4.3 NET GAINS OR LOSSES ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (in thousands of euros) 31/12/2025 31/12/2024 Dividends received 67 Unrealised or realised gains or losses on assets/liabilities held for trading 641 Unrealised or realised gains or losses on equity instruments at fair value through profit or loss 62 Unrealised or realised capital gains or losses on debt instruments that do not meet SPPI criteria 96 Unrealised and realised gains and losses on other debt instruments at fair value through profit or loss by nature Net gains or losses on assets representing unit-linked policies Unrealised or realised gains or losses on assets/liabilities at fair value through profit or loss under option (1) Balance of foreign exchange transactions and similar financial instruments (excluding gains or losses from hedges of net investments in foreign operations) 39,460 63,100 Total gains (losses) from hedge accounting -23 -115 Net gains or losses on financial instruments at fair value through profit or loss 39,566 63,722 (1) Excluding issuer credit spread for liabilities at fair value through profit or loss under option (unless the standard allows for an exception to eliminate or reduce a mismatch in the income statement). Hedge accounting profit or loss breaks down as follows: 31/12/2025 31/12/2024 (in thousands of euros) Profits Losses Net Profits Losses Net Fair value hedges 9,582 -9,605 -23 12,027 -12,142 -115 Changes in the fair value of hedged items attributable to hedged risks 7,247 -2,358 4,889 11,312 -830 10,482 Changes in the fair value of hedging derivatives (including discontinued hedges) 2,335 -7,247 -4,912 715 -11,312 -10,597 Cash flow hedging Changes in the fair value of hedging derivatives - ineffective portion Hedges of net investments in foreign operations Changes in the fair value of hedging derivatives - ineffective portion Fair value hedging of the interest rate risk exposure of a portfolio of financial instruments 19,052 -19,052 0 23,598 -23,598 0 Changes in fair value of hedged items 6,897 -12,155 -5,258 2,363 -21,235 -18,872 Changes in fair value of hedging derivatives 12,155 -6,897 5,258 21,235 -2,363 18,872 Hedging the cash flow exposure of a portfolio of financial instruments to interest rate risk Changes in the fair value of the hedging instrument - ineffective portion Total gains and losses from hedge accounting 28,634 -28,657 -23 35,625 -35,740 -115 Details of gains (losses) from hedge accounting by type of relationship (fair value hedges, cash flow hedges, etc.) are presented in Note 3.5 “Hedge accounting”. Annual Report 2025 125
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