iso4217:EUR KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:OtherEquityInterestMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:CapitalReserveMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 KN:RevaluationOfDebtInstrumentsAtFairValueThroughOtherComprehensiveIncomeRecyclableToIncomeMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:TreasurySharesMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:OtherEquityInterestMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 KN:RevaluationOfDebtInstrumentsAtFairValueThroughOtherComprehensiveIncomeRecyclableToIncomeMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:NoncontrollingInterestsMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 KN:RemeasurementOfEquityInstrumentsAtFairValueThroughEquityMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 KN:RemeasurementOfEquityInstrumentsAtFairValueThroughEquityMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 KN:OtherConsolidatedReserveMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 KN:RevaluationOfDebtInstrumentsAtFairValueThroughOtherComprehensiveIncomeRecyclableToIncomeMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:AggregateContinuingAndDiscontinuedOperationsMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:NoncontrollingInterestsMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:NoncontrollingInterestsMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:IssuedCapitalMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:NoncontrollingInterestsMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:ReserveOfCashFlowHedgesMember KX1WK48MPD4Y2NCUIZ63 2023-01-01 2023-12-31 KX1WK48MPD4Y2NCUIZ63 2025-12-31 KN:RevaluationOfDebtInstrumentsAtFairValueThroughOtherComprehensiveIncomeRecyclableToIncomeMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:CapitalReserveMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 KN:OtherConsolidatedReserveMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:ReserveOfCashFlowHedgesMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 KN:RevaluationOfDebtInstrumentsAtFairValueThroughOtherComprehensiveIncomeRecyclableToIncomeMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:TreasurySharesMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:OtherEquityInterestMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 KN:OtherConsolidatedReserveMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:OtherEquityInterestMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 KN:RemeasurementOfEquityInstrumentsAtFairValueThroughEquityMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:DisposalGroupsClassifiedAsHeldForSaleMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 KN:OtherConsolidatedReserveMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:TreasurySharesMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:DisposalGroupsClassifiedAsHeldForSaleMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 KN:OtherConsolidatedReserveMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:IssuedCapitalMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 KN:RemeasurementOfEquityInstrumentsAtFairValueThroughEquityMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 KN:RemeasurementOfEquityInstrumentsAtFairValueThroughEquityMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:CapitalReserveMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:OtherEquityInterestMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiabilityMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:AggregateContinuingAndDiscontinuedOperationsMember KX1WK48MPD4Y2NCUIZ63 2023-12-31 ifrs-full:IssuedCapitalMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 ifrs-full:CapitalReserveMember KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember KX1WK48MPD4Y2NCUIZ63 2024-01-01 2024-12-31 KX1WK48MPD4Y2NCUIZ63 2024-12-31 ifrs-full:CapitalReserveMember KX1WK48MPD4Y2NCUIZ63 2025-01-01 2025-12-31 ifrs-full:TreasurySharesMember KX1WK48MPD4Y2NCUIZ63 2025-12-31 ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember
1
1. Business overview
1.1 History and links with BPCE
1.2 Natixis business lines
2
2. Corporate governance
2.1 Natixis governance at March 10, 2026
2.2 Management and oversight of corporate governance
2.3 Compensation policy for corporate officers
3
3. Risk Factors, Risk Management and Pillar 3
3.1 Risk factors
3.2 Risk management
3.3 Basel 3 Pillar III disclosures
4
4. Comments on the fiscal year
4.1 Significant events in 2025
4.2 Management report as of December 31, 2025
4.3 Main investments and divestments performed over the period
4.4 Post-closing events
4.5 Information about Natixis S.A.
4.6 Outlook
4.7 Definitions and alternative performance indicators
5
5. Consolidated Financial Statements at December 31, 2025
5.1 Consolidated financial statements and notes
5.2 Statutory Auditor's report on the consolidated financial statements
6
6. Individual Financial Statements at December 31, 2025
6.1 Individual financial statements and notes
6.2 Statutory Auditors’ report on the annual financial statements
7
7. 2025 Sustainability Report
Part 1 - General information
Part 2 - Environmental information
Part 3 - Social information
Part 4 - Governance information
Part 5 - European taxonomy metrics for sustainable activities
Part 6 - Appendices
Part 7 - Certification report on the sustainability information and verification of the information disclosure requirements provided for in Article 8 of Regulation (EU) 2020/852
8
8. Legal and general information
8.1 Legal notices and practical information relating to Natixis
8.2 Natixis' Bylaws
8.3 Distribution and change in share capital and voting rights
8.4 Other information required under amended Article L.22-10-35 of the French Commercial Code
8.5 Statutory Auditors’ special report on related-party agreement
8.6 Person responsible for the universal registration document and the annual financial report
8.7 Statement of responsibility for the universal registration document
8.8 Documents available to the public
8.9 Cross-reference table of the universal registration document
9
9. Glossary

UniversAl
REGISTRATION Document

and Annual financial report

Contents

⇪

AFR

AFR

AFR

AFR

AFR

AFR

AFR

AFR

The items in the annual financial report
are identified using the pictogram

AFR

2025 Universal registration document

and Annual financial report

Natixis supports its clients in carrying out their projects throughout the world by offering innovative financing and investment solutions that contribute to the implementation of their environmental, technological and societal transitions
natixis.groupebpce.com

This universal registration document was filed with the French Financial Markets Authority (AMF) on March 18, 2026, as the competent authority designated under EU Regulation 2017/1129 without prior approval in accordance with Article 9 of said regulation.

The universal registration document may be used for the purposes of a public offer of securities or admission of securities for trade on a regulated market if supplemented by a securities note and, where applicable, a summary of all amendments to the universal registration document. All these are approved by the AMF in accordance with Regulation (EU) No. 2017/1129.

This universal registration document is a copy of the official version of the universal registration document including the 2025 annual financial report, which has been prepared in ESEF format (European Single Electronic Format) and is available on our website https://natixis.groupebpce.com

Interview

Mohamed Kallala,

Chief Executive Officer of Natixis, responsible for Corporate & Investment Banking

Philippe Setbon,

Deputy Chief Executive Officer of Natixis, responsible for Asset & Wealth Management

Mohamed Kallala and Philippe Setbon take stock of a remarkable year for Natixis' two business lines, Corporate & Investment Banking and Asset & Wealth Management, and discuss the challenges ahead in 2026.

How do you see the year 2025?

◗Mohamed Kallala

« Natixis' Corporate & Investment Banking posted record results in 2025, with revenues of €4.8 billion, up 10% at constant exchange rates compared to the previous year. This performance reflects sustained commercial momentum across all our business lines and territories, and demonstrates the strength and relevance of our model in creating value for all our clients.

It should be noted that Global Markets' revenues grew by 15% in a context marked by significant political and economic instability. In 2025, we also demonstrated sustained origination capacity, confirming our clients' recognition of our expertise. As a result, the Investment Banking and Real Assets business lines closed a historic year in terms of revenues.

Despite an uncertain environment, we continued to innovate, expand our client and partner base, and pursue our international development, particularly in Japan, where we obtained a full banking license. »

◗Philippe Setbon

« For the second consecutive year, we posted record net inflows of €40 billion, illustrating the strong commercial momentum of our teams, the relevance of our active management strategies in the new interest rate environment, and the strength of our multi-affiliate model and distribution networks. At the end of 2025, Natixis Investment Managers' assets under management reached a historic high of €1,323 billion, up 7% at constant exchange rates compared to the end of 2024. Despite the significant negative impact of the depreciation of the US dollar, our commercial momentum remained strong.

The year was marked by several structural developments, including the merger of Thematics and Mirova, the strengthening of our capabilities in the United States with the acquisition of Belmont by Gateway, as well as a new strategic partnership with Edward Jones, opening up promising development prospects in this key market. The performance of our funds remains outstanding, with 78% of assets ranked in the top or second quartiles over three years. Finally, we continued to make progress in ESG and innovation, consolidating our leadership in responsible investment. »

What are your priorities for 2026?

◗Mohamed Kallala

« Natixis business lines will continue to play a key role in Groupe BPCE's development, leveraging our expertise and customer proximity to accelerate growth and diversification.

In 2026, we will continue to roll out our strategic plan. Our ambitions to accelerate growth remain intact as we seek to expand our franchises, position ourselves at the heart of all transitions, and continue to adapt our model. We will expand our range of innovative distribution solutions to continue increasing our origination capabilities, while strengthening the robustness of our processes.

We also aim to achieve sustained growth in our various geographical areas in order to meet the needs of our clients, while remaining fully committed to serving the large client base of Groupe BPCE, the Banques Populaires, and Caisses d'Epargne and their clients. »

◗Philippe Setbon

« For the Asset & Wealth Management business lines, 2026 will be a continuation of the VISION 2030 strategic plan, with the ongoing ambition of sustainably strengthening our contribution to the Group's development.

Building on the strength of our expertise, the complementarity of our platforms, and the effectiveness of our multi-affiliate model, we will continue to develop our presence in our key markets, evolve our distribution channels, strengthen our management offering, and transform our organization.

These structural guidelines should enable us to support our clients with ever greater relevance and actively contribute to major transitions, while supporting sustainable growth. »

Groupe BPCE

over 21%

of the financing

of the French economy

Present in

50+ countries

A SOLID BANKING GROUP

Groupe BPCE is a universal cooperative banking and insurance group at the service of its clients, the regions and the economy. It is the second-largest banking group in France where it finances over 21% of the economy. It is also present in Europe, North & South America and Asia.

With 35 million clients, Groupe BPCE operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the banking expertise of Natixis Corporate & Investment Banking and the Asset & Wealth Management services provided by Natixis Investment Managers.

€25.7bn

Net banking
income

€4.1 bn

Net income
(Group share)

16.5%

CET1 Ratio
at 31/12/2025

◗Organization at December 31, 2025

Groupe BPCE is made up of the Banques Populaires, the Caisses d’Epargne and BPCE, which brings together the Group’s central body, the retail and international business lines, and the pooled resources.

long-term
RATINGS

A+

Fitch Ratings

A+

R&I

A1

Moody’s

A+

Standard & Poor’s

central BODY

Business lines

►Insurance

►Digital & Payments

►Solutions & Financial Expertise

►Corporate & Investment Banking

►Asset & Wealth Management

POOLED RESOURCES

Natixis

Natixis is an international French financial institution specializing in Corporate & Investment Banking and Asset & Wealth Management.

Natixis Corporate
& Investment Banking
and Natixis Investment Managers are part of BPCE, which brings together the Group’s central body, retail and international business lines, and pooled resources.

Natixis supports companies, banks, institutions and clients of the Banque Populaire and Caisse d’Epargne networks in the realization of their projects, all over the world, and designs customized financial solutions for them. Natixis builds a sustainable business model with its clients thanks to local support, the quality of its strategic dialogue and the combination of its expertise.

◗Natixis: a worldwide presence

EMEA (2)
~11,000
(of which > 7,400 in France)

Asia-Pacific
~1,400

Americas
~3,000

With nearly

15,400(1)

employees

Present in

35 countries

(1)At December 31, 2025, On permanent and fixed-term employment contracts. Excluding Natixis Algérie

(2)EMEA: Europe, Middle East, Africa (headcount as of December 31, 2025) excluding financial investments.

Natixis business line profiles

Corporate & Investment Banking

Natixis Corporate & investment Banking in figures

Natixis Corporate & Investment Banking supports its corporate clients, banks, institutional investors, financial sponsors, public sector entities and Groupe BPCE networks. It advises them and develops innovative tailor-made solutions to support their strategy by drawing on the full range of its expertise in consultancy, investments, financing, commercial banking, capital markets, and its global presence in nearly 30 countries.

2/3

of revenues generated outside of France

+10%

Change in the business line's NBI in 2025 compared to 2024 (at constant exhange rate)

Expert teams in

~30

countries

3

International platforms Europe, Americas, Asia-Pacific & Middle east

Global Markets

Investment Banking

Real Assets

Global Trade

M&A

Credit Portfolio & Resource Management

◗Supporting our clients on their path to sustainable growth

A pioneer in green and sustainable finance, Natixis Corporate & Investment Banking focuses its business strategy on supporting its borrower, issuer and investor clients through the various stages of their ecological and energy transition. It acts both as an advisor and as a preferred financial partner.

Asset & Wealth Management

Ranked among the leaders in asset management worldwide, Natixis Investment Managers offers a range of diversified solutions covering different asset classes, management styles and vehicles, including strategies and products dedicated to the development of sustainable finance. The asset manager works in partnership with its clients to better understand their objectives and offer them a wide range of investment strategies adapted to their long-term challenges.

Natixis investment managers
in figures

4th

European
asset manager
Top 20 Global
Asset Managers

+15

Affiliates

€1,323bn

in assets under management as of 31/12/2025

+200

Investment strategies

◗A priority: responsible investment

Natixis Investment Managers and its affiliates are committed to a transition to a more sustainable economy. They intervene through individual or collective actions, active voting policies, as well as key market initiatives aimed at advancing responsible investment.

◗A multi-affiliate network

Natixis Investment Managers draws on the expertise of more than 15 affiliated asset management companies around the world and develops a comprehensive range of investment solutions.

It deploys its offers through an integrated distribution network established in over 20 countries, in addition to the sales teams of the Banques Populaires and Caisses d’Epargne.

◗The expertise of a private bank

Natixis Wealth Management designs and implements tailor-made wealth and financial solutions to structure and manage the assets of company directors, executives, large private investors and family shareholders. It supports them in their initiatives to undertake, invest and transfer, and mobilizes a wide range of expertise that covers all their needs, whatever the size or maturity of their projects: corporate advisory, origination, vanilla and complex financing, investment, wealth engineering, asset management and diversification solutions, particularly in Private Equity.

◗Employee savings schemes and pension solutions

Natixis Interépargne, France's leading provider of responsible corporate savings schemes, is the trusted partner of more than 115,000 companies of all sizes, assisting them in setting up and managing their employee savings schemes and pension savings plans, serving nearly four million French savers.

Key figures for 2025

In 2025, Natixis’ business lines achieved excellent results thanks to sustained commercial activity, making a strong contribution to Groupe BPCE’s results.

€1.4bn

Net income
(Group share)

€8.3bn

Net banking income

11.7%

CET1 Basel 3

NON-FINANCIAL RESULTS

◗Financial results

(in millions of euros) | 2025 | 2024 pro forma | 2023
--- | --- | --- | ---
Net banking income | 8,267 | 8,110 | 7,396
Gross operating income | 2,180 | 2,325 | 1,812
Pre-tax profit | 1,977 | 2,052 | 1,600
NET INCOME (GROUP SHARE) | 1,361 | 1,352 | 995

◗Net banking income of the business lines (in €m)

◗Pre-tax profit of the business lines (in €m)

€4.5bn

renewable energy projects in 2025

€542 bn

assets under management in articles 8 and 9 funds

57.3%

of women in the Executive body (Rixain law indicator)

◗Financial structure

◗Common Equity Tier 1 ratio Basel 3 (in %)

◗Balance sheet totals
(in €bn)

◗Risk-weighted assets Basel 3 (in €bn)

◗Long- and short-term ratings (as of March 10, 2026)

Standard & Poor’s

Moody’s

Fitch Ratings

Preferred senior

long-term rating

A+

A1

A+

A-1

P-1

F1

Short term rating

Perspective

Stable

Negative

Stable

Balanced governance

◗Composition of the Board of Directors at March 10, 2026

2

DIRECTORS FROM BPCE

| Nicolas Namias CHAIRMAN |  |  | Hélène Madar

4

DIRECTORS FROM
Banques Populaires

4

DIRECTORS FROM
Caisses d’Epargne

| Lionel Baud |  |  | Sylvie Garcelon
| Dominique Garnier |  |  | Karine Puget

| Valérie Andrieu |  |  | Dominique Duband
| Christophe Pinault |  |  | Laurent Roubin

5

INDEPENDENT DIRECTORS

1

Non-voting

member

| Edouard-Malo Henry |  |  | Anne Lalou
| Delphine Maisonneuve |  |  | Catherine Pariset
| Laurent Seyer |  |  |

| Henri Proglio

Member – Risk Committee

Member – US Risk Committee

Member – Compensation Committee

Member – Appointments Committee

Member - ESR Committee

Member – Audit Committee

Member – Strategic Committee

Other Board Meetings' participants

Chief Executive Officer: Mohamed Kallala

Deputy Chief Executive Officer: Philippe Setbon

General Counsel(1): Jennifer Baert

Deputy Chief Executive Officer of Natixis Investment Managers in charge of Finance, Strategy, Risk, Compliance and Legal: Nathalie Bricker

Global Head of IT & Operations: Nicolas Fenaert

Global Head of Global Markets: Michaël Haize

Chief Risk Officer: Rajâa Meghar

Chief Financial Officer: Anne Sabot

Chief Human Resources Officer: Cécile Tricon-Bossard

Secretary of the Board of Directors: Catherine Notte

Representatives of the Social and Economic Committee: Sylvie Pellier, Laurent Jacquel

Statutory Auditors: Forvis Mazars, PricewaterhouseCoopers Audit

15

Directors

1/3

Independent members

47%

Gender mix

61

Average age

9

Meetings in 2025

95%

2025 attendance rate

19

Training
sessions
in 2025

(1)Responsible for Compliance, Legal, Security, Regulatory Affairs and Governance.

◗7 specialized committees* of the Board of Directors in 2025

Risk Committee

6 members
81% attendance
7 meetings

US Risk Committee

7 members
92% attendance
5 meetings

Audit Committee

5 members
89% attendance
7 meetings

Compensation Committee

6 members
100% attendance
3 meetings

Appointments Committee

6 members
92% attendance
3 meetings

ESR Committee

4 members
100% attendance
4 meetings

Strategic Committee

16 members
100% attendance
1 meeting

*For the composition of the committees, please refer to Chapter 2, Section 2.2.2

◗Mapping of Natixis Board skills as of March 10, 2026

| Corporate & Investment Banking Financing activities |
Corporate & Investment Banking Capital markets activities |
Asset & Wealth Management Liquid assets |
Asset & Wealth Management Real assets |
| Banking and financial markets |
| Accounting and auditing |
| Finance |
| Corporate management |
| Business strategy |
| Legal requirements/regulatory framework |
| Risk management |
Anti-money laundering and counter-terrorism financing |
| Governance/Internal control |
| ESR/Sustainable development |
| Information Technology/Security |
| International |
| Human resources |

3 | 5 | 7
3 | 7 | 5
5 | 5 | 5
5 | 5 | 5
2 | 13
5 | 10
1 | 6 | 8
2 | 13
2 | 13
2 | 7 | 6
4 | 3 | 8
2 | 7 | 6
1 | 4 | 10
1 | 7 | 7
2 | 9 | 4
1 | 3 | 5 | 6
1 | 4 | 10

Knowledge | Expertise

Senior Management Committee as of March 10, 2026

| MOHAMED KALLALA Chief Executive Officer* responsible for Corporate & Investment Banking |  | PHILIPPE SETBON Deputy Chief Executive Officer* responsible for Asset & Wealth Management, Chief Executive Officer of Natixis Investment Managers

| JENNIFER BAERT General Counsel**
| NATHALIE BRICKER Deputy Chief Executive Officer of Natixis Investment Managers responsible for Finance, Strategy, Risks, Compliance and Legal Affairs
| NICOLAS FENAERT Global Head of IT & Operations

| MICHAËL HAIZE Global Head of Global Markets
| RAJÂA MEGHAR Chief Risk Officer*
| ANNE SABOT Chief Financial Officer
| CÉCILE TRICON-BOSSARD Chief Human Resources Officer

9

Members

56%

Gender mix

*Executive director of Natixis S.A.

**Responsible for Compliance, Legal, Security, Regulatory Affairs and Governance

1

# Business overview

## 1.1History and links with BPCE

### 1.1.1History

Groupe BPCE, the No. 2 banking group in France, is formed from the merger of the Caisse Nationale des Caisses d'Epargne and the Banque Fédérale des Banques Populaires

2009

Natixis launches its 2009-2013 New Deal strategic plan. It establishes itself as the Groupe BPCE bank for business, savings solutions and specialized financial services

Groupe BPCE and Banque Postale Asset Management hold discussions to allow Natixis to become a major European insurance manager and euro fixed income manager

2023

Opening of two new Natixis CIB offices: a representative office in Toronto and a branch in South Korea

Integration of the Natixis business lines into BPCE, alongside the retail business lines and resource pools

2020

During the health crisis, Natixis steps up support for its clients across all its business lines, with adapted products and services and ever more advice

Natixis and La Banque Postale create a European leader in fixed income and insurance-related asset management: Ostrum Asset Management, which provides an asset management offering and dedicated investment services

Natixis announces its withdrawal from shale oil and gas and accelerates its exit from the coal industry

2013

Natixis launches its 2014-2017 New Frontier strategic plan centered on the goal of becoming a bank for high value-added solutions, focused exclusively on its clients

2024

Natixis Partners invests in two M&A boutiques: Belgium-based Tandem Capital Advisors and Netherlands-based Emendo Capital

Natixis Interépargne signs memorandum of understanding with HSBC to acquire HSBC Epargne Entreprise, an account manager

Natixis CIB and Natixis IM contribute to the success of the Paris 2024 Olympic and Paralympic Games, of which Groupe BPCE is a Premium Partner

Groupe BPCE unveils its new VISION 2030 strategic project, which includes the Natixis business lines, with the first milestones to be reached in 2026

2014

Natixis creates a unique insurance division, paving the way for Groupe BPCE to become a fully-fledged bancassurer

2021

Launch by Groupe BPCE of the Pléiade project comprising both a simplified public tender offer for Natixis shares and an operation to simplify the Group’s organization

Announcement of the strategic ambitions of Natixis’ business lines, as part of “BPCE 2024”, based on three principles: diversify, for the benefit of our clients and our development; commit to the energy transition and SRI finance; transform ourselves and invest to create sustainable value

Opening of exclusive negotiations by Natixis Investment Managers to acquire the non-controlling interests held by La Banque Postale in Ostrum Asset Management and AEW Europe

2017

Natixis creates the new Payments business line aimed at becoming a major player in the payments sector in Europe

Natixis unveils its new brand territory and a new visual identity, reflecting its shared culture: the Purple Touch

2025

Natixis IM launches plans to merge its affiliated asset management companies Mirova and Thematics AM

Natixis CIB obtains a banking license in Japan, enabling it to offer comprehensive support to its clients in the Japanese market

Natixis IM strengthens its distribution in the United States, notably through a new wealth management partnership

To better serve its clients and adapt to global dynamics, Natixis CIB decides to bring its activities in the Middle East and Asia-Pacific together under a single platform

2018

Natixis launches its 2018-2020 New Dimension strategic plan, founded on three pillars: Deepen, Digitalize & Differentiate

Groupe BPCE embarks on a project to simplify its organization by integrating Natixis' Specialized Financial Services business lines into BPCE S.A.

2022

Creation on March 22 of the Global Financial Services (GFS) division, which brings together Groupe BPCE’s global business lines: Corporate and Investment Banking under the Natixis Corporate & Investment Banking brand and Asset & Wealth Management, notably through the Natixis Investment Managers brand

Agreement signed on March 25 by Natixis Investment Managers and H2O AM on the termination of their partnership

2019

Groupe BPCE and Natixis sign the Principles for Responsible Banking and commit to strategically aligning their activities with the United Nations’ Sustainable Development Goals and the Paris Agreement on climate change

Natixis becomes the first bank to actively manage the climate impact of its balance sheet by implementing the Green Weighting Factor

### 1.1.2Financial solidarity mechanism with BPCE

All institutions affiliated with the central body of Groupe BPCE — including Natixis S.A. — benefit from a guarantee and solidarity system. This system is designed to ensure the liquidity and solvency of all affiliated institutions, and to organize financial solidarity within the Group, in accordance with Articles L.511-31, L.512.107-5 and L.512.107-6 of the French Monetary and Financial Code. This financial solidarity is based on legislative provisions establishing a legal principle of solidarity requiring the central institution to restore the liquidity or solvency of affiliated entities in difficulty, and/or all of the Group’s affiliated entities. By virtue of the unlimited nature of the solidarity principle, BPCE is entitled at any time to ask any one, or more, or all of the affiliated entities to contribute to the financial efforts that may be necessary to restore the position, and may, if necessary, mobilize all the cash and capital of the affiliated entities in the event of difficulty of one or more of them.

Thus, in the event of Natixis S.A. experiencing difficulties, BPCE will have to do everything necessary to restore Natixis’ situation, and may in particular implement the internal solidarity mechanism it has set up by (i) first mobilizing its capital as part of its duty as a shareholder; (ii) if this is not sufficient, BPCE could call on the mutual guarantee fund created by BPCE, which at December 31, 2025 had a total of €422.8 million in assets contributed equally by the Banque Populaire and Caisse d’Epargne networks and which is set to grow by annual contributions (subject to the amounts that would be used in the event of a call on the fund); (iii) if BPCE’s capital and this mutual guarantee fund were insufficient, BPCE could call (in equal shares) on the guarantee funds belonging to each of the two Banque Populaire and Caisse d’Epargne networks for a total of €900 million (i.e. €450 million for each network), consisting of deposits made by the Banques Populaires and the Caisses d’Epargne in the books of BPCE in the form of 10-year term accounts, renewable indefinitely; (iv) if BPCE’s capital and these three guarantee funds were not sufficient, additional sums would be requested from all the Banques Populaires and Caisses d’Epargne. It should be noted that the guarantee funds referred to above constitute an internal guarantee mechanism within Groupe BPCE activated at the initiative of the BPCE Management Board, or an authority competent in banking crisis matters, which may request that it be implemented if deemed necessary; (v) in addition, BPCE may also make unlimited use of the resources of any one, several or all of the other affiliates.

As a result of this full and complete legal solidarity, one or more affiliates cannot find themselves in compulsory liquidation, or be affected by resolution measures within the meaning of EU Directive No. 2014/59 for the recovery and resolution of banks, as amended by EU Directive No. 2019/879 (the “BRRD”), without all affiliates being in the same position.

In accordance with Article L.613-29 of the French Monetary and Financial Code, the judicial liquidation procedure would therefore be implemented in a coordinated manner with regard to the central institution and all of its affiliated entities.

In the event of court-ordered liquidation concerning all the affiliated entities, the external creditors with equal ranking or identical rights of all the affiliated entities would be managed in hierarchical order of creditors in equal manner and irrespective of their association with a particular affiliated entity. Consequently, holders of AT1 capital and other pari passu securities would be more affected than holders of T2 capital and other pari passu securities, who would be more affected than holders of senior non-preferred external debt, who, in turn, would be more affected than holders of senior preferred external debt. In the event of termination, and in accordance with Article L.613-55-5 of the French Monetary and Financial Code, identical impairment and/or conversion rates would be applied to debts and receivables of the same rank, regardless of their attachment to a particular affiliated entity in the order of the hierarchy mentioned above.

Due to Natixis S.A.’s affiliation with the BPCE central institution and the systemic nature of Groupe BPCE, and the assessment currently made by the resolution authorities, resolution measures would be more likely to be taken, if necessary, than the opening of court-ordered liquidation proceedings. Resolution proceedings may be initiated against BPCE and all affiliates if (i) the default of BPCE and all affiliates is proven or foreseeable, (ii) there is no reasonable prospect that another measure could prevent this default within a reasonable timeframe, and (iii) a resolution measure is required to achieve the resolution objectives: (a) guarantee the continuity of critical functions, (b) avoid significant adverse effects on financial stability, (c) protect Government resources by minimizing the use of exceptional public financial support and (d) protect the funds and assets of clients, in particular those of depositors. An institution is considered in default when it does not comply with the conditions of its authorization, if it is unable to pay its debts or other commitments when they fall due, or if it requests exceptional public financial support (subject to limited exceptions) or the value of its liabilities exceeds that of its assets.

In addition to the bail-in power, resolution authorities are given expanded powers to implement other resolution measures in relation to failing institutions or, in certain circumstances, their groups, which may include, among others: the sale of all or part of the activity of the institution to a third party or a bridge institution, the separation of assets, the replacement or substitution of the institution as obligor in respect of debt instruments, changes in the terms and conditions of the debt instruments (including modification of the maturity and/or amount of interest payable and/or the temporary suspension of payments), suspension of admission to trading or official listing of the financial instruments, and the removal of executive officers or the appointment of a temporary administrator (special administrator) and the issue of capital or equity.

## 1.2Natixis business lines

### 1.2.1Corporate & Investment Banking

Natixis Corporate & Investment Banking (CIB) supports its corporate clients, banks, institutional investors, financial sponsors, public sector entities and Groupe BPCE networks. It advises them and designs innovative, tailor-made solutions to support their strategy, drawing on the full range of its expertise in advisory services, investments, financing, commercial banking and capital markets, as well as its global presence in nearly 30 countries across three geographic areas: the Americas, Europe, and Asia-Pacific & Middle East.

Natixis CIB is organized around six main business lines (Global Markets, Investment Banking, Real Assets, Global Trade, M&A, Credit Portfolio & Resources Management):

●The Global Markets business line offers a wide range of hedging products, financing and investment solutions in the fixed income, credit, foreign exchange, commodities and equity markets, all combined with recognized economic research.

●The Investment Banking teams support their clients in their strategic decisions: acquisitions, sales or purchases of assets and more generally any growth project. Offering high value-added solutions, Investment Banking includes strategic financing and acquisition activities, financing on the primary bond and equity markets, and financial engineering on listed investments.

●The Real Assets business line includes the origination and structuring of structured financing in the aviation, infrastructure & natural resources, and real estate & hotels sectors. Real Assets is recognized as one of the market’s major players in these sectors.

●The Global Trade business line brings together the activities of international trade finance, structured finance solutions for export operations and cash management for its corporate clients, commodity traders and the clients of the Banque Populaire and Caisse d’Epargne networks. This business line, which is at the heart of the Group strategy, is designed to support and finance the commercial development of its clients in a sustainable manner.

●The portfolio management teams (CPRM) provide support for all financing. They are at the heart of the Originate-to-Distribute (O2D) model and ensure the optimization and strategic allocation of resources.

●Finally, the Mergers & Acquisitions (M&A) teams assist large and medium-sized commercial and industrial companies, institutional investors and investment funds in the preparation and implementation of divestitures or mergers, capital raising, restructuring and capital protection transactions. This expertise is supported by a network of nine boutiques in nine countries: Natixis Partners, Solomon Partners, Fenchurch, Natixis Partners Iberia, Natixis Partners Belgium, Emendo Capital, Vermilion, Azure Capital and Clipperton.

Supporting these main business lines, the Advisory & Coverage division, dedicated to client coverage, brings together bankers, sector experts, and teams responsible for supporting clients' environmental and technological transitions. To ensure a close relationship with our clients, this division has a strong regional presence in France, and draws on all the bank’s teams of experts abroad.

Lastly, in addition to its six main business lines, Natixis CIB is positioned, via its subsidiary Coficiné, as a leader in specialized financing for the media, entertainment and cultural industries.

2025 key events

In 2025, quarterly revenues from the Corporate & Investment Banking division consistently exceeded €1 billion, leading to record annual net banking income of €4.8 billion (+10%, at constant exchange rates).

●Global Markets: Natixis CIB continued to expand its activities in an environment where all of its asset classes posted solid year-on-year performances. This growth was achieved across all platforms, accompanied by an increase in the client base and volumes processed. The expertise of the Global Markets teams was recognized at the 2025 Global Derivatives Awards, where they received the “Equity Derivatives House of the Year: Europe & Asia” and “Commodity Derivatives Bank of the Year: Europe & Asia” awards(1).

●Investment Banking: Natixis CIB announced the first closing of the Universe Direct Lending Partners I fund. The fund received strong support from a diverse group of investors, including BPCE Assurances and CEGC (Compagnie Européenne de Garanties et Cautions), as well as leading institutional insurers. Alongside Natixis CIB, the fund will invest in direct lending opportunities to support mid-sized companies backed by financial sponsors, primarily in Europe.

●In August 2025, Natixis CIB structured and placed, on behalf of Groupe BPCE, the first European defense bond issued by a financial institution in Europe. The funds raised through this €750 million five-year senior preferred bond issue will be used to finance and refinance assets in the defense sector. Natixis CIB also assisted BPI France in issuing its first “European Defence Bond” worth €1 billion.

●Natixis continues to expand its ECM expertise in Europe and ranks as the fourth largest European player in the equity-linked market, mainly involved in convertible and exchangeable bond issues.

●Real Assets: In 2025, Natixis CIB launched its new “Transportation Finance” business line to provide its clients with tailor-made financing solutions and expand its “asset-based” financing offering. Natixis CIB arranged several notable transactions in the aviation sector, including the first French Optimized Lease in Latin America with Viva Aerobus.

●Global Trade expanded its range of investment solutions to meet the needs of its clients through new currencies and new geographies, particularly in Japan. Since 2025, Natixis CIB has been offering its clients the ability to track their import and export trade finance transactions in real time using the Trade Tracker tool.

●M&A: In January 2025, the subsidiary Natixis Partners announced a strategic alliance with Financière de Courcelles, strengthening its expertise in the small and mid-cap segments and enabling it to better serve the clients of Banques Populaires and Caisses d’Epargne.

Natixis CIB continued to strengthen its O2D model by reviewing its Significant Risk Transfer (SRT) program, notably with an inaugural Credit Linked Note (CLN) SRT in October 2025, the first since 2022.

Natixis CIB also pursued its strategic objectives in the area of sustainable finance. Its expertise has been recognized worldwide. Natixis CIB was named “Bank for Sustainability”(2), World’s Best Bank Transition Strategy(3), and ESG Lender of the Year(4). Natixis CIB continues to provide innovative sustainable finance solutions. In 2025, Natixis CIB was particularly active in financing carbon capture projects. Natixis CIB also participated in the development of Blue Finance, notably through the issuance of Banco do Brasil’s first “Blue Repo”.

Natixis CIB expanded its core industries(5). In 2025, Natixis CIB structured its expertise in “Food, agriculture, and natural capital” around a team of dedicated industry bankers within the Advisory & Coverage division.

Natixis CIB continued to strengthen its international presence:

•To better serve its clients and adapt to global dynamics, Natixis CIB has evolved its organization and governance. Since January 2026, the Middle East and Asia-Pacific regions have been brought together under a single platform.

•In July 2025, Natixis CIB obtained a banking license in Japan, enabling its Tokyo branch to offer a wider range of financial services to clients.

•The Americas platform continued to develop, and its expertise has been recognized on several occasions. Numerous infrastructure and aviation financing transactions were recognized, and Natixis CIB was named “MLA of the Year, Latin America”(6). Natixis CIB was also recognized as “Private Credit CLO Arranger of the Year”(7).

### 1.2.2Asset & Wealth Management

Asset & Wealth Management develops solutions adapted to the savings, investment, risk management and advisory needs of Groupe BPCE’s various private and institutional clients.

#### 1.2.2.1Asset Management

Ranked among the world leaders in Asset Management with €1,323 billion in assets under management at end-December 2025, Natixis Investment Managers (Natixis IM) supports investors on all continents in building their portfolios by offering them a wide range of diversified and responsible solutions. With its decentralized and entrepreneurial multi-affiliate model, Natixis IM brings together the expertise of over 15 specialized Asset Management companies, and offers its investor clients a range of over 200 strategies to help them achieve their investment objectives, whatever the market conditions. Managed from its headquarters in Boston and Paris, the Company develops its offer around three key areas of expertise: ●conviction-based management (active fundamental), ●liability-driven management (insurance and retirement/pensions), ●private assets. It deploys its offer through an integrated distribution network established in over 20 countries, in addition to the sales teams of the Banques Populaires and Caisses d’Epargne.

2025 key events

Thanks to the commitment of all its teams, Natixis Investment Managers recorded strong commercial momentum in 2025, with net inflows of €40 billion for the second consecutive year, mainly in fixed income products driven by Loomis Sayles and DNCA and in diversified products (Solutions). 77% of funds ranked by Morningstar in the first and second quartiles for their three-year performance at the end of December 2025, compared with 68% a year earlier. The Company continued to streamline its organization and actively manage its investments, with the merger of Thematics and Mirova creating a leading player in thematic equity management combining innovation and positive impact, and the acquisition of Belmont Capital's activities to capitalize on Gateway's expertise in options-based investment strategies and better meet client needs. In the United States, Natixis IM formed a strategic partnership with Edward Jones, one of the largest players in the market with more than $2,000 billion in assets under management, opening up promising growth prospects in this key market. Alongside its affiliates, Natixis IM continued its efforts to develop responsible and impact investing, with ESG assets (SFDR Art. 8/9) representing more than €540 billion at the end of 2025. They also continued to make their voices heard through individual and collective engagement activities, active voting policies, and participation in key initiatives to advance responsible investment.

Natixis Investment Managers: more than 15 specialized asset management companies located in the United States, Europe, and Asia-Pacific (assets under management at the end of December 2025 – in billions of euros under management)
●AEW (€59.3 billion), Real Estate Asset Management, Real Estate Investment Trusts (REIT) and Real Estate Mutual Funds ●DNCA Investments (€53.9 billion), Fixed Income and Equity Management ●Flexstone Partners (€6.3 billion), Private Equity ●Gateway Investment Advisers, LLC (€9.8 billion), Hedged Equity ●Harris Oakmark (€96.8 billion), US and international Equity Management ●Investors Mutual Limited (€2.1 billion), value-based Australian Equity Management ●Loomis, Sayles & Co. (€367.0 billion), Equity (growth, core, value) and Bonds (core to high-yield) Management ●Mirova (€33.4 billion), SRI Equity and Fixed Income Management, Infrastructure Project Financing ●Naxicap Partners (€8.1 billion), Private Equity ●Ossiam (€10.3 billion), strategy-based ETFs (Exchange Traded Funds) ●Ostrum Asset Management (€384.4 billion), Fixed Income and Equity Management ●Seventure Partners (€0.698 billion), Private Equity ●Thematics Asset Management (€3.0 billion), International Thematic Investing ●Vauban Infrastructure Partners (€9.5 billion), Sustainable Infrastructure Management ●Vaughan Nelson Investment Management (€13.0 billion), Equity and Fixed Income Management ●VEGA Investment Solutions (€72.3 billion), Equity, Bond, Diversified and Private Assets Management ●WCM Investment Management (€99.0 billion), International Growth Equity Management

Solutions management offering (assets under management at end-December 2025 – in billions of euros under management)
●Natixis Investment Managers Solutions US (€95.5 billion)

##### Employee savings schemes and pension savings plans

Natixis Interépargne, France's leading provider of responsible corporate savings schemes, is the trusted partner of more than 115,000 companies(a) of all sizes, assisting them in setting up and managing their employee savings schemes and pension savings plans, serving nearly 4 million French savers(h).

Drawing on the wealth and diversity of Natixis Investment Managers' expertise, it offers its clients a range of high-performance, sustainable investment management services that are among the most recognized on the market(i), with more than €44 billion in assets under management(a).

Fully committed to its societal role, Natixis Interépargne promotes useful savings, believing that creating shared value is the best way to align the interests of shareholders, management and employees for the benefit of the Company.

2025 key events

2025 saw the completion of the acquisition of HSBC Epargne Entreprise (HEE), a subsidiary of HSBC Continental Europe (HBCE), and the transfer of its business to Natixis Interépargne, which thus took on 3,300 companies and 193,000 new savers on its platform. This is the first consolidation operation in the account management market and a strong signal from Natixis Interépargne regarding its leadership. Fully committed to developing useful savings, Natixis Interépargne has adopted a raison d’être and an impact strategy integrated into its strategy to promote the democratization of employee savings schemes. In partnership with VEGA Investment Solutions (VEGA IS) and Collectif Reconstruire, it launched the “Sélection VEGA Industrie France” employee investment fund, which invests in companies in the French manufacturing industry and combines listed and unlisted shares. True to its strong culture of innovation, after a successful period of acculturation among its teams, Natixis Interépargne tested and began rolling out numerous AI use cases, improving the fluidity of its operations and the efficiency of its processes. For the second consecutive year, Natixis Interépargne was awarded the Ecovadis 2025 silver medal, confirming its performance in terms of sustainable development. Finally, commercial momentum continues, with significant successes among major corporate clients, particularly those listed on the CAC40. Gross inflows were up 15%(j) in 2025 on the previous year. On the distribution network side, driven by its actions in favor of companies with 11 to 49 employees under the value sharing law, all distribution networks are growing strongly, with sales of new contracts up 31% over the year(c).

#### 1.2.2.2 Wealth Management

Established in France and Luxembourg, Natixis Wealth Management designs and implements tailor-made wealth and financial solutions to structure and manage the assets of company directors, executives, large private investors and family shareholders. It supports them in their initiatives to undertake, invest and transfer, and mobilizes a wide range of expertise that covers all their needs, whatever the size or maturity of their projects: corporate advisory, origination, vanilla and complex financing, investment, wealth engineering, asset management and diversification solutions, particularly in Private Equity. The entire value proposition is tailored to the degree of personalization desired by clients and is distributed via two channels: B2C and B2B. To expand its range of listed and unlisted management products and services, Natixis Wealth Management draws on the complementary expertise of its four subsidiaries: Massena Partners, which advises private family groups and family offices, mainly in private equity; Dorval Asset Management, an expert in flexible and responsible asset management; Teora by Natixis Wealth Management, which specializes in high-end open architecture life insurance brokerage; and VEGA Investment Solutions.

2025 key events

In a market environment still marked by interest rate volatility and an uncertain geopolitical context, Natixis Wealth Management and its subsidiaries continued their momentum of development and innovation. At the end of December 2025, Natixis Wealth Management managed €26 billion in assets. The acquisition of Dorval Asset Management, completed on July 1, 2025, strengthens the Group's expertise in flexible and responsible asset management, thus enriching the investment solutions offered to its clients. In addition, Natixis Wealth Management consolidated its reputation for excellence by receiving the "Best Affiliated Private Bank" award at the seventh edition of the Sommet du Patrimoine et de la Performance, organized by Décideurs Patrimoine. This progress demonstrates the Bank's ongoing commitment to supporting its clients with exemplary quality of service, while asserting its position as a benchmark in the wealth management market. This period was also marked by an intensification of collaboration with the Banque Populaire and Caisse d'Epargne networks, making it possible to strengthen development synergies and broaden the scope of the solutions offered to an increasingly diversified client base.

2

# Corporate governance

## 2.1Natixis governance at March 10, 2026

This report is prepared in accordance with Article L.225-37-4 of the French Commercial Code and includes the following information:

●A list of all offices and functions held in all companies by each of the corporate officers during the fiscal year;

●The agreements entered into, directly or through an intermediary, between, on the one hand, one of the corporate officers or one of the shareholders holding more than 10% of the voting rights in a company and, on the other hand, another company controlled by the former within the meaning of Article L.233-3 of the French Commercial Code, with the exception of agreements relating to ongoing transactions and entered into under normal conditions;

●A summary table of current delegations of authority granted by the General Shareholders' Meeting in respect of capital increases, in accordance with Articles L. 225-129-1 and L. 225-129-2 of the French Commercial Code, and showing the use made of these delegations during the fiscal year (see Section [8.3.7] of chapter [8] of this universal registration document);

●The Senior Management procedures as provided for in Article L.225-51-1 of the French Commercial Code.

In addition, this report also includes:

●Any potential limitations that the Board of Directors places on the powers of the Chief Executive Officer;

●Reference to the AFEP-MEDEF Code (“AFEP-MEDEF Code”), the corporate governance code to which Natixis voluntarily refers, as well as a summary table of provisions whose application has been rejected.

The information in this section also takes into account Annex 6 of Commission Delegated Regulation (EU) No. 2019/980 of March 14, 2019, French Financial Markets Authority (AMF) recommendation No. 2012-02 as amended on December 14, 2023, consolidating the recommendations published since 2012 by the French Financial Markets Authority (AMF) and the guide to compiling universal registration documents published by the AMF on July 28, 2023.

The specific conditions governing the participation of shareholders in the General Shareholders’ Meeting and the provisions of the bylaws providing for these terms and conditions are set out in Section [8.2] of Chapter [8] of this universal registration document.

### 2.1.1Specific governance

#### A Board of Directors with a separation of duties of the Chairman of the Board of Directors and Chief Executive Officer

At the Combined General Shareholders’ Meeting of April 30, 2009, Natixis changed its form of governance from a joint stock company with a Supervisory Board and a Management Board to a joint stock company with a Board of Directors. The Company has opted for this mode of governance with the aim of creating a single custodian of Natixis’ best interests and value creation. It permits unity of action, which is an essential requirement in terms of control, responsiveness and foresight in Company management.

#### Majority and equal representation of the Banque Populaire and Caisse d’Epargne networks

In accordance with the governance rules of Natixis established at the time of its incorporation and as set out in the BPCE bylaws, the Board of Directors has a majority and equal representation of the Banque Populaire and Caisse d’Epargne networks; this is accompanied by a balanced representation of the executive and non-executive managers of the two networks.

#### BPCE’s representation

Following the mandatory withdrawal by BPCE, effective July 21, 2021, of Natixis shares not held by BPCE, Natixis shares were delisted from the regulated market of Euronext Paris on the same day. As of December 31, 2025, BPCE holds virtually all of the share capital and one entity of Groupe BPCE holds one share, through securities loans, representing less than 0.001% of the share capital.

The Chairman of the Management Board of BPCE chairs the Natixis Board of Directors. BPCE, a legal entity, holds a seat on the said board.

#### The presence of a third of independent directors

Given the structure of Natixis and the presence of a majority shareholder, BPCE, the proportion of independent directors is equal to one-third, in strict compliance with AFEP-MEDEF Code's recommendations set out in the internal rules of the Natixis Board of Directors.

This governance, specific to Natixis, is illustrated by the composition of its Board of Directors as at March 10, 2026 (see Section [2.1.2] below) and explains the specific cases of derogation from the AFEP-MEDEF Code (see Section [2.1.4] below).

### 2.1.2Summary table of the Board of Directors at March 10, 2026

First name/Last name | Personal information | Directorship information | Committees
--- | --- | --- | ---
Gender | Age (at 10/03/2026) | Nationality | Number of shares (at 31/12/2025) | First appointed | End date of the term of office | Risk Committee | US Risk Committee | Audit Committee | Compensation Committee | Appointments Committee | ESR Committee | Strategic Committee
Directors from BPCE
Nicolas Namias (Chairman since 03/12/2022) | M | 49 | French | 0 | 01/12/2022 (with effect from 03/12/2022) | 2027 AGM |  |  |  |  |  |  |
BPCE Represented by Hélène Madar | F | 57 | French | 3,962,029,494 (a) | 25/08/2009 | 2027 AGM |  |  |  |  |  |  |
Independent directors
Anne Lalou | F | 62 | French | 0 | 18/02/2015 | 2026 AGM |  |  |  |  |  |  |
Delphine Maisonneuve | F | 57 | French and Ecuadorian | 0 | 13/04/2023 | 2029 AGM |  |  |  |  |  |  |
Catherine Pariset | F | 72 | French | 0 | 14/12/2016 | 2027 AGM |  |  |  |  |  |  |
Laurent Seyer | M | 61 | French | 0 | 13/12/2021 | 2026 AGM |  |  |  |  |  |  |
Nicolas de Tavernost (b) (director until 21/05/2025) | M | 76 | French | 0 | 31/07/2013 | 2025 AGM |  |  |  |  |  |  |
Edouard-Malo Henry (director since 21/05/2025) | M | 65 | French | 0 | 21/05/2025 | 2029 AGM |  |  |  |  |  |  |
Directors from Banques Populaires
Lionel Baud | M | 58 | French and Swiss | 0 | 01/08/2024 | 2026 AGM |  |  |  |  |  |  |
Sylvie Garcelon | F | 60 | French | 0 | 10/02/2016 | 2028 AGM |  |  |  |  |  |  |
Dominique Garnier | M | 64 | French | 0 | 28/05/2021 | 2028 AGM |  |  |  |  |  |  |
Catherine Leblanc(b) (director until 21/05/2025) | F | 71 | French | 0 | 23/06/2020 | 2025 AGM |  |  |  |  |  |  |
Karine Puget (director since 21/05/2025) | F | 55 | French | 0 | 21/05/2025 | 2029 AGM |  |  |  |  |  |  |
Directors from Caisses d’Epargne
Catherine Amin-Garde (b) (director until 04/08/2025) | F | 71 | French | 0 | 01/08/2024 | 2027 AGM |  |  |  |  |  |  |
Valérie Andrieu (director since 10/03/2026) | F | 62 | French | 0 | 10/03/2026 | 2027 AGM |  |  |  |  |  |  |
Dominique Duband | M | 68 | French | 0 | 06/02/2020 | 2026 AGM |  |  |  |  |  |  |
Christophe Pinault | M | 64 | French | 0 | 20/12/2018 | 2029 AGM |  |  |  |  |  |  |
Laurent Roubin | M | 56 | French | 0 | 22/09/2021 | 2028 AGM |  |  |  |  |  |  |
Non-voting member
Henri Proglio | M | 76 | French | 0 | 04/04/2019 | 2027 AGM |  |  |  |  |  |  |
Number of meetings in 2025 | 7 | 5 | 7 (1) | 3 | 3 | 4 (2) | 1
(a)These shares are held by BPCE. (b)Director whose term of office ended during fiscal year 2025. (1)Including a joint session with the ESR Committee. (2)Including a joint session with the Audit Committee.

### 2.1.3Monitoring table of compliance with the recommendations of the AFEP-MEDEF Code

The Company refers to the AFEP-MEDEF corporate governance code, which is available on the Natixis website: https://natixis.groupebpce.com/articles/recommandations-AFEP-MEDEF/?lang=en

As part of the “comply or explain” rule referred to in Article 28.1 of the AFEP-MEDEF Code, Natixis believes that its practices comply with the recommendations of the AFEP-MEDEF Code. However, in view of the specific nature of its governance as described above (see Section [2.1.1] of this chapter) certain recommendations have been rejected for the reasons set out in the table below:

The Audit Committee (Article 17.1 of the AFEP-MEDEF Code) "(...)The proportion of independent directors on the Audit Committee should be at least equal to two thirds (…)." | Independent members do not make up two thirds of the Natixis Audit Committee, as recommended by the AFEP-MEDEF Code, in order to represent the different components of the Company’s main shareholder (members from the Caisses d’Epargne and the Banques Populaires banks, in addition to a Groupe BPCE representative). Strict compliance with the recommendations of the AFEP-MEDEF Code on the composition of the Audit Committee would require Natixis’ independent directors to systematically participate in more than three Specialized Committees, which would not be compatible with the need to devote sufficient time to the Committee’s work. That is why Natixis favors a balanced representation of directors on its committees (independent directors on the one hand, and directors from Caisses d'Epargne and Banques Populaires on the other). The Audit Committee and the Board's other Specialized Committees are systematically chaired by an independent director. It should be noted that the opinions and recommendations of the Audit Committee are only adopted if the majority of members present, including the Chairman, voted for them.
The Appointments Committee (Article 18.1 of the AFEP-MEDEF Code) "It must not include any Executive corporate officers and must be composed of a majority of independent directors." | The number of independent directors on Natixis’ Appointments Committee is not greater than half the total number of members, despite the recommendation by the AFEP-MEDEF Code. It has a balanced composition (50% independent, 50% non-independent), and the Committee is chaired by an independent director. Following the example of the Audit Committee, strict compliance with the recommendations of the AFEP-MEDEF Code on the composition of the Appointments Committee would require Natixis’ independent directors to systematically participate in more than three Specialized Committees, which would not be compatible with the need to devote sufficient time to the Committee’s work. That is why Natixis favors a balanced representation of directors on its committees (independent directors on the one hand, and directors from Caisses d'Epargne and Banques Populaires on the other). The Appointments Committee and the Board’s other Specialized Committees are also systematically chaired by an independent director. It should be noted that the opinions and recommendations of the Appointments Committee are only adopted if the majority of members present, including the Chairman, voted for them.
The Compensation Committee (Article 19.1 of the AFEP-MEDEF Code) "It must not include any Executive corporate officers and must be composed of a majority of independent directors." | The number of independent directors on the Natixis Compensation Committee is not greater than half the total number of members, despite the recommendation by the AFEP-MEDEF Code. It has a balanced composition (50% independent, 50% non-independent), and the Committee is chaired by an independent director. Following the example of the Audit Committee and the Appointments Committee, strict compliance with the recommendations of the AFEP-MEDEF Code on the composition of the Compensation Committee would require Natixis’ independent directors to systematically participate in more than three Specialized Committees, which would not be compatible with the need to devote sufficient time to the Committee’s work. That is why Natixis favors a balanced representation of directors on its committees (independent directors on the one hand, and directors from Caisses d'Epargne and Banques Populaires on the other). The Compensation Committee and the Board's other Specialized Committees are also systematically chaired by an independent director. It should be noted that the opinions and recommendations of the Compensation Committee are only adopted if the majority of members present, including the Chairman, voted for them.
Board meeting held without the presence of executive officers (Article 12.3 of the AFEP–MEDEF Code) "It is recommended that at least one meeting be held each year without the presence of Executive corporate officers." | The Natixis Board of Directors does not formally hold meetings without the presence of the executive officers. However, certain deliberations of the Board of Directors, for example those relating to the compensation of Chief Executive Officers and Deputy Chief Executive Officers, are held without the presence of the members of the Senior Management Committee.
Directors' ethics (Article 21 of the AFEP–MEDEF Code) “(…) the director must be a shareholder in a personal capacity and (…) hold a minimum number of shares, which is significant in relation to the compensation allocated to him or her.”" | The Company’s shares are not offered to the public and are not admitted for trading on a regulated market. As of December 31, 2025, BPCE holds virtually all of the share capital and one entity of Groupe BPCE holds one share, through securities loans, representing less than 0.001% of the share capital.
Obligation for Executive corporate officers to hold shares (Article 24 of the AFEP–MEDEF Code) “The Board of Directors sets a minimum number of shares that Executive corporate officers must hold in registered form until the end of their term of office. This decision is reviewed at least at each renewal of their term of office." | The Company’s shares are not offered to the public and are not admitted for trading on a regulated market. As of December 31, 2025, BPCE holds virtually all of the share capital and one entity of Groupe BPCE holds one share, through securities loans, representing less than 0.001% of the share capital.
Equity ratio (Article 27.2 of the AFEP–MEDEF Code) “The report on corporate governance includes (…) information on the ratios used to measure the differences between the compensation of Executive corporate officers and that of the Company’s employees.”" | The Company’s shares are not offered to the public and are not admitted for trading on a regulated market. As a result, Natixis is not subject to the French “say on pay” system as defined by Article L. 22-10-8 of the French Commercial Code. Accordingly, the recommendations of the AFEP-MEDEF Code relating to the compensation policy for corporate officers, including those concerning the equity ratio and transparency of executive compensation, are not applicable.

### 2.1.4Positions and functions held by the corporate officers during fiscal year 2025

Nicolas Namias

Chairman of the Natixis Board of Directors

Date of birth
25/03/1976
Nationality
French
Address
7, promenade Germaine Sablon 75013 Paris

Chairman of the Board of Directors
First appointed
co-opted as a director and appointed Chairman of the Board by the Board of Directors’ meeting of 01/12/2022 with effect from 03/12/2022
Term expires
2027 AGM(a)

Member – Strategic Committee
First appointed
Board of Directors’ meeting of 01/12/2022 with effect from 03/12/2022

Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

An alumnus of the elite École Nationale d’Administration (ENA) with degrees from Stanford Graduate School of Business (Executive Program), ESSEC and Institut d’études politiques de Paris, Nicolas Namias began his career in 2004 in the Treasury Department of the French Ministry of Economy and Finance. He was first tasked with preparing for the international financial summits of the G8 and G20, before being named as the Government’s Substitute Commissioner to the French Financial Markets Authority (AMF). In 2008, he joined the Finance division of Groupe BPCE, then became Head of Planning for Commercial Banking and Insurance. In 2012, he was named Technical Advisor to the Prime Minister for the financing of the economy, businesses, and international economic affairs.

Nicolas Namias returned to Groupe BPCE in 2014 as Head of Strategic Planning at Natixis and a member of the Executive Committee. In this capacity, he coordinates all external growth operations conducted by Natixis. In September 2017, he was appointed Chief Financial Officer and Head of Strategic Planning, and as a member of the Natixis Senior Management Committee.

In June 2018, Nicolas Namias was appointed as a member of the BPCE Management Board in charge of Finance, Strategy, Legal Affairs and the Secretary’s Office of the Supervisory Board. From November 2018 to August 2020, he was a member of the BPCE Management Board in charge of Finance and Group Strategy.

From August 3, 2020 to December 2, 2022, Nicolas Namias was Chief Executive Officer of Natixis and a member of the BPCE Management Board.

Nicolas Namias was appointed Chairman of the BPCE Management Board and Chairman of the Natixis Board of Directors as of December 3, 2022.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE ●Chairman of the BPCE Management Board (since 01/06/2018) ●Chairman of the Board of Directors of Natixis Investment Managers (since 11/12/2024) ●Member of the Management Board of BPCE (since 01/06/2018) Outside Groupe BPCE ●Director of: ●CNP Assurances (since 07/12/2022) ●CNP Assurances Holding (1) (since 19/04/2023) ●Member of the French Banking Association (since 03/12/2022) ●Association pour le Rayonnement de l’Opéra de Paris (AROP) (since 18/04/2023) ●Non-voting member of the Supervisory Board of ODDO BHF SCA (since 30/03/2023) ●Chairman of the European Savings and Retail Banking Group (since 13/12/2024) ●Member of the Executive Committee of the French Banking Federation (FBF) (since 03/12/2022) ●Managing Director of SCI Nantucket (since July 2018) |  | Within Groupe BPCE ●Chairman of the Board of Directors of: ●Natixis Investment Managers (from 28/08/2020 to 10/02/2023) ●Coface SA(1) (from 09/09/2020 to 10/02/2021) ●Natixis Payment Solutions (from 10/09/2020 to 12/04/2022) ●Natixis Assurances (from 21/09/2020 to 08/04/2022) ●Director of: ●Solomon Partners GP LLC (from 14/09/2020 to 07/02/2023) ●Chairman of SAS CE Holding Participations (from 05/01/2023 to 31/10/2023) ●Chief Executive Officer of Natixis (from 03/08/2020 to 02/12/2022) Outside Groupe BPCE ●Chairman of the French Banking Federation (FBF) (from 01/09/2023 to 01/09/2024) ●Chairman of the Association Française des Établissements de Crédit et des Entreprises d’Investissement (from 03/12/2022 to 31/08/2023)

(a)2027 AGM called to approve the financial statements for the fiscal year ended 31/12/2026.

(1)Listed company.

Mohamed Kallala

Chief Executive Officer of Natixis

Date of birth
14/09/1967
Nationality
French
Address
7, promenade Germaine Sablon - 75013 Paris

Director
First appointed
Board of Directors' meeting of 06/11/2024 with effect from 01/01/2025
Term expires
2029 AGM(a)

Key advisory skills
Expertise in issues relating to retail banking, banking and financial markets, corporate strategy and management, risks, information and communication technologies, and human resources.

Mohamed Kallala holds a PhD in physical sciences from the École normale supérieure (ENS Ulm) and an MBA in business administration from the Collège des ingénieurs. He began his career in 1993 as an ALM trader at BNP Paribas. From 1996 to 2000, he was Director of Mergers and Acquisitions at Crédit Agricole Indosuez. In 2000, he founded Global Equities Corporate Finance, where he was Chief Executive Officer until 2005.

In 2005, Mohamed Kallala joined Natixis as Head of Real Estate Consulting, a position he held until 2008. He then took over as head of Natixis Finance, a group entity specializing in mergers and acquisitions until 2010. In July 2010, he was promoted to Global Head of Real Estate Finance. In November 2016, he was appointed Global Head of Investment Banking at Natixis, a position he held until March 2020. In March 2020, he became Global Head of Global Markets before being appointed Global Co-Head of the CIB business line in November 2020. In January 2023, he became sole head of the CIB business line as Global Head.

Mohamed Kallala has been a member of the Natixis Senior Management Committee since November 2020.

Since January 1, 2025, he is Chief Executive Officer of Natixis S.A. and a member of the BPCE Senior Management Committee.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE ●Director of Natixis Immo Développement (from 30/06/2015 to 30/06/2021) ●Member of the Supervisory Board of Natixis Partners (from 26/07/2023 to 10/12/2024) ●Chairman of the Board of Directors of Natixis Loan Funding (from 05/05/2020 to 31/12/2024) ●Director of ●Natixis Coficiné (from 05/05/2021 to 31/12/2024) ●Mediastone Partners (from 05/05/2021 to 31/12/2024) ●Permanent representative of Natixis, Director of Invest Alpha (from 11/02/2014 to 01/01/2025)
●Chairman of the Board of Directors and director of: ●Natixis Partners (since 10/12/2024) ●Azure Capital Holding PTY LTD (since 19/02/2025) ●Fenchurch Advisory Partners LLP (since 03/02/2025) ●Natixis Partners Iberia SA (since 03/11/2023) ●Non-voting member of Audere Partners (since 18/07/2024) |
Outside Groupe BPCE |  | Outside Groupe BPCE
●None |  | ●None

(a)2029 AGM called to approve the financial statements for the fiscal year ended 31/12/2028.

Philippe Setbon

Deputy Chief Executive Officer of Natixis

Date of birth
12/03/1965
Nationality
French
Address
7, promenade Germaine Sablon - 75013 Paris

Director
First appointed
Board of Directors' meeting of 06/11/2024 with effect from 01/01/2025
Term expires
2029 AGM(a)

Key advisory skills
Expertise in asset management finance, corporate strategy and management, risk management, auditing, accounting and human resources

With a Master's degree in Finance (DESS 225) from Paris Dauphine University and a Diploma in Financial Analysis from the French Society of Financial Analysts, Philippe Setbon began his career in 1990 at Barclays as a financial analyst. From 1993 to 2001, he continued his career at Azur GMF, where he was portfolio manager and Chief Investment Officer (CIO) of Boissy Gestion.

After serving as Head of Equity Management and Strategy at Rothschild & Cie Gestion from June 2003 to February 2004, he joined the Generali Group as Deputy Chief Executive Ofﬁcer, then Chief Executive Ofﬁcer of Generali Investments France, a position he held until April 2009. He subsequently became Chief Executive Officer of Generali Group from 2009 to 2013.

In 2013, Philippe Setbon was appointed Chief Executive Officer of Groupama Asset Management.

In November 2019, he joined Ostrum Asset Management as Chief Executive Officer. Since December 2023, he has been Chief Executive Officer of Natixis Investment Managers and oversees the Asset & Wealth Management business lines. Alongside his career, Philippe Setbon has been Chairman of the Association Française de Gestion (AFG) since 2022, having previously served as its Vice-Chairman from 2017 to 2022.

Philippe Setbon has been a member of the Natixis Senior Management Committee since December 2023.

Since January 1, 2025, he has been Deputy Chief Executive Officer of Natixis S.A. and member of BPCE’s Senior Management Committee.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chief Executive Officer of Natixis Investment Managers (since 14/12/2023) ●Chairman of the Board of Directors (since 05/12/2025) and director (since 16/10/2025) of Natixis Investment Managers International ●Chairman of the Board of Directors and director of AEW Europe (since 08/03/2024) ●Director of ●AEW Capital Management Inc. (since 05/01/2024) ●Harris Associates Inc. (since 05/01/2024) ●Loomis Sayles & Company Inc. (since 05/01/2024) ●Chairman of the Supervisory Committee of DNCA Finance (since 03/06/2024) ●Permanent representative of Natixis Investment Managers, Chairman of: ●Natixis Investment Managers Participations 3 (from 17/09/2024 to 14/10/2025) ●Société des cadres DNCA (from 17/09/2024 to 14/10/2025) ●Chairman of NIM 2 (from 03/07/2025 to [-] 2026 (currently being dissolved)) |  | ●Chief Executive Officer of Ostrum Asset Management (from 18/11/2019 to 13/12/2023) ●Director of Natixis TradEx Solutions (from 12/05/2020 to 06/11/2024)
Outside Groupe BPCE |  | Outside Groupe BPCE
●Chairman of the French Financial Management Association (Association Française de la Gestion Financière) (since 01/06/2022) ●Manager of SCI Lacera (since 31/03/2014) |  | ●Chairman of the Board of Directors of Groupama Epargne Salariale (from 11/05/2016 to 13/01/2020)

(a)2029 AGM called to approve the financial statements for the fiscal year ended 31/12/2028.

BPCE - Permanent Representative Hélène Madar

Member of the BPCE Management Board in charge of Retail Banking and Insurance

BPCE: Address
7, promenade Germaine Sablon 75013 Paris
Hélène Madar: Date of birth
18/02/1969
Nationality
French
Address
7, promenade Germaine Sablon 75013 Paris

Director
First appointed
co-opted by the Board of Directors' meeting of 25/08/2009 and ratified by the AGM of 27/05/2010
Term expires
2027 AGM(a)
Member – Audit Committee
First appointed
Board of Directors' meeting of 21/12/2017 with effect from 01/01/2018
Member – Strategic Committee
First appointed
Board of Directors' meeting of 21/12/2017 with effect from 01/01/2018

Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1.C]

Holder of a PhD in economics from the University of Paris 1 Panthéon-Sorbonne and after having held marketing positions within various banking networks, Hélène Madar joined Banque Populaire du Nord in 2014 as Director of Network and Business Development.

She was then appointed Director of Offerings in the Retail Banking & Insurance division of BPCE.

Since January 2022, she has held the position of Chief Executive Officer of Banque Populaire du Nord.

Then, since April 1, 2023, Hélène Madar has been a member of the BPCE Management Board in charge of Retail Banking and Insurance

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Member of the BPCE Management Board in charge of Retail Banking & Insurance (since 01/04/2023) ●Chairwoman of the Board of Directors of BPCE Partenaire Conseil (since 27/05/2025) ●Director of BPCE Payments (since 01/03/2022) ●Director of Hexarq (since 18/03/2024) ●Director of Bateau Banque Populaire (since 29/09/2025) ●Permanent representative of BPCE, Director of SAS Groupe Habitat en Région (since 01/06/2023) ●Permanent representative of BPCE, Director of BPCE Solutions Informatiques (since 29/06/2023) ##### Outside Groupe BPCE ●None |  | ●Chief Executive Officer of Banque Populaire du Nord (from 01/01/2022 to 31/03/2023) ●Director of the Fédération Nationale des Banques Populaires (from 01/01/2022 to 31/03/2023) ●Director of BPCE Assurances IARD (from 21/10/2021 to 11/10/2023) ●Director of Banque Palatine (from 01/10/2021 to 30/08/2023) ●Director of Turbo (from 01/01/2022 to 01/04/2023) ●Director of SCI Rubens (from 01/01/2022 to 31/03/2023) ●Permanent representative of BPCE, Director of Natixis Investment Managers (from 07/06/2023 to 12/06/2024) ●Permanent representative of BPCE, Director of Ostrum Asset Management (from 30/10/2020 to 27/10/2021) ●Permanent representative of BPCE, Director of Natixis Wealth Management (from 26/09/2018 to 31/08/2021) ●Permanent representative of BP Nord, Director of BPCE Solutions Informatiques (formerly Informatique Banques Populaires (I-BP) (from 01/01/2022 to 01/04/2023) ●Permanent representative of BP Nord, Director of Albiant-IT (from 28/06/2022 to 01/04/2023) ●Permanent representative of BP Nord, Director of GIE BPCE -IT (from 28/06/2022 to 01/04/2023) ●Permanent representative of BPCE, Chairman of the Board of Directors of SAS Groupe Habitat en Région (from 01/06/2023 to 22/09/2023)

(a)2027 AGM called to approve the financial statements for the fiscal year ended 31/12/2026.

Lionel Baud

Chairman of the Board of Directors of Banque Populaire Auvergne Rhône Alpes

Date of birth
18/09/1967
Nationality
French and Swiss
Address
4, boulevard Eugène Deruelle 69003 LYON

Director
First appointed
Board of Directors’ meeting of 01/08/2024
Term expires
2026 AGM(a)

Member – Appointments Committee
First appointed
Board of Directors’ meeting of 01/08/2024
Member – Strategic Committee
First appointed
Board of Directors’ meeting of 01/08/2024

Key advisory skills
●See the mapping of expertise in Section [2.2.1.1. C]

Graduate with a BTS in Micromechanics. Lionel Baud joined the Baud Industries Group in 1988, where he held the position of Sales Director in charge of the international development of the Baud Group. Since 2000, he has held several offices within the Baud Group, including Chief Executive Officer and then Chairman of the Baud Industries Group. He is also a director of the group’s foreign subsidiaries.

In 2011, he was appointed Director on the Boards of Natixis Investment Managers S.A. and Banque Populaire des Alpes. He is also a Director on the Board of Directors of Banque Palatine.

Within Groupe BPCE, Lionel Baud has held the position of Chairman of the Board of Directors of Banque Populaire Auvergne Rhône Alpes since 2018.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
##### Within Groupe BPCE |  | ##### Within Groupe BPCE ●Director of Natixis Investment Managers (2016-2021) ●Director of Banque Palatine (2021-2024)
●Chairman of the Board of Directors of Banque Populaire Auvergne Rhône Alpes (since 29/05/2018) ●Vice-Chairman of the Fédération Nationale des Banques Populaires (since June 2021) |
Outside Groupe BPCE |  | Outside Groupe BPCE
●Chairman of the Board of Directors of: ●Baud Industries (since 2000), ●Chairman of the following subsidiaries (Baud Industries Group): ●Baud Polska, Baud Tunisia, (since 2016) ●H4B SA (since 2016) ●Baud Les Verrières SA (since 2016) ●HBI (since 2016) ●Founding member of the Savoie Mont Blanc University Foundation (since 2016) ●Member of the Supervisory Board of the Agence économique Auvergne Rhône Alpes (since 2017) |  | ●None

(a)2026 AGM called to approve the financial statements for the fiscal year ended 31/12/2025.

Dominique Duband

Chairman of the Steering & Supervisory Board of Caisse d’Epargne et de Prévoyance Grand Est Europe

Date of birth
10/03/1958
Nationality
French
Address
53 rue de Laxou 54000 Nancy

Director
First appointed
co-opted by the Board of Directors’ meeting of 06/02/2020 and ratified at the AGM of 20/05/2020
Term expires
2026 AGM(a)

Member - ESR Committee
First appointed
Board of Directors' meeting of 17/12/2020 with effect from 01/01/2021
Member – Strategic Committee
First appointed
Board of Directors' meeting of 17/12/2020 with effect from 01/01/2021
Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

A graduate of the École Nationale des Travaux Publics de l’État and holder of a postgraduate degree in Corporate Administration, Dominique Duband began his career as an engineer in the departmental infrastructure directorate, then at the general council of the Meurthe-et-Moselle department, before joining Solorem, a semi-public urban planning corporation, in 1989.

In 1991, Dominique Duband joined Batigère Groupe as a New Building Operations Manager. After five years in charge of rental management, he became Director of Batigère Nancy in 1997. In 2001, he was appointed member of the Management Board, then Chairman of the Management Board of Batigère from 2002 until 2014. From June 2014 to June 2018, he was Chairman of the Supervisory Board of Batigère. In 2016, he was appointed Director of the Société Locale d’Épargne Meurthe-et-Moselle. From 2018 to September 2021, he was a member of the Supervisory Board of Banque BCP Luxembourg.

Dominique Duband has been Chairman of the Steering & Supervisory Board of Caisse d’Epargne et de Prévoyance Grand Est Europe since May 28, 2018.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chairman of the Steering & Supervisory Board, Chairman of the Compensation Committee, member of the Risk Committee and member of the Appointments Committee of Caisse d’Epargne et de Prévoyance Grand Est Europe CEGEE (since 28/05/2018) ●Director of Société Locale d’Épargne Meurthe-et-Moselle (since 15/02/2016) and Chairman (since 01/02/2021) ●Director of the Fédération Nationale des Caisses d'Epargne (since 01/07/2018) |  | ●Member of the Supervisory Board of Banque BCP Luxembourg (from 03/07/2018 to 05/09/2021)
Outside Groupe BPCE | Outside Groupe BPCE
●Chairman of Avec Batigère (association) (since 29/06/2017) |  | ●Director of ●Présence Habitat (from 18/06/2009 to 20/06/2022) ●Fédération Nationale des S.A. et Fondations d’HLM (from 16/06/2016 to 23/06/2022) ●Coallia Habitat (from 26/06/2019 to 30/06/2022)
●Director of ●Batigère Groupe (since 20/07/2017) ●Livie (since 27/06/2018) ●AMLI (association) (since 18/06/2008) ●Fondation d’Entreprise Batigère (since 22/05/2017) ●Batigère Habitats Solidaires (since 30/06/2022) ●API PROVENCE (association) (since 27/06/2024) ●Permanent Representative of Batigère, director of Coallia (association) (since 26/06/2019) ●Permanent representative of Batigère, director of Coallia (association) (since 26/06/2019) ●Chairman of the Board of Directors of Interpart (since 28/06/2018) ●Chairman of Union et Solidarité (Association) (since 03/06/2024) ●Co-Manager of SCI Chante Grenouille (since 06/12/2019) |

(a)2026 AGM called to approve the financial statements for the fiscal year ended 31/12/2025.

Sylvie Garcelon

Chief Executive Officer of Banque Populaire Aquitaine Centre Atlantique

Date of birth
14/04/1965
Nationality
French
Address
10 quai des Queyries 33072 Bordeaux Cedex

Director
First appointed
co-opted by the Board of Directors’ meeting of 10/02/2016 and ratified at the AGMof 24/05/2016
Term expires
2028 AGM(a)

Member – Audit Committee
First appointed
Board of Directors' meeting of 10/02/2016

Member – Strategic Committee
First appointed
Board of Directors' meeting of 10/02/2016
Member - ESR Committee
First appointed
Board of Directors' meeting of 17/12/2020 with effect from 01/01/2021
Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

A graduate of SKEMA BUSINESS SCHOOL, Sylvie Garcelon joined the Banques Populaires group in 1987 in the General Inspection. In 1994, she became General Secretary at SBE before joining the Finance division of BRED in 2000. In 2003, she joined Natixis where she held positions first in Third-Party Asset Management, then in the Information Systems and Logistics Department. In 2006, she was appointed Chief Executive Officer of M.A. Bank, then Chairwoman of the Management Board in 2010. In April 2013, she joined CASDEN as Deputy Chief Executive Officer before being appointed Chief Executive Officer in May 2015.

Since April 1, 2021, Sylvie Garcelon has been Chief Executive Officer of Banque Populaire Aquitaine Centre Atlantique.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chief Executive Officer of Banque Populaire Aquitaine Centre Atlantique (since 01/04/2021) ●Chairwoman of the Board of Directors of Ouest Croissance Gestion (since 24/06/2024) ●Director of Ouest Croissance SCR (since 31/03/2023) ●Permanent representative of BPACA and Chairman of: BP Immo Nouvelle Aquitaine (since 10/05/2021) ●Permanent representative of BPACA, Director of: ●SOCAMA Aquitaine Centre Atlantique (since 19/05/2021) ●Albian-IT (since 01/04/2021) ●GIE BPCE IT (since 07/05/2021) ●BPCE Solutions Informatiques (since 01/01/2022) ●Director and Treasurer of the Fédération des Banques Populaires (since 04/04/2017) |  | ●Chief Executive Officer of CASDEN Banque Populaire (from 27/05/2015 to 31/03/2021) ●Director of ●Fondation d’Entreprise Banque Populaire (from 14/06/2016 to 24/11/2022) ●Foncière Aquitaine Poitou Charente (from 01/06/2021 to 31/12/2022) ●BRG Sud-Ouest Investissement (from 01/04/2021 to 31/12/2022) ●Rebondir Nouvelle Aquitaine (from 01/04/2021 to 31/12/2022) ●CNRS(from 24/11/2017 to 22/11/2021) ●BPCE non-voting member (from 20/12/2018 to 27/05/2021) ●Director of I-BP (from 01/04/2021 to 01/11/2023) ●Permanent representative of Ouest Croissance, Director of BP Développement (from 24/06/2021 to 12/05/2023)

(a)2028 AGM called to approve the financial statements for the fiscal year ended 31/12/2027.

Dominique Garnier

Chief Executive Officer of Banque Populaire Alsace Lorraine Champagne

Date of birth
20/06/1961
Nationality
French
Address
3 rue François de Curel 57000 Metz

Director
First appointed
co-opted by the Board of Directors' meeting of 28/05/2021 with effect from 29/05/2021
Term expires
2028 AGM(a)

Member – Compensation Committee
First appointed
Board of Directors' meeting of 28/05/2021 with effect from 29/05/2021

Member – Risk Committee and US Risk Committee
First appointed
Board of Directors' meeting of 08/11/2023 with immediate effect
Member – Strategic Committee
First appointed
Board of Directors' meeting of 28/05/2021 with effect from 29/05/2021
Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

A graduate of ESSCA, the Banques Populaires Cycle of Higher Studies and the Banques Populaires Center for Further Management Training, Dominique Garnier began his career at Banque Populaire Anjou Vendée before joining Banque Fédérale des Banques Populaires in the General Inspection from 1992 to 1994. In 1995, he was appointed Director of Development at Banque Populaire Anjou Vendée and then Deputy Chief Executive Officer – Chief Operating Officer of Banque Populaire Atlantique in 2002. From 2008 to 2010, he was successively Deputy Director of Strategy at Banque Fédérale des Banques Populaires, Director of Commercial Coordination at BPCE, then Chief Executive Officer of Banque Populaire Sud Ouest. He was appointed Chief Executive Officer of Banque Populaire Aquitaine Centre Atlantique in November 2011.

He joined BPCE in 2018 as Chief Executive Officer of the Financial Solutions and Expertises (SEF) division before being appointed Chief Executive Officer of Banque Populaire Alsace Lorraine Champagne on May 20, 2021.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
Within Groupe BPCE |  | Within Groupe BPCE
●Chief Executive Officer of Banque Populaire Alsace Lorraine Champagne (BPALC) (since 20/05/2021) ●Chairman of the Board of Directors (since 02/05/2024) and Director of Turbo (since 13/04/2023) ●Director of the Fédération Nationale des Banques Populaires (since 20/05/2021) ●Director of Bateau Banque Populaire (since 29/09/2025) ●Permanent representative of BPALC, Director of BPCE Infogérance et Technologies (since 26/06/2021) ●Permanent representative of BPALC, Director of BPCE Solutions Informatiques (since 01/01/2022) ●Permanent representative of BPALC, Director of Albiant IT (since 25/06/2021) |  | ●Chief Executive Officer, member of the BPCE Senior Management Committee in charge of the Financial Solutions and Expertises (SEF) division (from April 2019 to the end of May 2021) ●Chairman of the Board of Directors of BPCE Factor (from 01/04/2019 to 22/04/2021) ●Chairman of the Board of Directors of BPCE Lease (from 01/04/2019 to 26/03/2021) ●Chairman of the Board of Directors of BPCE Financement (from 01/04/2019 to 15/04/2021) ●Chairman of the Board of Directors of Pramex International (from 16/12/2019 to 15/04/2021) ●Chairman of the Board of Directors of BPCE Solutions immobilières (from 10/12/2019 to 31/03/2021) ●Chairman of the Board of Directors of CEGC (from 01/04/2019 to 01/04/2021) ●Chairman of the Board of Directors of Oney Bank (from October 2019 to 14/04/2021) ●Chairman of the Supervisory Board of SOCFIM (Société Centrale pour le Financement de l'Immobilier) (from 03/04/2019 to 31/03/2021) ●Member of the Supervisory Board of BCP bank (since 04/02/2022) and Chairman of the Supervisory Board (from 28/03/2022 to 22/05/2023) ●Director of CARBP (Caisse Autonome de Retraite du Groupe Banque Populaire), RSBP (Retraite Supplémentaire Banque Populaire) and Institution de Prévoyance Groupe Banque Populaire (from 20/05/2021 to 04/08/2023) ●Permanent representative of BPALC, director of: Informatique Banques Populaires (iBP) (merged with BPCE Solutions Informatiques) (from 20/05/2021 to 01/11/2023) ●Permanent representative of BPALC, Deputy Chief Executive Officer of Borny Immo (from 20/05/2021 to 19/04/2022) ●Permanent representative of BPALC, Director of Critel (from 26/05/2021 to 09/09/2021) ●Chairman of the Grand Est Banking Committee of the French Banking Federation (FBF) (from 01/01/2023 to 28/11/2024)
Outside Groupe BPCE
●Permanent representative of BPALC, director of: Batigère Groupe SAS (since 07/06/2021) |

(a)2028 AGM called to approve the financial statements for the fiscal year ended 31/12/2027.

Edouard-Malo Henry
(since May 21, 2025)

Co-Founder of S3P – Strategic Personal Planning Process

Date of birth
19/03/1960
Nationality
French
Address
7, promenade Germaine Sablon 75013 Paris

Independent director
First appointed
appointed by the AGM of 21/05/2025
Term expires
2029 AGM(a)

Chairman – Compensation Committee
First appointed
Board of Directors' meeting of 05/05/2025 with effect from 21/05/2025

Member – Appointments Committee
First appointed
Board of Directors' meeting of 05/05/2025 with effect from 21/05/2025
Member - ESR Committee
First appointed
Board of Directors' meeting of 05/05/2025 with effect from 21/05/2025
Member – Strategic Committee
First appointed
Board of Directors' meeting of 05/05/2025 with effect from 21/05/2025
Key advisory skills
Refer to the skills mapping in Section [2.2.1.1. C]

After graduating with a Master's degree in Political Science from Sciences Po Bordeaux in 1982 and a Master's degree in Law from the University of Paris II Panthéon-Assas in 1984, Edouard-Malo Henry joined Société Générale where he held various management positions throughout his 36-year career in the banking sector.

After starting out at the Group General Inspection, Edouard-Malo Henry was Managing Director of Société Générale Australia from 1995 to 2000, before heading up Internal Audit at the Corporate and Investment Banking division (CIB) from 2000 to 2002. In 2002, he was appointed Chief Operating Officer of the Large Corporates & Financial Institutions business line until 2004, then became Head of Société Générale Canada from 2004 to 2008. He then held the position of Head of Large Cap Energy & Environment until the end of 2009, before taking on the role of Global Head of Inspection & Internal Audit until 2012. He subsequently became Global Head of Human Resources from June 2012 to June 2017, then Global Head of Compliance from June 2017 to December 2020.

In April 2024, he co-founded the company S3P - Strategic Personal Planning Process.

Edouard-Malo Henry has been a member of the Natixis Board of Directors since May 21, 2025.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | ●None
●None |  |
Outside Groupe BPCE
●Co-Founder of S3P – Strategic Personal Planning Process (since April 2024) |

(a)2029 AGM called to approve the financial statements for the fiscal year ended 31/12/2028

Anne Lalou

Deputy Chief Executive Officer of Web School Factory and Chairwoman of Innovation Factory

Date of birth
06/12/1963
Nationality
French
Address
96 rue Didot 75014 Paris

Independent director
First appointed
co-opted by the Board of Directors’ meeting of 18/02/2015 and ratified at the AGM of 19/05/2015
Term expires
2026 AGM(a)

Chairwoman – Strategic Committee
First appointed
Board of Directors' meeting of 18/02/2015

Member – Compensation Committee
First appointed
Board of Directors' meeting of 18/02/2015
Member – Appointments Committee
First appointed
Board of Directors' meeting of 17/12/2020 with effect from 01/01/2021
Chairwoman – CSR Committee
First appointed
Board of Directors' meeting of 17/12/2020 with effect from 01/01/2021
Key advisory skills
Refer to the skills mapping in Section [2.2.1.1. C]

A graduate of the ESSEC Business School, Anne Lalou began her career as a Manager and then Assistant Director in the M&A Department at Lazard in London then Paris. She was then made Head of Outlook and Development at Havas. She was Chairwoman and Chief Executive Officer of Havas Édition Électronique before joining Rothschild & Cie as Managing Director.

She joined Nexity in 2002 where she served as General Secretary and Director of Development, before her appointment as Chief Executive Officer of Nexity-Franchises in 2006, then as Deputy Chief Executive Officer of the Distribution division until 2011.

Anne Lalou is Deputy Chief Executive Officer of the Web School Factory and Chairwoman of the Innovation Factory.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Outside Groupe BPCE |  | Outside Groupe BPCE
●Deputy Chief Executive Officer of the Web School Factory (since September 2023) ●Chairwoman of the Innovation Factory (since 2016) ●Director (since 18/03/2014), member of the Ethics, Quality and ESR Committee (since 22/06/2017) and Chairwoman of the Compensation and Appointments Committee (since October 2020) of Clariane (formerly Korian)(1) |  | ●Member of the Supervisory Board (since 07/05/2010), Chairwoman of the ESR Committee (since 2014), member of the Finance Committee (since 2012) and member of the Digital Committee of Eurazeo (from 2021 until the end of May 2022) ●Member of the Ethics Committee of M6 (from July 2017 to 25/07/2023)

(a)2026 AGM called to approve the financial statements for the fiscal year ended 31/12/2025.

(1)Listed company.

Delphine Maisonneuve

Chief Executive Officer of Groupe VYV

Date of birth
26/09/1968
Nationality
French and Ecuadorian
Address
62-68 rue Jeanne d’Arc 75013 Paris

Independent director
First appointed
co-opted by the Board of Directors’ meeting of 13/04/2023 and ratified at the AGM of 23/05/2023
Term expires
2029 AGM(a)

Chairwoman – Appointments Committee
First appointed
Board of Directors’ meeting of 13/04/2023
Member – Strategic Committee
First appointed
Board of Directors’ meeting of 13/04/2023
Member – Risk Committee
First appointed
Board of Directors’ meeting of 08/11/2023

Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

A graduate of École Centrale de Lyon (as an engineer), Delphine Maisonneuve began her career in 1991 with AXA France, as an Organization Project Manager until 1993, then as a Sales Inspector for the General Agents Network – North East Region from 1994 to 1999.

She subsequently held various positions in Spain and France. From 2000 to 2003, she joined AXA Seguros as Methods and Business Development Manager. She then became Distribution Director of the AXA Group from 2004 to 2006. She then joined AXA France, where she held the following successive positions: Head of Sales and Distribution Ile-de-France from 2007 to March 2011, Head of the Property & Casualty (IARD) Professional and Personal Markets from March 2011 to March 2015, and Head of the Property & Casualty (IARD) Personal and Professional Markets from March 2015 to June 2018.

Following these functions, she was Chief Executive Officer of AXA Brazil from July 2018 to December 2019.

In January 2020, she was appointed Chief Executive Officer of AXA Next (entity dedicated to Axa’s global innovation strategy) and Group Chief Innovation Officer until April 2021.

Since June 2021, she has been Chief Executive Officer of Groupe VYV, a mutual health and social protection player, bringing together Harmonie Mutuelle, MGEN, MNT, MMG, SMACL mutuelle, UMG VyV3 and Groupe Arcade-VYV. As part of her functions, she is also Executive Director and Operational Manager of the prudential insurance group and Operational Manager of VyV3 in charge of the Care and Support activities, and CEO of VyV Invest.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●None |  | ●None
Outside Groupe BPCE |  | Outside Groupe BPCE
●Chief Executive Officer of Groupe VYV (since June 2021) |  | ●Director of ●Axa Partners (from January 2020 to April 2021) ●Axa France Vie (from June 2020 to April 2021) ●AXA France IARD (from June 2020 to April 2021)

(a)2029 Annual General Meeting called to approve the financial statements for the fiscal year ended 31/12/2028

Catherine Pariset

Member of the Board of Directors of Stellantis Financial Services, Generali Vie and Generali IARD

Date of birth
22/08/1953
Nationality
French
Address
19 rue Ginoux 75015 Paris

Independent director
First appointed
co-opted by the Board of Directors’ meeting of 14/12/2016, and ratified at the AGM of 23/05/2017
Term expires
2027 AGM(a)

Chairwoman – Audit Committee
First appointed
Board of Directors' meeting of 14/12/2016
Member – Risk Committee and US Risk Committee
First appointed
Board of Directors' meeting of 14/12/2016
Member – Compensation Committee
First appointed
Board of Directors’ meeting of 08/11/2023
Member – Strategic Committee
First appointed
Board of Directors' meeting of 14/12/2016

Key advisory skills
Refer to the skills mapping in Section [2.2.1.1.C]

With a master’s degree in Management from the University of Paris IX Dauphine, Catherine Pariset spent thirty-five years in audit and consulting, and was a partner at PricewaterhouseCoopers (PwC) from 1990 to 2015. Catherine Pariset was the partner in charge of the global audit of AXA, Sanofi, Crédit Agricole, Caisse des Dépôts, Compagnie des Alpes and Generali France.

She also served as a member of the PwC Board for seven years, and was partner overseeing the Insurance and Banking sectors.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Outside Groupe BPCE |  | ●None
●Director, Chairwoman of the Appointments and Compensation Committee, member of the Audit Committee and of the Risk Committee of Stellantis Financial Services (formerly Banque PSA Finance) (since 22/02/2019) ●Director and member of the Specialized Committees of: ●Generali Vie (since 11/03/2020) ●Generali lARD (since 11/03/2020) ●Generali Retraite (since 16/11/2022) |

(a)2027 AGM called to approve the financial statements for the fiscal year ended 31/12/2026.

Christophe Pinault

Chairman of the Management Board of Caisse d’Epargne et de Prévoyance Bretagne Pays de Loire

Date of birth
26/11/1961
Nationality
French
Address
15, avenue de la jeunesse 44703 Orvault Cedex

Director
First appointed
co-opted by the Board of Directors’ meeting of 20/12/2018 and ratified at the AGM of 28/05/2019
Term expires
2029 AGM(a)

Member – Risk Committee and US Risk Committee
First appointed
Board of Directors' meeting of 20/12/2018
Member – Compensation Committee
First appointed
Board of Directors' meeting of 20/12/2018
Member – Strategic Committee
First appointed
Board of Directors' meeting of 20/12/2018

Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

A graduate of ISC Paris Business School, ITB (Institut technique de banque) and ICG IFG (Institut français de gestion), Christophe Pinault began his career in 1984 at Banque Populaire Anjou-Vendée before moving to Crédit Agricole de la Mayenne and Crédit Mutuel Anjou.

In 2002, he joined Caisse d’Epargne des Pays de la Loire as Head of the Network, then member of the Management Board in charge of Development. He then joined Crédit Foncier in 2007 as Deputy Chief Executive Officer in charge of Development. In 2013, he was appointed Chairman of the Management Board of Caisse d’Epargne Côte d’Azur.

He has been Chairman of the Management Board of Caisse d’Epargne et de Prévoyance Bretagne Pays de Loire since April 24, 2018.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chairman of the Management Board of Caisse d’Epargne Bretagne Pays de Loire CEBPL (since 24/04/2018 – Reappointed on 25/02/2022) ●Chairman of the Supervisory Board of: ●Batiroc Bretagne-Pays de Loire (since 04/05/2018) ●Chairman of the Board of Directors and Chairman of: ●Sodero Participations SAS (since 04/05/2018) ●Fonds de Dotation Caisse d’Epargne Bretagne Pays de Loire (since 06/07/2020) ●Permanent representative of CEPBL, Director of Groupe Habitat en Région (since 22/04/2021) ●Director of FNCE (since 27/04/2018) ●Director and Treasurer of the Belem Foundation (since 02/07/2015) |  | ●Director of Turbo (from 18/07/2019 to 27/11/2024) and Chairman of the Board of Directors (from 10/05/2022 to 02/05/2024) ●Chairman of the Supervisory Board of Sodero Gestion (until 19/03/2024) ●Member of the Supervisory Board of Seventure Partners (from 25/07/2016 to 16/12/2020) ●Permanent representative of CEPBL, Director of GIE IT-CE (from 14/05/2018 to 01/11/2023) Outside Groupe BPCE ●Chairman of comité régional des banques FBF Pays de la Loire (from 02/06/2022 to 03/07/2024)
Outside Groupe BPCE
●None |

(a)2029 Annual General Meeting called to approve the financial statements for the fiscal year ended 31/12/2028

Karine Puget
(since May 21, 2025)

Chairwoman of the Board of Directors of Banque Populaire du Sud

Date of birth
18/10/1970
Nationality
French
Address
38, boulevard Georges Clemenceau, 66966 Perpignan Cedex 09

Director
First appointed
Appointed by the AGM of 21/05/2025
Term expires
2029 AGM(a)

Member – Compensation Committee
First appointed
Board of Directors' meeting of 05/05/2025 (with effect from 21/05/2025)

Member – Strategic Committee
First appointed
Board of Directors' meeting of 05/05/2025 (with effect from 21/05/2025)

A Doctor of Science, winner of the French Ministry of Research's national competition for the creation of innovative companies, Karine Puget created a biotechnology company in the field of research, health and innovation more than 20 years ago: GENEPEP, located in Saint-Jean-de-Védas near Montpellier. This company specializes in the production and optimization of molecules called peptides, useful in the design of new drugs, new diagnostic or cosmetic solutions.

Within Groupe BPCE, Karine Puget has been a member of the Board of Directors of Banque Populaire du Sud since 2016 and has been its Chairwoman since May 2024.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chairwoman of the Board of Directors of Banque Populaire Sud (since May 2024) ●Member of the Board of Directors of Banque Populaire du Sud (since May 2016) ●Director of the Banque Populaire du Sud (since May 2024) |  | ●Vice-Chairwoman of the Board of Directors of Banque Populaire du Sud (from May 2020 to May 2024) ●Member of the Board of Directors of BPCE Vie (from October 2024 to July 2025) Outside Groupe BPCE ●Chairwoman of SAS Genepep (2003-2015) ●Member of the Board of Directors of the Sciences Chimiques Balard (EDSCB) doctoral school (from January 2019 to June 2024) ●Member of the Scientific Committee of the École Nationale Supérieure de Chimie de Montpellier (2019-2024)
Outside Groupe BPCE
●Chairwoman of SAS Financière du Petit Prince (since January 2015) ●Permanent representative of Financière du Petit Prince, Chairwoman of SAS Genepep (since 2015) ●Managing Director of SCI Barry (since January 2002) ●Managing Director of SCI Kape (since January 2012) ●Managing Director of SCI Lib (since January 2022) ●Member of the Strategic Committee of Medvallée (since January 2022) ●Member of the International Advisory Committee of the University of Montpellier (since January 2024) ●Member of the Financial and Scientific Advisory of the Incubator for Innovative Companies (CAP Omega European Business and Innovation Centre) (since 2016) ●Member of the Investment Committee of SATT Axlr (since January 2016) ●Consultant at the Banque de France Hérault (since January 2023) |

(a)2029 Annual General Meeting called to approve the financial statements for the fiscal year ended 31/12/2028

Laurent Roubin

Chairman of the Management Board of Caisse d’Epargne et de Prévoyance des Hauts de France

Date of birth
02/11/1969
Nationality
French
Address
612 rue de la Chaude Rivière 59800 Lille

Director
First appointed
co-opted by the Board of Directors’ meeting of 22/09/2021 and ratified at the AGM of 22/03/2022
Term expires
2028 AGM(a)

Member – Risk Committee and US Risk Committee
First appointed
Board of Directors’ meeting of 22/09/2021
Member – Appointments Committee
First appointed
Board of Directors’ meeting of 22/09/2021
Member – Strategic Committee
First appointed
Board of Directors’ meeting of 22/09/2021

Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]
●Refer to the skills mapping in Section [2.2.1.1. C]

Laurent Roubin is a graduate of the École Centrale Paris and the University of Stanford (Executive Program). He holds a postgraduate degree from the University of Paris-Dauphine.

He began his career in 1992 at the Compagnie Bancaire Group holding company, then in the Risk division of Cetelem Spain (BNP PARIBAS Group). In 1996, he joined PricewaterhouseCoopers Management, and in 2000 the Banking and Financial Institutions Department.

In 2002, he was appointed Member of the Management Board of the Caisse d’Epargne du Pas-de-Calais, in charge of finance and risks.

In 2005, he joined Ixis Asset Management and became Head of Operations at Natixis Asset Management.

He joined Caisse Nationale des Caisses d’Epargne in 2008 to become Head of Business Development for the Caisses d’Epargne at BPCE. In 2011, he was appointed Chairman of the Management Board of Caisse d’Epargne de Picardie. In 2016, he became a member of the Groupe BPCE Management Board, Chief Executive Officer in charge of Retail Banking and Insurance.

Since 2018, Laurent Roubin has been Chairman of the Management Board of Caisse d’Epargne Hauts de France.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chairman of the Management Board of Caisse d’Epargne Hauts de France (since 19/10/2018 and renewed on 23/06/2023) ●Chairman of the Board of Directors of SIA Habitat (since 12/11/2018 renewed on 02/06/2021) ●Chairman of the Board of Directors of Banque Nagelmackers (since 10/03/2025) ●Vice-Chairman and member of the Board of Directors of FNCE (since 05/05/2021) ●Chairman of the Board of Directors of Société Immobilière Grand Hainaut (since 21/06/2024) ●Permanent representative of CEHDF, member of the Board of Directors of SAS Groupe Habitat en Région (since 22/04/2021) and member of the Compensation Committee (since 27/07/2021) ●Permanent representative of CEHDF, Managing Director of SNC Écureuil 5 rue Masseran (since 05/05/2021) ●Permanent representative of CEHDF, member of the Board of Directors of MEDEF LILLE METROPOLE (Association) (since 30/06/2025) |  | ●Chairman of the Comité Régional FBF des Hauts-de-France (from 12/11/2018 to 30/06/2021) ●Chairman of the Board of Directors of BPCE International et Outre-Mer (from 25/05/2016 to 16/12/2021) ●Director of Fondation d’Entreprise Caisse d’Epargne Hauts de France (from 12/11/2018 to 17/05/2021), Oney Bank (from 22/10/2019 to 20/10/2021) ●Permanent representative of CEHDF, Director of BPCE IT (from 12/11/2018 to 25/06/2021) ●Permanent representative of CEHDF, member of the Supervisory Board of Euratechnologies (from 29/01/2019 to 30/06/2022) ●Permanent representative of CDHDF, Treasurer of the Fondation des Possibles – Fondation d’Entreprise (from 12/11/2018 to 06/03/2022) ●Chairman of the Compensation Committee of SIA Habitat (from 12/12/2018 to 18/10/2022) ●Permanent representative of CEHDF, member of the Board of Directors of IT-CE (from 01/01/2022 to 31/12/2023) ●Member of the Supervisory Board of Société Immobilière Grand Hainaut (SIGH) (from 12/11/2018 to 21/06/2024), then Chairman of the Supervisory Board (from 14/06/2019 to 21/06/2024) and Chairman of the Compensation Committee (from 14/06/2019 to 21/06/2024)
Outside Groupe BPCE
●Permanent representative of CEHDF, member of the Board of Directors of Groupe IRD (since 01/01/2022) then Chairman of the Appointments and Compensation Committee (since 14/04/2023) and member of the Strategic Finance Committee (since 27/06/2023) |

(a)2028 AGM called to approve the financial statements for the fiscal year ended 31/12/2027.

Laurent Seyer

Chairman of Ellesse SAS

Date of birth
16/02/1965
Nationality
French
Address
38 quater rue de Tourville 78100 Saint-Germain-en-Laye

Independent director
First appointed
co-opted by the Board of Directors' meeting of 13/12/2021
Term expires
2026 AGM(a)

Chairman – Risk Committee and US Risk Committee
First appointed
Board Meeting of 13/12/2021
Member – Audit Committee
First appointed
Board Meeting of 13/12/2021
Member of the ESR Committee (until May 21, 2025)
First appointed
Board Meeting of 13/12/2021
Member – Strategic Committee
First appointed
Board Meeting of 13/12/2021

Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1. C]

Laurent Seyer spent 24 years at Société Générale where he held various management positions in the General Inspection, mergers & acquisitions and equity derivatives. He was Chief Executive Officer of Lyxor Asset Management from 2006 to 2012.

He then joined AXA Investment Managers LLC in Paris as a member of the Management Board, first as Global Head of Multi Asset Client Solutions and subsequently Global Head of Client Group.

In 2014, he joined MSCI Inc. in London as Global Head of Client Coverage before becoming Chief Client Officer and Chief Operating Officer until 2020.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Outside Groupe BPCE |  | ●None
●Chairman of Ellesse SAS (since 27/11/2020) |  |

(a)2026 AGM called to approve the financial statements for the fiscal year ended 31/12/2025.

Henri Proglio

Chairman of Henri Proglio Consulting SAS

Date of birth
29/06/1949
Nationality
French
Address
24 place du Général Catroux 75017 Paris

Non-voting member
First appointed
Board of Directors' meeting of 04/04/2019 and ratified by the AGM of 28/05/2019
Term expires
2027 AGM(a)

Member – Compensation Committee
First appointed (as a non-voting member)
Board of Directors’ meeting of 04/04/2019
Member – Strategic Committee
First appointed (as a non-voting member)
Board of Directors’ meeting of 04/04/2019

Key advisory skills
●A nationally and internationally recognized industrialist ●Expertise in managing large corporations ●Extensive knowledge of strategic issues

A graduate of HEC Paris, Henri Proglio began his career in 1972 at Générale des Eaux Group (now Veolia Environnement), where he held various positions in Senior Management. In 1990, he was appointed Chairman and Chief Executive Officer of CGEA, a subsidiary specializing in waste management and transport. In 2000, he chairs at Vivendi Environnement (Veolia Environnement), and becomes in 2003 Chairman and Chief Executive Officer.

In 2005, he was also appointed Chairman of the School Council of his graduate school, HEC.

From 2009 to November 22, 2014, Henri Proglio was Chairman and Chief Executive Officer of EDF.

Since 2015, he has been Honorary Chairman of EDF.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●None. |  | ●None
Outside Groupe BPCE |  | Outside Groupe BPCE
●Chairman of Henri Proglio Consulting SAS (since 09/01/2015) ●Honorary Chairman of EDF (1) (since 2015) ●Director of ●Dassault Aviation (1) (since 2008) ●Akkuyu Nuclear JSC (Turkey) (since 2015) ●Chairman of the comité des Sages Dassault (since July 2023) |  | ●Director of: ●Atalian (from 01/09/2017 to the end of February 2023) ●FCC (from 27/02/2015 to the end of June 2023) ●ABR Management Russia (from 2014 to 04/07/2022)

(a)2027 AGM called to approve the financial statements for the fiscal year ended 31/12/2026.

(1)Listed company.

Valérie Andrieu
(since March 10, 2026)

Chairwoman of the Steering & Supervisory Board of Caisse d’Epargne Auvergne Limousin

Date of birth
11/02/1955
Nationality
French
Address
Lestrade – 506 avenue Pierre Meyjonade – 19600 Saint-Pantaléon-de-Larche

Director
First appointed
co-opted by the Board of Directors’ meeting of 10/03/2026
Term expires
2027 AGM(a)

Member – Appointments Committee
First appointed
Board of Directors’ meeting of 10/03/2026
Member – Audit Committee
First appointed
Board of Directors’ meeting of 10/03/2026
Member – Strategic Committee
First appointed
Board of Directors’ meeting of 10/03/2026
Key advisory skills
●Refer to the skills mapping in Section [2.2.1.1.C]

Valérie Andrieu graduated from the University of Toulouse with a degree in Applied Foreign Languages (Faculty of Mirail) and holds a BTS (Advanced Technician’s Certificate) in Trilingual English/German Executive Secretarial Studies (Faculty of Mirail).

Currently Secretary General of the CCI (Chamber of Commerce and Industry) of Corrèze and Dordogne since 2021, her career serving local communities and businesses began in 1988 at the Chamber of Commerce and Industry of Pays de Brive.

Appointed to the Caisse d’Epargne Auvergne Limousin in 2009 as director and then Chairwoman of the Société Locale d’Epargne de Corrèze, Valérie Andrieu was appointed to the Steering and Supervisory Board in 2015, where she served as a member of the Risk Committee and Audit Committee and as Chairwoman of the ESR Committee.

Since April 2023, she has been Chairwoman of the Steering and Supervisory Board, and Chairwoman of the Compensation Committee and the Appointments Committee.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Chairwoman of the Steering and Supervisory Board of Caisse d’Epargne Auvergne Limousin (since April 2023), Chairwoman of the Appointments Committee and the Compensation Committee ●Chairwoman of the Board of Directors of SLE Corrèze (since June 2020) ●Director of the Fédération Nationale des Caisses d’Epargne (since 12/05/2023) |  | ●Permanent Representative of SLE Corrèze, member of the Steering and Supervisory Board of Caisse d’Epargne Auvergne Limousin (from 24/04/2015 to 23/04/2021)
Outside Groupe BPCE |  | Outside Groupe BPCE
●Secretary General of the Chamber of Commerce and Industry (CCI) of Corrèze and Dordogne (since January 2021) |  | ●None

(a)2025 AGM called to approve the financial statements for the fiscal year ended 31/12/2024.

##### Exiting director in 2025

Catherine Leblanc
(until May 21, 2025)

Chairwoman of the Board of Directors of Banque Populaire Grand Ouest

Date of birth
11/02/1955
Nationality
French
Address
15 boulevard de la Boutière 35768 Saint-Grégoire Cedex

Director
First appointed
co-opted by the Board of Directors' meeting of 23/06/2020
Term expires
2025 AGM(a)

Member – Compensation Committee
First appointed
Board Meeting of 23/06/2020
Member – Compensation Committee
First appointed
Board of Directors’ meeting of 23/06/2020

A graduate of Université Paris XI and holder of a PhD in law, Catherine Leblanc began her career in 1980 as legal counsel at the Fédération Nationale de la Mutualité Française, then as senior advisor for the Centre National sur les Droits de la Femme in 1982.

In 1983, she joined the Research Department of the Paris Chamber of Commerce and Industry. She held various positions including Head of the Legal Department, Director of Finance and Human Resources (from 1990 to 1999) and Director of Development (from 1999 to 2000). At the same time she taught European Business Law and International HR Management at ESCP.

Within Groupe BPCE, Catherine Leblanc has been Chairwoman of the Board of Directors of Banque Populaire Grand Ouest since May 21, 2019.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●None |  | ●Chairwoman of the Board of Directors of Banque Populaire Grand Ouest (2019-2025) ●Member (since 2019) then treasurer of the Fédération Nationale des Banques Populaires (2023-2025) ●Director of the Banque Populaire corporate foundation (2019-2025)
Outside Groupe BPCE
●Director of the Association Saint Yves Université Catholique de l’Ouest (since 15/06/2019) |

(a)2025 AGM called to approve the financial statements for the fiscal year ended 31/12/2024.

Exiting director in 2025

Nicolas de Tavernost
(until May 21, 2025)

Vice-Chairman of the holding company CMA Média (until August 15, 2025), Chairman and Chief Executive Officer of RMC BFM (until October 30, 2025) Chief Executive Officer of FiLIALE LFP 1 (since April 30, 2025)

Date of birth
22/08/1950
Nationality
French
Address
2 rue du Général Alain de Boissieu 75015 Paris

Independent director
First appointed
AGM of 31/07/2013
Term expires
2025 AGM(a)

Chairman – Compensation Committee
First appointed
Board of Directors' meeting of 06/08/2013
Member – Appointments Committee
First appointed
Board of Directors' meeting of 17/12/2014
Member – Strategic Committee
First appointed
Board of Directors' meeting of 06/08/2013

A graduate of Sciences Po Bordeaux and holding a post-graduate degree (DES) in public law, Nicolas de Tavernost began his career in 1975 with the cabinet of Norbert Ségard, Secretary of State for Foreign Trade, then moved to the French Post and Telecommunications Services. In 1986, he took over as Head of Audiovisual Operations at Lyonnaise des Eaux, during which time he oversaw the plans to create M6.

In 1987, he was appointed Deputy Chief Executive Officer of Métropole Télévision M6, where he served as Chairman of the Management Board between 2000 and 2024.

From 2024 to 2025, he held the position of Vice-Chairman and Chairman of the Strategic Committee at CMA Media, and also became Chairman and Chief Executive Officer of RMC BFM.

On April 30, 2025, he became Chief Executive Officer of SUBSIDIARY LFP1.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Outside Groupe BPCE
●None |  | ●Chairman and Chief Executive Officer of RMC-BFM SAS (from 02/07/2024 to 30/10/2025) ●Vice-Chairman, Chairman of the Strategic Committee of CMA Media SAS (from 15/05/2024 to 15/08/2025) ●Chairman of the Groupe M6 Management Board (b) (from May 2000 to May 2024) ●Chairman and Director of Société Nouvelle de Distribution (from June 2019 to May 2024) ●Chairman and Chief Executive Officer and director of M6 Plateforme SA (from 26/07/2022 to May 2024) ●Permanent representative of M6 Publicité, director of: M6 Diffusion SA (from 2013 to May 2024), M6 Éditions SA, M6 Événements SA (from 15/03/2012 to May 2024) ●Permanent representative of Métropole Télévision, Chairman of: ●M6 Publicité SA (from 2001 to May 2024), ●Immobilière M6 SAS (from 2001 to May 2024) ●M6 Interactions SAS (from 2001 to May 2024), ●M6 Foot SAS (from 2001 to May 2024), ●M6 Distribution Digitale SAS (from 2019 to May 2024), ●M6 Digital Services SAS (from 14/02/2023 to May 2024), ●M6 Studio SAS (from 14/02/2023 to May 2024), Chairman and member of the Shareholders’ Committee of Multi 4 SAS (from 19/06/2014 to May 2024) ●Permanent representative of Métropole Télévision, Chairman of: ●Extension SAS TV, C. Productions SA (from 21/10/2012 to May 2024), ●Société d'Exploitation Radio Chic – SERC SA (from 02/10/2017 to May 2024), ●Société de Développement de Radio diffusion – SODERA SA (from 02/10/2017 to May 2024) ●Permanent representative of C. Productions SA, director of M6 Films SA (from 01/01/2015 to May 2024) ●Permanent representative of Métropole Télévision, Managing Director of: SCI 107 avenue Charles-de-Gaulle (from 2001 to May 2024) ●Representative of RTL Group, member of the Supervisory Board and Vice-Chairman of the Compensation Committee of Atresmedia 1 (from 29/10/2003 to January 2025) ●Member of the Supervisory Board of Salto Gestion (from 16/09/2019 to 10/03/2021) ●Permanent representative of Métropole Télévision, director of: Médiamétrie (from 22/11/2017 to 27/04/2021) ●Permanent representative of M6 Publicité, Director of Home Shopping Service S.A. (from 2013 to 01/10/2020) ●In his capacity as Chairman of the Management Board of Groupe M6, (from April 2013 to 31/12/2021) Chairman of SPILE (Sortir de prison intégrer l’entreprise) a non-profit under French law 1901. ●Director: ●volunteer of Polygone S.A. (from 02/03/2013 to 31/12/2021) ●the RAISE endowment fund (from 22/11/2013 to 19/07/2022) ●Chairman of the Association des Chaînes Privées (from December 2020 to 31/12/2022)
Outside Groupe BPCE |
●Chief Executive Officer of FILIALE LFP 1 (since 30/04/2025) ●Chairman and Chief Executive Officer of ABEL Conseil (since 12/03/2021) ●Director of GL Events S A (since May 2008) ●Director of Groupe M6 Fondation d’Entreprise (since 2018) ●Permanent representative of: ●MEDIAMETRIE (since 10/05/2025) ●IP REGIONS (since 25/11/2017) ●Manager of SOC RADIO MONTE CARLO (since 02/07/2024) |

(a)2025 AGM called to approve the financial statements for the fiscal year ended 31/12/2024.

(b)Listed company.

Exiting director in 2025

Catherine Amin-Garde
(until August 4, 2025)

Chairwoman of the Steering & Supervisory Board of Caisse d’Epargne et de Prévoyance Loire Drôme Ardèche (until April 22, 2025)

Date of birth
08/03/1955
Nationality
French
Address
Espace Fauriel - 17, rue des Frères Ponchardier - BP 147 - 42012 Saint-Etienne cedex 2

Director
First appointed
co-opted by the Board of Directors on 01/08/2024
Term expires
2027 AGM(a)

Member – Appointments Committee
First appointed
Board Meeting of 01/08/2024

Member – Audit Committee
First appointed
Board Meeting of 01/08/2024
Member – Strategic Committee
First appointed
Board Meeting of 01/08/2024

Catherine Amin-Garde is a graduate of the University of Lyon 2 in History and Tourism (Ilkirch Grafenstaden - Lyon 2), holder of a diploma in youth policy consulting (INJEP Marly le Roi) and holder of a second cycle of European studies at the Ecole Nationale d’Administration de Strasbourg.

After several years of teaching, she became a popular education and youth advisor (2005-2009) at the Ministry of Youth and Sports, then held various positions at the Ministry of the Interior. In 2009, she became the prefect’s delegate for urban policy. At the same time, in February 2000, she joined Groupe BPCE as Chairwoman of the local Epargne Drôme Provençale Centre bank.

Since April 2025, she has been Vice-Chairwoman of the Steering and Supervisory Board of the Caisse d'Epargne Loire Drôme Ardèche, of which she was chair, and where she served as Chairwoman of the Compensation Committee, the Appointments Committee, a member of the Audit Committee and the Risk Committee, and a member of the Cooperative Life and ESR Commission.

Compliance with cumulative mandates rule | AFEP-MEDEF Code Compliant | French Monetary and Financial Code Compliant

Other positions/offices held in 2025: |  | Offices held in previous fiscal years:
--- | --- | ---
Within Groupe BPCE |  | Within Groupe BPCE
●Vice-Chairwoman of the Steering & Supervisory Board of Caisse d’Epargne Loire Drôme Ardèche (since 22/04/2025), Chairwoman of the Appointments Committee and member of the Compensation Committee, member of the Audit Committee and the Risk Committee. ●Chairwoman of the Board of Directors of SLE Drôme Provençale Centre (since February 2000) ●Chairwoman of the Board of Directors of Solidaire à Fonds (the Caisse d’Epargne Loire Drôme Ardèche endowment fund) (since December 2015) ●Member of the Board of Directors of FNCE (since June 2010) |  | ●Chairwoman of the Steering & Supervisory Board of Caisse d’Epargne Loire Drôme Ardèche, Chairwoman of the Appointments Committee and member of the Compensation Committee, member of the Audit Committee and the Risk Committee (2000-2025). ●Member of the Natixis Board of Directors (2024-2025) ●Member of the Natixis Interépargne Board of Directors (2010-2020) ●Permanent representative of CE Holding Promotion, director of SAS Groupe Habitat en région (until October 2023) ●Member of the Supervisory Board and the Appointments and Compensation Committee of BPCE (July 2009-May 2024)

(a)2027 AGM called to approve the financial statements for the fiscal year ended 31/12/2026.

## 2.2Management and oversight of corporate governance

### 2.2.1The Board of Directors

#### 2.2.1.1Composition and organization of the Board of Directors

At March 10, 2026, the Natixis Board of Directors had 15 directors. It is composed as follows:

●two members from BPCE, namely Nicolas Namias and BPCE, represented by Hélène Madar(11);

●four members from Banques Populaires, namely Sylvie Garcelon, Dominique Garnier, Lionel Baud(12) and Karine Puget;

●four members from the Caisses d’Epargne, namely Valérie Andrieu(13), Dominique Duband, Christophe Pinault, Laurent Roubin; and

●five independent members, namely Anne Lalou, Delphine Maisonneuve, Catherine Pariset, Laurent Seyer and Edouard-Malo Henry.

In accordance with Article L.225-27-1 of the French Commercial Code, the Natixis Board of Directors does not have a director representing the employees or a director representing the employee shareholders. However, two representatives of the Social and Economic Committee attend every Board of Directors’ Meeting in an advisory capacity.

In accordance with Article L.225-19 of the French Commercial Code, the number of directors who are over the age of 70 is limited to one third of the number of directors in office. No Natixis director exceeded the age of 70 as of March 10, 2026, with the exception of the non-voting member (see the summary table of the Board of Directors in Section [2.1.3] of this chapter).

In addition, in accordance with Article 15.1 of the AFEP-MEDEF Code, the term of office of Natixis directors is four (4) years.

##### A −Main changes in the composition of the Board of Directors

The main changes made to the composition of the Board of Directors in fiscal year 2025 that are likely to have a material impact on the Company’s governance are as follows:

●on May 21, 2025, the Ordinary General Shareholders' Meeting approved the following resolutions relating to the composition of the Board of Directors:

●the ratification of the co-option by the Board of Directors, at its meeting of August 1, 2024, of Catherine Amin-Garde as Director, replacing Valérie Savani, who resigned, for the remaining term of the term of office, i.e. until the General Shareholders' Meeting called in 2027 to approve the financial statements for the fiscal year ended December 31, 2026,

●the ratification of the co-option by the Board of Directors, at its meeting of August 1, 2024, of Lionel Baud as Director, replacing Philippe Hourdain, who resigned, for the remainder of his term of office, i.e. until the General Shareholders' Meeting called in 2026 to approve the financial statements for the fiscal year ended December 31, 2025.

●the renewal of the term of office as a director of Christophe Pinault for a term of four (4) years, ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028,

●the renewal of the term of office as a director of Delphine Maisonneuve for a term of four (4) years, also ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028,

●the appointment of Edouard-Malo Henry as a director, replacing Nicolas de Tavernost, whose term of office expired at the end of the General Shareholders' Meeting of May 21, 2025, for a term of four (4) years ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028,

●the appointment of Karine Puget as a director, replacing Catherine Leblanc, whose term of office also expired at the end of the General Shareholders' Meeting of May 21, 2025, for a term of four (4) years, ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028;

●On August 4, 2025, the Board of Directors acknowledged the resignation of Catherine Amin-Garde from her directorship, effective as of today's Board meeting.

##### B −Procedure for staggering terms of office

In accordance with the staggered appointments procedure initiated at the Combined General Shareholders’ Meeting on May 23, 2018, the current terms of office expire as follows:

2026 AGM | 1)Lionel Baud, Dominique Duband, Anne Lalou, Laurent Seyer
2027 AGM(a) | 2)Valérie Andrieu, BPCE (represented by Hélène Madar), Nicolas Namias, Catherine Pariset
2028 AGM | 3)Sylvie Garcelon, Dominique Garnier, Laurent Roubin
2029 AGM | 4)Edouard-Malo Henry, Delphine Maisonneuve, Christophe Pinault, Karine Puget

##### C −Diversity policy of the Board of Directors

Convinced that the quality of the Board of Directors is measured by the complementary profiles and ethics of its members, Natixis has implemented a diversity policy in accordance with the European Banking Authority (EBA) guidelines on internal governance (EBA/GL/2021/05) and the guidelines on assessing the suitability of members of the management body and holders of key positions (EBA/GL/2021/06) dated July 2, 2021, and with article 7.2 of the AFEP-MEDEF Code. Approved in its initial version by the Board of Directors on February 12, 2019, the diversity policy is incorporated into the policy for assessing the suitability of Natixis' Executive directors, members of the Board of Directors and holders of key positions, and was reviewed by the Board of Directors on December 12, 2024. This diversity policy highlights the specific characteristics of Natixis’ governance as well as the skills that the Board of Directors must bring together, with the suitability of the directors’ profile being assessed with regard to the collective and balanced representation of skills, as illustrated by the skills map detailed below.

###### Diversity policy description

The objective of the Natixis Board of Directors’ diversity policy is to ensure that members of the Board are able, at all times, to make informed, judicious and objective decisions by taking into consideration Natixis’ business model, its risk appetite, its strategy and the markets in which Natixis operates, and secondly, to challenge and monitor the decisions taken by Senior Management.

In addition to the rules governing the composition of the Natixis Board of Directors, this policy describes the criteria used to ensure the diversity of the Board, in particular:

●the knowledge and qualifications needed to perform the duties of a director, in particular in relation to Natixis’ specific activities (solid understanding of the banking and financial sector, Natixis’ Corporate & Investment Banking and Asset & Wealth Management business lines, financial management, accounting and auditing principles applicable to credit institutions, corporate management, risk management, internal control and governance, corporate strategy, information technology and security, human resources, international development, the regulatory environment, the fight against money laundering and the financing of terrorism, and sustainable development);

●balanced representation of women and men on the Board of Directors, with a minimum gender mix of 40%. This balance is also sought, as far as possible, in the composition and Chairmanship of the Board’s Specialized Committees;

●a balance in terms of age of the members of the Board of Directors with a minimum target of 50% directors under the age of 65 years, and

●the international scope of the Board of Directors, in view of Natixis’ activities and geographical deployment, with a minimum target of 33% directors with an international profile.

This policy will be applied when a new director is appointed and when the Appointments Committee and the Board of Directors perform their annual review of the Board of Directors’ composition.

Accordingly, whenever a director is appointed, a “Fit and Proper” report outlining the candidate’s experience and skills, as well as their status with respect to other offices held simultaneously, availability, integrity and conflicts of interest, accompanied by their résumé, is sent to the members of the Appointments Committee for review. The Committee then provides the Board of Directors with its opinion.

It is specified that the Appointments Committee favors the complementarity of skills and the diversity of cultures and experiences in order to have sufficiently rich and varied profiles.

###### Implementation and monitoring of the diversity policy

The Board of Directors (by means of its Appointments Committee) regularly examines the best way to balance its membership and that of its Committees. To this end, the Appointments Committee assesses, at least once a year, the structure, size, adequacy of the composition and effectiveness of the Board with regard to the missions assigned to it and submits any useful recommendations to the Board.

###### Skills and expertise of the members of the Board of Directors

As part of the review of the Board of Directors’ diversity, at its meeting of February 26, 2026, the Appointments Committee examined an updated mapping of the skills and expertise of members of Board to assess the level of knowledge and expertise of each director for each area of expertise considered (including Natixis business lines and thirteen other areas of expertise).

Analysis of this mapping revealed a great diversity and complementarity in terms of the directors’ knowledge, skills and experience. In accordance with the opinion of the Appointments Committee, the Board of Directors, at its meetings on December 12, 2025, and March 10, 2026, especially:

●noted, after a review of the Fit & Proper situation of the members of the Board of Directors:

●that the rules governing the holding of multiple offices are complied with,

●that sufficient time is devoted to the performance of their duties,

●that nothing is likely to call into question their good repute, honesty and integrity, and

●that there are no new conflicts of interest to be declared;

●confirmed:

●that each member of the Board of Directors makes a useful contribution to the work of the Board and its Specialized Committees,

●that collectively, the Board of Directors has the ability to make informed decisions and the breadth of expertise required to ensure the smooth running and effective direction of the Company’s business,

●that the current composition of the Board of Directors is satisfactory,

●that the current composition of the Specialized Committees is satisfactory;

●the status of Anne Lalou, Delphine Maisonneuve, Catherine Pariset, Laurent Seyer and Edouard-Malo-Henry as independent directors, and the proportion of independent directors on the Natixis Board, i.e. one-third of its members;

●determined, for fiscal year 2026 the qualifications deemed necessary for the duties to be performed within the Board of Directors as presented to it; and

●noted:

●that the complementary profiles to be prioritized in future searches for director candidates are banking profiles with skills and experience in Natixis' business lines, profiles with international expertise, and profiles with expertise in information technology and security,

●compliance with the diversity targets set out in the policy on assessing the suitability of members of the Board of Directors;

●that the governance rules set out above prevent any one person or group of people from dominating the Board in a way that is detrimental to the interests of Natixis.

◗Summary of the collective skills of the members of the Board of Directors

Mapping of Natixis Board skills as of March 10, 2026

| 7 | 5 | 5 | 5 | 13 | 10 | 8 | 13 | 13 | 6 | 8 | 6 | 10 | 7 | 4 | 6 | 10
| 9
| 7 | 5 | 5
| 7 | 7 | 5
| 5 | 7
| 6 | 3
| 5 | 5 | 5 | 4 | 4
| 4 | 3
| 3 | 3
| 2 | 2 | 2 | 2 | 2 | 2
| 1 | 1 | 1 | 1 | 1

| Corporate & Investment Banking Financing Operations | Corporate & Investment Banking Capital markets activities | Asset & Wealth Management Liquid assets | Asset & Wealth Management Real assets | Banking and financial markets | Accounting and auditing | Finance | Corporate management | Business strategy | Legal requirements/ regulatory framework | Risk management | Anti-money laundering and counter- terrorism financing | Governance and internal control | ESR/Sustainable development | Information Technology/security | International | Human resources
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Skills and expertise of the Board |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Skills and expertise by director
Nicolas Namias |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hélène Madar |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valérie Andrieu |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lionel Baud |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dominique Duband |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sylvie Garcelon |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dominique Garnier |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edouard-Malo Henry |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Anne Lalou |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delphine Maisonneuve |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catherine Pariset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Christophe Pinault |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Karine Puget |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Laurent Roubin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Laurent Seyer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Skills | Expertise

###### Independent directors

One third of the members of the Board of Directors are independent, in accordance with the AFEP-MEDEF Code. At March 10, 2026, the five independent directors of Natixis are: Anne Lalou (Deputy Chief Executive Officer of the Web School Factory and Chairwoman of the Innovation Factory), Delphine Maisonneuve (Chief Executive Officer of Groupe VYV), Catherine Pariset (Director of Stellantis Financial Services, Generali Vie, Generali IARD and Generali Retraite), Laurent Seyer (Chairman of Ellesse SAS) and Edouard-Malo Henry (Co-Founder of S3P - Strategic Personal Planning Process).

As is the case every year, at its meetings of May 5, 2025 and March 10, 2026, in the light of the report submitted by the Appointments Committee, the Natixis Board of Directors examined each independent director’s expertise, judgment and freedom of thought and expression, specifically with respect to the independence criteria recommended by the AFEP-MEDEF Code and the criteria in the Board of Directors’ internal rules (see Section [2.2.1.2] of this chapter).

The Board of Directors paid particular attention to assessing whether or not the business relationship between the companies in which the independent directors hold corporate office with Natixis or its group is significant.

Natixis applies the concept of “reference banker”, i.e. “a banker essential to all requirements of the Company”, to assess the importance of business relationships, identify any situation of dependency on Natixis, and gauge whether these relationships are likely to affect the independence of the director’s judgment.

To this end, Natixis analyzes a range of indexes, criteria and parameters including the duration, extent and nature of the banking, trade and consulting relationships, the volume of commitments and the weight of Natixis compared to total indebtedness, and the Company’s liquidity requirements.

After examination, it emerges that Natixis is not the “benchmark banker” for companies in which the independent directors perform their duties as Executive corporate officers or their professional activity. For these companies, either Natixis does not have any business relationships or it has non-material business relationships.

Furthermore, to date, the independent directors are not in a position of conflict of interest with respect to the non-executive corporate offices they hold in other companies, in accordance with the Code of Ethics applicable to all members of the Board of Directors under which they undertake to inform the Company of any conflict of interest in which they will be involved and to comply with the process related to the handling of the said conflict of interest.

As a result, the Natixis Board of Directors, after examining the independence criteria, confirmed the independence of Anne Lalou, Delphine Maisonneuve, Catherine Pariset, Laurent Seyer and Edouard-Malo Henry, as well as the proportion represented by independent directors on the Natixis Board, i.e. one third of its members.

Criteria to be assessed(a) | Edouard-Malo Henry | Anne Lalou | Delphine Maisonneuve | Catherine Pariset | Laurent Seyer
--- | --- | --- | --- | --- | ---
Cannot be or have been during the last five years: ●an employee or Executive corporate officer of Natixis; ●an employee, Executive corporate officer or director of a company consolidated by Natixis; ●an employee, Executive corporate officer or director of BPCE or of a company consolidated by BPCE. |  |  |  |  |
Is not an Executive corporate officer of a company in which Natixis directly or indirectly holds a directorship, or in which an employee of Natixis or an Executive corporate officer of Natixis (currently or within the last five years) holds a directorship. |  |  |  |  |
Is not a significant client, supplier, or corporate or investment banker or advisor (or linked directly or indirectly to these persons) to Natixis or the Group and does not derive a significant portion of business from Natixis or its Group. |  |  |  |  |
Has no close family ties with a corporate officer. |  |  |  |  |
Has not been an auditor of Natixis in the previous five years. |  |  |  |  |
Has not been a director of Natixis for more than 12 years (independent director status is lost once a director has served for 12 years). |  |  |  |  |
Is not a director representing a major shareholder of Natixis or BPCE. |  |  |  |  |
Does not receive variable compensation in cash or in shares, or any performance-linked compensation from Natixis or the Group. |  |  |  |  |
(a)See Section [2.2.1.2. B] of this chapter.

###### Gender balance

As of March 10, 2026, the Board of Directors consists of seven women and eight men.

Natixis went from being a Board of Directors composed of 33% women in March 2016 (five women and ten men) to a Board composed of 47% women.

Four of the seven Specialized Committees of the Board of Directors are also chaired by a woman.

###### International outreach

Eleven directors have international experience, either because they have held a position outside France or exercised an activity in an international group as part of their professional career, or because they hold or have held one or more mandates in foreign companies (see skills map above).

##### D −Director selection policy

The Board of Directors has a selection policy for future Natixis directors, which was updated and approved at its meeting on December 12, 2024.

This policy was drawn up with particular respect for:

●guidelines and recommendations from the regulatory authorities aimed at improving the formalization of director selection processes;

●the AFEP-MEDEF Code, which requires the Appointments Committee to organize a procedure to select future directors.

This selection, the content of which is described in the diagram below, concerns all directors.

Process for selecting a new director

Profile

Applications

Selection

Designation

Definition by the Appointments Committee in conjunction with the Chairman of the Board of Directors of the profile sought with regard to:

●requirements in terms of skills and experience (mapping of skills and expertise);

●sought-after values and qualities;

●gender
balance;

●criteria to be met in accordance with the diversity policy.

OBJECTIVE

Guarantee the collective ability of the Board to:

●make informed decisions;

●ensure the smooth running of the company;

●challenge and monitor decisions made by Senior Management.

●Discussions between the Chairman of the Appointments Committee and the Chairman of the Board of Directors on shortlisted profiles.

●Review of the candidate(s) by the Appointments Committee and selection of the candidate by the Board on the recommendation of the Appointments Committee.

●Proposal made to shareholders at the General Shareholders’ Meeting to appoint the chosen candidate (approval of the appointment or ratification if a temporary appointment has been made).

Independent directors

The candidate’s range of skills, knowledge and experience must be sufficiently broad, particularly in banking and finance, risk awareness, corporate strategy and management.

●Selection of a recruitment firm, where applicable.

●Shortlist of candidates drawn up by the Chairman of the Appointments Committee, in conjunction with the Chairman of the Board of Directors.

In addition to the
above elements, the profile of the candidate from the Group must enable the Board to have a majority and for the two networks Banque Populaire and Caisse d’Epargne to be equally represented (and more specifically for the representation of the executive and non-executive officers of the two networks to be balanced).

●Drawing up a list of potential candidates for short- and medium-term appointment to the Board, in liaison with the Fédération Nationale des Banques Populaires and the Fédération Nationale des Caisses d’Epargne, following transmission of the skills maps of Board members identifying the types of profiles likely to meet the Board’s collective suitability needs.

●List of potential candidates together with background information shared by the Chairman of the Board of Directors with the Appointments Committee.

Internal directors from the Group

IN BLUE: Provisions applicable to independent directors

IN GREEN: Provisions applicable to internal directors from the Group

IN BLACK: Common provisions applicable to independent directors and internal directors from the Group

#### 2.2.1.2Role and powers of the Board of Directors

##### A −Legal and statutory requirements, and internal rules of the Board of Directors

The duties of the Board of Directors are defined by the law and the bylaws of Natixis.

The current version of the internal rules of June 13, 2025, completes the legal and statutory provisions by stipulating the rules governing the Board of Directors’ operation and setting out the rights and duties of its directors. The internal rules of the Natixis Board of Directors are available in full on the website https://natixis.groupebpce.com.

The Board of Directors, assisted by the Specialized Committees, is involved in the following matters:

●Strategic orientations

The Board of Directors determines the orientations of the Company’s activity and sees to the implementation thereof, in accordance with its corporate interest, taking into account the social and environmental issues associated with its activity. Within the limits of the Company’s corporate purpose and the powers expressly granted by law or its bylaws to the General Shareholders’ Meetings, the Board concerns itself with all matters affecting the Company’s performance and governs by virtue of its deliberations. The Board of Directors performs the audits and checks it deems appropriate.

A number of transactions are subject to prior authorization by the Board of Directors and in particular:

●the extension of Natixis' activities to significant business lines not currently carried out by Natixis;

●any acquisition or increase in shareholdings, as well as any investments, divestments or the formation of joint ventures by Natixis or any of its main subsidiaries, involving an amount in excess of €100 million, in the event that the Natixis' structure is modified;

●any contribution operation, merger or split Natixis would be involved in.

●Financial statements

●The Board of Directors approves the management report.

●It reviews the draft budget for the following year.

●It reviews and approves the parent company and consolidated financial statements of the Company, ensuring their accuracy and fairness.

●The Board of Directors verifies the publishing process, as well as the quality and reliability of the information that Natixis intends to publish and disclose.

●Internal control/Risk management/Compliance

●The Board of Directors verifies that the Executive directors have properly implemented the surveillance frameworks, especially in terms of the separation of duties and the prevention of conflicts of interest, that ensure the Company is effectively and prudently managed.

●The Board of Directors reviews the governance framework provided for in Article L.511-55 of the French Monetary and Financial Code, periodically assesses its effectiveness and ensures that corrective measures have been taken to remedy any shortcomings.

●The Board of Directors approves and regularly reviews the policies and strategies governing the taking, management, monitoring and mitigation of the risks to which Natixis is or could be exposed, including the risks generated by the economic environment, social risks and environmental risks.

●The Board of Directors is informed of any resignation/appointment of the Company’s Chief Risk Officer, Chief Compliance Officer and heads of internal audit departments.

●The Board of Directors approves the Company's audit plan and follows up at least twice a year on the recommendations issued by the Internal Audit Department, the Group General Inspection and supervisors. It is also informed of the internal audit activity through the regular reports received from the Risk Committee.

●Governance

●In accordance with the law and the bylaws, the Chairman convenes and chairs the Board of Directors and organizes and guides its work. He chairs General Shareholders’ Meetings. The Chairman of the Board of Directors or the Chief Executive Officer are required to provide each director with all the documents and information needed to carry out their duties. As a reminder, the Board of Directors of a credit institution may not be chaired by the Chief Executive Officer.

●Under the conditions defined in Article 14 of the Company bylaws, the Board of Directors may appoint a Chief Executive Officer from among the directors or otherwise, whom it may dismiss at any time. The Chief Executive Officer may delegate his powers to any corporate officer of his choosing, with or without the option of substituting one for another.

●The Board of Directors appoints the Executive directors (within the meaning of Article L.511-13 of the French Monetary and Financial Code).

●The Board of Directors convenes the General Shareholders’ Meeting, sets the agenda and decides on the implementation of the resolutions adopted.

●It may, at the proposal of the Chairman, set up its own Committees to deliberate on those issues submitted for examination by the Board itself or its Chairman. It determines the composition and powers of these Committees which pursue their activities under its responsibility.

●In light of Natixis' corporate purpose and in accordance with the provisions of the French Commercial Code (Article L.821-67) and the French Monetary and Financial Code (Article L.511-89), the Board of Directors is required to set up an Audit Committee, a Risk Committee, a Compensation Committee and an Appointments Committee.

●With respect to the assessment of the Board of Directors’ work, the internal rules specify that, at least once a year, an agenda item will be devoted to evaluating the Board’s and its Specialized Committees’ operation, an account of which is included in Natixis’ annual report (for 2025, see Section [2.2.1.4] of this chapter "Assessment of the work of the Board of Directors in 2025").

●The Board of Directors approves the report on corporate governance.

●Minutes of Board of Directors’ Meetings are drawn up in accordance with legal and regulatory provisions in force.

●Compensation policy

●The Board of Directors adopts and reviews the general principles of the Company’s compensation policy and monitors their implementation.

●It determines the level and terms of compensation of the Chairman of the Board of Directors, the Chief Executive Officer and of the Deputy Chief Executive Officers after consultation with the Compensation Committee.

●It issues an opinion on how well Natixis’ compensation policy complies with current regulation, particularly regarding the Company’s regulated staff.

●It sets the rules for the distribution of compensation allocated to the directors by the General Shareholders’ Meeting.

##### B −Code of Ethics for members of the Board of Directors

To reaffirm its commitment to good governance, the Board of Directors has adopted a Code of Ethics for its members, appended to the internal rules, which sets out the rights and obligations to which all members are bound. The internal rules were updated by the Board of Directors at its meeting of June 13, 2025.

The purpose of this charter is to promote the application of corporate governance principles and best practices by the directors of Natixis.

Before assuming office, every member of the Natixis Board of Directors must ensure that they are familiar with the general or specific obligations incumbent upon them, such as those resulting from laws or regulations, bylaws, internal rules and this Code, as well as any other binding texts.

The members of the Natixis Board of Directors agree to comply with the guidelines contained in this Code, which are reproduced below.

Article 1 –Attendance

All directors must devote sufficient time and attention to the performance of their duties and regularly attend the meetings of the Board and Committees of which they are a member, as well as the General Shareholders’ Meeting. Consequently, they must ensure that the number and commitment level of their directorships permit them to be available when required, especially if they also hold executive positions.

Article 2 –Administration and corporate interest

Each director represents all the shareholders and endeavors to act in the corporate interest of Natixis at all times. They undertake to defend and promote the values of Natixis.

Article 3 –Professionalism and efficiency

Directors contribute to the collegiality and efficiency of the work of the Board and Specialized Committees. They make recommendations that they feel will improve the Board’s operating procedures, specifically during the Board’s periodic evaluation.

Together with the other members of the Board, they see to it that the guidance and control duties are accomplished in accordance with the laws and regulations in force.

They ensure that the positions taken by the Board are formally decided on, properly reasoned and entered into the minutes of its meetings.

Article 4 –Privacy

Members of the Board of Directors and of the Committees, as well as any individual attending the meetings of the Board and the Committees, are bound by a general confidentiality obligation on their deliberations.

Article 5 –Prevention of Insider Trading – Inside Information

a)General abstention obligation in the event of holding inside information on any issuer

In accordance with European Regulations on market abuse, inside information is “any information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments."»

If the Board of Directors has received inside information, the directors, the non-voting members and any individual attending Board or Committee Meetings must refrain from:

●performing or attempting to perform any insider trades (the term “insider trades” refers to (i) the use of inside information by a person in possession of such information to buy or sell, for themselves or for a third party, directly or indirectly, financial instruments related to this information, and (ii) the use of the recommendations or inducements of a person in possession of inside information if the person using the recommendation or inducement knows, or ought to know, that it is based upon inside information);

●recommending to another person or inducing them to perform any insider trades; or

●unlawfully disclosing inside information.

These requirements apply to all listed companies about which the director may receive inside information in the course of the work of the Board, whether they are clients, counterparties or third parties. They also apply to listed debt securities issued by Natixis or its subsidiaries (bonds, EMTNs), by BPCE, or by any company in which Natixis holds or may come to hold an investment.

Other restrictions may be applicable under regulations outside the European Union.

b)Specific restrictions on securities issued by Natixis or its subsidiaries

Natixis applies a restrictive policy with regard to personal transactions by executives in listed debt securities issued by Natixis or by its subsidiaries, and requires directors and non-voting members to refrain from carrying out any transactions in these securities during their term of office unless approved by Natixis Compliance.

In this context, Natixis places the directors and the non-voting member on a list of “permanent insiders” of Natixis. A permanent insider is any individual or legal entity that, on account of the nature of their functions or position in an issuing entity, has continuous access to inside information held by that issuing entity.

Also, members of the Board of Directors are advised of the risks represented by transactions executed on Natixis stock by persons closely associated with them, especially:

●a spouse, or a partner considered to be equivalent to a spouse in accordance with national law;

●a dependent child, in accordance with national law;

●a relative who has shared the same household for at least one year on the date of the transaction concerned;

●a legal entity, trust or partnership:

●the managerial responsibilities of which are discharged by a person discharging managerial responsibilities or by a person who is closely associated with them,

●that is directly or indirectly controlled by such a person,

●that is set up for the benefit of such a person, or

●the economic interests of which are substantially equivalent to those of such a person.

As such, Natixis recommends that these “closely associated persons” refrain from carrying out such transactions.

The sanctions for such actions are administrative and criminal.

c)Reporting obligations

Natixis may ask each director and non-voting member to provide any information in relation to the trading of listed companies’ securities necessary for it to fulfill its reporting obligations to all authorities such as stock market authorities, both in France and abroad.

Article 6 –Independence and conflicts of interest

The detection, management and prevention of potential and/or proven conflicts of interest are part of good governance in a context where expectations in terms of ethics and professional conduct play a predominant role.

Thus, each director will have to comply with the provisions of the Policy for the prevention and management of conflicts of interest for the members of the Board of Directors and the Executive directors of Natixis.

The purpose of this policy is to describe the roles and responsibilities, and the means put in place to identify, prevent and manage conflicts of interest that could concern members of the Natixis Board of Directors.

It is recalled that in the event of a conflict of interest, the director or the non-voting member refrains from participating in debates within the Board of Directors, or the Specialized Committee, if necessary, dealing with the subject related to the conflict of interest; they do not participate in the deliberations or the vote of the Board of Directors, and the part of the minutes of the meeting relating to the subject concerned by the conflict of interest is not submitted to them.

When the Chairman of the Board of Directors has previously held executive positions within Natixis (Executive director and Chief Executive Officer), he may find himself in a situation of conflict of interest when he chairs the Board of Directors. In the event that he cannot avoid finding himself in one of the situations referred to above, the Chairman of the Board of Directors informs the General Counsel in charge of Compliance, Legal, Security, Regulatory Affairs & Governance. He cannot then chair the debates and is replaced by an independent director of the Board of Directors, and if necessary, by the Chairman of the Specialized Committee having examined the item of the agenda concerned.

Article 7 –Information/Training

All Directors have a duty to learn and to ask, within the appropriate time frame, the Chairman of the Board of Directors, and/or the Specialized Committees of which they are a member, to provide the information needed for the Board or the Specialized Committees to take useful action on the matters on its agenda.

In accordance with the Natixis' Policy on assessing the suitability of Executive directors, members of the Board of Directors and holders of key positions (paragraph 6), all directors must receive training by attending, where necessary, the training modules provided by the Company and in accordance with their individual training passport.

Article 8 –Application of the Code

Should a member of the Natixis Board of Directors no longer be in a position to perform their duties in compliance with the Code, either for their own reasons or for any other reason including those specific to Natixis’ rules, they must notify the Chairman of the Board of Directors, seek measures to remedy the situation, and, if none are found, suffer the personal consequences with respect to the performance of their duties.

Natixis’ Chief Compliance Officer is available to each member of Board for any questions about the Code of Ethics.

##### C −Integrity of directors and conflicts of interest

In accordance with Article L.225-37-4 of the French Commercial Code, the list of functions exercised by the corporate officers of Natixis is provided in Section [2.1.5] of this chapter.

###### Disclosure of non-conviction

To the best of Natixis’ knowledge, none of the members of the Board of Directors or Senior Management has been convicted, directly or indirectly, of fraud, filed for bankruptcy, liquidation or receivership, convicted and/or punished by the authorities, disqualified from acting as a member of administrative, management or supervisory bodies of an issuer, or from participating in the management or conduct of the business of an issuer within at least the previous five years.

###### Conflicts of interest

Members of the Natixis Board of Directors include BPCE (Natixis’ main shareholder) and employees or individuals holding other jobs within Groupe BPCE, particularly in the Caisses d’Epargne and the Banques Populaires. Natixis and its subsidiaries maintain business relations with BPCE and the entities of Groupe BPCE.

Furthermore, members of the Natixis Board of Directors include independent directors belonging to third-party groups that can maintain banking or business relations with Natixis or its subsidiaries.

To the best of Natixis’ knowledge, these situations do not affect those directors’ independence of judgment, decision, and action. If necessary, the internal rules of the Board of Directors and the Code of Ethics for the members of the Board of Directors provide for a conflict-of-interest management framework, and require members of the Board of Directors to notify the Chairman of the Board (or the General Counsel in charge of Compliance, Legal, Security, Regulatory Affairs & Governance of Natixis) of any conflict of interest and to abstain from participating in the part of the Board or Specialized Committee Meeting addressing the project concerned by the conflicts of interest, or from voting on the corresponding resolution.

In addition, at its meeting of February 26, 2026, the Appointments Committee reviewed the declarations made by the directors regarding potential conflicts of interest. The analysis of each of the situations declared did not reveal, at the date of review, any situation of conflict of interest that would be likely to compromise the ability of the directors concerned to carry out their duties with the objectivity, independence of mind and impartiality required by the interests of Natixis. The review also revealed that, at the review date, the independent directors were not in a position of conflict of interest with regard to any non-executive offices they held in other companies.

To the best of Natixis’ knowledge, there are no service agreements binding members of the Board of Directors or Senior Management to Natixis that could confer benefits according to the terms of such an agreement and that might by their nature compromise the independence of members or interfere with their decision-making.

###### Employment contract and/or services agreement

It is specified that no director is bound by an employment contract and/or a service contract with the Company.

##### D −“Related-party” agreements

###### Internal charter

In accordance with French Financial Markets Authority recommendation No. 2012-05, the Natixis Board of Directors, at its meeting of February 17, 2013, adopted an internal charter of related-party agreements, which was updated, respectively, on December 17, 2014 in order to incorporate the amendments made by Order No. 2014-863 of July 31, 2014, on February 11, 2021 to take into account the provisions of Law No. 2019-486 of May 22, 2019 relating to growth and the transformation of companies known as the “Loi Pacte” and on December 13, 2021.

This charter defines the criteria for establishing “related-party agreements” in accordance with the provisions of Article L.225-38 of the French Commercial Code.

In particular, it sets out the procedure to be followed, from the notification of the Board of Directors to approval by the General Shareholders’ Meeting, in light of the Statutory Auditors’ special report.

###### Related-party agreements authorized in fiscal year 2025

During the 2025 fiscal year, the Board of Directors did not authorize any related-party agreements falling within the scope of Article L.225-38 of the French Commercial Code.

###### Related-party agreements approved in fiscal year 2025

During fiscal year 2025, no related-party agreements falling within the scope of Article L.225-38 of the French Commercial Code required the approval of the Natixis General Shareholders' Meeting.

Following its annual review of related-party agreements entered into and authorized in previous fiscal years and continued during fiscal year 2025, the Board of Directors, at its meeting on February 2, 2026, approved the declassification of the "Reimbursement Agreement relating to the Real Estate Master Plan between Natixis, BPCE and Natixis Immo Exploitation."
This agreement ceased to be effective on December 31, 2023, resulted in a final invoice in 2024, and had no financial impact in 2025.

At the same meeting, the Board of Directors also approved, pursuant to Article L. 225-39 of the French Commercial Code, the declassification of the following agreements due to BPCE's ownership of all Natixis shares since July 16, 2025 (with the exception of a securities loan to fulfill the requirement of having at least two shareholders in a joint stock company):

●the tax consolidation agreement between BPCE (as the parent company of the consolidated group) and Natixis (as a subsidiary member of the consolidated group). This agreement had a financial impact in 2025 of €201,222,866.52;

●the partnership agreement between Natixis Investment Managers, Ostrum Asset Management, Topco, La Banque Postale Asset Management, in the presence of Natixis, BPCE and La Banque Postale. This agreement had no financial impact in 2025;

●the “3a2” debt issuance program in the United States implemented by BPCE and the amendment to the agreement relating to the guarantee granted to BPCE bondholders by the Natixis New York Branch Office on April 9, 2013. The income recognized by the Natixis New York branch in respect of this agreement amounted to €33,791.88 for the fiscal year ended December 31, 2025.

This information on related-party agreements is included in the Statutory Auditors’ special report presented to the General Shareholders’ Meeting of May 21, 2026 (see Section [8.4] of chapter [8] of this universal registration document).

#### 2.2.1.3Work of the Board of Directors in 2025

The Board of Directors held a total of nine meetings in 2025. The attendance rate was 95% for the year.

Each director’s individual attendance rate for Board of Directors’ and Committee Meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

All documents relating to the agenda are sent or handed to the directors within a reasonable time frame, prior to the meeting via a secure digital platform. Exceptionally, they may be provided at a meeting.

The Chief Executive Officer attended nine meetings, except for the part of the meeting during which his compensation was discussed, so that the members of Board of Directors could hear his opinion on important issues and ask him any questions that they deemed relevant.

The members of the Senior Management Committee were also invited to provide details on the topics discussed during the meeting. Finally, the representatives of the Social and Economic Committee were invited to every Board of Directors’ Meeting.

