Montrouge, 30 April 2025 CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OFthe outstanding principal amount of itsGBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes issued on April 8, 2014 (ISIN: XS1055037920)* Crédit Agricole S.A. (the “Issuer”) announces today the full redemption (the “Redemption”) with effect on June 30, 2025 (the “Redemption Date”) of the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “Not ...

Core Insights - Crédit Agricole S.A. reported increased revenues and strong profitability despite a significant tax impact, with Q1 2025 revenues reaching €7,256 million, up 6.6% year-on-year, and net income group share at €1,824 million, down 4.2% from Q1 2024 [1][24][14] Financial Performance - Revenues for Crédit Agricole Group totaled €10,048 million in Q1 2025, reflecting a 5.5% increase compared to Q1 2024, driven by growth in various business lines, particularly Asset Gathering and Corporate and Investment Banking [15][25] - Operating expenses increased by 7.2% to €5,992 million, leading to a cost/income ratio of 59.6%, up 1.0 percentage point year-on-year [15][24] - Gross operating income was €4,056 million, a 3.0% increase from the previous year, while net pre-tax income rose by 1.6% to €3,399 million [15][17] Business Segments - The Asset Gathering division saw revenues increase by 15% to €2,058 million, supported by strong inflows and the integration of Degroof Petercam [43][40] - Corporate and Investment Banking achieved record revenues of €1,887 million, up 7.3% year-on-year, driven by strong performance in capital markets and investment banking activities [60][54] - Insurance revenues reached €727 million, a slight increase of 0.7%, with significant contributions from savings/retirement and property and casualty insurance segments [46][35] Customer Growth and Market Position - Crédit Agricole Group added 550,000 new customers in retail banking during Q1 2025, with a total of €835 billion in on-balance sheet deposits, reflecting a 1.3% year-on-year increase [6][7] - The loan production in France showed recovery, with home loan production increasing by 37% for Regional Banks compared to Q1 2024 [7][18] Capital and Solvency - The phased-in CET1 ratio for Crédit Agricole S.A. stood at 12.1%, while the Group's ratio was 17.6%, benefiting from the positive impact of CRR3 [3] Strategic Initiatives - The Group continues to support energy transition initiatives, increasing its exposure to low-carbon energy financing by 141% since the end of 2020, totaling €26.3 billion by the end of 2024 [11][12] - Partnerships and acquisitions were highlighted, including the creation of a joint venture with Sofinco Leasing and the planned acquisition of Banque Thaler by Indosuez Wealth Management [5][40]

Core Viewpoint - Crédit Agricole S.A. is undergoing a significant governance restructuring, with a new executive team and organizational divisions set to take effect on June 1, 2025, aimed at enhancing operational efficiency and strategic focus [2][3][10]. Management Structure - Olivier Gavalda will assume the role of CEO on May 14, 2025, and will propose the appointment of Jérôme Grivet as the sole Deputy Chief Executive Officer [2]. - The General Management will be organized into seven divisions, with specific responsibilities assigned to various executives [3][4]. Divisional Responsibilities - Olivier Gavalda will oversee five divisions and the Corporate Secretary, which includes the Technological Transformation department led by Olivier Biton [4][5]. - Jérôme Grivet will supervise two divisions and control functions, including Universal Retail Banks and International Banking and Services [6][7]. Key Divisions and Leadership - Major Clients division will be led by Jean-François Balaÿ, while the Finance and Steering division will be managed by Clotilde L'Angevin [8][10]. - The new Savings and Wealth Management division will encompass Amundi, Crédit Agricole Assurances, and Indosuez Wealth Management, each led by their respective CEOs [8][9]. Executive Committee Composition - The Executive Committee will consist of 18 members, including key figures such as Olivier Gavalda, Jérôme Grivet, and Clotilde L'Angevin, among others [10][16].

