Annual Report 2025 CFM INDOSUEZ WEALTH MANAGEMENT
Contents Welcome to CFM Indosuez In 2025, Indosuez celebrated the 150th anniversary of its history, which has been built alongside that of the entrepreneurs and families we advise, mainly in Europe, Asia and the Middle East. As an international bank, we also rely on our strong local roots to serve our clients through bespoke, long-term relationships. We work alongside our clients to help them build, protect, develop and pass on their wealth.
02. Indosuez Wealth Management 8 Our identity: Our network and key figures 10 General Management 13 Our history 14 Message from the General Management of Indosuez Wealth Management Group 16 2025 review and 2026 financial market outlook 18 Continuation and progress: 2025 highlights 20 Review of our 2022-2025 Medium-Term Development Plan 22 2025 non‑financial report: Our conviction regarding sustainable development 24 03. Activity report CFM Indosuez Wealth Management 32 CFM Indosuez Wealth Management 34 Message from the directors of CFM Indosuez Wealth Management 36 Message from the Executive Directors 38 The Monegasque environment 40 Advisory 41 Wealth Management 42 Boosting cultural and managerial transformation 44 Corporate governance 46 Report of the Board of Directors to the Ordinary General Meeting of 12 May 2026 50 Resolutions for the General Meeting 54 Internal control 56 04. Consolidated financial statements CFM Indosuez Wealth Management 60 Statutory Auditors’ report 62 Consolidated financial statements as at 31 December 2025 66 Individual Accounts as at 31 December 2025 with financial statements 152 Our Banks: our active locations 166 01. Crédit Agricole Group 4 Annual Report 2025 3
01 . ← Minutes of the first Board of Directors meeting, 1875 CFM Indosuez Wealth Management 4
Crédit Agricole Group Annual Report 2025 5
Crédit Agricole Group: rankings & key figures PROVIDER OF FINANCING TO THE FRENCH ECONOMY INTERNAL SOURCE: ECO 2025 INSURER IN FRANCE SOURCE: L’ARGUS DE L’ASSURANCE, 12 DECEMBER 2025, DATA AT END-2024 EUROPEAN ASSET MANAGER SOURCE: IPE “TOP 500 ASSET MANAGERS”, JUNE 2025 RETAIL BANK IN THE EUROPEAN UNION BASED ON THE NUMBER OF RETAIL BANKING CUSTOMERS COOPERATIVE MUTUAL BANK IN THE WORLD SOURCE: WORLD CORPORATE MONITOR 2025, NOVEMBER 2025 (IN REVENUES) LARGEST GLOBAL BANK BY BALANCE SHEET SIZE SOURCE: THE BANKER 2025 46 countries No. 1 No. 1 No. 1 No. 1 No. 1 10th 55 million customers 8,065 branches 6,650 in France REGIONAL BANKS AND LCL 12.3 million mutual shareholders INCLUDING CFM Indosuez Wealth Management 6
Group scope Crédit Agricole Group includes Crédit Agricole S.A., as well as all of the regional banks and local banks and their subsidiaries. 21.8% institutional investors 12.3m mutual shareholders who hold mutual shares in 63.5% 36.5% 6.6% employee share ownership plans (ESOP) 39 regional banks who together hold the majority of the share capital of Crédit Agricole S.A. via SAS Rue La Boétie1 8.1% individual shareholders 2,376 local banks NS3 treasury shares REGIONAL BANKS HOLDING FLOAT HOLDING hold 100% of sacam mutualisation holding 25% of the regional banks political link fédération nationale du crédit agricole (FNCA)2 ASSET GATHERING AND INSURANCE LARGE CUSTOMERS RETAIL BANKING SPECIALISED BUSINESSES AND SUBSIDIARIES SPECIALISED FINANCIAL SERVICES 1. The Regional Bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation. 2. The Fédération nationale du Crédit Agricole (FNCA) acts as a think tank, a mouthpiece and a representative body for the Regional Banks vis-à-vis their stakeholders. 3. Non-significant (0.013%). Annual Report 2025 7
02. ← First annual report, 1875. CFM Indosuez Wealth Management 8
Indosuez Wealth Management In this chapter, Indosuez Wealth Management encompasses CA Indosuez and its subsidiaries Annual Report 2025 9
4,300 employees 15 regions +€18.2 bn in AuM since 31/12/2024 Europe Germany Belgium Spain France Italy Luxembourg Monaco Netherlands Portugal Switzerland Our identity Indosuez Wealth Management is the global wealth management brand of the Crédit Agricole Group, ranked the world’s 10th largest bank by balance sheet size. Built on more than 150 years of experience supporting families and entrepreneurs around the world, Indosuez Wealth Management operates in 15 regions where it offers its clients an international, tailored approach that enables each one to preserve and grow their wealth in close alignment with their individual goals. Its 4,300 employees provide expert advice, exceptional service and a global vision for both private and professional wealth management, while supporting the shift towards more sustainable development and a more responsible economy. CFM Indosuez Wealth Management 10
€233 bn in AuM €1,671 mn in net banking income Middle East Abu Dhabi Dubai Asia Pacific Hong Kong SAR New Caledonia Singapore 2025 RESULTS In 2025, Indosuez Wealth Management’s net banking income was €1,671 million, up 19.6% compared to end-December 2024, benefiting in particular from the integration of Degroof Petercam in June 2024. Expenses were up 22.2% mainly due to the impact of the integration of Degroof Petercam and the associated costs. Gross operating income increased by 8.4% to €286 million. Net income Group share came to €170 million in 2025, up 19.7% compared to 2024. ASSETS UNDER MANAGEMENT With €233 billion in assets under management at 31 December 2025, Indosuez Wealth Management posted €18.2 billion (or +8.5%) in growth since end-December 2024 thanks to net inflows of +€6.2 billion, the impact of integrating Banque Thaler (+€3.3 billion in the third quarter of 2025) and favourable market and currency effects. Annual Report 2025 11
→ Medal commemorating the 100th anniversary of Banque de l’Indochine and the founding of Banque Indosuez, 1975. CFM Indosuez Wealth Management 12
General Management Jacques Prost Chief Executive Officer, CA Indosuez Charlotte de Chavagnac Head of Communications, CA Indosuez Mathieu Ferragut Deputy Chief Executive Officer, Advisory, Financing and Coverage, CA Indosuez Marc-André Poirier Chief Executive Officer, CA Indosuez (Switzerland) SA Anne-Laure Branellec Head of Human Resources, CA Indosuez Peter de Coensel Head of Investment Management, CA Indosuez, Chief Executive Officer, DPAM Sylvie Huret Chief Executive Officer, Degroof Petercam Guillaume Rimaud Chief Executive Officer, France Business Unit Olivier Carcy Chief Executive Officer, CA Indosuez Wealth (Europe) Marie Delesalle Head of Client Service Officers, CA Indosuez Olivier Chatain Head of Strategy, Legal and Transformation, CA Indosuez Bénédicte Chrétien Chief Executive Officer, CFM Indosuez Wealth Management Isabelle Denoual Frizzole Head of Compliance, CA Indosuez Alexandre Ledouble Chief Financial Officer, CA Indosuez Chrystèle Dagras Head of Risk and Permanent Control, CA Indosuez Pierre Masclet Chief Executive Officer, Fund, Technology & Banking Services, CA Indosuez Chief Executive Officer, Azqore Annual Report 2025 13
