2024 integrated report

Through our diversified and integrated model, we are well positioned in this new phase of the economic cycle to fully engage the last stage of our strategic plan and trigger growth drivers beyond 2026. All three of our operating divisions contributed to the increase in our revenues, up 4.1% compared to 2023 on a distributable basis. Our gross operating income and net income, Group share, were also up by 7.4% and 4.1% respectively. At 33 basis points in 2024, the cost of risk is under control, thanks to the quality and diversification of our portfolio.

Finally, we confirm our distribution policy, with a payout ratio of 60%, including at least 50% in the form of dividends, for 2024, 2025 and 2026. In addition, we are introducing a semi-annual interim dividend beginning in 2025, based on 50% of the first half-year earnings per share, with an initial payment on 30 September 2025 for the first half of 2025.