Acquisitions and Business Expansion - The company completed the acquisition of Stavola Holding Corporation for $1.2 billion in cash, expanding its aggregates platform into the New York-New Jersey Metropolitan Statistical Area[22]. - Arcosa completed a significant acquisition of the construction materials business of Stavola Holding Corporation for a total purchase price of $1.2 billion in 2024[338]. - The company completed the sale of its steel components business in August 2024, which served the railcar industry[61]. Financial Performance - Arcosa reported revenues of $2,569.9 million for the year ended December 31, 2024, an increase of 11.3% compared to $2,307.9 million in 2023[343]. - The company's net income for 2024 was $93.7 million, a decrease of 41.2% from $159.2 million in 2023[343]. - Operating profit for 2024 was $197.6 million, down from $217.3 million in 2023, reflecting a decline of 9.9%[343]. - Interest expense increased significantly to $70.9 million in 2024, compared to $28.1 million in 2023, marking a rise of 152.4%[343]. - Total liabilities increased to $2,487.3 million in 2024 from $1,245.9 million in 2023, largely due to an increase in debt[346]. - Retained earnings rose to $748.9 million in 2024 from $664.9 million in 2023, reflecting the net income generated during the year[349]. - The company recognized a cash dividend of $9.7 million to common shareholders in 2024, consistent with the previous year[349]. - The company reported a net cash provided by operating activities of $502.0 million in 2024, significantly higher than $261.0 million in 2023[348]. Market and Demand Insights - In 2024, the company had shipments of approximately 38 million tons of aggregates and specialty materials, including about 5 million tons of recycled aggregates[26]. - Texas represented approximately 40% of the segment's revenues in 2024, with planned Texas Department of Transportation lettings of approximately $12.5 billion for the fiscal year[26]. - The Infrastructure Investment and Jobs Act (IIJA) authorized approximately $350 billion for federal highway programs from 2022 through 2026, benefiting the company's infrastructure construction segment[24]. - The company is the largest producer of recycled aggregates in the U.S., with operations in multiple states, and anticipates growth in this segment due to sustainability benefits[22]. - Approximately 90% of the asphalt mix produced is sold to external customers, strengthening the company's local market position[25]. Operational Challenges - Arcosa's operations are susceptible to delays in construction projects, which can lead to increased costs and inefficiencies[79]. - The company relies on a limited number of suppliers for certain raw materials, which may affect pricing and availability[90]. - The inability to hire and retain skilled labor may limit production rates and increase operational costs[85]. - Labor union agreements may result in strikes or work stoppages, potentially disrupting operations and increasing labor costs[87]. - Seasonal demand affects construction activity, with higher sales from spring through autumn and declines during winter months due to adverse weather conditions[77]. Risks and Compliance - Arcosa's operations are subject to significant fluctuations due to cyclical industries, which may lead to decreased demand for its products[114]. - The company is exposed to risks associated with the creditworthiness of its customers and suppliers, which could lead to reduced orders and increased operating costs[113]. - Arcosa's ability to secure adequate insurance coverage may be limited, which could have a material adverse effect on its financial condition[101]. - Compliance with extensive regulatory obligations in the U.S. and abroad is critical, as non-compliance could have a material adverse effect on Arcosa[141]. - Arcosa's operations are subject to various environmental regulations, and failure to comply could result in significant penalties and operational disruptions[142]. Backlog and Future Expectations - As of December 31, 2024, the backlog of firm orders for Engineered Structures was $1,190.8 million, down from $1,367.5 million in 2023, while Transportation Products backlog increased to $280.1 million from $253.7 million[47]. - Approximately 64% of unsatisfied performance obligations for utility, wind, and related structures are expected to be delivered during 2025, with 92% of inland barge obligations expected in the same year[47]. - Arcosa's backlog as of December 31, 2024, was approximately $1.2 billion in the Engineered Structures segment and $280.1 million in the Transportation Products segment[82]. Sustainability and Safety Initiatives - The company has launched various safety initiatives, including "ARC 100," to improve employee health and safety, resulting in reduced severity and frequency of incidents[52]. - Arcosa's sustainability initiatives may incur high costs and may not align with public sentiment, potentially affecting its reputation and business[159]. Debt and Financial Obligations - Arcosa's total debt as of December 31, 2024, was approximately $1.7 billion, with unused commitments of $699.3 million under its revolving credit facility[105]. - The increase in indebtedness year-over-year was primarily due to the closing of the Stavola acquisition, resulting in higher interest expenses[105]. - The company had $700.0 million outstanding on its Term Loan as of December 31, 2024, with an estimated interest expense increase of $7.0 million if interest rates rise by one percentage point in fiscal year 2025[322]. Revenue Segmentation - Revenues from GE Vernova constituted 10.8%, 8.1%, and 9.3% of consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively[40]. - The Engineered Structures segment reported revenue of $1,047.3 million in 2024, up 19.9% from $873.5 million in 2023[359]. - The Transportation Products segment generated revenue of $417.6 million in 2024, a decrease of 3.1% from $433.5 million in 2023[359]. - The Inland barges segment reported revenue of $329.8 million in 2024, an increase of 17.6% from $280.2 million in 2023[359]. - The Construction Products segment's revenue increased to $1,105.1 million in 2024, up 10.4% from $1,001.3 million in 2023[359].