1875 Founding of Banque de l'Indochine. 1876 First Private Banking office opened in Switzerland (Crédit Lyonnais). 1920 First roots established in Luxembourg (founding of La Luxembourgeoise). 1922 Founding of Crédit Foncier Monaco. 2021 The Indosuez Foundation in Europe celebrates its tenth anniversary. 2022 A year later, the Indosuez Foundation in Switzerland and the rest of the world celebrates its tenth anniversary. 2018 Capgemini buys a 20% stake in Azqore, a subsidiary of Indosuez Wealth Management specialising in the outsourcing of information systems and the processing of banking transactions. Finalisation of the merger between Banca Leonardo and Indosuez Wealth Management. Our history CFM Indosuez Wealth Management 14
1996 Banque Indosuez joins Crédit Agricole Group. 2016 Adoption of a single brand: Indosuez Wealth Management. 2017 Acquisition of CIC’s private banking operations in Hong Kong SAR and Singapore. 2023 Acquisition of Wealth Dynamix (specialising in customer relations for private banks) and of a stake in AirFund (a digital platform for distributing and investing in private markets). 2024 2025 Acquisition of the Belgian bank Degroof Petercam. Opening of a branch in Portugal. Acquisition of Banque Thaler in Switzerland. Planned acquisition of the Wealth Management clients of BNP Paribas in Monaco. 1975 Founding of Banque Indosuez in France from the merger of Banque de l'Indochine and Banque de Suez et de l'Union des Mines. Annual Report 2025 15
Jacques Prost Chief Executive Officer CA Indosuez Pierre Fort Chairman CA Indosuez “Indosuez is on track to increase its market share and attract new clients.” CFM Indosuez Wealth Management 16
The year 2025 ended with unprecedented momentum for Indosuez Wealth Management, marked by a change in scale and the achievement of all the objectives set as part of our Ambitions 2025 MediumTerm Plan. In a persistently unstable global environment, our Group demonstrated its ability to adapt and its collective commitment to serving its clients across all its regions. This remarkable performance is primarily reflected in record-breaking sales activity, with net inflows of more than €6 billion, driven by the relevance of our offering, our external growth and favourable market and currency effects. Our NBI was nearly €1.7 billion, up nearly 20%, as was our net income Group share. Completing the integration of Degroof Petercam, a major strategic step, bolstered our positioning as a leading European player in wealth management. In 2025, Indosuez Wealth Management continued to grow with two new acquisitions: Banque Thaler in Switzerland and the planned acquisition of the Wealth Management clients of BNP Paribas in Monaco. These transactions position us as a market consolidator offering one of the most comprehensive service ranges on the market, across 15 regions primarily in Europe, as well as in Asia-Pacific and the Middle East. Iconic initiatives were also launched in 2025, illustrating our capacity for innovation and forward thinking, including a new structure to better serve our high-net-worth clients which is already bearing fruit; the inception of Indosuez Academy with INSEAD to support a new generation; and the creation of Indosuez Corporate Advisory with Crédit Agricole CIB to advise executive shareholders on their corporate finance issues. Such achievements demonstrate our determination to broaden our support and offer high value-added solutions. This dynamic has resulted in international recognition, including from the most prestigious institutions. Our expertise in investment management is also recognised, with 81% of our funds featuring Morningstar ratings of three to five stars. As we head into 2026, our industry is on the verge of major challenges, including the largest intergenerational wealth transfer in history, growing disintermediation, and the acceleration of technological innovation via artificial intelligence. In addition, the global financial landscape is entering a recalibration phase whereby monetary policies are adjusted, investments are renewed due to the rise of AI and infrastructures are modernised, particularly in the energy sector. To meet these challenges, our new strategic plan for 2028 sets out a roadmap with two objectives – to solidify our leading position in Europe over the long term and enhance synergies within the Crédit Agricole Group. This path is based on several drivers, including our expansion in France and abroad, the enlargement of our offering – with a marked acceleration in real assets such as real estate and in private markets – as well as particular attention to younger generations. With 150 years of history, we are taking a long-term approach and will continue to support our clients with determination, to innovate and to fully contribute to the strength of the Crédit Agricole Group through the commitment of our teams. Message from the General Management of Indosuez Wealth Management Annual Report 2025 17
Bénédicte Kukla Chief Strategist, CA Indosuez Alexandre Drabowicz Chief Investment Officer, CA Indosuez 2025: A WORLD IN TRANSFORMATION The year 2025 was marked by a dramatic acceleration in economic, political, and technological shifts. The speed of these changes caught many analysts off guard, as financial markets navigated an environment defined by heightened volatility, rising geopolitical uncertainty, and the reconfiguration of global value chains. Despite the challenging context, global economic growth proved resilient. Innovation remained a key driver, fuelled by the remarkable rise of artificial intelligence, which has measurably contributed to the dynamics of trade and investment. The United States demonstrated notable strength, underpinned by strong consumer spending and sustained investment activity. Meanwhile Asia has emerged as a central hub of globalization, driven especially by China, South Korea, and Taiwan. In Europe, the partial withdrawal of the United States has contributed to greater economic unity and prompted the initiation of new investment programmes, particularly in Germany with a stronger focus on infrastructure and defence. More generally, European capital markets have seen renewed attractiveness, while the euro appreciated by over 10%, reflecting increased investor confidence in the stability of the region and its institutions. The exceptionalism of the US economy persists, with global portfolios — including our own — continuing to focus strongly on US assets. Nevertheless, growing scepticism regarding the dollar has led investors to actively manage currency risks and partially hedge their positions. This shift has also sped up central banks' efforts to diversify their reserves, with a rising interest in gold. At the same time, the renminbi is gaining influence in global trade, and the growth of Chinese technology has further broadened investor interest in emerging market assets. 