the full report including annexes:
Attachment
Tag: GlobeNewswire
Solid operational performance and financial discipline support the growth strategy
PRESS RELEASE | Vilvoorde, 30 October 2026
Wereldhave Belgium continues its growth trajectory, delivering strong operational performance over the first nine months of 2026. The acquisitions completed in 2025 are now making a clear contribution to the results, while the existing portfolio continues to grow. At the same time, the Company’s financial position remains solid, providing sufficient flexibility to make targeted investments in future growth.
Against a market backdrop marked by ongoing geopolitical uncertainty and more cautious consumer sentiment, this performance is underpinned by a combination of rising rental income, high occupancy rates and disciplined capital allocation. Through active capital recycling and further diversification of its funding sources, Wereldhave Belgium continues to build sustainable value for its shareholders.
Key messages:
- Increase in net rental income by 17.9% to € 65.8M (€ 55.8M at 30 September 2025);
- Increase of the fair value of the investment property portfolio (+1.9% compared to 31 December 2025);
- Increase in net asset value per share to € 73.79 (+1.1% vs. 2025: € 73.00);
- Slight decrease in EPRA occupancy rate of 0.8% to 96.5% for the entire portfolio (97.3% at 31 December 2025) due to a significantly higher number of pop-up contracts by year-end;
- Further diversification of the financing portfolio with two new 5-year credit facilities of € 30M each with BECM and Caisse d’Epargne;
- Healthy debt ratio (EPRA) of 33.0% at 30 September 2026 (31.9% at 31 December 2025);
- Outlook of net result from core activities maintained between € 5.20 – € 5.30 per share.
Attachment
| Press release
Quarterly information as at September 30th, 2026 Very strong performance over the first nine months |
Cergy, October 30th, 2026
Very strong 9m 2026 revenue growth supported by exceptional Q3
- 9m revenue: €8,043.4m, up +7.0% year-on-year, including +4.8% growth from acquisitions and +2.3% organic growth
- Q3 2026 revenue up +13.7% including +4.7% organic growth, accelerating from +1.2% in H1 2026
- Exceptional performance led by North-Western Europe and Germany, strong growth in Central Europe and improvement in France from the Q2 trough
Accelerating M&A contribution and rich pipeline of opportunities
- Seven bolt-on acquisitions announced to date, representing close to €800 million of annual revenue
- Combined, the 2025 and 2026 acquisitions contributed €362 million to revenue growth over the first nine months of the year, including four months of ROFA in Germany
- Further strengthening SPIE’s high-value technical services offering and local footprint across Germany, Central Europe and France
Successful refinancing and enhanced financial flexibility
- Successful placement of a €500 million sustainability-linked bond with a 5.5-year maturity and a 4.875% coupon in September 2026
- Early redemption of the €400 million ORNANEs due January 2028
- Liquidity above €1.5 billion, providing ample financial flexibility to support future growth opportunities while maintaining a strong and disciplined financial profile
2026 outlook confirmed
- Strong total growth, driven by further organic growth and active bolt-on M&A
- Continued expansion of EBITA margin
Markus Holzke, CEO, commented: “SPIE delivered a very strong performance in the first nine months of 2026, with accelerating organic growth and M&A contribution culminating in an exceptional third quarter. We continued to execute successfully on our bolt-on acquisition strategy, further strengthening our high-value technical services offering and reinforcing our local footprint across Europe. In addition, the opportunistic early redemption of our ORNANE convertible bond and its successful refinancing further enhanced our financial flexibility and demonstrated the strength of SPIE’s credit profile and access to capital markets. Despite an increasingly volatile macroeconomic and political environment, we benefit from the powerful long-term drivers underpinning our markets and continue to focus on attractive growth segments. Combined with the strength of our business model and the quality of our execution, this allows us to confirm our 2026 outlook and gives us confidence in our ability to continue creating value over the long term.”
Revenue
SPIE recorded revenue of €8,043.4 million over the first nine months of 2026, up 7.0% year on year. Organic growth stood at +2.3%, accelerating throughout the period, to reach an exceptional +4.7% in Q3, following +3.1% in Q2 and -0.9% in Q1. External growth contributed +4.8%, driven mainly by acquisitions completed in 2026, notably ROFA in Germany, while continuing to benefit from the contribution of acquisitions completed in 2025. The disposal of a small elevator business in the Netherlands and foreign exchange movements each had a limited negative impact of -0.1%.
| In millions of euros (unaudited) |
9m 2026 | 9m 2025 | Change |
organic growth | external growth | disposal | internal transfer(1) | foreign exchange | ||
| Germany | 2,871.6 | 2,600.0 | +10.4% | +4.4% | +7.7% | – | -1.6% | – | ||
| France | 2,464.9 | 2,426.5 | +1.6% | -0.4% | +2.0% | -0.0% | – | – | ||
| North-Western Europe | 1,635.0 | 1,537.5 | +6.3% | +5.3% | +1.3% | -0.3% | – | – | ||
| Central Europe | 702.4 | 606.6 | +15.8% | +1.9% | +12.0% | – | +1.2% | +0.7% | ||
| Global Services Energy | 369.6 | 348.2 | +6.1% | -6.7% | +8.0% | – | +7.5% | -2.6% | ||
| Group revenue | 8,043.4 | 7,518.7 | +7.0% | +2.3% | +4.8% | -0.1% | 0.0% | -0.1% | ||
| (1) (1) Internal transfer in January 2026 of the former Robur non-German operations, previously recognized in SPIE Germany. International wind activities transferred to Global Services Energy, and other locally-based activities transferred to their respective geographies. | ||||||||||
| In millions of euros (unaudited) |
Q3 2026 | Q3 2025 | Change |
organic growth | external growth | disposal | internal transfer(1) | foreign exchange | ||
| Germany | 1,115.9 | 922.0 | +21.0% | +5.2% | +17.6% | – | -1.8% | – | ||
| France | 810.4 | 791.1 | +2.4% | +0.3% | +2.2% | -0.1% | – | – | ||
| North-Western Europe | 561.6 | 498.4 | +12.7% | +12.5% | +0.5% | -0.3% | – | – | ||
| Central Europe | 258.7 | 220.8 | +17.2% | +5.8% | +10.4% | – | +1.1% | -0.1% | ||
| Global Services Energy | 140.2 | 107.7 | +30.2% | -6.8% | +25.8% | – | +8.1% | +3.1% | ||
| Group revenue | 2,886.8 | 2,539.9 | +13.7% | +4.7% | +9.0% | -0.1% | 0.0% | +0.1% |
(1) Internal transfer in January 2026 of the former Robur non-German operations, previously recognized in SPIE Germany. International wind activities transferred to Global Services Energy, and other locally-based activities transferred to their respective geographies.
Germany
Germany delivered a strong performance over the first nine months of 2026, with revenue up +10.4%, including +4.4% organic growth. Activity remained at a high level during Q3, with organic growth reaching 5.2%, following the weather-related disruptions experienced at the beginning of the year and the progressive catch-up during the first half. External growth contributed +7.7%, notably reflecting the integration of four months of ROFA as well as the acquisitions completed in 2025. The internal transfer of former Robur non-German activities to Global Services Energy and Central Europe had a -1.6% impact on reported revenue growth, with no effect at Group level.
Germany’s end markets remain supported by strong structural demand linked to electrification, grid modernisation and energy efficiency, providing excellent visibility. City Networks & Grids and High Voltage successfully recovered the weather-related shortfall recorded at the beginning of the year with electrical distribution activities showing strong momentum and High Voltage benefiting from a record order backlog. Technical Facility Management again stood out, thanks to excellent contract retention rates, new contract wins and growing demand for energy efficiency and decarbonisation solutions. In Building Solutions, activity remained supported by data centres, alongside increasing demand in defence and tunnel infrastructure projects. Industry Services maintained a solid growth profile despite a more challenging environment in selected end-markets, driven by automation, industrial transformation and energy-related activities. Information & Communication Services (ICS) continued to strengthen its positioning in cybersecurity through the expertise gained from recent acquisitions.
France
In France, revenue increased by +1.6% over the first nine months, reflecting a +2.0% contribution from the Artemys acquisition and a -0.4% organic growth. Following a trough in Q2, organic growth of +0.3% in Q3 evidenced a resilient level of activity in France.
Technical Facility Management remained a key growth engine, benefiting from its recurring revenue profile and the ramp-up of several nationwide multi-year contracts. Industry remained robust, supported by demand linked to the energy transition, notably in solar photovoltaic and battery energy storage systems (BESS) projects, while benefiting from diversified exposure to end-markets including agri-food and aerospace. ICS maintained solid growth, driven by growing demand for managed services and cybersecurity solutions, combined with sustained activity in data centre-related projects. Nuclear Services also posted a strong performance, supported by the long-term maintenance cycle across the existing nuclear fleet. In City Networks, growth remained constrained as fibre roll-out programmes gradually come to an end, and activity shifts towards recurring maintenance services. In Building Solutions, SPIE’s disciplined approach to project selection in challenging market conditions resulted in a contraction of revenues this year, while order intake was encouraging, notably in data centres, healthcare facilities and defence-related projects.
North-Western Europe
North-Western Europe recorded revenue growth of +6.3% over the first nine months of 2026, driven by strong organic growth of +5.3% and a +1.3% contribution from acquisitions. Organic growth accelerated sharply during the period, reaching an outstanding +12.5% in Q3 after +4.7% in Q2. The disposal of a small elevator business in the Netherlands had a negligible -0.3% impact on the segment’s first nine months revenue.
In the Netherlands, High Voltage activity accelerated significantly, driven by substations and transmission line projects that entered intensive execution phases in Q3. Building Solutions also delivered strong growth, as several projects moved into production. Information & Communication Services continued to benefit from data centre-related activities, fire protection and cybersecurity.
Industry Services remained resilient, with good momentum in electrification activities, high-tech manufacturing, water infrastructure and port facilities helping to diversify our activities beyond the weaker petrochemical market.
Belgium delivered another very strong performance, driven by High Voltage and BESS activities despite a demanding comparison base, while Building Solutions and Technical Facility Management continued to benefit from SPIE’s strong local market positions and longstanding customer relationships.
Central Europe
Revenue in Central Europe rose by +15.8% in the first nine months of 2026, driven by a +12.0% contribution from acquisitions, reflecting sustained M&A activity, notably BLOCK Group in the Czech Republic. The internal transfer of former Robur operations located in Austria contributed a further +1.2%. Organic growth was +1.9%, reaching a very strong +5.8% in Q3 on a very demanding comparison base (+9.9% in Q3 2025). Currency movements contributed +0.7%, primarily reflecting the appreciation of the Swiss franc and the Hungarian forint against the euro.
In Poland and Slovakia, High Voltage services continued to benefit from grid expansion and energy transition investments, while tunnel infrastructure and BESS projects sustained growth in Austria. Strong underlying demand across the region was further supported by the progressive catch-up initiated in the second quarter following the weather-related disruptions experienced at the beginning of the year. The order book continued to build, providing strong visibility across the region.
Global Services Energy
Over the first nine months of 2026, Global Services Energy posted revenue growth of +6.1%, driven by the integration of Worley Power Services, acquired at the end of May 2026 (+8.0%) and by the internal transfer of the international wind operations from SPIE Germany (formerly Robur Wind) (+7.5%). Organic growth declined by -6.7% (-6.8% in Q3), while adverse foreign exchange movements reduced revenue by -2.6%, mainly due to the weakening of the US dollar against the euro over the period.
Market conditions are becoming more challenging for Oil & Gas activities, with increasing local competition in Sub-Saharan Africa reinforcing a disciplined and selective commercial approach. In the Middle East, activity was disrupted in certain areas following the outbreak of the conflict with Iran and the situation continues to be monitored closely. Newly acquired power generation activities expanded significantly, driven by the successful integration of Worley Power Services, which further strengthened the Group’s positioning in renewable power markets, notably wind, BESS and solar photovoltaic projects.
Bolt-on acquisitions
Supported by a robust pipeline of attractive opportunities across SPIE’s areas of expertise and geographies, the Group continued to deliver strong M&A execution during the first nine months of 2026. Since the beginning of the year, SPIE has announced seven acquisitions representing close to €800 million of annual revenue, further strengthening its high-value technical services offering and reinforcing its local footprint across Europe.
Most recently, SPIE announced the signing of an agreement for the acquisition of SAR ANLAGENBAU GmbH, generating c. €100 million of annual revenue and significantly expanding SPIE’s exposure to attractive infrastructure and industrial automation markets in Austria and Germany. In France, the acquisition of CLAUSER, generating approximately €22 million of annual revenue, further strengthened SPIE’s positioning in industrial maintenance and high-power electrical installations, two attractive and growing technical services segments.
Earlier in the year, SPIE completed the acquisitions of ROFA Industrial Automation AG and SGS in Germany, together representing approximately €610 million of annual revenue and marking a significant scale-up of the Group’s industrial services platform in its largest market. SPIE also further expanded its footprint in Central Europe through the acquisitions of BLOCK Group in the Czech Republic, Invizo in Slovakia and nimeg ag in Switzerland, which together contribute around €60 million of annual revenue.
These transactions illustrate SPIE’s disciplined approach to acquisitions, with targeted bolt-on acquisitions that reinforce local market positions, broaden technical capabilities and support long term value creation, while maintaining a sound leverage profile.
Financing
In September 2026, SPIE successfully placed a €500 million sustainability-linked bond with a 5.5-year maturity and a 4.875% coupon in a challenging debt environment, reflecting strong investor demand and the Group’s continued access to debt capital markets. The proceeds of the new bond were used in particular to refinance the Group’s ORNANEs due January 2028, through a repurchase invitation in cash, followed by the exercise of the issuer’s soft call in shares.
Upon completion of these transactions, €400 million of outstanding ORNANEs were redeemed in cash, while around 3.5 million new shares were issued, resulting in a limited final dilution of 2.0%.
Following the refinancing, SPIE’s liquidity exceeds €1.5 billion, providing ample financial flexibility to support the Group’s development strategy, while maintaining a strong and disciplined financial profile.
Great success of the 2026 employee shareholding plan
SPIE is on track to finalise its 2026 employee shareholding plan, SHARE FOR YOU 2026, with great success. More than 27,000 employees from 18 different countries subscribed to the plan (versus close to 25,000 employees in 2025). This figure includes more than 6,000 employees subscribing for the first time. Final results will be announced on December 4, 2026 and the Group plans to renew its anti-dilutive share buyback program, early 2027.
Conference call for investors and analysts
Date: Friday, October 30th, 2026
9.00 am CET – 8.00 am GMT
Speakers:
Markus Holzke, CEO
Jérôme Vanhove, Group CFO
Access to the conference call:
- Webcast: https://spie.engagestream.euronext.com/q3_2026_revenue
- Dial-in: https://engagestream.euronext.com/spie/q3_2026_revenue/dial-in
Next events
2026 full-year results: March 4th, 2027
Quarterly information as at March 31st, 2027: April 23rd, 2027
2027 annual shareholders meeting: April 30th, 2027
2027 half-year results: July 29th, 2027
Quarterly information as at September 30th, 2027: October 29th, 2027
Financial definitions
Organic growth represents the production completed during the nine months of year N by all the companies consolidated by the Group for the financial year ended December 31 of year N-1 (excluding any contribution from any companies acquired during year N) compared with the production completed during the nine months of year N-1 by the same companies, independently of the date on which they were first consolidated within the Group.
Segment Central Europe includes Poland, Switzerland, Austria, Czech Republic, Hungary and Slovakia.
Segment North-Western Europe includes The Netherlands and Belgium.
Appendix
Quarterly organic growth by segment
| Q1 2026 | Q2 2026 | H1 2026 | Q3 2026 | 9m 2026 | |
| Germany | +0.0% | +7.3% | +3.9% | +5.2% | +4.4% |
| France | +0.6% | -1.9% | -0.7% | +0.3% | -0.4% |
| North-Western Europe | -0.9% | +4.7% | +1.9% | +12.5% | +5.3% |
| Central Europe | -8.2% | +7.3% | +0.0% | +5.8% | +1.9% |
| Global Services Energy | -4.1% | -9.3% | -6.7% | -6.8% | -6.7% |
| Group | -0.9% | +3.1% | +1.2% | +4.7% | +2.3% |
Reconciliation between revenue (as per management accounts) and revenue under IFRS
| In millions of euros (unaudited) | 9m 2026 | 9m 2025 | |
| Revenue (as per management accounts) | 8,043.4 | 7,518.7 | |
| Holding activities (a) | 20.5 | 17.7 | |
| Others (b) | 0.6 | 0.6 | |
| Revenue under IFRS | 8,064.5 | 7,537.0 |
Notes:
(a) Non-Group sales by SPIE Operations and other non-operating entities, mainly related to year-end supplier discounts.
(b) Re-invoicing of services provided by Group entities to non-managed joint ventures; revenue that does not correspond to operational activity (essentially re-invoicing of expenses incurred on behalf of partners); restatement of revenue from entities consolidated under the equity method.
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications. With 55,000 employees, SPIE works alongside its customers to drive the energy, digital and industrial transitions. As a key player in decarbonisation, the Group delivers efficient and innovative solutions across the economy.
SPIE Group achieved in 2025 consolidated revenue of €10.4 billion and consolidated EBITA of €793 million.
www.spie.com
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Contacts
| SPIE
Pascal Omnès |
SPIE
Investor Relations |
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Disclaimer
Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which SPIE operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date of this press release and SPIE expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Such forward- looking statements are for illustrative purposes only. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of SPIE. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. These risks and uncertainties include those discussed or identified under Chapter 2 “Risk factors and internal control” of SPIE’s 2025 Universal Registration Document, filed with the French Financial Markets Authority (AMF) on April 2nd, 2026 under number D.26-0216, which is available on the website of SPIE (www.spie.com) and of the AMF (www.amf-france.org). This press release includes only summary information and does not purport to be comprehensive. No reliance should be placed on the accuracy or completeness of the information or opinions contained in this press release. This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
Attachment
KH Group Plc
Stock Exchange Release 30 October 2026 at 8:00 am EET
KH Group Plc’s Interim Report January–September 2026: The turnaround in earnings lays the foundation for profitable growth
This is the summary of the Interim Report for January–September 2026. The full report is attached to this release and is also available on the company’s website at www.khgroup.com.