Financial Data and Key Metrics Changes - In 2024, the company achieved record full-year revenues, adjusted EBITDA, and margin, with significant margin expansion driven by higher-margin business acquisitions and organic improvements [10][11] - The company generated robust free cash flow of nearly $200 million in Q4, enabling full repayment of its revolver, resulting in net leverage of 2.9 times [11][19] - Full-year 2024 free cash flow was $330 million, up from $94 million in the previous year [19] Business Line Data and Key Metrics Changes - Construction Products segment revenues increased by 31% in Q4, with adjusted segment EBITDA growing by 52%, largely due to the acquisition of Stavola [13] - Engineered Structures revenues increased by 11%, driven by higher wind tower volumes and the contribution from Ameron, with adjusted segment EBITDA increasing by 41% [16][17] - Transportation Products revenues were up 28%, with adjusted segment EBITDA doubling, primarily due to higher tank barge volumes and improved efficiencies [17] Market Data and Key Metrics Changes - The company noted strong underlying demand fundamentals in its growth businesses, particularly in Construction Materials and Utility Structures [25][27] - The backlog for Utility Wind and related structures was $1.2 billion, with expectations to deliver 64% during 2025 [17] - The inland river barge fleet is experiencing pent-up replacement needs due to underinvestment, positioning the company well for 2025 [32] Company Strategy and Development Direction - The company is focused on growing in the U.S. market, supported by long-term infrastructure-led investments, with a strategy of optimizing its portfolio and reducing complexity [22][25] - The company anticipates growth from four sources in 2025: growth businesses, cyclical business backlogs, completed organic projects, and acquisitions [25][26] - The company plans to prioritize debt reduction and finish ongoing organic projects to prepare for continued growth [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for renewables, particularly wind energy, and the need for infrastructure investment in the U.S. [48][49] - The company is monitoring trade policies and potential regulatory changes that could impact operations, but remains confident in its positioning [23][24] - Management expects significant adjusted EBITDA growth in 2025, with a mix of organic and inorganic growth drivers [26][28] Other Important Information - The company completed the sale of its steel components business and focused on pruning underperforming assets during 2024 [9][10] - The company expects depreciation, depletion, and amortization expenses to range from $230 million to $235 million for 2025, primarily due to recent acquisitions [21][80] Q&A Session Summary Question: Impact of steel prices on revenues - Management indicated that the decline in steel prices impacted revenues, particularly in the Engineered Structures segment, with a revenue miss of about $25 million attributed to steel prices [38][39] Question: Wind outlook and customer sentiment - Management noted that customer demand for wind remains strong, with optimism about future growth despite regulatory uncertainties [48][50] Question: Construction Products volume outlook - Management expects organic volumes in Construction Products to be flattish to slightly up in 2025, with strong double-digit growth anticipated overall [60][65] Question: CapEx expectations - Management confirmed a decrease in CapEx for 2025 to between $145 million and $165 million, focusing on maintenance and completing ongoing projects [66][68] Question: Contribution of organic projects - Management highlighted that organic projects completed in 2024, such as the concrete pulp factory and wind tower plant, are expected to contribute positively to performance in 2025 [69][70]