The main topics addressed by the Board of Directors in 2025 were in particular as follows:

Financial/non-financial position and monitoring of Natixis activity | ●Review and approval of the annual financial statements (individual and consolidated) at December 31, 2024 ●Review of the consolidated financial statements at March 31, 2025, June 30, 2025 and September 30, 2025 ●Approval of the proposed allocation of net income and dividend distribution ●Approval of the 2024 Sustainability Report ●Presentation and review of the budget for 2026
Risk management | ●Approval of the annual update of the Risk Appetite Framework (RAF), the Risk Appetite Statement, the identification and materiality of risks, the strategic RAF indicators and their limits including those falling within the scope of the French Ministerial Order of November 3, 2014, as well as the declaration of appetite for compliance risk ●Approval of contingency plans, particularly in light of the results of the alternative scenarios regarding liquidity positions and risk mitigation factors ●Approval of the DORA digital operational resilience system ●Approval of the appointment of CIB's new Head of Internal Audit ●Approval of the updated USRC charter ●Acknowledgment of the removal of nominal limits on Equity Markets' "Medium" and "Medium+" products ●Acknowledgment of the liquidity position and update of the ALM framework ●Acknowledgment of the activity and results of the 2024 compliance checks ●Recognition of the integration of BPCE Equipements Solutions US into the CUSO system ●Monitoring of RAF limits ●Feedback on the work of the Risk Committee and the US Risk Committee
Compliance and internal control | ●Annual AML-CTF and asset freeze reports ●Acknowledgment of the mapping of compliance risks, the status of the compliance risk management framework and the activity and results of compliance monitoring ●Presentation of compliance control activity and results
Audit | ●Approval of the draft Natixis CIB 2026 audit plan ●Approval of the draft Natixis AWM 2026 audit plan ●Follow-up of recommendations (Internal Audit, Group General Inspection and supervisors) at December 31, 2024 and June 30, 2025 ●Restitution of the work of the Audit Committee
Corporate governance | ●Approval of the action plan relating to the assessment of the work of the Board of Directors and the Specialized Committees ●Approval of the Board of Director’s management report including the corporate governance report and the Board of Directors’ report on the use of authorizations to increase the Company’s share capital ●Approval of the new composition of the Specialized Committees ●Approval of the internal rules of the Board of Directors ●Review of the Fit & Proper situation of the members of the Board of Directors ●Review of conflicts of interest (potential or proven) ●Review of the qualification of directors as independent members ●Analysis of the qualifications needed for the duties carried out on the Board of Directors ●Annual review of related-party agreements entered into and authorized in prior fiscal years and still in force ●Review of the annual individual and collective assessment of Executive directors for the 2025 fiscal year ●Acknowledgment of the complementary profiles to be favored in future searches for director candidates ●Acknowledgment of the resignation of a director ●Acknowledgment of the 2025 training offer for directors ●Convening of the General Shareholders’ Meeting of March 5, 2025 – Approval of the draft resolutions and the report on the resolutions ●Convening of the General Shareholders’ Meeting of May 22, 2025 – Approval of the draft resolutions and the report on the resolutions ●Convening of the meeting for holders of non-voting shares – Approval of the text of the resolutions ●Recognition of the capital increase approved at the Extraordinary General Shareholders’ Meeting of March 5, 2025 ●Presentation of the proposed update of Natixis' bylaws ●Renewal/cooptation/replacement of directors subject to the renewal of their term of office as directors by the General Shareholders' Meeting of May 21, 2025 ●Presentation of the new composition of the Senior Management Committee ●Launch of the assessment of the work of the Board of Directors in 2025 by an external firm. ●Assessment of the adequacy of the individual and collective composition of the Board of Directors and the Specialized Committees for fiscal year 2024 ●Setting diversity objectives and targets within the Board of Directors ●Confirmation of the rules governing the composition of the Board of Directors ●Calendar of Proceedings 2026 ●Feedback on the work of the Appointments Committee
Compensation | ●Compensation of the Chief Executive Officer for fiscal year 2024 and compensation principles for fiscal year 2025 ●Approval of the 2025 Risk and Compliance specific objectives ●Approval of variable compensation for 2024 ●Approval of compensation for 2024 for the heads of control functions and the population of risk-takers under CRD V ●Approval of compensation policy for members of the Board of Directors in 2025 ●Review and approval of the annual report on compensation policies and practices for fiscal year 2024 ●Approval of the change in the deferred variable compensation policy for 2025 ●Approval, based on estimated results at this stage, of all variable compensation frameworks for 2025 ●Acknowledgment of the identification of material risk takers (MRT) for 2025 ●Acknowledgment of Natixis' employee savings schemes and their evolution in 2025 ●Acknowledgement of Natixis policy on equal pay and gender equality in the workplace in 2025 ●Feedback on the work of the Compensation Committee
Financial transactions and/or strategy | ●Approval of the issue of a Panda Bond ●Presentation and monitoring of the Natixis Investment Managers/Generali partnership project ●Review of the Marshall Project for Approval ●Renewal of bond issue authorizations ●Presentation on the beginning of the Trump presidency and the impact on Natixis' business lines ●Update on the macroeconomic environment and its impact on markets and Natixis' business lines ●Update on the Scale Up strategic plan ●Update on CIB's HR strategy ●Update on CIB IT and AI projects
ESR | ●Approval of the declaration related to the Modern Slavery Act ●Approval of the ESR Committee's amended internal rules ●Report on the work of the ESR Committee
Others | ●Repatriation of profits from the Shanghai branch ●Total transfer of assets and liabilities of Manon Naticaly ●Approval of the total transfer of assets and liabilities of Natixis Loan Funding to Natixis ●Obtaining a license in Japan ●Update on M&A developments ●Half-yearly update on the use of bond and warrant issue envelopes ●Presentation of the IB/RA business line ●Update on litigation with high reputational stakes

#### 2.2.1.4Assessment of the work of the Board of Directors in fiscal year 2025

As in previous years, Natixis assessed the work of its Board of Directors and Specialized Committees, in accordance with recommendations set out in the AFEP-MEDEF Code regarding the correct governance of listed companies.

Every three years, the Board of Directors uses the services of an independent external firm (2010, 2013, 2016, 2019, 2022) to carry out a formal assessment of its work and that of its Specialized Committees. An internal assessment is carried out by the Board of Directors for the other years.

In fiscal year 2025, the following recommendations from the internal assessment carried out in 2024 were implemented:

●the continued strengthening of the Board's collective expertise by seeking a banking and international profile through the appointment of a new independent director (Edouard-Malo Henry replacing Nicolas de Tavernost). Edouard-Malo Henry has over 30 years of experience in a leading banking group, a third of which was spent in operational roles within Corporate and Investment Banking, particularly internationally, and two thirds in corporate and control roles;

●the development of distance learning, in particular through the expansion of e-learning offerings (new DORA (Digital Operational Resilience Act) e-learning course);

●the systematization of training records and their availability for six months through the launch of the Training & Learning Hub platform;

●the inclusion of more items on the agenda of the Board meeting concerning the business lines, Digital/Data/IT, and the company context, with presentations of major strategic projects for support functions. This took the form of presentations to the Board of Directors and the Strategic Committee, focusing in particular on the following topics: The macroeconomic context and its impact on markets, IT, and CIB Artificial Intelligence projects; Presentation of the Investment Banking/Real Assets business; Focus on Data & Artificial Intelligence; Focus on Talent & Employee Engagement; Presentation on "Greater China"; Progress reports on the NIM-Generali merger project and the Scale Up strategic plan;

●the monitoring of strategic plan indicators continued with the presentation of a progress report on the Scale Up strategic plan, the provision of strategic monitoring indicators for the first half of 2025, and the monitoring of the Scale Up strategic plan with a focus on CIB and NIM as part of the Strategic Committee meeting on September 17, 2025.

For fiscal year 2025, Natixis conducted an external assessment, in accordance with the provisions of the AFEP-MEDEF Code, to review the organization and functioning of the Board of Directors and its Specialized Committees, and to measure their overall performance.

The assessment of the work of the Board of Directors for fiscal year 2025 focused on the following topics:

●the general performance of the Board of Directors and the Specialized Committees;

●the composition, organization and functioning of the Board of Directors and the Specialized Committees;

●the relationship and interaction between the Board of Directors, the Chairman of the Board of Directors and the Chief Executive Officer;

●the results;

●the strategy;

●risks, regulatory compliance and internal control;

●the training offered.

Each director and the Chairman of the Board of Directors responded to the questionnaire in an individual interview. CSE representatives also took part in individual interviews.

In addition, in accordance with the recommendations of the AFEP-MEDEF Code, as part of the assessment of the actual contribution of each director to the work of the Board of Directors, each director was asked to assess the individual skills of the board members.

The results of the interviews were summarized in an evaluation report that was presented to the Appointments Committee and then to the Board of Directors’ meeting of March 10, 2026.

This assessment made the following assessments and findings:

●directors' assessment of the Board's overall performance remains positive. In particular, the external firm's report noted that the Board of Directors is effective in its duties and well integrated into the governance of Groupe BPCE.
Nevertheless, directors would like to see more dialogue around business lines and have expressed strong expectations on IT/Data/AI issues as well as HR and talent topics;

●it should be noted that the directors are committed, have a wide range of skills, and benefit from a transparent flow of information with management;

●in addition, the external report highlights the excellent leadership of the Board by its Chairman and the effective functioning of the Specialized Committees, while at the same time expressing the desire to bring certain issues, which are currently dealt with mainly by committees, back to the Board;

●finally, the report indicates that significant progress has been made in the integration and training of directors. The General Secretariat is praised for the quality of its support. They note, however, that the documents could be more concise and decision-oriented.

#### 2.2.1.5Director training

In 2025, Natixis renewed and strengthened its training program for directors, as described below. It should be noted that members of the Natixis Board of Directors also have access to the training program set up for members of the BPCE Supervisory Board.

The program is based on the principle of continuing education, with training modules on fundamentals, expertise and current affairs, as well as e-learning.

In addition, each new director receives induction training within 6 months of his or her arrival, tailored to his or her skills profile.

As in 2024, in 2025, each director was given an “individual training passport”, including proposals for compulsory and recommended training courses, as well as personalized monitoring of attendance rates.

In addition, in 2025, Natixis' Governance department set up a new platform, the "Training & Learning Hub," to give each director access to all recorded training courses. As a result of this development, administrators can access training resources in various formats: live sessions, on-demand sessions, and e-learning modules. This multi-channel approach makes it possible to adapt learning to the needs and availability of each individual.

With regard to trainers, training courses are delivered by internal and/or external instructors depending on the topic in question.

For the 2025 fiscal year, the training program for Natixis directors consisted of 15 training courses (excluding e-learning) spread over 19 sessions. These training sessions were also open to members of the BPCE Supervisory Board and representatives of the Social and Economic Committee. In addition, the directors of the main Natixis subsidiaries (Coficiné, Natixis Interépargne, etc.) were invited to participate in training sessions organized by Natixis.

The training provided by Natixis in 2025 covered the following topics:

●2025: The year of macroeconomic divergence?

●capital planning;

●capital and financial markets activities (educational module focused on fundamentals and expertise and in-depth study);

●approach ESG issues with maturity in the field of asset management;

●biodiversity;

●presentation of the APAC platform and its activity;

●presentation of the US platform and its activity;

●AI in practice;

●Mega trends;

●meet the challenge of the regulatory agenda in the field of asset management;

●cybersecurity: controlling the exposure of your information to manage your image;

●ESR: analysis of the transition plans of CIB clients;

●director's liability;

●the financial security framework.

#### 2.2.1.6The non-voting member

First name/Last name | Age (at 31/12/2025) | Nationality | First appointed | End date of the term of office
--- | --- | --- | --- | ---
Non-voting member
Henri Proglio | 76 | French | 04/04/2019 | 2027 AGM

As of April 4, 2019, the Natixis Board of Directors includes a non-voting member, Henri Proglio. Until November 17, 2018, the end of his twelve-year term, the latter was an independent member of the Supervisory Board and an independent director of Natixis.

His knowledge of Natixis dating back to 2006, his recognized expertise in financial matters, and his experience in managing large corporations and tackling strategic challenges make for an effective contribution to the Board of Directors. He attends Board of Directors’ Meetings in an advisory capacity and contributes to the work of the Compensation Committee and the Strategic Committee.

### 2.2.2Specialized Committees: offshoots of the Board of Directors

To assist it in its review process, prepare some of its deliberations and comply with the French Monetary and Financial Code, the Natixis Board of Directors has seven Specialized Committees: an Audit Committee, a Risk Committee, a US Risk Committee, a Compensation Committee, an Appointments Committee, a Strategic Committee, and an Environmental and Social Responsibility Committee (ESR Committee) each chaired by an independent director.

On May 5, 2025, the Board of Directors:

●decided to vote in favor of presenting Karine Puget's appointment to the General Shareholders’ Meeting of May 21, 2025 as a director on the Natixis Board of Directors, replacing Catherine Leblanc, whose term of office expires at the said General Shareholders’ Meeting. Karine Puget's term of office will be four (4) years, i.e. until the 2029 Natixis General Shareholders' Meeting called to approve the financial statements for the fiscal year ended December 31, 2028. Karine Puget has also been appointed to the Natixis Compensation Committee and the Strategic Committee;

●decided to vote in favor of presenting Edouard-Malo Henry's appointment to the General Shareholders’ Meeting of May 21, 2025 as a director on the Natixis Board of Directors, replacing Nicolas de Tavernost, whose term of office expires at the said General Shareholders’ Meeting. Edouard-Malo Henry's term of office will be four (4) years, i.e. until the 2029 Natixis General Shareholders’ Meeting called to approve the financial statements for the fiscal year ended December 31, 2028. Edouard-Malo Henry has also been appointed Chairman of the Compensation Committee and member of the Appointments Committee, the ESR Committee, and the Strategic Committee;

On May 5, 2025, the Board of Directors, subject to the renewal of their term of office by the General Shareholders' Meeting, also in advance:

●appointed Christophe Pinault, as a member of the Compensation Committee, the Risk Committee, the US Risk Committee and the Strategic Committee;

●appointed Delphine Maisonneuve, as Chairwoman of the Appointments Committee, member of the Risk Committee and the Strategic Committee.

On May 21, 2025, the Ordinary General Shareholders' Meeting appointed:

●Edouard-Malo Henry as a director, replacing Nicolas de Tavernost, whose term of office expired at the end of the General Shareholders' Meeting of May 21, 2025, for a term of four (4) years, ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028;

●Karine Puget as a director, replacing Catherine Leblanc, whose term of office also expired at the end of the General Shareholders' Meeting of May 21, 2025, for a term of four (4) years, ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028.

On May 21, 2025, the General Shareholders’ Meeting notably renewed:

●the term of office as a director of Christophe Pinault for a term of four (4) years, ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028;

●the term of office as a director of Delphine Maisonneuve for a term of four (4) years, also ending at the end of the General Shareholders' Meeting scheduled for 2029 to approve the financial statements for the fiscal year ended December 31, 2028.

On August 4, 2025, the Board of Directors:

●duly noted the resignation of Catherine Amin-Garde as director as of August 4, 2025 (at the end of the Board meeting).

#### 2.2.2.1The Audit Committee

##### A −Organization

The Audit Committee has five members. At March 10, 2026, its members are:

Catherine Pariset | Chairwoman
BPCE, represented by Hélène Madar | Member
Valérie Andrieu(14) | Member
Sylvie Garcelon | Member
Laurent Seyer | Member

The Audit Committee’s Chairwoman and members have extensive accounting and financial expertise gained over the course of their professional careers.

Two of the five members are independent (Catherine Pariset and Laurent Seyer).

The Audit Committee has been chaired by Catherine Pariset since February 9, 2017.

Independent members do not make up two thirds of the Audit Committee, as recommended by the AFEP-MEDEF Code, in order to represent the different components of the Company’s main shareholder (members from the Caisses d’Epargne and the Banques Populaires banks, in addition to a Groupe BPCE representative) but it is always chaired by an independent director (see Monitoring table of compliance with the recommendations of the AFEP-MEDEF Code in Section [2.1.4] of this chapter). Furthermore, the opinions and recommendations of the Audit Committee are adopted if the majority of members present, including the Chairwoman, vote for them.

##### B −Role and powers

Natixis’ Audit Committee has Internal Rules specifying its powers and its operating procedures, the latest version of which was approved by the Board of Directors’ meeting of December 12, 2024.

Under the authority of the Natixis Board of Directors, the Audit Committee’s primary duties are:

●verifying the clarity of the information provided by Natixis and assessing the appropriateness of the accounting methods used to prepare Natixis’ individual and consolidated financial statements;

●monitoring the financial reporting process, the sustainability reporting process (financial statements, management report, sustainability report, etc.) and making recommendations to ensure its integrity;

●monitoring the statutory audit of Natixis' quarterly, half-yearly and annual consolidated financial statements and annual individual financial statements, prudential ratios, draft budgets and material off-balance sheet commitments in sufficient time before they are presented to the Natixis Board of Directors, as well as the half-yearly and annual management reports;

●monitoring the effectiveness of the internal control and risk management framework with regard to the procedures for preparing and processing accounting and financial information;

●ensuring the Statutory Auditors’ adherence to the independence conditions by which they are bound; accordingly, the Committee must:

●ensure that the fee amount paid by Natixis, or the percentage of the net sales of the firms and networks represented by that fee, does not, by its nature, undermine the independence of the Statutory Auditors,

●establish the rules governing the services that the Statutory Auditors may provide and governing the authorization of services other than the certification of the financial statements;

●monitoring the Statutory Auditors’ performance of their duties;

●submitting a recommendation to the Natixis Board of Directors for the appointment of Statutory Auditors or auditing firms;

●examining the Statutory Auditors’ audit program, the results of their audits and recommendations, and any follow-up action taken;

●reporting regularly to the Board of Directors on the performance of its duties. It also reports on the results of the certification of the financial statements, the way in which this duty contributed to the integrity of the financial information and the role it played in this process. Any difficulty encountered is reported without delay.

The Company’s Chief Executive Officer provides the Audit Committee with any documents and information it needs to perform its duties. The following list is not exhaustive:

●financial, accounting and regulatory documents periodically established by the Company, both in individual and consolidated form;

●summary reports of the Company’s Statutory Auditors;

●documents relating to valuation mechanisms;

●accounting policies and methods applied within the Company;

●internal control principles and procedures;

●estimates of the Company’s consolidated annual earnings;

●consolidated budgets and financial statements of significant subsidiaries, as well as any related documents provided to the Board of Directors or, if applicable, the Audit Committee of the principal subsidiaries.

The Audit Committee may submit to the Board of Directors any proposals to conduct an audit, especially concerning the financial statements of the Company and its subsidiaries.

The Committee may also, if it deems it appropriate, call on the skills of outside experts or consultants for the purpose of explaining any topic that falls under its remit.

The Audit Committee meets at least four times a year. Minutes of the Audit Committee Meetings are prepared by the Secretary of the Board of Directors. These minutes are shared with the Audit Committee members and approved at the following session. The Board of Directors is made aware of the Committee’s work so that it can make fully informed decisions.

##### C −Work of the Audit Committee in 2025

The Natixis Audit Committee met seven times in fiscal year 2025, including a joint session with the ESR Committee. The attendance rate was 89% for the year as a whole.

Each director's individual attendance rate at Audit Committee Meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Within a reasonable amount of time before a Committee Meeting, a file containing the items on the agenda is sent to each director via a secure digital platform for review and analysis in preparation for the meeting.

For each matter submitted for review and analysis, the Audit Committee had the opportunity to hear from relevant Natixis personnel as well as to familiarize itself with reports on these matters.

The Audit Committee monitored the statutory audit of Natixis’ annual, half-yearly and quarterly, parent company and consolidated financial statements, as well as its draft budgets, before they were presented to the Natixis Board of Directors.

Depending on the agenda, various Audit Committee Meetings were also attended by the Chief Financial Officer, the Chief Risk Officer, the General Counsel as well as the Head of Financial Control, the Head of the General Inspection of BPCE and the Heads of the NCIB and AWM Internal Audit departments. The Statutory Auditors are also present. A discussion session was organized once during fiscal year 2025 between the members of the Audit Committee and the Statutory Auditors, in the absence of management.

For the purposes of performing the audit, the Audit Committee heard the presentations of the Finance division and the comments of the Statutory Auditors at the closing of the annual financial statements and at the review of the half-yearly and quarterly financial statements.

In fiscal year 2025, the Audit Committee’s duties focused on the following items in particular:

Financial and non-financial position | ●Review and approval of the individual and consolidated financial statements for fiscal year 2024 ●Approval of the consolidated financial statements for the 1st, 2nd and 3rd quarters of 2025 ●Comments by the Statutory Auditors on financial and non-financial elements (including the 2024 sustainability report) ●Presentation of the 2026 budget ●Review of the results of the sharing arrangements resulting from the partnership agreements for the US affiliates of Natixis Investment Managers and DNCA ●Information on the Natixis' capital increase ●Review of the 2024 Sustainability report ●Update on the CSRD (2024 review and preparation for 2025) (jointly with the ESR Committee) ●Presentation of work relating to the DMA as part of the publication of the 2025 CSRD
Other items | ●Statutory Auditors’ audit plan for 2025, budget allocated for audits, and follow-up on completed/ongoing audits ●Follow-up on Statutory Auditors’ fees for non-audit assignments ●Follow-up on Statutory Auditors’ fees for 2025 (certification and other assignments) ●Information on prior authorizations given by the leader of the Audit Committee for the completion of the Statutory Auditors’ services ●Update on the preparation of the 2024 Statutory Auditors’ reports ●Natixis's planned entry into the BPCE VAT group ●EMTN: migrations and expected impacts as of December 31, 2025 ●Update on minority put options recognized under management packages in M&A shops ●Update on the valuation mechanism and presentation of the annual benchmark of European banks on Fair Value and Prudent Value ●Provisional agenda for the 2026 Audit Committees

#### 2.2.2.2The Risk Committee

##### Organization

The Risk Committee has six members. As of March 10, 2026, the Risk Committee was composed as follows:

Laurent Seyer | Chairman
Dominique Garnier | Member
Delphine Maisonneuve | Member
Catherine Pariset | Member
Christophe Pinault | Member
Laurent Roubin | Member

Of the six (6) members, three are independent (Delphine Maisonneuve, Catherine Pariset and Laurent Seyer). It should be noted that the opinions and recommendations of the Risk Committee are adopted if the majority of members present, including the Committee Chairman, vote for them.

The Chairman and the members of the Risk Committee have an enhanced understanding of Natixis’ risk management and internal control as a result of their extensive expertise gained over the course of their professional careers.

The Risk Committee has been chaired by Laurent Seyer since December 13, 2021.

##### A −Role and powers

Natixis’ Risk Committee has internal rules specifying its powers and its operating procedures, the latest version of which was approved by the Board of Directors’ meeting of December 12, 2024.

Under the authority of the Natixis Board of Directors, the Risk Committee’s primary duties are, in particular:

●advising the Board of Directors on the bank’s overall strategy and risk appetite, both current and future;

●assisting the Board of Directors when it checks the implementation of that strategy by the executive directors and by the Chief Risk Officer;

●issuing an opinion on the procedures established by Natixis that are used to ensure compliance with regulations as well as risk monitoring and control; to that end, it receives reports from the Risk Committees of Natixis and its subsidiaries, as well as reports on risks, specifically operational, market or counterparty risks, prepared at the behest of the Company’s Chief Executive Officer;

●monitoring the effectiveness of the internal control and risk management frameworks;

●assisting the Board of Directors in determining guidelines and verifying that the executive directors have properly implemented the surveillance frameworks (especially in terms of the separation of duties and the prevention of conflicts of interest), that ensure the Company is effectively and prudently managed;

●reviewing, pursuant to its remit, whether the prices of products and services proposed to clients are compatible with Natixis’ risk strategy. If these prices do not correctly reflect the risks, the Committee presents the Board of Directors with an action plan to remedy the situation;

●reviewing, without prejudice to the responsibilities of the Compensation Committee, whether the incentives set out by Natixis’ compensation policy and practices are compatible with the latter’s situation with regard to the risks to which it is exposed, its capital, its liquidity and the probability and scheduling of the expected benefits;

●assisting the Board of Directors in reviewing the aforementioned governance mechanism, assessing its effectiveness and ensuring that corrective measures have been taken to remedy any shortcomings;

●verifying that the institution's risk culture is implemented consistently;

●regularly examining the strategies and policies governing the taking, management, monitoring and reduction of the risks to which Natixis is or could be exposed, including risks created by the economic environment. To that end, at least once a year the Risk Committee analyzes the documents used to define and monitor Natixis’ risk appetite, namely the Risk Appetite Statement and the Risk Appetite Framework. The Risk Committee also studies the results of internal stress tests as well as measures of consumption of economic capital. The Risk Committee studies all limit changes between two annual reviews, including changes to industry-based limits;

●overseeing the implementation of capital and liquidity management strategies;

●examining compliance risk monitoring-related items at least once a year, pursuant to Article 253 of the French Ministerial Order of November 3, 2014 on internal control of banking sector businesses, payment services, and investment services;

●examining, at least once a year, the elements relating to environmental risk oversight and the risks associated with climate change;

●giving its opinion on the appointment and dismissal of the Heads of the Internal Audit;

●overseeing the activities of the internal audit department and, in particular, reviewing and approving the annual Natixis internal audit program, its execution and any adjustments, and monitoring the conclusions of internal audit assignments carried out by Natixis and the regulatory and supervisory authorities (notably the French Prudential Supervisory Authority and the European Central Bank), as well as the recommendations; to this end, a summary of reports from Natixis' internal audit department and BPCE's General Inspection concerning Natixis and its subsidiaries is drawn up for the attention of the Risk Committee, which is also informed of all reports from the regulatory and supervisory authorities (notably the French Prudential Supervisory Authority and the European Central Bank) concerning Natixis and its subsidiaries;

●reviewing and approving the organization, headcount and resources allocated to internal audit, ensuring the independence of the NCIB and AWM internal audit departments, and being informed of any proposed changes to the Group internal audit charter.

The following are invited to attend Risk Committee meetings on a permanent basis: the Chief Financial Officer, the Chief Risk Officers of Natixis and BPCE, the General Counsel, the Heads of Internal Audit at NCIB and AWM, the BPCE Head of General Inspection, all of whom are able to contribute to the Risk Committee's work, and the Statutory Auditors of Natixis.

On the recommendation of its Chairman, the Risk Committee may, if it deems it appropriate, invite to attend one of its meetings any other Natixis manager (including the manager of one of its main subsidiaries or the Chairman of its Risk Committee) likely to shed light on the Risk Committee's work.

The Chief Risk Officer, the Compliance Officer, and the BPCE Head of General Inspection and the Heads of Internal Audit at Natixis have direct and permanent access to the Risk Committee.

Minutes of the Risk Committee Meetings are prepared by the secretary of the Board of Directors. These minutes are shared with the Risk Committee members and approved at the following session. The Board of Directors is made aware of the Committee’s work so that it can make fully informed decisions.

##### B −Work of the Risk Committee in 2025

The Risk Committee met seven times in fiscal year 2025. The attendance rate was 81% for the year as a whole.

Each director's individual attendance rate at Risk Committee Meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Within a reasonable amount of time before a Committee Meeting, a file containing the items on the agenda is sent to each director via a secure digital platform for review and analysis in preparation for the meeting.

In fiscal year 2025, the Risk Committee’s duties focused on the following items:

Risk management | ●Review of the key points from the risk dashboard and the bank’s risk environment outlook, including an update on steering indicators for risk appetite ●Presentation of the Risk function's 2024 achievements and 2025 priorities ●Liquidity update, including: ●annual review of liquidity risk tolerance ●annual review of liquidity risk strategies, policies, procedures, systems, tools, limits, and underlying assumptions ●annual review of contingency plans, particularly in light of the results of the alternative scenarios regarding liquidity positions and risk mitigation factors ●review of the ALM framework ●half-yearly results of the alternative crisis scenarios ●half-yearly results of reviews and analyses of developments in the liquidity position ●Equity Market: review of inventory limits by hedging complexity ●Check that the compensation policy is compatible with the risks ●Annual assessment of the materiality of step-in risks at NIM ●Presentation of the ICAAP 2025 report, including quarterly economic capital requirements for 2024 and rebased internal stress-test results for 2025 ●Presentation of ICAAP economic capital requirements ●Review of the risk appetite framework and indicators set out in the decree of November 3, 2014 ●Presentation of Natixis' 2025 update on compliance with BCBS 239 principles ●Presentation of internal stress test results ●Presentation of ESG Key Risks Indicators thresholds ●Model risk management update ●Examination of the adequacy of the prices of products and services offered to clients with the risk strategy of Natixis ●Market & Counterparty Risk: presentation of the Expo2 Program ●Syndication & Distribution Risk: presentation of the Syndication business line, the distribution risk management system, and an overview of the distribution portfolio ●Update on the strategic Risks plan ●Annual update on ESG risk monitoring ●Update on technology risks ●Private Market Exposure & NAV Financing Presentation
Internal audit | ●Presentation of the 2025 internal audit budget ●Presentation of the main risks identified during CIB's internal audit assignments ●2024 review of CIB internal audit, main conclusions and risks identified ●Summary of internal audit activity and presentation of the findings of the CIB and AWM internal audit assignments ●Appointment of a new Head of Internal Audit ●Internal audit update, main risks identified and budget for 2025 ●Overall monitoring of activity and recommendations (internal audit, Group General Inspection and supervisors) as of December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025, and projection of monitoring of recommendations as of December 31, 2025 ●Review of the internal audit assignments of Natixis CIB and AWM and of the General Inspection (in particular the AEW Europe assignment) Groupe BPCE ●Presentation of the RACI ●Presentation of the CIB and AWM 2026 audit plan and priorities ●Presentation of the report on internal control sent to the French Prudential Supervisory Authority ●Presentation of the approach, priorities, and schedule for presenting the draft 2026 internal audit plan ●Evaluation of the CIB and AWM internal audit departments by Groupe BPCE General Inspection ●Presentation of the results of the AWM audit quality review by an external service provider
Compliance and internal control | ●Presentation of the compliance function's achievements in 2024 and priorities for 2025 ●Compliance risk highlights, challenges and projects ●Presentation of the status of the internal control framework and the results of compliance controls (S2 2024), including presentation of the arbitration memorandum for the 2024 control plan and the 2025 Compliance RCSA ●Presentation of the annual compliance function assessment report ●Presentation of the 2024 annual report on AML-CFT internal control ●Presentation of the AMF 2024 reports by the Investment Services Compliance Officer ●Presentation of the 2024 "MIF-MAR" consolidated report ●Update on the "Reputation Risk" and "Whistleblowing" systems for H1 2025 ●Presentation of the 2025 compliance control plan ●Annual presentation on the financial security framework ●Update on the Whistleblowing system ●Update on the permanent control system for H1 2025
Others | ●SREP 2024 and 2025 letters: main conclusions and recommendations, and associated action plans ●Presentation of the APAC platform ●Conclusions of the ECB (OSI) mission on commodity traders ●Presentation of Global Trade activity and risks ●Presentation of the Digital Operational Resilience System (DORA) ●Presentation of activities and risks on the EMEA platform – Middle East and London

#### 2.2.2.3 The US Risk Committee (“USRC”)

The US Risk Committee was created in 2016 to meet an American regulatory requirement (Dodd Frank Act) applicable to foreign banks established in the United States and meeting certain activity threshold criteria.

##### A −Organization

The US Risk Committee is composed of six members (namely the five members of the Risk Committee and one member(15) based in the United States).

At March 10, 2026, its members are:

Laurent Seyer | Chairman
Ronald Cathcart | Vice-Chairman
Dominique Garnier | Member
Catherine Pariset | Member
Christophe Pinault | Member
Laurent Roubin | Member

The US Risk Committee has been chaired by Laurent Seyer since December 13, 2021.

##### B −Role and powers

The US Risk Committee is tasked with monitoring the management of risks related to Natixis’ combined US Operations.

The responsibilities and operating procedures of the US Risk Committee are set out in a charter, the latest version of which was approved by the Board of Directors’ meeting of August 4, 2025.

##### C −Work of the US Risk Committee in 2025

The US Risk Committee met five times in fiscal year 2025. The attendance rate was 92% for the year as a whole.

Each director’s individual attendance rate (excluding associate members based in the United States) at US Risk Committee Meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Within a reasonable amount of time before a Committee Meeting, a digital file containing the items on the agenda is sent to each director via a secure digital platform for review and analysis in preparation for the meeting.

In 2025, its work focused on the following topics:

| ●Summary and overview of the USRC under CUSO environment and under risk exposure and tolerance and compliance ●Review of the US Risk Committee charter ●Annual review of CUSO “Risk management framework” policy ●Monitoring CUSO governance and controls ●US 2025 resolution plan ●Annual review of US Risk Appetite Framework ●Annual CUSO self-assessment and action plans ●Review of the Chief Information Security Officer's annual report ●Annual CUSO risk appetite review ●Presentation of CUSO compliance risk mapping and CUSO 2025 annual control plans ●CIB Americas Cyber Security Remediation Plan ●Monitoring of the conclusions of the Loan Review and the Audit ●CPRM and Distribution Presentation ●Presentation of the Vendor risk management project ●Presentation of NIM Risk US ●Presentation of NIM US Affiliate Harris Associates (investment risk review) ●Presentation of BPCE Equipment Solutions US ●Presentation of the HR succession plan ●Monitoring of supervisory and regulatory relations ●Climate risk training ●AML/BSA training

#### 2.2.2.4The Compensation Committee

##### A −Organization

The Compensation Committee has six members.

As of March 10, 2026, the Compensation Committee consisted of:

Edouard-Malo Henry(16) | Chairman
Dominique Garnier | Member
Anne Lalou | Member
Catherine Pariset | Member
Karine Puget(17) | Member
Christophe Pinault | Member

Three of the six members are independent (Anne Lalou, Catherine Pariset and Edouard-Malo Henry).

The Compensation Committee has been chaired by Edouard-Malo Henry since May 21, 2025.(18)

Henri Proglio (non-voting member) also participates in the meetings of the Compensation Committee.

The number of independent directors on the Compensation Committee is not greater than half the total number of members, despite the recommendation of the AFEP-MEDEF Code. It has a balanced composition (50% independent, 50% non-independent), and the Committee is chaired by an independent director (see Monitoring table of compliance with the recommendations of the AFEP-MEDEF Code in Section [2.1.4] of this chapter).

Furthermore, the opinions and proposals of the Compensation Committee are adopted if the majority of members present, including the Committee’s Chairman, vote for them.

##### B −Role and powers

The role of Natixis’ Compensation Committee is to prepare the decisions that the Natixis Board of Directors issues with regard to compensation, particularly those that have a significant impact on the Company’s risks and risk management. The Compensation Committee’s powers and operating procedures are detailed in the internal rules, the latest version of which was approved by the Board of Directors’ meeting of December 12, 2024.

The Compensation Committee is responsible for submitting proposals to the Natixis Board of Directors concerning:

●the amount and terms of compensation paid to the Chairman of the Natixis Board of Directors, where applicable, including benefits in kind, pension plans and provident insurance;

●the amount and terms of compensation paid to the Chief Executive Officer and, where applicable, one or more Deputy Chief Executive Officers, including benefits in kind, pension plans and collective personal protection insurance;

●rules for allocating compensation to the members of the Natixis Board of Directors and the total amount submitted to the shareholders at Natixis’ General Shareholders’ Meeting for a decision;

●control of compensation for heads of control functions (risk, compliance and audit);

●the compliance of Natixis’ compensation policy with applicable regulations, in particular those governing credit institutions and investment firms (CRD V and IFD), as well as asset management activities (AIFMD and UCITS V);

●the annual review of Natixis’ compensation policy and its implementation, in particular the variable compensation allocated to categories of employees whose professional activities are likely to have a significant impact on the risk profile of Natixis or the Group within the framework of the regulations referred to above.

The Compensation Committee reviews and issues an opinion on the insurance policies taken out by Natixis in terms of executive liability.

The Compensation Committee examines, where applicable, projects related to employee savings schemes and in particular capital increase projects reserved for Natixis employees, and where applicable, share subscription or purchase plans, free share allocation plans to be submitted to the General Shareholders’ Meeting.

Natixis’ Chief Executive Officer provides the Compensation Committee with any documents that may assist it in performing its duties and to ensure it is fully informed.

The Compensation Committee relies, where necessary, on Natixis’ Internal Control Departments or external experts.

Minutes of the Compensation Committee Meetings are prepared by the Human Resources Department in conjunction with the secretary of the Board of Directors. These minutes are shared with the Compensation Committee members and approved at the following session. The Board of Directors is made aware of the Committee’s work so that it can make fully informed decisions.

##### C −Work of the Compensation Committee in 2025

The Compensation Committee met three times during fiscal year 2025. The attendance rate was 100% for the year as a whole.

Each director’s individual attendance rate at Compensation Committee Meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Within a reasonable amount of time before a Committee Meeting, a digital file containing the items on the agenda is sent to each director via a secure digital platform for review and analysis in preparation for the meeting.

In 2025, the Committee focused on the following areas:

Corporate officers | ●Compensation of the Chief Executive Officer for fiscal year 2024 and compensation principles for fiscal year 2025 ●Compensation policy for members of the Board of Directors in 2025
Implementation of the compensation policy/Annual compensation review | ●Review of specific Risk and Compliance targets (2024 review & presentation of 2025 targets) ●Variable compensation for 2024 (CIB Front, support and control functions, AWM) ●Compensation for 2024 for the heads of control functions and the population of risk-takers under CRD V ●Individual information on the 100 highest earners in 2024 and on the executives and heads of control functions of the European affiliates of the AWM division ●Acquisitions in 2025 under previous deferred variable compensation plans ●Trajectory of CIB Front's variable compensation pool for 2025 ●Policy on deferred variable compensation for 2025 ●Framing of fixed compensation increases for 2026 and variable compensation packages for 2025 ●Employee savings schemes in 2025 ●Natixis policy on equal pay and gender equality in the workplace in 2025
Compliance with regulations | ●Conclusions of the 2024 audit mission on CRD V risk takers (fiscal year 2023) ●2024 annual report on Natixis’ compensation policies and practices (focus on risk-takers under CRD V) ●Review of regulatory changes
Other items | ●Provisional schedule of Compensation Committee in 2026

#### 2.2.2.5The Appointments Committee

##### A −Organization

As of March 10, 2026, the Appointments Committee had six members.

It is composed as follows:

Delphine Maisonneuve | Chairwoman
Valérie Andrieu(19) | Member
Lionel Baud | Member
Edouard-Malo Henry | Member
Anne Lalou | Member
Laurent Roubin | Member

Three of the six members are independent (Anne Lalou, Delphine Maisonneuve and Edouard-Malo Henry). The number of independent directors on the Appointments Committee is not greater than half the total number of members, despite the recommendation by the AFEP-MEDEF Code. It has a balanced composition (50% independent, 50% non-independent), and the Committee is chaired by an independent director (see Monitoring table of compliance with the recommendations of the AFEP-MEDEF Code in Section [2.1.4] of this chapter). Furthermore, the opinions and proposals of the Appointments Committee are adopted if the majority of members present, including the Committee’s Chairwoman, vote for them.

Since April 13, 2023, the Appointments Committee has been chaired by Delphine Maisonneuve.

##### B −Role and powers

The role of the Natixis Appointments Committee is to prepare the decisions of the Natixis Board of Directors on the selection/appointment of corporate officers, and to assess the individual and collective skills of directors and Executive directors, as well as the effectiveness of the Board of Directors. The Appointments Committee’s powers and operating procedures are described in detail in the internal rules of the Board of Directors, the latest version of which was approved by the Board of Directors’ meeting of December 12, 2024.

The Appointments Committee’s primary duties are:

●to assess the individual and collective suitability of candidates/members of the Board of Directors, the Chief Executive Officer and the Executive directors of Natixis. It reports on its work to the Board of Directors and makes recommendations in this area;

●evaluates the balance and diversity of knowledge, skills and experience that the members of the Board of Directors have, both individually and collectively;

●details the duties and the qualifications required for serving on the Natixis Board of Directors, and assesses the time to be spent on that service;

●proposes to the Board objectives to be achieved in terms of diversity, in line with the Board of Directors' diversity policy, and ensures that these are taken into account when assessing the suitability of candidates/members of the Board of Directors. Natixis’ objectives, policies and implementation procedures are made public;

●identifies any complementary profiles for the Board of Directors, based on an analysis of the Board's collective skills map, and makes recommendations;

●periodically, at least once a year, assesses the structure, size, composition and effectiveness of the Board of Directors with regard to the responsibilities that are assigned to it, and submits any useful recommendations to the Board;

●annually reviews Board of Directors policies and procedures and makes recommendations;

●reviews the Chief Executive Officer's succession plan;

●reviews and makes recommendations on the directors' training plan;

●carries out an annual assessment of the work of the Board of Directors and Specialized Committees, examining the results, making recommendations and monitoring the action plan;

●reviews the draft resolutions relating to the composition of the Board of Directors to be submitted to the General Shareholders’ Meeting;

●follows up on measures imposed by the supervisor in connection with the approval of directors and Executive directors.

Qualification as an independent board member is discussed by the Appointments Committee, which prepares a report for the Board of Directors. Each year, before the publication of the annual report, based on this report, the Board of Directors reviews the status of each of its members based on independence criteria set out in the Board of Directors’ internal rules (see Section [2.2.1.2] of this chap ter).

Minutes of the Appointments Committee Meetings are prepared by the secretary of the Board of Directors. These minutes are shared with the Appointments Committee members and approved at the following session. The Board of Directors is made aware of the Committee’s work so that it can make fully informed decisions.

##### C −Work of the Appointments Committee in 2025

The Appointments Committee met three times in fiscal year 2025. The attendance rate was 92%.

Each director’s individual attendance rate at Appointments Committee meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Within a reasonable amount of time before a Committee Meeting, a file containing the items on the agenda is sent to each director via a secure digital platform for review and analysis in preparation for the meeting.

In 2025, the Committee focused on the following areas:

Composition and effectiveness of the Board of Directors and Specialized Committees | ●Composition of the Board of Directors and Specialized Committees: ●Identification of missing profiles on the Board of Directors and Specialized Committees ●Upcoming expiry of the terms of office of the Board of Directors ●Initiation of work to select outgoing directors to be replaced ●Identification of preferred profiles ●Opinion on the General Shareholders’ Meeting's proposal to appoint candidates to succeed outgoing directors ●Notice regarding the renewal of the terms of office of directors expiring at the General Shareholders' Meeting of May 21, 2025 ●Training for members of the Board of Directors (review of training attendance in 2024 and training schedule for 2025) ●Monitoring of Fit & Proper approval requests and measures imposed by the supervisor in connection with the approval of directors and Executive directors ●Review of the action plan relating to the 2024 assessment of the work of the Board of Directors and the Specialized Committees ●Launch of the 2025 annual assessment of the work of the Board of Directors and the Specialized Committees
Adequacy of the individual and collective skills of the Board of Directors and the Specialized Committees | ●Review of the individual and collective assessment of the members of the Board of Directors and the Specialized Committees (fiscal year 2024), including: ●review of the Fit & Proper criteria of the members of the Board of Directors (including the non-voting member), the analysis of conflicts of interest and the review of the independence of the independent directors ●detailed review of the mapping of the skills of the members of the Board of Directors and Specialized Committees (review of the qualifications required for the functions performed within the Board of Directors; review of the individual and collective skills of the members of the Board of Directors and Specialized Committees; review of diversity criteria/objectives; review to ensure that the Board of Directors is not dominated by a person or group of persons in a manner prejudicial to the interests of Natixis) ●Review of the diversity criteria for members of the Board of Directors and review that the Board of Directors is not dominated by any individual or group of individuals in a manner that is detrimental to the interests of Natixis (fiscal year 2025) ●Review of the individual and collective assessment of the Executive directors (fiscal year 2025) including: ●review of the Fit and Proper criteria for Executive directors ●review of the individual and collective skills of the Executive directors ●Update of the assessment of the adequacy of the composition of the Board of Directors and Specialized Committees following proposed appointments and reappointments of directors
General Shareholders’ Meeting | ●Review of the draft resolutions relating to the composition of the Board of Directors to be submitted to the General Shareholders’ Meeting of May 21, 2025
Other items | ●Presentation of the progress of the Governance project ●Update on governance policies ●Provisional schedule of Appointments Committees in 2026

##### D −Succession plan for Executive corporate officers

With regard to the succession plan for the Chairman of the Natixis Board of Directors, it should be noted that pursuant to an internal governance rule specific to the group, the Chairman of the BPCE Management Board is also the Chairman of the Natixis Board of Directors.

As part of its work, the Appointments Committee reviews on a regular basis the succession plan for the Chief Executive Officer.

In addition, the appointment and succession plan was incorporated into the Appointment and Succession Policy for Natixis’ Chief Executive Officer, Deputy Chief Executive Officer, other executive directors and members of the Natixis Board of Directors, which was approved by the Board of Directors on December 12, 2024.

Through its work and discussions, the Appointments Committee has developed a policy that is adapted to short-, medium- and long-term situations while making diversity, in all its components, a key element.

To carry out its mission, the Appointments Committee keeps the Board of Directors informed of the progress of its work and coordinates with the Compensation Committee.

#### 2.2.2.6The Strategic Committee

##### A −Organization

The Strategic Committee brings together all the directors and the non-voting member. The members of Natixis’ Senior Management Committee are invited to participate on the Strategic Committee. External persons may also participate on the Committee.

The Strategic Committee has been chaired by Anne Lalou since February 10, 2016.

##### B −Role and powers

The main tasks of the Strategic Committee are to:

●maintain the Board of Director’s strategic thinking at dedicated meetings;

●enable dialogue with Senior Management on strategic developments at Natixis and take the initiative in requesting that a subject be brought before the Board of Directors for approval when it becomes major;

●monitor the implementation of strategic orientations as validated by the Board of Directors and, where necessary, discuss corrective actions.

##### C −Activity of the Strategic Committee in 2025

The Strategic Committee meets at least once a year.

In 2025, the Strategic Committee met once. The attendance rate was 100%. The individual attendance rate of each director and of the non-voting member at Strategic Committee meetings is shown in section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Each director receives the documents related to the agenda within a reasonable timeframe via a secure digital platform.

In 2025, the Natixis Strategic Committee examined the following points:

●follow-up on CIB and NIM Scale Up strategic plan;

●geopolitical and economic context;

●"Business" focus: Greater China;

●focus on "Resources": Employee talents and commitments;

●focus on "Resources": Data & Artificial Intelligence;

●focus on "Resources": CIB IT;

●"Business" focus: M&A.

#### 2.2.2.7The Environmental and Social Responsibility (ESR) Committee

##### A −Organization

The ESR Committee has four members. At March 10, 2026, its members are:

Anne Lalou | Chairwoman
Dominique Duband | Member
Sylvie Garcelon | Member
Edouard-Malo Henry | Member

The ESR Committee has been chaired by Anne Lalou since January 1, 2021.

Two of the members are independent (Anne Lalou and Edouard-Malo Henry).

The ESR skills of the four members are recognized by the Board of Directors.

##### B −Role and powers

Natixis’ ESR Committee has internal rules specifying its powers and its operating procedures, the latest version of which was approved by the Board of Directors' meeting of June 13, 2025.

In general, the ESR Committee ensures, in accordance with Article L.225-35 of the French Commercial Code, that social and environmental issues are taken into account by the Board of Directors when determining the Company's business guidelines and their implementation.

The main tasks of the ESR Committee are:

●to review the group's ESR strategy and commitments, particularly in relation to the green and sustainable finance strategy of all its business lines;

●to examine the results of actions taken by Natixis to reduce its own environmental footprint (control of resource consumption, waste management and mobility practices) related to its financing and investment activities;

●to examine, in conjunction with the Compensation Committee, the procedures for taking into account non-financial criteria in the compensation policy for Executive corporate officers;

●to examine ESR risks and the impact of environmental and societal issues in terms of investment, economic performance and reputation under the leadership of the Risk Committee and during joint sessions;

●to review the quality of the "Environment, Social and Governance" reporting and, in general, any non-financial information required by the legislation in force, under the aegis of the Audit Committee and during joint sessions for the sustainability report.

Minutes of the ESR Committee meetings are prepared by the secretary of the Board of Directors. These minutes are shared with the ESR Committee members and approved at the following session. The ESR Committee reports on its work to the Board of Directors and more specifically presents its conclusions for discussion and, where applicable, for deliberation.

##### C −Activity of the ESR Committee in 2025

The ESR Committee met four times in fiscal year 2025, including a joint session with the Audit Committee. The attendance rate was 100%.

Each director's individual attendance rate at ESR Committee Meetings is provided in Section [2.2.2.8] of this chapter (see Attendance table of the Board of Directors and Specialized Committees).

Within a reasonable amount of time before a Committee Meeting, a file containing the items on the agenda is sent to each director via a secure digital platform for review and analysis in preparation for the meeting.

In 2025, the Committee focused on the following areas:

Strategy/ESG | ●Presentation of NIM's ESG governance and operating mode ●Presentation of "ESG data" ●"General" information on the regulatory and political context (USA, Omnibus Package, etc.) ●NIM's ESG market positioning ●Presentation of the Green Weighting Factor (GWF) tool ●Presentation of the Network Green Hub ●Presentation of clients' new onboarding process, including a presentation of clients' ESG Risks Assessment ●Sharing of work on the "CSRD 2025" DMA (in collaboration with the Audit Committee)
Other items | ●Annual review of the ESR Committee's internal rules ●NIM update (market/business) ●CIB update (3rd quarter/9-month performance) ●Provisional schedule for 2026

#### 2.2.2.8Attendance table of the Board of Directors and Specialized Committees

| Board of Directors | Risk Committee | US Risk Committee | Audit Committee | Compensation Committee | Appointments Committee | ESR Committee | Strategic Committee | Individual attendance rate
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Directors from BPCE
Nicolas Namias | 9/9 |  |  |  |  |  |  | 1/1 |
(Chairman) | 100% | N/A | N/A | N/A | N/A | N/A | N/A | 100% | 100%
BPCE | 9/9 |  |  | 6/7 |  |  |  | 1/1 |
Represented by Hélène Madar | 100% | N/A | N/A | 86% | N/A | N/A | N/A | 100% | 95%
Independent directors
Delphine Maisonneuve | 6/9 | 3/7 |  |  |  | 3/3 |  | 1/1 |
67% | 43% | N/A | N/A | N/A | 100% | N/A | 100% | 77%
Anne Lalou | 9/9 |  |  |  | 3/3 | 3/3 | 4/4 | 1/1 |
100% | N/A | N/A | N/A | 100% | 100% | 100% | 100% | 100%
Catherine Pariset | 8/9 | 7/7 | 5/5 | 6/7 | 3/3 |  |  | 1/1 |
89% | 100% | 100% | 86% | 100% | N/A | N/A | 100% | 96%
Laurent Seyer | 9/9 | 7/7 | 4/5 | 7/7 |  |  |  | 1/1 |
100% | 100% | 80% | 100% | N/A | N/A | N/A | 100% | 96%
Nicolas de Tavernost (until 21/05/2025) | 5/5 |  |  |  | 2/2 | 1/2 |  |  |
100% | N/A | N/A | N/A | 100% | 50% | N/A | N/A | 83%
Edouard-Malo Henry (since 21/05/2025) | 4/4 |  |  |  | 1/1 | 1/1 | 3/3 | 1/1 |
100% | N/A | N/A | N/A | 100% | 100% | 100% | 100% | 100%
Directors from Banques Populaires
Lionel Baud | 7/9 |  |  |  |  | 3/3 |  | 1/1 |
78% | N/A | N/A | N/A | N/A | 100% | N/A | 100% | 93%
Sylvie Garcelon | 9/9 |  |  | 5/7 |  |  | 3/3 | 1/1 |
100% | N/A | N/A | 71% | N/A | N/A | 100% | 100% | 93%
Dominique Garnier | 9/9 | 6/7 | 4/5 |  | 3/3 |  |  | 1/1 |
100% | 86% | 80% | N/A | 100% | N/A | N/A | 100% | 93%
Catherine Leblanc (until 21/05/2025) | 4/5 |  |  |  | 2/2 |  |  |  |
80% | N/A | N/A | N/A | 100% | N/A | N/A | N/A | 90%
Karine Puget (since 21/05/2025) | 4/4 |  |  |  | 1/1 |  |  | 1/1 |
100% | N/A | N/A | N/A | 100% | N/A | N/A | 100% | 100%
Directors from Caisses d’Epargne
Catherine Amin-Garde (until 04/08/2025) | 7/7 |  |  | 5/5 |  | 2/2 |  |  |
100% | N/A | N/A | 100% | N/A | 100% | N/A | N/A | 100%
Dominique Duband | 9/9 |  |  |  |  |  | 3/3 | 1/1 |
100% | N/A | N/A | N/A | N/A | N/A | 100% | 100% | 100%
Christophe Pinault | 9/9 | 5/7 | 5/5 |  | 3/3 |  |  | 1/1 |
100% | 71% | 100% | N/A | 100% | N/A | N/A | 100% | 94%
Laurent Roubin | 9/9 | 6/7 | 5/5 |  |  | 3/3 |  | 1/1 |
100% | 86% | 100% | N/A | N/A | 100% | N/A | 100% | 97%
Non-voting member
Henri Proglio | 5/9 |  |  |  | 3/3 |  |  | 1/1 |
56% | N/A | N/A | N/A | 100% | N/A | N/A | 100% | 85%
AVERAGE ATTENDANCE RATE (excluding non-voting member) | 95% | 81% | 92% | 89% | 100% | 92% | 100% | 100% | 94%

### 2.2.3Senior Management

As of March 10, 2026, Senior Management is structured around the Chief Executive Officer, Mohamed Kallala, the Deputy Chief Executive Officer, Philippe Setbon and the Senior Management Committee, whose activities for 2025 are detailed below (see Section [2.2.3.4] below).

The members, alongside the Chief Executive Officer and the Deputy Chief Executive Officer, are as follows:

●Jennifer Baert (General Counsel)(20);

●Nathalie Bricker (Deputy Chief Executive Officer of Natixis Investment Managers in charge of Finance, Strategy, Risk, Compliance and Legal);

●Nicolas Fenaert (Global Head of IT & Operations);

●Michael Haize (Global Head of Global Markets);

●Rajâa Meghar (Chief Risk Officer, Executive director);

●Anne Sabot (Chief Financial Officer);

●Cécile Tricon-Bossard (Chief Human Resources Officer).

#### 2.2.3.1Gender balance within the Senior Management Committee

The balanced representation of women and men on the governing bodies, which include the Board of Directors and the Senior Management Committee, is a key issue at Natixis. The diversity policy applied to the Board of Directors is described in Section [2.2.1.1. C] of this chapter.

In 2019, the Company signed the United Nations Principles for Gender Equality. By signing the seven principles for the empowerment of women, Natixis is committed to implementing gender equality governance at the highest level of the Company.

As of March 10, 2026, the proportion of women on the Natixis Senior Management Committee was 56% (9 members including 5 women).

Natixis has thus gone from a Senior Management Committee composed exclusively of men seven years ago, to a Committee composed today of four men and five women, each holding strategic positions.

It should be noted that since 2024, an international collective support program called the “Inspiring Women Program” has been launched. In addition, Natixis strives to ensure that its other leadership development programs include at least 50% female profiles.

#### 2.2.3.2Chief Executive Officer and Deputy Chief Executive Officer

In accordance with the decision of the Board of Directors on April 30, 2009 to separate the functions of Chairman of the Board of Directors and Chief Executive Officer, as of February 4, 2025, Natixis is headed by a Chief Executive Officer and a Deputy Chief Executive Ofﬁcer.

Mohamed Kallala was appointed Chief Executive Officer by the Board of Directors on November 6, 2024, for a term of 4 years from January 1, 2025, expiring at the end of the Natixis General Shareholders’ Meeting called in 2029 to approve the financial statements for the fiscal year ended December 31, 2028.

Mohamed Kallala is, therefore, as of January 1, 2025, Executive director of Natixis within the meaning of Articles L.511-13 and L.532-2 of the French Monetary and Financial Code.

The Chief Executive Officer may delegate a portion of his powers to any representative of his choice, who may or may not have the right to be replaced by another person. In light of this fact, Natixis has a comprehensive system for assigning and monitoring delegations of power and of signing authority, which encompasses the delegation of Senior Management to members of the Senior Management Committee. Furthermore, each business line and support function has defined and regularly updates its own signing authority rules, in keeping with the principles laid down by Senior Management.

On the Chief Executive Officer’s recommendation, the Board of Directors may appoint one to five natural persons selected from among the directors or otherwise to assist the Chief Executive Officer, with the title of Deputy Chief Executive Officer.

Philippe Setbon was appointed Deputy Chief Executive Officer by the Board of Directors on November 6, 2024, for a term of 4 years from January 1, 2025, expiring at the end of the Natixis General Shareholders’ Meeting called in 2028 to approve the financial statements for the fiscal year ended December 31, 2025.

Philippe Setbon is, therefore, as of January 1, 2025, Executive director of Natixis within the meaning of Articles L.511-13 and L.532-2 of the French Monetary and Financial Code.

In agreement with the Chief Executive Officer, the Board of Directors determines the scope and duration of the powers conferred upon the Deputy Chief Executive Officers. They have the same powers as the Chief Executive Officer with respect to third parties.

##### Disclosure of non-conviction

The Chief Executive Officer and the Deputy Chief Executive Ofﬁcer of Natixis have not been convicted, directly or indirectly, of fraud, filed for bankruptcy, liquidation, receivership or companies put into administration, convicted and/or punished by the authorities, disqualified from acting as members of administrative, management or supervisory bodies of an issuer, or from acting in the management or conduct of the business of an issuer within at least the previous five years.

##### Conflicts of interest

There is no potential conflict of interest between the duties of the Chief Executive Officer towards Natixis and his private interests and/or other duties towards third parties.

In addition, there are no service agreements binding the Chief Executive Officer to Natixis that could confer benefits according to the terms of such an agreement and that might call into question his independence or interfere in his decision-making.

With regard to the Deputy Chief Executive Ofﬁcer, measures have been put in place to manage any potential conflicts of interest that may arise from his position as Chief Executive Officer of Natixis Investment Managers, and to ensure that his responsibilities as Deputy Chief Executive Ofﬁcer of Natixis are carried out independently and objectively.

#### 2.2.3.3Executive directors

In accordance with Articles L.511-13 and L.532-2 of the French Monetary and Financial Code, as of February 4, 2025, Natixis had three Executive directors: Mohamed Kallala(21), Chief Executive Officer; Philippe Setbon(22), Deputy Chief Executive Officer and Rajâa Meghar(23), Chief Risk Officer.

As Executive directors, Mohamed Kallala, Philippe Setbon and Rajâa Meghar stand surety and assume full liability toward the supervisory authorities, and specifically the French Prudential Supervisory Authority (ACPR) and the European Central Bank (ECB), for the following activities:

●the effective determination of the Company’s activity;

●the accounting and financial information;

●the internal control;

●the determination of capital requirements.

In this context, the Executive directors are authorized to request and receive all useful information from any division, department, controlled entity or subsidiary of Natixis.

In the event of the absence of the Executive corporate officer, the other Executive directors will ensure business continuity until the Board of Directors appoints a new Chief Executive Officer based on a recommendation by the Appointments Committee.

#### 2.2.3.4Activities of the Senior Management Committee

Following Natixis’ conversion into a joint stock company with a Board of Directors, a Senior Management Committee was set up in early May 2009 in order to examine and validate the Company’s main decisions and steer its management. Barring exceptions, it meets weekly, chaired by the Chief Executive Officer.

Except where circumstances prevented them from doing so, the members of the Senior Management Committee were present at all meetings in 2025. Representatives from the business lines or different support functions were invited to present to the Senior Management Committee projects or policies falling within their departmental remits.

The year 2025 was marked by work to implement the "Scale Up" strategic plan, which is fully consistent with the Group's strategic plan, VISION 2030. It has a shared vision for both Natixis business lines to become key global financial players serving more sustainable economic models by 2030. Specific ambitions have been set for each of the business lines - Corporate & Investment Banking on the one hand, and Asset & Wealth Management on the other - and translated into targets for 2026.

In 2025, the Senior Management Committee studied and approved all the strategic operations carried out by Natixis during the year, before presentation to the Company’s Board of Directors. In particular, it examined external growth opportunities and supervised various projects and initiatives.

With regard to CIB, the expansion of its presence in Asia was marked by the acquisition of a banking license in Japan and the approval to open a branch in Gift City, India, thereby enhancing its ability to support clients. Natixis launched the direct lending fund, Universe, with an initial capital of €625 million. The acquisition of a stake in Financière de Courcelles in January 2025 also contributed to the development of positions in the M&A market in France, in synergy with the Banques Populaires and Caisses d'Epargne network.

In the Asset & Wealth Management business line, the fiscal year was marked by the completion of numerous strategic projects as part of the "Scale Up" plan. In this context, several structural operations were carried out during the year. The merger between Mirova and Thematics AM has been finalized, leading to the creation of a leading thematic equity fund offering, effective January 1, 2026. Natixis Wealth Management's management capabilities were strengthened with the acquisition of Dorval AM, while Gateway's managed account offering was enhanced with the integration of Belmont Capital's activities in the United States. In addition, Vauban Infrastructure Partners' development was supported by the arrival of a strategic minority investor alongside its management team. Natixis Investment Managers also consolidated its position in wealth management in the United States through a strategic partnership with Edward Jones. The fiscal year was marked by strong commercial momentum, with net inflows reaching record levels for the second consecutive year.

The Senior Management Committee regularly examined the Company’s business development and results during its meetings throughout the year. It reviewed the annual, half-yearly and quarterly financial statements before their presentation to the Board of Directors. It oversaw the implementation of the ESR strategy, in particular through the validation of low-carbon pathways, regular monitoring of strategic indicators, and actions undertaken by the business lines.

Furthermore, the Senior Management Committee oversaw Natixis’ adaptation to changes in the economic and regulatory environment in the banking sector. Specifically, it regularly monitored any regulatory changes and initiatives. It also oversaw the strategy to accelerate IT investments aimed at supporting business growth and monitored the deployment and contributions of artificial intelligence use cases.

After in-depth discussions with the business lines and support functions involved, the Senior Management Committee approved the main management decisions including the establishment of the budget and capital trajectory, as well as a review of the Risk Appetite Framework. It also reviewed the results of the internal stress tests and the ICAAP. In addition, it approved the terms and conditions governing mandatory annual negotiations and the compensation review policy, the appointment of senior managers, and all significant projects or investments/divestments.

Furthermore, the Senior Management Committee monitored the management, risk management and compliance measures within Natixis, and regularly reviewed changes in the Company’s risks, as well as the consequences of audits. It also paid attention to compliance with the Code of conduct.

## 2.3Compensation policy for corporate officers

This part presents:

●the principles of the compensation policy (i) for non-executive corporate officers, i.e. directors and Chairman of the Board of Directors, and (ii) executive officers, i.e. the Chief Executive Officer;

●the elements of compensation paid or allocated in respect of the past fiscal year (i) to the Chairman of the Board of Directors and (ii) to the Chief Executive Officer.

Information relating to the composition and roles and powers of the Compensation Committee are presented in the section of the chapter on corporate governance (see Section [2.2.2.4]).

### 2.3.1Compensation policy for corporate officers

Natixis’ compensation policy is a key element in the implementation of the Company’s strategy and its sustainability. The Board of Directors ensures that it is in the social interest. It ensures a balance between the different components of compensation and benefits granted, it is adapted to the functions performed and is structured to encourage commitment of employees over the long term and strengthen the attractiveness of the Company while not encouraging excessive risk-taking.

It reflects the individual and collective performance of the businesses and employees, and incorporates financial and qualitative performance criteria, including in particular criteria relating to the environmental and social responsibility (CSR). It also participates in the alignment over time of the interests of the various stakeholders of Natixis, taking care not to be a vector of conflicts of interest between employees and clients and to promote behaviors in line with Natixis’ culture and rules of good conduct, as reflected in the Natixis Code of Conduct. The compensation policy also incorporates Natixis's fundamental objectives of professional equality and non-discrimination.

In order to guarantee the independence and relevance of the process of determination or revision of the compensation policy, the Compensation Committee (whose role is detailed in the Section [2.2.2.4] of this chapter) conducts an annual review of the principles of the compensation policy and makes proposals to the Board of Directors. Together they make sure the rules are followed: management of conflicts of interest provided for by the provisions applicable laws as well as those provided for by the regulations inside the Board of Directors.

Natixis’ compensation policy complies strictly with the regulatory framework specific to countries and sectors of activity in which Natixis operates, including, by way of illustration, CRD, SRAB and Volcker law, AIFMD, UCITS, IFD, MIFID and IDD.

The compensation of Executive corporate officers falls within the framework of the Natixis compensation policy applicable to all employees, which is detailed, in particular for the categories of staff whose professional activities have a significant impact on Natixis’ risk profile, in the annual report on compensation policies and practices published each year before the General Shareholders’ Meeting.

The two main principles underlying the fixing of the elements of compensation of the Executive corporate officers of Natixis by the Board of Directors after consulting the Compensation Committee are the following:

●the competitiveness of the various components, measured on the basis of comparisons with market practices for similar items;

●the link with performance.

COMPETITIVENESS
COMPARISON WITH MARKET PRACTICES

I NDIVIDUAL & COLLECTIVE Performance
FINANCIAL AND NON-FINANCIAL CRITERIA

In exceptional circumstances, the Board of Directors may adapt certain provisions of the compensation policy, while maintaining an approach that is coherent with the main principles of this policy.

If there is a change in governance or a new corporate officer is appointed, the Board of Directors monitors compliance with the core principles of the compensation policy and may decide to deviate therefrom depending on the interested parties’ profiles.

### 2.3.2Non-executive corporate officers

The members of the Natixis Board of Directors receive compensation subject to the terms and conditions set out below.

The overall annual budget for compensation to be allocated to members of the Board of Directors was capped at €780,000 for fiscal year 2025.

On the basis of 13 directorships (the Chairman of the Board and BPCE having waived their compensation) and one non-voting member directorship, the allocation of compensation to members of the Board of Directors is governed by the following rules:

Governing body | Pay
--- | ---
Fixed portion (prorated to the term of office) | Variable portion
Board of Directors |  |
Chairman | N/A | N/A
Member | €8,000 | €2,000/meeting (capped at 10 meetings)
Audit Committee |  |
Chairman | €17,000 | €2,000/meeting (capped at 7 meetings)
Member | €3,000 | €1,000/meeting (capped at 7 meetings)
Risk Committee |  |
Chairman | €17,000 | €2,000/meeting (capped at 8 meetings)
Member | €3,000 | €1,000/meeting (capped at 8 meetings)
US Risk Committee |  |
Chairman | €17,000 | €2,000/meeting (capped at 6 meetings)
Member | €3,000 | €1,000/meeting (capped at 6 meetings)
Appointments Committee |  |
Chairman | €15,000 | €2,000/meeting (capped at 6 meetings)
Member | €2,000 | €1,000/meeting (capped at 6 meetings)
Compensation Committee |  |
Chairman | €15,000 | €2,000/meeting (capped at 5 meetings)
Member | €2,000 | €1,000/meeting (capped at 5 meetings)
ESR Committee |  |
Chairman | €12,000 | €2,000/meeting (capped at 3 meetings)
Member | €2,000 | €1,000/meeting (capped at 3 meetings)
Strategic Committee |  |
Chairman | N/A | €12,000/meeting (capped at 2 meetings)
Member | N/A | €2,000/meeting (capped at 2 meetings)

Members of the Board receive a fixed portion of €8,000 per year for participating in Board of Directors’ Meetings as well as a variable portion of €2,000 per meeting, attributable according to their attendance, with the number of meetings paid over a full year being capped at 10; as a result, the maximum amount paid for Board of Directors’ Meetings may not exceed €28,000 for any directorship.

This amount will be divided between incoming and outgoing directors in the event of a change in the composition of the Board of Directors during a given fiscal year.

In addition, compensation is earned for participation in the Board’s various Specialized Committees, if applicable, as presented in the table above.

As an example, a director who is also a member (not a Chairman or Chairwoman) of the Audit Committee, the Risk Committee and the US Risk Committee would receive €58,000 over a full year for 100% attendance of all the meetings of the Board of Directors and of those Committees.

Given the workload and responsibilities involved in the tasks of Committee Chairmen, the compensation paid to Specialized Committee Chairmen is greater than that paid to the Committee members.

Given the waiver by the Chairman of the Board of Directors and by BPCE of any compensation due in respect of their office as directors, it is specified, as necessary, that this policy does not apply to the Chairman of the Board of Directors nor to BPCE.

The methods for distributing the fixed and variable compensation of directors were approved by the Board of Directors’ meeting of February 2, 2026 for fiscal year 2026, being noted that these may be adapted by the Board of Directors in the event of a change in its composition or a change to take account of an increase in workload or responsibilities.

It is specified that the duration of the terms of office of the members of the Board of Directors is detailed in the summary table of the composition of the Board of Directors. Furthermore, the appointment and revocation conditions of the members of the Board of Directors are referred to in Article L.225-18 of the French Commercial Code. Any director can also resign his or her position without providing a reason. In the event of director’s vacancy by death or resignation, the Board of Directors can, between two General Shareholders’ Meetings, make temporary appointments. Appointments made by the Board of Directors are subject to ratification to the next General Shareholders’ Meeting. And finally, no director is bound by an employment contract and/or a services agreement with the Company.

### 2.3.3Chairman of the Board of Directors

On December 1, 2022, the Natixis Board of Directors appointed Nicolas Namias as Chairman of the Board, replacing Laurent Mignon, with effect from December 3, 2022.

The function of Chairman of the Natixis Board of Directors performed by the Chairman of the BPCE Management Board is part of his scope of responsibility and is therefore included in the definition of his compensation as Chairman of the BPCE Management Board. As a result, the Chairman of the Natixis Board of Directors no longer receives compensation for his duties.

### 2.3.4Chief Executive Ofﬁcer

#### Fixed compensation

The fixed compensation for the Chief Executive Officer is established based on the skills and expertise required to perform his duties and is in line with market practices for similar roles.

Mohamed Kallala's fixed annual compensation as Chief Executive Ofﬁcer was €1,200,000 gross for fiscal year 2025.

#### Annual variable compensation

The Chief Executive Officer is also eligible for variable compensation, linked to the Company’s performance and subject to the achievement of predetermined objectives, whose details and rates of completion at the end of the fiscal year are assessed by the Board of Directors after consulting the Compensation Committee. The objectives are based on two types of criteria: (i) quantitative in relation to the financial performance of Groupe BPCE and that of the Natixis business lines and (ii) strategic covering several dimensions including environmental and social responsibility (ESR) and employer responsibility and employee commitment. In terms of environmental and social responsibility (ESR), the objectives are to strengthen Natixis’s role as a player with an impact on ESR in its two core activities, i.e. Asset & Wealth Management and Corporate and Investment Banking. In terms of employer responsibility and employee engagement, the objectives include topics such as diversity, ESG and AI skills management, and employee experience.

The terms of payment of the Chief Executive Officer’s annual variable compensation comply with applicable regulations, especially regulatory provisions relating to supervision of compensation provided for by the European Directive CRD V of May 20, 2019. In particular, the payment of a fraction of the variable compensation awarded is deferred over time, is conditional, and is subject to the condition of presence and performance criteria.

The deferred portion of the variable compensation awarded represents at least 40% of the variable compensation awarded and 50% of the annual variable compensation is indexed (until 2025) to the average change over three rolling years in Groupe BPCE’s underlying net income (Group share).

As a reminder, the Chief Executive Officer is prohibited from using hedging or insurance strategies, both during the vesting period for components of deferred variable compensation and during the lock-up period.

◗Rules for determining variable compensation for 2025

Mohamed Kallala's annual variable compensation target for 2025 as Chief Executive Ofﬁcer is €1,200,000 gross, i.e. 100% of his fixed compensation.

The objectives defined for fiscal year 2025 were as follows:

For fiscal year 2025, the criteria for determining the annual variable compensation set by the Board of Directors were as follows:

Range from 0% to 155.5% of the target, i.e. a maximum of 200% of the fixed compensation
Quantitative criteria Groupe BPCE's financial performance* | 10% | 1.67% Groupe BPCE NBI 3.33% cost/Income ratio Groupe BPCE 5.00% Net income (Group share) Groupe BPCE
Quantitative criteria Natixis financial performance* | 25% | 6.25% Natixis NBI 6.25% Natixis net income (Group share) 6.25% Natixis Cost/income ratio 6.25% Natixis ROE
Quantitative criteria CIB financial performance * | 25% | 6.25% CIB NBI 6.25% CIB RBE 6.25% CIB REX 6.25% CIB EVA
Strategic criteria | 40% | 12.50% Implementation of the Group strategy 10.00% Oversight in terms of risks control 10.00% Environmental and social responsibility 7.50% Employee Engagement/Employer Responsibility
*Underlying data.

The Board of Directors’ meeting of February 2, 2026 assessed the Chief Executive Officer’s level of performance with regard to the criteria defined for 2025 and, after receiving the opinion of the Compensation Committee, decided to award the Chief Executive Officer:

●For Groupe BPCE quantitative criteria: 150.00% of the annual bonus target;

●For Natixis quantitative criteria: 113.27% of the annual bonus target;

●For CIB quantitative criteria: 144.30% of the annual bonus target;

●For strategic criteria: 120.00% of the annual bonus target.

It was also decided to award Mohamed Kallala, as CEO, a special bonus of €300,000 in recognition of the achievement, one year ahead of schedule, of all the 2026 interim objectives of the VISION 2030 Strategic Plan.

The variable compensation for 2025 is therefore €1,828,687 for the Chief Executive Officer, corresponding to an overall payout rate of 152.39%.

40% of the Chief Executive Officer's variable compensation for 2025 will vest in 2026 (of which 50% paid in March 2026 and 50% paid in March 2027). The remaining 60% will be acquired over 5 years (from 2027 to 2031). The variable compensation of the Chief Executive Officer is paid 50% in cash and 50% in indexed cash. The index is determined half on the basis of the average change over three rolling years in the underlying net income (Group share) of Groupe BPCE and half on the basis of the average change over three rolling years in the underlying net income (Group share) of BPCE. The deferred amounts will be paid subject to presence and performance conditions.

◗Breakdown of annual variable compensation for fiscal year 2025 by vesting date, for Mohamed Kallala, as Chief Executive Officer

◗Structure of the total compensation awarded for the position of Chief Executive Officer in respect of fiscal year 2025

Furthermore, it is specified that the Natixis Board of Directors meeting on February 2, 2026 set the target annual variable compensation for 2026 for Mohamed Kallala, Chief Executive Officer, at €1,200,000 gross, representing 100% of his fixed compensation.

#### Fringe benefits

The Chief Executive Officer also receives social protection benefits whose terms are identical to those applicable to Natixis employees.

#### Post-employment benefits

##### Pension Plan

The Chief Executive Officer benefits from mandatory pension plans like all Natixis employees.

The Chief Executive Officer of Natixis, Mohamed Kallala, benefited, for the period from January 1, 2025 to December 31, 2025 from the Natixis S.A. pension plan for non-classified executives:

●French Social Security plan;

●AGIRC-ARRCO supplementary pension plan (contributions in tranche 1: 13.53%, in tranche 2: 21.59%, in tranche 2 capped at 4 times the PASS: 3.86%).

##### Severance payments

The Chief Executive Officer is eligible for a contract termination payment, the granting of which is subject to the principles and conditions set out below.

The amount of the indemnity is equal to the monthly reference compensation x (12 months + 1 month per year of seniority), the monthly reference compensation being equal to 1/12th of the sum (i) of the fixed compensation paid in respect of the last calendar year of service and (ii) the average of the variable compensation awarded in respect of the last three calendar years of service under the mandate.

The Chief Executive Officer will not receive contract termination payment in the event of gross negligence or willful misconduct, if he leaves the Company at his initiative to take another position or changes his position within Groupe BPCE, or exercises his right to retire.

Furthermore, in line with the provisions of the AFEP-MEDEF corporate governance code, the right to a benefit is contingent on meeting performance criteria and conditions, as verified by the Board of Directors where appropriate. On February 11, 2021, the Natixis Board of Directors provided the following update on these criteria and conditions:

●the assessment of the achievement of objectives will be carried out over the previous two fiscal years to reflect the process of defining and monitoring budgets which is carried out over a full fiscal year;

●the data relating to the net income (Group share) and ROE to assess the achievement of the budget will be the underlying data.

On this basis, the performance criteria and conditions are assessed as follows:

1°average underlying net income (Group share) over the two fiscal years preceding departure greater than or equal to 75% of the average budget forecast for the period;

2°average underlying ROE over the two fiscal years preceding departure greater than or equal to 75% of the average budget forecast for the period;

3°cost/Income ratio below 75% over the last half-year prior to departure.

The calculation of the achievement of each performance criterion will be measured at 50% for Natixis and 50% for Corporate Investment Banking.

The amount of the payment shall be determined based on the number of performance criteria met:

●if all three criteria are met: 100% of the agreed payment;

●if two criteria are met: 66% of the agreed payment;

●if one criterion is met: 33% of the agreed payment;

●if none of the criteria is met: no payment will be made.

As a reminder, the amount of the CEO’s contract termination payment, combined with the non-compete indemnity if warranted, may not exceed the equivalent of 24 months of monthly reference compensation.

##### Non-compete indemnities

The non-compete agreement is limited to a period of six months and carries an indemnity equal to six months of fixed compensation, as in force on the date on which the CEO leaves office.

On February 11, 2021, the Board of Directors decided on the following items, approved at the General Shareholders’ Meeting of May 28, 2021:

●the payment of the non-compete compensation is excluded when the executive director asserts his pension rights;

●in any event, no non-compete compensation may be paid beyond age 65.

It is also specified that the non-compete compensation must be paid in installments during its term.

The amount of the non-compete compensation, together with the contract termination payment, if applicable, received by the Chief Executive Officer is capped at 24 months of the monthly reference compensation (both fixed and variable).

Upon the departure of the Chief Executive Officer, the Board of Directors must make a decision regarding whether to enforce the non-compete clause.

On November 6, 2024, the Board of Directors renewed the principle of an identical non-compete benefit for the new Chief Executive Officer, Mohamed Kallala, with effect from January 1, 2025.

In addition, the conditions for the appointment and dismissal of the Chief Executive Officer are those set out in Articles L.225-51-1 and L.225-55 of the French Commercial Code.

### 2.3.5Deputy Chief Executive Ofﬁcer

As part of the implementation of a new governance structure for Natixis with effect from January 1, 2025, the Natixis Board of Directors meeting of November 6, 2024 also appointed Philippe Setbon as Deputy Chief Executive Ofﬁcer.

It is specified that Philippe Setbon will not receive any compensation in respect of this office.

### 2.3.6Standardized tables compliant with French Financial Markets Authority recommendations

◗French Financial Markets Authority Table No. 1

Summary of the compensation, stock options and shares granted to each Executive corporate officer

| Fiscal year 2025 | Fiscal year 2024
--- | --- | ---
Nicolas Namias, Chairman of the Board of Directors |  |
Compensation due or granted for the fiscal year | €0 | €0
Value of options granted during the fiscal year | €0 | €0
Value of performance shares granted during the fiscal year | €0 | €0
Total | €0 | €0
Nicolas Namias’ other compensation for his duties as Chief Executive Officer of Natixis | €0 | €0
Nicolas Namias’ other compensation for his duties at BPCE | €2,870,184 | €2,663,632
Mohamed Kallala, Chief Executive Officer |  |
Compensation due or granted for the fiscal year | €3,028,687 | NA
Value of options granted during the fiscal year | €0 | NA
Value of performance shares granted during the fiscal year | €0 | NA
Total | €3,028,687 | NA
Other compensation granted to Mohamed Kallala for his duties at BPCE | €0 | NA
Stéphanie Paix, Chief Executive Officer |  |
Compensation due or granted for the fiscal year | NA | €1,887,785
Value of options granted during the fiscal year | NA | €0
Value of performance shares granted during the fiscal year | NA | €0
Total | NA | €1,887,785
Other compensation granted to Stéphanie Paix for her duties at BPCE | NA | €0

◗French Financial Markets Authority Table No. 2

Summary of the compensation granted to each Executive corporate officer

In the tables below:

●the expression “amounts due or granted” refers to compensation and benefits allocated to corporate officers in connection with their duties over the year, irrespective of the payment date;

●the expression “amounts paid” refers to compensation and benefits actually paid to corporate officers in connection with their duties over the year, irrespective of the date granted.

| Fiscal year 2025 | Fiscal year 2024
--- | --- | ---
Amount due or allocated | Amount paid | Amount due or allocated | Amount paid
Nicolas Namias, Chairman of the Board of Directors |  |  |  |
Fixed compensation for corporate office duties | €0 | €0 | €0 | €0
Annual variable compensation | €0 | €0 | €0 | €0
Extraordinary compensation | €0 | €0 | €0 | €0
Directors’ fees | €0 | €0 | €0 | €0
Benefits in kind | €0 | €0 | €0 | €0
Total | €0 | €0 | €0 | €0
Nicolas Namias’ other compensation for his duties as Chief Executive Officer of Natixis (a) | €0 | €381,020 | €0 | €458,587
Nicolas Namias’ other compensation for his duties at BPCE | €2,870,184 | €1,881,716 | €2,663,632 | €1,750,580
Mohamed Kallala, Chief Executive Officer |  |  |  |
Fixed compensation for corporate office duties | €1,200,000 | €1,200,000 | NA | NA
Annual variable compensation | €1,828,687 | €844,077 | NA | NA
Extraordinary compensation | €0 | €0 | NA | NA
Directors’ fees | €0 | €0 | NA | NA
Benefits in kind | €0 | €0 | NA | NA
Total | €3,028,687 | €2,044,077 | NA | NA
Mohamed Kallala's other compensation for his duties at BPCE | €0 | €0 | NA | NA
Stéphanie Paix, Chief Executive Officer |  |  |  |
Fixed compensation for corporate office duties | NA | NA | €800,000 | €800,000
Annual variable compensation | NA | NA | €1,087,785 | €441,281
Extraordinary compensation | NA | NA | €0 | €0
Directors’ fees | NA | NA | €0 | €0
Benefits in kind | NA | NA | €0 | €0
Total | NA | NA | €1,887,785 | €1,241,281
Stéphanie Paix’s other compensation for her duties at BPCE (b) | NA | NA | €0 | €145,945
(a)This amount includes payments relating to deferred variable compensation from previous years and awarded in respect of his duties as Chief Executive Officer of Natixis. (b)This amount includes payment of deferred variable compensation and securities delivery in respect of previous years and granted for his or her other duties.

The table below details, by maturity date, the variable compensation paid in 2025 to each of the Executive corporate officers under their previous deferred variable compensation plans.

The difference between the amounts awarded and the amounts actually paid is linked to the indexation conditions of the corresponding plans.

| 2022 plan Cash indexed | 2023 plan Cash indexed | 2024 plan Cash indexed | Total
--- | --- | --- | --- | ---
Nicolas Namias |  |  |  |
Paid in 2025 | €220,979 | €160,041 |  | 381,020
Granted (initial amount) | €208,000 | €159,945 |  | 367,945
Mohamed Kallala |  |  |  |
Paid in 2025 | €184,985 | €156,094 | €172,998 | €514,077
Granted (initial amount) | €174,120 | €156,000 | €185,640 | €515,760

◗French Financial Markets Authority Table No. 3A

Compensation received by non-executive corporate officers of Natixis

In accordance with the principles approved by the General Shareholders’ Meeting on May 23, 2023, the non-executive corporate officers received the compensation detailed in the tables below.

1° Compensation paid by Natixis

Director | Fiscal year 2025 | Fiscal year 2024
--- | --- | ---
Board of Directors | Committees | Board of Directors | Committees
(in euros) | Amount (a) | o/w variable compensation | Amount (a) | o/w variable compensation | Total amount allocated (a) | Total amount allocated (a)
BPCE(b) | N/A |  | N/A |  | N/A | N/A
(represented by Hélène Madar since June 12, 2024) |  |  |  |  |  |
Nicolas Namias (b) | N/A |  | N/A |  | N/A | N/A
Catherine Amin-Garde | 18,734 | 14,000 | 9,959 | 7,000 | 11,344 | 9,090
(term of office until August 4, 2025) |  |  |  |  |  |
Lionel Baud | 22,000 | 14,000 | 7,000 | 5,000 | 11,344 | 3,836
Dominique Duband | 26,000 | 18,000 | 7,000 | 5,000 | 24,000 | 9,000
Sylvie Garcelon | 26,000 | 18,000 | 15,000 | 10,000 | 24,000 | 18,000
Dominique Garnier | 26,000 | 18,000 | 23,000 | 15,000 | 24,000 | 29,000
Edouard-Malo Henry | 12,909 | 8,000 | 19,660 | 8,000 | N/A | N/A
(term of office since May 21, 2025) |  |  |  |  |  |
Philippe Hourdain |  |  |  |  | 11,607 | 7,902
(term of office until June 13, 2024) |  |  |  |  |  |
Anne Lalou | 26,000 | 18,000 | 40,000 | 24,000 | 22,000 | 56,000
Catherine Leblanc | 11,090 | 8,000 | 2,773 | 2,000 | 24,000 | 10,000
(term of office until May 21, 2025) |  |  |  |  |  |
Delphine Maisonneuve | 20,000 | 12,000 | 29,000 | 11,000 | 22,000 | 40,000
Catherine Pariset | 24,000 | 16,000 | 54,000 | 29,000 | 24,000 | 56,000
Christophe Pinault | 26,000 | 18,000 | 23,000 | 15,000 | 22,000 | 28,000
Karine Puget | 12,909 | 8,000 | 4,227 | 2,000 | N/A | N/A
(term of office since May 21, 2025) |  |  |  |  |  |
Laurent Roubin | 26,000 | 18,000 | 24,000 | 16,000 | 24,000 | 29,000
Valérie Savani |  |  |  |  | 9,607 | 12,254
(term of office until June 13, 2024)
Laurent Seyer | 26,000 | 18,000 | 68,000 | 31,000 | 24,000 | 77,000
Nicolas de Tavernost | 13,090 | 10,000 | 11,567 | 5,000 | 24,000 | 33,000
(term of office until May 21, 2025) |  |  |  |  |  |
(a)Amounts before withholding tax of 30% or 12.8% for non-French resident directors.
(b)The Chairman of the Board of Directors has waived the right to receive any compensation due in respect of his directorship.BPCE has waived the right to receive any compensation due in respect of its directorship with effect from the 2023 fiscal year.

2° Compensation paid by companies included in Natixis’ scope of consolidation

Director | Fiscal year 2025 | Fiscal year 2024
--- | --- | ---
(in euros) | Total amount allocated | Total amount paid | Total amount allocated | Total amount paid
BPCE | 6,300 | 6,300 | 9,300 | 9,300

◗French Financial Markets Authority Table No. 4

Subscription or call options granted during the period to each Executive corporate officer by the issuer and by any group companies

No subscription or call options were granted in fiscal year 2025.

◗French Financial Markets Authority Table No. 5

Subscription or call options exercised during the period by each Executive corporate officer

No subscription or call options were exercised in fiscal year 2025.

◗French Financial Markets Authority Table No. 6

Free shares allocated to each Executive corporate officer in fiscal year 2025

No shares were granted in fiscal year 2025.

◗French Financial Markets Authority Table No. 7

Bonus shares that became transferable during the fiscal year for each Executive corporate officer

No free shares became available during the fiscal year.

◗French Financial Markets Authority Table No. 8

Group (Natixis, BPCE, Caisse d’Epargne, Banque Populaire) – Record of subscription options or call options granted

No subscription or call options have been granted by the Company since 2009.

◗French Financial Markets Authority Table No. 9

Subscription options or call options granted to the top 10 non-corporate officer employees and options exercised by them

No subscription or call options were granted or exercised by Natixis employees in fiscal year 2025.

◗French Financial Markets Authority Table No. 10

Allocation of free shares currently vesting or vested in 2025 for each Executive corporate officer

No free shares are currently vesting or have been vested during the fiscal year 2025 for the Executive corporate officers.

◗French Financial Markets Authority Table No. 11A

Situation of Executive corporate officers

Fiscal year 2025 | Employment contract | Supplementary pension plan | Payments or benefits due, or likely to be due, as a result of the termination or change of office(a) | Compensation paid on account of a non-compete clause(a)
--- | --- | --- | --- | ---
Executive corporate officers | yes | no | yes | no | yes | no | yes | no
Nicolas Namias, Chairman of the Board of Directors Start date of term of office: December 3, 2022 End date of term of office: at the end of the General Shareholders' Meeting in May 2027 |  | X |  | X |  | X |  | X
Mohamed Kallala, Chief Executive Officer Start date of term of office: November 6, 2024 End date of term of office: at the end of the AGM called to approve the financial statements for the fiscal year ended December 31, 2028, in 2029. |  | X |  | X | X |  | X |
(a)See Section [2.3.4] “Contract termination payments and non-compete indemnities”

3

# Risk Factors, Risk Management and Pillar 3

◗2025 Regulatory ratios

11.7%

CET 1 ratio

17.5%

total capital ratio

14.5%

tier 1 capital ratio

3.7%

leverage ratio

◗Breakdown and changes in risk-weighted asset
(in billions of euros)

◗Own funds requirements by type of risk

◗Capital requirement by business line

(a)Including Treasury and Collateral Management.

(b)Including NCIB support.

◗Natixis regulatory VaR for the 2024-2025 period

## 3.1Risk factors

The main types of risk to which Natixis is exposed are presented below. They are the material risks identified to date which, by Natixis’ estimations, could adversely affect the viability of its activities, and are generally measured in terms of the impact these risks could have Natixis’ prudential ratios, net worth or net income. The risks to which Natixis is exposed may arise from several risk factors related to, among other things, macro-economic and regulatory changes to its operating environment, or relating to implementing its strategy and conducting its business. Pursuant to the provisions of Article 16 of Regulation (EU) No. 2017/1129, known as “Prospectus 3,” of June 14, 2017, as amended, the intrinsic risks of Natixis’ business are presented as five main categories:

●credit and counterparty risks;

●financial risks;

●non-financial risks;

●strategic and business risks;

●risks related to the holding of securities issued by Natixis.

The presentation of the risk factors below is to be assessed based on the structure of Natixis on the filing date of the 2025 universal registration document. Risk factors are presented on the basis of an assessment of their importance, the probability of their occurrence and the estimated magnitude of their negative impact. In each category, the most significant risk factors are listed in a manner consistent with the aforementioned assessment.

### Credit and counterparty risks

###### Natixis is exposed to credit and counterparty risks which may be increased as a result of risk concentrations

Natixis is exposed to credit and counterparty risk through its current activity of financing, structuring, trading and settlement-delivery for financial instruments that are mostly performed by its Corporate & Investment Banking (CIB) division.

Credit and counterparty risk is one of the major risks identified by Natixis and represented 65% of total RWA as of December 31, 2025.

For information, at December 31, 2025, Natixis’ exposure to credit and counterparty risk (Exposure at Default excl. CVA) totaled €398.7 billion, split primarily between banks and similar bodies (41%), companies (31%), and sovereigns (4%).

To mitigate the risks of significant exposure to certain economic sectors, the bank implements rigorous sector risk management policies aimed at diversifying its portfolio and closely monitoring sector concentrations. Natixis' credit risk policies also ensure portfolio diversification and contribute to concentration monitoring via the quantitative framework in place, which includes an overall limit, broken down into several sub-limits. Risk policies are reviewed on a regular basis and may be revised, in whole or in part, at an early stage if necessary. There are business line and/or product policies, overseen by an "umbrella" policy governing exposure by major economic sector. This policy aims to monitor sector concentration risk at operational level.

This framework focuses on the 10 main sectors in terms of exposures/RWA and Natixis' historical activities (Oil & Gas, Commodity Trading, Real Estate, Electricity, Aviation, Telecom & IT, Utilities, Metals & Mining, Pharma & Healthcare, Agribusiness), with the implementation of ten specific global sector limits for each of these activities.

Should one or more of its counterparties fail to honor their contractual obligations, Natixis could suffer varying degrees of financial loss, depending on the concentration of its exposure to said counterparties. Moreover, if the ratings or default of counterparties belonging to a single group or single business sector were to deteriorate significantly or if a country’s economic situation were to weaken, Natixis’ credit risk exposure could be increased. Credit risk could also be increased in the context of leveraged financing transactions.

Natixis’ ability to carry out its financing, structuring, trading and settlement-delivery transactions for financial instruments also depends, among other factors, on the stability and financial soundness of other banks and market participants. This is because the banks are closely interconnected, due in large part to their trading, clearing and financing operations. A default, or the anticipated potential default of one or several participants in the financial industry market, whether or not it is justified, could have repercussions on other banks, causing a chain of defaults by other participants in this market and negatively impacting the market’s liquidity, which could have a significant unfavorable impact on Natixis’ cost of risk, results and financial position.

###### A material increase in Natixis’ impairments or provisions for expected credit losses could adversely affect its net income and financial position

As part of its activities, and wherever necessary, Natixis recognizes provisions for non-performing loans, reflecting actual or potential losses in respect of its loan and receivables portfolio, under “Cost of risk” on its income statement.

Natixis applies IFRS 9 (International Financial Reporting Standard 9) “Financial instruments,” which requires provisions to be created from the initial recognition of a financial instrument. This provisioning model applies to outstandings recognized at amortized cost or at fair value through other comprehensive income recyclable to income and to loan and guarantee commitments given (excluding those recognized at fair value through profit or loss), as well as to lease receivables. At the date of this amendment to the 2025 universal registration document, the economic environment remains highly uncertain due to multidimensional geopolitical tensions coupled with trade tensions originating mainly in the United States. According to the projections of the main governmental and supranational institutions, the global economy continues to face two major challenges: low expected growth in the euro zone and a US-led trade war, marked in particular by the imposition of customs tariffs and restrictions on imports.

It is in this context that the IFRS 9 scenario, consisting of three scenarios: optimistic, central, and pessimistic, was updated in the third quarter of 2025 (the previous version being dated March 2025). In particular, it includes a pessimistic scenario of geopolitical tensions coupled with an intensification of the trade war led by the United States. Projections of the macro-economic variables underlying this scenario are used to estimate the projected risk parameters. As of December 31, 2025, the weightings used on each geographical area are the following:

●France: 30% for the pessimistic scenario, 35% for the central scenario and 35% for the optimistic scenario;

●Europe excluding France: 21% for the pessimistic scenario, 25% for the central scenario and 54% for the optimistic scenario;

●US area: 11% for the pessimistic scenario, 32% for the central scenario and 57% for the optimistic scenario.

As regards sectoral adjustments, probabilities of default (PD) are adjusted by sector based on an assessment of each sector’s rating over a 6- to 12-month period. The sector’s forward-looking weighted average PD, determined by the transition matrix, is compared and adjusted to align with the PD equivalent to the sector’s expected rating.

Under this framework, performing loans (Stage 1), for which there has been no material increase in credit risk since initial recognition, are provisioned for one year of expected losses. Non-performing loans (Stage 2), for which there has been a material increase in credit risk since initial recognition without this being sufficient for them to be classified as non-performing loans, are provisioned based on lifetime expected losses. Non-performing loans (Stage 3) are loans for which there is objective evidence of impairment loss. Natixis determines the provisions for non-performing loans based on an individual expected cash flow recovery analysis, whether these cash flows come from the counterparty’s activity or from the potential execution of guarantees. Non-performing loans that are not impaired following the individual analysis are provisioned at a flat rate based on historical unexpected losses on unprovisioned loans.

As of December 31, 2025, Natixis’ cost of risk amounted to -€236.8 million (of which €20.4 million in net allocations to provisions for Stages 1 and 2 exposures and-€216.4 million in respect of non-performing loans).

As of December 31, 2025, non-performing loans to customers amounted to €2,173 million and were distributed as follows: 40% for France, 9% for the rest of Europe, 24% for North America, 10% for Asia, 12% for Central and Latin America, 3% for Africa and 2% for the Middle East.

The ratio of non-performing loans held by Natixis to gross client loan outstandings (excluding repurchase agreements) is 2.6% (compared to 2.5% as of December 31, 2024), and the overall coverage rate of these non-performing loans stood at 45.7% (compared to 48.6% as of December 31, 2024).

The increase in credit risk concerning S1 and S2 loans is measured against the following criteria: changes to counterparty ratings (for individual client, professional client, SME, large corporates, banks and sovereigns loan books) since initial recognition, their Watchlist monitoring, their forborne status, the ratings of the country at risk, the existence of one or more loans more than 30 days past due, their POCI (Purchased or Originated Credit Impaired) status and their rating to date (if the rating is considered very risky).

Geopolitical uncertainties make it difficult to forecast their impact on Natixis’ counterparties. This could result in a substantial increase in losses and provisions, adversely affecting Natixis’ cost of risk, its net income and financial position.

###### Reduced or no liquidity of assets such as loans could make it more difficult for Natixis to distribute or structure such assets, and thus have a negative impact on Natixis’ net income and financial position

In accordance with the "Originate to Distribute" model, Natixis originates or acquires certain assets with a view to distribute them at a later stage particularly through syndication or securitization.

Natixis’ origination activity is mainly focused on financing granted to large corporates as well as on specialized and acquisition financing. Distribution mainly concerns banks and non-banking financial institutions.

Natixis thus also grants various forms of bridge financing to securitization vehicles (SPV, Special Purpose Vehicle/ad hoc vehicle). This financing enables each SPV to build up a temporary portfolio of financial assets (generally loans) during the warehousing phase. At the close of the transaction, the SPV raises capital by issuing securities subscribed by investors and allocates the proceeds to the repayment of the warehousing credit facility. The outcome of this financing is subject to both the good credit performance of the provisional portfolio and the appetite of investors for this type of product (CLO – Collateralized Loan Obligations, RMBS – Residential Mortgage-Backed Securities, in particular). In this respect, a dedicated limit is embedded in the Risk Appetite Framework (RAF).

If there is less liquidity on the syndication or securitization markets in particular for these aforementioned assets, or if Natixis is unable to sell or reduce its positions, Natixis may have to bear more credit risk and market risk associated with these assets for longer than anticipated. The lack of liquidity in the secondary markets for such assets may require Natixis to reduce its origination activities, which could impact revenues and affect its relations with clients, which in turn could adversely affect its results and financial position. Furthermore, depending on market conditions, Natixis may have to recognize a value adjustment on these assets that are likely to adversely affect its results.

###### Natixis is exposed to country risk, related to changes in the political, economic, geopolitical, social and financial context in the regions and countries in which it operates

Natixis conducts its business on a global scale and, as such, is exposed to changes in the political, economic, geopolitical, social and financial context in the regions and countries in which it operates. For information, as of December 31, 2025, the main exposures to credit and counterparty risk are concentrated in France, which accounts for 54% of exposures, followed by the rest of Europe (EU and non-EU) accounting for 17%, North America for 17%, and Asia for 7%.

To mitigate these risks, the bank implements rigorous country risk management policies aimed at diversifying its portfolio and closely monitoring country concentrations.

Country risk is specifically monitored and is taken particularly into account in the credit granting and monitoring processes, as well as asset valuation and provisioning. An umbrella policy for monitoring exposures by country has also been established and deployed. However, a significant deterioration in the political, geopolitical, economic, social and/or financial environment in a country or region in which it operates could force Natixis to record additional expenses or recognize losses greater than the amounts already recorded in its financial statements. In particular, Natixis is exposed to increased risks when operating in countries that are not members of the Organization for Economic Co-operation and Development (OECD), which are subject to uncertainties related to political instability, legislative and fiscal unpredictability and expropriation issues, as well as other less significant risks in more developed economies.

The start of 2026 is marked in particular by an escalation of military hostilities between Iran, the United States, and Israel, which is causing significant uncertainty in global markets. Any disruption to oil flows through the Strait of Hormuz—through which a significant portion of global oil exports passes—would likely cause a sharp rise in commodity prices, with negative effects on inflation, global economic growth, and financial market stability. In this context, the continuation or escalation of the conflict is likely to have an adverse impact on Natixis’s business, financial position, and results.

At the time of writing, the impacts of the US-Israeli military operation launched on February 28, 2026, in Iran have been analyzed in detail. Natixis’ net exposures in the Middle East are mainly concentrated in Saudi Arabia (~€3.2 billion) and the United Arab Emirates (~€2.9 billion) and relate primarily to corporate and project financing.

The credit risk profile is under control, with sovereign risk remaining solid and banking and project portfolios resilient and diversified.

Enhanced monitoring of these exposures and counterparties is ensured.

### Financial risks

###### A deterioration in the financial markets could adversely affect Natixis’ capital markets and asset management activities

As part of its capital markets activities and to meet the needs of its clients, Natixis operates on the financial markets – namely the debt, foreign exchange, commodity, and equity markets.

In recent years, the financial markets have experienced periods of significant volatility which, if repeated, could result in losses for Natixis in its capital markets activities.

The year 2025 was marked by an uncertain geopolitical context and significant market volatility reflecting uncertainties related to tariff policies, the war in the Middle East, particularly during the first half of the year, and more recently, the US interventions in Venezuela and Iran. Nevertheless, in the absence of a significant weakening of fundamentals, most major asset classes posted positive returns during the year.

The announcement of tariffs in the United States for "Liberation Day" on April 2, 2025, caused strong selling pressure in markets around the world. In the US, the S&P 500 fell 12% over the following week, while yields on 10-year US Treasuries rose 50 basis points between April 4 and April 11. In response to this instability, the US administration temporarily suspended reciprocal tariffs for 90 days and entered into trade negotiations with China, the European Union and its other trading partners, thus contributing to a rapid recovery of risky assets that lasted until the end of 2025.

A customs agreement has been concluded with the European Union: from August 1, 2025, a single rate of 15% will be applied to almost all European exports to the United States. This agreement also provides for reciprocal sectoral exemptions, but the final details of the lists of products concerned are still under discussion. The reception of this agreement in Europe is mixed. In China, in response to customs tariffs, restrictions were imposed on rare earth exports in April and then again in October. This episode illustrates the critical importance of controlling these strategic commodities, which are necessary both for the energy transition and for the rise of artificial intelligence via semiconductors.

Furthermore, the US and Israeli military intervention in Iran has caused significant volatility in the oil markets. This instability is likely to intensify if the conflict escalates, with negative effects on global macro-economic conditions.

Artificial intelligence and, more generally, technology stocks in the United States also contributed to the strong performance of US equity markets, with the NASDAQ index gaining more than 20% and the S&P 500 rising 16%. Performance in Europe was also positive, with the EUROSTOXX index up 18%, the DAX up 23% and the FTSE up 22%. Asia also showed positive performance, with the NKY index up 26% and the HSI up 28%.

In the United States, however, doubts began to emerge in the middle of the year about what was perceived as potentially excessive valuations for certain specific stocks that had taken on significant financing to develop data centers. Furthermore, stock market performance has been mixed among technology stocks since this period, as illustrated by Oracle, which posted lower performance in the second half of the year, while Alphabet performed well.

The same trend can be observed in the credit spreads of these two companies. However, the credit spread of the USD index, which reflects the average level of investment-grade companies, remained stable over the year, while the equivalent EUR spread narrowed by 7 basis points, with volatility remaining low except during the tariff period in April.

Key rates fell by a total of 75 basis points in the United States, with the Fed having to contend with an uncertain inflation trajectory, a less buoyant job market, and a rising stock market. In Europe, the ECB lowered rates by 100 basis points until June before entering a period of stability. In contrast, 10-year swap rates are moving in opposite directions, with the EUR gaining 57 basis points while the USD has lost 26 basis points. Finally, the dollar has fallen 13% against the euro over the year, while the price of oil (Brent) is down 19%, although it did see a temporary rise, particularly during the US intervention in Iran in June.

In order to limit these potential impacts, Natixis has adopted a cautious approach in the management of its positions. Extreme risk hedging strategies In the event of a fall in the equity markets have been maintained by Natixis since January 2021, and are still in place at the date of this amendment to the 2025 universal registration document. In addition, Natixis may also choose to implement macro hedging strategies on a case-by-case basis in anticipation of adverse events. As far as capital markets activities are concerned, risk factors on all asset classes in which Natixis operates (equities, fixed income, inflation, bonds, foreign exchange, commodities) are dynamically and continuously covered by the trading desks and prudently managed. In this context, it is important to note that none of these risk factors stands out from the others in terms of impact. The risk appetite framework makes it possible to identify and manage various factors as part of a prudent daily monitoring of market risks. The framework covers first- and second-order sensitivities, chosen to suit each activity. Synthetic risk measures such as overnight Value-at-Risk with a 99% confidence interval and Stress tests are also an integral part of the framework (see Section [3.2.6] "Risk management - Market risks" of the 2025 universal registration document).

Prolonged market fluctuations that could lead to a deterioration of assets in an environment of high volatility may also weigh on the level of activity or reduce liquidity in the markets concerned. Such situations may expose Natixis to significant losses if it is unable to quickly close out its loss-making positions, if applicable. This applies in particular to assets held by Natixis that are structurally less liquid. Assets that are not traded on a stock exchange or other regulated markets (for example, certain derivatives traded over-the-counter between banks) are valued by Natixis using models rather than market prices.

In a climate marked by persistent geopolitical uncertainty and economic turmoil, a downturn in the equity and bond markets could also have an adverse impact on asset management activities, particularly through a negative impact on:

●the valuation of Natixis Investment Managers’ seed money portfolio, which would be mitigated by the portfolio hedging strategy;

●the valuations of real assets in the Real Estate or Private Equity areas in Natixis Investment Managers’ sponsorship portfolio due to impacts on the real economy and macro-economic parameters (inflation, interest rates, etc.);

●levels of assets under management and, ultimately, on revenues of Natixis Investment Managers and its affiliates, as strategies in their fund offering are sensitive to market fluctuations

###### Natixis’ access to certain financing could be adversely impacted by the event of a financial crisis and/or a downgrade of its rating and that of Groupe BPCE, and Natixis’ liquidity and ability to ensure adequate asset-liability management of its balance sheet could be impacted by unfavorable market conditions

Since 2011, Natixis’ financing structure has relied on a joint financing platform between Natixis and BPCE. Natixis secures its medium- and long-term financing for its "vanilla," public and private, senior and subordinate sub-fund issues from Groupe BPCE via the intermediary of BPCE S.A. Natixis remains Groupe BPCE’s medium and long-term issuer for structured private financing operations.

In the event of the closure of certain funding sources due to a systemic event (such as the 2008 and 2011 crises) or market disruptions related to the default, or the anticipation, whether justified or not, of the potential default of one or several players in the financial industry, or concerning France’s sovereign rating, the ability of Groupe BPCE, Natixis and the banking industry to refinance each other or to refinance the real economy could be impaired.

In these circumstances, or if Groupe BPCE’s credit ratings were to be downgraded by the main rating agencies, Groupe BPCE’s liquidity and, consequently, that of Natixis, as well as the corresponding cost of financing could be adversely affected or trigger additional obligations under its financial market contracts.

Natixis is exposed to the risk of mismatching the maturities of its cash inflows and outflows, interest rate indices and structural foreign exchange risk. In the case of certain assets and liabilities in particular, the dates of cash inflows and outflows are uncertain and dependent on events and market conditions. If necessary, additional financing and liquidity support from the market may be necessary to meet its obligations.

This multifactorial exposure could materialize in a liquidity crisis scenario, whether systemic, idiosyncratic or combined, the intensity of which could vary. It is monitored and quantified using indicators such as crisis scenarios, and can only be interpreted as part of a Group Risk system that includes crisis governance. To cope with this type of risk, Natixis has a liquidity reserve that contributes to that of Groupe BPCE, made up of liquidity, securities and the capacity to activate a contingency plan.

###### Fluctuations in the fair value of securities held by Natixis due to changes in issuer credit quality may adversely affect Natixis’ shareholders’ equity and its capital adequacy

This risk concerns securities held by Natixis recognized in the prudential banking book at fair value with an offsetting entry in other comprehensive income (OCI). Natixis is mainly exposed to this risk through the debt instruments it holds as part of the management of its liquidity buffer. This risk manifests itself as a decrease in the value of financial assets resulting from changes to credit issuer quality for debt securities (CSRBB – Credit Spread Risk in the Banking Book).

For information, at December 31, 2025, the risk of change in value calculated for the CSRBB on Natixis’ liquidity buffer amounted to €248.4 million compared to €246.6 million at June 30, 2025. This stability in stress is explained by the composition of assets and the average duration of the portfolio, which remained broadly unchanged (outstanding amounts of €11.14 billion as of December 31, compared with €11.36 billion as of June 30, 2025).

The emergence or resurgence of crises could lead to a further deterioration in credit spreads and, consequently, adversely impact Natixis’ shareholders’ equity.

###### The fair value of the derivatives portfolio includes valuation adjustments that may have an impact on Natixis’ net income and shareholders’ equity

The fair value of Natixis’ derivatives is determined by factoring in certain additional adjustments, including:

●the quality of the counterparty (CVA) by including in the valuation of derivatives the credit risk corresponding to the risk of non-payment of the amounts due by the associated counterparty;

●Natixis' own credit spread risk (Debt Value Adjustment or DVA) by including in the liabilities' valuation of non-collateralized or imperfectly collateralized hedging derivatives, the credit risk borne by Natixis' counterparties (i.e. potential losses incurred by Natixis' counterparties in the event of a downgrading of its rating or default);

●the cost of liquidity (Funding Value Adjustment or FVA) by including in the valuation of non-collateralized or imperfectly collateralized hedging derivatives the costs related to the financing or refinancing of margin calls and future initial margins associated with hedging derivatives which are collateralized;

●the cost of refinancing the collateral ("Collateral Value Adjustment" or "ColVA") by including in the valuation the additional cost or benefit from non-standard collateral (typically posted in the form of bonds) that needs to be refinanced. These additional adjustments recognized in the income statement have a direct impact on Natixis’ net banking income and shareholders’ equity. In addition, these additional adjustments may change significantly and could affect activity and the financial position, and consequently could have a significant negative impact on Natixis or on the fair value of its derivatives. For information purposes, as of December 31, 2025, changes in CVA, DVA, FVA and ColVA P&L amounted to -€105.3 million, €10.4 million, -€176.5 million and -€6.5 million, respectively.

### Non-ﬁnancial risks

###### Should Natixis fail to comply with applicable laws and regulations, it could be exposed to significant fines and other judicial, administrative, arbitral and disciplinary (including criminal) sanctions that could have a material adverse impact on its financial position, business and reputation

Compliance risk is defined as the risk of legal, administrative or disciplinary sanctions, but also of financial loss or reputational damage resulting from a failure to comply with the legislative and regulatory provisions, Codes of Conduct and standards of good practice specific to banking activities, whether national or international.

The banking sector is subject to sectoral regulation, both in France and internationally, aimed in particular at regulating the financial markets and relations between investment service providers and clients or investors. These regulations have a major impact on Natixis’ operational processes. In addition, the banking sector is also subject to dedicated supervision by the competent local and supranational authorities.

Compliance risk includes, for example, the use of inappropriate means to promote and market the bank’s products and services, inadequate management of potential conflicts of interest, disclosure of confidential or privileged information, or failure to comply with new client or supplier due diligence procedures, particularly with respect to financial security (anti-money laundering and countering terrorism financing, compliance with embargoes, anti-fraud and corruption).

Natixis' Compliance Department oversees compliance risk prevention and management. Natixis nevertheless remains exposed to the risk of fines or other major sanctions imposed by regulatory and supervisory authorities, as well as civil, arbitral or criminal legal proceedings that could have a material adverse effect on its financial position, business and reputation. In the course of its business, Natixis is exposed to unethical or illegal actions or behavior by its employees, service providers, suppliers or third parties, which could damage its reputation, expose it to sanctions and adversely affect its financial position and business outlook

Natixis’ reputation is crucial to building relationships and building client loyalty. The use of inappropriate means to promote and market its products and services, inadequate management of potential conflicts of interest, non-compliance with legal and regulatory requirements, rules of ethics, laws on corruption and money laundering, the international decisions on economic sanctions, information security policies and sales and transaction practices could damage the reputation of Natixis and Groupe BPCE.

Any inappropriate behavior by a Natixis employee or service provider, any cybercrime or cyberterrorism to which Natixis’ communication and information systems could be subject, or any fraud, embezzlement or other wrongdoing to which Natixis could be exposed or any court decision or regulatory action with a potentially unfavorable outcome could also damage its reputation.

Applicable to all Natixis employees, Natixis’ Code of Conduct formalizes the general principles of conduct in force at Natixis, and establishes guidelines for all employees regarding expected behavior when carrying out their duties and responsibilities.

Natixis also requires its suppliers and contractors to comply with the key principles of the Code of Conduct.

To implement the Code of Conduct on a day-to-day basis, Natixis has established a conduct framework with a dedicated Committee (the Global Culture and Conduct Committee) and training program.

However, even with the adoption of a conduct framework, Natixis is exposed to potential actions or behaviors by employees, suppliers and contractors that are unethical or not in the client’s interests, that do not comply with the laws and regulations on corruption or fraud, or that do not meet financial security or market integrity requirements.

Such actions or behavior could have negative consequences for Natixis, damage its reputation and expose Natixis, its employees or its stakeholders to criminal, administrative or civil sanctions that could adversely affect its financial position and business outlook.

###### An operational failure, or an interruption or failure of Natixis’ third-party partners’ information systems, or a breach of Natixis’ information systems could result in losses or reputational damage

Natixis is exposed to several types of operational risks, including process and procedural weaknesses, acts of fraud (both internal and external), system failures or unavailability, as well as cybercrime.

Given the nature of its activities, Natixis is highly dependent on its communication and information systems, as its activities require it to process a large number of transactions, some of which are increasingly complex. Although Natixis has made quality in data exchanges a priority, any breakdown, interruption or failure of these communication and information systems could result in errors or interruptions to the systems it uses for client relationship management, the general ledger, deposit and loan processing transactions, or risk management. To the extent that interconnectivity increases, Natixis is exposed to the risk of a breakdown or operational failure of its clearing agents, foreign exchange markets, clearing houses, custodians or other financial intermediaries or external service providers. Like the other control functions, Natixis’ operational risk function contributes to the assessment of risks borne by suppliers as part of the Groupe BPCE’s compliance program with EBA regulations on outsourcing.

Natixis is also exposed to the risk of cybercrime. Cybercrime covers a range of malicious and/or fraudulent acts perpetrated digitally, including those based on artificial intelligence to achieve higher levels of persuasion, in order to access data (personal, banking, insurance, technical or strategic data), processes and users with the aim of causing material losses to companies, their employees, partners, clients and counterparties. A company’s data assets are exposed to complex and evolving threats likely to have material financial and reputational impacts on all companies, and in particular those in the banking sector. Given the increasing sophistication of the criminal enterprises behind cyberattacks, regulatory and supervisory authorities have begun to highlight the importance of Information and Communication Technology (ICT) risk management. Preventing cybercrime risk is a priority for Natixis, which works to implement the guidelines established by these authorities through cooperation between its Information Systems (IS) and Technology Risk Management Departments. This has resulted notably in a mapping of risks relating to information systems security, as well as a far-reaching campaign to raise all employees’ awareness on IS security matters.

During 2025, no incident related to cybercrime had a material adverse impact on Natixis’ financial position or reputation. However, as cyberattacks are constantly evolving to become increasingly advanced, and taking into account the evolution of the geopolitical context, the measures described above may not be sufficient in the future to fully protect Natixis, its employees, partners and clients. The occurrence of such attacks could potentially disrupt Natixis’ client services, result in the alteration or disclosure of confidential data or lead to business interruptions and, more broadly, have a material adverse effect on its business, financial position and reputation.

Operational difficulties could also arise as a result of unforeseen or catastrophic events, such as terrorist attacks, natural disasters or a major health crisis. To deal with this type of event, Natixis relies on its security network, which includes a Business Continuity Plan (BCP) and a Technology Risk Management framework aimed at guaranteeing the operational and technological resilience of its organization. This framework has demonstrated its effectiveness in the management of recent crises.

Natixis strives to prevent the occurrence of interruptions, failures in communication and information systems, or breaches of its information systems, and implements a control framework, particularly for third-party systems. The exceptional occurrence of the events described above could, however, result in lost business, other losses and additional costs, and damage Natixis’ reputation.

###### Any damage to Natixis’ reputation could affect its competitive position and have a negative impact on its financial position

Natixis’ reputation is pivotal to its ability to conduct its business. Thanks to Natixis’ current reputation, it is able to maintain relationships with its clients, employees, suppliers, partners and investors that are built on trust.

The occurrence, whether once or repeatedly, of one or more of the risks identified in this section, a lack of transparency or communication errors could harm Natixis’ reputation. There is greater reputation risk today due to the growing use of social media. In addition to its own negative impact, any damage to Natixis’ reputation could be accompanied by a loss of business or affect its competitive position and negatively impact its financial position.

In the specific case of Asset Management activities, reputation risk and the associated potential losses are closely linked to the various aspects of the investment process, whether at the level of the management of the various investment funds by the affiliates or through direct investments by Natixis Investment Managers and/or Natixis (i.e. external acquisitions, seed money and sponsorship activities). A confidence shock impacting the reputation of Natixis, Groupe BPCE or its other affiliates could result in an outflow of funds, a decrease in assets under management and, ultimately, a decrease in revenues generated by the business.

### Strategic and business risks

###### Adverse market or economic conditions could adversely impact Natixis’ profitability and financial position

The Asset & Wealth Management and Corporate & Investment Banking businesses are sensitive to changes in the financial markets and, in general, to economic conditions in France, Europe and worldwide.

As a result, Natixis faces the following risks:

●the main markets in which Natixis operates could be affected by uncertainties such as those relating to changes in global trade (particularly changes in the price of commodities and energy and global supply chain tensions), the trade war waged by the United States, marked in particular by the imposition of tariffs and restrictions on imports, the geopolitical context (particularly in connection with the ongoing conflict between Ukraine and the Russian Federation, the armed conflict in the Middle East—which has recently been exacerbated by military escalation involving Iran, the United States, and Israel—and tensions in the Red Sea), the domestic situation, France's sovereign rating or any other type of uncertainty;

●unfavorable economic conditions could affect the business and operations of Natixis’ clients, leading to a higher rate of default on loans and receivables and increased provisions for non-performing loans. A significant increase in these provisions or the realization of losses in excess of the provisions recorded could have an adverse effect on Natixis’ results and financial position;

●in an inflationary macro-economic context, the end of central banks’ ultra-accommodating monetary policies led to interest rates rising in 2022 and 2023, and then gradually declining from 2024 onwards. In addition to the risk of recession that can potentially arise from poorly calibrated monetary tightening by central banks and in particular the ECB, there could also be a risk of arbitrage between the sovereign bonds of different euro zone member states due to an unwanted widening of sovereign spreads. While the ECB put in place an anti-fragmentation instrument in 2022, failure to implement it could lead to a repeat of the sovereign debt crisis of 2011;

●a decline in prices on the bond, equity or commodity markets could reduce business volumes on these markets and negatively impact Natixis’ revenues;

●an adverse change in the market prices of various asset classes could affect the performance of the Natixis Investment Managers management companies, due in particular to a decrease in the assets on which the management fees are charged;

●macro-economic policies adopted in response to actual or anticipated adverse economic conditions could have unintended effects, and may negatively impact market parameters such as interest rates and foreign exchange rates, which could affect the results of Natixis’ businesses that are most exposed to market risk;

●perceived favorable economic conditions generally or in specific business sectors could result in asset price bubbles decorrelated from the actual value of the underlying assets; this could in turn exacerbate the negative impact of corrections when conditions become less favorable and cause losses in Natixis’ businesses;

●a significant economic disruption (such as the 2008 financial crisis, the European sovereign debt crisis of 2011, the Covid-19 crisis in 2020, the armed conflicts between Ukraine and the Russian Federation since 2022 and in the Middle East, excessive deficits or a significant downgrade in France's sovereign rating) could have a severe negative impact on all Natixis’ businesses, particularly if the disruption is characterized by an absence of market liquidity that makes it difficult to finance Natixis and to sell certain classes of assets at their estimated market value or, in extreme cases, even to sell them at all;

●increases or decreases in interest rates could have a marginal impact on Natixis’ activities, which have a limited sensitivity to interest rate risk. For information, at December 31, 2025, the sensitivities of the economic value of the main entities in the Natixis consolidated scope to a parallel shift (with the regulatory floor) downwards and a steepening in rates according to the six regulatory stress scenarios defined by the EBA in its latest guidelines of October 2022 are less than -€76 million, i.e. an impact of less than 0.5% of Natixis' Tier 1 capital (the asymmetry between the results of upward and downward shocks is linked to the application of the EBA’s cross-currency aggregation rule). However, the impact of changes in interest rates on Groupe BPCE’s other activities (retail banking and personal insurance in particular) could have unfavorable consequences on the resources allocated to Natixis and impact its activities, results and the management of its ratios.

###### Some targets of the strategic plan may not be achieved, which could potentially significantly affect Natixis’ business, financial position and results

In June 2024, Groupe BPCE presented its strategic plan, VISION 2030. Outlining the main strategic priorities of the Group and its business lines by 2030, this project is accompanied by commercial, financial and non-financial objectives for 2026. Natixis Corporate & Investment Banking (Natixis CIB) and Natixis Investment Managers (Natixis IM) contribute fully to Groupe BPCE's strategic plan, in particular its objective of diversified growth.

Driven by talent, Natixis CIB aims to be a world leader in its key areas of expertise through diversified growth, positioning at the heart of transitions and an adapted model. This ambition is based on the following areas of development:

●sustained franchise growth to assert itself as one of the world leaders in its key areas of expertise, notably by strengthening coverage, advisory and M&A activities to better meet client needs and accelerating international expansion, particularly in North America, APAC and the Middle East;

●positioning at the heart of transitions by developing strategic dialogue and ESG advisory services;

●augmented “Originate to Distribute” model, thanks to increased distribution to boost origination capacity, particularly in infrastructure.

Natixis IM's ambition for 2030 is to be the preferred partner of its clients, offering active and conviction-based investment strategies and solutions designed to meet all their needs. This ambition is based on the following areas of development:

●extended reach thanks to an adapted distribution model by continuing to strengthen distribution platforms;

●an enhanced range of active investment strategies and solutions tailored to client objectives, including the development of a private assets platform;

●critical mass attained in each area of strategic expertise, particularly by setting up new partnerships that will enable us to extend our know-how to the management of captive assets such as insurance;

●improving our operational efficiency by simplifying our organization, industrializing our infrastructures and making significant investments in new technologies.

The non-achievement or erroneous execution of these development priorities could have a negative impact on the financial trajectory of Natixis as defined in the strategic plan and/or lead to reputation risk for Natixis and its business lines.

###### Natixis could be exposed to unidentified or unanticipated risks that could adversely affect its results and financial position in the event of failures in its risk measurement framework, notably based on the use of models

Natixis’ risk measurement framework, which is based on the use of models, may fail and expose Natixis to unidentified or unforeseen risks, and could result in significant losses.

Risk management techniques that often rely on models may prove inadequate for certain types of risks. For instance, some rating or VaR measurement models (as defined in Section [3.2.6.3] of the 2025 universal registration document) that Natixis uses to steer its risk management are based on historical market behavior observations. To quantify its risk exposure, Natixis then conducts a primarily statistical analysis of these observations (see Section [3.2.6.4] of the 2025 universal registration document for a detailed description of the risk management framework). The measurement metrics and tools used could produce inaccurate conclusions on future risk exposures as a result of factors that Natixis may not have anticipated, correctly assessed or taken into account in its statistical models, or because of unexpected and unprecedented market trends that could reduce its ability to manage its risks.

Moreover, Natixis’ quantitative models do not incorporate all risks. Certain risks are subject to a qualitative analysis that could prove inadequate and expose Natixis to unforeseen losses.

###### Natixis could encounter difficulties in implementing its external growth policy and integrating any new entity in the context of acquisitions or joint ventures, which could adversely affect its profitability, cause losses or affect its reputation

Natixis may consider opportunities for external growth or partnership. Although Natixis plans to conduct an in-depth analysis of the companies it will acquire or the joint ventures in which it will participate, it is generally not possible to conduct an exhaustive review. As a result, Natixis may have to bear commitments or experience risks that were not initially foreseen. Likewise, the actual results of an acquired company or joint venture may prove to be disappointing, and the expected synergies may not be achieved in full or in part, or may notably result in higher costs than expected. Natixis may also encounter difficulties when integrating a new entity, including higher-than-expected integration costs. The failure of an announced external growth operation or the integration of a new entity or joint venture may significantly affect Natixis’ profitability.

In particular, the recognition of goodwill during these external growth transactions could lead, in the event of a lasting deterioration in profitability, to an impairment in the financial statements (during periodic testing), or to recognition of a loss in the event of disposal. At the end of December 2025, Natixis’ goodwill represented €3,162 billion, of which €141 million for Corporate & Investment Banking and €3,022 billion for Asset & Wealth Management. In the case of joint ventures, Natixis is exposed to additional risks and uncertainties insofar as it may depend on systems, controls and persons beyond its control and, as such, may be held liable or suffer losses or damage to its reputation. Furthermore, conflicts or disagreements between Natixis and its partners within a joint venture may have a negative impact on the benefits sought as part of the joint venture.

In addition, litigation could arise in connection with external growth transactions and have an unfavorable impact on the integration process, on the financial benefits or on the expected synergies.

###### The physical and transitional components of climate and environmental risks and their consequences for economic players could adversely affect Natixis’ activity, results and financial position

Climate and environmental risks refer to the financial and non-financial impacts of climate change and environmental deterioration. These risks can be direct (i.e. on the bank’s own operations) as well as indirect (i.e. on its clients and counterparties). They are factors that aggravate the risks usually monitored as part of the management of the business (e.g. credit risk, operational risk, market risk) and may also carry a reputational risk for Natixis.

Within climate and environmental risks, a distinction should be made between physical risks and transition risks:

●physical risks correspond to the economic costs resulting from extreme weather events (such as heat waves, landslides, floods, late frosts, fires and storms, or pollution of water, soil and air or situations of water stress), whose intensity and frequency increase due to climate change, as well as long-term gradual changes in climate or environment (such as changes in rainfall rates, rising sea levels and average temperatures or biodiversity loss and the depletion of natural resources). These risks can affect the activity of economic players directly (damage and unavailability of assets, disruption of distribution and supply capacities, etc.) or indirectly, through their macro-economic environment (decline in productivity, reduced economic attractiveness of regions, etc.) and deteriorate the financial position and valuation of economic assets;

●transition risks are related to the consequences of the transition to a more sustainable and low-carbon economy, which may result in regulatory changes, technological breakthroughs or socio-demographic changes leading to a change in stakeholder expectations (clients, employees, civil society, etc.). These changes may call into question all or part of the business model and result in significant investment needs for economic players. They may also lead to a loss in the valuation of economic assets not aligned with transition objectives and have macro-economic consequences at the level of the business sectors.

The consequences of climate and environmental risks (physical or transition) on its counterparties are liable to result in financial losses for Natixis through increased risks related to financing. Natixis could also be exposed to financial losses due to increased exposure to operational, reputational, compliance or legal risks related to climate and environmental risk factors.

###### Legislative and regulatory developments could significantly affect Natixis and the environment in which it operates

Laws and regulations are evolving rapidly and continuously. Changes in these could force Natixis to adapt its businesses, which could affect its results and financial position (increase in capital or increase in total financing costs, etc.).

Among the measures that have been or may be adopted, without being exhaustive, some could potentially:

●prohibit or limit some kinds of products or businesses, thereby partially impacting the diversity of Natixis’ revenue sources;

●strengthen internal control requirements, which would require investing heavily in human and technical resources for risk monitoring and compliance purposes;

●amend the capital requirement framework and necessitate investment in internal calculation models. For example, changes related to the Basel regulations (in particular, the revised Basel 3) in Europe could lead to a review of models for calculating Risk-Weighted Assets or liquidity ratios for certain activities. This reform will be implemented in the revised European legislative corpus CRR (Regulation (EU) No. 575/2013) which, with a few exceptions, is applicable from January 1, 2025;

●amend the benchmark regulation proposed by the Commission (Regulation (EU) No. 2016/1011, June 8, 2016), amended by the regulation (EU) 2025/914 of May 7, 2025), with possible changes to scope and burdens;

●introduce new prescriptive provisions to identify, measure and manage environmental, societal and governance risks, particularly in relation to sustainable development and the transition to a low-carbon economy (for example, amendments to the regulations on financial products, enhanced information disclosure requirements);

●strengthen personal data protection and cyber-resilience requirements, in particular with the application of the DORA package (Digital Operational Resilience Act, Regulation (EU) 2022/2554), applicable from January 17, 2025 in all EU Member States;

●strengthen cyber-resilience requirements via the Cyber Resilience Act (Regulation (EU) 2024/2847), applicable from December 11, 2027, imposing security requirements on connected digital products;

●green industries by implementing the requirements of the French Green Industry law (No. 2023-973 of October 23, 2023);

●improve the consideration of environmental, social and governance risks in risk management and in the supervisory review and evaluation process (SREP): European regulatory provisions aimed at simplifying sustainability reporting and information obligations for European companies, the proposal for an Omnibus Directive amending the CSRD (Corporate Sustainability Reporting Directive) and the CSDDD (Corporate Sustainability Due Diligence) directives on the duty of care, the European taxonomy, the revision of the SFDR (Sustainable Finance Disclosure Regulation);

●strengthen the banking crisis management and the deposit guarantee framework (CMDI), in particular following the European Commission proposal published on April 18, 2023. This proposal, adopted in April 2024 by the European Parliament in plenary session, could lead to a wider use of guarantee and resolution funds and increase the Group’s contributions to the guarantee and resolution funds. The Council and Parliament of the European Union announced on June 25, 2025 that they had reached a political agreement on this proposal. This still needs to be finalized at technical level and then formally adopted by the Council and Parliament;

●adopt new obligations as part of the review of the EMIR regulation ("EMIR 3.0” review, the texts of which were published in the OJEU on December 4, 2024: Regulation 2024/2987 of the European Parliament and of the Council of November 27, 2024, which came into force on December 24, 2024, and Directive 2024/2994 of November 27, 2024 which must be transposed by June 25, 2026), in particular the information requirements for European financial players vis-à-vis their clients, the equity options regime, and the calibration of the requirements for active account funding in a European Union clearing house;

●implement technical standards (RTS) published by the EBA to clarify risk retention requirements and contribute to the development of a healthy, safe and sound securitization market in the European Union (published by the EBA on April 12, 2022);

●apply the new provisions resulting from the revision of MiFID and MiFIR texts: directive 2024/790 amending MiFID II, which must be transposed by September 29, 2025, and Regulation 2024/791 amending MiFIR, which came into force on March
28, 2024;

●strengthen the protection of retail investors, in particular through the strategy for retail investors presented by the European Commission on May 24, 2023, aimed at prioritizing the interests of retail investors and strengthening their confidence in the Capital Markets Union;

●modify, create or strengthen regulations related to digitalization and technological innovations in connection with the emergence of crypto assets, discussions on central bank digital currencies, and robotization or due to technological developments in payment services and fintechs;

●regulate the use of artificial intelligence (following, in particular, the publication in the EUOJ of July 12, 2024 of Regulation (EU) 2024/1689 of the European Parliament and of the Council of June 13, 2024 on artificial intelligence (AI Act), which establishes rules on artificial intelligence systems applicable in all economic sectors). This regulation will be fully applicable 24 months after its entry into force on August 1, 2024. As an exception, six months after its entry into force, the prohibition of prohibited artificial intelligence systems will become applicable, and 12 months after its entry into force the obligations for general-purpose artificial intelligences will come into force;

●transform the banking model with disintermediation trends, particularly in the context of the retail investment strategy and increased competition related to European “open banking” or “open finance” initiatives such as the “PSD2” Payment Services Directive 2;

●require the bank to make a substantial financial contribution to guarantee the stability of the European banking system and limit the impact of a bank failure on public finances and the real economy;

●introduce a tax on financial transactions at the
European level;

●impose new obligations following the adoption of the European AML package on May 31, 2024, comprising a Directive, a Regulation directly applicable to banks and the creation of a new European Anti-Money Laundering and Countering Terrorism Financing (AML-CTF) Supervisory Authority.

Natixis is also subject to complex and changing tax rules in its various jurisdictions. Changes in the applicable tax rules, uncertainty about the interpretation of such changes or their impacts may have a negative effect on Natixis’ business, financial position, costs and results.

In this changing legislative and regulatory environment, it is difficult to predict the impact these new measures will have on Natixis. Moreover, Natixis is incurring, and could incur in the future, significant costs to update or develop programs to comply with these new legislative and regulatory measures, and to update or enhance its information systems in response to or in preparation for these measures. Despite its efforts, Natixis may also be unable to fully comply with all applicable legislation and regulations and could therefore be subject to financial or administrative penalties.

###### Natixis’ ability to attract and retain qualified employees is critical to the success of its business, and failure to do so may significantly affect its performance and financial results

As of December 31, Natixis employs 15,380 people (permanent and fixed-term employment contracts) around the world (excluding financial investments), located as follows: 48.3% in France, 23.2% in the EMEA region, 19.7% in the North and South America and 8.8% in Asia-Pacific. Including work-study students and VIE, Natixis has a total headcount of 16,183 employees. The performance of Natixis’ activities is closely linked to its people. Indeed, Natixis’ business model is based on business line expertise, which requires the recruitment of qualified employees. Moreover, stricter regulatory requirements relating to the 2008 financial crisis have required Natixis to strengthen and align its business lines to regulations, an area of expertise that requires drawing from a tight job market (scarce and mobile profiles). Natixis’ success relies in part on its ability to retain key people, be they at management level, leaders or employees, and to continue to attract highly qualified professionals. High turnover or the departure of talent could affect Natixis’ skills and know-how in key areas, which could reduce its business outlook and consequently affect its financial results.

In addition, the financial sector is subject to a specific regulatory framework with regard to employee compensation policies, notably concerning the methods for determining and paying variable compensation. These regulations, which apply worldwide, may restrict Natixis' ability to attract and retain talent. Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on the taking up and pursuit of the business of banks and on the prudential supervision of banks and investment firms (“CRD IV”), which has applied to institutions in the European Economic Area (“EEA”) since 2014, and Directive (EU) 2019/878 of the European Parliament and of the Council of May 20, 2019 amending CRD IV (“CRD V”), in force since January 2021, provide in particular for a cap on the variable portion of compensation in relation to its fixed portion and the deferred, conditional and indexed payment of a portion of this variable compensation. These constraints may reduce Natixis' ability to offer attractive compensation levels and structures, and thus to attract and retain employees, particularly outside the EEA, in the face of local competitors who are not subject to these regulatory requirements.

Since 2021, Natixis has implemented a policy favoring hybrid working with, for example, in France, a remote working system of up to ten days per month, which results in an average of eight working days per month worked remotely by employees. This hybrid working method promotes both collective performance and attractiveness, making it possible to recruit and retain talent aspiring to flexible working methods that promote autonomy. If Natixis were unable to adapt its organization to employee expectations, this could affect its ability to retain its employees or attract new ones, particularly those with high qualifications, as well as reducing their satisfaction and, consequently, affecting the quality of its services and its performance.

### Risk related to holding Natixis securities

###### Holders of Natixis securities and certain other Natixis creditors may suffer losses if Groupe BPCE should undergo resolution proceedings

Directive (EU) 2014/59 establishing a framework for the recovery and resolution of credit institutions and investment firms (“BRRD 1”), transposed into French law by order No. 2015-1024 of August 20, 2015, which also adapted French law to the provisions of European Regulation 806/2014 of July 15, 2014, which established the rules and a uniform procedure for the resolution of credit institutions under a single resolution mechanism and a single Bank Resolution Fund, aim in particular to set up a single resolution mechanism giving resolution authorities a “bail-in” power aimed at combating systemic risks attached to the financial system, and in particular at avoiding financial intervention by governments in the event of a crisis. Directive (EU) 2019/879 of May 20, 2019 (“BRRD 2”, and together with BRRD 1, the “BRRD” Regulation) amended BRRD 1 and was transposed into French law by order No. 2020-1636 of December 21, 2020. In particular, the powers provided for by the BRRD regulation allow the resolution authorities, in the event that a financial institution or the group to which it belongs subject to BRRD becomes or is close to defaulting, to write down, cancel or convert into shares the securities and eligible liabilities of this financial institution. In addition to the possibility of using this “bail-in” mechanism, the BRRD grants the resolution authorities more extensive powers, allowing them in particular to (1) force the entity to recapitalize itself in order to comply with the conditions of its authorization and continue the activities for which it is approved with a sufficient level of confidence on the part of the markets; if necessary, by modifying the legal structure of the entity, and (2) reduce the value of the receivables or debt instruments, or convert them into equity securities for transfer to a bridging institution for capitalization, or as part of the sale of a business or recourse to an asset management vehicle.

At December 31, 2025, Natixis' CET1 (Common Equity Tier 1) capital stood at €12.6 billion net of the projected distribution, total Tier 1 capital at €15.5 billion and regulatory Tier 2 capital at €3.1 billion.

As an institution affiliated with BPCE, the central institution of Groupe BPCE within the meaning of Article L.511-31 of the French Monetary and Financial Code, and because of the full legal solidarity binding all Groupe BPCE affiliates and the central institution, Natixis S.A. could only be subject to resolution measures in the event of default by BPCE and all affiliates of Groupe BPCE, including Natixis S.A. If the financial position of Groupe BPCE as a whole, including Natixis S.A., were to deteriorate or appear to be deteriorating, the implementation of the resolution measures provided for by BRRD could lead to a more rapid decline in the market value of the financial securities issued by Natixis S.A.

If BPCE and all of its affiliates, including Natixis S.A., were to be subject to resolution measures, the holders of Natixis S.A. securities could suffer losses as a result of the exercise of the powers granted by BRRD to the resolution authorities, who can then:

●implement a full or partial impairment of Natixis S.A. equity instruments and of eligible financial instruments, leading to the full or partial loss of the value of these instruments;

●the full or partial conversion of eligible financial instruments into Natixis S.A. shares, resulting in the unwanted holding of Natixis S.A. shares and a possible financial loss when reselling these shares;

●a change to the contractual conditions of the eligible financial instruments that could alter the instruments’ financial and maturity terms. Such a change could result in lower coupons or longer maturities and have a negative impact on the value of said financial instruments.

In addition, the implementation of resolution measures at the Groupe BPCE level would significantly affect Natixis S.A.'s ability to make the payment required by such instruments or, more generally, to meet its payment obligations to third parties. Indeed, the debt securities issued by Natixis S.A. under its issue programs constitute general and unsecured and senior contractual commitments (within the meaning of Article L.613-30-3-I 3° of the French Monetary and Financial Code) by Natixis S.A. These securities could be impacted as a last resort once the subordinated receivables and debt instruments (Common Equity Tier 1 capital instruments, Additional Tier 1 capital instruments and Tier 2 capital instruments) have been affected by “bail-in” measures. In any event, holders of equity securities would be the first to be affected by the impairment of Natixis S.A.

## 3.2Risk management

### 3.2.1Organization of Natixis’ internal control framework

Natixis’ internal control framework encompasses all the steps taken by the institution to ensure the measurement, monitoring and management of the risks that are inherent to its various activities in accordance with legal and regulatory requirements. The framework complies with the provisions set forth in the French Ministerial Order of November 3, 2014 on internal control by companies in the banking, payment services and investment services sector.

It is structured in accordance with the principles set out by BPCE, with the objective of ensuring a consolidated approach to risk within the framework of the control exercised by the shareholding group.

The objective is to ensure the effectiveness and quality of the Company’s internal operations, the reliability of accounting and financial information distributed both internally and externally, the security of operations, and compliance with laws, regulations and internal policies.

#### 3.2.1.1 Overview of the internal control framework

Natixis’ internal control framework comprises:

●first-level permanent controls (FLPC) performed by operational staff on the processing operations for which they are responsible, following internal procedures and legal and regulatory requirements (see Section [3.2.1.4]);

●second-level permanent controls (SLPC) performed by five functions that are independent of operational staff (see Section [3.2.1.5]):

●The control Department of the Risk division, which is headed by the Chief Risk Officer, a member of the Senior Management Committee, is responsible for measuring, monitoring and managing the risks inherent to the business activities, in particular credit and counterparty risk, market risks, structural balance sheet risks, operational risk and model risk,

●The Compliance Department, which reports to the General Counsel in charge of Compliance, Legal, Security, Regulatory Affairs & Governance, a member of the Senior Management Committee, is responsible in particular for controlling compliance risk by carrying out second-level controls, particularly in relation to the following risk categories: customer protection, product governance, professional ethics and conduct, market transparency and integrity (including market abuse), customer due diligence (KYC) and financial security. In addition to compliance risks, the division carries out permanent second-level controls on certain operational risks. In addition, this department monitors the implementation by operational business lines and support functions of the recommended corrective measures (for more details on compliance risk, see Section [3.2.9]). Data protection-specific controls are carried out directly by the DPO (Data Protection Officer),

●The Security Department, which reports to the General Counsel in charge of Compliance, Legal, Security, Regulatory Affairs & Governance, a member of the Senior Management Committee, is responsible for managing technological risks. These may relate to information systems security, IT projects and developments, governance and strategy, or IT production activities. As such, this department defines policies and rules, carries out second-level control and oversees the assessment and management of associated risks. This department also covers data protection controls, which are carried out by the Data Protection Officer (DPO), and business continuity controls, which are carried out by the Business Continuity Manager (BCM),

●The Permanent Financial Control Department (see Section [3.2.2]), which reports hierarchically to the head of permanent control coordination as of January 1, 2026, and functionally to the Chief Financial Officer, has the following main responsibilities, in accordance with the regulations and guidelines of Groupe BPCE’s financial control department:

■Ensure the reliability and robustness of the internal control system relating to financial information (statutory, prudential, regulatory, and tax reporting),

■Contribute to the continuous improvement of the quality of financial information by making concrete recommendations. the Senior Management Committee, and functionally to the Head of Permanent Control Coordination, helps to ensure the quality and accuracy of accounting and regulatory information.

●periodic control, assumed by the two Internal Audit departments of Natixis CIB and AWM. Through investigations, they periodically check the compliance of operations, the level of risk actually incurred, compliance with procedures, and the effectiveness and appropriateness of the entire internal control framework. The Natixis CIB and AWM Internal Audit departments report respectively to the Chief Executive Officer and the Deputy Chief Executive Officer. They are supervised by the chairpersons of the Risk Committee of the Natixis Board of Directors for Natixis CIB and AWM Internal Audit, and of the Risk Committee of Internal Control and Compliance of Natixis Investment Managers for AWM Internal Audit. Natixis is also included in the BPCE General Inspection audit plan.

Natixis organizes its control functions on a global basis in order to ensure that the internal control framework is consistent throughout the Company. Second-level permanent control and internal audit functions located within subsidiaries or business lines report hierarchically to the business lines and platforms and functionally to the corresponding Central Control Departments of Natixis. The internal audit functions located within the platforms report hierarchically to the corresponding Central Control Departments of Natixis and functionally to the business lines and platforms.

The purpose of this structure is to ensure adherence to the following principles:

●A strict segregation of duties between units responsible for performing transactions and those that approve them, in particular accounting teams;

●Strict independence between the operational and functional units responsible for undertaking and validating transactions, and the units that control them.

The Control Functions Coordination Committee coordinates the work as a whole (see Section [3.2.1.2]).

The Executivedirectors, under the supervision of the Board of Directors, are responsible for implementing Natixis’ overall internal control framework. As such, they appoint the heads of risk management, permanent control, compliance and internal audit, who report to them on their missions.

The Board of Directors is kept regularly informed of all significant risks, risk management policies and changes made thereto, directly or via the Board of Directors’ Risk Committee.

◗Organization of Natixis’ internal control framework

GROUP INTERNAL CONTROL COORDINATION COMMITTEE (3CIG)

BPCE

COMPLIANCE
DEPARTMENT

SECURITY
DEPARTMENT

RISK
DEPARTMENT

FINANCIAL CONTROL De PARTMENT

Permanent Control Coordination DEPARTMENT

GROUPE BPCE GENERAL INSPECTION DEPARTMENT

NATIXIS CONTROL FUNCTIONS COORDINATION COMMITTEE (CFCC)

1 ST LINE OF DEFENSE

2 ND LINE OF DEFENSE

3 RD LINE OF DEFENSE

SENIOR MANAGEMENT COMMITTEE* (SMC)

NATIXIS S.A. BOARD OF DIRECTORS

INTERNAL AUDIT NCIB

OPERATIONAL DEPARTMENTS

Controls 1.1 (operational)
Controls 1.2 (hierarchical/functional)

COMPLIANCE

Risk Committee

SECURITY

INTERNAL AUDIT AWM

Audit
Committee

RISK

GENERAL INSPECTION GROUPE BPCE

PERMANENT FINANCIAL CONTROL

Compensation
Committee

Coordination of permanent control

* incl NSA 'Executive Directors'

Permanent control framework under the responsibility of the Natixis Chief Executive Officer

Periodic control

#### 3.2.1.2The Control Functions Coordination Committee

The Control Functions Coordination Committee (CFCC) is chaired by Natixis' Chief Executive Officer or General Counsel in charge of Compliance, Legal, Security, Governance & Regulatory Affairs. In particular, it brings together the Chief Risk Officer, the Compliance Director, the Internal Audit Directors (CIB and AWM), the BPCE Permanent Control Coordination Manager and representatives of all first- and second-line defense functions.

The CFCC coordinates the entire internal control framework by:

●Examining Natixis' internal control system, developing a risk-based approach and proposing appropriate solutions to strengthen the security of Natixis' operations;

●Addressing all issues pertaining to the organization and planning of control services, in particular the validation and supervision of annual control plans;​

●Highlighting emerging or recurring areas of risk and reporting any significant malfunctions observed to the executive body (e.g. follow-up on major corrective measures that have expired);

●Regularly validating the action plans to be implemented to ensure an effective and consistent control framework, and monitoring action plans with alerts;

●Providing the executive body with an overview of the control work performed by internal or external control functions or by regulators, and ensuring that the conclusions from these undertakings are taken into account by the operational business lines.

The conclusions of controls carried out under this system, supplemented with the results of internal and external audits are reported to the Board of Directors via its extensions, the Audit Committee and the Risk Committee.

#### 3.2.1.3Coordination of permanent control

The role of the coordination function encompasses three dimensions:

●Steering: the ability to provide strategic impetus, define and implement policies, standards, or procedures that enable the establishment of ongoing control management;

●Monitoring: the ability to monitor activities through structured processes for reporting indicators and access to dashboards covering an appropriate scope, which are correctly and regularly updated;

●Controlling: the ability to ensure proper execution, equipped with the mandate and resources necessary to proactively coordinate.

#### 3.2.1.4First-level permanent control

First-level permanent controls are carried out by the business lines or support functions on their activities, following internal procedures and legal and regulatory requirements. Operational staff are responsible for:

●Documenting the activities carried out;

●Carrying out first-level controls and their quality (documentation, audit trail);

●Analyzing the results of first-level controls;

●Formalizing and implementing first-level action plans based on these results;

●Monitoring the annual first-level control plan.

#### 3.2.1.5Second-level permanent control

Second-level permanent controls are performed by five functions that are independent of the business lines or support functions, and are responsible for:

●Ensuring that documentation on first- and second-level control procedures is kept up to date;

●Ensuring the proper application of ongoing control standards and procedures within the company;

●Monitoring the annual plan for second-level controls, defining the controls to be made more reliable, and ensuring the availability of supporting documents for controls not selected;

●Performing second-level controls in accordance with the procedures defined for each control, as well as thematic controls;

●Ensuring the reliability of first-level controls by replaying controls (control reliability) and ensuring that corrective actions are implemented to reduce discrepancies;

●Consolidating and analyzing the results of controls across the entire scope of the entity;

●Ensuring appropriate coverage between the risks assessed in the mapping and ongoing controls;

●Following up on action plans aimed at strengthening the risk control framework following mapping exercises and monitoring their progress;

●Producing second-level reports.

#### 3.2.1.6Periodic control

The third level of control – the internal audit function – within the meaning of the revised French Ministerial Order of November 3, 2014 is carried out by the two Internal Audit departments, Natixis CIB (for CIB activities and transversal control functions) and AWM (for the activities of Natixis IM, its affiliates, and Natixis WM).

As such, they are independent of all Natixis’ operational and functional entities and are not entrusted with any operational role. Consequently, they can never be in a position of conflict of interest.

They report to the Chief Executive Ofﬁcer of their respective entities and are supervised by the chairpersons of: the Risk Committee of the Natixis Board of Directors for Natixis CIB Internal Audit; the Risk Committee of the Natixis Board of Directors and the Risk Committee for Internal Control and Compliance (CRIC) of Natixis IM for AWM Internal Audit. ​

The Heads of Natixis CIB and AWM Internal Audit, who are responsible for the internal audit function, are permanent guests: on the Risk Committee and Audit Committee of Natixis for Natixis CIB Internal Audit; the Natixis Risk Committee, the Natixis IM CRIC and the Natixis IM Audit Committee for Natixis AWM Internal Audit. This allows them to meet directly with the chairpersons of: the Risk Committee of the Natixis Board of Directors for Natixis CIB Internal Audit; the Risk Committee of the Natixis Board of Directors and the CRIC of Natixis IM for AWM Internal Audit.

