Earnings call transcript: BNP Paribas Q3 2025 sees net profit rise 6.1%

BNP Paribas reported a 6.1% increase in net profit for the third quarter of 2025, highlighting robust financial performance despite a slight revenue miss against forecasts. The company’s revenues rose by 5.3%, yet fell short of expectations, resulting in a minor market reaction with shares dropping 1.04% in pre-market trading. According to InvestingPro data, the bank has maintained strong momentum with a remarkable 38.84% year-to-date return. The acquisition of AXA Investment Managers and strategic cost-saving initiatives were key drivers behind the results.

Key Takeaways

• BNP Paribas’ Q3 2025 net profit increased by 6.1%.
• Revenues rose by 5.3%, slightly missing forecasts.
• Shares fell by 1.04% in pre-market trading.
• Acquisition of AXA Investment Managers positions BNP as a leading European asset manager.
• Cost-saving measures are on track, with €600 million targeted savings.

Company Performance

BNP Paribas demonstrated strong financial health in Q3 2025, with net profit climbing by 6.1%. The company’s operating divisions saw revenue growth of 3.5%, or 4.9% at constant exchange rates, indicating a solid performance across its business segments. The bank’s strategic acquisition of AXA Investment Managers has fortified its position as the third-largest asset manager in Europe. Additionally, BNP Paribas remains on track to achieve its 2025 net profit target of over €12.2 billion.

Financial Highlights

• Revenue: €6.88 billion, up 5.3% year-over-year, but below the €6.9 billion forecast.
• Net profit: Increased by 6.1%.
• Common Equity Tier 1 ratio: Stable at 12.5%.
• Cost of risk: 39 basis points, within guidance.

Earnings vs. Forecast

BNP Paribas’ actual revenue of €6.88 billion fell short of the €6.9 billion forecast, resulting in a revenue surprise of -0.29%. This minor miss contrasts with the company’s historical trend of meeting or exceeding market expectations, yet the impact on investor sentiment appears limited.

Market Reaction

Following the earnings release, BNP Paribas’ stock saw a 1.04% decline in pre-market trading, with shares priced at €78.16, just below the 52-week high of €78.58. InvestingPro data shows the bank maintains a "GOOD" Financial Health score of 2.7, with particularly strong marks in relative value (3.47) and price momentum (2.99). This movement reflects a cautious investor sentiment, possibly influenced by the slight revenue miss and broader market conditions.

Outlook & Guidance

Looking ahead, BNP Paribas has set ambitious targets, aiming for a 12% Return on Tangible Equity (ROTE) by 2026, with further increases projected for subsequent years. The bank anticipates generating €550 million in revenue and cost synergies from the AXA IM acquisition by 2029, positioning itself for sustained growth. InvestingPro subscribers can access 8 additional ProTips and detailed financial metrics that provide deeper insights into BNP Paribas’ growth trajectory and valuation potential.

Executive Commentary

Jean-Laurent Bonnafé, Group CEO, emphasized the strategic significance of the AXA IM acquisition, stating, "We are creating a European leader in asset management at the core of our integrated model." Sandro Pierri, CEO of BNP Paribas Asset Management, remarked, "The AXA IM acquisition is a catalyst for our long-term growth ambitions."

Risks and Challenges

• Potential regulatory changes could impact capital requirements.
• Market volatility may affect asset management performance.
• Economic downturns in the eurozone could pressure net interest income.
• Integration challenges with AXA IM could affect projected synergies.
• Competition from other European banks and asset managers remains strong.

Q&A

During the earnings call, analysts inquired about the structure of the AXA IM acquisition, provisions in Global Markets, and the bank’s capital generation strategy. Executives provided clarity on these issues, reinforcing the bank’s commitment to enhancing profitability and capital efficiency across its business lines.

Full transcript - Danone (BNP) Q3 2025:

Conference Moderator, BNP Paribas: Good afternoon, ladies and gentlemen, and welcome to the presentation of the BNP Paribas third quarter 2025 results with Jean-Laurent Bonnafé, Group Chief Executive Officer, and Lars Machenil, Group Chief Financial Officer. Sandro Pierri, CEO of BNP Paribas Asset Management and AXA Investment Managers, will present the AXA Investment Managers strategic integration within the group. For your information, this conference call is being recorded. Supporting slides are available on the BNP Paribas IR website, invest.bnpparibas.com. During today’s presentation, you will be able to ask your question by pressing star and one on your telephone keypad. If you would like to ask a question, please make sure to be in a quiet area to maximize audio quality. I would like now to hand the call over to Jean-Laurent Bonnafé, Group Chief Executive Officer. Please go ahead, sir.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Thank you. Good afternoon, ladies and gentlemen. Before we move on to the quarter’s results, I would like to just take a moment to share some context related to the decision issued by the civil court in the U.S. case and how we see things moving forward. This morning, first, we made a public statement which explained our position on this matter. This verdict is in connection with very old facts relating to banking services that BNP Paribas provided more than 15 years ago. We are highly confident that our planned appeal will demonstrate that this judgment was incorrect. U.S. law has allowed, and the court has decided to apply Swiss law to this case. Evidence of such Swiss law has not been allowed to be presented. Misapplication of Swiss law has been confirmed by the Swiss government itself.

The applicable laws do not lead to liability or causation in this case. The banking services that the bank provided did not cause plaintiff’s prejudice, and no evidence has been brought to prove that it did. Because the verdict is fundamentally flawed, the bank will pursue its appeal and is confident that the verdict will ultimately be overturned. The appeal case will be reviewed by a panel of three professional judges. We are aware that this case has prompted some speculation about the precedent it might set. Let me be very clear on this point. The damages awarded were specific to three individuals. Extrapolation is not permitted. The court has very clearly indicated that any future claims will be assessed on an individual basis. Given the ongoing nature of the litigation, we will not be commenting further on this topic today.

BNP Paribas, once again, is confident in its legal agreements and that the verdict will be overturned on appeal. We look forward to focusing our discussion today on this quarter’s results. If we move on to slide four, our third quarter results are solid and allow us to confirm our target of over €12.2 billion of net profit for 2025. Our revenues are up 5.3% this quarter. Revenues of our operating divisions, excluding AXA IM, are up 3.5% and a strong 4.9% at constant exchange rates. Swaby revenues posted another record year with 4.5 cross, 7 plus 7% at constant exchange rates, driven by Global Markets and Securities Services. Global Banking was resilient despite a more challenging context than last year.