Core Viewpoint - Arcosa reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.79 per share, representing an earnings surprise of -41.77% [1] - The company posted revenues of $666.2 million for the quarter, missing the Zacks Consensus Estimate by 4.03%, compared to $582.2 million in the same quarter last year [2] Financial Performance - Earnings per share (EPS) decreased from $0.68 a year ago to $0.46 this quarter [1] - Over the last four quarters, Arcosa has surpassed consensus EPS estimates three times [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] Market Performance - Arcosa shares have lost about 3.5% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The current Zacks Rank for Arcosa is 4 (Sell), indicating expected underperformance in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.57 on revenues of $631 million, and for the current fiscal year, it is $4.56 on revenues of $2.96 billion [7] - The estimate revisions trend for Arcosa is currently unfavorable, which may impact future stock performance [6] Industry Context - The Building Products - Miscellaneous industry, to which Arcosa belongs, is currently in the bottom 25% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Revenue Performance - Fourth quarter 2024 revenues increased by 14% to $666.2 million compared to $582.2 million in Q4 2023, with a 22% increase when excluding the impact of divested business[4] - Full year 2024 revenues reached $2.569 billion, an 11% increase from $2.308 billion in 2023, with adjusted EBITDA growing by 22% to $447 million[5] - Revenues for the year ended December 31, 2024, increased to $2,569.9 million, up 11.3% from $2,307.9 million in 2023[30] - Total revenues for the year ended December 31, 2024, were $1,105.1 million, compared to $1,001.3 million in 2023, an increase of 10.4%[32] - Revenues from Construction Products segment increased to $311.9 million, up from $238.3 million year-over-year[23] - Construction Products segment revenues increased to $311.9 million in Q4 2024 from $238.3 million in Q4 2023, representing a growth of 30.9%[32] - Engineered Structures segment revenues rose to $261.5 million in Q4 2024 compared to $236.3 million in Q4 2023, marking an increase of 10.7%[32] Profitability and Income - Net income for Q4 2024 was $(7.7) million, a decrease of 128% from $27.1 million in Q4 2023, while adjusted net income decreased by 32% to $22.6 million[4] - Net income for the year ended December 31, 2024, was $93.7 million, a decrease of 41.2% compared to $159.2 million in 2023[25] - Adjusted Net Income for the year ended December 31, 2024, was $147.9 million, compared to $158.1 million in 2023, reflecting a decline of 6.9%[27] - Diluted EPS for the year ended December 31, 2024, was $1.91, down from $3.26 in 2023, reflecting a decrease of 41.0%[28] Cash Flow and Liquidity - Free cash flow for Q4 2024 was $199 million, a significant increase of 1892% from $10 million in Q4 2023[4] - Operating cash flow for the fourth quarter was $248.2 million, an increase of $186.0 million year-over-year, driven by a reduction in working capital[19] - Free Cash Flow for the quarter was $199.2 million, significantly up from $10.0 million in the prior year[19] - Net cash provided by operating activities for the year ended December 31, 2024, was $502.0 million, significantly higher than $261.0 million in 2023[25] - Free Cash Flow for the year ended December 31, 2024, was $330.6 million, significantly up from $94.1 million in 2023[36] - The company ended the quarter with total liquidity of $886.6 million, including $187.3 million in cash and cash equivalents[19] Capital Expenditures and Investments - Capital expenditures in the fourth quarter were $53.3 million, down from $58.7 million in the previous year[19] - Capital expenditures for the year ended December 31, 2024, were $189.7 million, a decrease from $203.5 million in 2023[25] - The company reported a net cash required by investing activities of $1,508.9 million for the year ended December 31, 2024, compared to $285.8 million in 2023[25] Acquisitions and Strategic Initiatives - The acquisition of Stavola for $1.2 billion was completed on October 1, 2024, enhancing exposure to infrastructure-driven end markets[3] - The acquisition of Stavola was completed for $1.2 billion, funded by $600 million in senior unsecured notes and $700 million in borrowings[19] - The company made acquisitions in 2024, including Ameron and Stavola, which are expected to positively impact future Adjusted EBITDA[37] Future Guidance and Expectations - The company expects a 30% increase in adjusted EBITDA for full year 2025, with approximately 40% of growth anticipated from double-digit organic increases[8] - The company provided guidance for 2025 revenues between $2,800.0 million and $3,000.0 million, indicating expected growth[30] Backlog and Market Position - The combined backlog for utility, wind, and related structures at the end of Q4 2024 was $1.190 billion, down from $1.368 billion at the end of Q4 2023[15] - The company aims to reduce leverage to 2.0-2.5x within 18 months following the Stavola acquisition, ending 2024 