The Heads of Natixis CIB and AWM Internal Audit report to the Group Inspector General, in accordance with the BPCE audit charter. In accordance with these same principles, Natixis’ Internal Audit Departments coordinate global audit functions within their scope and are part of Groupe BPCE’s Internal Audit function.

The Internal Audit departments report on all their activities and projects to the Natixis Risk Committee, which then presents a summary report to the Natixis Board of Directors. The AWM Internal Audit Department also reports on all of its activities and work to the Natixis IM CRIC, which presents a summary to the Natixis IM Board of Directors.

They carry out their work in the form of audit assignments across the entire Natixis scope (Natixis S.A., subsidiaries and branches), on all the risk categories associated with the different business lines they operate in, without being subject to any restrictions or professional secrecy. Their field of investigation encompasses all of operational activities, support functions – including entities in charge of permanent control assignments – and outsourced activities. For all the business lines, their audits lead to an assessment of the suitability of existing control points in the processes audited as well as an appraisal of the risks arising from the relevant activities. They are based on the work carried out in this area on a recurring basis by operational departments and second-level permanent control functions. The audits lead to recommendations ranked in order of priority to strengthen the audited risk control and management frameworks.

Natixis CIB’s internal audit reports are sent to the Chairman of the BPCE Management Board and to the General Inspection and to Natixis’ Chairman of the Risk Committee and Senior Management, as well as to the audited units. Similarly, the AWM Internal Audit reports are sent to the Deputy Chief Executive Officer of Natixis in charge of AWM, who is also Chief Executive Officer of Natixis IM, to the General Inspection of BPCE, and to the audited units. A summary is presented to Natixis’ Senior Management and to the Natixis Risk Committee for Natixis CIB Internal Audit.
For AWM Internal Audit, a summary is presented to the Deputy Chief Executive Officer of Natixis in charge of AWM, who is also Chief Executive Officer of Natixis IM, to the Natixis Risk Committee and to the Natixis IM CRIC.

In conjunction with the AWM Internal Audit Department, the Natixis CIB General Inspection regularly monitors the implementation of recommendations and presents its findings to Natixis’ Senior Management Committee, the Risk Committee and the Natixis Board of Directors. In this respect, the CIB and AWM Internal Audit Departments carry out due diligence and follow-up assignments.

The AWM Internal Audit Department also regularly monitors the implementation of recommendations and presents its findings to Natixis IM's Senior Management Committee and Natixis IM's CRIC.

The actions of the Internal Audit Departments are based on their annual audit programs submitted for approval to BPCE's General Inspection after consultation with the various members of the Senior Management Committees of Natixis for Natixis CIB Internal Audit and Natixis IM for AWM Internal Audit. These annual programs are part of a multi-year plan drawn up over a maximum of five years, defining intervention intervals and calibrating resources adapted to risks as well as regulatory recurrence requirements.

Audit plans may be revised during the year if circumstances require (current events, deterioration of the environment or the emergence of new risks, for example). The Natixis CIB and AWM Internal Audit Departments also have the resources to carry out, in addition to their traditional audit assignments, ad hoc investigations designed to meet needs that arise during the year and not initially included in the audit plan.

The annual and multi-year audit plans presented to the Chief Executive Officer of Natixis were reviewed by the Board's Risk Committee and approved by the Board of Directors.

In 2025, Natixis CIB's Internal Audit department conducted audits of CIB's various business lines in France and on its platforms, against a backdrop of increased financial market volatility exacerbated by geopolitical uncertainties.

As part of the ongoing improvement of the system, Natixis CIB's Internal Audit department has led a structuring project aimed at enhancing the annual risk review process (Risk Assessment). In this context, continuous monitoring of functions and business lines has been strengthened and will be further enhanced in 2026, notably through more frequent exchanges with members of the Senior Management Committee and key functions. The framework governing the audit function has also undergone structural improvements, notably through the implementation of a comprehensive quality control process for assignments (Audit Quality Assessment). With regard to resource management, a skills monitoring process has been put in place to enable better oversight and management of available expertise.

In 2025, the AWM Internal Audit department carried out assignments aimed at ensuring traditional coverage of topics in line with the agreed cycle duration and strengthened its risk-based approach by adopting rules for prioritizing the highest risk areas. It also increased its coverage of IT, HR, and finance risks and carried out assignments to adapt to strategic changes in the AWM business line (structuring of NIM-OS Europe, change in the size of Vega IS, reconfiguration of NIMI, etc.).

Both departments continued to pursue cross-functional projects and initiatives aimed at improving efficiency and overall consistency in the performance of internal audit functions, notably by continuing to invest in the modernization of data analysis techniques.

### 3.2.2Internal control procedures relating to accounting and financial information

#### 3.2.2.1General framework

Natixis is required to prepare and publish individual and consolidated financial statements and to submit all prudential and regulatory disclosures. The group, which it heads, has also been included since July 1, 2009 in the consolidated financial statements of Groupe BPCE.

Natixis' control framework is in line with the directives issued by BPCE for all financial and non-financial reporting. It covers all stages of the production process, from the preparation of the information to its publication, and ensures its compliance with the applicable normative and regulatory framework.

The production process is based on the following main principles:

●In conjunction with BPCE, Natixis defines and disseminates accounting and regulatory principles, monitors standards for its subsidiaries and branches, and analyzes changes published during the period;

●Documentation and management of the various stages of preparation of these declarations;

●Audit trails justifying all reported accounting and management data, based on the individual contributions made by each entity and restatements made centrally;

●Formalized and documented first- and second-level controls ensure the control of risks related to accounting, financial, regulatory and non-financial information;

●Procedures for archiving and securing data.

Natixis regularly supports its accounting and regulatory teams with a consolidation tool that promotes the sharing of best practices, and produces its financial information via a centralized, efficient, and secure platform that brings together data from all of its entities.

The preparation of the consolidated financial statements relies on a number of key elements:

●A direct consolidation method, applied to the entire Natixis scope, which makes it possible to examine and control each consolidation file thanks to a formal review procedure;

●Quarterly preparation of consolidated financial statements, offering a higher level of control over financial information within shorter timeframes;

●An automated process for verifying the accuracy and consistency of individual information from consolidated entities, with non-compliance blocking data transmission.

Natixis is finalizing its project to streamline and pool data collection, with the aim of standardizing the use of certified accounting data for all reporting functions—accounting, regulatory, financial management, financial administration, and risk management. With regard to Pillar III, its publication is included in the universal registration document and involves several departments, based on the dissemination of regulatory information derived in particular from declarations. Natixis also complies with the CSRD directive, which imposes stricter requirements in terms of transparency and accountability regarding environmental, social, and governance performance, involving the rigorous collection and presentation of non-financial information and its integration into the overall reporting framework. Finally, Natixis, like Groupe BPCE, ensures that it publishes its financial and non-financial information according to schedules aligned with banking sector practices.

#### 3.2.2.2Permanent control framework for financial and non-financial information

In accordance with the requirements of the French Ministerial Order of November 3, 2014, Natixis' internal control framework is based on a structured and rigorous framework designed to guarantee the quality, reliability and compliance of accounting, financial and non-financial information. This system is based on clearly defined responsibilities, effective control processes, and an organization that is adapted to regulatory and operational challenges.

The permanent control framework is organized into two complementary levels:

First level of control, carried out by operational teams: Controls are performed throughout the production process, in accordance with established policies, standards, and procedures. They aim to ensure the quality of data and processing, and constitute the first line of risk control.

Second level of control, independent of the development processes: Located within the Finance, Risk, Permanent Control, or Compliance departments, depending on the entity, its purpose is to ensure the reliability and compliance of the processes for producing accounts and regulatory reports. It also ensures the existence, effectiveness and quality of first-level control frameworks.

Lastly, a final level of this framework entrusted to Internal audit in its periodic control role.

To ensure that the entire permanent control framework is fully consistent, a function within the General Secretariat is responsible for coordinating the various control bodies mentioned above.

This framework applies to all entities referred to as material.

The accounting and prudential reporting control framework is based on the following fundamental principles:

●Separation of the accounting production and control functions; and

●A homogenization of control processes within the various business lines and entities of the group: method, tool, feedback and timing of the process.

●Application of the principles defined by BPCE, which specify the perimeters subject to a two-level control process.

The second-level control framework covers all financial and non-financial reporting (accounting, tax, regulatory, prudential and non-financial scopes). Its purpose is to guarantee the quality, reliability, and compliance of the information produced.

It is based on a structured methodology founded on the following assertions: documentation, organization, control, auditability, accuracy and clarity.

The main actions implemented are as follows:

Closing controls, aimed at ensuring the execution and quality of first-level controls and preventing any significant anomalies prior to publication.

Thematic assignments, designed to assess the quality of the internal control framework on targeted subjects.

Management and coordination of the sector, including support for entities and coordination of control frameworks.

The system is based on a structured document repository, control maps, and a centralized tool that ensures the traceability, consolidation, and monitoring of controls and action plans.

Second-level control also contributes to governance work and institutional reporting, including exchanges with internal bodies and the preparation of regulatory publications.​

##### Scope of accounting and financial information

The control framework applicable to accounting and financial information covers all processes designed to ensure the reliability, quality, and compliance of data produced by Natixis and its subsidiaries. It is based on a set of ongoing and periodic controls carried out throughout the accounting and financial production cycle.

These controls focus in particular on the justification and accuracy of accounts, through the performance of accounting and management reconciliations, the reconciliation of cash accounts, and the monitoring of the clearance of outstanding items. They also include consistency checks, carried out using analytical reviews designed to detect unusual variations or potential anomalies.

The system also includes matching controls to ensure that expenses and revenues are recorded in the correct accounting period, as well as compliance and presentation controls to ensure compliance with applicable accounting standards and financial reporting guidelines. Special transactions are also subject to specific review to ensure that they are processed in accordance with accounting principles and defined rules.

The quality of financial information also depends on traceability and completeness checks, which verify the availability of supporting documents, the proper documentation of transactions, and the existence of a robust audit trail. Any anomaly identified gives rise to documented rectification and analysis aimed at strengthening the risk control framework.

In addition, corrective actions implemented following recommendations issued by financial control are monitored in a formalized manner to ensure their effective implementation and the continuous improvement of the internal control framework.

Finally, Natixis and its subsidiaries are continuing to develop and formalize their accounting and financial control procedures. The work carried out is centralized in the dedicated Financial Control tool, ensuring consistent supervision, methodological support for entities, and consolidated monitoring of all controls deployed within the group.

##### Scope of regulatory and prudential information (including Pillar III and CSRD)

The regulatory domain, like the accounting domain, benefits from a permanent and periodic control framework designed to guarantee the quality, reliability, and compliance of reports submitted to supervisory authorities. Regulatory reporting considered "essential" is subject to a structured assessment based on the BCBS 239 methodology, which is built around six assertions that form the basis of the review process.

Regular checks are therefore carried out on documentation to verify the quality, completeness, and updating of procedures describing how reports are produced. The organizational dimension is also analyzed through a review of governance and the relevance of the measures put in place, including the definition of roles, responsibilities, and validation channels.

The "control" assertion aims to assess the relevance, effectiveness, and level of formalization of the first-level control framework. This assessment covers, in particular, the existence of documented controls, their effective implementation, and their adequacy in relation to the risks inherent in regulatory processes.

Auditability is another key area: the ability to reconstruct the audit trail, both upstream and downstream, is essential to ensuring the traceability of published data. Dedicated checks are therefore carried out to ensure the availability and reliability of supporting documents at each stage of the process.

The "accuracy" assertion covers a set of checks designed to guarantee data quality, traceability, and transformation, as well as consistency between different published reports where relevant. Compliance and presentation checks are also carried out to ensure that the specific requirements of each regulatory reporting requirement are met.

Finally, the framework includes monitoring of corrective actions implemented following recommendations made by financial control. This monitoring contributes to the continuous strengthening of the risk management framework, ensuring that the necessary improvements are effectively implemented and sustainably integrated.

Pillar III is based on a strict methodological framework defined by Groupe BPCE to ensure the quality of prudential reporting. Natixis applies a dedicated internal control framework, providing additional assurance to Senior Management when signing the Pillar III attestation.

This framework is reviewed jointly by the Risk division and Permanent Financial Control, based on a standardized evaluation grid. Prudential indicators are subject to regular checks, particularly on a quarterly basis, as well as thematic reviews, and are fully integrated into the ongoing control framework in accordance with BCBS 239 principles.

The indicators underlying Pillar III are thus assessed as part of quarterly closing controls and thematic reviews, as essential reports of the internal control framework.

The control framework applied to sustainability reporting under the CSRD is based on a structured organization incorporating several levels of intervention within Natixis. The Finance, Compliance, and Risk functions contribute to this in a coordinated manner, each playing a specific role in ensuring the reliability and compliance of published information.

This second-level framework aims to ensure that non-financial data—covering environmental, social, and governance aspects—is collected, verified, and reported in accordance with the methodological requirements defined by Groupe BPCE and European regulations.

#### 3.2.2.3Changes to the framework

The internal control framework was further enhanced in fiscal year 2025. Each year, the production teams gradually adapt their first level control framework to changes in their environments (products and information systems), ensuring that they are documented and formalized, both in financial and non-financial terms.

It should be noted that the organization of the permanent financial control teams is based on teams deployed in Paris and Porto. This organization covers all accounting, tax, regulatory, and prudential scopes, as well as supervision tasks

As part of the regulatory and prudential control framework, the annual control plan focused on a number of themes:

●Solvency: Credit Risk and CVA post CRR3 assignments;

●Liquidity: missions on IRRBB and LCR (Collateral Swap) as well as a mission dedicated to defining a control framework with a risk-based approach to liquidity ratios;

●FINREP: mission on the reconciliation of COREP and FINREP on NPE issues;

●Resolution: mission on the SRF, FGDR and LDR;

●Pillar II: ICAAP using an economic approach;​

●Pillar III: semi-annual Pillar III disclosures and the CSRD;

●Large Exposures and Leverage Ratio.

It should be noted that as part of BPCE's supervision framework, Natixis submits independent reviews to the central body on the basis of reports defined each year. These reports contribute to meeting the monitoring requirements of the group financial control function and to our contribution to the BCBS239 system as LoD2.

In the accounting scope, following the example of the Regulatory and Prudential scope, a strengthening of the control framework was observed on:

●The areas considered by the French Anti-Corruption Agency (AFA) to be at risk of corruption (manual entries, donations and sponsorship, intermediary and consultant fees, mission and travel expenses);

●Tax issues including VAT, corporate income tax, and tax credits;

●Transitional accounts with suspense risk management;

●The publication of results;

●Sales monitoring framework for activities with a hold-to-collect business model;

●SPPI criteria check;

●New collective provision methodology for performing loans.

A new standard for accounting risk mapping was rolled out in 2025 in preparation for the 2026 annual plan. Its objective is to harmonize, within the sector, the risk-based approach and the definition and assessment of risk situations.

With regard to the steering and supervision of the LoD2 permanent financial control function the work carried out in 2025 made it possible to:

●Strengthen the monitoring process for local control frameworks, based in particular on:

●Circulating instructions on the main thrusts of the annual control plan at entity level, and ensuring compliance of the entity's plan,

●Review of the breakdown in the annual local control plans,

●Review of the reflection of annual control plans in BLACKLINE Compliance and monitoring in the half-yearly tool;

●The supervision framework was coordinated through financial controller committees, thematic workshops, and quarterly exchanges, in coordination with the permanent financial controls of the material entities;

●Helping to strengthen the supervision of the Central Body by collecting data, issuing and monitoring action plans;

●Distributing an annual summary dashboard containing an assessment of the internal control framework (risk management framework) to CFOs, Risk and Compliance Officers, and CEOs, including an automated escalation process for major breaches in 2025.

Changes to the system and the results of the assessment of controls on financial publications are reported to the CFCC (Control Functions Coordination Committee) to comply with BPCE requirements.

In 2026, in line with the strategic plan's guidelines, the main areas of development pursued for the Permanent Financial Control department will be as follows:

●Transition of the Permanent Financial Control function to the General Secretariat, organization of Groupe BPCE's permanent control function;

●Continuation and intensification of automation work;

●Reinforcement of the management and coordination of second-level control frameworks;

●Optimization of the effectiveness of controls on regulatory and prudential reporting;

●Definition, implementation, and refinement of key reporting controls under supervision (leverage ratio, liquidity) by the ECB;

●Harmonization of the evaluation process for the local reporting control framework for all subsidiaries concerned in order to strengthen overall consistency and comparability between entities;

●Enhanced monitoring of remedial actions related to recommendations and suggestions arising from thematic missions, audit controls, or supervisory reviews;

●Improved coordination with Group Financial Control, as part of the Central Institution's supervision framework, including conducting diagnostics, developing and monitoring remediation plans, and conducting independent reviews. This involves creating files that centralize all audit trails;

●Continued structuring of the Permanent Financial Control function within the scope of the M&A boutiques, in order to ensure a robust LoD2 system that is consistent with the standards of Permanent Financial Control for these growing activities;​

●Creation and deployment of a centralized document database covering all physical entities, aimed at standardizing access to standards, guidelines, methodologies, control sheets, and best practices.

#### 3.2.2.4External controls

In addition to the control procedures followed by the Finance divisions responsible for preparing individual or consolidated accounts, the quality of accounting controls is verified by:

●Audits conducted by the Statutory Auditors. This work is carried out by a group of firms working in a uniform manner each quarter on the entities falling within Natixis’ scope of consolidation and whose opinions rely on, in particular, compliance with policies determined by Natixis and validated beforehand and the effectiveness of local internal control procedures;

●The assignments carried out by Natixis and by BPCE’s General Inspection teams;

●The on-site reviews carried out by the banking supervisory authorities as well as the thematic surveys initiated by them.

### 3.2.3Governance and risk management framework

#### 3.2.3.1Risk management framework

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis’ risk governance is based on a structured organization involving all levels of the bank:

●the Board of Directors and its Specialized Committees (Risk Committee, Audit Committee, etc.);

●the executive directors and the Specialized Risk Committees they chair within the bank;

●the three lines of defense: business lines, independent control functions and internal audits of Natixis entities.

The Risk division steers the risk appetite framework, recommends risk policies consistent with those of Groupe BPCE to Senior Management for approval, and makes proposals to the executive body on principles and rules in the following areas:

●risk-taking decision procedures;

●the delegation framework;

●risk measurement;

●risk oversight.

It is supported by a structure of Executive Committees involved in the management and supervision of Natixis’ risks, whose umbrella Committee is the Global Risk Committee, which meets at least once a quarter, chaired by the Chief Executive Officer.

The purpose of the Global Risk Committee is to:

●review the general evolution of the risk environment and risk exposures;

●validate the Risk Appetite Framework and its evolutions;

●validate the main risk management standards, procedures and methodologies, and review risk measurement, control and reporting systems in the light of changes in business, the market environment or analytical techniques, and proposed changes to current procedures;

●review changes in the main risk areas and the quality of commitments;

●endorse the systems delegated to the credit decision process (levels, authorized signatures, etc.).

The Risk division regularly reports on its work, submitting its analyses and findings to Natixis’ executive directors, to Natixis’ supervisory body, and to Groupe BPCE. A summary view is regularly produced and presented in the form of dashboards to report on the various risks incurred (credit, market, liquidity, operational, model, etc.).

This communication to management takes place on the one hand via recurring committees - including the Global Risk Committee, the Board of Directors' Risk Committee, as well as the Valuation Committee (see Section [3.2.6.2]), the Watch-list Committee and the Provisions Committee, for example - which enable risk indicators to be shared, and on the other hand, when necessary, via escalation procedures.

To fulfill these responsibilities, the Risk division uses an IT system tailored to the operations of Natixis’ business lines, applying its modeling and quantification methods for each type of risk.

The Compliance Department is responsible for controlling the compliance risk faced by Natixis S.A​., its branches and its French and foreign subsidiaries, through a network organization.

The Global Technology Risks Management (G-TRM) Department, which reports directly to the Security Department created in January 2024 (see Section [3.2.9.5]), is responsible for IT risk management.

For more details on the organization of the Compliance Department and the frameworks for managing compliance and IT risks, please refer to Section [3.2.9].

#### 3.2.3.2Organization of the Risk division

The Risk division is structured as an independent function and organized in a global matrix that covers all risk scopes under its responsibility and related geographic areas.

The Risk division is organized around four main areas:

●the Enterprise Risk Management Department consolidates a cross-functional view of risks, ensures the overall steering of the risk appetite framework, the definition of risk measures, the coordination of the BCBS 239 supervision framework and regulatory monitoring;

●the Credit Risk, Market & Counterparty Risk, Operational Risk & Risk Function Oversight and Structural Balance Sheet Risk Departments cover the risks of their respective scope in France and internationally and across all business lines;

●the regional departments cover risks on the Asia-Pacific, EMEA (Europe, Middle East, Africa – excluding France) and North and South America/CUSO (Combined US Operations) platforms;

●the Risk divisions of the Asset & Wealth Management division (Natixis Investment Managers and Natixis Wealth Management) are in charge of supervising all risks arising from Asset & Wealth Management activities.

The Risk division also relies on two centers of expertise shared at Groupe BPCE level, located within Groupe BPCE’s Risk division and functionally reporting to the Natixis Chief Risk Officer:

●the Model Risk Management (MRM) Department, which performs the independent validation of models as part of the group’s model risk management framework;

●the Climate Risk Department, which is in charge of the operational monitoring of climate risks and supports the deployment of the climate risk supervision framework within the group and Natixis’ business lines.

Lastly, an IT Department is dedicated to the IT systems involved in the supervision of Corporate & Investment Banking risks. This department is part of the Corporate & Investment Banking IT Systems division and reports functionally to the Risk division.

#### 3.2.3.3Risk culture

Natixis is defined by its strong risk culture at every level of the organization.

The risk culture is central to the risk function’s guiding principles, as set out in the Risk Division Charter. The risk culture framework is based on two main pillars:

●harmonizing best practices within the bank by deploying a compendium of risk policies, standards and procedures covering all the bank’s major risks (credit, market, operational and model) and outlining the bank’s strategic vision and risk appetite;

●deployment of a strategy to promote a strong and consistent risk culture throughout the organization, based on three areas:

1)awareness-raising and communication, including digital and physical communication initiatives (newsletter, internal social network, SharePoint, conferences, etc.) covering current topics in the risk management framework, the risk environment and case studies,

2)training, with an expanded corpus of mandatory or on-demand training on the entire risk supervision framework, as well as specific training related to changes in the regulatory environment or the risk supervision framework,

3)career paths, including the promotion of internal mobility within and between departments (support and business lines) and a specific on employees on-boarding.

Moreover, Natixis’ Code of Conduct actively contributes to the promotion of the risk culture, as it defines the rules of conduct applicable to all employees, and encourages greater involvement and accountability. These rules fall into the following themes:

●being client-centric;

●behaving ethically;

●acting responsibly towards society;

●protecting Natixis’ and Groupe BPCE’s assets and reputation.

Natixis has established a conduct framework, including a dedicated governance involving the business lines, Human Resources, the Compliance Department and the Risk division. The Code of Conduct is subject to mandatory training for all employees.

In addition, since 2021, Natixis has had a reporting mechanism called I-CARE “Issues Considered As Reportable for Escalation”. This framework targets the “issues”, meaning any malfunction, failure or weakness identified in a process, system or control that could expose Natixis to one or more risks.

Lastly, Natixis’ compensation policy is structured in a way that encourages the long-term commitment of the employees and reinforces Company’s attractiveness, without incentivizing excessive risk taking behaviors.

#### 3.2.3.4Adequacy of risk management frameworks

During 2025, the Board's Risk Committee was regularly informed of the risk situation and management. This risk management, overseen at the highest level, is carried out in compliance with applicable standards, in particular the French Ministerial Order of November 3, 2014, revised by the decree of February 25, 2021, relating to internal control, as well as the finalized European "Basel 3" regulations (Capital Requirements Regulation/Capital Requirements Directive – CRR/CRD).​

#### 3.2.3.5Risk appetite

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis’ risk appetite is defined as the nature and the degree of risk that the bank is willing to take within the bounds of its business model and strategy.

It is established in a manner consistent with the strategic plan, the budget process and the activities carried out by Natixis and falls within the general framework of Groupe BPCE’s risk appetite, based on two key steps:

●reviewing the risks to which Natixis is exposed through its business model, and the assessment of their materiality;​

●establishing, for the most material risks, a risk appetite framework expressing the levels of risk that the institution considers acceptable to bear for the coming fiscal year.

The Risk Appetite Statement (RAS) is the document that outlines the risk appetite for the coming fiscal year. The Risk Appetite Framework (RAF) is the system that governs risk-taking activities within the pre-established appetite and comprises all the processes, measures, and mechanisms in place to do so.

The risk appetite is reviewed annually by Senior Management and approved by the Board of Directors after consultation by the Risk Committee.

##### Inventory of risks related to the business model

Natixis' risk appetite framework aims to identify, select, and control the types of risks that the bank is prepared to take in line with its business model.

Natixis' business model is based on its recognized areas of expertise (corporate financing, capital markets activities and Asset & Wealth Management), in response to the needs of its clients and those of Groupe BPCE. Natixis' strategy is to ensure the long-term profitability of its activities while controlling its consumption of scarce resources (capital, liquidity, balance sheet). Natixis therefore refrains from engaging in activities that it does not master, and activities with high risk/return profiles are strictly selected and supervised. Market risk management in particular has a highly selective investment approach, coupled with limited tolerance for extreme risk, and strict monitoring.

Natixis incurs risks that are intrinsic to its Corporate & Investment Banking and Asset & Wealth Management business activities:

●credit risk generated by Corporate & Investment Banking is managed under specific risk policies adapted by business and subsidiary, concentration limits defined by counterparty, country (mature and emerging), sector, and through extensive portfolio monitoring with stress tests and segment reviews. The framework allows for the selective management of issue commitments through independent analyses (business lines/risk function) conducted by the various Credit Committees;

●market risk and counterparty risk arising mainly from the bank's capital markets activities, with the aim of meeting client needs and excluding any proprietary trading. The market risk supported thereby is managed according to a body of risk policies and specific qualitative and quantitative indicators (e.g. list of authorized instruments, VaR measurement, stress tests, sensitivities);

●leverage risk and liquidity risk monitored by the Buffer, Operations, ALM & Treasury Department and subject to specific oversight by Senior Management within a dedicated governance body (ALM Committee every two months). These two risks require setting specific objectives for managing scarce resources using a dedicated framework and management objectives for leverage required for business lines. In addition, liquidity risk is monitored in collaboration with BPCE, the “ultimate lender” for affiliates and responsible for medium- and long-term issues of public “vanilla” financing. Among the structural balance sheet risks, Natixis is exposed to credit spread risk;

●solvency risk resulting from a deviation from the bank's solvency trajectory set by Senior Management and overseen by the Financial Performance & Capital Steering Department, which sets the target levels of capital and capital consumption.
​ This trajectory takes into account changes in the bank’s scope and activity, methodological changes, particularly with regard to the calculation of regulatory capital requirements, as well as debt or capital issuances;

●operational risk, present by nature in all the bank’s business lines and functions. It is managed through a system, which has been rolled out across the business lines and geographic areas, using a shared data collection tool to map risks on an annual basis and provide feedback on incidents and losses, in collaboration with the other control functions, which enables to implement corrective and preventive action plans accordingly. As a rule, Natixis has no particular appetite for operational risk and manages it very closely;

●compliance risk in respect of banking and financial regulations, which Natixis is committed to controlling through the implementation of a Code of Conduct and compliance with the laws, regulations and standards governing its activities, in France and internationally, in the realm of financial security, ethics and client protection;

●reputation risk resulting from the potential damage to Natixis' image in the eyes of its clients. Natixis’ reputation is its most important asset: clients’ interests are therefore put first and the bank – irrespective of the business activity, entity or geographic area – is dedicated to operating at the highest level of ethical standards, and in line with the best transaction execution and security. The risk of damage to Natixis' reputation may be reflected via other more “direct” risks such as financial, legal or operational risks, and is closely monitored on the basis of ex ante surveillance and a series of ex post indicators;

●model risk relating to both internal models within the meaning of directive 2013/36/EU (CRD IV) and all other models used by the bank (including those used for the valuation of financial products) within the meaning of the definition of a model under directive SR 11-7 of the Board of Governors of the Federal Reserve System. It mainly concerns Corporate & Investment Banking capital markets activities and is subject to dedicated governance and monitoring through specific indicators;

●asset management activities that involve reputational, compliance (specific management of conflicts of interest) and operational risks. They are also exposed to investment risks (liquid seed money, private equity, real estate). Revenues are highly dependent on market trends. In addition, a large part of the financial risks is borne by investors, as asset management is a fiduciary activity;

●all the following global risks: business and strategic risks, risks related to macro-economic and regulatory changes (unfavorable economic conditions and the strengthening of regulatory requirements), and those related to other external factors. As such, risks related to climate change are directly integrated into Natixis’ main risk identification and monitoring processes.

##### Risk Appetite Framework

Risks considered material are monitored using indicators framed by tolerance thresholds published annually in the Risk Appetite Statement (RAS):

●a threshold setting the risk envelope allocated to each business line;

●a limit stating the maximum risk that, if exceeded, would pose a risk to Natixis’ business continuity and/or stability (in terms of solvency, liquidity, results and reputation).

Any breach of the tolerance levels (thresholds and limits) defined in the Risk Appetite Framework (RAF) is subject to a notification and escalation procedure with the Senior Management Committee and subsequently the supervisory body. This operational framework is applied by type of risk (credit and counterparty risk, market risk, structural balance-sheet risks, including liquidity risk and leverage risk, operational risk, solvency risk, etc.) and draws on Natixis’ pre-existing measuring and reporting systems.

It is regularly reviewed, consolidated and presented to the Senior Management Committee and the Board of Directors’ Risk Committee.

The risk appetite framework forms part of Natixis’ main processes, especially regarding:

●risk identification: risks are mapped every year to give an overview of the risks to which Natixis is or could be exposed (by business line and type of risk). This approach makes it possible to identify the risks deemed most material, for which monitoring indicators are included in the risk appetite framework;

●the budget process and overall stress tests;

●Groupe BPCE's 2030 strategic plan.

In accordance with regulations concerning systemically important financial institutions, Groupe BPCE draws up a recovery prevention plan (PPR).

#### 3.2.3.6Risk reporting and assessment systems

At both local and central level, the finance and risk function teams aggregate the data and produce consolidated risk indicators and reports.

The information system of the risk assessment framework is global and deployed across the entire scope (including Natixis subsidiaries and branches) in France and internationally.

In line with the BCBS 239 Regulation, the IT architecture principles have been clarified, endorsed and backed by the implementation of a master scheme with a multi-year deployment plan.

This work defined a target architecture for the risk and finance functions in order to comply with the requirements of BCBS 239, the principles of which are structured around the following objectives:

●the production of risk indicators is based on operational data placed under the responsibility of the business lines and certified within the “Golden sources” applications;

●risk and finance applications share common data frameworks;

●the pooling of different information systems and the alignment of data between the central (Natixis S.A.) and local (subsidiaries and branches) levels, including vis-à-vis Groupe BPCE;

●the automation of business processes and reporting practices, particularly through the risk and finance data lake;

●the ability to access the full history of data and the associated audit trail through the various repositories;

●easy access to data and measurements produced through standardized analysis tools and interfaces;

●the consistency of risk measurements with respect to accounting and the ability to cross-reference finance and risk data calculated at the contract/transaction level;

●the implementation of control and monitoring processes to monitor the quality of the data and the consistency of the measurements.

These architecture principles are applied to the following six main application scopes:

●the calculation chains for credit risk, market risk, counterparty risk, structural risks (liquidity, interest rate, foreign exchange) and operational risk;

●the prudential chain for the calculation of RWA.

#### 3.2.3.7Risk typology

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis is exposed to a range of risks inherent in its activities.

##### Credit and counterparty risk

Credit risk is the risk of financial loss due to a debtor’s inability to honor its contractual obligations. Assessing the probability of default and, in such cases, how much we can expect to recover is a key component of measuring credit quality. Credit risk increases in periods of economic uncertainty, insofar as such conditions may lead to a higher rate of default.

Counterparty risk is the risk of exposure to a counterparty defaulting on market transactions. Exposure in the event of default varies according to the time horizon considered, and depends on the fluctuation of market parameters over the period.

Natixis is exposed to these risks because of the transactions it executes with its clients (for example, loan activities, over-the-counter derivatives (swaps, options, etc.), and repurchase agreements, etc.).

Securitization risk

Securitizations are transactions whereby credit risk inherent to a set of exposures is housed in special-purpose entities (generally a special-purpose entity (SPE) or “conduit”), which is then divided into tranches, usually for the purpose of selling them to investors. The SPE issues units that may in some cases be subscribed for directly by investors, or by a multi-seller conduit which refinances the purchases of its shares by issuing short-maturity notes (treasury notes or commercial paper).

Rating agencies assess the creditworthiness of available-for-sale units for investors.

In general, securitizations have the following characteristics:

●they result in a material transfer of risk where the transaction is originated by Natixis;

●payments made in the course of the transaction depend on the performance of the underlying exposures;

●the subordination of tranches, defined by the transaction, determines the distribution of losses over the term of the risk transfer.

##### Market risk

Market risk is the risk of loss in value caused by any adverse fluctuations in market parameters. These parameters notably include the prices of securities (bonds, equities) and commodities, interest rates and foreign exchange rates.

Asset liquidity is an important component of market risk. In the event of insufficient or non-existent liquidity (for example, because of a reduced number of transactions, or a major imbalance between supply and demand of certain assets), a financial instrument or any other tradable asset may not be able to be traded at its estimated value.

The absence of liquidity may lead to reduced access to capital markets, unforeseen cash or capital requirements, or legal restrictions.

##### Operational risk

Operational risk is the risk of loss due to inadequate or failed internal processes, whether this is attributable to employees or information systems, or related to external events with financial, regulatory, legal or reputational impacts.

The Groupe BPCE Insurance Department is tasked with analyzing insurable operational risks and taking out appropriate insurance coverage. Natixis and its subsidiaries benefit from insurance policies pooled with Groupe BPCE against potentially significant consequences resulting from fraud, embezzlement and theft, operating losses or the incurring of Natixis’ civil liability or that of its subsidiaries or the employees for which it is responsible.

##### Compliance risk

Compliance risk is defined as the risk of a legal, administrative or disciplinary penalty, accompanied by significant financial losses or reputational damage, that arises from a failure to comply with the provisions specific to banking and financial activities, whether these are stipulated by national or directly applicable European laws or regulations, or by instructions from Executive directors, issued in accordance with the policies of the supervisory body. This risk is a sub-category of operational risk, by definition.

##### Cyber risk

Cyber risk is caused by a malicious and/or fraudulent act, perpetrated digitally in an effort to manipulate data (personal, banking/insurance, technical or strategic data), processes and users, in order to cause material losses to companies, their employees, partners and clients. The transformation of banking information systems, the new technologies it heralds and the increased outsourcing of related services offer cybercriminals new opportunities to carry out increasingly sophisticated and automated attacks.

Natixis’ ability to conduct its business is determined by the availability of its information system, the guaranteed integrity and confidentiality of data and the traceability of every transaction.

##### Reputational risk

Reputational risk is the risk of damage to the confidence shown in the Company by its clients, counterparties, suppliers, employees, shareholders, supervisors, or any other third parties whose trust, in whatever respect, is a prerequisite for the normal conduct of business.

Reputational risk is essentially a risk contingent on the other risks incurred by the bank.

##### Legal risk

Legal risk is defined as the risk of any legal dispute with a third party, arising from an inaccuracy, omission or deficiency that may be attributable to the Company’s operations.

##### Model risk

This is the risk of direct economic loss or economic loss as a consequence of an image problem or legal dispute or reputational harm, due to errors made when defining, implementing or using valuation models, regulatory capital models or other models.

##### Global interest rate risk

The overall interest rate risk is defined as the risk of losses on the banking portfolio as a result of adverse changes in interest rates due to inconsistencies between the rates in use and those of the assets.

Like most corporate and investment banks, Natixis has few financial assets and liabilities generating structural interest rate positions. The most significant positions concern exposure to the short end of the yield curves, and are linked in particular to the difference in the refix date of IBOR rates. This is therefore a second-order risk at bank level.

##### Liquidity and refinancing risk

Liquidity risk is the risk that Natixis will be unable to honor its commitments to its creditors due to the positive difference of maturities between assets and liabilities. This risk could arise, for example, in the event of massive withdrawals of customer deposits, a crisis of confidence, or an overall market liquidity crisis.

As a corporate and investment bank, this risk results primarily from mismatched positions between transactions with contractual maturities, as Natixis has fewer stable and permanent client resources than retail banks, and partly funds its operations on the markets.

Within a liquidity crisis context, the liquidity spread risk is the risk of an increase in the cost of financing, due to long-term assets with fixed rates or the replacement of long-term funds at higher margins than those currently available for use.

##### Structural foreign exchange risk

Structural foreign exchange risk is defined as the risk of transferable shareholders’ equity loss generated by an unfavorable fluctuation in exchange rates against the currency used in the consolidated accounts due to a mismatch between the currency of net investments (refinanced by purchases of the same currency) and the currency of the shareholders’ equity.

Natixis’ structural foreign exchange risk for the most part concerns structural positions in the US dollar due to the consolidation of foreign branches and subsidiaries funded in this currency.

##### Other risks

Strategic risk is the risk inherent to the strategy chosen or resulting from Natixis’ inability to implement its strategy.

Climate and environmental risks are commonly considered to comprise two main risk factors:

●physical risk refers to the financial effects of climate change (extreme weather events, gradual changes in climate) and environmental degradation. It can have direct consequences (property damage, loss of productivity, etc.) or indirect (disruption of supply chains, etc.);

●transition risk refers to the financial loss that an institution may incur, directly or indirectly, as a result of the process of adapting to a low-carbon, more environmentally sustainable economy. It can arise, for example, from the relatively abrupt adoption of climate and environmental policies, technological progress or changes in market sentiment and preferences.

#### 3.2.3.8Stress tests

Natixis has developed a comprehensive stress test mechanism to dynamically monitor and manage risks.

The tool is an integral part of Natixis’ risk management framework, financial performance and capital management systems and contributes to the planning process for capital and regulatory requirements.

Natixis’ stress test mechanism is structured as follows:

●comprehensive internal and external exercises;

●periodic regulatory exercises;

●specific exercises by scope.

##### Comprehensive internal stress tests

The purpose of comprehensive internal stress tests is to assess the impact of a baseline economic scenario and of stressed economic scenarios on a bank’s income statement, risk-weighted assets and equity.

The scenarios proposed by the Economic Research team are discussed and approved by Groupe BPCE’s Senior Management Committee and presented to Natixis’ Senior Management Committee.

They are converted into levels or shocks to economic and financial variables, such as GDP, inflation, employment and unemployment, interest and exchange rates, main stock market index levels, and commodity prices, over a three-year period. These variables are factored into projection models used by Natixis to apply stress to the various aggregates on the income statement, risk-weighted assets and equity.

The baseline scenario’s trajectory is derived from market consensus, forwards and futures.

For the comprehensive internal stress tests conducted in 2025, the first stress scenario is based on the risk of trade wars and increased protectionism. The second stress scenario is based on the risk of the political crisis in France intensifying.

The central scenario focuses on the geopolitical environment with election monitoring in Western countries, armed conflicts and potentially aggravating situations in several geographic areas: the scenario assumes no escalation or major evolution of geopolitical conflicts, nor any change in the current pace of climate transition.

The central scenario highlights the continuation of divergent economic trajectories, with the euro zone still lagging behind global growth, while the United States is experiencing solid expansion and China remains dynamic despite a slowdown, supported by expansionary fiscal policies.​ Key features include persistent disinflation in the euro zone, a slight recovery in growth in Europe in 2025, with Fed rates expected to fall and the ECB deposit rate remaining around 2% until the end of 2025. Geopolitical tensions, particularly between the United States and China, remain a concern.

The first stress scenario predicts that a lack of US negotiations with its trading partners will exacerbate tensions with China and Europe, leading to a significant decline in trade in goods and services. Europe will implement measures to protect its market in response to the redirection of products that can no longer be exported to the United States. A decline in global trade, a global recession, particularly in major economies, and a sharp increase in inflation due to tariffs and supply chain difficulties are expected.

The second stress scenario anticipates an intensification of the political crisis in France. The main features include the failure of pension negotiations and the lack of a budget agreement for 2026. Marine La Pen's ineligibility could lead to a successful motion of censure against the Rassemblement National, forcing the President of the Republic to resign. A panic on the French debt markets would lead to downgrades to AA-, an increase in OAT-Bund spreads (120/150 basis points), and a widening of credit spreads for French banks, without intervention from the ECB. This second stress scenario was broken down into two additional scenarios incorporating climate risks:

●The assumption that all economic actors have ambitions and achievements that are compatible with limiting global warming to below 1.5°C in an orderly manner. This scenario also includes a chronic physical risk (underlying trend).

●The assumption of large-scale heat waves occurring on an ad hoc basis to capture acute physical risks.

The results of the stress tests were validated by the Senior Management Committee and presented to the Risk Committee of the Board of Directors. They have been analyzed as part of the process of calculating Natixis’ solvency trajectory. This impact was measured in terms of net income (Group share), NBI, RWA and CET1 capital.

##### Regulatory stress tests

Regulatory stress tests correspond to ad hoc requests from the ECB, the EBA, and any other supervisor. The last regulatory exercise (market stress test) was carried out in the first half of 2025, based on the methodologies and scenarios published by the European Banking Authority. Natixis contributed to the exercise conducted for Groupe BPCE’s scope.

##### Specific stress tests

The specific stress test exercises run by the Natixis Risk division are detailed in the dedicated sections of this document (and in particular the credit stress tests detailed in Section [3.2.4.10] “Commitment monitoring framework”, as well as the market stress tests detailed in Section [3.2.6.3] “Market risk measurement methodology”).

### 3.2.4Credit and counterparty risks

#### 3.2.4.1Organization

The framework for managing and controlling credit and counterparty risks is overseen by the Risk division with the active involvement of all the bank’s business lines and support functions. All the internal standards, policies and procedures are consistent with Groupe BPCE’s framework and are reviewed periodically to take into account the results of internal controls, regulatory changes and the bank’s risk appetite.

Credit risk management and control are performed in accordance with the segregation of duties, involving all levels of the bank:

●the executive directors and the Specialized Risk Committees they chair within the bank;

●the three lines of defense: business lines, independent credit risk control functions and, if necessary, compliance, and the internal audits of Natixis entities.

Accordingly, together with the other divisions, the Risk division is in charge of monitoring credit risk through various teams that:

●define the credit risks policies and internal credit risk management procedures;

●set credit risk limits and exposure thresholds;

●issue transaction authorizations after a counter-analysis of the credit risk and the counterparty risk in line with the processes for credit approval and limit authorization;

●ownership of internal methodologies and models based on rating experts and LGD;

●implement second-level permanent controls;

●monitor exposures and report to Senior Management.

Working with the business lines, the main duty of the Risk division is to provide an opinion, based on all relevant and useful information, on the risks taken by the bank.

Credit decisions are made within the limit authorizations granted jointly to the business lines and to certain members of the risk function, and are approved personally by the Chief Executive Officer or any other person they authorize to that end. They are sized by counterparty category and internal credit rating, and by the nature, amount and duration of the commitment and compliance with various risk policy criteria defined by sector and/or activity.

In conjunction with BPCE, Natixis has defined the rating methods applicable to the asset classes held jointly.

The credit risk monitoring framework is based on the establishment of a number of Committees whose main objectives are as follows:

●make individual risk decisions on limits, ratings and LGD of all types of counterparties and all types of transactions via the Natixis Credit Committee (CCN) or the Regional Credit Committee (CCR) in accordance with the level of the delegation established by Natixis;

●ensure compliance with the limits and take all necessary specific actions via the Credit Risk Limits Supervisory Committee;

●decide on the monitoring of counterparties and their level of provisioning, carry out enhanced monitoring of these counterparties via the Watchlist and Provisions Committee;

●validate the fair value measurement of overholding transactions following the unfinished distribution process according to IFRS rules and the ECB guidelines via the Fair Market Valuation Committee;

●record credit risk decisions on matters not relating to individual counterparties within the framework of the Natixis Credit Risk Committee;

●validate sector, country and sovereign ratings, recommending the probabilities attached to IFRS 9 scenarios, presenting and validating internal stress-test scenarios, presenting analyses on topics identified by Senior Management via the Geo-Sectoral Committee.

#### 3.2.4.2Risk profile

Natixis’ risk profile is governed by the risk appetite framework and risk policies, which include the sector limits set by Natixis and the various country caps.

Natixis is exposed to credit, counterparty and distribution risk as part of its activities with its large corporate clients in nearly 40 countries:

●financing operations:

●via the origination, arrangement and syndication of traditional “plain vanilla” financings, and the management of the portfolio of all these financings under the “Originate-to-Distribute” model,

●via the origination, arrangement and syndication of strategic financing and acquisitions (acquisition financing, LBO financing) but also financing on the primary bond and equity markets,

●via financial engineering on investments and advice on financial structure;

●capital markets activities: through interest rate hedging, foreign exchange, commodity, equity or repurchase agreements;

●trade finance activities;

●Specialized Financing operations organized around three main business lines: Infrastructure & Energy, Real Estate & Hospitality and Aviation;

●securitization and structured credit activities.

#### 3.2.4.3Objectives and risk policy

Natixis’ risk policies have been defined as a component of the bank’s overall risk appetite and credit risk control and management framework. The policies are the product of consultation between the Risk division and the bank’s various business lines. They are intended to establish a framework for risk-taking while applying risk appetite and Natixis’ strategic vision by business line or by sector.

Natixis now has some 20 risk policies, which are regularly revised and cover the various Corporate & Investment Banking business lines (corporates, LBO, aircraft finance, real estate finance, project finance, commodities finance, banks, insurance, etc.) and those of the subsidiaries.

The framework defined by these risk policies distinguishes between recommendations based on best practices, and strict (qualitative or quantitative) supervisory criteria, any deviation from which affects the decision-making process and the usual system of limit authorizations.

In addition, seven ESG sector policies and the Equator Principles for project financing in the broad sense are taken into account when analyzing credit applications.

The quantitative framework is generally based on:

●commitment limits by business line or sector;

●commitment sub-limits by type of counterparty, type of product, or sometimes by geographic area;

●parameters included in the risk policies (maximum terms, financial ratios, diversification criteria, etc.).

This framework helps monitor the concentration of the bank’s commitments in relation to a given sector or type of risk.

The qualitative framework is, for its part, built on the following criteria:

●business sectors: preferred sectors, banned sectors;

●targets: clients to be targeted or excluded based on various criteria (size, rating, country of operation, etc.);

●structuring: contractual clauses, guarantee scheme, etc.;

●products.

Checks are carried out as required during the individual processing of loan applications to ensure the correct application of the risk policy. Overall monitoring also takes place on a quarterly basis (checking compliance with limits and the number of deviations) and is presented to the Risk Committee.

Lastly, three global policies also govern exposure to the main sectors, asset classes and countries to which Natixis is exposed. As with any credit policy, any breach of one of the limits in place is reported to the relevant Committee/body for decision and, if necessary, a remediation plan is proposed to reduce the exposure below the level of the corresponding limit.

#### 3.2.4.4General principles for granting and managing credit risks

Natixis’ credit risk measurement and management procedures are based on:

●a standardized risk-taking process, structured via a system of limit authorizations and decision-making Committees;

●independent analyses carried out by the Risk division during the loan application review process;

●rating tools and methodologies, including those relating to climate risks, providing standardized and tailored assessments of counterparty risk, thereby making it possible to evaluate the probability of default within one year and the loss given default;

●a framework for monitoring counterparties with a high level of risk;

●information systems that give an overview of outstanding loans and credit limits;

●a framework for monitoring and escalating limit violations;

●regular information to management and the central body via the dissemination of dashboards, in particular to monitor changes in the indicators defined as part of the risk appetite framework.

In addition, the Credit Risk department ensures the integration of ESG (Environmental, Social and Governance) criteria into sectoral credit policies and the consideration of climate risk in the bank’s transaction approval and review process for Corporate & Investment Banking and ensures the operational implementation of climate risk identification tools. It draws on the expertise of the ESG Risk Management team (part of the Credit Risk Department) for the most sensitive transactions.

#### 3.2.4.5Counterparty risk management

(Data reported to Statutory Auditors in accordance with IFRS 7)

The principles of counterparty risk management are based on:

●measurement of exposure to counterparty risk;

●counterparty risk limits and allocation procedures;

●a value adjustment in respect of counterparty risk (Credit Valuation Adjustment);

●counterparty risk mitigation;

●incorporation of Wrong-Way Risk.

##### Measuring exposure to counterparty risk

Natixis uses an internal model to measure and manage its own counterparty risk. Based on Monte Carlo-type simulations for the main risk factors, the model measures the positions for each counterparty and for the entire lifespan of the exposure, taking into account the netting and collateralization criteria.

Thus, the model determines the EPE (Expected Positive Exposure) profile and the PFE (Potential Future Exposure) profile, the latter of which is the main indicator used by Natixis for assessing counterparty risk exposure.

In addition to the PFE profile, Natixis assesses the stressed exposures of counterparties, particularly for the riskiest counterparties, including hedge funds.

As part of the calculation of capital requirements for counterparty risk, the ECB has granted partial approval to Natixis S.A. for the use of the IMM internal model for calculating exposure on vanilla interest rate, foreign exchange, inflation and commodity derivatives, credit default swaps, and loans, borrowings and repos on bonds and equities. For other entities, as well as for the unauthorized scope in Natixis S.A.'s internal model, exposure is determined using the SA-CCR standard method for derivatives and the standard method for loans and repos.

##### Counterparty risk limit framework

The limits are defined depending on the counterparty risk profile and after analysis of all information relevant and useful for decision-making purposes.

The limits are in line with Natixis’ credit approval process and are reviewed and approved either by means of delegated authority or by Credit Committees.

The limits are monitored daily using the dedicated consolidation systems to ensure compliance with the supervision framework.

##### Credit valuation adjustment

Natixis includes Credit Valuation Adjustment (CVA) in the valuation of derivative instruments.

It corresponds to the expected loss as per a counterparty’s default risk and aim to account for the fact that Natixis cannot recover the entire market value of the transactions.

Natixis has calculated capital requirements for the CVA since January 1, 2014.

Qualitative disclosure requirements related to credit valuation adjustment risk (EU CVAA)

Natixis is exposed to credit and counterparty risk in its day-to-day financing, structuring, and trading activities, which are mainly carried out within Global Markets.

The risk of adjustments to Natixis’ credit rating is managed by the Global Market xVA desk. The acronym “xVA” refers to various fair value adjustments to be considered in the valuation of Natixis’ derivatives portfolio in order to take into account, in particular, the various risks of default (CVA), collateral, and financing; thus, the risk of credit rating adjustments is covered in this respect.

The xVA desk covers all asset classes handled for derivatives by Global Markets.

The various processes implemented include:

●Identification of xVA risk and its impact on Valuation/Fair Value;

●Calculation of this risk (at the level of each transaction within the scope of application);

●Charging this risk to the trading desks;

●Risk consideration at the xVA desk level;

●Coverage for this risk;

●Monitoring of the desk and its exposures by the Market Risk and Finance departments.

The risks associated with credit rating adjustments are part of the overall market risk management process within Natixis’ Risk division, the principles of which are outlined below (see EU CVAB).

In particular, the XVA desk is subject to a market risk mandate with Volcker “Risk Mitigating Hedge” status, one of the objectives of which is to reduce risks related to credit valuation adjustments (the other objectives being to reduce other risks commonly referred to as “XVA”). This mandate defines a set of qualitative and quantitative limits that provide a framework for the day-to-day management of these risks and ensure their ongoing effectiveness.

Natixis calculates capital requirements for credit valuation adjustment (CVA) risk using the basic approach set out in Article 385. (see Section [3.3.3.6] Credit valuation adjustment risk – CVA)

Qualitative disclosure requirements related to CVA risk for institutions using the standard approach (EU CVAB)

The xVA desk manager reports to the xVA & Rare Resources team manager, who in turn reports to the Head of Global Markets.
As such, the xVA desk is fully integrated into Global Markets and all its processes (including Risk, Finance, and IT).

In addition, it has its own governance:

Day-to-day business, daily activities, projects, transactions, objectives, and xVA desk constraints are discussed in dedicated bi-monthly xVA committees, attended by the desk’s key representatives.

Decisions regarding risks, models, and valuation are overseen by dedicated committees.

As with other risks, risk governance at Natixis is led by the Risk division, with a structured organization involving all Risk departments. It manages risk appetite and relies on various committees to monitor and supervise risks.

Natixis’ Senior Management, represented by the Chief Risk Officer (CRO) and the Global Head of Enterprise Risk Management (ERM), is involved in CVA risk management. The Global Risk Committee is the main delegation committee, while the Market Risk Committee is chaired by the Chief Executive Officer or his delegate. The governance of the risk management framework is clearly defined and documented, ensuring efficiency in the identification, assessment, and management of risks, responsibilities, and committees involved in market and counterparty risk management, such as the Market Risk Committee (MRC) and the Global Market Counterparty Credit Risk (GM-CCR) committee, which are approved annually by the Global Risk Committee (GRC).
This framework ensures smooth communication between the different levels of risk management.

As mentioned in the introduction to the chapter on Market risks in Section [3.2.6], CVA risk follows the same governance applied to other risks. The Market & Counterparty Risk Department develops market risk management policies, incorporating a qualitative and forward-looking approach. This framework is supported by structured governance, involving several committees that oversee risk appetite and ensure independent risk review. The VaR and SVaR of the XVA desk are therefore monitored in a similar way to the other business lines.

##### Wrong-Way Risk

Wrong-Way Risk (WWR) refers to the risk that Natixis’ exposure to a counterparty is heavily correlated with the counterparty’s probability of default.

From a regulatory standpoint, this risk is presented as two concepts:

●Specific Wrong-Way Risk (SWWR): it arises when the future exposure is strongly and positively correlated with the probability of default of the counterparty and there is a direct legal relationship between the underlying issuer and the counterparty. For example, for a securities financing transaction, the SWWR can be identified when the issuer of the reference asset and the counterparty are part of the same group. This risk is assessed in accordance with the European regulatory requirements of the CRD IV directive and is subject to a capital surcharge in the calculation of capital requirements. The authorization process for transactions subject to the SWWR is subject to a specific granting system:

●ex ante: the Front Office, in charge of identifying these transactions, must inform the Risk division as part of the approval process as well as for the monitoring, reporting and calculation of the regulatory capital of these transactions. Transactions submitted to the SWWR are treated as “one-off” requests (for both market and credit risk) regardless of existing limits. The risk-weighted assets (RWA) of these transactions are determined by considering each transaction as a separate netting set with an exposure in the event of default (EAD) corresponding to the notional amount of the transaction,

●ex post: each transaction generating SWWR is checked to verify that it has been authorized ex ante. This control is carried out by the Risk division through a dedicated weekly reporting;

●General Wrong-Way Risk, i.e. the risk generated when there is a correlation between the counterparty’s credit quality and general market factors. This is assessed through exposure to country risk through a limit framework defined for emerging countries and validated annually by the Committee. More specifically, these limits apply to activities that generate Wrong-Way Risk (WWR) in the context of Securities Financing Transactions, (i.e. repurchase agreements, Total Return Swaps and credit derivatives [CDS]). The WWR limits are monitored monthly by the Overstepping Committee.

This General Wrong-Way Risk monitoring framework has been extended to all risk factors on the basis of a one-off study. A specific framework has been put in place, via dedicated limits, for the correlated CDS business, and monitoring of General Wrong-Way Risk on the exchange rate risk factor has also been introduced.

#### 3.2.4.6Rating system

##### Internal rating system

(Data reported to Statutory Auditors in accordance with IFRS 7)

The internal rating system is an integral part of Natixis’ credit risk assessment, monitoring and control framework. It covers all the methods, processes, tools and controls used to evaluate credit risk. It takes into account fundamental inputs, including probability of default (PD), which corresponds to a rating as well as loss given default (LGD), expressed as a percentage of exposure at default (EAD).

Pursuant to regulatory requirements, all counterparties in the banking book and the related exposures must have an internal rating if they:

●carry a loan or are assigned a credit limit;

●guarantee a loan;

●issue securities used as collateral for a loan.

Our framework, approved by the ECB for the Advanced IRB Approach (IRB-A) on our main exposure categories (banks, corporates, and specialized financing), is based on four fundamental pillars:

●Granular and adapted methodologies: The choice of rating method depends on the counterparty's risk profile. We rely on statistical approaches when the data allows it, and on expert methodologies for more specific segments. This framework includes dedicated measures, such as the application of a rating cap linked to country (sovereign) risk, which is reviewed at least annually;

●Robust IT tools: Dedicated systems ensure the traceability, management, and archiving of each rating, from its initiation to its validation;

●An integrated control framework: Rating is at the heart of our risk management processes, from credit granting to post-default analysis;

●Ongoing periodic review: Models and their parameters are systematically reviewed to ensure their relevance and performance over time.

With respect to country risk, the system is based on sovereign ratings and country ratings that limit the ratings that can be given to non-sovereign counterparties. These ratings are reviewed annually or more often if necessary.

Responsibility for this framework is assumed by dedicated teams within the Enterprise Risk Management department in collaboration with the Credit Risk division. Their expertise covers not only the modeling of traditional credit risk parameters (PD, LGD, CCF), but also projection methodologies (stress tests, IFRS 9), economic credit capital measures (for default, transition, and concentration), and the assessment of non-financial risks (climate, operational).

◗Indicative correspondences between internal rating grades and external ratings from S&P

Groupe BPCE reference scale | S&P grade
--- | ---
Grade | Probability of default
1 | 0.008% | AAA
2 | 0.013% | AA+
3 | 0.021% | AA
4 | 0.035% | AA-
5 | 0.057% | A+
6 | 0.092% | A
7 | 0.149% | A-
8 | 0.242% | BBB+
9 | 0.394% | BBB
10 | 0.639% | BBB-
11 | 1.038% | BB+
12 | 1.686% | BB
13 | 2.738% | BB-
14 | 4.448% | B+
15 | 7.224% | B
16 | 11.733% | B-
17 | 19.056% | CCC+
18 | 30.950% | CCC
19 | 50.268% | CCC- to C

The rating scale varies according to the type of counterparty and includes 19 grades for banks, large corporates and Specialized Financing. Each grade is then mapped to a default probability class, ranging from 7 to 8 classes depending on the rating methodology, the grade (1 to 19), and the Watchlist level. The probability of default used to calculate risk-weighted assets (RWA) is subject to regulatory floors differentiated by 3 or 5 basis points depending on the exposure category.

##### External rating system

For assets under the standard method, Natixis uses external ratings from Fitch Ratings, Standard & Poor’s, Moody’s, DBRS (Dominion Bond Rating Service) and the Banque de France (BDF).

The external rating agencies’ alphanumeric credit rating scales and the risk weighting coefficients are reconciled in accordance with the note published by the ACPR: Method for calculating prudential ratios within CRD IV (Capital Requirements Directive IV).

When a bank portfolio exposure does not have a directly applicable external credit rating, the bank’s client standards allow – on a case-by-case basis and after analysis – the application of a rating based partially on an internal or exposure rating of the issuer (or of the guarantor, if applicable).

#### 3.2.4.7Validation of internal models

##### Validation of models

In accordance with regulatory requirements, Groupe BPCE has implemented policies and procedures for validating internal credit and counterparty risk assessment models applicable to Natixis. This independent model validation policy is part of its wider risk model management framework.

The Model Risk Management Department, which reports to Groupe BPCE’s Chief Risk Officer, is responsible for the governance surrounding the model life-cycle. The various stages of a model’s life cycle – design, IT development, validation, and use – are clearly presented and the roles and responsibilities of each participant specified and detailed.

Validation of internal counterparty risk models and the rating system is carried out by the validation teams of the Groupe BPCE Risk division. The model validation process is based on the following seven dimensions:

●data and parameters applied by the model: analysis of data quality and representativeness, integrity of controls, error reports, comprehensiveness of data, etc.;

●methodology and design: analysis of the model’s underlying theory, analysis of estimates, sizing methods, risk indicators, aggregation rules, model benchmarking, analysis of precision and convergence;

●permanent monitoring: the validation teams ensure the existence of a monitoring methodology for the model and assess the risk associated with the implementation of this methodology;

●model performance: assessment of the risk related to the performance of the model both during the design phase and periodically;

●IT development: counter-implementation, code analysis, tests;

●documentation: analysis of the quality and comprehensiveness of the methodological documentation received;

●model governance: assessment of the model’s compliance with internal standards throughout the model’s life cycle.

The design, modification and ongoing management of the model are performed by the model designers on behalf of the model owner. The validation teams of the Groupe BPCE Risk division act independently and are consulted for any new model and for any modification or evolution of an existing model. On an annual basis, this team in charge of designing the rating models and, more generally, calculating credit or counterparty risk, regularly reviews the models which cover the analysis of backtesting and usage tests.

The third line of defense is the General Inspection, which annually reviews internal models and compliance with the model risk management framework and the correct application by Model Risk Management of its own policies and procedures.

Model governance revolves around the Model Risk Management Committee (MRMC) and functional Model Validation Committees, which ensure the implementation of a robust model risk governance framework.

The internal model validation process takes place in two or three stages:

1)a review of the model and its suitability, carried out independently of the entities or departments that worked on the model’s development by the validation teams;

2)a review of the validation conclusions by a functional Committee made up of quantitative experts (modelers and validators) and business line experts. Reviews are presented to the Model Oversight Committee (MOC), which is chaired by Groupe BPCE's Chief Risk Officer, a member of the Senior Management Committee, or by the head of the Model Risk Management department;

3)validation by the Model Risk Management Committee (MRMC) in the specific case of materiality analysis of certain model changes, which may be subject to prior authorization by the European supervisor.

The role of the Model Risk Management Committee is to supervise the management of the model risk and to ensure the implementation of appropriate actions for the management of the model risk. The MRMC is chaired twice a year by the Chairman of the Management Board of Groupe BPCE and by the Chief Executive Officer in charge of risks of Groupe BPCE via a delegation of authority.

In addition, model risk is the subject of monthly management reports, the aim of which is to monitor changes in model risk through the implementation of indicators, some of which are defined as part of the risk appetite framework, and which aim in particular to track changes in model performance.

##### Performance monitoring and ongoing validation of credit risk models

Backtesting and benchmarking are an integral part of the model validation process. Backtesting programs are used at least once a year to ensure the quality and reliability of rating models, methodologies for calibrating probability of default scales and LGD and EAD estimate models.

They include a detailed analysis based on a range of indicators, e.g. differences in terms of severity and migration compared with agency ratings, changes in ratings before default, observed defaults and losses and changes in ratings prior to default, and the performance measurements of LGD models, based on the quantitative analysis of historical data and supplemented by qualitative analysis.

##### Risk parameter monitoring methodology

Our backtesting approach is tailored to the specific characteristics of each risk parameter:

●Probability of Default (PD): The performance of rating methods is assessed by comparing internal ratings with observed defaults and rating migrations. For portfolios with low default histories (LDPs), such as banks and large corporations, we supplement our internal analyses with external benchmarks (agency ratings) to ensure the robustness of our conclusions.

●Loss given default (LGD) and Exposure at default (EAD): The model estimates are compared to actual losses and exposures observed over extended historical periods. This analysis makes it possible to verify the calibration of the models and their adequacy with economic reality.

##### Monitoring and backtesting of internal LGD, EAD (via CCF) and ELBE using advanced methods

###### Performance analysis pillars

Regardless of the method, our performance analysis is based on three main pillars:

●Discriminative power: The model's ability to effectively prioritize risk and distinguish high-risk borrowers from low-risk borrowers (measured by indicators such as the Gini index).

●Calibration Accuracy: The degree to which risk estimates (PD, LGD, EAD) match observed default and loss rates or actual exposures over the long term.

●Stability: The consistency of models and their estimates over time, ensuring that the population covered remains aligned with that used during model development.

###### Governance and corrective actions

Each backtesting exercise is the subject of a detailed report. The results are presented to dedicated monitoring committees, involving the first and second lines of defense, for review and validation.

These analyses provide Senior Management with information on model performance. In the event of an alert or significant deviation, the findings may trigger corrective actions, such as recalibrating risk parameters, to ensure that our system remains reliable and prudent at all times.

◗Backtesting of LGDs and PDs by exposure class

| 2025 backtesting figures
--- | ---
Observed LGDs | Model LGDs | Observed default rate | Estimated PD
Financial entities | F-IRB | F-IRB | 0.10% | 0.40%
Corporates – excluding Specialized Financing | 21.23% | 35.48% | 0.72% | 1.20%
Corporates – Specialized Financing | 20.96% | 24.60% | 1.37% | 2.33%

The table below provides a summary of the long-term performance of our rating system. It provides a consolidated view by exposure class, complementing the detailed backtesting exercises that are conducted annually on each individual model. This aggregate analysis compares risk estimates (PD, LGD) with actual results, based on our historical data and taking into account the CRR3 regulatory framework in force since January 1, 2025.

The results of this performance monitoring, whether detailed or aggregated, are overseen by a rigorous governance process. They are presented quarterly to the Credit Risk Model Monitoring Committee (CRMMC), a committee comprising risk managers and model users.

This committee plays a central role: it analyzes performance indicators, examines in detail any deviations from alert thresholds, and decides on corrective actions to be implemented. These actions can range from methodological adjustments to a complete recalibration of models, in order to ensure their reliability at all times. The findings are then submitted to an independent review and shared with management bodies, ensuring comprehensive oversight of the system.

##### Monitoring and backtesting of counterparty risk model

Backtesting and validation are key items of governance in the Internal Model Method approach. In accordance with general regulatory requirements, the reliability of internal models must be monitored regularly using a comprehensive backtesting program. This process is essential for ensuring the quality and relevance of the results obtained from the models that have been developed and used for both internal risk management, and to meet regulatory obligations.

The counterparty risk backtesting program is designed to validate the key assumptions on which the exposure model is built – stochastic processes for market risk factors, correlations and pricing models – and to identify notable discrepancies in specific model elements.

The framework developed is based on the following two backtests:

●market risk factor backtesting, i.e. to assess the predictive capacity of the stochastic processes used to describe the dynamics of unique risk factors;

●portfolio backtesting: i.e. to assess the full exposure model (stochastic process, correlations and pricing) for portfolios representing Natixis’ exposures.

In respect of the market risk factor, backtesting uses historical trends to test risk factor predictions based on the stochastic processes. Backtesting can be performed ex post by taking the aggregate historical market data for the selected backtesting period, or, to expand the results over wider time horizons and/or cover a broader range of market conditions. It may also be performed retroactively: this specific approach is called retro-backtesting. Here, the aim is to demonstrate that the models would have worked correctly had they been implemented in earlier periods and are thus suitable for future use.

In terms of exposure, the backtest applies historical Mark-to-Market (MtM) values of static backtesting portfolios to test the predicted future MtM values. In terms of risk factors, exposures are backtested ex post by gathering the historical prices achieved, even though retro-backtesting capacities have been introduced for a sub-group of products. The ex post approach involves duplicating the transactions in the dedicated backtesting portfolios directly in the front-office systems. The ageing process is thus similar to that of real portfolios. Retro-backtesting uses a specific tool to retro-backtest MtM on the main product categories.

The results are factored in at transaction level for historical and retroactive approaches and at several aggregated levels, including the product type and the counterparty for the historical approach only. The transactions considered for static backtesting duplicated in the front-office portfolios were chosen in such a way as to ensure the representativeness of portfolios and are discounted on an annual basis. Present and future prices are taken from the CCR (Counterparty Credit Risk) model engine, current prices being reconciled every quarter with those of the front-office systems, acting as reference.

#### 3.2.4.8Main internal models used by Natixis

◗Main internal models: PD, LGD, CCF and volatility discounts (EU CRE)

Modeled input | Exposure type (PD) / Recovery type (LGD)​ | Number of Models / Scoring Methods (SM) | Description/Methodology
--- | --- | --- | ---
PD | Financial entities | 5 | Expert analysis-based scoring methods (SM) based on quantitative criteria (accounting balance sheet) and qualitative criteria (questionnaire). Methodology by type of counterparty.
PD | Large corporations | 4 | Expert analysis-based scoring methods based on the business sector and two main pillars of analysis (Business and Financial Profile), or based on the credit risk of holdings (Holding), or based on the viability and risks of a Special Purpose Company (Object Finance).
PD | Real estate | 2 | Expert analysis-based SM, whose analysis methods differ depending on the progress and maturity of the real estate projects concerned.
PD | Project | 1 | SM is divided into four main risk categories: i. Commercial Risk, ii. Project Value Risk, iii. Operational and Construction Risk, iv. Financial risk.
PD | Small and medium-sized companies | 8 | Statistical models (logistic regression) or flat-rate ratings, based on companies with parent company or consolidated financial statements, relying mainly on balance sheet data and banking behavior/banking history.
LGD | Small and medium-sized companies | 2 | 1)A statistical model based on a decision tree using revenue and geographic area.
2)A statistical model based on logistic regression using the commercial relationship, product type, business sectors, etc.
LGD | Specialized Financing | 3 | Models used to assess assets on resale. Asset disposal assumptions are based on adverse scenarios.
CCF | Revolving credit facilities - Small and Medium-Sized Companies / Specialized Financing | 1 | Model calibrated on internal defaults and segmentation by type of product and type of counterparty for revolving credit facilities.
Volatility correction | "Commodities" securities | 1 | Stochastic models based on historical market prices with assumptions based on internal data and expertise.
ELBE | Small and Medium-sized Companies / Specialized Financing | 2 | 1)An expert model based on the provisioning rate and the duration in default. 2)A statistical model: logistic regression based on sector, the reason for default, the duration of the default.

The entry into force of the CRR3 regulation on January 1, 2025 has led to a significant change in the scope of our internal models. In accordance with this new regulation, the IRB Foundation approach (IRB-F) is now applied to exposures to banks and large corporations (turnover > €500 million).

As a result, the scope of application of internal LGD and CCR models has been restricted. Furthermore, following a request approved by the ECB in 2024, exposures to sovereign entities have returned to the Standard approach. These regulatory adjustments led to the decommissioning of internal models that became inapplicable under this new framework.

##### Main models used for counterparty risk

Calculating the EEPE (Effective Expected Positive Exposure) requires simulating the potential changes in risk factors at future dates over a large number of scenarios using a Monte Carlo approach. The Mark-to-Market value of each transaction is then remeasured at each simulated time horizon and under each scenario. At the level of netting and collateralization, exposure is then calculated by price aggregation taking into account the legal framework (master agreements and credit support annex) allowing for price netting and the inclusion of collateral in the exposure. The exposure value for a given counterparty is equal to the sum of the exposure values calculated for all offsetting sets, plus the non-clearing transactions.

The model mainly applies the following elements:

●pricing models for reassessing products on various trajectories;

●the modeling of the close out netting framework and the collateralization arrangements as specified in the credit support appendix;

●distribution models of the factors distributed and called during the valuation stage.

Model by asset class
Interest rate/currency distribution model
Basis interest rate/currency distribution model
Equity distribution model
Commodity futures distribution model
Credit distribution model
Inflation distribution model

#### 3.2.4.9Credit and counterparty risk mitigation techniques

(Data reported to Statutory Auditors in accordance with IFRS 7)

Credit risk mitigation is a technique for mitigating the credit risk incurred by the bank in the event of partial or total counterparty default.

Credit risk mitigation (CRM) techniques are taken into account in the calculation of prudential capital requirements subject to their eligibility (compliance with the various criteria provided for by European Parliament and Council Regulation No. 575/2013 found in the bank’s internal documentation). They include the recognition of netting agreements, collateral (assets given as collateral) and personal guarantees (first demand guarantees, sureties, credit derivatives). For information, the criteria used to offset transactions on Natixis’ balance sheet are described in Note 7.3 “Offsetting of financial assets and liabilities” in Section [5.1] – Consolidated financial statements and notes.

The CRMs are entered into dedicated applications and fed into the regulatory calculation tool. They must be taken into account in accordance with the recommendations of the prudential texts. The eligibility of guarantees is subject to control points defined throughout the granting process of an operation up to the calculation of the resulting capital requirements.

Natixis uses a number of Credit risk mitigation techniques, including netting agreements, personal guarantees, asset guarantees or the use of credit-default swaps (CDS) for hedging purposes.

Credit risk mitigation techniques involve two types of guarantee:

●non-financial or personal collateral:

one or more guarantors commit to pay the creditor in the event of borrower default. It includes personal guarantees, on-demand guarantees and credit derivatives;

●financial or real collateral, or secured loans:

financial collateral grants a creditor real security right to one or more assets belonging to the borrower or guarantor. Forms of collateral include cash deposits, securities, commodities (such as gold), real estate assets, mortgage-backed securities, life insurance contract pledges.

Collateral eligibility is governed by the following process:

●validation by the Legal Department of the documents relating to the collateral and the enforceability of the collateral;

●validation by the Risk division.

In accordance with regulatory provisions, the bank performs the valuation of guarantees, periodically reviews these valuations and carries out any necessary adjustments.

The collateral is adjusted for its volatility and type. Collections on collateral are estimated quarterly or annually on the basis of conservative valuations and haircuts and take into account the actual enforcement of such collateral in times of economic slowdown.

Depending on their nature, collateral guarantees must meet the following specific eligibility criteria:

●non-financial guarantee: the eligibility of personal guarantees depends on the quality of the guarantor and must fulfill several conditions:

●represent a direct claim on the guarantor and refer to specific exposures,

●be irrevocable and unconditional,

●if the counterparty defaults, the bank can take legal action against the guarantor within the permitted time frame to settle payment arrears under the legal document governing the transaction,

●the guarantee is an obligation secured by a legal document that establishes the guarantor’s liability,

●the guarantor covers all types of payments to be made by the borrower in question;

●financial guarantee: eligibility is determined by the relevant legal framework, the nature of the guarantee (financial collateral, real collateral or netting agreement), borrower and liquidity. It must be valued at least once a year and meet several conditions:

●all the legal documents are binding on all parties and are legally valid in all relevant jurisdictions,

●the bank has the right to realize or take ownership of the collateral in case of default, insolvency or bankruptcy,

●there is no material positive link between the quality of the counterparty credit and the value of the collateral,

●the asset must be liquid and its value sufficiently stable over time for its realization to be certain.

In terms of monitoring, collateral and netting agreements are:

●analyzed, when a loan application is approved or reviewed, to ascertain the suitability of the instrument or guarantee provided as well as any associated improvement in risk quality;

●checked, processed and documented based on standard contracts or contracts approved by the Legal Department;

●subject to registration and monitoring procedures in the risk administration and management mechanisms.

Similarly, providers of sureties (via signature guarantees, CDS or private credit insurance) are examined, rated and monitored, as with debtors.

Natixis may take steps to reduce commitments in order to lower concentration risk by counterparty, sector and geographic area. Concentration risk is rounded out with an analysis, based on stress test methodologies (migration of ratings according to macro-economic scenarios). Natixis may buy credit-default swaps and enter into synthetic securitization transactions in order to reduce all or part of the credit risk exposure attached to some assets by transferring the risk to the market. Natixis bears the counterparty risk attached to the credit-default swap sellers, which are generally OECD banks. Transactions with non-bank third parties are fully collateralized in cash. These transactions are subject to decision-making and monitoring procedures that apply to derivative transactions.

##### Mitigating counterparty risk

For bilateral transactions, Natixis reduces the counterparty risk to which it is exposed using three levers:

●setting up a framework agreement with its counterparties enabling full termination-netting, where possible. One of the main objectives of a framework agreement is the ability of the parties to terminate all outstanding transactions in the event of default by one of the parties. The master agreement defines the methodology for valuing the underlying transactions and determining a final closing amount by offsetting all hedged transactions. The close-out netting mechanism reduces the credit risk vis-à-vis the other party. The most widely used framework agreement for over-the-counter derivatives transactions is that of the International Swaps and Derivatives Association (ISDA) or, in the case of over-the-counter transactions under French law, that of the Fédération Bancaire Française (FBF);

●the addition to these framework agreements, of a collateral agreement defining the implementation of a collateral exchange that fluctuates according to the valuation of the portfolios of transactions with the counterparties concerned. The guarantee mechanism mitigates credit risk and potential losses on derivatives transactions resulting from market fluctuations. Collateral can take the form of cash or securities (e.g. government bonds) that are exchanged between the two parties after a margin call. The parties may add or modify the characteristics of the collateral exchange, by varying the type of eligible collateral, the frequency of margin calls, the threshold or the minimum transfer amount. The European Market Infrastructures Regulation (“EMIR”) has made collateral agreements (“VM CSA”) mandatory for derivatives that are not subject to mandatory clearing;

●initial margin trading. This initial margin was set up as part of the European Market Infrastructures Regulation (“EMIR”) for derivatives that are not subject to mandatory netting. The regulation requires that in addition to variation margin (“VM” as defined above), which covers current credit exposure, initial margin (“IM”) must be put in place to cover potential future credit exposure for the period between the last exchange of VM and the liquidation of the positions following counterparty default. Unlike VM, IM must be separated and cannot be reused. This initial margin acts as a guarantee deposit to cover the change in value of transactions during the liquidation period, using an extreme estimate modeled on the basis of historical data with a confidence interval of 99% and for a liquidation period of 10 days. The initial margin swap has been extended beyond the regulatory framework, mainly for hedge fund clients. This initial margin exchange is then unilateral in favor of Natixis and is intended to cover variations in the value of transactions during the liquidation period.

●the purchase of credit risk protection on a portfolio of over-the-counter derivatives. In the event of default by the counterparty, the protection seller pays Natixis a percentage applied to the minimum of either the termination value of the derivatives portfolio or a fixed amount. The protection seller ranks equally with Natixis for the recovery of the claim on the counterparty, with the application of a risk retention ratio (Natixis must retain a portion of the risk). Several legal structures may be considered for these hedging purchases: insurance, financial guarantees, risk-sharing agreements, CCDS or CLN, with all eligible underlying assets (commodities, credit, equities, FX or rates), in currencies authorized under the risk mandate.

For transactions processed via clearing houses, the latter, by substituting for their members, bear most of the counterparty risks. To do this they use an initial margin and variation margin call system.

Netting is used by Natixis as part of the usual counterparty risk mitigation framework for its capital markets activities (repo, derivatives) in accordance with EMIR and Dodd-Frank Act regulations.

Natixis only deals directly or indirectly with approved bodies with which it has signed appropriate legal documentation and which have a minimum internal rating of A (A- for brokers).

The clearing activity benefits from a specific management framework and is accompanied by the establishment of specific thresholds on initial margin and default funds when Natixis is a member of the house.

When Natixis uses the intermediary services of a broker, the limit on the initial margin is added to the other limits that Natixis may have on this counterparty.

New requests for the establishment of thresholds as well as their annual reviews are validated by the Credit Committee according to Natixis’ credit decision-making process.

Compliance with the thresholds is monitored daily by the Credit Risk Monitoring Department, which also updates the thresholds in the credit risk monitoring tool and produces a monthly CCP exposures dashboard. In addition, in the event of breaches noted, the department communicates this information in the weekly reports on market breaches and in the monthly Breach Committee.

These limits are integrated into the systemic risk sensitivities of the bank, in particular for major risks and concentrations.

#### 3.2.4.10Commitment monitoring framework

(Data reported to Statutory Auditors in accordance with IFRS 7)

##### Concentration risk and monitoring

Concentration risk by group of counterparties is primarily managed by the major regulatory risks framework. The regulation relating to the control of large exposures is intended to avoid excessive concentration of risks on the same set of related counterparties such that it is likely that if one of them were to encounter financial difficulties, the others would also experience financing or repayment difficulties. The aggregate of risks to a single beneficiary may not exceed 25% of the institution’s total equity. Natixis is below the concentration thresholds set by the regulations since the Internal Rules set limit exposure to a group of clients to a maximum of 10% of its equity.

The monitoring of country and geographic concentration risk is based on global limits that are reviewed annually.

The risk of sectoral concentration in the main sectors is controlled via the aforementioned global policy in Section [3.2.4.3]. The operational limits encompass all financing transactions involving counterparties in the corresponding sector.

##### Measuring and monitoring frameworks

Natixis’ commitments are measured and monitored on a daily basis using dedicated consolidation systems. An IT system enables comprehensive consolidation of limits and credit risk exposures across a scope covering all of Natixis’ credit risk exposures and most of those of its subsidiaries.

The Risk division provides Senior Management and the Bank’s business line heads with reports analyzing Natixis’ risks: trend analyses, indicators, stress test results, etc.

Credit risk supervision is based on:

●the accountability of the business lines;

●various second-level control actions conducted by the Risk division’s Credit Risk Department (e.g. rating and limit checks, etc.).

This supervision is based on a rigorous selection of loan applications, regular monitoring of counterparties and anticipation of their potential deterioration, notably through the “Credit Alert” system. This system is based on daily information sent to the analysts concerned (Front Office and risks) covering:

●financial data (e.g. unfavorable change in equity or cash flow from operations);

●market data (e.g. share price, external rating, CDS);

●events relating to the Company’s development (e.g. placing on a Watchlist).

It incorporates a growing number of indicators thereby making it possible to act in advance of a deteriorating situation (e.g. review of the file, switch to Watch list or default).

As regards limit breaches, the dedicated monthly Committee analyzes changes in limit breaches using specific indicators (number, notional, duration, business lines concerned, etc.), and examines major breaches and monitors their remediation.

Since the implementation of the new European guidelines on default, Natixis has been sending BPCE its cases of unpaid bills, overdrafts, bankruptcy proceedings and forbearance on a daily basis and receives in return, after aggregation with the data reported by the other BPCE institutions, the status (sound, sensitive or default) applicable to all of its third parties.

Exposures showing deterioration in the level of risk are identified as they arise and reported immediately to the Risk division and the business concerned, in accordance with both the counterparty watchlist, specific provisioning and alert procedures.

They are then placed on the watchlist, as decided by the Risk division or the competent Credit Committee depending on the amount of exposure.

Corporate & Investment Banking risks are monitored by the Restructuring & Workout Department, which intervenes in difficult and default cases where necessary. The Litigation Department handles collections of loans in litigation.

##### Monitoring of non-performing and disputed loans and provisioning mechanism

(Data reported to Statutory Auditors in accordance with IFRS 7)

###### Individual impairment

The Natixis Watchlist and Provisions Committee meets once a quarter and covers all the bank’s business lines. It reviews all non-performing loans under watch that may give rise to provisions or adjustments to existing provisions, and decides on the amount of provisioning necessary, based on the provision amounts submitted to it individually by the business lines, the Restructuring & Workout Department and the Risk division.

This Committee is organized by the Risk division and chaired by the Chief Executive Officer. It brings together the Chief Risk Officer, the members of the Senior Management Committee in charge of the business lines and finance, Financial Control division and the heads of the relevant support functions.

It draws on a structure of preparatory Committees that are jointly steered by the Risk division and each of the bank’s business lines.

###### Provisions for expected credit losses

In addition to individual provisions, Natixis records provisions for expected credit losses (ECL) at initial recognition.

These financial instruments are divided into three categories depending on the increase in credit risk observed since their initial recognition. An impairment charge is recorded on outstanding amounts in each category.

Performing loans for which credit risk has increased materially since initial recognition are classified in Stage 2 (S2). The impairment or the provision for credit risk is determined on the basis of the instrument’s expected credit losses at maturity (lifetime ECL).

Measurements of an increase in credit risk resulting in S2 classification are based on a combination of quantitative and qualitative criteria. The quantitative criterion is based on the change in rating since initial recognition. Additional qualitative criteria are used to classify all contracts with arrears of more than 30 days as S2, or as level 1 or 2 Watchlists, or as forbearance contracts, as well as additional criteria such as country ratings.

Validation of IFRS 9 scenario weighting proposals for the US and ZE zones are validated by the geo-sector committee (and definitively validated by the Watchlist and group provision committee) on a quarterly basis. ​This geo-sectoral committee is made up of the Finance division, the Risk division and representatives from the CIB business line. As part of the implementation of IFRS 9, this committee is tasked with approving sector, country and sovereign ratings.

###### Stress tests

The credit stress test framework covers Natixis scopes subject to the A-IRB, F-IRB and standard approaches. It is based on choosing scenarios that replicate plausible crisis situations and high degrees of severity, in keeping with market practices, while taking past events, market trends and the environment into account so that purely historical or theoretical scenarios are eliminated.

The framework is a true risk management tool, with scenarios that are regularly introduced and revised. The Risk division regularly works on improving the methods used and adding to the scopes defined for the stress scenarios, with particular attention paid to the market stress tests requirements.

New scenarios were reviewed in 2025 and presented to the Global Risk Committee as well as to the Senior Management Committee. These internal credit stress test scenarios are based on macro-economic assumptions prepared by economic research in collaboration with country risk analysts and Groupe BPCE, and comprise five scenarios over the 2026-2028 horizon:

●A baseline scenario based on the most probable macro-economic and financial context, based on external sources (e.g. consensus forecasts, Central banks). This reference scenario is also used in the bank's provisioning policy.

●two "adverse" credit scenarios corresponding to (i) the assumption of a trade war and the exacerbation of protectionist measures, and (ii) the assumption of an intensification of the political crisis in France without intervention by the ECB.

●the last two scenarios, based on scenario (ii), incorporate climate risks corresponding to (i) the assumption that all economic actors have ambitions and achieve these ambitions in a manner consistent with limiting global warming to below 1.5°C in an orderly manner. This scenario also incorporates a chronic physical risk (underlying trend). And (ii) the assumption of large-scale heat waves occurring on an ad hoc basis in order to capture acute risks.

#### 3.2.4.11Quantitative information

◗EAD, RWA and OFR by Basel approach and exposure class (NX01)

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
EAD | RWA | OFR | EAD | RWA | OFR
Credit risk |  |  |  |  |  |
Internal approach | 110,378 | 42,020 | 3,362 | 127,985 | 52,828 | 4,226
Equities | 898 | 1,872 | 150 | 3,145 | 8,475 | 678
Governments and central banks | - | - | - | 2,523 | - | -
Other assets | 245 | - | - | - | - | -
Retail | - | - | - | 0 | - | -
Corporates | 101,495 | 38,340 | 3,067 | 111,722 | 41,470 | 3,318
Institutions | 6,575 | 1,464 | 117 | 8,354 | 1,930 | 154
Collective investment undertakings | 161 | 79 | 6 |  |  |
Securitization | 1,004 | 267 | 21 | 2,241 | 953 | 76
Standard approach | 223,439 | 18,494 | 1,480 | 202,782 | 13,554 | 1,084
Equities | 1,113 | 2,783 | 223 |  |  |
Governments and central banks | 69,169 | 2,748 | 220 | 65,811 | 2,701 | 216
Other assets | 6,506 | 5,639 | 451 | 5,088 | 4,401 | 352
Retail | 299 | 227 | 18 | 325 | 231 | 19
Corporates | 3,706 | 2,704 | 216 | 4,079 | 3,232 | 259
Institutions | 125,271 | 338 | 27 | 112,232 | 428 | 34
Defaulted exposures | 115 | 156 | 12 | 66 | 88 | 7
Exposures secured by mortgages on immovable property and ADC exposures | 438 | 209 | 17 | 239 | 99 | 8
Receivables from institutions and corporates with a short-term credit assessment | 107 | 65 | 5 | 65 | 51 | 4
Covered bonds | 656 | 66 | 5 |  |  |
Collective investment undertakings | 518 | 1,090 | 87 |  |  |
Securitization | 15,541 | 2,469 | 198 | 14,876 | 2,323 | 186
Sub-total credit risk | 333,818 | 60,515 | 4,841 | 330,767 | 66,382 | 5,311
Counterparty risk |  |  |  |  |  |
Internal approach | 28,912 | 6,845 | 548 | 36,523 | 7,242 | 579
Governments and central banks | - | - | - | 3,969 | - | -
Corporates | 17,553 | 4,775 | 382 | 19,595 | 4,398 | 352
Institutions | 11,322 | 2,033 | 163 | 12,848 | 2,731 | 219
Securitization | 36 | 38 | 3 | 111 | 112 | 9
Standard approach | 35,220 | 835 | 67 | 34,973 | 719 | 58
Governments and central banks | 13,513 | 511 | 41 | 9,263 | 333 | 27
Retail | 10 | 10 | 1 | 18 | 13 | 1
Corporates | 130 | 48 | 4 | 372 | 72 | 6
Institutions | 21,391 | 223 | 18 | 24,960 | 227 | 18
Defaulted exposures | 5 | 7 | 1 | 0 | 0 | 0
Receivables from institutions and corporates with a short-term credit assessment | 54 | 22 | 2 | 212 | 56 | 5
Securitization | 117 | 15 | 1 | 148 | 17 | 1
CCP default fund contribution | 730 | 293 | 23 | 852 | 326 | 26
Sub-total counterparty risk | 64,862 | 7,973 | 638 | 72,349 | 8,288 | 663
Market risk |  |  |  |  |  |
Internal approach |  | 4,793 | 383 |  | 6,351 | 508
Standard approach |  | 10,965 | 877 |  | 6,959 | 557
Equity risk |  | 1,974 | 158 |  | 949 | 76
Foreign exchange risk |  | 4,545 | 364 |  | 3,518 | 281
Commodity risk |  | 1,314 | 105 |  | 680 | 54
Interest rate risk |  | 3,132 | 251 |  | 1,812 | 145
Sub-total market risk |  | 15,758 | 1,261 |  | 13,310 | 1,065
CVA | 14,018 | 3,529 | 282 | 12,231 | 1,178 | 94
Settlement-delivery risk |  | 17 | 1 |  | 0 | 0
Operational risk (standard approach) |  | 18,540 | 1,483 |  | 14,415 | 1,153
Amount of additional risk exposure related to Article 3 of the CRR |  | 482 | 39 |  | 179 | 14
Total |  | 106,813 | 8,545 |  | 103,753 | 8,300

◗Exposure and EAD by Basel exposure class (NX03)

(Data reported to Statutory Auditors in accordance with IFRS 7)

(in millions of euros) | Exposure | EAD
--- | --- | ---
Exposure class | 31/12/2025 | o/w off-balance sheet | 31/12/2025 | o/w off-balance sheet | 2025 average
Governments and central banks | 84,536 | 16,630 | 82,682 | 14,781 | 80,031
Central banks | 55,365 | 1,086 | 55,352 | 1,075 | 54,027
Central administrations | 19,202 | 10,628 | 17,545 | 8,974 | 16,794
Regional governments or local authorities | 392 | 206 | 392 | 206 | 417
Public sector entities | 2,467 | 1,112 | 2,329 | 975 | 2,063
Multilateral development banks | 5,663 | 3,147 | 5,617 | 3,102 | 5,604
International organizations | 1,446 | 449 | 1,446 | 449 | 1,125
Institutions | 176,384 | 48,275 | 165,276 | 37,167 | 161,114
Corporates | 178,084 | 108,510 | 122,898 | 54,095 | 118,397
SMEs | 3,825 | 1,168 | 2,708 | 568 | 2,554
Specialized Financing | 42,123 | 20,992 | 32,490 | 11,317 | 29,609
Purchased receivables | 1 | - | 1 | - | 0
Large corporations | 124,937 | 81,633 | 82,274 | 39,271 | 78,915
Others | 7,198 | 4,717 | 5,424 | 2,939 | 7,319
Retail | 576 | 83 | 310 | 25 | 301
Other SMEs | 126 | 22 | 88 | 5 | 82
Qualifying revolving exposures | - | - | - | - | -
Other non-SMEs | 450 | 60 | 222 | 20 | 220
Purchased receivables | - | - | - | - | -
Exposures secured by mortgages on immovable property and ADC exposures | 440 | 3 | 438 | 1 | 400
Exposures secured by mortgages on residential immovable property - non-IPRE (secured) | 162 | 2 | 161 | 1 | 148
Exposures secured by mortgages on residential immovable property – non-IPRE (unsecured) | 29 | 0 | 29 | - | 31
Exposures secured by mortgages on commercial immovable property - non-IPRE (secured) | 238 | 1 | 237 | 0 | 195
Exposures secured by mortgages on commercial immovable property - non-IPRE (unsecured) | 11 | 0 | 11 | - | 27
Securitization | 17,040 | 12,477 | 16,697 | 12,477 | 16,131
Other assets | 6,752 | - | 6,752 | - | 5,982
Equities | 2,011 | 155 | 2,011 | 155 | 2,132
Collective investment undertakings | 679 | 50 | 679 | 50 | 1,321
Covered bonds | 656 | - | 656 | - | 676
Receivables from institutions and corporates with a short-term credit assessment | 163 | 57 | 162 | 56 | 211
Defaulted exposures | 318 | 13 | 119 | 6 | 141
TOTAL AS OF 31/12/2025 | 467,638 | 186,252 | 398,679 | 118,812 | 386,838
Total as of 31/12/2024 | 453,896 | 187,995 | 403,116 | 138,823 | 386,262

◗EAD by geographic area and by Basel exposure class (NX05)

(Data reported to Statutory Auditors in accordance with IFRS 7)

Exposure class (in millions of euros) | France | Europe* | North America | Others | Total
--- | --- | --- | --- | --- | ---
Governments and central banks | 35,906 | 11,864 | 12,806 | 22,105 | 82,682
Central banks | 30,235 | 601 | 9,222 | 15,293 | 55,352
Central administrations | 3,936 | 6,499 | 702 | 6,408 | 17,545
Regional governments or local authorities | 336 | 57 | - | - | 392
Public sector entities | 584 | 1,565 | 114 | 66 | 2,329
Multilateral development banks | 816 | 1,762 | 2,768 | 272 | 5,617
International organizations | - | 1,381 | - | 66 | 1,446
Institutions | 134,338 | 13,703 | 7,800 | 9,435 | 165,276
Corporates | 30,828 | 40,430 | 30,469 | 21,170 | 122,898
SMEs | 1,222 | 875 | 114 | 498 | 2,708
Specialized Financing | 4,179 | 11,747 | 11,157 | 5,407 | 32,490
Purchased receivables | - | 1 | - | - | 1
Large corporations | 24,070 | 25,216 | 18,529 | 14,459 | 82,274
Others | 1,356 | 2,592 | 669 | 807 | 5,424
Retail | 212 | 43 | 0 | 55 | 310
Other SMEs | 43 | 0 | - | 45 | 88
Qualifying revolving exposures | - | - | - | - | -
Other non-SMEs | 169 | 43 | 0 | 10 | 222
Purchased receivables | - | - | - | - | -
Securitization | 4,624 | 1,221 | 9,652 | 1,201 | 16,697
Other assets | 5,273 | 949 | 308 | 221 | 6,752
Equities | 1,116 | 205 | 671 | 20 | 2,011
Collective investment undertakings | 350 | 228 | 95 | 5 | 679
Covered bonds | 230 | 277 | 105 | 44 | 656
Exposures secured by mortgages on immovable property and ADC exposures | 431 | 6 | - | 2 | 438
Receivables from institutions and corporates with a short-term credit assessment | 6 | 45 | 30 | 80 | 162
Defaulted exposures | 63 | 22 | - | 34 | 119
TOTAL AS OF 31/12/2025 | 213,378 | 68,993 | 61,937 | 54,371 | 398,679
Total as of 31/12/2024 | 215,437 | 71,437 | 66,602 | 49,640 | 403,116

*Europe and non-EU.

◗EAD by geographic area (NX06)

(Data reported to Statutory Auditors in accordance with IFRS 7)

###### As of 31/12/2025

###### As of 31/12/2024

◗EAD by internal rating (S&P equivalent) (NX12)

(Data reported to Statutory Auditors in accordance with IFRS 7)

The following table shows the breakdown of exposures at risk by internal rating (S&P equivalent) for asset classes measured using the IRB approach, excluding:

●exposures to equities (calculated using a simple weighting);

●pool-based exposures (acquired portfolios) and third parties grouped into homogeneous risk classes;

●securitization positions.

(in % breakdown) |  |
--- | --- | ---
Grade | Internal rating | 31/12/2025 | 31/12/2024
Investment Grade | AAA | 0.2% | 0.1%
AA+ | 0.6% | 0.5%
AA | 1.0% | 0.8%
AA- | 7.9% | 13.8%
A+ | 9.0% | 11.6%
A | 9.0% | 9.5%
A- | 12.7% | 12.8%
BBB+ | 10.6% | 9.2%
BBB | 10.2 % | 8.7%
BBB- | 15.4% | 12.4%
Sub-total | 76.5% | 79.4%
Non-Investment Grade | BB+ | 8.7% | 7.0%
BB | 4.9% | 5.1%
BB- | 4.0% | 3.5%
B+ | 2.0% | 1.8%
B | 0.8% | 0.8%
B- | 0.8% | 0.5%
CCC+ | 0.0% | 0.1%
CCC | 0.0% | 0.0%
CCC- | - | -
CC | 0.0% | 0.0%
C | 0.0% | 0.0%
Sub-total | 21.1% | 18.7%
Unrated | Unrated | 0.8% | 0.4%
Default | D | 1.6% | 1.4%
Total |  | 100.0% | 100.0%

### 3.2.5Securitization transactions

#### 3.2.5.1General policy

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis offers its clients a securitization offering with the aim of accessing financing at attractive conditions, diversifying sources of financing, and improving balance sheet structure and ratios.

This offer may include different services that can be performed alone or in combination: transaction arrangement, market placement, temporary back-to-back financing (warehousing), an interest rate derivative entered into with a securitization vehicle. It is supplemented by a limited market-making activity in ABSs (Asset-Backed Securities) and CLOs (Corporate Loan-backed Obligations), which mainly concerns senior-level exposures, and which provides the expertise required to successfully place securities with investors and drive the market for its clients.

This offer is provided on the three platforms where this business line is present: Europe, the United States and Asia. The clients who subscribe to it can be of different types: banks, specialized credit institutions (credit card issuer, consumer financing, etc.), credit or private equity funds, insurance companies, asset managers.

Although the portfolios on which these transactions are carried out are mostly homogeneous, the types of assets can be varied, for example:

●commercial receivables;

●lease receivables;

●residential or commercial mortgages;

●loans to corporates;

●consumer loans or outstanding credit cards.

Natixis also carries out this activity on its own behalf as part of its financing and risk management.

When carrying out this activity, Natixis may be involved in different roles:

●either as an investor via a financing and/or interest rate derivative transaction for a client, or via the ABSs and CLOs market-making activity that it carries out. In the investor role, Natixis pursues a strategy of diversification both in terms of geography and the types of underlying assets and sectors;

●as a sponsor, i.e. on transactions for its clients to create and manage ABS programs;

●as an originator, as part of its funding activities or through synthetic securitization (whose objective is to transfer part of the credit risk of a portfolio of receivables to investors).

This activity is conducted under Natixis’ general “Originate-to-Distribute” strategy. Asset-backed financing by securitization granted by Natixis to a client is generally for a limited period with the intention of being refinanced through a market transaction. The risk positions carried are not classified as “re-securitizations”. All client financing projects by securitization follow the Natixis credit decision-making process. Three criteria are used: amount, maturity and credit quality (including the rating [external if available]).

Each structured arrangement submitted for decision must include a reasoned request as well as a description of the arrangement, the collateral, the assignor/originator, the capital structure of the planned securitization (tranching) as well as an analysis of the associated protections and the various stress tests in accordance with regulations.

Securitization assets outside the trading book are subject to approval by the Credit Committees.

A counter-analysis is then carried out by the Risk division and, if necessary, a quantitative analysis of the portfolio’s default risks. Transactions are examined, and decisions are made based on all the loan application’s parameters, including the expected profit margin on the loan, the capital burn and compliance with the current risk policy.

Like vanilla financing transactions, securitization structures and transactions are reviewed at least once a year, while transactions on the Watchlist are re-examined at least once a quarter.

Natixis manages the risks associated with securitization positions through two mechanisms:

●the first involves the daily identification of all rating downgrades (where applicable) impacting Natixis’ securitization positions as well as the associated potential risks and, if necessary, deciding on an appropriate course of action;

●the second is based on the analysis of securitization positions according to quantitative (resistance to portfolio downgrades and credit quality, rating if available, valuation) and qualitative criteria (analysis).

##### Market risk in the banking book

This is of limited magnitude, as exposures are matched in currency and rates.

##### Liquidity risk of banking book assets

Securitization positions are financed internally by group treasury or via conduits sponsored by Natixis.

With regard to activities recognized in the trading book, Natixis may hold securitization positions (secondary market), resulting from purchase and sale transactions with its clients. The activity is governed by a Volcker manual as well as a limit mandate, which specifies the types of risks borne, as well as their holding procedures.

Natixis does not use the IAA (Basel Internal Assessment Approach) on its securitization positions.

#### 3.2.5.2Rating system

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis uses the SEC-IRBA, SEC-SA and SEC-ERBA methods, depending on the case, and chooses the appropriate category while respecting the hierarchy of methods.

Natixis relies on four external credit rating agencies, among others, for securitization transactions: Moody’s, DBRS (Dominion Bond Rating Service), Fitch-IBCA and Standard & Poor’s.

### 3.2.6Market risks

#### 3.2.6.1Objectives and policy

(Data reported to Statutory Auditors in accordance with IFRS 7)

The Risk division, via the Market & Counterparty Risk (M&CR) department, places great importance on the formal definition of all risk policies governing market transactions based on both a qualitative and forward-looking analysis. This approach is mainly based on the strategic review of global risk budgets, business targets and market trends and relies on its proactive early warning system.

These market risk policies focus on a set of methodological principles in terms of risk monitoring and supervision and provide a matrix approach to businesses by asset class and management strategy.

#### 3.2.6.2Organization of market risk management

(Data reported to Statutory Auditors in accordance with IFRS 7)

Risk governance, steered by the Risk division, is based on a structured organization involving all Risk Departments. It steers the risk appetite framework and relies on an architecture of Committees to manage and supervise Natixis’ risks. Within this framework, the market risk management framework is defined on the basis of a delegation architecture, with the Global Risk Committee acting as the apex Committee. The Market Risk Committee, chaired by the Chief Executive Officer or his delegate, also plays an essential role.

The Risk division:

●defines the risk measurement methods, standards and procedures relating to market risks;

●examines annual limit reviews (including risk appetite) and ad hoc requests for modifications (VaR, stress tests, operational indicators, loss alerts);

●raises alerts for areas at risk to the business lines or to Senior Management;

●is responsible for the analysis and daily measurement of P&L (economic, hypothetical and actual), the measurement of the risks incurred, the daily reporting of all these metrics, and the notification of any exceeding of the allocated limits to the Group front office and management;

●independently verifies prices and their adjustments in accordance with regulations;

●determines the observability status of the parameters used in the valuation of financial products in position;

●validates and oversees the valuation and risk measurement models used by the front office in the management tools, as well as the models and methodologies relating to the bank’s internal model.

The Market and Counterparty Risk (M&CR) Department ensures compliance with risk appetite and risk mandates for market operations. The market risk supervision framework is supported by a number of committees:

●the Market Risk Committee, attended by the Chief Risk Officer, Senior Management and members of the Executive Committee, including the heads of Global Market, Finance, Compliance and ALM, Internal Control and representatives of BPCE. The purpose of this Committee is to ensure that the strategy is implemented in accordance with the RAF and regulations;

●the Client Contribution Committee is linked to the business lines;

●the Valuation Committee, co-led with Finance. It deals with all matters relating to market and FairVA parameters;

●the Data Quality Committee in compliance with BCBS 239 Regulations;

●the FBL/Volcker Committee in charge of validating indicators relating to the Volcker/LSB desks monitored by MCR;

●all Committees dealing with model monitoring in conjunction with the Enterprise Risk Management teams and the internal independent model validation team.

#### 3.2.6.3Market risk measurement methodology

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis’ market risk management is based on a risk measurement methodologies that measures the risks incurred by each entity of the Company.

Different techniques are used to measure market risk. These measures enable identification of the risks incurred by the positions in the portfolio according to different shock waves:

●on a local basis, the sensitivity sets make it possible to identify potential losses resulting from small movements in the underlying risk factors;

●with unstressed daily shocks, the VaR is used to estimate a potential loss on the positions of the current portfolio to which the most significant shocks of the past rolling year are applied;

●with stressed daily shocks, the stressed VaR makes it possible to estimate a potential loss on the positions of the current portfolio on which the most significant shocks of recent past rolling years are applied;

●with shocks of greater magnitude through shocks of three days and ten consecutive days, stress tests (specific and global) make it possible to estimate exceptional immediate potential losses.

This set of risk measures is governed by a comprehensive monitoring framework and responds to Natixis’ risk appetite, which is itself based on a specific risk limit framework.

##### Allocation of positions in the trading book

The bank’s financial assets and liabilities and off-balance sheet products must be classified in one of the two portfolios defined by prudential regulations: the trading book or the banking book. A position that is not included in the trading book falls under the banking book.

According to the regulations (Article 4(1)(86) of the CRR), the trading book includes “all positions on financial instruments and commodities held by an institution for trading purposes or for the purpose of hedging positions held for trading purposes, in accordance with Article 104”.

The allocation of transactions to the trading book is governed by a dedicated procedure, which is based in particular on the management intentions and liquidity of the instruments. This procedure applicable at Natixis level is part of the overall procedure established for Groupe BPCE. Reclassifications of positions between banking and trading portfolios are exceptional, subject to authorization by the Natixis Prudential Committee and ultimately approved by BPCE’s ad hoc bodies.

The operational classification of positions is carried out at the portfolio level and the management intention is defined in the risk mandates of each operator.

A monthly check is carried out to ensure that each pay-off is correctly categorized.

##### Value at Risk (VaR)

Natixis’ internal VaR model was approved by the French Prudential Supervisory Authority in January 2009. Natixis uses VaR to calculate capital requirements for market risks within approved scopes (mainly the Fixed Income scope), and to manage and supervise market risks. The model is based on a calculation by computer simulation, based on Monte Carlo-type methodology, taking into account a portfolio’s potentially non-linear characteristics with respect to different risk factors.

VaR is calculated and monitored daily for all the Natixis trading portfolios (Global Market, ALM, Cash, discontinued activities). Market data used in the valuation of portfolios (share prices, indices, interest rates, exchange rates, commodity prices and the related volatility) are updated on a daily basis when available, and the statistical data used (standard deviation and correlations) are updated weekly.

All the trading books are subject to appropriate risk monitoring and oversight mechanisms, in accordance with the market risk policies in force. A VaR limit is set at an overall level and for each business.

These measurements give a snapshot of VaR and help identify potential losses in each business, based on a predetermined confidence level (99%) and time period (one day).

To this end, a statistical model has been constructed to track the behavior of market parameters affecting portfolio value. The calculation method is based on an econometric model whose standard deviations are calculated as being the maximum (risk factor by risk factor) standard deviations calculated over rolling 12 month and 3-month periods. This method makes VaR more responsive if the markets suddenly become more volatile.

For the calculation of VaR, the portfolio’s holding horizon is set at one day for risk monitoring and 10 days for the calculation of capital. The 10-day holding period involves extrapolating from the one-day VaR by multiplying it by the square root of 10.

For a set of products including the most complex products, VaR is measured by limited development via sensitivities.

VaR levels are managed by limits set at different levels of Natixis (desks, business lines) and thereby helping to reduce the bank’s risk appetite from an operating perspective.

Portfolio valuation methods vary according to product and are either based on a total revaluation or on sensitivity to first or second order market inputs to factor in both linear and non-linear effects (in particular for derivative financial instruments).

General risk and specific risk are calculated according to a single model that incorporates the correlation between the risk factors.

The returns used by Natixis to simulate potential changes in risk factors are absolute returns for most risk factors, with the exception of the following categories:

●Equity: stock prices/indices, volatility, dividends;

●IR: Volatility;

●FX: exchange rates, volatility;

●Commodities: Precious metal prices and precious metal indices, commodity indices, and commodity futures contracts.

Moreover, the reliability of the VaR is measured regularly through comparison with the changes in the daily trading results, a process also known as backtesting. This exercise allows an ex post comparison of the potential losses, as projected ex ante by the VaR, with the actual losses.

##### Stressed Value at Risk (SVaR)

Due to changing regulatory standards (Basel 2.5), Natixis implemented a daily stressed VaR model (SVaR), which is calculated based on a fixed econometric model over a continuous 12-month period including a representative crisis scenario relevant to its portfolio (over the same scope as for VaR). The calculation method is based on a historical simulation for a one-day horizon and a confidence level of 99%. However, unlike VaR, which uses 260 daily fluctuation scenarios on a sliding one-year period, stressed VaR uses a one-year historical window corresponding to a period of significant financial tension.

In the same way as the VaR, the stressed VaR is calculated by limited development through sensitivity by risk factor for the most complex products.

As is the case for the VaR, portfolio valuation methods vary according to product and are either based on a total revaluation or on sensitivity to first or second order market inputs to factor in both linear and non-linear effects (in particular for derivative financial instruments).

The stressed period currently used by Natixis covers the period between August 1, 2008 and July 31, 2009, as it is the most conservative one for calculating stressed VaR.

As is the case for VaR, the 10-day holding period used by Natixis involves extrapolating from the one-day stressed VaR by multiplying it by the square root of 10.

##### Monitoring of VaR, SVaR and VaR backtesting

Natixis’ internal model is based on a calculation of VaR and stressed VaR.

●To check that the calculation assumptions are respected, particularly the confidence interval of 99%, backtesting calculations are performed on the P&L on a daily basis.

●These involve comparing 99% VaR levels with actual and hypothetical daily P&L levels.

●The measurements are conducted on Natixis’ consolidated accounts and across all of its main activities.

●In the event that negative real or hypothetical P&L levels exceed the VaR calculation for the same day, an analysis is performed and explanations provided according to internally-defined criteria.

●The regulator is subsequently contacted to inform them of any such exceptions within Natixis’ authorized consolidation scope.

●In the event of too many exceptions over a period of one year, on a year-on-year basis, an add-on is made to the multiplying factor applied in calculating VaR and SVaR during measurements of Natixis’ capital.

##### Incremental Risk Charge (IRC)

The IRC is the capital charge required for the risk of rating migration and issuer default over a one-year horizon for products approved under VaR for specific interest rate risk, on debt instruments (bonds, credit default swaps and related derivatives). This capital expense is in addition to the expenses calculated on the basis of VaR and SVaR for all of Natixis’ approved activities. Calculated using a Monte Carlo internal simulation model, the IRC is a 99.9% value at risk which corresponds to the largest risk after eliminating the 0.1% of worst outcomes over a period of one year. Rating and default migrations are simulated using an issuer correlation model and migration matrices over a capital horizon of one year. Positions are remeasured based on various scenarios. Thus, for each scenario, positions may be downgraded, upgraded or go into default.

The liquidity horizon, which represents the time required to sell a position or hedge it in unfavorable market conditions, used in the IRC calculation model is one year for all positions and all issuers.

The calibration of the transition matrix is based on Standard & Poor’s historical transition data. For both corporates and sovereigns, the historical depth exceeds 20 years. For issuers not rated by Standard & Poor’s, restatements are performed internally.

Correlation assumptions are based on the rating of each issuer’s creditworthiness within the IRC horizon (one year). The simulation process is based on intra- and inter-sector correlation inputs.

This internal model is regularly monitored in several areas:

●analysis of IRC levels is carried out by the team in charge of production within Market & Counterparty Risk and allows for the regular certification of this metric. A weekly metric of sensitivities to the main parameters of the model is carried out and an analysis produced monthly ensures the consistency of the model;

●the expense retained at the end of the quarter is the maximum between the average of the last 60 days and the last IRC calculation;

●the model is subjected to stress tests impacting various parameters:

●within the internal stress test framework for the needs of the normative ICAAP,

●in order to meet regulatory requirements during EBA stress test exercises;

●the model is subjected to half-yearly model monitoring. This monitoring notably covers:

●confidence interval taking into account the number of trajectories used,

●for issuers without a rating, the default rating is estimated based on the Natixis portfolio. The impact of this assumption is measured in accordance with the ECB guide to internal models,

●representation of the correlation by the model by comparing empirical and implicit correlations and the materiality of the default assumptions used for the correlation,

●The performance indicators for the calibration of cash basis shocks used in the model;

●a posteriori controls are carried out on the operational production process.

The internal IRC calculation model used by Natixis was approved by the French Prudential Supervisory Authority in 2012. The authorization was renewed in 2019. The same model is used for all portfolios submitted to the IRC.

In accordance with regulatory requirements, Groupe BPCE established an internal model validation policy as well as procedures. This model validation phase is a prerequisite for their use. The IRC model is periodically revalidated by the internal model validation team.

##### Stress tests and operational indicators

In addition to VaR, SVaR and IRC measures, stress tests are used to simulate the impact of extreme market conditions on the value of Natixis’ portfolios as well as operational indicators:

1)Stress tests to measure potential losses on portfolios in extreme market conditions. Natixis’ framework is based on overall stress tests and dedicated stress tests for each business.

Overall stress tests are subject to continuous review. They are performed daily and can be grouped into two categories:

●historic stress tests consist of reproducing sets of changes in market parameters observed during past crises in order to create an ex post simulation of the P&L changes recorded. While stress tests do not have any predictive value, they do make it possible to gauge the exposure of the portfolio to known scenarios. A set of four scenarios has been defined, covering the most significant events since 2008, including the Lehman bankruptcy, the sovereign debt crisis in 2011, the COVID crisis in 2020, and the SVB bankruptcy in 2023.

●hypothetical stress tests are used to simulate changes in market parameters for all the activities, based on plausible assumptions regarding one market’s predicted response compared with another’s, depending on the nature of the initial stress. Stresses are determined through a joint effort involving the Risk division, the front office and Economic Research. A set of seven scenarios has been defined:

●fall in stock market indices combined with a flattening of the yield curve and an increase in credit spreads,

●strong rise in European interest rates in an inflationary environment,

●failure of a financial institution with a rise in credit spreads and interest rates and a moderate fall in equity markets,

●commodity crisis based on a scenario of disruption to supply due to geopolitical events,

●liquidity crisis characterized mainly by a sharp widening of European interbank spreads, a widening of the liquidity spread and higher “peripheral” yields,

●Corporate Credit: simulates the outcome of a crisis in emerging markets, following an increase in borrowing costs, accompanied by a considerable drop in earnings, generating a rising emerging currency exchange rate and a severe shock to non-financial credit indexes.

●Climate: based on the NGFS Net Zero 2050 scenario, it highlights the transition to a low-carbon economy. It highlights the need for substantial policy changes (main lever: carbon tax), technological advances, and investments to achieve net-zero greenhouse gas emissions by 2050, while assessing transition risks and physical risks related to climate change.

All scenarios are now being calculated exactly by revaluation of all positions.

Specific stress tests are also calculated daily in the management tools for all the portfolios and are governed by limits. They are set on the basis of the same severity standard and are aimed at identifying the main loss areas by portfolio.

An aggregate stress test measure representing a combination of specific stress tests calculated for each business line completes the overall framework. This summary indicator at the bank level results from the quadratic aggregation of various specific stress tests designed to reflect the specificities of each activity as well as the effects of diversification between the different business lines.

In addition, this framework is supplemented by ad hoc stress tests characterizing a current event likely to generate significant market movements. Ad hoc stress tests use expected market trends based on economic research that is translated into overall stress-test scenarios. They measure the banks resilience to major current events, and allow hedging strategies to be adapted accordingly.

Finally, the framework is enhanced with reverse crisis simulation aimed at identifying scenarios that would result in predetermined loss levels. A new methodology for calculating Reverse Stress Tests was developed by the ERM Department in Q1-2022 and was validated by MRM in Q1-2024. The implementation was validated by MRM in Q4 2025 and deployed in production, thereby fulfilling the action plan set out in the Apollo recommendation.

The stress test framework is defined by the Risk division, which is responsible for defining principles, methodology and calibration and scenario choices. The Stress Test Committee is responsible for the operational implementation of stress tests and meets on a bimonthly basis. The Committee approves work to be carried out, its workload and determines the annual IT budget;

2)Loss alerts by portfolio and aggregated by business line, which alert management and the Risk division if losses reach a certain threshold over a given month or on a cumulative basis since the beginning of the year. These thresholds are set by the Market Risk Committee according to the characteristics of each portfolio, past performance and budgetary targets.

3)The limit framework also includes operational indicators on an overall and/or by business basis, which focus on more directly observable criteria (sensitivity to changes in the underlying and to volatility, correlation, nominals, etc.). The limits of these qualitative and quantitative indicators are set in line with the VaR and stress test limits.

##### Independent valuation control

The valuation of Natixis’ various market products forms part of the independent control framework made up of dedicated procedures.

In accordance with IFRS 9, financial instruments recognized at fair value through profit or loss are measured at market value (see Chapter [5], Note [5.6] and [7.5] for more information on the principles used to determine the fair value of financial instruments).

Fair value determination is subject to a control framework aimed at verifying that the valuation of financial instruments is determined and validated by an independent function in terms of prices and/or valuation models.

##### Independent price verification

Independent price verification is carried out by the Valuation Risk teams within Market & Counterparty Risk, who, in line with the division’s policy, control the market inputs used in the valuation process for the bank’s transactions. The review of market inputs may lead to valuation adjustments recognized in economic results and the financial statement.

IPV (Independent Price Verification) governance is based in particular on:

●a supervision framework built around Committees (Fair Value Level Committee, Valuation Committee, IPV Committee);

●a policy and set of procedures, explaining the validation and escalation framework;

●a set of weekly and monthly reports;

●dedicated tools.

##### Validation of models

In accordance with regulatory requirements, Groupe BPCE has implemented policies and procedures for validating internal market risk assessment models and valuation models applicable to the Natixis scope. This independent model validation policy is part of its wider risk model management framework.

The Model Risk Management Department, which reports to Groupe BPCE’s Chief Risk Officer, is responsible for the governance surrounding the model life-cycle. The various stages of a model’s life cycle – design, IT development, validation, and use – are clearly presented and the roles and responsibilities of each participant specified and detailed.

Internal market risk models are validated by the validation teams of Groupe BPCE's Risk division. The model validation process is based on the following seven dimensions:

●data and parameters applied by the model: analysis of data quality and representativeness, integrity of controls, error reports, comprehensiveness of data, etc.;

●methodology and design: analysis of the model’s underlying theory, analysis of estimates, sizing methods, risk indicators, aggregation rules, model benchmarking, analysis of precision and convergence;

●permanent monitoring: the validation teams ensure the existence of a monitoring methodology for the model and assess the risk associated with the implementation of this methodology; model performance: assessment of the risk related to the performance of the model both during the design phase and periodically;

●IT development: counter-implementation, code analysis, tests;

●documentation: analysis of the quality and comprehensiveness of the methodological documentation received;

●model governance: assessment of the model’s compliance with internal standards throughout the model’s life cycle.

More specifically for valuation models, the following aspects are assessed:

●theoretical and mathematical validation of the model, analysis of assumptions and their justification in the model documentation;

●algorithmic validation and comparison with alternative models (benchmarking);

●analysis of stability, convergence of the numerical method, model stability in stressed scenarios;

●study of implicit risk factors and calibration, analysis of input data, and identification of upstream models;

●measurement of model risk and validation of the associated reserve methodology.

The design, modification and ongoing management of the model are performed by the model designers on behalf of the model owner. The validation teams of the Groupe BPCE Risk division act independently and are consulted for any new model and for any modification or evolution of an existing model. On an annual basis, the team in charge of designing internal or valuation models monitors model performance, in particular by analyzing backtestings and usage tests.

The third line of defense is the General Inspection, which annually reviews internal models and compliance with the model risk management framework and the correct application by Model Risk Management of its own policies and procedures.

Model governance revolves around the Model Risk Management Committee (MRMC) and functional Model Validation Committees, which ensure the implementation of a robust model risk governance framework.

The internal model validation process takes place in two or three stages:

1)a review of the model and its suitability, carried out independently of the entities or departments that worked on the model’s development by the validation teams;

2)a review of the validation conclusions by a functional Committee made up of quantitative experts (modelers and validators) and business line experts. Reviews are presented to the Model Oversight Committee (MOC), which is chaired by Groupe BPCE's Chief Risk Officer, a member of the Senior Management Committee, or by the head of the Model Risk Management department;

3)a validation by the Model Risk Management Committee (MRMC) in the specific case of materiality analysis of certain model changes, which may be subject to prior authorization by the European supervisor.

The role of the Model Risk Management Committee is to supervise the management of the model risk and to ensure the implementation of appropriate actions for the management of the model risk. The MRMC is chaired twice a year by the Chairman of the Management Board of Groupe BPCE and by the Chief Executive Officer in charge of risks of Groupe BPCE via a delegation of authority.

In addition, model risk is the subject of monthly management reports, the aim of which is to monitor changes in model risk through the implementation of indicators, some of which are defined as part of the risk appetite framework, and which aim in particular to track changes in model performance.

Please note: although Natixis uses internal models for part of its scope, some of the positions in the trading book remain unhedged by these models.

The identified gaps mainly concern the following activities:

●Equity Market (structured desks);

●Global Security Finance, Equity section;

●Commodities, FI-Credit GSCS ABS;

●Long-term options on the FOREX market.

##### Natixis fair value adjustment policy

The Risk division is responsible for defining and implementing the FairVA (Fair Value Adjustments) policy on the management results of capital markets activities.

The objective of this policy is to ensure the reliability of the result announced.

The FairVA policy thus defines the principles for calculating FairVA for market risks to financial instruments measured at fair value.

FairVA for market risks are divided into:

●FairVA for the cost of position reversals/liquidity positions;

●FairVA for input uncertainty;

●FairVA for model uncertainty.

The shocks applied and methodologies used are updated on a continuous basis.

FairVA amounts are updated on a monthly basis. Methodological changes applied to FairVA calculations in relation to market and model uncertainties are subject to independent validation by the Model Risk Management Market & Counterparty Model Validation teams.

#### 3.2.6.4Quantitative market risk measurement data

(Data reported to Statutory Auditors in accordance with IFRS 7)

##### Change in Natixis VaR

The VaR level for Natixis’ trading books averaged €7.8 million, with a minimum of €5.9 million on April 1, 2025, a peak of €12.6 million on April 23, 2025, and a value of €6.8 million on December 31, 2025.

◗Overall Natixis VaR – Trading book (99% VaR 1 day)

◗Breakdown of overall trading VaR by scope

(Data reported to Statutory Auditors in accordance with IFRS 7)

The following table presents the key VaR figures – (99% VaR, 1 day):

(in millions of euros) |
--- | ---
Natixis trading book | VaR as of 31/12/2025
Natixis | 6.8
of which: |
●Global Markets | 6.8
●Equity Markets | 5.7
●Commodities | 1.8
●FI – Credit Platform | 1.3
●FI – Rates & Currencies Markets | 4.3
●Global Securities Financing | 4.6
Other run-off activities | 0.4

As of December 31, 2025, VaR by activity is lower than in the previous year (€6.8 million compared to €7.6 million as of December 31, 2024). This slight decline is mainly due to the prudent management of positions in line with the previous year, in an unstable geopolitical environment and more sustained commercial activity.

◗Breakdown by business line and netting effect

The breakdown of the VaR by business line provides insight into the monthly contribution of the main business lines and the netting effects in terms of VaR.

This slight decline is primarily due to prudent position management in an unstable geopolitical environment and increased trading activity.

◗Natixis backtesting on regulatory scope

The following chart shows the results of backtesting (ex post comparison of potential losses, as calculated ex ante by VaR (99%, 1 day), with hypothetical and actual P&L impacts) on the regulatory scope, and can be used to verify the solidity of the VaR indicator:

In 2025, five backtesting exceptions were noted on the hypothetical P&L dated April 9, June 26, October 29, December 5, 2025, and December 29, 2025, following losses resulting from market movements occurring mainly in the interest rate segment.

◗Natixis regulatory stressed VaR

The regulatory stressed VaR averaged €15.8 million, with a minimum of €10.2 million on November 12, 2025, a maximum of €25.7 million on April 07, 2025, and a level of €13.9 million on December 31, 2025.

Change in regulatory VaR (99% VaR, 1 day) and stressed VaR (99% SVaR, 1 day):

◗IRC indicator

This indicator covers the regulatory scope. Natixis’ IRC averaged €35.2 million, bottoming out at €18.1 million on May 08, 2025, with a peak of €66.7 million on December 17, 2025, and stood at €48.9 million at December 31, 2025. IRC is subject to greater variations following a methodological change in the model passed on April 5, 2024 concerning the cash-based CDS component directly incorporated into the IRC amount.

◗Stress test results for the Natixis scope

(Data reported to Statutory Auditors in accordance with IFRS 7)

Overall stress test levels reached an average level of +€198 million as at December 31, 2025, versus +€158 million as at December 31, 2024.

The hypothetical stress test simulating the rise in interest rates is the lowest (+€25 million as of December 31, 2025).

◗Overall stress tests as at December 31, 2025 (in M€)

### 3.2.7Operational risks

#### 3.2.7.1Objectives and policy

As part of the definition of its risk appetite, and in accordance with Article 98 of the French Ministerial Order of November 3, 2014, Natixis defined its operational risk tolerance policy with a view to limiting losses related to operational risks and regularly reviewing actions to reduce risks. The policy sets out the governance established, the quantitative and qualitative management framework, and the monitoring performed thus far.

It defines the operational risk management criteria, including:

●quantitative indicators:

●a historical indicator measuring the cost of risk,

●a unitary indicator identifying the occurrence of major incidents to be notified to the regulator (Article 98 of the French Ministerial Order of November 3, 2014), and also specifically alerting to events of internal fraud, regulatory sanction and/or related to information and communications technologies (ICT);

●a qualitative indicator on the compliance of the framework’s governance;

●a specific indicator for managing exposure to cyber risk.

The risk management framework identifies, measures, monitors and controls the level of operational risks for all the Company’s business lines and support functions in France and abroad.

#### 3.2.7.2Organization

The function in charge of operational risk ensures the monitoring and management of risks arising from failures attributable to operating procedures, employees and internal systems or arising from outside events.

Its duties, as described in the operational risk policies and procedures validated by the Operational Risk Committee, include:

●recording incidents via a network of Operational Risk Officers across all business lines and support functions;

●analyzing serious incidents using an escalation process;

●mapping potential risks, both qualitatively and quantitatively, based on a risk self-assessment and audits and controls carried out by the business lines;

●linking with other control functions;

●establishing key risk indicators and environmental variables of a predictive nature.

The framework is managed by the Operational Risk Committee which determines the operational risk policy, monitors Natixis’ operational risk exposure and makes final decisions on hedging and reduction. It is the operational extension of the executive body and of which it has full decision-making powers for issues within its area of responsibility. This quarterly Committee, in which the Finance division, the Compliance Department, including the Global Technology Risk Management business line, the Information Systems Department, the Enterprise Risk Management Department, the Model Risk Management Department, the General Inspection, the Head of CIB activities and the Operational Risk Department of Groupe BPCE take part, is chaired by the Chief Executive Officer, the Chief Risk Officer (or her deputy), with the Head of Operational Risks Department acting as secretary. The standing members of the Operational Risk function, apart from the Head of the department, are the divisions’ Heads of Operational Risk and the Standards, Reporting & Projects Officer.

The Operational Risk Committees of the business lines and support functions are a cascading of the Operational Risk Committee, which closely manages the operational risk exposure of each scope. These Committees are organized according to the function’s governance matrix (location and business lines). They are facilitated by the Operational Risk Manager acting as Committee secretary. Each Committee is chaired by the Head or manager in charge of the Committee’s scope (business line or support function, depending on the entity) with the participation of operational managers, and support function dedicated and compliance managers dedicated to the Committee’s scope.

The structure of the function mirrors the organization of:

●the business line divisions under the responsibility of the operational risk managers;

●geographic locations under the responsibility of the operational risk managers of the North and South America, Europe, Middle East, Africa and Asia-Pacific platforms reporting hierarchically to the local risk manager and functionally to the operational risk manager;

●the support and control functions under the responsibility of an operational risk manager covering – in addition to the activities within his or her remit – overall and systematic operational risks (loss of access to premises or information systems, or loss of employee availability) to which Natixis is exposed.

43 FTEs (full-time equivalent) are dedicated to operational risk management. Within their designated scopes (subsidiary, branch, business line or support function), they are responsible for instilling the operational risk culture, recording and analyzing incidents, mapping risks, proposing and following up corrective actions, compiling reports and escalating information to management. Analyses are carried out across the bank where the support or control functions are involved, or where the processes have an impact on teams, whether in the front, middle or back office.

This framework is managed using a single information system that has been deployed across the Company’s entities, business lines and support functions in France and internationally. This internal tool is available in French and English and hosts all the components of the operational risk supervision framework (incidents, risk mapping, key risk indicators (KRI), corrective actions, Committees, etc.). The accuracy of the information entered or approved by the operational risk managers is ensured through reconciliation with information from other functions (finance, compliance, legal, Information Systems Security, data quality, insurance, etc.).

Capital requirements for operational risk are calculated using the standard approach for all Natixis operating divisions. For the purposes of managing its economic capital, Natixis uses an internal methodology to obtain an overall estimation of its level of exposure to operational risk by business line entity, geographic region and certain major risk situations. The methodology relies on a value at risk (VaR) calculation based on risk mapping, factoring in identified incidents for backtesting and known external losses.

#### 3.2.7.3Operational risk monitoring

##### Risk mapping

Risk mapping is central to operational risk monitoring:

RCSA

Analysis of changes in the risk profile of the business lines and support functions

Control environment assessment

Incidents with financial, legal, and regulatory impacts

Qualitative assessment
of business line and support function risks by the risk owners

Qualitative evaluation
of business line and support function policies and procedures

Qualitative assessment
of the HR profile of
support functions

Qualitative evaluation of business line and support function

KRI

Incidents

Mitigation actions
decided by Committees

Control

P&P

HR

RCSA

Mapping

Gross
risk

RMS

Net
risk

Quantitative backtesting

Mitigation
actions decided by Committees

Regulatory environment/Compliance

Permanent Control/Compliance

Compliance
risk

Domestic and international regulations

PCL
1 & 2

Annual review
of first level controls based on risk assessment

Financial industry business lines & Operational environment

Mitigation actions decided by Committees

Scenario analysis on major risks

PCL
1 & 2

Results of
first level controls. Each
control is associated with one or several risks

External database, public incidents since 1995

Incidents
database

KRI: Key Risk Indicator.
RMS: Risk Management System.
RCSA: Risk Control & Self Assessment.
HR: Human Resources.
P&P: Policies and procedures.

The department in charge of operational risks, together with each business line, entity or support function and in consultation with the other control functions, manages the review of the operational risk mapping. The latter is based on the identification and descriptive analysis of risks, the quantification of these risk situations (definition of an average frequency, an average loss and a maximum loss), taking into account existing risk management framework. This mapping, based on the analysis of processes, is carried out on all of the bank’s activities. A history of internal incidents is used to check the consistency of the results obtained (backtesting), as well as the analysis of the findings of internal audits and results of permanent controls.

The risk mapping process serves to identify Natixis’ exposed business lines and its biggest risks in order to be able to manage them through corrective action and indicators.

The mapping of extreme risk situations (i.e. of very low frequency and severe impact, such as regulatory fines, major natural disasters, pandemics, terrorist attacks, etc.) is also based on the use of external data including data on financial industry incidents.

In addition to the risk mapping, more than 500 KRIs are set up, with limits and monitored at regular intervals, aiming to dynamically detect changes in operational risk exposure. They apply either to Natixis (overall indicators), to the business lines, or to the support functions that, with the operational risk manager, set the indicators as relevant early warning indicators during the mapping process. These indicators are submitted to the Operational Risk Committee for approval. Any breach of their thresholds, that is the subject of a systematic alert, may trigger action to be carried out immediately or requiring an Operational Risk Committee approval.

##### Identifying losses and incidents

###### Recording and analyzing incidents

Incidents are recorded throughout the year from a threshold of declaration set at respectively €5,000 for the Corporate & Investment Banking and Asset Management business lines and €1,500 for the Wealth Management business lines. A single definition of “serious incident” is used, in compliance with Groupe BPCE standards (€300,000 gross). All serious incidents (above the defined threshold or deemed serious by the business line and the Head of the Operational Risk Department) are reported immediately to the business line’s management and to the Chief Risk Officer.

Following an investigation involving all relevant parties, the operational risk manager of the business line compiles a standardized full report, including a factual description of the event, the analysis of the initial cause, the description of the impact and the proposed corrective actions. At all levels of the Company, the business line Operational Risk Committees review their serious incidents. They decide on the implementation of corrective actions, propose the associated deadlines and deliverables, and monitor progress. The entities and business lines can decide to apply these measures to their own threshold, which is lower than that of Natixis and consistent with its activity and level of risk.

###### Overall trend of reported incidents

In 2025, 2,494 aggregate incidents occurred during the year and were reported by the Natixis business lines in the recording tool.

◗Breakdown of the volume of incidents by activity and year of occurrence between 2023 and 2025

◗Percentage breakdown of net incident volume by Basel category and year of occurrence between 2023 and 2025

###### Measures to reduce risk

Natixis has implemented a monitoring framework in every business line and support function to monitor the corrective and preventive actions to reduce the bank’s exposure to operational risks. Of the 731 actions identified in 2025, 89% were directly initiated by the business lines in charge of their implementation, with monitoring by the business line and central Operational Risk Committees. These actions, defined to reduce and resolve operational risk, are ranked according to three priority levels depending on the risks incurred. The Operational Risk Committee is alerted to any delay in a first-level priority corrective action; a justification for the delay must then be provided.

#### 3.2.7.4Risk profile

In 2025, a risk analysis was performed on all business lines and on the support and control functions.

At December 31, 2025, the mapping of risk situations for all global business lines comprised more than 4,300 risk situations, including over 2,200 for Natixis CIB, over 1,500 for Asset and Wealth Management and over 80 for Natixis Algérie. Natixis’ risk profile features two main risk categories in terms of high potential impact: cross-functional risk (regulatory, pandemic, technological, including cyber, legal and climate) and business line risk, concentrated under Corporate & Investment Banking to which the Company as a whole is exposed. Tailored risk management frameworks have been introduced to cover these risks, including the safeguarding of procedures and controls, raising employee awareness, Business Continuity Plans, Information Systems Security and insurance policies.

#### 3.2.7.5Operational risk insurance

In terms of insurance, the networks and subsidiaries are covered for insurable operational risks under group insurance policies taken out with leading insurance companies. This system is supplemented by an in-house reinsurance company, which makes it possible to adjust deductible levels.

##### Coverage of insurable risks

At January 1, 2025, BPCE S.A. had taken out the following main insurance programs to cover its insurable operational risks and to protect its balance sheet and income statement, both on its own behalf and on behalf of its subsidiaries:

a)Combined “Global Banking (Damage to Securities & Fraud)”, “Professional Civil Liability” and “Cyber”,

b)“Liability Regulated Intermediation” (in 3 sections: Financial Intermediation, Insurance Intermediation, Real Estate Transaction/Management),

c)"Operating Liability", with extended coverage for “Subsidiary Owner's Liability” and “After Delivery and Acceptance Liability”,

d)"Director and officer liability",

e)"Material damage" to Headquarters & Assimilated Buildings and their contents (including IT equipment) & “Banking losses”,

f)"Protection of Digital Assets against Cyber-Risks” & “Banking Losses".

This coverage extends worldwide for initial risk or umbrella risk, subject to certain exceptions, mainly in terms of “Professional Civil Liability” where the policy does not cover permanent institutions based in the United States (where coverage is obtained locally by GFS's United States operations).

All the insurance policies mentioned above are purchased with deductibles (accepted retention level) in accordance with Groupe BPCE’s retention capacity.

### 3.2.8Asset-liability management

#### 3.2.8.1Governance and organization

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis is affiliated with BPCE, the central institution of Groupe BPCE, within the meaning of the French Monetary and Financial Code. Article L.511-31 specifies that central bodies represent credit institutions and are responsible for ensuring the cohesion of their network and the proper functioning of the institutions and companies affiliated with them. To this end, they take any necessary measures, notably to guarantee the liquidity and solvency of each of these institutions and companies, and of the network as a whole.

In accordance with Groupe BPCE’s organization and the missions of the central body, the supervision of the management of structural balance sheet risks, ALM policies and strategies is placed under the authority of the Group Strategic ALM Committee. These policies and strategies apply at the level of each affiliate, including Natixis.

Within Natixis, the Asset and Liability Management Committee (the "ALM Committee") is a Senior Management body. Chaired by the Chief Executive Officer, this bimonthly committee brings together the Chief Financial Officer, the Chief Risk Officer, the Head of BOAT (“Buffer, Financial Operations, ALM and Treasury”) Department, the Head of BPCE/Natixis Central Treasury, representatives of SBSR (“Structural Balance Sheet Risks”) department, representatives of CIB business lines, as well as representatives of BPCE Financial Management and Risk divisions.

The main missions of this Committee are:

●supervising Natixis' ALM management, including organization, delegations and associated responsibilities;

●monitoring the implementation of ALM strategies and policies set by the central body for Natixis;

●supervising the management of ALM constraints, including constraints defined by the Group for Natixis;

●validation of the internal liquidity envelopes allocated to the business lines as part of the budgetary process, and ratification of the market footprint envelope (SRN) granted to Natixis by the central body;

●approval of Natixis contribution to the Group's annual medium-term refinancing program;

●validation of the strategy for diversifying and attracting resources from non-financial clients;

●the validation of internal ALM thresholds and limits, with the exception of RAF limits. The allocation of Group thresholds and limits to Natixis is the responsibility of the Group Strategic ALM Committee, while RAF limits and thresholds applied to ALM management are approved by the Board of Directors on the recommendation of the Risk division;

●validation of Fund Transfer Pricing rules (FTP);

●approval of ALM documentation, including ALM Policy, CFP and LMP;

●validation of SBSR risk mandates, thresholds and limits;

●monitoring compliance with SBSR thresholds and limits.

Within the Finance division, the BOAT Department acts as a first line of defense (LoD1), executing the Committee’s decisions or coordinating their execution in compliance with its risk mandates, under the control of SBSR Department – second line of defense (LoD2).

The Risk division is responsible for the independent assessment of the framework for managing, measuring and monitoring structural balance sheet risks. This function covers the validation of ALM conventions classified as “models” and second-level controls of economic indicators produced by Treasury and the MC&R (“Metrics Calculation & Reporting”) Department, while second-level control of regulatory indicators produced by MC&R falls under the responsibility of “Financial Permanent Control”.

#### 3.2.8.2Management of liquidity and reﬁnancing risk

##### Objectives and policy

(Data reported to Statutory Auditors in accordance with IFRS 7)

Groupe BPCE’s refinancing policy, strategy and organization in which Natixis participates are placed under the authority of the Group Strategic ALM Committee and cover the entire consolidated scope of Groupe BPCE. In particular, they are based on:

●a capital accumulation and preservation strategy to defend, strengthen and promote Groupe BPCE’s credit signature and credit rating on global liquidity markets;

●a centralization of liquidity management and access to the liquidity markets within a liquidity pool supervised by BPCE and operating from the balance sheets of both BPCE S.A. and Natixis. This organization facilitates the application of a single pricing policy, optimizes the cost of financing and facilitates the liquidity circulation within the Group;

●a strategy to diversify the sources of funding by geographic area, currency, counterparty, maturity and instrument aiming to ensure stable and perennial refinancing of activities regardless of their geographic location or the currency used, while containing the market footprint;

●a management policy aiming to promote adequacy in terms of maturity between uses and resources within the framework of the Group’s risk appetite, in order to ensure the respect of its commitments towards its clients, and of its regulatory and economic constraints;

●a strategy of generating collateral and maintaining liquidity buffers to preserve business continuity in case of liquidity turmoil.

##### Monitoring framework

(Data reported to Statutory Auditors in accordance with IFRS 7)

The steering, management, measurement and oversight of this risk are based on the following Group framework:

●measurement and management of Natixis’ contribution to the Group’s market footprint;

●measurement and monitoring each business line’s consumption of unsecured liquidity (drawn and regulatory) from Treasury;

●measurement and management of Natixis’ contribution to Groupe BPCE’s short- and medium-term liquidity transformation;

●thresholds and internal limits applied to Natixis consolidated regulatory liquidity ratios;

●measures of Natixis’ contribution to Groupe BPCE’s consolidated liquidity stress;

●measures to monitor the execution of the Group’s strategy for raising liquidity and diversifying refinancing sources.

##### Contingency funding plan under liquidity stress

(Data reported to Statutory Auditors in accordance with IFRS 7)

The Contingency Funding Plan triggered in the event of a liquidity crisis (the “CFP") refers to the documentation describing the governance, organization, strategies and action levers to be used in the event of a liquidity crisis to preserve Groupe BPCE’s liquidity and ensure the continuity of its activities. It consists of:

●an ongoing monitoring framework based on quantitative and qualitative indicators (the “Early Warning Indicators”) associated with alert thresholds to facilitate the decision-making and escalation process;

●a description of the organization and governance to be implemented in the event of activation;

●a description of the strategies and action levers to be implemented.

In accordance with the missions of Groupe BPCE’s central body, the Group CFP is unique, covers the entire Groupe BPCE and its affiliates and is placed under the responsibility of BPCE Finance Division. The Group CFP is broken down at Natixis level to facilitate its operational implementation. Natixis CFP, validated by the ALM Committee, is itself broken down into local CFPs within the geographic platforms.

BPCE’s Finance Division carries out regular tests of the Group’s CFP, with the participation of Natixis, to ensure its operational readiness, identify any potential weaknesses and propose areas for improvement.

##### Refinancing principles and structure

(Data reported to Statutory Auditors in accordance with IFRS 7)

###### ALM Refinancing strategy

As mentioned in the “Objectives and policy” section, the refinancing strategy is unique, defined and supervised by the Group Strategic ALM Committee. Natixis participates in the execution of this strategy through the BPCE/Natixis Central Treasury Department, which reports to BPCE’s Financial Management division.

###### Refinancing structure for 2025

(Data reported to Statutory Auditors in accordance with IFRS 7)

◗By type of counterparty

◗By maturity

◗By currency

◗By platform

◗2025 MLT refinancing program

◗2024 MLT refinancing program

Sources: Gross management data, excluding leveling with BPCE.

##### Refinancing

(Data reported to Statutory Auditors in accordance with IFRS 7)

###### Economic and financial context

Global economic activity in 2025 showed remarkable resilience given the many uncertainties and challenges posed by the structural changes it faced.​ While uncertainty and rising trade barriers undoubtedly weighed on economic development, the IMF estimates global growth for 2025 at 3.30%, which is similar to the level observed in the previous year. International trade has successfully adapted to the massive increase in tariffs imposed by the United States.​ Despite continued highly expansionary fiscal policies, economic activity in developed economies slowed in 2025 (from 1.80% to 1.70%), but this decline was offset by strong growth in developing countries (estimated by the IMF at 4.40% in 2025, compared with 4.30% the previous year).

President Trump's announcement on April 2, 2025, of a general increase in tariffs on goods entering the United States raised fears of a slump in international trade and a resurgence of inflation if this trade war were to spread. The first half of the year was marked by an unprecedented phenomenon: importers, fearing the introduction of higher US tariffs and tighter border controls, brought forward their orders, which temporarily boosted volumes. The WTO, after forecasting a slight contraction in global merchandise trade volumes (0.2%) in the spring if the customs duties then in force were retained, significantly revised its assessment in the fall, forecasting growth of 2.4% in 2025, attributing this acceleration to stocks built up ahead of the barriers and to goods related to artificial intelligence (semiconductors, servers, telecom equipment). The implementation of numerous trade agreements during the second and third quarters also helped to limit the impact of these tariff increases, although tensions between the United States and China continued to drive the market throughout the year, particularly with regard to exports of rare earths, which Beijing used as leverage in trade negotiations.

Inflation in the United States stood at 2.70% in 2025, which is slightly lower than in 2024 (3.00%) but still above the Fed's comfort zone (2.00%). The normalization of services prices expected by the Fed materialized, with a slowdown from 4.39% to 3.26%. On the other hand, growth in the housing sector (3.20% year-on-year) remains at a level considered too high by the US central bank. The minutes of the Fed's December meeting indicate a consensus among FOMC members that the effects of the tariff increases are expected to diminish in the coming months. However, some members believe that its effects could last throughout the year. In the euro zone, however, inflation was limited to 1.90% in 2025, and the European Central Bank appears to believe that this moderation is sustainable.

The Fed remained patient in the first half of the year, preferring to gauge the effects of tariff increases on price levels before proceeding with rate cuts. It was ultimately the slowdown in the labor market observed from the second quarter onwards that prompted it to take action. The United States created only 584,000 non-farm jobs in 2025, compared to more than two million the previous year, and the unemployment rate rose from 4.10% to 4.40% of the labor force. The long shutdown (43 days, from October 1 to November 12) complicated its work by disrupting federal statistical production. Nonetheless, the US central bank ultimately decided to proceed with three successive 25 basis point cuts (in September, October, and December), bringing the Fed Funds rate range down to 3.50-3.75% at the end of the year, amid unusual internal dissent and intense tensions between the executive branch and the central bank. Convinced that the trade war would have a deflationary effect in the euro zone, the ECB did not hesitate to cut rates four times at the beginning of the year, lowering the deposit facility rate from 3.00% to 2.00%. Now that this level, which it considers to be close to neutrality, has been reached, the European Central Bank is adopting a cautious stance and refrains from communicating any guidance to the market regarding the likely evolution of interest rates, which will be examined at each monetary policy meeting in light of economic data.

The Middle East experienced a period of tension in June 2025 following an Israeli raid targeting Iranian nuclear and military sites, with the United States intervening directly to target uranium enrichment centers. This operation fueled a regional risk premium, increased the volatility of marine insurance costs, and highlighted the vulnerability of critical energy routes, even though the impact on oil prices was limited. In Eastern Europe, talks between Ukraine and Russia have stalled: after two rounds of negotiations in Istanbul in the spring, no substantial progress has been made despite initiatives by Turkey and the United States. Europe continues to accelerate its rearmament, with Germany committing to an exceptional budgetary effort via a special fund of around €500 billion, intended to finance investments in infrastructure, energy transition, and defense. These expenditures should support economic activity in the countries of the euro zone but will weigh on public deficits.

In Asia, the Bank of Japan raised its key rate to 0.75% in December. BoJ Governor Kazuo Ueda has indicated his desire to continue this move toward normalizing rates, but the sharp rise in bond yields, which saw 10-year government bonds trading above 2% for the first time since 1999, calls for caution. The Chinese economy achieved its growth targets in 2025 but continues to show a two-speed profile. Exports reached a record high, and the trade surplus exceeded $1 trillion for the first time, despite a sharp decline in exports to the United States. The shift to ASEAN, Africa, and the EU largely offset the contraction in US purchases. On the domestic front, however, domestic demand remained weak, with real estate continuing to weigh on household consumption.

###### Short-term refinancing

2025 was marked by a dynamic liquidity collection strategy at the beginning of the fiscal year, followed by a gradual adjustment to contain excess liquidity. This resulted in a deliberate reduction in outstanding short-term issue programs (-€5.6 billion), with most of this change concentrated in US programs (USCP, Yankee CD), while outstanding European programs (NeuCP and ECP) remained more stable. The relative currency mix of our issuance was broadly unchanged, with the share of the US dollar moving from 65.4% to 66.2% of outstanding amounts and that of the euro remaining at 28%.

Demand from European Money Market Funds, particularly French funds, for prime-quality bank signatures remains very strong, especially for longer maturities (six months and above). Furthermore, interest rate cuts by central banks, particularly the Fed at the end of the year, did not dampen investor appetite for monetary assets in these times of geopolitical and economic uncertainty. Total assets under management in US Money Market Funds thus rose from $6,806 billion to $7,666 billion over the year, and outstandings of prime funds that can purchase bank credit rose from $1,079 billion to $1,218 billion. The downgrade of France's credit rating by Fitch and Standard & Poor's also had no impact on investor interest in the country's bank issues.

◗Natixis’ short-term debt issuance programs outstandings

(in millions of euros or euro equivalents) | Certificates of deposits | Commercial papers
--- | --- | ---
Program size* | 45,000 | 24,772
Outstandings as of 31/12/2025 | 20,248 | 12,537
*For certificates of deposit, size of the NEU CP (Negotiable EUropean Commercial Paper) program only.