Figures in parentheses refer to the corresponding period of the previous year, unless otherwise stated.
KH Group January–September 2026
- Net sales amounted to EUR 156.6 (141.3) million, approx. 11% growth compared to the corresponding period
- Comparable operating profit was EUR 5.9 (2.2) million, approx. 168% growth compared to the corresponding period
- Operating profit was EUR 5.1 (1.3) million, approx. 292% growth compared to the corresponding period
- Net profit for the period was EUR 0.3 (-1.1) million
- Earnings per share (undiluted and diluted) were EUR -0.01 (-0.02)
- Equity per share at the end of the review period was EUR 0.85 (0.83)
- Return on equity for rolling 12 months was 2.9% (-44.6%)
- The Group’s cash and cash equivalents amounted to EUR 6.3 (2.3) million at the end of the review period
- Gearing at the end of the review period was 132.6% (294.9%)
- Gearing excluding lease liabilities was 111.0% (202.2%)
CEO Carl Haglund:
The strong performance of KH Group’s business operations and better-than-expected profitability have strengthened our outlook for 2026. We now estimate the Group’s comparable operating profit to be 9–10 million euros, representing growth of approximately 40–50 percent compared to the previous year. For the January–September period, the comparable operating profit stood at 5.9 (2.2) million euros. This earnings trend demonstrates that our determined efficiency and development measures are yielding results. At the same time, there are clearer signs than before of a recovery in construction and investments within our operating environment.
We have succeeded in improving profitability even before a broader recovery in the construction sector. This is significant for the Group’s future development: the strengthened earnings capacity of our businesses provides a foundation that allows us to capitalize on opportunities arising from increased demand from a stronger starting position.
At KH-Koneet, the improvement in profitability has been particularly robust. The turnaround in our Swedish operations demonstrates that measures focused on enhancing sales quality, margin levels, and capital utilization are positively impacting our results. In Finland, the construction market remains mixed, though there are signs of a gradual pick-up in customer activity and demand for tenders. Demand is being supported, in particular, by growing interest in rental solutions as well as electric and low-emission machinery.
Market prospects for the construction sector have strengthened, especially within investment-driven segments. According to a forecast by the Confederation of Finnish Construction Industries RT, total construction volume in Finland is set to grow by 2 percent in 2026 and 4 percent in 2027. This growth is being driven primarily by the construction of data centers, commercial premises, and industrial facilities, as well as investments in energy and infrastructure. However, the recovery is uneven, and residential construction remains weak. For KH-Koneet, the gradual strengthening of investments creates conditions for an increase in demand for machinery. Our objective is to convert this market-driven growth into profitable business, while simultaneously improving machine turnover, sales margins, and return on capital.
The operations of Nordic Rescue Group form a strong second pillar for the Group. With an order backlog at a record level extending into 2029, there is good visibility regarding production for the coming years. Demand for rescue vehicles is supported by the need to renew existing fleets, as well as by increased societal investment in preparedness and the operational reliability of critical infrastructure. We are focusing on meeting this strong demand by enhancing production efficiency and delivery capacity, while ensuring that this growth is also reflected in our profitability and cash flow.
KH Group’s strategic transformation into an industrial group focused on machinery and rescue vehicles is progressing according to plan. We have streamlined our organizational and cost structures and placed greater emphasis on the efficient use of capital in the management of our business operations. As part of the effort to clarify the group structure, KH-Koneet Group Oy, the parent company for KH-Koneet’s operations in Finland and Sweden, will merge into the group’s parent company, KH Group Oyj, on December 31, 2026. This merger will simplify the group structure, enhance administrative efficiency, and support the realization of cost savings in the coming years. Our goal is to build a group capable of combining profitable growth, strong cash flow, and efficient capital utilization, even amidst fluctuating market conditions.
KH Group’s next phase of development will be built on combining our strengthened earnings capacity with the growth opportunities offered by the market. Our financial performance in 2026 demonstrates that we are moving in the right direction. I have informed the Board of Directors of the listed company that I intend to step down from my position during the first half of next year at the latest, and the search for a new CEO has commenced. At this stage, however, our focus is on fourth-quarter operations and ensuring the continuity of our positive earnings development. Nordic Rescue Group’s strong order backlog, KH-Koneet’s improved profitability and the gradually strengthening outlook for the construction sector provide a solid foundation for the coming years. We will continue to focus on profitable growth, improving cash flow and return on capital, and creating long-term shareholder value.
Events after the review period
9 October 2026: KH Group specified its guidance, estimating that net sales for the year 2026 will be in the range of EUR 210–230 million and comparable operating profit will grow 40–50% compared to last year and will be in the range of EUR 9–10 million.
27 October 2026: KH Group announced that CEO Carl Haglund would step down from his position. He will continue as the company’s CEO for the next six months or until a successor has been appointed.
Financial objectives and future outlook
In line with our strategy, we strive for value creation in all our business areas. The KH-Koneet and NRG businesses will be developed as part of a group focusing on earth-moving equipment and rescue vehicles.
During the next few years, the aim is to invest in the growth of the core business and pay dividends within the limits established by the balance sheet structure and financing agreements.
Guidance updated on 9 October 2026: The company estimates that net sales for the year 2026 will be in the range of EUR 210–230 million and comparable operating profit will grow 40–50% compared to last year and will be in the range of EUR 9–10 million.
KH GROUP PLC
Carl Haglund
CEO
Further information:
CEO Carl Haglund, tel. +358 40 500 6898
CFO Minni Lempinen, tel. +358 40 671 2566
KH Group in brief:
KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earth-moving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki. More information at www.khgroup.com/en
Attachment
AS Inbank (hereafter Inbank) hereby announces a public offering of Inbank subordinated bonds (hereafter Offering). The Offering is conducted on the basis of the base prospectus approved by the Estonian Financial Supervision and Resolution Authority (hereafter EFSA) on 29 October 2026, that has been published on the date of this announcement on the web pages of Inbank and the EFSA (hereafter Prospectus), and the final terms of the bonds. The Offering includes a public offering to retail and institutional investors in Estonia.
The Offer is the second series of Inbank’s bond programme started last year in September, under which Inbank can issue bonds worth up to 60 million euros over a 40 months period.
Main terms of the Offering
During the Offering, Inbank offers publicly 10,000 subordinated bonds of “EUR 7 Inbank subordinated bond 26-2036” with the nominal value of 1,000 euros per bond, maturity date of 13 November 2036 and fixed interest rate of 7% per annum paid quarterly. In case of oversubscription of the bonds, Inbank has the right to increase the volume of the Offering by up to 10,000 additional bonds, as a result of which the total number of the bonds offered in the course of the public offering may be up to 20,000. Subordinated bonds are registered in Nasdaq CSD SE under ISIN code EE0000005460.
The subscription period for the bonds starts on 30 October at 10 am and ends on 9 November 2026 at 3.30 pm.
A subordinated bond represents an unsecured debt obligation of Inbank before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of Inbank, all claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Detailed information is available in the Prospectus and in the summary of the Prospectus.
Timeline of the Offering
| 30 October 2026 at 10 am | Subscription period starts |
| 9 November 2026 at 3.30 pm | Subscription period ends |
| On or about 11 November 2026 | Disclosing the allocation results of the subordinated bonds |
| 13 November 2026 | Settlement of the Offering |
| On or about 16 November 2026 | First trading day on the Stock Exchange |
Submitting subscription undertakings
In order to subscribe for the subordinated bonds, an investor has to submit during the subscription period to the custodian who holds the investor’s securities account opened at Nasdaq CSD SE a subscription undertaking, with the format accepted by the custodian and in accordance with the prospectus and offer conditions. The subscription undertaking must be submitted before the end of the subscription period. The investor may use any method that such investor’s custodian offers to submit the subscription undertaking (e.g., physically at the client service venue of the custodian, over the internet or by other means). The subscription undertaking will be forwarded to Nasdaq CSD SE.
Admission to trading of subordinated bonds
Inbank intends to submit an application to Nasdaq Tallinn AS for the admission to trading of the subordinated bonds on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of admission to trading is on or about 16 November 2026.
While every effort will be made and due care will be taken in order to ensure the admission to trading of the subordinated bonds, Inbank cannot ensure that the subordinated bonds will be admitted to trading.
Availability of the Prospectus and final terms of the bonds
Inbank Prospectus and the final terms of the second series of bonds together with a summary have been published and can be obtained in electronic format from Inbank’s website www.inbank.ee and from the website of the Financial Supervision and Resolution Authority www.fi.ee. Additionally, the Prospectus and the final terms of the second series of bonds together with a summary are available through the information system of Nasdaq Tallinn Stock Exchange.
Before investing in Inbank’s subordinated bonds we kindly ask you to acquaint yourself with the Prospectus, its annexes, the final terms of the second series of bonds and the summary in full and if necessary, consult with an expert.
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 787,000+ active contracts and collects deposits across seven markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee
Important information
This notice is an advertisement for securities within the meaning of Regulation No 2017/1129/EU of 14 June 2017 of the European Parliament and of the Council European Parliament and does not constitute an offer to sell subordinated bonds or invitation to subscribe to subordinated bonds. An offer to subscribe to subordinated bonds should be made and each investor should make any decision to invest in the bonds only on the basis of the information contained in the Prospectus and the final terms of the second series of bonds and if necessary, consult with an expert. The approval of a Prospectus by the Financial Supervision Authority is not considered to be a recommendation for subordinated bonds.
The information contained in this notice is not intended to be published, distributed or transmitted, in whole or in part, directly or indirectly, in the United States, Canada, Hong Kong, Japan, Singapore, South Africa, or in any other country or circumstance where publication, sharing or transmission would be unlawful. Subordinated bonds will be publicly offered only in the Republic of Estonia and the sale or offer of the bonds shall not take place in any jurisdiction where such offer, invitation or sale would be unlawful without the exception or qualification of law.
Attachments
- Inbank Final Terms Second Series 2026 EN
- Inbank Prospectus 2026 EN.pdf
- Inbank Prospectus Bond Summary Second Series 2026 EN.pdf
| STRONG RESULTS, ACCELERATED GROWTH IN EUROPE | |||||||||||||
| CRÉDIT AGRICOLE S.A. | CRÉDIT AGRICOLE GROUP | ||||||||||||
| €m | Q3 2026 | Var. Q3/Q3 | Q3 2026 | Change Q3/Q3 | |||||||||
| Revenues | 7,092 | +7.5% | 10,497 | +10.7% | |||||||||
| Expenses | -3,928 | +2.4% | -5,934 | +2.5% | |||||||||
| Gross Operating Income | 3,164 | +14.6% | 4,564 | +23.6% | |||||||||
| Cost of risk | -585 | +19.6% | -1,014 | +16.7% | |||||||||
| Net income Group share | 1,991 | +11.0%1 | 2,780 | +23.0%1 | |||||||||
| Cost/income ratio | 55.4% | -2.8 pp | 56.5% | -4.5 pp | |||||||||
HIGH QUARTERLY RESULTS
FINANCIAL STRENGTH
SUSTAINED ACTIVITY, ACCELERATION OF THE DIGITAL CONQUEST
ACCELERATING GROWTH IN EUROPE
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| Eric Vial, Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors “What is the purpose of our strengths? It is to be there when our clients need us most: farmers facing hardships, clients affected by fires, or professionals whose means of work have been damaged. Being present during difficult times and taking concrete action alongside our clients and the territories we serve: that is the true value of our universal, customer focused model.” |
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| Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A. “We are reporting a strong operational performance this quarter and continuing the rollout of our ACT 2028 strategic plan. We are accelerating our expansion in Europe through the establishment of CA Deutschland and the planned acquisition of IKB, a key player in financing the German Mittelstand. With the creation of CA Capital Naturel, we are combining nature conservation with the generation of economic value, drawing on the Group’s expertise and deep local roots. Finally, the operational launch of CA Artificial Intelligence, alongside our partnerships with Mistral and Prisme.ai, enables us to accelerate our transformation and contribute to the emergence of a high-performing European ecosystem, in support of our strategic autonomy.” |
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This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.
All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.
Crédit Agricole Group
Group activity
The Group’s commercial activity remained strong this quarter across all its business lines, with a very dynamic pace of new customer capture. In the third quarter of 2026, the Group recorded 573,000 new retail banking customers, of whom 429,000 were in France and 144,000 internationally (Italy, Poland, Egypt and Ukraine), bringing the total number of new customers acquired to 1.8 million in the first nine months of 2026.
The Group is accelerating its digital transformation with the launch of the “L by LCL” range for individual customers (following the launch of “L by LCL pro” in January 2026) and “pro by CA”, as well as the introduction of a 100% digital approach to customer onboarding for adults and minors at the Regional Banks. BforBank is positioning on a digital platform focused on savings and continues to improve its profitability, whilst Crédit Agricole Italia reports that 38% of customer capture during the quarter came via digital channels.
As of 30 September 2026, retail banking on-balance sheet deposits reached €848 billion, up +1.1% year-on-year in France and Italy (+0.9% for Regional Banks and LCL and +2.1% in Italy). Outstanding loans totalled €907 billion, up +2.0% year-on-year in these same regions (+1.9% for the Regional Banks and LCL, and +3.2% in Italy). In France, home loan production slowed by -4% compared with the third quarter of 2025 against a backdrop of rising interest rates. In the corporate segment, business was up overall by +4% compared with the same period in 2025, but with mixed performance across different networks. In Italy, lending was dynamic, up by +17% year-on-year, driven by corporate loans (+26%) and the continued recovery in home loans (+9%) in a competitive market.
In asset management, net inflows reached a high level (+€46 billion, excluding outflows from a mandate for Indian JV SBI FM), driven by medium- to long-term assets, and were evenly split between institutional and retail customers. In insurance, gross savings/retirement inflows amounted to €9.4 billion (+5% compared to third quarter 2025). Net inflows totalled +€3.2 billion, evenly split between euro-denominated and unit-linked products. In property and casualty insurance, performance was driven by price changes, scope effects and portfolio growth to 18.3 million policies at the end of September 2026 (+6.4% 2 year-on-year). Overall, assets under management in the asset gathering division reached €3,299 billion (+10.9% year-on-year), of which €2,579 billion in asset management, €396 billion in life insurance and €324 billion in wealth management.
Within CAPFM, the automotive market remains highly unfavourable and is weighing on the used car resale business, whilst short-term car rental activity is down significantly. For CAL&F, leasing production recorded an increase of +3.8% compared with the third quarter of 2025, driven in France by renewable energy, and internationally by the integration of Merca Leasing. In factoring, production is rising sharply in France and is performing well in Italy and Spain.
Momentum was still strong this quarter for the Large Customers division. Revenues from Corporate and Investment Banking were up +10.4% compared with the third quarter of 2025, reaching €1,748 million. Revenues from Capital Markets and Investment Banking were up at €858 million (+14.1% compared with the third quarter of 2025), driven by investment banking (+42.4%) due to an excellent performance from structured equity and ECM. FICC performance (+8.3%) benefited from strong commercial momentum capitalising on the rising interest rate environment. Revenues from Financing activities totalled €889 million (+7.1% compared with the third quarter of 2025), driven by commercial banking across all Corporate and Leveraged Finance activities and Transaction Banking activities (Trade Finance and Cash Management).
Lastly, Asset Servicing maintained a high level of assets under custody (€6,161 billion) and assets under administration (€3,829 billion), supported by the acquisition of new customers, and positive market effects. Settlement and delivery volumes are up sharply in a 2026 context of increased volatility. A project to extend the Asset Servicing partnership in Luxembourg with Edmond de Rothschild has been announced.
Crédit Agricole Savings
In April 2026, Crédit Agricole launched Crédit Agricole Savings in Germany, the first stage of its expansion, followed in September by the launch of the app, and then in October by its roll-out to two European countries, Belgium and the Netherlands.
Crédit Agricole Deutschland
In October 2026, Crédit Agricole launched Crédit Agricole Deutschland, a new universal bank for individual customers in Germany, building on the Group’s more than 70-year presence in the country and an existing base of around 1 million customers. Designed around a digital approach enhanced by artificial intelligence and complemented by personalised support, it will initially offer everyday banking services and a range of savings products.
Launch of Crédit Agricole Capital Naturel
Crédit Agricole is strengthening its position in the field of natural capital with the creation of Crédit Agricole Capital Naturel, a new business line dedicated to the preservation, regeneration and enhancement of natural capital.
Forestry will be the first focus area for Crédit Agricole Capital Naturel, with two major initiatives at European level:
- the acquisition of a majority stake in EcoTree, a leading French player in sustainable forest management with a presence in five European countries. With a base of 100,000 individual customers and 2,000 corporates, EcoTree currently manages more than 1,600 hectares of forest ecosystems sustainably. This acquisition will enable Crédit Agricole Capital Naturel to offer corporates and individuals a comprehensive range of expertise, engineering and services in the forestry sector,
- the launch of the “Amundi Arbora Nova” fund aimed at institutional investors, with the ambition of ultimately raising €200 million. This fund will invest in restoration and reforestation projects in France and across Europe.
The creation of Crédit Agricole Capital Naturel is fully in line with the ACT 2028 Medium-Term Plan, which provides for the Group to roll out a strategic initiative dedicated to natural capital and designed to cover its entire value chain.
Ultimately, Crédit Agricole Capital Naturel intends to expand its offering to support the Group’s customers on other issues related to climate change and the conservation of natural resources, notably water, biodiversity and soils.
Group results
In the third quarter of 2026, the Crédit Agricole Group’s net income Group Share stood at €2,780 million, up +28.2% compared with the third quarter of 2025, driven by a strong increase in gross operating income (+23.6%). Adjusted for the write-off of non-controlling interests related to the acquisition of Santander’s non-controlling interest (+€79m in Q3-25) and the capital gain associated with SBI FM’s initial public offering (+€210m in Q3-2026), the increase in net income Group share was +23.0%.