CPBS revenues have accelerated and are up 3.1% thanks to the strong performance of our eurozone commercial banks, with acceleration in net interest income up 4.5% and an improvement in specialized businesses. Personal Finance is delivering on the strategic plan we detailed in June, and Aval’s organic growth is an elevated 9.3%. Finally, IPS consolidated AXA IM for the first time, and I will comment on this later. IPS recorded 2.9% organic revenue growth with a robust performance for Wealth Management, Insurance, and Asset Management, also mitigated somewhat by real estate and IPS Invest. We remain committed to cost control, and we have already implemented most of our targeted €600 million cost savings measures for this year. This results in a two-point Jaws effect for operating divisions, excluding AXA IM.

At 39 bps, our cost of risk remains within our guidance of less than 40 bps despite a more challenging environment. Lars will elaborate on this later. All in all, our net profit was up 6.1%, meaning we are on track to achieve our target of more than €12.2 billion this year. Moving on to our CET1 ratio at a very solid 12.5%, we have fully absorbed the impact of the AXA IM acquisition of 35 bps. This strong quarterly performance, which Lars will elaborate on shortly, enables us to deliver beyond our pre-FRTB target of 12.3%. Let me pause briefly on this point. We are now concluding a four-year regulatory and supervisory cycle characterized by the finalization of Basel and significant model updates, a cycle which has been particularly heavy for BNP Paribas.

This cycle has represented around 160 basis points, or €12 billion, equivalent to €3 billion per year. We are now entering a new cycle where risk-wide growth will primarily be driven by organic momentum estimated at less than 2% per year based on recent historical trends. This is an important and positive message as it naturally opens up new perspectives in terms of capital generation. Moving to slide five, our third quarter performance demonstrates acceleration across our operating division as well as the first-time integration of AXA IM. Despite a particularly high FX impact this quarter, our operating divisions generated two percentage points Jaws effect, excluding AXA IM, and posted an increase of profit before tax of 7.5%. The third quarter reaffirms our confidence that the growth trajectory we embarked on is delivering. Moving now to slide six.

First, our scaled CIB platform is a strong engine of growth, reaching excellent levels of efficiency and profitability, as illustrated by its ROTE of 22.2%. We expect it to continue gaining market share while maintaining its proven capital discipline. Second, IPS already benefits from a high ROTE, 23.7%, which is expected to improve even further. We also maintain that IPS is set to reach 20% of the group’s pre-tax profit in the coming years. We are creating a European leader in asset management at the core of our integrated model. The impact of the AXA IM acquisition will be substantial. It will add more than 50 basis points to our group return on tangible equity as early as 2028. I will come back to this in a few minutes.

Beyond asset management, we are developing our European wealth management platform, and IPS will also benefit from both external and organic growth at BNP Paribas Cardif, as well as from its strategic partnerships. Finally, CPBS. The eurozone commercial banks are starting to benefit from a supportive interest rate environment, as evidenced by this quarter’s performance, and we are improving the profitability of each business line where needed. Today, we are announcing a deep dive in the first half of 2026 to present the financial trajectory of CPBB in Belgium. We intend to improve the ROTE from 13% in 2024 to 20% in 2028 and 23% in 2030. Together with the plans we have already presented for CPBF and Personal Finance, this means we will improve profitability from 10% ROTE to about 18% on a third of the risk weight or two-thirds of CPBS risk weight.

BNP Paribas Bank Polska will also host a capital market day on the 11th of December. The plan that is coming to an end this year enables us to implement BNP Paribas’ model in Poland, and the new 2030 plan will bring Bank Polska’s profitability to the best standards of Polish banks. At Cardif, the strong organic growth, plus 9.3% in third quarter 2025, will no longer suffer from the buzz effect linked to used car prices. Overall, we will raise group return on tangible equity to 13% as early as 2028 and reach a Common Equity Tier 1 of 12.5% post-FRTB in 2027. This marks the first two steps in the rollout of the future 2027-2030 plan. Let me now outline on slide seven the significant positive impact of the AXA IM acquisition on our financial trajectory.

We expect to generate €550 million of revenues and cost synergies by 2029. Thanks to AXA IM, IPS will see its contribution to group earnings rise to about 20% in the midterm, and we expect our return on tangible equity to see an improvement of more than 40 basis points from this acquisition at group level. We expect as well our return on the €2.8 billion of invested capital to reach 18% in 2028 and 20% in 2029. This is post-tax. This is equivalent to more than €600 million of additional net earnings. We reaffirm on slide eight our 2026 trajectory, leading to an acceleration in shareholders’ return. I will now hand over to Sandro Pierri, CEO of BNP Paribas Asset Management, to discuss the AXA IM project.

Sandro Pierri, CEO of BNP Paribas Asset Management, BNP Paribas: Thank you, Jean-Laurent, and good afternoon to everyone. Maybe just a quick intro. I’m Sandro Pierri. I’ve been the CEO of BNP Paribas Asset Management since September 2021. I spent all of my career, which is now 35 years, in asset management before joining BNP. I’ve been 13 years at Pioneer Investment, where the last three years I’ve been the CEO. As we approach the AXA IM integration, and I think we can go to slide 10, it’s very important because this acquisition enabled us to reach scale in asset management, notably in long-term savings. It strengthened the growth momentum on our IPS franchise, but also gives us the critical mass and ambition to become a leading player. We will be, in fact, the third largest European asset manager with €1.6 trillion of AUM.

If we focus on long-term savings, we are the leader in European long-term savings with €850 billion AUM. We’ll also be the leader in alternative assets in Europe by a significant margin with €300 billion of AUM, which we believe is going to be a very powerful differentiating factor, offering significant growth potential underpinned by our highly skilled and renowned teams. Clearly, the new scope of our asset management platform, combined with the strength of our integrated model, will unlock significant synergies and operational efficiency. By the end of 2029, as Jean-Laurent has indicated, we expect €550 million of profit before taxes from revenue and cost synergies across the entire group. AXA IM is clearly a catalyst for our long-term growth ambitions, bringing many tangible benefits. First, clearly, we will rely more strongly on internal capabilities of services, leveraging our internal expertise.