2025 Review and 2026 Financial Market Outlook CFM Indosuez Wealth Management 18
2026: THE GREAT RECALIBRATION As 2026 begins, the global financial landscape is entering a major recalibration phase. Central banks are revising monetary policies, governments are reassessing expenditure to fit a changing geopolitical scene, and businesses are renewing investments spurred by advancements in AI and the imperative to modernize infrastructure. Electrification, now recognized as essential for both national security and the energy transition, is emerging as a fundamental strategic priority. Increasing energy demand, driven by AI and data centres, is reshaping industrial agendas. Emerging markets are benefiting from a favourable environment, driven by robust economic growth and enhanced financial conditions due to the relative depreciation of the dollar. In this rapidly changing context, investment strategies for 2026 emphasize flexibility, diversification, and balance between risk-taking and capital preservation. Focus areas include risk assets, high-quality corporate debt, and real assets. Staying agile and anticipating major trends will be key to capturing opportunities and building resilient portfolios. At the beginning of 2026, the global financial landscape entered a major recalibration phase. Annual Report 2025 19
FIRST HALF A new structure Indosuez established a new federal structure focused on the business lines to better meet its clients’ needs and reflect its change in scale. Three branches were created under the supervision of Mathieu Ferragut, Peter De Coensel and Pierre Masclet. Creation of Indosuez Fund Solutions This new centre of expertise and services dedicated to investment funds was a result of the merger between Indosuez Wealth Management’s asset management companies in Luxembourg and Degroof Petercam. An agreement to acquire the Wealth Management clients of BNP Paribas in Monaco As a result of this transaction, CFM Indosuez is strengthening its leading position on the Monegasque market. The clients concerned will benefit from ongoing support, recognised local expertise and a comprehensive offering. Blue Economy and Finance Forum Alongside Crédit Agricole S.A. and Crédit Agricole CIB, CFM Indosuez was partner to the Blue Economy and Finance Forum (BEFF) in Monaco last June ahead of the United Nations Ocean Conference (UNOC). The goal of the BEFF is to massively activate funding to restore ocean health and accelerate the transition to a sustainable and regenerative blue economy. JULY Integration of Degroof Petercam The capital restructuring operations (14 in total) were finalised in mid-2025, in line with the projected timetable, unlocking the potential for synergies. Everblue: a new iconic building in Monaco CFM Indosuez unveiled its Everblue project: the building acquired in 2019 will benefit from an ambitious renovation that will make it exemplary from an environmental standpoint, with delivery scheduled for 2027 to offer employees a new workspace. SEPTEMBER Closing of the Banque Thaler acquisition This transaction enabled Indosuez to underpin its position on the Swiss market and provide Banque Thaler’s clients with an expanded offering, the Group’s international expertise and its solutions in wealth management, financing and asset management. New offices in Singapore Crédit Agricole CIB and Indosuez Wealth Management opened a new office in Singapore to support local and regional growth momentum. This inauguration coincided with an important milestone – the 120th anniversary of Crédit Agricole’s presence in the city-state. Continuation and progress: 2025 highlights CFM Indosuez Wealth Management 20
NOVEMBER Acquisition of the entire share capital of Wealth Dynamix Indosuez announced the acquisition of the minority shareholders’ stake (30%) in WDX (a wealth tech firm founded in 2012 that markets client lifecycle management solutions to private banks, wealth managers and asset managers worldwide). Indosuez Academy The first edition of this unique and bespoke training programme designed with INSEAD to support our NextGen and NextWealth clients was a major success. Anniversary in the UAE Celebration of the 50th anniversary of Crédit Agricole Group’s presence and commitment in the United Arab Emirates, an event that brought together the three Crédit Agricole Group entities operating in the region – Amundi, Crédit Agricole CIB and Indosuez Wealth Management. Launch of the new Indosuez 2028 Medium-Term Plan The Indosuez 2028 Medium-Term Plan is part of Crédit Agricole S.A.’s ACT 2028 Plan. By 2028, our ambition is to establish ourselves for the long term amongst the top 10 in Europe by continuing our expansion in the fast-growing regions of Europe, Asia and the Middle East. THROUGHOUT THE YEAR Changes in governance New Chief Executive Officers were appointed: Sylvie Huret for Banque Degroof Petercam in Belgium, Bénédicte Chrétien for CFM Indosuez Wealth Management in Monaco, Franck Bernay for Azqore and Romain Jérome for WDX. Of the Group’s funds, 81% feature Morningstar ratings of three to five stars and thus outperform the majority of their competitors. International recognition with nearly 100 awards, including: • Top Wealth Management International Bank (Private Banking Awards, BFC Media) • Best Bank 2025 in Monaco (Global Finance) • Best Private Bank in Luxembourg (Global Finance) • Best for UHNW in France and Western Europe (Euromoney) • Best UHNW team in Europe and Asia (Wealth Briefing Awards) • Best Private Equity offering Europe and Asia (Wealth Briefing Awards) • Best Foreign Private Bank in Switzerland (Wealth Briefing Awards) • Best ESG and best CSR / Diversity program in Europe and Switzerland (Wealth Briefing Awards) • Grand prizes 2025 in Asset Management for our investment solutions (L’Agefi) • Globes de la Gestion in the European equities category • Award for the best regional company in bonds management (Quantalys Harvest Group) • DPAM tops the Responsible Investment Brand Index (RIBI™) Annual Report 2025 21
