Core Insights - The restatement of the 2025 quarterly series has no impact on the Group's published results and only modifies the analytical breakdown of business lines and divisions [2] Group and Business Line Reorganization - The Global Capital Markets (GCM) within Corporate and Institutional Banking (CIB) has been reorganized, with no impact at the CIB level, involving an intra-division transfer of P&L and RWAs [2] - Approximately €12 billion of RWAs have been moved from Global Markets (GM) to Global Banking (GB) to align the CIB organization globally [2] Revenue Sharing Adjustments - The revenue sharing between GB and GM has evolved to align across three regions, resulting in a limited net impact of approximately €0.1 billion on total revenues of both businesses [3] - An updated revenue sharing agreement between Wealth Management (WM) and Commercial Banking (CPBS) has an impact of €17 million at the revenue level, recognizing the contribution of internal distribution networks [4] Transfer of Contributions - The entire contribution from Kantox has been transferred to GM, which previously shared it 50/50 with New Digital Businesses (NDB), resulting in an impact of €11 million at the revenue level [5] - The integration of AXA Investment Managers (AXA IM) into the Asset Management (AM) business line has led to an impact of €8 million at the costs level due to the reallocation of central costs [6][7] Additional Information - Non-audited appendices detailing the 2025 quarterly results in line with these developments are available, along with new quarterly series in excel format on the company's website [7]

Core Viewpoint - Asda is implementing significant cost-cutting measures due to a decline in its grocery market share, which has fallen to 11.4% during the festive period, marking a 22nd consecutive month of declining sales [7][8]. Group 1: Job Cuts and Outsourcing - Asda is at risk of losing hundreds of jobs in its warehouses as it outsources online delivery roles for its George fashion range to DHL, affecting 1,200 positions [1][2]. - The outsourcing will involve transferring warehouse staff to DHL under TUPE regulations, which protect their existing pay and benefits [7]. - Union representatives have expressed concerns that the decision may jeopardize jobs, as affected employees might not want to transition to the new roles [2][4]. Group 2: Financial Performance - Sales for Asda in the 12 weeks leading to December 28 were down 4.2%, making it the only major supermarket to experience a sales decline over Christmas [8]. - The company's grocery market share has reached a new low of 11.4%, indicating ongoing struggles in maintaining competitiveness [7]. Group 3: Company Restructuring - The changes are part of a broader effort by Asda's private equity owners, TDR Capital, to restructure the company into separate divisions, including George and Asda Express [9]. - Asda's executive chairman has stated that the reorganization is not intended as a precursor to selling off parts of the company [9].