A good example would be the CIB Securities Services. Secondly, clearly, we’ll capitalize on the development of new partnerships with insurers and pension funds. Thirdly, the acceleration of cross-selling within the group business. Fourthly, the expansion of the group originator-distribute model, which will connect our asset manager with asset origination business within CIB and CPBS. Finally, the strong acceleration of our alternative asset distribution, both internally and externally. If we move on to the next slide, which is slide 11, this transaction is not only about scale, but it’s clearly about growth. We believe we are very well positioned to capture growth opportunities in asset management, thanks to a number of distinctive competitive advantages. First, we have an unmatched breadth of offering in Europe at scale from ETF, money market, active, medium, long term, and alternative.

The second element is that our group integrated model provides exclusive access to permanent capital with the partnership we also have with Cardif, origination in partnership with our CIB franchise, and strong distribution capabilities, CPBS, and wealth. The ability to leverage our one-bank model is clearly a key differentiating feature. From a business perspective, the combined AUM seems to be very balanced, as you can see in one of these charts, both across asset classes, but also across distribution network with both AXA and BNP Paribas channel, but also external distribution and external institutional clients, and also a very strong footprint with our joint ventures, mostly in Asia. Lastly, in terms of competitive advantages, we need to flag our leading position in sustainability, which will contribute to long-term investment performance and will also help to better meet client expectations.

If we go into the next slide, it’s really once we have elaborated on the key distinctive competitive advantages, we lay down a plan which we think is very clear, and we have a commitment to executing as fast as we can. The strategy is, in a way, quite simple. On one side, we want to maximize the potential of the two investment platforms, the alternative one and the liquid. In alternative assets, our growth potential builds on a solid and very consistent track record on the size of our blockbuster funds, a full range in coverage, which spans from real estate, alternative credit, infrastructure, private equity, which also includes secondary markets, and also on the prerequisite of having a full alignment of interest between AXA, Cardif, and third party.

On the liquid side, the combination of scale, strong performance culture, and results in active strategy, both equity and fixed income, as well as the renewed ambitions for our ETF platform, which year to date has been the fastest growing player in Europe on a relative basis, reaffirms our confidence that we’re very well equipped to deliver on our growth ambitions. We have a very clear client focus to ensure that we provide the best in-class product and services. The strategy then, from a distribution perspective, is really focused on institution and retail and wealth. As far as institutional clients are concerned, our goal is to be the go-to platform for insurers and pension funds, leveraging on our strategic partnership with AXA and BNP Paribas Cardif.

In retail and wealth management, we’re unlocking the potential of alternatives, the so-called democratization of private assets, and we also aim to expand distribution partnership through innovative digital solutions. That’s as much as I can share at this stage on a very exciting project, and I look forward to seeing you at our deep dive in the first half of 2026, where we’ll share more on our strategy and unique positioning among European asset managers to offer solutions across the full spectrum from liquid to illiquid, thus leveraging scale, expertise, and innovation to serve all client segments. With that, let me now hand over to Lars, who will walk us through some of the key figures. Lars, onto you.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Thank you, Sandro. Let’s move to slide 13 with respect to the numbers underlying this transaction. As mentioned by Jean-Laurent, this acquisition will generate over 50 bps to the group’s ROTE in 2028. The transaction itself will have a return on invested capital of over 18% in 2028 and 22% by 2029. How do we get to this return? First, by maintaining strong discipline and efficiency in building this combined asset management platform at scale, as mentioned by Sandro. We will generate €400 million of cost savings, representing approximately 18% of the combined cost base.

These cost savings will be generated as we merge the three asset management platforms, so AXA Investment Managers, BNP Paribas Asset Management, and BNP Paribas RIM, with a streamlined product offering, a single front-to-back system, and a unified workforce. We will, of course, optimize our organization, our real estate footprint, and our external spending, and this leveraging the size of the group and the scale that we can reach. We expect to achieve full realization of the synergies by 2029, with two-thirds by the end of 2027. That’s on the cost. Secondly, we are committed to unlocking the full potential of revenue synergies. We will generate €150 million of these top-line synergies, and they come in two types. First of all, there is the internalization of operations.

For example, with the broader use of Corporate and Institutional Banking Securities Services for custodian services across the platform, or by leveraging the new asset management platform to better serve internal group clients like Cardif and Wealth Management and support their growth. Secondly, on the revenues, through an accelerated commercial development, thanks to our competitive offering, as detailed also by Sandro. Of those revenue synergies, 30%, 50%, 50% will be activated by 2027, with a full run at 2029. A few additional elements to understand this full impact. We expect to have €690 million of integration charges. The majority of this will be booked in 2025, and in particular 2026, with a more limited part in 2027 and 2028.

Finally, as you know, a significant portion of the purchase price comes from the value of the partnership, and this generates an annual amortization of the so-called prepaid expense of around €100 million booked in AXA Investment Managers. This integration is a catalyst for our strategic ambitions and a turning point for IPS, creating a powerful investment platform for the future. This is the complementary insights on AXA IM, and let’s now go back to the group results, and let me take you through the operating efficiency that you can see on slide 17. You’ll note that our costs are up a limited 1% if you exclude the impact of AXA IM.

Our operating divisions generated positive Jaws of two points, with CIB and IPS generating over three points in Jaws, and CPBS 0.7 as a result of, on one hand, accelerating NBI, as we mentioned before, and secondly, reducing the drag from car sales revenues at Armal. If with this, I can ask you to go to slide 18, where we show our regular improvement in the cost-income ratio as we expect to maintain our trajectory in the years to come. This was the cost. Let’s now turn to the cost of risk, and let’s turn to slide 19 and 20. On slide 19, our cost of risk this quarter reached 39 basis points, in line with our guidance to be below the 40 basis points, which is the average of the cycle, and we maintain our guidance for the full year.

