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"2025-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:OtherThanBankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636936906787": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:BankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636936979736": { "value": "3650000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "tag_40061636937048967": { "value": "3650000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2024-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:OtherThanBankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636937125312": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2024-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:BankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636937233196": { "value": "3194000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "tag_40061636937304815": { "value": "3194000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2026-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:OtherThanBankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636937380559": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2026-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:BankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636937453282": { "value": "4172000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "tag_40061636937522690": { "value": "4172000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:OtherThanBankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40061636937599422": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00", "ifrs-full:ProductsAndServicesAxis": "LEG:BankingAndInsuranceMember", "unit": "iso4217:EUR" } }, "tag_40139529210657320_0_0": { "value": "

NOTE 1\u00c9v\u00e9nements significatifs de l\u2019exercice

\n

1.1\u00c9missions obligataires

\n

\u00c9mission par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

En\u00a0janvier\u00a02025, La\u00a0Poste a r\u00e9alis\u00e9 une \u00e9mission d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e pour 750\u00a0millions d\u2019euros. Ces obligations ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de la Soci\u00e9t\u00e9 \u00e0 partir du second semestre de la sixi\u00e8me ann\u00e9e. Ces titres hybrides perp\u00e9tuels sont comptabilis\u00e9s dans les\u00a0capitaux propres part du groupe conform\u00e9ment aux crit\u00e8res de\u00a0classification de la norme IAS\u00a032 (voir tableau de variation des capitaux propres).

\n

Rachats par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

La\u00a0Poste a proc\u00e9d\u00e9 au rachat des obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e \u00e9mises en 2018 pour 750\u00a0millions d\u2019euros et comptabilis\u00e9es en capitaux propres part du groupe (voir tableau de variation des capitaux propres). Ce rachat a \u00e9t\u00e9 r\u00e9alis\u00e9 en deux temps, en\u00a0janvier\u00a02025 \u00e0 hauteur de 404\u00a0millions d\u2019euros puis en\u00a0novembre\u00a02025 \u00e0 hauteur de 346\u00a0millions d\u2019euros.

\n

\u00c9missions et remboursements d\u2019emprunts obligataires La\u00a0Banque\u00a0Postale

\n

Le 12\u00a0juin 2025, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale, a \u00e9mis une obligation s\u00e9curis\u00e9e \u00ab\u00a0verte\u00a0\u00bb. Cette \u00e9mission obligataire \u00e0 taux fixe a \u00e9t\u00e9 r\u00e9alis\u00e9e sous le format covered bond \u00e0 hauteur de 1\u00a0milliard d\u2019euros \u00e0 7\u00a0ans avec un spread final de MS+52\u00a0bps et un coupon de 2,750%. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de dettes conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

Le 26\u00a0octobre, La\u00a0Banque\u00a0Postale a rembours\u00e9 par anticipation, une dette subordonn\u00e9e de 500\u00a0millions d\u2019euros \u00e9mise en octobre\u00a02020 \u00e0 taux fixe de 0,875%.

\n

\u00c9mission d\u2019emprunts obligataires subordonn\u00e9s CNP\u00a0Assurances

\n

D\u00e9but\u00a0juillet\u00a02025, CNP\u00a0Assurances a finalis\u00e9 l\u2019\u00e9mission d\u2019une dette obligataire subordonn\u00e9e de 500\u00a0millions d\u2019euros, \u00e0 dur\u00e9e ind\u00e9termin\u00e9e, r\u00e9mun\u00e9r\u00e9e \u00e0 taux fixe de 5,50% avec une premi\u00e8re possibilit\u00e9 de remboursement au 2\u00a0juillet 2032. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de capitaux propres conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

1.2Cession de CNP UniCredit Vita

\n

Le 20\u00a0juin 2025, CNP\u00a0Assurances\u00a0SA a annonc\u00e9 la finalisation de la cession, pour 594\u00a0millions d\u2019euros (619\u00a0millions d\u2019euros dont 25\u00a0millions re\u00e7us sous forme de dividendes), de CNP UniCredit Vita, filiale italienne en partenariat exclusif avec UniCredit et d\u00e9tenue \u00e0 51%. Cette cession a g\u00e9n\u00e9r\u00e9 une plus-value de +116\u00a0millions d\u2019euros, dont -2\u00a0millions d\u2019euros de recyclage en r\u00e9sultat des \u00e9l\u00e9ments du r\u00e9sultat global comptabilis\u00e9s en capitaux propres dans les comptes du premier semestre 2025. Cette cession fait suite \u00e0 l\u2019exercice par UniCredit de son option d\u2019achat sur la totalit\u00e9 des titres d\u00e9tenus par CNP\u00a0Assurances, conform\u00e9ment aux accords de partenariat. CNP\u00a0Assurances maintient son engagement sur le march\u00e9 italien via sa filiale CNP

\n

Assicura, d\u00e9tenue \u00e0 100%.

\n

1.3Cession de CNP Cyprus Insurance Holdings

\n

Le 16\u00a0avril 2025, la cession \u00e0 100% de CNP\u00a0Cyprus Insurance Holdings, portant des activit\u00e9s d\u2019assurance vie et non-vie \u00e0 Chypre et en Gr\u00e8ce, a \u00e9t\u00e9 finalis\u00e9e pour un prix de cession de 182\u00a0millions d\u2019euros. Cette op\u00e9ration a g\u00e9n\u00e9r\u00e9 une moins-value de 39\u00a0millions d\u2019euros dont 26\u00a0millions d\u2019euros avaient \u00e9t\u00e9 comptabilis\u00e9s d\u00e8s l\u2019exercice 2024 sous forme d\u2019une d\u00e9pr\u00e9ciation des actifs destin\u00e9s \u00e0\u00a0\u00eatre c\u00e9d\u00e9s.

\n

1.4D\u00e9pr\u00e9ciation des titres Ninja Logistics

\n

La soci\u00e9t\u00e9 Ninja Logistics, d\u00e9tenue \u00e0 34% par le groupe et consolid\u00e9e par mise en \u00e9quivalence, continue d'enregistrer des r\u00e9sultats significativement d\u00e9ficitaires. La nouvelle d\u00e9gradation des r\u00e9sultats au cours de l\u2019exercice\u00a02025 (quote-part de perte du groupe de 33\u00a0millions d\u2019euros) et les incertitudes importantes sur la p\u00e9rennit\u00e9 de l\u2019entreprise conduisent le groupe \u00e0 d\u00e9pr\u00e9cier int\u00e9gralement cette participation dans les comptes arr\u00eat\u00e9s \u00e0 fin\u00a0d\u00e9cembre\u00a02025, ce qui repr\u00e9sente une d\u00e9pr\u00e9ciation de 99\u00a0millions d\u2019euros. Compte-tenu des pertes d\u2019exploitation de la p\u00e9riode, la perte de valeur enregistr\u00e9e en 2025 est de 132\u00a0millions d\u2019euros (cf. note\u00a020).