###### Long-term refinancing

Despite the turbulence, the credit market remained very dynamic in 2025. Banks remained particularly active, raising $384 billion in senior debt and $81 billion in capital in the dollar segment, volumes close to those of 2024, and €362 billion in the euro debt market. Spread dynamics fluctuated throughout the year. During the first few months of 2025, the Group observed a slight widening of spreads, reflecting geopolitical uncertainties and risks, but also issuers' desire to move quickly in executing their issuance programs. However, the latter part of the year saw a tightening of spreads, which returned to levels close to those seen before 2022 for high-quality issuers. This easing reflects renewed confidence and strong demand for bank issues, supported by prospects for financial stability and robust capital ratios.

Strong investor demand for bank debt resulted in low issue premiums: close to zero for dollar-denominated issues and around +5 bps for euro-denominated issues. Euro funds (IG and HY) recorded record net inflows of €60 billion in 2025 (€20 billion in 2024).

◗Issues and outstanding of Natixis’ medium- and long-term debt issuance programs

(in millions of euros or euro equivalents) | EMTN | NEU MTN | US MTN | Bonds
--- | --- | --- | --- | ---
Issues as of 31/12/2025 > 1 year | 4,729 | 0 | 65 | 23,755
Outstandings as of 31/12/2025 | 24,091 | 2 | 135 | 31,942

#### 3.2.8.3Structural foreign exchange risk

(Data reported to Statutory Auditors in accordance with IFRS 7)

##### Objectives and policy

The policy for managing structural foreign exchange positions on a consolidated basis is supervised by Natixis ALM Committee, whose governance and missions are described in Section [3.2.8.1]. This policy aims to hedge the CET1 ratio against exchange rate variations. The positions, whose revaluation is included in the numerator of the ratio under translation adjustments, align the CET1 denominated in foreign currency with RWAs denominated in foreign currency. They are generated either by foreign currency capital injections to foreign branches or subsidiaries, refinanced in the reporting currency, or by the retention of foreign currency revenues. Conversely, they are reduced by repatriating net income denominated in foreign currency held abroad and exchanged into euro, or by refinancing the net investment denominated in foreign currency through debt in the same currency. Natixis does not use hedging derivatives to manage its structural foreign exchange positions or to hedge the sensitivity of its CET1 ratio against exchange rates variations.

◗Structural foreign exchange position

Currency (equivalent value in millions of euros at current exchange rates) | Structural change
--- | ---
Opening position 31/12/2024 | Closing position 31/12/2025
USD | 4,390 | 4,610
DZD | 217 | 227
AUD | 136 | 110
JPY | 89 | 109
CNY | 43 | 38
HKD | 42 | 39
TWD | 13 | 18
KRW | 29 | 35
CAD | (4) | (1)
GBP | 4 | 10
Others | 9 | 12

#### 3.2.8.4Global interest rate risk

##### General policy

(Data reported to Statutory Auditors in accordance with IFRS 7)

Activities hosted by Natixis on behalf of Groupe BPCE are mainly operated and refinanced on a variable rate basis. Natixis’ prudential banking book is therefore very little sensitive to interest rates variations, and the materiality of this risk is low. Natixis’ policy for managing overall interest rate risk is therefore not aimed at structurally holding directional interest rate positions in the banking book over the long term.

With certain exceptions, fixed-rate financial assets and liabilities are hedged at variable rates using interest rate swaps. The overall interest rate positions are mainly centralized in the Treasury department, and managed within the framework of mandates and limits monitored by SBSR (Structural Balance Sheet Risk) department within the Risk division. The accounting treatment of interest rate hedges and their relationship to the hedged instruments is governed by IAS accounting standards.

##### Overall interest rate risk surveillance framework

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis is subject to the Group framework for measuring and monitoring interest-rate risk on its consolidated banking book, in accordance with the system defined by the Group ALM, supplemented by a measurement and monitoring framework calibrated internally according to the specific needs of each entity.

Interest rate risk management for the Natixis banking book is overseen by the ALM Committee, whose governance and missions are described in Section [3.2.8.1]. The overall interest rate positions are managed by the LoD1 functions within the framework of risk mandates and defined limits, under the control of the Risk division’s LoD2 functions, and more specifically of SBSR Department.

Three main categories of measures are implemented:

●static fixed interest rate gaps, calculated by currency and maturity bucket; they represent the schedule of transactions until their next rate reset date;

●measures of economic value sensitivity (∆EVE) by curve point and by currency for all transactions in the prudential banking book, irrespective of their accounting treatment (amortized cost, fair value through profit or loss, fair value through OCI): this indicator measures the change in economic value in response to different yield curve deformation scenarios (including those standardized by EBA);

●measures of changes in Net Interest Income (∆NII): this indicator measures the sensitivity of future net interest income to different scenarios, under the assumption of a roll-over of maturing transactions over the time horizon considered.

Limits validated by the Group Strategic ALM Committee as part of Groupe BPCE's Risk Appetite Framework have been allocated to Natixis indicators.

##### Quantitative information

(Data reported to Statutory Auditors in accordance with IFRS 7)

Natixis' contribution to Groupe BPCE's fixed interest rate gap, presented below, consolidates all transactions recorded in the prudential banking book.

◗Interest rate gap by maturity as at December 31, 2025

Maturity (in millions of euros) | 1 year | 3 years | 5 years | 7 years
--- | --- | --- | --- | ---
Interest rate gap (fixed-rate) | (327) | 200 | 374 | 235

The table below presents the sensitivity of the economic value (∆EVE) and the net interest income (∆NII) of Natixis’ consolidated banking book according to the different regulatory scenarios of interest rate fluctuations for the annual reporting dates:

◗Sensitivity of Economic Value and of Net Interest Income (IRRBB – Table B)

Period (in millions of euros) | ∆EVE | ∆NII
--- | --- | ---
31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Parallel up | 30 | (28) | (46) | (151)
Parallel down | (76) | 10 | 7 | 50
Steepener | (17) | (39) |  |
Flattener | 7 | 4 |  |
Short rates up | 15 | (4) |  |
Short rates down | (47) | (27) |  |
Period | 31/12/2025 | 31/12/2024 |  |
Tier 1 capital | 15,509 | 13,538 |  |

Stress test calculations are performed with the progressive regulatory floor and according to the cross-currency aggregation method, as defined in the October 2022 EBA Guidelines. For the Net Interest Income, the sensitivity shown corresponds to the Standard Outlier Test (SOT), which measures the sensitivity of the NII over the first year to regulatory interest rate shocks.

Natixis' banking book exhibits limited exposure to interest rate risk, with fixed-rate exposures concentrated within very short maturities.

The regulatory stress scenarios set by the European Banking Authority (parallel upward or downward shift in yield curves, steepening, flattening, increase or decrease in short-term rates with a progressive floor) indicate in the most adverse scenario a -€76 million variation in the economic value of the banking book (taking into account the EBA's inter-currency aggregation approach) for the scenario of a parallel downward shift of the yield curve as of December 31, 2025, equivalent to 0.5% of Tier 1 capital.​

The sensitivity of Natixis' Net Interest Income to changes in interest rates under various stress scenarios as of December 31, 2025 remains low, representing less than 0.3% of Tier 1 Capital under the parallel shift in yield curves scenario defined by the EBA. These results underline the low exposure of Natixis’ banking book to interest rate risk.

#### 3.2.8.5Breakdown of financial liabilities by contractual maturity

(Data reported to Statutory Auditors in accordance with IFRS 7)

◗Breakdown of financial liabilities by contractual maturity

(in billions of euros) | 31/12/2025
--- | ---
Total | Demand | Less than 1 month | 1 to 3 months | 3 to 6 months | 6 months to 1 year | 1 year to 2 years | 2 years to 5 years | Over 5 years | Not determined
Central banks |  |  |  |  |  |  |  |  |  |
Financial liabilities held for trading purposes – excluding trading derivatives | 140.4 | - | 76.2 | 15.1 | 6.5 | 5.5 | 2.0 | 5.3 | 7.0 | 25.5
o/w Repurchase agreements | 98.0 | - | 75.9 | 14.6 | 4.7 | 1.6 | 0.5 | 1.2 | 0.1 | -
Secured debt | - | - | - | - | - | - | - | - | - | -
Unsecured debt | - | - | - | - | - | - | - | - | - | -
Financial liabilities at fair value through profit or loss | 52.1 | - | 2.6 | 3.9 | 3.5 | 6.2 | 5.5 | 12.5 | 21.4 | 0.0
o/w Repurchase agreements | - | - | - | - | - | - | - | - | - | -
Secured debt | - | - | - | - | - | - | - | - | - | -
Unsecured debt | 49.8 | - | 2.0 | 3.3 | 3.3 | 6.1 | 5.4 | 11.5 | 21.4 | -
Trading derivatives | 58.2 | - | - | - | - | - | - | - | - | 58.2
Hedging derivatives | 0.3 | - | - | - | - | - | - | - | - | 0.3
Due to banks | 133.6 | 5.1 | 7.4 | 21.8 | 6.1 | 20.7 | 60.6 | 10.2 | 2.2 | 4.7
o/w Repurchase agreements | 3.7 | - | 1.4 | 0.0 | 1.5 | 0.5 | 0.1 | 0.0 | 0.3 | -
Customer deposits | 64.2 | 33.3 | 9.0 | 7.3 | 3.8 | 4.4 | 4.7 | 7.4 | 7.1 | 1.0
o/w Repurchase agreements | 0.0 | - | 0.0 | - | - | - | - | - | (0.0) | -
Debt securities | 38.1 | - | 5.5 | 11.8 | 7.3 | 10.5 | 0.4 | 1.6 | 3.2 | -
o/w Covered bonds | 1.1 | - | 0.0 | 0.0 | 0.0 | 0.1 | 0.3 | 0.5 | 0.3 | -
Revaluation adjustments on portfolios hedged against interest rate risk | 0.0 | - | - | - | - | - | - | - | - | -
Subordinated debt | 3.0 | - | 0.0 | 0.0 | 1.0 | 0.0 | 0.1 | 1.9 | 0.4 | -
Total | 489.8 | 38.4 | 100.7 | 59.8 | 28.2 | 47.4 | 73.2 | 38.9 | 41.4 | 89.7

(in billions of euros) | 31/12/2024
--- | ---
Total | Demand | Less than 1 month | 1 to 3 months | 3 to 6 months | 6 months to 1 year | 1 year to 2 years | 2 years to 5 years | Over 5 years | Not determined
Central banks |  |  |  |  |  |  |  |  |  |
Financial liabilities held for trading purposes – excluding trading derivatives | 139.1 | - | 82.3 | 13.8 | 4.7 | 6.1 | 2.0 | 3.5 | 5.2 | 21.5
o/w Repurchase agreements | 100.9 | - | 81.9 | 13.8 | 3.7 | 1.3 | 0.2 | 0.1 | 0.1 | -
Secured debt | - | - | - | - | - | - | - | - | - | -
Unsecured debt | 0.0 | - | - | 0.0 | - | - | - | - | - | -
Financial liabilities at fair value through profit or loss | 42.8 | - | 2.1 | 2.8 | 3.2 | 5.1 | 4.9 | 18.2 | 6.5 | 0.0
o/w Repurchase agreements | - | - | - | - | - | - | - | - | - | -
Secured debt | - | - | - | - | - | - | - | - | - | -
Unsecured debt | 41.3 | - | 2.1 | 2.7 | 3.1 | 5.0 | 4.8 | 17.3 | 6.3 | -
Trading derivatives | 60.9 | - | - | - | - | - | - | - | - | 60.9
Hedging derivatives | 0.3 | - | - | - | - | - | - | - | - | 0.3
Due to banks | 149.0 | 5.6 | 21.4 | 18.4 | 3.5 | 17.7 | 68.4 | 6.6 | 2.7 | 4.8
o/w Repurchase agreements | 2.9 | - | 0.6 | 0.0 | 0.0 | 1.5 | 0.5 | - | 0.3 | -
Customer deposits | 70.1 | 26.6 | 6.9 | 7.3 | 4.2 | 3.7 | 3.7 | 8.0 | 8.4 | 1.2
o/w Repurchase agreements | (0.0) | - | - | - | - | - | - | - | (0.0) | -
Debt securities | 45.9 | - | 6.6 | 15.9 | 12.1 | 9.8 | 0.5 | 0.4 | 0.5 | -
o/w Covered bonds | 1.3 | - | 0.0 | 0.0 | 0.0 | 0.1 | 0.3 | 0.5 | 0.3 | -
Revaluation adjustments on portfolios hedged against interest rate risk | 3.0 | - | - | - | - | - | - | - | - | 3.0
Subordinated debt | 3.4 | - | 0.0 | 0.0 | 0.0 | 0.4 | 1.0 | 1.4 | 0.5 | 0.0
Total | 514.3 | 32.2 | 119.3 | 58.2 | 27.7 | 42.8 | 80.5 | 38.1 | 23.9 | 91.7

### 3.2.9Compliance risk

For a definition of compliance risk, refer to Section [3.2.3.7] “Risk typology”.

#### 3.2.9.1Compliance Department

The Compliance Department is responsible for supervising and monitoring compliance risk. In particular, it carries out second-level controls and coordinates the first-level permanent control framework for compliance risks. Its scope of action encompasses Natixis and its subsidiaries and branches in France and abroad, thanks to its functional structure.

The most significant changes that took place in 2025 are as follows:

The Compliance Department supported strategic business line initiatives, particularly those aimed at obtaining new licenses or opening branches in key markets such as Japan, India, and Sweden. This support for business line growth was also evident in its participation in innovative projects related to high-frequency trading. On the regulatory front, initiatives such as MiFIR, EMIR 3, and SEC Rule 192 on conflict of interest management have been launched to ensure compliance and operational efficiency.​

Strengthening the compliance risk management framework is at the heart of the Compliance Department's initiatives, with, for example, the revision of the I-CARE system to refocus critical risk management, the strengthening of operational incident governance to ensure timely reporting to supervisors, the improvement of coordination between permanent control systems, and the consolidation of evaluation processes (for suppliers, recruitment, and sponsorship) with regard to anti-corruption. These actions, which are not exhaustive, illustrate a proactive approach to risk management.

Finally, 2025 was marked by internal reorganizations: the transfer of Middle East entities to the Asia-Pacific platform was initiated, the department responsible for market surveillance was integrated into Global Markets Compliance, and regulatory affairs management was optimized by redefining the roles of the Compliance Department and the Regulatory Affairs department within the General Secretariat.

##### Responsibilities

The compliance function advises and assists all Natixis employees in preventing potential compliance risks in the course of their various business line activities, as well as identifying and managing new regulatory risks and emerging compliance risks. It positions itself as a key player in the operational implementation of the principles set out in the Natixis Code of Conduct which, with respect to compliance, are included in Natixis’ compliance policies and procedures.

The scope of the compliance function covers non-financial risks and, in particular, the legislative and regulatory provisions specific to banking and financial activities, as well as professional standards aimed at preventing any compliance risk identified and assessed in the compliance risk map. This includes the conformity of products or services supplied, market integrity, financial security and the fight against fraud,

In this context, the Compliance Department participates in the implementation of standards, policies and procedures and issues opinions, in particular for the management of new activities, new products or new organizations by ensuring their compliance with the applicable texts.

The Compliance Department also monitors regulatory developments and contributes to training and awareness-raising initiatives on regulatory changes.

The Compliance Department coordinates first-level permanent controls of compliance risks. In addition, it sets up and implements second-level permanent controls to ensure that procedures are applied within the business lines and that compliance risks are managed, as part of a risk-based approach (see Section [3.2.1] Organization of Natixis’ internal control framework). To this end, the Compliance Department maps compliance risks. Lastly, it ensures that any malfunctions identified are corrected by the relevant business lines.

##### Governance

As defined in the French Ministerial Order of November 3, 2014, the Compliance Department, as a second-line-of-defense function, verifies compliance independently of the operational departments (see Section [3.2.1]). It reports to the General Counsel in charge of Compliance, Legal, Security, Governance & Regulatory Affairs of Natixis, a member of the Senior Management Committee, and functionally to the Compliance Department of Groupe BPCE.

The Compliance Department reports to the members of Natixis’ Senior Management Committee and the Board of Directors (in particular via the Risk Committee) on the main risks detected, and on the implementation and effectiveness of the measures to address these risks. It participates in the preparation of various reports for the regulators.

The compliance function applies the operating and reporting principles of Groupe BPCE.

The operating rules of the Compliance Department are documented and validated by the GFS Global Compliance Committee, and forwarded to the Natixis Risk Committee for information. These rules, drawn up in application of the principles and guidelines defined in Groupe BPCE’s compliance framework document, constitute the minimum framework to be applied by the entire sector.

##### Global oversight

The Natixis Compliance Department is responsible for steering, monitoring and supervising the compliance framework of all Natixis entities, in accordance with the supervisory principles set out in the Groupe BPCE compliance framework document.

The level of compliance monitoring and supervision exercised by the Compliance Department within each Natixis business line and entity may be adapted according to local regulatory requirements, the risks specific to the entity and the level of integration.

Natixis organizes its control functions on a global basis in order to ensure that the internal control framework is consistent throughout the Company. This organization aims to ensure compliance with the principle of strict independence between, on the one hand, the operational and functional units responsible for initiating and validating transactions, and, on the other hand, the units that control them.

The Natixis Compliance Department provides oversight, guidance and leadership to the compliance managers of the entities as part of its operations.

The compliance function is deployed across all Natixis entities, whether or not the activities or entities are regulated, provided that the entities concerned are exclusively or jointly controlled, directly or indirectly, by Natixis S.A.

At least one Compliance Officer is appointed for each country in which Natixis operates.

##### Tools

Compliance relies on a variety of specialized compliance applications to meet its diverse needs, including monitoring, reporting, and regulatory control. The main tools cover the following areas:

●AML monitoring: tools are essential for monitoring transactions to detect suspicious activity, enabling the timely detection and reporting of potential money laundering cases,

●market abuse monitoring: tools help identify and prevent illegal trading practices by analyzing trading patterns and behavior to detect any signs of market manipulation,​

●transaction screening: tools are used to screen transactions against watchlists and sanctions lists, helping to prevent fraudulent activity and ensure compliance with regulatory requirements,​

●continuous monitoring: applications enable continuous assessment and verification of compliance processes, ensuring that all operations are aligned with established policies and best practices,

●conduct monitoring: this tool ensures compliance with ethical and conduct rules,

●reporting: tools providing compliance KPIs and KRIs for various committees and regulatory reports,

●regulatory watch: tool that provides information on regulatory events/publication of new regulations,​

●whistleblowing system.

Some tools are shared with Groupe BPCE, while others are implemented at Natixis in accordance with group standards.

Compliance defines the necessary features of the tools. Aspects related to the development, updates, and maintenance of these tools are managed by IT teams at Natixis or Groupe BPCE.

##### Main frameworks

The monitoring framework for compliance risks is detailed in a set of internal rules and procedures that include procedures for managing malfunctions and reporting alerts. Risk management is thus ensured through the deployment of various frameworks.

With regard to frameworks designed to protect clients and their interests:

The protection of clients’ interests is a core concern for Natixis that is reflected in the policies of every entity in France and abroad, as well as being included in its Code of Conduct. In all circumstances, employees are required to serve clients with diligence, loyalty, honesty and professionalism, and to offer financial products and services that are appropriate to clients’ abilities and needs.

In this context, and in order to maintain a high level of client protection, Natixis establishes and maintains a body of procedures and carries out controls on this topic.

This resulted in the implementation of various systems used to manage Know Your Client (KYC) and other information, establish governance for products offered to clients and preserve their assets. Concerning the GDPR and the protection of clients’ personal data, see Section [3.2.9.3].

●Client information

There is a client information procedure encompassing all the MiFID 2 obligations with respect to client onboarding, as well as the pre- and post-trade information due to clients based on their status as non-professional clients, professional clients or eligible counterparties as defined by regulations.

There is also a specific procedure for cost and expense information, and key information documents for packaged products to be provided to non-professional clients, thus ensuring Natixis’ compliance with PRIIPS obligations.

●Know Your Client (KYC)

Natixis implements policies and procedures so that the client due diligence procedures are in line with the various regulatory requirements governing the prevention of money laundering and terrorist financing (AML-CTF) and comply with embargoes and sanctions, the prevention of corruption (Sapin II) and the prevention of tax avoidance (FATCA, EAI, DAC6). The due diligence carried out at the outset of the relationship also aims to protect clients (MiFID, EMIR, Dodd-Frank Act).

●Protection of client financial instruments and funds

When Natixis holds financial instruments or funds belonging to clients, it has a system of accounts and ledgers to preserve the ownership rights of said clients over their financial assets (account segregation).

Natixis does not use financial instruments belonging to its clients on its own behalf.

●Product governance

MiFID 2 reinforced the principle of product governance, which also aims to define and regularly review a target market for all financial instruments and insurance products sold by Natixis and to ensure that the product was sold to the intended target. This includes ensuring consistency and alignment between the target market and the distribution strategy and taking into account new requirements in terms of sustainable finance preferences (client preferences). Product governance applies to all kinds of clients, regardless of their MiFID classification, and all products regardless of their level of complexity or trading venue.

Adapting product governance, especially the definition and validation of the target market, to operations is handled through dedicated committees/working groups.

●Handling of client complaints

This framework ensures that:

●clients receive transparent information on how their complaints are being handled;

●complaints are handled effectively, and

●corrective action is enforced to remedy any problems identified.

With regard to fraud prevention:

●definition of general principles for combating internal and external fraud: prevention, detection and reporting, investigation, corrective actions, and reporting;

●an anti-fraud unit within the Compliance Department responsible for coordinating and monitoring the anti-fraud framework;

●the appointment of an anti-fraud correspondent for each company/regional platform/business line/support function/entity/subsidiary/branch (worldwide scope);

●and an anti-fraud oversight committee that monitors the effectiveness of the system.

With regard to:

●the Conduct framework (see Chapter 7 Section 4.1.2.2 A);

●the business conduct training policy (see Chapter 7, Section 4.1.2.2 C);

●the Financial Security framework, designed to combat money laundering and terrorist financing, and to ensure compliance with national and international sanctions (embargoes and asset freezes) (see Chapter 7 Section 4.1.2.2 D) and the Prevention and detection of corruption and bribery (see Chapter 7 Section 4.1.2.4);

●frameworks designed to prevent, identify, and manage conflicts of interest and prevent market abuse in order to avoid any damage to market integrity (see Chapter 7, Section 4.1.2.2 E).

#### 3.2.9.2IT risk

With the entry into force in 2019 of the EBA's guidelines on the management of "ICT" risks, the evolution of the French Ministerial Order of November 3, 2014, as well as European Regulation 2022/2554 of December 14, 2022 on the digital operational resilience of the financial sector (DORA), Natixis has strengthened its management of IT-related risks.

The Security department, which reports directly to Natixis' General Counsel in charge of Compliance, Legal, Security, Regulatory Affairs & Governance, encompasses technology risk management, personal data protection, and business continuity. This department is the second line of defense for Natixis, its branches and subsidiaries in France and abroad.

##### Information Systems Security

The TRM Department assesses the risks related to the information system. It employs a method which identifies, in terms of operational risk, the risk situations of concern to the business lines and their potentially vulnerable IT assets. Risk assessments may be conducted during the annual review or may be completed as part of work done to support another project. The business line projects monitored by TRM generally give rise to the expression of specific requirements in order to better manage risks.

In light of these risks, the TRM Department implements an annual second-level permanent control plan covering all areas of IT system security. Particular attention is paid to checks on access rights and intrusion tests on information assets exposed on the Internet.

The risk-based approach also helped establish the Group's 2025-2030 cyber and resilience strategic program. The aim of this program is to raise the maturity level of our current system up to that of the best market standards, to broaden our risk-based approach, and to continue our efforts to respond to the risks associated with technological developments (AI, quantum, etc.) and meet increasingly stringent regulatory requirements.

Natixis applies the IT risk management policies and methods defined by the Groupe BPCE security division and consolidates the management of IT risks in the Groupe BPCE tool. The Head of TRM is a permanent member of Groupe BPCE’s IT Security Executive Committee.

##### Business continuity

Natixis’ business continuity framework combines incident management based on their consequences (unavailability of the IT system, sites, or critical skills or suppliers) with emergency measures specific to local scenarios (Seine flood, cyberattack, etc.).

Since COVID, Natixis has been working remotely, which means less exposure to sudden crises and enables an appropriate response in the event of slow-onset crises (flooding of the Seine, strikes, etc.).

Natixis regularly tests this entire framework using first- and second-level controls, crisis management exercises and backup solution tests. In this context, Natixis carries out a multi-year test plan of its resilience capacities in the event of cyber-attacks.

Natixis applies Groupe BPCE’s business continuity methods and standards and is integrated into the business continuity function managed by Groupe BPCE’s Business Continuity.

#### 3.2.9.3Personal data protection

Reporting to Natixis' Chief Security Officer, the Natixis Data Protection Officer (DPO) leads a community of “Data Privacy Liaisons” (DPLs) spread across all Natixis entities and business lines.

This unit aims to ensure that Natixis complies with all regulations relating to the protection of personal data in the countries in which it operates and, more specifically, to ensure compliance with the European Regulation on the protection of personal data (GDPR). Natixis’ Data Privacy Committee monitors the activity of the sector and manages residual compliance actions.

Natixis has a personal data register and procedures for key processes, such as handling data leaks, processing requests by individuals to exercise their rights, dealing with referrals to the authorities, updating and annually reviewing the register, carrying out the first and second-level control plan, managing training needs, conducting the regulatory watch and ensuring Privacy by Design/Default in projects.

### 3.2.10Legal risks

Like many banking groups, Natixis and its consolidated subsidiaries are subject to legal and tax proceedings and investigations by regulatory authorities.

As assessed as of December 31, 2025, the financial consequences of these proceedings deemed likely to have, or which have in the recent past had, a material impact on the financial position of Natixis and/or Natixis and its consolidated subsidiaries as a whole, or on their profitability or their business, have been included in Natixis’ consolidated financial statements.

The most significant legal and arbitration proceedings are described below. Their inclusion in the list does not indicate that they will necessarily have an impact on Natixis and/or its consolidated subsidiaries. The other proceedings, including those related to tax, are deemed unlikely to have a material impact on Natixis’ financial position or profitability and/or that of Natixis and its consolidated subsidiaries as a whole, or have not reached a stage where it can be determined whether they will have such an impact.

#### 3.2.10.1Legal and arbitration proceedings

##### Madoff fraud

The Madoff exposure is estimated at €306 million in countervalue as of December 31, 2025, fully provisioned at that date, compared with €347.8 million as of December 31, 2024. The actual impact of this exposure will depend both on the degree of recovery from which Natixis benefits, and on the outcome of any legal or other remedies available to the bank. Furthermore, in 2011 a divergence emerged over the application of the insurance policy for professional liability in this case, which had been taken out with successive insurers for a total amount of €123 million. In November 2016, the Paris Court of Appeal vindicated the Commercial Court’s prior ruling that primary insurers were liable to cover the losses incurred by Natixis due to the Madoff fraud, up to the amount for which the bank was insured. On September 19, 2018, the Court of Cassation subsequently annulled the ruling under appeal and referred the case back to the Paris Court of Appeal with a differently constituted bench. On September 24, 2019, the Court ruled against Natixis, overturning the ruling by the Commercial Court of Paris. Natixis filed an appeal with the Court of Cassation in December 2019. The Court of Cassation dismissed the appeal on November 4, 2021, so that the ruling of the Paris Court of Appeals of September 24, 2019, unfavorable to Natixis, became final and irrevocable.

Irving H. Picard, the liquidator of Bernard L. Madoff Investment Securities LLC (BMIS), submitted a restitution claim concerning the liquidation of amounts received prior to the discovery of the fraud through a complaint filed with the United States Bankruptcy Court for the Southern District of New York against several banking institutions, including a US$400 million claim against Natixis. Natixis denies the allegations made against it and has taken the necessary steps to defend its position and protect its rights. Natixis has launched appeals, including a motion to dismiss the case on a preliminary basis, or prior to any ruling on the merits, and a motion to withdraw the reference to transfer certain matters to the United States District Court. These proceedings have been subject to numerous rulings and appeals and are still ongoing. A November 2016 ruling by the bankruptcy court dismissed a number of restitution claims initiated by the trustee on the grounds of extraterritoriality. In September 2017, the Second Circuit Court granted the BMIS liquidator and the defendants the right to appeal the bankruptcy court’s ruling on the grounds of extraterritoriality directly through the Second Circuit, thereby avoiding the need to file an intermediary appeal with the District Court. In February 2019, the Court of Appeals for the Second Circuit overturned the bankruptcy court’s extraterritoriality ruling. In August 2019, Natixis joined the group of defendants that filed a request for permission to appeal the Second Circuit Court’s ruling before the Supreme Court. In June 2020, the Supreme Court refused to hear the case. On August 30, 2021, the court of the Second Circuit clarified the concept of “good faith” by deciding (i) that it is determined according to the standard of “inquiry notice” which is less favorable to the defendants, and (ii) that the burden of proof lies not with the liquidator of BMIS but with the defendants. These preliminary points having now been decided, the proceedings are continuing on the merits. The liquidator of BMIS has taken steps to split the claim for restitution initially brought against Natixis into two separate actions, one against Natixis S.A. (initial action amended to include only Fairfield Sentry unit redemptions) and the other against Natixis Financial Products LLC (new action to be brought relating to Groupement Financier unit redemptions). These two separate actions have been filed and are ongoing. The bankruptcy court issued its rulings in November 2023, rejecting the motions to dismiss filed by Natixis S.A. and Natixis Financial Products LLC (“Motion to Dismiss”). In December 2023, Natixis S.A. filed an appeal seeking leave to appeal the decision denying its Motion to Dismiss. Leave to appeal was rejected on February 2, 2024. The case is ongoing.

Furthermore, the liquidators of Fairfield Sentry Limited and Fairfield Sigma Limited have initiated a large number of proceedings against investors having previously received payments from these funds for redemptions of shares (over 200 proceedings have been filed in New York). Some Natixis entities have been named as defendants in some of these proceedings. Natixis deems these proceedings to be entirely unfounded and is vigorously defending its position. These proceedings have been suspended for several years, and in October 2016 the bankruptcy court authorized the liquidators to modify their initial claim. The defendants filed joint responses in May and June 2017. In August 2018, the bankruptcy court ruled on a motion to dismiss filed by the defendants (requesting that the case be dismissed on a preliminary basis and prior to any ruling on the merits). The judge only gave a ruling on one of the merits (that of personal jurisdiction), having found that the latter was missing from the claim made against the defendants. In December 2018, the judge ruled on the motion to dismiss, rejecting the liquidators’ common law claims (unjust enrichment, money had and received, mistaken payment and constructive trust) as well as contractual claims. However, it overturned the motion to dismiss in respect of claims founded on British Virgin Islands’ law, while reserving the right to file a plea for the application of Section 546(e) safe harbor provision. In May 2019, the liquidators appealed the bankruptcy court’s ruling before the District Court. The defendants, including Natixis, submitted on March 9, 2020 a motion to dismiss this appeal and renewed this initial motion on March 16, 2020. The bankruptcy court asked the defendants to limit the motion to dismiss to arguments that can lead to the dismissal of all the actions of the liquidators (as per Section 546(e) of the safe harbor provision or impropriety of the initial petition). In December 2020, the bankruptcy court dismissed the action brought under the law of the British Virgin Islands, considering that the defendants, including Natixis, are covered by Section 546(e) safe harbor. In August 2022, the District Court upheld the bankruptcy court’s decision dismissing the actions of the liquidators against all defendants, including Natixis. The liquidators unsuccessfully appealed this decision to the Second Circuit and filed an appeal with the Supreme Court of the United States. The case is ongoing.

##### Criminal complaint coordinated by ADAM

In March 2009, the Paris public prosecutor’s office (Parquet de Paris) launched a preliminary investigation into a complaint filed by Natixis minority shareholders and coordinated by the Association de Défense des Actionnaires Minoritaires (ADAM – Association for the Defense of Minority shareholders). As the plaintiffs have initiated civil proceedings, a judicial investigation opened in 2010. On February 14, 2017, Natixis came under investigation for false and misleading information on account of two messages sent in the second half of 2007, at the beginning of the subprime crisis.

After judicial investigation, a committal for trial was ordered on June 28, 2019.

The committal concerns only one of the two messages, disseminated on November 25, 2007, explaining the risks to which Natixis was exposed at the time as a result of the subprime crisis. The second message was dismissed.

The Paris Criminal Court, in a ruling handed down on June 24, 2021, condemned Natixis, deeming insufficient the information provided by said press release of November 25, 2007, and more specifically the risks to which the bank was exposed at the time due to the subprime crisis.

It imposed a fine of €7.5 million. The civil parties were awarded total compensation of around €2 million. Natixis has appealed this ruling.

The case was appealed to the Paris Court of Appeal from January 22 to 31, 2024. On May 7, 2024, the Paris Court of Appeal issued its decision upholding Natixis’ conviction, but significantly reducing the penalty with a fine of €2 million. In respect of the civil action, the Court of Appeal upheld in substance the judgment and awarded the civil parties additional compensation for the costs of the proceedings in question.

Natixis, which has always considered that it has not committed any criminal offense, filed an appeal on May 7, 2024. In a ruling dated February 4, 2026, the Court of Cassation dismissed this appeal.

##### EDA – Selcodis

Through two complaints filed on November 20, 2013, Selcodis, on the one hand, and EDA, on the other, brought joint claims before the Commercial Court of Paris against Natixis and two other banking institutions for unlawful agreement, alleging that such actions led to the refusal to grant a guarantee to EDA and to the termination of various loans.

Under this lawsuit, Selcodis is claiming compensation for the losses purportedly suffered as a result of the court-ordered liquidation of its subsidiary EDA, and is requesting that the defendants be ordered to pay damages and interest, which it assesses to be €32 million. For its part, EDA is requesting that the defendants be ordered to bear the asset shortfall in its entirety, with its amount being calculated by the court-appointed receiver.

Natixis considers all of these claims to be unfounded.

On December 6, 2018, after consolidating these claims, the Commercial Court of Paris found them to have expired and deemed them closed. The plaintiffs filed an appeal against this ruling in January 2019.

The ruling was delivered on June 22, 2020. The Court of Appeal dismissed the claim that the proceedings were time-barred. It was decided not to appeal to the Court of Cassation.

The resumption of proceedings took place in March 2021 to resume the action on the merits. In a ruling dated December 5, 2025, the Paris Commercial Court declared Selcodis's action inadmissible and dismissed all of the plaintiffs' claims.

On January 8, 2026, Selcodis appealed this decision.

##### Formula funds

Following an inspection by the French Financial Markets Authority in February 2015 with regard to Natixis Asset Management’s (now Natixis IM International) compliance with its professional obligations, particularly the management of its formula funds, the French Financial Markets Authority’s Enforcement Committee delivered its decision on July 25, 2017, issuing a warning and a fine of €35 million. The Enforcement Committee found a number of failings concerning the redemption fees charged to funds and structuring margins.

Natixis IM International filed an appeal against this ruling with the French Council of State. In its decision of November 6, 2019, the French Council of State overturned the Enforcement Committee’s decision, reducing the fine to €20 million. It let the warning stand.

In addition, UFC-QUE CHOISIR, in its capacity as a consumer rights non-profit, brought claims before the Paris District Court on March 5, 2018 against the asset management company to obtain compensation for the financial losses suffered by the holders of the formula funds in question.

In a ruling dated April 3, 2024, the Paris Court of Justice declared the action of UFC-QUE CHOISIR inadmissible and dismissed its claims in full. UFC-QUE CHOISIR appealed against this judgment.

On June 18, 2025, the Paris Court of Appeal dismissed the claims in their entirety, concluding that the holders of units in the formula funds managed by Natixis IM International had not suffered any compensable damage.

On August 18, 2025, UFC Que choisir filed an appeal with the Court of Cassation against the Court of Appeal's decision.

##### French Competition Authority/Natixis

On October 9, 2015, a company operating in the meal voucher industry lodged a complaint with the French Competition Authority to contest industry practices with respect to the issue and acceptance of meal vouchers. This referral concerned several French companies in the meal voucher sector, including Natixis Intertitres, then part of Natixis.

In its decision of December 17, 2019, the French Competition Authority ruled that Natixis Intertitres had participated in a practice covering the exchange of information and a practice designed to keep new entrants out of the meal voucher market.

Natixis Intertitres was fined in its own right, along with two other fines totaling €78,962,000, jointly and severally with Natixis, its parent company at the time.

The Paris Court of Appeal confirmed the decision of the French Competition Authority in a ruling handed down on November 16, 2023.

Natixis filed an appeal against this decision, along with other French companies in the meal voucher sector.

In reviewing this appeal, the Versailles Court of Appeal, in a ruling dated January 28, 2025, overturned the ruling of the Paris Court of Appeal dated November 16, 2023. Drawing conclusions from this decision, on October 28, 2025, the Court of Cassation overturned the ruling of the Paris Court of Appeal and referred the case back to the Paris Court of Appeal with a different composition.

The proceedings are continuing before the court of appeal to which the case was referred.​

Between November 2024 and July 2025, Natixis was summoned along with other players in the meal voucher market before the Paris economic Court, by several plaintiffs seeking compensation for the alleged damage caused by the practices sanctioned by the French Competition Authority, including those of Natixis Intertitres.

At this stage, and subject to any expert appraisals requested by the plaintiffs, the total amount claimed jointly and severally is €830,457,122, plus €2,475,000 in expert appraisal costs and €4,060,000 under article 700 of the French Code of Civil Procedure.

All these proceedings are currently pending before the Paris economic Court.

##### Bucephalus Capital Limited/
Darius Capital Conseil

On June 7, 2019, Bucephalus Capital Limited (a company governed by English law) brought an action against Darius Capital Partners (a company governed by French law and renamed Darius Capital Conseil, a 70% held subsidiary of Natixis Investment Managers), jointly and severally with others, before the Paris Commercial Court, to contest the breach of various contractual obligations, particularly with respect to a framework agreement dated September 5, 2013 setting out their contractual relations and various subsequent agreements. Bucephalus Capital Limited claims a total of €178,487,500.

During proceedings, Bucephalus Capital Limited increased the amount of its claims and sought payment of €418,492,588 or, in the alternative, €320,645,136 in addition to €100,000 under Article 700 of the French Code of Civil Procedure.

In a decision of March 16, 2023, the Commercial Court of Paris rejected all the claims of Bucephalus Capital Limited and ordered it to pay the costs of the proceedings of Darius Capital Conseil in the amount of €150,000. Bucephalus Capital Limited appealed on June 28, 2023 and requested a stay of execution on the payment of the €150,000. In an order dated November 29, 2023, the Paris Court of Appeal rejected this request.

By decision of March 10, 2026, the Paris Court of Appeal confirmed the judgment of the Paris Commercial Court and ordered Bucephalus Capital Limited to pay Darius Capital Conseil an additional 150,000 euros under Article 700 of the Code of Civil Procedure.

##### European Government Bonds – Cartel Decision

On May 20, 2021, the European Commission issued an infringement decision against Natixis and found that it had breached EU competition rules by participating in a cartel on the primary and secondary European Government Bonds market in 2008-2009.

As Natixis left the cartel more than five years before the Commission began its investigation, it benefited from the limitation period. No fines were thus imposed on Natixis.

On July 30, 2021, Natixis filed a request with the General Court of the European Union to set aside the Commission’s decision. The appeal is based, in particular, on the argument that the Commission is only entitled to issue a decision on infringement if it can demonstrate a “legitimate interest” in doing so, and on the argument of infringement of Natixis’ rights of defense.

The appeal hearing was held on June 6, 2023.

The General Court rejected on March 26, 2025, Natixis's appeal and confirmed that the European Commission infringement decision against Natixis should stand.

Natixis lodged a further appeal to the Court of Justice of the European Union on June 10, 2025.

##### H2O carriers collective (“Collectif porteurs H 2 O”)

At the end of December 2023, 6,077 natural and legal persons, members of an association known as “Collectif porteurs H2O”, sued Natixis Investment Managers, a company incorporated under French law, before the Paris Commercial Court, along with five defendants, to obtain compensation for damages allegedly suffered by them as investors in seven mutual funds (OPCVM) managed by the English entity H2O AM LLP, then the French entity H2O AM Europe, between 2015 and 2021.

In March 2025, BPCE and Natixis SA were summoned by plaintiffs to join the proceedings.

Together, the plaintiffs are seeking joint and several liability against Natixis S.A., Natixis Investment Managers, BPCE, and the other co-defendants, including the managers, custodian, and Statutory Auditor of the seven funds, to compensate them for their alleged losses. Given the constantly changing number of plaintiffs and the fact that plaintiffs have not updated the amount of their claims, the amount claimed cannot be determined precisely at this time. Based on the information provided by the plaintiffs, the amount of the claims can be estimated, to date, at approximately €600 million for alleged financial and moral damages, in addition to legal costs.

In July 2025, the companies Natixis S.A., Natixis Investment Managers and BPCE were summoned by the plaintiffs to joint the proceeding initiated at the beginning of July 2023 by 26 holders of the H2O funds before the Paris Economic Court. The plaintiffs request the condemnation of the defendants for a total amount of around €13.8 million, to date and to be confirmed.

BPCE, Natixis S.A. and Natixis Investment Managers consider that the claims made against them are unfounded and will vigorously contest them.

#### 3.2.10.2Other proceedings

Natixis is the subject of preliminary investigations opened by the French National Financial Prosecutor’s Office (Parquet National Financier) in France and by the Cologne Prosecutor in Germany.

As part of the investigations conducted in France, particularly the dawn raids carried out on March 28, 2023 on the premises of several banks including Natixis, the French National Financial Prosecutor’s Office published a press release stating that five preliminary investigations were opened on December 16 and 17, 2021 on charges of aggravated laundering, of aggravated tax fraud and, for some of them, aggravated tax fraud related to the taxation of dividends received by banks in the context of market transactions.

As part of the investigations conducted by the Cologne Prosecutor, a dawn raid was carried out on June 13, 2023 mainly on the premises of Natixis’ Frankfurt branch but also of Natixis Pfandbriefbank AG’s head office and Natixis Investment Managers International S.A.’s offices in Frankfurt and Munich.

The investigations are ongoing and covered by the secrecy of the investigation. Natixis continues its cooperation with the authorities in respect of its rights and will assert its position before the courts.

#### 3.2.10.3Situation of dependency

Natixis is not dependent on any patent or license, or on any industrial, commercial or financial supply contract.

### 3.2.11Other risks

#### 3.2.11.1Strategic risk

Strategic risks are defined as:

●the risk inherent to the strategy chosen; or

●resulting from Natixis’ inability to implement its strategy.

Strategy risks are monitored by the Board of Directors, supported by its Strategic Committee, which examines the strategies guiding Natixis’ activities at least once a year. The Board of Directors also approves strategic investment projects and any transactions, particularly acquisitions and disposals, that are likely to significantly affect Natixis’ net income, the structure of its balance sheet or its risk profile.

Senior Management is in charge of defining and steering Natixis’ strategy, with assistance from the Senior Management Committee.

The membership of these various bodies is presented in Chapter [2] of this document. The Internal Rules of the Board of Directors, including the procedure for calling meetings, can be found in Chapter [2] Section [2.2.1.2].

#### 3.2.11.2Climate and environmental risks

##### Reference framework

The management of environmental, social and governance risks within Groupe BPCE falls within a three-fold framework:

●The regulatory and legislative framework, which incorporates all the texts in force in the jurisdictions where Groupe BPCE operates. In France, the main texts taken into account include the French law on the duty of care and texts derived from banking and insurance regulations, such as the ECB Guide on climate-related and environmental risk management;

●The framework of standards and best market practices that Groupe BPCE applies voluntarily. International references such as the Sustainable Development Goals (UN), the United Nations Global Compact (UN), the Equator Principles (project finance) and the work of the TCFD (Task force for Climate related Financial Disclosure) and the TNFD (Task force for Nature related Financial Disclosure) are integrated;

●The framework of voluntary commitments made by Groupe BPCE, directly at its level through CSR policies in sensitive sectors or within the framework of market initiatives such as the Net-Zero Banking Alliance, which provides a framework for commitments to align greenhouse gas emission trajectories with carbon neutrality by 2050.

The environmental, social, and governance risk management system implemented by Natixis aims to ensure compliance with the methodological standards and constraints set by this reference framework, as well as its risk appetite.

##### Inventory of risks

ESG risks are directly integrated into the main cross-functional processes used to identify and monitor Natixis’ risks. In this respect, the risk inventory includes an “Ecosystem Risk” category that groups together environmental risks (climate and non-climate), distinguishing between physical climate risks, transition climate risks, social risks and governance risks.

These ecosystem risks are addressed as risk factors underlying the other risk categories to which Natixis is exposed (credit and counterparty risk, market risk, operational risk, reputation risk, etc.).

These risks may materialize directly, in connection with Natixis' own activities, or indirectly, through the counterparties to which it is exposed in the course of its financing or investment activities and asset management.

##### ESG data

The acquisition, dissemination and use within Groupe BPCE of data relating to the ESG characteristics of its counterparties and its own activities is a critical issue, particularly for the purposes of identifying, assessing and managing ESG risks.

To meet these challenges, appropriate governance, infrastructure and processes need to be put in place. In addition, the rapid evolution of norms and standards for ESG reference data poses a particular challenge.

In this context, Groupe BPCE launched a project in 2022 to structure and harmonize the acquisition of data from external suppliers, its processing and provision to the various entities, and to define a governance framework specific to ESG data.

##### Governance and organization

Climate and environmental risk management at Natixis is organized and overseen by the Natixis ESG Risk team, which reports functionally to the Chief Risk Officer of Natixis.

Climate and environmental risk issues are dealt with by the Risk Committee of the Natixis Board of Directors and the Global Risk Committee, chaired by the Chief Executive Officer of Natixis. In 2025, the Global Risk Committee approved the ESG risk appetite framework and the strengthening of the credit approval process through the effective consideration of ESG criteria.

This governance structure is structured around Groupe BPCE’s ESG Risk Committee, chaired by the Chairman of Groupe BPCE’s Management Board (and comprising the heads of Groupe BPCE’s business lines, the Risk, Finance, Compliance and ESR functions, the General Inspection and two Groupe BPCE senior executives), which deals with climate and environmental risk issues across the Group and its various business lines.

##### Identification and assessment of risk materiality

As part of an approach defined for Groupe BPCE as a whole, Natixis has set up a framework to identify climate risk factors that could have an impact on the risks borne by the entity, and to assess their materiality. Through this framework, the materiality of risks associated with climate change is assessed by reference to the broad risk categories of Pillar 1 of Basel 3, namely credit risk, market risk, liquidity risk, and operational risk (including compliance and reputation risk).

After a review of the transmission channels between climate risk factors and the risks identified in Groupe BPCE’s risk inventory, the assessment of the materiality of climate risk factors is based on quantitative indicators that support the internal experts’ assessment of the level of risk materiality.

##### Risk appetite framework

ESG risks are directly integrated into the main cross-functional processes used to identify and monitor Natixis’ risks. In particular, the Natixis risk framework includes the categories “Climate risk/Transition risk” and “Climate risk/Physical risk”.

The materiality of these risk categories has been assessed on the basis of the work described in the section “Identification and assessment of risk materiality”, and on the basis of expert opinion for environmental risk. In 2025, transition risks are judged to be material at a level of 3 out of 4 for the Corporate & Investment Banking scope.

Moreover, the proportion of Natixis CIB assets classified as “dark brown” according to the Green Weighting Factor method, representing the assets most exposed to transition risk, is monitored as part of the risk appetite framework. A threshold and a limit have been set from 2022, and are regularly reviewed to control the downward trajectory of the share of these assets.

##### Stress test system

Two climate risk scenarios were defined based on one of the adverse scenarios from the internal stress tests using a normative approach defined by Groupe BPCE and applied to Natixis's thresholds for publication in the March 2026 ICAAP report. Building on this work, an add-on covering both transition and physical risk has been introduced into the ICAAP economic approach.

In addition to the scenarios established under the ICAAP, Groupe BPCE also conducted an internal climate stress test, incorporating four additional scenarios related to transition and physical risks. Natixis participated in this exercise by assessing the impact of risks on the cost of risk metric for credit risk.

Through the work carried out by Groupe BPCE, Natixis also participates in climate stress test exercises organized by supervisors, notably those conducted by the European Central Bank in 2022 and the EBA in 2023 (“Fit for 55”).

##### Integrating climate and environmental risks into the risk management framework

###### Credit risks

In 2025, the main components of the framework are as follows.

◗Credit sector policies

At Natixis CIB, credit policies refer to the exclusion policies issued by the Impact department on sensitive sectors and in some cases include additional criteria relating to climate, environmental, social or governance risks. Compliance with these exclusion policies is monitored when establishing a relationship and then as part of the credit process.

◗The Equator Principles

In line with the Equator Principles, Natixis CIB also applies a market methodology designed to assess the environmental and social risks of the projects it finances, and how these risks are managed by its clients, whatever their business sector. Since October 2020, Natixis CIB has been applying the amended version of the Principles (EP Amendment IV), which includes additional requirements regarding respect for human rights (including the rights of indigenous communities) and requires an analysis of physical and transitional climate risks.

The borrower is therefore required to: 1) assess the physical risks associated with climate change for most projects, 2) carry out a climate transition risk assessment and an analysis of less greenhouse-gas-intensive alternatives for any project with total CO2 equivalent emissions of at least 100,000 tons per year. Depending on the risks identified and the nature of the associated impacts, mitigation measures are requested from the client. They are covered by specific clauses in the financial documentation (“covenants”).

◗Use of the Green Weighting Factor by Corporate & Investment Banking

Natixis CIB’s analysis of transitional climate risk issues as part of its credit processes is based on a proprietary model for measuring and monitoring the climate impact of its financing, the Green Weighting Factor (GWF).

A GWF score is systematically assigned to the counterparties or projects financed, and is included in the files presented in the credit granting process. These scores are updated annually.

◗Integrating climate risk into individual credit assessment

To strengthen its assessment of physical and transition risks, Natixis has developed and deployed a Climate Risk Scoring methodology. This tool enables individual assessment of the impact of climate risk on credit risk for its large corporate clients.

At the end of 2025, this methodology was independently validated by Groupe BPCE and is now fully operational in our credit rating system. It is actively used by first and second line of defense (LoD1 and LoD2) teams to form their credit opinion on a targeted segment of the large corporate portfolio.

To ensure consistent implementation and embed a climate risk culture, deployment is based on a robust training foundation, including guides, video tutorials, and dedicated support (helpdesk).

In terms of prospects, Natixis has already launched projects to extend the coverage of the methodology to the entire corporate portfolio (including mid-sized companies and holding companies) and to specialized financing. The ultimate strategic objective for 2026 is to assess the integration of these scores into the regulatory capital framework, a crucial step toward fully incorporating climate risk into our prudential measures.

###### Operational risk

◗Risks related to own activities

Operational risk incidents linked to climate risks (physical and transitional) are specifically identified in Natixis’ operational risk monitoring tools.

In addition, to anticipate physical climatic events that could affect its own activities, Natixis has set up a business continuity plan that defines the procedures and resources enabling the bank to cope with natural disasters in order to protect employees, assets and key activities and ensure the continuity of essential services. An internal tool is used to identify sites exposed to climate risks and to track climatic incidents.

◗Reputational risk

Growing consumer awareness and sensitivity to climate issues is leading to increased exposure to reputational risk for the banking sector, particularly in the event of non-compliance with regulatory expectations or scandals linked to controversial activities.

A system for monitoring reputation incidents and a dedicated indicator have been implemented at Groupe BPCE, including topics related to environmental, social, and governance issues.

At Natixis CIB, an analysis of reputational risk is carried out when new clients are on-boarded. This analysis includes an assessment of ESG risk-related controversies. A Committee chaired by the Chief Executive Ofﬁcer of Natixis is responsible for reviewing sensitive cases from a reputational risk point of view.

◗Legal, compliance and regulatory risk

In order to limit the effects of climate change and pressure on the environment, administrative and legislative authorities must define new regulations. These texts can be international (Paris Agreement), European (Taxonomy) or national (Climate and Resilience Act).

Natixis' Risk division, in conjunction with the General Secretariat and the ESR department, organizes and supervises compliance work in line with the expectations of the supervisory authorities (ECB or EBA, as well as in other jurisdictions in which the bank operates) in order to implement a robust ESG risk management framework that is aligned with best market practices.

To this end, the regulatory watch committee also remains attentive to anticipating new regulatory developments and their impact on the bank's various activities.

###### Financial and market risks

As far as market risks are concerned, certain underlying assets such as equity prices, credit spreads and certain commodities can be sensitive to climate risk issues, both in terms of their market quotation and its volatility. Concentration analyses and stress tests are used to measure the materiality of the effects of unfavorable scenarios on the value of the trading book.

In terms of liquidity risks, climate risks are assessed, among other things, through the management and monitoring of the liquidity reserve. Climate criteria, and more broadly ESG criteria, are taken into account in two ways: the environmental quality of the security and the ESG rating of issuers.

###### Risks related to asset management activities

Natixis Investment Managers takes into account the importance of climate risks and their potential impact on investment portfolios. Most affiliates have set up systems for measuring the climate risk exposure of their portfolios managed on behalf of their investors, enabling greater transparency of the environmental issues associated with their various management offerings. Natixis Investment Managers also uses data from external suppliers to calculate and monitor climate risk indicators for its portfolios (carbon footprint, coal exposure, temperature rise).

In addition, an ESG risk management policy was implemented by Natixis Investment Managers, specifically targeting reputation risks related to assets under management. This policy institutes the supervision of these risks by an independent second line of defense, particularly in the context of fund categorization and investment processes, and the definition of escalation processes within affiliates and the Natixis Investment Managers holding company.

#### 3.2.11.3Social and governance risks

As part of the development of integrated ESG risk management, Natixis is developing tools and methodologies that enable social and governance risks to be taken into account in its risk management framework. The main elements of this framework are described below.

##### CSR policies

Corporate & Investment Banking’s CSR policies in sensitive sectors include criteria for respecting human rights and working conditions. The Mining and Metals policy, for example, excludes forced child labor and small-scale mining.

##### The Equator Principles

As a signatory of the Equator Principles, Natixis CIB applies a market methodology aimed at ensuring that projects are developed in a socially responsible manner. In this respect, it is particularly attentive to its responsibility to respect human rights in accordance with the United Nations Guiding Principles on Business and Human Rights (“UNGP”), as well as a number of criteria relating to governance risks.

##### Sector analysis notes

Groupe BPCE’s ESG Risk division includes an assessment of the social and governance risks specific to each sector in its sector analysis notes. The analysis of social and governance risks focuses on four criteria: clients, workers, suppliers and civil society for social risks; business ethics, CSR strategy, shareholder democracy and the practices and processes implemented to direct and control client risk management for governance risks.

These sector analysis notes highlight the key areas of analysis relevant to these risks in a given sector. They are shared with all Groupe BPCE entities, in particular for consideration in the granting and client follow-up process.

##### Controversy analysis

For its Large Corporate clientele, Corporate & Investment Banking takes into account the potential controversies its clients may encounter, both at the outset and throughout the relationship. This approach is an integral part of the due diligence carried out on the client. In the event of significant breaches, Natixis seeks the cause and works with the client to find an acceptable solution as soon as possible. In the absence of an acceptable solution, Natixis may decide on its own initiative not to enter into a relationship or not to renew its commitments with the client.

## 3.3 Basel 3 Pillar III disclosures

#### Regulatory framework for the Pillar III report

The report on Pillar III is prepared in accordance with the European Regulation (CRR III) No. 2024/1623, in particular according to Articles 431 to 455 of the regulation, which detail the information to be published by institutions under Pillar III. The CRR III-CRD VI legislative package was adopted on April 24, 2024 by the European Parliament and entered into force on July 9, 2024. The information to be provided under Pillar III has also been prepared in accordance with Implementing Regulation (EU) No. 2024/3172 of the European Commission of November 29, 2024.

#### Policy, validation and approval

Throughout the fiscal year ended December 31, 2025, and to date, Natixis has implemented a framework for controls and disclosure procedures to ensure the completeness and accuracy of the information provided in Natixis’ Pillar III.

### 3.3.1Capital management and capital adequacy

Regulation (EU) No. 2024/1623 of the European Parliament and of the Council (Capital Requirements Regulation II known as “CRR III”) requires reporting institutions to publish quantitative and qualitative information about their activities.

Natixis’ risk management framework and level of risk exposure are described in this chapter, in Section 3.2 “Risk management” of the 2025 universal registration document.

#### 3.3.1.1Regulatory framework

Since January 1, 2014, the CRD IV and the Capital Requirements Regulation (CRR) have applied Basel 3 regulations in Europe.

As under Basel 2, the Basel 3 regulatory provisions are divided into three pillars:

●pillar I: a set of rules defining the measurement of risks and capital based on various possible methodologies and minimum observable requirements;

●pillar II: framework governing the role of the supervisory authorities. For each supervised institution, the competent authorities may define additional capital requirements according to the risk exposure, and internal governance and steering frameworks;

●pillar III: requires institutions to disclose a large number of items highlighting the level of risks incurred, capital adequacy and the adequacy of their management.

The CRR/CRD IV package aims to strengthen the financial soundness of banking institutions, notably by proposing:

●a stricter definition of the capital items eligible to meet regulatory capital requirements;

●reinforced capital requirements, in particular for counterparty risk on derivatives;

●higher ratios to observe, specifically regarding CET1 capital and capital buffers:

●a capital conservation buffer, which represents 2.5% of total weighted risk exposures,

●a countercyclical capital buffer, i.e. the average of the countercyclical capital buffer of each country in which Natixis holds risk exposures, weighted by the amount of said exposures. The rate applied in France had been zero since the second quarter of 2020. Since the second half of 2022 and especially from 2023, the national macroprudential authorities in many countries have increased their countercyclical buffer rate. In France, the HCSF decided to raise the rate to 0.5% from April 7, 2023 and then to 1% from January 2, 2024.

●buffer for systemically important institutions: additional requirement for large institutions (G-SIBs/O-SIB), it aims to reduce their risk of bankruptcy. Natixis is not subject to this buffer,

●systemic risk buffer: its objective is to limit long-term non-cyclical systemic or macroprudential risks. It can be applied to all of the institution’s exposures or to sectoral exposures. It is currently at 0%;

●in addition, other mechanisms have been introduced, including mechanisms to limit dividend payouts, interest on Additional Tier One (AT1) subordinated debt and variable compensation (Maximum Distributable Amount, or MDA).

Since November 2014, the supervision of major European banks has been exercised directly by the ECB. Based on the SREP process (or Supervisory Review and Evaluation Process) of Pillar II, the ECB sets for each institution the level of ratio to comply with in addition to the minimum requirements of the prudential regulations (applicable to all institutions supervised in a uniform manner): each subject institution is thus assigned an additional solvency requirement to be complied with (referred to as “P2R” or Pillar II Requirement) as well as a recommended additional requirement (“P2G” or Pillar II Guidance).

As of 2025, under the SREP process, Natixis must comply with a CET1 capital ratio of 8.90%, of which 2.5% under the capital conservation buffer, 1.27% under Pillar II (excluding P2G) and 0.64% for the countercyclical capital buffer; the latter, recalculated quarterly, was 0.65% as of December 31, 2025 which maintains the regulatory requirements that Natixis must comply with at 8.91%.

#### 3.3.1.2Prudential consolidation scope

##### Qualitative information on the scope of consolidation (EU LIB)

In accordance with Article 18 of the CRR, the prudential consolidation scope is established based on the following principles:

●Entities fully consolidated or accounted for by the equity method within the scope of consolidation (see 2025 universal registration document - Note [16] of Chapter [5] Consolidated financial statements and notes) are included in the prudential scope.

The Versailles conduit is accounted for as an associate in the prudential scope.

As part of the work on step-in risk, Natixis has not identified any structured entities or additional entities to be included in the prudential consolidation scope at December 31, 2025.

In agreement with the supervisor, Natixis uses the exemptions mentioned in Articles 7 and 8 of the CRR for its subsidiaries with credit institution status, located in France and for Natixis S.A. This exemption makes it possible to exempt the entities concerned from compliance with the prudential CRR requirements on an individual basis.

Restrictions on transfers or redemptions within the Group are presented in Note [3.3.2] to Chapter [5] “Consolidated financial statements and notes” of this universal registration document.

◗Differences between accounting and regulatory scopes of consolidation and the mapping of financial statement categories with regulatory risk categories (EU LI1)

At December 31, 2025

| a | b | c | d | e | f | g
--- | --- | --- | --- | --- | --- | --- | ---
December 31, 2025 |  |  | Carrying amount of items:
Description of the financial statements (in millions of euros) | Carrying amounts as reported in published financial statements | Carrying amounts under scope of regulatory consolidation | Subject to the credit risk framework | Subject to the CCR framework | Subject to the securitization framework | Subject to the market risk framework | Not subject to regulatory capital requirements or subject to deduction from capital
Cash, central banks | 52,793 | 52,793 | 52,793 | - | - | - | -
Financial assets at fair value through profit or loss | 236,980 | 236,881 | 22,599 | 147,088 | 2,845 | 210,859 | (0)
Hedging derivatives | 374 | 374 | - | 374 | - | - | -
Financial assets at fair value through other comprehensive income | 11,711 | 11,711 | 11,691 | - | - | - | -
Debt instruments at amortized cost | 1,819 | 1,956 | 1,536 | - | 419 | - | -
Loans and receivables due from banks and similar items at amortized cost | 120,877 | 120,859 | 115,863 | 4,997 | - | - | -
Loans and receivables due from customers at amortized cost | 84,181 | 80,216 | 78,700 | 1,517 | 2,797 | - | -
Revaluation adjustments on portfolios hedged against interest rate risk | - | - | - | - | - | - | -
Insurance business investments | - | - | - | - | - | - | -
Current tax assets | 327 | 327 | 327 | - | - | - | -
Deferred tax assets | 1,394 | 1,394 | 601 | - | - | - | 793
Accrual account and miscellaneous assets | 5,417 | 5,462 | 5,462 | - | - | - | -
Non-current assets held for sale | 197 | 197 | 197 | - | - | - | -
Deferred profit-sharing | - | 1,000 | 2,000 | 3,000 | 4,000 | 5,000 | 6,000
Investments in associates | 1,059 | 1,059 | 1,059 | - | - | - | -
Investment property | 0 | 0 | 0 | - | - | - | -
Property, plant and equipment | 742 | 742 | 742 | - | - | - | -
Intangible assets | 568 | 568 | - | - | - | - | 568
Goodwill | 3,162 | 3,162 | - | - | - | - | 3,162
TOTAL ASSETS | 521,602 | 517,704 | 291,571 | 153,976 | 6,062 | 210,859 | 4,523
Central banks |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss | 250,638 | 250,638 | 1,083 | 156,545 | 1,083 | 206,508 | 42,380
Hedging derivatives | 288 | 288 | - | - | - | 0 | 288
Deposits and loans due to banks and similar items | 133,628 | 133,628 | - | 3,756 | - | 0 | 129,872
Customer deposits and loans | 64,150 | 64,150 | 0 | 12 | - | 6 | 64,139
Debt securities | 38,129 | 34,233 | - | - | - | 0 | 34,233
Revaluation adjustments on portfolios hedged against interest rate risk | 11 | 11 | - | - | - | - | 11
Current tax liabilities | 1,460 | 1,460 | - | - | - | - | 1,460
Deferred tax liabilities | 459 | 459 | 0 | - | - | - | 459
Accrual account and miscellaneous liabilities | 7,262 | 7,262 | (0) | - | - | - | 7,262
Liabilities on assets held for sale | 21 | 21 | 21 | - | - | - | -
Liabilities related to insurance contracts | - | - | - | - | - | - | -
Provisions | 1,485 | 1,485 | 727 | - | 0 | - | 758
Subordinated debt | 3,022 | 3,022 | - | - | - | - | 3,022
Shareholders’ equity (Group share) | 20,966 | 20,966 | 0 | - | - | - | 20,966
Share capital & related reserves | 11,805 | 11,805 | - | - | - | - | 11,805
Consolidated reserves | 7,983 | 7,983 | 0 | - | - | - | 7,983
Gains and losses recorded directly in equity | 266 | 266 | - | - | - | - | 266
Non-recyclable gains and losses recorded directly in equity | (450) | (450) | (0) | - | - | - | (450)
Net income/(loss) | 1,361 | 1,361 | - | - | - | - | 1,361
Non-controlling interests | 83 | 82 | 0 | - | - | - | 82
TOTAL LIABILITIES | 521,602 | 517,704 | 1,831 | 160,313 | 1,083 | 206,514 | 304,930

At December 31, 2024

| a | b | c | d | e | f | g
--- | --- | --- | --- | --- | --- | --- | ---
December 31, 2024 |  |  | Carrying amount of items:
Description of the financial statements (in millions of euros) | Carrying amounts as reported in published financial statements | Carrying amounts under scope of regulatory consolidation | Subject to the credit risk framework | Subject to the CCR framework | Subject to the securitization framework | Subject to the market risk framework | Not subject to regulatory capital requirements or subject to deduction from capital
Cash, central banks | 52,765 | 52,765 | 52,765 | 0 | 0 | - | -
Financial assets at fair value through profit or loss | 232,417 | 232,263 | 18,026 | 158,021 | 4,075 | 209,234 | -
Hedging derivatives | 377 | 377 | 0 | 377 | 0 | - | -
Financial assets at fair value through other comprehensive income | 11,434 | 11,434 | 11,434 | 0 | 0 | - | -
Debt instruments at amortized cost | 1,955 | 2,192 | 1,991 | 0 | 202 | - | -
Loans and receivables due from banks and similar items at amortized cost | 114,765 | 114,757 | 110,885 | 3,872 | 0 | - | -
Loans and receivables due from customers at amortized cost | 82,219 | 77,804 | 76,256 | 1,548 | 2,376 | - | -
Revaluation adjustments on portfolios hedged against interest rate risk | 10 | 10 | 0 | 0 | 0 | - | 10
Insurance business investments | 0 | 0 | 0 | 0 | 0 | - | -
Current tax assets | 201 | 201 | 201 | 0 | 0 | - | -
Deferred tax assets | 1,157 | 1,157 | 548 | 0 | 0 | - | 609
Accrual account and miscellaneous assets | 6,370 | 6,410 | 6,410 | 0 | 0 | - | -
Non-current assets held for sale | 438 | 438 | 438 | 0 | 0 | - | -
Deferred profit-sharing | 0 | 0 | 0 | 0 | 0 | - | -
Investments in associates | 1,049 | 1,049 | 1,049 | 0 | 0 | - | -
Investment property | 0 | 0 | 0 | 0 | 0 | - | -
Property, plant and equipment | 800 | 800 | 800 | 0 | 0 | - | -
Intangible assets | 586 | 586 | 0 | 0 | 0 | - | 586
Goodwill | 3,474 | 3,474 | 0 | 0 | 0 | - | 3,474
TOTAL ASSETS | 510,017 | 505,718 | 280,803 | 163,818 | 6,653 | 209,234 | 4,679
Central banks | 0 | 0 | 0 | 0 | - | - | -
Financial liabilities at fair value through profit or loss | 237,221 | 237,225 | 679 | 162,212 | 684 | 181,836 | 53,005
Hedging derivatives | 293 | 293 | 0 | 0 | - | (0) | 293
Deposits and loans due to banks and similar items | 144,188 | 144,188 | 0 | 2,856 | - | 0 | 141,332
Customer deposits and loans | 49,230 | 49,230 | 0 | 3 | - | 1 | 49,227
Debt securities | 44,794 | 40,497 | 0 | 0 | - | 0 | 40,497
Revaluation adjustments on portfolios hedged against interest rate risk | 0 | 0 | 0 | 0 | - | - | -
Current tax liabilities | 1,296 | 1,296 | 0 | 0 | - | - | 1,296
Deferred tax liabilities | 480 | 480 | (0) | 0 | - | - | 480
Accrual account and miscellaneous liabilities | 7,370 | 7,364 | 0 | 0 | - | - | 7,364
Liabilities on assets held for sale | 312 | 312 | 312 | 0 | - | - | -
Liabilities related to insurance contracts | 0 | 0 | 0 | 0 | - | - | -
Provisions | 1,431 | 1,431 | 744 | 0 | 0 | - | 687
Subordinated debt | 3,028 | 3,028 | 0 | 0 | - | - | 3,028
Shareholders’ equity (Group share) | 20,294 | 20,294 | (0) | 0 | - | - | 20,294
Share capital & related reserves | 10,955 | 10,955 | 0 | 0 | - | - | 10,955
Consolidated reserves | 6,845 | 6,845 | 0 | 0 | - | - | 6,845
Gains and losses recorded directly in equity | 805 | 805 | (0) | 0 | - | - | 805
Non-recyclable gains and losses recorded directly in equity | 338 | 338 | 0 | 0 | - | - | 338
Net income/(loss) | 1,352 | 1,352 | 0 | 0 | - | - | 1,352
Non-controlling interests | 80 | 79 | (0) | 0 | - | - | 79
TOTAL LIABILITIES | 510,017 | 505,718 | 1,735 | 165,071 | 684 | 181,837 | 317,582

◗Main sources of differences between regulatory exposure amounts and financial statement carrying amounts (EU LI2)

(in millions of euros) | a | b | c | d | e
--- | --- | --- | --- | --- | ---
Total | Items subject to
Credit risk framework | Securitization framework | Credit and counterparty risks framework | Market risk framework
1 | Carrying amount of assets according to the prudential consolidation scope (according to the EU LI1 model) | 513,181 | 291,571 | 6,062 | 153,976 | 210,859
2 | Carrying amount of liabilities according to the prudential scope of consolidation (according to the EU LI1 model) | 212,773 | 1,831 | 1,083 | 160,313 | 206,514
3 | Total net amount according to the prudential scope of consolidation | 300,407 | 289,740 | 4,979 | (6,337) | 4,345
4 | Off-balance sheet amounts | 186,252 | 109,792 | 12,477 | 63,982 |
5 | Differences in valuation | (715) | (119) | - | (596) |
6 | Differences due to different netting rules, other than those already included in line 2 | (4,345) | - | - | - | (4,345)
7 | Differences due to the recognition of provisions | (425) | (193) | (233) | - |
8 | Differences due to the use of credit risk mitigation (CRM) techniques | (1,265) | (1,156) | (110) | - |
9 | Differences due to credit conversion factors | (67,268) | (67,268) | - | - |
10 | Differences due to securitization with risk transfer | (121) | - | (121) | - |
11 | Other differences | (13,841) | (13,524) | (296) | 7,659 |
12 | Exposure amounts taken into account for regulatory purposes | 398,679 | 317,273 | 16,697 | 64,709 |

◗Summary of the differences between consolidation scopes (entity by entity) (EU LI3)

The table below lists the subsidiaries for which the method of regulatory consolidation is different from the method of accounting consolidation.

a | b | c | d | e | f | g | h
--- | --- | --- | --- | --- | --- | --- | ---
Securitization vehicl | Method of accounting consolidation | Method of regulatory consolidaiton | Description of the entity
Full consolidation | Proportional consolidation | Equity method | Neither consolidated nor deducted | Deducted
VERSAILLES | Full consolidation |  |  | X |  |  | Securitization vehicle

#### 3.3.1.3Composition of capital

In accordance with the provisions introduced by the CRR and with the national provisions defined by the ACPR, regulatory capital (calculated on the basis of book shareholders’ equity), comprises three categories, as described below.

Each category comprises liability items extracted from the consolidated financial statements and restated by automatically applying deductions, either directly or subject to thresholds.

In addition, until December 31, 2021, prudential capital was subject to the so-called phasing and grandfathering arrangements accompanying the implementation of the CRR.

With the entry into force of the CRR2 Regulation, from June 30, 2021, new eligibility criteria related to the powers of impairment of the Single Resolution Board and the absence of netting agreements were introduced for recognition of subordinated instruments in regulatory capital. These provisions have led to the introduction of new grandfathering rules, for instruments issued before June 27, 2019 that do not meet these additional conditions, until June 28, 2025.

##### Common Equity Tier One (CET1) Capital

CET1 capital is calculated using shareholders’ equity (excluding hybrid securities), with the following restatements:

●the estimated dividend;

●goodwill and intangible assets;

●the recyclable unrealized gains and losses on hedging derivatives;

●the own credit risk on debts issued and financial instruments (Debit Value Adjustment);

●prudent valuation adjustments;

●the expected loss on equity positions and shortfall of provisions on expected losses on credit positions;

●the assets of the defined-benefit pension fund recognized in the balance sheet;

●non-bank non-controlling interests;

●bank non-controlling interests exceeding the limits set by regulations;

●own CET1 instruments and cross-shareholdings;

●the amount exceeding threshold 1 on non-material holdings of capital instruments issued by financial entities;

●the amount exceeding threshold 2 on material holdings of capital instruments issued by financial entities;

●the amount exceeding threshold 2 on deferred tax assets dependent on future earnings and resulting from temporary differences;

●the amount exceeding threshold 3 common to amounts not deducted in respect of threshold 2;

●any surplus deduction of Additional Tier One capital (see below);

●the deferred tax assets dependent on future earnings, but not resulting from temporary differences;

●insufficient coverage for non-performing exposures;

●the guarantee deposits in respect of irrevocable payment commitments paid to the Single Resolution Fund and Deposit Guarantee Fund following an express request from the supervisor received in February 2022.

##### Additional Tier One (AT1) Capital

AT1 capital comprises:

●subordinated debt instruments recognized as AT1 after applying phase-in arrangements;

●deductions made from this category;

●any surplus deduction of Tier 2 capital (see below).

Detailed information on the debt instruments recognized in Additional Tier 1 capital and their characteristics as at December 31, 2025, as required by Commission Implementing Regulation No. 1423/2013 (Annex II) is available on the Natixis website (www.natixis.groupebpce.com).

##### Tier Two (T2) Capital

T2 capital comprises:

●subordinated debt instruments recognized as T2 capital after applying phase-in arrangements;

●deductions made from this category;

●any surplus provisions related to expected losses;

●excess deduction of qualifying liabilities over qualifying liabilities.

Detailed information on debt instruments recognized in Tier 2 capital and their characteristics as at December 31, 2025, as required by Commission Implementing Regulation No. 1423/2013 (Annex II) is available on the Natixis website (www.natixis.groupebpce.com).

At December 31, 2025, the transition from shareholders’ equity to CET1, Tier 1 and total regulatory capital after application of the transitional provisions is summarized in the table below.

◗Composition of regulatory capital (EU CC1)

|  | (a) | (b)
--- | --- | --- | ---
(in millions of euros) | Amount | Source based on reference numbers/letters, of the balance sheet under the regulatory scope of consolidation
Common Equity Tier 1 capital: instruments and reserves
1 | Capital instruments and the related share premium accounts | 10,078 |
| o/w ordinary shares | 10,078 |
| o/w instrument type 2 |  |
| o/w instrument type 3 |  |
2 | Retained earnings | 5,202 |
3 | Accumulated other comprehensive income (and other reserves) | 1,367 |
EU-3a | Fund for general banking risks |  |
4 | Amount of qualifying items referred to in Article 484 (3), of the CRR and the related share premium accounts subject to phase out from CET1 |  |
5 | Non-controlling interests (amount allowed in consolidated CET1) |  |
EU-5a | Independently reviewed interim profits net of any foreseeable charge or dividend | 568 |
6 | Common Equity Tier 1 (CET1) capital before regulatory adjustments | 17,215 |
Common Equity Tier 1 capital: regulatory adjustments
7 | Additional value adjustments (negative amount) | (715) |
8 | Intangible assets (net of related tax liability) (negative amount) | (3367) |
9 | Not applicable |  |
10 | Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of related tax liability where the conditions in Article 38 (3) of the CRR are met) (negative amount) | (463) | 1
11 | Fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value | (47) | 2
12 | Negative amounts resulting from the calculation of expected loss amounts | (145) |
13 | Any increase in shareholders’ equity that results from securitized assets (negative amount) |  |
14 | Gains or losses on liabilities at fair value resulting from changes in own credit standing | 679 |
15 | Defined-benefit pension fund assets (negative amount) | (38) |
16 | Direct, indirect and synthetic holdings by an institution of own CET1 instruments (negative amount) |  |
17 | Direct, indirect and synthetic holdings of the CET1 instruments of financial sector entities where those entities have reciprocal cross holdings with the institution designed to artificially inflate the equity of the institution (negative amount) |  |
18 | Direct, indirect and synthetic holdings by the institution of CET1 instruments of financial sector entities where the institution does not have a significant investment in those entities (amount above the 10% threshold and net of eligible short positions) (negative amount) |  |
19 | Direct, indirect and synthetic holdings of CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) |  |
20 | Not applicable |  |
EU-20a | Exposure amount of the following items which qualify for a risk weighting of 1,250%, where the institution opts for deduction alternative |  |
EU-20b | o/w: qualifying holdings outside the financial sector (negative amount) |  |
EU-20c | o/w: securitization positions (negative amount) |  |
EU-20d | o/w: free deliveries (negative amount) |  |
21 | Deferred tax assets arising from temporary differences (amount above 10% threshold, net of related tax liabilities where the conditions of Article 38 (3) of the CRR are met) (negative amount) |  |
22 | Amount exceeding the 17.65% threshold (negative amount) |  |
23 | o/w: direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities |  |
24 | Not applicable |  |
25 | o/w: deferred tax assets arising from temporary differences |  |
EU-25a | Losses for the current fiscal year (negative amount) |  |
EU-25b | Foreseeable tax expenses relating to CET1 items, unless the institution duly adjusts the amount of CET1 items to the extent that these taxes reduce the amount up to which these items can be used to cover risks or losses (negative amount) |  |
26 | Not applicable |  |
27 | Qualifying AT1 deductions that exceed the AT1 capital of the institution (negative amount) |  |
27a | Other regulatory adjustments | (570) |
28 | Total regulatory adjustments to Common Equity Tier 1 (CET1) capital | (4,665) |
29 | Common Equity Tier 1 (CET1) capital | 12,550 |
Additional Tier 1 (AT1) capital: instruments
30 | Capital instruments and the related share premium accounts | 2,959 |
31 | o/w: classified as shareholders’ equity under applicable accounting standards | 2,959 |
32 | o/w: classified as liabilities under applicable accounting standards |  |
33 | Amount of qualifying items referred to in Article 484 (4), of the CRR and the related share premium accounts subject to phase out from AT1 capital |  |
EU-33a | Amount of eligible items referred to in Article 494a (1) of the CRR subject to phase out from AT1 capital |  |
EU-33b | Amount of eligible items referred to in Article 494b (1) of the CRR subject to phase out from AT1 capital |  |
34 | Qualifying Tier 1 capital included in consolidated AT1 capital (including non-controlling interests not included in line 5) issued by subsidiaries and held by third parties |  |
35 | of which: instruments issued by subsidiaries subject to phase out |  |
36 | Additional Tier 1 (AT1) capital before regulatory adjustments | 2,959 |
Additional Tier 1 (AT1) capital: regulatory adjustments
37 | Direct, indirect and synthetic holdings by an institution of its own AT1 instruments (negative amount) |  |
38 | Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where those entities have reciprocal cross holdings with the institution designed to artificially inflate the own funds of the institution (negative amount) |  |
39 | Direct, indirect and synthetic holdings of AT1 instruments of financial sector entities where the institution does not have a significant investment in those entities (amount above the 10% threshold and net of eligible short positions) (negative amount) |  |
40 | Direct, indirect and synthetic holdings of AT1 instruments of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount) |  |
41 | Not applicable |  |
42 | Qualifying T2 deductions that exceed the T2 capital of the institution (negative amount) |  |
42a | Other regulatory adjustments to AT1 capital |  |
43 | Total regulatory adjustments to Additional Tier 1 (AT1) capital |  |
44 | Additional Tier 1 (AT1) capital | 2,959 |
45 | Tier 1 capital (T1 = CET1 + AT1) | 15,509 |
Tier 2 capital: instruments
46 | Capital instruments and the related share premium accounts | 2,850 | 3
47 | Amount of qualifying items referred to in Article 484 (5), of the CRR and the related share premium accounts subject to phase out from T2 in accordance with Article 486 (4) of the CRR |  |
EU-47a | Amount of qualifying items referred to in Article 494a (2) of the CRR subject to phase out from T2 |  |
EU-47b | Amount of qualifying items referred to in Article 494b (2) of the CRR subject to phase out from T2 | 0 |
48 | Qualifying own funds instruments included in consolidated T2 capital (including non-controlling interests and AT1 instruments not included in lines 5 or 34) issued by subsidiaries and held by third parties |  |
49 | of which: instruments issued by subsidiaries subject to phase out |  |
50 | Credit risk adjustments | 280 |
51 | Tier 2 (T2) capital before regulatory adjustments | 3,130 |
Tier 2 (T2) capital: regulatory adjustments
52 | Direct, indirect and synthetic holdings by an institution of own T2 instruments and subordinated loans (negative amount) |  |
53 | Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where those entities have reciprocal cross holdings with the institution designed to artificially inflate the own funds of the institution (negative amount) |  |
54 | Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) |  |
54a | Not applicable |  |
55 | Direct, indirect and synthetic holdings by the institution of T2 subordinated instruments and loans of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount) |  |
56 | Not applicable |  |
EU-56a | Qualifying eligible liabilities deductions that exceed the eligible liabilities items of the institution (negative amount) |  |
EU-56b | Other regulatory adjustments to T2 capital |  |
57 | Total regulatory adjustments to Tier 2 (T2) capital |  |
58 | Tier 2 (T2) capital | 3,130 |
59 | Total capital (TC = T1 + T2) | 18,639 |
60 | Total risk exposure amount | 106,813 |
Capital ratios and buffers
61 | Common Equity Tier 1 (CET1) capital | 11.75% |
62 | Tier 1 capital | 14.52% |
63 | Total capital | 17.45% |
64 | Institution CET1 overall capital requirement | 8.91% |
65 | o/w: capital conservation buffer requirement | 2.50% |
66 | o/w: countercyclical capital buffer requirement | 0.65% |
67 | o/w: systemic risk buffer requirement | 0.00% |
EU-67a | o/w: global Systemically Important Institution (G-SII) or Other Systemically Important Institution (O-SII) buffer requirement | 0.00% |
EU-67b | o/w: additional capital requirements to address risks other than the risk of excessive leverage | 1.27% |
68 | Common Equity Tier 1 capital (as a percentage of risk exposure amount) available after meeting the minimum capital requirements | 5.98% |
National minima (if different from Basel 3)
69 | Not applicable |  |
70 | Not applicable |  |
71 | Not applicable |  |
Amount below deduction thresholds (before risk weighting) |  |
72 | Direct and indirect holdings of the capital and qualifying liabilities of financial sector entities where the institution does not have a significant investment in those entities (amount below 10% threshold; net of eligible short positions) | 128 | 4
73 | Direct and indirect holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount below 17.65% threshold and net of eligible short positions) | 808 | 5
74 | Not applicable |  |
75 | Deferred tax assets arising from temporary differences (amount below 17.65% threshold, net of related tax liability where the conditions in Article 38 (3) of the CRR are met) | 601 |
Applicable caps on the inclusion of provisions in Tier 2 capital |  |
76 | Credit risk adjustments included in T2 in respect of exposures subject to standard approach (prior to the application of the cap) |  |
77 | Cap on inclusion of credit risk adjustments in T2 under standard approach | 243 |
78 | Credit risk adjustments included in T2 in respect of exposures subject to internal ratings-based approach (prior to the application of the cap) | 291 |
79 | Cap on inclusion of credit risk adjustments in T2 under internal ratings-based approach | 280 |
Capital instruments subject to phase out |  |
80 | Current cap on CET1 instruments subject to phase out |  |
81 | Amount excluded from CET1 due to cap (excess over cap after redemptions and maturities) |  |
82 | Current cap on AT1 instruments subject to phase out |  |
83 | Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities) |  |
84 | Current cap on T2 instruments subject to phase out |  |
85 | Amount excluded from T2 due to cap (excess over cap after redemptions and maturities) |  |

◗Reconciliation of regulatory own funds to balance sheet in the audited financial statements (EU CC2)

(in millions of euros) | a |  | b | c
--- | --- | --- | --- | ---
Balance sheet as in the published financial statements at December 31, 2025 | Other restatements | Balance sheet under regulatory scope of consolidation at December 31, 2025 | Reference
Assets - Breakdown by assets according to the balance sheet in the published financial statements
1 | Cash, central banks | 52,793 |  | 52,793 |
2 | Financial assets at fair value through profit or loss | 236,980 | (98) | 236,881 |
| o/w holdings of CET1 instruments of financial sector entities in which the institution does not have a significant investment |  |  | 101 | 4
| o/w holdings of CET1 instruments of financial sector entities in which the institution has a significant investment |  |  | 16 | 5
3 | Hedging derivatives | 374 |  | 374 |
4 | Financial assets at fair value through other comprehensive income | 11,711 | 0 | 11,711 |
| o/w holdings of CET1 instruments of financial sector entities in which the institution does not have a significant investment |  |  | 10 | 4
| o/w holdings of CET1 instruments of financial sector entities in which the institution has a significant investment |  |  | 780 | 5
5 | Debt instruments at amortized cost | 1,819 | 137 | 1,956 |
6 | Loans and receivables due from banks and similar items at amortized cost | 120,877 | (17) | 120,859 |
7 | Loans and receivables due from customers at amortized cost | 84,181 | (3,965) | 80,216 |
| o/w Subordinated loans to customers – when the institution does not hold a significant investment |  |  | 17 | 4
8 | Revaluation adjustments on portfolios hedged against interest rate risk | 0 |  | 0 |
9 | Insurance business investments | 0 |  | 0 |
10 | Insurance contracts issued – Assets |  |  |  |
11 | Reinsurance contracts held - Assets |  |  |  |
12 | Current tax assets | 327 |  | 327 |
13 | Deferred tax assets | 1,394 | 0 | 1,394 |
| Loss carryforwards |  |  | 464 | 1
| Other temporary differences |  |  | 930 |
14 | Accrual account and miscellaneous assets | 5,417 | 45 | 5,462 |
15 | Non-current assets held for sale | 197 |  | 197 |
16 | Investments in Associates | 1,059 | (0) | 1,059 |
| o/w holdings of CET1 instruments of financial sector entities in which the institution has a significant investment |  |  | 13 | 5
17 | Investment property | 0 |  | 0 |
18 | Property, plant and equipment | 742 |  | 742 |
19 | Intangible assets | 568 |  | 568 |
20 | Goodwill | 3,162 |  | 3,162 |
| Total assets | 521,602 | (3,898) | 517,704 |
Liabilities - Breakdown by liability according to the balance sheet in the published financial statements
1 | Central banks |  |  |  |
2 | Financial liabilities at fair value through profit or loss | 250,638 | 0 | 250,638 |
3 | Hedging derivatives | 288 |  | 288 |
4 | Deposits and loans due to banks and similar items | 133,628 | 0 | 133,628 |
5 | Customer deposits and loans | 64,150 |  | 64,150 |
6 | Debt securities | 38,129 | (3,896) | 34,233 |
7 | Revaluation adjustments on portfolios hedged against interest rate risk | 11 |  | 11 |
8 | Insurance contracts issued - Liabilities |  |  |  |
9 | Reinsurance contracts held - Liabilities |  |  |  |
10 | Current tax liabilities | 1,460 |  | 1,460 |
11 | Deferred tax liabilities | 459 | 0 | 459 |
| o/w deferred tax liabilities associated with deferred tax assets that depend on future profits and do not result from temporary differences |  |  | 2 | 1
12 | Accrual account and miscellaneous liabilities | 7,262 | (1) | 7,262 |
13 | Liabilities on assets held for sale | 21 |  | 21 |
14 | Liabilities related to insurance contracts | 0 |  | 0 |
15 | Provisions | 1,485 | (0) | 1,485 |
16 | Subordinated debt | 3,022 |  | 3,022 |
| o/w subordinated loans under the regulatory Tier 2 category, net of discount |  |  | 2,850 | 3
| Total liabilities | 500,553 | (3,897) | 496,656 |
Shareholders’ equity
1 | Shareholders’ equity (Group share) | 20,966 |  | 20,966 |
| o/w Cash flow hedge reserve |  |  | 47 | 2
2 | Share capital & related reserves | 11,805 |  | 11,805 |
3 | Consolidated reserves | 7,983 |  | 7,983 |
4 | Recyclable gains and losses recorded directly in other comprehensive income | 266 |  | 266 |
5 | Non-recyclable gains and losses recorded directly in other comprehensive income | (450) |  | (450) |
6 | Net income/(loss) for the period | 1,361 |  | 1,361 |
7 | Non-controlling interests | 83 | (1) | 82 |
| Total equity | 21,049 | (1) | (21,048) |

#### 3.3.1.4Changes in regulatory capital, regulatory own funds requirements and ratios in 2025

##### Regulatory capital and capital adequacy ratio

The CET1, Tier 1 and overall ratios at the end of 2025 are presented below, by major component. The same ratios at end-2024 are shown by way of comparison.

In accordance with the Basel 3/CRR regulatory framework, under Pillar I, these ratios must exceed the minimum limits of 4.5%, 6% and 8%, respectively, in addition to the cumulative buffers, of 7.64%, 9.14% and 11.14% in 2024, and 7.65%, 9.15% and 11.15% in 2025.

◗Total capital ratio

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Shareholders’ equity (Group share) | 20,966 | 20,294
Deeply subordinated notes (DSN) | 3,033 | 2,233
Perpetual subordinated notes (PSN) | 0 | 0
Consolidated shareholders’ equity (Group share) net of DSNs and PSNs | 17,933 | 18,062
Non-controlling interests | 82 | 79
Intangible assets | (382) | (472)
Goodwill | (2,985) | (3,179)
Dividends proposed to the General Shareholders’ Meeting | (792) | (737)
Deductions, prudential restatements and phase-in arrangements | (1,305) | (2,531)
Total Common Equity Tier 1 capital | 12,550 | 11,221
Deeply subordinated notes (DSN) | 2,959 | 2,317
Additional Tier 1 capital | 0 | 0
Tier 1 deductions and phase-in arrangements | 0 | 0
Total Tier 1 capital | 15,509 | 13,538
Tier 2 instruments | 2,850 | 2,937
Other Tier 2 capital | 280 | 0
Tier 2 deductions and phase-in arrangements | 0 | 0
Overall capital | 18,639 | 16,475
Total risk-weighted assets | 106,813 | 103,753
Credit risk-weighted assets | 68,575 | 74,783
Market risk-weighted assets | 19,304 | 14,489
Operational risk-weighted assets | 18,540 | 14,415
Other risk-weighted assets | 393 | 66
Capital adequacy ratios |  |
Common Equity Tier 1 capital ratio | 11.7% | 10.8%
Tier 1 capital ratio | 14.5% | 13.0%
Total capital ratio | 17.5% | 15.9%

◗Geographical distribution of relevant credit exposures used in the countercyclical capital buffer (EU CCyB1)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l | m
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
General credit exposures | Relevant credit exposures – market risk | Non-trading book exposure at default | Total exposure value | Capital requirements | Risk-weighted exposure amount | Capital requirement weightings (%) | Counter cyclical buffer rate (%)
Exposure at default under the standard approach | Exposure at default under the IRB approach | Sum of long and short exposure positions in the trading book for the standard approach | Value of trading book exposures for internal models | Relevant credit risk exposures – credit risk | Relevant credit exposures – market risk | Relevant credit exposures – securitization positions in the non-trading book | Total
010 | Breakdown by country: |  |  |  |  |  |  |  |  |  |  |  |  |
| Germany | 58 | 2,703 | 303 | 1,797 | 918 | 5,780 | 74 | 20 | 14 | 109 | 1,358 | 2.09% | 0.75%
| Australia | 53 | 2,856 | 36 | 26 | 1,011 | 3,981 | 91 | 1 | 13 | 104 | 1,303 | 2.00% | 1.00%
| Belgium | 114 | 1,270 | 146 | 1,915 | - | 3,445 | 40 | 7 | - | 47 | 586 | 0.90% | 1.00%
| Bulgaria | - | - | - | - | - | - | - | - | - | - | - | - | 2.00%
| Cyprus | - | - | - | - | - | - | - | - | - | - | - | - | 1.00%
| South Korea | 0 | 382 | 356 | 39 | - | 777 | 14 | 0 | - | 14 | 179 | 0.28% | 1.00%
| Croatia | - | 1 | - | - | - | 1 | 0 | - | - | 0 | 1 | 0.00% | 1.50%
| Denmark | - | 94 | 19 | 12 | - | 125 | 4 | 1 | - | 5 | 68 | 0.10% | 2.50%
| Estonia | - | 53 | - | - | - | 53 | 2 | - | - | 2 | 22 | 0.03% | 1.50%
| Spain | 11 | 3,883 | 346 | 491 | - | 4,731 | 127 | 12 | - | 139 | 1,735 | 2.67% | 0.50%
| France | 8,462 | 28,956 | 22,658 | 9,886 | 2,970 | 72,932 | 1,695 | 70 | 38 | 1,803 | 22,542 | 34.66% | 1.00%
| Greece | 0 | 122 | 1 | 1 | - | 123 | 2 | 0 | - | 2 | 29 | 0.04% | 0.25%
| Hong Kong | 1 | 2,171 | 186 | - | 190 | 2,548 | 58 | 15 | 3 | 76 | 954 | 1.47% | 0.50%
| Hungary | 0 | 103 | 0 | 0 | - | 104 | 2 | 0 | - | 2 | 29 | 0.04% | 1.00%
| Ireland | 41 | 2,214 | 73 | 24 | - | 2,352 | 51 | 8 | 4 | 63 | 783 | 1.20% | 1.50%
| Iceland | - | - | - | 1 | - | 1 | - | 0 | - | 0 | 0 | 0.00% | 2.50%
| Latvia | - | - | - | - | - | - | - | - | - | - | - | - | 1.00%
| Lithuania | - | 206 | - | - | - | 206 | 4 | - | - | 4 | 49 | 0.08% | 1.00%
| Luxembourg | 436 | 7,635 | 127,256 | 898 | 277 | 136,501 | 279 | 7 | 3 | 290 | 3,619 | 5.56% | 0.50%
| Norway | 57 | 238 | 7 | 3 | - | 305 | 10 | 0 | - | 10 | 129 | 0.20% | 2.50%
| Netherlands | 17 | 3,657 | 316 | 862 | 230 | 5,082 | 100 | 15 | 7 | 122 | 1,531 | 2.35% | 2.00%
| Poland | - | 122 | 0 | 0 | - | 123 | 1 | 0 | - | 1 | 15 | 0.02% | 1.00%
| Romania | - | - | - | - | - | - | - | - | - | - | - | - | 1.00%
| United Kingdom | 1,097 | 7,958 | 392 | 269 | 851 | 10,568 | 275 | 23 | 14 | 312 | 3,903 | 6.00% | 2.00%
| Slovakia | 0 | - | 0 | 0 | - | 0 | 0 | 0 | - | 0 | 0 | 0.00% | 1.50%
| Slovenia | - | 0 | - | - | - | 0 | 0 | - | - | 0 | 0 | 0.00% | 1.00%
| Sweden | 13 | 510 | 21 | 26 | - | 570 | 19 | 1 | - | 20 | 250 | 0.38% | 2.00%
| Czech Republic | - | 26 | 7 | 0 | - | 34 | 0 | 1 | - | 1 | 12 | 0.02% | 1.25%
| Sub-total | 10,360 | 65,163 | 152,123 | 16,249 | 6,744 | 250,639 | 2,849 | 183 | 96 | 3,128 | 39,097 | 60.12% |
| Other countries with a 0% risk weighting | 3,142 | 55,189 | 7,534 | 5,215 | 9,953 | 81,034 | 1,791 | 150 | 134 | 2,075 | 25,936 | 39.88% | -
020 | Total | 13,502 | 120,353 | 159,657 | 21,464 | 16,697 | 331,673 | 4,640 | 333 | 230 | 5,203 | 65,033 | 100.00% |

◗Amount of institution-specific countercyclical capital buffer (EU CCYB2)

(in millions of euros) | a
--- | ---
1 | Total risk exposure amount | 106,813
2 | Institution-specific countercyclical capital buffer rate (%) | 0.65%
3 | Institution-specific countercyclical capital buffer requirement (%) | 689

◗Value adjustments for conservative valuation purposes (PVA) (EU PV1)

(in millions of euros) | a | b | c | d | e | EU e1 | EU e2 | f | g | h
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Risk category | Category AVA – Valuation uncertainty | Full category AVA after diversification |
| Category AVA | Equities | Interest rates | Foreign exchange | Credit | Commodities | AVA relating to prepaid credit spreads | AVA relating to investment and financing costs | o/w: Total main approach in the trading book | o/w: Total main approach in the banking book
1 | Market price uncertainty | 272 | 30 | 1 | 6 | 3 | 2 | 9 | 161 | 80 | 81
3 | Liquidation cost | 255 | 54 | 2 | 5 | 1 | 8 | 1 | 163 | 141 | 22
4 | Concentrated positions | 56 | 11 | 0 | 3 | 0 |  |  | 71 | 70 | 1
5 | Early termination | 0 | 0 | 0 | 0 | 0 |  |  | 0 | 0 | 0
6 | Model risk | 158 | 42 | 23 | 43 | 0 | 52 | 4 | 161 | 159 | 2
7 | Operational risk | 26 | 5 | 0 | 1 | 0 |  |  | 32 | 22 | 11
10 | Future administrative costs | 38 | 65 | 13 | 5 | 5 |  |  | 126 | 124 | 2
12 | TOTAL ADDITIONAL VALUE ADJUSTMENTS (AVA) | 804 | 207 | 39 | 63 | 10 | 62 | 14 | 715 | 596 | 119

◗Non-deducted participations in insurance undertakings (EU INS1)

|  | a | b
--- | --- | --- | ---
| (in millions of euros) | Exposure at default | Risk exposure amount
1 | Own funds instruments held in insurance or reinsurance undertakings or insurance holding companies, not deducted from own funds. | - | -

The change in regulatory capital under Basel 3/CRR over 2025 is shown below:

◗Changes in regulatory capital after applying phase-in arrangements for the period

(in millions of euros) | 2025
--- | ---
Common Equity Tier 1 (CET1) capital
Amount at start of period | 11,221
New instruments issued (including issue premiums) | 851
Instruments redeemed | 0
Retained earnings from previous periods | (119)
Net income/(loss) for the period | 1,361
Gross dividend proposed | (792)
Dividend payout in new shares | 0
Changes in other comprehensive income |
Translation adjustments | (588)
Cash flow hedging reserve | (10)
Others | (728)
Others | (9)
Non-controlling interests | 0
Filters and deductions not subject to the phase-in arrangements |
Goodwill and intangible assets | 285
Own credit risk | 913
Other comprehensive income CFH | 10
Prudent valuation adjustment | 7
Other | (12)
Other, including prudential adjustments and phase-in arrangements |
Deferred tax assets that rely on future earnings (excluding temporary differences) | 161
Deductions in respect of breaches of capital thresholds | 0
Others | 0
Impact of phase-in arrangements | 0
o/w impact of changes in phase-in rate | 0
o/w impact of changes in base subject to phase-in arrangements | 0
Amount of Common Equity Tier 1 (CET1) capital at end of period | 12,550
Additional Tier 1 (AT1) capital
Amount at start of period | 2,317
New eligible instruments issued | 800
Redemptions during the period | 0
Other, including prudential adjustments and phase-in arrangements | (159)
o/w impact of changes in phase-in rate | 0
o/w other impact of changes in base | (159)
Amount of Additional Tier 1 (AT1) capital at end of period | 2,959
Tier 1 capital | 15,509
Tier 2 capital
Amount at start of period | 2,937
New eligible instruments issued | 300
Redemptions during the period | (300)
Other, including prudential adjustments and phase-in arrangements | 193
o/w impact of changes in phase-in rate | (85)
o/w other impact of changes in base | 278
Amount of Tier 2 capital at end of period | 3,130
TOTAL REGULATORY CAPITAL | 18,639

Common Equity Tier 1 (CET1) capital totaled €12.6 billion as at December 31, 2025, up +€1.3 billion over the year. This change is due to the following changes:

●Capital increase of March 5, 2025 of +€0.9 billion;

●Additional dividend for 2024, corresponding to the 20 cents paid on new shares created by the Extraordinary General Shareholders' Meeting of March 5, 2025 for ‑€0.1 billion;

●Ordinary income for the period +€1.4 billion;

●Change in other comprehensive income (OCI), recyclable and non-recyclable gains and losses recognized directly in equity, including an unfavorable impact of translation adjustments of ‑€0.6 billion, partially offset by the impact of the revaluation of debt and equity instruments at fair value through OCI of +€0.2 billion;

●Proposed payment of the 2025 annual dividend of 20 cents per share, i.e. -€0.8 billion;

●Filtering of intangible assets (+€0.3 billion - including currency effect of +€0.2 billion and disposal of MV Credit for +€0.1 billion) and deferred tax assets on tax loss carryforwards (+€0.1 billion).

Additional Tier 1 capital increased by +€0.6 billion to €3.0 billion, reflecting, in particular, exchange rate fluctuations (€-0.2 billion). They also include a new issue of €0.8 billion in order to comply with the daily coverage of the leverage ratio requirement.

Tier 2 capital amounted to +€3.1 billion. Since June 29, 2025, instruments benefiting from a grandfather clause have been excluded from the category (-€0.1 billion). The approval by the competent authority of new internal models for determining credit RWA for corporate exposures in default led to the calculation of new expected losses (EL) that were lower than accounting impairments (IFRS 9), the difference between which is included in this sub-fund (+€0.3 billion). Finally, a new Tier 2 issue of +€0.3 billion replaced a bond of the same amount and quality that was redeemed early during the fiscal year.

◗Risk-weighted assets (NX07)

(in millions of euros) | RWA
--- | ---
Total | Credit & Counterparty | Settlement / Delivery | Market | Operational | Credit valuation adjustment | Other risks
31/12/2024 | 103,753 | 74,670 | 0 | 13,310 | 14,415 | 1,178 | 179
Methodology and policy | (305) | (4,923) | - | - | 3,329 | 1,289 | -
Foreign exchange movements | (2,169) | (2,169) | - | - | - | - | -
Change in business activity | 7,329 | 5,164 | - | - | 796 | 1,062 | 306
Change in risk parameters | (1,331) | (3,792) | 17 | 2,448 | - | - | (4)
Acquisitions and Disposals of Holdings | - | - | - | - | - | - | -
Effect of Collateral | (463) | (463) | - | - | - | - | -
31/12/2025 | 106,813 | 68,487 | 17 | 15,758 | 18,540 | 3,529 | 482

*Entry into force of CRR3.

◗Basel 3 RWA by main Natixis business line (NX02)

Division (in millions of euros) | RWA
--- | ---
Total | Credit | Counterparty | Securitization | Settlement / Delivery | Market | Operational | Credit valuation adjustment | Other risks
Corporate & Investment Banking(a) | 82,710 | 46,187 | 7,873 | 2,788 | 17 | 11,417 | 10,429 | 3,518 | 482
Asset & Wealth Management | 15,334 | 7,426 | 44 | 0 | - | 1,840 | 6,024 | - | -
Corporate Center business lines(b) | 8,770 | 4,166 | 4 | - | - | 2,501 | 2,088 | 11 | -
TOTAL AS OF 31/12/2025 | 106,813 | 57,779 | 7,921 | 2,788 | 17 | 15,758 | 18,540 | 3,529 | 482
TOTAL AS OF 31/12/2024 | 103,753 | 63,105 | 8,158 | 3,406 | 0 | 13,310 | 14,415 | 1,178 | 179

(a)Including Treasury and Collateral Management.

(b)Including NCIB support.

#### 3.3.1.5Capital steering

Capital steering consists of determining Natixis’ target capital adequacy level, continually ensuring compliance with regulatory capital requirements in all compartments and capital adequacy in line with the risk appetite defined by the institution, and adapting capital allocation and measurement of business line profitability accordingly.

Natixis' CET1 ratio must exceed regulatory requirements as well as the RAF thresholds and limits reviewed annually. A minimum target has been set, in line with the strategic plan, in a range between 10.5% and 11.0%. In 2025, Natixis’ CET1 ratio was maintained above 11%.

The steering framework adapts all processes with the aim of ultimately meeting the requirements of the supervisory authorities and BPCE or investors:

●continuously maintaining the solvency trajectory;

●the development of the Natixis internal capital adequacy assessment process (ICAAP), carried out using two
approaches:

●a so-called “normative” approach aimed at measuring the impact on Natixis of internal stress tests over a three-year period based on the Pillar I regulatory baseline,

●a so-called “economic” approach which consists of identifying, quantifying and hedging risks with internal capital over a short-term horizon (one year) and using internal methodologies. At the Natixis level, the methodologies developed allow a better assessment of the risks already covered under Pillar I, and also an additional assessment of risks not covered by Pillar I;

●projecting/forecasting capital requirements specific to business lines, within the framework of Natixis’ overall capital adequacy policy;

●anticipating regulatory changes and their impact on Natixis’ business lines;

●implementing a mechanism for analyzing the capital consumption of the business lines and their profitability on the basis of Basel 3/CRR risk-weighted assets;

●allocating capital to the business lines, within the framework of strategic plan and annual budget procedures, taking into account business requirements, profitability and balance between the business lines.

##### Outlook

The Capital Management team, in collaboration with Natixis' two business lines, AWM and CIB, has developed a solvency trajectory as part of the Strategic Plan, in line with BPCE's guidelines, the development ambitions of the two business lines over the horizon of the Strategic Plan, and new regulatory requirements, in particular the entry into force on January 1, 2025, of CRR3 and the enhanced leverage ratio requirement from January 1, 2026, including a P2R add-on of 0.30%.

### 3.3.2Other regulatory ratios

#### 3.3.2.1Leverage ratio

Since January 1, 2014, the leverage ratio must be calculated and reported to the European supervisor by the banks. The leverage risk framework, introduced by the Basel Committee, was incorporated into the CRR Regulation: the leverage ratio is defined as the ratio between the institution’s Tier 1 capital and the bank’s balance sheet exposures (after taking into account certain restatements, in particular for derivatives and repurchase agreements) and off-balance sheet exposures (after applying balance sheet conversion factors). Its publication as part of the financial communication is mandatory since January 1, 2015.

From June 2021, with the CRR2 Regulation, the leverage ratio has become a requirement to be complied with at all times by institutions. This requirement, which amounts to 3% of Tier 1 capital, may trigger the activation of the Maximum Distributable Amount (MDA). To address the risk of excessive leverage, the supervisor may impose additional capital requirements.

The CRR2 Regulation modifies the rules for calculating the leverage ratio by excluding certain exposures (notably “incentive” loans and assets linked to central banks, subject to conditions). New rules for offsetting and calculating exposure to derivatives have also been introduced.

Natixis calculates and publishes its leverage ratio according to the CRR2 rules, and implements the actions needed to converge towards the target ratio under consideration.

◗Summary of the reconciliation between accounting assets and exposures for leverage ratio purposes (EU LR1 – LRSum)

(in millions of euros) | a
--- | ---
Applicable amount
1 | Total assets according to reported financial statements | 521,602
2 | Adjustment for entities consolidated from an accounting point of view but which do not fall within the scope of prudential consolidation | (3,898)
3 | (Adjustment for securitized exposures that meet the operational requirements for transfer of risk) | -
4 | (Adjustment for temporary exemption of exposures to central banks [where applicable]) | -
5 | (Adjustment for fiduciary assets recognized on the balance sheet in accordance with the applicable accounting framework but excluded from the total exposure measurement under Article 429 a (1) (i) of the CRR) | -
6 | Adjustment for normalized purchases and sales of financial assets recognized at the transaction date | -
7 | Adjustment for qualifying centralized cash management system transactions | -
8 | Adjustment for derivative financial instruments | (12,956)
9 | Adjustment for securities financing transactions (SFTs) | 8,842
10 | Adjustment for off-balance sheet items (resulting from the translation of off-balance sheet exposures into credit equivalent amounts) | 54,439
11 | (Adjustment for valuation adjustments for prudent valuation purposes and specific and general provisions that reduced Tier 1 capital) | -
EU-11a | (Adjustment for exposures excluded from the total exposure measurement under Article 429 a (1) (c) of the CRR) | (134,481)
EU-11b | (Adjustment for exposures excluded from the total exposure measurement under Article 429 a (1) (j) of the CRR) | -
12 | Other adjustments | (14,988)
13 | Measurement of total exposure | 418,559

#### 3.3.2.2Oversight of leverage ratio

In accordance with the French Ministerial Order of November 3, 2014 on the internal control by companies in the banking, payment services and investment services sectors subject to supervision by the French Prudential Supervisory and Resolution Authority, the supervised companies are required to set global limits and establish policies and processes to detect, manage and monitor excessive leverage risk.

Natixis Senior Management has defined a limit and a RAF threshold on the leverage ratio at the end of the quarter above the regulatory minimum of 3% of Tier 1 capital, as well as a steering threshold. This ratio is managed under the authority of Natixis ALM Committee. The BOAT Department coordinates compliance with this constraint in conjunction with the business lines, BPCE's Financial Management division and under the control of SBSR.

◗Leverage ratio – common disclosure (EU LR2 – LRCom)

(in millions of euros) | Leverage ratio exposures under the CRR
--- | ---
a | b
31/12/2025 | 31/12/2024
On-balance sheet exposures (excluding derivatives and SFTs)
1 | Items recorded on the balance sheet (excluding derivatives and SFTs, but including collateral) | 365,902 | 344,218
2 | Addition of the amount of collateral provided for derivatives, when they are deducted from balance sheet assets in accordance with the applicable accounting framework | - |
3 | (Deduction of receivables recognized as assets for cash variation margin provided in derivative transactions) | (9,305) | (7,584)
4 | (Adjustment for securities received in connection with securities financing transactions that are recognized as assets) | - |
5 | (Adjustments for general credit risk of balance sheet items) | - | -
6 | (Amounts of assets deducted when determining Tier 1 capital) | (5,683) | (6,019)
7 | TOTAL ON-BALANCE SHEET EXPOSURES (EXCLUDING DERIVATIVES AND SFT) | 350,913 | 330,614
Derivative exposures
8 | Replacement cost of all SA-CCR derivative transactions (i.e. net of eligible cash variation margins) | 15,511 | 17,025
EU-8a | Derogation for derivatives: contribution of replacement costs under the simplified standard approach | - | -
9 | Mark-up amounts for potential future exposure associated with SA-CCR derivative transactions | 34,757 | 31,081
EU-9a | Derogation for derivatives: Contribution of potential future exposure under the simplified standard approach | - | -
EU-9b | Exposure determined by applying the original exposure method | - |
10 | (CCP leg exempted from exposures to client cleared transactions) (SA-CCR) | - | -
EU-10a | (CCP leg exempted from exposures to client cleared transactions) (simplified standard approach) | - | -
EU-10b | (CCP leg exempted from exposures to client cleared transactions) (original exposure method) | - |
11 | Adjusted effective notional value of written credit derivatives | 44,501 | 31,115
12 | (Adjusted actual notional differences and add-on deductions for written credit derivatives) | (39,991) | (27,473)
13 | TOTAL DERIVATIVE EXPOSURES | 54,778 | 51,748
Exposure on securities financing transactions (SFTs)
14 | Gross SFT assets (excluding netting) after adjustment for transactions recognized as written | 120,107 | 123,705
15 | (Net value of cash payables and receivables of gross SFT assets) | (35,420) | (31,310)
16 | Counterparty credit risk exposure for SFT assets | 8,842 | 7,535
EU-16a | Derogation for SFTs: Counterparty credit risk exposures in accordance with Article 429 e (5) and Article 222 of the CRR | - |
17 | Exposures when the institution acts as agent | - |
EU-17a | (CCP leg exempted from client cleared SFT exposures) | - |
18 | TOTAL EXPOSURE TO SECURITIES FINANCING TRANSACTIONS | 93,529 | 99,931
Other off-balance sheet exposures
19 | Off-balance sheet exposures at gross notional value | 121,368 | 116,955
20 | (Adjustments for conversion into equivalent credit amounts) | (67,548) | (63,209)
21 | (General provisions deducted when determining Tier 1 capital and specific provisions associated with off-balance sheet exposures) |  |
22 | OFF-BALANCE SHEET EXPOSURES | 53,821 | 53,746
Excluded exposures
EU-22a | (Exposures excluded from total exposure measurement under Article 429 a (1) (c) and (c bis) of the CRR) | (134,481) | (132,981)
EU-22b | (Exposures exempted under Article 429 a (1) (j) of the CRR [on-balance sheet and off-balance sheet]) | - |
EU-22c | (Exclusions of exposure of public development banks (or units of banks) – Public investments) | - | -
EU-22d | (Exclusions of exposure of public development banks (or units of banks) – Incentive loans) | - | -
EU-22e | (Exclusions of exposures arising from the transfer of incentive loans by banks (or units of banks) that are not public development banks) | - | -
EU-22f | (Exclusions of secured portions of exposures resulting from export credits) | - | -
EU-22g | (Exclusions of excess collateral deposited with tripartite agents) | - | -
EU-22h | (Exclusion of CSD services provided by institutions/CSDs, pursuant to Article 429 a (1) (o) of the CRR) | - | -
EU-22i | (Exclusion of CSD services provided by designated institutions, pursuant to Article 429 a (1) (p) of the CRR) | - | -
EU-22j | (Reduction of the exposure value of pre-financing or intermediary loans) | - | -
EU-22k | (Exposures excluded from total exposure measurement under Article 429 a (1) (d bis) of the CRR) | - |
EU-22l | Exposures deducted in accordance with Article 429 a (1) (q) of the CRR | - |
EU-22m | (TOTAL EXEMPT EXPOSURES) | (134,481) | (132,981)
Capital and total exposure measurement
23 | Tier 1 capital | 15,509 | 13,538
24 | Measurement of total exposure | 418,559 | 403,058
Leverage ratio
25 | Leverage ratio (%) | 3.7% | 3.4%
EU-25 | Leverage ratio (excluding the impact of the exemption of public investments and incentive loans) (%) | 3.7% | 3.4%
25a | Leverage ratio (excluding the impact of any applicable temporary exemption of central bank reserves) (%) | 3.7% | 3.4%
26 | Minimum leverage ratio regulatory requirement (%) | 3.0% | 3.0%
EU-26a | Additional capital requirements to address excessive leverage risk (%) | - | -
EU-26b | o/w: to be created with CET1 capital | - | -
27 | Leverage ratio buffer requirement (%) | - | -
EU-27a | Overall leverage ratio requirement (%) | 3.0% | 3.0%
Choice of phase-in arrangements and relevant exposures
EU-27b | Choice of phase-in arrangements for the definition of capital measurement | - | -
Publication of average values
28 | Average daily values of gross SFT assets, after adjustment for transactions recognized as written and net of corresponding cash payables and receivables | 116,914 | 125,312
29 | End-of-quarter value of gross SFT assets, after adjustment for transactions recognized as written and net of corresponding cash payables and receivables | 84,687 | 92,395
30 | Total exposure measurement (including the impact of any applicable temporary exemption from central bank reserves) including the average values of gross SFT assets in line 28 (after adjustment for transactions recognized as written and net of corresponding cash payables and receivables) | 450,786 | 435,975
30a | Total exposure measurement (excluding the impact of any applicable temporary exemption from central bank reserves) including the average values of gross SFT assets in line 28 (after adjustment for transactions recognized as written and net of corresponding cash payables and receivables) | 450,786 | 435,975
31 | Leverage ratio (including the impact of any applicable temporary exemption from central bank reserves) including the average values of gross SFT assets in line 28 (after adjustment for transactions recognized as written and net of corresponding cash payables and receivables) | 3.4% | 3.1%
31a | Leverage ratio (excluding the impact of any applicable temporary exemption from central bank reserves) including the average values of gross SFT assets in line 28 (after adjustment for transactions recognized as written and net of corresponding cash payables and receivables) | 3.4% | 3.1%

The leverage ratio is up to 3.7% for 2025.

◗Breakdown of on-balance sheet exposures (excluding derivatives, SFT and exempt exposures) (EU LR3)

(in millions of euros) | a
--- | ---
Leverage ratio exposures under the CRR
EU-1 | TOTAL ON-BALANCE SHEET EXPOSURES (EXCLUDING DERIVATIVES, SFTs AND EXEMPT EXPOSURES), O/W: | 242,197
EU-2 | Trading book exposures | 84,009
EU-3 | Banking book exposures, o/w: | 158,188
EU-4 | Covered bonds | 656
EU-5 | Exposures considered as sovereign | 67,153
EU-6 | Exposures to regional governments, multilateral development banks, international organizations and public sector entities not considered as sovereign borrowers | 147
EU-7 | Institutions | 7,891
EU-8 | Exposures secured by mortgages on immovable property | 591
EU-9 | Retail exposures | 493
EU-10 | Corporates | 67,207
EU-11 | Defaulted exposures | 1,028
EU-12 | Other exposures (including equities, securitizations and other assets not corresponding to credit obligations) | 13,022

#### 3.3.2.3 Large exposures ratio

##### Large exposures ratio

The regulations relating to the control of large exposures were reviewed in 2014 when they were incorporated into the CRR. The objective of this regulation is to limit the exposure of a bank to the risks related to a set of counterparties, grouped under a “Group Head”. Compliance with this regulation is measured on a daily basis, ensuring that the risk-weighted assets (RWA-LE) relating to each “Group Head” systematically remain below the Large Exposure Limit, currently set at 25% of Natixis’ Tier 1 capital.

During fiscal year 2025, apart from a technical one-day overshoot, Natixis remained below the Major Risk limit set by regulations, with weighted risks on a single client or group of clients not exceeding 10% of its capital for the rest of the fiscal year.

### 3.3.3Breakdown and changes in risk-weighted assets

#### 3.3.3.1Credit and counterparty risk exposures

◗Overview of total risk-weighted asset exposures (EU OV1)

(in millions of euros) | Total Risk Exposure Amount (TREA) | Total capital requirements
--- | --- | ---
a | b | c
31/12/2025 | 31/12/2024 | 31/12/2025
1 | Credit risk (excluding CCR)* | 58,260 | 63,285 | 4,661
2 | o/w standard approach | 16,025 | 11,231 | 1,282
3 | o/w foundation IRB approach (F-IRB) | 26,712 | 1 | 2,137
4 | o/w referencing approach | - | - | -
EU 4a | o/w equity under the simple risk-weighted approach | 1,627 | 6,672 | 130
5 | o/w advanced IRB approach (A-IRB) | 13,091 | 43,398 | 1,047
6 | Counterparty credit risk – CCR | 7,921 | 9,336 | 634
7 | o/w standard approach | 1,190 | 1,330 | 95
8 | o/w Internal Model Method (IMM) | 5,494 | 5,180 | 440
EU 8a | o/w exposures on a CCP | 478 | 554 | 38
| o/w credit valuation adjustment – CVA |  | 1,178 |
9 | o/w other CCRs | 758 | 1,094 | 61
10 | Credit valuation adjustment risk – CVA risk | 3,529 |  | 282
EU 10a | o/w standard approach (SA) | - |  | -
EU 10b | o/w basic approach (F-BA and R-BA) | 3,529 |  | 282
EU 10c | o/w simplified approach | - |  | -
15 | Settlement risk | 17 | 0 | 1
16 | Securitization exposures in non-trading book (after cap) | 2,788 | 3,406 | 223
17 | o/w SEC-IRBA approach | 174 | 321 | 14
18 | o/w SEC-ERBA (including IAA) | 165 | 297 | 13
19 | o/w SEC-SA approach | 2,448 | 2,300 | 196
EU 19a | o/w 1,250%/deduction | 1 | 488 | 0
20 | Position, currency and commodity risks (Market risk) | 15,758 | 13,310 | 1,261
21 | o/w alternative standard approach (ASA) |  |  |
EU 21a | o/w simplified standard approach (S-SA) |  |  |
| o/w standard approach | 10,965 | 6,959 | 877
22 | o/w alternative internal models approach (A-IMA) |  |  |
| o/w Internal Models Approach | 4,793 | 6,351 | 383
EU 22a | Major risks | - | - | -
23 | Reclassifications between the trading book and the non-trading book | - |  | -
24 | Operational risk | 18,540 | 14,415 | 1,483
| o/w elementary approach |  | - |
| o/w standard approach |  | 14,415 |
| o/w advanced measurement approach |  | - |
EU 24a | Exposures to crypto-assets | 0 |  | 0
25 | Amount below the deduction thresholds (subject to a weighting of 250%) | 3,525 | 3,175 | 282
26 | Capital floor applied (%) | - |  |
27 | Floor adjustment (prior to the application of the transitional cap) | - |  |
28 | Floor adjustment (after application of the transitional cap) | - |  |
29 | Total | 106,813 | 103,753 | 8,545

*Of which €245 million in shares using the IRB approach excluding the simple weighting method, €79 million for collective investment undertakings using the IRB approach, and €482 million in exposure to other risks as of December 31, 2025.

◗EAD by rating source – Standard approach (NX11 BIS)

Exposure class (in millions of euros) | Fitch Ratings | Moody's | Standard & Poor’s | Banque de France | Standard approach to credit risk assessment | Total
--- | --- | --- | --- | --- | --- | ---
Governments and central banks | 1,124 | 48,943 | 29,865 | 53 | - | 79,985
Central administrations | - | 43,507 | 11,656 | - | - | 55,163
Central banks | 964 | 3,641 | 11,622 | - | - | 16,227
Regional governments or local authorities | 0 | 321 | 60 | - | - | 381
Public sector entities | 160 | 553 | 1,055 | 53 | - | 1,821
Multilateral development banks | - | 735 | 4,882 | - | - | 5,617
International organizations | - | 187 | 589 | - | - | 776
Institutions | 30 | 6 | 429 | - | 30 | 494
Corporates | - | 13 | 326 | 69 | - | 408
Corporates – Other | - | 13 | 326 | 69 | - | 408
Retail | - | - | - | 0 | - | 0
Exposures secured by mortgages on immovable property and ADC exposures | - | - | - | 5 | - | 5
Exposures secured by mortgages on commercial immovable property - non-IPRE (secured) | - | - | - | 5 | - | 5
Defaulted exposures | - | 0 | 0 | 27 | - | 27
Covered bonds | - | 411 | 245 | - | - | 656
Receivables from institutions and corporates with a short-term credit assessment | 11 | 6 | 119 | 6 | - | 142
Collective investment undertakings | 1 | 2 | 16 | - | - | 19
TOTAL AS OF 31/12/2025 | 1,166 | 49,382 | 30,999 | 159 | 30 | 81,735
TOTAL AS OF 31/12/2024 | 271 | 10,133 | 61,685 | 200 | - | 72,289

Transactions guaranteed by Groupe BPCE affiliates excluded.

◗Guaranteed exposures by type and internal rating of guarantor (NX17)

S&P equivalent internal rating (in%) | Type of guarantor
--- | ---
Institutions | Corporates | Governments and central banks | Retail
AAA | - | - | 30.3% | -
AA+, AA, AA- | 13.9% | 23.1% | 48.7% | -
A+, A, A- | 80.4% | 75.3% | 5.2% | -
BBB+, BBB, BBB- | 5.3% | 0.1% | 15.8% | -
BB+, BB, BB- | 0.0% | 0.4% | - | -
B+, B, B- | - | 0.8% | - | -
CCC+, CCC, CCC- | - | - | - | -
CC | - | - | - | -
C | - | - | - | -
D | - | 0.1% | - | -
Unrated | 0.4% | 0.1% | 0.0% | 100.0%
TOTAL AS OF 31/12/2025 | 100.0% | 100.0% | 100.0% | 100.0%

Transactions guaranteed by Groupe BPCE affiliates excluded.

◗Model for key indicators (EU KM1)

(in millions of euros) | a | b | c | d | e
--- | --- | --- | --- | --- | ---
31/12/2025 | 30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024
| Available own funds (amounts)
1 | Common Equity Tier 1 (CET1) capital | 12,550 | 12,282 | 12,158 | 12,198 | 11,221
2 | Tier 1 capital | 15,509 | 14,440 | 14,317 | 14,459 | 13,538
3 | Total capital | 18,639 | 17,574 | 17,389 | 17,663 | 16,475
| Risk-weighted exposure amount
4 | Total risk exposure amount | 106,813 | 104,993 | 103,479 | 102,152 | 103,753
4a | Total risk exposure amount pre-floor | 106,813 | 104,993 | 103,479 | 102,152 |
| Capital ratios (as a percentage of risk-weighted exposure amount)
5 | Common Equity Tier 1 capital ratio (%) | 11.75% | 11.70% | 11.75% | 11.94% | 10.82%
5b | Common Equity Tier 1 to TREA ratio without the application of the floor (%) |  |  |  |  |
6 | Tier 1 capital ratio (%) | 14.52% | 13.75% | 13.84% | 14.15% | 13.05%
6b | Tier 1 to TREA ratio without the application of the floor (%) |  |  |  |  |
7 | Total capital ratio (%) | 17.45% | 16.74% | 16.80% | 17.29% | 15.88%
7b | Total capital to TREA ratio without the application of the floor (%) |  |  |  |  |
| Additional capital requirements to address risks other than excessive leverage risk (as a percentage of the risk-weighted exposure amount)
EU 7d | Additional capital requirements to address risks other than excessive leverage risk (%) | 2.25% | 2.25% | 2.25% | 2.25% | 2.25%
EU 7e | o/w to be satisfied with CET1 capital (percentage points) | 1.27% | 1.27% | 1.27% | 1.27% | 1.27%
EU 7f | o/w to be satisfied with Tier 1 capital (percentage points) | 1.69% | 1.69% | 1.69% | 1.69% | 1.69%
EU 7g | Total SREP capital requirements (%) | 10.25% | 10.25% | 10.25% | 10.25% | 10.25%
| Total buffer requirement and total capital requirement (as a percentage of the risk-weighted exposure amount)
8 | Capital conservation buffer (%) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50%
EU 8a | Conservation buffer arising from the macroprudential or systemic risk observed at the level of a Member State (%) |  |  |  |  |
9 | Institution-specific countercyclical capital buffer (%) | 0.64% | 0.63% | 0.63% | 0.64% | 0.60%
EU 9a | Systemic risk buffer (%) |  |  |  |  |
10 | Global systemically important institution buffer (%) |  |  |  |  |
EU 10a | Other systemically important institution buffer (%) |  |  |  |  |
11 | Overall buffer requirement (%) | 3.14% | 3.13% | 3.13% | 3.14% | 3.14%
EU 11a | Total capital requirements (%) | 13.40% | 13.38% | 13.38% | 13.39% | 13.39%
12 | CET1 capital available after compliance with total SREP capital requirements (%) | 5.98% | 5.93% | 5.98% | 6.18% | 5.05%
| Leverage ratio
13 | Measurement of total exposure | 418,559 | 419,721 | 412,974 | 400,295 | 403,058
14 | Leverage ratio (%) | 3.71% | 3.44% | 3.47% | 3.61% | 3.36%
| Additional capital requirements to address the risk of excessive leverage (as a percentage of the total exposure measurement)
EU 14a | Additional capital requirements to address excessive leverage risk (%) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00%
EU 14b | o/w to be satisfied with CET1 capital (percentage points) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00%
EU 14c | Total SREP leverage ratio requirement (%) | 3.00% | 3.00% | 3.00% | 3.00% | 3.00%
| Leverage ratio buffer requirement and overall leverage ratio requirement (as a percentage of total exposure measurement)
EU 14d | Leverage ratio buffer requirement (%) | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable
EU 14e | Overall leverage ratio requirement (%) | 3.00% | 3.00% | 3.00% | 3.00% | 3.00%
| Liquidity coverage ratio
15 | Total High Quality Liquid Assets (HQLA) (weighted average value) | 76,931 | 78,373 | 83,037 | 81,761 | 80,895
EU 16a | Cash outflows – Total weighted value | 130,460 | 141,192 | 146,924 | 155,486 | 133,477
EU 16b | Cash inflows – Total weighted value | 62,587 | 70,543 | 72,890 | 81,532 | 60,297
16 | Total net cash outflows (adjusted value) | 67,873 | 70,649 | 74,034 | 73,953 | 73,180
17 | Liquidity requirement coverage ratio (%) | 113.35% | 110.93% | 112.16% | 110.56% | 110.24%
| Net stable funding ratio
18 | Total available stable financing | 202,877 | 192,605 | 187,760 | 188,876 | 185,254
19 | Total required stable financing | 190,400 | 184,240 | 177,914 | 178,549 | 174,304
20 | NSFR ratio (%) | 106.55% | 104.54% | 105.53% | 105.78% | 106.28%

#### 3.3.3.2Credit risks

Credit risk management methodologies are described in Section [3.2.4] “Credit and counterparty risks” of this universal registration document.

The principles adopted for defaulted outstandings and restructured loans are presented in Notes [5.1] and [5.3] of Chapter [5] “Consolidated financial statements and notes” of this universal registration document.

##### A −Credit risk mitigation techniques

◗Credit risk mitigation techniques (CR3)

(in millions of euros) | Carrying amount not guaranteed | Guaranteed carrying amount
--- | --- | ---
| o/w guaranteed by collateral | o/w guaranteed by financial guarantees
| o/w guaranteed by credit derivatives
a | b | c | d | e
1 | Loans and advances | 217,190 | 38,679 | 16,166 | 22,514 | 0
2 | Debt securities | 13,927 | 0 | 0 | 0 |
3 | Total | 231,117 | 38,679 | 16,166 | 22,514 | 0
4 | o/w non-performing exposures | 488 | 710 | 447 | 262 | 0
EU-5 | o/w defaulted | 488 | 710 |  |  |

◗IRB approach – Effect on risk-weighted exposure amounts of credit derivatives used as CRM techniques (EU CR7)

(in millions of euros) | Risk-weighted exposure amount before credit derivatives | Risk-weighted exposure amount
--- | --- | ---
a | b
1 | Central governments and central banks – foundation IRB approach | - | -
EU 1a | Regional governments and local authorities – foundation IRB approach | - | -
EU 1b | Public sector entities – foundation IRB approach | - | -
2 | Central governments and central banks – advanced IRB approach | - | -
EU 2a | Regional governments and local authorities – advanced IRB approach | - | -
EU 2b | Public sector entities – advanced IRB approach | - | -
3 | Institutions - foundation IRB approach | 1,131 | 1,464
5 | Corporates - foundation IRB approach | 24,899 | 25,249
EU 5a | Corporates – General | 24,893 | 25,243
EU 5b | Corporates – Specialized Financing | 6 | 6
EU 5c | Corporates – Purchased receivables | 0 | 0
6 | Corporates - advanced IRB approach | 13,623 | 13,091
EU 6a | Corporates – General | 3,967 | 4,138
EU 6b | Corporates – Specialized Financing | 9,656 | 8,952
EU 6c | Corporates – Purchased receivables | - | -
EU 8a | Retail – Advanced IRB approach | - | -
9 | Retail – Qualifying revolving exposures (QRRE) | - | -
10 | Retail – Secured by residential real estate assets | - | -
EU10a | Retail – Purchased receivables | - | -
EU10b | Retail - Other retail exposures | - | -
17 | Exposures subject to the foundation IRB approach | 26,030 | 26,712
18 | Exposures subject to the advanced IRB approach | 13,623 | 13,091
19 | Total exposures | 39,653 | 39,803

◗IRB approach – Information to be published on the degree of use of CRM techniques (EU CR7-A)

A-IRB (in millions of euros) | Total exposures | Credit risk mitigation techniques | Credit risk mitigation methods in the calculation of RWEAs
--- | --- | --- | ---
Funded Credit Protection (FCP) | Unfunded Credit Protection (UFCP) | RWEA without substitution effects (reduction effects only) | RWEA with substitution effects (both reduction and substitution effects)
Portion of exposures covered by financial collateral (%) | Portion of exposures covered by other eligible collateral (%) |  |  |  | Portion of exposures covered by other forms of financed credit protection (%) |  |  |  | Portion of exposures covered by guarantees (%) | Portion of exposures covered by credit derivatives (%)
Portion of exposures covered by real estate securities (%) | Portion of exposures covered by receivables to be collected (%) | Portion of exposures covered by other real collateral (%) | Portion of exposures covered by cash deposits (%) | Portion of exposures covered by life insurance policies (%) | Portion of exposures covered by instruments held by a third party (%)
a | b | c | d | e | f | g | h | i | j | k | l | m | n
1 | Central governments and central banks | - | - | - | - | - | - | - | - | - | - | - | - | - | -
2 | Regional governments and local authorities | - | - | - | - | - | - | - | - | - | - | - | - | - | -
3 | Public sector entities | - | - | - | - | - | - | - | - | - | - | - | - | - | -
5 | Corporates | 37,268 | 0.27% | 81.19% | 16.02% | 50.85% | 14.33% | 0.92% | 0.92% | - | - | - | - | - | 13,091
5.1 | Corporates – General | 5,895 | 1.70% | 1.14% | 0.29% | 0.28% | 0.57% | 0.59% | 0.59% | - | - | - | - | - | 4,138
5.2 | Corporates – Specialized Financing | 31,373 | - | 96.23% | 18.97% | 60.35% | 16.91% | 0.99% | 0.99% | - | - | - | - | - | 8,952
5.3 | Corporates – Purchased receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | -
6 | Retail | - | - | - | - | - | - | - | - | - | - | - | - | - | -
6.1 | Retail – Qualifying revolving exposures | - | - | - | - | - | - | - | - | - | - | - | - | - | -
6.2 | Retail – Secured by residential real estate assets | - | - | - | - | - | - | - | - | - | - | - | - | - | -
6.3 | Retail – Purchased receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | -
6.4 | Retail - Other retail exposures | - | - | - | - | - | - | - | - | - | - | - | - | - | -
7 | Total | 37,268 | 0.27% | 81.19% | 16.02% | 50.85% | 14.33% | 0.92% | 0.92% | - | - | - | - | - | 13,091

F-IRB (in millions of euros) | Total exposures | Credit risk mitigation techniques | Credit risk mitigation methods in the calculation of RWEAs
--- | --- | --- | ---
Funded Credit Protection (FCP) | Unfunded Credit Protection (UFCP) | RWEA without substitution effects (reduction effects only) | RWEA with substitution effects (both reduction and substitution effects)
Portion of exposures covered by financial collateral (%) | Portion of exposures covered by other eligible collateral (%) |  |  |  | Portion of exposures covered by other forms of financed credit protection (%) |  |  |  | Portion of exposures covered by guarantees (%) | Portion of exposures covered by credit derivatives (%)
Portion of exposures covered by real estate securities (%) | Portion of exposures covered by receivables to be collected (%) | Portion of exposures covered by other real collateral (%) | Portion of exposures covered by cash deposits (%) | Portion of exposures covered by life insurance policies (%) | Portion of exposures covered by instruments held by a third party (%)
a | b | c | d | e | f | g | h | i | j | k | l | m | n
1 | Central governments and central banks | - | - | - | - | - | - | - | - | - | - | - | - | - | -
2 | Regional governments and local authorities | - | - | - | - | - | - | - | - | - | - | - | - | - | -
3 | Public sector entities | - | - | - | - | - | - | - | - | - | - | - | - | - | -
4 | Institutions | 6,575 | 1.00% | 1.73% | 0.00% | 1.65% | 0.08% | - | - | - | - | - | - | - | 1,464
5 | Corporates | 64,227 | 3.30% | 1.51% | 0.36% | 0.79% | 0.36% | 0.00% | 0.00% | - | - | - | - | - | 25,249
5.1 | Corporates – General | 64,201 | 3.30% | 1.45% | 0.36% | 0.79% | 0.30% | 0.00% | 0.00% | - | - | - | - | - | 25,243
5.2 | Corporates – Specialized Financing | 25 | - | 153.76% | - | - | 153.76% | - | - | - | - | - | - | - | 6
5.3 | Corporates – Purchased receivables | 1 | - | - | - | - | - | - | - | - | - | - | - | - | 0
6 | Total | 70,802 | 3.09% | 1.53% | 0.32% | 0.87% | 0.33% | 0.00% | 0.00% | - | - | - | - | - | 26,712

◗Sovereign exposures (GOV)

(in millions of euros) | Banking book | Trading book | Total
--- | --- | --- | ---
Country | Assets at amortized cost | Financial assets at fair value through shareholders’ equity | Financial assets under the fair value option | Financial assets to be valued at fair value through profit or loss | Transaction financial assets (excluding derivatives) | Derivative financial instruments
Germany | - | 1,215 |  | - | 2,028 | 23 | 3,266
Austria | - | 711 |  | - | 125 | 267 | 1,103
Belgium | - | 1,155 |  | 3 | 2,058 | 11 | 3,228
Spain | - | 599 |  | 8 | 1,167 | 2 | 1,777
Finland | - | 315 |  | - | 158 | 1,729 | 2,202
France | 1,133 | 1,587 |  | 14 | 12,581 | 41 | 15,357
Italy | 35 | 457 |  | 5 | 4,925 | (195) | 5,227
Luxembourg | - | 1,396 |  | - | 814 | 2,073 | 4,283
Netherlands | - | - |  | - | 641 | 126 | 767
Portugal | - | 164 |  | - | 23 | 0 | 187
Other euro zone countries | - | 78 |  | - | 23 | (1) | 99
Total euro zone | 1,168 | 7,678 | - | 30 | 24,543 | 4,076 | 37,496
Other EEA countries | - | - | - | - | 0 | - | 0
Total European Economic Area | 1,168 | 7,678 |  | 30 | 24,544 | 4,076 | 37,496
Algeria | 585 | - |  | - | - | - | 585
Benin | 167 | - |  | - | - | 20 | 187
Canada | 0 | 511 |  | - | 0 | - | 511
China | 22 | 66 |  | - | 2,115 | 28 | 2,231
South Korea | - | 39 |  | - | 755 | (0) | 793
Ivory Coast | 175 | 114 |  | - | 0 | 435 | 724
United Arab Emirates | 198 | - |  | - | 7,605 | (5) | 7,798
United States | 341 | 1,069 |  | 2 | 3,571 | 871 | 5,853
Cayman Islands | - | - |  | - | - | (221) | (221)
Indonesia | 279 | - |  | - | 2 | - | 281
Japan | - | 113 |  | - | 142 | - | 255
Philippines | - | 272 |  | - | - | 23 | 295
Qatar | 8 | - |  | - | 427 | - | 435
United Kingdom | 319 | 259 |  | - | 958 | (193) | 1,343
Senegal | 111 | - |  | - | - | - | 111
Switzerland | - | - |  | - | - | (255) | (255)
Other countries outside the EEA | 222 | 1,194 |  | - | 25 | (377) | 1,065
Total | 3,595 | 11,316 | - | 32 | 40,145 | 4,404 | 59,490

##### B −Exposure to credit risks

◗Maturity of exposures (CR1-A)

(in millions of euros) | a | b | c | d | e | f
--- | --- | --- | --- | --- | --- | ---
Sight | ≤ 1 year | > 1 year ≤ 5 years | > 5 years | No due date declared | Total
1 | Loans and advances | 1,600 | 112,723 | 44,346 | 37,170 | 98,456 | 294,296
2 | Debt securities | 0 | 2,861 | 5,626 | 4,338 | 30,775 | 43,600
3 | Total | 1,600 | 115,584 | 49,972 | 41,508 | 129,232 | 337,897

◗Credit quality of forborne exposures (CQ1)

(in millions of euros) | a | b | c | d | e | f | g | h
--- | --- | --- | --- | --- | --- | --- | --- | ---
Gross carrying amount/nominal amount for exposures to which forbearance measures have been extended | Accumulated impairments, accumulated negative fair value variations due to credit risk and provisions | Collateral and financial guarantees received on forborne exposures
Performing forborne | Non-performing forborne | o/w defaulted | o/w impaired | On performing forborne exposures | On non-performing forborne exposures |  | o/w collateral and financial guarantees received on non-performing exposures to which forbearance measures have been extended
005 | Cash balances at central banks and other demand deposits | - | - | - | - | - | - | - | -
010 | Loans and advances | 237 | 1,450 | 1,450 | 1,450 | (12) | (639) | 654 | 495
020 | Central banks | - | 4 | 4 | 4 | - | (4) | - | -
030 | Government institutions | - | 2 | 2 | 2 | - | (2) | - | -
040 | Banks | - | - | - | - | - | - | - | -
050 | Other financial companies | - | 28 | 28 | 28 | - | (23) | - | -
060 | Non-financial companies | 237 | 1,410 | 1,410 | 1,410 | (12) | (610) | 650 | 490
070 | Households | - | 5 | 5 | 5 | - | (0) | 5 | 5
080 | Debt securities | - | 4 | 4 | 4 | - | (4) | - | -
090 | Loan commitments given | 53 | 16 | 16 | 16 | 2 | 4 | 12 | 5
100 | Total | 290 | 1,470 | 1,470 | 1,470 | (14) | (647) | 667 | 500

The principles and methodology for calculating impairment losses are described in Note [5.3] of Chapter [5] “Consolidated financial statements and notes” of this universal registration document.

◗Credit quality of performing and non-performing exposures by days past due (CQ3)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Gross carrying amount/nominal amount
Performing exposures | Not past due or past due ≤30 days | Past due >30 days ≤90 days | Non-performing exposures | Payment unlikely, but not past due or past due ≤90 days | Past due >90 days ≤180 days | Past due >180 days ≤1 year | Past due >1 year ≤2 years | Past due >2 years ≤5 years | Past due >5 years ≤7 years | Past due >7 years | o/w defaulted
005 | Cash balances at central banks and other demand deposits | 58,866 | 58,866 | - | - | - | - | - | - | - | - | - | -
010 | Loans and advances | 195,956 | 195,736 | 220 | 2,199 | 1,762 | 20 | 73 | 133 | 71 | 21 | 119 | 2,199
020 | Central banks | 14 | 14 | - | 19 | 0 | - | - | - | 0 | 4 | 15 | 19
030 | Government institutions | 1,434 | 1,414 | 20 | 36 | 0 | - | - | 1 | 2 | - | 33 | 36
040 | Banks | 114,728 | 114,727 | 2 | 5 | 5 | - | - | - | - | - | 0 | 5
050 | Other financial companies | 16,834 | 16,830 | 4 | 46 | 17 | - | - | 0 | 0 | - | 28 | 46
060 | Non-financial companies | 62,294 | 62,107 | 187 | 2,055 | 1,718 | 20 | 63 | 131 | 62 | 17 | 42 | 2,055
070 | o/w SMEs | 5,230 | 5,180 | 51 | 209 | 159 | 1 | 2 | 36 | 3 | - | 8 | 209
080 | Households | 653 | 645 | 8 | 37 | 20 | 0 | 10 | 1 | 5 | 0 | 0 | 37
090 | Debt securities | 13,916 | 13,916 | - | 233 | 174 | - | - | - | - | 59 | - | 233
100 | Central banks | 1,348 | 1,348 | - | - | - | - | - | - | - | - | - | -
110 | Government institutions | 4,975 | 4,975 | - | - | - | - | - | - | - | - | - | -
120 | Banks | 4,203 | 4,203 | - | - | - | - | - | - | - | - | - | -
130 | Other financial companies | 2,551 | 2,551 | - | 225 | 166 | - | - | - | - | 59 | - | 225
140 | Non-financial companies | 839 | 839 | - | 8 | 8 | - | - | - | - | - | - | 8
150 | Loan commitments given | 132,110 | - | - | 231 | - | - | - | - | - | - | - | 231
160 | Central banks | 166 | - | - | - | - | - | - | - | - | - | - | -
170 | Government institutions | 2,512 | - | - | 0 | - | - | - | - | - | - | - | 0
180 | Banks | 17,038 | - | - | - | - | - | - | - | - | - | - | -
190 | Other financial companies | 29,922 | - | - | 0 | - | - | - | - | - | - | - | 0
200 | Non-financial companies | 82,379 | - | - | 230 | - | - | - | - | - | - | - | 230
210 | Households | 93 | - | - | 1 | - | - | - | - | - | - | - | 1
220 | Total | 400,848 | 268,518 | 220 | 2,663 | 1,936 | 20 | 73 | 133 | 71 | 79 | 119 | 2,663

The principles concerning overdue exposures are presented in Note [7.7.4] of Chapter [5] “Consolidated financial statements and notes” of this universal registration document.

◗Performing and non-performing exposures and corresponding provisions (EU CR1)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Gross carrying amount/nominal amount | Accumulated impairments, accumulated negative fair value variations due to credit risk and provisions | Partial disposal from consolidated balance sheet | Received collaterals and financial guarantees
Performing exposures | o/w step 1 | o/w step 2 (a) | Non-performing exposures | o/w step 2 (a) | o/w step 3 (a) | Performing exposures – accumulated impairments and provisions | o/w step 1 | o/w step 2 (a) | Non-performing exposures – accumulated impairments, accumulated negative fair value variations due to credit risk and provisions | o/w step 2 (a) | o/w step 3 (a) |  | On performing exposures | On non-performing exposures
005 | Cash balances at central banks and other demand deposits | 58,866 | 58,865 | 1 | - | - | - | (0) | (0) | (0) | - | - | - | - | 0 | -
010 | Loans and advances | 195,956 | 189,093 | 4,668 | 2,199 | - | 1,718 | (133) | (62) | (70) | (1,018) | - | (789) | (130) | 37,970 | 710
020 | Central banks | 14 | 6 | 7 | 19 | - | 15 | (1) | - | (1) | (19) | - | (15) | - | - | -
030 | Government institutions | 1,434 | 1,089 | 332 | 36 | - | 35 | (3) | (0) | (3) | (36) | - | (35) | - | 860 | -
040 | Banks | 114,728 | 114,497 | 232 | 5 | - | 1 | (1) | (0) | (1) | (5) | - | (1) | - | 270 | -
050 | Other financial companies | 16,834 | 16,412 | 422 | 46 | - | 29 | (6) | (4) | (3) | (40) | - | (23) | - | 4,339 | -
060 | Non-financial companies | 62,294 | 56,464 | 3,647 | 2,055 | - | 1,602 | (121) | (58) | (62) | (908) | - | (706) | (130) | 31,919 | 683
070 | o/w SMEs | 5,230 | 4,877 | 351 | 209 | - | 162 | (9) | (6) | (4) | (75) | - | (64) | - | 3,152 | 111
080 | Households | 653 | 625 | 28 | 37 | - | 37 | (1) | (0) | (0) | (9) | - | (9) | - | 581 | 27
090 | Debt securities | 13,916 | 12,462 | 284 | 233 | - | 229 | (5) | (1) | (5) | (216) | - | (212) | - | - | -
100 | Central banks | 1,348 | 1,348 | - | - | - | - | (0) | (0) | - | - | - | - | - | - | -
110 | Government institutions | 4,975 | 4,957 | 18 | - | - | - | (0) | (0) | (0) | - | - | - | - | - | -
120 | Banks | 4,203 | 4,150 | 47 | - | - | - | (0) | (0) | - | - | - | - | - | - | -
130 | Other financial companies | 2,551 | 1,188 | 206 | 225 | - | 225 | (4) | (0) | (4) | (208) | - | (208) | - | - | -
140 | Non-financial companies | 839 | 819 | 13 | 8 | - | 4 | (1) | (0) | (1) | (8) | - | (4) | - | - | -
150 | Off-balance sheet exposures | 132,110 | 129,495 | 2,611 | 231 | - | 220 | 260 | 56 | 204 | 10 | - | 9 | - | 31,058 | 186
160 | Central banks | 166 | 166 | - | - | - | - | - | - | - | - | - | - | - | - | -
170 | Government institutions | 2,512 | 2,310 | 202 | 0 | - | 0 | 0 | 0 | 0 | - | - | - | - | 590 | 0
180 | Banks | 17,038 | 16,927 | 110 | - | - | - | 1 | 1 | 0 | - | - | - | - | 114 | -
190 | Other financial companies | 29,922 | 29,445 | 477 | 0 | - | 0 | 3 | 3 | 1 | 0 | - | 0 | - | 2,974 | -
200 | Non-financial companies | 82,379 | 80,554 | 1,821 | 230 | - | 219 | 255 | 52 | 203 | 10 | - | 9 | - | 27,323 | 185
210 | Households | 93 | 93 | 0 | 1 | - | 1 | 0 | 0 | - | 0 | - | 0 | - | 58 | 1
220 | Total | 400,848 | 389,915 | 7,563 | 2,663 | - | 2,166 | (399) | (119) | (279) | (1,245) | - | (1,009) | (130) | 69,028 | 896

(a)Excluding depreciated assets upon origination or acquisition.