with a net debt to adjusted EBITDA ratio of 2.9x[6] - Net Debt as of December 31, 2024, was $1,519.8 million, with a Net Debt to Adjusted EBITDA ratio of 2.9[37] Tax and Regulatory - The effective tax rate in Q4 2024 was 43.5%, up from 25.8% in the prior year, primarily due to higher state tax true-ups[15] Segment Performance - Adjusted EBITDA for the year ended December 31, 2024, was $447.0 million, representing a 21.6% increase from $367.6 million in 2023[30] - Adjusted EBITDA margin for full year 2024 improved to 17.4%, up 150 basis points from 15.9% in 2023[5] - Adjusted Segment EBITDA for Construction Products reached $80.8 million in Q4 2024, up from $53.0 million in Q4 2023, reflecting a 52.8% increase[34] - Adjusted Segment EBITDA for Engineered Structures improved to $45.7 million in Q4 2024 from $32.3 million in Q4 2023, a growth of 41.5%[32] - Adjusted EBITDA Margin for the year ended December 31, 2024, was 17.4%, compared to 15.9% in 2023, showing an improvement of 1.5 percentage points[30]

Group 1 - The core message of the news is that Crédit Agricole Group has demonstrated strong earnings momentum in 2024, exceeding all financial targets of its 2025 ambitions plan ahead of schedule [1][10][28] - The Group reported record quarterly and full-year revenues, driven by excellent performance in Asset Gathering and Large Customers, with a notable increase in profitability reflected in a low cost/income ratio [6][18][39] - The proposed dividend for 2024 is set to increase to €1.10 per share, representing a 5% increase compared to 2023 [3] Group 2 - In Q4 2024, Crédit Agricole S.A. reported stated net income of €1,689 million, up 26.6% year-on-year, benefiting from high revenues exceeding €7 billion and a maintained low cost/income ratio [57][34] - The underlying net income for the full year 2024 reached €8,679 million, reflecting a 13.5% increase compared to 2023, with underlying revenues totaling €37,967 million, up 6.5% [49][44] - The Group's cost of risk rose to €3,171 million for the full year, indicating an increase of 11.0% compared to 2023, driven by provisions for performing loans [46][40] Group 3 - The Group's capital position remains solid, with a phased-in CET1 ratio of 11.7% for Crédit Agricole S.A. and 17.2% for the Group [7] - The customer base grew significantly, with an addition of 1.9 million new customers since 2022, reflecting strong customer acquisition efforts [20][12] - The Group's commitment to energy transition is evident, with a 141% increase in low-carbon energy financing since the end of 2020, totaling €26.3 billion by the end of 2024 [29][30]

Core Insights - Crédit Agricole Personal Finance & Mobility has finalized a 50% equity stake in GAC-Sofinco Leasing, enhancing its presence in the Chinese electric vehicle market [2][6] - The partnership aims to stimulate electric vehicle sales in China, with electric vehicles already accounting for 60% of leasing contracts in the new GAC-Sofinco Leasing portfolio [3][6] - GAC Group was the 4th largest automotive group in China in 2023, selling over 2.5 million vehicles globally, with 39.90% being electrified vehicles [7] Company Overview - Crédit Agricole Personal Finance & Mobility is a leader in personal financing and mobility solutions in Europe, offering a range of financing options including leasing and credit services [8] - The company aims to lead in electric mobility across 22 countries, managing €113 billion in outstanding credit as of December 31, 2023 [8] Partnership Details - The joint venture with GAC Group, established in 2009, has been strengthened through this transaction, which will promote electric vehicle deployment in China [6][4] - GAC-Sofinco Leasing will provide financial and operational leasing solutions to GAC customers and its dealer network, which includes over 3,000 dealers [6]

Core Points - Crédit Agricole S.A. announced a reduction in its share capital through the cancellation of 15,128,677 treasury shares, which represents approximately 0.5% of the total share capital [1][2] - The capital reduction will be effective from January 13, 2025, following a share repurchase program conducted between October 1, 2024, and November 6, 2024, aimed at offsetting the dilutive effect of a capital increase reserved for employees [2][3] - Post-cancellation, Crédit Agricole S.A.'s share capital will amount to 9,077,707,050 euros, consisting of 3,025,902,350 shares, including 1,053,639 treasury shares held under a liquidity agreement [3]