\n

1.5Alliance de CNP\u00a0Assurances avec Embracon au Br\u00e9sil

\n

CNP\u00a0Assurances a annonc\u00e9 la signature d\u2019un accord avec Embracon visant \u00e0 renforcer sa pr\u00e9sence au Br\u00e9sil. Apr\u00e8s avoir apport\u00e9 CNP\u00a0Cons\u00f3rcio \u00e0 Embracon, CNP\u00a0Assurances portera sa participation dans Embracon \u00e0 40% par acquisition de titres. Dans\u00a0ce cadre, CNP\u00a0Cons\u00f3rcio est d\u00e9sormais pr\u00e9sent\u00e9e et comptabilis\u00e9e selon la norme IFRS\u00a05 \u2013 Actifs non courants d\u00e9tenus en vue de la vente (cf. note\u00a026). Aucune perte de valeur n\u2019a \u00e9t\u00e9 constat\u00e9e.

\n

1.6Accord conclu avec les actionnaires minoritaires de BRT

\n

Un accord a \u00e9t\u00e9 conclu le 3\u00a0juillet 2025 avec les actionnaires minoritaires de BRT (closing le 24\u00a0juillet 2025). Cet accord a pour objet principal de mettre fin aux proc\u00e9dures engag\u00e9es par Geopost et BRT \u00e0 l\u2019encontre des actionnaires minoritaires. Les effets de cet accord se traduisent comme suit dans les comptes 2025\u00a0:

\n

\u25cfrachat des participations minoritaires de BRT par Geopost pour un montant de 60\u00a0millions d\u2019euros, portant ainsi la participation de Geopost \u00e0 100%. Cette op\u00e9ration g\u00e9n\u00e8re un impact n\u00e9gatif de 84\u00a0millions d\u2019euros sur les capitaux propres part du groupe\u00a0;

\n

\u25cfencaissement et reconnaissance en produits d\u2019indemnit\u00e9s re\u00e7ues \u00e0 hauteur de 70\u00a0millions d\u2019euros\u00a0;

\n

\u25cfremise de loyers de 35,7\u00a0millions d\u2019euros sur la p\u00e9riode 2025-2031 ayant pour cons\u00e9quence une diminution de la dette IFRS\u00a016 pour un montant de 195\u00a0millions d\u2019euros \u00e0 fin\u00a0d\u00e9cembre\u00a02025.

\n

Il convient \u00e9galement de noter qu\u2019une r\u00e9duction du prix d\u2019acquisition de BRT, comptabilis\u00e9e comme produit, avait \u00e9t\u00e9 reconnue d\u00e8s les comptes semestriels 2025 pour un montant de\u00a040\u00a0millions d\u2019euros.

\n

NOTE 30Dette nette du groupe

\n

30.1Situation de la dette nette du groupe

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie (poste du bilan)

\n		\n

25

\n		\n

3\u00a0194

\n		\n

4\u00a0172

\n
\n

D\u00e9riv\u00e9s actifs associ\u00e9s \u00e0 la dette

\n		\n

22

\n		\n

11

\n		\n

8

\n
\n

D\u00e9p\u00f4ts de garantie vers\u00e9s li\u00e9s aux instruments d\u00e9riv\u00e9s, inscrits \u00e0 l'actif

\n		\n

\n		\n

0

\n		\n

17

\n
\n

Placements de tr\u00e9sorerie \u00e0 \u00e9ch\u00e9ance sup\u00e9rieure \u00e0 3\u00a0mois \u00e0 l'origine et OPCVM

\n		\n

22

\n		\n

854

\n		\n

215

\n
\n

Cr\u00e9ance (dette) financi\u00e8re nette envers La Banque Postale

\n		\n

\n		\n

29

\n		\n

28

\n
\n

Tr\u00e9sorerie et autres \u00e9l\u00e9ments d'actifs\u00a0(1)

\n		\n

\n		\n

4\u00a0087

\n		\n

4\u00a0440

\n
\n

Emprunts obligataires et dettes financi\u00e8res \u00e0 moyen et long terme

\n		\n

29.1

\n		\n

8\u00a0852

\n		\n

9\u00a0685

\n
\n

Emprunts obligataires et dettes financi\u00e8res \u00e0 court terme

\n		\n

29.1

\n		\n

1\u00a0372

\n		\n

1\u00a0285

\n
\n

Passifs de location

\n		\n

29.1

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

Dette brute (2)

\n		\n

\n		\n

13\u00a0843

\n		\n

15\u00a0040

\n
\n

Dette nette (2)-(1)

\n		\n

\n		\n

9\u00a0755

\n		\n

10\u00a0601

\n
\n

Augmentation (Diminution) de la dette nette au 31\u00a0d\u00e9cembre 2025

\n		\n

\n		\n

(845)

\n		\n

\n
\n

30.2\u00c9volution de la dette nette du groupe

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Renvois

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s op\u00e9rationnelles

\n		\n

TFT\u00a0(a)

\n		\n

2\u00a0620

\n		\n

3\u00a0318

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s d'investissement

\n		\n

TFT

\n		\n

(1\u00a0642)

\n		\n

(734)

\n
\n

Neutralisation variations des actifs financiers de placement de tr\u00e9sorerie

\n		\n

TFT

\n		\n

646

\n		\n

2

\n
\n

Flux de tr\u00e9sorerie des activit\u00e9s d'investissement hors acquisitions et\u00a0cessions d'actifs financiers de gestion de la tr\u00e9sorerie\u00a0(b)

\n		\n

\n		\n

(996)

\n		\n

(731)

\n
\n

Augmentation de capital minoritaires

\n		\n

TFT

\n		\n

7

\n		\n

43

\n
\n

\u00c9mission de titres subordonn\u00e9s hybrides perp\u00e9tuels

\n		\n

TFT

\n		\n

746

\n		\n

\n
\n

Remboursement des titres subordonn\u00e9s hybrides perp\u00e9tuels

\n		\n

TFT

\n		\n

(749)

\n		\n

\n
\n

Dividendes vers\u00e9s aux actionnaires et r\u00e9mun\u00e9ration des titres subordonn\u00e9s hybrides

\n		\n

TFT

\n		\n

(57)

\n		\n

(29)

\n
\n

Rachat d'int\u00e9r\u00eats minoritaires

\n		\n

TFT

\n		\n

(95)

\n		\n

(95)

\n
\n

Charge nette d'int\u00e9r\u00eats financiers

\n		\n

\n		\n

(206)

\n		\n

(227)

\n
\n

Variation de juste valeur des dettes et d\u00e9riv\u00e9s

\n		\n

\n		\n

(16)

\n		\n

18

\n
\n

Incidence des variations de p\u00e9rim\u00e8tre et change sur dette brute (yc passifs de\u00a0location)

\n		\n

\n		\n

73

\n		\n

(72)

\n
\n

Variation non cash des dettes de location (IFRS\u00a016)

\n		\n

\n		\n

(456)

\n		\n

(820)

\n
\n

Dette nette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

9

\n
\n

Autres \u00e9l\u00e9ments

\n		\n

\n		\n

(25)

\n		\n

(18)

\n
\n

Flux de tr\u00e9sorerie et variation de dette provenant des activit\u00e9s de financement

\n		\n

\n		\n

(779)

\n		\n

(1\u00a0191)

\n
\n

Diminution (augmentation) de la dette nette depuis le 1er\u00a0janvier

\n		\n

\n		\n

845

\n		\n

1\u00a0396

\n
\n

Dette nette \u00e0 l'ouverture

\n		\n

\n		\n

(10\u00a0601)

\n		\n

(11\u00a0997)

\n
\n

Dette nette \u00e0 la cl\u00f4ture

\n		\n

\n		\n

(9\u00a0755)

\n		\n

(10\u00a0601)

\n
\n

(a)Les notes \u00ab\u00a0TFT\u00a0\u00bb renvoient \u00e0 la colonne \u00ab\u00a0Activit\u00e9s industrielles et commerciales\u00a0\u00bb du tableau des flux de tr\u00e9sorerie des \u00e9tats financiers consolid\u00e9s.