◗Change in the stock of non-performing loans and advances (EU CR2)

(in millions of euros) | a
--- | ---
Gross carrying amount
010 | Initial stock of non-performing loans and advances | 2,033
020 | Inflows of non-performing loans and advances | 612
030 | Outflows of non-performing loans and advances | (356)
040 | Outflows due to write-offs | (181)
050 | Outflows due to other situations | (175)
060 | Final stock of non-performing loans and advances | 2,199

◗Quality of non-performing exposures by geographic area (EU CQ4)

(in millions of euros) | a | c | e | f | g
--- | --- | --- | --- | --- | ---
Gross carrying amount/nominal amount | Accumulated impairment | Provisions for off-balance sheet commitments and financial guarantees given | Cumulative negative changes in fair value due to credit risk on non-performing exposures
| o/w default
010 | On-balance sheet exposures | 271,170 | 2,432 | (1,373) |  | -
020 | France | 164,897 | 840 | (488) |  | -
030 | United States | 29,960 | 511 | (172) |  | -
040 | Japan | 15,057 | 0 | (1) |  | -
070 | Other countries | 61,257 | 1,080 | (713) |  | -
080 | Off-balance sheet exposures | 132,341 | 231 |  | 270 |
090 | France | 51,433 | 24 |  | 194 |
100 | United States | 34,024 | 180 |  | 29 |
140 | Other countries | 46,884 | 28 |  | 47 |
150 | Total | 403,511 | 2,663 | (1,373) | 270 | -

◗Credit quality of loans and advances granted to non-financial companies by industry (EU CQ5)

(in millions of euros) | a | c | e | f
--- | --- | --- | --- | ---
Gross carrying amount | Accumulated impairment | Cumulative negative changes in fair value due to credit risk on non-performing exposures
o/w non-performing
010 | A Agriculture, forestry and fishing | 131 | 0 | (0) | -
020 | B Extractive industries | 2,342 | 51 | (53) | -
030 | C Manufacturing industry | 5,634 | 239 | (163) | -
040 | D Production and distribution of electricity, gas, steam and air conditioning | 5,366 | 279 | (71) | -
050 | E Water supply | 447 | - | (2) | -
060 | F Building and public works services | 1,196 | 30 | (18) | -
070 | G Retail | 11,354 | 205 | (147) | -
080 | H Transportation and storage | 1,673 | 29 | (15) | -
090 | I Accommodation and catering | 605 | 3 | (3) | -
100 | J Information and communication | 5,530 | 188 | (79) | -
110 | K Financial and insurance activities | 15,636 | 166 | (154) | -
120 | L Real estate activities | 6,755 | 574 | (164) | -
130 | M Professional, scientific and technical activities | 3,608 | 154 | (100) | -
140 | N Administrative and support service activities | 2,421 | 87 | (33) | -
150 | O Public administration and defense, compulsory social security | 15 | - | - | -
160 | P Education | 43 | 1 | (1) | -
170 | Q Human health and social action | 394 | 6 | (18) | -
180 | R Arts, entertainment and recreational activities | 68 | 2 | (1) | -
190 | S Other services | 1,131 | 40 | (6) | -
200 | LOANS AND ADVANCES | 64,348 | 2,055 | (1,029) | -

◗Collateral obtained by taking possession and execution processes (EU CQ7)

(in millions of euros) | a | b
--- | --- | ---
Collateral obtained by taking possession
Value at initial recognition | Cumulative negative changes
010 | Property, plant and equipment | - | -
020 | Other than property, plant and equipment | 139 | (65)
030 | Residential real estate | - | -
040 | Commercial real estate | - | -
050 | Movable assets | - | -
060 | Shareholders’ equity and debt securities | 139 | (65)
070 | Others | - | -
080 | Total | 139 | (65)

At December 31, 2025, Natixis has assets on its balance sheet obtained by taking possession of guarantees. These are variable-income securities classified as financial assets at fair value through other comprehensive income for €74.4 million at December 31, 2025 (€139.4 million initial value) and corresponding to securities received as part of the exercise of a guarantee (€109.5 million fair value and €158.1 million initial value at December 31, 2024).

##### C −Credit risk: standard approach

Credit risk exposure: standard approach

◗Standard approach – Credit risk exposure and CRM effects (EU CR4)

Exposure classes (in millions of euros) | Exposures before CCF and before CRM | Exposures after CCF and after CRM | RWA and RWA density
--- | --- | --- | ---
On-balance sheet exposures | Off-balance sheet exposures | On-balance sheet exposures | Off-balance sheet exposures | RWA | RWA density (%)
a | b | c | d | e | f
1 | Central governments or central banks | 60,866 | 1,877 | 62,848 | 1,119 | 2,707 | 4%
2 | Non-central government public sector entities | 1,487 | 219 | 1,541 | 89 | 41 | 3%
EU 2a | Regional governments or local authorities | 184 | - | 186 | - | 2 | 1%
EU 2b | Public sector entities | 1,303 | 219 | 1,354 | 89 | 40 | 3%
3 | Multilateral development banks | 2,387 | - | 2,516 | 59 | - | -
EU 3a | International organizations | 997 | - | 997 | - | - | -
4 | Institutions | 119,265 | 2,488 | 122,555 | 2,716 | 338 | 0%
5 | Covered bonds | 656 | - | 656 | - | 66 | 10%
6 | Corporates | 3,779 | 1,447 | 3,244 | 462 | 2,704 | 73%
6.1 | o/w Specialized financing | - | - | - | - | - | -
7 | Subordinated debt and equity exposures | 1,113 | - | 1,113 | - | 2,783 | 250%
EU 7a | Subordinated debt exposures | - | - | - | - | - | -
EU 7b | Equities | 1,113 | - | 1,113 | - | 2,783 | 250%
8 | Retail | 678 | 125 | 285 | 14 | 227 | 76%
9 | Secured by mortgages on real estate and ADC exposures | 437 | 3 | 437 | 1 | 209 | 48%
9.1 | Secured by mortgages on residential real estate – non-IPRE | 189 | 2 | 189 | 1 | 57 | 30%
9.2 | Secured by mortgages on residential real estate – IPRE | - | - | - | - | - | -
9.3 | Secured by mortgages on commercial real estate – non-IPRE | 248 | 1 | 248 | 0 | 152 | 61%
9.4 | Secured by mortgages on commercial real estate – IPRE | - | - | - | - | - | -
9.5 | Land acquisition, real estate development and construction (ADC) | - | - | - | - | - | -
10 | Defaulted exposures | 145 | 8 | 113 | 2 | 156 | 136%
EU 10a | Receivables from institutions and corporates with a short-term credit assessment | 86 | 3 | 106 | 2 | 65 | 61%
EU 10b | Collective investment undertakings | 468 | 50 | 468 | 50 | 1,090 | 210%
EU 10c | Other items | 6,468 | - | 6,506 | - | 5,639 | 87%
11 | not applicable |  |  | - |  |  |
12 | TOTAL | 198,834 | 6,219 | 203,384 | 4,514 | 16,025 | 8%

*These are mainly exposures with Groupe BPCE institutions.

◗Standard approach – Exposures by asset class and RWA (EU CR5)

Exposure classes (in millions of euros) | Risk weighting | Total | o/w unrated
--- | --- | --- | ---
0% | 2% | 4% | 10% | 20% | 30% | 35% | 40% | 45% | 50% | 60% | 70% | 75% | 80% | 90% | 100% | 105% | 110% | 130% | 150% | 250% | 370% | 400% | 1,250% | Others
a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | r | s | t | u | v | w | x | y | z | aa
1 | Central governments or central banks | 61,553 | - | - | - | 593 | - | - | - | - | 277 | - | - | - | - | - | 936 | - | - | - | 7 | 601 | - | - | - | - | 63,967 | 63,176
2 | Public sector entities not relevant to central government | 1,478 | - | - | - | 116 | - | - | - | - | 35 | - | - | - | - | - | 1 | - | - | - | - | - | - | - | - | - | 1,629 | 1,533
EU 2a | Regional governments or local authorities | 179 | - | - | - | 8 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 186 | 185
EU 2b | Public sector entities | 1,299 | - | - | - | 108 | - | - | - | - | 35 | - | - | - | - | - | 1 | - | - | - | - | - | - | - | - | - | 1,443 | 1,348
3 | Multilateral development banks | 2,575 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,575 | 2,575
EU 3a | International organizations | 997 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 997 | 997
4 | Institutions | 124,157 | 468 | - | - | 15 | 415 | - | 21 | - | 5 | - | - | 0 | - | - | 188 | - | - | - | 2 | - | - | - | - | - | 125,271 | 125,271
5 | Covered bonds | - | - | - | 656 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 656 | 656
6 | Corporates | 445 | 66 | - | - | 166 | - | 183 | - | - | 197 | - | 60 | - | - | - | 2,524 | - | - | - | 64 | - | - | - | - | - | 3,706 | 3,520
6.1 | o/w Specialized financing | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
7 | Subordinated debt and equity exposures | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,113 | - | - | - | - | 1,113 | 1,113
EU 7a | Subordinated debt exposures | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
EU 7b | Equities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,113 | - | - | - | - | 1,113 | 1,113
8 | Retail exposures | - | - | - | - | - | - | - | - | - | - | - | - | 299 | - | - | - | - | - | - | - | - | - | - | - | - | 299 | 299
9 | Secured by mortgages on real estate and ADC exposures | - | - | - | - | 161 | - | - | - | - | - | 237 | - | 12 | - | - | 28 | - | - | - | - | - | - | - | - | - | 438 | 435
9.1 | Secured by mortgages on residential real estate – non-IPRE | - | - | - | - | 161 | - | - | - | - | - | - | - | 11 | - | - | 18 | - | - | - | - | - | - | - | - | - | 190 | 190
9.1.1 | no loan splits are applied | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
9.1.2 | loan splitting applied (secured) | - | - | - | - | 161 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 161 | 161
9.1.3 | loan splitting applied (unsecured) | - | - | - | - | - | - | - | - | - | - | - | - | 11 | - | - | 18 | - | - | - | - | - | - | - | - | - | 29 | 29
9.2 | Secured by mortgages on residential real estate – IPRE | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
9.3 | Secured by mortgages on commercial real estate – non-IPRE | - | - | - | - | - | - | - | - | - | - | 237 | - | 1 | - | - | 10 | - | - | - | - | - | - | - | - | - | 248 | 245
9.3.1 | no loan splits are applied | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
9.3.2 | loan splitting applied (secured) | - | - | - | - | - | - | - | - | - | - | 237 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 237 | 235
9.3.3 | loan splitting applied (unsecured) | - | - | - | - | - | - | - | - | - | - | - | - | 1 | - | - | 10 | - | - | - | - | - | - | - | - | - | 11 | 11
9.4 | Secured by mortgages on commercial real estate – IPRE | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
9.5 | Land acquisition, real estate development and construction (ADC) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
10 | Defaulted exposures | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 32 | - | - | - | 82 | - | - | - | - | - | 115 | 75
EU 10a | Receivables from institutions and corporates with a short-term credit assessment | 20 | - | - | - | 4 | - | - | - | - | 44 | - | - | - | - | - | 34 | - | - | - | 6 | - | - | - | - | - | 107 | 99
EU 10b | Collective investment undertakings | 22 | - | - | - | - | - | - | - | - | 2 | - | - | - | - | - | 0 | - | - | - | - | 248 | 1 | - | - | 244 | 518 | 517
EU 10c | Other items | 299 | - | - | - | 0 | - | - | - | - | 0 | - | - | - | - | - | 4,276 | - | - | - | 9 | - | - | - | - | 1,922 | 6,506 | 6,506
11 | not applicable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EU 11C | TOTAL | 191,547 | 534 | - | 656 | 1,055 | 415 | 183 | 21 | - | 560 | 237 | 60 | 311 | - | - | 8,019 | - | - | - | 170 | 1,963 | 1 | - | - | 2,166 | 207,899 | 206,773

◗Standard approach – Exposures by asset class and RWA (EU CR5)

Exposure classes (in millions of euros) | Risk weighting
--- | ---
0% | 2% | 4% | 10% | 20% | 30% | 35% | 40% | 45% | 50% | 60% | 70% | 75%
a | b | c | d | e | f | g | h | i | j | k | l | m
1 | Central governments or central banks | 61,553 | - | - | - | 593 | - | - | - | - | 277 | - | - | -
2 | Non-central government public sector entities | 1,478 | - | - | - | 116 | - | - | - | - | 35 | - | - | -
EU 2a | Regional governments or local authorities | 179 | - | - | - | 8 | - | - | - | - | - | - | - | -
EU 2b | Public sector entities | 1,299 | - | - | - | 108 | - | - | - | - | 35 | - | - | -
3 | Multilateral development banks | 2,575 | - | - | - | - | - | - | - | - | - | - | - | -
EU 3a | International organizations | 997 | - | - | - | - | - | - | - | - | - | - | - | -
4 | Institutions | 124,157 | 468 | - | - | 15 | 415 | - | 21 | - | 5 | - | - | 0
5 | Covered bonds | - | - | - | 656 | - | - | - | - | - | - | - | - | -
6 | Corporates | 445 | 66 | - | - | 166 | - | 183 | - | - | 197 | - | 60 | -
6.1 | o/w Specialized financing | - | - | - | - | - | - | - | - | - | - | - | - | -
7 | Subordinated debt and equity exposures | - | - | - | - | - | - | - | - | - | - | - | - | -
EU 7a | Subordinated debt exposures | - | - | - | - | - | - | - | - | - | - | - | - | -
EU 7b | Equities | - | - | - | - | - | - | - | - | - | - | - | - | -
8 | Retail exposures | - | - | - | - | - | - | - | - | - | - | - | - | 299
9 | Secured by mortgages on real estate and ADC exposures | - | - | - | - | 161 | - | - | - | - | - | 237 | - | 12
9.1 | Secured by mortgages on residential real estate – non-IPRE | - | - | - | - | 161 | - | - | - | - | - | - | - | 11
9.1.1 | no loan splits are applied | - | - | - | - | - | - | - | - | - | - | - | - | -
9.1.2 | loan splitting applied (secured) | - | - | - | - | 161 | - | - | - | - | - | - | - | -
9.1.3 | loan splitting applied (unsecured) | - | - | - | - | - | - | - | - | - | - | - | - | 11
9.2 | Secured by mortgages on residential real estate – IPRE | - | - | - | - | - | - | - | - | - | - | - | - | -
9.3 | Secured by mortgages on commercial real estate – non-IPRE | - | - | - | - | - | - | - | - | - | - | 237 | - | 1
9.3.1 | no loan splits are applied | - | - | - | - | - | - | - | - | - | - | - | - | -
9.3.2 | loan splitting applied (secured) | - | - | - | - | - | - | - | - | - | - | 237 | - | -
9.3.3 | loan splitting applied (unsecured) | - | - | - | - | - | - | - | - | - | - | - | - | 1
9.4 | Secured by mortgages on commercial real estate – IPRE | - | - | - | - | - | - | - | - | - | - | - | - | -
9.5 | Land acquisition, real estate development and construction (ADC) | - | - | - | - | - | - | - | - | - | - | - | - | -
10 | Defaulted exposures | - | - | - | - | - | - | - | - | - | - | - | - | -
EU 10a | Receivables from institutions and corporates with a short-term credit assessment | 20 | - | - | - | 4 | - | - | - | - | 44 | - | - | -
EU 10b | Collective investment undertakings | 22 | - | - | - | - | - | - | - | - | 2 | - | - | -
EU 10c | Other items | 299 | - | - | - | 0 | - | - | - | - | 0 | - | - | -
11 | Not applicable |  |  |  |  |  |  |  |  |  |  |  |  |
EU 11C | TOTAL | 191,547 | 534 | - | 656 | 1,055 | 415 | 183 | 21 | - | 560 | 237 | 60 | 311

Risk weighting | Total | o/w unrated
--- | --- | ---
80% | 90% | 100% | 105% | 110% | 130% | 150% | 250% | 370% | 400% | 1,250% | Others
n | o | p | q | r | s | t | u | v | w | x | y | z | aa
- | - | 936 | - | - | - | 7 | 601 | - | - | - | - | 63,967 | 63,176
- | - | 1 | - | - | - | - | - | - | - | - | - | 1,629 | 1,533
- | - | - | - | - | - | - | - | - | - | - | - | 186 | 185
- | - | 1 | - | - | - | - | - | - | - | - | - | 1,443 | 1,348
- | - | - | - | - | - | - | - | - | - | - | - | 2,575 | 2,575
- | - | - | - | - | - | - | - | - | - | - | - | 997 | 997
- | - | 188 | - | - | - | 2 | - | - | - | - | - | 125,271 | 125,271
- | - | - | - | - | - | - | - | - | - | - | - | 656 | 656
- | - | 2,524 | - | - | - | 64 | - | - | - | - | - | 3,706 | 3,520
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | - | - | - | - | - | 1,113 | - | - | - | - | 1,113 | 1,113
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | - | - | - | - | - | 1,113 | - | - | - | - | 1,113 | 1,113
- | - | - | - | - | - | - | - | - | - | - | - | 299 | 299
- | - | 28 | - | - | - | - | - | - | - | - | - | 438 | 435
- | - | 18 | - | - | - | - | - | - | - | - | - | 190 | 190
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | - | - | - | - | - | - | - | - | - | - | 161 | 161
- | - | 18 | - | - | - | - | - | - | - | - | - | 29 | 29
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | 10 | - | - | - | - | - | - | - | - | - | 248 | 245
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | - | - | - | - | - | - | - | - | - | - | 237 | 235
- | - | 10 | - | - | - | - | - | - | - | - | - | 11 | 11
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | - | - | - | - | - | - | - | - | - | - | - | -
- | - | 32 | - | - | - | 82 | - | - | - | - | - | 115 | 75
- | - | 34 | - | - | - | 6 | - | - | - | - | - | 107 | 99
- | - | 0 | - | - | - | - | 248 | 1 | - | - | 244 | 518 | 517
- | - | 4,276 | - | - | - | 9 | - | - | - | - | 1,922 | 6,506 | 6,506
- | - | 8,019 | - | - | - | 170 | 1,963 | 1 | - | - | 2,166 | 207,899 | 206,773

##### D −Credit risk: internal ratings-based approach

◗PD and LGD by geographic area (NX16)

Geographic area | EAD (in millions of euros) | PD MP (in %) | LGD MP (in %)
--- | --- | --- | ---
Africa | 892 | 3.9% | 39.7%
Others | 7,040 | 1.3% | 35.5%
Asia | 11,976 | 1.4% | 36.7%
Europe (outside EU) | 18,021 | 0.9% | 36.5%
European Union | 29,627 | 1.5% | 36.4%
Americas | 39,350 | 3.3% | 34.1%
France | 32,384 | 3.4% | 34.6%
TOTAL AS OF 31/12/2025 | 139,290 | 2.4% | 35.4%
TOTAL AS OF 31/12/2024 | 164,508 | 2.1% | 31.4%

◗Statements of RWEA flows of credit risk exposures under the IRB approach (EU CR8)

(in millions of euros) | Risk-weighted exposure amount
--- | ---
a
1 | RISK-WEIGHTED EXPOSURE AMOUNT AT THE END OF THE PREVIOUS REPORTING PERIOD (31/12/2024) | 43,398
2 | Asset size (+/-) | 1,491
3 | Asset quality (+/-) | (2,836)
4 | Model updates (+/-) | -
5 | Methodology and policy (+/-) | -
6 | Acquisitions and disposals (+/-) | -
7 | Foreign exchange movements (+/-) | (1,932)
8 | Others (+/-) | (240)
9 | RISK-WEIGHTED EXPOSURE AMOUNT AT THE END OF THE REPORTING PERIOD (31/12/2025) | 39,882

◗IRB approach – Credit risk exposures by exposures class and PD range (EU CR6)

A-IRB (in millions of euros) | PD range | On-balance sheet exposures | Off-balance sheet exposures before CCF | Weighted average CCF | Exposures after CCF and after CRM | Weighted average PD (%) | Number of obligors | Weighted average LGD (%) | Weighted average maturity (years) | Weighted exposure amount after supplementary factors | Density of weighted exposure amount | Amount of expected losses | Value adjustment and provisions
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
| a | b | c | d | e | f | g | h | i | j | k | l
Central governments and central banks | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Regional governments or local authorities | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Public sector entities | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Corporates – Specialized Financing | 0.00 to <0.15 | 8,306 | 10,433 | 42.90% | 12,393 | 0.07% | 366 | 20.19% | 3 | 1,345 | 10.85% | 2 | (2)
0.00 to <0.10 | 8,306 | 10,433 | 42.90% | 12,393 | 0.07% | 366 | 20.19% | 3 | 1,345 | 10.85% | 2 | (2)
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | 3,110 | 3,132 | 54.78% | 4,670 | 0.43% | 240 | 17.44% | 2 | 1,090 | 23.33% | 3 | (2)
0.50 to <0.75 | 4,097 | 2,645 | 42.20% | 4,282 | 0.58% | 141 | 22.74% | 3 | 1,578 | 36.85% | 6 | (7)
0.75 to <2.50 | 6,061 | 4,622 | 57.71% | 7,201 | 1.19% | 401 | 18.31% | 3 | 2,799 | 38.87% | 15 | (13)
0.75 to <1.75 | 6,001 | 4,558 | 57.42% | 7,091 | 1.17% | 397 | 18.41% | 3 | 2,768 | 39.03% | 15 | (12)
1.75 to <2.50 | 60 | 64 | 78.56% | 110 | 2.37% | 4 | 11.99% | 1 | 31 | 28.35% | 0 | (0)
2.50 to <10.00 | 1,259 | 845 | 69.89% | 1,455 | 5.47% | 88 | 18.44% | 2 | 919 | 63.17% | 15 | (20)
2.50 to <5.00 | 503 | 509 | 82.94% | 829 | 4.56% | 47 | 17.15% | 2 | 451 | 54.34% | 7 | (3)
5.00 to <10.00 | 756 | 336 | 50.12% | 626 | 6.68% | 41 | 20.14% | 3 | 469 | 74.87% | 9 | (16)
10.00 to <100.00 | 572 | 480 | 64.90% | 609 | 30.01% | 29 | 23.26% | 2 | 688 | 113.00% | 46 | (26)
10.00 to <20.00 | 287 | 314 | 53.76% | 196 | 14.08% | 10 | 17.98% | 2 | 167 | 84.86% | 5 | (4)
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | 285 | 166 | 86.06% | 413 | 37.58% | 19 | 25.77% | 2 | 522 | 126.38% | 41 | (22)
100.00 (default) | 916 | 24 | 44.22% | 762 | 100.00% | 38 | 58.88% | 3 | 534 | 70.04% | 293 | (289)
Sub-total | 24,321 | 22,180 | 49.09% | 31,373 | 3.71% | 1,303 | 20.62% | 3 | 8,952 | 28.54% | 380 | (358)
Corporates – Purchased receivables | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Corporates – Other | 0.00 to <0.15 | 59 | 114 | 81.15% | 1,137 | 0.06% | 4 | 40.84% | 3 | 331 | 29.13% | 0 | (0)
0.00 to <0.10 | 59 | 114 | 81.19% | 1,137 | 0.06% | 3 | 40.84% | 3 | 331 | 29.13% | 0 | (0)
0.10 to <0.15 | - | 0 | 20.00% | - | - | 1 | - | - | - | - | - | -
0.15 to <0.25 | 60 | 306 | 79.31% | 296 | 0.17% | 25 | 39.40% | 4 | 121 | 40.98% | 0 | (0)
0.25 to <0.50 | 722 | 825 | 63.10% | 1,174 | 0.43% | 79 | 33.28% | 3 | 491 | 41.81% | 2 | (1)
0.50 to <0.75 | 103 | 59 | 49.93% | 127 | 0.62% | 64 | 25.94% | 3 | 53 | 41.48% | 0 | (0)
0.75 to <2.50 | 1,158 | 1,050 | 42.71% | 1,337 | 1.75% | 229 | 37.87% | 2 | 1,127 | 84.27% | 9 | (4)
0.75 to <1.75 | 732 | 630 | 34.61% | 794 | 1.22% | 168 | 36.29% | 2 | 552 | 69.48% | 4 | (2)
1.75 to <2.50 | 427 | 419 | 54.89% | 543 | 2.53% | 61 | 40.18% | 3 | 575 | 105.88% | 5 | (2)
2.50 to <10.00 | 825 | 1,392 | 47.89% | 1,322 | 4.99% | 295 | 32.82% | 2 | 1,267 | 95.84% | 21 | (10)
2.50 to <5.00 | 696 | 502 | 50.83% | 793 | 3.74% | 212 | 35.20% | 2 | 729 | 91.91% | 10 | (6)
5.00 to <10.00 | 129 | 890 | 46.23% | 529 | 6.86% | 83 | 29.26% | 2 | 538 | 101.72% | 11 | (4)
10.00 to <100.00 | 284 | 367 | 29.38% | 316 | 14.03% | 125 | 35.94% | 1 | 489 | 154.77% | 16 | (7)
10.00 to <20.00 | 256 | 314 | 28.63% | 290 | 12.20% | 52 | 35.81% | 1 | 437 | 150.57% | 13 | (7)
20.00 to <30.00 | 0 | 15 | 24.66% | 4 | 24.77% | 2 | 27.39% | 1 | 5 | 142.00% | 0 | (0)
30.00 to <100.00 | 28 | 37 | 37.52% | 22 | 36.30% | 71 | 39.05% | 4 | 47 | 212.15% | 3 | (0)
100.00 (default) | 188 | 9 | 21.48% | 187 | 99.39% | 62 | 51.73% | - | 259 | 138.89% | 74 | (47)
Sub-total | 3,400 | 4,122 | 51.19% | 5,895 | 5.54% | 883 | 36.55% | 2 | 4,138 | 70.19% | 123 | (70)
For the record: Corporates – Large corporations | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
For the record: Corporates – SMEs | 0.00 to <0.15 | 59 | 3 | 79.24% | 61 | 0.09% | 3 | 55.73% | 2 | 15 | 24.26% | 0 | (0)
0.00 to <0.10 | 59 | 2 | 81.19% | 61 | 0.09% | 2 | 55.73% | 2 | 15 | 24.26% | 0 | (0)
0.10 to <0.15 | - | 0 | 20.00% | - | - | 1 | - | - | - | - | - | -
0.15 to <0.25 | 11 | 14 | 62.60% | 13 | 0.23% | 17 | 34.68% | 1 | 3 | 22.18% | 0 | (0)
0.25 to <0.50 | 420 | 262 | 58.14% | 540 | 0.43% | 59 | 30.38% | 2 | 168 | 31.18% | 1 | (0)
0.50 to <0.75 | 46 | 24 | 25.37% | 46 | 0.64% | 60 | 33.47% | 2 | 19 | 41.33% | 0 | (0)
0.75 to <2.50 | 355 | 425 | 43.14% | 457 | 1.48% | 178 | 33.54% | 3 | 278 | 60.84% | 2 | (2)
0.75 to <1.75 | 322 | 293 | 38.26% | 364 | 1.25% | 139 | 33.79% | 3 | 216 | 59.40% | 2 | (1)
1.75 to <2.50 | 32 | 132 | 54.01% | 93 | 2.36% | 39 | 32.56% | 2 | 62 | 66.48% | 1 | (0)
2.50 to <10.00 | 450 | 205 | 41.11% | 375 | 4.22% | 228 | 32.90% | 1 | 271 | 72.21% | 5 | (3)
2.50 to <5.00 | 375 | 172 | 40.14% | 294 | 3.76% | 170 | 34.29% | 1 | 212 | 72.21% | 4 | (3)
5.00 to <10.00 | 74 | 33 | 46.16% | 81 | 5.90% | 58 | 27.89% | 1 | 59 | 72.22% | 1 | (0)
10.00 to <100.00 | 23 | 220 | 28.37% | 37 | 13.26% | 103 | 39.54% | 1 | 51 | 139.87% | 2 | (1)
10.00 to <20.00 | 16 | 183 | 26.52% | 33 | 11.16% | 39 | 39.78% | 1 | 45 | 137.60% | 1 | (1)
20.00 to <30.00 | - | 0 | 20.00% | 0 | 25.22% | 1 | 43.76% | 5 | 0 | 200.07% | 0 | -
30.00 to <100.00 | 6 | 37 | 37.45% | 4 | 30.95% | 63 | 37.54% | 2 | 6 | 158.92% | 0 | (0)
100.00 (default) | 132 | 7 | 22.00% | 125 | 100.00% | 50 | 40.89% | - | 175 | 140.11% | 39 | (13)
Sub-total | 1,495 | 1,159 | 43.19% | 1,654 | 9.38% | 698 | 33.88% | 2 | 980 | 59.27% | 49 | (19)
Retail – Secured by residential real estate assets | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Retail – Qualifying revolving exposures | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Retail – Purchased receivables | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Retail – Other | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
For the record: Retail – Exposures secured by SME real estate | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
For the record: Retail – Exposures secured by non-SME real estate | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
For the record: Retail – Other SMEs | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | 2 | - | - | - | - | - | -
Sub-total | - | - | - | - | - | 2 | - | - | - | - | - | -
For the record: Retail – Other non-SMEs | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Collective investment undertakings | 0.00 to <0.15 | 99 | - | - | 99 | 0.05% | 85 | 43.82% | 2 | 18 | 18.49% | 0 | -
0.00 to <0.10 | 99 | - | - | 99 | 0.05% | 85 | 43.82% | 2 | 18 | 18.49% | 0 | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | 1 | - | - | 1 | 0.19% | 1 | 40.00% | 1 | 0 | 26.13% | 0 | -
0.25 to <0.50 | 32 | - | - | 32 | 0.33% | 52 | 42.45% | 2 | 18 | 56.01% | 0 | -
0.50 to <0.75 | 1 | - | - | 1 | 0.70% | 2 | 45.00% | 4 | 2 | 134.47% | 0 | -
0.75 to <2.50 | 5 | - | - | 5 | 1.08% | 13 | 38.97% | 1 | 4 | 68.90% | 0 | -
0.75 to <1.75 | 5 | - | - | 5 | 1.08% | 13 | 38.97% | 1 | 4 | 68.90% | 0 | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | 11 | - | - | 11 | 5.62% | 36 | 40.49% | 2 | 14 | 134.76% | 0 | -
2.50 to <5.00 | 2 | - | - | 2 | 4.41% | 7 | 38.82% | 1 | 2 | 110.78% | 0 | -
5.00 to <10.00 | 9 | - | - | 9 | 5.92% | 29 | 40.90% | 2 | 12 | 140.62% | 0 | -
10.00 to <100.00 | 10 | - | - | 10 | 30.95% | 26 | 39.83% | 1 | 22 | 210.82% | 1 | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | 10 | - | - | 10 | 30.95% | 26 | 39.83% | 1 | 22 | 210.82% | 1 | -
100.00 (default) | 0 | - | - | 0 | 100.00% | 1 | 40.00% | 3 | - | - | 0 | -
Sub-total | 161 | - | - | 161 | 2.60% | 216 | 42.89% | 2 | 79 | 48.97% | 2 | -
A-IRB | 0.00 to <0.15 | 8,465 | 10,547 | 43.31% | 13,630 | 0.07% | 554 | 22.08% | 3 | 1,694 | 12.43% | 2 | (2)
0.00 to <0.10 | 8,465 | 10,547 | 43.31% | 13,630 | 0.07% | 553 | 22.08% | 3 | 1,694 | 12.43% | 2 | (2)
0.10 to <0.15 | - | 0 | 20.00% | - | - | 1 | - | - | - | - | - | -
0.15 to <0.25 | 61 | 306 | 79.31% | 297 | 0.17% | 26 | 39.40% | 4 | 121 | 40.94% | 0 | (0)
0.25 to <0.50 | 3,864 | 3,957 | 56.52% | 5,876 | 0.43% | 370 | 20.74% | 2 | 1,598 | 27.20% | 5 | (3)
0.50 to <0.75 | 4,202 | 2,704 | 42.37% | 4,410 | 0.58% | 207 | 22.84% | 3 | 1,632 | 37.01% | 6 | (7)
0.75 to <2.50 | 7,224 | 5,672 | 54.93% | 8,544 | 1.28% | 642 | 21.38% | 3 | 3,930 | 46.00% | 24 | (17)
0.75 to <1.75 | 6,738 | 5,188 | 54.65% | 7,891 | 1.17% | 578 | 20.22% | 3 | 3,324 | 42.12% | 18 | (15)
1.75 to <2.50 | 486 | 483 | 58.02% | 653 | 2.50% | 64 | 35.44% | 3 | 606 | 92.85% | 6 | (2)
2.50 to <10.00 | 2,095 | 2,237 | 56.20% | 2,788 | 5.24% | 419 | 25.34% | 2 | 2,201 | 78.94% | 36 | (30)
2.50 to <5.00 | 1,201 | 1,011 | 66.99% | 1,624 | 4.16% | 266 | 25.99% | 2 | 1,182 | 72.76% | 17 | (10)
5.00 to <10.00 | 894 | 1,226 | 47.30% | 1,164 | 6.76% | 153 | 24.44% | 3 | 1,019 | 87.56% | 19 | (20)
10.00 to <100.00 | 867 | 847 | 49.51% | 936 | 24.62% | 180 | 27.73% | 2 | 1,199 | 128.19% | 63 | (33)
10.00 to <20.00 | 543 | 629 | 41.19% | 487 | 12.96% | 62 | 28.62% | 1 | 604 | 124.05% | 18 | (10)
20.00 to <30.00 | 0 | 15 | 24.66% | 4 | 24.77% | 2 | 27.39% | 1 | 5 | 142.00% | 0 | (0)
30.00 to <100.00 | 324 | 203 | 77.11% | 445 | 37.36% | 116 | 26.76% | 2 | 591 | 132.60% | 45 | (23)
100.00 (default) | 1,103 | 33 | 37.85% | 949 | 99.88% | 102 | 57.47% | 2 | 793 | 83.58% | 368 | (336)
TOTAL AS OF 31/12/2025 |  | 27,881 | 26,302 | 49.41% | 37,429 | 3.99% | 2,500 | 23.22% | 3 | 13,169 | 35.19% | 504 | (428)

F-IRB (in millions of euros) | PD range | On-balance sheet exposures | Off-balance sheet exposures before CCF | Weighted average CCF | Exposures after CCF and after CRM | Weighted average PD (%) | Number of obligors | Weighted average LGD (%) | Weighted average maturity (years) | Weighted exposure amount after supplementary factors | Density of weighted exposure amount | Amount of expected losses | Value adjustment and provisions
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
| a | b | c | d | e | f | g | h | i | j | k | l
Central governments and central banks | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Regional governments or local authorities | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Public sector entities | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | - | - | - | - | - | -
Institutions | 0.00 to <0.15 | 4,296 | 847 | 20.83% | 4,687 | 0.05% | 188 | 44.87% | 1 | 609 | 12.99% | 1 | (0)
0.00 to <0.10 | 4,296 | 847 | 20.83% | 4,687 | 0.05% | 188 | 44.87% | 1 | 609 | 12.99% | 1 | (0)
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | 307 | 1,116 | 28.06% | 611 | 0.22% | 78 | 44.99% | 1 | 262 | 42.88% | 1 | (0)
0.50 to <0.75 | 183 | 1,560 | 20.00% | 379 | 0.64% | 52 | 44.99% | 1 | 260 | 68.44% | 1 | (1)
0.75 to <2.50 | - | - | - | 513 | 0.06% | - | 44.87% | 2 | 132 | 25.79% | 0 | (0)
0.75 to <1.75 | - | - | - | 509 | 0.06% | - | 44.87% | 2 | 131 | 25.83% | 0 | (0)
1.75 to <2.50 | - | - | - | 4 | 0.05% | - | 45.00% | 2 | 1 | 21.31% | 0 | -
2.50 to <10.00 | 5 | 472 | 20.38% | 297 | 1.38% | 51 | 42.82% | 2 | 168 | 56.65% | 1 | (1)
2.50 to <5.00 | 0 | 376 | 20.09% | 250 | 1.04% | 27 | 44.75% | 2 | 143 | 57.31% | 1 | (1)
5.00 to <10.00 | 5 | 96 | 21.49% | 47 | 3.18% | 24 | 32.50% | 2 | 25 | 53.11% | 0 | (0)
10.00 to <100.00 | 1 | 0 | 20.00% | 55 | 0.34% | 6 | 45.00% | 1 | 15 | 28.12% | 0 | (0)
10.00 to <20.00 | 1 | 0 | 20.00% | 51 | 0.36% | 6 | 45.00% | 1 | 15 | 28.44% | 0 | (0)
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | 4 | 0.05% | - | 45.00% | 2 | 1 | 23.56% | 0 | -
100.00 (default) | 5 | - | - | 33 | 17.15% | 3 | 34.01% | 2 | 17 | 51.80% | 2 | (5)
Sub-total | 4,797 | 3,996 | 22.47% | 6,575 | 0.25% | 378 | 44.74% | 1 | 1,464 | 22.26% | 7 | (7)
Corporates – Specialized Financing | 0.00 to <0.15 | 0 | 63 | 40.00% | 25 | 0.05% | 4 | 30.77% | 5 | 6 | 23.05% | 0 | (0)
0.00 to <0.10 | 0 | 63 | 40.00% | 25 | 0.05% | 4 | 30.77% | 5 | 6 | 23.05% | 0 | (0)
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | 0 | 63 | 40.00% | 25 | 0.05% | 4 | 30.77% | 5 | 6 | 23.05% | 0 | (0)
Corporates – Purchased receivables | 0.00 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | - | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | 0 | - | - | 0 | 0.42% | 1 | 40.00% | - | 0 | 34.52% | 0 | -
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | - | - | - | - | - | - | -
100.00 (default) | 0 | - | - | 0 | 100.00% | 2 | 40.00% | 5 | - | - | 0 | (60)
Sub-total | 1 | - | - | 1 | 65.87% | 3 | 40.00% | 3 | 0 | 11.83% | 0 | (60)
Corporates – Other | 0.00 to <0.15 | 19,082 | 36,571 | 34.15% | 28,066 | 0.06% | 735 | 40.09% | 2 | 4,579 | 16.32% | 7 | (3)
0.00 to <0.10 | 19,012 | 36,566 | 34.15% | 27,995 | 0.06% | 733 | 40.08% | 2 | 4,556 | 16.27% | 7 | (3)
0.10 to <0.15 | 70 | 4 | 20.00% | 71 | 0.15% | 2 | 44.94% | 1 | 24 | 33.02% | 0 | (0)
0.15 to <0.25 | 42 | 682 | 39.98% | 314 | 0.17% | 6 | 41.13% | 4 | 148 | 47.17% | 0 | (1)
0.25 to <0.50 | 13,663 | 20,720 | 35.90% | 19,094 | 0.32% | 505 | 39.11% | 2 | 8,431 | 44.16% | 24 | (16)
0.50 to <0.75 | 484 | 376 | 39.04% | 1,430 | 0.28% | 25 | 42.90% | 3 | 549 | 38.39% | 2 | (1)
0.75 to <2.50 | 5,899 | 9,770 | 32.41% | 9,432 | 0.89% | 365 | 38.10% | 2 | 6,005 | 63.67% | 31 | (29)
0.75 to <1.75 | 5,448 | 9,408 | 32.30% | 8,862 | 0.83% | 323 | 37.91% | 2 | 5,532 | 62.43% | 27 | (27)
1.75 to <2.50 | 451 | 362 | 35.29% | 570 | 1.78% | 42 | 41.02% | 2 | 473 | 82.94% | 4 | (2)
2.50 to <10.00 | 2,218 | 3,288 | 38.13% | 3,625 | 3.71% | 423 | 40.62% | 3 | 4,085 | 112.72% | 54 | (34)
2.50 to <5.00 | 1,227 | 2,419 | 37.51% | 2,157 | 3.35% | 199 | 40.02% | 3 | 2,597 | 120.37% | 29 | (18)
5.00 to <10.00 | 991 | 869 | 39.85% | 1,467 | 4.23% | 224 | 41.49% | 2 | 1,489 | 101.47% | 25 | (16)
10.00 to <100.00 | 977 | 509 | 34.48% | 1,154 | 10.62% | 145 | 41.49% | 2 | 1,424 | 123.42% | 49 | (33)
10.00 to <20.00 | 570 | 415 | 34.53% | 710 | 10.75% | 44 | 40.98% | 3 | 1,098 | 154.57% | 30 | (28)
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | 408 | 94 | 34.26% | 443 | 10.41% | 101 | 42.30% | - | 326 | 73.55% | 19 | (6)
100.00 (default) | 1,002 | 189 | 25.29% | 1,087 | 90.12% | 83 | 37.48% | 2 | 21 | 1.95% | 365 | (609)
Sub-total | 43,367 | 72,104 | 34.66% | 64,201 | 2.18% | 2,287 | 39.58% | 2 | 25,243 | 39.32% | 531 | (725)
For the record: Corporates – Large corporations | 0.00 to <0.15 | 18,992 | 36,415 | 34.16% | 27,918 | 0.06% | 730 | 40.09% | 2 | 4,549 | 16.29% | 7 | (3)
0.00 to <0.10 | 18,921 | 36,411 | 34.16% | 27,847 | 0.06% | 728 | 40.08% | 2 | 4,526 | 16.25% | 7 | (3)
0.10 to <0.15 | 70 | 4 | 20.00% | 71 | 0.15% | 2 | 44.94% | 1 | 24 | 33.02% | 0 | (0)
0.15 to <0.25 | 11 | 412 | 39.97% | 246 | 0.15% | 5 | 41.44% | 4 | 107 | 43.49% | 0 | (0)
0.25 to <0.50 | 13,661 | 20,431 | 35.88% | 18,965 | 0.32% | 500 | 39.09% | 2 | 8,385 | 44.21% | 24 | (16)
0.50 to <0.75 | 484 | 376 | 39.04% | 1,340 | 0.30% | 25 | 42.76% | 3 | 534 | 39.80% | 2 | (1)
0.75 to <2.50 | 5,832 | 9,697 | 32.35% | 9,153 | 0.90% | 363 | 37.93% | 2 | 5,897 | 64.43% | 30 | (28)
0.75 to <1.75 | 5,381 | 9,335 | 32.24% | 8,604 | 0.84% | 321 | 37.74% | 2 | 5,427 | 63.07% | 26 | (26)
1.75 to <2.50 | 451 | 362 | 35.29% | 549 | 1.84% | 42 | 40.87% | 2 | 470 | 85.62% | 4 | (2)
2.50 to <10.00 | 2,218 | 3,288 | 38.13% | 3,597 | 3.74% | 422 | 40.58% | 3 | 4,081 | 113.47% | 54 | (34)
2.50 to <5.00 | 1,227 | 2,419 | 37.51% | 2,141 | 3.38% | 199 | 39.99% | 3 | 2,594 | 121.14% | 29 | (18)
5.00 to <10.00 | 991 | 868 | 39.85% | 1,455 | 4.27% | 223 | 41.46% | 2 | 1,487 | 102.19% | 25 | (16)
10.00 to <100.00 | 977 | 509 | 34.48% | 1,110 | 11.03% | 145 | 41.46% | 2 | 1,419 | 127.77% | 49 | (33)
10.00 to <20.00 | 570 | 415 | 34.53% | 701 | 10.89% | 44 | 40.93% | 3 | 1,094 | 156.22% | 30 | (28)
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | 408 | 94 | 34.26% | 410 | 11.26% | 101 | 42.36% | 1 | 324 | 79.13% | 19 | (6)
100.00 (default) | 1,002 | 189 | 25.29% | 1,058 | 92.57% | 83 | 37.68% | 1 | 14 | 1.33% | 365 | (605)
Sub-total | 43,177 | 71,316 | 34.63% | 63,388 | 2.21% | 2,273 | 39.55% | 2 | 24,985 | 39.42% | 530 | (721)
For the record: Corporates-SMEs | 0.00 to <0.15 | - | - | - | 5 | 0.05% | - | 40.00% | 1 | 0 | 9.48% | 0 | -
0.00 to <0.10 | - | - | - | 5 | 0.05% | - | 40.00% | 1 | 0 | 9.48% | 0 | -
0.10 to <0.15 | - | - | - | - | - | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | - | - | - | - | - | -
0.25 to <0.50 | - | 43 | 100.00% | 49 | 0.22% | 1 | 44.35% | 1 | 16 | 32.01% | 0 | (0)
0.50 to <0.75 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | - | - | - | - | - | - | -
1.75 to <2.50 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
2.50 to <5.00 | - | - | - | - | - | - | - | - | - | - | - | -
5.00 to <10.00 | - | - | - | - | - | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | 24 | 0.05% | - | 40.00% | - | 1 | 4.30% | 0 | (0)
10.00 to <20.00 | - | - | - | - | - | - | - | - | - | - | - | -
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | 24 | 0.05% | - | 40.00% | - | 1 | 4.30% | 0 | (0)
100.00 (default) | - | - | - | - | - | - | - | - | - | - | - | -
Sub-total | - | 43 | 100.00% | 77 | 0.16% | 1 | 42.75% | 1 | 17 | 22.12% | 0 | (0)
F-IRB | 0.00 to <0.15 | 23,378 | 37,481 | 33.86% | 32,778 | 0.06% | 1,011 | 40.77% | 2 | 5,194 | 15.85% | 8 | (3)
0.00 to <0.10 | 23,308 | 37,476 | 33.86% | 32,707 | 0.06% | 1,009 | 40.76% | 2 | 5,171 | 15.81% | 8 | (3)
0.10 to <0.15 | 70 | 4 | 20.00% | 71 | 0.15% | 2 | 44.94% | 1 | 24 | 33.02% | 0 | (0)
0.15 to <0.25 | 42 | 682 | 39.98% | 314 | 0.17% | 6 | 41.13% | 4 | 148 | 47.17% | 0 | (1)
0.25 to <0.50 | 13,970 | 21,836 | 35.50% | 19,705 | 0.32% | 583 | 39.29% | 2 | 8,693 | 44.12% | 24 | (16)
0.50 to <0.75 | 667 | 1,936 | 23.70% | 1,810 | 0.36% | 77 | 43.34% | 3 | 809 | 44.69% | 3 | (2)
0.75 to <2.50 | 5,899 | 9,770 | 32.41% | 9,945 | 0.85% | 365 | 38.45% | 2 | 6,137 | 61.71% | 31 | (29)
0.75 to <1.75 | 5,448 | 9,408 | 32.30% | 9,371 | 0.79% | 323 | 38.29% | 2 | 5,664 | 60.44% | 27 | (27)
1.75 to <2.50 | 451 | 362 | 35.29% | 574 | 1.77% | 42 | 41.05% | 2 | 474 | 82.47% | 4 | (2)
2.50 to <10.00 | 2,223 | 3,760 | 35.90% | 3,921 | 3.53% | 474 | 40.79% | 3 | 4,253 | 108.48% | 55 | (35)
2.50 to <5.00 | 1,228 | 2,796 | 35.17% | 2,407 | 3.11% | 226 | 40.51% | 3 | 2,740 | 113.82% | 30 | (19)
5.00 to <10.00 | 996 | 965 | 38.02% | 1,514 | 4.20% | 248 | 41.21% | 2 | 1,514 | 99.98% | 25 | (16)
10.00 to <100.00 | 978 | 509 | 34.48% | 1,209 | 10.15% | 151 | 41.65% | 2 | 1,439 | 119.09% | 49 | (34)
10.00 to <20.00 | 571 | 415 | 34.53% | 761 | 10.05% | 50 | 41.25% | 3 | 1,112 | 146.07% | 31 | (28)
20.00 to <30.00 | - | - | - | - | - | - | - | - | - | - | - | -
30.00 to <100.00 | 408 | 94 | 34.26% | 447 | 10.33% | 101 | 42.32% | - | 327 | 73.14% | 19 | (6)
100.00 (default) | 1,008 | 189 | 25.29% | 1,120 | 87.97% | 90 | 37.38% | 2 | 38 | 3.42% | 368 | (674)
TOTAL AS OF 31/12/2025 |  | 48,165 | 76,163 | 34.02% | 70,802 | 2.00% | 2,757 | 40.06% | 2 | 26,712 | 37.73% | 538 | (793)

◗IRB approach – Post-exposure control of PD by exposure category (EU CR9)

Advanced IRB

Exposure classes | PD range | Number of obligors at the end of the previous year | Average default rate observed (in %) | Weighted average PD (%) | Average PD (in %) | Average annual historic default rate observed (in %)
--- | --- | --- | --- | --- | --- | ---
| o/w number of obligors who defaulted during the year
a | b | c | d | e | f | g | h
Central governments or central banks | 0.00 to <0.15 | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | -
1.75 to <2.5 | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | -
2.5 to <5 | - | - | - | - | - | -
5 to <10 | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | 5.6%
10 to <20 | - | - | - | - | - | -
20 to <30 | - | - | - | - | - | 5.6%
30.00 to <100.00 | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | -
Corporates – SMEs | 0.00 to <0.15 | 17 | - | - | 0.1% | 0.1% | -
0.00 to <0.10 | 15 | - | - | 0.1% | 0.1% | -
0.10 to <0.15 | 2 | - | - | - | 0.2% | -
0.15 to <0.25 | 8 | - | - | 0.2% | 0.2% | -
0.25 to <0.50 | 42 | - | - | 0.4% | 0.4% | 0.8%
0.50 to <0.75 | 19 | - | - | 0.6% | 0.6% | 1.5%
0.75 to <2.50 | 146 | 1 | 0.7% | 1.5% | 1.4% | 1.6%
0.75 to <1.75 | 121 | 1 | 0.8% | 1.3% | 1.3% | 1.8%
1.75 to <2.5 | 25 | - | - | 2.4% | 2.4% | -
2.50 to <10.00 | 153 | 7 | 4.6% | 4.2% | 4.3% | 2.5%
2.5 to <5 | 122 | 3 | 2.5% | 3.8% | 3.7% | 1.5%
5 to <10 | 31 | 4 | 12.9% | 5.9% | 6.8% | 7.1%
10.00 to <100.00 | 66 | 4 | 6.1% | 13.3% | 26.9% | 4.1%
10 to <20 | 16 | 3 | 18.8% | 11.2% | 13.6% | 4.4%
20 to <30 | - | - | - | 25.2% | - | -
30.00 to <100.00 | 50 | 1 | 2.0% | 31.0% | 31.1% | 3.7%
100.00 (default) | 37 | - | - | 100.0% | 100.0% | -
Corporates – Specialized Financing | 0.00 to <0.15 | 74 | - | - | 0.1% | 0.0% | -
0.00 to <0.10 | 74 | - | - | 0.1% | 0.0% | -
0.10 to <0.15 | - | - | - | - | - | -
0.15 to <0.25 | 39 | - | - | - | 0.3% | -
0.25 to <0.50 | 380 | - | - | 0.4% | 0.3% | -
0.50 to <0.75 | - | - | - | 0.6% | - | 0.3%
0.75 to <2.50 | 226 | - | - | 1.2% | 1.4% | 0.6%
0.75 to <1.75 | 226 | - | - | 1.2% | 1.4% | 0.5%
1.75 to <2.5 | - | - | - | 2.4% | - | 1.6%
2.50 to <10.00 | 109 | 3 | 2.8% | 5.5% | 5.5% | 6.1%
2.5 to <5 | 46 | - | - | 4.6% | 4.6% | 4.3%
5 to <10 | 63 | 3 | 4.8% | 6.7% | 6.1% | 8.6%
10.00 to <100.00 | 30 | 5 | 16.7% | 30.0% | 24.5% | 22.6%
10 to <20 | 14 | 2 | 14.3% | 14.1% | 13.8% | 20.6%
20 to <30 | 1 | - | - | - | 22.1% | -
30.00 to <100.00 | 15 | 3 | 20.0% | 37.6% | 34.6% | 25.9%
100.00 (default) | 30 | - | - | 100.0% | 100.0% | -
Corporates – Other | 0.00 to <0.15 | 632 | - | - | 0.1% | 0.1% | -
0.00 to <0.10 | 630 | - | - | 0.1% | 0.1% | -
0.10 to <0.15 | 2 | - | - | - | 0.2% | -
0.15 to <0.25 | 7 | - | - | 0.2% | 0.2% | -
0.25 to <0.50 | 439 | - | - | 0.4% | 0.4% | 0.1%
0.50 to <0.75 | 24 | - | - | 0.6% | 0.7% | 0.2%
0.75 to <2.50 | 375 | 1 | 0.3% | 1.8% | 1.3% | 0.3%
0.75 to <1.75 | 314 | 1 | 0.3% | 1.2% | 1.1% | 0.4%
1.75 to <2.5 | 61 | - | - | 2.5% | 2.3% | 0.3%
2.50 to <10.00 | 333 | 2 | 0.6% | 5.0% | 5.0% | 1.2%
2.5 to <5 | 166 | 1 | 0.6% | 3.7% | 3.7% | 0.9%
5 to <10 | 167 | 1 | 0.6% | 6.9% | 6.3% | 1.9%
10.00 to <100.00 | 143 | 9 | 6.3% | 14.0% | 25.3% | 2.9%
10 to <20 | 51 | 7 | 13.7% | 12.2% | 14.5% | 3.7%
20 to <30 | 1 | - | - | 24.8% | 24.8% | -
30.00 to <100.00 | 91 | 2 | 2.2% | 36.3% | 31.3% | 1.3%
100.00 (default) | 81 | - | - | 99.4% | 100.0% | -
Advanced IRB | 0.00 to <0.15 | 723 | - | - | 0.0% | 0.1% | -
0.00 to <0.10 | 719 | - | - | 0.0% | 0.1% | -
0.10 to <0.15 | 4 | - | - | 0.1% | 0.2% | -
0.15 to <0.25 | 54 | - | - | 0.2% | 0.2% | -
0.25 to <0.50 | 861 | - | - | 0.3% | 0.4% | 0.1%
0.50 to <0.75 | 43 | - | - | 0.6% | 0.7% | 0.4%
0.75 to <2.50 | 747 | 2 | 0.3% | 1.0% | 1.4% | 0.6%
0.75 to <1.75 | 661 | 2 | 0.3% | 0.9% | 1.2% | 0.6%
1.75 to <2.5 | 86 | - | - | 2.0% | 2.3% | 0.6%
2.50 to <10.00 | 595 | 12 | 2.0% | 3.8% | 4.9% | 2.0%
2.5 to <5 | 334 | 4 | 1.2% | 2.9% | 3.9% | 1.3%
5 to <10 | 261 | 8 | 3.1% | 5.0% | 6.3% | 3.6%
10.00 to <100.00 | 239 | 18 | 7.5% | 12.9% | 25.6% | 4.4%
10 to <20 | 81 | 12 | 14.8% | 10.9% | 14.2% | 4.6%
20 to <30 | 2 | - | - | 6.4% | 23.4% | 3.7%
30.00 to <100.00 | 156 | 6 | 3.9% | 20.8% | 31.6% | 3.8%
100.00 (default) | 148 | - | - | 88.5% | 100.0% | -

Foundation IRB

Exposure classes | PD range | Number of obligors at the end of the previous year | Average default rate observed (in %) | Weighted average PD (%) | Average PD (in %) | Average annual historic default rate observed (in %)
--- | --- | --- | --- | --- | --- | ---
| o/w number of obligors who defaulted during the year
a | b | c | d | e | f | g | h
Central governments or central banks | 0.00 to <0.15 | - | - | - | - | - | -
0.00 to <0.10 | - | - | - | - | - | -
0.10 to <0.15 | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | -
0.75 to <1.75 | - | - | - | - | - | -
1.75 to <2.5 | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | -
2.5 to <5 | - | - | - | - | - | -
5 to <10 | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | -
10 to <20 | - | - | - | - | - | -
20 to <30 | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | -
Institutions | 0.00 to <0.15 | 193 | - | - | 0.1% | 0.0% | -
0.00 to <0.10 | 193 | - | - | 0.1% | 0.0% | -
0.10 to <0.15 | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | -
0.25 to <0.50 | 70 | - | - | 0.2% | 0.3% | -
0.50 to <0.75 | 36 | - | - | 0.6% | 0.7% | -
0.75 to <2.50 | - | - | - | 0.1% | - | -
0.75 to <1.75 | - | - | - | 0.1% | - | -
1.75 to <2.5 | - | - | - | 0.1% | - | -
2.50 to <10.00 | 61 | - | - | 1.4% | 4.4% | -
2.5 to <5 | 43 | - | - | 1.0% | 3.8% | -
5 to <10 | 18 | - | - | 3.2% | 5.7% | -
10.00 to <100.00 | 1 | - | - | 0.3% | 10.1% | -
10 to <20 | 1 | - | - | 0.4% | 10.1% | -
20 to <30 | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | 0.1% | - | -
100.00 (default) | 3 | - | - | 17.2% | 100.0% | -
Corporates – SMEs | 0.00 to <0.15 | - | - | - | 0.1% | - | -
0.00 to <0.10 | - | - | - | 0.1% | - | -
0.10 to <0.15 | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | 0.2% | - | -
0.50 to <0.75 | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | 7.3%
0.75 to <1.75 | - | - | - | - | - | -
1.75 to <2.5 | - | - | - | - | - | 7.7%
2.50 to <10.00 | - | - | - | - | - | 5.4%
2.5 to <5 | - | - | - | - | - | 3.8%
5 to <10 | - | - | - | - | - | 8.8%
10.00 to <100.00 | - | - | - | 0.1% | - | 7.0%
10 to <20 | - | - | - | - | - | 4.5%
20 to <30 | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | 0.1% | - | 26.7%
100.00 (default) | - | - | - | - | - | -
Corporates – Other | 0.00 to <0.15 | - | - | - | 0.1% | - | -
0.00 to <0.10 | - | - | - | 0.1% | - | -
0.10 to <0.15 | - | - | - | 0.2% | - | -
0.15 to <0.25 | - | - | - | 0.2% | - | -
0.25 to <0.50 | - | - | - | 0.3% | - | -
0.50 to <0.75 | - | - | - | 0.3% | - | -
0.75 to <2.50 | - | - | - | 0.9% | - | -
0.75 to <1.75 | - | - | - | 0.8% | - | -
1.75 to <2.5 | - | - | - | 1.8% | - | -
2.50 to <10.00 | - | - | - | 3.7% | - | 3.8%
2.5 to <5 | - | - | - | 3.4% | - | 1.3%
5 to <10 | - | - | - | 4.2% | - | 7.7%
10.00 to <100.00 | - | - | - | 10.6% | - | 4.7%
10 to <20 | - | - | - | 10.8% | - | 5.1%
20 to <30 | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | 10.4% | - | -
100.00 (default) | - | - | - | 90.1% | - | -
Foundation IRB | 0.00 to <0.15 | 193 | - | - | - | 0.0% | -
0.00 to <0.10 | 193 | - | - | - | 0.0% | -
0.10 to <0.15 | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | -
0.25 to <0.50 | 70 | - | - | 0.3% | 0.3% | -
0.50 to <0.75 | 36 | - | - | - | 0.7% | -
0.75 to <2.50 | - | - | - | - | - | 3.7%
0.75 to <1.75 | - | - | - | - | - | -
1.75 to <2.5 | - | - | - | - | - | 4.2%
2.50 to <10.00 | 61 | - | - | - | 4.4% | 4.4%
2.5 to <5 | 43 | - | - | - | 3.8% | 2.7%
5 to <10 | 18 | - | - | - | 5.7% | 7.6%
10.00 to <100.00 | 1 | - | - | - | 10.1% | 6.4%
10 to <20 | 1 | - | - | - | 10.1% | 4.6%
20 to <30 | - | - | - | - | - | -
30.00 to <100.00 | - | - | - | - | - | 25.0%
100.00 (default) | 3 | - | - | - | 100.0% | -

◗IRB approach – Scope of IRB and SA approaches (EU CR6-A)

(in millions of euros) | Total exposure at default within the meaning of Article 166 of the CRR for exposures under the IRB approach | Total exposure at default of exposures under the standard and IRB approaches | Percentage of total exposure at default subject to permanent partial use of SA (%) | Percentage of total exposure at default subject to IRB approach (%) | Percentage of total exposure at default subject to deployment plan (%)
--- | --- | --- | --- | --- | ---
a | b | c | d | e
1 | Central governments or central banks | - | 65,002 | 100.00% | - | -
2 | Regional governments and local authorities | - | 184 | 100.00% | - | -
3 | Public sector entities | - | 1,389 | 100.00% | - | -
4 | Institutions |  | 126,507 | 95.02% | 4.98% | 0.01%
5 | Corporates | 109,151 | 112,444 | 3.81% | 96.14% | 0.55%
5.1 | o/w Corporates – General |  | 78,128 | - | 100.00% | 0.79%
5.2 | o/w Corporates – Specialized financing |  | 34,315 | - | 100.00% | 0.79%
5.2.1 | o/w Corporates – Specialized Financing, excluding referral approach |  | 34,315 | - | 100.00% | 0.79%
5.2.2 | o/w Corporates – Specialized Financing as part of the referral approach |  | - | - | - | -
5.3 | Corporates – Purchased receivables |  | 1 | - | 65.73% | 34.27%
6 | Retail | - | 1,163 | 100.00% | - | -
6.1 | o/w Retail – qualifying revolving exposures |  | - | - | - | -
6.2 | o/w Retail – Secured by residential real estate assets |  | 438 | 100.00% | - | -
6.3 | Retail – Purchased receivables | - | - | - | - | -
6.4 | o/w Retail - Other retail exposures | - | 725 | 100.00% | - | -
7 | Equities | 898 | 2,011 | 55.35% | 44.65% | -
EU 7a | Collective investment undertakings | 161 | 679 | 76.34% | 23.66% | -
8 | Other assets not corresponding to credit obligations | - | 6,468 | 99.32% | - | 0.68%
9 | Total | 115,905 | 315,847 | 63.41% | 36.55% | 0.21%

◗Specialized Financing and equities exposures using the simple risk-weighted asset method (EU CR10)

EU CR10.1

Specialized Financing: Project financing (referencing approach)
Regulatory classes (in millions of euros) | Residual maturity | On-balance sheet exposures | Off-balance sheet exposures | Risk weighting | Exposure at default | Risk-weighted exposure amount | Amount of expected losses
--- | --- | --- | --- | --- | --- | --- | ---
a | b | c | d | e | f
Class 1 | Less than 2.5 years |  |  | 50% |  |  |
Equal to or more than 2.5 years |  |  | 70% |  |  |
Class 2 | Less than 2.5 years |  |  | 70% |  |  |
Equal to or more than 2.5 years |  |  | 90% |  |  |
Class 3 | Less than 2.5 years |  |  | 115% |  |  |
Equal to or more than 2.5 years |  |  | 115% |  |  |
Class 4 | Less than 2.5 years |  |  | 250% |  |  |
Equal to or more than 2.5 years |  |  | 250% |  |  |
Class 5 | Less than 2.5 years |  |  | - |  |  |
Equal to or more than 2.5 years |  |  | - |  |  |
Total | Less than 2.5 years |  |  |  |  |  |
Equal to or more than 2.5 years |  |  |  |  |  |

EU CR10.2

Specialized Financing: Revenue-generating properties and high-volatility commercial properties (referencing approach)
Regulatory classes (in millions of euros) | Residual maturity | On-balance sheet exposures | Off-balance sheet exposures | Risk weighting | Exposure at default | Risk-weighted exposure amount | Amount of expected losses
--- | --- | --- | --- | --- | --- | --- | ---
a | b | c | d | e | f
Class 1 | Less than 2.5 years |  |  | 50% |  |  |
Equal to or more than 2.5 years |  |  | 70% |  |  |
Class 2 | Less than 2.5 years |  |  | 70% |  |  |
Equal to or more than 2.5 years |  |  | 90% |  |  |
Class 3 | Less than 2.5 years |  |  | 115% |  |  |
Equal to or more than 2.5 years |  |  | 115% |  |  |
Class 4 | Less than 2.5 years |  |  | 250% |  |  |
Equal to or more than 2.5 years |  |  | 250% |  |  |
Class 5 | Less than 2.5 years |  |  | - |  |  |
Equal to or more than 2.5 years |  |  | - |  |  |
Total | Less than 2.5 years |  |  |  |  |  |
Equal to or more than 2.5 years |  |  |  |  |  |

EU CR10.3

Specialized Financing: Object financing (referencing approach)
Regulatory classes (in millions of euros) | Residual maturity | On-balance sheet exposures | Off-balance sheet exposures | Risk weighting | Exposure at default | Risk-weighted exposure amount | Amount of expected losses
--- | --- | --- | --- | --- | --- | --- | ---
a | b | c | d | e | f
Class 1 | Less than 2.5 years |  |  | 50% |  |  |
Equal to or more than 2.5 years |  |  | 70% |  |  |
Class 2 | Less than 2.5 years |  |  | 70% |  |  |
Equal to or more than 2.5 years |  |  | 90% |  |  |
Class 3 | Less than 2.5 years |  |  | 115% |  |  |
Equal to or more than 2.5 years |  |  | 115% |  |  |
Class 4 | Less than 2.5 years |  |  | 250% |  |  |
Equal to or more than 2.5 years |  |  | 250% |  |  |
Class 5 | Less than 2.5 years |  |  | - |  |  |
Equal to or more than 2.5 years |  |  | - |  |  |
Total | Less than 2.5 years |  |  |  |  |  |
Equal to or more than 2.5 years |  |  |  |  |  |

EU CR10.4

Specialized Financing: commodities financing (referencing approach)
Regulatory classes (in millions of euros) | Residual maturity | On-balance sheet exposures | Off-balance sheet exposures | Risk weighting | Exposure at default | Risk-weighted exposure amount | Amount of expected losses
--- | --- | --- | --- | --- | --- | --- | ---
a | b | c | d | e | f
Class 1 | Less than 2.5 years |  |  | 50% |  |  |
Equal to or more than 2.5 years |  |  | 70% |  |  |
Class 2 | Less than 2.5 years |  |  | 70% |  |  |
Equal to or more than 2.5 years |  |  | 90% |  |  |
Class 3 | Less than 2.5 years |  |  | 115% |  |  |
Equal to or more than 2.5 years |  |  | 115% |  |  |
Class 4 | Less than 2.5 years |  |  | 250% |  |  |
Equal to or more than 2.5 years |  |  | 250% |  |  |
Class 5 | Less than 2.5 years |  |  | - |  |  |
Equal to or more than 2.5 years |  |  | - |  |  |
Total | Less than 2.5 years |  |  |  |  |  |
Equal to or more than 2.5 years |  |  |  |  |  |

EU CR10.5

Equity exposures pursuant to Article 133 (3) to (6) and Article 485a (3) of the CRR
Classes (in millions of euros) | On-balance sheet exposures | Off-balance sheet exposures | Risk weighting | Exposure at default | Risk-weighted exposure amount | Amount of expected losses
--- | --- | --- | --- | --- | --- | ---
a | b | c | d | e | f
Private equity exposures | 586 | 155 | 190% | 741 | 1,408 | 6
Listed share exposures |  |  | 290% |  |  |
Other equity exposures | 59 |  | 370% | 59 | 219 | 1
Total | 645 | 155 |  | 800 | 1,627 | 7

◗Breakdown of equity exposures by main Natixis business line (NX23)

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Division | Fair value | EAD | Fair value | EAD
Corporate & Investment Banking(a) | 394 | 394 | 471 | 374
TOTAL | 1,857 | 2,011 | 3,072 | 3,145

(a)Including Treasury and Collateral Management.

(b)Including NCIB support.

◗EAD by type and nature of exposure (excluding impact of thresholds) (NX24)

Type and nature of exposure (in millions of euros) | Equities | Mutual funds | Investments | 31/12/2025 | 31/12/2024
--- | --- | --- | --- | --- | ---
Private equity exposures | 741 | - | - | 741 | 864
Listed share exposures | - | - | - | - | 923
Other equity exposures | 28 | - | 31 | 59 | 636
Equity – standard approach | 109 | 15 | 279 | 403 |
Investments included in the calculation of the deductible | - | - | 808 | 808 |
Total | 878 | 15 | 1,119 | 2,011 | 2,423

◗RWA by approach (excluding impact of thresholds) (NX25)

Type and nature of exposure (in millions of euros) | IRB approach | SA approach | 31/12/2025 | 31/12/2024
--- | --- | --- | --- | ---
Private equity exposures | 1,408 | - | 1,408 | 1,642
Listed share exposures | - | - | - | 2,677
Other equity exposures | 219 | - | 219 | 2,353
Equity – standard approach | - | 1,007 | 1,007 |
Participations included in the floor calculation | 245 | 1,776 | 2,021 |
Total | 1,872 | 2,783 | 4,655 | 6,672

#### 3.3.3.3Counterparty risks

Counterparty risk management methodologies are described in Section [3.2.4] "Credit and counterparty risk management" of this universal registration document.

##### A −Counterparty risk exposure

◗Analysis of exposure using the CCR approach (EU CCR1)

(in millions of euros) | a | b | c | d | e | f | g | h
--- | --- | --- | --- | --- | --- | --- | --- | ---
Replacement cost (RC) | Potential future exposure (PFE) | EEPE | Alpha used for computing regulatory exposure value | Exposure at default before CRM | Exposure at default after CRM | Exposure at default | Risk-weighted exposure amount (RWEA)
EU-1 | EU - Original Exposure Method (for derivatives) | 0 | 0 |  | 1.4 | 0 | 0 | 0 | 0
EU-2 | EU - simplified SA-CCR (for derivatives) | 0 | 0 |  | 1.4 | 0 | 0 | 0 | 0
1 | SA-CCR (for derivatives) | 990 | 2,288 |  | 1.4 | 25,381 | 5,586 | 5,586 | 1,190
2 | IMM (for derivatives and SFTs) |  |  | 26,345 | 1.55 | 63,192 | 40,835 | 40,835 | 5,494
2a | o/w netting sets for securities financing transactions |  |  | 5,495 |  | 19,594 | 8,518 | 8,518 | 883
2b | o/w netting sets for derivatives and deferred settlement transactions |  |  | 20,850 |  | 43,598 | 32,317 | 32,317 | 4,611
2c | o/w arising from netting sets for cross-product agreements |  |  | 0 |  | 0 | 0 | 0 | 0
3 | Financial Collateral Simple Method (FCSM) (for SFTs) |  |  |  |  | 0 | 0 | 0 | 0
4 | Financial collateral comprehensive method (for SFTs) |  |  |  |  | 11,980 | 9,112 | 9,112 | 810
5 | VaR for SFTs |  |  |  |  | 0 | 0 | 0 | 0
6 | Total |  |  |  |  | 100,552 | 55,533 | 55,533 | 7,494

◗Standard approach – CCR exposures by regulatory exposure categories and weighting (EU CCR3)

Exposure classes (in millions of euros) | Risk weighting
--- | ---
a | b | c | d | e | f | g | h | i | j | k | l
0% | 2% | 4% | 10% | 20% | 50% | 70% | 75% | 100% | 150% | Others | Total exposure value
1 | Central governments or central banks | 7,246 | - | - | - | 1,338 | 320 | - | - | 25 | - | - | 8,929
2 | Regional governments or local authorities | 203 |  |  |  | 4 |  |  |  |  |  | - | 206
3 | Public sector entities | 748 |  |  |  | 52 | 79 |  |  | 8 |  | - | 886
4 | Multilateral development banks | 3,042 | - | - | - | - | - | - | - | - | - | - | 3,042
5 | International organizations | 449 | - | - | - | - | - | - | - | - | - | - | 449
6 | Institutions | 12,982 | 8,273 | - | - | 93 | - | - | - | 36 | - | 6 | 21,391
7 | Corporates | 12 | 72 | - | - | - | 4 | - | - | 38 | 4 | - | 130
8 | Retail | - | - | - | - | - | - | - | - | 10 | - | - | 10
9 | Institutions and corporates with a short-term credit assessment | - | - | - | - | 29 | 19 | - | - | 6 | 0 | - | 54
10 | Other items | - | - | - | - | - | - | - | - | - | 5 | - | 5
11 | Total exposure value | 24,682 | 8,345 | - | - | 1,516 | 421 | - | - | 124 | 9 | 6 | 35,103

◗IRB approach – Credit risk exposures by exposure class and PD scale (EU CCR4)

F-IRB (in millions of euros) |  | a | b | c | d | e | f | g
--- | --- | --- | --- | --- | --- | --- | --- | ---
PD scale | Exposure at default | Weighted average PD (%) | Number of obligors | Weighted average LGD (%) | Weighted average maturity (years) | Risk-weighted exposure amount (RWEA) | Density of risk-weighted exposure amounts
Central governments or central banks | 0.00 to <0.15 | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | -
Institutions | 0.00 to <0.15 | 9,399 | 0.05% | 418 | 45% | 1 | 1,196 | 13%
0.15 to <0.25 | - | - | - | - | - | - | -
0.25 to <0.50 | 1,620 | 0.25% | 215 | 45% | 1 | 618 | 38%
0.50 to <0.75 | 295 | 0.70% | 52 | 45% | 1 | 206 | 70%
0.75 to <2.50 | 0 | 1.00% | 1 | 45% | - | 0 | 62%
2.50 to <10.00 | 8 | 5.11% | 26 | 45% | 1 | 13 | 152%
10.00 to <100.00 | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | -
Sub-total | 11,322 | 0.10% | 712 | 45% | 1 | 2,033 | 18%
Corporates | 0.00 to <0.15 | 10,780 | 0.06% | 922 | 41% | 1 | 1,166 | 11%
0.15 to <0.25 | 5 | 0.21% | 11 | 40% | 2 | 2 | 33%
0.25 to <0.50 | 2,864 | 0.31% | 452 | 41% | 1 | 1,131 | 40%
0.50 to <0.75 | 1,302 | 0.65% | 266 | 41% | 1 | 637 | 49%
0.75 to <2.50 | 658 | 1.03% | 229 | 41% | 2 | 495 | 75%
2.50 to <10.00 | 615 | 5.59% | 714 | 41% | - | 774 | 126%
10.00 to <100.00 | 56 | 27.81% | 238 | 40% | 1 | 116 | 206%
100.00 (default) | 21 | 100.00% | 25 | 40% | 1 | - | -
Sub-total | 16,302 | 0.63% | 2,857 | 41% | 1 | 4,320 | 27%
F-IRB | 0.00 to <0.15 | 20,179 | 0.06% | 1,340 | 43% | 1 | 2,361 | 12%
0.15 to <0.25 | 5 | 0.21% | 11 | 40% | 2 | 2 | 33%
0.25 to <0.50 | 4,484 | 0.29% | 667 | 42% | 1 | 1,749 | 39%
0.50 to <0.75 | 1,597 | 0.66% | 318 | 41% | 1 | 843 | 53%
0.75 to <2.50 | 658 | 1.03% | 230 | 41% | 2 | 495 | 75%
2.50 to <10.00 | 624 | 5.58% | 740 | 41% | - | 787 | 126%
10.00 to <100.00 | 56 | 27.81% | 238 | 40% | 1 | 116 | 206%
100.00 (default) | 21 | 100.00% | 25 | 40% | 1 | - | -
Total |  | 27,624 | 0.41% | 3,569 | 43% | 1 | 6,353 | 23%

A-IRB (in millions of euros) |  | a | b | c | d | e | f | g
--- | --- | --- | --- | --- | --- | --- | --- | ---
PD scale | Exposure at default | Weighted average PD (%) | Number of obligors | Weighted average LGD (%) | Weighted average maturity (years) | Risk-weighted exposure amount (RWEA) | Density of Risk-Weighted Exposure Amounts
Central governments or central banks | 0.00 to <0.15 | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | -
Corporates | 0.00 to <0.15 | 477 | 0.07% | 355 | 23% | 4 | 65 | 14%
0.15 to <0.25 | 9 | 0.17% | 15 | 26% | 4 | 2 | 25%
0.25 to <0.50 | 51 | 0.44% | 153 | 19% | 3 | 13 | 25%
0.50 to <0.75 | 215 | 0.58% | 157 | 40% | 3 | 126 | 59%
0.75 to <2.50 | 261 | 1.05% | 304 | 29% | 2 | 139 | 53%
2.50 to <10.00 | 222 | 5.45% | 260 | 15% | 2 | 87 | 39%
10.00 to <100.00 | 11 | 25.36% | 498 | 25% | 2 | 12 | 112%
100.00 (default) | 7 | 100.00% | 45 | 31% | 0 | 10 | 148%
Sub-total | 1,251 | 2.10% | 1,787 | 26% | 3 | 455 | 36%
Retail | 0.00 to <0.15 | - | - | - | - | - | - | -
0.15 to <0.25 | - | - | - | - | - | - | -
0.25 to <0.50 | - | - | - | - | - | - | -
0.50 to <0.75 | - | - | - | - | - | - | -
0.75 to <2.50 | - | - | - | - | - | - | -
2.50 to <10.00 | - | - | - | - | - | - | -
10.00 to <100.00 | - | - | - | - | - | - | -
100.00 (default) | - | - | - | - | - | - | -
Sub-total | - | - | - | - | - | - | -
A-IRB | 0.00 to <0.15 | 477 | 0.07% | 355 | 23% | 4 | 65 | 14%
0.15 to <0.25 | 9 | 0.17% | 15 | 26% | 4 | 2 | 25%
0.25 to <0.50 | 51 | 0.44% | 153 | 19% | 3 | 13 | 25%
0.50 to <0.75 | 215 | 0.58% | 157 | 40% | 3 | 126 | 59%
0.75 to <2.50 | 261 | 1.05% | 304 | 29% | 2 | 139 | 53%
2.50 to <10.00 | 222 | 5.45% | 260 | 15% | 2 | 87 | 39%
10.00 to <100.00 | 11 | 25.36% | 498 | 25% | 2 | 12 | 112%
100.00 (default) | 7 | 100.00% | 45 | 31% | - | 10 | 148%
Total |  | 1,251 | 2.10% | 1,787 | 26% | 3 | 455 | 36%

IRB approach (in millions of euros) |  | a | b | c | d | e | f | g
--- | --- | --- | --- | --- | --- | --- | --- | ---
PD scale | Exposure at default | Weighted average PD (%) | Number of obligors | Weighted average LGD (%) | Weighted average maturity (years) | Risk-weighted exposure amount (RWEA) | Density of risk-weighted exposure amounts
IRB approach | 0.00 to <0.15 | 20,656 | 0.06% | 1,695 | 43% | 1 | 2,426 | 12%
0.15 to <0.25 | 14 | 0.19% | 26 | 31% | 3 | 4 | 28%
0.25 to <0.50 | 4,535 | 0.29% | 820 | 42% | 1 | 1,762 | 39%
0.50 to <0.75 | 1,811 | 0.65% | 475 | 41% | 1 | 969 | 54%
0.75 to <2.50 | 919 | 1.04% | 534 | 37% | 2 | 634 | 69%
2.50 to <10.00 | 845 | 5.55% | 1,000 | 34% | 1 | 874 | 103%
10.00 to <100.00 | 67 | 27.42% | 736 | 38% | 1 | 128 | 191%
100.00 (default) | 28 | 100.00% | 70 | 38% | 1 | 10 | 36%
Total |  | 28,876 | 0.48% | 5,356 | 42% | 1 | 6,807 | 24%

◗Composition of collateral for CCR exposures (EU CCR5)

Type of collateral (in millions of euros) | a | b | c | d | e | f | g | h
--- | --- | --- | --- | --- | --- | --- | --- | ---
Collateral used in derivative transactions | Collateral used in SFTs
Fair value of collateral received | Fair value of collateral provided | Fair value of collateral received | Fair value of collateral provided
Segregated initial margin | Non-segregated initial margin | Segregated initial margin | Non-segregated initial margin | Segregated initial margin | Non-segregated initial margin | Segregated initial margin | Non-segregated initial margin
1 | Cash – domestic currency | - | 12,193 | - | 9,156 | - | 486 | - | 430
2 | Cash – foreign currencies | - | 4,014 | - | 8,064 | - | 2,488 | - | 1,739
3 | Domestic sovereign debt | - | - | - | - | - | - | - | 1
4 | Other sovereign debt | 2,820 | 798 | - | 222 | - | 111,213 | - | 137,520
5 | Public sector debt | 1,714 | 784 | - | 256 | - | 39,499 | - | 24,175
6 | Corporate bonds | 1,674 | 1,378 | - | - | - | 30,219 | - | 24,969
7 | Equities | 1,405 | 14 | - | 351 | - | 12,782 | - | 22,142
8 | Other collateral | - | - | - | - | - | - | - | -
9 | Total | 7,614 | 19,180 | - | 18,049 | - | 196,687 | - | 210,976

◗Credit derivatives exposures (EU CCR6)

(in millions of euros) | a | b
--- | --- | ---
Protection purchased | Protection sold
Notional amounts
1 | Single-name credit default swaps | 53,504 | 56,262
2 | Index credit default swaps | 71,778 | 69,483
3 | Total swaps | 9,251 | 916
4 | Credit options | - | -
5 | Other credit derivatives | 475 | -
6 | TOTAL NOTIONAL AMOUNTS | 135,007 | 126,660
Fair values
7 | Positive fair value (asset) | 775 | 3,741
8 | Negative fair value (liability) | (3,810) | (346)

◗Statements of RWEA flows relating to CCR exposures under the Internal Model Method (IMM) (EU CCR7)

(in millions of euros) | a
--- | ---
Risk-weighted exposure amount (RWEA)
1 | RWEA AT THE END OF THE PREVIOUS REPORTING PERIOD (31/12/2025) | 5,180
2 | Asset size | 789
3 | Counterparties’ credit quality | (160)
4 | Model updates (IMM only) | 142
5 | Methodology and Policy (IMM only) | 111
6 | Acquisitions and disposals | -
7 | Foreign exchange movements | -
8 | Others | (558)
9 | RWEA AT THE END OF THE CURRENT REPORTING PERIOD (31/12/2025) | 5,504

◗Exposures on a CCP (EU CCR8)

(in millions of euros) | a | b
--- | --- | ---
Exposure at default | Risk-weighted exposure amount (RWEA)
1 | Exposures to (total) |  | 478
2 | Exposures for trades at QCCPs (excluding initial margin and default fund contributions); o/w | 6,480 | 126
3 | (i) OTC derivatives | 483 | 10
4 | (ii) Exchange-traded derivatives | 2,269 | 42
5 | (iii) SFTs | 3,728 | 75
6 | (iv) Netting sets where cross-product netting has been approved | - | -
7 | Segregated initial margin | 7 |
8 | Non-segregated initial margin | 2,112 | 59
9 | Prefunded default fund contributions | 730 | 293
10 | Unfunded default fund contributions | - | -
11 | Exposures to non-qualifying central counterparties (total) |  | -
12 | Exposures for trades at non-QCCPs (excluding initial margin and default fund contributions); o/w | - | -
13 | (i) OTC derivatives | - | -
14 | (ii) Exchange-traded derivatives | - | -
15 | (iii) SFTs | - | -
16 | (iv) Netting sets where cross-product netting has been approved | - | -
17 | Segregated initial margin | - |
18 | Non-segregated initial margin | - | -
19 | Prefunded default fund contributions | - | -
20 | Unfunded default fund contributions | - | -

#### 3.3.3.4Securitization

The risk management methodologies for securitization transactions is described in Section [3.2.5] “Securitization”.

Natixis uses the three approaches described in Article 254 (1) of the CRR, according to the following situations:

●for synthetic securitizations (non-STS): Natixis is the originator of the underlying loans, and meets the conditions to use the SEC-IRBA approach on the selected exposures;

●for traditional securitizations (non-STS) where Natixis is the originator of the underlying loans and where Natixis retains the risk: Natixis uses SEC-IRBA when it is the sole originator and SEC-SA or SEC-ERBA when it is an originator among others;

●to process the exposures of the ABCP programs that the institution sponsors: Natixis uses the applicable SEC-SA or SEC-ERBA approach in an STS or non-STS framework depending on the ABCP transactions concerned after application of the cap in Article 268 of the CRR;

●for securitization transactions that the institution structures and partially finances as an investor: Natixis uses the SEC-SA or SEC-ERBA approach depending on the situation.

For all other exposures, particularly those classified in the trading book, Natixis uses the SEC-SA or SEC-ERBA approach, depending on the situation. Natixis only uses the weighting of 1,250%. At December 31, 2025:

●entities (i.e. US trusts ([MBS]) acquired real estate receivables originated by Natixis in the United States: CSMC 2016-NXSR, CGCMT 2017-P7, NCMS 2017-75B, CSAIL 2017-C8, CSAIL 2017-C8 85BD, CSAIL 2017-CX9, CSAIL 2017-CX10, CSAIL 2017-CX10 STAN, CSMC 2017 TIME, NCMS 2018-ALXA, NCMS 2018-OSS, NCMS 2018-20TS, NCMS 2018-SOX, CSAIL 2018-CX11, CSAIL 2018 CX12, UBS 2018-C11, UBSCM 2018-C12, UBS 2018-C13, CSAIL 2018 C14, UBS 2018 C14, UBS 2018 C15, NCMS 2019-NEMA, NCMS 2019-LVL, NCMS 2019-10K, BBCMS 2019-C3, BBCMS 2019-C4, NCMS 2019-FAME, NCMS 2019-AMZ7, BBCMS 2019-C5, UBS 2019-C18, NCMS 2019-MILE, NCMS 2020-2PAC, NCMS 2020-2PAC AMZ, BBCMS 2020-C7, BX 2021-MC, BBCMS 2021-C11, NCMS 2021-APPL, BX 2021-21M, BBCMS 2022-C14, NCMS 2022-JERI, NCMS 2022-RRI, BX 2022-IND, BBCMS 2022-C16, BX 2022-FOX2, BMO 2023-C4, COAST 2023-2HTL, NJ 2023-GSP, BX 2024-PALM, ARES 2024-IND2, BMO 2024-5C8, HGMT 2025-HGLR, WFCM 2025-C64, BMO 2025-C11, BX 2025-VLT6, SCG 2025-DLFN, BMO 2025-C12, WFCM 2025-5C5, BX 2025-BCAT, SCG 2025-SNIP, BMO 2025-5C12, BX 2025-OMG, BX 2025-VOLT, BX 2025-JDI, BMO 2025-5C13;

●the synthetic securitizations set up in Europe concern corporate receivables originated by Natixis in Europe through the following entities: FCT KIBO PARIS; TABEI.

All transactions with these entities have been notified to the European Supervisor (ECB) as part of the SRT process.

Natixis may be required to perform depositary functions in these CMBS, and to retain risk to meet local obligations to align interests.

Natixis is the sponsor of the Versailles and Magenta conduits, which the institution supports entirely in liquidity (“fully supported ABCP programs” within the meaning of European Regulations).

In order to meet the obligations of the American regulator, Natixis, through its Natixis New York Branch, holds 5% of the commercial papers issued by the Versailles conduit (see Note 3.3.1.2).

In 2024, no entity owned by Natixis carried commercial papers issued by the Magenta conduit.

In addition, Natixis is also the custodian of securitization
undertakings.

Natixis also manages two entities, Purple finance CLO and Purple finance CLO 2. These entities are prudentially consolidated at December 31, 2025.

In addition, Natixis also prudently consolidates the Bleachers finance entity.

In addition, from time to time, certain Natixis trading desks may carry the securities of operations that the institution has originated.

Lastly, Natixis has not provided implicit support for securitization transactions that are subject to a significant risk transfer (SRT).

##### A −Accounting methods

The securitization positions classified as “Amortized cost” are measured at amortized cost using the effective interest rate method as described in Note [5.1] to the accounting principles which can be found in Chapter [5] “Consolidated financial statements and notes” of this universal registration document. They are tested for impairment at each reporting date and an impairment charge is recorded in the income statement under “Cost of risk”.

Securitization positions classified under “Fair value through shareholders’ equity” are measured at their market value and any changes, excluding revenues recognized using the effective interest method, are recorded in a specific line in shareholders’ equity. Securitization positions (classified as debt instruments) are tested for impairment at each reporting date and an impairment charge is recorded in the income statement under “Cost of risk”.

In the event of a disposal of securitization positions (classified as debt instruments), Natixis transfers any changes in fair value for recognition in the income statement.

Positions classified under “Fair value through profit or loss” are measured at market value.

The market value is determined according to the principles set out in Note [5.6] of the accounting principles appearing in Chapter [5] “Consolidated financial statements and notes” of this universal registration document. Gains or losses on the disposal of securitization positions are recognized in line with the rules applicable to the category in which the positions sold were initially classified.

Securitized assets are derecognized when Natixis transfers the contractual rights to receive the financial asset’s cash flows and nearly all the risks and benefits of ownership.

##### B −External rating system

The risk rating system for securitization transactions are described in Section [3.2.5] “Securitization”.

Natixis uses four external credit rating agencies for securitization transactions: Moody’s, Fitch, Standard & Poor’s and DBRS.

◗Banking book EAD by agency (NX33 bis)

Rating agencies (in millions of euros) | IRB approach | Standard approach | 31/12/2025 | 31/12/2024
--- | --- | --- | --- | ---
Moody's | 135 | 6,989 | 7,124 | 7,086
Dominion Bond Rating Service | 8 | 571 | 578 | 924
Fitch Ratings | 28 | 133 | 162 | 260
Standard & Poor’s | 83 | 358 | 441 | 440
Unrated | 786 | 7,606 | 8,392 | 8,666
Transparency | - | - | - | -
Regulatory method | - | - | - | -
Total | 1,040 | 15,658 | 16,697 | 17,376

##### C −Natixis’ securitization exposures

◗Securitization exposures in the non-trading book (EU SEC1)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Bank acting as originator | Bank acting as agent | Bank acting as investor
Traditional | Synthetic | Sub-total | Traditional | Synthetic | Sub-total | Traditional | Synthetic | Sub-total
STS | Non-STS |  | o/w TRS | STS | Non-STS | STS | Non-STS
| o/w TRS |  | o/w TRS
1 | Total exposures | - | - | 234 | 234 | 742 | 742 | 976 | 1,570 | 9,809 | - | 11,379 | 42 | 4,300 | - | 4,342
2 | Retail (total) | - | - | - | - | - | - | - | 724 | 2,054 | - | 2,778 | 29 | 1,538 | - | 1,568
3 | Residential mortgages | - | - | - | - | - | - | - | 316 | 1,400 | - | 1,717 | 0 | 1,086 | - | 1,086
4 | Credit cards | - | - | - | - | - | - | - | - | 408 | - | 408 | - | - | - | -
5 | Other retail exposures | - | - | - | - | - | - | - | 408 | 245 | - | 653 | 29 | 452 | - | 482
6 | Re-securitization | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
7 | Wholesale (total) | - | - | 234 | 234 | 742 | 742 | 976 | 846 | 7,755 | - | 8,601 | 13 | 2,762 | - | 2,775
8 | Loans to corporates | - | - | 0 | 0 | 742 | 742 | 742 | - | 6,913 | - | 6,913 | - | 1,634 | - | 1,634
9 | Commercial mortgages | - | - | 234 | 234 | - | - | 234 | - | - | - | - | - | 596 | - | 596
10 | Leases and receivables | - | - | - | - | - | - | - | 846 | 455 | - | 1,301 | 6 | 305 | - | 312
11 | Other wholesale exposures | - | - | - | - | - | - | - | - | 388 | - | 388 | 7 | 227 | - | 233
12 | Re-securitization | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -

◗Securitization exposures in the trading book (EU SEC2)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Bank acting as originator | Bank acting as agent | Bank acting as investor
Traditional | Synthetic | Sub-total | Traditional | Synthetic | Sub-total | Traditional | Synthetic | Sub-total
STS | Non-STS | STS | Non-STS | STS | Non-STS
1 | Total exposures | - | - |  | - | - | - | - | - | 69 | 256 | - | 325
2 | Retail (total) | - | - |  | - | - | - |  | - | 64 | 103 |  | 167
3 | Residential mortgages | - | - |  | - | - | - |  | - | 18 | 92 |  | 110
4 | Credit cards | - | - |  | - | - | - |  | - | - | - |  | -
5 | Other retail exposures | - | - |  | - | - | - |  | - | 46 | 11 |  | 57
6 | Re-securitization | - | - |  | - | - | - |  | - | - | - |  | -
7 | Wholesale (total) | - | - |  | - | - | - |  | - | 5 | 153 |  | 158
8 | Loans to corporates | - | - |  | - | - | - |  | - | - | 153 |  | 153
9 | Commercial mortgages | - | - |  | - | - | - |  | - | - | - |  | -
10 | Leases and receivables | - | - |  | - | - | - |  | - | 5 | - |  | 5
11 | Other wholesale exposures | - | - |  | - | - | - |  | - | - | - |  | -
12 | Re-securitization | - | - |  | - | - | - |  | - | - | - |  | -

◗Exposures securitized by the institution – Defaulted exposures and adjustments for specific credit risks (EU SEC5)

(in millions of euros) | a | b | c
--- | --- | --- | ---
Securitized exposures by the institution – The institution acts as originator or sponsor
Total nominal amount outstanding | Total amount of specific credit risk adjustments made during the period
| o/w exposures in default
1 | Total exposures | 16,121 | 60 | -
2 | Retail (total) | 1,908 | 30 | -
3 | Residential mortgages | 998 | 0 | -
4 | Credit cards | 670 | - | -
5 | Other retail exposures | 241 | 30 | -
6 | Re-securitization | - | - | -
7 | Wholesale (total) | 14,213 | 31 | -
8 | Loans to corporates | 5,551 | 17 | -
9 | Commercial mortgages | 7,000 | - | -
10 | Leases and receivables | 1,463 | 14 | -
11 | Other wholesale exposures | 200 | - | -
12 | Re-securitization | - | - | -

◗Re-securitization exposures before and after substitution (NX34)

Guarantor note (in millions of euros) | Exposure | Protection | EAD
--- | --- | --- | ---
Secured | - | - | -
Unsecured | - | - | -
TOTAL AS OF 31/12/2025 | - | - | -
TOTAL AS OF 31/12/2024 | 13 | - | 13

##### D −Capital requirements

◗Securitization exposures in the non-trading book and associated regulatory capital requirements – institution acting as an originator or as a sponsor (EU SEC3)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Exposure values (by RW bands) | Exposure values (by regulatory approach) | RWA (by regulatory approach) | PFE
<= 20% | >20% to 50% | >50% to 100% | >100% to 1,250% | = 1,250% | SEC-IRBA approach | SEC-ERBA approach | SEC-SA approach | Default approach | SEC-IRBA approach | SEC-ERBA approach | SEC-SA approach | Default approach | SEC-IRBA approach | SEC-ERBA approach | SEC-SA approach | Default approach
1 | Total exposures | 11,657 | 540 | 122 | 35 | 0 | 880 | 275 | 11,200 | 0 | 174 | 89 | 1,668 | 0 | 14 | 7 | 133 | 0
2 | Traditional transactions | 10,916 | 540 | 122 | 35 | 0 | 138 | 275 | 11,200 | 0 | 62 | 89 | 1,668 | 0 | 5 | 7 | 133 | 0
3 | Securitization | 10,916 | 540 | 122 | 35 | 0 | 138 | 275 | 11,200 | 0 | 62 | 89 | 1,668 | 0 | 5 | 7 | 133 | 0
4 | Retail underlying | 2,150 | 526 | 102 | - | - | - | - | 2,778 | - | - | - | 484 | - | - | - | 39 | -
5 | o/w STS | 724 | - | - | - | - | - | - | 724 | - | - | - | 71 | - | - | - | 6 | -
6 | Wholesale | 8,766 | 14 | 20 | 35 | 0 | 138 | 275 | 8,422 | 0 | 62 | 89 | 1,184 | 0 | 5 | 7 | 95 | 0
7 | o/w STS | 846 | - | - | - | - | - | - | 846 | - | - | - | 83 | - | - | - | 7 | -
8 | Re-securitization | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
9 | Synthetic transactions | 742 | - | - | - | 0 | 742 | - | - | 0 | 111 | - | - | 0 | 9 | - | - | 0
10 | Securitization | 742 | - | - | - | 0 | 742 | - | - | 0 | 111 | - | - | 0 | 9 | - | - | 0
11 | Retail underlying | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
12 | Wholesale | 742 | - | - | - | 0 | 742 | - | - | 0 | 111 | - | - | 0 | 9 | - | - | 0
13 | Re-securitization | - | - | - | - | - | - | - |  | - | - | - | - | - | - | - | - | -

◗Securitization exposures in the non-trading book and associated regulatory capital requirements – institution acting as an investor (EU SEC4)

(in millions of euros) | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Exposure values (by RW bands) | Exposure values (by regulatory approach) | RWA (by regulatory approach) | PFE
<= 20% | >20% to 50% | >50% to 100% | >100% to 1,250% | = 1,250% | SEC-IRBA approach | SEC-ERBA approach | SEC-SA approach | Default approach | SEC-IRBA approach | SEC-ERBA approach | SEC-SA approach | Default approach | SEC-IRBA approach | SEC-ERBA approach | SEC-SA approach | Default approach
1 | Total exposures | 3,873 | 179 | 262 | 28 | 0 | - | 127 | 4,127 | 0 | - | 76 | 780 | 1 | - | 6 | 62 | 0
2 | Traditional transactions | 3,873 | 179 | 262 | 28 | 0 | - | 127 | 4,127 | 0 | - | 76 | 780 | 1 | - | 6 | 62 | 0
3 | Securitization | 3,873 | 179 | 262 | 28 | 0 | - | 127 | 4,127 | 0 | - | 76 | 780 | 1 | - | 6 | 62 | 0
4 | Retail underlying | 1,357 | 0 | 205 | 4 | 0 | - | 36 | 1,474 | 0 | - | 38 | 298 | 0 | - | 3 | 24 | 0
5 | o/w STS | 29 | - | - | - | - | - | - | 29 | - | - | - | 3 | - | - | - | 0 | -
6 | Wholesale | 2,516 | 179 | 57 | 23 | 0 | - | 91 | 2,653 | 0 | - | 38 | 483 | 1 | - | 3 | 39 | 0
7 | o/w STS | 13 | - | - | - | - | - | - | 13 | - | - | - | 1 | - | - | - | 0 | -
8 | Re-securitization | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
9 | Synthetic transactions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
10 | Securitization | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
11 | Retail underlying | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
12 | Wholesale | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -
13 | Re-securitization | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -

#### 3.3.3.5Market risk

##### A −Market risk measurement methodology

The methodologies for measuring market risks are described in Section [3.2.6] “Market risk”.

##### B −Detailed quantitative disclosures

◗Market risk under the standard approach (EU MR1)

(in millions of euros) | a
--- | ---
RWEA
| Outright products |
1 | Interest rate risk (general and specific) | 2,679
2 | Equity risk (general and specific) | 1,726
3 | Foreign exchange risk | 3,590
4 | Commodity risk | 1,261
| Options |
5 | Simplified approach | 0
6 | Delta-plus method | 286
7 | Scenario approach | 1,253
8 | Securitization (specific risk) | 171
9 | Total | 10,965

◗VaR, stressed VaR, IRC on the regulatory scope (EU MR3)

|  | a | b
--- | --- | --- | ---
| (in millions of euros) | 31/12/2025 | 31/12/2024
| VaR (10 days, 99%) |  |
1 | Maximum value | 37.7 | 44.1
2 | Average value | 21.8 | 26.5
3 | Minimum value | 11.9 | 18.8
4 | Value at end of period | 13.6 | 24
| Stressed VaR (10 days, 99%) |  |
5 | Maximum value | 81.2 | 88.2
6 | Average value | 50.1 | 62.3
7 | Minimum value | 32.1 | 42.8
8 | Value at end of period | 44.1 | 42.8
| Incremental Risk Charge (99.9%) |  |
9 | Maximum value | 66.7 | 62.7
10 | Average value | 35.2 | 36.9
11 | Minimum value | 18.1 | 15.8
12 | Value at end of period | 61.1 | 22.5

◗Backtesting on the regulatory scope (MR4)

Information on backtesting is presented in Section [3.2.6] “Market risk”.

◗Market risk under the Internal Models Approach (EU MR2-A)

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
a | b | c | d
RWEA | Capital requirements | RWEA | Capital requirements
1 | VaR (highest value between a and b) | 1,119 | 89 | 1,618 | 129
a) | Previous day’s VaR (t-1 VaR) |  | 14 |  | 24
b) | Multiplication factor (mc) x average of the last 60 working days (VaRavg) |  | 89 |  | 129
2 | SVaR (highest value between a and b) | 2,910 | 233 | 4,122 | 330
a) | Latest SVaR measurement available (SVaR t-1) |  | 44 |  | 43
b) | Multiplication factor (ms) x average of the last 60 working days (SVaRavg) |  | 233 |  | 330
3 | IRC (highest value between a and b) | 764 | 61 | 611 | 49
a) | Most recent IRC measurement |  | 61 |  | 28
b) | Average IRC measurement over 12 weeks |  | 56 |  | 49
4 | Overall risk measurement (highest value of a, b and c) | 0 | 0 | 0 | 0
a) | Most recent measurement of overall risk |  | 0 |  | 0
b) | Average overall risk measurement over 12 weeks |  | 0 |  | 0
c) | Overall risk measurement – Floor |  | 0 |  | 0
5 | Others | 0 | 0 | 0 | 0
6 | Total | 4,793 | 383 | 6,351 | 508

◗Statements of RWEA flows of market risk exposures under Internal Models Approach (IMA) (EU MR2-B)

(in millions of euros) | a | b | c | d | e | f | g
--- | --- | --- | --- | --- | --- | --- | ---
VaR | SVaR | IRC | Overall risk measurement | Others | Total RWEA | Total capital requirements
1 | RWEA AT THE END OF THE PREVIOUS PERIOD (31/12/2024) | 1,618 | 4,122 | 611 | - | - | 6,351 | 508
1a | Regulatory adjustment | (1,318) | (3,587) | (259) | - | - | (5,164) | (413)
1b | RWEA at end of previous quarter (end of day) | 300 | 535 | 352 | - | - | 1,187 | 95
2 | Changes in risk levels | (131) | 16 | 412 | - | - | 298 | 24
3 | Model updates/changes | - | - | - | - | - | - | -
4 | Methodology and policy | - | - | - | - | - | - | -
5 | Acquisitions and disposals | - | - | - | - | - | - | -
6 | Foreign exchange movements | - | - | - | - | - | - | -
7 | Others | - | - | - | - | - | - | -
8a | RWEA at the end of the reporting period (end of day) | 169 | 551 | 764 | - | - | 1,485 | 119
8b | Regulatory adjustment | 949 | 2,359 | - | - | - | 3,308 | 265
8 | RWEA AT THE END OF THE REPORTING PERIOD (31/12/2025) | 1,119 | 2,910 | 764 | - | - | 4,793 | 383

Effects are defined as follows:

●Regulatory adjustment: delta between RWA used to calculate regulatory RWA and RWA calculated on the last day of the period.

●Changes in risk levels: changes linked to market characteristics.

●Model updates/changes: changes related to significant changes to the model following an update of the calculation scope, methodology, assumptions or calibration.

●Methodology and policies: changes related to regulatory changes.

●Acquisitions and disposals: changes following the purchase or disposal of business lines.

#### 3.3.3.6Credit valuation adjustment risk – CVA risk

The credit valuation adjustment (CVA) risk management framework is presented in Section [3.2.4.5] "Counterparty risk management".

◗Risk of credit valuation adjustment under the reduced basic approach (EU CVA1)

(in millions of euros) | a | b
--- | --- | ---
Components of capital requirements | Capital requirements
1 | Aggregation of systematic components of CVA risk | - |
2 | Aggregation of idiosyncratic components of CVA risk | - |
3 | Total |  | -

◗Risk of credit valuation adjustment under the full basic approach (EU CVA2)

(in millions of euros) | a | EU b
--- | --- | ---
Capital requirements | Notional amount of CVA risk hedges
1 | BACVAcsr-uncovered | 310 |
2 | BACVAcsr-covered | 420 |
3 | Total | 282 |
EU-4 | Single-signature CDS |  | 290
EU-5 | Index credit default swaps |  | 213
EU-6 | Total |  | 502

◗Credit valuation adjustment risk under the standard approach (EU CVA3)

(in millions of euros) | a | b | EU c
--- | --- | --- | ---
Capital requirements | Number of counterparties | Notional amount of CVA risk hedges
| Risk category |  |  |
1 | Interest rate risk | - |  |
2 | Foreign exchange risk | - |  |
3 | Benchmark credit spread risk | - |  |
4 | Equity risk | - |  |
5 | Commodity risk | - |  |
6 | Counterparty credit spread risk | - |  |
7 | Total | - |  |
| Type of counterparty to transactions |  |  |
EU 8 | Central banks |  | - |
EU 9 | General Governments |  | - |
EU 10 | Banks |  | - |
EU 11 | Investment firms |  | - |
EU 12 | Other financial corporations (excluding investment firms) |  | - |
EU 13 | Non-financial corporations |  | - |
EU 14 | Total |  | - |
| Hedging of CVA risk |  |  |
EU 15 | Single name CDS |  |  | -
EU 16 | Index credit default swaps |  |  | -
EU 17 | Other derivatives classified as CVA risk hedges |  |  | -
EU 18 | Total |  |  | -

◗Statements of RWA flows relating to the risk of credit valuation adjustment under the standard approach (EU CVA4)

(in millions of euros) | a
--- | ---
Risk-weighted exposure amount
1 | RISK-WEIGHTED EXPOSURE AMOUNT AT THE END OF THE PREVIOUS REPORTING PERIOD (31/12/2024) | 793
2 | RISK-WEIGHTED EXPOSURE AMOUNT AT THE END OF THE CURRENT REPORTING PERIOD (31/12/2025) | -

#### 3.3.3.7Global interest rate risk

The measurement and monitoring of interest rate risk is presented in Section [3.2.8] “Asset-liability management”.

#### 3.3.3.8Operational risk

The operational risk management framework is presented in Section [3.2.7] “Operational risks”.

◗EU OR1 – Losses due to operational risk

| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
a | b | c | d | e | f | g | h | i | j | k
Using the €20,000 threshold
1 | Total amount of losses for operational risk net of recoveries (no exclusion) | 25,368,148 | 33,524,670 | 36,079,958 | 32,003,425 | 84,633,719 | 101,243,525 | 26,692,278 | 349,268,481 | 258,540,068 | 150,095,038 | 164,468,304
2 | Total number of losses for operational risk | 146 | 170 | 193 | 142 | 162 | 124 | 120 | 138 | 258 | 248 | 284
3 | Total amount of losses for operational risk excluded |  |  |  |  |  |  |  |  |  |  |
4 | Total number of operational risk events excluded |  |  |  |  |  |  |  |  |  |  |
5 | Total amount of losses for operational risk, net of recoveries and net of excluded losses | 25,368,148 | 33,524,670 | 36,079,958 | 32,003,425 | 84,633,719 | 101,243,525 | 26,692,278 | 349,268,481 | 258,540,068 | 150,095,038 | 164,468,304
Using the €100,000 threshold
6 | Total amount of losses for operational risk net of recoveries (no exclusion) | 20,397,745 | 25,245,089 | 30,032,375 | 28,393,283 | 79,912,782 | 97,236,376 | 23,230,183 | 344,864,719 | 251,129,372 | 143,322,360 | 156,753,564
7 | Total number of losses for operational risk | 37 | 45 | 49 | 50 | 54 | 41 | 35 | 44 | 87 | 93 | 99
8 | Total amount of losses for operational risk excluded |  |  |  |  |  |  |  |  |  |  |
9 | Total number of operational risk events excluded |  |  |  |  |  |  |  |  |  |  |
10 | Total amount of losses for operational risk, net of recoveries and net of excluded losses | 20,397,745 | 25,245,089 | 30,032,375 | 28,393,283 | 79,912,782 | 97,236,376 | 23,230,183 | 344,864,719 | 251,129,372 | 143,322,360 | 156,753,564
Details of the calculation of capital requirements for operational risk
11 | not applicable |  |  |  |  |  |  |  |  |  |  |
12 | not applicable |  |  |  |  |  |  |  |  |  |  |
13 | not applicable |  |  |  |  |  |  |  |  |  |  |

◗EU OR2 – Activity indicator, components and sub-components (EU OR2)

BI and its sub-components (in millions of euros) | a | b | c | d
--- | --- | --- | --- | ---
31/12/2025 | 31/12/2024 | 31/12/2023 | Average value
1 | Interest, lease and dividend component (ILDC) |  |  |  | 1,824
EU 1 | ILDC corresponding to the individual institution/consolidated group (excluding entities mentioned in Article 314 (3)) |  |  |  | 1,824
1a | Interest income and rental income | 10,685 | 1,855 | 1,390 | 4,644
1b | Interest expenses and rental expenses | 8,780 | 11,326 | 9,976 | 10,027
1c | Total assets/Asset component | 398,912 | 386,134 | 361,949 | 382,332
1d | Dividend income/Dividend component | 103 | 113 | 104 | 107
2 | Services component (SC) |  |  |  | 5,235
2a | Fee and commission income and expenses | 5,462 | 5,153 | 4,675 | 5,097
2b | Fee and commission expense | 1,209 | 1,126 | 1,008 | 1,114
2c | Other operating income | 94 | 69 | 99 | 88
2d | Other operating expenses | 94 | 69 | 99 | 138
3 | Financial component (FC) |  |  |  | 3,030
3a | Net income applicable to Trading Book (TB) | 1,805 | 3,173 | 2,587 | 2,522
3b | Net income applicable to the Banking Book (BB) | 163 | (1,048) | (312) | 508
EU 3c | Approach to determining the TB/BB limit (prudential limit approach or accounting approach) |  |  |  | P
4 | Business indicator (BI) |  |  |  | 10,088
5 | Business indicator component (BIC) |  |  |  | 1,483

Information on the BI
(in millions of euros) | a
6a | Gross BI from discontinued operations excluded | 10,088
6b | Reduction in BI due to the exclusion of discontinued operations | -
EU 6c | Impact of M&A on BI | -

◗Capital requirements for operational risk and risk exposure amounts (EU OR3)

(in millions of euros) | a
--- | ---
1 | Business indicator component (BIC) | 1,483
EU 1 | EU 1 Own Funds Requirements (OROF) calculated under the alternative standard approach (ASA) pursuant to Article 314, (4) | -
3 | Minimum Own Funds Requirements for Operational Risk (OROF) | 1,483
4 | Operational risk exposure amounts (ORE) | 18,540

#### 3.3.3.9Crypto-asset risk

◗Exposure to crypto-assets (EU CAE1)

(in millions of euros) | Exposure at default | Risk-weighted exposure amount (RWEA) | Capital requirements
--- | --- | --- | ---
Type of exposure | a | b | c
1 | Tokenized Traditional Assets | - | - | -
2 | Asset-backed tokens | - | - | -
3 | Exposures to other crypto-assets | 0 | 0 | 0
4 | Total | 0 | 0 | 0
For the record |  |  |
5 | Exposures to other crypto-assets, expressed as a percentage of the institution's Tier 1 capital | - |  |

### 3.3.4Encumbered and non-encumbered assets

Descriptive information about the impact of the business model on asset encumbrances and the significance of those encumbrances to the institution’s financing model, which provides users with the context for the information required in the EU AE1 and EU AE2 models.

At December 31, 2025, the total assets on the balance sheet and encumbered collateral received amounted to €286,589 million. These can be broken down by type and source of liabilities:

●securities transactions, including in particular securities lending and repurchase agreements, for a total of €275,642 million;

●encumbered receivables securing covered bond vehicles (Natixis Pfandbriefbank), for a total of €1,741 million;

●encumbered receivables in vehicles other than covered bond asset pools, such as central bank refinancing or other market vehicles, for a total of €500 million;

●assets encumbered by the payment of margin calls on derivative positions, for a total of €8,661 million.

●Natixis considers that the following assets may not be encumbered in the normal course of its business:

●call loans, 12.4% of non-encumbered assets (€59 billion),

●derivatives, 13.6% of non-encumbered assets (€65 billion).

◗Encumbered and non-encumbered assets (EU AE1)

| Carrying amount of encumbered assets | Fair value of encumbered assets | Carrying amount of non-encumbered assets | Fair value of non-encumbered assets
--- | --- | --- | --- | ---
| o/w theoretically eligible EHQLA and HQLA |  | o/w theoretically eligible EHQLA and HQLA |  | o/w EHQLA and HQLA |  | o/w EHQLA and HQLA
010 | 030 | 040 | 050 | 060 | 080 | 090 | 100
010 | Assets of the institution publishing the information | 88,352 | 64,450 |  |  | 425,241 | 2,181 |  |
030 | Equity instruments | 38,334 | 29,246 | 38,334 | 29,246 | 1,304 | 450 | 1,304 | 450
040 | Debt securities | 39,070 | 35,203 | 39,070 | 35,203 | 3,420 | 1,732 | 3,420 | 1,732
050 | o/w: covered bonds | 120 | 43 | 120 | 43 | 0 | 0 | 0 | 0
060 | o/w: securitization | 570 | 0 | 570 | 0 | 0 | 0 | 0 | 0
070 | o/w: issued by general governments | 24,818 | 24,469 | 24,818 | 24,469 | 502 | 502 | 502 | 502
080 | o/w: issued by financial corporations | 11,948 | 10,428 | 11,948 | 10,428 | 1,217 | 1,217 | 1,217 | 1,217
090 | o/w: issued by non-financial corporations | 2,053 | 208 | 2,053 | 208 | 257 | 0 | 257 | 0
120 | Other assets | 10,947 | 0 |  |  | 420,517 | 0 |  |

◗Collateral and own debt securities issued (EU AE2)

|  | Fair value of encumbered collateral and own encumbered debt securities issued | Non-encumbered
--- | --- | --- | ---
|  | Fair value of collateral received or own debt securities issued available for encumbrance |
|  |  | o/w theoretically eligible EHQLA and HQLA |  | o/w EHQLA and HQLA
|  | 010 | 030 | 040 | 060
130 | Collateral received by the institution publishing the information | 198,238 | 174,042 | 54,339 | 30,203
140 | Call loans | 0 | 0 | 0 | 0
150 | Equity instruments | 26,555 | 20,554 | 30,909 | 13,036
160 | Debt securities | 171,683 | 153,488 | 19,341 | 17,167
170 | o/w: covered bonds | 2,032 | 2,013 | 0 | 0
180 | o/w: securitization | 10,120 | 4,035 | 0 | 0
190 | o/w: issued by general governments | 134,760 | 133,052 | 4,451 | 4,451
200 | o/w: issued by financial corporations | 31,060 | 18,185 | 12,716 | 12,716
210 | o/w: issued by non-financial corporations | 6,139 | 2,703 | 2,556 | 0
220 | Loans and receivables other than call loans | 0 | 0 | 3,636 | 0
230 | Other collateral received | 0 | 0 | 454 | 0
240 | Own debt securities issued other than own covered bonds or securitizations | 0 | 0 | 3,663 | 0
241 | Own covered bonds and securitizations issued and not yet pledged |  |  | 0 | 0
250 | TOTAL SECURITIES RECEIVED AND OWN DEBT SECURITIES ISSUED | 198,238 | 174,042 |  |

◗Sources of encumbrance costs (EU AE3)

|  | Associated liabilities, contingent liabilities or securities lent | Assets, collateral received and own debt securities issued, other than covered bonds and securitizations, encumbered
--- | --- | --- | ---
|  | 010 | 030
010 | Carrying amount of selected financial liabilities | 168,654 | 175,855

### 3.3.5Liquidity coverage ratio

##### A −Regulatory liquidity ratios

Since 2010, the Basel Committee introduced new liquidity risk measures:

●the Liquidity Coverage Ratio (LCR, January 2013) is a short-term liquidity ratio whose aim is to ensure that, in stress scenarios, banks hold enough liquid assets to cover their net cash outflows for a 30-day period;

●the Net Stable Funding Ratio (NSFR, October 2014) is a long-term structural liquidity ratio developed to strengthen the resilience of the banking sector by requiring banks to maintain a stable financing profile and by limiting maturity transformation below one year.

These rules are transposed in the European Union. For the LCR, Delegated Regulation (EU) No. 2015/61, published on October 10, 2014, entered into force on October 1, 2015. This regulation was amended by Delegated Regulation (EU) No. 2018/1620, published on July 13, 2018 and applicable from April 30, 2020.

The NSFR, which the Basel Committee wants to have applied as a minimum requirement from January 1, 2018, was implemented in Europe via Regulation (EU) No. 2019/876 (CRR2), which entered into force on June 28, 2021 for the NSFR portion.

To date, European Regulations require:

●compliance with the LCR since October 1, 2015; required minimum ratio of 80% at January 1, 2017 and 100% from January 1, 2018;

●compliance with the NSFR with a minimum requirement of a ratio of 100% since June 28, 2021.

Natixis calculates its LCR and NSFR on a consolidated basis and operationally manages its liquidity position and the coverage of its liquidity needs in relation to these metrics, in order to comply with applicable regulatory requirements.

###### LCR – Liquidity buffers

Regulation No. 2015/61 defines liquid assets and the criteria they must meet to be eligible for the liquidity buffer used to cover financing needs in the event of a short-term liquidity crisis.

Assets must meet intrinsic (issuer, rating, market liquidity, etc.) and operational (effective availability of assets, diversification, etc.) requirements in a context of a 30-day stress period.

The liquidity buffer – in the regulatory sense – is the numerator of the LCR (HQLA) and predominantly consists of:

●Level 1 liquid assets, i.e. cash deposited with central banks;

●other Level 1 liquid assets, consisting mainly of marketable securities representing claims on, or guaranteed by, sovereigns, central banks and public sector entities, and high-rated covered bonds;

●Level 2 liquid securities consisting mainly of covered bonds and debt securities issued by sovereigns or public sector entities not eligible for Level 1, corporate debt securities and equities listed on active markets that satisfy certain conditions.

###### Presentation of LCR as at December 31, 2025

The data in the following table were calculated in accordance with European Banking Authority rules (EBA/GL/2017/11 guidelines), which the European Central Bank decided to enforce on October 5, 2017 by way of notification.

For the purposes of these rules, the data published for each quarter show the average monthly figures for the 12 preceding statements.

###### LCR (EU LIQ1)

In accordance with the provisions of Implementing Regulation (EU) No. 2021/637, the amounts mentioned below are understood to be the average of the previous 12 months for each date observed.

The liquidity requirement coverage ratio was 110.0% at December 31, 2025.

The liquidity buffer stood at €88.3 billion, down -€1.0 billion between June 30, 2025 and December 31, 2025.

The decrease in net cash outflows of €0.5 billion between June 30, 2025 and December 31, 2025 is the result of a greater increase in cash inflows than the increase in cash outflows, in
particular:

●the €0.9 billion increase in cash outflows, particularly on other contractual financing obligations (+€2.0 billion), offset by secured wholesale funding (-€1.4 billion);

●an increase in cash inflows of €1.3 billion between June 30, 2025 and December 31, 2025, mainly related to the rise in other cash inflows (€1.8 billion).

At December 31, 2025, the liquidity cushion is made up of 89% tier 1 liquid assets and 11% tier 2 liquid assets. Of these Level 1 assets, 73% are central bank reserves and 20% correspond to exposures to central governments.

The sources of financing that impact cash outflows are relatively stable compared with June 30, 2025. Unsecured wholesale funding accounted for 33% of total cash outflows, while other contractual funding obligations also represented 33%. In addition, 84% of cash outflows relating to unsecured wholesale funding came from non-operational deposits.

In addition, cash outflows from derivative exposures and other collateral requirements represented 5.5% of total cash outflows at December 31, 2025.

At December 31, 2025, the LCR levels in significant currencies are 126.4% for the EUR LCR and 47.8% for the USD LCR.

◗Quantitative information on the liquidity coverage ratio (LCR) (EU LIQ1)

EU 1a | Quarter ended (DD/MM/YYYY) | 31/12/2025 | 30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2025 | 30/09/2025 | 30/06/2025 | 31/03/2025 |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
EU 1b | Number of data points used to calculate averages | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
High quality liquid assets (HQLA) |
1 | Total High Quality Liquid Assets (HQLA) |  |  |  |  | 88,301 | 88,243 | 89,420 | 89,466 |
Cash outflows
2 | Retail deposits and deposits from small business customers, of which: | 3,949 | 3,939 | 3,828 | 3,686 | 634 | 637 | 581 | 510 |
3 | Stable deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
4 | Less stable deposits | 3,949 | 3,939 | 3,828 | 3,686 | 634 | 637 | 581 | 510 |
5 | Unsecured wholesale funding | 76,659 | 76,184 | 74,902 | 72,764 | 51,741 | 52,787 | 52,179 | 51,266 |
6 | Operational deposits (all counterparties) and deposits in networks of cooperative banks | 4,610 | 4,825 | 4,866 | 4,754 | 1,152 | 1,206 | 1,216 | 1,189 |
7 | Non-operational deposits (all counterparties) | 65,278 | 64,315 | 63,115 | 61,193 | 43,818 | 44,536 | 44,042 | 43,261 |
8 | Unsecured debt | 6,771 | 7,045 | 6,921 | 6,816 | 6,771 | 7,045 | 6,921 | 6,816 |
9 | Secured wholesale funding |  |  |  |  | 24,843 | 25,563 | 26,281 | 26,856 |
10 | Additional requirements | 65,639 | 65,383 | 64,942 | 64,556 | 25,291 | 24,880 | 24,631 | 24,421 |
11 | Outflows related to derivative exposures and other collateral requirements | 9,601 | 9,628 | 9,490 | 8,981 | 8,587 | 8,486 | 8,361 | 7,848 |
12 | Outflows related to loss of funding on debt products | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
13 | Credit and liquidity facilities | 56,038 | 55,755 | 55,452 | 55,574 | 16,704 | 16,395 | 16,270 | 16,572 |
14 | Other contractual funding obligations | 51,376 | 50,673 | 49,259 | 47,531 | 50,869 | 50,224 | 48,821 | 47,143 |
15 | Other contingent funding obligations | 54,113 | 52,514 | 50,637 | 49,953 | 2,497 | 2,489 | 2,463 | 2,523 |
16 | TOTAL CASH OUTFLOWS |  |  |  |  | 155,875 | 156,580 | 154,957 | 152,719 |
Cash inflows
17 | Secured lending (e.g. reverse repos) | 120,415 | 122,758 | 126,362 | 125,735 | 12,923 | 13,563 | 14,080 | 14,422 |
18 | Inflows from fully performing exposures | 17,942 | 17,749 | 17,294 | 17,070 | 16,149 | 15,911 | 15,424 | 15,209 |
19 | Other cash inflows | 50,662 | 51,251 | 48,808 | 45,791 | 46,781 | 47,318 | 45,003 | 42,206 |
EU 19a | (Difference between total weighted inflows and total weighted outflows arising from transactions in third countries where there are transfer restrictions or which are denominated in non-convertible currencies) |  |  |  |  | 0 | 0 | 0 | 0 |
EU-19b | (Excess inflows from a related specialized lending institution) |  |  |  |  | 0 | 0 | 0 | 0 |
20 | TOTAL CASH INFLOWS | 189,018 | 191,758 | 192,463 | 188,595 | 75,854 | 76,793 | 74,507 | 71,838 |
EU-20a | Fully exempt cash inflows | - | - | - | - | 0 | 0 | 0 | 0 |
EU-20b | Inflows subject to 90% cap | - | - | - | - | 0 | 0 | 0 | 0 |
EU-20c | Inflows subject to 75% cap | 160,709 | 162,619 | 163,124 | 159,703 | 75,854 | 76,793 | 74,507 | 71,838 |
Total adjusted value |  |  |  |  |  |  |  |  |
EU-21 | LIQUIDITY BUFFER |  |  |  |  | 76,931 | 78,373 | 83,037 | 81,761 |
22 | TOTAL NET CASH OUTFLOWS |  |  |  |  | 67,873 | 70,649 | 74,034 | 73,953 |
23 | LIQUIDITY COVERAGE RATIO |  |  |  |  | 113.3% | 110.9% | 112.2% | 110.6% |

◗Net stable funding ratio (EU LIQ2)

| a | b | c | d | e
--- | --- | --- | --- | --- | ---
(in currency) | Unweighted value by residual maturity | Weighted value
No deadline | <6 months | 6 months to <1 year | ≥1 year
Available stable financing items
1 | Capital items and instruments | 20,173 | 0 | 0 | 3,130 | 23,304
2 | Own funds | 20,173 | 0 | 0 | 3,130 | 23,304
3 | Other capital instruments | 0 | 0 | 0 | 0 | 0
4 | Retail deposits | 0 | 4,032 | 54 | 48 | 3,726
5 | Stable deposits | 0 | 0 | 0 | 0 | 0
6 | Less stable deposits | 0 | 4,032 | 54 | 48 | 3,726
7 | Wholesale funding: | 0 | 251,212 | 38,258 | 119,293 | 174,257
8 | Operational deposits | 0 | 4,482 | 0 | 0 | 533
9 | Other wholesale funding | 0 | 246,729 | 38,258 | 119,293 | 173,724
10 | Interdependent liabilities | 0 | 0 | 0 | 0 | 0
11 | Other commitments: | 0 | 8,282 | 28 | 1,576 | 1,590
12 | NSFR derivative liabilities | 0 | 0 | 0 | 0 | 0
13 | All other liabilities and capital instruments not included in the above categories. | 0 | 8,282 | 28 | 1,576 | 1,590
14 | Total available stable financing | 0 | 0 | 0 | 0 | 202,877
Required stable financing items
15 | Total High Quality Liquid Assets (HQLA) | 0 | 0 | 0 | 0 | 14,849
EU-15a | Assets encumbered for more than 12m in cover pool | 0 | 0 | 0 | 0 | 0
16 | Deposits held at other financial institutions for operational purposes | 0 | 391 | 0 | 0 | 195
17 | Performing loans and securities: | 0 | 164,497 | 27,154 | 126,706 | 148,260
18 | Performing securities financing transactions with financial clients secured by high quality Level 1 HQLA subject to a 0% haircut | 0 | 23,938 | 1,370 | 1,683 | 2,454
19 | Performing securities financing transactions with financial clients secured by other assets and loans and advances to financial institutions | 0 | 112,161 | 15,871 | 55,754 | 73,136
20 | Performing loans to non-financial companies, performing loans to retail and small business customers, and performing loans to sovereigns and PSEs, of which: | 0 | 12,946 | 8,455 | 42,169 | 46,819
21 | With a risk weighting less than or equal to 35% according to the Basel 2 standard approach for credit risk | 0 | 204 | 234 | 1,784 | 2,003
22 | Performing residential mortgages, of which: | 0 | 0 | 0 | 0 | 0
23 | With a risk weighting less than or equal to 35% according to the Basel 2 standard approach for credit risk | 0 | 0 | 0 | 0 | 0
24 | Other loans and securities that are not in default and do not qualify as HQLA, including exchange-traded equities and trade finance on-balance sheet products | 0 | 15,451 | 1,458 | 27,099 | 25,851
25 | Interdependent assets | 0 | 0 | 0 | 0 | 0
26 | Other assets: | 0 | 40,148 | 3 | 16,332 | 20,139
27 | Physical traded commodities | 0 | 0 | 0 | 0 | 0
28 | Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs | 0 | 0 | 0 | 8,643 | 7,347
29 | NSFR derivative assets | 0 | 3,778 | 0 | 0 | 3,778
30 | NSFR derivative liabilities before deduction of variation margin posted | 0 | 26,501 | 0 | 0 | 1,325
31 | All other assets not included in the above categories | 0 | 9,869 | 3 | 7,689 | 7,690
32 | Off-balance sheet items | 0 | 137,049 | 86 | 1,744 | 6,957
33 | Total required stable financing | 0 | 0 | 0 | 0 | 190,400
34 | Net stable funding ratio (%) | 0 | 0 | 0 | 0 | 106.6%

##### B −Reserves and operational management of ratios

###### Operational liquidity cushions

In line with industry practices, Natixis anticipates its liquidity needs by raising resources in advance to prepare for potential contingent liquidity needs. The liquidity generated by this pre-financing is then invested in liquidity buffers (or "cushions"), consolidated with those of Groupe BPCE.

Natixis maintains operational liquidity cushions encompassed into Groupe BPCE:

●A liquidity buffer to cover intra-day payments and, more specifically, Time Specific Obligations (TSOs): it mainly comprises balances on central bank accounts and securities borrowed on the repo market, eligible to drawing facilities;

●A liquidity buffer to deal with liquidity crisis situations: mainly composed of central bank account balances, this buffer also includes a diversified portfolio of High-Quality Liquid Assets (HQLA), strictly separated from the bank's other securities portfolios and managed by the BOAT (Buffer, Financial Operations, ALM and Treasury) Department within the Finance division. It is documented in the Liquidity Management Plan (LMP), monetizable in the event of triggering of the Contingency Funding Plan (CFP), and supervised by the Strategic Buffer Committee chaired by two members of Senior Management. Part of this securities portfolio is held by the Asian and American platforms. In the latter case, holdings comply with the Dodd-Frank Enhanced Prudential Standard and the Borrower-in-Custody Program.

The surplus liquidity raised above these contingent or regulatory liquidity requirements also constitutes a form of buffer for the Group. Natixis reserves can be centralized at BPCE through interbank transactions.

###### Steering of the short-term liquidity ratio

The Liquidity Coverage Ratio (LCR) is part of the bank's RAF framework and is subject to a threshold and RAF limit approved by the Board of Directors. Management of the Natixis ratio is overseen by the Natixis ALM Committee and coordinated with BPCE. The BOAT ("Buffer, Financial Operations, ALM and Treasury") Department within Natixis' Finance Division oversees the steering in consultation with BPCE's Financial Management division. This management is carried out on a daily basis, possibly through regulatory liquidity leveling operations between the balance sheets of BPCE S.A. and Natixis.

###### Monitoring of rating trigger provisions

In the event of a downgrade of Groupe BPCE's (and therefore Natixis') credit rating by one or more rating agencies, Natixis may be required to provide additional collateral in the form of cash or securities to certain counterparties, when contracts include rating trigger clauses. Although these contingent liquidity requirements are moderate, they are monitored (notably through the LCR) and covered. Obligations that may arise in the next 30 days are thus pre-financed, and the resources raised for this purpose are placed in liquidity buffers.

### 3.3.6Compensation policy

The compensation policy items required in respect of Regulation (EU) No. 575/2013 (CRR) are provided in Chapter [2] of this universal registration document.

### 3.3.7Cross-reference table

◗Cross-reference table between Articles of the CRR, Basel Committee/EBA tables and statements, and the Pillar III report

CRR Article | Basel Committee/EBA tables and statements | Registration document page
--- | --- | ---
Article 438 (d) | EU OV1 – Overview of total risk-weighted asset exposures | 189
Article 447 (a) to (g) Article 438 (b) | EU KM1 – Model for key indicators | 191
Article 438 (f) | EU INS1 – Insurance holdings | 181
Article 436 (c) | EU LI1 – Differences between the accounting and prudential consolidation scopes and mapping of the financial statements with regulatory risk categories | 170
Article 436 (d) | EU LI2 – Main sources of differences between regulatory exposure amounts and carrying values in financial statements | 173
Article 436 (b) | EU LI3 – Summary of the differences between consolidation scopes (entity by entity) | 173
Article 436 (f), (g) and (h) | EU LIB – Other qualitative information on the scope | 170
Article 436 (e) | EU PV1 – Value adjustments for conservative valuation purposes (PVA) | 181
Article 437 (a), (d), (e) and (f) | EU CC1 – Composition of regulatory capital | 175
Article 437 (a) | EU CC2 – Reconciliation between regulatory capital and the balance sheet in the audited financial statements | 178
Article 440 (a) | EU CCyB1 – Geographical distribution of relevant credit exposures used in the countercyclical capital buffer | 180
Article 440 (b) | EU CCyB2 – Amount of the institution-specific countercyclical capital buffer | 180
Article 451(1) (b) | EU LR1 – LRSum – Summary of the reconciliation between accounting assets and exposures for leverage ratio purposes | 185
Article 451(1) (a) and (b) Article 451(3) | EU LR2 – LRCom – Leverage ratio – common disclosure | 186
Article 451(1) (b) | EU LR3 – LRSpl – Breakdown of on-balance sheet exposures (excluding derivatives, SFTs and exempt exposures) | 188
Article 451a(2) | EU LIQ1 – Quantitative information on the liquidity coverage ratio (LCR) | 240
Article 451a(3) | EU LIQ2: Net Stable Financing Ratio | 241
Article 442 (c) and (f) | EU CR1: Performing and non-performing exposures and corresponding provisions | 197
Article 442 CRR (f) | EU CR2: Changes in the stock of non-performing loans and advances | 198
Article 442 (c) and (e) | EU CQ4: Quality of non-performing exposures by geography | 198
Article 442 (c) and (e) | EU CQ5: Credit quality of loans and advances granted to non-financial companies by industry | 199
Article 442 (c) | EU CQ7: Collateral obtained by taking possession and execution processes | 199
Article 453 CRR (g), (h) and (i) Article 444 (e) | EU CR4 – Standard approach – Credit risk exposure and CRM effects | 200
Article 444 (e) | EU CR5 – Standard approach | 201
Article 452 (g)(i)-(v) | EU CR6 – IRB approach – Credit risk exposures by exposures class and PD range | 205
Article 452 (b) | EU CR6-A – Scope of IRB and SA approaches | 217
Article 453 (j) | EU CR7 – IRB approach – Effect on RWEA of credit derivatives used as CRM techniques | 192
Article 453 (g) | EU CR7-A – IRB approach – Information to be published on the degree of use of CRM techniques | 193
Article 438 (h) | EU CR8 – Statements of RWEA flows of credit risk exposures under the IRB approach | 204
Article 452 (h) | EU CR9 – IRB approach – Post-exposure control of PD by exposure category | 214
Article 438 (e) | EU CR10 – Specialized Financing and equities exposures using the simple risk-weighted asset method | 218
Article 439 (f), (g) and (k) | EU CCR1 – Analysis of exposure using the CCR approach | 221
Article 439 (l) | EU CCR3 – Standard approach – CCR exposures by regulatory exposure categories and weighting | 221
Article 439 (l) | EU CCR4 – IRB approach – CCR exposures by exposure class and PD scale | 222
Article 439 (e) | EU CCR5 – Composition of collateral for CCR exposures | 224
Article 439 (j) | EU CCR6 – Credit derivative exposures | 224
Article 438 (h) | EU CCR7 – Statements of RWEA flows relating to CCR exposures under the Internal Model Method (IMM) | 224
Article 439 (i) | EU CCR8 – Exposures on a CCP | 225
Article 449 (j) | EU-SEC1 – Securitization exposures in the non-trading book | 228
Article 449 (j) | EU-SEC2 – Securitization exposures in the trading book | 228
Article 449 (k)(i) | EU-SEC3 – Securitization exposures in the non-trading book and associated regulatory capital requirements – institution acting as an originator or as a sponsor | 230
Article 449 (k)(ii) | EU-SEC4 – Securitization exposures in the non-trading book and associated regulatory capital requirements – institution acting as an investor | 230
Article 449(1) | EU-SEC5 – Exposures securitized by the institution – Defaulted exposures and specific credit risk adjustments | 229
Article 445 | EU MR1 – Market risk under the standard approach | 231
Article 455 (e) | EU MR2-A – Market risk under the Internal Models Approach (IMA) | 232
Article 438 (h) | EU MR2-B – Statements of RWEA flows of market risk exposures under Internal Models Approach (IMA) | 232
Article 455 (d) | EU MR3 – IMA values for trading books | 231
Article 445a(3) (a) | EU CVA1 – Risk of credit valuation adjustment under the reduced basic approach | 233
Article 445a(3) (a) and (b) | EU CVA2 – Risk of credit valuation adjustment under the full basic approach | 233
Article 445a(1) (c) Article 445a(2), (b) and (c) | EU CVA3 – Credit valuation adjustment risk under the standard approach | 234
Article 438 (d) and (h) | EU CVA4 – Statements of RWA flows relating to the risk of credit valuation adjustment under the standard approach | 234
Article 446(2) (a) and (b) | EU OR1 – Losses due to operational risk | 235
Article 446(1) (c) and (d) | EU OR2 – Activity indicator, components and sub-components | 236
Article 446(1) (b) | EU OR3 – Capital requirements for operational risk and risk exposure amounts | 236
Article 501d(2) | EU CAE1 – Exposure to crypto-assets | 236
Article 443 | EU AE1 – Encumbered and non-encumbered assets | 237
Article 443 | EU AE2 – Collateral and own debt securities issued | 238
Article 443 | EU AE3 – Sources of expenses on assets | 238
Art.444 (a), (b) and (c) | EAD by rating source – Standard approach (NX11 bis) | 190
Art.453 (d) | Guaranteed exposures by type and internal rating of guarantor (NX17) | 190
Article 99 (5) and Article 415 (3) | Sovereign exposures (GOV) | 194
Art.452 (j) | PD and LGD by geographic area (NX16) | 204
Art.449 (k) | Banking book EAD by agency (NX33 bis) | 227

### 3.3.8Table index

Subject | Title of table | Page
--- | --- | ---
Capital management and capital adequacy | EU LIB – Other qualitative information on the scope | 170
EU LI1 – Differences between the accounting and prudential consolidation scopes and mapping of the financial statements with regulatory risk categories | 170
| EU LIA – Explanation of differences between accounting and regulatory exposure amounts | 170
EU LI2 – Main sources of differences between regulatory exposure amounts and carrying values in financial statements | 173
| EU LI3 – Summary of the differences between consolidation scopes (entity by entity) | 173
EU CC1 – Composition of regulatory capital | 175
| EU CC2 – Reconciliation between regulatory capital and the balance sheet in the audited financial statements | 178
EU CCyB1 – Geographical distribution of relevant credit exposures used in the countercyclical capital buffer | 180
| EU CCyB2 – Amount of the institution-specific countercyclical capital buffer | 180
EU PV1 – Value adjustments for conservative valuation purposes (PVA) | 181
| EU INS1 – Insurance holdings | 181
Other regulatory ratios | EU LR1 – LRSum – Summary of the reconciliation between accounting assets and exposures for leverage ratio purposes | 185
EU LRA: Publication of qualitative information on the leverage ratio | 184
| EU LR2 – LRCom – Leverage ratio – common disclosure | 186
EU LR3 – LRSpl – Breakdown of on-balance sheet exposures (excluding derivatives, SFTs and exempt exposures) | 188
Breakdown and changes in risk-weighted assets | EU OV1 – Overview of total risk-weighted asset exposures | 189
EAD by rating source – Standard approach (NX11 bis) | 190
| Guaranteed exposures by type and internal rating of guarantor (NX17) | 190
EU KM1 – Model for key indicators | 191
| EU CR3 – Overview of CRM techniques: disclosure of the use of CRM techniques | 192
EU CR7 – IRB approach – Effect on RWEA of credit derivatives used as CRM techniques | 192
| EU CR7-A – IRB approach – Information to be published on the degree of use of CRM techniques | 193
Sovereign exposures (GOV) | 194
| EU CR1-A: Exposure maturity | 195
EU CQ1: Credit quality of forborne exposures | 195
| EU CQ3: Credit quality of performing and non-performing exposures by number of days past due | 196
EU CR1: Performing and non-performing exposures and corresponding provisions | 197
| EU CR2: Changes in the stock of non-performing loans and advances | 198
EU CQ4: Quality of non-performing exposures by geography | 198
| EU CQ5: Credit quality of loans and advances granted to non-financial companies by industry | 199
EU CQ7: Collateral obtained by taking possession and execution processes | 199
| EU CRC – Requirements to publish qualitative information on CRM techniques | 118
EU CRD – Requirements to publish qualitative information on the standard approach | 118
| EU CR4 – Standard approach – Credit risk exposure and CRM effects | 200
EU CR5 – Standard approach | 201
| PD and LGD by geographic area (NX16) | 204
EU CR8 – Statements of RWEA flows of credit risk exposures under the IRB approach | 204
| EU CR6 – IRB approach – Credit risk exposures by exposures class and PD range | 205
EU CR6-A – Scope of IRB and SA approaches | 217
Breakdown and changes in risk-weighted assets | EU CR9 – IRB approach – Post-exposure control of PD by exposure category | 214
EU CR10 – Specialized Financing and equities exposures using the simple risk-weighted asset method | 218
EU CCRA – Qualitative disclosures related to CCR | 221
EU CCR1 – Analysis of exposure using the CCR approach | 221
EU CCR3 – Standard approach – CCR exposures by regulatory exposure categories and weighting | 221
EU CCR4 – IRB approach – CCR exposures by exposure class and PD scale | 222
EU CCR5 – Composition of collateral for CCR exposures | 224
EU CCR6 – Credit derivative exposures | 224
EU CCR7 – Statements of RWEA flows relating to CCR exposures under the Internal Model Method (IMM) | 224
EU CCR8 – Exposures on a CCP | 225
EU CCR2 – Transactions subject to capital requirement for CVA risk | -
EU-SECA – Qualitative disclosure requirements for securitization exposures | 226
Banking book EAD by agency (NX33 bis) | 227
EU-SEC1 – Securitization exposures in the non-trading book | 228
EU-SEC2 – Securitization exposures in the trading book | 228
EU-SEC5 – Exposures securitized by the institution – Defaulted exposures and specific credit risk adjustments | 229
EU-SEC3 – Securitization exposures in the non-trading book and associated regulatory capital requirements – institution acting as an originator or as a sponsor | 230
EU-SEC4 – Securitization exposures in the non-trading book and associated regulatory capital requirements – institution acting as an investor | 230
EU MRA: Requirements to publish qualitative information on market risk | 138
EU MRB: Qualitative disclosure requirements for institutions using internal market risk models | 138
EU MR1 – Market risk under the standard approach | 231
EU MR3 – IMA values for trading books | 231
EU MR4 – Comparison of VaR estimates with gains/losses | 231
EU MR2-A – Market risk under the Internal Models Approach (IMA) | 232
EU MR2-B – Statements of RWEA flows of market risk exposures under Internal Models Approach (IMA) | 232
EU ORA – General qualitative data on the operational risk | 147
EU OR1 – Capital requirements for operational risk and weighted exposure amounts | 235
EU OR2 – Business indicator, components and sub-components | 236
EU OR3 – Operational risk own funds requirements and risk-exposure amounts | 236
Encumbered and non-encumbered assets | EU AE4 – Additional information | 236
EU AE1 – Encumbered and non-encumbered assets | 237
| EU AE2 – Collateral and own debt securities issued | 238
EU AE3 – Sources of expenses on assets | 238
Liquidity coverage ratio | EU LIQA – Management of liquidity risk | 152
Qualitative information on the LCR ratio complementing the EU LIQ1 model | 239
| EU LIQ1 – Quantitative information on the liquidity coverage ratio (LCR) | 239
EU LIQ2: Net Stable Financing Ratio | 241
Compensation policies | EU REMA – Compensation policy | 242
EU REM1 – Compensation granted for the fiscal year | 242
| EU REM2 – Special payments to staff whose professional activities have a significant impact on the institution’s risk profile (identified staff) | 242
EU REM3 – Deferred compensation | 242
| EU REM4 – Compensation of €1 million or more per fiscal year | 242
EU REM5 – Special compensation to staff whose professional activities have a significant impact on the institution’s risk profile (identified staff) | 242

### 3.3.9Certiﬁcation concerning the publication of the information required under Pillar III disclosures

I hereby certify that, to the best of my knowledge, the information provided in this document under Pillar III complies with Part 8 of CRR Regulation (EU) No. 575/2013 (and subsequent amendments) and that it was established in compliance with the internal control framework agreed at the level of the management body.

Paris, March 18, 2026

Mohamed KALLALA | Anne SABOT
Chief Executive Ofﬁcer | Chief Financial Officer

4

# Comments on the fiscal year

## 4.1Significant events in 2025

### 4.1.1Macro-economic context

#### 4.1.1.1Growth and monetary policies

The year 2025 was marked by the resilience of the global economy despite Donald Trump's sharp increase in tariffs.

In the United States, 2025 was marked by the start of Donald Trump's second term, accompanied by uncertainty about his economic, trade, fiscal, and immigration policies. The announcement of record tariffs on Liberation Day (April 2, 2025) created geopolitical tensions and fears of a slowdown in the global and US economies. However, the shock of Liberation Day quickly subsided with the immediate withdrawal of certain tariffs and their gradual reintroduction over the following months, meaning that the feared inflationary shock only partially materialized. The agreement signed on July 27, 2025 between the EU and the United States, capping tariffs at 15% with exemptions for certain products, removed many uncertainties weighing on business decisions.​

●US growth proved resilient, reaching 2.3% year-on-year in the third quarter of 2025. However, fears surrounding US public finances intensified with a persistently high deficit and a record-breaking shutdown (43 days). The shutdown disrupted the publication of US economic data, making it more difficult to interpret the latest figures.

●Inflation has started to rise again, although the rebound has not been as strong as feared when the tariffs were introduced. It is expected to average 2.8% in 2025. As the tariffs were announced in advance, companies were able to bring forward some of their imports before they came into effect and pass on the price increases more gradually.

In the eurozone, growth was resilient, reaching 1.5% in 2025. Growth was particularly strong in the first half of the year, mainly due to the anticipation of US tariffs, which led to a sharp increase in exports of goods to the United States. The labor market was also strong with an unemployment rate that continued to fall to its lowest levels ever (6.4%). In 2025, inflation fell in the eurozone and converged towards the ECB's 2% target, averaging 2.1% after 2.4% in 2024.

However, growth and inflation varied across the main eurozone countries:

●In France: Growth proved resilient despite political uncertainties, reaching 0.9% in 2025, after 1.1% in 2024. Activity was buoyed by the strengths of the French economy (aerospace, ships and boats, defense, business services, etc.), while sectors more dependent on the domestic market experienced weaker growth. Political uncertainty (2025 budget adopted in February 2025, three governments in 2025, 2026 budget voted for social security but not for the state budget, etc.) is estimated to have cost 0.2 to 0.3 percentage points of growth in 2025. The public deficit is expected to be 5.2% in 2025 (government: 5.4%) after 5.8% in 2024, the highest in the eurozone. Inflation was among the lowest in the eurozone (0.9% in 2025), due to the combined effects of wage moderation, lower energy prices, and limited increases in administered prices.

●In Germany: The February 2025 elections led to the formation of a new coalition government (CDU/CSU-SPD), a constitutional reform of the debt brake, and the creation of a special €500 billion fund for public investment. The manufacturing sector continued to face difficulties in 2025, with job losses (-40,000 in 2025 after -79,000 in 2024) and a decline in manufacturing output, exacerbated by the international context (Trump's tariffs and Chinese competitiveness) and by an increase in costs, particularly labor costs (CSU at +4.6% in 2025 according to Natixis forecasts).​ On the other hand, the service sector is proving to be more resilient, largely thanks to the public and parapublic sectors.​ Overall, this helped maintain stable employment throughout 2025, while unemployment rose slightly (6.3% in 2025 after 6% in 2024). Finally, Germany returned to positive growth in 2025 (+0.3%) after two years of economic contraction (-0.7% in 2023 and -0.5% in 2024).

●In Italy: In 2025, growth remained moderate (at +0.7% after +0.5% in 2024), penalized by foreign trade, while domestic demand benefited from continued investment, particularly that linked to NextGenerationEU European funds. The job market continued to improve gradually. In terms of public finances, Italy remains subject to the excessive deficit procedure, with a deficit expected to reach -3.0% of GDP in 2025 according to the European Commission, and a target of returning sustainably below the European threshold by 2026, against a backdrop of a very high and still unstable public debt ratio.

●In Spain: In 2025, the Spanish economy continued to outperform within the eurozone, with growth of +2.8% (after +3.5% in 2024), driven mainly by domestic demand (private and public consumption) and a dynamic labor market, while the contribution of foreign trade remained more mixed. Investment benefited from European funds, even though it showed signs of moderation during the year. In terms of public finances, the European Commission expects the deficit to reach -2.5% of GDP in 2025, confirming the gradual improvement in public accounts. Against this backdrop, significant political fragmentation is complicating the adoption of budgetary and fiscal reforms, labor market reforms, and the implementation of certain commitments associated with European funds, despite solid macroeconomic fundamentals.

Outside the eurozone, UK GDP growth reached 1.3% in 2025, mainly supported by a strong first quarter. However, after this strong start, GDP growth slowed in the second and third quarters to 0.2% and 0.1% compared to the previous quarter. Companies have been facing rising labor costs since April 2025. In addition, increased uncertainty ahead of the budget weighed on business sentiment and consumer confidence.

In China, economic growth is expected to reach the government's target of 5% in 2025. However, domestic demand remained weak, with a significant imbalance between supply and demand reflecting continued disinflationary pressures, with inflation close to 0% in 2025. Despite the decline in exports to the United States (11% of total exports in 2025 compared to 19% in 2018), exports to ASEAN (+5 pp compared to 2018) and Latin America (+3 pp in 2025 compared to 2018) have never accelerated so much this year. Although the share of exports to the European Union has decreased, this still represents more than 8 billion in goods exports in 2025. Combined with weak domestic demand, exports enabled China to achieve a record trade surplus in 2025 (already $1 trillion from January to November 2025).