SOCIETAL PROJECT • In 2025, the Indosuez Foundation in Europe1 dedicated nearly €500,000 to social inclusion and education for vulnerable people. The Indosuez Foundation in Switzerland 2 invested nearly €250,000 in initiatives related to the environment, education and the circular economy. Employee engagement continued to climb. In total, more than 80 employees volunteered to review grant applications and sit on the committees of both foundations. In 2025, the Degroof Petercam Foundation 3 dedicated nearly €1,500,000 to promoting sustainable, fair employment and raised awareness among more than 400 people through its events and philanthropic advisory services. Of the DPF Award recipients, 84% are on track or have succeeded in scaling up, and 89% indicate that the support received has been instrumental in achieving their project goals. • Sponsorship agreements were renewed across all locations: - Renewal of the partnership between CFM Indosuez and the Oceanographic Institute in Monaco until 2028. This collaboration, initiated in 2020, is based on a shared ambition – to protect the vital ecosystem of the oceans through concrete, long-term action. - As the pioneering backer, Indosuez Luxembourg renewed its support for the Fondation pour le Climat, whose mission is to facilitate private philanthropic engagement and which is involved in scientific research, the transition to a sustainable future and the preservation of biodiversity. - In France, since 2023, Indosuez has supported the NeurAL programme by Paris Brain Institute, which transforms research into start-ups. - As a patron of the Geneva cultural and artistic scene, Indosuez Switzerland renewed its commitment as the official partner of the Ballet du Grand Théâtre de Genève (GTG) and as the principal supporter of the association Art en Vieille-Ville (AVV) for the sixth consecutive year. - In Asia, Indosuez renewed its support for Tai Kwun, an arts and heritage centre in Hong Kong, as lead sponsor for the fourth consecutive year. - In Belgium, Degroof Petercam continued its commitment to artistic heritage by renewing its partnership with Het Kunstuur, an immersive museum experience deployed in several cities across the country which highlights the masterpieces of Belgian artists and makes art accessible to a wide audience. 1 The Indosuez Foundation in Europe funds projects in France, Luxembourg, Spain, Italy, Portugal and Belgium. 2 The Indosuez Foundation in Switzerland also subsidises the projects we support in Hong Kong and Singapore. 3 In 2025, the Degroof Petercam Foundation supported projects in Belgium, France, Greece and Austria. Review of our 2022-2025 Medium-Term Development Plan The objectives of the medium-term plan, Ambitions 2025, were all achieved by the end-2025. This plan was designed to respond to underlying market trends and changes in the needs of our clients by progressing in four key areas: the client project, the societal project, the human project and the digital transformation. The year 2025 was characterised by excellent sales momentum and record inflows of more than €6 billion, with a balanced contribution from all entities. · Dynamic growth: €233 billion in assets under management as at 31 December 2025 (vs. €135 billion in 2021) · Improved operational efficiency: Capex down nearly 7 pts vs. 2021 CLIENT PROJECT We have continued to expand our offering to provide our clients with one of the most comprehensive service ranges on the market: • Structured products: a record-breaking year with €8 billion in issues in 2025 (+27% vs. 2024) • Real estate: creation of a dedicated business line and target of €3 billion in real estate loans achieved • Private markets: - ~€12 billion in assets under management: target achieved - Democratisation of the offering with the development of a digital distribution platform for private equity funds: Airfund • The ambition to grow the AuM entrusted by our ThirdParty Asset Manager clients by end-2025 was achieved one year in advance, and the business’s AuM stood at 17 billion at end-2025. • For ultra-high-net-worth individuals (UHNWIs), the creation of dedicated teams and the deployment of a community of expert bankers helped accelerate the capture of this segment. • We strengthened our ties to our “NextGen” clients through dedicated initiatives and events (e.g. the 1st edition of Indosuez Academy, and networking and training with INSEAD). CFM Indosuez Wealth Management 22
HUMAN PROJECT • The results of the annual survey, which measures employee satisfaction, were very satisfactory with a participation rate of 82% and a CI (Confidence Index) score of 76. • We reinforced team cohesion by promoting a shared and unified culture, Indosuez Way, based on: - Our raison d’être, “Working every day in the interest of our clients and society” - Our ETHICA values (Excelling, Teaming up, Humane, Intrapreneurial, Client-centric, As one), via various tools: - A webinar bringing together more than 500 managers so that they can adopt and increase best practices and key behaviours. - Workshops on the culture of feedback across all our sites to strengthen cooperation and crossfunctional collaboration. • We fulfilled our role as a socially responsible employer: - By continuing our Diversity & Inclusion action plan with a focus on gender equality, increasing equal opportunities with more than 45% women in our governing bodies at end-December 2025. - By helping develop talent through mentorship programmes and the Tremplin initiative for young women starting their careers. • We endeavoured to enhance the employee experience, a driver of engagement and skills development, through: - A stronger learning culture with more than 60% of LinkedIn Learning accounts activated. - The first edition of MobiliJobs by Indosuez to promote employability and skills development. DIGITAL TRANSFORMATION • Growth momentum in the adoption of digital tools by our clients continued in 2025. The number of clients connected to our online banking platforms, My Indosuez and My Degroof Petercam, rose 