\n

(b)Les flux de tr\u00e9sorerie provenant des activit\u00e9s d\u2019investissement se distinguent du tableau des flux de tr\u00e9sorerie par l\u2019exclusion de la \u00ab\u00a0Variation des actifs financiers li\u00e9s \u00e0 la gestion de la tr\u00e9sorerie\u00a0\u00bb, actifs venant en diminution du calcul de la dette nette.

\n
\n

37.1Bilan contributif au format bancaire du sous-groupe La Banque Postale

\n

Actif

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Caisse, banques centrales

\n		\n

12\u00a0757

\n		\n

27\u00a0812

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

219\u00a0591

\n		\n

203\u00a0882

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

486

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

223\u00a0058

\n		\n

218\u00a0180

\n
\n

Titres au co\u00fbt amorti

\n		\n

38\u00a0206

\n		\n

36\u00a0256

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit au co\u00fbt amorti

\n		\n

70\u00a0076

\n		\n

75\u00a0673

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le au co\u00fbt amorti

\n		\n

132\u00a0154

\n		\n

128\u00a0958

\n
\n

\u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux

\n		\n

5

\n		\n

490

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif

\n		\n

890

\n		\n

917

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif

\n		\n

6\u00a0255

\n		\n

6\u00a0523

\n
\n

Actifs d'imp\u00f4ts courants et diff\u00e9r\u00e9s

\n		\n

1\u00a0644

\n		\n

1\u00a0473

\n
\n

Compte de r\u00e9gularisation et actif divers

\n		\n

6\u00a0846

\n		\n

9\u00a0073

\n
\n

Actifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n		\n

153

\n		\n

17\u00a0286

\n
\n

Participations dans les entreprises mises en \u00e9quivalence

\n		\n

1\u00a0086

\n		\n

1\u00a0097

\n
\n

Immobilisations corporelles, incorporelles, immeubles de placement

\n		\n

11\u00a0085

\n		\n

11\u00a0553

\n
\n

Montant net des \u00e9carts d'acquisition \u2013 Actif

\n		\n

671

\n		\n

671

\n
\n

\u00c9limination titres La Banque Postale d\u00e9tenus par La Poste

\n		\n

(8\u00a0879)

\n		\n

(8\u00a0879)

\n
\n

Total

\n		\n

715\u00a0993

\n		\n

731\u00a0452

\n
\n

Passif

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Passifs financiers \u00e0 la juste valeur par le r\u00e9sultat

\n		\n

19\u00a0658

\n		\n

17\u00a0559

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0440

\n		\n

1\u00a0958

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

28\u00a0427

\n		\n

31\u00a0038

\n
\n

Dettes envers la client\u00e8le

\n		\n

215\u00a0640

\n		\n

225\u00a0576

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

31\u00a0381

\n		\n

32\u00a0835

\n
\n

\u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux

\n		\n

(128)

\n		\n

(161)

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif

\n		\n

380\u00a0474

\n		\n

366\u00a0771

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif

\n		\n

11

\n		\n

13

\n
\n

Passifs d'imp\u00f4ts courants et diff\u00e9r\u00e9s

\n		\n

1\u00a0392

\n		\n

1\u00a0451

\n
\n

Comptes de r\u00e9gularisation et passifs divers

\n		\n

8\u00a0229

\n		\n

8\u00a0844

\n
\n

Dettes li\u00e9es aux actifs non courants destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n		\n

91

\n		\n

16\u00a0283

\n
\n

Provisions

\n		\n

1\u00a0267

\n		\n

1\u00a0245

\n
\n

Dettes subordonn\u00e9es

\n		\n

8\u00a0882

\n		\n

10\u00a0042

\n
\n

Capitaux propres

\n		\n

19\u00a0482

\n		\n

18\u00a0078

\n
\n

Int\u00e9r\u00eats minoritaires

\n		\n

7\u00a0053

\n		\n

7\u00a0148

\n
\n

Capitaux propres part du groupe

\n		\n

12\u00a0429

\n		\n

10\u00a0930

\n
\n

R\u00e9serves consolid\u00e9es et autres

\n		\n

10\u00a0852

\n		\n

9\u00a0668

\n
\n

R\u00e9sultat part du groupe

\n		\n

1\u00a0578

\n		\n

1\u00a0262

\n
\n

Solde des op\u00e9rations avec le reste du groupe \u2013 Impact sur le r\u00e9sultat

\n		\n

\n		\n

\n
\n

Solde des op\u00e9rations avec le reste du groupe \u2013 Impact sur le bilan

\n		\n

(252)

\n		\n

(79)

\n
\n

Total

\n		\n

715\u00a0993

\n		\n

731\u00a0452

\n
\n

37.3.1Compte de r\u00e9sultat

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits des contrats d'assurance \u00e9mis

\n		\n

12\u00a0914

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n		\n

(10\u00a0187)

\n		\n

(8\u00a0991)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

2\u00a0649

\n		\n

2\u00a0727

\n
\n

Produits des placements nets de charges

\n		\n

6\u00a0697

\n		\n

5\u00a0868

\n
\n

Plus ou moins-values de cession des placements

\n		\n

(1\u00a0873)

\n		\n

(1\u00a0222)

\n
\n

Variation de juste valeur des placements comptabilis\u00e9s \u00e0 la juste valeur par r\u00e9sultat

\n		\n

10\u00a0819

\n		\n

9\u00a0364

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance

\n		\n

(30)

\n		\n

(20)

\n
\n

Gains et pertes relatifs \u00e0 la\u00a0d\u00e9comptabilisation d'actifs au co\u00fbt amorti

\n		\n

1

\n		\n

(0)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

788

\n		\n

(85)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0415)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Produits financiers nets de charges

\n		\n

948

\n		\n

1\u00a0002

\n
\n

Charges et produits des autres activit\u00e9s

\n		\n

113

\n		\n

108

\n
\n

Autres produits et charges op\u00e9rationnels courants

\n		\n

(878)

\n		\n

(973)

\n
\n

Autres produits et charges courants

\n		\n

(765)

\n		\n

(866)

\n
\n

R\u00e9sultat op\u00e9rationnel courant

\n		\n

2\u00a0832

\n		\n

2\u00a0864

\n
\n

Autres produits et charges op\u00e9rationnels non courants

\n		\n

1

\n		\n

28

\n
\n

R\u00e9sultat op\u00e9rationnel

\n		\n

2\u00a0832

\n		\n

2\u00a0892

\n
\n

Charges de financement

\n		\n

(162)

\n		\n

(157)

\n
\n

Variation de valeurs des actifs incorporels

\n		\n

(29)

\n		\n

55

\n
\n

Quote-part de r\u00e9sultat dans les soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