Compared with last year, there were fewer releases in the so-called stage one and stage two provisions, so the cost of risk at group level, excluding these ride backs, is stable. If you look at slide 20, you’ll see by division that cost of risk is stable or down, including at personal finance, in line with our trajectory. Europe Mediterranean is the exception, with the normalization from a low level of cost of risk last year due to the higher cost of risk in Turkey on households in a context of high inflation. Cost of risk, they’re also stable at CIB, with global banking close to zero, and we have increased our provisions in global markets because of a specific file, which happens every so many years and should not be considered to be recurring.

In particular, it is to be considered as a fraud case, and moreover, it has nothing to do with the private credit environment. Before I move on to capital, let me say a word on the corporate center. The quarter, the revenues were impacted by two elements. On one hand, the impact of DVA generating a negative $110 million swing, and I don’t have to remind you that DVA should be zero over the lifecycle of the derivatives, but can be volatile from one quarter to another. The lower rates also weighed on the returns of our own equity being redeployed. With this, let me now conclude on the capital with slide 21. We are pleased to confirm our stable Common Equity Tier 1 at a solid 12.5% this quarter, highlighting our capacity to absorb the 35 basis points impact of the AXA IM acquisition, thanks to our capital generation.

We also benefited this quarter from a positive modeling impact, as mentioned by Jean-Laurent, and as you can see in the bottom left, in the last four years, we have been significantly impacted by prudential and supervisory requirements, equivalent to 160 basis points over that period of four years, or 40 basis points, ergo €3 billion per year. What drives this impact? As mentioned, it’s the regulatory and supervisory inflation. Let me shed some light on this by giving an example. As a reminder, monitoring risk at BNP Paribas is done in a very detailed manner, and it is core to our setup. Doing so allows us to have all the data available to use advanced models to successfully track evolutions and reflect this in the related risk-weighted assets. I don’t need to remind you that this advanced modeling is de facto constrained by the new regulation.

Whilst we cannot predict precisely the impact going forward, we expect our capital generation to be much less constrained in the future, therefore providing us with a lot more flexibility, as you can see, with like 10 basis points organic capital creation in a quarter, which is the typical run we have on a quarterly basis. From now on, one can assume that the growth of our RWAs will be primarily driven by organic RWA growth, so estimated to be around 2% per year based on recent historical trends. We will obviously continue to contain this organic RWA growth as we did in the past. This is the strong point. The inflation is behind us, we generate 10 basis points per quarter. Let me illustrate the case of CIB, which is particularly telling.

As you know, we’ve successfully grown the platform at twice the pace of the market, and we’ve done so at marginal cost, notably by reducing our cost income from 72% to 60%. At the same time, we’ve kept organic RWA growth very well contained, averaging to around 0.4% per year over the period 2016 to 2024. Overall, we are comfortably on track to reach our Common Equity Tier 1 target of 12.5% post-FRTB in 2027. From here on, I’ll let you read for yourself slide 25 to 30 on the key elements of the quarter, as well as the growth drivers of our three operating divisions. With this, I’ll hand it back to Jean-Laurent. Thank you, Lars. To conclude on slide 32, our third quarter performance, driven by the acceleration of our operating divisions, is fully aligned with our trajectory.

Our priority remains the successful execution of the AXA Investment Managers integration, which represents a strategic transformation level for the group, thanks to its integrated model. While our growth drivers are firmly established within CIB and IPS, we are pursuing disciplined actions to improve the profitability of each business line when needed within CPBS. This year, we started with CPBF and Personal Finance, and we are now continuing with CPBB and Poland. Finally, our Common Equity Tier 1 ratio of 12.5% provides us with additional flexibility, and the new phase we’re entering paves the way for enhanced capital generation. This concludes our presentation. We would now be happy to take your questions.

Conference Moderator, BNP Paribas: Ladies and gentlemen, if you would like to ask a question, please press star and one on your telephone keypad. Please lift your handset, ensure that the mute function on your phone is switched off, and that you are in a quiet area to maximize audio quality. I would like to remind you that this Q&A session is dedicated to our third quarter results and AXA Investment Managers integration. I also would like to remind you to please limit yourself to a maximum of two questions. We will take questions as many as time permits. Again, please press star and one to ask a question. First question is from Tarik El Mejjad, Bank of America.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Hi, good morning. Good afternoon, sorry, everyone. It’s unfortunate we can’t ask a question about Sudan because I think we all wanted to hear how you can frame your potential loss and we are still in the billions kind of area in terms of settlements. I respect your decision. Two questions from my side. First, on the capital, which is very important here for you. I think it’s your main kind of way to reassure the market of your capital absorption in the context of the Sudan-related litigation. You had a good capital build in the quarter, 12.5. First, I want to understand what is structural there, why it’s one-off. I was wondering why you don’t change your medium-term or your at least 2025 target of 12.3. I noticed that you don’t mention that anymore, but do you expect to end the year at a higher level?

If I do, to Jean-Laurent, your comment about 10 bps per quarter, if I take nine quarters till end of 2027 and then adjust for the 40 bps for FRTB, I’m already at 13%. What am I missing there, what could be the headwind that will set you back to 12.5? The second question is on the, still on the capital, is what other actions you can do to actually fast track the capital build beyond organically? Would you consider some non-organic footprint optimization or something to reassure the markets on your capital absorption? The question on the Jaws. In slide five in Q2, you were very specific about your Jaws in the second half. In your plan, you target more than 1.5% for every year of the plan.

Do you still stick to this guidance, and how are you comfortable to reach this Jaws level with the AXA IM integration in the coming years? Thank you.

Okay, thank you for your question. If you look precisely at what took place since the beginning of the year, we said at the end of 2024, commenting the yearly result of 2024, that in 2025, we will generate roughly 30 bps of capital, and we will suffer, let’s say, 10 bps in terms of supervision. The net would have been 20 bps, plus 20 bps. Capital generation, we delivered 10 bps in the first quarter. We delivered additional 10 bps in the second quarter through SRT. Once again, we delivered 10 bps this quarter. All in all, as of today, we have already delivered the 30 bps. If you look at the supervisory, I would say, dimension, we lost 10 bps in the first quarter. We lost 10 bps in the second quarter. Then we got plus 25 in the third quarter.