12%, while use of the mobile app was up more than 25%. • Our clients also benefited from the expansion and improvement of key features: - New smoother and more intuitive transfer experiences were rolled out on the My Indosuez app, leading to an increase in online transactions. - The My Degroof Petercam platform now offers loan visualisation, providing its users with a more complete experience. • The year 2025 ended with a total of 24,069 electronic signatures in the Group, far exceeding the objectives of the 2025 MTP. • In 2025, the focus was on enhancing the security of the WDX platform (our client relationship management tool), as well as deploying a new version introducing client relationship management and client lifecycle management features. • Azqore, our subsidiary specialising in the outsourcing of information systems and banking transactions, processed five million transactions in 2025 vs. 4.4 million in 2024, i.e. a 14% increase in volume. • A new Data & AI team and enhanced data governance supported the Group’s ambitions in terms of data use and innovation in compliance with regulatory requirements. We relied on RPA (Robotic Process Automation) and AI to improve the efficiency of our processes for our clients and employees. By end2025, 100% of Indosuez employees had a secure internal AI assistant. Annual Report 2025 23
2025 non-financial report: Our sustainability conviction CFM Indosuez Wealth Management 24
Pascal Coulomb Group Head of Sustainability Indosuez Wealth Management Greenhouse gas emissions remain a central concern. We continue to implement our reduction plan, an effort made all the more challenging by the strong commercial momentum we are experiencing. Yet, since 2019, we succeeded in reducing our fossil fuel consumption, and we remain on track to meet our first 2030 targets. This progress, however, requires sustained, daily engagement from all our teams. Our product and service offering is also a cornerstone of our strategy. Here too, we have moved forward, for example, with the introduction in 2025 of our first Sector Policy dedicated to real estate financing, detailed later in this Report. None of this would be possible without our employees; they are not only key contributors to these transformations, but also ambassadors to our stakeholders, and first and foremost to our clients. Over the past year, we have continued to train and raise awareness among our teams on the priority topics that guide our action plan. We are all aware that today’s political climate is not conducive to sustainability. Nevertheless, it is important that businesses, mindful of the challenges facing the economy, their employees, and society, remain steadfast and resilient while awaiting more supportive conditions. Fortunately, many companies are doing just that and acting responsibly. Indosuez is proud to be among them and committed to staying on course. Fortunately, many companies are acting responsibly. Indosuez is proud to be among them and committed to staying on course. The year 2025 did not reach previous heat records, a finding that might seem reassuring. However, this relative respite should not obscure the fact that the years 2024 and 2023 did, in fact, cross unprecedented historical thresholds. The trend is unmistakable and alarming, especially as political headwinds around the world continue to slow down collective climate action. Another COP, this time in Belém, came and went with seemingly no tangible results. It leaves one wondering: does anyone still care about climate change? The answer is clearly YES. At Indosuez, we are convinced that meaningful initiatives are emerging across both the economy and the public sector. Corporate sustainability has become an essential component of any company’s license to operate: not only to reduce negative impacts, but also to adapt to the world of tomorrow. That’s why we remain unwavering in our commitment to promoting and supporting positive change. Continuity in action is the only path to measurable progress. This conviction is also shared by the Crédit Agricole Group, which reaffirmed its ambitions in its 2028 Strategic Plan, including its commitment to achieving Net Zero by 2050. Annual Report 2025 25
Sustainability is a core pillar of Crédit Agricole's identity and long-term vision. With the launch of its ACT 2028 strategic plan on 18 November 2025, it reinforces and accelerates its commitment to being a responsible bank. ACT 2028 places environmental, social and governance (ESG) priorities at the heart of the business model, aiming to amplify Indosuez's positive impact while supporting regional vitality and ensuring a fair transition for all stakeholders. The ambition for 2028 is clear: to become a leading player in the regenerative economy. This ambition builds on major achievements from the past two years, which can be summarized as follows: • Building on a solid foundation: Crédit Agricole has made significant progress in embedding sustainability across all its operations, laying the groundwork for the ambitions of ACT 2028, • Decarbonising financing: Since 2019, Crédit Agricole has achieved a 30% reduction in the carbon intensity of its corporate loan portfolio. It remains firmly on track to reach net-zero greenhouse gas emissions across the entire portfolio by 2050, with clear interim milestones for 2030 and 2040, • Leadership in sustainable finance: In 2025, Crédit Agricole was named Best Global Bank in Sustainable Finance by Euromoney, reflecting the strength and expansion of its sustainable products and services, • Financial inclusion and social innovation: Indosuez’s financial inclusion programs have broadened access to essential banking services for vulnerable populations, while its support for social enterprises and local initiatives has strengthened community resilience, • Enhancing governance and transparency: ESG criteria are fully integrated into risk management and executive compensation frameworks and Board oversight ensures rigorous implementation and accountability. ACT 2028 marks a new chapter in Crédit Agricole's sustainability journey, with a stronger emphasis on amplifying its impact in key areas: • Leading the ecological transition: Building on a robust climate strategy and net-zero commitments, Crédit Agricole aims to further integrate nature into its activities through a new regional adaptation advisory service and the Crédit Agricole Capital Naturel initiative. • Driving an inclusive economy and a just