23

\n		\n

33

\n
\n

Imp\u00f4ts sur les r\u00e9sultats

\n		\n

(893)

\n		\n

(925)

\n
\n

R\u00e9sultat apr\u00e8s imp\u00f4t des activit\u00e9s destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es ou abandonn\u00e9es

\n		\n

(13)

\n		\n

(26)

\n
\n

R\u00e9sultat net de l'ensemble consolid\u00e9

\n		\n

1\u00a0758

\n		\n

1\u00a0872

\n
\n

Participations ne donnant pas droit au contr\u00f4le

\n		\n

266

\n		\n

290

\n
\n

R\u00e9sultat net part du groupe

\n		\n

1\u00a0492

\n		\n

1\u00a0582

\n
\n

37.3.2Marge financi\u00e8re

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0893

\n		\n

10\u00a0843

\n
\n

Total

\n		\n

12\u00a0893

\n		\n

10\u00a0843

\n
\n

Actifs FINANCIERS \u00c0 LA JUSTE valeur par capitaux propres recyclables

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

(1\u00a0662)

\n		\n

(1\u00a0261)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

4\u00a0757

\n		\n

3\u00a0920

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux propres

\n		\n

(838)

\n		\n

798

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(18)

\n		\n

(3)

\n
\n

Total

\n		\n

2\u00a0240

\n		\n

3\u00a0454

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers au co\u00fbt amorti

\n		\n

1

\n		\n

(0)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

285

\n		\n

257

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(3)

\n		\n

(2)

\n
\n

Total

\n		\n

283

\n		\n

255

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux non recyclables

\n		\n

\n		\n

\n
\n

Revenus comptabilis\u00e9s en r\u00e9sultat

\n		\n

539

\n		\n

516

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux propres

\n		\n

1\u00a0868

\n		\n

203

\n
\n

Total

\n		\n

2\u00a0407

\n		\n

719

\n
\n

Immeubles de placement

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des immeubles de placement (nets de d\u00e9pr\u00e9ciation)

\n		\n

112

\n		\n

(67)

\n
\n

Total

\n		\n

112

\n		\n

(67)

\n
\n

Autres \u00e9l\u00e9ments des revenus nets de placement

\n		\n

(180)

\n		\n

39

\n
\n

Revenus des placements (impact r\u00e9sultat et capitaux propres)

\n		\n

17\u00a0755

\n		\n

15\u00a0242

\n
\n

Effets de d\u00e9sactualisation et int\u00e9r\u00eats accumul\u00e9s sur les contrats d'assurance

\n		\n

(485)

\n		\n

(446)

\n
\n

Changement de juste valeur des \u00e9l\u00e9ments sous-jacents

\n		\n

(14\u00a0979)

\n		\n

(12\u00a0621)

\n
\n

Changements de taux et d'environnement \u00e9conomique

\n		\n

(378)

\n		\n

(717)

\n
\n

Effet de l\u2019att\u00e9nuation du risque

\n		\n

194

\n		\n

8

\n
\n

\u00c9cart de change dans les charges financi\u00e8res d'assurance

\n		\n

(0)

\n		\n

(0)

\n
\n

Produits ou charges financi\u00e8res d'assurance

\n		\n

(15\u00a0648)

\n		\n

(13\u00a0776)

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

(233)

\n		\n

(775)

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

(15\u00a0415)

\n		\n

(13\u00a0001)

\n
\n

Effets de d\u00e9sactualisation et Int\u00e9r\u00eats accumul\u00e9s sur les contrats de r\u00e9assurance d\u00e9tenus

\n		\n

435

\n		\n

634

\n
\n

Changements de taux et d'environnement \u00e9conomique

\n		\n

(192)

\n		\n

(300)

\n
\n

Autres effets financiers sur les contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(309)

\n		\n

(194)

\n
\n

Produits financiers ou charges financi\u00e8res aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(67)

\n		\n

139

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

(29)

\n		\n

42

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

(37)

\n		\n

98

\n
\n

Marge financi\u00e8re

\n		\n

2\u00a0039

\n		\n

1\u00a0606

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

767

\n		\n

268

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

1\u00a0272

\n		\n

1\u00a0338

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40139647628416851_0_0": { "value": "

1.1\u00c9missions obligataires

\n

\u00c9mission par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

En\u00a0janvier\u00a02025, La\u00a0Poste a r\u00e9alis\u00e9 une \u00e9mission d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e pour 750\u00a0millions d\u2019euros. Ces obligations ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de la Soci\u00e9t\u00e9 \u00e0 partir du second semestre de la sixi\u00e8me ann\u00e9e. Ces titres hybrides perp\u00e9tuels sont comptabilis\u00e9s dans les\u00a0capitaux propres part du groupe conform\u00e9ment aux crit\u00e8res de\u00a0classification de la norme IAS\u00a032 (voir tableau de variation des capitaux propres).

\n

Rachats par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

La\u00a0Poste a proc\u00e9d\u00e9 au rachat des obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e \u00e9mises en 2018 pour 750\u00a0millions d\u2019euros et comptabilis\u00e9es en capitaux propres part du groupe (voir tableau de variation des capitaux propres). Ce rachat a \u00e9t\u00e9 r\u00e9alis\u00e9 en deux temps, en\u00a0janvier\u00a02025 \u00e0 hauteur de 404\u00a0millions d\u2019euros puis en\u00a0novembre\u00a02025 \u00e0 hauteur de 346\u00a0millions d\u2019euros.

\n

\u00c9missions et remboursements d\u2019emprunts obligataires La\u00a0Banque\u00a0Postale

\n

Le 12\u00a0juin 2025, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale, a \u00e9mis une obligation s\u00e9curis\u00e9e \u00ab\u00a0verte\u00a0\u00bb. Cette \u00e9mission obligataire \u00e0 taux fixe a \u00e9t\u00e9 r\u00e9alis\u00e9e sous le format covered bond \u00e0 hauteur de 1\u00a0milliard d\u2019euros \u00e0 7\u00a0ans avec un spread final de MS+52\u00a0bps et un coupon de 2,750%. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de dettes conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

Le 26\u00a0octobre, La\u00a0Banque\u00a0Postale a rembours\u00e9 par anticipation, une dette subordonn\u00e9e de 500\u00a0millions d\u2019euros \u00e9mise en octobre\u00a02020 \u00e0 taux fixe de 0,875%.