Crédit Agricole Group, Income statement Q3 and 9M 2026
| €m | Q3-26 | Q3-25 | ∆ Q3/Q3 | 9M-26 | 9M-25 | ∆ 9M/9M | |
| Revenues | 10,497 | 9,479 | +10.7% | 31,378 | 28,843 | +8.8% | |
| Operating expenses | (5,934) | (5,787) | +2.5% | (18,110) | (17,651) | +2.6% | |
| Gross operating income | 4,564 | 3,692 | +23.6% | 13,268 | 11,192 | +18.5% | |
| Cost of risk | (1,014) | (869) | +16.7% | (2,836) | (2,443) | +16.1% | |
| Equity-accounted entities | 117 | 140 | (16.2%) | 572 | 515 | +11.0% | |
| Net income on other assets | 342 | (0) | n.m. | 358 | 456 | (21.6%) | |
| Change in value of goodwill | – | 0 | ns | – | 0 | ns | |
| Income before tax | 4,009 | 2,963 | +35.3% | 11,361 | 9,720 | +16.9% | |
| Tax | (958) | (732) | +30.9% | (3,059) | (2,380) | +28.5% | |
| Net income from discont’d or held-for-sale ope. | 0 | (0) | n.m. | 0 | 0 | n.m. | |
| Net income | 3,051 | 2,231 | +36.7% | 8,302 | 7,339 | +13.1% | |
| Non controlling interests | (271) | (63) | x 4.3 | (648) | (608) | +6.6% | |
| Net income Group Share | 2,780 | 2,168 | +28.2% | 7,654 | 6,732 | +13.7% | |
| Cost/Income ratio (%) | 56.5% | 61.0% | -4.5 pp | 57.7% | 61.2% | -3.5 pp |
In the third quarter of 2026, revenues amounted to €10,497 million, up +10.7% compared with the third quarter of 2025, benefiting from a very sharp rise in the Regional Banks’ net interest income (up +41% compared with the third quarter of 2025). Operating expenses stood at -€5,934 million, up +2.5% year-on-year, thereby generating positive jaws of +8.2 percentage points. Consequently, gross operating income amounted to €4,564 million, up +23.6% compared with the third quarter of 2025, with a cost/income ratio of 56.5%, an improvement of -4.5 percentage points compared with the third quarter of 2025.
The cost of credit risk stood at -€1,014 million, up +16.7% compared to the third quarter of 2025. This figure comprises a net addition of -€761 million for non-performing loans (stage 3) and a net addition of -€213 million for performing loans (stage 1 and 2). There was also a net addition of -€39 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the third quarter of 2026 were unchanged from the second quarter, with a central scenario (French GDP at +0.9% in 2026, +0.9% in 2027), an unfavourable scenario (French GDP at +0.3% in 2026 and -0.6% in 2027) and a severely adverse scenario (French GDP at -1.2% in 2026 and -1.5% in 2027). The cost of risk/outstandings 3 was 31 basis points over a rolling four-quarter period and 32 basis points on an annualised quarterly basis 4 (a respective deterioration of 1 basis point and 4 basis points compared to the second quarter of 2026).
Pre-tax income stood at €4,009 million, a year-on-year increase of +35.3% compared to third quarter of 2025. It includes the contribution of equity-accounted entities of €117 million. The tax charge amounted to -€958 million, up +30.9% over the period.
Net income before non-controlling interests stood at €3,051 million, up +36.7% year-on-year. Non-controlling interests increased by €208 million due to the base effect arising from the write-off of non-controlling interests following the acquisition of Santander’s non-controlling interest in the third quarter of 2025, and to the capital gain arising from SBI FM’s initial public offering this quarter.
For the first nine months of 2026, net income Group share stood at €7,654 million, compared with €6,732 million for the first nine months of 2025, representing an increase of +13.7% and +15.9% when adjusted for the capital gain arising from the deconsolidation of Amundi US (+€307m in Q2-2025), and the capital gain arising from the SBI FM initial public offering (+€210m in Q3-2026).
Revenues totalled €31,378 million, up +8.8% in the first nine months of 2026 compared with the first nine months of 2025.
Operating expenses amounted to -€18,110 million, up +2.6% compared to the first nine months of 2025. The cost/income ratio stood at 57.7%, an improvement of -3.5 percentage points year-on-year.
Gross operating income totalled €13,268 million, up +18.5% compared with the first nine months of 2025.
Cost of risk for the first nine months of 2026 stood at -€2,836 million, of which -€345 million in cost of risk on performing loans (stage 1 and 2), -€2,381 million in cost of risk on non-performing loans (stage 3) and -€110 million in other risks, i.e. an increase of +16.1% compared with first nine months of 2025.
At 30 September 2026, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The Non Performing Loans ratio was low at 2.3% (5). Loan loss reserves amounted to €23.2 billion at the end of September 2026 (€13.3 billion for the Regional Banks), 41% of which represented provisioning of performing loans (47% for the Regional Banks). The prudent management of these loan loss reserves enabled the Crédit Agricole Group to post an overall coverage ratio for non-performing loans of 78.9% 5 at the end of September 2026.
Net income on other assets was €358 million for the first nine months of 2026, including the capital gain related to the SBI FM initial public offering, compared with €456 million for the first nine months of 2025, which included the capital gain related to the deconsolidation of Amundi US. Pre-tax income before discontinued operations and non-controlling interests rose by +16.9% to €11,361 million. The tax charge stood at -€3,059 million, up +28.5%.
Net income before non-controlling interests was therefore up by +13.1%. Non-controlling interests amounted to -€648 million over the first nine months of 2026, up +6.6%.
Regional banks
Gross customer capture totalled +317,000 new customers. The share of customers using digital tools continued to increase. Credit market share (total credits) stood at 23% (at the end of July 2026, source Banque de France), up by +0.3 percentage point compared to July 2025. Loan production was down slightly by -0.8% compared with the third quarter of 2025, reflecting a decline in home loans (-1.3%) in a slowing market. The average production rate for home loans reached 3.20% 6. The global loan stock rate improved by +19 basis points year-on-year. Outstanding loans totalled €668 billion at the end of September 2026, up by +2.1% year-on-year, with an increase across all markets.
Customer assets were up +2.9% year-on-year to reach €958 billion at the end of September 2026. This growth was driven both by on-balance sheet deposits, which reached €615 billion (+1% year-on-year), and off-balance sheet deposits, which reached €343 billion (+6.5% year-on-year) benefiting from strong inflows in life insurance. The market share of on-balance sheet deposits is stable compared to last year and stood at 20.4% (Source Banque de France, data at the end of July 2026, i.e. -0.1 percentage point compared to July 2025). The equipment rate for property and casualty insurance7 was 45.1% at the end of September 2026 and continues to rise (up +0.5 percentage point compared to the end of September 2025). In terms of payment instruments, the number of cards rose by +3.2% year-on-year, as did the percentage of premium cards in the stock, which increased by 3.1 percentage point year-on-year to account for 21.7% of total cards.
In the third quarter of 2026, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €3,930 million, up +15.5% compared to the third quarter of 2025. Revenues were driven by a sharp increase in the net interest income (+41% Q3/Q3) and increasing fee and commission income. The increase in operating expenses is linked to the increase in employee expenses. The cost/income ratio improved by -7 percentage points compared with the third quarter of 2025. The cost of risk, in line with previous quarters, stood at -€420 million. The cost of risk/outstandings (in annualised quarter) increased slightly to 25 basis points, up +2 basis points compared to the second quarter of 2026. The consolidated net income of the Regional Banks stood at €745 million, up +63.9% compared with the third quarter of 2025.
The Regional Banks’ contribution to net income Group share was €756 million in the third quarter of 2026 (x1.7 compared with the third quarter of 2025).
In the first nine months of 2026, revenues including the SAS Rue La Boétie dividend were up (+12.2%) compared to the first nine months of 2025. Operating expenses rose by +2.8%, and gross operating income consequently grew by +27.4% over the first nine months. With cost of risk at -€1,221 million, the Regional Banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €4,095 million, up +29% compared to the first nine months of 2025. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in the first nine months of 2026 amounted to €1,812 million (x2 compared with the first nine months of 2025) with revenues of €11,573 million (+14%) and a cost of risk of -€1,215 million (+11%).
Crédit Agricole S.A.
Results
Crédit Agricole S.A.’s Board of Directors, chaired by Eric Vial, met on 29 October 2026 to review the financial statements for the third quarter and first nine months of 2026.
Crédit Agricole S.A. – Income statement, Q3 and 9M 2026
| €m | Q3-26 | Q3-25 | ∆ Q3/Q3 | 9M-26 | 9M-25 | ∆ 9M/9M | |
| Revenues | 7,092 | 6,598 | +7.5% | 21,449 | 20,369 | +5.3% | |
| Operating expenses | (3,928) | (3,837) | +2.4% | (11,779) | (11,528) | +2.2% | |
| Gross operating income | 3,164 | 2,761 | +14.6% | 9,670 | 8,841 | +9.4% | |
| Cost of risk | (585) | (489) | +19.6% | (1,598) | (1,344) | +18.9% | |
| Equity-accounted entities | 105 | 119 | (12.2%) | 500 | 440 | +13.7% | |
| Net income on other assets | 343 | 1 | n.m. | 330 | 457 | (27.8%) | |
| Change in value of goodwill | – | – | n.m. | – | – | n.m. | |
| Income before tax | 3,027 | 2,392 | +26.6% | 8,903 | 8,394 | +6.1% | |
| Tax | (706) | (593) | +19.0% | (2,369) | (1,953) | +21.3% | |
| Net income from discont. or held-for-sale ope. | 0 | (0) | n.m. | 0 | 0 | n.m. | |
| Net income | 2,321 | 1,799 | +29.0% | 6,534 | 6,442 | +1.4% | |
| Non controlling interests | (330) | (111) | x 3 | (816) | (780) | +4.6% | |
| Net income Group Share | 1,991 | 1,688 | +17.9% | 5,718 | 5,662 | +1.0% | |
| Cost/Income ratio (%) | 55.4% | 58.2% | -2.8 pp | 54.9% | 56.6% | -1.7 pp |
In the third quarter of 2026, Crédit Agricole S.A.’s net income Group share amounted to €1,991 million, an increase of +17.9% from the third quarter of 2025. Adjusted for the effects of the write-off of non-controlling interests related to the repurchase of Santander’s non-controlling interest (+€79m in Q3-25) and the capital gain associated with SBI FM’s initial public offering 8 (+€205m in Q3-2026), net income Group share rose to +11.0%.
Revenues totalled €7,092 million, up +7.5% compared to the third quarter of 2025. Operating expenses amounted to -€3,928 million, up +2.4% over the period, thereby generating positive jaws of +5.1 percentage points. Excluding base effects 9, scope effects and integration costs 10, recurring expenses 11 rose by +3.2%. Gross operating income stood at €3,164 million, an increase of +14.6% compared to the third quarter of 2025.
Cost of risk was a net addition of -€585 million, up +19.6% compared to the third quarter of 2025. It includes a net addition for non-performing loans (stage 3) of -€483 million (compared to a net addition of -€490 million in the third quarter of 2025) and a net addition on performing loans (stages 1 and 2) of -€97 million (compared to a net reversal of +€19 million in the third quarter of 2025). Also noteworthy is a net addition of -€4 million for other risks (compared with a net addition of -€18 million in the third quarter of 2025). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the third quarter of 2026 were unchanged from the second quarter, with a central scenario (French GDP at +0.9% in 2026, +0.9% in 2027), an unfavourable scenario (French GDP at +0.3% in 2026 and -0.6% in 2027) and a severely adverse scenario (French GDP at -1.2% in 2026 and -1.5% in 2027). In the third quarter of 2026, the cost of risk/outstandings was 39 basis points over a four-rolling quarter period 12 and 39 basis points on an annualised quarterly basis 13 (i.e. a deterioration of 1 basis point and 7 basis points compared to the second quarter of 2026).
At 30 September 2026, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio was low at 2.5%15, stable over the quarter. The coverage ratio 14 was high at 67.0%, up +1.4 percentage point over the quarter. Loan loss reserves amounted to €9.9 billion for Crédit Agricole S.A., an increase of +2.1% compared to end-June 2026. Of these loan loss reserves, 33.0% corresponds to the provisioning of performing loans.
The contribution of the equity-accounted entities was +€105 million in the third quarter of 2026 versus +€119 million. Pre-tax income before discontinued operations and non-controlling interests therefore increased by +26.6% to €3,027 million. The tax charge was up -€113 million over the quarter to – €706 million. Net income before non-controlling interests was up +29.0% to €2,321 million. Non-controlling interests amounted to -€330 million in the third quarter of 2026, including non-controlling interests relating to the capital gain from SBI FM, and were significantly higher than in the third quarter of 2025, which included the write-off of Santander’s non-controlling interests in CACEIS.
In the first nine months of 2026, stated net income Group share amounted to €5,718 million, compared with €5,662 million in the first nine months of 2025, an increase of +1.0%. Adjusted for the effects of the capital gain arising from the deconsolidation of Amundi US (+€304m in Q2-2025) and the capital gain arising from the SBI FM initial public offering 15 (+€205m in Q3-2026), net income Group share rose to +2.9%.
Revenues were up +5.3% compared to the first nine months of 2025, and operating expenses were up +2.2%. The cost/income ratio for the first nine months of the year was 54.9%; an improvement of -1.7 percentage points compared to the first nine months of 2025. Gross operating income totalled €9,670 million, up +9.4% compared to the first nine months of 2025. The cost of risk increased by +18.9% over the period, to -€1,598 million, versus -€1,344 over the first nine months of 2025. The contribution of equity-accounted entities stood at €500 million in the first nine months of 2026, up +€60 million compared to the first nine months of 2025, or +13.7%. Net income on other assets was €330 million for the first nine months of 2026, including the capital gain related to the SBI FM initial public offering, compared with €457 million for the first nine months of 2025, which included the capital gain related to the deconsolidation of Amundi US. Pre-tax income, before discontinued operations and non-controlling interests therefore increased by +6.1% to €8,903 million. The tax charge was -€2,369 million, versus -€1,953 million for the first nine months of 2025. Net income before non-controlling interests was up +1.4% to €6,442 million. Non-controlling interests stood at -€780 million for the first nine months of 2026, up +4.6% compared to the first nine months of 2025.
RoTE16, calculated on the basis of an annualised net income Group share 17, IFRIC charges, the effects of the additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1s, and restated for all volatile items recognised in equity (including unrealised gains and/or losses), reached 14.2% over the first nine months of 2026, down -0.2 percentage point compared to the first nine months of 2025.
Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines
Activity of the Asset Gathering division
At the end of September 2026, assets under management in the Asset Gathering (AG) division stood at €3,299 billion, up by +€325 billion year-on-year (or +10.9%), thanks to positive net inflows across all business lines.
Insurance activity (Crédit Agricole Assurances) performed strongly in the third quarter of 2026, with total premium income amounting to €12.4 billion, up +5.6% 18 compared with the third quarter of 2025.
In the Savings/Retirement, in the third quarter of 2026, premium income reached €9.4 billion, up +5% year-on-year, driven by France following the success of the new, 100% digital Oriance policy (launched on 23 February in the Regional banks) and policyholders’ deferred profit-sharing schemes on euro-denominated payments. The momentum in gross inflows was evident in both euro-denominated funds (+5.3%) and unit-linked funds (+3.4%). The unit-linked rate in gross inflows 19 was 34.6%. Net inflows totalled +€3.2 billion and comprises net inflows of +€1.4 billion into euro-denominated funds and +€1.8 billion into unit-linked funds.
Assets under management (savings, retirement and funeral insurance) continued to grow and came to €395.8 billion (+€29.0 billion year-on-year, or +7.9%). Unit-linked products accounted for 31.6% of assets under management, down -0.4 percentage point compared with the end of June 2026, but up +0.5 percentage point compared with December 2025.
In property and casualty insurance, premium income stood at €1.5 billion in the third quarter of 2026, up +8.9% 20 compared to the third quarter of 2025. The portfolio reached 18.3 million policies at the end of September 2026 (i.e.+6.4% 21 year-on-year). The equipment rate among individual customers at Crédit Agricole Group banks continued to rise year-on-year, both at the Regional Banks (45.3%, up +0.7 percentage point), at LCL (29.1%, up +0.5 percentage point), and at CA Italia (21.2%, up +0.6 percentage point). Finally, the combined ratio at the end of September 2026 stood at 97.2% 22, up +1.8 percentage points year-on-year, due to the high level of climate-related claims since the beginning of the year (drought, crop damage, storms and hail, fires).
In death & disability/creditor/group insurance, premium income for the third quarter of 2026 stood at €1.5 billion, up +8.2% 23 compared to the third quarter of 2025. Individual death & disability insurance has risen by +15.1% 24, in line with the increase in the average insured capital. Group insurance was up by +11.9% compared to the third quarter of 2025. Finally, creditor insurance recorded growth of +4.6%25.
In Asset Management (Amundi), assets under management remained stable over the quarter at €2,579 billion at the end of September 2026, impacted by the transfers due to reallocations within an institutional mandate managed by Indian JV SBI FM and by a negative market impact (-€21 billion, due to rising rates). They rose by +11.3% over the year.
Assets under management benefited from a high level of net inflows 26 over the quarter (+€46 billion).
By asset classes, and excluding associates (JVs, Victory Capital, ICG) net inflows were driven by medium-to-long-term assets (+€42 billion), balanced between ETFs (+€17 billion) and active management (+€14 billion) still driven by fixed-income and multi-asset strategies.
By client segments, net inflows were positive across Retail, institutional investors and associates. In the Retail segment (+€21.2 billion), net inflows benefited from continued strong momentum in third-party distribution (net inflows of +€20 billion), which more than offset outflows of -€4 billion from the UniCredit networks. In the institutional segment, net inflows amounted to +€19.1 billion in the third quarter, with +€0.6 billion from Crédit Agricole and Société Générale insurers. Lastly, the Associates posted net inflows27 of +€4.7 billion over the period, with strong inflows from Victory Capital.
In Wealth Management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €324 billion at the end of September 2026 and were up +12% compared to September 2025 and up +8.9% compared to December 2025.
Indosuez Wealth Management assets under management at the end of September 2026 stood at €256 billion, up +2.8% compared with the end of June 2026, thanks to high net inflows (+€2.1 billion) and a scope effect of +€4.1 billion (including assets under management associated with the Management Company role for private and professional clients’ funds).
