Advisory Our commitment to the blue economy has also grown stronger this year. As a partner of the Blue Economy & Finance Forum (BEFF), we have continued to promote responsible solutions, such as the Blue solidarity product, which has proved a great success. This product has helped to fund the We are Mediterranée association, which supports practical conservation and awareness-raising projects across the Mediterranean, as evidenced by the press coverage and our customers’ growing interest in these initiatives. The performance of our diversified portfolios benefited from an overweight exposure on the equity markets and a defensive approach to the bond component. The fundraising focused on our Buy & Watch bond mandates, offering our clients the opportunity to lock in attractive interest rates in both euros and dollars. Semi-liquid funds and so-called ‘secondary’ strategies in private equity have continued to grow, responding to a rising demand for diversification and flexibility. In a rapidly changing world, characterised by the rise of artificial intelligence, the restructuring of value chains and the electrification of economies, our priority remains to provide our customers with agile, innovative and resilient solutions. 2026 looks set to be a year of major realignment: flexibility, diversification and anticipating key trends will be at the very heart of our support more than ever before. The year 2025 has seen a dramatic acceleration in economic, political and technological change. Volatility and uncertainty have dominated the financial markets, particularly following the US tariff announcements on “Liberation Day” in April, which caused significant turbulence. In this challenging environment, our Advisory teams have been working tirelessly to support our clients, protect their portfolios and capitalise on the opportunities presented by a constantly changing landscape. Contrary to expectations, US markets underperformed compared to emerging and European markets (MSCI Emerging +33.6%, MSCI Europe +19.4%, MSCI US +17.3%). The sharp depreciation of the dollar (down 13.5% against the euro) was a major risk factor, prompting our experts to recommend appropriate hedging strategies – both tactical and medium-term – for our clients most exposed to this risk. The year was also marked by a strong comeback from emerging markets, with particularly robust growth in Asia. Thanks to the expertise of our local teams and our global network of 150 specialists, we have been able to provide our clients with in-depth analysis and bespoke solutions, particularly in the area of advisory services, which now accounts for a third of the bank’s assets. Our clients have thus benefited from bespoke cross-asset solutions, delivered by more than 20 senior experts based locally. At the same time, gold has regained a central place in investment portfolios, driven by renewed interest and a significant rise in price. We have developed innovative structures that enable our clients to benefit from this appreciation whilst preserving their capital. Sophie Couve de Murville Global Head of Advisory Annual Report 2025 41
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