\n

\u00c9mission d\u2019emprunts obligataires subordonn\u00e9s CNP\u00a0Assurances

\n

D\u00e9but\u00a0juillet\u00a02025, CNP\u00a0Assurances a finalis\u00e9 l\u2019\u00e9mission d\u2019une dette obligataire subordonn\u00e9e de 500\u00a0millions d\u2019euros, \u00e0 dur\u00e9e ind\u00e9termin\u00e9e, r\u00e9mun\u00e9r\u00e9e \u00e0 taux fixe de 5,50% avec une premi\u00e8re possibilit\u00e9 de remboursement au 2\u00a0juillet 2032. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de capitaux propres conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

NOTE 29Emprunts obligataires et autres dettes financi\u00e8res

\n

29.1D\u00e9tail des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Court terme

\n		\n

Moyen et long terme

\n		\n

Court terme

\n		\n

Moyen et long terme

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

8\u00a0852

\n		\n

1\u00a0153

\n		\n

9\u00a0682

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

8\u00a0716

\n		\n

749

\n		\n

9\u00a0527

\n
\n

Bons La Poste

\n		\n

50

\n		\n

\n		\n

50

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

\n		\n

200

\n		\n

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

\n		\n

72

\n		\n

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

44

\n		\n

5

\n		\n

46

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

91

\n		\n

77

\n		\n

109

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

\n		\n

23

\n		\n

3

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

\n		\n

108

\n		\n

\n
\n

Totaux

\n		\n

1\u00a0372

\n		\n

8\u00a0852

\n		\n

1\u00a0285

\n		\n

9\u00a0685

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location\u00a0(a)

\n		\n

782

\n		\n

2\u00a0837

\n		\n

851

\n		\n

3\u00a0220

\n
\n

Passifs de location

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

(a)La r\u00e9partition des passifs de location par devises au 31\u00a0d\u00e9cembre 2025 est la suivante\u00a0: euros 2\u00a0366\u00a0millions d\u2019euros, livres sterling 853\u00a0millions d\u2019euros, autres devises 400\u00a0millions d\u2019euros.

\n

La r\u00e9partition des passifs de location par devises au 31\u00a0d\u00e9cembre 2024 est la suivante\u00a0: euros 2 744\u00a0millions d\u2019euros, livres sterling 956\u00a0millions d\u2019euros, autres devises 371\u00a0millions d\u2019euros.

\n
\n

29.2\u00c9ch\u00e9ancier des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

\u00c9ch\u00e9ance < 1 an

\n		\n

\u00c9ch\u00e9ance de 1 \u00e0 5\u00a0ans

\n		\n

\u00c9ch\u00e9ance > 5\u00a0ans

\n		\n

Total

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

1\u00a0153

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0562

\n		\n

10\u00a0116

\n		\n

10\u00a0835

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

749

\n		\n

3\u00a0979

\n		\n

3\u00a0995

\n		\n

4\u00a0738

\n		\n

5\u00a0532

\n		\n

9\u00a0590

\n		\n

10\u00a0277

\n
\n

Bons La Poste

\n		\n

50

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

50

\n		\n

50

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

200

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

200

\n		\n

200

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

72

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

36

\n		\n

72

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

5

\n		\n

34

\n		\n

37

\n		\n

10

\n		\n

9

\n		\n

58

\n		\n

50

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

77

\n		\n

74

\n		\n

88

\n		\n

18

\n		\n

21

\n		\n

182

\n		\n

185

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

23

\n		\n

\n		\n

\n		\n

\n		\n

3

\n		\n

3

\n		\n

26

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

108

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

105

\n		\n

108

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

1\u00a0372

\n		\n

1\u00a0285

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0565

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location

\n		\n

782

\n		\n

851

\n		\n

1\u00a0773

\n		\n

2\u00a0068

\n		\n

1\u00a0064

\n		\n

1\u00a0152

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

29.3Variation des dettes financi\u00e8res

\n

Le tableau ci-dessous d\u00e9taille la variation des dettes financi\u00e8res au cours des exercices 2025 et 2024, en distinguant les variations ayant une incidence sur la tr\u00e9sorerie de celles sans incidence sur la tr\u00e9sorerie.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Emprunts obligataires et autres dettes financi\u00e8res\u00a0(a)

\n		\n

D\u00e9riv\u00e9s actifs associ\u00e9s
\u00e0 la dette
(y compris d\u00e9p\u00f4ts de garantie)\u00a0(a)

\n		\n

Passifs de location\u00a0(a)

\n		\n

TFT hors Banque

\n		\n

Dettes subordon-n\u00e9es de La Banque Postale

\n		\n

Passifs de location de La Banque Postale\u00a0(b)

\n		\n

TFT
Groupe

\n
\n

Solde au 31/12/2023

\n		\n

11\u00a0945

\n		\n

(16)

\n		\n

4\u00a0078

\n		\n

\n		\n

9\u00a0450

\n		\n

175

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

652

\n		\n

\n		\n

\n		\n

652

\n		\n

500

\n		\n

\n		\n

1\u00a0152

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n
\n

Remboursements des passifs de location

\n		\n

\n		\n

\n		\n

(873)

\n		\n

(873)

\n		\n

\n		\n

(34)

\n		\n

(907)

\n
\n

Autres flux de financement

\n		\n

(9)

\n		\n

(5)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

(13)

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(3)

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

927

\n		\n

\n		\n

\n		\n

33

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

18

\n		\n

13

\n		\n

41

\n		\n

\n		\n

\n		\n

0

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

21

\n		\n

(3)

\n		\n

(107)

\n		\n

\n		\n

92

\n		\n

(9)

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0520)

\n		\n

\n		\n

\n		\n

(1\u00a0520)

\n		\n

(997)

\n		\n

\n		\n

(2\u00a0517)

\n
\n

Remboursements des passifs de\u00a0location

\n		\n

\n		\n

\n		\n

(862)

\n		\n

(862)

\n		\n

\n		\n

(42)

\n		\n

(904)

\n
\n

Autres flux de financement

\n		\n

(8)

\n		\n

13

\n		\n

\n		\n

4

\n		\n

\n		\n

\n		\n

4

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(4)

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

780

\n		\n

\n		\n

\n		\n

37

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

(8)

\n		\n

(21)

\n		\n

(44)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

8

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

(2)

\n		\n

13

\n		\n

(326)

\n		\n

\n		\n

(163)

\n		\n

4

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2025

\n		\n

10\u00a0224

\n		\n

(12)

\n		\n

3\u00a0619

\n		\n

\n		\n

8\u00a0881

\n		\n

164

\n		\n

\n
\n

(a)Cf. note\u00a030.1, y compris les d\u00e9p\u00f4ts de garantie.

\n

(b)Cf. note\u00a032.7.

\n

(c)Encaissements provenant de nouveaux emprunts

\n

En 2025\u00a0:

\n

La Poste a r\u00e9alis\u00e9 en septembre\u00a02025 un abondement de 100\u00a0millions d\u2019euros d\u2019un emprunt obligataire comptabilis\u00e9 au co\u00fbt amorti au taux fixe de 3,75% \u00e0 \u00e9ch\u00e9ance de\u00a0juin\u00a02035.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 \u00e9mis en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste n\u2019a proc\u00e9d\u00e9 \u00e0 aucune \u00e9mission obligataire en 2024.

\n

(d)Remboursements des emprunts

\n

En 2025\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 750\u00a0millions d\u2019euros \u00e9mis en 2015 comptabilis\u00e9 au co\u00fbt amorti.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 rembours\u00e9s en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 1\u00a0000\u00a0millions d\u2019euros \u00e9mis en\u00a02012 et\u00a02013 comptabilis\u00e9 au co\u00fbt amorti.