Compared with the end of September 2025, assets under management increased by +€30 billion, or +13.2%, driven by positive net inflows and the impact of scope effects (takeover of BNPP Monaco assets under management of +€1.4 billion in the first quarter of 2026, the integration in the third quarter of 2026 of +€4.1 billion (Management Company role for funds from private or professional clients) and positive market and foreign exchange impacts over the period).
Results of the Asset Gathering division
In the third quarter of 2026, the Asset Gathering division generated €2,026 million in revenues, up +8.6% compared to the third quarter of 2025. Expenses decreased -6.9% to -€902 million and gross operating income came to €1,124 million, +25.3% compared with the third quarter of 2025. The cost/income ratio for the third quarter of 2026 stood at 44.5%, an improvement of -7.4 percentage points compared to the same period in 2025. Equity-accounted entities contributed €70 million, compared with €52 million in the third quarter of 2025, due in particular to the €26 million contribution of Victory Capital and the €13 million contribution of ICG. Net income on other assets was €348 million this quarter, compared with -€0.8 million in the third quarter of 2025, and included the capital gain arising from the disposal of the stake in SBI FM. Consequently, pre-tax income was up by +63.5% and stood at €1,536 million in the third quarter of 2026. Net income Group share showed an increase of +55.2% to €1,024 million.
In the first nine months of 2026, the Asset Gathering division generated revenues of €6,193 million, up +5.1% compared with the first nine months of 2025. Expenses increased by +4.2%. As a result, the cost/income ratio stood at 44.3%, an improvement of -2.7 percentage points compared with the first nine months of 2025. Gross operating income stood at €3,452 million, an increase of +10.4% compared to the first nine months of 2025. Equity-accounted entities recorded a contribution of €296 million versus a contribution of €137 million for the first nine months of 2025 in the asset management activity. This growth is largely attributable to the contribution from Amundi’s joint ventures, the contribution from Victory Capital and the new contribution from ICG. Net income on other assets was €348 million at the end of September 2026, including the capital gain related to the SBI FM initial public offering, compared with €452 million at the end of September 2025, which included the capital gain related to the deconsolidation of Amundi US. Taxes stood at €1,003 million, a +26.4% increase. The net income Group share of the Asset Gathering division stood at €2,589 million, up +6.1% compared to the first nine months of 2025.
In the first nine months of 2026, the Asset Gathering division contributed 42% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).
At 30 September 2026, equity allocated to the division amounted to €16.4 billion, including €13.2 billion for Insurance, €2.3 billion for Asset Management, and €0.9 billion for Wealth Management. The division’s risk weighted assets amounted to €54.9 billion, including €25.4 billion for Insurance, €21.0 billion for Asset management and €8.5 billion for Wealth management.
Insurance results
In the third quarter of 2026, insurance revenues amounted to €704 million, up +4.3% compared to the third quarter of 2025. Revenues benefited from the integration of the Italian entities PiùVera Assicurazioni and PiùVera Protezione in the fourth quarter of 2025. The impact of these two entities was +€15 million over the quarter. This growth has been driven by the Savings/Retirement activity, which has helped to offset the impact of weather-related events during the quarter (drought, crop damage, storms and hail, fires). Revenues for the quarter included €560 million from savings/retirement and funeral insurance 28, €73 million from personal protection 29 and €70 million from property and casualty insurance 30.
The Contractual Service Margin (CSM) totalled €27.9 billion at the end of September 2026, an increase of +1.3% compared with the end of December 2025. It benefited from a contribution from new business exceeding the CSM allocation, whereas changing financial market conditions had a negative impact on the revaluation of the portfolio.
Non-attributable expenses for the quarter stood at -€100 million, down -2.5% over the third quarter of 2025. Gross operating income stood at €604 million, up +5.5% compared to the third quarter of 2025. Net pre-tax income was the same as gross operating income. The tax charge came to -€110 million, a +2.4% increase compared with the third quarter of 2025. Net income Group share was €492 million, up +5.9% compared to the third quarter of 2025.
Revenues from insurance in the first nine months of 2026 came to €2,270 million, up +3.5% compared to the first nine months of 2025. Non-attributable expenses came to -€323 million, i.e. an increase of +13.1%. The cost/income ratio thus stood at 14.2%, below the target ceiling set by the Medium-Term Plan of 15%. Gross operating income stood at €1,947 million, up +2.1% compared to the first nine months of 2025. The tax charge totalled €497 million, up +13.0% over the period. Net income Group share amounted to €1,443 million, down -1.2% compared with the first nine months of 2025.
Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-September 2026 and 10% to their revenues (excluding the Corporate Centre division).
Asset Management results
In the third quarter of 2026, revenues totalled €890 million, showing an increase of +11.6% compared with the third quarter of 2025. Net management fees rose by +13.1% compared with the third quarter of 2025, underpinned by the market effect associated with strong cumulative inflows. Amundi Technology’s revenues increased by +16.5% compared to the third quarter of 2025. Operating expenses amounted to -€465 million, a decline of -12.2% from the third quarter of 2025. Excluding the provision related to the costs optimisation plan in Q3-25 of -€80 million, expenses rose by +3.5%. The cost/income ratio improved by 4.1 percentage points compared with the third quarter of 2025 to 52.3%. Gross operating income stood at €424 million, up +58.8% compared to the third quarter of 2025. The contribution from equity-accounted entities comprises the contribution from Amundi’s joint ventures (€32 million, down by -6% due to the disposal of a 10% of the stake in SBI FM and the fall in the Indian rupee), the contribution from Victory Capital (€26 million, which has benefited from the realisation of synergies), and the new contribution from ICG (€13 million). It totalled €70 million. Net income on other assets was €349 million this quarter and included the capital gain related to the disposal of the stake in SBI FM (€296 million after tax). Consequently, pre-tax income came to €841 million, 2.7 times higher than the third quarter of 2025. Tax charges amounted to -€171 million, versus -€77 million for the third quarter of 2025. Non-controlling interests amounted to -€201 million over the quarter. Net income Group share stood at €469 million, 2.9 times higher than the third quarter of 2025.
Over the first nine months of 2026, revenues were up at €2,617 million (+6.4%). Operating expenses were down -3.9% to -€1,399 million. The cost/income ratio was 53.4%, an improvement by -5.7 percentage points compared with first nine months of 2025. Thus, gross operating income was up +21.3% compared to the first nine months of 2025. Net income from equity-accounted entities was €296 million, compared with €137 million in the first nine months of 2025, reflecting the impacts of ICG’s initial consolidation in the first quarter of 2026 and its contribution starting in the second quarter of 2026. Net income on other assets was €348 million, compared with €452 million at the end of September 2025, which included the capital gain related to the partnership with Victory Capital in the second quarter of 2025. Non-controlling interests amounted to -€438 million for the first nine months of 2026. All in all, net income Group share stood at €972 million, an increase of +14.4%.
Asset Management contributed 16% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-September 2026 and 12% to their revenues.
Wealth Management results 31
In the third quarter of 2026, revenues from wealth management stood at €433 million, an increase of +9.8% compared with the third quarter of 2025. They saw a strong increase of +7.9% excluding the base effect linked to the reorganisation of market activities in Q3 2025, driven by recent integrations 32, as well as growth in fee and commission income on assets under management and the interest margin. Expenses for the quarter amounted to -€336 million, up +0.1% compared with the third quarter of 2025, driven by a strong positive jaws, benefiting in particular from lower integration costs 33 and good overall cost control. The cost/income ratio for the third quarter of 2026 stood at 76.8% excluding integration costs, an improvement of 2.8 percentage points compared with the same period in 2025. Gross operating income reached €96 million, up sharply by +66.0% compared with the third quarter of 2025. The tax charge amounted to €17 million in the third quarter of 2026, compared with €9 million in the third quarter of 2025, in line with the increase in pre-tax income (+80.8% over the period). Net income Group share amounted to €63 million, up sharply by +80.5% compared with the third quarter of 2025.
In the first nine months of 2026, Wealth Management revenues were up by +5.2% compared with the first nine months of 2025, benefiting from robust activity. Expenses fell by -0.7%. The drop in integration costs relating to Degroof Petercam in the first nine months of 2026 compared with the first nine months of 2025 should be noted. Gross operating income was therefore up +33.4% at €286 million. The tax charge totalled €60 million, up +59.0% over the period. Net income Group share was €174 million over the first nine months of 2026, up +35.0% from the first nine months of 2025. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 50%.
Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-September 2026 and 6% of their revenues (excluding the Corporate Centre division).
Activity of the Large Customers division
The Large Customers division posted good activity in the third quarter of 2026, with good performance of Corporate and Investment Banking (CIB) and strong activity in Asset Servicing.
In the third quarter of 2026, Corporate and Investment Banking revenues were up at €1,748 million, i.e. +10.4% compared to the third quarter of 2025. The Capital Markets and Investment Banking business was up at €857 million, +14.1% compared with the third quarter of 2025. These high revenues were driven by investment banking (+42.4%), due to excellent performance from structured equity and ECM activities (in a very buoyant market in the third quarter). FICC performance was up (+8.3%), with strong commercial momentum capitalising on the rising interest rate environment, particularly in hedging activities. Revenues from Financing activities totalled €889 million, or +7.1% compared with the third quarter of 2025, driven by commercial banking (+10.2%) across all Corporate and Leveraged Finance activities and Transaction Banking activities (Trade Finance and Cash Management).
Crédit Agricole CIB ranked #2 for Green, Social & Sustainable bonds in EUR 34 and #4 for All bonds in EUR Worldwide 35, and confirmed its strong position in syndicated loans (#2 in France 34 and #2 in EMEA 34). Average regulatory VaR stood at €8.9 million in the third quarter of 2026, against a backdrop of geopolitical tensions and uncertainties, and was down slightly from €10.4 million in the second quarter of 2026. It remained at a level that reflected prudent risk management.
For Asset Servicing, the growth in assets under custody/administration compared with the third quarter of 2025 was driven by the acquisition of new clients and positive market effects. Compared with the second quarter of 2026, growth has fallen slightly, in line with market conditions in the third quarter.
Assets under custody decreased by -0.5% at the end of September 2026 compared to the end of June 2026 and increased by +8.1% compared to the end of September 2025, to reach €6,161 billion. Assets under administration decreased by -1.1% this quarter and were up +7.2% year-on-year, totalling €3,829 billion at end-September 2026. Settlement and delivery volumes were up by +18% compared with the third quarter of 2025, mainly driven by France, Luxembourg and Germany. Significant growth against a backdrop of increased volatility in 2026.
In terms of digital assets, there are two significant developments to note: CACEIS has joined the FARO platform (USD stable coin consortium). Furthermore, Crédit Agricole Assurances has invested €100 million in a tokenised Amundi fund in partnership with CACEIS.
6 October 2026: CACEIS and Edmond de Rothschild announced projects to expand their asset servicing partnership in Luxembourg.
Results of the Large Customers division
Revenues for the Large Customers division stood at €2,297 million in the third quarter of 2026, up +9.4% compared with the third quarter of 2025. Operating expenses stood at €1,308 million, up +5.0% from the third quarter of 2025. As a result, the division’s gross operating income was up +15.9% compared with the third quarter of 2025 to €989 million. The division recorded an addition to provisions for the cost of risk of – €50 million, compared with an addition to provisions of -€37 million in the third quarter of 2025. Pre-tax income amounted to €940 million in the third quarter of 2026, up +14.3% compared with the third quarter of 2025, and the tax charge amounted to -€264 million. Net income totalled €676 million, up +22.3% over the period. Lastly, net income Group share for the third quarter of 2026 reached €666 million, up +7.1% compared with the third quarter of 2025 which included the termination of Santander’s non-controlling interests (+€79 million), the acquisition of which by Crédit Agricole S.A. was completed in the third quarter of 2025. Excluding this base effect, net income Group share was up +22.6%.
Over the first nine months of 2026, revenues of the Large Customers division amounted to a record high of €6,998 million, i.e. +4.0% compared to the first nine months of 2025. Operating expenses were up +1.4% compared with the first nine months of 2025 at €3,915 million. Gross operating income for the first nine months of 2026 totalled €3,083 million, an increase of +7.5% compared to the first nine months of 2025. The cost of risk for the first nine months of 2026 amounted to a net addition of -€116 million, compared with an addition of -€32 million for the first nine months of 2025. Thus, the business line’s contribution to stated net income Group share was €2,146 million, an increase of +2.3% compared to the first nine months of 2025.
The business line contributed 35% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-September 2026 and 32% to revenues excluding the Corporate Centre.
At 30 September 2026, the equity allocated to the division was €16 billion and the division’s risk weighted assets were €145.2 billion.
Corporate and Investment Banking results
In the third quarter of 2026, Corporate and Investment Banking revenues stood at €1,748 million, up +10.4% compared with the third quarter of 2025, achieving a record third-quarter high. Operating expenses amounted to -€947 million, with an increase of +6.8% due to an increase in variable compensation, development of the activity of the business lines, and IT expenses. Gross operating income was up +15.1% compared with the third quarter of 2025, standing at +€801 million. The cost/income ratio was 54.2% over the quarter, an improvement of 1.9 percentage point over the period. The cost of risk stood at -€48 million (compared with a cost of risk of -€29 million in the third quarter of 2025), a level that remains low, though it was impacted this quarter by an increase in S1/S2 provisions, reflecting a prudent approach to credit ratings on certain portfolios. Lastly, pre-tax income in the third quarter of 2026 stood at €754 million, up +13.3% compared to the third quarter of 2025. The tax charge was -€216 million this quarter (compared with -€231 million for the third quarter of 2025). Lastly, net income Group share rose sharply by +24.3% to €528 million in the third quarter of 2026.
In the first nine months of 2026, revenues were up +3.2% compared with the first nine months of 2025, totalling €5,340 million, setting a record high for the period. Operating expenses rose by +3.1%, driven by higher variable compensation and the impact of IT investments to support business development. Consequently, gross operating income stood at €2,480 million, up +3.3% compared with the first nine months of 2025. The cost of risk recorded a net addition of -€85 million in the first nine months of 2026, compared to a net addition of -€25 million during the same period in 2025. The tax charge was -€653 million for the first nine months of 2026 (compared with -€607 million in 2025). Lastly, net income Group share for the first nine months of 2026 stood at €1,703 million, a decrease of -1.7% over the period.
Risk-weighted assets (RWAs) rose by +€1.9 billion compared with Q2 to €133.3 billion. Synthetic securitisations accounted for a €2.4 billion reduction in RWA over the first nine months of 2026.
Asset servicing results
In the third quarter of 2026, revenues from Asset Servicing stood at €549 million, up +6.4% compared with the third quarter of 2025, driven by fee and commission income on assets under management and flow activities. The net interest margin also increased. Operating expenses were kept under control at €361 million (+0.7%), benefiting from the full effect of synergies and the end of the costs associated with the integration of ISB 36 into Asset Servicing. As a result, gross operating income was up by +19.5% to €188 million in the third quarter of 2026. The cost/income ratio improved greatly and stood at 65.7%, down -3.8 percentage points compared with the same period in 2025. The cost of risk recorded a net addition of -€2 million compared to an addition of -€8 million in the third quarter of 2025. Equity accounted entities amounted to zero, versus 7 million euros in third quarter 2025, Uptevia/Latam currently being discontinued frozen at 30 June 2026 in accordance with IFRS 5.
Pre-tax income was up by +18.8% and amounted to €185 million in the third quarter of 2026. Net income increased by +16.5% to €138 million. Net income Group share fell by -30.1% to €138 million compared with the third quarter of 2025, which included the termination of Santander’s non-controlling interests amounting to +€79 million. Excluding this base effect, CACEIS’s net income Group share saw an increase of +17%.
Revenues for first nine months of 2026 were up +6.5% compared with the first nine months of 2025, driven by an increase in fee and commission income on assets under management and flow activities. The interest margin also increased over the period. Operating expenses fell by -3.1%, mainly due the full effect of ISB synergies and the end of integration costs related to the acquisition of ISB’s activities (-€21 million in the first nine months of 2025). Gross operating income was up +28.8% compared to the first nine months of 2025. The cost/income ratio improved significantly and stood at 63.6%, down -6.3 points compared to the first nine months of 2025. The cost of risk recorded an addition of -€31 million due to additions to provisions for legal risk in the first half of 2026. Pre-tax income was up by 22.4% and amounted to €589 million for the period. The overall contribution of the business line to net income Group share in the first nine months of 2026 was €443 million, a +21.5% increase compared to the first nine months of 2025.
Specialised financial services activity
The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €12.3 billion (+2.5% compared to the third quarter of 2025). It was driven both by mobility and by personal financing. The average customer rate for production 37 was up by +15 basis points compared with the second quarter of 2026. CAPFM’s assets under management thus stood at €124.9 billion at the end of September 2026, with the increase balanced among three sectors: the Group’s networks (LCL and Regional Banks), mobility (Crédit Agricole Auto Bank and the auto joint venture) and personal finance. Finally, consolidated outstandings amounted to €67.3 billion at the end of September 2026, down by -0.9% compared with the end of September 2025 and stable compared with the end of June 2026. The automotive market environment remains highly unfavourable and is weighing on the used car resale business, whilst short-term rental activity is seeing a significant decline.
Crédit Agricole Leasing & Factoring (CAL&F) commercial production was up +4.3% compared with the third quarter of 2025 in leasing, driven in France by the renewable energy sector, which offsets the decline in equipment leasing; there was a slight increase in property leasing, whilst international business grew, benefiting from the integration of Merca Leasing (since the fourth quarter of 2025). Leasing outstandings rose by +6.3% year-on-year, both in France (+4.6%) and internationally (+12.6%), and have included Merca Leasing’s outstandings since the fourth quarter of 2025. They amounted to €22.3 billion at the end of September 2026 (including €17.2 billion in France and €5.1 billion internationally). Commercial factoring production rose by +52.6% compared with the third quarter of 2025, driven by the commencement of several significant contracts compared with Q3-25. Factoring outstandings at end-September 2026 were up +8.5% compared with end-September 2025, and factored revenues were up by +5.2% compared with the same period.