transition: ACT 2028 reinforces Crédit Agricole’s role in ensuring access to sustainable housing and essential services for all, including energy renovation, mobility, health and renewable energy. • Supporting forward-looking industries in the regions: Crédit Agricole will accelerate its support for key sectors such as agriculture and agri-food, as well as strategic industries that bolster economic sovereignty, research and innovation. These priorities are fully aligned with Crédit Agricole's mission to serve the real economy and address the most pressing challenges facing society and the planet. To turn these ambitions into reality, Crédit Agricole has set out a series of concrete commitments under ACT 2028: • A 90/10 green/brown assets ratio • 240 billion euros in transition funding, spanning environmental transition, social inclusion and general transition needs • EUR 1 billion in sustainable financing revenues generated by corporate and investment banking. • 600,000 energy-efficiency renovations supported. It is therefore clear that the vision and ambition of Indosuez's main shareholder are firmly established. It is now up to us, at Indosuez, to translate these ambitions into our own business lines and to contribute actively to this shared roadmap. ZOOM ON CRÉDIT AGRICOLE: ANCHORING SUSTAINABILITY IN ITS STRATEGIC PLAN CFM Indosuez Wealth Management 26
WALKING THE TALK As a company, we are committed to respecting our values in all aspects of our business – as an investor, employer and client. This means that we must develop a credible climate action plan, which requires actively reducing our own carbon footprint. Significant efforts have already been undertaken in recent years, in line with Crédit Agricole's goal of cutting emissions by 50% by 2030 compared with the 2019 baseline (scope 1 & 2 GHG emissions and business travel). These action plans have included promoting more sustainable mobility options for staff, such as electrifying mobility options (bikes, scooters, cars). Tangible progress is already visible: for example, emissions related to air travel have fallen by 37% over this period based on data for the entire company, excluding Degroof Petercam, for which data is not yet available. In 2025, Indosuez took two important steps that underscores our strong commitment to accelerate our climate ambitions: 1. First, we decided to professionalize and roll out a comprehensive carbon footprint assessment in accordance with the GHG Protocol. This approach covers Indosuez, including its main entities and their subsidiaries. It will enable us to define or confirm specific priorities and levers and update our action plans accordingly. 2. Second, Indosuez committed to supporting agricultural decarbonisation projects through the Carbioz platform. As part of a multiyear program with Carbioz, Indosuez decided to offset 2068 tonnes of CO2 on 2025, based on an estimated footprint that will be confirmed following the final assessment at the end of the project. However, our impact extends well beyond environmental considerations. Indosuez has been implementing an ambitious CSR policy for many years, actively shared and embodied by our employees. Four themes form the backbone of this strategy: social cohesion, education, water resources and human health. These priorities are reflected across our four lines of action: corporate sponsorship, solidarity initiatives, skills sponsorship and the work of our foundations. Across the company, every employee can dedicate up to two working days per year to a cause that matters to them, whether through skills sponsorship, engagement with our foundations, participating in solidarity initiatives, or simply by contributing via our solidarity rounding programs.Active in the geographical areas where the Indosuez operates, our three foundations supported more than 83 projects worldwide in 2025, representing 3 million euros. Promoting sustainable development: being a responsible financial player Sustainable and responsible value creation requires action on three levels: company, people and solutions. ACCOMPANYING THE TRANSITION OFFERING SUSTAINABLE SOLUTIONS WALKING THE TALK Annual Report 2025 27
In 2025, more than 1,100 colleagues participated in these initiatives, representing 25% of our workforce. From a governance perspective, we uphold the highest standards of ethics and integrity in conducting our business . In 2025, we significantly strengthened and reorganised our sustainable development governance following the integration of Degroof Petercam. Several committees were restructured to establish a lean and resilient governance model capable of steering risks and opportunities throughout our sustainability journey. The highest instance – the Sustainable Finance Committee–, bringing together the head of all business lines, meets three times a year. In addition, a training programme was offered to the members of our Boards of Directors, focused on sustainable development and climate-related challenges, both for Indosuez and beyond. ACCOMPANYING THE TRANSITION A sustainable transition is a collective journey in which all our stakeholders must be equipped and supported to achieve their ambitions. Indosuez is committed to encouraging and enabling more responsible behaviors. Employees As a responsible employer, Indosuez implements a wide range of initiatives to support its staff, under the leadership of the Human Resources Department, based on two axes: 1. Equal opportunity (with gender balance reflected in more than 45% of women in senior leadership positions; breaking the glass ceiling through our Tremplin programme; supporting our talents via the mentoring programme and the Together seminar; implementing balanced succession plans; and pursuing an ambitious Youth Plan, with more than 500 young people recruited between 2022 and 2025) 2. Employee development (with among others over 60% activation rate on LinkedIn Learning and a first edition of Mobilijobs by Indosuez in 2025.) Every year, a global employee survey invites all colleagues to share their views and expectations regarding Indosuez's strategy, internal operations and objectives. The results are analysed and communicated to employees and the Executive Management Committee, fueling our continuous improvement Approach. In 2025, participation in this survey reached 82%. Significant efforts have been made to strengthen our shared corporate culture. More than 500 managers took part in two webinars held in September 2025, dedicated to this topic. Our culture is anchored in the values of ETHICA — Excelling - Teaming up - Humane - Intrapreneurial - Client centric — as one. Maintaining a high level of employee engagement also means offering a comprehensive and attractive remuneration and benefits package, including favorable parentalleave schemes and additional insurances coverage across the company. In an economic, geopolitical and regulatory landscape that continues to evolve rapidly, we will remain focused on strengthening our responsibilities, enhancing sustainability training for our teams, and informing our clients about this dimension, which has become essential to their wealth. CFM Indosuez Wealth Management 28