The Japanese economy showed resilience in the first half of 2025 thanks to strong external demand and increased investment.​ In particular, Japanese exports benefited from front-loading ahead of US tariffs. However, in the third quarter, GDP contracted due to a decline in exports to the United States as a result of the introduction of tariffs. GDP is expected to grow by an average of 1.3% in 2025. Strong growth in nominal wages (+5.3% in fiscal year 2025, from April 2025 to March 2026) coupled with a sharp depreciation of the yen have increased inflationary pressures, which are expected to reach 3.1% over 12 months. On the other hand, Sanae Takaichi became Japan's first female prime minister. The latter is about to restructure the country according to her vision of a "resilient Japan." Her strategy emphasizes pro-growth policies with national security at the forefront.

#### 4.1.1.2Monetary policy

Most central banks in advanced economies began (Fed) or continued (ECB, BoE) to lower interest rates, while the BoJ continued its cycle of increases:

●The ECB made four 25 bp cuts in February, March, and April before ending its monetary easing cycle in June, bringing the deposit facility to 2% and the refinancing rate to 2.15%.

●The Fed resumed its cycle of monetary easing with three consecutive 25 bp cuts in September, October, and December (after maintaining the status quo in November). Regarding the Fed, one of the major themes of 2025 was the attacks on its independence, particularly from President Donald Trump.

●The BoE continued its cycle of rate cuts with four 25 bp reductions in February, May, August, and December amid slowing wage growth coupled with rising unemployment (the highest since 2021). Its key rate reached 3.75% at the end of December 2025. The BoE continued to reduce its balance sheet, but announced in September that it would slow the pace of quantitative tightening from GBP 100 billion per year to GBP 70 billion per year.

●Conversely, the BoJ raised its key rate twice by 25 bp: once in January and once in December. Its key rate now stands at 0.75%. At the same time, the BoJ is continuing to reduce its purchases of Japanese bonds as part of its balance sheet reduction program.

●In China, the PBoC slightly reduced its rates. The 1-year Loan Prime Rate fell from 3.1% to 3.0% in 2025.

#### 4.1.1.3Rates

The year 2025 will have been marked by a rise in EUR sovereign yields, against a backdrop of rebuilding the term premium driven by the ECB's balance sheet reduction, as well as the announcement of the German budget plan, which envisages a paradigm shift. As a result, the yield on the 10-year Bund peaked at close to 2.90%, and the 30-year Bund at around 3.50%, its highest level since 2011. The curves have steepened due to the ECB's rate cuts and the rise in the long end of the curve. On the European side, the combination of persistent risk appetite, sustained bond supply, and the transition of Dutch pension funds continued to fuel pressure on the long end of the curve. The ECB's now wait-and-see, neutral stance, underscored by cautious statements, has reinforced this scenario, keeping short-term rate expectations unchanged. On the American side, the trend was rather downward for US rates due to the resumption of the Fed's cycle of rate cuts. The 10-year UST closed 2025 at around 4.15%. In terms of sovereign spreads, while the French curve was under pressure due to high political risk, peripheral spreads narrowed, with the 10-year BTP-Bund reaching its lowest level since 2008 at 70 bp, against a backdrop of improved fiscal fundamentals, thus falling below the 10-year OAT-Bund spread, despite the sovereign rating difference remaining more favorable to France.

#### 4.1.1.4Foreign exchange

In 2025, the DXY dollar index will have experienced its sharpest decline since 2017, falling 9.4%. Over the year as a whole, all G10 currencies appreciated against the dollar, ranging from 20% for the Swedish krona to 0.3% for the Japanese yen. For its part, with an appreciation of 13.4% to 1.1736, the euro experienced its strongest rise since 2017 in 2025, thanks to the first half of the year. In fact, in quarterly terms, the euro remained virtually unchanged in both the 3rd and 4th quarters of 2025. Against the euro, only two G10 currencies gained ground: the Swedish krona (+5.9%) and the Swiss franc (+1%). The Swiss franc reached its highest level since 2015 against the euro in November at 0.918, before falling back to 0.931 at the end of the year.

Among emerging currencies, the highlight was the appreciation of the CNH to below 7 yuan per dollar, its highest level since the third quarter of 2024.

#### 4.1.1.5Oil

Donald Trump's election as President of the United States was a determining factor in the evolution of oil prices in 2025, characterized by a more aggressive geopolitical stance and a tariff policy leading to high volatility. In the first quarter of 2025, prices averaged $75/barrel, supported by fears of US sanctions on Iranian oil, which helped to prop up the market, but prices fell sharply after the announcement of Liberation Day tariffs in April. The slowdown in global trade was looming as a factor weighing on industrial fuel consumption, with the price of Brent crude falling to $62 per barrel in early April.

However, the outbreak of conflict between Iran and Israel, as part of the 12-day war, triggered a rise in Brent prices, which reached nearly $80/barrel in June, following US strikes on Iranian nuclear facilities. Although prices fell slightly as the conflict de-escalated, the market remained relatively stable in the second half of 2025, fluctuating between $60 and $65 per barrel. Fundamentals were bearish, due to strong supply growth and a return of OPEC supply, but prices were supported by residual geopolitical risks, notably Trump's sanctions on Rosneft and Lukoil in the fourth quarter of 2025.

#### 4.1.1.6Equities

The year 2025 is marked by record stock market performance, despite the uncertainty caused by trade tensions. The MSCI World Index is up 19.5% for the year. While the main US indices continue to deliver excellent performances (S&P 500 +16.4%), driven by the Magnificent Seven (+24.6%), diversification outside the US has become more pronounced. European stocks outperformed (Eurostoxx 50 +21.2%).Within the Eurostoxx, banks are well ahead (up 80%), followed by Construction & Materials (+29%), Utilities, Energy, Basic Resources, and Industrial Goods, sectors that have benefited from hopes of a European recovery in infrastructure and defense. The DAX and FTSE outperformed the CAC. Finally, Asian and emerging market indices also posted record performances: +30.6% for the MSCI EM, driven by Asia and Latin America, and +26.2% for the Nikkei. Implied volatility (VIX index) ended the year below 15, close to its level at the end of 2024, after spiking above 50 in early April (Liberation Day).

### 4.1.2Key events for Natixis’ business lines

The highlights of the Natixis business lines in 2025 are presented in Chapter [1] of this universal registration document.

## 4.2 Management report as of December 31, 2025

Following their disposal, the residual contributions from the payments activities and Natixis Moscow are isolated at the bottom of the income statement.

Furthermore, pro forma management data refers to 2024 data after taking into account the restatements presented in Section 4.7.

### 4.2.1Consolidated results

| 2025 | 2024 | Change 2025 vs. 2024
--- | --- | --- | ---
| Pro Forma | Current | Constant
Net banking income | 8,267 | 8,110 | 1.9% | 3.8%
o/w business lines | 8,352 | 7,941 | 5.2% | 7.1%
Operating expenses | (6,087) | (5,786) | 5.2% | 7.1%
Gross operating income | 2,180 | 2,325 | (6.2)% | (4.6)%
Cost of risk | (237) | (282) |  |
Operating income | 1,943 | 2,043 |  |
Equity method | 28 | 23 |  |
Gains or losses on other assets | 5 | (14) |  |
Change in the value of goodwill | 0 | 0 |  |
Pre-tax profit | 1,977 | 2,052 |  |
Income taxes | (558) | (636) |  |
Non-controlling interests | (58) | (66) |  |
Net contribution from discontinued operations | 0 | 2 |  |
Net income (Group share) (Reported) | 1,361 | 1,352 |  |
Cost/income ratio | 73.6% | 71.3% |  |

#### Analysis of changes in the main items comprising the consolidated income statement

##### Net banking income

Natixis’ net banking income (NBI) stood at €8,267 million in 2025, up 1.9% compared to 2024 at current exchange rates and 3.8% at constant exchange rates.

In 2025, net banking income for Asset & Wealth Management and Corporate & Investment Banking was €8,352 million, an increase of 5.2% at current exchange rates and 7.1% at constant exchange rates compared to the previous year. Over this period, Asset & Wealth Management revenues amounted to €3,535 million, up 0.8% at current exchange rates and 3.2% at constant exchange rates. At the same time, Corporate & Investment Banking revenues, at €4,817 million, were up 8.6% at current exchange rates and 10.1% at constant exchange rates compared with 2024.

The NBI for the Corporate Center, which includes Natixis Algérie, amounted to -€84 million compared to +€169 million in 2024. It includes, in particular, -€159 million in respect of the historical discount on foreign currency DSN, compared with +€91 million for 2024, due to the impact of the dollar's performance over the periods in question.

##### Operating expenses and headcount

Operating expenses at €6,087 million were up +5.2% on 2024 at current exchange rates; at constant exchange rates, the increase in expenses was +7.1%.

Asset & Wealth Management division expenses were stable at current exchange rates at €2,763 million, and up +2.2% at constant exchange rates, mainly driven by higher fixed and variable personnel costs. The increase in expenses should be viewed in relation to the +3.2% growth in NBI. Expenses for the Corporate & Investment Banking division rose by +10.4% at current exchange rates and +12.1% at constant exchange rates to €3,186 million, in line with the activity. Corporate Center expenses of €138 million in 2025 are limited to +1.9% annual growth at constant exchange rates and stable at current exchange rates.

Headcount stood at 15,859 FTEs (Full-Time Equivalents) at the end of December 2025, up 4.4% year-on-year, with stable headcount for the Asset and Wealth Management division and a 4.4% increase for the Corporate & Investment Banking division; support functions increased by +5.8% with the strengthening of IT, operations and control teams, partly through the relocation of operations to Porto.

##### Gross operating income

Gross operating income reached €2,180 million in 2025, down -6.2% at current exchange rates and -4.6% at constant exchange rates compared with 2024.

##### Pre-tax profit

The cost of risk represented an expense of €237 million in 2025, down €45 million at current exchange rates compared with 2024 (€43 million at constant exchange rates). The business lines’ cost of risk as a percentage of outstandings was 28.9 basis points in 2025, compared with 37.9 basis points in 2024.

Revenue from equity associates totaled €28 million in 2025 versus €23 million in 2024.

The gains and losses on other assets represented income of €5 million in 2025, compared with an expense of €14 million at current exchange rates in 2024. The year 2024 was impacted by the sale of Natixis Moscow.

Income before tax therefore totaled €1,977 million in 2025 versus €2,052 million in 2024.

##### Net income (Group share)

The tax expense amounted to €558 million in 2025 compared with €636 million in 2024.

Non-controlling interests amounted to €58 million in 2025 (€66 million in 2024), of which €56 million for the AWM division and €3 million for the CIB division.

The net contribution from discontinued operations was zero in 2025 (€0 million).

This resulted in positive net accounting income of €1,361 million in 2025 compared with €1,352 million in 2024.

### 4.2.2Analysis of Natixis business lines

#### 4.2.2.1Asset & Wealth Management

| 2025 | 2024 | Change 2025 vs. 2024
--- | --- | --- | ---
| Pro Forma | Current | Constant
Net banking income | 3,535 | 3,506 | 0.8% | 3.2%
Asset Management | 3,408 | 3,387 | 0.6% | 3.1%
Wealth Management | 127 | 119 | 6.7% | 6.7%
Operating expenses | (2,763) | (2,762) | 0.0% | 2.2%
Gross operating income | 772 | 744 | 3.8% | 6.9%
Cost of risk | (7) | 14 |  |
Operating income | 766 | 758 |  |
Equity method | 0 | (0) |  |
Gains or losses on other assets | 6 | 0 |  |
Change in the value of goodwill | 0 | 0 |  |
Pre-tax profit | 771 | 758 |  |
Income tax | (207) | (204) |  |
Non-controlling interests | (56) | (54) |  |
Net income (Group share) (Reported) | 509 | 500 |  |
Cost/income ratio | 78.2% | 78.8% |  |

##### Revenues from the Asset & Wealth Management division

Revenues from the Asset & Wealth Management division were up +3.2% compared to 2024 at constant exchange rates (+0.8% at current exchange rates) to €3,535 million.

Operating expenses were up +2.2% on 2024 at constant exchange rates (stable at current exchange rates) and amounted to €2,763 million.

Gross operating income increased by +6.9% at constant exchange rates (+3.8% at current exchange rates) to €772 million.

##### A −Asset Management

Assets under management at the end of December 2025 stood at €1,323 billion, reaching a historic high, up +€88 billion or 0.4% at current exchange rates (+7% at constant exchange rates) compared with December 31, 2024.​ This increase was driven by a very favorable market effect over the year (+€87 billion) and very strong inflows (+€40 billion), offset by an unfavorable currency effect (-€83 billion) and a methodological adjustment to the opening balance (-€30 billion).​

◗Change in assets under management over the year (in billions of euros)

*Asset management scope effect: Exit from AUM following the sale of MV Crédit, transfer of Dorval to Wealth Management, acquisition of Belmont, and sale of the Overlay business to Edward Jones.

**Opening adjustment: Methodological adjustment to the opening benchmark with no impact on revenues, reflecting NIM's new AUM reporting policy.

The business line recorded net inflows of +€40 billion at December 31, 2025, mainly on bond products.

●Active Fundamental had net inflows of +€26 billion. This is mainly due to strong inflows on bond products at Loomis Sayles and DNCA.

●Solutions reported net inflows of +€13 billion, mainly in diversified and equity products at Solutions US.

●Ostrum Asset Management posted net inflows of +€2 billion, mainly driven by bond products.

●Private Assets posted outflows of -€1 billion, mainly in real estate products at AEW CM.

●Quant shows low inflows over the year.

Average outstandings at €1,183 billion as of December 31, 2025 are up +8% (+€87 billion) compared to December 31, 2024 in constant euros.

Excluding Ostrum Asset Management, average outstandings stood at €803 billion, up +10% on December 31, 2024 in constant euros.

The rate of return on outstandings including Ostrum Asset Management reached 24.8 basis points, down 1.2 basis points compared to December 31, 2024, at constant exchange rates. Excluding Ostrum, it reached 34.6 basis points, down 2.1 basis points compared to December 31, 2024, at constant exchange rates.

At December 31, 2025, net banking income from asset management reached €3,408 million, up +3.1% (+€103 million compared to December 31, 2024 at constant exchange rates). This growth was driven by strong growth in commissions on assets under management (+€82 million), mainly at DNCA, Vega, and Loomis, and performance fees (+€29 million), mainly at DNCA and AEW CM, but offset by a decline in financial income due to an unfavorable exchange rate effect and a decline in seed income (on private equity).

Operating expenses amounted to €2,637 million, up +2% (+€52 million) compared to December 31, 2024 at constant exchange rates.

This controlled growth in expenses is driven by personnel costs, which are rising due to growth in revenues and average headcount, partially offset by savings in operating costs.

##### B −Wealth Management

At December 31, 2025, net banking income for the Wealth Management division, at €127 million, was up +6.7% (+€8 million) on December 31, 2024, driven by commissions on assets under management (+€10 million) in line with the increase in average assets under management, transaction fees (+€2 million), partially offset by a decline in net interest income (-€3 million) and performance fees (-€1 million).

Operating expenses amounted to €126 million, up +6.8% (+€8 million) compared to December 31, 2024, including +€4 million from the scope effect and +€3 million from other operating expenses.

#### 4.2.2.2Corporate & Investment Banking

| 2025 | 2024 | Change 2025 vs. 2024
--- | --- | --- | ---
| Pro Forma | Current | Constant
Net banking income | 4,817 | 4,436 | 8.6% | 10.1%
Global Markets | 2,352 | 2,052 | 14.6% | 15.3%
Fixed Income | 1,641 | 1,433 | 14.5% | 15.1%
Equity | 689 | 603 | 14.3% | 15.3%
XVA desk | 22 | 16 | 35.2% | 35.2%
Global Finance | 1,785 | 1,770 | 0.9% | 2.7%
Investment Banking and M&A | 644 | 627 | 2.7% | 4.9%
Other items | 36 | (13) |  |
Operating expenses | (3,186) | (2,886) | 10.4% | 12.1%
Gross operating income | 1,630 | 1,550 | 5.2% | 6.4%
Cost of risk | (228) | (282) | (19.0)% | (18.2)%
Operating income | 1,402 | 1,269 | 10.5% | 11.9%
Equity method | 28 | 23 | 20.9% | 20.9%
Gains or losses on other assets | 0 | 0 |  |
Pre-tax profit | 1,430 | 1,292 |  |
Net income (Group share) (Restated) | 1,065 | 951 |  |
Cost/income ratio | 66.2% | 65.0% |  |

In 2025, Corporate & Investment Banking’s net banking income amounted to €4,817 million, up 10.1% compared to 2024 at constant exchange rates.

Global Markets revenues totaled €2,352 million in 2025, up 15.3% compared with 2024 at constant exchange rates.

At €1,641 million in 2025, revenues from Rates, Foreign exchange, Credit, Commodities and Treasury activities grew by +15.1% compared to 2024 at constant exchange rates. The following changes were observed in each segment:

●Macro activities (including Rates, Foreign exchange and Commodities) were up 10.6% at constant exchange rates, benefiting from strong commercial activity;

●revenues from Credit Markets activities grew by 3.8% at constant exchange rates compared to 2024, driven by all of its sub-activities;

●finally, also benefiting from strong commercial activity, revenues from Global Securities Financing (in particular Repo), shared 50/50 between Fixed Income and Equity, were up 39.7% at constant exchange rates.

With revenues of €689 million, Equity activities increased by nearly 15.3% at constant exchange rates. Growth was mainly driven by Global Securities Financing. Revenues from Equity Derivatives and partnership activities with Investment Banking related to Strategic Equity Capital Markets remained stable year-on-year.

With revenues of €644 million, Investment Banking and M&A were up 4.9% at constant exchange rates in 2025. In a global M&A market that saw a slight recovery in Q4, mainly internationally for large transactions, M&A activity grew by 4.8% at constant exchange rates. Acquisition & Strategic Finance reported a 2.8% increase in revenues at constant exchange rates, driven by strong momentum in primary activities, particularly in acquisition finance. The Strategic Equity Capital Markets activity saw revenues up by 1% at constant exchange rates driven by the Strategic Equity Transaction activity. The Debt Capital Markets activity saw significant revenue growth of +15.5% at constant exchange rates compared to 2024. NB: the revenues of the Investment Banking activities are in partnership with Global Markets, their results shared equally between Global Markets and Investment Banking.

At €1,785 million, Financing revenues increased by 2.7% compared to 2024 at constant exchange rates. Revenues from Real Assets origination and syndication activities rose by 26.3% compared to 2024, driven by the rebound in the real estate sector, buoyant infrastructure and energy financing and aviation activities. In 2025, revenues from the financing portfolio were down -2.6% at constant exchange rates impacted by base effects in 2024. Revenues from the Global Trade activity rose by +1% at constant exchange rates, driven by structured solutions and client account management activities, as well as strong performance in Trade Finance.

Miscellaneous income reached €36 million with growth mainly due to non-recurring base effects in 2024 (operational risks, analytical return on capital).

In 2025, Corporate & Investment Banking's operating expenses amounted to €3,186 million, up 12.1% at constant exchange rates compared to 2024, reflecting inflation on costs and investments made, including an acceleration in IT expenses to support the business lines in their ambitions, increased performance-related compensation and headcount growth, and operating expenses driven by business growth.

Gross operating income totaled €1,630 million, up 6.4% compared with 2024 at constant exchange rates. The cost/income ratio stood at 66.2% in 2025, up 1.1 points compared to 2024, impacted by IT investments to support growth.

At €228 million, the cost of risk was down -18.2% compared to 2024 at constant exchange rates, mainly impacted by individual provisions.

Pre-tax profit amounted to €1,430 million, up 12.1% compared to 2024 at constant exchange rates, driven by higher revenues and lower cost of risk.

#### 4.2.2.3Corporate Center

| 2025 | 2024 | Change 2025 vs. 2024
--- | --- | --- | ---
| Pro Forma | Current | Constant
Net banking income | (84) | 169 |  |
Algeria | 79 | 75 | 5.3% | 7.9%
Cross-business functions | (163) | 94 |  |
Operating expenses | (138) | (138) | (0.3)% | 1.9%
Gross operating income | (222) | 31 |  |
Cost of risk | (2) | (15) | (87.3)% |
Operating income | (224) | 16 |  |
Equity method | (0) | 0 |  |
Gains or losses on other assets | (0) | (14) | (98.8)% |
Change in the value of goodwill | (0) | 0 |  |
Pre-tax profit | (224) | 2 |  |

Net banking income from the Corporate Center amounted to -€84 million in 2025, compared to +€169 million at the end of 2024.

##### A −Natixis Algérie

At constant exchange rates, average short-term loan outstanding increased by 7% and average medium-and long-term loan outstanding rose by 8% compared to 2024.

Customer deposits were up by 6%, in line with the growth in term and savings account deposits.

Off-balance sheet commitments rose by 27% at constant exchange rates, with increases in local sureties, documentary credits and reissued guarantees.

Lastly, outstanding finance leases posted growth of 46%.

Natixis Algérie showed net banking income of +€79 million, up by 5% compared to 2024 at current exchange rates. Excluding the unfavorable currency effect of -€1.8 million, NBI increased by 8%, in particular with an increase in (i) investment revenues on equity (+6% at constant exchange rates) from investments in treasury bills, (ii) commissions (+20% at constant exchange rates), concentrated on guarantees and reissues due to the increase in outstanding amounts, and (iii) leasing interest (+35% at constant exchange rates) linked to the increase in outstanding amounts. These developments were partially offset by a decline in commissions on payment methods and loans (-7% at constant exchange rates).

##### B −Cross-business functions

Net banking income of Cross-Business Functions mainly includes revenues from treasury and balance sheet management transactions. It stood at -€163 million at the end of 2025 compared to +€94 million at the end of 2024.

●Exchange rate impact on deeply subordinated notes issued in dollars subscribed by BPCE amounted to -€159 million at the end of 2025 compared to +€91 million the previous year;

●Other items amounted to -€4 million, compared with +€3 million a year earlier.

Corporate Center operating expenses totaled €138 million at the end of 2025 and remained stable.

Corporate Center gross operating income stood at -€222 million at the end of 2025 compared to +€31 million at the end of 2024.

The cost of risk of the Corporate Center amounted to -€2 million over 2025, for -€15 million in 2024. It includes the cost of risk for Natixis Algérie, which is €1 million, with writebacks on S1, S2, and S3 outstanding loans.

Corporate Center pre-tax profit was -€224 million at the end of 2025 compared to +€2 million for 2024.

#### 4.2.2.4Cost of risk

The cost of risk was -€237 million at December 31, 2025, of which -€216 million was in respect of non-performing loans and -€21 million in respect of performing loans. The cost of risk was -€282 million at December 31, 2024, of which -€347 million in respect of non-performing loans and +€65 million in respect of performing loans.

◗Total cost of risk by division

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Corporate & Investment Banking | (228) | (281)
Asset & Wealth Management | (7) | 14
Others | (2) | (15)
Total cost of risk | (237) | (282)

◗Total cost of risk by geographic area

| 31/12/2025 | 31/12/2024
--- | --- | ---
EMEA | (174) | (189)
Central and Latin America | (9) | (12)
North America | (75) | (69)
Asia and Oceania | 21 | (12)
Total cost of risk | (237) | (282)

#### Appendix to 4.2.2 – Consolidated results

◗1 - Reconciliation of management results to consolidated results at December 31, 2025

(in millions of euros) | 2025 Underlying | Exceptional items and discontinued operations | 2025 Restated | Reclassification discontinued operations | 2025 Reported
--- | --- | --- | --- | --- | ---
Net banking income | 8,426 | (159) | 8,267 | 0 | 8,267
Operating expenses | (6,040) | (47) | (6,087) | 0 | (6,087)
Gross operating income | 2,386 | (206) | 2,180 | 0 | 2,180
Cost of risk | (237) | 0 | (237) | 0 | (237)
Operating income | 2,150 | (206) | 1,943 | 0 | 1,944
Equity method | 28 | 0 | 28 |  | 28
Gains or losses on other assets | 5 | 0 | 5 |  | 5
Pre-tax profit | 2,183 | (206) | 1,977 | 0 | 1,977
Income taxes | (634) | 76 | (558) | (0) | (558)
Non-controlling interests | (58) | 0 | (58) |  | (58)
Net income (Group share) before discontinued operations | 1,491 | (130) | 1,361 | 0 |
Net income from discontinued operations |  | 0 | 0 | (0) |
Net income (Group share) |  | (130) | 1,361 | 0 | 1,361
Cost/income ratio | 71.7% |  | 73.6% |  | 73.6%

◗2 - Reconciliation of management results to consolidated results at December 31, 2024

(in millions of euros) | 2024 Underlying | Exceptional items and discontinued operations | 2024 Restated | Reclassification discontinued operations | 12M 2024 Reported
--- | --- | --- | --- | --- | ---
Net banking income | 8,020 | 91 | 8,110 | 9 | 8,120
Operating expenses | (5,786) | 0 | (5,786) | (7) | (5,792)
Gross operating income | 2,234 | 91 | 2,325 | 3 | 2,328
Cost of risk | (282) | 0 | (282) | 0 | (282)
Operating income | 1,952 | 91 | 2,043 | 3 | 2,045
Equity method | 23 | 0 | 23 | 0 | 23
Gains or losses on other assets | (14) | 0 | (14) | 0 | (14)
Pre-tax profit | 1,961 | 91 | 2,052 | 3 | 2,054
Income taxes | (612) | (23) | (636) | (1) | (636)
Non-controlling interests | (66) | 0 | (66) | 0 | (66)
Net income (Group share) before discontinued operations | 1,283 | 67 | 1,350 | 2 |
Net income from discontinued operations |  | 2 | 2 | (2) |
NET INCOME (GROUP SHARE) |  | 69 | 1,352 | 0 | 1,352
Cost/income ratio | 72.1% |  | 71.3% |  | 71.3%

## 4.3Main investments and divestments performed over the period

Business line | Investment description
--- | ---
2025 |
| Opening of the Natixis Gift City branch.
| Acquisition of Financière de Courcelles via Natixis Partners and Audere Partners, each acquiring a 20% stake.
2024 |
| Within the M&A scope: strategic investments in Emendo Capital and Tandem Capital Advisors (now Natixis Partners Belgium). Acquisition of 100% of HSBC Épargne Entreprise, enabling the development of Employee and pension savings activities in France.
2023 |
| N/A
2022 |
Asset Management | Acquisition of 100% of SunFunder by Mirova, a private debt management company financing renewable energy projects in Africa and in Asia, in order to accelerate its development to become a global leader in impact investing.
Asset Management | Acquisition by Natixis IM of La Banque Postale’s stakes in Ostrum Asset Management (45%) and AEW Europe (40%), and extension of institutional partnerships in asset management until the end of 2030.
2021 |
Asset Management | Acquisition of non-controlling interests (remaining 50%) of AEW UK Investment Management LLP.
Payments | Acquisition in June 2021 of Jackpot, a start-up specializing in the digitization of vouchers and the issue of e-gift cards, which will become the sole supplier for the entities of the Benefits business unit while continuing to offer its solution to companies outside Natixis.

In addition, a number of targeted disposals were carried out.

Business line | Divestment description
--- | ---
2025 |
Asset Management | Disposal of the MV Credit entity.
2024 |
| Disposal of the subsidiary Natixis Bank JSC, Moscow.
2023 |
Asset Management | Disposal of 100% of the share capital of AlphaSimplex Group, an American asset management company specializing in systematic alternative management, to Virtus Investment Partners.
2022 |
Natixis | Transfer by Natixis S.A. to BPCE S.A. of the Insurance and Payments business lines, completed on March 22, 2022, and Natixis Immobilier d’Exploitation, on March 1, 2022.
Natixis | Disposal by Natixis of the remaining stake in Coface (10.04%). Following this transaction, Natixis no longer holds any equity stake in Coface.
Asset Management | Finalization of the agreement to unwind the partnership between Natixis Investment Managers and H2O AM: disposal of 26.61% of the shares in H2O AM then, within 4 years or no later than 6 years, of the remaining 23.4% of shares and resumption of the distribution activities by H2O AM.
Asset Management | Disposal of Natixis Investment Managers’ minority stake in Fiera Capital and continuation of the distribution partnership enabling the two asset management companies to offer their clients a complementary range of investment strategies.

## 4.4Post-closing events

For details of these post-closing events, please refer to Chapter [5] Note [1.3].

## 4.5Information about Natixis S.A.

### 4.5.1Natixis S.A.’s income statement

(in millions of euros) | 2025 | 2024
--- | --- | ---
Mainland France | Change* (in %) | Branches | Change* (in %) | Natixis S.A. | Change* (in %) | Mainland France | Branches | Natixis S.A.
Net banking income | 2,003 | (11.7) | 2,253 | 13.8 | 4,255 | 0.2 | 2,267 | 1,979 | 4,246
Operating expenses | (1,773) | 9.0 | (974) | 6.2 | (2,746) | 8.5 | (1,614) | (917) | (2,531)
Gross operating income | 230 | (64.7) | 1,279 | 20.4 | 1,509 | (12.0) | 653 | 1,062 | 1,715
Cost of risk | 94 | +100% | (97) | 29.9 | (4) | (99.1) | (345) | (75) | (420)
Operating income | 324 | 5.2 | 1,182 | 19.7 | 1,505 | 16.2 | 308 | 987 | 1,295
Gains/(losses) on fixed assets | 25 | +100% | (0) | (60.0) | 26 | (104.3) | (596) | 0 | (597)
Pre-tax profit | 349 | +100% | 1,182 | 19.7 | 1,531 | +100% | (289) | 987 | 699
Income tax | 43 | +100% | (281) | 28.1 | (238) | +100% | (31) | (220) | (251)
Provisions/reversal of financing for general banking risks and regulated provisions | 0 | N/A | 0 | N/A | 0 | N/A | 0 | 0 | 0
Net income/(loss) | 392 | +100% | 900 | 17.3 | 1,293 | +100% | (320) | 768 | 448
*Change 2025 vs. 2024

As at December 31, 2025, Natixis S.A.'s gross operating income stood at +€1,509 million, down -€206 million compared to December 31, 2024, due to a -€215 million increase in operating expenses, with net banking income remaining stable.

Within net banking income, net interest income amounted to -€1,116 million, up +€397 million. This change is mainly due to changes in outstandings and the decrease in interest rates. As such, the European interbank reference interest rates (EUR ESTR 1 year) are 1.93% as of December 31, 2025 (1.99% as of September 30, 2025) compared to 2.12% as of December 31, 2024. In the United States, the 1-year USD SOFR benchmark rate also fell to 3.42% at December 31, 2025 (3.63% at September 30, 2025) compared to 4.18% at December 31, 2024.

It should be noted that the change in the net interest income is impacted by the refinancing of trading activities, the income from which is recorded within the aggregate of gains on trading book transactions (€4,817 million), which fell by -€173 million.

Net fee and commission income increased by +€153 million to €487 million, notably including an increase of +€56 million on net fee and commission income on client transactions and an +€83 million increase in off-balance sheet commissions.

Revenues from variable-income securities decreased by -€456 million, including a decline in dividends paid by Natixis subsidiaries, of which -€393 million was attributable to dividends paid by Natixis Investment Managers and -€77 million to dividends paid by Natixis Trust.

Gains on the investment portfolio rose by +€66 million in line with changes in related provisions.

Other operating banking income and expenses increased by +€23 million.

Operating expenses increased by -€215 million, including:

●-€129 million rise in personnel costs, of which -€80 million for operations in France (impact of variable compensation) and -€49 million for branches (notably New York and Portugal);

●-€39 million increase in other administrative expenses, mainly relating to activities in France and the London branch, under the heading "external personnel";​

●-€48 million increase in depreciation and amortization charges, mainly at the parent company in Paris, due to the accelerated depreciation of obsolete fixed assets.

The net cost of risk fell from -€420 million in 2024 to -€4 million. It comprises the following main items:

●cost of risk for non-performing receivables and provisions for litigation of -€214 million, compared with -€348 million in 2024. The charge for the year relates to provisions for outstanding loans carried by Natixis Paris for -€121 million and by branches for -€93 million. It relates in particular to infrastructure and real estate projects;

●income from the cost of risk for sector risk of +€244 million, compared with -€82 million in 2024;

●cost of risk expense for country risk provisions of -€33 million, compared with +€12 million in 2024. This allocation is mainly due to the reversal of the calculation order between geographical and sectoral provisions.

Together, these items brought operating income to +€1,505 million, up +€210 million.

As at December 31, 2025, the gains or losses on fixed assets amounted to +€26 million, compared to -€597 million in 2024. They mainly consist of movements in the securities holdings of subsidiaries owned by Natixis. In 2025, no significant movement was recorded.

Net income after tax was +€1,293 million versus +€448 million in 2024, i.e. a variation of +€845 million.

As of December 31, 2025, the balance sheet totaled €478,401 million versus €467,432 million at December 31, 2024.

### 4.5.2Proposed allocation of earnings

Natixis’ parent company financial statements as at December 31, 2025 showed positive net income of €1,292,512,112.96 and, taking into account retained earnings of €2,376,201,322.58, showed distributable earnings of €3,668,713,435.54.

The resolution that will be put before the General Shareholders’ Meeting on May 21, 2026, proposes to:

●pay an ordinary dividend of €792,405,899.00;

●to allocate €100,877,787.74 to the legal reserve (of which €56,394,093.02 represents the allocation for the 2022, 2023, and 2024 fiscal years, drawn from retained earnings from prior periods),

●allocate the remaining distributable earnings to retained earnings, i.e. €2,775,429,748.80.

### 4.5.3Sumptuary and non-deductible expenses

In accordance with the provisions of Articles 223 quater and 223 quinquies of the French General Tax Code, please note that the financial statements for the past fiscal year do not include sumptuary expenses that are not deductible from taxable income.

### 4.5.4Payment terms

In accordance with Article D.441-4 of the French Commercial Code, the balance of supplier invoices that have been received but remain unpaid at the closing date, for a total amount including tax of €79.5 million, including €43.9 million of internal Group invoices, are as follows:

◗Invoices received and not paid at the closing date

| Late payment tranches
--- | ---
0 days (indica tive) | 1 to 30 days | 31 to 60 days | 61 to 90 days | 91 days and over | Total* (1 day and over)
Total amount of invoices concerned including tax (in millions of euros) | 76.5 | 1.6 | 1.4 | 0.0 | 0.0 | 3.0
Percentage of total amount of purchases including tax for the fiscal year | 4.09% | 0.09% | 0.07% | 0.00% | 0.00% | 0.16%
Number of invoices concerned | 1,635 |  |  |  |  | 26
*Mainly invoices issued by Groupe BPCE entities or Natixis subsidiaries and branches.

This information does not include banking transactions and related operations.

For debt and receivables associated with Natixis S.A. clients, please refer to appendix [37] of Chapter [5.3] on assets and liabilities by maturity, which provides information on their residual maturity.

## 4.6Outlook

#### 2026 Economic outlook

The year 2026 began with a radical geopolitical shift with the US military intervention in Venezuela. This military intervention appears to be a clear demonstration by the United States of its desire to establish the Western Hemisphere as a strategic sanctuary under its control, in contrast to the spheres of influence of China and Russia. Geopolitical uncertainty is thus far from dissipating, whether it concerns the war in Ukraine, the risk of China’s annexation of Taiwan, Sino-Japanese tensions, or American expansionist ambitions regarding Greenland.

Moreover, the growing instability in the Middle East led to a US-Israeli military operation in Iran beginning on February 28. This operation has already had a significant impact, particularly on Brent crude oil and natural gas prices. One week after the conflict began, these stocks have risen by nearly $15 and more than 50%, respectively. Above all, the markets are reflecting a sharp rise in uncertainty, with stock indices falling (-5% for the Stoxx 600, -6% for the CAC 40, and -2% for the DJ). However, it is too early to speak of a potential supply shock, given the availability of alternative sources of production and current inventory levels. The economic impact will depend on the duration and intensity of the conflict. The macro-economic risk is very real, with the seeds of a stagflationary scenario that would combine rising prices with a slowdown in economic activity. For example, a $10 increase in oil prices would lead to 0.3 percentage points higher inflation and a 0.1 percentage point decline in GDP in France in the first year(24). The form the conflict might take and its possible outcome leave a wide range of possibilities. The latter depends, on the one hand, on the Iranian regime’s ability to carry out significant strikes against the oil and gas infrastructure of countries bordering the Persian Gulf and to render the Strait of Hormuz impassable over the long term, and, on the other hand, the ability of Israel and the United States to quickly neutralize Iran’s long-range strike capabilities and bring down the current regime. To date, Iran’s strategy of regionalizing the conflict has not had the desired effects.

In contrast, trade tensions linked to rising protectionism have been gradually easing since the second half of 2025, leading to a normalization of supply chains. Global growth is expected to remain resilient, albeit slowing. According to the OECD, it is projected to decline from 3.2% in 2025 to 2.9% in 2026, largely due to the economic momentum that is already in place.

Provided that the conflict in the Middle East remains brief—lasting no more than a few weeks—the economic outlook for 2026 remains buoyed by the continuation of relatively favorable monetary conditions on both sides of the Atlantic. Slower-than-expected disinflation due to rising oil prices would be accompanied by robust economic activity. Another supporting factor is the widespread use of debt, particularly public debt, which should respond to increased defense efforts, as exemplified in Europe by the impact of Germany's recovery in defense and infrastructure investments.

More specifically, the United States is expected to see its growth rate slow (at +1.8%). Growth is also expected to slow in China (+4.8%, after +5.0%) and in the eurozone (+1.2%, after +1.5%), although the latter is driven to a greater extent by Germany (+1.3%, after +0.3%) than by Spain (+2.2%, after 2.9%) and, even more so, by Ireland.​ Emerging countries are expected to maintain the same momentum as in 2025 (+4.2%). US growth is expected to continue benefiting from surging investment in AI and support from strong consumption by the wealthiest households (a "K-shaped economy" scenario), despite a sharp slowdown in employment. China is expected to continue pursuing its economic trajectory as outlined in its 15th Five-Year Plan (2026-2030), which reaffirms the goals of strategic autonomy, strengthening the domestic market, and industrial modernization, particularly through innovation and AI. However, it would benefit slightly less from its growing desire to substitute imports and the hyper-competitiveness of its exports, due to the increasing difficulty of circumventing customs tariffs, even though these have risen less than announced. Excluding the specific performance of Ireland, activity in the eurozone is expected to improve in 2026, growing at a rate close to potential (+1.2%), in a context where inflation is expected to remain slightly below the 2.0% target. Growth should be further supported by the gradual revival of domestic demand and a slightly positive fiscal impulse, with the contribution of foreign trade remaining negative, as in 2025. In 2026, France should withstand, as in the previous year, continued political and budgetary uncertainty. GDP is expected to grow moderately by +1.0%, following +0.9% in 2025. Inflation, which has been brought under control by central banks without causing a recession, is expected to remain below the eurozone average throughout the year. It is expected to rise slightly by an annual average of +1.3% after +0.9% in 2025, due to the modest economic recovery and much more limited wage increases. Growth would benefit from global and European economic momentum, low inflation and energy prices, the impact of Germany's recovery in defense and infrastructure investment, and the delayed effects of monetary easing. Added to this would be the hoped-for reduction in the propensity to save. However, domestic demand would still be structurally hampered by the need to better control public accounts, which are increasingly constrained by the rising debt burden and the implementation of a European excessive deficit procedure, even if this adjustment appeared to be very incomplete. Indeed, the public deficit is expected to remain very high in 2026, at around 5.2% of GDP. In addition, a fiscal shock, the first signs of which began to appear in 2025, could undermine economic activity and employment.

However, the savings rate of French households is expected to decline very gradually, albeit from an extremely high level in 2025.​ After reaching 18.3%, it is expected to fall moderately to 18.1% in 2026. This trajectory is driven by fears of a foreseeable rise in unemployment and taxes. Indeed, the resurgence of specific concerns such as political uncertainty and worries about budgetary imbalances has partly replaced the feeling of declining purchasing power, particularly of financial assets, with the past surge in inflation. The recovery in household consumption would thus be limited, growing slightly faster than in 2025, in the absence of a significant increase in wage revenues. In particular, household purchasing power would increase slightly less than in 2025, due to the rebuilding of productivity and margins by companies and tax growth outpacing revenue growth. Similarly, the wait-and-see attitude linked to renewed uncertainty about public policy, the maintenance of high long-term interest rates, and weak demand would cause non-financial companies to slow down the expected rebound in investment in 2026, after it had virtually stagnated the previous year. Due to the carryover effect and slower growth in imports, foreign trade would continue to contribute to economic growth. The unemployment rate could reach 7.9%, after 7.7% in 2025, due to the mechanical recovery of productivity in the market sectors.

The global situation regarding prices and economic activity, both in many emerging economies and in most advanced countries, should perpetuate the implementation of monetary easing policies, except in Japan. The main reasons for this would be the less-than-expected inflationary impact of the trade war and concerns about economic activity stemming from the conflict in the Middle East. The Fed would choose to resolve the dilemma of its dual mandate (inflation and employment) by reducing its key rates by 75 basis points in increments of 25 basis points,, in response to sluggish employment and rising unemployment. Considering the rise in prices resulting from customs tariffs to be temporary, it would seek to steer key rates toward a monetary neutrality floor, namely the 2.75%–3.00% range, despite a predictable spike in inflation around mid-2026, coinciding with the change in central bank president. Unless there is a sharp further depreciation of the dollar against the euro, the ECB is likely to keep its deposit facility rate anchored at 2.0%, which is the midpoint of the monetary neutrality range (1.75%-2.25%) and close to the inflation target.

The slope of the interest rate curve would continue to reform. Long-term rates are likely to show greater inertia on the downside, especially in France, due to an increase in the risk premium linked to rising public spending, the scale of debt, and the political difficulty of implementing structural reforms. Indeed, overall demand for public and private capital is expected to increase due to a period of high debt issuance ahead (increased competition among debtors) and, more specifically in Europe, an increased need for German financing. Thus, in the United States, 10-year rates could average 4.32% for the year, due to the Fed's continued monetary easing. Conversely, the 10-year OAT is expected to rise, due to the ECB's status quo and the risk of further deterioration in French public debt. The 10-year OAT would average around 3.73% per year, after 3.37% in 2025, with a spread of more than 76 basis points over the German Bund.

As always, these economic and financial forecasts are subject to uncertainty. As we begin 2026, and in light of recent events, they are primarily focused on developments in the conflict in the Near and Middle East. Based on the information available as of March 6, these projections are based on the assumption of a short-lived conflict—lasting no more than a few weeks—without escalation through a chain reaction of alliances. Under this scenario, inflation forecasts would be revised upward only slightly, and, as a result, growth forecasts would be revised downward very slightly.

#### Natixis strategic plan and outlook

In June 2024, Groupe BPCE presented its VISION 2030 strategic project, which is organized around three main pillars:

●Forging our growth for the long term;

●Giving our clients confidence in their future;

●Expressing our cooperative nature in all regions.

Natixis’ strategic plan is fully in line with Groupe BPCE’s growth and diversification momentum. Natixis’ two business lines have a strong growth ambition by 2030 to become key global financial players serving more sustainable business models.

Through its strategic plan, Natixis CIB aims to become a global leader in its key areas of expertise thanks to its talents, diversified growth, a positioning at the heart of transitions and a transformed model. This ambition is based on three strategic areas:

●Sustained growth of our franchises in order to assert ourselves as one of the global leaders in our key areas of expertise, notably by strengthening our coverage, advisory and M&A activities to better satisfy our clients’ needs, and by stepping up our international expansion, particularly in North America, APAC, and the Middle East

●Main indicators for 2026:

■+8% AAGR in revenues generated from clients outside France,

■+230 active Global Markets clients;

●Positioned at the heart of transitions by developing strategic dialogue and ESG advisory services

●Main indicator for 2026: AAGR in green revenues between 2023 and 2026 = 1.5 x AAGR of Natixis CIB's total revenues;

●Augmented “Originate to Distribute” model, thanks to a multiplier effect on distribution, enabling us to strengthen our origination capacity, particularly in infrastructure.

●Main indicator for 2026: +25% in originated financing (by volume).

Natixis IM's ambition is to position itself as the preferred partner of its clients through active and conviction-based investment strategies and solutions designed to meet all their needs. This ambition is based on four strategic areas:

●Extended reach thanks to a revamped distribution model by energizing our distribution platforms.

●Main indicators for 2026:

■+15% growth in gross inflows via shared distribution between 2023 and 2026,

■+10% AAGR in revenues outside France and the US,

■+6% average annual growth in assets distributed in Groupe BPCE networks;

●Strengthened investment offering adapted to our clients' objectives, with the development of our private asset platform and the reinforcement of our ‘solutions’ offering for institutional and retail clients.

●Main indicators for 2026:

■+6% growth in AUM (25) on private assets,

■+5% AAGR in AUM in transitions;(26)

●Critical mass attained in each area of strategic expertise, particularly by setting up new partnerships that will enable us to extend our know-how to the management of captive assets such as insurance;

●Improved client service thanks to the streamlining of our organization and the industrialization of our infrastructures.

For more information on Groupe BPCE's and Natixis' strategic plan to 2030, please visit Groupe BPCE's VISION 2030 strategic project website (https://www.groupebpce.com/en/the-group/strategic-plan/) and the Natixis business line website
(https://natixis.groupebpce.com/strategie/).

## 4.7Definitions and alternative performance indicators

#### Deﬁnition of “net banking income of business lines”/“NBI of the Corporate Center”

Natixis is structured into two business divisions:

●the Asset & Wealth Management division;

●Corporate & Investment Banking.

The “Business lines” scope is the aggregate of these two divisions. The “Business lines” scope refers to the results of the Asset & Wealth Management and Corporate & Investment Banking divisions, excluding the “Corporate Center.” In addition to these operational divisions, there are Corporate Center activities, which primarily include central refinancing mechanisms and revenues and costs related to Natixis’ asset and liability management, the results of Natixis Algérie and residual net income from discontinued operations.

#### Non-recurring items

Exceptional items are non-recurring items of a significant amount or items that do not reflect operating performance, in particular transformation and restructuring costs. Details of exceptional items are provided in the table below.

(in millions of euros) |  | 2025 | 2024
--- | --- | --- | ---
Exchange rate fluctuations on DSN in foreign currencies (NBI) | Corporate Center | (159) | 91
Transformation costs | Business lines & Corporate Center | (47) | (0)
Impact on income tax |  | 76 | (23)
Total impact on net income (Group share) |  | (130) | 67

#### Net contribution from discontinued operations

The use of this indicator enables analyses and comments to be made on Natixis' activities, excluding those currently being sold or divested. In 2024, the "net contribution from discontinued operations" line isolates at the bottom of the income statement the residual contributions of (i) the Payment business (SEP) housed at Natixis S.A., and (ii) Natixis Moscow. In 2025, net income from discontinued operations was zero, following the sale of Natixis Moscow in December 2024 and the dissolution of SEP Payment (December 31, 2024).

#### “Underlying”/“Restated”/“Reported” scopes

●“Underlying”: excluding exceptional items (see definition above) and discontinued operations.

●"Restated": including exceptional items; when presented including discontinued operations, these are isolated at the bottom of the income statement.

●"Reported": including exceptional items and discontinued operations.

Appendix 4.2.2 - Consolidated results show the transition between these three income statement views. These different views make it possible to assess the performance of Natixis and its business lines by isolating, where applicable, exceptional items and income from discontinued operations to measure operational performance.

#### Cost/Income ratio

The cost/income ratio is the ratio between costs and revenues. It measures operational efficiency in the banking sector.

#### Cost of risk

This is the “cost of risk” item in the consolidated income statement. This indicator measures the level of risk.

#### Other deﬁnitions and conventions

Moreover, to comply with the requirements of the French law on the separation of banking activities, the Short-Term Money Market and Collateral Management activities, which used to be part of Global Markets, were transferred to the Finance division on April 1, 2017. However, to ensure comparability, in this management report, Corporate & Investment Banking refers to Corporate & Investment Banking including the Short-Term Money Market and Collateral Management activities.

Analytical restatements include business line allocations based on prudential deductions.

In addition, the standards for assessment of the divisions’ performance provide for a normative capital allocation to the business lines based on 10.5% of the Basel 3 average RWA (CRR III).

As a reminder, the earnings of the Natixis business divisions are presented in accordance with the Basel 3 regulatory framework. The conventions applied to determine the earnings generated by the various business divisions are as follows:

●business divisions receive interest on the normative capital allocated to them;

●the return on the issued share capital of the entities comprising the divisions is eliminated;

●the cost of Tier 2 debt subordination is charged to the divisions in proportion to their regulatory capital;

●the divisions are invoiced for an amount representing the bulk of Natixis’ expenses. The uninvoiced portion accounts for less than 3% of Natixis’ total expenses.

Deeply subordinated notes (DSN) are classified as shareholders’ equity instruments; interest expense on those instruments is not recognized in the income statement.

The organizational changes listed below were implemented as part of the oversight of performance management.

●AWM scope: change in the capital ownership of the entity VEGA IM: transition from 100% ownership by Wealth Management, to shared ownership between WM and NIM for 49% and 51% respectively, and transfer of Dorval from Asset Management to Wealth Management.

●Disposal of the Moscow subsidiary: to facilitate comparisons of the CIB and Corporate Center divisions, transfer of historical chronicles to the "Discontinued operations" line.

These organizational changes have impacted the allocation of support function costs to the business lines.

Lastly, concerning the presentation of interim management balances, no change is to be noted for the 2024 and 2025 fiscal years presented.

ROE and ROTE for Natixis and the business lines are calculated as follows:

●The profit measure used to determine Natixis’ ROE is net income (Group share) minus the post-tax interest expense on DSNs. Shareholders’ equity capital is average shareholders’ equity Group share as defined by IFRS, after payout of dividends, excluding average hybrid debt, and excluding unrealized or deferred gains and losses recognized in equity (OCI);

●The calculation of business line ROE is based on:

●as the numerator, the business line’s pre-tax profit, as per the aforementioned rules, to which a normative tax is applied. The normative tax rate is determined for each of the divisions by factoring in the tax liability conditions of Natixis’ companies in the jurisdictions where they operate. It is determined once a year and does not factor in potential changes over the year linked to deferred taxes,

●as the denominator, normative capital, calculated on the basis of 10.5% of RWA allocated to the division, to which are added goodwill, intangible assets relating to the division, as well as prudential deductions directly attributable to the business lines;

●Natixis’ ROTE is calculated by taking as the numerator net income (Group share) excluding DSN interest expenses on preferred shares after tax. Shareholders’ equity capital is average shareholders’ equity (Group share) as defined by IFRS, after payout of dividends, excluding average hybrid debt, average intangible assets and average goodwill, and excluding unrealized or deferred gains and losses recognized in shareholders’ equity.

5

# Consolidated Financial Statements at December 31, 2025

## 5.1Consolidated financial statements and notes

### 5.1.1Summary reports

#### Consolidated income statement

(in millions of euros) | Notes | 31/12/2025 | 31/12/2024
--- | --- | --- | ---
Interest and similar income | 6.1 | 11,081 | 13,447
Interest and similar expenses | 6.1 | (9,048) | (11,564)
Fee and commission income | 6.2 | 5,472 | 5,188
Fee and commission expenses | 6.2 | (1,208) | (1,125)
Net gains or losses on financial instruments at fair value through profit or loss | 6.3 | 1,895 | 2,180
Net gains or losses on financial instruments at fair value through shareholders’ equity | 6.4 | 74 | 76
Net gains or losses arising from the derecognition of financial assets at amortized cost | 6.5 | (1) | (13)
Income from other activities | 6.6 | 108 | 71
Expenses from other activities | 6.6 | (107) | (141)
Net banking income |  | 8,267 | 8,120
Operating expenses | 6.7 | (5,811) | (5,560)
Depreciation, amortization and provisions for impairment of property, plant and equipment and intangible assets |  | (276) | (233)
Gross operating income |  | 2,180 | 2,328
Cost of risk | 6.8 | (237) | (282)
Net operating income |  | 1,944 | 2,045
Share in income of associates |  | 28 | 23
Net gains or losses on other assets | 6.9 | 5 | (14)
Change in value of goodwill |  | 0 | 0
Pre-tax profit |  | 1,977 | 2,054
Income tax | 6.10 | (558) | (636)
Net income on discontinued operations |  | 0 | 0
Net income/(loss) for the period |  | 1,419 | 1,418
o/w group share | 1,361 | 1,352
o/w attributable to non-controlling interests | 58 | 66

#### Statement of net income and other total income

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Net income | 1,419 | 1,418
Items recyclable to income | (536) | 163
Translation adjustments | (585) | 242
Revaluation adjustments during the period | (582) | 262
Reclassification to profit or loss | (3) | (21)
Other reclassifications | 0 | 1
Revaluation of financial assets (debt instruments) at fair value through other comprehensive income | 86 | (84)
Revaluation adjustments during the period | 73 | (108)
Reclassification to profit or loss | 13 | 24
Other reclassifications | 0 | 0
Revaluation of hedging derivatives | (14) | (22)
Revaluation adjustments during the period | (19) | 9
Reclassification to profit or loss | 5 | (31)
Other reclassifications | 0 | 0
Share of gains and losses recorded directly in the equity methods recyclable to income | (0) | (1)
Non-current assets held for sale (a) | (7) | (4)
Tax impact on items recyclable to income | (16) | 29
Items not recyclable to income | (791) | 33
Revaluation adjustments on defined-benefit plans | 12 | 12
Revaluation of own credit risk of financial liabilities designated at fair value through profit or loss (b) | (1,233) | (17)
Revaluation of equity instruments recognized at fair value through other comprehensive income | 134 | 54
Revaluation of hedging derivatives of financial assets recognized at fair value through other comprehensive income | 0 | 0
Share of gains and losses recorded directly in the equity methods not recyclable to income | 0 | 0
Non-current assets held for sale | 0 | 0
Tax impact on items not recyclable to income | 295 | (15)
Gains and losses recorded directly in other comprehensive income (after income tax) | (1,327) | 196
TOTAL INCOME | 92 | 1,614
Group share | 30 | 1,548
Non-controlling interests | 61 | 66

(a)See Note 2.6.

(b)See Note 5.6.

#### Breakdown of tax on unrealized or deferred gains or losses

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Gross | Tax | Net | Gross | Tax | Net
Translation adjustments | (585) | 0 | (585) | 242 | 0 | 242
Revaluation of financial assets (debt instruments) at fair value through recyclable other comprehensive income | 86 | (22) | 64 | (84) | 22 | (62)
Revaluation of hedging derivatives | (14) | 4 | (10) | (22) | 6 | (16)
Revaluation of own credit risk on financial liabilities designated at fair value through profit or loss | (1,233) | 319 | (914) | (17) | 4 | (13)
Revaluation of equity instruments recognized at fair value through other comprehensive income | 134 | (21) | 114 | 54 | (16) | 37
Revaluation of hedging derivatives of financial assets recognized at fair value through other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0
Revaluation adjustments on defined-benefit plans | 12 | (3) | 9 | 12 | (4) | 9
Shares in unrealized or deferred gains or losses of associates | 0 | (0) | 0 | 2 | (0) | 1
Non-current assets held for sale (a) | (7) | 2 | (6) | (4) | 1 | (3)
TOTAL CHANGES IN UNREALIZED OR DEFERRED GAINS OR LOSSES | (1,606) | 279 | (1,327) | 183 | 13 | 196

(a)See Note 2.6.

#### Consolidated balance sheet – Assets

(in millions of euros) | Notes | 31/12/2025 | 31/12/2024
--- | --- | --- | ---
Cash, central banks |  | 52,793 | 52,765
Financial assets at fair value through profit or loss | 7.1.1 | 236,980 | 232,417
Hedging derivatives | 7.2 | 374 | 377
Financial assets at fair value through other comprehensive income | 7.4 | 11,711 | 11,434
Securities at amortized cost | 7.6.3 | 1,819 | 1,955
Loans and receivables due from banks and similar at amortized cost | 7.6.1 | 120,877 | 114,765
Loans and receivables due from customers at amortized cost | 7.6.2 | 84,181 | 82,219
Revaluation adjustments on portfolios hedged against interest rate risk |  | 0 | 10
Current tax assets |  | 327 | 201
Deferred tax assets | 7.8 | 1,394 | 1,157
Accrual account and miscellaneous assets | 7.9.1 | 5,417 | 6,370
Non-current assets held for sale | 2.6 | 197 | 438
Investments in associates |  | 1,059 | 1,049
Investment property |  | 0 | 0
Property, plant and equipment | 7.10 | 742 | 800
Intangible assets | 7.10 | 568 | 586
Goodwill | 7.12 | 3,162 | 3,474
TOTAL ASSETS |  | 521,602 | 510,017

#### Consolidated balance sheet – Liabilities

(in millions of euros) | Notes | 31/12/2025 | 31/12/2024
--- | --- | --- | ---
Central banks |  | 0 | 0
Financial liabilities at fair value through profit or loss | 7.1.2 | 250,638 | 237,221
Hedging derivatives | 7.2 | 288 | 293
Due to banks and similar items | 7.13.1 | 133,628 | 144,188
Customer deposits | 7.13.2 | 64,150 | 49,230
Debt securities | 7.14 | 38,129 | 44,794
Revaluation adjustments on portfolios hedged against interest rate risk |  | 11 | 0
Current tax liabilities |  | 1,460 | 1,296
Deferred tax liabilities | 7.8 | 459 | 480
Accrual account and miscellaneous liabilities | 7.9.2 | 7,262 | 7,370
Liabilities related to non-current assets held for sale | 2.6 | 21 | 312
Subordinated debt | 7.15 | 3,022 | 3,028
Provisions | 7.16 | 1,485 | 1,431
Shareholders’ equity (Group share) |  | 20,966 | 20,294
‣Share capital & related reserves |  | 11,805 | 10,955
‣Consolidated reserves |  | 7,983 | 6,845
‣Recyclable gains and losses recorded directly in equity |  | 266 | 805
‣Non-recyclable gains and losses recorded directly in equity |  | (450) | 337
‣Net income/(loss) |  | 1,361 | 1,352
Non-controlling interests |  | 83 | 80
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | 521,602 | 510,017

#### Statement of changes in shareholders’ equity

(in millions of euros) | Share capital & related reserves | Consolidated reserves
--- | --- | ---
Share capital | Capital reserves (a) | Other equity instruments issued (b) | Elimination of treasury stock | Other consolidated reserves
Shareholders’ equity as of December 31, 2023 after allocation of earnings | 5,894 | 5,060 | 2,181 | (0) | 5,484
Capital increase | (0) | (0) | 0 | 0 | 0
Elimination of treasury stock | 0 | 0 | 0 | 0 | (0)
Equity component of share-based payment plans | 0 | 0 | 0 | 0 | 0
2023 dividend paid in 2024 | 0 | 0 | 0 | 0 | (589)
Total activity related to relations with shareholders | (0) | (0) | 0 | 0 | (589)
Issues and redemption of perpetual deeply subordinated notes | 0 | 0 | 52 | 0 | 0
Interest paid on perpetual deeply subordinated notes | 0 | 0 | 0 | 0 | (211)
Change in gains and losses recorded directly in equity | 0 | 0 | 0 | 0 | 0
Appropriation to own credit risk reserve during the period | 0 | 0 | 0 | 0 | 2
Appropriation to a reserve of income from the sale of equity instruments at FV through non-recyclable OCI completed during the period | 0 | 0 | 0 | 0 | 0
Change in actuarial gains and losses under IAS 19R | 0 | 0 | 0 | 0 | 0
Net income at December 31, 2024 | 0 | 0 | 0 | 0 | 0
Impact of acquisitions and disposals (d) | 0 | 0 | 0 | 0 | (48)
Others | 0 | 0 | 0 | 0 | (25)
Shareholders’ equity as of December 31, 2024 | 5,894 | 5,060 | 2,233 | (0) | 4,612
Allocation of 2024 earnings |  |  |  |  | 1,352
Shareholders’ equity as of December 31, 2024 after allocation of earnings | 5,894 | 5,060 | 2,233 | (0) | 5,965
Capital increase | 445 | 406 | 0 | 0 |
Elimination of treasury stock | 0 | 0 | 0 | 0 | 0
Equity component of share-based payment plans | 0 | 0 | 0 | 0 | 0
2024 dividend paid in 2025 | 0 | 0 | 0 | 0 | (792)
Total activity related to relations with shareholders | 445 | 406 | 0 | 0 | (792)
Issues and redemption of perpetual deeply subordinated notes | 0 | 0 | 800 | 0 |
Interest paid on perpetual deeply subordinated notes | 0 | 0 | 0 | 0 | (177)
Change in gains and losses recorded directly in equity | 0 | 0 | 0 | 0 |
Appropriation to own credit risk reserve during the period | 0 | 0 | 0 | 0 | (0)
Appropriation to a reserve of income from the sale of equity instruments at FV through non-recyclable OCI completed during the period | 0 | 0 | 0 | 0 | (4)
Change in actuarial gains and losses under IAS 19R | 0 | 0 | 0 | 0 |
Net income at December 31, 2025 | 0 | 0 | 0 | 0 |
Impact of acquisitions and disposals (d) | 0 | 0 | 0 | 0 | (40)
Others | 0 | 0 | 0 | 0 | 0
SHAREHOLDERS’ EQUITY AS OF DECEMBER 31, 2025 | 6,339 | 5,466 | 3,033 | (0) | 4,950

(a)Share premiums, legal reserve, statutory reserves, long-term capital gains reserve and other Natixis reserves.

(b)Other equity instruments issued: these are perpetual deeply subordinated notes (see Note 11.3.1).

(c)Changes in fair value attributable to the own credit risk of financial liabilities designated at fair value through profit or loss recognized in shareholders’ equity (unrealized and realized) are disclosed in Note 7.1.2.1.

(d)The impacts on shareholders’ equity (Group share) at December 31, 2025 and December 31, 2024 are presented in Note 3.2.

Gains/(losses) recorded directly in equity | Net income (Group share) | Shareholders’ equity (Group share) | Non-controlling interests | Total consolidated shareholders’ equity
--- | --- | --- | --- | ---
Recyclable | Non-recyclable
Translation adjustments | Revaluation of debt instruments at FV through recyclable OCI | Hedging derivatives | Revaluation of equity instruments at fair value through other comprehensive income | Revaluation of own credit risk of financial liabilities designated at fair value through profit or loss (c) | Revaluation adjustments on defined benefit plans
584 | (13) | 72 | 93 | 249 | (36) | 0 | 19,568 | 58 | 19,626
0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 | (0)
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 0 | 0 | (589) | (52) | (641)
0 | 0 | 0 | 0 | 0 | 0 | 0 | (589) | (52) | (641)
0 | 0 | 0 | 0 | 0 | 0 | 0 | 52 | 0 | 52
0 | 0 | 0 | 0 | 0 | 0 | 0 | (211) | 0 | (211)
263 | (65) | (15) | 37 | (13) | 0 | 0 | 208 | (1) | 207
0 | 0 | 0 | 0 | (2) | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 9 | 0 | 9 | 0 | 9
0 | 0 | 0 | 0 | 0 | 0 | 1,352 | 1,352 | 66 | 1,418
(21) | 0 | 0 | 0 | 0 | 0 | 0 | (69) | 9 | (60)
0 | 0 | 0 | 0 | 0 | 0 | 0 | (25) | 0 | (25)
826 | (78) | 57 | 130 | 235 | (28) | 1,352 | 20,294 | 80 | 20,374
|  |  |  |  |  | (1,352) | 0 |  |
826 | (78) | 57 | 130 | 235 | (28) | 0 | 20,294 | 80 | 20,374
0 | 0 | 0 | 0 | 0 | 0 | 0 | 851 | 0 | 851
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 0 | 0 | (792) | (66) | (858)
0 | 0 | 0 | 0 | 0 | 0 | 0 | 58 | (66) | (8)
0 | 0 | 0 | 0 | 0 | 0 | 0 | 800 | 0 | 800
0 | 0 | 0 | 0 | 0 | 0 | 0 | (177) | 0 | (177)
(585) | 64 | (10) | 114 | (914) | 0 | 0 | (1,331) | (0) | (1,331)
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0
0 | 0 | 0 | 0 | 0 | 9 | 0 | 9 | 0 | 9
0 | 0 | 0 | 0 | 0 | 0 | 1,361 | 1,361 | 58 | 1,419
(3) | (6) | 0 | 0 | 0 | 0 | 0 | (49) | 11 | (37)
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0
238 | (19) | 47 | 248 | (679) | (19) | 1,361 | 20,966 | 83 | 21,049

#### Net cash ﬂow statement

The balance of cash and cash equivalents consists of the net balances of cash and amounts due from central banks, as well as on-demand deposits with and loans from banks.

Changes in cash and cash equivalents resulting from operating activities include cash flows generated by Natixis’ activities.

Changes in cash and cash equivalents related to investing activities result from cash flows related to acquisitions and disposals of consolidated and non-consolidated investments, property, plant and equipment and intangible assets.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Pre-tax profit | 1,977 | 2,054
+/- Net charge to depreciation and amortization of property, plant and equipment and intangible assets | 276 | 231
+/- Impairment of goodwill and other non-current assets | 0 | 1
+/- Net charge to other provisions | 157 | 91
+/- Share in income of equity associates | (28) | (23)
+/- Net loss/(gain) on investing activities | (68) | (69)
+/- (Income)/expenses from financing | 111 | 149
+/- Other movements | 476 | (2,671)
= Total non-cash items included in pre-tax profit and other adjustments | 923 | (2,291)
+/- Decrease/(increase) in interbank and money market items | (11,912) | (8,325)
+/- Decrease/(increase) in client items | 10,101 | 2,038
+/- Decrease/(increase) in financial assets or liabilities | 2,830 | (374)
+/- Decrease/(increase) in non-financial assets or liabilities (e) | 468 | 1,983
- Income taxes paid | (585) | (314)
= Net decrease/(increase) in operating assets and liabilities | 902 | (4,991)
Total net cash provided/(used) by operating activities | 3,802 | (5,227)
+/- Decrease/(increase) in financial assets and equity interests (a) | 137 | 3
+/- Decrease/(increase) in investment property | 0 | 0
+/- Decrease/(increase) in property, plant and equipment and intangible assets | (296) | (109)
Total net cash provided/(used) by investing operations | (159) | (105)
+/- Cash received from/(paid to) shareholders (b) | (8) | (641)
+/- Other net cash provided/(used) by financing (c) | 555 | (254)
Total net cash provided/(used) by financing operations | 548 | (895)
Cash flow on assets and liabilities held for sale (d) |  | 17
Impact of exchange rate fluctuations on cash and cash equivalents | (2,751) | 508
Net increase/(decrease) in cash and cash equivalents | 1,441 | (5,703)
Net cash provided/(used) by operating activities | 3,802 | (5,227)
Net cash provided/(used) by investing activities | (159) | (105)
Net cash provided/(used) by financing | 548 | (895)
Cash flow on assets and liabilities held for sale | 0 | 17
Impact of exchange rate fluctuations on cash and cash equivalents | (2,751) | 508
Cash and cash equivalents at beginning of period | 51,142 | 56,845
Cash and balances with central banks (assets & liabilities) | 52,765 | 61,945
Interbank balances | (1,623) | (5,101)
Cash and cash equivalents at end of period | 52,582 | 51,142
Cash and balances with central banks (assets & liabilities) | 52,793 | 52,765
Interbank balances | (211) | (1,623)
CHANGE IN CASH AND CASH EQUIVALENTS | 1,441 | (5,703)

(a)Cash flows related to financial assets and equity investments, including:

■cash flows related to consolidated equity investments for +€47.9 million;

■cash flows related to non-consolidated equity investments for +€89.5 million.

(b)Cash flows from or to shareholders include dividends paid to BPCE of -€792.4 million, those paid to non-controlling interests
for -€66.1 million and a capital increase of +€850.7 million;

(c)Cash flows from financing can be broken down as follows:

■interest paid on subordinated notes for -€111 million;

■cash flows relating to the issuance of deeply subordinated notes and loans recorded in shareholders’ equity for +€800 million;

■interest paid on deeply subordinated securities and loans recorded in shareholders’ equity for -€132 million;

(d)As at December 31, 2024 corresponds to MV Credit classified under IFRS 5 (see Note 2.6);

(e)Including cash flows in relation to lease liabilities, amounting to -€132.5 million at December 31, 2025.

### 5.1.2Notes to the ﬁnancial statements

Summary of the notes to the consolidated financial statements

#### Note 1General framework

##### 1.1Accounting standards applied

###### 1.1.1IFRS standards and IFRIC interpretations applied by Natixis

As required by European Regulation No. 1606/2002 of July 19, 2002, Natixis has prepared its consolidated financial statements for the fiscal year ended December 31, 2025 in accordance with IAS/IFRS standards and IFRIC interpretations as adopted by the European Union and applicable on that date(27).

Natixis’ consolidated financial statements for the fiscal year ended December 31, 2025 were approved by the Board of Directors’ meeting of February 2, 2026. They will be submitted for approval to the General Shareholders’ Meeting of May 21, 2026.

Natixis’ consolidated financial statements include a balance sheet, income statement, statement of net income/(loss) and other comprehensive income, statement of changes in shareholders’ equity, cash flow statement and notes to the financial statements.

The financial statements presented for comparative purposes were published by Natixis in the 2024 universal registration document filed with the French Financial Markets Authority (AMF) on March 20, 2025. In accordance with European Regulation No. 2017/1129 relating to the publication of prospectuses and Commission Delegated Regulation (EU) No. 2019/980 relating to the information contained in prospectuses, the financial statements for the fiscal year ended December 31, 2023, which were published in the 2023 registration document filed with the French Financial Markets Authority (AMF) on March 15, 2024, are included for reference in this universal registration document.

As a reminder, Natixis elected to take the option offered by IFRS 9 not to apply the standard’s provisions pertaining to hedge accounting and to continue applying IAS 39 for the purpose of recognizing hedging transactions, as adopted by the European Union, i.e. excluding certain macro-hedging provisions.

The standards and interpretations used and described in the annual financial statements at December 31, 2024 were supplemented by the standards, amendments and interpretations for which application is mandatory for fiscal years beginning on or after January 1, 2025:

●Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates" adopted by the European Union on November 12, 2024 and applicable from January 1, 2025. These amendments specify in which cases a currency is considered as convertible into another currency. In the case of non-convertible currencies, these amendments define the methods for measuring the exchange rate and supplement the disclosures to be made in the notes to the financial statements. These amendments have no impact on Natixis’ financial statements.

In addition, Natixis has not applied early for December 31, 2025:

●amendments to IFRS 9 "Classification and Measurement of Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures" adopted by the European Union on May 27, 2025 and applicable from January 1, 2026. These amendments provide clarification on the basic nature of loans, the classification of non-recourse loans, and contractually linked instruments. The amendment to IFRS 9 clarifies the treatment of instruments with contractual terms that may change the timing or amount of cash flows, such as impact loans whose compensation is indexed to compliance with ESG criteria. This amendment adds an analysis step in cases where it is not possible to demonstrate a direct link between the contingent event and the risks and costs associated with the basic loan. Such an instrument may qualify as basic if, in all contractually possible scenarios, the contractual cash flows of the instrument are not significantly different from those of an instrument with similar contractual terms but without this contingent clause. This amendment has no impact on Natixis’ financial statements. However, more detailed information will be provided in the appendix;

●Amendments to IFRS 9 "Classification and Measurement of Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures" adopted by the European Union on June 30, 2025 and applicable from January 1, 2026. These amendments relate to electricity contracts exposing Natixis to variability in the underlying quantity of electricity when the sources of production depend on uncontrollable natural conditions (e.g. weather conditions). These contracts include both contracts for the purchase or sale of electricity produced from natural sources and financial instruments referring to this type of electricity. These amendments clarify the conditions for applying the "own use" exemption from IFRS 9, making it possible to avoid considering these contracts as derivatives (if certain conditions are met). These amendments have no impact on Natixis’ financial statements;

●Amendments “Annual Improvements to IFRS Standards - Volume 11” adopted by the European Union on July 9, 2025, and applicable from January 1, 2026. These amendments are part of the annual improvement process aimed at simplifying and clarifying international accounting standards. The following standards are amended: IFRS 1 “First-time Adoption of International Financial Reporting Standards”, IFRS 7 “Financial Instruments: Disclosures”, IFRS 9 “Financial Instruments”, IFRS 10 “Consolidated Financial Statements”, and IAS 7 “Statement of Cash Flows”. The application of these amendments has no impact on Natixis’ financial statements;

●IFRS 18 "Presentation and Disclosure in Financial Statements" adopted by the European Union on February 23, 2026. This standard, which replaces IAS 1 "Presentation of Financial Statements", incorporates many of the provisions of IAS 1 and supplements them with new requirements relating to:

●the presentation of the income statement;

●the information to be disclosed in the notes to the financial statements on the performance measures defined by management (MPM);

●the aggregation and disaggregation of information in the income statement.

Natixis is currently assessing the implications of this standard on its consolidated financial statements. Subject to its adoption by the European Union, IFRS 18 will be applicable from January 1, 2027 with a comparative at January 1, 2026.

###### 1.1.2Presentation of the consolidated financial statements

The consolidated financial statements have been prepared in accordance with the assessment and presentation principles set out in Notes 2 and 5 below.

###### 1.1.3Closing date

The consolidated financial statements are based on the financial statements at December 31, 2025 of the entities included in the Natixis consolidation scope.

###### 1.1.4Notes to the financial statements

Unless otherwise indicated, the figures given in the notes are expressed in millions of euros.

##### 1.2Significant events

Capital increase of March 5, 2025

An Extraordinary General Shareholders’ Meeting convened by the Board of Directors on February 4, 2025 met on March 5, 2025 to decide on a cash capital increase of €850.7 million (of which €444.8 million in share capital and €405.9 million in additional paid-in capital).

This capital increase aims to enable Natixis to achieve its ambitions and, more generally, to support the growth of the business lines as set out in the strategic plan.

Plan to merge asset management activities with Generali

Assicurazioni Generali S.p.A. ("Generali") and BPCE signed a non-binding Memorandum of Understanding ("MoU") on January 21, 2025 to combine the asset management activities of Generali Investments Holding ("GIH") and Natixis Investment Managers (NIM) into a joint venture.

In a joint press release dated December 11, 2025, BPCE and Generali announced that they were ending their negotiations, considering that the conditions for finalizing an agreement had not been met.

##### 1.3 Post-closing events

No post-closing event occurred.

#### Note 2Consolidation methods and principles

##### 2.1Scope of consolidation

Natixis’ consolidated financial statements include the financial statements of Natixis and its main subsidiaries.

Only subsidiaries making a material contribution to the Group’s financial statements are consolidated.

Materiality is determined based on specific thresholds for each of the Group’s business lines and on a qualitative assessment of the relevance of each entity’s contribution to the consolidated financial statements of Natixis. The main thresholds applicable are as follows:

Business lines (in millions of euros) | Total balance sheet | Net banking income | Net income
--- | --- | --- | ---
Corporate & Investment Banking | 250 | 15 | +/-2
Asset & Wealth Management | 60 | 5 | +/-2
Corporate Center | 60 | 5 | +/-2

By way of exception to the thresholds described above, and in order to comply with Article 19 of Regulation (EU) No. 575/2013, the consolidation threshold was €10 million (total balance sheet and off-balance sheet commitments excluding derivatives) for entities that meet the definition of financial institutions or ancillary services undertakings.

The consolidation scope includes all of the material entities over which Natixis exercises exclusive control, joint control or significant influence. The IFRS standards stipulate three types of control: exclusive control, joint control and significant influence. Determining the type of control that exists is not limited to identifying the voting rights held, but also involves an analysis of the economic and legal relations existing between the various entities being analyzed.

In determining whether it exercises control or has a significant influence, Natixis considers current voting rights and potential voting rights if they are exercisable or convertible at any time, and if they grant power over the entity’s relevant activities. Potential voting rights arise from stock options on ordinary shares or from the conversion of bonds into new ordinary shares. However, potential voting rights are not taken into account when determining the percentage of ownership except if it is concluded that these voting rights provide access to economic benefits attached to the underlying shares.

The scope of Natixis’ consolidated entities is provided in Note 16 to the financial statements.

The percentage of ownership and the voting rights held are indicated for each entity within the consolidation scope. The percentage of ownership represents the equity share directly and indirectly held by Natixis in the entities within the consolidation scope. The percentage of ownership is used to determine Natixis’ share in the net assets of the company owned.

##### 2.2The notion of control and consolidation methods

###### 2.2.1Control of an entity

The entities controlled by Natixis are consolidated using the full consolidation method, in accordance with IFRS 10. This standard defines a single audit model applicable to all entities, whether they are traditionally governed entities or structured entities (see Note 4). The control of an entity will be analyzed using three cumulative criteria:

●power over the entity’s relevant activities;

●exposure or entitlement to variable returns by virtue of its relations with the entity;

●the ability to exercise its power over the entity to influence the variable returns obtained.

When voting rights or similar rights are fundamental to an entity’s governance, control is generally understood to mean holding over 50% of voting rights.

If this is not the case, control is determined through the exercise of judgment and by taking into account all facts and circumstances, such as:

●the objectives, terms and circumstances surrounding the creation of the entity;

●the nature of the entity’s relevant activities and the decision-making processes concerning these activities;

●the scope of Natixis’ decision-making rights (from voting rights or contractual agreements) over the management of the entity’s relevant activities (i.e. activities having a significant impact on the entity’s returns);

●exposure to variability in the entity’s returns (the significance of the returns received by Natixis compared with the returns received by the other investors, etc.);

●rights held by other parties (withdrawal rights, early redemption rights, rights regarding the dissolution of the entity, etc.).

If, after reviewing these criteria, Natixis concludes that its decision-making rights over the management of the entity’s relevant activities enable it to influence the variable returns obtained, Natixis does have control pursuant to IFRS 10 and the entity in question will be subject to full consolidation.

Full consolidation involves replacing the carrying amount of investments with the full value of all of the subsidiary’s assets and liabilities.

The share of non-controlling interests in shareholders’ equity and in income appears separately on the balance sheet, the income statement and the statement of net income/(loss) and other comprehensive income.

###### 2.2.2Joint control: joint ventures and joint operations

Natixis exercises joint control if, by virtue of a contractual arrangement, decisions pertaining to the entity’s relevant activities require the unanimous consent of the parties sharing control over the partnership, and if each partner has the ability to prevent the other partners from controlling the arrangement.

IFRS 11 distinguishes between two types of partnerships: joint ventures and joint operations. Joint ventures are partnerships in which the parties exercising joint control over the company have rights over that company’s net assets. They are consolidated using the equity method. Consolidation using the equity method involves replacing the carrying amount of investments in the owner’s financial statements with Natixis’ interest in the shareholders’ equity and income of the entity owned. Investments are recognized at this reassessed value on the asset side of the consolidated balance sheet in “Investments in associates”. The difference between the investments’ historical value and their reassessed value is recognized on the liability side of the balance sheet under “Shareholders’ equity (Group share)”, and in income under “Share in income of associates” in the consolidated income statement, and under “Share of gains/(losses) of associates recognized directly in equity” in the statement of net income/(loss) and other comprehensive income. Goodwill related to joint ventures is included in the carrying amount.

●These investments are subject to an impairment test whenever there is objective evidence of impairment. If the recoverable value of the investment is lower than its carrying amount, an impairment is recorded under “Share in income of associates” in the consolidated income statement.

If Natixis’ share in the losses of a company consolidated using the equity method is greater than or equal to its interest in the company, Natixis ceases to take its share in future losses into account. In such cases, the investment is presented as having zero value. Associates’ additional losses are only provisioned if Natixis has a legal or implied obligation to hedge them or if it has made payments on behalf of the company.

●Joint operations are partnerships in which the parties exercising joint control of the operation have rights over its assets, and obligations with regard to its liabilities. An investment in a joint operation is recorded by including all of the interests held in the joint operation, i.e. the share in each of the assets, liabilities and other comprehensive income to which it is entitled.

These interests are broken down by type across the various items in the consolidated balance sheet, consolidated income statement and statement of net income/(loss) and other comprehensive income.

###### 2.2.3Significant influence over associates

Significant influence is the power to participate in the financial and operating policy decisions of the corporate entity owned without having control over such policies. A significant influence is presumed to exist if Natixis directly or indirectly owns at least 20% of the voting rights of the company in question. IAS 28 defines companies over which a significant influence is exercised as associates. These are consolidated using the equity method in accordance with the same terms as those applicable to joint ventures (see above), with the exception of Private Equity investments, which Natixis classifies under financial assets at fair value through profit or loss, in accordance with the option available under IAS 28.

##### 2.3Change in scope

In the event of an increase in Natixis’ percentage of ownership in an already-controlled entity, the difference between the acquisition cost of the additional percentage interest and the share in the entity’s net assets acquired at this date is recorded in “Consolidated reserves”. In the event that Natixis’ percentage of ownership in an entity decreases without resulting in a loss of control, the difference between the selling price and the carrying amount of the percentage interest sold is also recorded in “Consolidated reserves”.

The assumption of control through successive purchases of securities from an entity previously recognized in financial assets at fair value (through profit or loss or other comprehensive income) is shown as two transactions taking place upon the assumption of control:

●the disposal of securities previously recognized in assets at fair value through profit or loss; and

●the acquisition of all of the securities held after the assumption of control.

In such cases, goodwill is determined only once based on the fair value of the assets acquired and the liabilities assumed on the date that control over the entity is assumed.

In the event of the loss of control of a consolidated subsidiary, any equity share retained is measured at fair value and the gains or losses on disposal are recognized in “Gains or losses on other assets” in the consolidated income statement.

Gains or losses on disposals of associates are presented in “Gains or losses on other assets” in the consolidated income statement.

##### 2.4Treatment of put options granted to minority shareholders

The granting of put options to minority shareholders by Natixis has no impact on the determination of Natixis’ controlling interest in the subsidiary in question as long as the option is not exercised, unless Natixis also holds an immediately exercisable call option.

The granting of put options to minority shareholders has no impact on Natixis’ percentage interest in the subsidiary in question unless the put option is associated with the holding of a call option by Natixis, and the call and put options give immediate entitlement to the economic benefits attached to the underlying shares.

The granting of a put option to minority shareholders which does not transfer the risks and benefits associated with the underlying shares to Natixis prior to the option’s exercising, results in the recognition of a liability equal to the estimated present value of the option’s exercise price. The corresponding receivable is booked to shareholders’ equity, the carrying amount is deducted from non-controlling interests and the remainder is deducted from consolidated reserves (Group share). Subsequent changes in the liability related to adjustments to the exercise price of the put option are recorded in consolidated reserves (Group share).

Income generated from non-controlling interests subject to put options is presented in “Net income/loss for the period – share attributable to non-controlling interests” in the consolidated income statement.

##### 2.5Business combinations and goodwill

###### 2.5.1Business combination

The following accounting treatment is applied to business combinations giving rise to control:

●IFRS 3 before revision if they occurred prior to January 1, 2010, except for those that occurred before January 1, 2004. On the initial application date of IFRS, Natixis chose the option offered by IFRS 1 “First-time adoption of IFRS” to not retrospectively restate business combinations made prior to January 1, 2004 in accordance with the provisions of IFRS 3;

●revised IFRS 3 (IFRS 3R) if they occur after January 1, 2010. IFRS 3R can be applied in a forward-looking manner to business combinations if their acquisition date is the same or later than the adoption date of IFRS 3R.

In accordance with IFRS 3 (pre- or post-revision), business combinations are recorded using the acquisition method. Under the acquisition method, the identifiable assets and liabilities of the acquired entity are measured at their fair value at the valuation date.

The method used to measure non-controlling interests and goodwill may differ depending on whether IFRS 3 or IFRS 3R is applied.

●Application of IFRS 3 to business combinations carried out before January 1, 2010:

●non-controlling interests are determined based on their share in the identifiable net assets of the acquired entity, measured at their fair value at the purchase date (partial goodwill method),

●goodwill is the difference between the cost of the business combination and the share of the purchasing entity’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities;

●Application of IFRS 3R to business combinations carried out after January 1, 2010:

●for each business combination, Natixis chose to determine non-controlling interests:

■either based on their share in the identifiable net assets of the acquired entity, measured at their fair value at the purchase date, and therefore without recognizing goodwill on the non-controlling interests (partial goodwill method), or

■based on their fair value at the purchase date, resulting in the recognition of goodwill, both for the Group share and the non-controlling interests (full goodwill method);

●hence, goodwill is a residual item determined as the difference between (i) the sum of the purchase price, the fair value at the purchase date of the percentage interest held in the acquired entity prior to the purchase date, and the amount of the non-controlling interests (determined using the partial goodwill method, in the majority of cases, or the full goodwill method) and (ii) the net amount of the assets and liabilities assumed, measured at their fair value at the purchase date.

Positive goodwill is recorded on a separate line on the asset side of the balance sheet if it relates to a controlled entity. It is allocated at the purchase date to one or more cash-generating units (CGUs) expected to benefit from the acquisition and is not amortized. It is tested for impairment at least once a year, and more often where there is objective evidence of impairment. The impairment test consists of comparing the net carrying amount of the CGU or group of CGUs including goodwill with its recoverable value.

A controlled entity’s negative goodwill is immediately recognized in income under “Change in value of goodwill”.

Goodwill related to an associate or joint venture is included in the carrying amount of “Investments in associates” under assets if it is positive; however, it cannot subsequently be amortized. It is tested for impairment at least once a year. If it is negative, it is immediately recognized in income under “Share in income of associates”.

Specific case of business combinations carried out under joint control

Combinations of entities or operations under joint control are understood to be combinations in which several operations are combined and all of the interested parties (entities or operations) are ultimately controlled by the same party or parties for a relatively long period before and after the combination. Such combinations do not fall within the scope of IFRS 3R.

Barring clarification of IFRS 3R on the accounting treatment of business combinations under joint control, Natixis applies a method based on historical carrying amounts to such transactions. According to this method, the difference between the price paid and Natixis’ share in the historical carrying amounts of the assets and liabilities of the acquired entity is recorded as a deduction from shareholders’ equity. In effect, in using this method, any goodwill and valuation differences resulting from the application of the acquisition method are deducted from shareholders’ equity.

The carrying amounts used are those listed in the consolidated financial statements of the ultimate parent company at the date of completion of the transaction.

Transactions involving two entities controlled by Natixis and those involving an entity controlled by Natixis and an entity controlled by BPCE are considered to have been carried out by entities under joint control.

###### 2.5.2Principles adopted for the measurement and recognition of the transactions resulting in the creation of Natixis in 2006

The assets contributed by the former CNCE to Natixis fall into two categories:

●shares in the Corporate & Investment Banking and service subsidiaries;

●a portion of the cooperative investment certificates (CICs) conferring entitlement to the share capital of the Caisses d’Epargne.

The contribution values used for consolidation purposes in respect of both categories of assets are the carrying amounts of these assets in the former CNCE’s consolidated financial statements, restated in accordance with IFRS as adopted in the European Union.

Other transactions affecting the structure of the Group that led to the creation of Natixis were accounted for by the acquisition method for consolidation purposes, in accordance with IFRS 3.

Goodwill arising in connection with the above-mentioned business combination on December 31, 2006 was accounted for as follows:

Differences concerning the contributed entities that make up Natixis in 2006

As the contributions were recognized at their net carrying amount under IFRS, no valuation adjustments have been recorded for the various assets and liabilities contributed. The difference between the acquisition cost and the Group’s interest in the net assets of the contributed entities does not constitute goodwill within the meaning of IFRS 3, since the acquisition cost takes into account the real value of the shares, while the contributions were recognized at their net carrying amount. Each of the differences observed was recognized in “Consolidated reserves”.

An amount of €3,170 million was charged against the share premium in this respect as at December 31, 2006.

Goodwill on other transactions

The goodwill arising from the transaction resulting in the creation of Natixis amounted to €484 million, which breaks down as follows: €229 million for the former IAMG, €21 million for the former IXIS CIB and €8 million for the former Novacrédit, plus the goodwill recorded in “Investments in associates” relating to the Caisse d’Epargne CICs for €190 million, and the Banque Populaire CICs for €36 million.

Since then, goodwill relating to the former IXIS CIB has been fully written-down.

In light of the sale of the cooperative investment certificates during fiscal year 2013, the associated goodwill is no longer included in the consolidated balance sheet.

###### 2.5.3Goodwill

Excluding translation adjustments (-€205 million), goodwill fell by -€108 million in 2025 (see Note 7.12).

###### 2.5.4Goodwill impairment tests

All items of goodwill are impaired, based on the value in use of the cash-generating units (CGUs) to which they have been allocated.

The determination of values in use primarily relied on the updating of the estimate of future flows of CGUs, using the Discounted Cash Flows (DCF) method, as determined by the latest forecasts for the results of the business lines reassessed in an uncertain economic environment.

As at December 31, 2025, the following assumptions were used:

●estimated future cash flows: forecast data from the latest multi-year profit trajectory forecasts for the business lines;

●perpetual growth rate: the perpetual rate set at 2% (unchanged from 2024) for the Asset & Wealth Management CGUs and for the M&A activity of Corporate & Investment Banking (CIB), due to the prospects for sustained growth in their activity;

●discount rate: use of a differentiated rate per CGU: 10.3% for Asset & Wealth Management (10.9% at December 31, 2024), 10.7% for CIB (11.1% at December 31, 2024)

●market data is calculated based on a one-year history.

In addition, and in more detail, the discount rates were determined by taking into account, for the Asset & Wealth Management and CIB CGUs, the weighted average of the 10-year OAT (60%) and the 10-year US Treasury (40%) over a one-year time horizon.

A risk premium calculated on the basis of a sample of companies representative of the CGU is then added to these rates, averaged over a depth of one year.

For CIB, the fact that goodwill comes exclusively from the M&A activity led to carrying out the valuation exercise on the sole scope of M&A while enriching the valuation methods used (multi-criteria approach including a DCF approach, as well as valuation methods by market multiples and comparable transactions) in line with the previous fiscal year.

These tests did not result in the recognition of impairment losses at December 31, 2025.

A 50 bp increase in discount rates combined with a 50 bp decrease in perpetual growth rates would reduce the value in use of CGUs by:

●-6.0% for the Asset & Wealth Management CGU;

●-9.9% for the Corporate & Investment Banking CGU (on M&A activity);

and would not lead to the recognition of any impairment losses for these CGUs.

The sensitivity to key assumptions does not significantly affect the recoverable amount of the CGUs:

●The main sensitivity factor for Asset & Wealth Management is the evolution of the equity market. The negative impact of the decline in share prices on the recoverable value of the CGU would be around 7% (for a uniform 10% decline in indices over all years from 2026 onwards) and would not result in the recognition of an impairment loss. The second source of sensitivity for Asset and Wealth Management comes from interest rate fluctuations (short-term EUR rates and 10-year long-term rates), but with no significant impact on the recoverable value of the CGU;

●For the Corporate & Investment Banking CGU (for the M&A activity), the sensitivity to the dollar would have an immaterial impact on the recoverable amount and would not lead to the recognition of an impairment.

##### 2.6Subsidiaries held for sale

The assets and liabilities of controlled entities which Natixis intends to sell within a maximum period of 12 months, and for which it is actively seeking a buyer, are identified separately on two specific lines of the consolidated balance sheet as non-current assets and liabilities.

A group of assets and liabilities held for sale may be a group of CGUs, a CGU or part of a CGU. The group may include the entity’s assets and liabilities, including current assets, current liabilities and assets that are outside the scope of the measurement provisions under IFRS 5. If a non-current asset within the scope of the measurement provisions under IFRS 5 is part of a group held for sale, the measurement provisions under IFRS 5 apply to the group as a whole, which means that the group is measured at the lower of its carrying amount or its fair value net of selling costs.

When the fair value of the group of assets and liabilities is lower than their overall net carrying amount, Natixis limits the amount of impairment to non-current assets (goodwill, intangible assets and property, plant and equipment) measured in accordance with IFRS 5.

Disposal of MV Credit

On January 31, 2025, Natixis Investment Managers sold its subsidiary "MV Credit" to the US investment company Clearlake Capital Group.

At December 31, 2024, Natixis, through Natixis Investment Managers, had continued to fully consolidate the subsidiary and, in accordance with IFRS 5 "Non-current assets held for sale and discontinued operations", presented the assets and liabilities of this entity under two separate balance sheet headings.

Sale of Vauban Infrastructure Partners (“Vauban”)

Natixis Investment Managers has reached an agreement to sell 24.99% of the capital of Vauban Infrastructure Partners ("Vauban") to Investcorp Strategic Capital Group, a global platform specializing in equity investments in asset management companies.

Following this sale, Natixis Investment Managers will no longer control Vauban, but will continue to hold a 24.99% stake in the entity, which it will then consolidate using the equity method.

At December 31, 2025, Natixis, through Natixis Investment Managers, continued to fully consolidate "Vauban" and, in accordance with IFRS 5 "Non-current assets held for sale and discontinued operations", presented the assets and liabilities of this entity under two separate balance sheet headings: "Non-current assets held for sale" and "Liabilities related to non-current assets held for sale".

##### 2.7Standardization of individual data and treatment of intra-group transactions

Prior to consolidation, the parent company financial statements of companies included in the scope of consolidation are restated, if necessary, to bring them into line with Natixis’ accounting policies described below.

The impact on the balance sheet and income statement of internal transactions carried out between fully-consolidated entities is eliminated. The internal profits or losses of entities consolidated using the equity method are eliminated to the extent of Natixis’ percentage interest in the joint venture or associate.

##### 2.8Natixis’ institutional operations

In accordance with Article 151 of the Finance law for 2023 of December 30, 2022 published in the Official Journal on December 31, 2022, the activities carried out by Natixis, as agent of the State, were transferred to Bpifrance Assurance Export on January 1, 2023.

However, forward financial instruments entered into before December 31, 2022 by Natixis in its own name and on behalf of the French State to hedge the latter’s interest rate risk (resulting from the interest rate stabilization procedure for export credits) were not transferred. Natixis remains responsible for managing these contracts until the end of the last contract on September 29, 2036.

##### 2.9Currency conversion of the statements of foreign subsidiaries and branches

Natixis’ consolidated financial statements are prepared in euros.

The balance sheets of foreign subsidiaries and branches whose functional currency is not the euro are translated into euros at the exchange rate on the closing date, except for share capital, reserves and capital allocations, which are translated at the historical exchange rate. Income and expenses are translated at the average exchange rate for the period. Any resulting translation adjustments arising, regarding both balance sheet and income statement items, are recognized in shareholders’ equity under “Translation adjustments” for the portion attributable to the Group and “Non-controlling interests” for the portion attributable to third parties.

In the event of the total or partial disposal of an entity or the capital repayment of an entity, translation adjustments are reclassified as income in proportion to the cumulative amount of the exchange differences recognized in recyclable shareholders’ equity under “Translation adjustments”.

Natixis elected to use the option available under IFRS 1 on first-time adoption, namely to transfer the cumulative balance of the translation adjustments existing as at January 1, 2004 to consolidated reserves. If a foreign entity is subsequently sold, the gain or loss on the disposal will include only those translation adjustments arising after January 1, 2004.

#### Note 3Scope of consolidation

##### 3.1Changes in the scope of consolidation since January 1, 2025

The primary changes in scope that have taken place since January 1, 2025 are as follows:

###### 3.1.1Corporate & Investment Banking

Newly consolidated entities

●Consolidation of the Financière de Courcelles entity using the equity method in the first quarter of 2025. This entity is owned by Natixis Partners and Audere Partners at 20% each;

●Creation and consolidation of the Natixis Gift City Branch through full integration in the third quarter of 2025, wholly owned by Natixis. This creation is part of a strategic plan to develop CIB's activities in India. Financing (origination and syndication) will be carried out primarily by the Real Assets, Investment Banking, and Global Trade business lines.

Deconsolidated entities

●Deconsolidation of Natixis Structured Products Ltd. following its liquidation in the first quarter of 2025;

●Deconsolidation of the Natixis Trust entity due to its fall below the consolidation thresholds in the second quarter of 2025.

Changes in percentage of ownership

●Ownership of Solomon Partners, LP and Solomon Partners Securities Company LLC increased from 64.25% to 67.54% following the exercise of put options in the second quarter of 2025;

●The control and interest rates of the Clipperton entity decreased from 34.15% to 33.57% in the third quarter of 2025 due to a capital increase fully subscribed by minority shareholders;

●The control and interest rates of Azure Capital Holdings Pty Ltd, The Azure Capital Trust, and Azure Capital Limited decreased from 76.41% to 70.17% in the third quarter of 2025, mainly due to the review of compensation plans;

●The control and interest rates of Fenchurch Advisory Partners LLP decreased from 80.84% to 79.86% in the fourth quarter of 2025.

###### 3.1.2Asset & Wealth Management

Newly consolidated entities

●In the first quarter of 2025, two entities involved in the management of AEW Capital Management's real estate funds, AEW TAPT GP, LLC in the United States and AEW EHF Lux GP S.à r.l. in Luxembourg, entered the scope of consolidation;

●The DNCA Quadro fund was consolidated at the end of March 2025, following the breach of consolidation thresholds;

●The DNCA Strategic Resources fund was consolidated at the end of June 2025, following the breach of consolidation thresholds;

●As part of its development in Europe, DNCA Finance created a new branch in Spain in October 2025, DNCA Finance Sucursal en España. This branch was consolidated in the fourth quarter of 2025;

●As part of the reorganization of Mirova's operations in Europe, the activities of Mirova's UK subsidiary, Mirova UK Limited, were transferred in the fourth quarter of 2025 to a new UK branch of Mirova France, Mirova UK Branch. This branch was consolidated in the fourth quarter of 2025;

●The Flexstone Private Equity Opportunities FCPR fund was consolidated at the end of December 2025, following the breach of consolidation thresholds.

Deconsolidated entities

●In the first quarter of 2025, Natixis IM sold its affiliate MV Credit, a specialist in private debt, to Clearlake Capital, a US multi-boutique investment company. This transaction includes the sale of the following six entities: MV Credit Limited, MV Credit LLP, MV Credit SARL, MV Credit SARL, French branch, MV Credit CLO Equity SARL and MV Credit Euro CLO III [Funds];

●Ostrum's Italian branch, Ostrum Asset Management Italia, was closed in December 2025;

●The DNCA Strategic Resources fund, which had been consolidated at the end of June 2025 due to exceeding consolidation thresholds, was deconsolidated at the end of December 2025 following the full repayment of the seed money investment in the fund;

●As part of the winding up of the EPISO real estate fund, managed by AEW Europe, EPISO SLP LLC, which was involved in setting up the fund, was liquidated in the fourth quarter of 2025.

Changes in percentage of ownership

●Following partial divestments of seed money and changes in fundraising from external investors, Natixis IM's controlling interest and stake in the Loomis Sayles Sakorum fund fell from 55% to 38% in the third quarter of 2025;

●Following partial divestments of seed money and changes in fundraising from external investors, the control and interest rates in the Loomis Sayles Global Allocation fund fell to 41% in the fourth quarter of 2025 (compared with 57% at the end of December 2024);

●Following a capital increase by the company and a share buyback, the ownership stake in Dorval rose from 99.7% to 100% in the second quarter of 2025, with Dorval being wholly owned by Natixis Wealth Management (see below) since July 1, 2025 (see below);

●Natixis IM's stake in Investors Mutual Limited increased during the third quarter of 2025, following the repurchase of shares. The control and interest rate therefore rose from 75.90% to 81.75%;

●As part of the merger of the activities of Mirova, a subsidiary of Natixis IM dedicated to responsible investment, and Thematics AM, a subsidiary of Natixis IM specializing in thematic investment, Thematics AM became a wholly-owned subsidiary of Mirova in the fourth quarter of 2025, through successive contributions and transfers of securities. Following these transactions, the control and interest rates in Thematics AM changed to 100% and 99% respectively, and Natixis IM's interest rate in the eight Mirova entities (see comparative scope) changed from 100% to 99% as of December 31, 2025.

Other transactions

●On January 1, 2025, Natixis IM acquired part of Natixis Wealth Management's stake in Vega Investment Managers. At the same time, Natixis IM International brought to Vega IM its NIM Solutions management activities and its support services dedicated to Groupe BPCE networks as well as employee savings schemes. Following this transaction, the new entity, renamed VEGA Investment Solutions, is 51% owned by Natixis IM and 49% by Natixis Wealth Management;

●HSBC Epargne Entreprise, which had been acquired by Natixis Interépargne in November 2024, was the subject of a universal transfer of assets and liabilities to Natixis Interépargne in the first quarter of 2025;

●In the third quarter of 2025, Natixis IM sold its entire stake in Dorval Asset Management to Natixis Wealth Management.

###### 3.1.3Corporate Center

●No transactions in 2025.

##### 3.2Impact of acquisitions and disposals

The effects of acquisitions and disposals are mainly as follows at December 31, 2025:

●Puts on non-controlling interests existing at the beginning of the fiscal year (excluding Thematics) generated an impact of -€9.0 million, mainly due to the effect of the valuation of the financial debt representing these puts of -€8.3 million for Natixis CIB and -€0.7 million for Natixis IM. In addition, the transfer of the share of net non-controlling interests amounted to -€7.7 million at December 31, 2025;

●The merger of the activities of Mirova, a subsidiary of Natixis IM specializing in responsible investment, and Thematics AM, also a Natixis IM entity focused on thematic investing, had an impact of -€16.0 million resulting from the buyback of all non-controlling interests in Thematics combined with the cancellation of Thematics AM puts and the implementation of liquidity contracts. The share of non-controlling interests transferred in this respect during the fiscal year amounts to -€3.5 million;

●The effect of the buyback of 6% of non-controlling interests in Investors Mutual Ltd on the Asset Management division for -€2.6 million;

●The effect of recycling as a result of translation adjustments following the repayment of capital by branches for -€3.1 million;

●The effect of recycling the HTCS CLO III portfolio linked to the sale of the MV Credit entity for -€5.5 million.

The effects of acquisitions and disposals are mainly as follows at December 31, 2024:

●Concerning puts on non-controlling interests at the beginning of the fiscal year of -€54,9 million. These effects are related to the change in the fair value of these puts over the period for -€73.5 million, generated by the revaluation of the financial debt for -€57.0 million on the Natixis CIB division, for -€16.5 million on the Natixis IM division, and by the unwinding of the discount on this same financial debt for +€18.6 million on Natixis IM. The transfer of the change in the share of net non-controlling interests of these entities representing these puts was worth -€0.2 million over the period;

●The effect of the valuation of the new Fenchurch put for -€23.2 million, corresponding to the sale of 19.12% of the capital to minority shareholders;

●The effects of recycling to profit or loss the translation adjustments arising from the repayment of capital by the New York ($450 million), Hong Kong ($125 million) and Labuan ($25 million) branches for -€41.8 million;

●The effects of recycling to profit or loss the translation adjustments arising on the disposal of the Natixis Bank JSC, Moscow subsidiary for +€21.0 million.

##### 3.3Interests in subsidiaries

###### 3.3.1Material non-controlling interests

As of December 31, 2025, Natixis held non-controlling interests for €83 million (€80 million as at December 31, 2024). The profit allocated in 2025 to holders of non-controlling interests is €58 million (€66 million in 2024). Dividends paid in 2025 to non-controlling interests amounted to €66 million (€52 million in 2024).

###### 3.3.2Material restrictions

Legal, regulatory or contractual restrictions may restrict Natixis’ ability to freely transfer or use assets between Natixis entities.

Significant restrictions on subsidiaries’ ability to transfer cash to another Natixis entity

Despite the application of exchange controls in some countries, Natixis did not encounter difficulties transferring the dividends of subsidiaries located in these countries during the period.

Significant restrictions related to liquidity reserves

Natixis is subject to a liquidity risk surveillance framework requiring it to set up a liquidity reserve limiting the use of the assets making up the reserve (see Chapter [3] “Risk factors, risk management and Pillar III” Section [3.2.8] “Asset-liability management” of the 2025 universal registration document).

Some entities are also subject to local regulations concerning liquidity and solvency.

Significant restrictions on Natixis’ ability to use certain assets

The share of encumbered assets that cannot be freely used is presented in Section [3.3] of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

##### 3.4Interests in partnerships and associates

###### 3.4.1Types of partnerships and associates with which Natixis has dealings

Partnerships (joint operations and joint ventures)

Natixis does not have interests in partnerships (joint operations and joint ventures) that have an impact on Natixis’ consolidated financial statements.

The main equity investment held by Natixis at December 31, 2025 was EDF Investment Group (EIG).

◗Table summarizing investments in associates

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Value of the investments in associates | Net income | Gains and losses recorded directly in shareholders’ equity | Value of the investments in associates | Net income | Gains and losses recorded directly in shareholders’ equity
Joint ventures |  |  |  |  |  |
Associates | 1,059 | 28 | 0 | 1,049 | 23 | 1
EDF Investment Group (EIG) | 1,044 | 33 | 0 | 1,033 | 18 | 1
Ecofi Investissements | 3 | (0) |  | 4 | (1) |
Audere Partners | 1 | (4) |  | 5 | 4 |
Clipperton Holding (a) | 8 | (0) |  | 8 | 2 |
Financière de Courcelles (a) | 3 | 0 |  |  |  |
Other entities | 0 | 0 |  | 0 |  |
TOTAL | 1,059 | 28 | 0 | 1,049 | 23 | 1

(a)See Note 3.1.1.

###### 3.4.2Summarized financial information pertaining to material joint ventures and associates

The summarized financial data pertaining to material associates and/or joint ventures under significant influence are presented below.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
EDF Investment Group (EIG) | EDF Investment Group (EIG)
Valuation method | Associate | Associate
Dividends paid | 197 | 167
Main aggregates |  |
TOTAL ASSETS | 7,740 | 7,718
TOTAL DEBT | 178 | 198
Income statement |  |
Pre-tax profit | 315 | 275
Income tax | (79) | (69)
Net income | 236 | 206
Gains and losses recorded directly in shareholders’ equity | (4) | (7)

The data for EIG established on December 31, 2025 comply with IFRS as adopted by the European Union on that date and with the accounting principles and valuation methods applied to Natixis’ consolidated financial statements as presented in Note 5.

See below the financial information reconciliation table with the carrying amount calculated using the equity method.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
EDF Investment Group (EIG) | EDF Investment Group (EIG)
Shareholders’ equity of the associate | 7,562 | 7,520
Percentage of ownership | 13.78% | 13.78%
Natixis’ share in the associate’s shareholders’ equity | 1,044 | 1,033
Goodwill |  |
Impairment |  |
Value of the investment in the associate | 1,044 | 1,033

###### 3.4.3Nature and scope of restrictions

Natixis did not encounter significant restrictions on interests held in associates and joint ventures.

###### 3.4.4Risks associated with interests in joint ventures and associates held by entities

There are no unrecognized shares in the losses of joint ventures or associates over the period following the application of the equity method.

#### Note 4Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are managed by means of contractual agreements.

Structured entities generally have one or more of the following characteristics:

●restricted and narrowly-defined activities and objectives;

●limited or non-existent shareholders’ equity that is insufficient to allow it to finance its activities without subordinated financial support;

●financing in the form of multiple contractually linked instruments that create concentrations of credit or other risks (tranches);

●few or no employees.

##### 4.1Scope of the structured entities with which
Natixis has dealings

###### 4.1.1General principles

In accordance with IFRS 12, Natixis discloses information for all of the structured entities in which it holds interests and for which it acts in one or more of the following roles:

●originator/structurer/arranger;

●placement agent;

●manager of relevant activities; or

●any other role in which it has a decisive impact on the structuring or management of the transaction.

Interest in an entity is understood to mean a contractual or non-contractual relationship that exposes the entity to the risk of variable returns associated with the performance of the other entity. Interests in other entities may be evidenced by, among other things, ownership of equity instruments or debt securities, as well as by other links, such as financing, cash loans, credit enhancement and the issuing of guarantees or structured derivatives.

Consequently, the following are not included in the consolidation scope (IFRS 10) or in the scope applicable to the disclosure of additional information (IFRS 12):

●structured entities linked to Natixis solely through an ongoing transaction. This corresponds to an unstructured financial instrument which does not generally have a material impact on the variability of the structured entity’s returns and which may be concluded by Natixis with structured entities or with traditionally-governed entities alike. Ongoing transactions are most commonly:

●vanilla fixed-income/currency derivatives, derivatives with other underlying assets, and the lending/borrowing of securities and repos,

●guarantees and plain vanilla financing granted to family SCIs or certain holding companies;

●external structured entities in which Natixis acts as a simple investor. These are:

●investments in external mutual funds not managed by Natixis, with the exception of those in which Natixis owns virtually all of the units,

●interests held in external securitization vehicles for which Natixis acts simply as a non-controlling investor,

●a restricted scope of interests held in real estate funds and external Private Equity funds for which Natixis acts simply as a non-controlling investor.

The structured entities with which Natixis has dealings can be categorized into four groups: entities created within the context of Structured Financing, Asset Management funds, securitization vehicles and entities established for other types of transactions.

In accordance with IFRS 10, consolidation analyses of structured entities are performed taking into account all of the criteria referred to in Note 2.2.1.

###### 4.1.2Structured Financing transactions

In order to meet financing requirements for movable assets (involving air, sea or land transportation), real estate, corporate acquisitions (LBO financing) or commodities, Natixis may be required to create structured entities for a specific financial transaction on behalf of a client.

These structures are, for the most part, self-managed. In the case of leasing contracts, the transaction must be structured such that its income always amounts to zero. This means that only default events are able to modify the structured entity’s income, by leading to the disposal of the rights over the assets once the guarantees have been exercised. Natixis has the power to have the assets sold in the case of a default event, acting either alone or via the bank syndicate’s agent. This right equates to a protective right because Natixis would never benefit from the income from the sale beyond the amount of the balance due under the loan agreement. Natixis does not therefore have power over such entities’ relevant activities.

If auto-pilot mechanisms are not in place for these structures, it is generally the sponsor who oversees activities which are relevant and which generate returns. As previously, Natixis’ rights as lender are protective rights limited to the amount of its receivable. Natixis does not therefore have power over such entities’ relevant activities.

In addition, Natixis is rarely a shareholder in such entities and, when it is, it generally holds a non-controlling interest. The entities for which Natixis is the majority shareholder are limited in number and do not have a material impact on the consolidated financial statements.

###### 4.1.3Asset Management transactions

Mutual funds

In general, seed money investments held for less than one year were not consolidated.

###### Non-guaranteed mutual funds

In the context of mutual funds, relevant activities are investment and divestment activities involving securities in fund assets. These activities are managed in a discretionary manner on behalf of investors by Natixis Investment Managers’ and Natixis Wealth Management’s management companies.

The compensation of Natixis Investment Managers and Natixis Wealth Management as managers is marginal compared with the returns generated for investors. Indeed, the management and incentive fees are obtained on the market and are consistent with the services rendered, since the asset management activity takes place on a competitive and international market.

In the absence of rights held by third parties (e.g. withdrawal or fund redemption/liquidation rights), the control of mutual funds managed by Natixis Investment Managers and Natixis Wealth Management is assessed according to the combined interests held by the Natixis’ entities and business lines:

●as managers, Natixis Investment Managers and Natixis Wealth Management do not invest in the funds and generally own only a few units;

●other Natixis entities and business lines may hold non-controlling interests, intended mainly to meet cash investment needs.

A fund is subject to consolidation:

●if Natixis acts as principal, i.e. if Natixis is a manager and is not revocable by a limited number of people and if Natixis holds a large enough material interest to conclude that it controls the fund; or

●if Natixis is not a manager but owns virtually all of the units.

Non-guaranteed mutual funds subject to consolidation but not consolidated due to their materiality are listed in Note 16.1.

###### Guaranteed mutual funds

Natixis guarantees the capital and/or performance of certain mutual funds. These packaged funds are passively-managed funds. Once the structuring is established initially, it is fixed for the fund’s entire lifetime. Natixis has relatively limited exposure to negative variable returns thanks to the fund’s strict management by Natixis TradEx Solutions and a robust risk control framework put in place upon structuring and monitored throughout the fund’s lifetime. These controls significantly limit the risk of guarantee activation.

As with non-guaranteed mutual funds, guaranteed mutual funds are subject to consolidation under IFRS 10 whenever Natixis acts as principal (e.g. Natixis acts as a non-revocable manager and holds a material interest). Guaranteed mutual funds subject to consolidation but not consolidated due to their materiality are listed in Note 16.1.

Real estate funds

The relevant activities of these funds are those involving the investment and divestment of real estate assets. These funds are managed on behalf of investors by Natixis Investment Managers’ management companies (AEW Europe, AEW Central Europe, etc.).

With regard to compensation, the returns received by Natixis include income received by Natixis as a management company (management fees, incentive fees, outperformance fees, etc.) and as an investor (dividends).

A fund is subject to consolidation if Natixis acts as principal (e.g. Natixis is a manager and is not revocable by a limited number of people and holds material variable returns). Real estate funds subject to consolidation but not consolidated due to their materiality are listed in Note 16.1.

Private Equity funds

As part of its Private Equity operations, Natixis makes equity investments in unlisted companies via Private Equity investment vehicles (Fonds Communs de Placement à Risque – FCPRs – Private Equity investment funds and SICARs – Sociétés d’Investissement à Capital Risque – venture capital companies) and limited partnerships which it typically manages.

The analysis criteria for IFRS 10 consolidation applied to Private Equity funds are the same as those applied to real estate funds. A fund is subject to consolidation if Natixis acts as principal (e.g. Natixis is a manager and is not revocable by a limited number of people and holds material variable returns). Private Equity funds subject to consolidation but not consolidated due to their materiality are listed in Note 16.1.

###### 4.1.4Securitization transactions

Securitization vehicles

Securitization transactions are generally constituted in the form of structured entities used to segregate assets or derivatives representative of credit risks. Information on the risk management of securitization transactions is presented in Section [3.2.5] of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

The purpose of such entities is to diversify and tranche the underlying credit risks, most often with a view to their acquisition by investors seeking a certain level of compensation based on the level of risk assumed.

The assets of these vehicles, and the liabilities they issue, are rated by rating agencies, which continually monitor the suitability between the level of risk associated with each tranche sold and the rating attributed.

The following types of securitization are encountered at Natixis and involve structured entities:

●transactions through which Natixis (or a subsidiary) transfers credit risk relating to one of its asset portfolios to a dedicated vehicle in cash or synthetic form;

●securitization transactions on behalf of third parties. These transactions consist in placing the assets of a third-party company in a dedicated structure (generally a special purpose entity [SPE] or a conduit). The SPE issues units that may in some cases be subscribed to directly by investors, or subscribed to by a multi-seller conduit which refinances the purchases of its units by issuing short-maturity “notes” (treasury notes or commercial paper).

Natixis is mainly involved in these entities in its capacity as:

●structurer/arranger of securitization transactions;

●originator of securities or loans held as assets pending securitization;

●credit risk intermediary between the market and the securitization entity.

Securitization vehicles subject to consolidation but not consolidated due to their materiality are listed in Note 16.1.

Natixis is also the sponsor of two ABCP (asset-backed commercial paper) conduits: Magenta and Versailles.

The Versailles conduit is consolidated, with Natixis holding power over activities relevant to the conduit enabling it to influence its returns, given its prominent role in choosing and managing acquired receivables as well as managing the issue program.

In contrast, given that Natixis is not part of the governing body holding the power to decide on the Magenta conduit’s relevant activities, it is not consolidated in Natixis’ financial statements.

Management of CDO Asset Management structures

Natixis Investment Managers is involved in such funds as manager of the underlying portfolio for third-party investors. Its role is strictly defined by the portfolio management agreement, which never provides it with effective control of the structure but rather with the role of agent. Furthermore, neither Natixis Investment Managers nor any other Natixis entity holds a material interest in these funds. Natixis is therefore not significantly exposed to the variability of returns.

###### 4.1.5Other transactions

●Natixis controls a certain number of vehicles whose purpose is to manage operating property and non-operating property. The relevant activity is mainly the management of property as sources of returns for shareholders. Natixis generally has power over these activities. Such SPEs are consolidated once Natixis has a material interest and if they are material to the consolidated financial statements of Natixis.

●Natixis Coficiné has relationships with:

●structured entities created by producers to host a film production. Coficiné is involved only as a lender. It has no stake in the entity, which is wholly owned by the producer. Coficiné does not participate in managing the entity, as activity falls within the remit of the producer. Coficiné, and therefore Natixis, has no power over the relevant activities of these structured entities and has no control under IFRS 10;

●Film Industry Financing companies (SOFICA). Natixis holds a non-material stake in these SOFICAs and receives management fees at market rates consistent with the services rendered. Natixis does not hold any other interests in these structured entities. They are therefore not subject to consolidation under IFRS 10.

##### 4.2Interests held in non-consolidated structured entities

The table below shows the (i) carrying amount of interests held by Natixis in structured entities, broken down by major activities, as well as (ii) the maximum exposure to the risk of loss attributable to these interests.

As well as the breakdown of Natixis’ interests in these entities, the table below also provides information on the size of the entities. This information is reported on an aggregate basis, in which all entities that Natixis has an interest in, regardless of the level of the interest, are grouped together by business.

The size of structured entities equates:

●for Securitization, to the total issues on the liability side of the balance sheet;

●for Asset Management, to the fund’s net assets;

●for Structured Financing, to the amount of the remaining outstanding loans due to banks in the pool (drawn outstandings);

●for other activities, to the balance sheet total.

The maximum risk exposure corresponds to the cumulative amount of interest recorded under balance sheet assets and commitments given, minus contingency reserves recorded under liabilities and guarantees received:

●the “Notional amount of derivatives” item corresponds to the notional amount of option and CDS sales agreed to by Natixis with structured entities;

●guarantees received are guarantees granted by third parties to Natixis to cover its exposure related to structured entities. They are only included on the “Guarantees received” line and are not deducted from the asset items.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Securi-tization | Asset Mana-gement | Structured Financing | Other activities | Total | Securi-tization | Asset Mana-gement | Structured Financing | Other activities | Total
Financial assets at fair value through profit or loss | 175 | 1,177 | 918 | 10 | 2,279 | 128 | 1,549 | 759 | 8 | 2,444
Trading derivatives | 5 | 14 | 119 | 5 | 144 | 19 | 14 | 66 |  | 99
Trading instruments (excluding hedging derivatives) | 126 | 5 | 799 | 0 | 930 | 51 |  | 693 | 0 | 744
Financial instruments measured using the fair value option |  |  |  |  |  |  |  |  |  |
Financial instruments to be valued at fair value through profit or loss | 43 | 1,157 | 0 | 4 | 1,205 | 59 | 1,534 | 0 | 8 | 1,601
Financial assets at fair value through other comprehensive income |  |  | 74 |  | 74 |  |  | 110 | 0 | 110
Financial assets at amortized cost | 3,874 | 706 | 9,879 | 164 | 14,623 | 6,136 | 827 | 9,868 | 658 | 17,488
Miscellaneous assets | 52 | 6 | 248 |  | 306 | 86 | 36 | 414 | 14 | 550
TOTAL ASSETS | 4,101 | 1,888 | 11,120 | 173 | 17,283 | 6,350 | 2,412 | 11,150 | 680 | 20,592
Financial liabilities at fair value through profit or loss (derivatives) | 0 |  | 275 | 20 | 295 | 1 |  | 207 |  | 208
Provisions | 1 |  | 23 | 1 | 24 | 1 |  | 18 | 1 | 19
TOTAL LIABILITIES | 1 |  | 298 | 21 | 319 | 2 |  | 225 | 1 | 227
Financing commitments given | 6,222 | 7 | 3,061 |  | 9,290 | 7,432 | 64 | 3,016 | 39 | 10,551
Guarantee commitments given |  | 83 | 2,902 |  | 2,985 | 126 | 91 | 2,110 |  | 2,327
Guarantees received | 140 |  | 3,909 |  | 4,049 | 1,705 |  | 6,230 | 15 | 7,951
Notional amount of sales of options and CDS | 142 |  | 6,813 | 12 | 6,967 | 131 |  | 4,592 |  | 4,722
MAXIMUM EXPOSURE TO RISK OF LOSS | 10,324 | 1,979 | 19,964 | 185 | 32,452 | 12,333 | 2,567 | 14,620 | 703 | 30,223

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Securi-tization | Asset Mana-gement | Structured Financing | Other activities | Total | Securi-tization | Asset Mana-gement | Structured Financing | Other activities | Total
Size of structured entities | 148,710 | 134,512 | 62,839 | 1,446 | 347,507 | 147,134 | 138,302 | 49,107 | 1,384 | 335,927

##### 4.3Non-consolidated structured entities in which Natixis is involved only as a sponsor

With respect to information that must be disclosed under IFRS 12, Natixis sponsors a structured entity when both of the following indicators are met:

●Natixis is involved in the creation and structuring of the structured entity; and

●Natixis contributes to the entity’s success by transferring assets to it or by managing the structured entity’s relevant activities.

Where Natixis’ participation is simply as an advisor, arranger, custodian or placement agent, the structured entity is presumed not to be sponsored by Natixis.

Natixis plays the role of sponsor for:

●mutual funds initiated by a Natixis management company and in which Natixis holds no stake or any other interest. Reported income includes management and incentive fees received by Natixis, as well as profits and losses resulting from ongoing transactions with these funds;

●a US activity consisting of originating and selling real estate loans to securitization vehicles, created by Natixis with third parties and in which Natixis holds no interest. Reported revenues include structuring fees as well as capital gains and losses on the assignment of receivables;

●In addition, an entity is deemed to be sponsored by Natixis when its name incorporates the Natixis name.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Securitization | Asset Management | Other activities | Total | Securitization | Asset Management | Other activities | Total
Revenues drawn from the entities | 1 | 2,024 | 65 | 2,091 | 4 | 1,485 |  | 1,490
Revenues net of interest |  |  |  |  |  |  |  |
Revenues net of fees and commissions | 1 | 2,008 |  | 2,009 | 2 | 1,474 |  | 1,475
Net gains or losses on instruments at fair value through profit or loss |  | 16 | 65 | 81 | 2 | 12 |  | 14
Carrying amount of the assets transferred from the entity during the fiscal year (a) | 998 |  |  | 998 | 279 |  |  | 279

(a)The carrying amount of assets transferred to these vehicles corresponds to the assets sold by Natixis during 2025 and 2024, if the information on the amounts sold by all of the investors is not available.

##### 4.4Financial support to structured entities

Natixis did not grant any financial support to consolidated or non-consolidated structured entities.

#### Note 5Accounting principles and valuation methods

##### 5.1Financial assets (excluding hedging derivatives)

In accordance with IFRS 9 “Financial Instruments”, on initial recognition, financial assets are recorded at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss. For debt instruments, the classification depends on the business model applicable to the instruments in question and the characteristics of their contractual cash flows (whether they represent Solely Payments of Principal and Interest [SPPI] or not).

###### 5.1.1Business model

The business model represents the way in which Natixis manages its financial assets to produce cash flow and revenues. The entity must exercise judgment to determine the business model used.

The choice of business model must be made at a level which reflects the way in which groups of financial assets are managed collectively with a view to achieve a given economic objective. The business model is therefore not determined on an instrument by instrument basis, but rather at a higher level of aggregation, by portfolio.

The choice of business model must take into account all information regarding the manner in which cash flows were generated in the past, along with all other relevant information, for example:

●the way in which the performance of financial assets is assessed and presented to the main executive officers;

●the risks that have an impact on the business model’s performance, in particular the way in which these risks are managed;

●the way in which executive officers are paid (for example, if compensation is based on the fair value of assets under management or on the contractual cash flows received);

●the frequency, volume and purpose of sales.

IFRS 9 provides for three business models:

●hold to collect model: in this model, financial assets are held in order to receive contractual cash flows over the life of the assets. This model, under which the concept of “holding” is relatively similar to holding to maturity, remains valid if sales are made under the following conditions:

●the disposals are due to an increase in credit risk,

●the disposals occur just before maturity and at a price that reflects the contractual cash flows that are still owed,

●other disposals may also be compatible with the “hold to collect” model’s objectives if they are infrequent (even if their value is significant) or if their value is insignificant when considered both individually and overall (even if they are frequent),

●Natixis has established procedures requiring the reporting, prior analysis and regular monitoring of all major plans to sell financial assets held under the hold to collect model to ensure that the conditions required to classify assets under this business model are met at all times.

For Natixis, the hold to collect model applies mainly to financing (excluding the loan syndication activity) carried out by the Corporate & Investment Banking business;

●hold to collect and sell model: a mixed business model under which assets are managed with the objective of both receiving contractual cash flows and selling financial assets. In this model, financial assets are sold to achieve the purpose of the activity.

Natixis applies the “hold to collect and sell” model primarily to portfolio management activities for securities in the liquidity reserve;

●other model: a model intended for other financial assets, especially those held for trading, for which the collection of contractual cash flows is incidental.

This business model applies to the loan syndication activity and the capital markets activities carried out by Corporate & Investment Banking.

###### 5.1.2The SPPI test

A financial asset is considered as basic if its contractual terms give rise, on specific dates, to cash flows that are solely payments of principal and interest on the outstanding amount due.

The “principal” amount is defined as the financial asset’s fair value at its acquisition date. “Interest” is the consideration for the time value of money and the credit risk incurred on the principal amount, as well as other risks such as liquidity risk, administrative costs and the profit margin.

The instrument’s contractual terms must be taken into account to assess whether contractual cash flows are solely payments of principal and interest. All elements that may cast doubts as to whether only the time value of money is represented must therefore be analyzed. For example:

●events that would change the amount and date of the cash flows;

●the applicable interest rate features;

●prepayment and extension options.

For the borrower or lender, a contractual option permitting prepayment of financial instruments does not violate the SPPI test for contractual cash flows if the prepayment amount mainly represents the unpaid amounts of principal and interest and, if applicable, a reasonable additional compensation for the early termination of the contract.

If a clear determination cannot be made through qualitative analysis, quantitative analysis (a “benchmark test”) is carried out. This test involves comparing the contractual cash flows for the asset in question with the contractual cash flows of a benchmark asset.

Basic financial assets are debt instruments that include, in particular: fixed-rate or variable-rate debt securities, fixed-rate loans, variable-rate loans with no interest rate differential (mismatch) or indexation on a given rate value or a stock market index, as well as loans granted to support companies in their approach to sustainability through an incentive mechanism to revise the margin based on ESG criteria specific to the borrower or the achievement by the latter of sustainable development objectives.

Any contractual option that creates risk exposure or cash-flow volatility that is not consistent with a basic lending arrangement, such as exposure to fluctuations in the price of stocks or of a market index, or the introduction of leverage, would make it impossible to categorize contractual cash flows as “SPPI”.

Non-SPPI financial assets include mutual fund units and convertible bonds or mandatory convertible bonds with a fixed conversion ratio.

Natixis has introduced the operational procedures necessary to analyze the SPPI status of financial assets when they are initially recognized. A specific cash flow analysis is also carried out for securitization fund units or any other financial assets issued by structures that establish an order of payment priority between bearers and create concentrations of credit risk (tranches). Determining the SPPI status of these instruments requires an analysis of the contractual cash flows and credit risk of the assets concerned and of the portfolios of underlying financial assets (according to the look-through approach).

###### 5.1.3Financial assets at amortized cost

Financial assets recognized at amortized cost correspond to debt instruments, in particular loans and receivables due from banks and clients as well as securities carried at amortized cost such as treasury bills and bonds.

They are measured at amortized cost if they meet the following two conditions:

●the asset is held in a hold to collect model whose objective is to collect and hold contractual cash flows; and

●the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the outstanding amount due, on specific dates. In this case, the asset is considered basic and its cash flows are categorized as SPPI.

They are initially recorded at fair value plus or minus transaction costs. In the case of loans, transaction costs include fees and any expenses directly attributable to setting up the loan.

On subsequent balance sheet dates, they are measured at amortized cost using the effective interest rate method.

The “effective interest rate” is the rate that discounts estimated future cash flows to the value of the debt instrument at inception. This rate includes any discounts and any external transaction income or costs directly related to the issue of the loans, which are treated as an adjustment to the effective yield.

When loans are granted at below-market interest rates, a discount corresponding to the difference between the face value of the loan and the sum of future cash flows discounted at the market interest rate is deducted from the face value of the loan. The market rate of interest is the rate applied by the vast majority of financial institutions at any given time for instruments and counterparties with similar characteristics.

Interest accrued or received on debt instruments is recorded in net income under “Interest and similar income” using the effective interest rate method. If the instruments are sold, the gain or loss is recorded in the income statement under “Net gains or losses resulting from the derecognition of financial instruments at amortized cost”.

In the context of the COVID-19 crisis, Natixis granted SGLs (State-Guaranteed Loans) under the provisions of the Amending Finance law for 2020 and the conditions set by the Ministerial Order of March 23, 2020. This involved financing guaranteed by the State for a proportion of the amount borrowed of between 70% and 90% depending on the size of the borrowing company (with a waiting period of two months after the date of disbursement at the end of which the guarantee became effective). With a maximum amount corresponding, in general, to three months of revenue excluding taxes, these loans are accompanied by a one-year repayment deductible. At the end of this year, the client can either repay the loan or amortize it over one to five additional years, with the possibility of extending the capital deductible by one year (in accordance with the announcements of the Minister of the Economy, Finance and Recovery of January 14, 2021) without extending the total duration of the loan. The guarantee compensation conditions are set by the State and are applicable by all French banking institutions: the bank retains only a portion of the guarantee premium paid by the borrower (the amount of which depends on the size of the company and the maturity of the loan) remunerating the risk it bears and which corresponds to the portion of the loan not guaranteed by the State (between 10% and 30% of the loan depending on the size of the borrowing company). The contractual characteristics of the SGLs are those of basic loans (SPPI criterion). The loans are held by Natixis under a management model aimed at collecting their contractual flows until maturity. As a result, the loans were recorded in the consolidated balance sheet under “Loans and receivables due from customers at amortized cost” (Outstanding SGLs are disclosed in Note 7.6.2.).

The State guarantee is considered to be an integral part of the terms of the contract and is taken into account in the calculation of impairments for expected credit losses. The guarantee fee paid when the loan is granted by Natixis is recognized in profit or loss over the initial term of the SGL using the effective interest rate method. The impact is presented in the net interest income.

Subsequent changes in the expected flows of these premiums resulting from the actual terms of repayment (depending on the choice of the borrowers at the end of the first year of the deductible and the possibility of extending the deductible for an additional year) give rise to immediate recognition in income.

Specific case of loans restructured due to the financial position of the debtor

“Restructured” loans correspond to loans with modified terms under which Natixis grants a concession to borrowers facing or likely to face financial difficulties. They are a combination of a concession granted by Natixis and financial difficulties experienced by the borrower.

The modified terms of restructured loans must put the borrower in a more favorable situation (e.g. suspension of interest or principal payment, extension of term, etc.) and are confirmed by the use of amendments that modify the terms of an existing contract or by the full or partial refinancing of an existing loan.

Financial difficulties are determined by observing a number of criteria such as amounts past due for more than 30 days or an at-risk rating. The implementation of “restructuring” does not necessarily mean the counterparty concerned by the restructuring is to be classified in the Basel defaults category. The default classification of the counterparty depends on the result of the viability test carried out during the restructuring of the counterparty.

Restructured loan outstandings are disclosed in Note 7.6.2.

For loans restructured by amending the terms of the existing contract, with no derecognition of the initial asset, a discount/premium must be recorded, corresponding to the difference between:

●the present value of the contractual cash flows initially expected; and

●the present value of the revised contractual cash flows discounted at the original effective interest rate.

This discount/premium is recognized in cost of risk, with a corresponding adjustment to the amortized cost of the balance sheet liability. It is then written back to net interest income in the income statement over the remaining life of the loan.

If the discount/premium is not material, the effective interest rate of the restructured loan is changed and no discount is recognized.

The restructured loan is reclassified as performing based on expert opinion when no uncertainty remains as to the borrower’s capacity to honor the commitment.

A loan is no longer considered as restructured once the following conditions are met:

●a period of two years has passed since the date of the restructuring;

●the loan is recognized as a performing loan at the reporting date;

●no loan is past due by more than 30 days;

●regular and material repayments (principal and interest) have been made over a period of at least one year.

For restructured loans either fully or partially converted into a substantially different asset (such as an equity instrument or an instrument changing from fixed rate to variable rate and vice versa) or that have given rise to a change of counterparty:

●the new instruments are booked at fair value;

●the difference between the carrying amount of the derecognized loan and the fair value of the assets received in exchange is recorded in income under the cost of risk;

●any provision previously recorded on the loan is adjusted and fully reversed if the loan is fully converted into a new asset.

###### 5.1.4Financial assets at fair value through other recyclable and non-recyclable comprehensive income

Financial assets recognized at fair value through other comprehensive income mainly correspond to debt instruments: government securities and bonds.

A debt instrument is valued at fair value through shareholders’ equity only if it meets the following two conditions:

●the asset is held in a hold to collect and sell model with the objective of both collecting contractual cash flows and selling financial assets; and

●the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the outstanding amount due, on specific dates. In this case, the asset is considered basic and its cash flows are categorized as SPPI.

Debt instruments at fair value through shareholders’ equity are initially recognized at their market value, including any transaction costs.

At the reporting date, they are measured at fair value by applying the market price to listed securities, and changes in fair value are recorded under “Gains and losses recorded directly in recyclable other comprehensive income”.

Interest accrued or received on debt instruments is recorded in net income under “Interest and similar income” using the effective interest rate method. In case of sale, changes in the fair value of debt instruments are transferred to income under “Gains or losses on financial assets at fair value through other comprehensive income”.

Specific case of equity instruments

Equity instruments may be measured at fair value through other comprehensive income under an irrevocable option. This irrevocable option applies on a case-by-case basis and only to equity instruments not held for trading purposes.

At the reporting date, they are measured at fair value and changes in fair value are recorded under “Gains and losses recorded directly in non-recyclable other comprehensive income”.

Realized and unrealized gains or losses continue to be recognized in shareholders’ equity and are never recognized in income, except for dividends which impact income. Income from the disposal of equity instruments is transferred to “Consolidated reserves”. No impairment is recorded on equity instruments measured at fair value through other comprehensive income.

###### 5.1.5Financial assets at fair value through profit or loss

Financial assets recorded in the fair value through profit or loss category correspond to:

●financial assets held for trading: these are debt and equity instruments acquired or originated by Natixis principally to be sold in the near term and those forming part of a portfolio of financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. Guarantee deposits and the corresponding margin calls relating to securities sold under repurchase agreements and derivatives transactions recorded under liabilities in the balance sheet are also included in this item;

●financial assets under the fair value option: these are SPPI instruments not held for trading. They are designated at fair value through profit or loss on initial recognition under IFRS 9 only if this option reduces a measurement inconsistency with a related financial asset/liability in income;

●financial assets that must be measured at fair value through profit or loss due to their characteristics: these are debt instruments that do not comply with the basic “SPPI” (see Note 5.1.2.) such as mutual funds, which are analyzed as debt instruments with non-basic characteristics under IFRS 9. NB: Non-SPPI debt instruments held for trading are presented with assets held for trading.

Non-consolidated investments in associates for which the irrevocable option of measurement at fair value through non-recyclable other comprehensive income has not been adopted are also classified in this category (see Note 7.1.1).

Financial assets at fair value through profit or loss are measured on initial recognition at market value, with transaction costs recognized in the income statement.

The market value is reviewed at each subsequent reporting date in line with the principles outlined in Note 5.6 “Fair value of financial instruments”. Changes in value, including coupons, are recorded under “Net gains or losses on financial instruments at fair value through profit or loss” in the consolidated income statement, with the exception of interest accrued and due on non-SPPI financial assets, which is recorded under “Interest income”.

###### 5.1.6Recognition date for securities transactions

Securities bought or sold are respectively recognized or derecognized on the settlement date, regardless of their accounting category.

Reverse transactions are also recognized on the settlement date. For repurchase and reverse repurchase transactions, a financing commitment respectively received or given is recognized between the transaction date and the settlement date when these transactions are recognized in “Liabilities” and “Loans and receivables” respectively.

When repurchase and reverse repurchase transactions are recognized in “Assets and liabilities at fair value through profit or loss”, the repurchase commitment is recognized as a forward interest rate derivative.

##### 5.2Leases

These are leases in which Natixis is the lessee.

Leases taken out by Natixis are recognized on the balance sheet under “right-of-use” on the asset side and under “financial liabilities” on the liabilities side in respect of rents and other payments made over the duration of the lease, unless the lease term is 12 months or less or the underlying asset has a low value.

Lease term

The use of rights is amortized on a straight-line basis and financial liabilities are amortized on an actuarial basis over the term of the lease. In accordance with IFRS 16, the lease term corresponds to the non-cancellable lease period plus any periods covered by termination options that the lessee is reasonably certain not to exercise. In general, the term is nine years for “3/6/9” real estate leases under French law. For contracts subject to tacit extension, the lease term is determined, firstly, on the basis of the establishment’s judgment in view of its real estate strategy, and secondly, in the absence of ad hoc information, by limiting the duration on the basis of the timeframe set by Natixis’ Medium-Term Plan (MTP), namely three years.

Outside France, and particularly in English-speaking countries (e.g. Natixis’ US subsidiaries), the term of real estate leases may range from 10 to 15 years. It is stipulated that a lease is no longer enforceable when the lessee and the lessor each has the right to terminate the lease without permission from the other party with no more than an insignificant penalty.

Natixis assesses whether it is reasonably certain to exercise an option by considering all relevant facts and circumstances that create an economic incentive for it to exercise, or not to exercise, the option, such as:

●contractual terms and conditions for the optional periods compared with market rates (amount of payments for the lease including payments resulting from termination penalties and residual value guarantees);

●significant leasehold improvements undertaken;

●costs relating to the termination of the lease (negotiation costs, relocation costs, costs of identifying another underlying asset suitable for the lessee’s needs, costs associated with returning the underlying asset in a contractually specified condition, etc.);

●the importance of the underlying asset for Natixis’ operations considering whether it is a specialized asset, or its location;

●its past practice of renewing leases of similar assets, but also its strategy regarding the future use of the assets.

Measurement of lease liabilities

At the lease commencement date, payments taken into account to determine lease liabilities include payments for the right to use the underlying asset during the lease term that are not paid at the commencement date, i.e.:

●fixed payments (including in-substance fixed payments), less any lease incentives receivable. In-substance fixed lease payments are payments that may, in form, contain variability but that, in substance, are unavoidable;

●variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and

●where applicable, any amounts expected to be payable by Natixis to the lessor under residual value guarantees, purchase options or payments of penalties for terminating the lease.

Payments taken into account to determine lease liabilities exclude value added tax and housing tax, which fall under the scope of interpretation of IFRIC 21 “Levies”, as well as property tax and insurance premiums reinvoiced (where applicable) by the lessor, which constitute variable lease payments (where the amounts reimbursed are not contractually predetermined).

In accordance with IFRS 16, lease payments are discounted at the interest rate implicit in the lease, i.e. the lessee’s incremental borrowing rate, which is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Natixis applies the marginal rate to its lease payments. This marginal rate depends on the contract term and currency. It also takes into account Natixis’ credit spread and the entities being refinanced by Natixis.

Lease liabilities are booked under “Accrual accounts and other liabilities” in the consolidated balance sheet. The interest expense relating to the financial liability is recognized under “Interest and similar expenses”.

Recognition of a right-of-use asset

At the inception of the lease, the right-of-use asset is recognized at a value equal to the lease liability amount at that date, adjusting for payments made to the lessor prior to or on that date and not therefore included in the measurement of the lease liability, less any lease incentives received. Where applicable, this amount is adjusted to take into account the initial direct costs incurred by the lessee and an estimate of the costs of dismantling and refitting, to the extent that the terms and conditions of the lease so require, in which case an outflow is likely and can be estimated to a sufficient degree of reliability.

Right-of-use assets are recognized under “Property, plant and equipment” in the consolidated balance sheet, within the same line item as assets of the same nature and which are wholly owned.

The value of rights of use may be subsequently adjusted in the event the lease is amended or the lease term re-estimated, and to factor in any contractual rent changes stemming from the application of an index or rate.

##### 5.3Impairment of assets at amortized cost and at fair value through shareholders’ equity and provisions for financing and guarantee commitments

General principles

Debt instruments classified as financial assets at amortized cost or at fair value through other comprehensive income, loan commitments and financial guarantee contracts that are not recognized at fair value through profit or loss, as well as lease receivables, are impaired or covered by a provision for expected credit losses (ECL) as of the date of initial recognition.

These financial assets will be divided into three categories depending on the increase in credit risk observed since their initial recognition. An impairment charge shall be recorded on outstanding amounts in each category, as follows:

###### Stage 1 (or S1)

These are performing loans for which credit risk has not increased materially since initial recognition. Impairment or provision for credit risk on these loans is recorded in the amount of 12-month expected credit losses. Interest income on these loans is recognized in profit or loss using the effective interest rate method applied to the gross carrying amount of the instrument before impairment.

###### Stage 2 (or S2)

Performing loans for which credit risk has increased materially since initial recognition are transferred to Stage 2 (S2). The impairment or the provision for credit risk is determined on the basis of the instrument’s expected credit losses at maturity (lifetime ECL). Interest income on these outstandings is recognized in income using the effective interest rate method applied to the gross carrying amount of the instrument before impairment.

###### Stage 3 (or S3)

Loans that are “impaired” as defined by IFRS 9 are classified in Stage 3. These are loans for which there is objective evidence of impairment loss due to an event that represents a counterparty risk occurring after the initial recognition of the instrument in question. The new definition of default, defined by the guidelines of the European Banking Authority (EBA) on the application of the definition of default under Article 178 of Regulation (EU) No. 575/2013 applicable from January 1, 2021, and the provisions of Regulation (EU) No. 2018/1845 of the European Central Bank relating to the threshold for assessing the importance of arrears on credit obligations, applicable no later than December 31, 2020, strengthened the consistency of practices of European credit institutions in identifying defaults.

The definition of defaulted outstandings is thus clarified by the introduction of a relative threshold and an absolute threshold, to be applied to payment arrears to identify situations of default, the clarification of the criteria for returning to healthy outstandings with the imposition of a probationary period and the introduction of explicit criteria for classifying restructured loans in default (see Note 5.1.3). Natixis applies these new provisions for the identification of defaulted outstandings from October 22, 2020.

The internal parameters used to calculate expected credit losses will be monitored as part of dedicated backtesting exercises and as a sufficient history of defaults is built up according to this new definition. However, Natixis’ exposures are to portfolios deemed to have a low number of defaults (Sovereign, Financial Institutions, Large Corporate and Specialized Financing), and estimates of the impact on the risk parameters induced by the application of the new provisions relating to outstandings in default have not resulted in a significant change in Natixis’ consolidated financial statements.

The carrying amount of a financial asset is reduced when Natixis no longer has a reasonable expectation of recovery of all or part of the contractual cash flows remaining on this asset. This is a derecognition (total or partial) of the financial asset, which may take place prior to the completion of legal proceedings against the borrower.

The analysis was conducted individually, each situation being specific. Beyond the factors that clearly prove that all or part of the receivable will not be recovered (e.g. cessation of recovery actions, receipt of the certificate of non-recoverability), groups of indicators may also be taken into account, these assessments include entry into liquidation, the disappearance or insufficiency of residual assets and/or the absence of collateral.

When, in view of the status of the case, it is reasonably certain that all or part of the receivable will not be recovered, the amount to be written off is determined on the basis of the most objective possible external and internal factors.

The impairment or provision for credit risk is calculated according to the losses expected over the instrument’s residual lifetime (expected losses at maturity) based on the recoverable value of the receivable, i.e. the present value of the estimated recoverable future cash flows taking into account the effect of guarantees that have been or may be called. Interest income is recognized in income based on the effective interest rate method applied to the net carrying amount of the asset after impairment.

In addition, the standard makes a distinction between Purchased or Originated Credit-Impaired (POCI) assets, which correspond to financial assets purchased or created and already impaired for credit risk at their initial recognition and for which the entity does not expect to recover all of the contractual cash flows at the date of initial recognition. POCI are impaired based on lifetime expected losses at the reporting date immediately following initial recognition.

For debt instruments recognized on the asset side of the balance sheet at amortized cost, impairments are recorded against the line on which the asset was initially shown in the balance sheet at its net value (irrespective of whether the asset is S1, S2, S3 or POCI). Impairment charges and reversals are recorded in the income statement under “Cost of risk”.

For debt instruments recognized on the asset side of the balance sheet against recyclable other comprehensive income, impairments are carried on the liability side of the balance sheet in recyclable other comprehensive income, with a corresponding entry on the income statement under “Cost of risk” (irrespective of whether the asset is S1, S2, S3 or POCI).

For loan and financial guarantee commitments, provisions are recorded on the liability side of the balance sheet under “Provisions” (irrespective of whether the commitment is S1, S2, S3 or POCI). Changes in provisions are recognized in the income statement under “Cost of risk”.

Principles of recognition of impairment losses and provisions

###### Credit risk deterioration criteria

The principles for measuring the increase in credit risk and expected credit losses applicable to most of the Natixis’ exposures are described below.

The significant increase in credit risk is valued on an individual basis by taking into account all reasonable and justifiable information and by comparing the default risk on the financial instrument at the closing date with the default risk on the financial instrument at the date of its initial recognition. Measuring an increase in the risk should, in most cases, lead to a downgrade to Stage 2 before the transaction is individually impaired (Stage 3).

More specifically, the change in credit risk is measured on the basis of the following criteria:

●for Large Corporates, Banks and Sovereigns loan books: an increase in credit risk is measured based on a combination of quantitative and qualitative criteria. The quantitative criterion is based on the change in rating since initial recognition and the Watch-List status. The additional qualitative criteria enable all contracts to be classified as Stage 2, i.e. those with arrears of more than 30 days, those listed as outstanding under surveillance (“Watch list”) outside S3, or those considered “High Risk” (with a very low rating at the end of the period), or in a situation of restructuring due to financial difficulties (forbearance), as well as additional criteria based on changes in the level of country risk;

●Individual Client, Professional Client, SME, Public Sector and Social Housing loan books: an increase in credit risk is measured based on a combination of quantitative and qualitative criteria. The quantitative criterion is based on a comparison of ratings at origin and at closing. The additional qualitative criteria enable all contracts to be classified as Stage 2, i.e. those with arrears of more than 30 days, those listed as outstanding under surveillance (“Watch list”) outside S3, or those considered “High Risk” (with a very low rating at the end of the period), or in a situation of restructuring due to financial difficulties (forbearance).

For the portfolios of Large Corporates, Banks and Sovereigns, which represent the largest portion of exposures, the quantitative criterion is based on the level of change in the rating since initial recognition, and from 2024 onwards on the Watch-List criterion. The deterioration thresholds for the Large Corporates and Banks portfolios are as follows:

|  | Large Corporate
--- | --- | ---
Rating | Watchlist | Probability of default class | Number of notches - downgrading in S2
AAA to AA- | All | 1 | 4
A+ to A- | 2 | 4
BBB+ | Not in the WL | 3 | 3
BBB to BBB- | 4 | 3
BB+ to BB- | 5 | 2
B+ to B- | 6 | 1
BBB+ to B- | WL | 7 | 1
CCC+ to C | All | 8 |

|  | Financial Institutions
--- | --- | ---
Rating | Watchlist | Probability of default class | Number of notches - downgrading in S2
AAA | Not in the WL | 1 | 4
AA+ to AA- | 2 | 3
A+ to A- | 3 | 3
BBB+ to BBB- | 4 | 3
BB+ to BB- | 5 | 2
B+ to B- | 6 | 1
AAA to B- | WL | 7 | 1
CCC+ to C | All | 8 |

|  | Project Finance
--- | --- | ---
Rating | Watchlist | Probability of default class | Number of notches - downgrading in S2
AAA to A- | All | 1 | 3
BBB+ | Not in the WL
BBB | Not in the WL | 2 | 3
BBB- to BB+ | 3 | 2
BB to B- | 4 | 1
BBB+ to BB- | WL | 5 | 1
B+ to B- | 6 | 1
CCC+ to C | All | 7 |

|  | Real Estate
--- | --- | ---
Rating | Watchlist | Probability of default class | Number of notches - downgrading in S2
AAA to A- | All | 1 | 3
BBB+ to BBB | Not in the WL | 2 | 3
BBB- to BB+ | 3 | 2
BB to B- | 4 | 1
BBB+ to BB- | WL | 5 | 1
B+ to B- | 6 | 1
CCC+ to C | All | 7 |

For Sovereigns, the deterioration thresholds on the eight-point rating scale are as follows:

Rating at origin | Significant deterioration
--- | ---
1 | 6 notches
2 | 5 notches
3 | 4 notches
4 | 3 notches
5 | 2 notches
6 | 1 notch
7 | S2 directly (unless new contract originated)
8 | S2 directly (unless new contract originated)

For the portfolios of individual clients, professional clients and SMEs, the quantitative criterion is based on a comparison of ratings at origin and at closing.