\n
\n

29.4Emprunts obligataires et dette subordonn\u00e9e

\n

Au 31\u00a0d\u00e9cembre 2025, les emprunts obligataires du groupe dont le montant nominal est sup\u00e9rieur \u00e0 500\u00a0millions d\u2019euros sont les suivants\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Date d'\u00e9mission

\n		\n

\u00c9ch\u00e9ance

\n		\n

Devise

\n		\n

Taux facial

\n		\n

Montant nominal

\n

(en\u00a0millions de devises)

\n		\n

Mode de comptabilisation

\n
\n

2018

\n		\n

2028

\n		\n

Euro

\n		\n

1,450%

\n		\n

500

\n		\n

Co\u00fbt amorti

\n
\n

2019

\n		\n

2027

\n		\n

Euro

\n		\n

0,375%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2019-2021-2022

\n		\n

2034

\n		\n

Euro

\n		\n

1,000%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2020-2021-2022

\n		\n

2026

\n		\n

Euro

\n		\n

0,625%

\n		\n

875

\n		\n

Co\u00fbt amorti

\n
\n

2020

\n		\n

2032

\n		\n

Euro

\n		\n

1,375%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2021-2022

\n		\n

2029

\n		\n

Euro

\n		\n

0,000%

\n		\n

1\u00a0050

\n		\n

Co\u00fbt amorti

\n
\n

2021-2023

\n		\n

2036

\n		\n

Euro

\n		\n

0,625%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2028

\n		\n

Euro

\n		\n

2,625%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2033

\n		\n

Euro

\n		\n

3,125%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2023-2025

\n		\n

2030

\n		\n

Euro

\n		\n

3,750%

\n		\n

850

\n		\n

Co\u00fbt amorti

\n
\n

2023

\n		\n

2035

\n		\n

Euro

\n		\n

4,000%

\n		\n

950

\n		\n

Co\u00fbt amorti

\n
\n

Total des emprunts obligataires au co\u00fbt amorti

\n		\n

9\u00a0725

\n		\n

\n
\n

La ventilation de la dette obligataire au 31\u00a0d\u00e9cembre 2025, par nature de taux, est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Structure de la dette avant swaps de\u00a0variabilisation

\n		\n

Incidence des op\u00e9rations de variabilisation

\n		\n

Structure de la dette apr\u00e8s swaps de\u00a0variabilisation

\n
\n

Emprunts taux fixe

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

Total des emprunts

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

R\u00e9partition de la dette par devises

\n

La dette obligataire au 31\u00a0d\u00e9cembre 2025 est int\u00e9gralement libell\u00e9e en euros.

\n

29.6Autres dettes financi\u00e8res

\n

Bons La Poste

\n

Cette ligne repr\u00e9sente la dette de La Poste en mati\u00e8re de bons d\u2019\u00e9pargne. Tous les bons sont arriv\u00e9s \u00e0 \u00e9ch\u00e9ance.

\n

Billets de tr\u00e9sorerie

\n

Les billets de tr\u00e9sorerie \u00e9mis par La Poste et non \u00e9chus au 31\u00a0d\u00e9cembre 2025 ont une \u00e9ch\u00e9ance de quatre\u00a0mois au plus, et repr\u00e9sentent un montant de 200\u00a0millions d\u2019euros (200\u00a0millions d\u2019euros \u00e9galement au 31\u00a0d\u00e9cembre 2024).

\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n

Cette ligne correspond pour l\u2019essentiel aux d\u00e9p\u00f4ts de garantie re\u00e7us dans le cadre des instruments financiers contract\u00e9s pour la gestion de la dette obligataire.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40139812519633644_0_0": { "value": "

1.1\u00c9missions obligataires

\n

\u00c9mission par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

En\u00a0janvier\u00a02025, La\u00a0Poste a r\u00e9alis\u00e9 une \u00e9mission d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e pour 750\u00a0millions d\u2019euros. Ces obligations ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de la Soci\u00e9t\u00e9 \u00e0 partir du second semestre de la sixi\u00e8me ann\u00e9e. Ces titres hybrides perp\u00e9tuels sont comptabilis\u00e9s dans les\u00a0capitaux propres part du groupe conform\u00e9ment aux crit\u00e8res de\u00a0classification de la norme IAS\u00a032 (voir tableau de variation des capitaux propres).

\n

Rachats par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

La\u00a0Poste a proc\u00e9d\u00e9 au rachat des obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e \u00e9mises en 2018 pour 750\u00a0millions d\u2019euros et comptabilis\u00e9es en capitaux propres part du groupe (voir tableau de variation des capitaux propres). Ce rachat a \u00e9t\u00e9 r\u00e9alis\u00e9 en deux temps, en\u00a0janvier\u00a02025 \u00e0 hauteur de 404\u00a0millions d\u2019euros puis en\u00a0novembre\u00a02025 \u00e0 hauteur de 346\u00a0millions d\u2019euros.

\n

\u00c9missions et remboursements d\u2019emprunts obligataires La\u00a0Banque\u00a0Postale

\n

Le 12\u00a0juin 2025, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale, a \u00e9mis une obligation s\u00e9curis\u00e9e \u00ab\u00a0verte\u00a0\u00bb. Cette \u00e9mission obligataire \u00e0 taux fixe a \u00e9t\u00e9 r\u00e9alis\u00e9e sous le format covered bond \u00e0 hauteur de 1\u00a0milliard d\u2019euros \u00e0 7\u00a0ans avec un spread final de MS+52\u00a0bps et un coupon de 2,750%. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de dettes conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

Le 26\u00a0octobre, La\u00a0Banque\u00a0Postale a rembours\u00e9 par anticipation, une dette subordonn\u00e9e de 500\u00a0millions d\u2019euros \u00e9mise en octobre\u00a02020 \u00e0 taux fixe de 0,875%.

\n

\u00c9mission d\u2019emprunts obligataires subordonn\u00e9s CNP\u00a0Assurances

\n

D\u00e9but\u00a0juillet\u00a02025, CNP\u00a0Assurances a finalis\u00e9 l\u2019\u00e9mission d\u2019une dette obligataire subordonn\u00e9e de 500\u00a0millions d\u2019euros, \u00e0 dur\u00e9e ind\u00e9termin\u00e9e, r\u00e9mun\u00e9r\u00e9e \u00e0 taux fixe de 5,50% avec une premi\u00e8re possibilit\u00e9 de remboursement au 2\u00a0juillet 2032. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de capitaux propres conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

3.15Dette obligataire et instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de\u00a0la dette obligataire

\n

La dette obligataire hors activit\u00e9s bancaires et d\u2019assurance est class\u00e9e au bilan dans le poste \u00ab\u00a0Emprunts obligataires et dettes financi\u00e8res\u00a0\u00bb.

\n

3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

\n

Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

\n

Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

\n

3.15.2Emprunts obligataires \u00e9valu\u00e9s au\u00a0co\u00fbt amorti

\n

Les emprunts non adoss\u00e9s \u00e0 des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb sont \u00e9valu\u00e9s selon la m\u00e9thode du co\u00fbt amorti sur la base du taux d\u2019int\u00e9r\u00eat effectif.

\n

3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

\n

Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

\n

\u00c9missions vertes (CNP\u00a0Assurances, La\u00a0Banque\u00a0Postale, et La Poste Groupe)

\n

Le Sustainable Bond \u00e9mis par le groupe La\u00a0Poste pour 1,2\u00a0milliard d\u2019euros a \u00e9t\u00e9 allou\u00e9 en int\u00e9gralit\u00e9 sur 2024.

\n

Cf. note\u00a01.1 \u00c9missions obligataires.