Clients We support our clients in their sustainable transition through individual conversations, conferences and awareness sessions and regular sharing of research and market expertise. Ultimately, client dialogue is the most material part of our business. Beyond offering tailored solutions that integrate sustainability, it is the quality of the conversation with clients that matters most. It allows us to objectively and transparently explain how sustainability considerations may affect their wealth, but also how their investments impact the environment. Over the past two years, Degroof Petercam has invested heavily in developing sustainability-related competencies within its client-facing teams. This approach is now being adopted across the Indosuez entities to further strengthen ownership of this theme. In 2025, significant efforts were deployed to provide sustainability training (mostly mandatory), including for our Board members. Companies in which we invest Through our asset management activities, particularly at Degroof Petercam Asset Management (DPAM), we strive to act as responsible and active shareholders. This reinforces our ability to influence companies’ long-term strategies, support their transition and maintain a constructive, forward-looking dialogue. Active ownership includes both exercising voting rights at annual general meetings and engaging directly with companies’ management teams to promote sustainable development and encourage more ambitious transition pathways. 1. Voting: Ensuring the consistency of our voting strategy is essential to upholding our Environmental, Social and Governance (ESG) commitments. Our approach is based on active voting, based on the expertise of our teams and external partners, to support the climate transition and to demand a high level of responsibility from decision-making bodies regarding ESG issues. Present across major global markets (America, Europe and Asia), our policy stands out for its independent positions, guided by our convictions. We maintain a direct and ongoing dialogue with companies to promote best governance practices, fully embracing our role as a sustainable financial player. During the 2025 financial year, we participated in 1257 shareholders' meetings, voting on 19953 resolutions. 2. Engagement: Engagement is the cornerstone of our responsible investor approach, aiming to support companies and countries in their transition and to address ESG challenges effectively, rather than excluding them. Despite a political environment that is at times less conducive to publicly expressing support for collaborative engagement, we remain fully involved in the main market wide initiatives. Our engagement is global and consistent, with the objective of reducing negative impacts associated with certain activities in our investments while acting on our priority themes: climate, biodiversity, human rights and good governance. In 2025, we carried out active engagement actions with 220 companies, fostering constructive and long term dialogue to encourage the adoption of best practices. This ongoing engagement reflects our fiduciary responsibility and our determination to generate a positive and measurable impact across all our investments. Society at large The adherence of our main asset management company, DPAM, to the United Nations Principles for Responsible Investment (PRI) underscores our broader commitment to promoting ESG principles in the financial sector and beyond. In June 2025, CFM Indosuez was an active sponsor of the Blue Economy and Finance Forum in Monaco, part of the United Nations Oceans Conference. This commitment naturally complements our long-standing partnership with the Oceanographic Institute, launched in 2020, aimed at exploring how financial actors can contribute to the development of a sustainable blue economy. In 2025, significant efforts were deployed to provide sustainability training (mostly mandatory), including for our Board members. Annual Report 2025 29
SUSTAINABLE SOLUTIONS Beyond our own operational footprint, our most significant impact lies downstream in the value chain, through our financing and investment portfolios, both from an environmental and societal perspective. The first area to consider are real-estate loans, which accounts for the majority of our outstanding exposures. In 2025, Indosuez took a first initiative requiring all entities to start collecting Energy Performance Certificates for financed real estate as from 2026. This marks a new way of working for our teams, who will now discuss the energy performance of their clients’ real estate assets and, in some cases, suggest that improvement works be carried out.The second, and most material, component of financed emissions arises from the management of our clients' assets, which exceed 200 billion euros and indirectly generate significant greenhouse-gas emissions. Our actions on this represent, without any doubt, our most decisive contribution to sustainable development. We closely monitor, mitigate and continuously improve our understanding of negative impacts associated with our investments. To translate Crédit Agricole Net-Zero ambition into our daily business, we will continue to build on our existing approach, leveraging the expertise of our asset manager, DPAM. DPAM itself continues to be committed to its Net Zero targets and plans as announced in November 2022. Our action plan notably includes the integration of indicators measuring alignment with carbon reduction trajectories, as well as in depth analyses within our investment universe. Beyond exclusion approaches, we consider the assessment of ESG issues to be an essential component of our fundamental analysis. Examining key sustainability indicators—such as carbon trajectories, water