Rating at grant | Asset class
--- | ---
Retail | Professionals | Excluding Retail
3 to 11 (AAA to B+) | 3 notches | 3 notches | 3 notches
12 (BB) | 2 notches | 2 notches
13 (BB-)
14 to 15 (B+ to B) | 1 notch | 2 notches | 1 notch
16 (B-) | 1 notch
17 to 19 (CCC to C) | By default always in S2

For Specialized Financing: the criteria applied vary according to the characteristics of the exposures and the related rating system. Exposures rated under the calculation engine dedicated to large exposures are treated in the same way as Large Corporates; other exposures are treated like Small and Medium Enterprises.

For all of these loan books, the ratings on which the measurement of the increase in risk is based are any available ratings produced by internal systems, as well as external ratings, particularly when an internal rating is not available.

In accordance with IFRS 9, the recognition of guarantees and sureties does not affect the assessment of the significant increase in credit risk: this is based on changes in the credit risk of the debtor, without taking into account guarantees.

The standard provides that the credit risk of a financial instrument has not increased materially since its initial recognition if this risk is considered to be low at the closing date. This provision is applied to certain investment grade debt securities managed under Natixis’ liquidity reserve, as defined by Basel 3 regulations. “Investment grade” status refers to securities with a rating of BBB- or higher and equivalent at Standard & Poor’s, Moody’s or Fitch.

If the downgrading since the start is no longer recorded, the impairment is recognized in losses expected within 12 months.

Financial assets where there is objective evidence of impairment loss due to an event which represents a known counterparty risk and which occurs after their initial recognition are considered as being classified as Stage 3. Asset identification criteria are similar to those under IAS 39 and are aligned with the concept of default in prudential terms.

Accordingly, loans and receivables are categorized as Stage 3 if both of the following conditions are met:

●there are objective indications of impairment: these are “trigger events” or “loss events” that characterize a counterparty risk and occur after the initial recognition of the loans concerned. On an individual basis, probable credit risk arises from default events defined in Article 178 of European Regulation No. 575/2013 dated June 26, 2013 relating to prudential requirements applicable to credit institutions. Objective evidence of impairment includes any payments exceeding the relative and absolute thresholds by €500 or 1% of gross exposure, that are past due by at least 90 consecutive days, or regardless of whether any payment has been missed, the observation of financial difficulties experienced by the counterparty leading to the expectation that some or all of the amounts owed may not be recovered or to the initiation of legal proceedings. Restructured loans are classified as defaulted when the loss is greater than 1% of the difference between the net present value before restructuring and the net present value after restructuring;

●these events are liable to lead to the recognition of incurred losses, that is, expected losses for which the probability of occurrence has become certain.

Debt instruments such as bonds or securitized transactions (ABS, CMBS, RMBS, cash CDOs) are considered impaired and are classified as Stage 3 when there is a known counterparty risk. The Group uses the same impairment indicators for debt securities classified at Stage 3 as those used for individually assessing the impairment risk on loans and receivables.

For perpetual deeply subordinated notes that meet the definition of financial liabilities within the meaning of IAS 32, particular attention is also paid if, under certain conditions, the issuer may be unable to pay the coupon or extend the issue beyond the scheduled redemption date.

Provision recording method

###### Calculating expected losses on Stage 1 or Stage 2 assets

Expected credit losses on Stage 1 or Stage 2 assets are calculated using the following formula:

which is the sum, discounted for each projection year, of the product of the EAD, PD and LGD parameters:

●EAD(t) (Exposure At Default): the amount of loss that the institution may be exposed to on the loan in question during year t, including accelerated amortization and credit conversion factors where necessary;

●PD(t) (Probability of Default): the probability that the counterparty will default during year t;

●LGD (Loss Given Default): the amount of unrecovered contractual cash flows after the recovery phase in the event that the counterparty defaults on the loan in question.

Natixis draws on existing concepts and mechanisms to define these inputs, and in particular on internal models developed to calculate regulatory capital requirements (capital adequacy ratios) and on projection models similar to those used in the stress test mechanism. Certain adjustments are made to comply with the specifics of IFRS 9:

●IFRS 9 parameters therefore aim to provide an accurate estimate of losses for accounting provision purposes, whereas prudential parameters are more cautious for regulatory framework purposes. Several safety buffers included in the prudential parameters are therefore restated, such as the LGD downturn add-on, regulatory floors and internal costs;

●the IFRS 9 parameters used to calculate provisions on loans classified as Stage 2 must enable lifetime expected credit losses to be calculated, whereas prudential parameters are defined for the purposes of defining 12-month default rates. 12-month parameters are thus projected over longer timescales;

●IFRS 9 parameters must be forward-looking and take into account the expected economic environment over the projection period, whereas prudential parameters correspond to the cycle’s average estimates (for PD) or bottom-of-the-cycle estimates (for LGD and the flows expected over the lifetime of the instrument). The PD and LGD prudential parameters are therefore also adjusted based on the expected economic environment.

In addition, a sector adjustment of the probabilities of default is made. This approach makes it possible to account for sector-specific aspects when assessing credit risk while strengthening the discrimination related to counterparty rating. In the fourth quarter of 2024, Natixis implemented the new methodology for sector coefficients, which respects the risk hierarchy defined by the rating and aligns staging with the evolution of default probabilities post sector coefficients.

The average sector-weighted forward-looking PD, produced from the transition matrices, is compared and adjusted to converge toward the equivalent PD in anticipation of the sector’s rating.

Climate risk is also taken into account when determining IFRS 9 provisions, as follows: on the one hand, analysts take climate risk into account qualitatively at this stage in the counterparty rating, and on the other hand, climate risk is also taken into account in the assessment of sector ratings, which are used in counterparty ratings and sector coefficients.

Parameters are adjusted to economic conditions by defining three economic scenarios developed over a three-year period. For the purpose of consistency with financial oversight processes, the central scenario corresponds to the budget scenario of the strategic plan. Two variants – an optimistic view and a pessimistic view – are also developed around this scenario based on observations of macro-economic parameters.

The best case and worst case economic scenarios aim to represent the uncertainty surrounding the estimated economic variables in the central scenario. The pessimistic scenario is no longer based on a stress scenario as of December 31, 2024. Since June 30, 2025, the optimistic and pessimistic scenarios have been determined by the economic research teams as a deviation from the central scenario.

The variables defined in each of these scenarios mean that PD and LGD parameters can be altered and an expected credit loss can be calculated for each economic scenario.

Parameters for periods longer than three years are projected on the principle of a gradual return to their long-term average. For consistency, the models used to alter the PD and LGD parameters are based on those developed in the stress test mechanism. These economic scenarios are associated with probabilities of occurrence, ultimately making it possible to calculate an average probable loss used as the IFRS 9 impairment amount.

The method for determining probabilities of occurrence is based on an analysis of the market economic consensus and a measurement of the distance between the Group’s economic scenarios and this market consensus. This means that the closer an economic scenario is to the consensus, the higher its probability of occurrence.

All three scenarios are defined using the same organization structure and governance as for the budget process, with an annual review based on proposals from the Economic Research Department. A new IFRS 9 scenario was validated in July 2025.

The methods used to determine weightings take into account the specific geographical features and positioning of a geographic area in the macro-economic environment in relation to the defined scenarios. Separate weightings are established for three geographic areas: France, Europe excluding France, and the United States. The weightings used for the calculations relating to exposures not belonging to the above geographic areas are those used for the United States area, as GDP in these areas is more closely correlated with the United States.

It should be noted that these geographic areas represent outstandings for which the share of EAD is less than 10% of Natixis’ EAD, an additional criterion beyond which a specific weighting must be defined.

The parameters thus defined are used to assess the credit losses of all rated exposures.

However, certain entities whose own fund requirements are calculated using the standard method and whose exposures are not integrated into a ratings system have implemented a methodology for calculating provisions on performing loans based on historical loss rates calibrated specifically by the entity.

The mechanism for validating IFRS 9 parameters is fully integrated in the validation framework for existing models within Natixis and Groupe BPCE. As such, model validation undergoes a review process by an independent internal model validation unit.

###### Calculating expected credit losses on Stage 3 assets

Impairments for expected credit losses on Stage 3 financial assets are determined as the difference between the amortized cost and the recoverable value of the receivable, i.e. the present value of estimated recoverable future cash flows, whether these cash flows come from the counterparty’s activity or from the potential execution of guarantees. For short-term assets (maturity of less than one year), there is no discounting of future cash flows. Impairment is determined globally, without distinguishing between interest and principal. Expected credit losses arising from Stage 3 financing or guarantee commitments are taken into account through provisions recognized on the liability side of the balance sheet. Specific impairment is calculated for each receivable on the basis of the maturity schedules determined based on historical recoveries for each category of receivable.

For the purposes of measuring expected credit losses, pledged assets and other credit enhancements that form an integral part of the contractual conditions of the instrument and that the entity does not recognize separately are taken into account in the estimate of expected cash flow shortfalls.

###### Recognition of guarantees received

Guarantees are taken into account when estimating recoverable future cash flows when they form an integral part of the contractual terms and conditions of the loans to which they relate, and are not accounted for separately.

Where guarantees do not meet these criteria and their effects cannot be taken into account in calculating impairment, they give rise to the recognition of a separate asset recorded in the balance sheet under "Other assets" if Natixis is virtually certain of receiving compensation. Changes in the carrying amount of this asset are recorded under “Cost of credit risk” in the income statement.

##### 5.4Derivative financial instruments and hedge accounting

Derivative financial instruments are recognized at fair value on the balance sheet, regardless of whether they are held for trading or hedging purposes.

###### 5.4.1Derivatives held for trading purposes

Derivatives held for trading purposes are recorded in the balance sheet under “Financial assets at fair value through profit or loss” when their market value is positive, “Financial liabilities at fair value through profit or loss” when it is negative.

After initial recognition, changes in fair value are recorded in the income statement under “Net gains or losses on financial instruments at fair value through profit or loss”. The interest accrued on such instruments is also included on this line.

Special case of embedded derivatives for financial liabilities

An embedded derivative is a component of a host contract which causes some or all of the cash flows of that contract to change in response to changes in an underlying (interest rate, share price, exchange rate or other index).

When the hybrid instrument (host contract and derivative) is not measured at fair value through profit or loss, the embedded derivative is separated from the host contract if it meets the criteria for definition as a derivative and its economic characteristics and associated risks are not closely related to those of the host contract.

Derivatives separated from host contracts in this way are included in assets and liabilities at fair value through profit or loss.

###### 5.4.2Hedging instruments

In line with the option offered by IFRS 9, Natixis has chosen to continue applying IAS 39 to account for its hedging transactions.

IAS 39 recognizes three types of hedging relationship: cash flow hedges, fair value hedges and hedges of net investments in foreign operations.

Derivatives may only be designated as hedges if they meet the criteria set out in IAS 39 at inception and throughout the term of the hedge. These criteria include formal documentation that the hedging relationship between the hedging derivatives and the hedged items is both prospectively and retrospectively effective. Hedging relationships are presumed to be effective when, retrospectively, changes in the value of the hedging instrument offset changes in the value of the hedged item within a range of 80-125%.

Cash flow hedging

Cash flow hedging is used to hedge future cash flows from an existing or highly probable future transaction.

###### Hedging of variable-rate borrowings and issues

Natixis uses interest rate swaps borrowing at fixed rates to fix future costs of interbank borrowings and public/private issues.

###### Hedging of variable-rate loans

Natixis uses plain vanilla interest rate swaps lending at fixed rates to fix future variable-rate borrowing costs.

###### Overall hedging of interest rate risk

Cash flow hedges are mainly used to hedge Natixis’ overall interest rate risk.

The documentation for these structural hedges is based on future variable cash management schedules for all variable-rate transactions.

Prospective hedge effectiveness tests involve establishing (by index and currency): cumulative variable-rate borrowings and fixed-rate borrower swaps by maturity bracket, cumulative variable-rate loans and fixed-rate lender swaps, by maturity bracket.

Hedging is demonstrated if, for each maturity, the nominal amount of the items to be hedged is greater than the notional amount of the hedging derivatives.

Retrospective hedge effectiveness tests are used to verify whether the hedge was effective at different reporting dates. At each such date, changes in the fair value of hedging derivatives (excluding accrued interest) are compared with changes in the fair value of the hypothetical derivative instruments hedged (synthetic instruments representative of hedged assets or liabilities and management intentions). Changes in the fair value of hedging instruments must offset changes in the fair value of hedged items within a range of 80-125%. Outside these limits, the hedge would no longer qualify.

###### Accounting for cash flow hedges

The effective portion of the gain or loss on the hedge is recognized directly in shareholders’ equity, while the ineffective portion is taken to income statement at each reporting date under “Net gains or losses on financial instruments at fair value through profit or loss”. No specific entries are made for hedged items (other than those that would be made if they were not hedged).

When a hedging relationship is interrupted, in particular when the efficiency ratio is outside the [80%; 125%] limits, the accounting treatment then consists of reclassifying the derivative under “Financial instruments at fair value through profit or loss” and reversing through profit or loss, as and when the hedged transaction has its effects in profit or loss, the amount of the efficiency accumulated in respect of previous hedging periods in shareholders’ equity that can be recycled under “Gains and losses recorded directly in equity”.

Fair value hedging

Fair value hedging is intended to hedge the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment.

###### Overall hedging of interest rate risk

The subsidiary Natixis Financial Products LLC documents overall hedging of its interest rate risk in accordance with fair value hedging rules. To account for these transactions, the subsidiary applies the carve-out provisions of IAS 39 as adopted by the European Union. The accounting treatment of derivative financial instruments designated for accounting purposes as structural fair value hedges is similar to that applied to fair value hedging derivatives. Changes in the fair value of portfolios of hedged instruments are reported on a specific line of the balance sheet (“Revaluation adjustments on portfolios hedged against interest rate risk”), with a corresponding entry in the income statement.

###### Hedging of fixed-rate loans and borrowings

Natixis uses plain vanilla interest rate swaps lending at fixed rates to protect itself against the impact of unfavorable changes in interest rates on its fixed-rate borrowings and issues. Plain vanilla swaps borrowing at fixed rates are used to protect it from the impact of unfavorable changes in interest rates on its fixed-rate loans and securities.

Documentation of fair value hedges

Prospective hedge effectiveness tests involve verifying that the financial characteristics of the hedged item and the hedging instrument are virtually identical: value date, maturity date, notional amount, fixed rate, and payment frequency.

Retrospective hedge effectiveness tests are used to verify whether the hedge was effective at different reporting dates.

At each such date, changes in the fair value of hedging derivatives (excluding accrued interest) are compared with changes in the fair value of the hypothetical assets and liabilities hedged (synthetic instruments representative of hedged assets or liabilities). Changes in the fair value of hedging instruments must offset changes in the fair value of hedged items within a range of 80-125%.

Outside these limits, the hedge no longer qualifies for hedge accounting under IFRS.

Accounting for fair value hedges

Changes in the fair value of the derivatives are recognized as income for both the effective and ineffective portions.

Symmetrically, changes in the fair value of the hedged items are recognized as income.

Accordingly, only the ineffective portion of the hedge affects the income statement.

Changes in the fair value of hedging derivatives excluding accrued interest are recorded in income under “Net gains or losses on financial instruments at fair value through profit or loss”. Accrued interest relating to these instruments is recorded under “Interest and similar income” or “Interest and similar expenses”.

When a hedging relationship is discontinued, the hedging instrument is reclassified in “Financial instruments at fair value through profit or loss”, while the unrealized gain or loss on the hedged item is fixed at its amount on the date the hedge is discontinued and recorded in income through to maturity.

Hedging of a net investment in a foreign operation

Net investment hedges are used to hedge the foreign exchange risk arising on net foreign currency investments (consolidated subsidiary or investment). They are accounted for in the same way as cash flow hedges. The effective portion of changes in the fair value of hedging instruments (monetary derivative or liability denominated in foreign currency) is recognized in shareholders’ equity. These changes in fair value are offset against the translation adjustments recorded during consolidation of the entity (see Note 2.9). The ineffective portion of changes in fair value is recognized in the income statement. Unrealized gains and losses recorded directly in equity are transferred to income when all or part of the net investment is sold.

###### 5.4.3Internal contracts

Many internal contracts involving derivatives used in hedge accounting exist between Natixis and its subsidiaries. To ensure that the transactions meet the hedge accounting criteria for consolidation purposes, Natixis regularly verifies that they have been correctly hedged on the market.

###### 5.4.4Credit derivatives

Credit derivatives used by Natixis are not considered as financial guarantees but as derivatives falling within the scope of IAS 39. They are classified as assets or liabilities at fair value through profit or loss.

##### 5.5Transactions in foreign currencies

The method used to account for assets and liabilities relating to foreign currency transactions entered into by Natixis depends upon whether the asset or liability in question is classified as a monetary or a non-monetary item.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the spot rate prevailing at the reporting date. Exchange differences resulting from this conversion are recognized in profit or loss. There are two exceptions to this rule:

●only the portion of the foreign exchange gains and losses calculated based on the amortized cost of financial assets at fair value through other comprehensive income is recognized in income, the remainder being recognized in “Gains and losses recorded directly in equity”;

●foreign exchange gains and losses from monetary items designated as cash flow hedges or part of a net investment in a foreign entity are recognized in “Gains and losses recorded directly in equity”.

Non-monetary items denominated in foreign currencies and measured at historical cost are translated at the exchange rate on the transaction date (or the date of reclassification in shareholders’ equity for undated deeply subordinated notes issued: see Note 11.3.1).

Non-monetary items denominated in foreign currencies and measured at fair value are translated at the prevailing exchange rate at the end of the closing date. Gains or losses on a non-monetary item (e.g. equity instruments) denominated in a foreign currency are recognized as income if the asset is classified as “Financial assets at fair value through profit or loss” and in equity if the asset is classified as “Financial assets at fair value through other comprehensive income”, unless the financial asset is designated as a hedged item in a fair value hedge, in which case foreign exchange gains and losses are recorded in income.

##### 5.6Fair value of financial instruments

General principles

The fair value of an instrument (asset or liability) is the price that would be received to sell an asset or paid to transfer a liability in a standard arm’s length transaction between market participants at the valuation date.

Fair value is therefore based on the exit price.

The fair value of an instrument on initial recognition is normally the transaction price, i.e. the price paid to acquire the asset or received to assume the liability.

In subsequent measurements, the estimated fair value of assets and liabilities must be based primarily on observable market data, while ensuring that all inputs used in the fair value calculation are consistent with the price that market participants would use in a transaction.

In this case, fair value consists of a mid-market price and additional valuation adjustments determined according to the instruments in question and the associated risks.

The mid-market price is obtained based on:

●the quoted price if the instrument is quoted on an active market. A financial instrument is regarded as quoted on an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring transactions on an arm’s length basis on the main market or, failing that, the most advantageous market;

●if the market for a financial instrument is not active, fair value is established using valuation techniques. The techniques used must maximize the use of relevant observable entry data and minimize the use of non-observable entry data. They may refer to observable data from recent transactions, the fair value of similar instruments, discounted cash flow analysis and option pricing models, proprietary models in the case of hybrid instruments or non-observable data when no pricing or market data are available.

Additional valuation adjustments incorporate factors related to valuation uncertainties, such as market and credit risk premiums in order to account for the costs resulting from an exit transaction on the main market.

The main additional valuation adjustments are as follows:

###### Bid/ask adjustment – Liquidity risk

This adjustment is the difference between the bid price and the ask price corresponding with the selling costs. It reflects the compensation requested by a market player in respect of the risk of acquiring a position or of selling at a price proposed by another market player.

###### Model uncertainty adjustment

This adjustment takes into account the imperfections of the valuation techniques used – in particular, the risk factors that are not considered, even when observable market inputs are available. This is the case where risks inherent to various instruments differ from those considered by the observable inputs used in valuation.

###### Input uncertainty adjustment

Observing certain prices or inputs used in valuation techniques may be difficult or the price or input may be too regularly unavailable to determine the selling price. Under these circumstances, an adjustment may be necessary to reflect the probability of different values being used for the same inputs when evaluating the fair value of the financial instrument adopted by the market participants.

###### Credit Valuation Adjustment (CVA)

This adjustment applies to valuations that do not account for the counterparty’s credit quality. It corresponds to the expected loss related to the risk of default by a counterparty and aims to account for the fact that Natixis cannot recover all of the transactions’ market value.

The method for determining the CVA is primarily based on the use of market inputs in connection with professional market practices for all counterparty segments included in this calculation. In the absence of liquid market inputs, proxies by type of counterparty, rating and geographic area are used.

###### Funding Valuation Adjustment (FVA)

The purpose of an FVA is to take into account the liquidity cost associated with non-collateralized or imperfectly collateralized OTC derivatives. It is generated by the need to refinance or finance margin calls to be paid or received in the future, associated with hedging derivatives which are collateralized. Measuring a future financing/refinancing requirement (i.e. until the maturity of the exposures), it is based on expected future exposures concerning non-collateralized derivatives and a liquidity spread curve.

###### Debit Valuation Adjustment (DVA)

The DVA is symmetrical to the CVA and represents the expected loss, from the counterparty’s perspective, on liability valuations of derivative financial instruments. It reflects the impact of Natixis’ credit quality on the valuation of these instruments. The adjustment is made by observing “zero-coupon” spreads on a sample of comparable entities, taking into account the liquidity of BPCE’s “zero coupon” spread over the period. The Funding Valuation Adjustment (FVA) is taken into account in the DVA calculation.

###### Own Credit Adjustment (OCA) for structured issues measured at fair value

At December 31, 2024, the methodology for valuing “issuer credit risk”, considered observable, was based on the method of discounting future cash flows using parameters such as the yield curve and revaluation spreads. For each issue, this valuation represented the product of its remaining notional amount due and its sensitivity, taking into account the existence of calls, and based on the difference between the revaluation spread (based on BPCE’s cash reoffer curve) and the average issue spread.

As of December 31, 2025, the “issuer credit risk” estimate has been changed. The valuation of “issuer credit risk” on structured issues is based on a difference between two valuations, one using the current spread on the valuation date and the other using the initial spread on the issue date. The issuer credit spread curves used are specific to each issue and take into account the currency and the rate index referenced in the issue.

Changes in the issuer spread are generally not material for issues with an initial maturity of less than one year.

Identifying an active market

The following criteria are used to determine whether a market is active:

●the level of activity and trend of the market (including the level of activity on the primary market);

●the length of historical data of prices observed in similar market transactions;

●scarcity of prices recovered by a service provider;

●large bid-ask price spread;

●steep price volatility over time or between different market participants.

The valuation control framework is presented in Section 3.2.6 “Market risk” of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

Financial assets and liabilities measured and presented at fair value are categorized based on the following scale:

●Level 1: market value is determined directly using prices quoted on active markets for identical assets and liabilities;

●Level 2: market value is determined using valuation techniques based on significant data that may be directly or indirectly observed on the markets;

●Level 3: market value is determined using unrecognized models and/or models based on unobservable inputs, where they are liable to materially impact the valuation.

Financial assets and liabilities categorized according to the fair value hierarchy and a description of the key models are presented in Note 7.5.

##### 5.7Property, plant and equipment and intangible assets (excluding goodwill)

Fixed assets recorded in the balance sheet include property, plant and equipment and intangible assets. The rights of use in respect of leased assets (of which the main items are described in Note 5.2) are presented under fixed asset lines corresponding to similar assets owned of which Natixis has full ownership.

Measurement on initial recognition

When IFRS standards were first applied, property, plant and equipment were maintained at their historical cost pursuant to IFRS 1.

Property, plant and equipment are recorded at their purchase price, including directly attributable costs (transfer duties, fees, commissions and registration expenses) as well as borrowing costs when these meet the criteria for capitalization set out in IAS 23 “Borrowing costs”.

Computer software developed in-house is recognized under “Intangible assets” at its direct cost of development, which includes the related hardware costs, service costs, personnel costs directly attributable to the production and preparation of the software for use, and borrowing costs when these meet the criteria for capitalization set out in IAS 23 “Borrowing Costs”.

Expenses incurred during the development phase are capitalized if they meet the criteria for recognition as intangible assets set out in IAS 38: these include technical feasibility, the intention to complete the asset and use or sell it, the probability that the asset will generate future economic benefits, the availability of resources, and the ability to reliably measure the expenditure attributable to the asset’s development. Costs incurred during the research phase are not capitalized but are recognized in expenses.

Subsequent measurement

After acquisition, fixed assets are carried at cost less any cumulative impairment, amortization and impairment losses.

Depreciation and amortization

As soon as they are in a condition to be used by Natixis in the manner in which they were intended, property, plant and equipment and intangible assets are depreciated or amortized over their estimated useful lives on a straight-line, declining or increasing balance basis, whichever best reflects the pattern in which the economic benefits are consumed. The residual value of the asset is deducted from its depreciable or amortizable amount when it can be measured reliably. Natixis does not believe it can reliably measure the residual value of items other than land and non-destructible buildings classified as historical monuments. They are therefore assigned a residual value of zero.

In line with IAS 16, a specific impairment schedule is defined for each significant component of an item of property, plant and equipment which has a different useful life or is expected to consume future economic benefits differently from the item as a whole. For buildings used in the business the following components and depreciation periods have been identified:

Component | Depreciation period
--- | ---
Land | NA
Non-destructible buildings classified as historical monuments | NA
Walls, roofs and waterproofing | 20 to 40 years
Foundations and framework | 30 to 60 years
External rendering | 10 to 20 years
Equipment and installations | 10 to 20 years
Internal fixtures and fittings | 8 to 15 years

Other items of property, plant and equipment are depreciated over their estimated useful lives, generally five to ten years.

When the fixed assets relate to a leased building, their depreciation period is made consistent with that of the leases.

Purchased software is amortized on a straight-line basis over its estimated useful life, which in most cases is less than five years.

Internally generated software is amortized over its estimated useful life, which cannot exceed 15 years.

Other intangible assets mainly comprise client portfolio values amortized over the life of the contracts (terms generally ranging from 5 to 10 years).

Depreciation periods must be reviewed annually and, where applicable, the impact of any change in estimate is recognized prospectively, in the income statement, from the date of the change.

Depreciation and amortization of fixed assets are presented under the item “Depreciation, amortization and impairment of property, plant and equipment and intangible assets” in the consolidated income statement.

Impairment

Assets are tested for impairment whenever there is objective evidence that they may be impaired and at least annually in the case of intangible assets with an indefinite useful life. Natixis considers whether there is any evidence of impairment at each reporting date. If any such evidence exists, the recoverable value of the individual asset is estimated wherever possible; otherwise the recoverable value of the CGU to which the asset belongs is estimated. The recoverable value is the higher of fair value less selling costs and value in use, which is the present value of future cash flows. If the recoverable value of the asset or CGU is lower than its carrying amount, an impairment loss is recognized in income under “Depreciation, amortization and impairment of property, plant and equipment and intangible assets”.

Impairments may be reversed if there has been a change in the conditions that initially resulted in the impairment (for example there is no longer any objective evidence of impairment).

Gains or losses on disposals

Capital gains or losses on the disposal of non-current operating assets are recorded in the income statement under “Gains or losses on other assets”.

Scrapping or discontinuation of fixed assets under construction

The expense incurred from the scrapping of a fixed asset is booked to “Depreciation, amortization and impairment of property, plant and equipment and intangible assets” in the consolidated income statement.

The discontinuation of IT projects under development results in their derecognition. A corresponding expense is posted to “Gains or losses on property, plant and equipment and intangible assets” on the consolidated income statement.

##### 5.8Assets held for sale and discontinued operations

A non-current asset (or group of assets) is meant to be disposed of when its carrying amount is recovered by means of a sale. This asset (or group of assets) must be immediately available for the sale, and it must be highly likely that the sale will happen within 12 months.

A sale is highly likely if:

●a plan to sell the asset (or group of assets) involving active marketing is made by management;

●a non-binding offer has been submitted by at least one potential buyer;

●it is unlikely that significant changes will be made to the plan or that it will be withdrawn.

The relevant assets are classified in the “Non-current assets held for sale” line item and cease to be amortized as soon as they are reclassified. An impairment loss is recognized if their carrying amount is higher than their fair value less selling costs. Associated liabilities are also identified on a separate line of the balance sheet.

A group held for sale may be a group of CGUs, a CGU or part of a CGU. The group may include the entity’s assets and liabilities, including current assets, current liabilities and assets that are outside the scope of the measurement provisions under IFRS 5. If a non-current asset within the scope of the measurement provisions under IFRS 5 is part of a group held for sale, the measurement provisions under IFRS 5 apply to the group as a whole, which means that the group is measured at the lower of its carrying amount or its fair value net of selling costs.

When the fair value of the group of assets and liabilities is lower than their overall net carrying amount, Natixis limits the amount of impairment to non-current assets (goodwill, intangible assets and property, plant and equipment) measured in accordance with IFRS 5.

If the sale has not taken place within 12 months of classification in “Non-current assets held for sale”, the asset or group of assets ceases to be classified in this category, barring special circumstances independent of Natixis’ control.

The subsidiaries for which Natixis has committed to a plan to sell assets are listed in Note 2.6 “Subsidiaries held for sale”.

A discontinued operation is a clearly identifiable component of an entity that either has been disposed of, or is classified as held for sale, and:

●represents a separate major line of business or geographic area of operations;

●without constituting a separate major line of business or geographic area of operations, the component is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or

●is a subsidiary acquired exclusively with a view to resale.

Assets and liabilities relating to discontinued operations are accounted for in the balance sheet in the same way as groups of assets held for sale. Gains or losses from these operations are presented on a separate line of the income statement and include the net income after tax resulting from operations discontinued before disposal and from the sale or valuation of assets or groups of assets held for sale at fair value less selling costs.

##### 5.9Financial liabilities at fair value through profit or loss

These are financial liabilities held for trading (including financial derivative instruments) or classified in this category on a voluntary basis at initial recognition using the fair value option available under IFRS 9.

Cash guarantee deposits and margin calls with collateral status set up in connection with repurchase agreements and derivative transactions recognized in instruments at fair value through profit or loss are also included in financial liabilities held for trading, as they are closely linked to the activities or instruments that they cover and are an integral part of the business model of the activity to which they relate.

Securities valued under this irrevocable option fall into one of the following three categories:

●instruments that are part of a group of financial assets measured and managed at fair value: the option applies to liabilities managed and measured at fair value, provided the management follows a fair value risk management policy;

●instruments showing an accounting mismatch with a related financial asset/liability: applying the option enables the elimination of accounting mismatches stemming from the application of different valuation rules to instruments managed under a single strategy;

●hybrid instruments with one or more significant, separable embedded derivatives: an embedded derivative is the component of a financial or non-financial hybrid instrument that qualifies as a derivative. The option allows the entire instrument to be measured at fair value, and therefore avoids the need to extract, recognize or separately measure the embedded derivative.

Financial liabilities in this category are carried at fair value at the reporting date and shown in the balance sheet as “Financial liabilities at fair value through profit or loss”. Changes in fair value are recognized in income for the period under “Net gains or losses on financial instruments at fair value through profit or loss”, except for changes in fair value attributable to own credit risk on financial liabilities at fair value through profit or loss, as such recognition does not create or increase an accounting mismatch. Changes in value attributable to own credit risk are recorded in “Revaluation of own credit risk of financial liabilities designated at fair value through profit or loss” under “Gains and losses recognized directly in other comprehensive income”.

In the event of early redemption of financial liabilities designated at fair value through profit or loss, realized fair value gains or losses attributable to own credit risk are directly transferred from “Revaluation of own credit risk of financial liabilities designated at fair value through profit or loss” to “Consolidated reserves” under equity.

##### 5.10Liabilities

Debt originated by Natixis that is not classified within financial liabilities at fair value through profit or loss is measured using the amortized cost method and recognized in the balance sheet under “Due to banks”, “Customer deposits”, “Debt securities” or “Subordinated debt”.

As a reminder, these transactions were recognized at amortized cost in accordance with the rules of IFRS 9. Interest was recognized in profit or loss using the effective interest rate method estimated on the basis of assumptions about the achievement of the loan production targets set by the ECB.

On initial recognition, debt securities are measured at their issue price including transaction costs. They are subsequently measured at amortized cost, with issue expenses recognized over the term of the instruments used.

##### 5.11Derecognition

Natixis derecognizes all or part of a financial asset if the contractual rights over the cash flows from the financial asset expire. Natixis also derecognizes all or part of a financial asset if these contractual rights or substantially all of the risks and rewards of ownership are transferred.

If Natixis has neither transferred the contractual rights nor substantially retained all of the risks and rewards, Natixis then determines whether it has transferred control of the asset. If control is lost, the asset is derecognized. While Natixis retains control, the asset remains on the balance sheet up to the level of “continuing involvement”.

A financial liability is derecognized when it is settled, canceled or expires.

###### 5.11.1Repurchase agreements

###### a) Assignor

Securities sold are not derecognized. Natixis recognizes a liability representing the commitment to return funds received (“Securities sold under repurchase agreements”).

###### b) Assignee

Securities bought are not recognized but a receivable due from the assignee is recorded representing the funds lent. The amount disbursed in respect of the asset is recognized under “Securities acquired under repurchase agreements”.

At subsequent reporting dates, the securities continue to be valued by the assignor in accordance with the rules applicable to the category in which they were initially classified. In the assignee’s accounts, the amount receivable from the assignor continues to appear in the balance sheet.

###### 5.11.2Securities lending and borrowing

Securities lending/borrowing transactions do not involve the transfer of a financial asset within the meaning of IFRS. Consequently, these transactions do not lead to the derecognition of the securities loaned. Securities loaned are not identified in IFRS: they remain recorded in their original IFRS category and are measured accordingly. Borrowed securities are not recognized by the borrower.

##### 5.12Offsetting of financial assets and liabilities

In accordance with IAS 32, Natixis offsets financial assets and liabilities, and a net balance is presented on the balance sheet, on the twofold condition that it has the legally enforceable right to offset the recorded amounts, and the intention either to settle the net amount or to simultaneously realize the asset and settle the liability.

Transactions on derivatives and repurchase agreements carried out with clearing houses, whose operating principles meet the two criteria mentioned above, are offset in the balance sheet (see Note 7.3).

##### 5.13Provisions

A provision is a liability of uncertain timing or amount. A liability is a present obligation arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits that can be reliably measured.

The amount recognized as a provision should be the best estimate of the expenditure required to settle the present obligation at the closing date. This amount is discounted when the effect of discounting is material. Provisions are reviewed at each closing date and adjusted if necessary. Provisions recognized on the balance sheet, other than provisions to cover employee benefits, mainly concern provisions for restructuring and provisions for risks and litigation.

a) Restructuring provision

A provision for restructuring costs is recognized when the following standard criteria for recognizing provisions and the two following conditions are met:

●there is a detailed formal plan for the restructuring on the closing date, identifying at least:

●the activities concerned,

●the principal locations affected,

●the location, function, and approximate number of employees who will be compensated upon termination of their services,

●the expenses that will be incurred, and

●the date the plan will be implemented;

●Natixis has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features on the closing date.

Provisions for restructuring costs include only expenditures directly related to the restructuring.

b) Provisions for risks, procedures and litigation

A description of the main risks and procedures to which Natixis is exposed is given in Section [3.2.10] of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

Changes in provisions are recognized in the income statement on the line items corresponding to the type of future expenditure.

Provisions recognized as liabilities in Natixis’ financial statements at December 31, 2025 and at December 31, 2024 are presented in Note 7.16 “Provisions and impairment” and any allowances are specified in Note 6.6 “Other income and expenses”, in Note 6.7 “Operating expenses and depreciation, amortization, and impairments” and in Note 6.8 “Cost of risk”.

##### 5.14Employee benefits

In accordance with IAS 19, employee benefits are classified in one of four categories:

●“short-term benefits”, including salaries, social security contributions, annual leave, employee profit-sharing, incentive plans, top-up contributions and variable compensation payable for the period;

●“severance payments”, comprising employee benefits granted in return for termination of a staff member’s employment before the normal retirement age, resulting from a decision by the entity, or a decision by the employee to accept a severance package in exchange for terminating their employment;

●“post-employment benefits”, such as pension plans, other supplementary retirement benefits applicable to the banking industry, end-of-career awards and other contractual benefits payable to retirees;

●“other long-term benefits”, including long-service awards, amounts due under the Time Savings Account and deferred compensation paid in cash and cash indexed to a valuation formula that does not represent fair value (see Note 5.16).

Short-term employee benefits are recognized as an expense in the period in which the employee provides the service in exchange for said benefits.

A provision is accrued for termination benefits when the employer is demonstrably committed to providing such benefits, or when the employer recognizes the costs of restructuring providing for the payment of such benefits.

In accordance with the principles of recognition set out in IAS 19, Natixis has identified the following types of post-employment benefit:

●defined contribution plans, under which an entity has no obligation to pay a specified benefit amount;

●defined benefit plans, under which Natixis has a legal or constructive obligation to pay a specified benefit amount.

Contributions paid under defined contribution plans are expensed in the period in which the employee rendered the service in exchange for said contributions.

A provision is set aside for defined-benefit plans based on an actuarial assessment of the commitment using the projected unit credit method. This method draws on demographic and financial assumptions. The value of plan assets is deducted from the actuarial liabilities. These valuations are carried out regularly by independent actuaries.

Insurance contracts taken up with a related party to Natixis and intended to finance all or part of Natixis’ defined-benefit plan commitments are recorded in the asset side of the balance sheet as “Accrual account and other assets”.

Revaluation adjustments for actuarial liabilities related to changes in actuarial assumptions and experience adjustments (impact of differences between actuarial assumptions and actual experience) are booked under items not recyclable to income among “Gains and losses recorded directly in equity”.

The annual personnel costs recognized in respect of defined-benefit plans consist of:

●the costs of services rendered, representing rights vested by beneficiaries over the period;

●past service costs, arising from possible plan changes or curtailments as well as the effects of possible plan settlements;

●the net interest cost reflecting the impact of unwinding the discount on the net obligation.

Other long-term benefits are valued using the same actuarial method as that applied to post-employment benefits under defined benefit plans, except that liability revaluation items are recognized directly as an expense.

The estimated amount of the expense related to cash-settled variable compensation, subject to the employee’s continued service in accordance with the deferred variable compensation plans, is recognized over the vesting period. In the absence of a presence requirement, the entire expense is recognized in the income statement.

##### 5.15Distinction between debt and shareholders’ equity

In accordance with IAS 32, issued financial instruments are classified as debt or equity depending on whether or not they incorporate a contractual obligation to deliver cash to the holder:

●deeply subordinated notes and preference shares are classified in shareholders’ equity in light of the 2009 renegotiation of a clause making the payment of interest non-optional in the event of positive consolidated results and which has since become discretionary.

The change in outstandings during the year is presented in Note 7.15 “Changes in subordinated debt during the fiscal year” and in Note 11.2 “Capital management and capital adequacy”;

●however, if an instrument is classified as shareholders’ equity:

●payments on that instrument are treated in the same way as dividends. However, the tax consequences of these distributions are recognized, depending on the origin of the amounts distributed, in the consolidated reserves, as gains and losses recorded directly in equity or in income, in accordance with the amendment to IAS 12 of December 2017 entering into force on January 1, 2019. Accordingly, when the distribution corresponds to the IFRS 9 definition of dividends, the tax consequences are recorded in income. This provision is to be applied to any interest income from deeply subordinated notes treated as dividends for accounting purposes,

●it is fixed at its historical value resulting from converting it to euros on the date it was initially classified in shareholders’ equity;

●the share of third party investors in the net assets of dedicated mutual funds included in Natixis’ consolidation scope comprises a financial liability recorded on the balance sheet under “Financial liabilities at fair value through profit or loss”. The share of third party investors in the profits of the mutual funds is recorded in “Net gains or losses on financial instruments at fair value through profit or loss” in the consolidated income statement;

●the units held by third party investors in dated funds, which are fully consolidated by Natixis, entitling the unit-holders to the repayment of a share of the fund’s net assets upon its liquidation, are classified in liabilities on the consolidated balance sheet under “Accrual account and miscellaneous liabilities”. The share of third party investors in the fund’s profits is recorded under “Interest and similar expenses” on the consolidated income statement.

##### 5.16Share-based payments

Deferred variable compensation plans

The variable compensation policy complies with the regulatory framework, including the European CRD V Regulations applicable to 2025 (thus including the Natixis 2025 deferred variable compensation plan which will be awarded in March 2026 in respect of services rendered in 2025) and to 2021, 2022, 2023 and 2024. The variable compensation policy also meets transparency requirements with regard to the French Prudential Supervisory Authority (ACPR), the European Central Bank (ECB) and the French Financial Markets Authority (AMF).

The previous plans awarded in this context and whose payment was based on shares, were settled either in shares or in cash indexed to the share price. The current plans are no longer indexed to shares or similar instruments, but to a valuation methodology.

Share-based deferred variable compensation plans

Under IFRS 2 “Share-based payment”, employee free share awards give rise to an expense representing the fair value of the goods or services received at the grant date. This payroll expense is recognized against shareholders’ equity. The fair value of the services received is calculated by reference to the fair value of the shares at the grant date, less the present value of dividends forfeited by employees during the vesting period, taking the continued service requirements into account.

The expense is recognized on a straight-line basis over the vesting period. The expense is adjusted over the vesting period to reflect any losses of rights.

Cash-settled employee deferred variable compensation plans indexed to the value of the Natixis share

The accounting treatment applicable to cash-settled share-based payments is governed by IFRS 2 “Share-based payment”.

Under IFRS 2, the services acquired and the liability incurred are measured at fair value. Until the liability is settled, debt is remeasured at each closing date and at the date of settlement, with any changes in fair value recognized in income for the period. The remeasurement of the liability at the reporting date takes into account any changes in the value of the underlying shares, as well as whether or not the continued service requirement and performance condition have been met.

Where the payment of compensation is subject to a continuing service requirement, the corresponding expense is recorded over the vesting period on a straight-line basis. When no service requirement exists, the expense is recognized immediately as a debt. The latter is then remeasured at each closing date taking into account the performance condition and any changes in the value of underlying shares.

Changes to the terms and conditions of a cash-settled employee deferred variable compensation plan indexed to the value of the Natixis share, or that of its subsidiaries’ shares, with the result that the plan is reclassified as an employee deferred variable compensation plan settled in shares, would trigger derecognition of the debt recorded for the initial plan indexed to the value of the Natixis share, or that of its subsidiaries’ shares, and the recognition of a debt equivalent to the services provided for the new employee deferred variable compensation plan settled in shares as at the date of modification. The difference between the recognition in shareholders’ equity and derecognition of the debt is recorded directly in income.

Deferred variable compensation plan settled in cash indexed to a valuation formula not representative of the fair value of the Natixis share

Following the delisting of Natixis shares on July 21, 2021, the deferred variable compensation plans payable in indexed cash (for their unvested components) have been modified: their payment is now indexed to a valuation formula that does not represent the fair value of Natixis shares.

These plans fall within the scope of IAS 19 and are equivalent to “Other long-term benefits”. The principles applicable in IAS 19 to this type of plan are similar to those provided for in IFRS 2 described above for cash-settled plans indexed to share value.

Detailed information about these plans and their quantified impacts over the period are provided in Note 10.2.3.

##### 5.17Treasury shares

All treasury shares held by Natixis are deducted from equity regardless of the purpose for which they are acquired or held. Any gains or losses recognized in the parent company financial statements in respect of the sale, measurement or impairment of treasury shares held for trading or available-for-sale are eliminated in the consolidated financial statements through shareholders’ equity. As of December 31, 2025, Natixis no longer held any treasury shares.

##### 5.18Fees and commissions received

Under IFRS 15 “Revenue from Contracts with Customers”, the entity must recognize income arising from ordinary activities in an amount that reflects the consideration that the entity expects to receive in exchange for the transfer of goods and services promised to clients. Revenue is recognized in five stages:

●identification of contracts with clients;

●identification of specific performance obligations (or items) to be recognized separately from one another;

●determination of overall transaction price;

●allocation of transaction price to the various specific performance obligations;

●recognition of income when performance obligations are met.

This approach applies to all contracts with clients except for leases (covered by IFRS 16) and financial instruments (covered by IFRS 9). If specific stipulations relating to revenue or contract costs are specified under a different standard, these will be applied first.

The main Natixis activities to which this approach applies are:

●fee and commission income, from banking services if this income is not included in the effective interest rate, or from asset management or financial engineering services;

●income from other activities, in particular for services included in leases.

Commission income is recognized in income, according to the type of services rendered and the method of accounting for the financial instruments to which the service rendered is attached.

If uncertainty remains regarding the measurement of a fee amount (performance fee for asset management, variable financial engineering fee, etc.), only the amount for which the Group’s entitlement is already assured given the information available on the reporting date is recognized.

Fees for services are analyzed to separately identify their various components (or performance obligations) and assign to each component the share of income due to it. Each component is then recognized in income, according to the type of services rendered and the method of accounting for the financial instruments to which the service rendered is attached:

●fees and commissions for ongoing services, such as guarantee fees or management fees, are deferred over the period during which the service is provided;

●fees and commissions for one-off services, such as business provider fees, are recognized in income as soon as the service is provided.

Fees for structuring and arrangement relating to the arranging of certain customer loans, notably as part of syndication transactions, are recognized in income at the legal date on which the transaction is completed or at the end of the syndication period (in the case of syndicated loans).

Fees and commissions that form an integral part of the effective yield on an instrument, such as fees for loan set-up, are recognized and amortized as an adjustment to the effective interest rate over the estimated term of the applicable loan. These fees and commissions are recognized as interest income rather than “Net fee and commission income”.

Any mismatch between the date of payment and the date of implementation of the service will generate an asset or liability depending on the type of contract and the nature of the mismatch and will be recorded under “Other assets” and “Other liabilities”.

##### 5.19Tax expenses

The tax expense for the fiscal year comprises:

●the tax payable by the various French companies at the rate of 25.83%, or at the rate in force locally for foreign companies and branches;

●deferred tax arising from temporary differences between the carrying amount of assets and liabilities and their tax basis, which are calculated using the balance sheet liability method.

The 2025 Finance law introduced a Special Contribution on the Profits of Large Companies (corporate income tax surcharge), the tax base for which corresponds to the average corporate income tax due for the 2025 and 2024 fiscal years, i.e. 41.2%. The contribution calculated on the basis of 2024 income tax was recognized in its entirety during the first half of 2025. The exceptional contribution, which is based on the income tax for 2024 and is unrelated to the 2025 taxable income, was treated as a non-recurring event within the meaning of IAS 34. As the 2026 Finance law had not been adopted at that stage, only the contributions introduced by the 2025 Finance law were recognized as of December 31, 2025.

Deferred tax assets and liabilities are calculated at the level of each tax entity in accordance with local tax rules and based on tax rates that have been enacted or substantively enacted at the date the temporary difference will reverse. Deferred taxes are not discounted.

Deferred tax assets are only recognized at the reporting date if the tax entity concerned is likely to recover tax savings over a fixed time period (10 years maximum). These savings will be realized by the deduction of temporary differences or tax loss carryforwards from estimated future taxable income within that time period.

Deferred tax assets and liabilities are offset at the level of each tax entity. The tax entity may either be a single entity or, if applicable, a group of entities of which it is a part, that have elected for group tax relief.

All temporary differences have been recognized regardless of their recovery or payment date. The net deferred income tax balance is shown in the balance sheet under “Deferred tax assets”.

In terms of the value-added contribution, or “Cotisation sur la Valeur Ajoutée des Entreprises” (CVAE), it is recorded in the accounts as “Operating expenses”, since Natixis considers that its calculation is not based on net income.

##### 5.20Financing and guarantee commitments

a) Financial guarantees

###### Commitments given

Financial guarantee commitments not classified as derivatives are contracts requiring the issuer to make specific payments to repay the business guaranteed for a loss that it has incurred owing to the failure of a debtor to make the contractual installments due. The exercise of these rights is subject to the occurrence of an uncertain future event.

Financial guarantees given are stated initially at fair value, then subsequently at the higher of:

●The amount initially recognized upon inception less, where appropriate, the amount of amortization recorded in line with the principles outlined in IFRS 15 “Revenue from Contracts with Customers”. This amortization represents the deferred recognition of the fees received over the period covered by the guarantee; and

●The amount of the provision determined according to the provisions of the expected credit loss model (see Note 5.3).

The provisions are presented in Note 7.16 “Provisions and impairment”.

###### Specific case of guarantees issued to mutual funds

Natixis guarantees the capital and/or returns on units in certain mutual funds. These guarantees are executed solely in the event that the net asset value of each of the units in the fund at maturity is lower than the guaranteed net asset value.

These guarantees are recorded as hedging derivatives and are measured at fair value in accordance with the provisions of IFRS 13.

###### Guarantee commitments received

No IFRS standard addresses financial guarantees received. In the absence of specific guidance, the accounting treatment applied must be determined by analogy with the accounting treatment prescribed by other standards in similar situations. Accordingly, guarantees received meeting the definition of a financial guarantee for an issuer are accounted for in accordance with:

●IFRS 9, for guarantees received in respect of financial assets (debt instruments). The measurement of the expected credit losses associated with financial assets must in fact take into account the flows generated by guarantees considered an integral part of the debt instrument;

●IAS 37, for guarantees received in respect of non-financial liabilities falling within the scope of IAS 37.

b) Financing commitments

Financing commitments are irrevocable commitments by Natixis to grant a loan under pre-defined conditions.

The vast majority of the financing commitments granted by Natixis give rise to loans granted at market rates at the grant date and recognized at amortized cost. As such, and in accordance with IFRS 9, the commitment to lend and the loan itself are considered successive stages of one and the same instrument. The commitment to lend does not, therefore, fall within the scope of IFRS 9: it is treated as an off-balance sheet transaction and is not revalued. However, financing commitments are eligible for the provisioning mechanism under IFRS 9 (see Note 5.3). IFRS 9 provides that the issuer of a financing commitment must apply provisioning criteria to loan commitments that do not fall within the scope of this standard. The provisions recognized in respect of these commitments are presented in Note 7.16 “Provisions and impairment”.

##### 5.21Contributions to banking resolution mechanisms

The terms and conditions for establishing the deposit guarantee and resolution fund are set out in the Ministerial Order of October 27, 2015. Contributions made to the deposit and resolution guarantee fund may be paid in the form of partner or association certificates and cash security deposits (guarantee of irrevocable commitment) recognized as assets on the balance sheet and contributions (which are non-refundable in the event of a voluntary withdrawal of approval to operate) recorded in income as “Taxes and regulatory contributions” among other operating expenses

Directive 2014/59/EU (BRRD – Bank Recovery and Resolution Directive) which establishes the framework for the recovery and resolution of banks and investment firms and European Regulation No. 806/2014 (SRM regulation) established the introduction of a resolution fund as of 2015. In 2016, this fund became a Single Resolution Fund (SRF) between the member States participating in the Single Supervisory Mechanism (SSM). The SRF is a resolution financing mechanism available to the resolution authority (Single Resolution Board). The latter may use this fund when implementing resolution measures.

In accordance with Delegated Regulation No. 2015/63 and Implementing Regulation No. 2015/81 supplementing the BRRD Directive on ex ante contributions to financing mechanisms for resolution, the Single Resolution Board determines the contributions to the Single Resolution Fund.

The target amount of funds to be raised for the SRF was reached on December 31, 2023. As a result, the amount of contributions paid by Natixis is nil for the 2025 and 2024 fiscal years, both for the portion recognized as an expense and for the portion recognized as an irrevocable payment commitment (IPC). However, future contributions may be called in, depending in particular on the evolution of the deposits covered and the possible use of the fund. The share of IPCs corresponds to 15% of calls on funds guaranteed by cash deposits up to 2022 and 22.5% for the 2023 contribution.These deposits bear interest at the rate applicable to the market players concerned, i.e. €ster -20 bps since May 1, 2023. Cumulative collateral recorded as assets on the balance sheet amounted to €256.3 million at December 31, 2025. It is recognized at amortized cost as an asset on the balance sheet under “Accrual account and miscellaneous assets” and is not subject to impairment as of December 31, 2025. Commitments relating to IPC are not subject to provisions on the liabilities side. The conditions governing the use of SRF resources, and therefore the calling of irrevocable payment commitments, are strictly regulated. These resources can only be called up in the event of an institution’s withdrawal of authorization or resolution proceedings, and after shareholders and holders of relevant equity instruments and other commitments usable for bail-in have contributed a minimum of 8% of total liabilities. In addition, the contribution from the SRF must not exceed 5% of the total liabilities of the institution subject to a resolution proceeding. Groupe BPCE does not anticipate any outflow of resources under the EPI in the foreseeable future.

##### 5.22Use of estimates and judgment

In preparing its financial statements, Natixis is required to make certain estimates and assumptions based on available information which are likely to require expert judgment.

These estimates and assumptions constitute sources of uncertainty which may affect the calculation of income and expenses in the income statement, the value of assets and liabilities in the balance sheet and/or certain disclosures in the notes to the financial statements. Thus, future results of certain transactions could prove to be significantly different from the estimates used for the closing of the financial statements at December 31, 2025, particularly in the current uncertain environment.

Accounting estimates requiring assumptions to be made are mainly used to measure the items set out below:

###### 5.22.1Financial instruments recognized at fair value

The fair value of hybrid market instruments not traded on an active market is calculated using valuation techniques. Valuations produced using valuation models are adjusted, depending on the instruments in question and the associated risks, to take account of the bid and ask price for the net position, modeling risks, assumptions regarding the financing cost of future cash flows from uncollateralized or imperfectly collateralized derivatives, as well as counterparty and input risks. The fair values obtained from these methods may differ from the actual prices at which such transactions might be executed in the event of a sale on the market.

The valuation models used to price illiquid financial instruments are described in Note 7.5.

Some of the unlisted equity instruments categorized under IFRS 9 as “Financial assets at fair value through profit or loss” or “Financial assets at fair value through non-recyclable other comprehensive income” consist of investments in non-consolidated companies. The fair value of investments in unlisted non-consolidated companies is obtained principally by using valuation methods based on multiples or DCF (discounted cash flow). Use of these methods requires certain choices and assumptions to be made in advance, including projected future cash flow forecasts and discount rates.

###### 5.22.2Impairments for expected credit losses

The impairment model for expected credit losses is based on parameters and assumptions that affect provisions and value adjustments for losses. These parameters and assumptions are based on current and/or historical data, which also include reasonable and justifiable forecasts such as the estimating and weighting of future economic scenarios. Natixis also considers the opinions of its experts when estimating and applying these parameters and assumptions.

The IFRS 9 framework is based on expected losses calculated according to three macro-economic scenarios (optimistic, central, pessimistic). The expected losses used in the financial statements are assessed in light of their expected positioning in the macro-economic environment and outlined in these three scenarios by attributing to each a probability of occurrence (where the sum of the weightings attributed to all three scenarios is equal to 1).

With regard to the economic projections used, a new IFRS 9 scenario was validated in July 2025. The pessimistic scenario is no longer based on a stress scenario as of December 31, 2024. Since June 30, 2025, the optimistic and pessimistic scenarios have been determined by the economic research teams, resulting in a tightening of the limits

Following the update of IFRS 9 scenarios, GDP forecasts in all three areas remain close to central scenario.

These scenarios are defined and reviewed in the same manner and with the same governance as those defined for the budget process, with a quarterly review of relevance that could lead to macro-economic projections being revised in the event of a significant deviation in the situation observed, based on proposals from economic research and validation by the Senior Management Committee.

The variables defined in the central scenario and its limits mean that PD and LGD parameters can be altered and an expected credit loss can be calculated for each economic scenario. Parameters for periods longer than three years are projected on the principle of a gradual return to their long-term average. These economic scenarios are associated with probabilities of occurrence, ultimately making it possible to calculate an average probable loss used as the IFRS 9 impairment amount.

Given this context, the following weightings were validated:

| France | Europe excl. France | US zone
--- | --- | --- | ---
Optimistic | 35% | 54% | 57%
Central | 35% | 25% | 32%
Pessimistic | 30% | 21% | 11%

The tightening of limits between scenarios has led to a reduction in central weightings in favor of optimistic and pessimistic weightings.

At December 31, 2024, the weightings used were as follows:

| France | Europe excl. France | US zone
--- | --- | --- | ---
Optimistic | 5% | 9% | 25%
Central | 80% | 78% | 65%
Pessimistic | 15% | 13% | 10%

In addition, calculation also includes a sectoral dimension via a sectoral adjustment to the Probabilities of Default (PD) based on assessment of the economic sectoral ratings over a 6-12 month horizon. The average sector-weighted forward-looking PD, produced from the transition matrices, is compared and adjusted to converge toward the equivalent PD of the sector’s rating outlook.

The three-year projections of the main macro-economic variables used on the basis of the Natixis economists’ scenario for the central limit are presented below. Changes in models mean that the following indicators are now used:

◗Central scenario used at December 31, 2025

| 2026 | 2027 | 2028
--- | --- | --- | ---
Eurostoxx | 5,712 | 5,826 | 5,943
US exchange rate | 110 | 112 | 113
Fed ref rate | 3.0 | 3.0 | 3.3
Euro zone growth | 1.0 | 1.5 | 1.4
Unemployment rate in France | 7.7 | 7.8 | 7.5

◗Reminder: central scenario used at December 31, 2024

| 2025 | 2026 | 2027
--- | --- | --- | ---
S&P500 | 5,254 | 5,359 | 5,466
SLS | 5 | 5 | 3
VIX | 18 | 16 | 15
Fed ref rate | 3.7 | 3.3 | 3.3
Spread Libor 6-12M/Sonia 6-12M | 0.1 | 0.1 | 0.0

Finally, it should be noted that the various models for estimating expected credit losses may be supplemented by expert adjustments that increase the amount of expected losses in an economic context of high uncertainties.

In this respect, Natixis has recognized additional provisions of €167.0 million at December 31, 2025 (versus €113.5 million at December 31, 2024), to take into account the risks and uncertainties arising from the current macro-economic and financial environment.

This amount includes, on the one hand, the estimated impacts of deterioration on the real estate sector (real estate stress test defining a list of sensitive transactions in the EMEA zone), on the US offshore wind power sector, on a possible risk of the AI bubble bursting and, on the other hand, the impacts relating to geopolitical risk, to take into account the instability generated by US trade policy (customs tariffs) and diplomacy, as well as political uncertainties in France, which could result in a loss of competitiveness for corporate clients in the medium/long term.

A weighting of the probability of occurrence of the pessimistic scenario at 100% would have led to the recognition at December 31, 2025, of a 12.50% increase in expected credit losses (before taking into account the additional provisions indicated above). Conversely, a 100% weighting for the probability of occurrence of the optimistic scenario would have led a reduction of -5.7% in the amount of expected credit losses.

###### 5.22.3Valuation of cash-generating units (CGUs)

All goodwill is assigned to a CGU so that it may be tested for impairment. The tests conducted by Natixis consist of comparing the carrying amount of each CGU (including goodwill) with its recoverable value. Where the recoverable value equals the value in use, it is determined by discounting annual free cash flows to perpetuity. Use of the discounted cash flow method involves:

●estimating future cash flows. Natixis has based these estimates on forecasts included in its business lines’ medium-term plans;

●projecting cash flows for the last year of the plan to perpetuity, at a rate reflecting the expected annual growth rate;

●discounting cash flows at a specific rate for each CGU.

###### 5.22.4Fair value of loans and receivables at amortized cost

The fair value of loans not quoted on an active market is determined using the discounted cash flow method. The discount rate is based on an assessment of the rates used by the institution during the period for groups of loans with similar risk characteristics. Loans have been classified into groups with similar risk characteristics based on statistical research, enabling factors having an impact on credit spreads to be identified. Natixis also relies on expert judgment to refine this segmentation.

###### 5.22.5Employee benefits

Natixis calls on independent actuaries to calculate its principal employee benefits. These commitments are determined using assumptions such as the salary growth rate, discount rates and rates of return on plan assets. These discount rates and rates of return are based on observed market rates at the end of each calculation period (e.g. the yield curve on AA Corporate bonds for discount rates). When applied to long-term benefit obligations, these rates introduce uncertainty into the valuations.

###### 5.22.6Deferred taxes

As a precaution, Natixis records a net deferred tax asset linked to its ability to generate taxable income over a given period (10 years maximum), while tax loss carry forwards are deductible with no time limitation in France and the UK or over longer periods (20 years in the US for tax losses prior to January 1, 2018).

To that end, Natixis prepares tax business plans based on the medium-term plans for the business lines

###### 5.22.7Uncertainty over income tax treatments (IFRIC 23)

Natixis discloses uncertainty over income tax treatments in its financial statements where it concludes that it is not probable that the tax authority will accept them. To determine if a tax position is uncertain and assess its impact on the amount of the Group’s income tax, Natixis assumes that the tax authority will verify all reported amounts with comprehensive knowledge of all available information. It bases its judgment in particular on administrative doctrine, legal precedence and the history of rectifications carried out by the tax authority on similar uncertainties. Natixis reviews the estimate of the amount it expects to pay to or receive from the tax authority in respect of tax uncertainties, in the event of changes in associated events and circumstances, which may arise, for example, from changes in tax laws, the end of a limitation period, or the outcome of controls and initiatives conducted by the tax authorities.

When it is likely that the competent tax authorities will question the treatment adopted, these uncertainties are reflected in tax income and expenses by a provision for tax risks presented under tax liabilities.

Natixis is subject to accounting for prior years. The points proposed for correction about which Natixis disagrees are contested in a reasoned manner and, in application of the above, a provision is recorded for the estimated risk.

The description of the main risks and litigation, including in fiscal matters, to which Natixis is exposed is given in Section [3.2.10] of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

###### 5.22.8Other provisions

Provisions recognized as liabilities in the consolidated balance sheet, other than those relating to financial instruments and employee benefits, mainly concern provisions for litigation, restructuring, fines and penalties.

A provision is raised when it is likely that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event, and when the amount of the obligation can be reliably estimated. In order to calculate this amount, Natixis is required to assess the probability of the risk occurring. Future cash flows are discounted where the impact of discounting is material.

A description of the main risks and procedures to which Natixis is exposed is given in Section [3.2.10] of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

###### 5.22.9 Climate and environmental risks

Natixis is exposed, directly or indirectly, to several climate- and environment-related risk factors. To qualify them, Natixis has adopted the risk terminology proposed by the TCFD (Task Force on Climate-Related Financial Disclosures): “transition risk” and “physical risk”.

As part of the annual risk identification process, the assessment of the materiality of climate and environmental risks was based on an assessment of the transmission channels with respect to the major Basel 3 Pillar I risk classes, namely: credit and counterparty risks, market and valuation risks, structural balance sheet risks, strategic and business risks, non-financial risks (operational risks, reputational risks and legal risks)

This materiality assessment is then used to define Natixis' Risk Appetite Framework. At this stage, Natixis’ Risk Appetite Framework already includes a key indicator in terms of transition risk management: the proportion of assets classified as “dark brown” defined according to the GWF (Green Weighting Factor) method, which are the most exposed assets to transition risks. For this indicator, a threshold and a limit are established and are subject to regular reviews with a view to reducing them.

Physical and transition climate risks are taken into account in the internal assessment of the Group's capital requirement (ICAAP process) by applying scenarios.

With regard to the normative approach (STI 2026 exercise conducted in 2025), climate components were introduced into two “adverse” scenarios, in a variation of a scenario depicting an intensification of the political crisis in France: a first scenario combining the risks of an orderly Net Zero 2025 transition and chronic physical risks; and a second scenario including acute physical risks via a heatwave. With regard to the economic approach, work has been carried out to integrate climate risk (physical and transition) into the quantification of ICAAP economic capital through the calibration of an add-on applied to default risk;

Within Corporate & Investment Banking, Natixis has also gradually deployed several tools to assess and manage its exposure. Natixis assesses the effects of its transactions on the climate by assigning a climate rating (“Green Weighting Factor color rating”) either to the asset or to the project financed, or to the borrower in the case of traditional financing. It should be noted that environmental, social and governance (ESG) criteria are not explicitly integrated into rating methodologies at the end of 2024, although credit analysts have the option of adjusting the results of rating models to reflect any credit deterioration linked to climate concerns over a short-to-medium-term scenario (one to three years) for a counterparty. Credit risk policies may also incorporate elements relating to ESR policies or certain criteria relating to climate and environmental risks, where applicable.

The process of managing climate- and environment-related risks is being strengthened in line with BPCE’s work, as and when data becomes available or is collected, in particular by supplementing the framework for quantifying risks and monitoring physical and transition risk.

The management of "Climate and environmental risks" is presented in Section [3.2.11] of Chapter [3] "Risk factors, risk management and Pillar III" of the 2025 universal registration document.

#### Note 6Notes to the income statement

##### 6.1Net interest income

“Interest and similar income” and “Interest and similar expenses” comprise interest on fixed-income securities recognized as “Financial assets at fair value through other comprehensive income” and “Amortized cost”, and interest on loans and receivables due from banks and clients.

Financial assets and liabilities valued at amortized cost give rise to the recognition of interest calculated using the effective interest rate method.

This line item also includes interest on hedging derivatives.

Interest income also consists of interest on non-SPPI debt instruments not held under a trading model (classified by default as instruments at fair value).

Negative interest on financial assets is presented under “Interest and similar expenses”; negative interest on financial liabilities is presented under “Interest and similar income”.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Income | Expense | Net | Income | Expense | Net
Financial assets and liabilities at amortized cost | 9,944 | (8,423) | 1,521 | 12,257 | (11,001) | 1,256
Central banks | 1,746 | (0) | 1,746 | 2,594 | (11) | 2,583
Interest on securities | 166 | (82) | 83 | 166 | (77) | 88
Receivables, loans and borrowings | 8,032 | (6,570) | 1,462 | 9,497 | (8,465) | 1,032
Banks | 3,239 | (4,584) | (1,344) | 4,243 | (6,174) | (1,931)
Clients | 4,787 | (1,987) | 2,800 | 5,250 | (2,291) | 2,958
Finance leases | 6 |  | 6 | 5 |  | 5
Debt securities and subordinated debt |  | (1,747) | (1,747) |  | (2,429) | (2,429)
Lease liabilities |  | (23) | (23) |  | (18) | (18)
Financial assets at fair value through other comprehensive income | 256 |  | 256 | 276 |  | 276
Interest on securities | 242 |  | 242 | 234 |  | 234
Loans and receivables | 14 |  | 14 | 42 |  | 42
Financial assets to be valued at fair value through profit or loss | 137 |  | 137 | 52 |  | 52
Loans and receivables | 83 |  | 83 | 46 |  | 46
Interest on securities | 54 |  | 54 | 6 |  | 6
Hedging derivatives | 744 | (625) | 119 | 862 | (563) | 299
TOTAL | 11,081 | (9,048) | 2,033 | 13,447 | (11,564) | 1,883

##### 6.2Net fee and commission income

The method of accounting for fees and commissions received in respect of services or financial instruments depends on the ultimate purpose of the services rendered and the method of accounting for the financial instruments to which the service relates. The main accounting principles applying are presented in Note 5.18.

Fiduciary or similar fees and commissions are those that result in assets being held or invested on behalf of individual clients, pension schemes or other institutions. In particular, trust transactions cover asset management and custody activities performed on behalf of third parties.

For certain funds managed by affiliates of Natixis Investment Managers, the contractual provisions of the prospectus stipulate the payment of a “performance fee” for any fund over-performance.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Income | Expense | Total | Income | Expense | Total
Interbank transactions | 20 | (4) | 16 | 19 | (2) | 17
Client transactions | 823 | (1) | 822 | 765 | (3) | 763
Securities transactions | 70 | (182) | (111) | 63 | (188) | (126)
Payment services | 38 | (48) | (11) | 37 | (48) | (11)
Financial services | 122 | (657) | (535) | 131 | (579) | (449)
Fiduciary transactions (a) | 3,837 |  | 3,837 | 3,732 |  | 3,732
Financing, guarantee, securities and hedging derivative commitments | 332 | (300) | 32 | 251 | (293) | (42)
Others | 231 | (17) | 214 | 190 | (12) | 178
TOTAL | 5,472 | (1,208) | 4,264 | 5,188 | (1,125) | 4,063

(a)Of which performance fees in the amount of €108 million (of which €76 million for Europe) at December 31, 2025, versus €77 million (of which €55 million for Europe) at December 31, 2024.

##### 6.3Gains or losses on financial assets and liabilities at fair value through profit or loss

This item includes gains and losses on financial assets and liabilities at fair value through profit or loss, whether held for trading or designated under the fair value option or at fair value. This line item also includes interest on these instruments, except for those presented as net interest income.

“Hedging derivatives” include changes in the fair value of derivatives classified as fair value hedges, excluding interest, plus the symmetrical revaluation of the items hedged. They also include the “ineffective” portion of cash flow hedges.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Net gains/(losses) on financial assets and liabilities excluding hedging derivatives | 1,919 | 2,192
Net gains/(losses) on financial assets and liabilities held for trading (b) (c) | 5,245 | 2,212
o/w hedging derivatives not eligible for hedge accounting | (876) | (1,963)
Net gains and losses on financial assets to be valued at fair value through profit or loss (c) | 96 | 330
Net gains and losses on financial assets and liabilities under the fair value option | (3,469) | (763)
Others | 46 | 414
Hedging derivatives and revaluation of hedged items | (24) | (12)
Ineffective portion of cash flow hedges (CFH) | (3) | (11)
Ineffective portion of fair value hedges (FVH) | (20) | (2)
Changes in fair value hedges | 38 | (186)
Changes in hedged items | (59) | 185
TOTAL (a) | 1,895 | 2,180

(a)Insofar as the expenses and income presented in the income statement are classified by type and not by function, the net income of activities on financial instruments at fair value through profit or loss should be considered as a whole. The results presented above do not include the refinancing cost of these financial instruments, which is recorded in interest income or expenses.

(b)“Net gains/(losses) on financial assets and liabilities held for trading” include:

■As of December 31, 2025, a valuation adjustment recorded on the liability valuation of derivatives for own credit risk (DVA) of €1.8 million (income) compared with an expense of €20.9 million as of December 31, 2024;

■In addition, the value adjustment relating to the counterparty risk assessment (CVA) of financial assets was €39.8 million (income) at December 31, 2025, compared with an expense of €33.2 million at December 31, 2024. The Funding Valuation Adjustment (FVA) included in the valuation of uncollateralized or imperfectly collateralized derivatives is also recorded on this line for an amount of €55.8 million (income) as of December 31, 2025, compared with €85 million (expense) as of December 31, 2024.

(c)In the fourth quarter of 2025, Natixis set up a trading desk to manage its liquid seed money portfolio. Gains and losses are presented as of December 31, 2024, under “Net gains and losses on financial assets to be measured at fair value through profit or loss” (non-SPPI) for an amount of €48 million and are presented as of December 31, 2025 under net gains on financial assets and liabilities held for trading for an amount of €10 million.

##### 6.4Gains or losses on financial assets at fair value through other comprehensive income

The table below shows net gains and losses in financial assets at fair value through other comprehensive income recognized in net income over the period. They primarily consist of:

●income on the sale of debt instruments net of the impact of hedging instruments;

●dividends on equity instruments.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Net gains on debt instruments | 4 | 9
Net gains on loans and receivables | (2) | 2
Net gains on equity instruments (dividends) | 72 | 65
TOTAL | 74 | 76

Unrealized gains and losses recorded over the period are presented in the “Statement of net income (loss) and gains or losses recorded directly in other comprehensive income”.

##### 6.5Net gains or losses resulting from the derecognition of financial instruments at amortized cost

This line item includes gains and losses resulting from the derecognition of debt securities and loans and receivables recognized at amortized cost, including the impact of hedging instruments.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Gains or losses on derecognition of financial assets at amortized cost | 3 | (7)
Gains or losses on derecognition of financial liabilities at amortized cost | (4) | (6)
TOTAL | (1) | (13)

##### 6.6Other income and expenses

Income and expenses from other activities include incidental income and expenses.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Income | Expense | Net | Income | Expense | Net
Operating leases | 0 |  | 0 | 1 |  | 1
Other incidental income and expenses | 108 | (107) | 1 | 70 | (141) | (71)
TOTAL | 108 | (107) | 1 | 71 | (141) | (70)

##### 6.7Operating expenses and depreciation, amortization, and impairments

Operating expenses mainly comprise personnel costs, including wages and salaries net of reinvoiced expenses, social security expenses and employee benefits such as pensions (defined benefit plans), and expenses relating to share-based payments recognized in accordance with IFRS 2. A breakdown of these expenses is provided in Note 10.

This item also includes all administrative expenses and external services.

(in millions of euros) | Notes | 31/12/2025 | 31/12/2024
--- | --- | --- | ---
Wages and salaries | 10.2 | (2,937) | (2,780)
o/w share-based payments (a) |  | (34) | (24)
Pension benefits and other long-term employee benefits |  | (301) | (284)
Social security expenses |  | (647) | (604)
Incentive and profit-sharing plans |  | (127) | (128)
Payroll-based taxes |  | (54) | (51)
Others |  | (11) | (16)
Total Personnel costs |  | (4,078) | (3,863)
Taxes and duties |  | (104) | (109)
External services |  | (1,611) | (1,558)
Others |  | (18) | (29)
Total other operating expenses |  | (1,733) | (1,696)
TOTAL OPERATING EXPENSES |  | (5,811) | (5,560)
TOTAL DEPRECIATION, AMORTIZATION AND PROVISIONS FOR IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS |  | (276) | (233)

(a)The deferral expense recognized in 2025 in respect of Employee Retention and Performance Plans (ERPP) is -€33.8 million (compared with a charge of €23.7 million as of December 31, 2024).

##### 6.8Cost of risk

This line item primarily includes income related to the recognition of credit risk as defined by IFRS 9:

●cash flows on provisions and impairments for 12-month and lifetime expected credit losses related to:

●debt instruments recognized at amortized cost or at fair value through other comprehensive income,

●lease receivables,

●loan or guarantee commitments given that do not fit the definition of derivative financial instruments;

●losses on irrecoverable loans, and recoveries of loans previously recognized as losses.

| 31/12/2025
--- | ---
(in millions of euros) | Charges | Net reversals | Write-offs not covered by provisions | Recoveries of bad debts written off | Net | Impact of guarantees not taken into account in impairment | Net
Provisions for impairment of financial assets | (1,163) | 999 | (44) | 39 | (169) | (1) | (170)
Unimpaired financial assets – 12-month expected credit losses | (257) | 277 |  |  | 20 | (2) | 18
Unimpaired financial assets – Lifetime expected credit losses | (364) | 380 |  |  | 16 | (5) | 11
Impaired financial assets – Lifetime expected credit losses | (543) | 343 | (44) | 39 | (205) | 5 | (200)
Others |  |  |  |  |  |  |
Contingency reserves | (365) | 299 | (0) |  | (66) | (1) | (67)
Financing commitments – 12-month expected credit losses | (128) | 122 |  |  | (6) | (1) | (7)
Financing commitments – Lifetime expected credit losses | (139) | 96 |  |  | (43) | (0) | (43)
Impaired financing commitments – Lifetime expected credit losses | (35) | 78 |  |  | 44 |  | 44
Others | (63) | 3 | (0) |  | (60) |  | (60)
TOTAL | (1,527) | 1,298 | (45) | 39 | (235) | (2) | (237)
of which: |  |  |  |  |  |  |
Reversals of surplus impairment provisions |  | 1,298 |  |  |  |  |
Reversals of utilized impairment provisions |  | 126 |  |  |  |  |
Sub-total reversals: |  | 1,424 |  |  |  |  |
Write-offs covered by provisions |  | (126) |  |  |  |  |
Total net reversals: |  | 1,298 |  |  |  |  |

| 31/12/2024
--- | ---
(in millions of euros) | Charges | Net reversals | Write-offs not covered by provisions | Recoveries of bad debts written off | Net | Impact of guarantees not taken into account in impairment | Net
Provisions for impairment of financial assets | (1,491) | 1,200 | (7) | 36 | (262) | 22 | (240)
Unimpaired financial assets – 12-month expected credit losses | (306) | 322 |  |  | 15 | 2 | 17
Unimpaired financial assets – Lifetime expected credit losses | (512) | 529 | (2) |  | 15 | 5 | 20
Impaired financial assets – Lifetime expected credit losses | (672) | 349 | (5) | 36 | (292) | 16 | (276)
Others |  |  |  |  |  |  |
Contingency reserves | (392) | 349 | (0) |  | (44) | 1 | (43)
Financing commitments – 12-month expected credit losses | (109) | 108 |  |  | (1) | 1 | 0
Financing commitments – Lifetime expected credit losses | (158) | 186 |  |  | 28 | 0 | 28
Impaired financing commitments – Lifetime expected credit losses | (98) | 49 |  |  | (49) |  | (49)
Others | (28) | 6 | (0) |  | (22) |  | (22)
TOTAL | (1,883) | 1,549 | (7) | 36 | (306) | 23 | (282)
of which: |  |  |  |  |  |  |
Reversals of surplus impairment provisions |  | 1,549 |  |  |  |  |
Reversals of utilized impairment provisions |  | 207 |  |  |  |  |
Sub-total reversals: |  | 1,756 |  |  |  |  |
Write-offs covered by provisions |  | (207) |  |  |  |  |
Total net reversals: |  | 1,549 |  |  |  |  |

This item also includes impairment on non-performing receivables, resulting from the derecognition, following counterparty default, of financial instruments recorded as financial assets at fair value through profit or loss, amounting to €21.9 million at December 31, 2025, (nil as of December 31, 2024).

##### 6.9Gains or losses on other assets

This item comprises capital gains and losses on the disposal of property, plant and equipment and intangible assets used in operations, as well as capital gains and losses on the disposal of investments in consolidated companies.

| 31/12/2025 | 31/12/2024
--- | --- | ---
(in millions of euros) | Investments in consolidated companies | Property, plant and equipment and intangible assets | TOTAL | Investments in consolidated companies (a) | Property, plant and equipment and intangible assets | TOTAL
Net capital gains/(losses) on disposals | 6 | (1) | 5 | (15) | 1 | (14)
TOTAL | 6 | (1) | 5 | (15) | 1 | (14)

(a)Including -€15.2 million related to the disposal of Natixis Bank JSC, Moscow.

##### 6.10Reconciliation of the tax expense in the financial statements and the theoretical tax expense

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
+ Net income (Group share) | 1,361 | 1,352
+ Net income - Non-controlling interests | 58 | 66
+ Income tax expense | 558 | 636
+ Income from discontinued operations | 0 | 0
+ Impairment of goodwill | 0 | 0
- Share in net income of equity associates | (28) | (23)
= Consolidated net income/(loss) before tax, goodwill amortization and share in income of equity associates | 1,949 | 2,031
+/- Permanent differences (a) | 282 | 265
= Consolidated taxable income/(loss) | 2,231 | 2,297
x Theoretical tax rate | 25.83% | 25.83%
= Theoretical tax charge | (576) | (593)
+ Income taxed at reduced rates | (1) | (0)
+ Losses for the period not recognized for deferred tax purposes | 4 | (11)
+ Impact of tax consolidation | 10 | 10
+ Difference in tax rates for foreign subsidiaries | 34 | 21
+ Tax on prior periods and other tax items | (29) | (63)
= Tax expense for the period | (558) | (636)
o/w: taxes payable (b) | (521) | (508)
deferred tax | (37) | (128)

(a)Permanent differences include, in particular, at December 31, 2025, a -€23.1 million impact on the capital gain on the disposal of MV Credit (+€71.5 million minus a -€48.3 million reallocation of goodwill).

(b)The rules of the OECD Pillar II aimed at implementing a minimum global corporate tax rate set at 15%, transposed into French law by the Finance law for 2024 are now applicable to fiscal year opened after December 31, 2023. BPCE, as the Group head, is subject to this additional tax. Natixis does not recognize any tax expense in this respect. The current tax recognized as of December 31, 2025 includes a charge of €2.1 million relating to the Domestic Minimum Tax applicable as of January 1, 2025 in certain foreign jurisdictions.

#### Note 7Notes to the balance sheet

##### 7.1 Financial assets and liabilities at fair value through profit or loss

These assets and liabilities are measured at fair value at the reporting date, with changes in fair value, including interest, recognized in the income statement under “Net gains or losses on financial instruments at fair value through profit or loss”, except for:

●interest on hedging derivatives and non-SPPI instruments recorded as interest income and expenses in the income statement; and

●changes in fair value attributable to own credit risk on financial liabilities designated at fair value through profit or loss, recorded in other comprehensive income as “Revaluation of own credit risk of financial liabilities designated at fair value through profit or loss”.

###### 7.1.1Financial assets at fair value through profit or loss

The table below shows the breakdown of financial assets at fair value through profit or loss by instrument type.

Financial instruments that must be measured at fair value through profit or loss include debt instruments and non-SPPI loans (for which the classification criteria are provided in Note [5.1.2]), and equity instruments that we have opted not to recognize in equity.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Financial assets held for trading (d) | Financial assets to be valued at fair value through profit or loss (a) (d) | Financial assets designated under the fair value option (b) | Total | Financial assets held for trading | Financial assets to be valued at fair value through profit or loss (a) | Financial assets designated under the fair value option (b) | Total
Securities | 68,173 | 2,147 |  | 70,320 | 53,849 | 2,656 |  | 56,505
Debt instruments | 29,772 | 1,171 |  | 30,943 | 17,308 | 1,650 |  | 18,959
Equity instruments | 38,401 | 976 |  | 39,378 | 36,540 | 1,006 |  | 37,546
Financing against reverse repos (c) | 78,182 |  |  | 78,182 | 87,019 |  |  | 87,019
Loans and receivables | 6,132 | 2,008 |  | 8,140 | 5,508 | 2,117 |  | 7,625
Banks | 182 |  |  | 182 | 77 |  |  | 77
Clients | 5,949 | 2,008 |  | 7,958 | 5,432 | 2,117 |  | 7,549
Hedging derivatives not eligible for hedge accounting (c) | 67,358 |  |  | 67,358 | 69,243 |  |  | 69,243
Security deposits paid | 12,979 |  |  | 12,979 | 12,024 |  |  | 12,024
TOTAL | 232,824 | 4,155 |  | 236,980 | 227,644 | 4,773 |  | 232,417

(a)The criteria for classifying financial assets at fair value through profit or loss if they do not meet the SPPI criterion used by Natixis are provided in Note 5.1.2;

(b)Only in the case of an “accounting mismatch” under IFRS 9.

(c)The information presented takes into account the impact of offsetting carried out in accordance with IAS 32 (see Note 7.3).

(d)In the fourth quarter of 2025, Natixis set up a trading desk to manage its liquid seed money portfolio. The assets in this portfolio were classified as at December 31, 2024, as assets at fair value through profit or loss (i.e. non-SPPI) for an amount of €555 million and are presented as of December 31, 2025 among financial assets held for trading for an amount of €699 million.

###### 7.1.2Financial liabilities at fair value through profit or loss

The table below shows the breakdown of financial liabilities at fair value through profit or loss by instrument type.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Financial liabilities held for trading | Financial liabilities designated under the fair value option | Total | Financial liabilities held for trading | Financial liabilities designated under the fair value option | Total
Note | 7.1.2.1 | 7.1.2.1
Securities | 25,456 | 49,751 | 75,207 | 21,486 | 38,399 | 59,885
Debt securities |  | 49,751 | 49,751 | 2 | 38,399 | 38,402
Subordinated debt |  |  |  |  |  |
Short sales | 25,456 |  | 25,456 | 21,484 |  | 21,484
Securities under repurchase agreements (a) | 97,952 |  | 97,952 | 100,483 |  | 100,483
Liabilities | 3 | 2,321 | 2,324 | 4 | 666 | 670
Due to banks |  | 1,099 | 1,099 |  | 189 | 189
Customer deposits | 3 | 1,026 | 1,029 | 4 | 387 | 391
Other liabilities |  | 196 | 196 |  | 90 | 90
Hedging derivatives not eligible for hedge accounting (a) | 58,165 |  | 58,165 | 60,851 |  | 60,851
Security deposits received | 16,991 |  | 16,991 | 15,331 |  | 15,331
TOTAL | 198,566 | 52,072 | 250,638 | 198,156 | 39,065 | 237,221

(a)The information presented takes into account the impact of offsetting carried out in accordance with IAS 32 (see note 7.3).

###### Conditions for classification of financial liabilities under the fair value option

Financial liabilities are designated at fair value through profit or loss when this choice provides more pertinent information or when these instruments incorporate one or more significant and separable embedded derivatives.

The use of the fair value option is considered to provide more pertinent information in two situations:

●where there is an accounting mismatch between economically linked assets and liabilities. In particular, the fair value option is used when hedge accounting conditions are not met: in such cases, changes in the fair value of the hedged item automatically offset changes in the fair value of the hedging derivative;

●where a portfolio of financial assets and liabilities is managed and recognized at fair value as part of a documented policy of asset and liability management.

Liabilities measured at fair value through profit or loss mainly comprise issues originated and structured on behalf of clients for which risks and hedging are collectively managed.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount | Accounting mismatch | Managed on a fair value basis | Embedded derivatives | Carrying amount | Accounting mismatch | Managed on a fair value basis | Embedded derivatives
Due to banks | 1,099 | 2 |  | 1,097 | 189 | 24 |  | 165
Customer deposits | 1,026 | 0 |  | 1,026 | 387 | 0 |  | 387
Debt securities | 49,751 | 33,368 |  | 16,382 | 38,399 | 31,606 |  | 6,793
Subordinated debt |  |  |  |  |  |  |  |
Other liabilities | 196 | 196 |  |  | 90 | 90 |  | 0
TOTAL | 52,072 | 33,567 |  | 18,506 | 39,065 | 31,720 |  | 7,345

Some liabilities issued and recognized under the fair value option through profit or loss are covered by a guarantee. The effect of this guarantee is incorporated into the fair value of the liabilities.

7.1.2.1 Financial liabilities under the fair value option and credit risk

The carrying amount of financial liabilities designated at fair value through profit or loss corresponds to their fair value shown on the balance sheet.

The amount contractually due on loans at maturity represents the principal amount outstanding at the reporting date, plus any accrued interest not yet due. The amount contractually due on securities represents their redemption value.

◗Financial liabilities designated under the fair value option for which related credit risk is presented in “other comprehensive income”

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount | Amount contractually due at maturity | Difference between carrying amount and amount contractually due at maturity | Cumulative changes in the fair value of financial liabilities, designated at fair value through profit or loss, attributable to credit risk | Carrying amount | Amount contractually due at maturity | Difference between carrying amount and amount contractually due at maturity | Cumulative changes in the fair value of financial liabilities, designated at fair value through profit or loss, attributable to credit risk
Debt securities (a) | 49,751 | 52,003 | (2,252) | 907 | 38,399 | 42,861 | (4,461) | (315)
Due to banks | 1,099 | 1,141 | (42) | 1 | 189 | 223 | (33) | (5)
Customer deposits | 1,026 | 1,042 | (16) | 9 | 387 | 396 | (9) | 3
Other debts | 196 | 196 | 0 |  | 90 | 90 | 0 |
Subordinated debt |  |  |  |  |  |  |  |
TOTAL (b) | 52,072 | 54,382 | (2,309) | 916 | 39,065 | 43,569 | (4,503) | (316)

(a)Balancing payments relating to the early redemption of Natixis issues recognized in shareholders’ equity over fiscal year 2025 totaled +€0.4 million versus -€1.8 million over fiscal year 2024.

(b)The fair value, determined using the calculation method described in Note 7.5, recorded in respect of internal credit risk on Natixis issues, totaled -€916.3 million at December 31, 2025 versus +€316.1 million at December 31, 2024. This change mainly reflects the methodological refinement of the Natixis spread calculation (see Note 5.6).

###### 7.1.3Hedging derivatives not eligible for hedge accounting

Hedging derivatives not eligible for hedge accounting are classified as held for trading, irrespective of the period over which they are expected to be held.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Notional | Assets | Liabilities | Notional | Assets | Liabilities
Organized market | 485,821 | 2,104 | 2,462 | 314,412 | 1,142 | 1,087
Interest rate derivatives | 359,874 |  |  | 233,345 | 1 |
Currency derivatives | 1,222 |  |  | 43 |  |
Equity derivatives | 124,712 | 2,103 | 2,459 | 80,846 | 1,141 | 1,087
Credit derivatives |  |  |  |  |  |
Other contracts | 12 | 1 | 3 | 178 |  |
Over-the-counter | 21,891,860 | 65,255 | 55,703 | 18,543,391 | 68,101 | 59,764
Interest rate derivatives | 19,532,448 | 30,341 | 26,710 | 16,570,369 | 30,678 | 25,613
Currency derivatives | 1,740,757 | 24,541 | 18,242 | 1,517,623 | 31,364 | 27,772
Equity derivatives | 190,507 | 3,108 | 3,906 | 150,523 | 2,243 | 2,930
Credit derivatives | 259,709 | 4,195 | 4,303 | 170,803 | 2,506 | 2,338
Other contracts | 168,439 | 3,070 | 2,542 | 134,073 | 1,310 | 1,111
TOTAL | 22,377,681 | 67,358 | 58,165 | 18,857,803 | 69,243 | 60,851
o/w banks | 2,826,976 | 39,457 | 31,043 | 2,423,161 | 46,667 | 39,284
o/w other financial companies | 18,634,810 | 16,750 | 17,912 | 15,793,562 | 13,217 | 13,996

The notional amounts of derivative financial instruments are merely an indication of the volume of the Group’s business on the financial instruments market, and do not reflect the market risks associated with such instruments.

##### 7.2Hedging derivatives

Derivatives may only be designated as hedges if they meet the criteria set out in IAS 39 at inception and throughout the term of the hedge. These criteria include formal documentation that the hedging relationship between the hedging derivatives and the hedged items is both prospectively and retrospectively effective. Hedging relationships are presumed to be effective when, retrospectively, changes in the value of the hedging instrument offset changes in the value of the hedged item within a range of 80-125%.

Cash flow hedges are mainly used by Natixis to hedge the overall interest rate risk.

Fair value hedging is used to hedge changes in the fair value of fixed-income securities on an individual basis, as well as comprehensive hedging of the interest-rate risk of Natixis Financial Products LLC according to the carve-out provisions of IAS 39.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Fair value assets | Fair value liabilities | Fair value assets | Fair value liabilities
Cash flow hedges | 77 | 37 | 94 | 42
Over-the-counter | 77 | 37 | 94 | 42
Interest rate derivatives | 71 | 30 | 89 | 38
Currency derivatives | 6 | 7 | 4 | 4
Fair value hedges | 298 | 251 | 283 | 251
Over-the-counter | 298 | 251 | 283 | 251
Interest rate derivatives | 298 | 251 | 283 | 251
Currency derivatives |  |  |  |
TOTAL | 374 | 288 | 377 | 293

###### 7.2.1Fair value hedging of assets and liabilities

(in millions of euros) | Hedging of interest rate risk | Hedging of interest rate risk
--- | --- | ---
31/12/2025 | 31/12/2024
Carrying amount | o/w revaluation of the hedged portion | Hedged portion still to be deferred | Carrying amount | o/w revaluation of the hedged portion | Hedged portion still to be deferred
Assets | 15,210 | (127) | 1 | 14,853 | (109) |
Financial assets at fair value through other comprehensive income | 10,787 | (101) | 1 | 9,486 | (90) |
Fixed-income securities | 10,787 | (101) | 1 | 9,486 | (90) |
Equities and other variable-income securities |  |  |  |  |  |
Financial assets at amortized cost | 4,422 | (26) | (0) | 5,367 | (19) |
Loans and receivables due from banks | 3,329 | (7) |  | 4,125 | 11 |
Loans and receivables due from customers | 1,093 | (19) | (0) | 1,221 | (30) |
Fixed-income securities |  |  |  | 20 |  |
Liabilities | 8,511 | (19) | 0 | 4,682 | (49) | 1
Financial liabilities at amortized cost | 8,511 | (19) | 0 | 4,682 | (49) | 1
Due to banks | 707 | (3) |  | 949 | (15) |
Customer deposits | 6,541 | 14 |  | 2,455 | (7) |
Debt securities | 1,154 | (41) | 0 | 1,167 | (42) | 1
Subordinated debt | 110 | 11 |  | 110 | 15 |

###### 7.2.2Cash flow hedging of assets and liabilities

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Fair value of hedging derivative (a) | o/w effective portion | o/w ineffective portion | Fair value of hedging derivative (a) | o/w effective portion | o/w ineffective portion
Hedging of interest rate risk | 39 | 41 | (2) | 52 | 51 | 1
Hedging of foreign exchange risk | (1) | (2) | 0 |  |  |
Total | 38 | 41 | (2) | 52 | 51 | 1

(a)The asset and liability fair value of the hedging derivatives is presented in net terms.

7.2.2.1Cash flow hedging – Analysis of other items of comprehensive income

(in millions of euros) | 01/01/2024 | Change in effective portion | Reclassification of effective portion to profit or loss | Hedged item partially or fully settled | 31/12/2024 | Change in effective portion | Reclassification of effective portion to profit or loss | Hedged item partially or fully settled | 31/12/2025
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Amount of OCI for CFH transactions | 97 | 11 | (37) | 7 | 77 | (19) | 6 | (1) | 63
Total | 97 | 11 | (37) | 7 | 77 | (19) | 6 | (1) | 63

The hedged portion still to be deferred came to €22 million at December 31, 2025 and €26 million as at December 31, 2024.

##### 7.3Offsetting of financial assets and liabilities

The tables below present the amounts offset on the balance sheet meeting the criteria set out in IAS 32, as well as the impacts linked to the existence of an enforceable right of set-off under a master netting agreement or similar agreements that do not meet the criteria set out in IAS 32 dealing with offsetting.

The net amount of financial assets and financial liabilities recognized (including amounts not offset on the balance sheet which may or may not be subject to master netting agreements or similar agreements), after deducting the gross offset amounts, correspond to the gross balances presented on the balance sheet.

The gross offset amounts in the balance sheet reflect repurchase agreements and derivative transactions, most of which carried out with clearing houses, for which the criteria set out in IAS 32 are met:

●for listed derivatives, the positions recorded under the respective asset and liability items for:

●index options and futures options are offset by maturity and by currency,

●equity options are offset by ISIN code and maturity date;

●for OTC derivatives, the information is presented in consideration of the effects of the currency offset between asset valuations, liability valuations and variations in margin;

●for repurchase agreements, Natixis records in its balance sheet the net amount of repurchase and reverse repurchase agreements entered into with the same counterparty, and which:

●have the same maturity date,

●are operated via the same custodian or settlement/delivery platform,

●are made in the same currency.

OTC derivatives handled with the clearing houses LCH Clearnet Ltd, Eurex Clearing AG and CME Clearing are not subjected to accounting offsets in the sense of IAS 32, but rather a daily liquidation (application of the settlement to market principle, as provided by those three clearing houses so that margin calls are considered a routine liquidation of derivatives, rather than security deposits as before).

These tables also show the impacts of master arrangements or similar agreements corresponding to derivative amounts or outstanding repos covered by master netting arrangements or similar agreements under which the net settlement criterion or the simultaneous settlement of assets and liabilities cannot be demonstrated or for which the right to set-off cannot be exercised except in the event of the default, insolvency or bankruptcy of one or more counterparties. These amounts are not offset on the balance sheet.

###### 7.3.1Financial assets

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Gross amount of financial assets offset in the balance sheet | Gross amount of financial liabilities offset in the balance sheet | Net amount of financial assets recognized in the balance sheet | Gross amount of financial assets offset in the balance sheet | Gross amount of financial liabilities offset in the balance sheet | Net amount of financial assets recognized in the balance sheet
(a) | (b) | (c) = (a) - (b) | (a) | (b) | (c) = (a) - (b)
Financial assets at fair value through profit or loss | 184,163 | 38,623 | 145,541 | 190,465 | 34,203 | 156,262
Derivatives | 71,235 | 3,876 | 67,358 | 72,808 | 3,565 | 69,243
Repurchase agreements | 112,928 | 34,746 | 78,182 | 117,657 | 30,638 | 87,019
Hedging derivatives | 840 | 466 | 374 | 534 | 157 | 377
Loans and receivables due from banks | 5,256 | 259 | 4,997 | 4,875 | 1,003 | 3,872
Repurchase agreements | 5,256 | 259 | 4,997 | 4,875 | 1,003 | 3,872
Loans and receivables due from customers | 1,508 | 0 | 1,508 | 1,504 | 0 | 1,504
Repurchase agreements | 1,508 | 0 | 1,508 | 1,504 | 0 | 1,504
TOTAL | 191,767 | 39,348 | 152,420 | 197,378 | 35,363 | 162,014

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Net amount of financial assets recognized in the balance sheet | Impacts of master netting and similar agreements (a) | Guarantees received in cash | Net exposure | Net amount of financial assets recognized in the balance sheet | Impacts of master netting and similar agreements (a) | Guarantees received in cash | Net exposure
(c) | (d) | (f) | (g) = (c) - (d) - (f) | (c) | (d) | (f) | (g) = (c) - (d) - (f)
Derivatives | 67,733 | 34,381 | 13,719 | 19,633 | 69,619 | 41,853 | 10,029 | 17,737
Repurchase agreements | 84,687 | 82,514 | 41 | 2,132 | 92,395 | 90,005 | 108 | 2,283
TOTAL | 152,420 | 116,895 | 13,760 | 21,765 | 162,014 | 131,858 | 10,137 | 20,019

(a)Including guarantees received in the form of securities.

###### 7.3.2Financial liabilities

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Gross amount of financial liabilities offset in the balance sheet | Gross amount of financial assets offset in the balance sheet | Net amount of financial liabilities recognized in the balance sheet | Gross amount of financial liabilities offset in the balance sheet | Gross amount of financial assets offset in the balance sheet | Net amount of financial liabilities recognized in the balance sheet
(a) | (b) | (c) = (a) - (b) | (a) | (b) | (c) = (a) - (b)
Financial liabilities at fair value through profit or loss | 194,738 | 38,622 | 156,116 | 195,529 | 34,194 | 161,334
Derivatives | 62,041 | 3,876 | 58,165 | 64,409 | 3,557 | 60,851
Repurchase agreements | 132,698 | 34,746 | 97,952 | 131,120 | 30,637 | 100,483
Hedging derivatives | 754 | 466 | 288 | 458 | 165 | 293
Due to banks | 4,006 | 259 | 3,747 | 3,812 | 1,003 | 2,809
Repurchase agreements | 4,006 | 259 | 3,747 | 3,812 | 1,003 | 2,809
Customer deposits | 12 | 0 | 12 | 4 | 1 | 3
Repurchase agreements | 12 | 0 | 12 | 4 | 1 | 3
TOTAL | 199,510 | 39,348 | 160,163 | 199,803 | 35,363 | 164,440

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Net amount of financial liabilities recognized in the balance sheet | Impacts of master netting and similar agreements (a) | Guarantees received in cash | Net exposure | Net amount of financial liabilities recognized in the balance sheet | Impacts of master netting and similar agreements (a) | Guarantees received in cash | Net exposure
(c) | (d) | (f) | (g) = (c) - (d) - (f) | (c) | (d) | (f) | (g) = (c) - (d) - (f)
Derivatives | 58,453 | 35,538 | 6,241 | 16,673 | 61,144 | 42,721 | 6,031 | 12,393
Repurchase agreements | 101,710 | 101,521 | 55 | 134 | 103,296 | 103,122 | 39 | 135
TOTAL | 160,163 | 137,059 | 6,296 | 16,807 | 164,440 | 145,843 | 6,070 | 12,528

(a)Including guarantees given in the form of securities.

##### 7.4Financial assets at fair value through other comprehensive income

This item comprises debt instruments managed according to a collection and sale management model, and whose cash flows respect the basic character (see Note 5.1.4), such as debt instruments held as part of the liquidity reserve, and equity instruments for which Natixis has irrevocably opted to classify at fair value through equity.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Debt instruments | Equity instruments | Total | Debt instruments | Equity instruments | Total
Unimpaired financial assets (a) | Impaired financial assets (b) | Unimpaired financial assets (a) | Impaired financial assets (b)
Note | 7.4.1 | 7.4.1 | 7.4.2 |  | 7.4.1 | 7.4.1 | 7.4.2 |
Securities | 10,801 | 0 | 910 | 11,711 | 10,467 | 7 | 852 | 11,325
Loans and receivables |  |  |  |  | 102 | 7 |  | 109
TOTAL | 10,801 | 0 | 910 | 11,711 | 10,569 | 14 | 852 | 11,434

(a)Comprises unimpaired financial assets for which value adjustments are calculated based on 12-month expected credit losses (Stage 1) or lifetime expected credit losses (Stage 2).

(b)Impaired financial assets (Stage 3) are assets for which a default event has been identified as defined in Article 178 of the European Regulation of June 26, 2013 on regulatory requirements for credit institutions.

###### 7.4.1Reconciliation table for financial assets at fair value through recyclable other comprehensive income

The tables below show, for each class of instrument, changes over fiscal year 2025 in accounting items and impairments and provisions related to financial assets at fair value through recyclable other comprehensive income.

(in millions of euros) | Financial assets at fair value through recyclable other comprehensive income
--- | ---
Unimpaired assets for which expected credit losses are measured over 12 months (S1 bucket) | Unimpaired assets for which expected credit losses are measured on a lifetime basis (S2 bucket) (b) | Impaired assets (S3 bucket) (b) | Total
Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses
BALANCE AS OF 01/01/2024 | 9,968 | (14) | 10 | (1) | 2 | (0) | 9,981 | (15)
New originated or acquired contracts | 7,884 | (3) | 16 | (1) |  |  | 7,899 | (4)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | 273 | 5 | 8 | (0) |  | (5) | 281 | (1)
Financial asset transfers | (21) | 0 | 3 | 0 | 18 | (0) |  |
Transfers to S1 | 2 | (0) | (2) | 0 |  |  |  |
Transfers to S2 | (5) | 0 | 5 | (0) |  |  |  |
Transfers to S3 | (18) | 0 |  |  | 18 | (0) |  |
Contracts fully repaid or sold during the period | (7,406) | 5 | (5) | 0 |  |  | (7,411) | 5
Impairment in value (write-off) |  |  |  |  |  |  |  |
Variations linked to changes in exchange rates | 169 | (0) |  |  |  |  | 169 | (0)
Changes in the model used |  |  |  |  |  |  |  |
IFRS 5 – Entities held for sale (a) | (296) | 4 | (19) | 1 | (18) | 5 | (333) | 11
Other movements |  |  |  |  |  |  |  |
BALANCE AS OF 31/12/2024 | 10,570 | (2) | 13 | (1) | 3 | (1) | 10,586 | (3)
New originated or acquired contracts | 8,036 | 0 |  |  |  |  | 8,036 | 0
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | (20) | 0 | 0 | 0 |  | (2) | (20) | (2)
Financial asset transfers | (75) | 0 | 72 | 0 | 2 | 0 |  |
Transfers to S1 |  |  |  |  |  |  |  |
Transfers to S2 | (72) |  | 72 | 0 |  |  |  |
Transfers to S3 | (2) | 0 |  |  | 2 | 0 |  |
Contracts fully repaid or sold during the period | (7,439) | 1 | (5) | 0 | (3) | 1 | (7,447) | 3
Impairment in value (write-off) |  |  |  |  |  |  |  |
Variations linked to changes in exchange rates | (351) | 0 |  |  |  |  | (351) | 0
Changes in the model used |  |  |  |  |  |  |  |
IFRS 5 – Entities held for sale |  |  |  |  |  |  |  |
Other movements |  |  |  |  |  |  |  |
BALANCE AS OF 31/12/2025 | 10,721 | (0) | 80 | (1) | 1 | (1) | 10,803 | (2)

(a)See Note 2.6.

(b)Of which purchased or originated credit-impaired (POCI).

###### 7.4.2Equity instruments at fair value through other comprehensive income

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Fair value | Dividends recognized over the period | Derecognition over the period | Fair value | Dividends recognized over the period | Derecognition over the period
Equity instruments held as of 31/12/2024 | Equity instruments derecognized during the period | Fair value on date of sale | Cumulative profit or loss on date of sale | Equity instruments held as of 31/12/2023 | Equity instruments derecognized during the period | Fair value on date of sale | Cumulative profit or loss on date of sale
Investments in unconsolidated companies | 822 | 70 |  |  | (5) | 730 | 64 |  | 0 |
Other equity instruments | 88 | 2 |  | 4 | 1 | 122 | 1 |  |  |
TOTAL | 910 | 72 |  | 4 | (4) | 852 | 65 |  | 0 |

##### 7.5Fair value of financial assets and liabilities carried at fair value in the balance sheet

For financial reporting purposes, the fair value of financial and non-financial instruments has been broken down in accordance with a fair value hierarchy that reflects the observability of the models and parameters used to make these assessments (see Note 5.6). The three levels of the fair value hierarchy are presented below.

For hedging derivatives and structured issues, fair values are broken down based on the dominant risk factor, i.e. primarily interest rate risk, foreign exchange risk, credit risk and equity risk:

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount | Level 1 | Level 2 | Level 3 | Carrying amount | Level 1 | Level 2 | Level 3
Financial assets held for trading | 165,466 | 78,579 | 78,644 | 8,244 | 158,401 | 62,946 | 88,104 | 7,351
o/w debt instruments in the form of securities | 29,772 | 27,467 | 1,931 | 375 | 17,308 | 16,115 | 871 | 323
o/w equity instruments | 38,401 | 38,144 | 242 | 15 | 36,540 | 35,686 | 846 | 8
o/w loans and receivables | 84,314 |  | 76,460 | 7,854 | 92,528 |  | 85,507 | 7,020
o/w security deposits paid | 12,979 | 12,967 | 11 |  | 12,024 | 11,145 | 880 |
Hedging derivatives not eligible for hedge accounting (positive fair value) | 67,358 | 644 | 63,350 | 3,366 | 69,247 | 107 | 66,958 | 2,183
o/w interest rate derivatives | 30,341 |  | 28,945 | 1,396 | 30,679 |  | 29,730 | 949
o/w currency derivatives | 24,541 | 2 | 24,225 | 316 | 31,369 | 15 | 30,939 | 415
o/w credit derivatives | 4,195 |  | 4,083 | 112 | 2,506 |  | 2,419 | 87
o/w equity derivatives | 5,210 |  | 3,778 | 1,433 | 3,383 |  | 2,715 | 668
o/w other | 3,071 | 642 | 2,319 | 109 | 1,310 | 91 | 1,155 | 65
Financial assets to be valued at fair value through profit or loss | 4,155 | 569 | 400 | 3,188 | 4,773 | 1,036 | 719 | 3,018
o/w equity instruments | 976 | 134 | 14 | 828 | 1,006 | 65 | 8 | 933
o/w debt instruments in the form of securities | 1,172 | 435 | 7 | 730 | 1,650 | 971 | 14 | 665
o/w loans and receivables | 2,008 |  | 379 | 1,629 | 2,117 |  | 697 | 1,420
Financial assets designated under the fair value option |  |  |  |  |  |  |  |
o/w debt instruments in the form of securities |  |  |  |  |  |  |  |
o/w loans and receivables |  |  |  |  |  |  |  |
Hedging derivatives (assets) | 374 |  | 374 |  | 377 |  | 377 |
o/w interest rate derivatives | 368 |  | 368 |  | 372 |  | 372 |
o/w currency derivatives | 6 |  | 6 |  | 4 |  | 4 |
Financial assets at fair value through other comprehensive income | 11,711 | 8,695 | 2,210 | 806 | 11,434 | 8,540 | 2,138 | 756
o/w equity instruments | 910 | 86 | 18 | 806 | 852 | 80 | 16 | 756
o/w debt instruments in the form of securities | 10,801 | 8,609 | 2,192 |  | 10,474 | 8,460 | 2,014 |
o/w loans and receivables |  |  |  |  | 108 |  | 108 |
TOTAL (a) | 249,066 | 88,486 | 144,978 | 15,603 | 244,232 | 72,629 | 158,295 | 13,309

(a)Transfers between levels 1 and 2 mainly concern debt instruments in the form of securities. Transfers to and from Level 3 are presented in Note 7.5.1.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount | Level 1 | Level 2 | Level 3 | Carrying amount | Level 1 | Level 2 | Level 3
Financial liabilities held for trading | 42,446 | 41,613 | 672 | 161 | 36,817 | 36,764 | 45 | 8
o/w securities | 25,456 | 24,785 | 510 | 161 | 21,486 | 21,434 | 43 | 8
o/w security deposits received | 16,991 | 16,828 | 163 |  | 15,331 | 15,330 | 1 |
Hedging derivatives not eligible for hedge accounting (negative fair value) | 58,165 | 446 | 54,791 | 2,928 | 60,851 | 118 | 58,521 | 2,212
o/w interest rate derivatives | 26,710 |  | 25,637 | 1,074 | 25,613 |  | 24,818 | 795
o/w currency derivatives | 18,242 | 5 | 18,152 | 84 | 27,772 | 13 | 27,612 | 147
o/w credit derivatives | 4,303 |  | 4,169 | 134 | 2,338 |  | 2,208 | 130
o/w equity derivatives | 6,365 |  | 4,801 | 1,564 | 4,017 | 3 | 2,944 | 1,070
o/w other | 2,545 | 441 | 2,033 | 71 | 1,111 | 102 | 939 | 70
Other financial liabilities held for trading | 97,954 | 3 | 97,866 | 86 | 100,488 | 4 | 100,389 | 95
Financial liabilities designated under the fair value option | 52,072 | 162 | 39,261 | 12,649 | 39,065 | 90 | 30,896 | 8,079
o/w securities under the fair value option | 49,751 |  | 37,591 | 12,160 | 38,399 |  | 30,524 | 7,876
o/w other financial liabilities under the fair value option | 2,321 | 162 | 1,670 | 489 | 666 | 90 | 372 | 204
Hedging derivatives (liabilities) | 288 |  | 288 |  | 293 |  | 293 |
o/w interest rate derivatives | 281 |  | 281 |  | 289 |  | 289 |
o/w currency derivatives | 7 |  | 7 |  | 4 |  | 4 |
TOTAL (a) | 250,926 | 42,224 | 192,878 | 15,824 | 237,514 | 36,976 | 190,144 | 10,395

(a)Transfers between levels 1 and 2 mainly concern securities held for trading. Transfers to and from Level 3 are presented in Note 7.5.1.

(a) Level 1: Measurement using prices quoted on liquid markets

Level 1 comprises instruments whose fair value is determined based on directly usable prices quoted on active markets.

This mainly includes securities listed on a stock exchange or traded continuously on other active markets, derivatives traded on organized markets (futures, options, etc.) whose liquidity can be demonstrated, and mutual fund units whose NAV is determined and reported on a daily basis.

(b) Level 2: Measurement using observable market models and parameters

Level 2 fair value comprises instruments other than those mentioned in Level 1 fair value and instruments measured using a valuation technique incorporating inputs that are either directly observable (prices) or indirectly observable (price derivatives) through to maturity. This mainly includes:

###### Simple instruments

Most OTC derivatives, swaps, credit derivatives, forward rate agreements, caps, floors and plain vanilla options are traded in active markets, i.e. liquid markets in which trades occur regularly. These instruments are valued using generally accepted models (discounted cash flow method, Black & Scholes model, interpolation techniques), and on the basis of directly observable inputs. For these instruments, the extent to which models are used and the observability of inputs have been documented.

Instruments measured using Level 2 inputs also include:

●securities that are less liquid than those classified as Level 1, whose fair value is determined based on external prices put forward by a reasonable number of active market makers and which are regularly observable without necessarily being directly executable (prices mainly taken from contribution and consensus databases); where these criteria are not met, the securities are classified as Level 3 fair value;

●securities not listed on an active market, the fair value of which is determined on the basis of observable market data. E.g. use of market data from comparable companies, or multiples method based on techniques commonly used by market players;

●mutual fund units whose NAV is not determined and published on a daily basis, but are subject to regular reporting or offer observable data from recent transactions;

●debt securities measured under the fair value option when the underlying parameters are observable.

###### Complex instruments

Some more hybrid and/or long-maturity financial instruments are measured using a recognized model on the basis of market inputs derived from observable data such as yield curves, implied volatility layers of options, market consensus data or active OTC markets.

The main models for determining the fair value of these instruments are described below by type of product:

●Equity products: equity products generally have their own characteristics that justify the choice of model.

The main models used for equity products are local volatility, local volatility combined with the one-factor Hull & White (H&W1F) model, as well as the Local Stochastic Volatility (“LSV”) models, and may be available in a single or multiple underlying framework.

The local volatility model treats volatility as a function of time and the price of the underlying. Its main property is that it considers the implied volatility of the option (derived from market data) relative to its exercise price.

The hybrid local volatility combined with H&W1F consists of combining the local volatility model described above with a one-factor Hull & White model, described below (see fixed income products).

The LSV Model is based on joint diffusion of the underlying asset and its volatility (two factors in total), with a local volatility function (called a “decorator”) in order to be consistent with all of the vanilla options;

●Fixed-income products: fixed-income products generally have specific characteristics which justify the choice of model.

The main models used to value and manage fixed-income products are the one-factor (HW1F) and two-factor (HW2F) Hull & White models, or a one-factor stochastic volatility model (HW1FVS).

The HW1F model makes it possible to model the yield curve with a single Gaussian factor and one calibration of the vanilla rate options.

The HW2F model makes it possible to model the yield curve with two factors and one calibration of the vanilla rate options and spread-option instruments.

The HW1VS model makes it possible to jointly model the Gaussian factor representing the yield curve and its volatility (like the LSV model for equity);

●Currency products: currency products generally have specific characteristics which justify the choice of model.

The main models used to value and manage currency products are local volatility and stochastic models (like the LSV model for the equity scope), as well as the hybrid models combining an underlying currency model with two one-factor Hull & White models to understand domestic and foreign economies’ fixed-income curves;

●Credit derivatives: products generally have specific characteristics that justify the choice of model.

The main models used for the valuation and management of credit products are the Hull & White credit factor model (HW1F Credit) and the hybrid Bi-Hull & White Rate-Credit model (Bi-HW Rate/Credit).

The HW1F Credit model is used to disseminate a credit curve (CDS curve) with a Gaussian factor.

The Bi-HW Rate/Credit model enables the yield curve and the credit curve to be disseminated jointly each with a Gaussian factor correlated with each other;

●Commodities products: commodities products generally have their own characteristics that justify the choice of model.

The main models used for the valuation and management of commodities products are the Black & Scholes models, with local volatility and local volatility combined with the one-factor Hull & White (H&W1F), an extended version for all of these models to a multi-framework underlying asset to manage all futures of the commodity family.

The Black & Scholes model is based on a log-normal dynamic of the underlying asset and a deterministic volatility assumption.

The local volatility model treats volatility as a function of time and the price of the underlying. Its main property is that it considers the implied volatility of the option (derived from market data) relative to its exercise price.

The H&W1F model consists of combining the local volatility model described above with a one-factor Hull & White rate model, described above (see fixed income products).

Inputs relating to all such Level 2 instruments were demonstrated to be observable and documented. From a methodology perspective, observability is based on four inseparable criteria:

●inputs are derived from external sources (primarily a recognized contributor, for example);

●they are updated periodically;

●they are representative of recent transactions;

●their characteristics are identical to the characteristics of the transaction. If necessary, a proxy may be used, provided that the relevance of such an arrangement is demonstrated and documented.

The fair value of instruments obtained using valuation models is adjusted to take account of liquidity risk (bid-ask), counterparty risk, the risk relating to the cost of financing uncollateralized or imperfectly collateralized derivatives, own credit risk (measurement of liability derivative positions), modeling risk and input risk.

(c) Level 3: Fair value measurement using non-observable market data

Level 3 comprises instruments measured using unrecognized models and/or models based on unobservable inputs, where they are liable to materially impact the valuation. This mainly includes:

●unlisted shares whose fair value could not be determined using observable inputs;

●Private Equity securities not listed on an active market, measured at fair value with models commonly used by market participants, in accordance with International Private Equity Valuation (IPEV) standards, but which are sensitive to market fluctuations and whose fair value determination necessarily involves a judgment call;

●hybrid interest rate and currency derivatives and credit derivatives that are not classified in Level 2;

●loans in the syndication process for which there is no secondary market price;

●loans in the securitization process for which fair value is determined based on an expert appraisal;

●the loan trading activity for which the market is illiquid;

●instruments with a deferred day-one margin;

●mutual fund units for which the fund has not published a recent NAV at the valuation date, or for which there is a lock-up period or any other constraint calling for a significant adjustment to available market prices (NAV, etc.) given the low liquidity observed for such securities;

●debt issues measured under the fair value option which are classified in Level 3 when the underlying parameters are unobservable;

●CDS contracted with monoline insurers, for which the valuation model used to measure impairments has moved more in line, in terms of method, with the adjustment made for counterparty risk (Credit Valuation Adjustment – CVA). It also takes account of the expected depreciation of exposures and the counterparty spread implied from market data;

●plain vanilla hedging derivatives are also classified as Level 3 in the fair value hierarchy when exposure is beyond the liquidity horizon determined by underlying currencies or by volatility surface (e.g. certain foreign currency options and volatility caps/floors).

The control framework is described in Section 3.2.6 of Chapter [3] “Risk factors, risk management, and Pillar III” of the 2025 universal registration document.

◗Estimates of the main unobservable inputs

The table below provides, for instruments classified in Level 3, the value ranges of the main unobservable inputs by major instrument class

Main types of products | Valuation techniques used | Main unobservable data | Unobservable data ranges min - max (Dec. 2025)
--- | --- | --- | ---
Callable Spread Options and Corridor Callable Spread Options | Multi-factor model of the interest rate curve | Mean-reversion spread Mean reversion parameter | [0%; 25%]
Bermuda Accreting | Multi-factor model of the interest rate curve | Accreting Factor | [62%; 97%]
Cap/Floor | Valuation models for interest rate options | Interest rate volatility | [5bp; 72bp]
Callable Reverse Floater | Multi-factor model of the yield curve | Mean-reversion parameter | [(3%); 0%]
Swaptions | Valuation models for swap rate options | Interest rate swap volatility | [55bp; 98bp]
Plain vanilla hedging derivatives and complex hedging derivatives, equity basket or funds | Different equity option valuation models, equity baskets or funds | Equity volatility | [0%; 123%]
Fund volatility | [5%; 8%]
Stock/stock correlations | [(20%); 100%]
Repo | [(4%); 5%]
AutoCalls | LSV model (stochastic local volatility model) | kappa | [0.708; 5]
rho | [(1); 0.195]
nu | [0.2; 4.13]
Vanilla derivatives on exchange rates | Valuation model for exchange rate options | Foreign exchange volatility | [2.27%; 17.3%]
TARN | Valuation model for hybrid exchange rate/interest rate options | Correlation between exchange rates and interest rates as well as long-term volatility levels | [(40%); 60%]
[2.27%; 17.3%]
Strip of long-term options, Strip of quanto options, Strip of digital options | Valuation model for exchange rate options | Correlation between exchange rates | [34.44%; 70.87%]
CDO | The default rates are based on the market prices of the underlying PFI bonds and the recovery rates are based on historical ratings agency data | Correlation between the assets, base spread between the cash asset and derivative asset, recovery rate | 50.00%
Securitization swaps | Discounted cash flow expected based on the underlying portfolio’s early redemption assumptions | Prepayment rate | [0%; 100%]
Inflation cap/floor | Valuation models for options on inflation | Inflation rate volatility | [0.0%; 8.728%]
Commodities swaps and hedging derivatives | Valuation model for swaps and commodity derivatives | Volatility | [20%; 79%]
Hybrid equity/fixed income/currency derivatives | Hybrid model coupling an Equity diffusion, an exchange rate diffusion and an interest rate diffusion | Equity-Exchange rate correlations | [(96%); 96%]
Equity-Interest rate correlations | [4.25%; 29.75%]
Interest-Exchange rate correlations | [(33.22%); 0.4%]

###### Natixis’ policy on transfers between fair value levels

Fair value transfers are examined and approved by the Fair Value Levels Committee, which brings together the Finance and Risk functions and the Business lines. To do this, the Fair Value Levels Committee relies on observability studies of valuation models and/or parameters that are carried out periodically. These fair value level transfers are also presented to the Valuation Committee.

The Fair Value Levels Committee approved two methodological refinements for 2025, a methodological refinement to the materiality process for valuation models and/or unobservable inputs, which led to the reclassification of certain OTC derivatives and structured issues to Level 3 fair value. As a reminder, no significant events have been identified during fiscal year 2024

###### 7.5.1Financial assets and liabilities at fair value measured using Level 3 of the fair value hierarchy

◗December 31, 2025

Financial assets (in millions of euros) | Level 3 opening balance as of 01/01/2025 | Gains and losses recorded in the period | Transactions carried out in the period | Reclassifications in the period |  |  | Level 3 closing balance as of 31/12/2025
--- | --- | --- | --- | --- | --- | --- | ---
In income statement | In gains and losses recorded directly in equity | Pur-chases/ Issues | Sales/ Redemptions | Outside Level 3 | To Level 3 | Other reclas-sifications | Change in scope | Translation adjus-tments
On outstanding transac-tions at the repor-ting date | On transactions expired or redeemed in the period
Financial assets held for trading | 7,351 | 319 | 98 |  | 22,649 | (21,716) | (21) | 2 |  |  | (438) | 8,244
o/w debt instruments in the form of securities | 323 | 66 | 36 |  | 596 | (624) | (1) | 1 |  |  | (22) | 375
o/w equity instruments | 8 | (21) | (3) |  | 350 | (319) |  | 1 |  |  |  | 15
o/w loans and receivables | 7,020 | 273 | 65 |  | 21,703 | (20,773) | (20) |  |  |  | (416) | 7,854
Hedging derivatives not eligible for hedge accounting (positive fair value) | 2,184 | 2,842 | (184) |  | 1,091 | (2,426) | (148) | 74 |  |  | (65) | 3,366
o/w interest rate derivatives | 949 | 635 | (95) |  | 91 | (221) | (7) | 50 |  |  | (5) | 1,396
o/w currency derivatives | 414 | 68 | 5 |  | 2 | (121) | (12) | 10 |  |  | (51) | 316
o/w credit derivatives | 87 | 19 | (1) |  | 22 | (8) | (2) |  |  |  | (5) | 112
o/w equity derivatives | 668 | 2,002 | (66) |  | 917 | (1,978) | (113) |  |  |  | 1 | 1,433
o/w other | 67 | 118 | (27) |  | 59 | (99) | (14) | 14 |  |  | (5) | 109
Other financial assets held for trading |  |  |  |  |  |  |  |  |  |  |  |
Financial assets to be valued at fair value through profit or loss | 3,018 | 35 | 272 |  | 1,697 | (1,745) | (4) |  |  | (5) | (81) | 3,188
o/w equity instruments | 933 | 28 | 10 |  | 32 | (132) | (4) |  |  | (5) | (34) | 828
o/w debt instruments in the form of securities | 665 | 6 |  |  | 171 | (95) |  |  |  |  | (17) | 730
o/w loans and receivables | 1,420 | 1 | 262 |  | 1,494 | (1,518) |  |  |  |  | (30) | 1,629
Financial assets designated under the fair value option |  |  |  |  |  |  |  |  |  |  |  |
o/w debt instruments in the form of securities |  |  |  |  |  |  |  |  |  |  |  |
o/w equity instruments |  |  |  |  |  |  |  |  |  |  |  |
o/w loans and receivables |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income | 756 | 69 |  | 128 |  | (72) |  |  |  |  | (77) | 806
o/w equity instruments | 756 | 69 |  | 128 |  | (72) |  |  |  |  | (77) | 806
o/w debt instruments in the form of securities |  |  |  |  |  |  |  |  |  |  |  |
o/w loans and receivables |  |  |  |  |  |  |  |  |  |  |  |
TOTAL FINANCIAL ASSETS RECOGNIZED AT FAIR VALUE (a) | 13,309 | 3,266 | 185 | 128 | 25,437 | (25,959) | (172) | 75 |  | (5) | (661) | 15,603

(a)Transfers to and from Level 3 are presented in Note 7.5 (c).

Financial liabilities (in millions of euros) | Level 3 opening balance as of 01/01/2025 | Gains and losses recorded in the period | Transactions carried out in the period | Reclassifications in the period |  |  | Level 3 closing balance as of 31/12/2025
--- | --- | --- | --- | --- | --- | --- | ---
In income statement | In gains and losses recorded directly in equity | Pur-chases/ Issues | Sales/ Redemptions | Outside Level 3 | To Level 3 | Other reclas-sifications | Change in scope | Translation adjus-tments
On outs-tanding transac-tions at the repor-ting date | On transactions expired or redeemed in the period
Securities held for trading | 8 | 7 | (4) |  | 37 | (20) |  | 133 |  |  |  | 161
Hedging derivatives not eligible for hedge accounting (negative fair value) | 2,212 | 1,372 | (53) |  | 1,269 | (1,621) | (132) | 71 |  |  | (190) | 2,928
o/w interest rate derivatives | 795 | 588 | (88) |  | 22 | (271) | (13) | 54 |  |  | (14) | 1,074
o/w currency derivatives | 147 | 42 | 38 |  | 18 | (67) | (20) |  |  |  | (74) | 84
o/w credit derivatives | 130 | 29 | (1) |  | 6 | (15) | (8) |  |  |  | (8) | 134
o/w equity derivatives | 1,070 | 605 | 22 |  | 1,174 | (1,157) | (79) | 16 |  |  | (86) | 1,564
o/w other | 70 | 106 | (24) |  | 50 | (112) | (12) |  |  |  | (8) | 71
Other financial liabilities held for trading | 94 |  | (8) |  | 22 | (12) |  |  |  |  | (10) | 86
Financial liabilities under the fair value option through profit or loss | 8,079 | 481 | 270 | 17 | 17,576 | (13,745) | (993) | 1,316 |  |  | (352) | 12,649
o/w securities under the fair value option | 7,876 | 470 | 270 | 17 | 17,248 | (13,716) | (990) | 1,316 |  |  | (331) | 12,160
o/w other financial liabilities under the fair value option | 204 | 11 |  |  | 328 | (29) | (3) |  |  |  | (21) | 489
TOTAL FINANCIAL LIABILITIES RECOGNIZED AT FAIR VALUE (a) | 10,394 | 1,860 | 206 | 17 | 18,903 | (15,399) | (1,126) | 1,520 |  |  | (552) | 15,824

(a)Transfers to and from Level 3 are presented in Note 7.5 (c)

◗December 31, 2024

Financial assets (in millions of euros) | Level 3 opening balance as of 01/01/2024 | Gains and losses recorded in the period | Transactions carried out in the period | Reclassifications in the period |  |  | Level 3 closing balance as of 31/12/2024
--- | --- | --- | --- | --- | --- | --- | ---
In income statement | In gains and losses recorded directly in equity | Pur-chases/ Issues | Sales/ Redemptions | Outside Level 3 | To Level 3 | Other resta-tements | Change in scope | Translation adjus-tments
On out-standing transac-tions at the repor-ting date | On transactions expired or redeemed in the period
Financial assets held for trading | 6,099 | 185 | 77 |  | 17,920 | (16,248) | (1,030) | 170 |  |  | 179 | 7,351
o/w debt instruments in the form of securities | 166 | (24) | 8 |  | 496 | (356) | (12) | 39 |  |  | 5 | 323
o/w equity instruments | 78 | 13 | (1) |  | 271 | (383) |  | 30 |  |  |  | 8
o/w loans and receivables | 5,855 | 195 | 70 |  | 17,153 | (15,509) | (1,019) | 101 |  |  | 173 | 7,020
Hedging derivatives not eligible for hedge accounting (positive fair value) | 1,953 | 519 | (241) |  | 651 | (530) | (263) | 71 | (5) |  | 30 | 2,184
o/w interest rate derivatives | 848 | 180 | (72) |  | 232 | (144) | (118) | 19 |  |  | 4 | 949
o/w currency derivatives | 420 | 80 | (89) |  | 15 | (56) | (13) | 44 | (5) |  | 16 | 414
o/w credit derivatives | 92 | 3 | (8) |  | 4 | (3) | (5) |  |  |  | 4 | 87
o/w equity derivatives | 414 | 218 | (52) |  | 302 | (164) | (56) | 7 |  |  |  | 668
o/w other | 178 | 39 | (20) |  | 99 | (162) | (72) |  |  |  | 5 | 67
Other financial assets held for trading |  |  |  |  |  |  |  |  |  |  |  |
Financial assets to be valued at fair value through profit or loss | 2,150 | 120 | (101) |  | 1,999 | (1,200) |  | 4 |  |  | 47 | 3,018
o/w equity instruments | 772 | 2 | (3) |  | 235 | (85) |  | 4 |  |  | 8 | 933
o/w debt instruments in the form of securities | 619 | 5 |  |  | 107 | (75) |  |  |  |  | 8 | 665
o/w loans and receivables | 758 | 113 | (98) |  | 1,657 | (1,040) |  |  |  |  | 30 | 1,420
Financial assets designated under the fair value option |  |  |  |  |  |  |  |  |  |  |  |
o/w debt instruments in the form of securities |  |  |  |  |  |  |  |  |  |  |  |
o/w equity instruments |  |  |  |  |  |  |  |  |  |  |  |
o/w loans and receivables |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income | 626 | 63 | 1 | 73 | 16 | (63) |  |  |  |  | 40 | 756
o/w equity instruments | 626 | 63 |  | 73 | 16 | (63) |  |  |  |  | 40 | 756
o/w debt instruments in the form of securities |  |  |  |  |  |  |  |  |  |  |  |
o/w loans and receivables |  |  |  |  |  |  |  |  |  |  |  |
TOTAL FINANCIAL ASSETS RECOGNIZED AT FAIR VALUE | 10,827 | 887 | (264) | 73 | 20,586 | (18,041) | (1,294) | 244 | (5) |  | 295 | 13,309

Financial liabilities (in millions of euros) | Level 3 opening balance as of 01/01/2024 | Gains and losses recorded in the period | Transactions carried out in the period | Reclassifications in the period |  |  | Level 3 closing balance as of 31/12/2024
--- | --- | --- | --- | --- | --- | --- | ---
In income statement | In gains and losses recorded directly in equity | Pur-chases/ Issues | Sales/ Redemptions | Outside Level 3 | To Level 3 | Other reclas-sifications | Change in scope | Translation adjus-tments
On out-standing transac-tions at the repor-ting date | On transactions expired or redeemed in the period
Securities held for trading | 1 | 4 | 22 |  | 62 | (92) |  | 10 |  |  |  | 8
Hedging derivatives not eligible for hedge accounting (negative fair value) | 1,508 | 773 | (115) |  | 560 | (450) | (285) | 198 | (5) |  | 29 | 2,212
o/w interest rate derivatives | 826 | 197 | (46) |  | 37 | (129) | (109) | 14 |  |  | 5 | 795
o/w currency derivatives | 103 | 25 | (44) |  | 2 | (7) | (18) | 80 | (5) |  | 12 | 147
o/w credit derivatives | 100 | 28 |  |  | 1 | (10) | (3) | 8 |  |  | 5 | 130
o/w equity derivatives | 291 | 474 | (44) |  | 487 | (155) | (85) | 96 |  |  | 6 | 1,070
o/w other | 188 | 50 | 19 |  | 33 | (150) | (71) |  |  |  | 1 | 70
Other financial liabilities held for trading | 296 | 1 | 3 |  | 13 | (295) | (14) | 77 |  |  | 13 | 94
Financial liabilities under the fair value option through profit or loss | 7,443 | (169) | 78 |  | 8,212 | (6,205) | (1,741) | 382 |  |  | 80 | 8,079
o/w securities under the fair value option | 7,382 | (174) | 78 |  | 8,024 | (6,192) | (1,704) | 382 |  |  | 80 | 7,876
o/w other financial liabilities under the fair value option | 61 | 4 |  |  | 188 | (13) | (37) |  |  |  |  | 204
TOTAL FINANCIAL LIABILITIES RECOGNIZED AT FAIR VALUE | 9,248 | 609 | (13) |  | 8,847 | (7,041) | (2,040) | 667 | (5) |  | 121 | 10,394

###### Sensitivity analysis of the fair value of financial instruments measured according to Level 3 – Assets and Liabilities

Sensitivity of the fair value of financial instruments measured using unobservable inputs was estimated at December
31, 2025. The amounts reported below are intended to illustrate the uncertainty inherent in the use of the judgment required to estimate the main unobservable inputs at the valuation date. They do not represent a measure of market risk on Level 3 instruments.

The estimate is based on the valuation adjustment policy. For equities and debt securities, the estimate is based on a shock of +/-1%.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Potential impact on the income statement | Potential impact on the income statement
Negative | Positive | Negative | Positive
Equities | (10) | 10 | (10) | 10
Debt securities | (10) | 10 | (10) | 10
Equity derivatives | (41) | 77 | (31) | 59
Volatility | (16) | 20 | (11) | 13
Repo rate | (19) | 35 | (16) | 32
Dividends | (4) | 19 | (3) | 10
Correlations | (2) | 4 | (2) | 4
Fixed income derivatives | (26) | 47 | (22) | 41
Exchange rate correlations | (9) | 14 | (7) | 11
Interest rate correlations | (3) | 5 | (4) | 7
Interest rate volatility | (3) | 5 | (2) | 5
Exchange rate volatility | <1 | <1 | <1 | <1
CDS spreads | <1 | <1 | <1 | <1
“Accreting Factor” of Bermuda swaptions | (4) | 9 | (4) | 6
Recovery rate | <1 | <1 | <1 | 2
Inflation volatility | (1) | 7 | <1 | 3
Securitization amortization rate | (5) | 7 | (5) | 7
Commodity derivatives | <1 | <1 | <1 | <1
Commodity volatility | <1 | <1 | <1 | <1
SENSITIVITY OF LEVEL 3 FINANCIAL INSTRUMENTS | (88) | 144 | (73) | 120

###### 7.5.2Restatement of the deferred margin on financial instruments

Natixis' policy on recognition of the margin on financial instruments

Under IFRS 9, day-one profit should be recognized only if it is generated by a change in the factors that market participants would consider in setting a price, i.e. only if the model and parameters input into the valuation are observable.

If the selected valuation model is not recognized by current market practices, or if one of the inputs significantly affecting the instrument’s valuation is not observable, the trading profit on the trade date cannot be recognized immediately in the income statement. It is taken to income on a straight-line basis over the life of the transaction or until the date the inputs become observable. This mainly impacts financial instruments classified at Level 3 fair value and marginally certain financial instruments classified at Level 2 fair value.

Any losses incurred at the trade date are immediately recognized in the income statement.

At December 31, 2025, instruments for which the recognition of day-one profit/loss has been deferred included:

●multiple equity and index underlying structured products;

●mono-underlying structured products indexed to sponsored indices;

●synthetic loans;

●options on funds (multi-asset and mutual funds);

●structured fixed-income products;

●securitization swaps.

The table below shows the amount remaining to be recognized in the income statement, as well as the deferred margin of new transactions for the fiscal year.

(in millions of euros) | 01/01/2024 | Margin on new transactions | Margin recognized during the period | Other changes | 31/12/2024 | Margin on new transactions | Margin recognized during the period | Other changes | 31/12/2025
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Interest rate derivative instruments | 11 | 47 | (41) | (0) | 17 | 82 | (58) | 0 | 41
Currency derivative instruments | 2 | 8 | (6) | 0 | 4 | 24 | (22) | (0) | 6
Credit derivative instruments | 7 | 15 | (11) | (0) | 11 | 50 | (38) | 1 | 23
Equity derivative instruments | 158 | 342 | (307) | (1) | 193 | 586 | (449) | (3) | 326
Commodity derivatives |  |  |  |  |  | 1 | (0) |  | 0
Repurchase agreements | 21 | 14 | (17) | 1 | 19 | 17 | (19) | (1) | 16
TOTAL | 199 | 426 | (382) | (0) | 243 | 759 | (586) | (4) | 412

###### 7.5.3Fair value of financial assets and liabilities at amortized cost

◗Financial assets

(in millions of euros) | At December 31, 2025 | At December 31, 2024
--- | --- | ---
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Fair value | Level 1 | Level 2 | Level 3
Loans and receivables due from banks at amortized cost | 120,877 | 120,818 |  | 120,312 | 506 | 114,765 | 114,636 |  | 113,963 | 673
Current accounts overdrawn | 5,729 | 5,728 |  | 5,728 | 0 | 5,669 | 5,625 |  | 5,623 | 2
Loans and receivables | 110,118 | 110,039 |  | 109,844 | 195 | 105,189 | 105,094 |  | 104,723 | 371
Reverse repurchase agreements | 4,997 | 5,018 |  | 4,706 | 311 | 3,872 | 3,882 |  | 3,582 | 300
Others | 33 | 33 |  | 33 |  | 35 | 35 |  | 35 |
Loans and receivables due from customers at amortized cost | 84,181 | 85,652 |  | 79,615 | 6,037 | 82,219 | 83,817 |  | 63,953 | 19,864
Current accounts overdrawn | 1,580 | 1,580 |  | 1,580 |  | 1,495 | 1,496 |  | 1,496 |
Other loans and receivables | 80,992 | 82,464 |  | 76,432 | 6,032 | 79,108 | 80,706 |  | 60,849 | 19,857
Reverse repurchase agreements | 1,508 | 1,508 |  | 1,508 |  | 1,504 | 1,504 |  | 1,504 |
Finance leases | 92 | 92 |  | 86 | 6 | 67 | 67 |  | 60 | 7
Security deposits paid | 9 | 9 |  | 9 |  | 44 | 44 |  | 44 |
Debt instruments in the form of securities at amortized cost | 1,819 | 1,810 | 0 | 1,097 | 713 | 1,955 | 1,930 | 3 | 1,319 | 608
TOTAL FINANCIAL ASSETS | 206,877 | 208,280 | 0 | 201,023 | 7,256 | 198,939 | 200,383 | 3 | 179,235 | 21,145

◗Financial liabilities

(in millions of euros) | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Fair value | Level 1 | Level 2 | Level 3
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Due to banks | 133,628 | 133,698 |  | 133,371 | 327 | 144,188 | 144,140 |  | 143,913 | 227
o/w accounts and deposits | 125,165 | 125,231 |  | 124,904 | 327 | 136,602 | 136,547 |  | 136,418 | 129
o/w repurchase agreements | 3,747 | 3,751 |  | 3,751 | 0 | 2,809 | 2,816 |  | 2,718 | 98
o/w security deposits received | 10 | 10 |  | 10 |  | 47 | 47 |  | 47 |
o/w other | 4,707 | 4,707 |  | 4,707 |  | 4,730 | 4,730 |  | 4,730 |
Customer deposits | 64,150 | 64,159 |  | 62,039 | 2,120 | 49,230 | 49,234 |  | 47,433 | 1,801
o/w accounts and deposits | 63,089 | 63,098 |  | 60,977 | 2,120 | 47,985 | 47,989 |  | 46,189 | 1,800
o/w repurchase agreements | 12 | 12 |  | 12 |  | 3 | 3 |  | 3 |
o/w other | 1,050 | 1,050 |  | 1,050 | 0 | 1,242 | 1,242 |  | 1,241 | 1
Debt securities | 38,129 | 38,108 |  | 37,239 | 869 | 44,794 | 44,790 |  | 43,552 | 1,238
Subordinated debt | 3,022 | 3,102 |  | 0 | 3,102 | 3,028 | 3,024 |  | 0 | 3,024
TOTAL FINANCIAL LIABILITIES | 238,930 | 239,066 |  | 232,649 | 6,418 | 241,240 | 241,188 |  | 234,898 | 6,290

IFRS 13 requires disclosure in the notes to the financial statements of the fair value, as well as the associated fair value hierarchy, of all financial instruments carried at amortized cost, including loans.

These fair values represent an estimate of the fair value of instruments measured at amortized cost at December 31, 2025. They fluctuate from day to day due to variations in a number of parameters, including interest rates and counterparties’ credit quality. They may therefore differ significantly from the amounts actually received or paid on maturity of these instruments. In most cases, these fair values are not intended to be realized immediately and do not represent the actual fair value of the instruments from a going concern perspective.

The valuation methods used to determine the fair value disclosed in the notes to the financial statements are described below:

###### Loans recognized at amortized cost

The majority of Natixis’ loans are variable-rate loans, and their fair value is determined on the basis of discounted future cash flows. The discount rate applied for a given loan is the rate at which Natixis would grant a loan with similar characteristics to a similar counterparty at the reporting date. As these are primarily variable-rate loans, the contractual rate is adjusted according to the trend in market lending rates and in counterparty risk.

The fair value of repurchase agreements is calculated by discounting expected cash flows at the market rate on the closing date and adding a liquidity spread.

If there is a quoted price that meets the criteria of IFRS 13, the quoted price is used.

The fair value of loans with an initial term of less than one year is considered to be the same as their carrying amount. This is also generally the case for financial assets with a term of one year or less and current accounts. The corresponding receivables are classified in Level 2 of the fair value hierarchy.

###### Borrowings and savings

The measurement of the fair value of Natixis’ borrowings and debt securities is based on the discounted cash flow method using inputs at the reporting date such as the underlying’s interest-rate curve and the spread applied to lending/borrowing between Natixis and Group entities. The fair value of debts maturing in less than one year is considered to be the same as their carrying amount; these debts are classified in Level 2 of the fair value hierarchy.

##### 7.6Financial assets at amortized cost

These are SPPI financial assets held under a “hold to collect” model. The vast majority of loans granted by Natixis are classified in this category.

###### 7.6.1Loans and receivables due from banks at amortized cost

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Unimpaired financial assets (a) | Impaired financial assets (b) | Total | Unimpaired financial assets (a) | Impaired financial assets (b) | Total
Current accounts overdrawn | 5,729 |  | 5,729 | 5,669 |  | 5,669
Loans and receivables | 115,151 | 24 | 115,175 | 109,098 | 25 | 109,122
Security deposits paid |  |  |  |  |  |
Value adjustments for credit losses | (3) | (24) | (27) | (2) | (25) | (27)
TOTAL | 120,877 | 0 | 120,877 | 114,765 | 0 | 114,765

(a)Comprises unimpaired financial assets for which value adjustments are calculated based on 12-month expected credit losses (Stage 1) or lifetime expected credit losses (Stage 2).

(b)Impaired financial assets (Stage 3) are assets for which a default event has been identified as defined in Article 178 of the European Regulation of June 26, 2013 on regulatory requirements for credit institutions.

◗Reconciliation of loans and receivables due from banks at amortized cost

(in millions of euros) | Loans and receivables due from banks at amortized cost
--- | ---
Unimpaired assets for which expected credit losses are measured over 12 months (S1 bucket) | Unimpaired assets for which expected credit losses are measured on a lifetime basis (S2 bucket) (a) | Impaired assets (S3 bucket) (a) | Total
Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses
BALANCE AS OF 01/01/2024 | 87,296 | (3) | 253 | (65) | 24 | (24) | 87,574 | (93)
New originated or acquired contracts | 61,379 | (0) | 1 | (0) |  |  | 61,380 | (0)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | 927 | 3 | (17) | (12) | 0 | (0) | 910 | (10)
Financial asset transfers | 7 | (0) | (7) | 0 |  |  |  | 0
Transfers to S1 | 7 | (0) | (7) | 0 |  |  |  | 0
Transfers to S2 | (0) | 0 | 0 | (0) |  |  |  | 0
Transfers to S3 | 0 | 0 |  |  |  |  |  | 0
Transfer to non-current assets held for sale | (18) | 0 |  |  |  |  | (18) | 0
Contracts fully repaid or sold during the period | (35,489) | 0 | (2) | 0 | 0 | 0 | (35,491) | 0
Impairment in value (write-off) |  |  |  |  | 0 | 0 | 0 | 0
Variations linked to changes in exchange rates | 496 | (0) | 11 | 7 | 0 | (0) | 507 | 7
Changes in the model used |  |  |  |  |  |  |  |
Other movements | (1) | 0 | (69) | 69 |  |  | (70) | 69
BALANCE AS OF 31/12/2024 | 114,598 | (1) | 169 | (2) | 25 | (25) | 114,792 | (27)
New originated or acquired contracts | 87,537 | (0) | 28 | (1) | 0 | 0 | 87,565 | (1)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | 1,325 | 0 | 88 | (1) | 0 | (0) | 1,413 | (1)
Financial asset transfers | (0) | 0 | 0 | 0 |  |  |  | 0
Transfers to S1 | 0 | 0 | (0) | 0 |  |  |  | 0
Transfers to S2 | (1) |  | 1 |  |  |  |  |
Transfers to S3 |  |  |  |  |  |  |  |
Transfer to non-current assets held for sale |  |  |  |  |  |  |  |
Contracts fully repaid or sold during the period | (81,228) | 0 | (31) | 1 |  |  | (81,259) | 1
Impairment in value (write-off) |  |  |  |  |  |  |  |
Variations linked to changes in exchange rates | (1,590) | 0 | (16) | 0 | (0) | 0 | (1,606) | 0
Changes in the model used |  |  |  |  |  |  |  |
Other movements | (0) | 0 | 0 | (0) |  |  | (0) | 0
BALANCE AS OF 31/12/2025 | 120,641 | (1) | 239 | (2) | 24 | (24) | 120,904 | (27)

(a)Of which purchased or originated credit-impaired (POCI).

###### 7.6.2Loans and receivables due from customers

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Unimpaired financial assets (a) | Impaired financial assets (b) | Total | Unimpaired financial assets (a) | Impaired financial assets (b) | Total
Reverse repurchase agreements | 1,508 |  | 1,508 | 1,504 |  | 1,504
Current accounts overdrawn | 1,561 | 55 | 1,616 | 1,498 | 30 | 1,528
Finance leases | 93 | 2 | 95 | 68 | 2 | 70
Others | 79,961 | 2,116 | 82,078 | 78,251 | 1,974 | 80,225
Security deposits paid | 9 |  | 9 | 44 |  | 44
Value adjustments for credit losses | (131) | (993) | (1,124) | (176) | (976) | (1,152)
TOTAL (c) | 83,001 | 1,180 | 84,181 | 81,189 | 1,030 | 82,219

(a)Comprises unimpaired financial assets for which value adjustments are calculated based on 12-month expected credit losses (Stage 1) or lifetime expected credit losses (Stage 2).

(b)Impaired financial assets (Stage 3) are assets for which a default event has been identified as defined in Article 178 of the European Regulation of June 26, 2013 on regulatory requirements for credit institutions.

(c)At December 31, 2025, gross outstanding loans guaranteed by the State amounted to €241.1 million (€476.6 million at December 31, 2024).

◗Reconciliation table for loans and receivables due from customers at amortized cost

(in millions of euros) | Loans and receivables due from customers at amortized cost
--- | ---
Unimpaired assets for which expected credit losses are measured over 12 months (S1 bucket) | Unimpaired assets for which expected credit losses are measured on a lifetime basis (S2 bucket) (b) | Impaired assets (S3 bucket) (b) | Tot-al
Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses
BALANCE AS OF 01/01/2024 | 60,256 | (80) | 10,808 | (128) | 2,131 | (977) | 73,196 | (1,185)
New originated or acquired contracts | 27,881 | (29) | 451 | (11) | 42 |  | 28,375 | (41)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | 4,220 | 13 | (4,003) | 16 | (285) | (44) | (69) | (15)
Financial asset transfers | 772 | (3) | (1,172) | 17 | 400 | (159) |  | (145)
Transfers to S1 (a) | 1,528 | (8) | (1,528) | 18 | (0) | 0 |  | 11
Transfers to S2 | (676) | 2 | 793 | (11) | (117) | 7 |  | (2)
Transfers to S3 | (80) | 3 | (438) | 9 | 517 | (165) |  | (153)
Transfer to non-current assets held for sale | (1) |  |  |  |  |  | (1) | 0
Contracts fully repaid or sold during the period | (19,247) | 18 | (1,171) | 16 | (149) | 31 | (20,566) | 65
Impairment in value (write-off) |  |  |  |  | (196) | 196 | (196) | 196
Variations linked to changes in exchange rates | 2,281 | (2) | 284 | (2) | 63 | (23) | 2,628 | (28)
Changes in the model used |  |  |  |  |  |  |  |
Other movements | 14 | 0 | (10) | 0 | (0) | (0) | 4 | 0
BALANCE AS OF 31/12/2024 | 76,177 | (84) | 5,187 | (93) | 2,006 | (976) | 83,371 | (1,152)
New originated or acquired contracts | 39,412 | (30) | 556 | (14) | 3 | 0 | 39,971 | (44)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | (4,866) | 35 | (338) | 23 | 20 | (123) | (5,185) | (65)
Financial asset transfers | (734) | (1) | 164 | 3 | 570 | (65) |  | (62)
Transfers to S1 | 602 | (4) | (602) | 9 |  |  |  | 5
Transfers to S2 | (1,234) | 3 | 1,264 | (14) | (30) | 2 |  | (9)
Transfers to S3 | (102) | 0 | (498) | 9 | 600 | (67) |  | (58)
Transfer to non-current assets held for sale |  |  |  |  |  |  |  |
Contracts fully repaid or sold during the period | (26,460) | 13 | (622) | 8 | (153) | 22 | (27,235) | 43
Impairment in value (write-off) |  |  |  |  | (141) | 104 | (141) | 104
Variations linked to changes in exchange rates | (5,084) | 4 | (328) | 4 | (131) | 46 | (5,543) | 54
Changes in the model used |  |  |  |  |  |  |  |
Other movements | 68 | (0) | (1) | (0) | (0) | 0 | 67 | (1)
BALANCE AS OF 31/12/2025 | 78,514 | (62) | 4,618 | (69) | 2,173 | (993) | 85,305 | (1,124)

(a)Including the impact of changes in 2024 concerning the segmentation and calculation of IFRS 9 provisions (see Note 5.3).