In the third quarter, that 25 is, I would say, based upon two very different, I would say, dimensions. One is a kind of, I would say, regular evolution. It can be considered as a normal evolution. The other one that is in the range of 15 bps, one five, is more, I would say, an exceptional evolution. This is the end of a long story of rebasing a quite important model. These 15 bps, one five, are an exceptional. They’re back. They’re given to us on the shoulders, and that’s it. If you look at the big since the beginning of the year, we lost 10 in the first. We lost an additional 10 in the second. We’re having plus 10 in the second, in the third.

If you look at the supervisory side, I would say the regular one, we’re at minus 10 at the end of the third quarter. Again, since the beginning of the year, we built up 30 bps in terms of capital generation. We suffered 10 bps of supervisory, I would say, burden, and we got a positive 15 bps one-off. This one-off is done. This is over. Looking ahead at the fourth quarter, we’re not expecting anything significant. Again, since the beginning of the year, we built every quarter 10 bps in terms of capital generation, one way or the other. We suffered 10 bps of, let’s say, supervisory burden, and we got a positive one-off of plus 15 in the supervisory dimension.

This explains why we’re already at 2.5% after having absorbed AXA IM and we’re having 20 bps above the 12.3% pre-FRTB target that was supposed to be the target by year end. We are very much, I would say, confident that that 2.5% is the level we will deliver by year end. It’s not a question of changing the target for year end, but we’re already at 12.5%, and we do not see anything that would push us down to 12.3%. What we have to understand about the FRTB is that it was supposed to take place beginning of 2025. It was postponed one year, beginning of 2026, and now it’s postponed again a second year, beginning of 2027. You know, I probably, you know that there are conversations at the level of the European Commission just to neutralize this FRTB for probably a period of three years.

This is not done, but there is a certain probability, probably more than 50%, that one way or the other, that FRTB is going to be neutralized for a certain period of time. For the time being, we consider we have to be prepared, and this is why we keep those 30 bps. Looking ahead, we said recently it was in September, I guess, at the Bank of America conference. We said that mechanically, considering the, I would say, the additional profitability of the group by 2027, the CET1 post-FRTB will reach naturally, mechanically, 2.5%. This is again what we said in the presentation. The reality, as you said, is that we’re going to exit 2025 at a high level. This is a fact.

Not only the return on tangible equity of the company is moving up, so we are generating more rapidly equity capital, but on top of that, as Lars mentioned it, we’re exiting a cycle, a phase that has been very, I would say, negative for BNP Paribas. Once again, we paid over the last four years the tribute of 160 bps if you add the completion of Basel and supervisory, I would say, approach, basically model updates. This is 2.5 times, I would say, average, I would say, benchmark. The peer group was on average in the range of 60 bps, and we were at around 160 bps. On top of that, we’re going to pay potentially for that FRTB. In total, we had to build up €15 billion in those four years.

Now, if you look closely at the evolution of the risk weight at BNP Paribas over the past four years, we’re only at 2% average by year. In fact, the model is not extremely high in terms of risk weight consumption. Looking ahead, because we’re exiting that very adverse, I would say, cycle, considering the situation of BNP Paribas, looking ahead, now the risk weight will, I would say, progress very much in line with the operational risk weights, which is comparing to the last period at a much lower level. Once again, what we suffered is not linked because we had poor models or an approach that was not relevant. It’s just because the new supervision, the new regulation was very adverse to advanced modeling. This is one very important point. We’re exiting 2025 with, I would say, an additional 20 bps compared to the 12.3.

By 2027, we’ll be at 12.5 because of the company generating more, I would say, profits. On top of that, we’re exiting a cycle that was quite negative, adverse to BNP Paribas, and the future is going to be very much along the operational risk weight, I would say, evolution. All in all, you are telling us 13 bps, 13%. Why not? I mean, this is just a rapid computation. This is the situation. Not only the company is going faster in terms of profits, but we’re exiting a cycle that was very negative. On top of that, we’re exiting 2025 at a high level. To be confirmed, CET1 consumption for AXA IM is 35 bps, full stop, which also gives some, I would say, additional good news. This is the equity, the equity to some extent, capital absorption.

Looking at the Jaws, you notice that we suffered in the third quarter from the FX, 1.3% on porch in terms of total revenue, and the swing in the DVA. Plus 16 last year, minus 55 this year. This is a swing of roughly 0.9%. In total, we suffered 2.2%. 2.2% and 2.4% are 4.6%. This is very much what makes the difference in between the consensus that was at around 4.1%. We said the top line, we provided only 2.4%, but because of two headwinds, one was the FX, one was the DVA. Looking ahead, probably in the last quarter, we will suffer the same, I would say, FX headwind. Why? This is the result of the U.S. dollar on the yearly evolution. Second, the Turkish lira, basically in the third quarter. Half-half, that was the result of these two evolutions.

Looking ahead in the fourth quarter, it’s going to be very much the same. We’re not going to suffer the DVA in this fourth quarter. Normally, it’s going to be close to null. The base effect used to be negative. It’s very different from the situation in the third quarter. Ultimately, in the fourth quarter, we have not anymore any base effect based upon the Arval Yuzka business. This is in the range of $100 billion. If you get rid of 0.9 that are the DVA in the third quarter, and if you get rid of the base effect in the fourth quarter, you get an additional 0.8. In the fourth quarter, we’re having $1.7 billion that is going to more than rebalance the FX effect. This is why the fourth quarter ultimately, to some extent, is going to be slightly easier than the third quarter.

Looking at the Jaws effect, if you look precisely at the operating divisions, which are basically, I would say, the dimension that is providing the group with the Jaws effect, we are during the third quarter at 2%. We are moving up, comparing this Jaws effect to the first half of that year. This is very much linked to the acceleration you are seeing within CPBS, especially domestic markets and personal finance. This is going to continue. You will see in the fourth quarter an additional, I would say, evolution in the positive direction. At the end of the day, the 2.5% for the second half is our target, and it remains our target. The fourth quarter and the third quarter in terms of, I would say, impacts, to some extent, external impacts, impacts that are not linked to the operating divisions, they’re very different.

The third one is quite negative, and the fourth one is quite neutral. This is my answer for the Jaws.

Sandro Pierri, CEO of BNP Paribas Asset Management, BNP Paribas: Thank you.

Conference Moderator, BNP Paribas: Next question is from Giulia Aurora Miotto, Morgan Stanley.