Specialised financial services’ results
In the third quarter of 2026, revenues of the Specialised Financial Services division were €874 million, down -1.1% compared to the third quarter of 2025. Expenses stood at -€472 million, up +5.6% compared to the third quarter of 2025. The cost/income ratio stood at 54.1%, up +3.5 percentage points compared with the same period in 2025. Gross operating income thus stood at €401 million, down -8.0% compared to the third quarter of 2025. Cost of risk amounted to -€295 million, up +5.9% compared with the third quarter of 2025. Income from equity-accounted entities amounted to -€56 million, versus -€9 million in the third quarter of 2025. The division’s pre-tax income stood at €49 million, versus €150 million in the third quarter of 2025 (-67.0%). Net income Group share stood at €9 million, down -90.4% compared with the third quarter of 2025, which stood at €97 million.
In the first nine months of 2026, revenues for the Specialised Financial Services division were €2,638 million, up +0.2% compared with the first nine months of 2025. Operating expenses were up +5.5% from the first nine months 2025, at -€1,434 million. Gross operating income stood at €1,204 million, down -5.4% compared to the first nine months of 2025. The cost/income ratio stood at 54.4%, up +2.7 percentage points compared with the same period in 2025. The cost of risk increased by +10.8% compared with the same period in 2025, to -€845 million.
The contribution from equity-accounted entities fell sharply to -€77 million compared with the same period in 2025 (+€14 million). Net income Group share for the division amounted to €132 million, down
-63.3% compared with the same period in 2025.
The business line contributed 2% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-September 2026 and 12% to revenues excluding the Corporate Centre.
At 30 September 2026, the equity allocated to the division was €8.9 billion and its risk weighted assets were €80.7 billion.
Personal Finance and Mobility results
In the third quarter of 2026, CAPFM’s revenues amounted to €676 million, down -2.7% compared to the third quarter of 2025. The positive price effect on personal finance does not offset the deterioration in the automotive market within the mobility segment: lower margins on used cars for Crédit Agricole Auto Bank/Drivalia and a significant decline in Drivalia’s short-term rental business.
Expenses stood at -€364 million, up +5.9% in support of business development, and including investments in Crédit Agricole Deutschland and Crédit Agricole Savings projects (around -€6 million in the third quarter of 2026). Gross operating income stood at €312 million, down -11.0% compared with the third quarter of 2025. The cost/income ratio stood at 53.8%, up +4.3 percentage points compared to the same period in 2025. The cost of risk stood at -€254 million, up by +0.8% compared with the third quarter of 2025; incurred risk in France stable at a high level in the third quarter 2026 compared to the second quarter 2026, increasing across certain international entities. Cost of risk/outstandings stood at 145 basis points 38, which was stable compared to the second quarter of 2026. The NPL ratio stood at 5.1% and the coverage ratio at 69.1% at end-September 2026, up +0.4 and down -2.2 percentage points, respectively, compared with end-June 2026. Income from equity-accounted entities stood at -€55 million for the third quarter of 2026 compared with -€7 million for the third quarter of 2025, impacted by the drop in margins on used vehicles at Leasys (contribution of -€55 million in the third quarter of 2026). Pre-tax income fell sharply to €2 million, compared with €91 million in the third quarter of 2025. Net income Group share was negative at -€25 million, compared with €55 million in the third quarter of 2025.
In the first nine months of 2026, CAPFM revenues reached €2,055 million, down -1% from the first nine months of 2025, with positive volume and price effects in personal finance failing to offset the impact of the automotive market’s deterioration on mobility (lower margins on used cars for Crédit Agricole Auto Bank/Drivalia and a decline in short-term rental activity). Expenses stood at -€1,101 million, an increase of +4.5% compared with the first nine months of 2025. They include investments in strategic projects, including Crédit Agricole Deutschland and Crédit Agricole Savings, of around -€16.5 million in the first nine months of 2026. Gross operating income thus stood at €954 million, down -6.6%. The cost/income ratio stood at 53.6%, up +2.8 percentage points compared with the same period in 2025. The cost of risk rose by +7.4% compared with the first nine months of 2025, to -€758 million, driven in particular by an addition for legal provisioning (UK car loans) of +€17 million, the increase in proven risk in France against a backdrop of a challenging economic environment for consumer finance activities, and negative model impacts. The contribution from equity-accounted entities was down sharply at -€76 million in the first nine months of 2026 compared with +€39 million in the first nine months of 2025, impacted notably by the drop in margins on used vehicles at Leasys. Net income Group share was €7 million in the first nine months of 2026, compared with €243 million over the same period in 2025.
Leasing & Factoring results
In the third quarter of 2026, CAL&F’s revenues reached €198 million, up +4.7% compared with the third quarter of 2025, benefiting from the integration of Merca Leasing 39 in the leasing segment and from the rise in rates, which was favourable to factoring, thereby offsetting pressure on margins. Operating expenses stood at -€108 million, representing an increase of +2.1% excluding the integration of Merca Leasing 39. The cost/income ratio stood at 54.9%, stable compared to the third quarter of 2025. Gross operating income stood at €89 million, up +4.4% compared with the third quarter of 2025. The cost of risk amounted to – €41 million for the quarter, rising in particular due to H1/H2 provisions linked to rating effects. Cost of risk/outstandings stood at 42 basis points38, up +18 basis points compared to the second quarter of 2026. Income from equity-accounted entities amounted to -€1 million in the third quarter of 2026, in line with the third quarter of 2025. Pre-tax income amounted to €47 million, down -19.5% compared to the same period in 2025. Net income Group share amounted to €35 million, down -17.6% compared to the third quarter of 2025.
In the first nine months of 2026, revenues were up +4.7% compared with the first nine months 2025 at €583 million, driven by the growth in factoring volumes and by the integration of Merca Leasing 40 in leasing. Operating expenses were up +8.9% at -€333 million in line with IT investment in France and internationally for the development of leasing and factoring platforms, as well as the integration of Merca Leasing 40. Gross operating income was down -0.5% from the first nine months of 2025 to total €250 million. The cost/income ratio stood at 57.1%, up +2.2 percentage points compared to the first nine months of 2025. The cost of risk rose by +52.4% over the same period due to a specific case. The contribution from equity-accounted entities stood at -€1 million for the first nine months of 2026, compared with -€26 million for the first nine months of 2025, which included a goodwill impairment charge in the first half of 2025. Net income Group share was €125 million, up +7.0% compared with the first nine months of 2025.
Crédit Agricole S.A. Retail Banking activity
Retail banking activity in France
In the third quarter of 2026, LCL’s gross customer capture totalled around 75,000 new customers, driven by growth in digital acquisition (c. 40% of professional customer acquisition by L by LCL pro).
Loan production stood at €7.9 billion (-4% compared to the third quarter of 2025). New production remained strong in the corporate sector (+10%), but declined in the home loan sector in a slowing market (- 13%).
The average production rate for home loans came to 3.23%, up +1 basis point from the second quarter of 2026 and +25 basis points year-on-year. The home loan stock rate continued to improve at 1.96% and was up by +3 basis points over the quarter and by +13 basis points year-on-year.
The equipment rate for car, multi-risk home, health, legal, all mobile devices or personal accident insurance rose by +0.3 percentage point over one year to stand at 28.9% at end-September 2026.
Outstanding loans stood at €174.9 billion at end-September 2026, stable over the quarter and +1.2% year-on-year (of which +1% for home loans, +2.3% for loans to professionals, +1.4% for corporate loans). Customer assets reached €275.6 billion at end-September 2026, up +7.2% year-on-year. Off-balance sheet resources, including €11.7 billion from the integration of Milleis, were buoyed by positive net inflows, still driven by life insurance. Balance sheet savings remained stable (term deposits down slightly year-on-year, with the share of demand deposits stable).
Retail banking activity in Italy
In the third quarter of 2026, CA Italia’s gross customer capture totalled around 47,000 new customers, 38% of whom were acquired online.
CA Italia’s loan outstandings stood at €64.1 billion at the end of September 2026, up +3.2% compared with the end of September 2025, driven by the corporate market (including SMEs), where outstandings rose by +6.8%, and the retail market, where outstandings increased by +2.8% over the period. The stock rate on loans in the third quarter of 2026 was up compared with the second quarter of 2026 (+12 bp).
Loan production was robust this quarter, up by +17% compared with the third quarter of 2025, driven by all segments, in particular +26% for corporates and +9% for home loans in a competitive market.
Customer assets at the end of September 2026 stood at €125.5 billion, up +3.5% compared with the end of September 2025; on-balance sheet deposits rose by +2.1% thanks to dynamic inflow management to support lending growth. Finally, off-balance sheet deposits increased by +5.1% over the same period and benefited from an increase in managed savings and a positive market effect.
CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 21.2%, up +0.6 percentage point compared to the third quarter of 2025.
International Retail Banking activity excluding Italy
For International Retail Banking excluding Italy, loan outstandings stood at €8.1 billion at the end of September 2026, up +9.0% compared with the end of September 2025 (+12.2% at constant exchange rates). Customer assets amounted €12.6 billion, up +7.3% (+10.7% at constant exchange rates) over the same period.
In Poland, loan outstandings rose by +5.2% compared with the end of September 2025 (+7.6% at constant exchange rates), driven in particular by consumer finance and home loans. Total inflows rose by +5.7% (+8.1% at constant exchange rates), driven by off-balance-sheet deposits. Loan production in Poland rose sharply once again this quarter, up +34.2% compared with the third quarter of 2025 (+35.8% at constant exchange rates). Gross customer capture in Poland reached 54,000 new customers this quarter.
In Egypt, commercial activity was strong in consumer finance and corporate loans. Loan outstandings rose +14.7% year-on-year (+20.3% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +15.7% (+21.3% at constant exchange rates).
In Ukraine, loan outstandings rose by +32.4% (+39.1% at constant exchange rates) and on-balance-sheet deposits increased by +5.6% (+10.9% at constant exchange rates) year-on-year. Loan production was robust (+18.3% year-on-year), particularly in consumer finance and corporates.
Liquidity showed a net surplus of inflows from loans to Poland, Egypt and Ukraine amounting to +€3.5 billion at 30 September 2026.
French retail banking results
In the third quarter of 2026, LCL’s revenues reached a record high of €1,149 million, up +17% compared with the third quarter of 2025. The net interest income saw an upturn over the period (+18% excluding Milleis 41), driven by lower resource costs and gradual loan repricing. The increase in fee and commission income (+14% and +8% excluding the Milleis scope effect) was particularly driven by the robust momentum in savings and payment instruments.
Expenses were up +9% and stable excluding the Milleis scope effect41 and the “Energies 2030” transformation plan 42. The cost/income ratio stood at 60.5% (-4.4 percentage points compared with the third quarter of 2025) and at 57.5% excluding the transformation plan. Gross operating income therefore rose by +32% to €454 million.
The cost of risk was up (+40% compared with the third quarter of 2025) to -€128 million. The annualised cost of risk/outstandings rose slightly compared with the second quarter of 2026, to 29 basis points, while proven risk on corporate loans has remained stable. The coverage ratio still remains at a high level and was 57.8% at the end of September 2026. The Non Performing Loans ratio was 2.4% at the end of September 2026.
Finally, pre-tax income stood at €327 million, up +28% compared with the third quarter of 2025, and net income Group share was up +33% over the period.
In the first nine months of 2026, LCL revenues totalled €3,292 million, a +13% increase compared with the first nine months of 2025. The net interest income saw an upturn over the period (+17%). Fee and commission income was up +9% (+5% excluding Milleis) compared with the first nine months of 2025, particularly in the insurance and in portfolio revenues. Expenses rose by +8% over the period and the cost/income ratio stood at 61.3% (-2.4 percentage points compared with first nine months of 2025). As a result, gross operating income was up +20% and the cost of risk rose by +31%. All in all, the business line’s contribution to net income Group share amounted to €615 million, (+20% compared to the first nine months of 2025).
The business line contributed 10% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-September 2026 and 15% to revenues excluding the Corporate Centre.
At 30 September 2026, the equity allocated to the business line stood at €6.6 billion and the division’s risk weighted assets amounted to €59.8 billion.
International Retail Banking results 43
In the third quarter of 2026, revenues for International Retail Banking totalled €1,000 million, stable (+1.1% at constant exchange rates) compared with the third quarter of 2025. Operating expenses stood at -€511 million, a moderate increase of +1.4% (+2.0% at constant exchange rates). Gross operating income thus totalled €489 million, down slightly by -0.8% over the period (+0.1% at constant exchange rates). Cost of risk amounted to -€63 million, down -17.6% (-17.1% at constant exchange rates). Finally, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine totalled €211 million, down -9.3% over the period (and -8.1% at constant exchange rates), and includes the impact of the increase in tax rates in Italy44, Poland 45 and Ukraine46, as well as a one-off item affecting CA Polska’s third-quarter 2026 revenues.
For the first nine months of 2026, International Retail Banking revenues rose by +1.9% to €3,087 million (+2.8% at constant exchange rates). Operating expenses amounted to -€1,559 million, up +1.3% (+1.5% at constant exchange rates) compared with the first nine months of 2025. Gross operating income totalled €1,528 million, up +2.5% (+4.2% at constant exchange rates). The cost of risk fell by -7.1% over the period (-6.2% at constant exchange rates) to -€189 million. Overall, net income Group share for the International Retail Banking division stood at €675 million, down -5.8% compared with the first nine months of 2025 (+1.8% at constant exchange rates) and including the impact of the increase in the tax rate in Italy, Poland and Ukraine, as well as a one-off item relating to CA Polska.
At 30 September 2026, capital allocated to the International Retail Banking business line was €5.8 billion, and risk weighted assets stood at €52.9 billion.
Results in Italy
In the third quarter of 2026, Crédit Agricole Italia’s revenues totalled €788 million, up +3.8% compared with the third quarter of 2025, thanks to the rise in net interest margin (+4.5%), driven by improved margins and a positive volume effect, and the increase in fee and commission income (+4.4%) for both managed savings and banking fees and commissions. Operating expenses were under control and stood at – €389 million, up +1.7% compared with the third quarter of 2025, thereby generating positive jaws of +2.1 percentage points, down -3.5% over the period excluding non-recurring items47. Gross operating income stood at €399 million, up +6.0% compared to the third quarter of 2025. The cost/income ratio stood at 49.4%, an improvement of -1 percentage points compared with the same period in 2025. The cost of risk amounted to -€50 million, down -12.9% compared to the third quarter of 2025. The cost of risk/outstandings48 stood at 31 basis points, up slightly over the quarter, whilst asset quality remained strong, with the NPL ratio at 2.6%; the coverage ratio stood at 86.0%. Net income Group share thus stood at €174 million, up +2.5% compared with the third quarter of 2025, and included a negative impact of -€13 million44 due to the increase in the tax rate for banks and financial intermediaries in Italy in 2026.
In the first nine months of 2026, revenues for Crédit Agricole Italia rose by +3.7% to €2,387 million. Operating expenses totalled -€1,186 million, up +1.9% over the period. Gross operating income stood at €1,201 million, up +5.4% compared with the first nine months of 2025. Cost of risk totalled -€147 million, a decrease of -7.9% over the same period. Lastly, net income Group share stood at €532 million (+2.3%) and included a negative impact of -€36 million44 due to the increase in the tax rate for banks and financial intermediaries in Italy in 2026.
At 30 September 2026, the equity allocated to the business line stood at €4.6 billion and risk weighted assets stood at €41.6 billion.
International Retail Banking results – excluding Italy
In the third quarter of 2026, revenues for International Retail Banking excluding Italy totalled €212 million, down -10.8% (-7.9% at constant exchange rates) compared to the third quarter of 2025. Revenues in Poland fell by -24.9% compared with the third quarter of 2025 (-23.6% at constant exchange rates), impacted by a one-off item this quarter, as well as a decline in fee and commission income. Revenues in Egypt were up +9.9% (+15.1% at constant exchange rates) driven by the net interest margin due to volumes, as well as the increase in fee and commission income, from retail activity. Operating expenses for International Retail Banking excluding Italy amounted to -€122 million, stable (+0.4%) compared with the third quarter of 2025 (+2.9% at constant exchange rates). The cost/income ratio deteriorated by +6.4 percentage points to 57.4% at the end of September 2026. Gross operating income totalled €90 million, down -22.4% (-19.7% at constant exchange rates). The cost of risk was low at -€12 million, compared with -€19 million in the third quarter of 2025, the drop being primarily driven by Poland. All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €37 million, down -41.3% (-38.2% at constant exchange rates) and included the impact of the increase in tax rates in Poland49 and Ukraine50, as well as a one-off item relating to CA Polska.
In the first nine months of 2026, revenues for International Retail Banking excluding Italy totalled €700 million, stable (-3.6% at constant exchange rate) compared with the first nine months of 2025 (-0.2% at constant exchange rates). Operating expenses amounted to -€373 million, down -0.5% over the period (+2.1% at constant exchange rates). The cost/income ratio stood at 53.3% at the end of September 2026, deteriorating by +1.7 percentage points compared to the first nine months of 2025. Gross operating income totalled €327 million, down -6.9% (-2.6% at constant exchange rates) over the same period. Cost of risk amounted to -€42 million, down -4.6% (-5.2% at constant exchange rates). Overall, the contribution of International Retail Banking outside Italy to net income Group share was €143 million (-27.1% over the period and -23.1% at constant exchange rates) and includes the impact of the increase in tax rates in Poland49 and Ukraine50, as well as a one-off item relating to CA Polska.
At 30 September 2026, the entire Retail Banking business line contributed 21% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 29% to revenues excluding the Corporate Centre.
At 30 September 2026, the division’s equity amounted to €12.4 billion. Its risk weighted assets totalled €112.7 billion.
Corporate Centre results
The net income Group share of the Corporate Centre was -€154 million in the third quarter of 2026, down -€54 million compared with the third quarter of 2025. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€150 million) and other items (- €4 million this quarter).
The contribution of the “structural” component (-€150 million) decreased by -€9 million compared with the third quarter of 2025 and can be broken down into three types of activities:
- The contribution of the Crédit Agricole S.A. Parent Company’s corporate centre activities and functions amounted to -€225 million in the third quarter of 2026, an improvement of +€6 million.