\n

23.4Titres au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

32\u00a0735

\n		\n

31\u00a0894

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

5\u00a0264

\n		\n

4\u00a0262

\n
\n

Titres subordonn\u00e9s

\n		\n

208

\n		\n

100

\n
\n

Total

\n		\n

38\u00a0206

\n		\n

36\u00a0256

\n
\n

29.1D\u00e9tail des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Court terme

\n		\n

Moyen et long terme

\n		\n

Court terme

\n		\n

Moyen et long terme

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

8\u00a0852

\n		\n

1\u00a0153

\n		\n

9\u00a0682

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

8\u00a0716

\n		\n

749

\n		\n

9\u00a0527

\n
\n

Bons La Poste

\n		\n

50

\n		\n

\n		\n

50

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

\n		\n

200

\n		\n

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

\n		\n

72

\n		\n

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

44

\n		\n

5

\n		\n

46

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

91

\n		\n

77

\n		\n

109

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

\n		\n

23

\n		\n

3

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

\n		\n

108

\n		\n

\n
\n

Totaux

\n		\n

1\u00a0372

\n		\n

8\u00a0852

\n		\n

1\u00a0285

\n		\n

9\u00a0685

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location\u00a0(a)

\n		\n

782

\n		\n

2\u00a0837

\n		\n

851

\n		\n

3\u00a0220

\n
\n

Passifs de location

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

(a)La r\u00e9partition des passifs de location par devises au 31\u00a0d\u00e9cembre 2025 est la suivante\u00a0: euros 2\u00a0366\u00a0millions d\u2019euros, livres sterling 853\u00a0millions d\u2019euros, autres devises 400\u00a0millions d\u2019euros.

\n

La r\u00e9partition des passifs de location par devises au 31\u00a0d\u00e9cembre 2024 est la suivante\u00a0: euros 2 744\u00a0millions d\u2019euros, livres sterling 956\u00a0millions d\u2019euros, autres devises 371\u00a0millions d\u2019euros.

\n
\n

29.2\u00c9ch\u00e9ancier des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

\u00c9ch\u00e9ance < 1 an

\n		\n

\u00c9ch\u00e9ance de 1 \u00e0 5\u00a0ans

\n		\n

\u00c9ch\u00e9ance > 5\u00a0ans

\n		\n

Total

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

1\u00a0153

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0562

\n		\n

10\u00a0116

\n		\n

10\u00a0835

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

749

\n		\n

3\u00a0979

\n		\n

3\u00a0995

\n		\n

4\u00a0738

\n		\n

5\u00a0532

\n		\n

9\u00a0590

\n		\n

10\u00a0277

\n
\n

Bons La Poste

\n		\n

50

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

50

\n		\n

50

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

200

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

200

\n		\n

200

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

72

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

36

\n		\n

72

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

5

\n		\n

34

\n		\n

37

\n		\n

10

\n		\n

9

\n		\n

58

\n		\n

50

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

77

\n		\n

74

\n		\n

88

\n		\n

18

\n		\n

21

\n		\n

182

\n		\n

185

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

23

\n		\n

\n		\n

\n		\n

\n		\n

3

\n		\n

3

\n		\n

26

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

108

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

105

\n		\n

108

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

1\u00a0372

\n		\n

1\u00a0285

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0565

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location

\n		\n

782

\n		\n

851

\n		\n

1\u00a0773

\n		\n

2\u00a0068

\n		\n

1\u00a0064

\n		\n

1\u00a0152

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

29.3Variation des dettes financi\u00e8res

\n

Le tableau ci-dessous d\u00e9taille la variation des dettes financi\u00e8res au cours des exercices 2025 et 2024, en distinguant les variations ayant une incidence sur la tr\u00e9sorerie de celles sans incidence sur la tr\u00e9sorerie.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Emprunts obligataires et autres dettes financi\u00e8res\u00a0(a)

\n		\n

D\u00e9riv\u00e9s actifs associ\u00e9s
\u00e0 la dette
(y compris d\u00e9p\u00f4ts de garantie)\u00a0(a)

\n		\n

Passifs de location\u00a0(a)

\n		\n

TFT hors Banque

\n		\n

Dettes subordon-n\u00e9es de La Banque Postale

\n		\n

Passifs de location de La Banque Postale\u00a0(b)

\n		\n

TFT
Groupe

\n
\n

Solde au 31/12/2023

\n		\n

11\u00a0945

\n		\n

(16)

\n		\n

4\u00a0078

\n		\n

\n		\n

9\u00a0450

\n		\n

175

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

652

\n		\n

\n		\n

\n		\n

652

\n		\n

500

\n		\n

\n		\n

1\u00a0152

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n
\n

Remboursements des passifs de location

\n		\n

\n		\n

\n		\n

(873)

\n		\n

(873)

\n		\n

\n		\n

(34)

\n		\n

(907)

\n
\n

Autres flux de financement

\n		\n

(9)

\n		\n

(5)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

(13)

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(3)

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

927

\n		\n

\n		\n

\n		\n

33

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

18

\n		\n

13

\n		\n

41

\n		\n

\n		\n

\n		\n

0

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

21

\n		\n

(3)

\n		\n

(107)

\n		\n

\n		\n

92

\n		\n

(9)

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0520)

\n		\n

\n		\n

\n		\n

(1\u00a0520)

\n		\n

(997)

\n		\n

\n		\n

(2\u00a0517)

\n
\n

Remboursements des passifs de\u00a0location

\n		\n

\n		\n

\n		\n

(862)

\n		\n

(862)

\n		\n

\n		\n

(42)

\n		\n

(904)

\n
\n

Autres flux de financement

\n		\n

(8)

\n		\n

13

\n		\n

\n		\n

4

\n		\n

\n		\n

\n		\n

4

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(4)

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

780

\n		\n

\n		\n

\n		\n

37

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

(8)

\n		\n

(21)

\n		\n

(44)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

8

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

(2)

\n		\n

13

\n		\n

(326)

\n		\n

\n		\n

(163)

\n		\n

4

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2025

\n		\n

10\u00a0224

\n		\n

(12)

\n		\n

3\u00a0619

\n		\n

\n		\n

8\u00a0881

\n		\n

164

\n		\n

\n
\n

(a)Cf. note\u00a030.1, y compris les d\u00e9p\u00f4ts de garantie.

\n

(b)Cf. note\u00a032.7.

\n

(c)Encaissements provenant de nouveaux emprunts

\n

En 2025\u00a0:

\n

La Poste a r\u00e9alis\u00e9 en septembre\u00a02025 un abondement de 100\u00a0millions d\u2019euros d\u2019un emprunt obligataire comptabilis\u00e9 au co\u00fbt amorti au taux fixe de 3,75% \u00e0 \u00e9ch\u00e9ance de\u00a0juin\u00a02035.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 \u00e9mis en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste n\u2019a proc\u00e9d\u00e9 \u00e0 aucune \u00e9mission obligataire en 2024.

\n

(d)Remboursements des emprunts

\n

En 2025\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 750\u00a0millions d\u2019euros \u00e9mis en 2015 comptabilis\u00e9 au co\u00fbt amorti.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 rembours\u00e9s en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 1\u00a0000\u00a0millions d\u2019euros \u00e9mis en\u00a02012 et\u00a02013 comptabilis\u00e9 au co\u00fbt amorti.