Hi, morning, afternoon, rather. Thanks for taking my questions. I have two. The first one is on AXA IM. How will the structure work? Will BNP Paribas Asset Management be consolidated within Cardif then? I thought AXA IM was being bought by Cardif, but then it’s getting consolidated into BNP Paribas Asset Management. I would be interested to understand that structure. Separately, I have a question on your stage three coverage ratio, which is going down from 70% to 66.6%. 70% it was in March. Should we read anything into that? Perhaps to expand on the question, what are you seeing in terms of asset quality deterioration in France? Is there any early warning? Thank you.

On the first point, I would say Cardiff bought AXA Investment Managers, and BNP Paribas was merged into Cardiff. In fact, the merger between BNP Paribas, BNP Paribas Asset Management, and AXA Investment Managers is done under the Cardiff umbrella. The new asset management platform belongs to the insurance company.

Yes, very clear.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: On the second question, when it comes to the doubtful loans over the gross outstanding, and your stage three coverage ratio, it evolved from 68 to 66.6. The main thing you see here is that there are new entries, as happens so often, which have low provisioning level given the high collateralization. That’s the kind of elements that you see. You can see it’s the same in the doubtful loans versus the gross outstanding. That is the typical evolutions that you have. When these things are worked out, there is compensation when it moves into the effect of stage one and two. Intrinsically, that’s how you should see it.

Conference Moderator, BNP Paribas: Thank you. Next question is from Delphine Lee, JPMorgan.

Yes, good afternoon. Thank you for taking my questions. The first one is just to understand, you know, on the revenue side, because if we look at in retail in the eurozone, CPB in the eurozone, I think your guidance is more than 3%, but so far, I think the trend is trending a little bit close to 2%. What are you expecting in Q4? Where’s the kind of acceleration coming from? It doesn’t seem to be BNL, but is there something in Belgium or do you see at the moment an improvement in France, which could, you know, lead to that more than 3% for the whole year? My second question is just very quick clarifications.

I don’t know if you can say anything on, you know, sort of the provisions and the, let’s say, the one-off elements that you took this quarter, whether that’s the provisions in Global Markets or the, you know, the ding you had in BNL, what was that related to? Or in the Corporate Center, just to explain a little bit more, kind of like, outside of the DVA impact, what was the, you know, the impact from rates and funding costs of AXA? Just so we understand a little bit like, you know, how to forecast for future years. Thank you very much.

On the revenue side for the domestic bank, within the eurozone, we set a target of 3% for 2025, and we keep that target. For 2025, we very much believe we’re going to deliver those 3%. If you look at the profile of those divisions altogether, they’re moving up, in particular because Belgium and France are accelerating. Yes, we stick to the 3% target for 2025 for those eurozone commercial banks. On the Global Markets provision, this is a specific situation. This has nothing to do with any other situation that occurred recently in the U.S. with regional banks, private credit, and so on. This is totally different. It happens, unfortunately, from time to time. We tend to say at BNP Paribas, every four or five years, you would get something at Global Markets.

If you take that out of the third quarter, our third quarter is very much aligned with the first half of 2025. Basically, in the third quarter at BNP Paribas, away from that very specific situation, nothing happened compared to the first half of 2025.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Delphine, your two other questions. With respect to BNL, what we have is basically a reevaluation of a participation. As you know, we from time to time have these things, and it basically helps us to compensate in the bottom line, the impact of restructuring. We typically said we have like €400 million kind of restructuring costs, and we aim to have capital gains realized or reevaluations in order to compensate that. That is basically this. When you talk about the general account where you have a question, if you look at the general account specifically in the third quarter, as mentioned, there is the DVA, which is €50 million negative, whereas it was €50 million positive over last year. If you look at AXA IM, there is the €60 million of restructuring costs, which was basically zero last year.

You also had the impact of own funds, which the redeployment happens in lower rates. That is a bit those kind of effects. Let me remind you of our overall guidance on the corporate center over the full year. Intrinsically, we say that over the year, our NBI is zero. When I mean zero, that means it can be between minus €100 million and plus €100 million. You basically see that is where we are, in particularly what we guided that in the fourth quarter, we think it will gravitate around zero. When you look at cost, the run-of-the-mill cost corporate center are basically €400 million. On top of that comes the restructuring cost. In a normal situation, that will also be gravitating around €400 million.

What we now basically say is that also given the overall restructuring we have with AXA IM, it is going to be around €600 million in 2025, and it is going to be around €800 million in 2026. Then it should taper back to where it was before. That is basically, Delphine, on the general account.

Conference Moderator, BNP Paribas: Thank you very much. Next question is from Stefan Stalmann, Autonomous Research.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Hi, yes, good afternoon. I would like to come back to the credit quality issue in Global Markets and the increase in stage, or actually in doubtful loans, as you label them. You had this increase of almost €1.5 billion in doubtful loans during the quarter. That happened at a time when you actually described the credit quality situation in basically all of your operating businesses as very stable. Is it fair to assume that this increase largely relates to Global Markets and largely relates to this one case that created the provisions? Is it then fair to assume that you have basically provisioned a fairly large, lumpy exposure at around 10 to 15%? If that’s all correct, roughly, I think you hinted in an interview that there may be some context with payments or payment companies or payment counterparties.

I’m struggling a bit to see how that would fit into a Global Markets context. Is there anything else that you can add in terms of color about the counterparty here? That would be great. The second question on AXA Investment Managers. I’m curious whether you could maybe give us the share of passive and ETF AUM in the €1.6 trillion. Thank you very much.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: I’ll take Stefan, I’ll take your question on credit quality. Indeed, part of the impact that you see is related to that file. Generically, it’s the evolution that in the current environment, the new entries that we have seen, which are collateralized, have a low collateralization. When it comes to the file, you know we don’t give names and the likes, but what we said, it is not the usual suspects. The field in which you should basically see it, which is a global market field, is in the domain of receivables financing. That is the domain. That is why it is part of Global Markets. That is the domain. We leave it to this, Stefan. I’m not going to give you more insights on that.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Thank you.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: What was the question in ETF? Sorry, if you can say it again.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: I was just curious, roughly what proportion of the $1.6 trillion is actually in passive and ETFs?