consumption, or resource use efficiency—allows us to gain a more refined understanding of business model quality and their ability to create value in a resilient and responsible manner. Integrating these elements therefore enriches our view of financial fundamentals, which remain the foundation of our investment decisions. Throughout 2026, this new ESG methodology will be rolled out across across our sustainable offerings.. The expertise of DPAM, illustrated by its first place in the Responsible Investments Brands Index TM 2025 ranking, for the second consecutive year, will be a key enabler in this transition. Following the merger of Indosuez and Degroof Petercam, significant work has been undertaken to ensure the best continuum of products and services for our clients, with sustainability at its core to reflect individual client preferences. By the end of 2025, 87% of Indosuez public funds incorporated ESG considerations. In addition to reducing negative impacts, Indosuez also promotes positive impacts through a set of impact-oriented investments strategies (classified under Article 9 of the SFDR regulation). Finally, as part of the holistic wealth management support that Indosuez offers its clients, we have developed a philanthropic advisory service. Many of our clients wish to give deeper meaning to their wealth by dedicating part or all of it to philanthropic or public interest projects. The goals of such projects can vary widely: social integration, education, health, environmental preservation, promotion of cultural heritage, and more. Whatever the theme of the philanthropic initiative or its geographical scope, our wealth structuring and philanthropy advisory teams work together to support our clients in implementing their projects. Drawing on the hands on experience gained notably through our three foundations, our support is twofold: it covers both the philanthropic project itself (strategic guidance, engagement with the non profit ecosystem, impact measurement, etc.) and the way it can be structured legally, depending on the client’s and their family’s circumstances, as well as the characteristics of the project. Many of our clients wish to give deeper meaning to their wealth by putting part, or all of it, at the service of philanthropic or public interest projects. CFM Indosuez Wealth Management 30
PRIORITIES FOR 2026 Last year, our efforts were primarily dedicated to integrating Degroof Petercam and DPAM within Indosuez. With this essential phase now successfully completed, we are ready to accelerate by capitalizing on the combined know-how, competences and strengths of Indosuez, Degroof Petercam and Crédit Agricole. In an economic, geopolitical and regulatory landscape that continues to evolve rapidly, we will remain focused on strengthening our responsibilities, enhancing sustainability training for our teams, and informing our clients about this dimension, which has become essential to their wealth. Our ambition is to anchor sustainability pragmatically and meaningfully in our activities, decisions and developments — always serving the best interests of our clients and of society. CO2 (ton) 2024 Scope 1 & 2 4.420 Company facilities 3.109 Company vehicles 989 Other 322 Scope 3 60.389 Purchased goods 46.702 Capital goods 8.128 Commuting 3.053 Business travel 1.766 Upstream energy 1.283 Waste 456 Digital service 1 Total 64.809 HIGHLIGHTS: • 28% decrease in electricity consumption between 2019 and 2025* • 37% decrease in plane emissions between 2019 and 2025* • Carbon compensation project launched through Carbioz under the French “Label Bas Carbone” framework • Inhouse ESG expertise significantly strengthened (87% public funds managed are art.8/9) • ESG governance significantly strengthened • Half a day training on climate change for all Board members (35 participants) • Established sustainability framework on real estate lending (min. 80% of new home loans on residential assets with an Energy Performance Certificat better “D” • 82% of employees took part in the annual internal survey • 45µ of women in Government bodies • Approximately 3 euros million in grants awarded to 83 projects worldwide • Over 1.100 participants employees took part in CSR projects across the company • Launch of GHG footprint calculation across Indosuez • DPAM ranked again on the first place in the Responsible Brand Index 2025 • 9 major awards for Indosuez Investment Management in 2025, including 4 ESG prizes (*) excluding Degroof Petercam, as they only entered Indosuez in 2024 Annual Report 2025 31
03. ← Banknote from Banque de l'Indochine. CFM Indosuez Wealth Management 32
Activity report CFM Indosuez Wealth Management Annual Report 2025 33
→ Monaco: the branch in 1929, Hôtel de Paris, Monte-Carlo, postcard. Security guaranteed by our membership of one of the most solid banking groups in the world. — A range of high added-value products and services, available at all locations. — A people-centred structure for a personal approach to our customers. CFM Indosuez Wealth Management CFM Indosuez Wealth Management 34 CFM Indosuez Wealth Management
As the number-one bank employer in Monaco, CFM Indosuez Wealth Management offers financial solutions to private investors, businesses, institutions, and professionals. Created in 1922 by some of Monaco’s leading families, some of whom are still stakeholders, CFM Indosuez Wealth Management is a 70%-owned subsidiary of Crédit Agricole Group. This backing by one of the world’s top banking groups, paired with our deep roots in Monaco, is an essential guarantee of strength and sustainability for our customers, shareholders, employees, and partners. Within the group, our Company is fully integrated in the Wealth Management Business, Indosuez Wealth Management. Its 4,500 experts in Wealth Management, 400 of whom are at CFM Indosuez Wealth Management in Monaco, create customised solutions for our customers in a country where we operate or by multibooking. Together, they have a single calling: to help families and entrepreneurs create, cultivate, protect, and pass on their wealth, both in the principality of Monaco and internationally. The partnership with the Institut océanographique de Monaco (Monaco Oceanographic Institute) demonstrates CFM Indosuez's desire to strengthen its commitment to protecting the oceans. CFM Indosuez's aim is to be the leading responsible bank in the financial marketplace. Annual Report 2025 35 Rapport annuel 2025
RkJQdWJsaXNoZXIy NzMxNTcx