Bourso - GLE‘s Secret Weapon Keeps Firing

Research evidence excerpt

Bourso - GLE‘s Secret Weapon Keeps Firing

France | Banks

Société Générale EquityJulyResearch8, 2026

ESTIMATE CHANGEBourso - GLE's Secret Weapon Keeps Firing

GLE trades on 0.8x '2E TBV/share and 6x '28E EPS against an EPS CAGR of RATING BUY

13%, ROTE improvement to 13.5% (from 10.5% in '25) and TBV/share we see PRICE €75.68^

rising to €88 - we continue to estimate that 70% of all of this imprpovement PRICE TARGET | % TO PT €96.00 | +27%

is idiosyncratic. On that point, BoursoBank released its '25 annual report today 52W HIGH-LOW €79.07 - €48.62

emboldening our stance that the digital bank can deliver >€320m of earnings in FLOAT (%) | ADV MM (USD) 87.2% | 160.02

'26 rising to >€500mn in 2028. Our price target is €96. Buy. MARKET CAP €64.4B | $73.6B

TICKER GLE FP

BoursoBank conviction. One of the attractions of GLE is - as we see it - the ROE improvement ^Prior trading day's closing price unless otherwise noted.

trajectory is heavily idiosyncratic. Our call is (see here for instance) that 70% of the ROTE

improvement through 2028 is idiosyncratic with BoursoBank a significant contributor. We model

fresh numbers on Bourso following the release of that entity’s annual report today (more granularity FY (Dec) CHANGE TO JEFe JEF vs CONS

on demand). 2026 2027 2026 2027

REV NA NA NA NA

BoursoBank earned €97m in 2025 as acquisition costs ramped up to €280m from €245m in 2024

EPS NA NA NA NA

(and supporting net customer growth of 1.6m). We expect such costs to fall in 2026 (to €100m)

enabling the 2026 net profit of €324m, rising to €506m in 2028.

For Q1 GLE reported that BoursoBank earned €92m as it started to reduce customer acquisition

costs with net customer growth decelerating to +188k and a total client base of 8.9m (this is Exhibit 1 - SocGen - RoTE evolution