Societe Generale Issues 2029 Financial Targets; To Pursue Cost Reduction Efforts

(RTTNews) - Societe Generale (GLE.PA) stated that, on 18 September 2026, its Board approved the Group's strategic plan and financial objectives for 2029 and beyond. The ambitious financial targets for 2029 include: cost reduction versus 2026 estimated; average annual growth in Group revenues of approximately 3% on average between 2026 estimated and 2029; ROTE between 13% and 14% in 2029 and more than 15% in 2030 and beyond; and CET1 ratio above 13%. In 2029, Societe Generale's cost base is expected to be below 16.3 billion euros, a decrease of approximately -2%, in absolute terms, compared to the 2026 estimated level. The Group said it is now entering a new stage of value creation based on four main priorities: decrease further cost base; accelerate disciplined growth approach; deepen the transformation of businesses; and maintain best-in-class risk management. Societe Generale aims to achieve a net cost reduction of approximately -0.3 billion euros by 2029 versus 2026 estimated, due to expected gross savings of approximately 1.9 billion euros between 2026 estimated and 2029. The Group noted that the implementation of numerous initiatives at Group level will generate between 500 million and 600 million euros in savings, including approximately 350 million euros already identified by 2029. The ordinary distribution is expected to exceed 13 billion euros over the 2026 estimated-2029 period and will result in a low-to-mid teens average annual growth of the dividend per share over the period 2026 estimated-2029. At previous close on Euronext Paris, Societe Generale shares were trading at 72.59 euros.

(RTTNews) - Societe Generale (GLE.PA) stated that, on 18 September 2026, its Board approved the Group's strategic plan and financial objectives for 2029 and beyond. The ambitious financial targets for 2029 include: cost reduction versus 2026 estimated; average annual growth in Group revenues of approximately 3% on average between 2026 estimated and 2029; ROTE between 13% and 14% in 2029 and more than 15% in 2030 and beyond; and CET1 ratio above 13%. In 2029, Societe Generale's cost base is expected to be below 16.3 billion euros, a decrease of approximately -2%, in absolute terms, compared to the 2026 estimated level.

The Group said it is now entering a new stage of value creation based on four main priorities: decrease further cost base; accelerate disciplined growth approach; deepen the transformation of businesses; and maintain best-in-class risk management. Societe Generale aims to achieve a net cost reduction of approximately -0.3 billion euros by 2029 versus 2026 estimated, due to expected gross savings of approximately 1.9 billion euros between 2026 estimated and 2029. The Group noted that the implementation of numerous initiatives at Group level will generate between 500 million and 600 million euros in savings, including approximately 350 million euros already identified by 2029.

The ordinary distribution is expected to exceed 13 billion euros over the 2026 estimated-2029 period and will result in a low-to-mid teens average annual growth of the dividend per share over the period 2026 estimated-2029.

At previous close on Euronext Paris, Societe Generale shares were trading at 72.59 euros.