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Sure. Today, ETF and index is approximately $55 billion. The percentage is close to 7%, more or less, to, sorry, to 3.5%. Clearly, it was a bigger percentage on a BNP Paribas Asset Management standalone. Why? Because AXA Investment Managers, they only recently started an active ETF business. Clearly, the percentage has been diluted by the acquisition. I can also confirm that as part of the plan, ETF is a renewed ambition. We clearly have significant ambitions, which we’ll be happy to detail more in the deep dive in the first half of next year, to, as a minimum, bring it back to the percentage that we had before the dilution coming from the AXA Investment Managers transaction.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Great, thank you very much.

Conference Moderator, BNP Paribas: Next question is from Sharath Kumar, Deutsche Bank.

Thank you. Good afternoon. Thank you for taking my questions. I have two. Firstly, a clarification on the 2025 revenue guidance. I noticed that you achieved only 2% in the third quarter versus your guidance of +5% for the second half, which is excluding the contribution from AXA IM. I acknowledge the bulk of the risk was driven by Corporate Center, but can you reconfirm this guidance? That’s the first one. The second one is on Arwen. How can we draw comfort on the residual value risk for Arwen? I ask this in the context of the high organic growth seen in Arwen in the last several quarters versus a more cautious approach by your main competitor. Related to this, can you give an indication of the current EV mix within your fleet? Thank you.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Listen, I think we guided on the revenue. Jean-Laurent has broken it down. What is the impact? Why the deal-prill divisions? It is a tad lower. It is basically the impact of forex and the impact of DVA. I’m not going to come back to that; it is what you see. On Arval, there has been the impact when you compare the results with last year of the residual value of the cars. There was a lift that was still available in the first nine months, and that’s basically coming to an end. The remaining contribution in the fourth quarter a year ago was €50 million. It is basically non-material on that. For the rest, the growth in the fleet that we continue to see, again, which is balanced between, on one hand, EV and ICE.

That growth that we see is the intrinsic demand we see in the market, and we feel comfortable with it.

Thank you.

Conference Moderator, BNP Paribas: Next question is from Andrew Coombs, Citi.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Afternoon. If I could follow up on AXA IM and then perhaps touch upon banking. In AXA IM, you talked in depth about the cost synergies, the revenue synergies. Could you just touch upon whether there are any dis-synergies anywhere across the combination of the businesses? Separate to that, can you just provide the phasing of the €690 million restructuring costs? Separate to that on banking, down 4% Q/Q, down 3% year on year. I appreciate that transaction banking is included within that and that you’re going to be impacted by rates and FX, but it looks like your capital markets activity was perhaps slightly light compared to the U.S. peers. I think you talk about advisory being flat year on year. Is there anything you can say on why you might have underperformed the peers? Is it just a regional bias? Anything you can add? Thank you.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Maybe I’ll take the first one on dis-synergies. If I understood well, the question is on AXA IM. It’s a pretty quick answer. We don’t foresee any dis-synergies out of the transaction. Yes, and when it comes to Global Banking, there is the effect of the tariffs, there is the effect of the rates, and there is the effect of forex. That’s what you see. If you look through the forex, it’s basically stable. Then there is indeed a different dynamic. There is the dynamic which continues to grow in the U.S. dollar, and there is a wait and see attitude in Europe. The pipeline is there, but there is a wait and see how these things will crystallize. That’s basically how to read Global Banking.

Just to give, I would say, some additional color, I mean, if you look at the Global Banking platform and if you isolate the U.S. part at BNP Paribas, this one is up by 21%, which is very much in line with U.S. banking platforms. Unfortunately, EMEA and continental Europe were not having that same kind of evolution. It is very much linked to the in-between situation in Europe. A lot of companies are postponing transactions, and the pipe is there again, but still to be seen. This is the only business, if you look closely at BNP Paribas, that third quarter that is below expectation, slightly below expectation. Instead of being plus 4.5%, it’s below minus 2.6%. This is the only one that is slightly, I would say, behind the curve for obvious reasons. Again, it’s not a question of competitiveness throughout the platform.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: That’s very helpful, Carlo. It’s just the regional mix, which is what I thought it might be. I’m just following up on the €690 restructuring charge phasing.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Can you repeat the question? Sorry, because I lost it.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Yeah, of course. Sorry. You flagged €690 million of restructuring charges to deliver the synergies in AXA Investment Managers. Could you just provide the phasing of the restructuring charges? You provide the split of the timing of the synergies, but not the restructuring charges, as far as I can see.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: No, listen, we cannot give the total detail, but the big chunk will be this year and next year. That’s what you should assume. The biggest part will be next year. What we basically said, if you want to roughly, the cost, they will fall how they fall, but you could assume there is like €100 million this year, €400 million the year thereafter, and then €100 million the year thereafter. That is roughly how you should see it.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Thank you.

Conference Moderator, BNP Paribas: Next question is from Jacques-Henri Gaulard, Kepler Cheuvreux.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Yes, good afternoon. Two questions for me. You’ve announced actually a very interesting partnership with UniCredit on Securities Services, I think, in the course of the quarter. To have a little bit of color on that would be great. UniCredit has just announced as we speak that they were taking off all the money from Amundi by mid-2027. Would you be interested in that new investment management concept to effectively pitch for that? That’s the first question. The second question is on slide seven, where you’ve announced when you bring back your increase in ROTE. I think it’s the first time I saw the Belgium and Poland plans. Is it something that you’ve added afterwards to enable you to actually get to that 13% ROTE 2028? Or is it, on the other hand, something that could enable you to increase further that 13% 2028 and 2030? Thank you.

Regarding UniCredit, yes, we won the IFP for the Securities Services business of UniCredit, both in Italy and in Germany. It is HVB. There is some time to implement. We’ll see the effect in 2027. There is one year to go, to say it very, very simply. Looking at the situation again with UniCredit, of course, we’re open to any kind of partnership with any kind of platforms, commercial bank, private bank platforms that would need, I would say, highly quality assets, asset management. I would say it’s the normal game. Obviously, we can provide UniCredit potentially with all products that would be, I would say, efficient of interest. That’s it. Clearly, I do not know again how UniCredit will move. I mean, they have recently, if I understand well, rebuilt in-house some capacity within the asset management space, but for sure, there will be some room for new partners.