- The contribution of the business lines that are not part of the core business lines, such as CACIF (Private Equity), CA Immobilier, CATE and BforBank, which are accounted for using the equity method, and other investments (including Banco BPM), amounted to +€73 million in the third quarter of 2026, down -€10 million compared to the third quarter of 2025. This quarter’s figures include an equity-accounted contribution of €106 million from Banco BPM, an increase of +€16 million, driven by the rise in the stake to 29.3%, Banco BPM’s performance and the recognition of the PPA amortisation 51 with a catch-up effect for the first and second quarters amounting to -€60 million. It also includes a contribution of -€25 million from Foncaris, linked to the tightening of overlays on certain portfolios and rating effects impacting its cost of risk.
- Finally, the contribution from the Group’s support functions amounted to +€2 million this quarter, down -€4 million compared with the third quarter of 2025.
The contribution of “other items” was -€4 million, down -€45 million compared with the third quarter of 2025.
Over the first nine months of 2026, the underlying net income Group share of the Corporate Centre division was -€439 million, up +€25 million compared to the first nine months of 2025. The structural component contributed -€475 million, while the division’s other items contributed +€36 million over the period.
The “structural” component contribution rose by +€20 million compared with the first nine months of 2025 and can be broken down into three types of activities:
- The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€757 million over the first nine months of 2026, up by +€74 million compared with the first nine months of 2025;
- The business lines that are not part of the core business lines, such as CACIF (Private equity), CA Immobilier, BforBank, and other investments: their contribution of +€270 million over the first nine months of 2026 was down by -€42 million compared with the first nine months of 2025;
- The Group’s support functions: their contribution for the first nine months of 2026 was +€13 million, down -€12 million compared with 2025.
The contribution of “other items” was up compared with the first nine months of 2025 (+€5 million).
At 30 September 2026, risk-weighted assets stood at €40.6 billion.
Financial strength
Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.
The Crédit Agricole Group’s capital ratios remain well above regulatory requirements.
At 30 September 2026, the Group’s Common Equity Tier 1 (CET1) ratio stood at 17.3%, providing a comfortable buffer of 6.9 percentage points-above the regulatory minimum.
Quarter-on-quarter, the CET1 ratio was up by +0.1 percentage point. This change mainly reflects:
- A positive impact of +27 basis points relating to the organic capital generation, corresponding to net income Group share and including organic growth of the business lines;
- A negative impact of –8 basis points linked to distribution, including AT1 coupons;
- An adverse impact of -13 basis points relating to mergers and acquisitions, unrealised gains and/or losses (OCI) and other items, including -10 basis points attributable to the change in OCI and -3 basis points attributable to the capital increase reserved for employees and the share buyback associated with that transaction.
Crédit Agricole S.A., in its capacity as the central body of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. At 30 September 2026, Crédit Agricole S.A.’s Common Equity Tier 1 (CET1) ratio stood at 11.2%, representing a buffer of 2.4 percentage points above the regulatory requirement.
Over the quarter, the change in the CET1 ratio reflected several factors:
- It benefited from a positive impact of +34 basis points relating to the organic capital generation, corresponding to net income Group share and including organic growth of the business lines;
- A negative impact of –22 basis points linked to distribution including AT1 coupons52,;
- An adverse impact of -17 basis points relating to mergers and acquisitions, unrealised gains and/or losses (OCI) and other items, including -13 basis points attributable to the change in OCI and -4 basis points attributable to the capital increase reserved for employees and the share buyback associated with that transaction.
At the end of September 2026, Crédit Agricole S.A.’s weighted investments amounted to €434 billion, down slightly by -€0.6 billion compared to the end of June 2026. This stability over the quarter is mainly due to the contained growth of the businesses, amounting to +€1.9 billion, including the positive contribution of insurance income to the change in the equity method (+€1.4 billion), offset by favourable effects related to mergers and acquisitions and methodological impacts, as well as the decrease in the equity method of insurance related to the change in unrealized reserves.
Risk weighted assets of the Crédit Agricole Group stood at €688 billion at the end of September 2026, remaining stable over the quarter for the same reasons as Crédit Agricole S.A.
Crédit Agricole Group’s financial structure
| Crédit Agricole Group | Crédit Agricole S.A. | |||||||
| 30/09/26 | 30/06/26 | Requirements 30/09/26 | 30/09/26 | 30/06/26 | Requirements 30/09/26 | |||
| CET1 ratio53 | 17.3% | 17.2% | 10.4% | 11.2% | 11.3% | 8.8% | ||
| Tier1 ratio53 | 18.6% | 18.4% | 12.2% | 13.2% | 13.1% | 10.6% | ||
| Total capital ratio53 | 21.1% | 21.0% | 14.7% | 16.8% | 16.8% | 13.0% | ||
| Risk-weighted assets (€bn) | 688 | 688 | 434 | 435 | ||||
| Leverage ratio | 5.5% | 5.5% | 3.75% | 3.7% | 3.7% | 3.0% | ||
| Leverage exposure (€bn) | 2,309 | 2,287 | 1,551 | 1,528 | ||||
| TLAC ratio (% RWA)53),54 | 27.9% | 27.3% | 22.9% | |||||
| TLAC ratio (% LRE)54 | 8.3% | 8.2% | 6.75% | |||||
| Subordinated MREL ratio (% RWA)53 | 27.9% | 27.3% | 21.2% | |||||
| Subordinated MREL ratio (% LRE) | 8.3% | 8.2% | 6.17% | |||||
| Total MREL ratio (% RWA)53 | 32.2% | 31.6% | 26.8% | |||||
| Total MREL ratio (% LRE) | 9.6% | 9.5% | 6.17% | |||||
| Distance to the distribution restriction trigger (€bn)55 | 41 | 41 | 11 | 11 | ||||
For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger 55, i.e. 244 basis points, or €11 billion of CET1 capital at 30 September 2026. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).
For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 September 2026. Crédit Agricole Group posted a buffer of 178 basis points above the L-MDA trigger, i.e. €41 billion in Tier 1 capital.
At 30 September 2026, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements 54. Crédit Agricole Group posted a buffer of 500 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The 2028 Medium-Term Plan target is to maintain Crédit Agricole Group’s TLAC ratio of around 27% of RWAs, excluding eligible senior preferred debt.
The European Central Bank (ECB) has notified Crédit Agricole Group and Crédit Agricole S.A. of their capital requirements in respect of Pillar 2 (P2R) applicable as of 1st January 2027, i.e. 1.85% for Crédit Agricole Group and 1.75% for Crédit Agricole S.A.
Crédit Agricole Group must comply with a CET1 ratio of at least 10.44% as from 1st January 2027, including Pillar 1 and Pillar 2 capital requirements as well as the applicable combined buffer requirement (conservation buffer of 2.5%, buffer for global systemically important institutions (G-SIB) of 1.5%, countercyclical buffer estimated at 0.80% and systemic risk buffer estimated at 0.09%). Crédit Agricole S.A. must comply as from 1st January 2027 with a CET1 ratio of at least 8.85%, including Pillar 1 and Pillar 2 capital requirements as well as the applicable combined buffer requirement (conservation buffer of 2.5%, countercyclical buffer estimated at 0.72%, and systemic risk buffer estimated at 0.14%).
Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
Diversified and granular customer deposits amounted to €1,192 billion at 30 September 2026, up +€16 billion compared to June 2026.
The Group’s liquidity reserves, at market value and after haircuts 56, amounted to €491 billion at 30 September 2026, up +€16 billion compared to 30 June 2026.
Liquidity reserves covered more than twice the short-term debt net of treasury assets.
This change in liquidity reserves is notably explained by:
- The increase in central bank deposits for +€15 billion.
- The increase in the securities portfolio (HQLA and non-HQLA) for +€7 billion;
- The decrease in collateral already pledged to Central Banks and unencumbered for -€6 billion, linked to the decline in self-securitisations for -€2 billion and the decrease in Central Bank eligible receivables for -€4 billion;
Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central Bank eligible non-HQLA assets after haircuts amounted to €123 billion.
Standing at €1,796 billion at 30 September 2026, the Group’s liquidity balance sheet showed a surplus of stable funding resources over stable application of funds of €205 billion, up +€21 billion over the quarter.
Long term debt was €351 billion at 30 September 2026, up +€9 billion compared with end-June 2026.
This included:
- Senior secured debt of €104 billion, up +€3 billion;
- Senior preferred debt of €178 billion, up +€4 billion;
- Senior non-preferred debt of €48 billion, up +€3 billion;
- And Tier 2 securities of €21 billion, down -€1 billion.
Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.
At 30 September 2026, the average LCR ratios (calculated on a rolling 12-month basis) were 136% for Crédit Agricole Group (representing a surplus of €85 billion) and 141% for Crédit Agricole S.A. (representing a surplus of €82 billion). It should be noted that Crédit Agricole Group’s LCR ratio is above the 2028 Medium-Term Plan target range of 110% to 130%.
In addition, at 30 June 2026, the NSFR ratios of Crédit Agricole Group and Crédit Agricole S.A. stood at 120% and 115%, respectively.
The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.
At 30 October 2026, the Group’s main issuers raised the equivalent of €32.7 billion 57 in medium-to-long-term debt on the market, 73% of which was issued by Crédit Agricole S.A.
In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:
- Crédit Agricole Assurances issued two Subordinated Tier 2 Bullet notes due December 2036 and December 2038 for a total of €1.5 billion (€750m each) and €750 million in RT1 notes Perpetual NC 10.75-years;
- Crédit Agricole Personal Finance & Mobility issued:
- €650 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €1.46 billion in EMTN issuances through Leasys;
- €1.64 billion in securitisations through Agos;
- €200 million in securitisations through Leasys;
- €800 million in securitisations through Credibom.
- Crédit Agricole Leasing & Factoring issued €0.5 billion in securitisations through Lixxbail S.A.;
- Crédit Agricole Italy issued €1.0 billion in Covered bond;
- Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green bond format.
At 30 October 2026, Crédit Agricole S.A. raised the equivalent of €23.2 billion through the market 57,58.
The bank raised the equivalent of €23.2 billion, of which €11.6 billion in senior non-preferred debt and €2.0 billion in Tier 2 debt, as well as €2.8 billion in senior preferred debt and €6.7 billion in senior secured debt at end-October. The financing comprised a variety of formats and currencies, including:
- €3.5 billion 59;
- 6.89 billion US dollars (€5.9 billion equivalent);
- 1.40 billion pounds sterling (€1.6 billion equivalent);
- 221 billion Japanese yen (€1.2 billion equivalent);
- 0.72 billion Singapore dollars (€0.5 billion equivalent);
- 3.1 billion Australian dollars (€1.6 billion equivalent);
- 0.57 billion Swiss francs 59 (€0.6 billion equivalent);
- 0.85 billion Canadian dollars (€0.5 billion equivalent);
- 6 billion Chinese Yuan (€0.8 billion equivalent).
At end-October 2026, Crédit Agricole S.A. had issued 79% 59 of its funding plan in currencies other than the euro.
The 2026 MLT market funding programme 58 is set at €18 billion, with €6 billion senior preferred or senior secured debt and €12 billion senior non-preferred or Tier 2 debt.
In addition, on 17 September 2026, Crédit Agricole S.A. issued a PerpNC5 AT1 bond for €750 million at an initial rate of 6.4%.
The programme was 129% completed at 30 October 2026, with:
- €6.7 billion equivalent in senior secured debt;
- €2.8 billion equivalent in senior preferred debt;
- €11.6 billion equivalent in senior non-preferred debt;
- €2.0 billion equivalent in Tier 2 debt.
Appendix 1 – Crédit Agricole Group: income statement by business line
Crédit Agricole Group – Results by business line, Q3-2026 and Q3-2025
| Q3-26 | |||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total | |
| Revenues | 3,969 | 1,149 | 1,026 | 2,036 | 874 | 2,296 | (852) | 10,497 | |
| Operating expenses | (2,534) | (695) | (531) | (902) | (472) | (1,308) | 508 | (5,934) | |
| Gross operating income | 1,436 | 454 | 495 | 1,134 | 401 | 988 | (344) | 4,564 | |
| Cost of risk | (420) | (128) | (65) | (7) | (295) | (50) | (49) | (1,014) | |
| Equity-accounted entities | (4) | – | – | 70 | (56) | 0 | 106 | 117 | |
| Net income on other assets | 0 | 1 | 0 | 348 | (1) | 1 | (8) | 342 | |
| Income before tax | 1,012 | 327 | 429 | 1,546 | 49 | 939 | (294) | 4,009 | |
| Tax | (258) | (81) | (155) | (300) | (19) | (264) | 120 | (958) | |
| Net income from discont’d or held-for-sale ope. | – | – | 0 | – | – | – | – | 0 | |
| Net income | 753 | 245 | 275 | 1,245 | 30 | 676 | (174) | 3,051 | |
| Non controlling interests | 3 | (0) | (42) | (203) | (21) | 2 | (9) | (271) | |
| Net income Group Share | 756 | 245 | 232 | 1,042 | 9 | 678 | (183) | 2,780 | |
| Q3-2560 | |||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total | |
| Revenues | 3,422 | 982 | 1,020 | 1,844 | 883 | 2,099 | (772) | 9,479 | |
| Operating expenses | (2,434) | (638) | (524) | (969) | (447) | (1,246) | 471 | (5,787) | |
| Gross operating income | 988 | 345 | 496 | 876 | 436 | 853 | (301) | 3,692 | |
| Cost of risk | (376) | (92) | (77) | (9) | (278) | (37) | 0 | (869) | |
| Equity-accounted entities | – | – | – | 52 | (9) | 7 | 91 | 140 | |
| Net income on other assets | (1) | 2 | (0) | (1) | 1 | (1) | (0) | (0) | |
| Income before tax | 611 | 255 | 418 | 918 | 150 | 822 | (211) | 2,963 | |
| Tax | (160) | (70) | (126) | (187) | (31) | (269) | 110 | (732) | |
| Net income from discont’d or held-for-sale ope. | – | – | (0) | – | – | – | – | (0) | |
| Net income | 451 | 185 | 292 | 731 | 119 | 553 | (100) | 2,231 | |
| Non controlling interests | (0) | (0) | (40) | (83) | (22) | 79 | 2 | (63) | |
| Net income Group Share | 451 | 185 | 253 | 649 | 97 | 632 | (98) | 2,168 | |
Crédit Agricole Group – Results by business line, 9M-2026 and 9M-2025
| 9M-26 | ||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total |
| Revenues | 11,573 | 3,292 | 3,163 | 6,189 | 2,638 | 6,998 | (2,475) | 31,378 |
| Operating expenses | (7,884) | (2,017) | (1,622) | (2,742) | (1,434) | (3,915) | 1,503 | (18,110) |
| Gross operating income | 3,689 | 1,276 | 1,541 | 3,447 | 1,204 | 3,083 | (972) | 13,268 |
| Cost of risk | (1,215) | (363) | (195) | (27) | (845) | (116) | (77) | (2,836) |
| Equity-accounted entities | 7 | – | – | 296 | (77) | 17 | 328 | 572 |
| Net income on other assets | 27 | (4) | 0 | 348 | (5) | (4) | (5) | 358 |
| Income before tax | 2,508 | 909 | 1,346 | 4,064 | 278 | 2,981 | (726) | 11,361 |
| Tax | (696) | (266) | (481) | (1,003) | (81) | (799) | 266 | (3,059) |
| Net income from discont’d or held-for-sale ope. | – | – | 0 | – | – | – | – | 0 |
| Net income | 1,812 | 644 | 865 | 3,062 | 197 | 2,182 | (460) | 8,302 |
| Non controlling interests | (1) | (0) | (126) | (452) | (66) | 3 | (6) | (648) |
| Net income Group Share | 1,812 | 643 | 739 | 2,610 | 132 | 2,185 | (467) | 7,654 |
| 9M-2561 | |||||||||
| €m | RB | LCL | IRB | AG | SFS | LC | CC | Total | |
| Revenues | 10,138 | 2,922 | 3,099 | 5,861 | 2,632 | 6,730 | (2,539) | 28,843 | |
| Operating expenses | (7,654) | (1,860) | (1,600) | (2,768) | (1,359) | (3,862) | 1,453 | (17,651) | |
| Gross operating income | 2,484 | 1,062 | 1,499 | 3,093 | 1,273 | 2,868 | (1,086) | 11,192 | |
| Cost of risk | (1,092) | (278) | (206) | (26) | (762) | (32) | (47) | (2,443) | |
| Equity-accounted entities | 7 | – | – | 137 | 14 | 22 | 335 | 515 | |
| Net income on other assets | 3 | 4 | (0) | 448 | 2 | (0) | 0 | 456 | |
| Income before tax | 1,401 | 788 | 1,294 | 3,652 | 526 | 2,858 | (799) | 9,720 | |
| Tax | (427) | (250) | (393) | (786) | (102) | (723) | 300 | (2,380) | |
| Net income from discont’d or held-for-sale ope. | – | – | 0 | – | – | – | – | 0 | |
| Net income | 974 | 537 | 900 | 2,866 | 424 | 2,136 | (499) | 7,339 | |
| Non controlling interests | (1) | (0) | (122) | (431) | (64) | 0 | 10 | (608) | |
| Net income Group Share | 974 | 537 | 778 | 2,436 | 360 | 2,136 | (489) | 6,732 | |
Appendix 2 – Crédit Agricole S.A. : Income statement by business line
Crédit Agricole S.A. – Contribution by division, Q3-26 and Q3-25
| Q3-26 | |||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total |
| Revenues | 2,026 | 2,297 | 874 | 1,149 | 1,000 | (253) | 7,092 |
| Operating expenses | (902) | (1,308) | (472) | (695) | (511) | (40) | (3,928) |
| Gross operating income | 1,124 | 989 | 401 | 454 | 489 | (293) | 3,164 |
| Cost of risk | (7) | (50) | (295) | (128) | (63) | (43) | (585) |
| Equity-accounted entities | 70 | 0 | (56) | – | – | 90 | 105 |
| Net income on other assets | 348 | 1 | (1) | 1 | 0 | (6) | 343 |
| Income before tax | 1,536 | 940 | 49 | 327 | 426 | (252) | 3,027 |
| Tax | (298) | (264) | (19) | (81) | (154) | 111 | (706) |
| Net income from discont’d or held-for-sale ope. | – | – | – | – | 0 | – | 0 |
| Net income | 1,238 | 676 | 30 | 245 | 272 | (141) | 2,321 |
| Non controlling interests | (214) | (10) | (21) | (11) | (62) | (13) | (330) |
| Net income Group Share | 1,024 | 666 | 9 | 234 | 211 | (154) | 1,991 |
| Q3-2562 | ||||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total | |
