Société Générale Société anonyme (SCGLY) Presents at Bank of America 31st Annual Financials CEO Conference Transcript

Société Générale Société anonyme ( SCGLY ) Bank of America 31st Annual Financials CEO Conference September 22, 2026 3:45 AM EDT Company Participants Slawomir Krupa - CEO & Director Conference Call Participants Tarik El Mejjad - BofA Securities, Research Division Presentation Tarik El Mejjad BofA Securities, Research Division Good morning, everyone. Thanks for joining us for this second session in the first day. So 2 years ago, you stood on the stage and promised investors less, not more. It wasn't a crowd pleaser, but it was the right call. I think we can all agree on this. The scar tissue from that plan was earned the hard way. You cut distractions, fix the capital, stop overpromising and start over delivering, which what makes this week's plan the more interesting one. I think for the first time, Société is guiding to an ROTE that's credible and cover its cost of equity. And the shares still trading at a discounted multiple. So I would like to spend the next 40 minutes on the fun part. So what's in the plan what's deliberately not in plan and how much you're keeping in reserve. Slavomir, welcome. Slawomir Krupa CEO & Director Thank you. Thank you, Tarik. I do remember it was the next day after the CMD last time, there was some energy in the air. So I hope we can kind of go back to the energy but more positive. So -- but very glad to be here. Question-and-Answer Session Tarik El Mejjad BofA Securities, Research Division Right. So let's start maybe with the strategy. And so the road map looks more self-help driven than growth-driven, was it a conscious decision to avoid relying on optimistic revenue assumptions and instead build the plan around cost, capital and execution? Slawomir Krupa CEO & Director Yes. Well, so clearly, it