I don’t believe for a number of reasons they potentially, but I don’t know that they would consider, I would say, another global partner for everything.

Conference Moderator, BNP Paribas: There is room for some asset classes. Our new platform looking at the alternative universe could be very well positioned. Yes, we’re interested. We’ll compete. Having a good relationship, we might have some. This is a normal business situation. Nothing more, nothing less.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: On your question on slide seven, on the plans. Indeed, in the 13% ROTE that we’ve given by 2028, the evolutions, of course, of Belgium, Poland, and AXA IM are included. These plans will continue well beyond, and that’s basically the update that we will provide. I understand that I didn’t answer the question on the organic growth. This is 10% that we have. That’s two questions back. Would there be any remaining questions?

Sandro Pierri, CEO of BNP Paribas Asset Management, BNP Paribas: Next question is from Anke Reingen, RBC.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Thank you, Arnaud. I’m sure I’ll take my question. Just two small questions, please. Firstly, on the capital, you said that the regulatory headwinds are now coming to an end. I think, previously, you guided to a potential 20 basis points headwind in 2026. Is it best to assume, at this stage, that this will no longer be hitting your CET1 ratio? Secondly, on Belgium, I would have expected NII to see a bit more of an uptick in Q3. Is it basically the benefit of the stronger recovery you only expect to start from Q4 onwards on NII in Belgium? Thank you very much.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Yeah. If I take on the net interest income, indeed, the net interest income, as you mentioned, we said there would be a phasing in pickup. We announced that in France, it would happen in the second quarter. You’ll see it happening, and the pivot would start to be visible in Belgium. That’s what we have, and the impact will continue, particularly also in the fourth quarter on those two entities. When it comes to the headwinds, we basically said the majority of the headwinds are behind us. When we give a guidance going forward, we have like a kind of a placeholder. We will wait and see. That is what we assumed would happen. Here, what we do see is we see these headwinds tailing off. It’s rather a placeholder, more than anything.

Lars Machenil, Group Chief Financial Officer, BNP Paribas: Okay, thank you.

Sandro Pierri, CEO of BNP Paribas Asset Management, BNP Paribas: Next question is from Pierre Chédeville, CIC Market Solutions.

Conference Moderator, BNP Paribas: Yes. Good afternoon. I had a question of methodology regarding the objective of ROTE at 12% in 2026. Because you don’t say around 12% or above 12%. In the meantime, you mentioned that your return on invested capital was increased by 4 points. You also mentioned that Personal Finance and the French retail will have an impact of the ROTE above 0.5 points. You also mentioned that we will have a deep dive in Belgium and Poland. We hope that you will announce probably that you try to do better than a post-tax run below 10% on the cost of equity. I was wondering if you have all these intermediary objectives that are improving, why the global objective, the global group ROTE remains at the fixed 12%.

Another question, which is related to that, is regarding AXA IM, regarding the synergies that you plan, and the fact that probably BNP Paribas Real Estate will improve when they are on over for you. What would be, in your opinion, a decent cost income ratio regarding the size and the mix of this new entity? Thank you.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: I’m going to take the questions on the cost income, reasonable level of cost income for that platform. If I look at the business mix, including the fact that the starting point of BNP Paribas Asset Management is a larger share of external distribution, which clearly comes with a higher cost, we plug all the different elements. I think the 60% cost income is, I would say, on average, year in, year out, would be, I think, a realistic target to have in mind.

Conference Moderator, BNP Paribas: Thank you. Okay.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: With respect to the impacts, the improvements, several of the improvements that we mentioned, you have to see the effect as being like in 2028. For example, you look at Personal Finance and BTF. Basically, by 2026, it will be half a point as the impact. The same is true for AXA. The impact comes over time by 2028. You should see the phasing of the impacts over time by 2026 and by 2028, and then you get to those numbers.

Conference Moderator, BNP Paribas: We have no hope but to improve the 12% in 2026?

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: You can have hope in banking, of course. The reality is that the trajectory and the commitment is to deliver 12% return on tangible equity in 2026. Again, Personal Finance and the French Domestic Bank, we provide 50 bps in between 2025 and 2026, and again, an additional 50 bps in 2027 and 2028. AXA IM, because of the, I would say, restrict cost in 2026, basically, is not going to improve the return on tangible equity. 2027 is going to be still a bit shy. You will see full speed in 2028 and even more in 2029, and probably more looking at 2030. This is progressive. The Belgium bank started this year. We’ll accelerate next year. This is 2027, 2028. Polska, remember that we have to pay next year a level of tax that is slightly higher than this year.

They pushed up the rate at, I don’t remember, 30-something from 18.

Conference Moderator, BNP Paribas: Yeah, next year, we’re going to pay €50 million to €100 million more in Poland. It will taper off again.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: All right. All these levers are in place. 12% is the target for 2026. If we can deliver a better target, we’ll try. We’ll do our best. 12% is the target. 2028, we’re having 13%. This is the target. 2030 probably is going to be at 14%. As you remember, we’re moving the group up by 2% touchpoint of return on tangible equity every midterm plan. This one is from 10% to 12%. The previous one used to be from 8% to 10%. The previous one was from 6% to 8%. Probably, the next one is going to be about 12% to 14%.

Conference Moderator, BNP Paribas: It will have to come back in 2027.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Yeah.

Conference Moderator, BNP Paribas: Okay, thank you very much.

Sandro Pierri, CEO of BNP Paribas Asset Management, BNP Paribas: Gentlemen, we have no more questions registered at this time.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Thank you, thank you. We’ll deliver. Thank you so much. Take care.

Conference Moderator, BNP Paribas: Thank you.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Bye.

Conference Moderator, BNP Paribas: Thank you so much.

Jean-Laurent Bonnafé, Group Chief Executive Officer, BNP Paribas: Bye-bye.

Conference Moderator, BNP Paribas: Have a good day.

Sandro Pierri, CEO of BNP Paribas Asset Management, BNP Paribas: Ladies and gentlemen, thank you for joining. This concludes the call of BNP Paribas third quarter 2025 results. You may now disconnect.

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