| Revenues | 1,866 | 2,099 | 883 | 982 | 997 | (229) | 6,598 | |
| Operating expenses | (969) | (1,246) | (447) | (638) | (504) | (34) | (3,837) | |
| Gross operating income | 897 | 853 | 436 | 345 | 493 | (263) | 2,761 | |
| Cost of risk | (9) | (37) | (278) | (92) | (76) | 2 | (489) | |
| Equity-accounted entities | 52 | 7 | (9) | – | – | 70 | 119 | |
| Net income on other assets | (1) | (1) | 1 | 2 | (0) | 0 | 1 | |
| Income before tax | 940 | 822 | 150 | 255 | 417 | (191) | 2,392 | |
| Tax | (192) | (269) | (31) | (70) | (126) | 95 | (593) | |
| Net income from discont’d or held-for-sale ope. | – | – | – | – | (0) | – | (0) | |
| Net income | 747 | 553 | 119 | 185 | 291 | (96) | 1,799 | |
| Non controlling interests | (88) | 69 | (22) | (8) | (58) | (4) | (111) | |
| Net income Group Share | 660 | 622 | 97 | 177 | 232 | (100) | 1,688 | |
Crédit Agricole S.A. – Contribution by division, 9M-26 and 9M-25
| 9M-26 | |||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total |
| Revenues | 6,193 | 6,998 | 2,638 | 3,292 | 3,087 | (760) | 21,449 |
| Operating expenses | (2,742) | (3,915) | (1,434) | (2,017) | (1,560) | (112) | (11,779) |
| Gross operating income | 3,452 | 3,083 | 1,204 | 1,276 | 1,528 | (872) | 9,670 |
| Cost of risk | (27) | (116) | (845) | (363) | (189) | (59) | (1,598) |
| Equity-accounted entities | 296 | 17 | (77) | – | – | 264 | 500 |
| Net income on other assets | 348 | (4) | (5) | (4) | 0 | (6) | 330 |
| Income before tax | 4,069 | 2,981 | 278 | 909 | 1,339 | (673) | 8,903 |
| Tax | (1,003) | (799) | (81) | (266) | (480) | 259 | (2,369) |
| Net income from discont’d or held-for-sale ope. | – | – | – | – | 0 | – | 0 |
| Net income | 3,066 | 2,182 | 197 | 644 | 859 | (415) | 6,534 |
| Non controlling interests | (477) | (36) | (66) | (29) | (184) | (24) | (816) |
| Net income Group Share | 2,589 | 2,146 | 132 | 615 | 675 | (439) | 5,718 |
| 9M-2563 | ||||||||
| €m | AG | LC | SFS | FRB (LCL) | IRB | CC | Total | |
| Revenues | 5,894 | 6,731 | 2,632 | 2,922 | 3,030 | (839) | 20,369 | |
| Operating expenses | (2,768) | (3,862) | (1,359) | (1,860) | (1,539) | (140) | (11,528) | |
| Gross operating income | 3,126 | 2,868 | 1,273 | 1,062 | 1,490 | (979) | 8,841 | |
| Cost of risk | (26) | (32) | (762) | (278) | (204) | (43) | (1,344) | |
| Equity-accounted entities | 137 | 22 | 14 | – | – | 267 | 440 | |
| Net income on other assets | 452 | (0) | 2 | 4 | (0) | (0) | 457 | |
| Income before tax | 3,689 | 2,859 | 526 | 788 | 1,287 | (754) | 8,394 | |
| Tax | (794) | (723) | (102) | (250) | (392) | 308 | (1,953) | |
| Net income from discont’d or held-for-sale ope. | – | – | – | – | 0 | – | 0 | |
| Net income | 2,895 | 2,136 | 424 | 537 | 895 | (447) | 6,442 | |
| Non controlling interests | (456) | (40) | (64) | (24) | (179) | (17) | (780) | |
| Net income Group Share | 2,440 | 2,097 | 360 | 513 | 716 | (464) | 5,662 | |
Appendix 3 – Data per share
| Crédit Agricole S.A. – Earnings p/share, net book value p/share and RoTE |
| (€m) | Q3-2026 | Q3-2025 | 9M-26 | 9M-25 | ||
| Net income Group share | 1,991 | 1,836 | 5,718 | 6,050 | ||
| – Interests on AT1, including issuance costs, before tax | (118) | (139) | (376) | (409) | ||
| – Foreign exchange impact on reimbursed AT1 | () | 53 | 3 | 56 | ||
| NIGS attributable to ordinary shares | [A] | 1,873 | 1,750 | 5,345 | 5,697 | |
| Average number shares in issue, excluding treasury shares (m) | [B] | 3,024 | 3,037 | 3,025 | 3,028 | |
| Net earnings per share | [A]/[B] | 0.62 € | 0.58 € | 1.77 € | 1.88 € | |
| (€m) | 30/09/2026 | 30/09/2025 | ||||
| Shareholder’s equity Group share | 79,818 | 77,698 | ||||
| – AT1 issuances | (8,770) | (8,564) | ||||
| – Unrealised gains and losses on OCI – Group share | 3,468 | 2,871 | ||||
| Net book value (NBV), not revaluated, attributable to ordin. sh. | [D] | 74,516 | 72,005 | |||
| – Goodwill & intangibles – Group share (**) | (20,846) | (19,257) | ||||
| Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. | [E] | 53,671 | 52,748 | |||
| Total shares in issue, excluding treasury shares (period end, m) | [F] | 3,025 | 3,048 | |||
| NBV per share , after deduction of dividend to pay (€) | [D]/[F] | 24.6 € | 23.6 € | |||
| TNBV per share, after deduction of dividend to pay (€) | [G]=[E]/[F] | 17.7 € | 17.3 € | |||
| ** including goodwill in the equity-accounted entities | ||||||
| (€m) | 9M-26 | 9M-25 | ||||
| Net income Group share | [K] | 5,718 | 6,050 | |||
| NIGS annualised | [N] | 7,637 | 8,045 | |||
| Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised | [O] | -498 | -489 | |||
| Result adjusted | [P] = [N]+[O] | 7,139 | 7,556 | |||
| Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg(1) | [J] | 50,436 | 49,167 | |||
| Stated ROTE adjusted (%) (2) | = [P] / [J] | 14.2% | 15.4% (3) |
(1) Average of the TNBV not revalued attributable to ordinary shares calculated between 31/12/2025 and 30/09/2026 (line [E]). Average restated equity Group share of intangible assets, all unrealised gains and/or losses, AT1 debt stock and the proposed dividend distribution on current income.
(2) ROTE calculated on the basis of tangible equity restated for all unrealised gains and/or losses
(3) ROTE proforma Banco BPM at 14.4% for 9M-25
Alternative Performance Indicators64
NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.
NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.
Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.
EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.
Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.
Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.
Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.
The calculation method for the indicator is specified each time the indicator is used.
Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:
- a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
- the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.
Impaired loan
Loan which has been provisioned due to a risk of non-repayment.
Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.
Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.
Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.
Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.
RoTE Return on Tangible Equity
RoTE (Return on Tangible Equity) compares annualised net income Group share, excluding the impairment of intangible assets and goodwill and net of AT1 coupons, to average restated equity Group share of intangible assets, unrealised gains and/or losses, AT1 debt stock and the proposed distribution in N+1.
Disclaimer
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the third quarter and first nine months of 2026 comprises this press release, the presentation slides which are available on the website: https://www.credit-agricole.com/en/finance/financial-publications.
This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1. article 1. d).
This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own judgement.
Applicable standards and comparability
The figures presented for the nine-month period ending 30 September 2026 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.
Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2025 Universal Registration Document was filed with the AMF (the French Financial Markets Authority). The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
NB: All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.
All data at 30 September 2025 is presented on a pro forma basis, with Banco BPM accounted for under the equity method at 20.1%. Full detailed figures are provided in the quarterly data series published alongside the presentation slides.
Financial Agenda
25 November 2026 CAA Workshop
4 February 2027 Publication of the fourth quarter and full year 2026 results
30 April 2027 Publication of the first quarter 2027 results
26 May 2027 2027 General Meeting
30 July 2027 Publication of the second quarter and the first half-year 2027 results
29 October 2027 Publication of the third quarter and the first nine-months 2027 results
Contacts
CREDIT AGRICOLE PRESS CONTACTS
| Alexandre Barat Olivier Tassain |
+ 33 1 57 72 12 19 + 33 1 43 23 25 41 |
alexandre.barat@credit-agricole-sa.fr olivier.tassain@credit-agricole-sa.fr |
| Mathilde Durand | + 33 1 57 72 19 43 | mathilde.durand@credit-agricole-sa.fr |
| Bénédicte Gouvert | + 33 1 49 53 43 64 | benedicte.gouvert@ca-fnca.fr |
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
| Institutional investors | investor.relations@credit-agricole-sa.fr | |
| Individual shareholders | +33 800 000 777 (toll-free number in France only) |
relation@actionnaires.credit-agricole.com |
| Cécile Mouton | + 33 1 57 72 86 79 | cecile.mouton@credit-agricole-sa.fr |
| Equity investor relations: | ||
| Fethi Azzoug | + 33 1 57 72 03 75 | fethi.azzoug@credit-agricole-sa.fr |
| Oriane Cante | + 33 1 43 23 03 07 | oriane.cante@credit-agricole-sa.fr |
| Nicolas Ianna | + 33 1 43 23 55 51 | nicolas.ianna@credit-agricole-sa.fr |
| Leila Mamou | + 33 1 57 72 07 93 | leila.mamou@credit-agricole-sa.fr |
| Anna Pigoulevski | + 33 1 43 23 40 59 | anna.pigoulevski@credit-agricole-sa.fr |
| Victoire-Emmanuelle Prud’homme | + 33 1 43 23 47 24 | victoireemmanuelle.prudhomme@credit-agricole-sa.fr |
| Debt investor and rating agency relations: | ||
| Gwenaëlle Lereste | + 33 1 57 72 57 84 | gwenaelle.lereste@credit-agricole-sa.fr |
| Yury Romanov | + 33 1 43 23 86 84 | yury.romanov@credit-agricole-sa.fr |
See all our press releases at: www.credit-agricole.com – www.creditagricole.info
| Crédit_Agricole | Crédit Agricole Group | créditagricole_sa |
1 Changes in net income Group share adjusted for the following impacts: capital gain arising from the deconsolidation of Amundi US (+€304m and +€307m for CASA and CAG respectively in Q2-2025); elimination of non-controlling interests following the acquisition of Santander’s non-controlling interest, amounting to +€79m in Q3-2025; capital gain arising from the initial public offering of SBI FM (+€205m and +€210m for CASA and CAG respectively in Q3-2026)
2 At constant scope: +2.6% in the property & casualty portfolio
3 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
4 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
5 Crédit Agricole Group Non Performing Loans ratio and coverage ratio estimated after the disposal of loans subject to the technical migration stood at 2.3% and 79.6% respectively, at the end of September 2026.
6 Average production rate for July to August 2026
7 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
8 SBI FM capital gain in Q3-26: €349m in gains and losses on other assets, -€53m in tax and -€91m in non-controlling interests, resulting in a net income Group share of €205m
9 Base effects: Amundi restructuring costs of -€80m in Q3-25 and non-recurring CAI items of +€34m in Q3-25 and +€13m in Q3-26
10 Scope effect and integration costs Q3/Q3: -€28m
11 Change in recurring expenses Q3-26/Q3-25: employee expenses +€79m, comprising +€54m in provisions for variable compensation, +€41m in IT investments and +€3m in other expenses
12 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
13 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter.
14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
15 SBI FM capital gain in Q3-26: €349m in gains and losses on other assets, -€53m in tax and -€91m in non-controlling interests, resulting in a net income Group share of €205m
16 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
17 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge
18 At constant scope (excluding PiùVera Assicurazioni and PiùVera Protezione), total premium income rose by +4.8%
19 In local standards
20 At constant scope (excluding PiùVera Assicurazioni), premium income rose by +6.1%
21 At a constant scope (excluding PiùVera Assicurazioni), the portfolio volume was up +2.6% compared with the end of September 2025
22 Property & casualty combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross earned premiums. Undiscounted ratio: 100.1% (+2.5 pp over the year).
23 At constant scope (excluding PiùVera Assicurazioni and PiùVera Protezione), premium income rose by +4.4%
24 At constant scope (excluding PiùVera Protezione), premium income rose by +13.2%
25 At constant scope (excluding PiùVera Assicurazioni and PiùVera Protezione), premium income decreased by -0,9%
26 Excluding outflows from a mandate for Indian JV SBI FM, at negligible margin
27 Excluding outflows from a mandate for Indian JV SBI FM, at negligible margin
28 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
29 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular
30 Net of reinsurance cost, including financial results
31 Indosuez Wealth Management scope
32 Scope effects relating to the acquisition of Banque Thaler and the takeover of the BNPP portfolio in Monaco: approx. +€9m in revenues and approx. -€6m in expenses
33 Q3-26 Degroof Petercam integration costs: -€4.0m vs -€22.5m in Q3-25
34 Bloomberg in EUR
35 Refinitiv LSEG
36 ISB integration costs: -€7.3m in Q3-25
37 Excluding automotive JVs.
38 Annualised CoR/outstandings: cost of risk for the quarter multiplied by four divided by the outstandings at the start of the quarter
39 Merca Leasing Q3-26 scope effect: +€6.5 million in revenues; -€2.9 million in expenses; -€0.7 million in cost of risk
40 Merca Leasing 9M-26 scope effect: +€20.1 million in revenues, -€7.9 million in expenses; -€2.7 million in cost of risk
41 Milleis scope effect, integration on 30 April 2026: +€36m in revenues; -€35m in expenses
42 “Energies 2030” Transformation Plan: -€67m in 9M-26 versus -€95m expected for 2026
43 At 30 September 2026, this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.
44 Italy 2026 Budget Law: 2 percentage point increase in the corporate tax rate, raising the IRAP tax rate for banks and financial intermediaries to 6.65% from 4.65% previously
45 Poland: 2026 tax rates at 30% vs 19% in 2025
46 Ukraine: 2026 tax rates at 50% vs 25% in 2025
47 Non-recurring items: +€34m in Q3-25; +€13m in Q3-26
48 Cost of risk/outstandings (in annualised quarter bp)
49 Poland: 2026 tax rates at 30% vs 19% in 2025
50 Ukraine: 2026 tax rates at 50% vs 25% in 2025
51 -€20m each quarter until the end of 2029 in respect of our stake of up to 19.8%. An additional PPA will be amortised from 2027 onwards, in line with the increase in our stake in Banco BPM from 19.8% to 29.3%
52 Including AT1 coupons (-3 bp) and the anticipated dividend based on a payout ratio of 50%
53 SREP requirement applicable at 30 September 2026, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1.5% G-SIB buffer (applicable since 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.80%, as well as the 0.09% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.71% as well as the 0.14% systemic risk buffer.
54 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2026.
55 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €45.5 billion, including €32.4 billion in distributable reserves and €13.1 billion in share premiums at 31 December 2025.
56 From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to best represent the liquidation value of the securities in the event of liquidity stress.
57 Gross amount before buy-backs and amortisations
58 Excl. AT1 issuances
59 Excl. senior secured issuances
60 Q3-25 is expressed on a pro forma basis (Banco BPM equity-accounted at 20.1%)
61 9M-25 is expressed on a pro forma basis (Banco BPM equity-accounted at 20.1%)
62 Q3-25 is expressed on a pro forma basis (Banco BPM equity-accounted at 20.1%)
63 9M-25 is expressed on a pro forma basis (Banco BPM equity-accounted at 20.1%)
64 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.
Attachment
Schindellegi, Switzerland – 30 October 2026
Trifork Group AG
Company announcement no. 67/2026
Interim report for the quarter ending 30 September 2026
Trifork Group reports Q3 2026 organic revenue growth of 28% and adj. EBITDA growth of 40% driven by continued strong execution in Products and with public sector customers. The financial guidance for 2026 is narrowed within the original ranges.
Comment from Group CEO Jørn Larsen
“Q3 2026 was a strong quarter, driven by Products and solid execution with public sector customers. We completed the partial divestment of LabsX investment assets to Verdane, which led to an extraordinary dividend of DKK 3.00 per share, to be paid on 2 November.
Strategically, we continue our focus on product-led business. Products revenue grew organically by 96% in Q3, and by 25% excluding hardware revenues related to data centre contracts. Products contributed more than half of EBITDA over the last 12 months, up from around one-third one year ago. Products are mostly sold on long-term contracts at higher margins than the Group average, and the shift is visible in Group earnings: in the first nine months, EBIT increased by 73% and EPS by 200%.
The main driver of Products growth was once again our hosting and operations offering in our own data centres in Denmark. This business is expected to account for around a quarter of Group revenue for the full year and has more than doubled its revenue and earnings over the past two years. We see significant further growth potential, as the focus on European data sovereignty among public bodies and private enterprises continues to support demand. We expect this to continue for several years as European governments and companies increasingly signal that they intend to take full ownership of, and responsibility for, their digital infrastructure.
Public sector customers accounted for 56% of revenue in Q3, up from 50% in Q2. We continue to pursue responsible, value-creating AI implementations, secure and sovereign hosting and operations in our own data centres, and improved government efficiency. We look forward to sharing more at our Capital Markets Day on 11 December in Copenhagen.”
Third quarter 2026
- In Q3 2026, revenue amounted to EURm 61.0, an increase of 24% from Q3 2025. Organic growth was 28%. Adjusted for timing effects from hardware sales, organic revenue growth was 6%.