(b)Of which purchased or originated credit-impaired (POCI).

7.6.2.1Assets and commitments restructured due to financial difficulties

The following table lists the financial assets (excluding assets held for trading) and financing commitments subject to amendments to original contract terms or refinancing constituting a concession granted due to the debtor’s financial difficulties (see Note 5.1.3).

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Gross exposures | Value adjustments for credit losses | Guarantees received | Gross exposures | Value adjustments for credit losses | Guarantees received
Restructuring: modifications of terms and conditions | Restructuring: refinancing | Total | Restructuring: modifications of terms and conditions | Restructuring: refinancing | Total
Balance sheet | 1,256 | 436 | 1,691 | 656 | 654 | 1,311 | 338 | 1,650 | 610 | 690
Off-balance sheet | 68 | 1 | 69 | 6 | 12 | 33 | 14 | 47 | 3 | 24
TOTAL | 1,324 | 436 | 1,760 | 662 | 667 | 1,344 | 352 | 1,697 | 613 | 714

| 31/12/2025 | 31/12/2024
--- | --- | ---
(in millions of euros) | Total | Net exposures | Total | Net exposures
Gross exposures | Value adjustments for credit losses | Unimpaired loans | Impaired loans | Total | Gross exposures | Value adjustments for credit losses | Unimpaired loans | Impaired loans | Total
TOTAL | 1,760 | 662 | 276 | 823 | 1,099 | 1,697 | 613 | 330 | 754 | 1,084
of which: France | 700 | 287 | 167 | 246 | 413 | 669 | 262 | 244 | 163 | 407
Other EU | 234 | 112 | 90 | 32 | 122 | 202 | 107 | 59 | 36 | 95
North America | 441 | 120 | 19 | 302 | 321 | 393 | 112 |  | 281 | 281
Others | 385 | 142 | 1 | 242 | 243 | 433 | 132 | 27 | 275 | 302

7.6.2.2Other loans and receivables due from customers

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Unimpaired financial assets (a) | Impaired financial assets (b) | Total | Unimpaired financial assets (a) | Impaired financial assets (b) | Total
Commercial loans | 2,125 | 42 | 2,167 | 1,920 | 62 | 1,982
Export credit | 3,386 | 25 | 3,411 | 2,552 | 28 | 2,580
Cash and consumer credit | 42,250 | 958 | 43,208 | 42,693 | 775 | 43,468
Equipment loans | 8,050 | 676 | 8,726 | 8,066 | 653 | 8,719
Home loans | 1,061 | 26 | 1,087 | 991 | 16 | 1,007
Other client loans | 23,089 | 389 | 23,478 | 22,029 | 439 | 22,468
Value adjustments for credit losses | (127) | (958) | (1,085) | (168) | (947) | (1,115)
TOTAL | 79,835 | 1,158 | 80,993 | 78,082 | 1,027 | 79,109

(a)Comprises unimpaired financial assets for which value adjustments are calculated based on 12-month expected credit losses (Stage 1) or lifetime expected credit losses (Stage 2).

(b)Impaired financial assets (Stage 3) are assets for which a default event has been identified as defined in Article 178 of the European Regulation of June 26, 2013 on regulatory requirements for credit institutions.

###### 7.6.3Debt securities at amortized cost

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Unimpaired financial assets (a) | Impaired financial assets (b) | Total | Unimpaired financial assets (a) | Impaired financial assets (b) | Total
Debt instruments | 1,807 | 233 | 2,040 | 1,906 | 266 | 2,172
Value adjustments for credit losses | (5) | (216) | (221) | (4) | (213) | (217)
TOTAL | 1,802 | 17 | 1,819 | 1,902 | 53 | 1,955

(a)Comprises unimpaired financial assets for which value adjustments are calculated based on 12-month expected credit losses (Stage 1) or lifetime expected credit losses (Stage 2).

(b)Impaired financial assets (Stage 3) are assets for which a default event has been identified as defined in Article 178 of the European Regulation of June 26, 2013 on regulatory requirements for credit institutions.

◗Reconciliation table for debt securities at amortized cost

(in millions of euros) | Debt securities at amortized cost
--- | ---
Unimpaired assets for which expected credit losses are measured over 12 months (S1 bucket) | Unimpaired assets for which expected credit losses are measured on a lifetime basis (S2 bucket) (a) | Impaired assets (S3 bucket) (a) | Total
Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses | Gross carrying amount | Value adjustment for credit losses
BALANCE AS OF 01/01/2024 | 1,509 | 0 | 209 | (0) | 132 | (97) | 1,849 | (98)
New originated or acquired contracts | 874 | (2) | 86 | (0) |  |  | 960 | (2)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | (253) | (1) | (125) | 0 | 189 | (133) | (190) | (134)
Financial asset transfers | (95) | 0 | 94 | (1) | 2 | (0) |  | (1)
Transfers to S1 | 0 |  | (0) |  |  |  |  |
Transfers to S2 | (94) | 0 | 94 | (1) |  |  |  | (1)
Transfers to S3 | (2) |  |  |  | 2 | (0) |  | (0)
Contracts fully repaid or sold during the period | (472) | 0 | (1) | 0 | (38) | 0 | (511) | 0
Impairment in value (write-off) |  |  |  |  | (18) | 18 | (18) | 18
Variations linked to changes in exchange rates | 76 | (0) | 5 | (0) | 1 | (1) | 83 | (1)
Changes in the model used |  |  |  |  |  |  |  |
Other movements | (0) | 0 |  |  |  |  |  | 0
BALANCE AS OF 31/12/2024 | 1,639 | (3) | 267 | (1) | 266 | (213) | 2,172 | (217)
New originated or acquired contracts | 1,033 | (0) | 206 |  |  |  | 1,240 | (0)
Changes in contractual cash flows not giving rise to derecognition |  |  |  |  |  |  |  |
Variations linked to changes in credit risk parameters (excluding transfers) | 143 | 4 | (54) | (14) | (9) | (23) | 80 | (32)
Financial asset transfers |  |  |  |  |  |  |  |
Transfers to S1 | 107 | (2) | (107) | 6 |  |  |  | 4
Transfers to S2 | (20) | 0 | 20 | (0) |  |  |  | (0)
Transfers to S3 |  |  |  |  |  |  |  |
Contracts fully repaid or sold during the period | (1,165) | 0 | (118) | 6 | (1) | 1 | (1,283) | 7
Impairment in value (write-off) |  |  |  |  |  |  |  |
Variations linked to changes in exchange rates | (133) | 0 | (12) | 0 | (23) | 19 | (168) | 19
Changes in the model used |  |  |  |  |  |  |  |
Other movements | 0 | 0 |  |  |  |  | 0 | 0
BALANCE AS OF 31/12/2025 | 1,603 | (1) | 204 | (4) | 233 | (216) | 2,040 | (221)

##### 7.7Other information relating to financial assets

###### 7.7.1Financial assets provided as security against liabilities

The table below shows, inter alia, the carrying amount of:

●the underlying assets of the covered bond issues;

●financial instruments (securities and receivables) deposited with central banks and assignable as collateral to guarantee refinancing operations at any time.

These instruments continue to be disclosed in the consolidated balance sheet in accordance with their original classification.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Debt instruments | 3,010 | 2,688
Loans and advances | 1,762 | 1,569
Others |  |
TOTAL | 4,772 | 4,257

###### 7.7.2Financial assets transferred

The tables below show financial asset transfers according to the amendment to IFRS 7, which distinguishes two categories of transferred assets: transferred financial assets that are not, partially or wholly, derecognized, and transferred financial assets that are fully derecognized, for which Natixis maintains continuing involvement.

A financial asset is partially or wholly transferred if Natixis transfers the contractual rights to collect cash flow from the financial asset, or retains the contractual rights to collect cash flow from the financial asset but assumes a contractual obligation to pay those cash flows to one or more beneficiaries.

Natixis has continuing involvement in a fully derecognized transferred financial asset if, according to the terms of the transfer, it retains contractual rights or obligations inherent in that asset or obtains or assumes new contractual rights or obligations to that asset.

7.7.2.1Financial assets transferred but not fully derecognized

Transferred financial assets that are not derecognized are essentially composed of the following instruments:

●repurchased securities;

●securities lending backed by cash remittals;

●dry securities lending;

●securitization for which the counterparties to the associated debts have recourse only to the transferred assets.

These instruments are considered transferred assets because they are the underlying assets of transactions that organize a transfer between Natixis and the assignee of ownership of the assets and the attached cash flows.

They are kept on the asset side of the consolidated balance sheet because virtually all of the benefits and risks are maintained, since the securities must be returned to Natixis (unless Natixis defaults).

◗Repurchase agreements

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount of assets | Carrying amount of associated liabilities | Carrying amount of assets | Carrying amount of associated liabilities
Financial assets at fair value through profit or loss | 17,791 | 17,697 | 10,259 | 9,783
Financial assets at fair value through other comprehensive income | 22 | 22 |  |
Loans and receivables at amortized cost |  |  |  |
TOTAL | 17,814 | 17,720 | 10,259 | 9,783

◗Securities lending

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount of assets | Carrying amount of assets
Financial assets at fair value through profit or loss | 3,258 | 2,485
Financial assets at fair value through other comprehensive income |  |
TOTAL | 3,258 | 2,485

◗Securitization assets for which the counterparties to the associated debts have recourse only to the transferred assets

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Carrying amount of assets | Carrying amount of associated liabilities | Fair value of transferred assets | Fair value of associated liabilities | Net position | Carrying amount of assets | Carrying amount of associated liabilities | Fair value of transferred assets | Fair value of associated liabilities | Net position
Securitization assets | 4,712 | 4,664 | 4,712 | 4,664 | (48) | 5,213 | 5,173 | 5,213 | 5,173 | (40)
TOTAL | 4,712 | 4,664 | 4,712 | 4,664 | (48) | 5,213 | 5,173 | 5,213 | 5,173 | (40)

7.7.2.2Fully derecognized transferred financial assets for which continuing involvement is maintained

The fully derecognized transferred financial assets for which Natixis maintains continuing involvement include transfers of assets to a deconsolidated securitization vehicle in which Natixis has an interest or an obligation, where these latter do not compromise the transfer of virtually all of the advantages and risks attached to the transferred assets.

At December 31, 2025 (as at December 31, 2024), there was no material impact from continuing involvement in a securitization vehicle maintained by Natixis.

###### 7.7.3Financial assets received as security and able to be sold or reused as security

This heading covers financial assets received as security under financial guarantee agreements with the right to reuse the assets in the absence of any default on the part of the owner of the guarantee.

The fair value of the financial assets received as security that Natixis may sell or reuse as security was €260 billion at December 31, 2025, versus €266 billion at December 31, 2024.

The fair value of the financial assets received as security that were resold or reused as security was €198 billion at December 31, 2025, versus €218 billion at December 31, 2024.

###### 7.7.4Unimpaired forbearance and non-performing financial assets

The table below provides, by type of financial instrument, a breakdown of the age of financial assets which were past due but not individually impaired at the reporting date. It does not take into account impairments based on any portfolios that may have been created.

Forbearance assets are assets in arrears (i.e. missed principal or interest payments), but which have not yet been impaired.

For overdrafts, arrears are counted as of the date when the client is notified; the amount shown represents the total overdraft.

“Technical” delinquencies, meaning those related to incidents occurring in the collection process and unrelated to the counterparty’s financial position, are included.

The age of each amount in arrears is determined according to the age of the first missed payment on the balance in question. The breakdown for the period is prepared on the basis of the first missed payment.

Type of assets (in millions of euros) | Payment arrears as at 31/12/2025 | Payment arrears as at 31/12/2024
--- | --- | ---
≤90 days | >90 days ≤180 days | >180 days ≤1 year | >1 year | Total | ≤90 days | >90 days ≤180 days | >180 days ≤1 year | >1 year | Total
Loans and receivables due from banks | 2 |  |  |  | 2 | 1 |  |  |  | 1
Loans and receivables due from customers | 849 |  |  |  | 849 | 1,980 |  |  |  | 1,980
Other financial assets |  |  |  |  |  |  |  |  |  |
TOTAL | 851 |  |  |  | 851 | 1,981 |  |  |  | 1,981

##### 7.8Deferred tax assets and liabilities

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Standard | Deferred tax assets | Deferred tax liabilities | Standard | Deferred tax assets | Deferred tax liabilities
Sources of deferred taxes (a) |  |  |  |  |  |
Tax amortization of goodwill (b) | (1,301) |  |  | (1,425) |  |
Provision for employee benefits | 236 |  |  | 186 |  |
Other non-deducted provisions | 660 |  |  | 699 |  |
Non-deducted accrued expenses (including deferred compensation) | 905 |  |  | 849 |  |
Elimination of equalization reserve |  |  |  |  |  |
Other sources of deferred tax through profit or loss | 664 |  |  | 436 |  |
Ordinary tax losses | 4,175 |  |  | 4,754 |  |
Unrecognized sources of deferred tax | (2,450) |  |  | (2,440) |  |
TOTAL SOURCES OF DEFERRED TAX THROUGH PROFIT OR LOSS | 2,889 | 1,136 | 361 | 3,060 | 1,207 | 407
Sources of deferred tax on recyclable OCI | 34 | 0 | 8 | (44) | 10 | 0
Sources of deferred tax on non-recyclable OCI | 618 | 258 | 90 | (464) | (60) | 74
TOTAL SOURCES OF DEFERRED TAX | 3,541 | 1,394 | 459 | 2,552 | 1,157 | 480

(a)Positive amounts represent sources of deferred tax giving rise to deferred tax assets, while negative amounts represent sources giving rise to deferred tax liabilities.

(b)Deferred tax related to the tax amortization of goodwill in the United States.

◗Breakdown of deferred tax assets on losses by geographic area

(in millions of euros) | 31/12/2025 | 31/12/2024 | Legal carry forward period | Max. activation time
--- | --- | --- | --- | ---
Deferred tax assets on losses by geographic area |  |  |  |
France (a) | 378 | 503 | Unlimited | 10 years
United States | 46 | 67 | Unlimited (b) | 10 years (c)
United Kingdom | 29 | 38 | Unlimited | 10 years
Others | 11 | 17 |  |
TOTAL | 464 | 626 |  |

(a)The basis for the loss recognized in France is €1,462 million out of a total tax loss carryforward of €1,776 million. At December 31, 2025, Natixis conducted tests to measure the potential impact on deferred tax assets of the assumptions applied when implementing its tax business plans. These tests, which measure the impact of a variation of +/-10% in NBI growth assumptions, confirm the probability that Natixis will be able to offset its tax losses against future taxable profits, used as part of the capitalization of deferred tax.

(b)Except for tax losses that arose prior to January 1, 2018, limited to 20 years.

(c)Concerning the federal deficit, the “State” and “City” portions may be capitalized over longer periods (limited to the legal time limit).

##### 7.9Accrual account, miscellaneous assets and liabilities

This heading corresponds to accrual accounts and liabilities of technical accounts, details of which are given below:

###### 7.9.1Other assets and miscellaneous uses

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Accrual accounts | 1,426 | 2,971
Securities settlement accounts | 17 | 10
Other items and miscellaneous uses | 864 | 554
Security deposits paid | 277 | 276
Other miscellaneous debtors | 2,446 | 2,237
Miscellaneous assets | 387 | 322
TOTAL | 5,417 | 6,370

###### 7.9.2Other liabilities

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Accrual accounts | 3,864 | 4,083
Miscellaneous creditors | 657 | 491
Securities settlement accounts | 1 | 12
Lease liabilities | 676 | 699
Miscellaneous liabilities | 2,064 | 2,085
TOTAL | 7,262 | 7,370

##### 7.10Property, plant and equipment and intangible assets

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Gross value | Depreciation, amortization and impairment | Net value | Gross value | Depreciation, amortization and impairment | Net value
Property, plant and equipment | 1,826 | (1,084) | 742 | 1,865 | (1,065) | 800
Land and buildings | 134 | (83) | 51 | 177 | (114) | 63
Rights of use in respect of leases (lessees) | 1,030 | (454) | 576 | 986 | (387) | 599
o/w immovable assets | 1,027 | (453) | 574 | 985 | (387) | 598
o/w movable assets | 3 | (1) | 2 | 1 | (1) | 0
Others | 663 | (547) | 115 | 702 | (564) | 138
Intangible assets | 1,632 | (1,064) | 568 | 1,578 | (992) | 586
Goodwill | 20 | (0) | 19 | 20 | (0) | 19
Software | 1,260 | (955) | 305 | 1,094 | (884) | 210
Others | 352 | (108) | 244 | 465 | (108) | 357
TOTAL | 3,458 | (2,147) | 1,310 | 3,443 | (2,057) | 1,386

◗December 31, 2025

(in millions of euros) | Gross value 01/01/2025 | Increases | Decrease | Changes in scope and other items | Gross value 31/12/2025
--- | --- | --- | --- | --- | ---
Property, plant and equipment | 1,865 | 169 | (36) | (171) | 1,826
Land and buildings | 177 | 3 | (6) | (40) | 134
Rights of use in respect of leases (lessees) | 986 | 146 | (21) | (81) | 1,030
o/w immovable assets | 985 | 144 | (21) | (80) | 1,027
o/w movable assets | 1 | 2 | (0) | (0) | 3
Others | 702 | 19 | (9) | (50) | 663
Intangible assets | 1,578 | 125 | (0) | (71) | 1,632
Goodwill | 20 | 0 | 0 | 0 | 20
Software | 1,094 | 22 | (0) | 144 | 1,260
Others | 465 | 102 | (0) | (215) | 352
TOTAL | 3,443 | 293 | (36) | (242) | 3,458

◗December 31, 2024

(in millions of euros) | Gross value 01/01/2024 | Increases | Decrease | Changes in scope and other items | Gross value 31/12/2024
--- | --- | --- | --- | --- | ---
Property, plant and equipment | 1,928 | 123 | (155) | (31) | 1,865
Land and buildings | 152 | 29 | (8) | 3 | 177
Rights of use in respect of leases (lessees) | 948 | 64 | (48) | 22 | 986
o/w immovable assets | 946 | 65 | (47) | 21 | 985
o/w movable assets | 2 | (1) | (1) | 1 | 1
Others | 827 | 30 | (99) | (56) | 702
Intangible assets | 1,422 | 131 | (11) | 37 | 1,578
Goodwill | 19 | 0 | 0 | 0 | 20
Software | 957 | 43 | (6) | 100 | 1,094
Others | 445 | 87 | (5) | (62) | 465
TOTAL | 3,349 | 254 | (166) | 6 | 3,443

##### 7.11Assets obtained by taking possession of guarantees

At December 31, 2025, Natixis has assets on its balance sheet obtained by taking possession of guarantees. These are variable-income securities classified as financial assets at fair value through other comprehensive income for €74.4 million at December 31, 2025 (€139.4 million initial value) and corresponding to securities received as part of the exercise of a guarantee (€109.5 million fair value and €158.2 million initial value at December 31, 2024).

##### 7.12Goodwill

◗At December 31, 2025

(in millions of euros) | 01/01/2025 | 31/12/2025
--- | --- | ---
Opening balance | Acquisitions during the period (b) | Transfers | Impairment | Translation adjustments | Reclassifications | Other movements (c) | Closing balance
Asset & Wealth Management (a) | 3,323 | 27 | 1 |  | (191) | (3) | (135) | 3,022
Corporate & Investment Banking (a) | 151 |  |  |  | (14) | 3 |  | 141
TOTAL | 3,474 | 27 | 1 |  | (205) | 0 | (135) | 3,162

(a)Certain goodwill recorded for the United States gives rise to a tax amortization over 15 years due to the difference between the carrying amount of the goodwill and its tax value. This difference in treatment generated a deferred tax liability of €314.5 million as of December 31, 2025.

(b)Recognition of goodwill of +€27.1 million in connection with the acquisition by Gateway (a consolidated subsidiary of Natixis IM) of the assets of Belmont Capital Group.

(c)Corresponds to the reclassification to assets held for sale of the goodwill of the Vauban entity in the asset management division for an amount of -€135 million, taking into account ongoing disposals.

◗At December 31, 2024

(in millions of euros) | 01/01/2024 | 31/12/2024
--- | --- | ---
Opening balance | Acquisitions during the period (b) | Transfers | Impairment | Translation adjustments | Reclassifications | Other movements (c) | Closing balance
Asset & Wealth Management (a) | 3,299 | 1 |  |  | 95 |  | (72) | 3,323
Corporate & Investment Banking (a) | 144 |  |  |  | 7 |  |  | 151
TOTAL | 3,443 | 1 |  |  | 102 |  | (72) | 3,474

(a)Certain goodwill recorded for the United States gives rise to a tax amortization over 15 years due to the difference between the carrying amount of the goodwill and its tax value. This difference in treatment generated a deferred tax liability of €367.2 million as of December 31, 2024.

(b)Recognition of goodwill of +€0.7 billion in the fourth quarter of 2024 relating to the acquisition of 100% of HSBC Epargne Entreprise (see scope of consolidation) by Natixis IM within the Asset Management business line.

(c)Corresponds to the reclassification to assets held for sale of the goodwill of MV Credit entities (see Note 2.6) in the asset management division for an amount of -€72.2 million, taking into account the ongoing disposal.

##### 7.13Due to banks and customer deposits

Amounts due to banks and customer deposits are presented by type of deposit. They are measured in accordance with IFRS 9 within other financial liabilities using the amortized cost method.

###### 7.13.1Due to banks

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Current accounts | 4,954 | 4,683
Deposits and loans | 120,211 | 131,919
Repurchase agreements | 3,747 | 2,809
Security deposits received | 10 | 47
Other debts | 4,707 | 4,730
TOTAL | 133,628 | 144,188

The fair value of debts due to banks is provided in Note 7.5.3.

###### 7.13.2Customer deposits

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Current accounts | 56,179 | 42,467
Deposits and loans | 6,677 | 5,289
Repurchase agreements | 1 |
Special savings accounts | 214 | 375
Other debts | 831 | 861
Accrued interest | 249 | 238
TOTAL | 64,150 | 49,230

The fair value of customer deposits is presented in Note 7.5.3.

##### 7.14Debt securities

Debt securities (interest-bearing notes, interbank market securities, etc.) are broken down by type of security, excluding subordinated notes which are included within “Subordinated debt”.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Marketable debt instruments | 36,752 | 42,866
Bonds | 1,367 | 1,564
Other debt securities | 10 | 365
TOTAL | 38,129 | 44,794

The fair value of debt securities is presented in Note 7.5.3.

##### 7.15Subordinated debt

Subordinated debt differs from advances and bonds issued in that it is repaid after all senior and unsecured creditors, but before the repayment of participating loans and securities and deeply subordinated securities. Subordinated debt is valued at amortized cost.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Dated subordinated debt (a) | 2,967 | 2,971
Perpetual subordinated debt | 45 | 44
Accrued interest | 11 | 13
TOTAL | 3,022 | 3,028

The main characteristics of the issues of subordinated notes are given on the Natixis website (www.natixis.groupebpce.com).

(a)Subordinated debt issuance agreements do not incorporate a clause providing for early redemption in the event that the covenants are not observed. The fair value of subordinated debt is given in Note 7.5.3.

◗Change in subordinated debt over fiscal year 2025

(in millions of euros) | 31/12/2024 | Issues | Refunds | Translation adjustments | Changes in scope | Others (a) | 31/12/2025
--- | --- | --- | --- | --- | --- | --- | ---
Other dated subordinated debt | 2,971 | 300 | (300) |  |  | (4) | 2,967
Subordinated notes | 121 |  |  |  |  | (4) | 117
Subordinated loans | 2,850 | 300 | (300) |  |  |  | 2,850
Other undated subordinated debt | 44 |  |  |  |  |  | 45
Deeply subordinated notes |  |  |  |  |  |  |
Subordinated notes | 44 |  |  |  |  |  | 45
Subordinated loans |  |  |  |  |  |  |
TOTAL | 3,015 | 300 | (300) |  |  | (4) | 3,011

This table does not include accrued interest.

(a)Other changes mainly concern the revaluation of hedged debts.

◗Change in subordinated debt over fiscal year 2024

(in millions of euros) | 31/12/2023 | Issues | Refunds | Translation adjustments | Changes in scope | Others (a) | 31/12/2024
--- | --- | --- | --- | --- | --- | --- | ---
Other dated subordinated debt | 2,976 | 100 | (100) |  |  | (5) | 2,971
Subordinated notes | 126 |  |  |  |  | (5) | 121
Subordinated loans | 2,850 | 100 | (100) |  |  |  | 2,850
Other undated subordinated debt | 44 |  |  |  |  |  | 44
Deeply subordinated notes |  |  |  |  |  |  |
Subordinated notes | 44 |  |  |  |  |  | 44
Subordinated loans |  |  |  |  |  |  |
TOTAL | 3,020 | 100 | (100) |  |  | (5) | 3,015

This table does not include accrued interest.

(a)Other changes mainly concern the revaluation of hedged debts.

##### 7.16Provisions and impairment

The table below does not include value adjustments for credit losses on financial assets measured at amortized cost (see Note 5.1.3) and at fair value through equity (see Note 5.1.4), as well as the financing and guarantee commitments given (see Note 5.20).

◗At December 31, 2025

(in millions of euros) | 01/01/2025 | Increases | Reversal (utilized provisions) | Reversal (surplus provisions) | Translation adjustments | Others | 31/12/2025
--- | --- | --- | --- | --- | --- | --- | ---
Counterparty risks | 744 | 365 | 0 | (324) | (58) | (0) | 726
Financing and guarantee commitments | 295 | 302 |  | (322) | (5) | (0) | 270
Litigation (a) | 446 | 0 | 0 | (1) | (53) |  | 393
Other provisions | 3 | 63 |  | (2) | (0) |  | 63
Impairment risks | 1 | 0 | (0) |  |  | 0 | 1
Long-term investments | 1 | 0 | (0) |  |  |  | 1
Real estate developments | 0 |  |  |  |  | 0 | 0
Other provisions |  |  |  |  |  |  |
Employee benefits | 488 | 210 | (106) | (4) | (13) | (14) | 561
Operational risks | 199 | 35 | (23) | (4) | (1) | (7) | 197
TOTAL CONTINGENCY RESERVES | 1,431 | 609 | (130) | (333) | (71) | (21) | 1,485

(a)Of which €306 million in provisions at December 31, 2025 in respect of the Madoff fraud exposure (see Section 3.2.10 in Chapter [3] "Risk factors, risk management and pillar III" in the 2025 universal registration document).

◗At December 31, 2024

(in millions of euros) | 01/01/2024 | Increases | Reversal (utilized provisions) | Reversal (surplus provisions) | Translation adjustments | Others | 31/12/2024
--- | --- | --- | --- | --- | --- | --- | ---
Counterparty risks | 670 | 392 | (2) | (349) | 32 | 1 | 744
Financing and guarantee commitments | 270 | 364 |  | (343) | 3 | 0 | 295
Litigation (a) | 397 | 25 | (2) | (2) | 28 |  | 446
Other provisions | 3 | 3 |  | (4) | 0 |  | 3
Impairment risks | 1 | 0 | (0) |  |  | 0 | 1
Long-term investments | 1 | 0 | (0) |  |  |  | 1
Real estate developments | 0 |  |  |  |  | 0 | 0
Other provisions |  |  |  |  |  |  |
Employee benefits | 427 | 176 | (116) | (4) | 15 | (9) | 488
Operational risks | 176 | 47 | (15) | (10) | 0 | (1) | 199
TOTAL CONTINGENCY RESERVES | 1,273 | 615 | (132) | (363) | 46 | (9) | 1,431

(a)Of which €347.8 million in provisions at December 31, 2024 in respect of the Madoff fraud exposure (see Section 3.2.10 in Chapter [3] "Risk factors, risk management and pillar III" in the 2024 universal registration document).

##### 7.17Breakdown of financial assets and liabilities by contractual maturity

In accordance with IFRS 7, the table below presents the balances of financial assets and liabilities by contractual maturity in the balance sheet. Variable-income assets, trading and hedging derivatives as well as revaluations of components hedged or unhedged by financial assets and liabilities are considered as having a “perpetual” maturity. Likewise, delinquencies and non-performing loans are deemed to have a “perpetual” maturity.

Uses (in billions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Undetermined | Total | Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Undetermined | Total
Cash, central banks | 53 |  |  |  |  |  | 53 | 53 |  |  |  |  |  | 53
Assets at fair value through profit and loss – excluding trading derivatives | 0 |  | 2 | 0 | 0 | 168 | 170 | 0 | 0 | 1 | 1 | 0 | 161 | 163
Derivative instruments not eligible for hedge accounting |  |  |  |  |  | 67 | 67 |  |  |  |  |  | 69 | 69
Hedging derivatives |  |  |  |  |  | 0 | 0 |  |  |  |  |  | 0 | 0
Financial assets at fair value through other comprehensive income | 1 | 1 | 0 | 5 | 4 | 1 | 12 | 0 |  | 0 | 0 | 10 | 1 | 11
Loans and receivables due from banks | 12 | 2 | 71 | 12 | 24 | 0 | 121 | 11 | 5 | 70 | 9 | 19 | 0 | 115
Loans and receivables due from customers | 18 | 6 | 11 | 34 | 14 | 1 | 84 | 20 | 11 | 11 | 28 | 11 | 1 | 82
Debt instruments at amortized cost | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 2
Revaluation adjustments on portfolios hedged against interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOTAL | 84 | 9 | 84 | 52 | 43 | 237 | 509 | 84 | 16 | 82 | 39 | 42 | 232 | 496

Resources (in billions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Undetermined | Total | Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Undetermined | Total
Central banks |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss | 3 | 0 | 2 | 14 | 33 | 140 | 192 | 1 | 0 | 2 | 8 | 28 | 137 | 176
o/w repurchase agreements |  |  |  |  |  | 98 | 98 |  |  |  |  |  | 100 | 100
Secured debt | 3 | 0 | 2 | 14 | 33 | 42 | 94 | 0 | 0 | 2 | 8 | 28 | 37 | 76
o/w senior debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt | 0 |  |  |  | 0 | 0 | 0 | 0 |  |  |  |  | 0 | 0
o/w senior debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
Covered bonds |  |  |  |  |  | 0 | 0 |  |  |  |  |  | 0 | 0
Trading derivatives |  |  |  |  |  | 58 | 58 |  |  |  |  |  | 61 | 61
Hedging derivatives |  |  |  |  |  | 0 | 0 |  |  |  |  |  | 0 | 0
Due to banks | 25 | 16 | 23 | 67 | 2 | 0 | 134 | 30 | 22 | 18 | 72 | 3 | 0 | 144
o/w repurchase agreements | 3 |  | 1 | 0 |  |  | 4 | 2 |  | 1 |  |  |  | 3
Customer deposits | 44 | 7 | 7 | 5 | 1 | 0 | 64 | 35 | 6 | 5 | 2 | 1 | 0 | 49
Debt securities | 10 | 9 | 18 | 1 | 0 | 0 | 38 | 22 | 10 | 12 | 1 | 1 | 0 | 45
o/w secured debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
Covered bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated debt | 0 |  |  | 0 | 3 | 0 | 3 | 0 |  | 0 |  | 3 | 0 | 3
FINANCIAL LIABILITIES BY MATURITY | 81 | 33 | 50 | 87 | 39 | 199 | 490 | 88 | 38 | 37 | 82 | 35 | 199 | 479
FINANCING COMMITMENTS GIVEN | 1 | 3 | 14 | 49 | 14 |  | 82 | 2 | 5 | 9 | 48 | 8 |  | 72
GUARANTEE COMMITMENTS GIVEN | 2 | 5 | 14 | 14 | 4 |  | 38 | 1 | 4 | 13 | 14 | 3 |  | 36

#### Note 8Segment reporting

Natixis is now organized around the following business divisions:

●the Asset & Wealth Management division, which brings together the asset management, employee savings schemes and private equity activities of Natixis Investment Managers and the Wealth Management business line of Natixis Wealth Management;

●Corporate & Investment Banking, which advises businesses, institutional investors, insurance companies, banks and public sector entities and offers them a diversified line of financing solutions as well as access to Capital Markets. Its duties are threefold: to strengthen the bank’s client focus, to serve as a meeting place between issuers and investors and to roll out the “Originate to Distribute” model to optimize the rotation of the bank’s balance sheet via active management of the loan book.

Natixis Algérie’s activities, considered as non-strategic, are part of the Corporate Center, as are the central financing mechanisms.

Based on this organizational structure, Senior Management monitors businesses’ performance over the period, it draws up business plans and manages operations. In accordance with IFRS 8 “Operating Segments”, this is the segmentation used by Natixis to define its operating segments.

##### 8.1Asset & Wealth Management

●Asset Management: asset management and employee savings schemes and retirement activities are brought together within Natixis Investment Managers. They cover all asset classes, offer a wide range of diversified and responsible solutions, and are conducted primarily in the United States and France. Asset management activities are performed by autonomous entities (specialized Asset Management companies and specialized distribution units) coordinated by a holding company that ensures the organization’s consistency by overseeing its strategic direction. These companies are thus able to focus on their core business and on achieving robust performance, while retaining the option of developing their own institutional clientele and drawing on the business line’s other support functions, based on appropriate economic models. Many of these Asset Management companies are well-known, such as Loomis Sayles, Harris Associates, AEW, Mirova, DNCA and Ostrum Asset Management.

Together, these specialized Asset Management companies enable the Group to provide a broad range of expertise meeting demand from all client segments. Coverage of the various client segments is optimized by the organization of distribution around a shared platform and the business franchises developed over the long term by the Asset Management companies. The teams have extensive expertise in equity financing for generally unlisted, small and medium-sized enterprises in France and Europe via sponsored equity holdings.

Employee savings schemes and retirement activities are provided by Natixis Interépargne (a subsidiary of Natixis Investment Managers), which draws on the expertise of management companies affiliated with Natixis Investment Managers to offer its clients employee savings schemes and pension plans tailored to all investment strategies and profiles.

●Wealth Management: this business line covers wealth and asset management activities. Natixis Wealth Management holds a key place on the French market. The bank offers clients who are business owners, senior executives or those holding family capital, Wealth Management and financial solutions to support them over the long term. It offers advisory services, financial planning and expertise, and mutual fund unit management solutions.

##### 8.2Corporate & Investment Banking

Corporate & Investment Banking (Natixis CIB) serves corporate clients, institutional investors, financial sponsors, public sector entities and the Groupe BPCE networks. It advises them and develops innovative tailor-made solutions to support their strategy by drawing on the full range of its expertise in consultancy, investment banking, financing, commercial banking and on the Capital Markets.

Numerous impact financing initiatives have been carried out by Natixis CIB, which has strengthened its position there by being at the forefront of innovation with many French and international clients.

Corporate & Investment Banking’s expertise business lines are:

●Capital Markets: a wide range of diversified, standard and bespoke products and solutions on the fixed income, credit, foreign exchange, commodities and equities markets;

●Financing: origination, arrangement and syndication of real assets, vanilla and structured financing, as well as portfolio management for all financing under an originate-to-distribute (O2D) model;

●Global Trade: cash management, trade finance, export finance and commodity trade solutions;

●Investment Banking: acquisition & strategic finance, financing on the primary markets for bonds and equities, financial engineering applied to holdings, and financial structure and rating advisory services;

●Mergers & Acquisitions: preparation and execution of disposals and mergers, fund-raising, restructuring and capital protection.

These areas of expertise are adapted locally across the following three international platforms:

●North and South America;

●Asia-Pacific;

●EMEA (Europe, the Middle East and Africa).

##### 8.3Corporate Center

In addition to these operational divisions, there are Corporate Center activities, which primarily include central refinancing mechanisms and revenues and costs related to Natixis’ asset and liability management.

It also includes:

●the results of the bank's portfolio of equity investments which do not fall within the scope of a division's activities,

●the activities of Natixis Wealth management in Luxembourg not transferred to Massena Partners and managed in extinction within the Luxembourg entity renamed Natixis CIB Luxembourg),

●the results of Natixis Algérie,

●as well as residual income from discontinued operations.

##### 8.4Segment reporting

◗At December 31, 2025

(in millions of euros) | 31/12/2025
--- | ---
Asset & Wealth Management | Corporate & Investment Banking | Corporate Center | Total | Residual item from discontinued operations | Total reported
Net banking income | 3,535 | 4,817 | (84) | 8,267 | 0 | 8,267
Change 2024/2025 (a) | 1% | 9% | (150%) | 2% |  | 2%
Expenses | (2,763) | (3,186) | (138) | (6,087) | 0 | (6,087)
Change 2024/2025 (a) | 0% | 10% | (0%) | 5% |  | 5%
Gross operating income | 772 | 1,630 | (222) | 2,180 | 0 | 2,180
Change 2024/2025 (a) | 4% | 5% |  | (6%) |  | (6%)
Cost of risk | (7) | (228) | (2) | (237) | 0 | (237)
Change 2024/2025 (a) | (148%) | (19%) | (87%) | (16%) |  | (16%)
Net operating income | 766 | 1,402 | (224) | 1,943 | 0 | 1,944
Change 2024/2025 (a) | 1% | 11% |  | (5%) |  | (5%)
Equity method | 0 | 28 | (0) | 28 |  | 28
Change 2024/2025 (a) |  | 21% |  | 23% |  | 23%
Others | 6 | (0) | (0) | 5 |  | 5
Change 2024/2025 (a) |  |  |  | (138%) |  | (138%)
Income before tax | 771 | 1,430 | (224) | 1,977 | 0 | 1,977
Change 2024/2025 (a) | 2% | 11% |  | 4% |  | 4%
Net income (Group share) | 509 | 1,065 | (213) | 1,361 | 0 | 1,361
Change 2024/2025 (a) | 2% | 12% | 111% | 1% |  | 1%
TOTAL BALANCE SHEET | 13,173 | 380,293 | 128,136 | 521,602 |  | 521,602

This information is determined based on the accounting principles applied in accordance with IFRS as adopted by the European Union at December 31, 2025.

(a)Restated change between December 31, 2025 and December 31, 2024.

◗Breakdown of net banking income

(in millions of euros) | Net banking income | Change 2024/2025
--- | --- | ---
Asset & Wealth Management | 3,535 | 1%
Asset Management | 3,408 | 1%
Wealth Management | 127 | 7%
Corporate & Investment Banking | 4,817 | 9%
Capital Markets | 2,255 | 13%
Global Finance & Investment Banking | 2,429 | 1%
Others | 133 |
Corporate Center | (84) |
Residual item from discontinued operations | 0 |
TOTAL | 8,267 | 2%

◗At December 31, 2024 – Restated

(in millions of euros) | 31/12/2024 (a)
--- | ---
Asset & Wealth Management | Corporate & Investment Banking | Corporate Center | Total | Residual item from discontinued operations | Total reported
Net banking income | 3,506 | 4,436 | 169 | 8,110 | 9 | 8,120
Expenses | (2,762) | (2,886) | (138) | (5,786) | (7) | (5,792)
Gross operating income | 744 | 1,550 | 31 | 2,325 | 3 | 2,328
Cost of risk | 14 | (282) | (15) | (282) | 0 | (282)
Net operating income | 758 | 1,269 | 16 | 2,043 | 3 | 2,045
Equity method | (0) | 23 | 0 | 23 |  | 23
Others | 0 | (0) | (14) | (14) |  | (14)
Income before tax | 758 | 1,292 | 2 | 2,052 | 3 | 2,054
NET INCOME (GROUP SHARE) | 500 | 951 | (101) | 1,351 | 1 | 1,352

(a)This information is presented according to the new organization of the business lines adopted by Natixis at December 31, 2025.

◗Reported at December 31, 2024

(in millions of euros) | 31/12/2024
--- | ---
Asset & Wealth Management | Corporate & Investment Banking | Corporate Center | Total | Residual item from discontinued operations | Total reported
Net banking income | 3,506 | 4,377 | 231 | 8,113 | 6 | 8,120
Change 2023/2024 (a) | 10% | 9% | 13% | 10% |  | 10%
Expenses | (2,762) | (2,831) | (197) | (5,790) | (2) | (5,792)
Change 2023/2024 (a) | 6% | 9% | (49%) | 4% |  | 4%
Gross operating income | 744 | 1,545 | 34 | 2,323 | 4 | 2,328
Change 2023/2024 (a) | 26% | 10% | (119%) | 28% |  | 28%
Cost of risk | 14 | (282) | (15) | (282) |  | (282)
Change 2023/2024 (a) | 261% | 78% | (84%) | 15% |  | 15%
Net operating income | 758 | 1,264 | 20 | 2,041 | 4 | 2,045
Change 2023/2024 (a) | 28% | 2% | (107%) | 30% |  | 30%
Equity method | (0) | 23 | 0 | 23 |  | 23
Change 2023/2024 (a) | (164%) | 74% | 770% | 67% |  | 67%
Others | 0 | (0) | (14) | (14) |  | (14)
Change 2023/2024 (a) | (99%) | 100% |  | (178%) |  | (178%)
Income before tax | 758 | 1,287 | 5 | 2,050 | 4 | 2,054
Change 2023/2024 (a) | 21% | 4% | (102%) | 28% |  | 28%
Net income (Group share) | 500 | 948 | (99) | 1,349 | 3 | 1,352
Change 2023/2024 (a) | 17% | 5% | (71%) | 36% |  | 36%
TOTAL BALANCE SHEET | 13,812 | 363,212 | 132,993 | 510,017 |  | 510,017

This information is determined based on the accounting principles applied in accordance with IFRS as adopted by the European Union at December 31, 2024.

(a)Restated change between December 31, 2024 and December 31, 2023.

◗Breakdown of net banking income

(in millions of euros) | Net banking income | Change 2023/2024
--- | --- | ---
Asset & Wealth Management | 3,506 | 10%
Asset Management | 3,321 | 10%
Wealth Management | 185 | 1%
Corporate & Investment Banking | 4,377 | 9%
Capital Markets | 1,993 | 14%
Global Finance & Investment Banking | 2,396 | 13%
Others | (13) |
Corporate Center | 231 | 13%
Residual item from discontinued operations | 6 |
TOTAL | 8,120 | 10%

##### 8.5Other information

◗At December 31, 2025

(in millions of euros) | France | Other EU | North America | Other OECD | Countries not broken down | Total
--- | --- | --- | --- | --- | --- | ---
Net banking income | 3,169 | 466 | 3,221 | 733 | 678 | 8,267
Net income for the period – Group share | (99) | 210 | 798 | 213 | 239 | 1,361
TOTAL ASSETS | 385,319 | 12,224 | 62,034 | 43,428 | 18,598 | 521,602

◗At December 31, 2024

(in millions of euros) | France | Other EU | North America | Other OECD | Countries not broken down | Total
--- | --- | --- | --- | --- | --- | ---
Net banking income | 3,420 | 485 | 3,014 | 600 | 601 | 8,120
Net income for the period – Group share | 137 | 225 | 668 | 166 | 156 | 1,352
TOTAL ASSETS | 378,521 | 11,722 | 66,577 | 34,033 | 19,166 | 510,017

#### Note 9Risk management

##### 9.1Credit risk and counterparty risk

The information on risk management required under IFRS 7, with the exception of the disclosures given below, is presented in Section 3.2.4 of Chapter [3] “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

###### 9.1.1Risk profile

This table aims to present the breakdown by credit risk category, of the various accounting outstandings eligible for IFRS 9 provisioning (broken down into S1, S2 and S3), and the corresponding impairments and provisions. The credit risk categories are represented by the IFRS 9 probability of default ranges associated with the central scenario (see Note 5.3).

◗At December 31, 2025

| Gross carrying amount | Impairment or provisions for expected credit losses |
--- | --- | --- | ---
| PD range | PD range |
(in millions of euros) | 0.00 to <0.05 | 0.05 to <0.10 | 0.10 to <0.15 | 0.15 to <0.25 | 0.25 to <100.0 | 100.0 | 0.00 to <0.05 | 0.05 to <0.10 | 0.10 to <0.15 | 0.15 to <0.25 | 0.25 to <100.0 | 100.0 | Net
Equity instruments at fair value through other comprehensive income | 10,801 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 10,801
S1 | 10,721 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10,721
S2 | 80 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 79
S3 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0
Securities at amortized cost | 1,620 | 187 | 0 | 0 | 0 | 233 | 2 | 3 | 0 | 0 | 0 | 216 | 1,819
S1 | 1,603 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1,603
S2 | 17 | 186 | 0 | 0 | 0 | 0 | 1 | 3 | 0 | 0 | 0 | 0 | 200
S3 | 0 | 0 | 0 | 0 | 0 | 233 | 0 | 0 | 0 | 0 | 0 | 216 | 17
Loans and receivables due from banks and similar items at amortized cost | 120,871 | 1 | 0 | 0 | 7 | 24 | 2 | 0 | 0 | 0 | 1 | 24 | 120,877
S1 | 120,641 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 120,640
S2 | 230 | 1 | 0 | 0 | 7 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 236
S3 | 0 | 0 | 0 | 0 | 0 | 24 | 0 | 0 | 0 | 0 | 0 | 24 | 0
Loans and receivables due from customers at amortized cost | 81,309 | 1,273 | 246 | 13 | 292 | 2,173 | 81 | 22 | 16 | 0 | 11 | 993 | 84,181
S1 | 78,046 | 468 | 0 | 0 | 0 | 0 | 58 | 5 | 0 | 0 | 0 | 0 | 78,452
S2 | 3,262 | 805 | 246 | 13 | 292 | 0 | 23 | 18 | 16 | 0 | 11 | 0 | 4,549
S3 | 0 | 0 | 0 | 0 | 0 | 2,173 | 0 | 0 | 0 | 0 | 0 | 993 | 1,180
Financing commitments given | 80,359 | 826 | 186 | 12 | 92 | 41 | 62 | 95 | 63 | 1 | 12 | 5 |
S1 | 79,323 | 454 | 0 | 4 | 0 | 0 | 40 | 4 | 0 | 0 | 0 | 0 |
S2 | 1,036 | 372 | 186 | 8 | 92 | 0 | 22 | 91 | 63 | 1 | 12 | 0 |
S3 | 0 | 0 | 0 | 0 | 0 | 41 | 0 | 0 | 0 | 0 | 0 | 5 |
Guarantee commitments given | 38,173 | 321 | 27 | 12 | 1 | 191 | 13 | 3 | 0 | 0 | 11 | 5 |
S1 | 37,525 | 83 | 5 | 0 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 |
S2 | 648 | 238 | 21 | 12 | 1 | 0 | 1 | 3 | 0 | 0 | 11 | 0 |
S3 | 0 | 0 | 0 | 0 | 0 | 191 | 0 | 0 | 0 | 0 | 0 | 5 |
TOTAL AT DECEMBER 31, 2025 | 333,134 | 2,608 | 459 | 37 | 392 | 2,663 | 160 | 124 | 79 | 1 | 35 | 1,245 |

◗At December 31, 2024

| Gross carrying amount | Impairment or provisions for expected credit losses |
--- | --- | --- | ---
| PD range | PD range |
(in millions of euros) | 0.00 to <0.05 | 0.05 to <0.10 | 0.10 to <0.15 | 0.15 to <0.25 | 0.25 to <100.0 | 100.0 | 0.00 to <0.05 | 0.05 to <0.10 | 0.10 to <0.15 | 0.15 to <0.25 | 0.25 to <100.0 | 100.0 | Net
Debt instruments at fair value through other comprehensive income | 10,543 | 39 | 0 | 1 | 0 | 3 | 1 | 1 | 0 | 0 | 0 | 1 | 10,583
S1 | 10,534 | 36 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 10,569
S2 | 9 | 2 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 12
S3 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 1 | 2
Securities at amortized cost | 1,906 | 0 | 0 | 0 | 0 | 266 | 4 | 0 | 0 | 0 | 0 | 213 | 1,955
S1 | 1,639 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 1,636
S2 | 267 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 266
S3 | 0 | 0 | 0 | 0 | 0 | 266 | 0 | 0 | 0 | 0 | 0 | 213 | 53
Loans and receivables due from banks and similar items at amortized cost | 114,733 | 27 | 0 | 7 | 0 | 25 | 1 | 0 | 0 | 1 | 0 | 25 | 114,765
S1 | 114,574 | 24 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 114,597
S2 | 159 | 3 | 0 | 7 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 168
S3 | 0 | 0 | 0 | 0 | 0 | 25 | 0 | 0 | 0 | 0 | 0 | 25 | 0
Loans and receivables due from customers at amortized cost | 78,375 | 2,044 | 426 | 129 | 390 | 2,006 | 89 | 40 | 14 | 10 | 23 | 976 | 82,219
S1 | 74,863 | 1,228 | 86 | (0) | (0) | 0 | 67 | 16 | 0 | (0) | 0 | 0 | 76,094
S2 | 3,512 | 817 | 340 | 129 | 390 | 0 | 22 | 24 | 14 | 10 | 23 | 0 | 5,094
S3 | 0 | 0 | 0 | 0 | 0 | 2,006 | 0 | 0 | 0 | 0 | 0 | 976 | 1,030
Financing commitments given | 70,207 | 1,605 | 310 | 12 | 21 | 225 | 57 | 68 | 58 | 1 | 2 | 70 |
S1 | 68,565 | 1,131 | 0 | 0 | 0 | 0 | 36 | 10 | 0 | 0 | 0 | 0 |
S2 | 1,642 | 474 | 310 | 12 | 21 | 0 | 21 | 59 | 58 | 1 | 2 | 0 |
S3 | 0 | 0 | 0 | 0 | 0 | 225 | 0 | 0 | 0 | 0 | 0 | 70 |
Guarantee commitments given | 34,912 | 435 | 92 | 49 | 21 | 35 | 11 | 9 | 1 | 0 | 8 | 10 |
S1 | 34,176 | 150 | 0 | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 0 |
S2 | 736 | 285 | 92 | 49 | 21 | 0 | 1 | 8 | 1 | 0 | 8 | 0 |
S3 | 0 | 0 | 0 | 0 | 0 | 35 | 0 | 0 | 0 | 0 | 0 | 10 |
TOTAL AT DECEMBER 31, 2024 | 310,676 | 4,150 | 828 | 198 | 432 | 2,559 | 163 | 118 | 73 | 11 | 33 | 1,294 |

###### 9.1.2Guarantees received for instruments impaired under IFRS 9

The following table presents the exposure of all of Natixis’s financial assets to credit and counterparty risk. This credit risk exposure (determined without taking into account the effect of unrecognized netting and collateral) and counterparty risk is equal to the net carrying amount of the financial assets.

| 31/12/2025 | 31/12/2024
--- | --- | ---
| Maximum risk exposure (b) | Impairment | Maximum exposure net of impairment (c) | Guarantees | Maximum risk exposure (b) | Impairment | Maximum exposure net of impairment (c) | Guarantees
Class of financial instruments impaired (a) (in millions of euros) | Personal guarantees | Real collateral | Personal guarantees | Real collateral
Debt securities – FVOCI R |  |  |  |  |  |  |  |  |  |
Loans and receivables due from banks – FVOCI R |  |  |  |  |  |  |  |  |  |
Loans and receivables due from customers – FVOCI R | 1 | (1) | 0 |  |  | 3 | (1) | 2 |  |
Debt securities at amortized cost | 233 | (216) | 17 |  |  | 266 | (213) | 53 |  |
Loans and receivables due from banks at amortized cost | 24 | (24) |  |  |  | 25 | (25) | 0 |  |
Loans and receivables due from customers at amortized cost | 2,173 | (993) | 1,180 | 262 | 447 | 2,006 | (976) | 1,030 | 263 | 351
Financing commitments given | 30 | (5) | 25 | 4 | 12 | 212 | (70) | 142 | 60 | 26
Guarantee commitments given | 191 | (5) | 186 | 27 | 132 | 35 | (10) | 25 | 14 | 0
TOTAL | 2,652 | (1,245) | 1,408 | 293 | 592 | 2,546 | (1,294) | 1,252 | 338 | 377

(a)Assets impaired after their origination/acquisition (Stage 3) or on their origination/acquisition (POCI).

(b)Gross carrying amount.

(c)Carrying amount in the balance sheet.

##### 9.2Market risk, overall interest rate risk, liquidity risk and structural foreign exchange risk

The information required by IFRS 7 on the management of market risks is presented in Section [3.2.6] of Chapter [3] "Risk factors, risk management and Pillar III", and those on overall interest rate, liquidity, and structural foreign exchange risks are presented in Section [3.2.8] of Chapter [3] “Risk factors, risk management, and Pillar III”.

#### Note 10Headcount, compensation and employee benefits

##### 10.1Headcount

Number | 31/12/2025 | 31/12/2024
--- | --- | ---
Headcount (a) | 15,884 | 15,185

(a)Full-time equivalents working for Natixis at the reporting date (including 73 employees of Vauban restated under IFRS 5 as of December 31, 2025).
The breakdown of the headcount is presented in Note 3.1.3.2 of Chapter [7] "Sustainability report" of the 2025 universal registration document.

##### 10.2Compensation and employee benefits

Compensation and employee benefits include wages and salaries net of reinvoiced expenses paid within 12 months of the end of the reporting period in which the services were rendered, deferred cash-settled or equity-settled variable compensation, employee incentives and profit-sharing for the period, the cost of pensions, other employee benefit obligations such as long-service awards and benefits related to capital increases reserved for employees.

Personnel costs totaled €4,078 million at December 31, 2025, versus €3,863 million at December 31, 2024.

###### 10.2.1Short-term employee benefits

This item includes wages and salaries paid within 12 months of the end of the reporting period in which the related services were rendered, employee incentives and profit-sharing, meeting the definition of short-term benefits under IAS 19R “Employee Benefits”. In accordance with this standard, short-term benefits are expensed in the period in which the employees render the services giving rise to such benefits.

###### 10.2.2Pension benefits and other long-term employee benefits

Post-employment defined-contribution plans

Under post-employment defined-contribution plans, Natixis pays fixed contributions into a separate entity and has no obligation to pay further contributions.

The main defined-contribution plans available to Natixis employees are operated in France. They include the mandatory pension plan and the national pension plans AGIRC and ARRCO.

Pension plans for which employees can voluntarily opt are operated by certain Natixis entities and are also classified as defined-contribution plans. These entities have a single contribution obligation (PERCOL contribution).

Contributions paid under defined-contribution plans are expensed for the period in which the services were provided.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Contributions expensed under post-employment defined-contribution plans | 105 | 100

Post-employment defined-benefit plans and other long-term employee benefits

Post-employment defined-benefit plans include all post-employment benefits for which Natixis has committed to pay a specified level of benefits.

Liabilities in respect of these awarded benefits are hedged, in full or in part, by assets comprised mainly of outsourced insurance contracts managed by French insurers specializing in retirement. The insurers carry the longevity risk once the annuities are liquidated. Hedging assets are invested in the insurers’ general funds, which are invested in euro-denominated funds made up mainly of bonds.

Insurance contracts taken up with a related party to Natixis and intended to finance all or part of Natixis’ defined-benefit plan commitments are recorded in the asset side of the balance sheet as “Accrual account and other assets”.

Other long-term employee benefits comprise benefits other than post-employment and termination benefits not wholly due within 12 months of the end of the period in which employees have provided the related services.

These notably include long-service awards, deferred compensation payable in cash 12 months or more after the end of the period and, since 2020, the Time Savings Account (TSA). Information on deferred compensation processed in accordance with IAS 19 is presented in Note 10.2.3.

###### a) Amounts recognized on the balance sheet as at December 31, 2025

The amount of the recognized provision on the liability side of the balance sheet corresponds to the value of the actuarial liabilities under the defined benefit plans, less the value of the assets to hedge these benefit liabilities.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans | Other long-term employee benefits |  | Post-employment defined-benefit plans | Other long-term employee benefits |
Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Total | Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Total
Actuarial liabilities | 368 | 128 | 31 | 471 | 998 | 410 | 121 | 30 | 348 | 908
Fair value of plan assets | (346) | (91) |  |  | (437) | (362) | (88) |  |  | (451)
Fair value of separate assets (a) |  | (33) |  |  | (33) |  | (31) |  |  | (31)
Effect of ceiling on assets | 25 | 3 |  |  | 28 | 13 | 2 |  |  | 15
NET AMOUNT RECOGNIZED IN BALANCE SHEET | 46 | 8 | 31 | 471 | 556 | 60 | 4 | 30 | 348 | 442
Under liabilities | 46 | 41 | 31 | 471 | 589 | 60 | 35 | 30 | 348 | 473
Under assets |  | 33 |  |  | 33 |  | 31 |  |  | 31

(a)Separate asset components are segregated in the balance sheets of BPCE insurance entities (BPCE Vie), hedging the benefit liabilities of other entities within the Natixis group of consolidated companies which were transferred to hedge the post-employment benefits of a few categories of employees.

###### b) Changes in recognized amounts on the balance sheet (Changes in actuarial liabilities)

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans | Other long-term employee benefits |  | Post-employment defined-benefit plans | Other long-term employee benefits |
Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Total | Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Total
ACTUARIAL LIABILITIES AT START OF PERIOD | 410 | 121 | 30 | 348 | 908 | 434 | 118 | 29 | 284 | 866
Changes recorded in net income | (6) | 8 | 1 | 114 | 118 | (9) | 4 | 1 | 58 | 54
Service cost | 2 | 8 | 2 | 190 | 202 |  | 8 | 2 | 142 | 152
Past service cost | (4) | 2 |  |  | (3) | (4) |  |  |  | (4)
o/w plan liquidation and reduction |  |  |  |  |  |  |  |  |  |
Interest cost | 16 | 4 | 1 |  | 21 | 18 | 4 | 1 |  | 23
Benefits paid | (19) | (6) | (2) | (74) | (101) | (23) | (7) | (2) | (83) | (115)
o/w amounts paid out in respect of plan liquidation |  |  |  |  |  |  |  |  |  |
Revaluation adjustments on other long-term employee benefits |  |  |  |  |  |  |  |  |  |
Others |  | 1 | (1) | (2) | (2) |  | (1) | (1) |  | (1)
Changes recognized directly in non-recyclable other comprehensive income | (7) | 1 |  |  | (6) | (32) |  |  |  | (32)
Revaluation adjustments – demographic assumptions | (2) |  |  |  | (2) |  |  |  |  |
Revaluation adjustments – financial assumptions | (7) |  |  |  | (7) | (20) | (2) |  |  | (22)
Revaluation adjustments – past-experience effect | 2 | 1 |  |  | 3 | (12) | 2 |  |  | (10)
Translation adjustments | (28) | (1) |  | (6) | (34) | 15 |  |  | 3 | 18
Changes associated with non-current assets held for sale |  | (1) |  |  | (1) |  |  |  |  |
Changes in scope |  |  |  |  |  |  |  |  |  |
Others | (2) |  |  | 15 | 13 | 2 | (1) |  | 2 | 2
ACTUARIAL LIABILITIES AT END OF PERIOD | 368 | 128 | 31 | 471 | 998 | 410 | 121 | 30 | 348 | 908

###### c) Changes in recognized amounts on the balance sheet (Changes in hedging assets)

◗Plan assets

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans |  | Post-employment defined-benefit plans |
Supplementary pension benefits and other | End-of-career awards | Total | Supplementary pension benefits and other | End-of-career awards | Total
FAIR VALUE OF ASSETS AT START OF PERIOD | 362 | 88 | 451 | 365 | 87 | 452
Changes recorded in net income | (5) | 3 | (2) | (7) | 2 | (5)
Interest income | 13 | 3 | 16 | 10 | 3 | 13
Plan participant contributions | 1 |  | 1 | 2 |  | 2
o/w paid by employer | 1 |  | 1 | (5) |  | (4)
o/w paid by beneficiaries |  |  |  | 6 |  | 6
Benefits paid | (17) | (1) | (18) | (20) |  | (21)
o/w amounts paid out in respect of plan liquidation |  |  |  |  |  |
Others | (2) |  | (2) | 2 |  | 2
Changes recognized directly in non-recyclable other comprehensive income | 18 |  | 18 | (10) |  | (10)
Revaluation adjustments – Return on assets | 18 |  | 18 | (10) |  | (10)
Translation adjustments | (26) |  | (26) | 14 |  | 14
Changes associated with non-current assets held for sale |  |  |  |  |  |
Changes in scope |  |  |  |  |  |
Others | (3) |  | (3) |  | (1) | (1)
FAIR VALUE OF ASSETS AT END OF PERIOD | 346 | 91 | 437 | 362 | 88 | 451

◗Separate assets

| 31/12/2025 | 31/12/2024
--- | --- | ---
(in millions of euros) | Post-employment defined-benefit plans |  | Post-employment defined-benefit plans |
Supplementary pension benefits and other | End-of-career awards | Total | Supplementary pension benefits and other | End-of-career awards | Total
FAIR VALUE OF ASSETS AT START OF PERIOD |  | 31 | 31 |  | 30 | 30
Changes recorded in net income |  | 2 | 2 |  | 1 | 1
Interest income |  | 2 | 2 |  | 1 | 1
Plan participant contributions |  |  |  |  |  |
o/w paid by employer |  |  |  |  |  |
o/w paid by beneficiaries |  |  |  |  |  |
Benefits paid |  |  |  |  |  |
o/w amounts paid out in respect of plan liquidation |  |  |  |  |  |
Others |  |  |  |  |  |
Changes recognized directly in non-recyclable other comprehensive income |  |  |  |  |  |
Revaluation adjustments – Return on assets |  |  |  |  |  |
Translation adjustments |  |  |  |  |  |
Changes associated with non-current assets held for sale |  |  |  |  |  |
Changes in scope |  |  |  |  |  |
Others |  |  |  |  |  |
FAIR VALUE OF ASSETS AT END OF PERIOD |  | 33 | 33 |  | 31 | 31

###### d) Composition of hedging assets

| 31/12/2025 | 31/12/2024
--- | --- | ---
Weighting by category (in %) | Fair value of assets | Weighting by category (in %) | Fair value of assets
Total | listed on an active market (in %) | not listed on an active market (in %) | Total | listed on an active market (in %) | not listed on an active market (in %)
Cash and cash equivalents | 7% | 32 | 100% |  | 6% | 30 | 100% |
Equities | 16% | 76 | 100% |  | 17% | 80 | 100% |
Bonds | 49% | 233 | 100% |  | 47% | 227 | 100% |
Real estate | 3% | 12 |  | 100% | 3% | 12 |  | 100%
Derivatives |  |  |  |  |  |  |  |
Investment funds | 25% | 117 | 75% | 25% | 28% | 133 | 76% | 24%
Asset-backed security |  |  |  |  |  |  |  |
Structured debt Instruments |  |  |  |  |  |  |  |
TOTAL | 100% | 470 | 91% | 9% | 100% | 482 | 91% | 9%

###### e) Post-retirement plan revaluation differences

◗Revaluation components of actuarial liabilities

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans | Post-employment defined-benefit plans
Supplementary pension benefits and other | End-of-career awards | Total | Supplementary pension benefits and other | End-of-career awards | Total
TOTAL REVALUATION ADJUSTMENTS AT START OF PERIOD | 182 | (50) | 133 | 206 | (48) | 159
Revaluation adjustments over the period | (25) | 1 | (24) | (24) | (2) | (26)
Changes associated with non-current assets held for sale |  |  |  |  |  |
TOTAL REVALUATION ADJUSTMENTS AT END OF PERIOD | 157 | (49) | 109 | 182 | (50) | 133

◗Plan assets

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans | Post-employment defined-benefit plans
Supplementary pension benefits and other | End-of-career awards | Total | Supplementary pension benefits and other | End-of-career awards | Total
TOTAL REVALUATION ADJUSTMENTS AT START OF PERIOD | 66 | 5 | 70 | 83 | 7 | 90
o/w effect of ceiling on assets | (12) | 1 | (11) | (2) |  | (2)
Revaluation adjustments over the period | (2) | (1) | (2) | (18) | (1) | (19)
o/w effect of ceiling on plan assets | (12) | 2 | (10) | (11) | 1 | (10)
Changes associated with non-current assets held for sale |  |  |  |  |  |
TOTAL REVALUATION ADJUSTMENTS AT END OF PERIOD | 64 | 4 | 68 | 66 | 5 | 70
o/w effect of ceiling on assets | (23) | 3 | (20) | (12) | 1 | (11)

◗Separate assets

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans | Post-employment defined-benefit plans
Supplementary pension benefits and other | End-of-career awards | Total | Supplementary pension benefits and other | End-of-career awards | Total
TOTAL REVALUATION ADJUSTMENTS AT START OF PERIOD |  | 10 | 10 |  | 9 | 9
o/w effect of ceiling on assets |  |  |  |  |  |
Revaluation adjustments over the period |  |  |  |  | 1 | 1
o/w effect of ceiling on plan assets |  |  |  |  |  |
Changes associated with non-current assets held for sale |  |  |  |  |  |
TOTAL REVALUATION ADJUSTMENTS AT END OF PERIOD |  | 10 | 10 |  | 10 | 10
o/w effect of ceiling on assets |  |  |  |  |  |

######

###### f) Analysis of expenses for the period

The annual personnel costs recognized in respect of defined-benefit plans consist of:

●the costs of services rendered, representing rights vested by beneficiaries over the period;

●past service costs, arising from possible plan changes or curtailments as well as the effects of possible plan settlements;

●the interest cost reflecting the impact of unwinding the discount on the net obligation.

Obligations in respect of other long-term employee benefits are accounted for using the same actuarial valuation method as that used for defined post-employment benefit obligations, except for revaluation adjustments, which are immediately recognized in income.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Post-employment defined-benefit plans | Other long-term employee benefits |  |
Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Total | Total
Service cost | 2 | 8 | 2 | 190 | 202 | 152
Past service cost | (4) | 2 |  |  | (3) | (4)
Interest cost | 16 | 4 | 1 |  | 21 | 23
Interest income | (13) | (4) |  |  | (17) | (14)
Others | 2 | 1 | (1) | (2) |  | (3)
TOTAL EXPENSE FOR THE FISCAL YEAR | 2 | 10 | 2 | 188 | 203 | 154

###### g) Main actuarial assumptions at December 31, 2025

The amount of the provision for post-employment defined-benefit plans is calculated on an actuarial basis using a number of demographic and financial assumptions.

| 31/12/2025 | 31/12/2024
--- | --- | ---
| France | Europe | United States | France | Europe | United States
Discount rate (excluding Time Savings Account) | 3.20% | 4.09% | 5.35% | 3.22% | 4.61% | 5.31%
Inflation rate | 2.19% | 2.00% |  | 2.29% | 2.76% |
Rate of increase in salaries | 2.78% | 2.00% |  | 2.71% | 2.36% |
Rate of increase in healthcare costs | 3.20% |  | 6.00% | 3.30% |  | 6.00%
Duration (in years) | 10 | 11 | 10 | 10 | 14 | 10

| 31/12/2025 | 31/12/2024
--- | --- | ---
| Post-employment defined-benefit plans | Other long-term employee benefits | Post-employment defined-benefit plans | Other long-term employee benefits
| Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits
Discount rate (excluding Time Savings Account) | 4.69% | 2.93% | 3.20% | 3.78% | 4.69% | 3.18% | 3.13% | 3.60%
Inflation rate | 2.17% | 2.20% | 2.20% | 2.27% | 2.43% | 2.26% | 2.30% | 2.15%
Rate of increase of salaries (including inflation) | 2.69% | 2.86% | 2.79% | 2.79% | 2.62% | 2.70% | 2.71% | 2.53%
Rate of increase of medical costs (including inflation) | 4.46% |  |  |  | 4.46% |  |  |
Duration (in years) | 12 | 7 | 8 | 9 | 12 | 7 | 8 | 9

The discount rate is determined based on the yields of AA-rated corporate bonds of the same duration. This benchmark is obtained from the Bloomberg “EUR Composite (AA) Zero Coupon Yield” yield curve.

For end-of-career awards and long-service awards, employee turnover is calculated by age bracket and grade based on a seven-year average. A rate of 0% is used for employees aged 60 and over.

Wage growth including inflation is determined using the average rate of real compensation growth over the past seven years. This wage growth is capped at the maximum nominal rate of increase seen over the same period.

###### h) Analysis of sensitivity to key assumptions

| 31/12/2025 | 31/12/2024
--- | --- | ---
| Post-employment defined-benefit plans | Other long-term employee benefits | Post-employment defined-benefit plans | Other long-term employee benefits
(as a percentage) | Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits | Supplementary pension benefits and other | End-of-career awards | Long-service awards | Other benefits
+0.5% change in discount rate | (5,6%) | (4.28%) | (3.64%) | (0.30%) | (6.16%) | (4.66%) | (3.65%) | (0.42%)
-0.5% change in discount rate | 6.99% | 5.27% | 3.89% | 0.33% | 7.06% | 5.06% | 3.89% | 0.47%
+1% change in rate of increase of healthcare costs | 0.87% |  |  |  | 0.82% |  |  |
-1% change in rate of increase of healthcare costs | (0.75%) |  |  |  | (0.71%) |  |  |
+1% change in rate of increase of wages and income (including inflation) | 8.28% | 10.88% | 7.53% |  | 7.67% | 10.61% | 7.53% |
-1% change in rate of increase of wages and income (including inflation) | (6.87%) | (8.72%) | (6.73%) |  | (6.42%) | (9.18%) | (6.73%) |

###### i) Schedule of undiscounted payments

| 31/12/2025 | 31/12/2024
--- | --- | ---
| Post-employment defined-benefit plans | Post-employment defined-benefit plans
(in millions of euros) | Supplementary pension benefits and other | End-of-career awards | Supplementary pension benefits and other | End-of-career awards
n+1 to n+5 | 97 | 46 | 113 | 43
n+6 to n+10 | 97 | 51 | 110 | 44
n+11 to n+15 | 99 | 76 | 113 | 71
n+16 to n+20 | 93 | 75 | 108 | 72
>n+20 | 253 | 139 | 270 | 134
TOTAL | 640 | 387 | 713 | 364

###### 10.2.3Deferred compensation

Deferred variable compensation plans

From 2010 to 2020, Natixis allocated plans to certain categories of its employees for which payment was based on Natixis shares.

Following the delisting of Natixis shares on July 21, 2021, the cash-settled plans indexed to the Natixis share price (for their components not yet vested) were modified: their payment was indexed to a formula based on the price of the simplified tender offer for Natixis shares (i.e. €4) and the change in Groupe BPCE’s net income (Group share). It should be noted that the plans allocated in 2021 did not have to be modified because their conditions had already been adapted at the time of their creation, in the event of a delisting of the Natixis share.

With regard to share-settled plans, in June 2021 BPCE entered into a liquidity contract with each beneficiary of free shares, consisting of a sale agreement that the beneficiary can exercise within 60 calendar days from the date of availability of the shares, followed by a promise to purchase granted by BPCE to each beneficiary in favor of BPCE, exercisable by BPCE for 60 calendar days from the end of the period for exercising the promise to sell. The liquidity contract had no impact on the consolidated financial statements of Natixis at December 31, 2025, taking into account certain characteristics of these plans and taking into account the fact that they were not modified. Accordingly, the accounting treatment of these plans in Natixis’ consolidated financial statements remained unchanged: the expense as calculated at the grant date of each plan continued to be spread over the vesting period and to be adjusted at the reporting date according to changes in the presence and performance assumptions (see Note 5.16).

Deferred variable compensation plans awarded since 2022 are payable either in cash indexed to the change in BPCE's net income (Group share) for plans awarded until 2024, or partly in cash indexed to the change in BPCE's net income (Group share) and partly in non-indexed cash, for plans granted from 2025 onwards.

Concerning the 2026 plan, as the allocations were not formally carried out at the reporting date of the financial statements, the estimates of expenses are based on the best possible estimate at December 31, 2025. In addition, this plan will be redeemable partly in non-indexed cash and partly in cash indexed to a valuation formula that has changed this year (the cash will be indexed to changes in BPCE's net income (Group share) as well as to changes in BPCE's net income).

Natixis subsidiaries may also implement share-based compensation plans based on their own shares. The impact of these plans as of December 31, 2025, is -€33.8 million (expense) compared to €23.7 million (expense) in 2024.

The characteristics of Natixis deferred variable compensation plan are detailed in the following paragraphs.

◗Long-term payment plans settled in cash and indexed to a valuation formula

Year of allocation of the plan | Grant date | Number of units originally allocated/Cash indexed (in euros) | Acquisition date | Number of units acquired by beneficiaries/Cash indexed (in euros) | Fair value/exercise price of the indexed cash unit at the valuation date (in euros)
--- | --- | --- | --- | --- | ---
2022 plan | 17/03/2022 | 67,306,358 | March 2023 March 2024 March 2025 March 2026 March 2027 | 20,446,331 18,746,629 16,309,220 | 1.016 1.111 1.062 1.106 1.360
2023 plan | 09/03/2023 | 67,117,206 | March 2023 March 2024 March 2025 March 2026 March 2027 March 2028 March 2029 March 2030 | 25,581,725 16,717,806 | 1.046 1.046 1.001 1.041 1.281 1.451 1.539 1.539
2024 plan | 07/03/2024 | 79,826,670 | March 2024 March 2025 March 2026 March 2027 March 2028 March 2029 March 2030 March 2031 | 26,655,629 | 0.932 0.932 0.970 1.193 1.351 1.434 1.434 1.434
2025 plan | 06/03/2025 | 96,944,874 | March 2025 March 2026 March 2027 March 2028 March 2029 March 2030 March 2031 |  | 1.041 1.041 1.280 1.450 1.538 1.538 1.538
2026 plan (a) | 10/03/2026 |  | March 2026 March 2027 March 2028 March 2029 March 2030 March 2031 |  |

The payment of these plans is subject to presence and performance conditions for the categories of staff regulated within the meaning of the CRD.

(a)Concerning the 2026 plan, the allocations were not formally fulfilled as of December 31, 2025.

◗Expense for the fiscal year represented by Natixis’ deferred variable compensation plans

Expense (in millions of euros) | Expense for fiscal year 2025 | Expense for fiscal year 2024
--- | --- | ---
Plans settled in shares | Cash-settled plans indexed to a valuation formula | Total
Previous plans | (0.9) | (89.6) | (90.5) | (81.5)
Plans awarded over the period |  | (72.8) | (72.8) | (59.6)
TOTAL | (0.9) | (162.4) | (163.3) | (141.0)

◗Valuation inputs used to calculate the expense of these plans

| 31/12/2025 | 31/12/2024
--- | --- | ---
Fair value of the indexed cash unit (a) | [0.932; 1.538] | [0.893; 1.299]
Risk-free interest rate | 2.10% | 2.57%
Rights loss rate | 5.17% | 5.32%

(a)Corresponds to the range of fair values of indexed cash units, which from 2021 are differentiated by plan and year.
From 2021, the dividend forecasts are included in the fair value of the indexed cash unit.

◗Cash-settled Employee Retention and Performance Plans (ERPP)

Year of allocation of the plan | Grant date | Acquisition date | Expense for fiscal year 2025 (in millions of euros) | Expense for fiscal year 2024 (in millions of euros)
--- | --- | --- | --- | ---
2025 plan | 06/03/2025 | March 2025 March 2028 March 2029 March 2030 March 2031 March 2032 | (12.8) |
2026 plan | 10/03/2025 | March 2026 March 2029 March 2030 March 2031 | (6.6) |
TOTAL |  |  | (19.4) |

#### Note 11Capital management

##### 11.1Share capital

Ordinary shares | Number of shares | Par value | Capital (in euros)
--- | --- | --- | ---
Opening balance | 3,684,006,403 | 1.60 | 5,894,410,245
Capital increase | 278,023,092 | 1.60 | 444,836,947
CLOSING BALANCE | 3,962,029,495 | 1.60 | 6,339,247,192

During the first quarter of 2025, Natixis carried out a capital increase in cash through the creation of 278,023,092 new ordinary shares, fully subscribed by BPCE.

##### 11.2Capital management and capital adequacy

Natixis’ main objectives in terms of capital management are to ensure compliance with regulatory capital and solvency requirements. The capital steering framework adapts all processes with the aim of meeting the requirements of the supervisory authorities, shareholders and investors, in particular:

●continuously maintaining the solvency trajectory;

●the development of the Natixis internal capital adequacy assessment process (ICAAP);

●projecting/forecasting capital requirements specific to business lines, within the framework of Natixis’ overall capital adequacy policy;

●anticipating regulatory changes and their impact on Natixis’ various business lines;

●a mechanism for analyzing the capital consumption of the business lines and their profitability;

●allocation of capital to business lines as part of the strategic plan and annual budget.

Regulatory framework

Since January 1, 2014, the CRD IV and the Capital Requirements Regulation (CRR) have applied Basel 3 regulations in Europe.

As under Basel 2, the Basel 3 regulatory provisions are divided into three pillars:

●pillar I: a set of rules defining the measurement of risks and capital based on various possible methodologies and minimum observable requirements;

●pillar II: framework governing the role of the supervisory authorities. For each supervised institution, the competent authorities may define additional capital requirements according to the risk exposure, and internal governance and steering frameworks;

●pillar III: requires institutions to disclose a large number of items highlighting the level of risks incurred, capital adequacy and the adequacy of their management.

The CRR/CRD IV package aims to strengthen the financial soundness of banking institutions, notably by proposing:

●a stricter definition of the capital items eligible to meet regulatory capital requirements;

●reinforced capital requirements, in particular for counterparty risk on hedging derivatives;

●higher ratios to observe, specifically regarding CET1 capital and capital buffers:

●a capital conservation buffer, which represents 2.5% of total weighted risk exposures,

●a countercyclical capital buffer, i.e. the average of the countercyclical capital buffer of each country in which Natixis holds risk exposures, weighted by the amount of said exposures. The rate applied in France had been zero since the second quarter of 2020. Since the second half of 2022 and especially from 2023, the national macroprudential authorities in many countries have increased their countercyclical buffer rate. In France, the HCSF decided to raise the rate to 0.5% from April 7, 2023 and then to 1% from January 2, 2024,

●buffer for systemically important institutions: additional requirement for large institutions (G-SIBs/O-SIB), it aims to reduce their risk of bankruptcy. Natixis is not subject to this buffer,

●systemic risk buffer: its objective is to limit long-term non-cyclical systemic or macroprudential risks. It can be applied to all of the institution’s exposures or to sectoral exposures. It is currently at 0%;

●in addition, other mechanisms have been introduced, including mechanisms to limit dividend payouts, interest on Additional Tier One (AT1) subordinated debt and variable compensation (Maximum Distributable Amount, or MDA).

Information on backtesting is presented in Section 3.3.1 “Risk Management - Market risk” of Chapter 3.3 “Risk factors, risk management and Pillar III” of the 2025 universal registration document.

##### 11.3Equity instruments issued

###### 11.3.1Perpetual deeply subordinated notes and preference shares

In accordance with IAS 32, issued financial instruments are classified as debt or equity depending on whether or not they incorporate a contractual obligation to deliver cash to the holder.

Since December 31, 2009, issues of perpetual deeply subordinated notes and preference shares have been recognized as equity instruments issued in accordance with a clause concerning dividend payments which has become discretionary and have been booked to “Consolidated reserves” in the consolidated balance sheet.

The conversion of these debt instruments into equity instruments had generated a gain of €418 million recognized in income on June 30, 2009.

Issues after June 30, 2009 were always classified as shareholders’ equity given the discretionary nature of their compensation.

Deeply subordinated notes amounted to €3,032.8 million at December 31, 2025 (€2,232.8 million at December 31, 2024).

Note that the gross amount of exchange rate fluctuations in deeply subordinated notes in foreign currencies recorded in income at December 31, 2025 amounted to -€158.8 million, or -€117.8 million after tax, compared with €90.8 million at December 31, 2024, or -€67.3 million after tax.

The €800 million increase over the year is part of the management of the regulatory capital trajectory and corresponds to an issue of Perpetual Deeply Subordinated Loan (PDSL) subscribed by BPCE and issued on December 15, 2025.

The main characteristics of the perpetual deeply subordinated notes are available on the Natixis website (www.natixis.groupebpce.com).

#### Note 12Commitments

##### 12.1Guarantee commitments

A financial guarantee is a contract that requires the issuer to compensate the holder of the contract for any loss that the holder incurs because a debtor fails to make payment when due. The exercise of these rights is subject to the occurrence of an uncertain future event.

The amounts shown represent the par value of the commitment undertaken:

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Guarantee commitments given |  |
To banks | 4,492 | 4,267
Confirmation of documentary credits | 2,820 | 2,032
Other guarantees | 1,672 | 2,235
To clients | 33,659 | 31,276
Real estate guarantees | 3 | 4
Administrative and tax bonds | 320 | 319
Other bonds and endorsements given | 2,062 | 1,314
Other guarantees | 31,275 | 29,640
TOTAL GUARANTEE COMMITMENTS GIVEN | 38,151 | 35,544
Guarantee commitments received from banks | 22,930 | 27,887

◗Guarantee commitments reconciliation table

(in millions of euros) | Guarantee commitments
--- | ---
Unimpaired commitments for which expected credit losses are measured over 12 months (S1 bucket) | Unimpaired commitments for which expected credit losses are measured on a lifetime basis (S2 bucket) (b) | Impaired commitments (S3 bucket) (b) | Total
Gross exposure | Provisions for losses | Gross exposure | Provisions for losses | Gross exposure | Provisions for losses | Gross exposure | Provisions for losses
BALANCE AS OF 01/01/2024 | 28,750 | (8) | 3,802 | (19) | 32 | (11) | 32,584 | (38)
New OBS commitments originated or purchased | 18,415 | (5) | 515 | (8) | 9 |  | 18,938 | (13)
Variations linked to changes in credit risk parameters (excluding transfers) | (2,590) | 3 | (578) | 2 | 1 | (2) | (3,167) | 3
Transfers of guarantee commitments | 1,774 | (2) | (1,799) | 3 | 25 | (10) |  | (8)
Transfers to S1 (a) | 2,355 | (2) | (2,355) | 6 |  |  |  | 4
Transfers to S2 | (565) | 0 | 573 | (3) | (8) | 1 |  | (1)
Transfers to S3 | (16) | 0 | (17) | 0 | 33 | (11) |  | (11)
Fully sold, called or matured commitments | (13,122) | 2 | (832) | 2 | (31) | 12 | (13,985) | 16
Variations linked to changes in exchange rates | 1,161 | 0 | 76 | 0 | 1 |  | 1,238 | (1)
Changes in the model used |  |  |  |  |  |  |  |
Other movements | (61) | 0 | (2) | 0 | 0 | 1 | (64) | 1
BALANCE AS OF 31/12/2024 | 34,326 | (10) | 1,182 | (18) | 35 | (10) | 35,544 | (39)
New OBS commitments originated or purchased | 26,652 | (8) | 541 | (4) | 5 |  | 27,198 | (13)
Variations linked to changes in credit risk parameters (excluding transfers) | (4,487) | 4 | (530) | 6 | 4 | (1) | (5,014) | 9
Transfers of guarantee commitments | (266) | (1) | 63 | 1 | 203 | (3) |  | (2)
Transfers to S1 | 244 | (1) | (244) | 1 | 0 |  |  | 1
Transfers to S2 | (503) | 0 | 507 | (3) | (4) |  |  | (2)
Transfers to S3 | (7) | 0 | (199) | 2 | 206 | (3) |  | (1)
Fully sold, called or matured commitments | (16759) | 2 | (254) | 1 | (47) | 9 | (17,059) | 11
Variations linked to changes in exchange rates | (2,417) | 1 | (86) | 0 | (8) | 0 | (2,512) | 1
Changes in the model used |  |  |  |  |  |  |  |
Other movements | (9) | 0 | 3 | 0 |  | 0 | (5) | 0
BALANCE AS OF 31/12/2025 | 37,040 | (12) | 921 | (15) | 191 | (5) | 38,151 | (32)

(a)Including the impact of changes in 2024 concerning the segmentation and calculation of IFRS 9 provisions (see Note 5.3).

(b)Of which purchased or originated credit-impaired (POCI)

##### 12.2Financing commitments

The following financing commitments fall within the scope of IFRS 9:

●commitments qualified as financial liabilities at fair value through profit or loss if the entity that grants them has a practice of reselling or securitizing loans immediately after they are issued;

●commitments which are settled net (i.e. sold);

●commitments which result in a loan granted at below-market interest rates.

Other financing commitments falling within the scope of IAS 37

A financing commitment given is a contingent liability, defined by IAS 37 as:

●a potential obligation arising from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or

●a present obligation arising as a result of past events but not recognized because:

●it is not likely that an outflow of economic benefits will be required to settle the obligation, or

●the amount of the obligation cannot be measured with sufficient reliability.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Financing commitments given |  |
To banks | 10,640 | 2,893
To clients | 70,876 | 69,487
Opening of documentary credits | 2,493 | 1,666
Other opening of confirmed lines of credit | 68,070 | 67,277
Other commitments | 314 | 544
TOTAL FINANCING COMMITMENTS GIVEN | 81,516 | 72,379
Financing commitments received |  |
‣from banks | 8,619 | 2,979
‣from clients |  | 53
TOTAL FINANCING COMMITMENTS RECEIVED | 8,619 | 3,032

◗Financing commitments reconciliation table

(in millions of euros) | Financing commitments
--- | ---
Unimpaired commitments for which expected credit losses are measured over 12 months (S1 bucket) | Unimpaired commitments for which expected credit losses are measured on a lifetime basis (S2 bucket) (b) | Impaired commitments (S3 bucket) (b) | Total
Gross exposure | Provisions for losses | Gross exposure | Provisions for losses | Gross exposure | Provisions for losses | Gross exposure | Provisions for losses
BALANCE AS OF 01/01/2024 | 70,331 | (41) | 4,122 | (172) | 110 | (19) | 74,563 | (232)
New OBS commitments originated or purchased | 28,682 | (9) | 778 | (9) | 36 |  | 29,497 | (18)
Variations linked to changes in credit risk parameters (excluding transfers) | 382 | 0 | (1,155) | 39 | 106 | (58) | (666) | (19)
Transfers of financing commitments | 715 | (1) | (755) | (1) | 40 | (3) |  | (5)
Transfers to S1 (a) | 1,361 | (3) | (1,361) | 8 | 0 |  |  | 6
Transfers to S2 | (626) | 1 | 627 | (9) | (1) | 1 |  | (7)
Transfers to S3 | (20) | 0 | (21) | 0 | 41 | (4) |  | (3)
Fully sold, called or matured commitments | (32,258) | 6 | (615) | 4 | (70) | 11 | (32,942) | 21
Variations linked to changes in exchange rates | 1,840 | (1) | 82 | (1) | 2 | 0 | 1,925 | (3)
Changes in the model used |  |  |  |  |  |  |  |
Other movements | 4 | 0 | 0 | 0 | 0 | 0 | 4 | 0
BALANCE AS OF 31/12/2024 | 69,696 | (46) | 2,459 | (141) | 225 | (70) | 72,379 | (256)
New OBS commitments originated or purchased | 34,281 | (8) | 461 | (1) | 24 |  | 34,766 | (9)
Variations linked to changes in credit risk parameters (excluding transfers) | 277 | 2 | (303) | (45) | (185) | 63 | (212) | 20
Transfers of financing commitments | 188 | 0 | (204) | (6) | 15 | 0 |  | (5)
Transfers to S1 | 564 | (2) | (564) | 6 |  |  |  | 4
Transfers to S2 | (374) | 2 | 374 | (12) |  |  |  | (10)
Transfers to S3 | (1) |  | (14) | 0 | 15 | 0 |  | 0
Fully sold, called or matured commitments | (20,870) | 6 | (627) | 1 | (33) | 1 | (21,530) | 9
Variations linked to changes in exchange rates | (3,808) | 2 | (95) | 1 | (5) | 0 | (3,908) | 4
Changes in the model used |  |  |  |  |  |  |  |
Other movements | 18 | 0 | 2 | 0 |  | 0 | 20 | 0
BALANCE AS OF 31/12/2025 | 79,781 | (44) | 1,694 | (189) | 41 | (5) | 81,516 | (238)

(a)Including the impact of changes in 2024 concerning the segmentation and calculation of IFRS 9 provisions (see Note 5.3).

(b)Of which purchased or originated credit-impaired (POCI).

#### Note 13Other information

##### 13.1Leases where Natixis is the lessee

###### 13.1.1Impact on the income statement of leasing transactions as lessee

The net amount of right-of-use assets relating to lessee leases amounts to €576 million at December 31, 2025 (€599 million at December 31, 2024) of which €574 million (€598 million at December 31, 2024) relating to property leases (see Note 7.10).

Lease liabilities related to lessee leases represent an amount of €676 million at December 31, 2025 (€699 million at December 31, 2024) which is recorded in “Other liabilities” (see Note 7.9.2).

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Interest expenses on lease liabilities | (23) | (18)
Amortization of right-of-use assets | (122) | (123)
Variable lease payments not included in the valuation of lease liabilities | (1) | (1)
Impact on the income statement of leases recognized in the balance sheet | (146) | (142)

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Lease expenses on short-term leases | (0) | (0)
Lease expenses on low-value assets | (0) | (0)
Impact on the income statement of leases not recognized in the balance sheet | (0) | (0)

Lease expenses related to low-value contracts and short-term contracts are recorded under “Expenses from other activities” in the consolidated income statement.

###### 13.1.2Income from subleases on right-of-use assets

When Natixis subleases all or part of an asset for which it has taken out a lease, the subleasing contract is subject to a substance-based analysis, similar to the approach taken by the lessors.

Income from such contracts is presented in the same way as the lessor: as income from other activities for contracts classified as operating leases (see Note 6.6) and in interest income for finance leases (see Note 6.1).

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Sub-lease revenue – operating leases | 0 | 1
Sub-lease revenue – finance leases |  | 0

###### 13.1.3Breakdown of lease liabilities and off-balance sheet commitments by contractual maturity

The amounts presented in the table below comprise non-discounted contractual cash flows.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
Less than 1 month | 1 to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 2 years | 2 to 5 years | Over 5 years | Total | Less than 1 month | 1 to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 2 years | 2 to 5 years | Over 5 years | Total
Non-discounted lease liabilities (before deduction of financial expenses) | 22 | 12 | 33 | 59 | 110 | 283 | 258 | 777 | 21 | 12 | 32 | 67 | 131 | 278 | 259 | 800

At December 31, 2025, Natixis had no lease liabilities in respect of leases that had not yet commenced, but for which Natixis was committed.

##### 13.2Leases where Natixis is the lessor

| 31/12/2025 | 31/12/2024
--- | --- | ---
Leasing lessor (in millions of euros) | Residual term | Residual term
<1 year | ≥ 1 year and < 2 years | ≥ 2 years and < 3 years | ≥ 3 years and < 4 years | ≥ 4 years and < 5 years | > 5 years | Total | <1 year | ≥ 1 year and < 2 years | ≥ 2 years and < 3 years | ≥ 3 years and < 4 years | ≥ 4 years and < 5 years | > 5 years | Total
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross investment | 31 | 26 | 22 | 16 | 8 | 2 | 105 | 26 | 19 | 16 | 11 | 5 | 0 | 77
Present value of minimum lease payments receivable | 26 | 23 | 20 | 15 | 7 | 2 | 92 | 22 | 17 | 14 | 10 | 4 | 0 | 68
Unearned finance income | 6 | 3 | 2 | 1 | 1 | 0 | 13 | 4 | 2 | 1 | 1 | 1 |  | 9
Operating lease |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum payments receivable under irrevocable leases |  |  |  |  |  |  |  |  |  |  |  |  |  |

##### 13.3Related parties

Relations between the Group’s consolidated companies

The main transactions between Natixis and related parties (BPCE and subsidiaries, Banque Populaire group including Banque Populaire banks and their subsidiaries, the Caisse d’Epargne network including the Caisses d’Epargne and their subsidiaries and all of the affiliates consolidated using the equity method) are described below:

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
BPCE (a) | Insurance division | Financial Solutions & Expertise division (b) | Banques Populaires | Caisses d'Epargne | BPCE (a) | Insurance division | Financial Solutions & Expertise division(b) | Banques Populaires | Caisses d'Epargne
Assets |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss | 7,503 | 232 | 235 | 2,061 | 3,913 | 10,428 | 106 | 251 | 2,909 | 5,334
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |
Debt instruments at amortized cost | 1 |  |  |  |  | 0 |  |  |  |
Loans and receivables due from banks and similar items at amortized cost | 112,264 |  | 1,561 | 245 | 6 | 106,239 |  | 2,116 | 259 | 10
Loans and receivables due from customers at amortized cost | 103 | 2 | 41 | 329 |  | 7 | 10 | 73 | 312 |
Insurance business investments |  |  |  |  |  |  |  |  |  |
Non-current assets held for sale |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss | 7,131 | 9,834 | 272 | 1,737 | 3,192 | 7,226 | 8,491 | 288 | 2,142 | 3,761
Deposits and loans due to banks and similar items | 107,544 |  | 874 | 42 | 50 | 119,343 |  | 1,130 | 56 | 39
Customer deposits and loans | 660 | 328 | 20 | 0 | 26 | 540 | 199 | 17 | 2 | 29
Debt securities |  | 3 |  |  |  | 291 | 35 |  |  |
Subordinated debt | 2,867 |  |  |  |  | 2,869 |  |  |  |
Liabilities related to insurance contracts |  |  |  |  |  |  |  |  |  |
Liabilities on assets held for sale |  |  |  |  |  |  |  |  |  |
Shareholders’ equity | 3,033 |  |  |  | 0 | 2,233 |  |  |  | 0
Commitments |  |  |  |  |  |  |  |  |  |
Commitments given | 10,248 |  | 0 |  | 3 | 2,368 |  | 0 | 3 | 2
Commitments received | 21,063 | 5,700 | 155 | 220 | 1,296 | 19,880 | 7,227 | 108 | 158 | 1,338

Relations with associates and joint ventures are not material.

(a)Corresponds to BPCE S.A. and its subsidiaries with the exception of the Insurance, Factoring, Consumer Financing and Leasing entities.

(b)Corresponds to Factoring, Consumer Financing and Leasing entities.

(in millions of euros) | 31/12/2025 | 31/12/2024
--- | --- | ---
BPCE (a) | Insurance division | Financial Solutions & Expertise division (b) | Banques Populaires | Caisses d'Epargne | BPCE (a) | Insurance division | Financial Solutions & Expertise division(b) | Banques Populaires | Caisses d'Epargne
Income |  |  |  |  |  |  |  |  |  |
Interest and similar income | 2,951 | 0 | 59 | 19 | 1 | 3,879 | 1 | 95 | 25 | 2
Interest and similar expenses | (3,622) | (8) | (5) | (3) | (2) | (4,950) | (10) | (8) | (3) | (3)
Net fee and commission income | (34) | (86) | 1 | (44) | (69) | (54) | (87) | 1 | (40) | (70)
Net gains or losses on financial instruments at fair value through profit or loss | (664) | 46 | (91) | (189) | (700) | 557 | (61) | (16) | (36) | 386
Gains or losses on financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |
Net gains or losses arising from the derecognition of financial assets at amortized cost |  |  |  |  |  |  |  |  |  |
Net gains or losses on financial assets at amortized cost reclassified to financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Net gains or losses on financial assets at fair value through other comprehensive income reclassified to financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Income and expenses from other activities | (49) | 1 | 0 | 0 |  | (61) | 0 | 0 | 0 | 0
Operating expenses | (331) | 8 | 5 | 2 | 3 | (297) | 5 | 5 | 2 | 2
Profit from discontinued operations |  |  |  |  |  |  |  |  |  |

Relations with associates and joint ventures are not material.

(a)Corresponds to BPCE S.A. and its subsidiaries with the exception of the Insurance, Factoring, Consumer Financing and Leasing entities.

(b)Corresponds to Factoring, Consumer Financing and Leasing entities.

Management compensation

The amounts shown represent the total amount of compensation paid or delivered to the members of the Senior Management Committee.

| 31/12/2025 | 31/12/2024
--- | --- | ---
Directors of Natixis (a) | €679,921 | €745,984
Executives (b) | €7,643,787 | €8,687,702

(a)In 2025 and 2024, compensation paid to members of the Board of Directors included a fixed portion (€8,000 per person) and a variable portion (€2,000 per Board Meeting, per person). Members of the Audit Committee and the Risk Committee (incl. USRC) received a fixed portion of €3,000 (€17,000 for its Chairman) and a variable portion of €1,000 per meeting and per person (€2,000 for its Chairman). The members of the Appointments Committee and the Compensation Committee received a fixed portion of €2,000 (€15,000 for its Chairman) and a variable portion of €1,000 per meeting and per person (€2,000 for its Chairman). The members of the CSR Committee received a fixed portion of €2,000 (€12,000 for its Chairman) and a variable portion of €1,000 per meeting and per person (€2,000 for its Chairman). The members of the Strategic Committee received a variable payment of €2,000 and the Chairman of the Strategic Committee received a fixed payment of €12,000.

(b)The amounts shown represent the total amount of compensation paid or delivered to the members of the Senior Management Committee.

Compensation of corporate officers

The compensation of corporate officers is given in detail in the standardized tables in accordance with French Financial Markets Authority recommendations in Chapter [2] Section [2.3] of this universal registration document.

The table below shows the compensation paid in the fiscal year.

| Fiscal year 2025 | Fiscal year 2024
--- | --- | ---
Nicolas Namias, Chairman of the Board of Directors |  |
Compensation for the fiscal year | €0 | €0
Value of options paid during the fiscal year | €0 | €0
Value of performance shares paid during the fiscal year | €0 | €0
TOTAL | €0 | €0
Mohamed Kallala, Chief Executive Officer |  |
Compensation for the fiscal year | €2,044,077 | NA
Value of options paid during the fiscal year | €0 | NA
Value of performance shares paid during the fiscal year | €0 | NA
TOTAL | NA | NA
Stéphanie Paix, Chief Executive Officer |  |
Compensation for the fiscal year | NA | €1,241,281
Value of options paid during the fiscal year | NA | €0
Value of performance shares paid during the fiscal year | NA | €0
TOTAL | NA | €1,241,281

Executive officer pension plans

###### Mohamed Kallala, Senior Management

The Chief Executive Officer of Natixis, Mohamed Kallala, benefited, for the period from January 1, 2025 to December 31, 2025 from the Natixis pension plan for non-classified executives:

●French Social Security plan

●AGIRC-ARRCO pension plan in Tranche 1 (13.53%);

●AGIRC-ARRCO supplementary pension plan in Tranche 2 capped at 4x the PASS (3.86%);

●AGIRC-ARRCO pension plan in Tranche 2 (21.59%).

Cessation benefit

###### Contract termination payments

The Chief Executive Officer is eligible for a contract termination payment, the granting of which is subject to the principles and conditions set out below.

The amount of the indemnity is equal to the monthly reference compensation x (12 months + 1 month per year of seniority), the monthly reference compensation being equal to 1/12th of the sum (i) of the fixed compensation paid in respect of the last calendar year of service and (ii) the average of the variable compensation awarded in respect of the last three calendar years of service under the term.

The Chief Executive Officer will not receive contract termination payment in the event of gross negligence or willful misconduct, if he leaves the Company at his initiative to take another position, or to claim his retirement rights, or changes his position within Groupe BPCE, or exercises his right to retire.

Furthermore, in line with the provisions of the AFEP-MEDEF corporate governance code, the right to a benefit is contingent on meeting performance criteria and requirements, as verified by the Board of Directors where appropriate.

On February 11, 2021, the Natixis Board of Directors provided the following update on these criteria and conditions:

●the assessment of the achievement of objectives will be carried out over the previous two fiscal years to reflect the process of defining and monitoring budgets which is carried out over a full fiscal year;

●the data relating to the net income (Group share) and ROE to assess the achievement of the budget will be the underlying data.

On this basis, the performance criteria and conditions are assessed as follows:

1)Average Natixis underlying net income (Group share) over the two fiscal years preceding departure greater than or equal to 75% of the average budget forecast for the same period;

2)Average underlying Natixis ROE over the two fiscal years preceding departure greater than or equal to 75% of the average budget forecast for the period;

3)Cost/income ratio below 75% over the last half-year prior to departure.

The amount of the payment shall be determined based on the number of performance criteria met:

●if all three criteria are met: 100% of the agreed payment;

●if two criteria are met: 66% of the agreed payment;

●if one criterion is met: 33% of the agreed payment;

●if none of the criteria is met: no payment will be made.

As a reminder, the amount of the CEO’s contract termination payment, combined with the non-compete compensation if warranted, may not exceed the equivalent of 24 months of monthly reference compensation.

###### Non-compete compensation

The non-compete agreement is limited to a period of six months and carries an indemnity equal to six months of fixed compensation, as in force on the date on which the CEO leaves office.

On February 11, 2021, the Board of Directors decided on the following items, approved at the General Shareholders’ Meeting of May 28, 2021:

●the payment of the non-compete compensation is excluded when the executive officer asserts his pension rights;

●in any event, no non-compete compensation may be paid beyond age 65. It is also specified that the non-compete compensation must be paid in installments during its term.

The amount of the non-compete compensation, together with the contract termination payment, if applicable, received by the Chief Executive Officer is capped at 24 months of the monthly reference compensation (both fixed and variable).

Upon the departure of the Chief Executive Officer, the Board of Directors must make a decision regarding whether to enforce the non-compete clause.

On November 6, 2024, the Board of Directors renewed the principle of an identical non-compete benefit for the new Chief Executive Officer, Mohamed Kallala, with effect from January 1, 2025.

In addition, the conditions for the appointment and dismissal of the Chief Executive Officer are those set out in Articles L.225-51-1 and L.225-55 of the French Commercial Code.

#### Note 14Statutory Auditors’ fees

The bank’s financial statements are audited by two principal Statutory Auditors.

PricewaterhouseCoopers Audit(28) was reappointed by the shareholders at the General Shareholders’ Meeting of May 2022, for a term of six years ending as of the General Shareholders’ Meeting to be held in 2028 to approve the previous year’s financial statements.

Forvis Mazars(29) was appointed by the General Shareholders’ Meeting of May 2022 for a term of six years, i.e. until the General Shareholders’ Meeting called in 2028 to approve the financial statements for the last fiscal year ended.

PricewaterhouseCoopers Audit and Forvis Mazars are registered as Statutory Auditors with the Compagnie Régionale des Commissaires aux Comptes de Versailles et du Centre and are under the oversight of the “Haute Autorité de l'Audit”.

Deloitte & Associés is the Statutory Auditor of BPCE S.A. and as such, the amounts of certification and non-certification service fees paid to it are presented in the Natixis appendix below.

The Principal Statutory Auditors and their networks, as well as Deloitte & Associés(30) as Group BPCE's Statutory Auditor, were paid the following amounts in return for their duties:

(in thousands of euros) | Deloitte & Associés | PWC | FORVIS MAZARS | Others | TOTAL
--- | --- | --- | --- | --- | ---
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | %
Independent audit, certification and examination of the parent company and consolidated financial statements | 225 | 12% | 300 | 15% | 11,486 | 78% | 11,247 | 84% | 4,390 | 82% | 4,172 | 78% | 163 | 100% | 159 | 100% | 16,264 | 74% | 15,878 | 76%
Issuer | 8 |  |  |  | 3,303 |  | 3,430 |  | 1,903 |  | 1,675 |  |  |  |  |  | 5,214 |  | 5,105 |
Fully-consolidated subsidiaries | 217 |  | 300 |  | 8,183 |  | 7,817 |  | 2,487 |  | 2,497 |  | 163 |  | 159 |  | 11,050 |  | 10,773 |
Certification report on sustainability information (a) |  |  |  |  | 329 | 2% | 494 | 4% | 338 | 6% | 324 | 6% |  |  |  |  | 667 | 3% | 818 | 4%
Issuer |  |  |  |  | 329 |  | 324 |  | 338 |  | 324 |  |  |  |  |  | 667 |  | 648 |
Fully-consolidated subsidiaries |  |  |  |  |  |  | 170 |  |  |  |  |  |  |  |  |  |  |  | 170 |
Services other than the certification of financial statements | 1,636 | 88% | 1,748 | 85% | 2,820 | 20% | 1,667 | 12% | 625 | 12% | 867 | 16% |  |  |  |  | 5,081 | 23% | 4,282 | 20%
Issuer | 275 |  | 123 |  | 904 |  | 551 |  | 171 |  | 237 |  |  |  |  |  | 1,350 |  | 911 |
Fully-consolidated subsidiaries | 1,361 |  | 1,625 |  | 1,916 |  | 1,116 |  | 454 |  | 630 |  |  |  |  |  | 3,731 |  | 3,371 |
TOTAL | 1,861 | 100% | 2,048 | 100% | 14,635 | 100% | 13,408 | 100% | 5,353 | 100% | 5,363 | 100% | 163 | 100% | 159 | 100% | 22,012 | 100% | 20,978 | 100%
of which fees paid to the entity appointed as Statutory Auditor of the consolidating entities for the certification of the financial statements | 225 |  | 297 |  | 3,327 |  | 2,891 |  | 3,270 |  | 3,002 |  |  |  |  |  | 6,822 |  | 6,206 |
of which fees paid to the entity appointed as Statutory Auditor of the consolidating entities for services other than the certification of the financial statements | 22 |  | 16 |  | 94 |  | 114 |  | 24 |  | 111 |  |  |  |  |  | 140 |  | 241 |

(a)Fees for the certification of sustainability information are isolated on this line as of 2025. They were included in 2024 under Services other than the certification of financial statements.

Services other than the certification of financial statements include, in particular:

●provision of expertise to subsidiaries in France and abroad for €1.7 million;

●the sustainability audit report for Natixis S.A. Paris for €0.7 million;

●support for regulatory changes for €0.4 million.

#### Note 15Operations by country

Article 7 of Law 2013-672 of the French Monetary and Financial Code of July 26, 2013, amending Article L.511-45, requires credit institutions to publish information on their establishments and activities in each country or territory.

Pursuant to the article referred to above, the table below specifically provides information linked to net banking income, pre-tax profit, income tax and headcount at December 31, 2025.

##### 15.1 Entity operations by country at December 31, 2025

Country of operation | Activity
--- | ---
ALGERIA |
NATIXIS ALGERIE | Bank
GERMANY |
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, ZWEIGNIEDERLASSUNG DEUTSCHLAND | Distribution
NATIXIS ZWEIGNIEDERLASSUNG DEUTSCHLAND | Financial institutions
NATIXIS PFANDBRIEFBANK AG | Banks
AEW INVEST GMBH | Distribution
VAUBAN INFRASTRUCTURE PARTNERS, GERMAN BRANCH | Asset Management
SAUDI ARABIA |
NATIXIS SAUDI ARABIA INVESTMENT COMPANY | Financial institutions
AUSTRALIA |
AEW AUSTRALIA PTY LTD | Asset Management
AZURE CAPITAL HOLDINGS PTY LTD | M&A advisory services
NATIXIS AUSTRALIA PTY LTD | Financial institutions
NATIXIS INVESTMENT MANAGERS AUSTRALIA PTY LIMITED | Distribution
THE AZURE CAPITAL TRUST | Holding company
AZURE CAPITAL LTD | Holding company
INVESTORS MUTUAL LIMITED | Asset Management
BELGIUM |
NATIXIS BELGIQUE INVESTISSEMENTS | Investment company
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, BELGIAN BRANCH | Distribution
CANADA |
NATIXIS CANADA | Financial institutions
NIM-OS TECHNOLOGIES INC. | Media and digital
CHINA |
NATIXIS BEIJING | Financial institutions
NATIXIS SHANGHAI | Financial institutions
VERMILION (BEIJING) ADVISORY COMPANY LIMITED | M&A advisory services
SOUTH KOREA |
AEW KOREA LLC | Asset Management
NATIXIS SEOUL | Financial institutions
NATIXIS INVESTMENT MANAGERS KOREA LIMITED | Distribution
UNITED ARAB EMIRATES |
NATIXIS DUBAI | Financial institutions
NATIXIS INVESTMENT MANAGERS MIDDLE EAST | Distribution
SPAIN |
AEW EUROPE LLP SPANISH BRANCH | Distribution
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, SUCURSAL EN ESPAÑA | Distribution
NATIXIS MADRID | Financial institutions
NATIXIS PARTNERS IBERIA, S.A. | M&A advisory services
AEW UK INVESTMENT MANAGEMENT LLP SPAIN BRANCH | Distribution
DNCA FINANCE SUCURSAL EN ESPAÑA | Asset Management
UNITED STATES |
AEW CAPITAL MANAGEMENT, INC. | Asset Management
AEW CAPITAL MANAGEMENT, LP | Asset Management
AEW COLD OPS MM, LLC | Asset Management
AEW EHF GP, LLC | Asset Management
AEW PARTNERS REAL ESTATE FUND IX, LLC | Asset Management
AEW PARTNERS REAL ESTATE FUND VIII LLC | Asset Management
AEW PARTNERS V, INC. | Asset Management
AEW PARTNERS VI, INC. | Asset Management
AEW PARTNERS VII, INC. | Asset Management
AEW SENIOR HOUSING INVESTORS II INC. | Asset Management
AEW SENIOR HOUSING INVESTORS III LLC | Asset Management
AEW SENIOR HOUSING INVESTORS IV LLC | Asset Management
AURORA INVESTMENT MANAGEMENT LLC | Asset Management
CM REO HOLDINGS TRUST | Secondary markets finance

Country of operation | Activity
--- | ---
CM REO TRUST | Secondary markets finance
EPI SO SLP LLC | Asset Management
GATEWAY INVESTMENT ADVISERS, LLC | Asset Management
HARRIS ASSOCIATES LP | Asset Management
HARRIS ASSOCIATES SECURITIES, LP | Distribution
HARRIS ASSOCIATES, INC. | Asset Management
LOOMIS SAYLES & COMPANY, INC. | Asset Management
LOOMIS SAYLES & COMPANY, LP | Asset Management
LOOMIS SAYLES ALPHA, LLC | Asset Management
LOOMIS SAYLES DISTRIBUTORS, INC. | Distribution
LOOMIS SAYLES DISTRIBUTORS, LP | Distribution
LOOMIS SAYLES TRUST COMPANY, LLC | Asset Management
MIROVA US HOLDINGS LLC | Holding company
MIROVA US LLC | Asset Management
MSR TRUST | Real-estate finance
NATIXIS ADVISORS, LLC | Distribution
NATIXIS DISTRIBUTION, LLC | Distribution
NATIXIS FINANCIAL PRODUCTS LLC | Derivatives transactions
NATIXIS FUNDING CORP | Other financial company
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, LLC | Distribution
NATIXIS NEW YORK | Financial institutions
NATIXIS NORTH AMERICA LLC | Holding company
NATIXIS REAL ESTATE CAPITAL LLC | Real-estate finance
NATIXIS REAL ESTATE HOLDINGS LLC | Real-estate finance
NATIXIS SECURITIES AMERICAS LLC | Brokerage company
NATIXIS US MTN PROGRAM LLC | Issuing vehicle
NIM-OS, LLC | Media and digital
OSTRUM AM US LLC | Asset Management
SEAPORT STRATEGIC PROPERTY PROGRAM I CO-INVESTORS, LLC | Asset Management
VAUGHAN NELSON INVESTMENT MANAGEMENT, INC. | Asset Management
VAUGHAN NELSON INVESTMENT MANAGEMENT, LP | Asset Management
VERSAILLES | Securitization vehicle
FLEXSTONE PARTNERS LLC | Asset Management
AEW VALUE INVESTORS U.S. GP, LLC | Real-estate management
AEW EUROPEAN PROPERTY SECURITIES ABSOLUTE RETURN GP, LLC | Real-estate management
AEW GLOBAL PROPERTY GP, LLC | Real-estate management
AEW GLOBAL INVESTMENT FUND GP, LLC | Real-estate management
AEW SHI V GP, LLC | Real-estate management
AEW RED FUND GP, LLC | Real-estate management
SOLOMON PARTNERS, LP | M&A advisory services
SOLOMON PARTNERS SECURITIES COMPANY LLC | Brokerage
AEW PARTNERS X GP, LLC | Asset Management
AEW TAPT GP, LLC | Real-estate management
FENCHURCH PARTNERS LP | M&A advisory services
FENCHURCH ADVISORY PARTNERS US LP | M&A advisory services
NATIXIS INVESTMENT MANAGERS LLC | Holding company
MIROVA AFRICA INC. | Private debt management company
FRANCE |
1818 IMMOBILIER | Real estate operations
AEW | Real-estate management
AEW EUROPE SA | Asset Management
DARIUS CAPITAL CONSEIL | Investment advisory services
DNCA FINANCE | Asset Management
INVESTIMA 77 | Holding company
MIROVA | Management of venture capital mutual funds
NATIXIS IMMO DÉVELOPPEMENT | Residential real estate development
NATIXIS INTERÉPARGNE | Employee savings schemes account management

Country of operation | Activity
--- | ---
NATIXIS INVESTMENT MANAGERS | Holding company
NATIXIS INVESTMENT MANAGERS INTERNATIONAL | Distribution
NATIXIS INVESTMENT MANAGERS PARTICIPATIONS 1 | Holding company
NATIXIS INVESTMENT MANAGERS PARTICIPATIONS 3 | Holding company
NATIXIS MARCO | Investment company – (extension of activity)
NATIXIS PARTNERS | M&A advisory services
NATIXIS PRIVATE EQUITY | Private Equity
NATIXIS S.A. | Banks
NAXICAP PARTNERS | Management of venture capital mutual funds
OSSIAM | Asset Management
SEVENTURE PARTNERS | Asset Management
SPG | Sicav
TEORA | Insurance brokerage company
THEMATICS ASSET MANAGEMENT | Asset Management
NATIXIS COFICINÉ | Financial company (audiovisual)
DORVAL ASSET MANAGEMENT | Asset Management
VAUBAN INFRASTRUCTURE PARTNERS | Asset Management
NATIXIS WEALTH MANAGEMENT | Banks
MASSENA CONSEIL S.A.S. | Asset Management and investment advisory services
MASSENA PARTNERS – BRANCH | Asset Management and investment advisory services
NATIXIS TRADEX SOLUTIONS | Banks
NATIXIS IM INNOVATION | Asset Management
FLEXSTONE PARTNERS SAS | Asset Management
OSTRUM AM | Asset Management
LOOMIS SAYLES (NETHERLANDS) BV, FRENCH BRANC | Distribution
NATIXIS FONCIÈRE S.A. | Real estate investments
VEGA INVESTMENT SOLUTIONS | Asset Management
DNCA QUADRO [FUND] | Asset Management
FLEXSTONE PRIVATE EQUITY OPPORTUNITIES FCPR [FUND] | Asset Management
CAPRE | Asset Management
NATIXIS INVESTMENT MANAGERS OPERATING SERVICES | Holding company
UNITED KINGDOM |
AEW EUROPE HOLDING LTD | Asset Management
AEW EUROPE INVESTMENT LTD | Asset Management
AEW EUROPE LLP | Asset Management
AEW GLOBAL ADVISORS (EUROPE) LTD | Asset Management
AEW GLOBAL UK LTD | Asset Management
AEW UK INVESTMENT MANAGEMENT LLP | Asset Management
LOOMIS SAYLES INVESTMENTS LTD (UK) | Asset Management
MIROVA UK LIMITED | Asset Management
NATIXIS ALTERNATIVE HOLDING LIMITED | Holding company
NATIXIS INVESTMENT MANAGERS UK LTD | Distribution
NATIXIS LONDON | Financial institutions
VERMILION PARTNERS (UK) LIMITED | Holding company
FENCHURCH PARTNERS LLP | M&A advisory services
AEW GLOBAL LTD | Asset Management
AEW PROMOTE LP LTD | Asset Management
AEW EVP GP LLP | Asset Management
MIROVA UK BRANCH | Asset Management
HONG KONG |
AEW ASIA LIMITED | Asset Management
NATIXIS ASIA LTD | Other financial company
NATIXIS HOLDINGS (HONG KONG) LIMITED | Holding company
NATIXIS HONG KONG | Financial institutions
NATIXIS INVESTMENT MANAGERS HONG KONG LIMITED | Asset Management
VERMILION PARTNERS (HOLDINGS) LIMITE | Holding company
VERMILION PARTNERS LIMITED | Holding company
AEW PRIVATE DEBT HONG KONG LIMITED | Asset Management
CAYMAN ISLANDS |
DF EFG3 LIMITED | Holding company
INDIA |
NATIXIS GLOBAL SERVICES (INDIA) PRIVATE LIMITED | Operational support
NATIXIS GIFT CITY BRANCH | Financial institutions
IRELAND |
BLEACHERS FINANCE | Securitization vehicle
PURPLE FINANCE CLO 1 | Securitization vehicle
PURPLE FINANCE CLO 2 | Securitization vehicle

Country of operation | Activity
--- | ---
ITALY |
AEW ITALIAN BRANCH | Distribution
DNCA FINANCE MILAN BRANCH | Asset Management
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, SUCCURSALE ITALIANA | Distribution
NATIXIS MILAN | Financial institutions
JAPAN |
AEW JAPAN CORPORATION | Asset Management
NATIXIS INVESTMENT MANAGERS JAPAN CO., LTD | Asset Management
NATIXIS JAPAN SECURITIES CO, LTD | Financial institutions
NATIXIS TOKYO | Financial institutions
JERSEY |
AEW APREF INVESTORS, LP | Asset Management
AEW VALUE INVESTORS ASIA III GP LIMITED | Asset Management
KENYA |
MIROVA KENYA LIMITED | Private debt management company
LUXEMBOURG |
AEW APREF GP SARL | Asset Management
AEW EUROPE GLOBAL LUX | Asset Management
AEW EUROPE SARL | Asset Management
AEW VIA IV GP PARTNERS SARL | Asset Management
DNCA FINANCE BRANCH LUXEMBOURG | Asset Management
KENNEDY FINANCEMENT LUXEMBOURG | Investment company – Asset Management
KENNEDY FINANCEMENT LUXEMBOURG 2 | Central corporate treasury – Asset Management
LOOMIS SAYLES ALPHA LUXEMBOURG, LLC | Asset Management
MASSENA WEALTH MANAGEMENT SARL | Asset Management and investment advisory services
NATIXIS ALTERNATIVE ASSETS | Issuing vehicle
NATIXIS REAL ESTATE FEEDER SARL | Issuing vehicle
NATIXIS STRUCTURED ISSUANCE | Issuing vehicle
LOOMIS SAYLES SAKORUM LONG SHORT GROWTH EQUITY [FUND] | Asset Management
MASSENA PARTNERS S.A. | Asset Management and investment advisory services
NATIXIS CORPORATE AND INVESTMENT BANKING LUXEMBOURG | Issuing vehicle
AEW VIA V GP PARTNERS SARL | Asset Management
LOOMIS SAYLES GLOBAL ALLOCATION [FUND] | Asset Management
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, LUXEMBOURG BRANCH | Distribution
AEW EHF LUX GP SARL | Real-estate management
MALAYSIA |
NATIXIS LABUAN | Financial institutions
MEXICO |
NATIXIS IM MEXICO, S. DE R.L DE C.V. | Asset Management
NETHERLANDS |
AEW – DUTCH BRANCH | Real-estate management
LOOMIS SAYLES (NETHERLANDS) B.V. | Distribution
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, NEDERLANDS | Distribution
POLAND |
AEW CENTRAL EUROPE | Asset Management
PORTUGAL |
NATIXIS PORTO | Financial institutions
CZECH REPUBLIC |
AEW CENTRAL EUROPE CZECH | Distribution
SINGAPORE |
AEW ASIA PTE LTD | Asset Management
LOOMIS SAYLES INVESTMENTS ASIA PTE LTD | Asset Management
NATIXIS INVESTMENT MANAGERS SINGAPORE LIMITED | Asset Management
NATIXIS SINGAPORE | Financial institutions
FLEXSTONE PARTNERS PTE LTD | Asset Management
SWEDEN |
MIROVA SWEDEN SUBSIDIARY | Asset Management
SWITZERLAND |
NATIXIS INVESTMENT MANAGERS SWITZERLAND SARL | Asset Management
FLEXSTONE PARTNERS SARL | Asset Management
TAIWAN |
NATIXIS INVESTMENT MANAGERS SECURITIES INVESTMENT CONSULTING CO. LTD | Asset Management
NATIXIS TAIWAN | Financial institutions
URUGUAY |
NATIXIS INVESTMENT MANAGERS URUGUAY S.A. | Distribution

##### 15.2Net banking income, pre-tax profit, taxes and headcount by country at December 31, 2025

Country of operation | NBI (in millions of euros) | Profit or loss before taxes, including operating taxes | Profit or loss before tax | Corporate income tax | Headcount (FTE)
--- | --- | --- | --- | --- | ---
ALGERIA | 79 | 54 | 53 | (13) | 865
GERMANY | 114 | 54 | 53 | (17) | 159
SAUDI ARABIA | 1 | 0 | 0 | (0) | 7
AUSTRALIA | 65 | 27 | 27 | (8) | 146
BELGIUM | 3 | 2 | 2 | (0) | 3
CANADA | 4 | 4 | 4 | (1) | 11
CHINA | 31 | 19 | 18 | (4) | 70
SOUTH KOREA | 17 | 11 | 11 | (2) | 25
UNITED ARAB EMIRATES | 63 | 31 | 31 | (7) | 61
SPAIN | 125 | 78 | 76 | (18) | 101
UNITED STATES | 3,218 | 1,055 | 1,050 | (256) | 2,980
FRANCE | 3,169 | 137 | 49 | (89) | 7,155
UNITED KINGDOM | 515 | 193 | 190 | (36) | 555
HONG KONG | 276 | 78 | 78 | (13) | 417
CAYMAN ISLANDS | 6 | 6 | 6 | (2) | 0
INDIA | 0 | 3 | 3 | (1) | 241
IRELAND | (3) | (6) | (6) | 0 | 0
ITALY | 158 | 97 | 97 | (33) | 108
JAPAN | 130 | 70 | 67 | (34) | 122
JERSEY | 0 | 0 | 0 | 0 | 0
KENYA | 1 | 1 | 0 | (0) | 14
LUXEMBOURG | 60 | 25 | 23 | (5) | 133
MALAYSIA | 1 | 0 | 0 | (0) | 4
MEXICO | 0 | 0 | 0 | (0) | 2
NETHERLANDS | 9 | (2) | (2) | (0) | 18
POLAND | 0 | (1) | (1) | 0 | 4
PORTUGAL | (0) | 8 | 8 | (1) | 2,350
CZECH REPUBLIC | 0 | (0) | (0) | 0 | 1
SINGAPORE | 205 | 100 | 100 | (17) | 292
SWEDEN | (0) | (0) | (0) | 0 | 1
SWITZERLAND | 6 | 2 | 2 | (0) | 18
TAIWAN | 14 | 8 | 7 | (1) | 20
URUGUAY | 1 | 0 | 0 | (0) | 2
| 8,267 | 2,053 | 1,949 | (558) | 15,884

#### Note 16Comparative consolidation scopes

Business lines Consolidated subsidiaries | Activity | Consolidation method at December 31, 2025 | 31/12/2025 | 31/12/2024 | Country
--- | --- | --- | --- | --- | ---
% | %
Control | Ownership | Control | Ownership
CORPORATE & INVESTMENT BANKING |  |  |  |  |  |  |
NATIXIS PFANDBRIEFBANK AG | Banks | FC | 100 | 100 | 100 | 100 | Germany
AZURE CAPITAL HOLDINGS PTY LTD (k) | M&A advisory services | FC | 70 | 70 | 76 | 76 | Australia
THE AZURE CAPITAL TRUST (k) | Holding company | FC | 70 | 70 | 76 | 76 | Australia
AZURE CAPITAL LIMITED (k) | Holding company | FC | 70 | 70 | 76 | 76 | Australia
NATIXIS AUSTRALIA PTY LTD | Financial institutions | FC | 100 | 100 | 100 | 100 | Australia
SAUDI ARABIA INVESTMENT COMPANY | Financial institutions | FC | 100 | 100 | 100 | 100 | Saudi Arabia
NATIXIS BELGIQUE INVESTISSEMENTS | Investment company | FC | 100 | 100 | 100 | 100 | Belgium
EDF GROUP INVESTMENT | Investment company | EM | 14 | 14 | 14 | 14 | Belgium
VERMILION (BEIJING) ADVISORY COMPANY LIMITED | M&A advisory services | FC | 100 | 100 | 100 | 100 | China
NATIXIS PARTNERS IBERIA, S.A. | M&A advisory services | FC | 99 | 99 | 99 | 99 | Spain
NATIXIS NORTH AMERICA LLC | Holding company | FC | 100 | 100 | 100 | 100 | United States
SOLOMON PARTNERS, LP (h) | M&A advisory services | FC | 68 | 68 | 64 | 64 | United States
SOLOMON PARTNERS SECURITIES COMPANY LLC (h) | Brokerage | FC | 68 | 68 | 64 | 64 | United States
NATIXIS FUNDING CORP | Other financial company | FC | 100 | 100 | 100 | 100 | United States
VERSAILLES | Securitization vehicle | FC | 100 | 0 | 100 | 0 | United States
NATIXIS SECURITIES AMERICAS LLC | Brokerage company | FC | 100 | 100 | 100 | 100 | United States
NATIXIS FINANCIAL PRODUCTS LLC | Derivatives transactions | FC | 100 | 100 | 100 | 100 | United States
NATIXIS REAL ESTATE HOLDINGS LLC | Real-estate finance | FC | 100 | 100 | 100 | 100 | United States
NATIXIS REAL ESTATE CAPITAL LLC | Real-estate finance | FC | 100 | 100 | 100 | 100 | United States
CM REO HOLDINGS TRUST | Secondary markets finance | FC | 100 | 100 | 100 | 100 | United States
CM REO TRUST | Secondary markets finance | FC | 100 | 100 | 100 | 100 | United States
MSR TRUST | Real-estate finance | FC | 100 | 100 | 100 | 100 | United States
NATIXIS US MTN PROGRAM LLC | Issuing vehicle | FC | 100 | 100 | 100 | 100 | United States
FENCHURCH PARTNERS LP (a) | M&A advisory services | FC | 100 | 80 | 100 | 81 | United States
FENCHURCH ADVISORY PARTNERS US LP (a) | M&A advisory services | FC | 100 | 80 | 100 | 81 | United States
NATIXIS S.A. | Banks | FC | 100 | 100 | 100 | 100 | France
NATIXIS IMMO DÉVELOPPEMENT | Residential real estate development | FC | 100 | 100 | 100 | 100 | France
NATIXIS PARTNERS | M&A advisory services | FC | 100 | 100 | 100 | 100 | France
SPG | Sicav | FC | 100 | 100 | 100 | 100 | France
INVESTIMA 77 | Holding company | FC | 100 | 100 | 100 | 100 | France
AUDERE PARTNERS | M&A advisory services | EM | 35 | 35 | 35 | 35 | France
FINANCIÈRE DE COURCELLES (b) | M&A advisory services | EM | 20 | 27 |  |  | France
CLIPPERTON HOLDING | M&A advisory services | EM | 34 | 34 | 34 | 34 | France
NATIXIS MARCO | Investment company – (extension of activity) | FC | 100 | 100 | 100 | 100 | France
NATIXIS ALTERNATIVE HOLDING LIMITED | Holding company | FC | 100 | 100 | 100 | 100 | United Kingdom
FENCHURCH ADVISORY PARTNERS LLP (a) | M&A advisory services | FC | 80 | 80 | 81 | 81 | United Kingdom
VERMILION PARTNERS (UK) LIMITED | Holding company | FC | 100 | 100 | 100 | 100 | United Kingdom
NATIXIS ASIA LTD | Other financial company | FC | 100 | 100 | 100 | 100 | Hong Kong
NATIXIS HOLDINGS (HONG KONG) LIMITED | Holding company | FC | 100 | 100 | 100 | 100 | Hong Kong
VERMILION PARTNERS (HOLDINGS) LIMITE | Holding company | FC | 100 | 100 | 100 | 100 | Hong Kong
VERMILION PARTNERS LIMITED | Holding company | FC | 100 | 100 | 100 | 100 | Hong Kong
NATIXIS GLOBAL SERVICES (INDIA) PRIVATE LIMITED | Operational support | FC | 100 | 100 | 100 | 100 | India
BLEACHERS FINANCE | Securitization vehicle | FC | 100 | 0 | 100 | 0 | Ireland
DF EFG3 LIMITED | Holding company | FC | 100 | 100 | 100 | 100 | Cayman Islands
NATIXIS JAPAN SECURITIES CO, LTD | Financial institutions | FC | 100 | 100 | 100 | 100 | Japan
NATIXIS STRUCTURED PRODUCTS LTD (d) | Issuing vehicle |  |  |  | 100 | 100 | Jersey
NATIXIS TRUST (g) | Issuing vehicle |  |  |  | 100 | 100 | Luxembourg
NATIXIS REAL ESTATE FEEDER SARL | Issuing vehicle | FC | 100 | 100 | 100 | 100 | Luxembourg
NATIXIS CORPORATE AND INVESTMENT BANKING LUXEMBOURG | Issuing vehicle | FC | 100 | 100 | 100 | 100 | Luxembourg
NATIXIS ALTERNATIVE ASSETS | Issuing vehicle | FC | 100 | 100 | 100 | 100 | Luxembourg
NATIXIS STRUCTURED ISSUANCE | Issuing vehicle | FC | 100 | 100 | 100 | 100 | Luxembourg
Branches |  |  |  |  |  |  |
NATIXIS ZWEIGNIEDERLASSUNG DEUTSCHLAND | Financial institutions | FC | 100 | 100 | 100 | 100 | Germany
NATIXIS CANADA | Financial institutions | FC | 100 | 100 | 100 | 100 | Canada
NATIXIS SHANGHAI | Financial institutions | FC | 100 | 100 | 100 | 100 | China
NATIXIS BEIJING | Financial institutions | FC | 100 | 100 | 100 | 100 | China
NATIXIS SEOUL | Financial institutions | FC | 100 | 100 | 100 | 100 | South Korea
NATIXIS DUBAI | Financial institutions | FC | 100 | 100 | 100 | 100 | United Arab Emirates
NATIXIS MADRID | Financial institutions | FC | 100 | 100 | 100 | 100 | Spain
NATIXIS NEW YORK | Financial institutions | FC | 100 | 100 | 100 | 100 | United States
NATIXIS LONDON | Financial institutions | FC | 100 | 100 | 100 | 100 | United Kingdom
NATIXIS HONG KONG | Financial institutions | FC | 100 | 100 | 100 | 100 | Hong Kong
NATIXIS MILAN | Financial institutions | FC | 100 | 100 | 100 | 100 | Italy
NATIXIS GIFT CITY BRANCH (i) | Financial institutions | FC | 100 | 100 |  |  | India
NATIXIS TOKYO | Financial institutions | FC | 100 | 100 | 100 | 100 | Japan
NATIXIS LABUAN | Financial institutions | FC | 100 | 100 | 100 | 100 | Malaysia
NATIXIS PORTO | Financial institutions | FC | 100 | 100 | 100 | 100 | Portugal
NATIXIS SINGAPORE | Financial institutions | FC | 100 | 100 | 100 | 100 | Singapore
NATIXIS TAIWAN | Financial institutions | FC | 100 | 100 | 100 | 100 | Taiwan
Film industry financing |  |  |  |  |  |  |
NATIXIS COFICINÉ** | Financial company (audiovisual) | FC | 100 | 100 | 100 | 100 | France
ASSET & WEALTH MANAGEMENT |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |
Natixis Investment Managers Group |  |  |  |  |  |  |
AEW INVEST GMBH | Distribution | FC | 85 | 100 | 85 | 100 | Germany
NATIXIS INVESTMENT MANAGERS AUSTRALIA PTY LIMITED | Distribution | FC | 100 | 100 | 100 | 100 | Australia
INVESTORS MUTUAL LIMITED (l) | Asset Management | FC | 82 | 82 | 76 | 76 | Australia
AEW AUSTRALIA PTY LTD | Asset Management | FC | 100 | 100 | 100 | 100 | Australia
NIM-OS TECHNOLOGIES INC. | Media and digital | FC | 100 | 100 | 100 | 100 | Canada
AEW KOREA LLC | Asset Management | FC | 100 | 100 | 100 | 100 | South Korea
NATIXIS INVESTMENT MANAGERS KOREA LIMITED | Distribution | FC | 100 | 100 | 100 | 100 | South Korea
AEW CAPITAL MANAGEMENT, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW CAPITAL MANAGEMENT, LP | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW PARTNERS V, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW PARTNERS VI, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW PARTNERS VII, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW SENIOR HOUSING INVESTORS II INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW PARTNERS X GP, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW PARTNERS REAL ESTATE FUND VIII LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW SENIOR HOUSING INVESTORS III LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW SENIOR HOUSING INVESTORS IV LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW PARTNERS REAL ESTATE FUND IX, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW COLD OPS MM, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AEW EHF GP, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
SEAPORT STRATEGIC PROPERTY PROGRAM I CO-INVESTORS, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
AURORA INVESTMENT MANAGEMENT LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
EPISO SLP LLC (m) | Asset Management |  |  |  | 100 | 100 | United States
GATEWAY INVESTMENT ADVISERS, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
HARRIS ASSOCIATES LP | Asset Management | FC | 100 | 100 | 100 | 100 | United States
HARRIS ASSOCIATES SECURITIES, LP | Distribution | FC | 100 | 100 | 100 | 100 | United States
HARRIS ASSOCIATES, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
LOOMIS SAYLES & COMPANY, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
LOOMIS SAYLES & COMPANY, LP | Asset Management | FC | 100 | 100 | 100 | 100 | United States
LOOMIS SAYLES ALPHA, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
LOOMIS SAYLES DISTRIBUTORS, INC. | Distribution | FC | 100 | 100 | 100 | 100 | United States
LOOMIS SAYLES DISTRIBUTORS, LP | Distribution | FC | 100 | 100 | 100 | 100 | United States
LOOMIS SAYLES TRUST COMPANY, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
OSTRUM AM US LLC | Asset Management | FC | 100 | 100 | 100 | 100 | United States
FLEXSTONE PARTNERS LLC | Asset Management | FC | 100 | 84 | 100 | 84 | United States
NATIXIS ADVISORS, LLC | Distribution | FC | 100 | 100 | 100 | 100 | United States
NATIXIS DISTRIBUTION, LLC | Distribution | FC | 100 | 100 | 100 | 100 | United States
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, LLC | Distribution | FC | 100 | 100 | 100 | 100 | United States
NIM-OS, LLC | Media and digital | FC | 100 | 100 | 100 | 100 | United States
VAUGHAN NELSON INVESTMENT MANAGEMENT, INC. | Asset Management | FC | 100 | 100 | 100 | 100 | United States
VAUGHAN NELSON INVESTMENT MANAGEMENT, LP | Asset Management | FC | 100 | 100 | 100 | 100 | United States
MIROVA US LLC (o) | Asset Management | FC | 100 | 99 | 100 | 100 | United States
NATIXIS INVESTMENT MANAGERS LLC | Holding company | FC | 100 | 100 | 100 | 100 | United States
MIROVA US HOLDINGS LLC (o) | Holding company | FC | 100 | 99 | 100 | 100 | United States
MIROVA AFRICA INC. (o) | Private debt management company | FC | 100 | 99 | 100 | 100 | United States
AEW VALUE INVESTORS U.S. GP, LLC | Real-estate management | FC | 100 | 100 | 100 | 100 | United States
AEW EUROPEAN PROPERTY SECURITIES ABSOLUTE RETURN GP, LLC | Real-estate management | FC | 100 | 100 | 100 | 100 | United States
AEW GLOBAL PROPERTY GP, LLC | Real-estate management | FC | 100 | 100 | 100 | 100 | United States
AEW GLOBAL INVESTMENT FUND GP, LLC | Real-estate management | FC | 100 | 100 | 100 | 100 | United States
AEW SHI V GP, LLC | Real-estate management | FC | 100 | 100 | 100 | 100 | United States
AEW RED FUND GP, LLC | Real-estate management | FC | 100 | 100 | 100 | 100 | United States
AEW TAPT GP, LLC (b) | Real-estate management | FC | 100 | 100 |  |  | United States
NATIXIS IM INNOVATION | Asset Management | FC | 100 | 100 | 100 | 100 | France
AEW EUROPE SA | Asset Management | FC | 100 | 100 | 100 | 100 | France
AEW | Real-estate management | FC | 100 | 100 | 100 | 100 | France
DARIUS CAPITAL CONSEIL | Investment advisory services | FC | 70 | 70 | 70 | 70 | France
DNCA FINANCE | Asset Management | FC | 100 | 85 | 100 | 85 | France
DORVAL ASSET MANAGEMENT (j) | Asset Management |  |  |  | 100 | 100 | France
FLEXSTONE PARTNERS SAS | Asset Management | FC | 84 | 84 | 84 | 84 | France
MIROVA (o) | Management of venture capital mutual funds | FC | 99 | 99 | 100 | 100 | France
NATIXIS INVESTMENT MANAGERS INTERNATIONAL | Distribution | FC | 100 | 100 | 100 | 100 | France
OSTRUM AM | Asset Management | FC | 100 | 100 | 100 | 100 | France
NATIXIS TRADEX SOLUTIONS** | Banks | FC | 100 | 100 | 100 | 100 | France
NATIXIS INVESTMENT MANAGERS | Holding company | FC | 100 | 100 | 100 | 100 | France
NATIXIS INVESTMENT MANAGERS PARTICIPATIONS 1 | Holding company | FC | 100 | 100 | 100 | 100 | France
NATIXIS INVESTMENT MANAGERS PARTICIPATIONS 3 | Holding company | FC | 100 | 100 | 100 | 100 | France
NAXICAP PARTNERS | Management of venture capital mutual funds | FC | 100 | 100 | 100 | 100 | France
OSSIAM | Asset Management | FC | 91 | 91 | 91 | 91 | France
SEVENTURE PARTNERS | Asset Management | FC | 59 | 59 | 59 | 59 | France
THEMATICS ASSET MANAGEMENT (o) | Asset Management | FC | 100 | 99 | 58 | 58 | France
VAUBAN INFRASTRUCTURE PARTNERS | Asset Management | FC | 51 | 45 | 51 | 45 | France
CAPRE | Asset Management | FC | 100 | 100 | 100 | 100 | France
ECOFI INVESTISSEMENTS | Asset Management | EM | 25 | 25 | 25 | 25 | France
NATIXIS INVESTMENT MANAGERS OPERATING SERVICES | Holding company | FC | 100 | 100 | 100 | 100 | France
NATIXIS INTERÉPARGNE | Employee savings schemes account management | FC | 100 | 100 | 100 | 100 | France
VEGA INVESTMENT SOLUTIONS (c) | Asset Management | FC | 100 | 100 |  |  | France
HSBC EPARGNE ENTREPRISE (d) | Employee savings schemes account management |  |  |  | 100 | 100 | France
DNCA QUADRO [FUND] (b) | Asset Management | FC | 100 | 100 |  |  | France
FLEXSTONE PRIVATE EQUITY OPPORTUNITIES FCPR [FUND] (n) | Asset Management | FC | 57 | 57 |  |  | France
AEW EUROPE HOLDING LTD | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW EUROPE INVESTMENT LTD | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW EUROPE LLP | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW GLOBAL ADVISORS (EUROPE) LTD | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW GLOBAL LTD | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW GLOBAL UK LTD | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW UK INVESTMENT MANAGEMENT LLP | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW PROMOTE LP LTD | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
AEW EVP GP LLP | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
LOOMIS SAYLES INVESTMENTS LTD (UK) | Asset Management | FC | 100 | 100 | 100 | 100 | United Kingdom
NATIXIS INVESTMENT MANAGERS UK LTD | Distribution | FC | 100 | 100 | 100 | 100 | United Kingdom
MIROVA UK LIMITED (o) | Asset Management | FC | 100 | 99 | 100 | 100 | United Kingdom
MV CREDIT LIMITED (d) | Asset Management |  |  |  | 100 | 100 | United Kingdom
MV CREDIT LLP (d) | Asset Management |  |  |  | 100 | 100 | United Kingdom
AEW ASIA LIMITED | Asset Management | FC | 100 | 100 | 100 | 100 | Hong Kong
NATIXIS INVESTMENT MANAGERS HONG KONG LIMITED | Asset Management | FC | 100 | 100 | 100 | 100 | Hong Kong
AEW PRIVATE DEBT HONG KONG LIMITED | Asset Management | FC | 100 | 100 | 100 | 100 | Hong Kong
PURPLE FINANCE CLO 1 | Securitization vehicles | FC | 58 | 58 | 58 | 58 | Ireland
PURPLE FINANCE CLO 2 | Securitization vehicles | FC | 71 | 71 | 71 | 71 | Ireland
MV CREDIT EURO CLO III [FUND] (d) | Securitization vehicles |  |  |  | 100 | 100 | Ireland
ASAHI NATIXIS INVESTMENT MANAGERS CO. LTD | Distribution | EM | 49 | 49 | 49 | 49 | Japan
NATIXIS INVESTMENT MANAGERS JAPAN CO., LTD | Asset Management | FC | 100 | 100 | 100 | 100 | Japan
AEW JAPAN CORPORATION | Asset Management | FC | 100 | 100 | 100 | 100 | Japan
AEW VALUE INVESTORS ASIA III GP LIMITED | Asset Management | FC | 100 | 100 | 100 | 100 | Jersey
AEW APREF INVESTORS, LP | Asset Management | FC | 100 | 100 | 100 | 100 | Jersey
MIROVA KENYA LIMITED (o) | Private debt management company | FC | 100 | 99 | 100 | 100 | Kenya
AEW EUROPE SARL | Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
AEW EUROPE GLOBAL LUX | Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
AEW VIA IV GP PARTNERS SARL | Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
AEW VIA V GP PARTNERS SARL | Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
AEW APREF GP SARL | Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
AEW EHF LUX GP SARL (b) | Real-estate management | FC | 100 | 100 |  |  | Luxembourg
KENNEDY FINANCEMENT LUXEMBOURG | Investment company – Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
KENNEDY FINANCEMENT LUXEMBOURG 2 | Central corporate treasury – Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
LOOMIS SAYLES ALPHA LUXEMBOURG, LLC | Asset Management | FC | 100 | 100 | 100 | 100 | Luxembourg
MV CREDIT SARL (d) | Asset Management |  |  |  | 100 | 100 | Luxembourg
MV CREDIT CLO EQUITY SARL (d) | Asset Management |  |  |  | 100 | 100 | Luxembourg
LOOMIS SAYLES SAKORUM LONG SHORT GROWTH EQUITY [FUND] (e) | Asset Management | FC | 38 | 38 | 55 | 55 | Luxembourg
LOOMIS SAYLES GLOBAL ALLOCATION [FUND] (f) | Asset Management | FC | 41 | 41 | 57 | 57 | Luxembourg
NATIXIS IM MEXICO, S. DE R.L DE C.V. | Asset Management | FC | 100 | 100 | 100 | 100 | Mexico
LOOMIS SAYLES (NETHERLANDS) B.V. | Distribution | FC | 100 | 100 | 100 | 100 | Netherlands
AEW CENTRAL EUROPE | Asset Management | FC | 100 | 100 | 100 | 100 | Poland
NATIXIS INVESTMENT MANAGERS SINGAPORE LIMITED | Asset Management | FC | 100 | 100 | 100 | 100 | Singapore
AEW ASIA PTE LTD | Asset Management | FC | 100 | 100 | 100 | 100 | Singapore
LOOMIS SAYLES INVESTMENTS ASIA PTE LTD | Asset Management | FC | 100 | 100 | 100 | 100 | Singapore
FLEXSTONE PARTNERS PTE LTD | Asset Management | FC | 100 | 84 | 100 | 84 | Singapore
FLEXSTONE PARTNERS SARL | Asset Management | FC | 100 | 84 | 100 | 84 | Switzerland
NATIXIS INVESTMENT MANAGERS SWITZERLAND SARL | Asset Management | FC | 100 | 100 | 100 | 100 | Switzerland
NATIXIS INVESTMENT MANAGERS SECURITIES INVESTMENT CONSULTING CO. LTD | Asset Management | FC | 100 | 100 | 100 | 100 | Taiwan
NATIXIS INVESTMENT MANAGERS URUGUAY S.A. | Distribution | FC | 100 | 100 | 100 | 100 | Uruguay
Branches |  |  |  |  |  |  |
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, ZWEIGNIEDERLASSUNG DEUTSCHLAND | Distribution | FC | 100 | 100 | 100 | 100 | Germany
VAUBAN INFRASTRUCTURE PARTNERS, GERMAN BRANCH | Asset Management | FC | 100 | 100 | 100 | 100 | Germany
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, BELGIAN BRANCH | Distribution | FC | 100 | 100 | 100 | 100 | Belgium
NATIXIS INVESTMENT MANAGERS MIDDLE EAST | Distribution | FC | 100 | 100 | 100 | 100 | United Arab Emirates
AEW EUROPE LLP SPANISH BRANCH | Distribution | FC | 100 | 100 | 100 | 100 | Spain
AEW UK INVESTMENT MANAGEMENT LLP SPANISH BRANCH | Distribution | FC | 100 | 100 | 100 | 100 | Spain
DNCA FINANCE SUCURSAL EN ESPAÑA (n) | Asset Management | FC | 100 | 85 |  |  | Spain
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, SUCURSAL EN ESPAÑA | Distribution | FC | 100 | 100 | 100 | 100 | Spain
MV CREDIT SARL, FRENCH BRANCH (d) | Asset Management |  |  |  | 100 | 100 | France
LOOMIS SAYLES (NETHERLANDS) BV, FRENCH BRANCH | Distribution | FC | 100 | 100 | 100 | 100 | France
MIROVA UK BRANCH (n) | Asset Management | FC | 99 | 99 |  |  | United Kingdom
AEW ITALIAN BRANCH | Distribution | FC | 100 | 100 | 100 | 100 | Italy
DNCA FINANCE MILAN BRANCH | Asset Management | FC | 100 | 85 | 100 | 85 | Italy
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, SUCCURSALE ITALIANA | Distribution | FC | 100 | 100 | 100 | 100 | Italy
OSTRUM ASSET MANAGEMENT ITALIA (m) | Asset Management |  |  |  | 100 | 100 | Italy
DNCA FINANCE, LUXEMBOURG BRANCH | Asset Management | FC | 100 | 85 | 100 | 85 | Luxembourg
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, LUXEMBOURG BRANCH | Distribution | FC | 100 | 100 | 100 | 100 | Luxembourg
AEW – DUTCH BRANCH | Real-estate management | FC | 100 | 100 | 100 | 100 | Netherlands
NATIXIS INVESTMENT MANAGERS INTERNATIONAL, NEDERLANDS | Distribution | FC | 100 | 100 | 100 | 100 | Netherlands
AEW CENTRAL EUROPE CZECH | Distribution | FC | 100 | 100 | 100 | 100 | Czech Republic
MIROVA SWEDEN FILIAL (o) | Asset Management | FC | 99 | 99 | 100 | 100 | Sweden
PRIVATE EQUITY – THIRD-PARTY ASSET MANAGEMENT |  |  |  |  |  |  |
NATIXIS PRIVATE EQUITY | Private Equity | FC | 100 | 100 | 100 | 100 | France
Wealth Management |  |  |  |  |  |  |
Natixis Wealth Management |  |  |  |  |  |  |
NATIXIS WEALTH MANAGEMENT** | Banks | FC | 100 | 100 | 100 | 100 | France
VEGA INVESTMENT MANAGERS (c) | Mutual fund holding company |  |  |  | 100 | 100 | France
1818 IMMOBILIER | Real estate operations | FC | 100 | 100 | 100 | 100 | France
TEORA | Insurance brokerage company | FC | 100 | 100 | 100 | 100 | France
MASSENA CONSEIL S.A.S. | Asset Management and investment advisory services | FC | 100 | 100 | 100 | 100 | France
DORVAL ASSET MANAGEMENT (j) | Asset Management | FC | 100 | 100 |  |  | France
MASSENA PARTNERS S.A. | Asset Management and investment advisory services | FC | 100 | 100 | 100 | 100 | Luxembourg
MASSENA WEALTH MANAGEMENT SARL | Asset Management and investment advisory services | FC | 100 | 100 | 100 | 100 | Luxembourg
Branches |  |  |  |  |  |  |
MASSENA PARTNERS – BRANCH | Asset Management and investment advisory services | FC | 100 | 100 | 100 | 100 | France