- Adjusted EBITDA amounted to EURm 10.4, corresponding to 17% adj. EBITDA margin (Q3 2025: 15%) and growth of 40%.
- EBIT amounted to EURm 5.8, corresponding to 9% EBIT margin (Q3 2025: 7%) and growth of 69%.
- EBT amounted to EURm 4.7 (Q3 2025: 2.5), an increase of 87%.
- Segments
- Products total revenue increased by 76% to EURm 27.7, positively affected by timing of hardware sales and negatively affected by the deconsolidation of Trifork Security in Q4 2025. Products organic revenue increased 96% and 25% if adjusted for hardware effects. The adjusted EBITDA margin was 23% (Q3 2025: 27%).
- Services revenue declined by -1% to EURm 33.3 (all organic) and realized an adjusted EBITDA margin of 16% (Q3 2025: 14%).
- In Q3 2026, minority investments recorded EBT of EURm -0.5 (Q3 2025: -0.5).
- Segments
Financial guidance for 2026 is narrowed within the original ranges
As communicated in Company Announcement 66/2026, the financial guidance is narrowed within the original ranges provided on 27 February 2026:
- Revenue is expected in the range of EURm 235-240 equal to approximately 6-9% total growth (previous guidance: EURm 230-240 equal to 4-9% total growth).
- Organic revenue growth is expected in the range of approximately 9-11% (previous guidance: 7-11% organic growth).
- Adjusted EBITDA is expected in the range of EURm 35-37 equal to approximately 15-16% margin and 16-23% growth compared to 2025 (previous guidance: EURm 35-40 equal to approximately 15-17% margin and 16-33% growth compared to 2025). Depreciations, amortizations and impairments are still expected to be in the range of EURm 15-17.
The guidance does not include potential effects from new acquisitions or divestments.
Results presentation at 11:00 CET today
Trifork will host a results presentation and Q&A session with CEO Jørn Larsen, CFO Kristian Wulf-Andersen and COO Charmaine Carmichael today, 30 October 2026 at 11:00 CET in a live webcast that can be accessed via the following link: https://investor.trifork.com/events/. Please note the required passcode. A recording will be made available on Trifork’s investor website.
Results presentation in Danish at 12:30 CET today
HC Andersen Capital will host a results presentation and Q&A session in Danish with CEO Jørn Larsen today, 30 October 2026 at 12:30 CET in a live webcast that can be accessed via the following link: https://www.inderes.dk/videos/trifork-praesentation-af-q3-2026-samt-qanda. HC Andersen Capital receives payment from Trifork Group as a commissioned research and digital events provider to the public.
Investor and media contact
Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 7317
About Trifork Group
Trifork (Nasdaq Copenhagen: TRIFOR) is a global technology company specializing in designing, building, and operating advanced software for enterprise and public sector customers. With 1,122 FTEs across 16 countries, Trifork serves as an end-to-end technology partner to organizations in complex and regulated industries, including public administration, healthcare, financial services, energy, and aviation.
Learn more at trifork.com
Attachments
Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com
Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com
Q3 2026 momentum drives upgrade in Capgemini’s 2026 outlook
- Q3 2026 revenues of €6,073 million, up +11.7% at constant exchange rates*
- 9M 2026 revenues of €18,155 million, up +11.4% at constant exchange rates
- Q3 2026 bookings of €5,401 million, up +3.4% at constant exchange rates
- Upgraded 2026 financial targets
- Constant currency revenue growth* of +9.0% to +9.5% (was around +8.5% to +9.0%)
- Operating margin* of 13.6% to 13.8% (unchanged)
- Organic free cash flow* of around €1.8 billion to €1.9 billion (unchanged).
Paris, October 30, 2026 – The Capgemini Group reported Q3 2026 revenues of €6,073 million, up +12.6% at current exchange rates and +11.7% at constant exchange rates1.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Capgemini delivered another solid quarter, with growth of +11.7% at constant exchange rates and underlying growth close to Q2, once again outperforming the industry. In a stable demand environment, we continue to see strong momentum in North America and the United Kingdom, and a clear acceleration in France.
Our strategy, focused on the new value pools created by AI, is translating into tangible business traction. Clients are now focused on deploying AI at enterprise scale, while addressing challenges related to governance, cost and security. This is driving demand for the modernization of their technology and data foundations, the critical prerequisite for the agentic enterprise. At the same time, clients are transforming their business operations with agentic AI, as reflected in another quarter of double-digit like-for-like growth in Intelligent Business Operations, strengthened by WNS’s scale and capabilities. We are also capturing opportunities in the defense sector and around sovereignty, as clients place greater emphasis on control and strategic resilience.
Capgemini is uniquely positioned to make AI real for its clients, combining technology, deep industry expertise, business transformation and operational execution, and increasingly leveraging an expanded partner ecosystem. We expect to maintain this momentum and target, on a higher comparison basis, a constant currency growth of 3% to 4% in Q4. On the strength of this quarter, we are raising our 2026 revenue growth target to +9.0% to +9.5% at constant exchange rates, while confirming our operating margin and organic free cash flow objectives.”
Key figures
| Revenues | Year-on-year change | ||||
| (in millions of euros) | 2025 | 2026 | reported | at constant exchange rates | |
| Q3 | 5,393 | 6,073 | +12.6% | +11.7% | |
| 9 months | 16,500 | 18,155 | +10.0% | +11.4% | |
The Group reported revenues of €6,073 million in Q3 2026, up +12.6% year-on-year. Excluding the +0.9% tailwind from currency fluctuations, constant currency growth* was +11.7%, reflecting solid underlying growth complemented by the contribution of WNS and Cloud4C.
The Group continued to execute strongly against the strategy presented at its Capital Markets Day. Clients are increasingly focused on AI transformation and scaling deployments enterprise-wide. This is driving growing demand for the modernization of their technology foundations and the deployment of the new agentic tech stack, while opening new opportunities to redesign and transform business operations with agentic AI.
With bookings of €5,401 million in Q3, up +3.4% year-on-year at constant exchange rates, the Group demonstrated good commercial momentum.
Operations by Region
| Revenues | Year-on-year growth | ||||
| Q3 2026 (in millions of euros) |
reported | at constant exchange rates | |||
| North America | 1,843 | +19.5% | +18.3% | ||
| United Kingdom and Ireland | 928 | +26.6% | +25.2% | ||
| France | 1,019 | +4.9% | +4.9% | ||
| Rest of Europe | 1,686 | +3.7% | +3.4% | ||
| Asia-Pacific and Latin America | 597 | +14.8% | +11.9% | ||
| TOTAL | 6,073 | +12.6% | +11.7% | ||
The Group’s underlying growth (i.e. excluding the impact of acquisitions) in Q3 2026 was solid, supported by the positive momentum in North America and the United Kingdom, as well as continued improvements in France and the Rest of Europe. Acquisitions (notably WNS and Cloud4C closed in Q4 2025) had a material contribution to growth in the North America, United Kingdom & Ireland and Asia-Pacific regions.
In Q3 2026 and at constant exchange rates, revenues in North America (29% of 2025 Group revenues) grew +18.3% year-on-year, led by continued momentum in Financial Services, alongside strong performances in Manufacturing and Consumer Goods & Retail.
The United Kingdom and Ireland region (13% of 2025 Group revenues) posted revenue growth of +25.2% with strong traction in the Public Sector and a very dynamic Consumer Goods & Retail sector while TMT declined.
France (19% of 2025 Group revenues) continued its recovery, with revenues up by +4.9% year-on-year. Growth was primarily driven by Manufacturing and Financial Services, even as the Public Sector remained weak.
Revenues in the Rest of Europe region (30% of 2025 Group revenues) rose by +3.4%. The Public, Energy & Utilities and Services sectors all grew strongly, and Manufacturing turned slightly positive.
Finally, revenues in the Asia-Pacific and Latin America region (9% of 2025 Group revenues) increased +11.9%, supported by the contribution of WNS and Cloud4C, with good growth in the Financial Services and Consumer Goods & Retail sectors.
Operations by Business
| Total revenues | Q3 2026 Year-on-year growth in Total revenues of the business* |
|
| (% of 2025 Group revenues) | at constant exchange rates | |
| Strategy & Transformation | 8% | +18.6% |
| Applications & Technology | 63% | +3.5% |
| Operations & Engineering | 29% | +26.9% |
At constant exchange rates, Strategy & Transformation (8% of 2025 Group revenues) reported +18.6% growth in total revenues in Q3 2026. This strong performance reflects the growing demand for business transformation in the era of agentic AI, as clients redesign their enterprise processes around AI, and the relevance of Capgemini’s deep industry expertise and understanding of clients’ business challenges.
Applications & Technology (63% of 2025 Group revenues and Capgemini’s core business) reported total revenue growth of +3.5%, supported by continued demand for the modernization of legacy technologies, a critical prerequisite for building the new agentic technology stack.
Finally, total revenues in Operations & Engineering (29% of 2025 Group revenues) increased +26.9%, with double-digit growth on a like-for-like basis in Intelligent Business Operations, with strong performance across Capgemini and WNS activities.
Headcount
As of September 30, 2026, the Group’s total headcount stood at 417,500, up 62,800 or +18% year-on-year, primarily reflecting the integration of WNS team members, and down 5,900 compared to the end of 2025.
The onshore workforce was 141,900 employees. The offshore workforce was 275,600 employees, stable at 66% of the total headcount compared to the end of 2025.
Outlook
The Group’s financial targets for 2026 are updated as follows:
- Revenue growth of +9.0% to +9.5% at constant exchange rates (was around +8.5% to +9.0%). The inorganic contribution is estimated at around 5 points (unchanged);
- Operating margin of 13.6% to 13.8% (unchanged);
- Organic free cash flow of around €1.8 billion to €1.9 billion (unchanged).
The organic free cash flow target takes into account an increase in restructuring cash outflow of around €200 million compared to 2025 related to the Fit-for-Growth initiatives.
Conference call
Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.
All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.
Provisional calendar
February 16, 2027 FY 2026 results
April 29, 2027 Q1 2027 revenues
May 20, 2027 Shareholders’ Meeting
July 28, 2027 H1 2027 results
Disclaimer
This document may contain forward-looking statements. Such statements may include projections, estimates, or assumptions, and may relate to plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as future performance or events. Forward-looking statements are generally identified by the words “targets”, “aims”, “outlook”, “ambitions” or “forecast”, or similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including without limitation risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.
This document does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
About Capgemini
Capgemini is the business transformation partner for enterprises in the age of AI. We help organizations imagine and build an intelligent, sustainable future, combining AI, technology and human ingenuity to transform how they operate, innovate and grow. With unique end-to-end capabilities spanning strategy, technology, engineering and intelligent operations, we bring together deep industry expertise and market-leading capabilities in AI, cloud and data to turn ambition into measurable business outcomes at scale. Supported by a robust ecosystem of partners and nearly 60 years of expertise, Capgemini is a responsible and diverse global organization of over 410,000 team members in more than 50 countries. The Group reported 2025 revenues of €22.5 billion.
Make it real | www.capgemini.com
* *
*
APPENDIXF1
Business classification
- Strategy & Transformation includes all strategy, innovation and transformation consulting services.
- Applications & Technology brings together all applications services and related activities.
- Operations & Engineering encompasses all other Group businesses. These comprise Intelligent Business Operations, all Infrastructure and Cloud services, and R&D and Engineering services.
Definitions
Year-on-year revenue growth at constant exchange rates is calculated by comparing revenues for the reported period with those of the same period of the previous year restated with the exchange rates of the reported period.
| Reconciliation of growth rates | Q1 2026 | Q2 2026 | Q3 2026 | 9M 2026 |
| Growth at constant exchange rates | +11.0% | +11.6% | +11.7% | +11.4% |
| Exchange rate fluctuations | -4.0pts | -1.1pts | +0.9pt | -1.4pts |
| Reported growth | +7.0% | +10.5% | +12.6% | +10.0% |
When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.
Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.
Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.
Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.
Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.
Operations by Sector
| Revenues | Q3 2026 year-on-year growth |
9M 2026 year-on-year growth |
||||
| (in % of 2025 Group revenues) | at constant exchange rates | at constant exchange rates | ||||
| Manufacturing | 25% | +7.3% | +5.2% | |||
| Financial Services | 22% | +17.0% | +19.3% | |||
| Public Sector | 15% | +11.5% | +10.2% | |||
| Telecoms, Media & Tech | 12% | +4.5% | +7.1% | |||
| Consumer Goods & Retail | 13% | +15.5% | +13.3% | |||
| Energy & Utilities | 8% | +10.0% | +9.8% | |||
| Services | 5% | +22.6% | +20.2% | |||
9-month operations
| Revenues | Year-on-year growth | ||||
| 9M 2026 (in millions of euros) |
reported | at constant exchange rates | |||
| North America | 5,344 | +14.6% | +19.2% | ||
| United Kingdom and Ireland | 2,674 | +20.6% | +22.5% | ||
| France | 3,161 | +1.8% | +1.8% | ||
| Rest of Europe | 5,192 | +3.3% | +2.8% | ||
| Asia-Pacific and Latin America | 1,784 | +19.8% | +20.9% | ||
| TOTAL | 18,155 | +10.0% | +11.4% | ||
| Total revenues | 9M 2026 Year-on-year growth in Total revenues of the business* |
|
| (% of 2025 Group revenues) | at constant exchange rates | |
| Strategy & Transformation | 8% | +12.2% |
| Applications & Technology | 63% | +4.5% |
| Operations & Engineering | 29% | +25.4% |
* The terms and Alternative Performance Measures marked with an (*) are defined and/or reconciled in the appendix to this press release.
1 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.
Attachment
Schindellegi, Switzerland – 30 October 2026
Trifork Group AG
Company announcement no. 66/2026
Inside information
Trifork Group narrows the financial guidance for 2026 within the original ranges
In connection with Trifork Group’s reporting of third quarter results today, Executive Management today updates its financial guidance for the full year 2026.
The financial guidance is narrowed within the original ranges provided on 27 February 2026:
- Revenue is expected in the range of EURm 235-240 equal to approximately 6-9% total growth (previous guidance: EURm 230-240 equal to 4-9% total growth).
- Organic revenue growth is expected in the range of approximately 9-11% (previous guidance: 7-11% organic growth)
- Adjusted EBITDA is expected in the range of EURm 35-37 equal to approximately 15-16% margin and 16-23% growth compared to 2025 (previous guidance: EURm 35-40 equal to approximately 15-17% margin and 16-33% growth compared to 2025). Depreciations, amortizations and impairments are still expected to be in the range of EURm 15-17.
The guidance does not include potential effects from new acquisitions or divestments.
Investor and media contact
Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 7317
About Trifork Group
Trifork (Nasdaq Copenhagen: TRIFOR) is a global technology company specializing in designing, building, and operating advanced software for enterprise and public sector customers. With 1,122 FTEs across 16 countries, Trifork serves as an end-to-end technology partner to organizations in complex and regulated industries, including public administration, healthcare, financial services, energy, and aviation.
Learn more at trifork.com
Attachment
Recognition underscores the company’s leadership in technology innovation and its continued exploration of generative AI applications
BEIJING, Oct. 29, 2026 (GLOBE NEWSWIRE) — Global Mofy AI Limited (Nasdaq: GMM) (“Global Mofy” or the “Company”), a generative AI-driven technology solutions provider focused on virtual content production and related digital technologies, announced today that its CEO, Yang Haogang, was recognized in the “2025 Hurun U35 China Entrepreneur Pioneers” selection and attended the 2026 Hurun Report Entrepreneurs Summit, held on October 29, 2026, in Beijing, China.
Organized by Hurun Report, the summit brings together entrepreneurs and industry participants from technology, investment, culture, and other sectors to exchange perspectives on business development, innovation, and emerging industry trends. Yang’s participation provided an opportunity for Global Mofy to engage with a broader community of business leaders and explore developments shaping the technology and digital content industries.
Advancing Generative AI Applications in Digital Content
Global Mofy is a generative AI-driven technology solutions provider engaged in virtual content production and related digital technology businesses. The Company focuses on integrating artificial intelligence capabilities into digital content workflows and exploring applications across content creation, digital assets, and commercial use cases.
As generative AI continues to evolve, the digital content industry is experiencing changes in production tools, creative workflows, and business models. AI-powered technologies are creating new opportunities to improve production efficiency, expand creative possibilities, and support the development of new digital applications.
Global Mofy continues to focus on the development and practical application of AI technologies, exploring opportunities to integrate its technology capabilities with evolving market needs and commercial scenarios.
Supporting Long-Term Growth Through Innovation and Industry Engagement
Sustainable business development requires the continued alignment of technological innovation, operational capabilities, and market demand. Yang’s 2025 Hurun U35 China Entrepreneur Pioneers recognition and participation in the 2026 Hurun Report Entrepreneurs Summit marked an important milestone in his professional journey and provide a platform for broader engagement with the entrepreneurial and technology communities.
Looking ahead, Global Mofy intends to continue exploring opportunities in generative AI and digital content technologies, advancing the integration of technology capabilities with practical applications while monitoring industry developments and potential collaboration opportunities.
The Company remains focused on technology-driven development and practical commercial applications as it seeks to participate in the evolving AI ecosystem and pursue long-term value creation for shareholders, customers, and business partners.
About Global Mofy AI Limited
Global Mofy AI Limited (Nasdaq: GMM) is a generative AI-driven technology solutions provider engaged in virtual content production, and the development of digital assets for the digital content industry. Utilizing its proprietary “Mofy Lab” technology platform, which consists of interactive 3D and artificial intelligence (“AI”) technology, the Company creates high-definition virtual versions of a wide range of physical world objects in 3D ranging from characters, objects to scenes and more. The digital assets can be used in different applications, including movies, TV series, AR/VR, animation, advertising, gaming, and more. Global Mofy Metaverse is one of the leading digital asset banks in China, which consists of more than 150,000 high-precision 3D digital assets. For more information, please visit www.globalmofy.ai or ir.globalmofy.cn.
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, our ability to keep pace with new technology and changing market needs, and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Investor Relations Contact:
Chloe Wang
Email: ir@mof-vfx.com
Press Contact:
Fiona Du
Email: pr@mof-vfx.com