\n
\n

29.4Emprunts obligataires et dette subordonn\u00e9e

\n

Au 31\u00a0d\u00e9cembre 2025, les emprunts obligataires du groupe dont le montant nominal est sup\u00e9rieur \u00e0 500\u00a0millions d\u2019euros sont les suivants\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Date d'\u00e9mission

\n		\n

\u00c9ch\u00e9ance

\n		\n

Devise

\n		\n

Taux facial

\n		\n

Montant nominal

\n

(en\u00a0millions de devises)

\n		\n

Mode de comptabilisation

\n
\n

2018

\n		\n

2028

\n		\n

Euro

\n		\n

1,450%

\n		\n

500

\n		\n

Co\u00fbt amorti

\n
\n

2019

\n		\n

2027

\n		\n

Euro

\n		\n

0,375%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2019-2021-2022

\n		\n

2034

\n		\n

Euro

\n		\n

1,000%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2020-2021-2022

\n		\n

2026

\n		\n

Euro

\n		\n

0,625%

\n		\n

875

\n		\n

Co\u00fbt amorti

\n
\n

2020

\n		\n

2032

\n		\n

Euro

\n		\n

1,375%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2021-2022

\n		\n

2029

\n		\n

Euro

\n		\n

0,000%

\n		\n

1\u00a0050

\n		\n

Co\u00fbt amorti

\n
\n

2021-2023

\n		\n

2036

\n		\n

Euro

\n		\n

0,625%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2028

\n		\n

Euro

\n		\n

2,625%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2033

\n		\n

Euro

\n		\n

3,125%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2023-2025

\n		\n

2030

\n		\n

Euro

\n		\n

3,750%

\n		\n

850

\n		\n

Co\u00fbt amorti

\n
\n

2023

\n		\n

2035

\n		\n

Euro

\n		\n

4,000%

\n		\n

950

\n		\n

Co\u00fbt amorti

\n
\n

Total des emprunts obligataires au co\u00fbt amorti

\n		\n

9\u00a0725

\n		\n

\n
\n

La ventilation de la dette obligataire au 31\u00a0d\u00e9cembre 2025, par nature de taux, est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Structure de la dette avant swaps de\u00a0variabilisation

\n		\n

Incidence des op\u00e9rations de variabilisation

\n		\n

Structure de la dette apr\u00e8s swaps de\u00a0variabilisation

\n
\n

Emprunts taux fixe

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

Total des emprunts

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

R\u00e9partition de la dette par devises

\n

La dette obligataire au 31\u00a0d\u00e9cembre 2025 est int\u00e9gralement libell\u00e9e en euros.

\n

29.6Autres dettes financi\u00e8res

\n

Bons La Poste

\n

Cette ligne repr\u00e9sente la dette de La Poste en mati\u00e8re de bons d\u2019\u00e9pargne. Tous les bons sont arriv\u00e9s \u00e0 \u00e9ch\u00e9ance.

\n

Billets de tr\u00e9sorerie

\n

Les billets de tr\u00e9sorerie \u00e9mis par La Poste et non \u00e9chus au 31\u00a0d\u00e9cembre 2025 ont une \u00e9ch\u00e9ance de quatre\u00a0mois au plus, et repr\u00e9sentent un montant de 200\u00a0millions d\u2019euros (200\u00a0millions d\u2019euros \u00e9galement au 31\u00a0d\u00e9cembre 2024).

\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n

Cette ligne correspond pour l\u2019essentiel aux d\u00e9p\u00f4ts de garantie re\u00e7us dans le cadre des instruments financiers contract\u00e9s pour la gestion de la dette obligataire.

\n

32.5Dettes repr\u00e9sent\u00e9es par un titre

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Certificats de d\u00e9p\u00f4t et billets de tr\u00e9sorerie

\n		\n

8\u00a0196

\n		\n

10\u00a0572

\n
\n

Emprunts obligataires\u00a0(a)

\n		\n

23\u00a0184

\n		\n

22\u00a0263

\n
\n

Total

\n		\n

31\u00a0381

\n		\n

32\u00a0835

\n
\n

(a)Dont 12,7\u00a0milliards d'euros au 31\u00a0d\u00e9cembre 2025 de covered bonds \u00e9mis par La Banque Postale Home Loan SFH contre 12,7\u00a0milliards d'euros au 31\u00a0d\u00e9cembre 2024.

\n
\n

36.2Placements des activit\u00e9s d\u2019assurance

\n

Ventilation par cat\u00e9gories comptables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

22

\n		\n

86

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

14\u00a0704

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

189\u00a0142

\n
\n

Titres au co\u00fbt amorti

\n		\n

5\u00a0000

\n		\n

3\u00a0287

\n
\n

Immeubles de placement

\n		\n

6\u00a0340

\n		\n

6\u00a0590

\n
\n

Participations dans les entreprises mises en \u00e9quivalence

\n		\n

1\u00a0086

\n		\n

1\u00a0097

\n
\n

Placements des activit\u00e9s d'assurance

\n		\n

418\u00a0370

\n		\n

402\u00a0561

\n
\n

Les lignes Actifs financiers \u00e0 la juste valeur par r\u00e9sultat et les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables et non recyclables sont d\u00e9taill\u00e9es ci-apr\u00e8s\u00a0:

\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de dettes

\n		\n

175\u00a0121

\n		\n

165\u00a0007

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

2\u00a0148

\n		\n

2\u00a0100

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

13\u00a0350

\n		\n

13\u00a0998

\n
\n

OPCVM

\n		\n

57\u00a0457

\n		\n

59\u00a0598

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

98\u00a0673

\n		\n

85\u00a0366

\n
\n

Pr\u00eats et avances

\n		\n

3\u00a0494

\n		\n

3\u00a0945

\n
\n

Instruments de capitaux propres

\n		\n

23\u00a0968

\n		\n

21\u00a0756

\n
\n

Actions et autres titres \u00e0 revenu variable

\n		\n

16\u00a0814

\n		\n

16\u00a0298

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

7\u00a0153

\n		\n

5\u00a0458

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

958

\n		\n

892

\n
\n

Actifs financiers a la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n		\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

90\u00a0654

\n		\n

(20\u00a0561)

\n		\n

89\u00a0936

\n		\n

(19\u00a0519)

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

99\u00a0453

\n		\n

(6\u00a0190)

\n		\n

99\u00a0207

\n		\n

(6\u00a0480)

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

(26\u00a0751)

\n		\n

189\u00a0142

\n		\n

(25\u00a0998)

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

7\u00a0263

\n		\n

\n		\n

7\u00a0090

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

(19\u00a0488)

\n		\n

\n		\n

(18\u00a0908)

\n
\n

Actions, autres titres \u00e0 revenu variable et autres titres
d\u00e9tenus \u00e0 long terme

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

(998)

\n		\n

\n		\n

(688)

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres non recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

3\u00a0743

\n		\n

\n		\n

2\u00a0853

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059506_0": { "value": "

1.1\u00c9missions obligataires

\n

\u00c9mission par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

En\u00a0janvier\u00a02025, La\u00a0Poste a r\u00e9alis\u00e9 une \u00e9mission d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e pour 750\u00a0millions d\u2019euros. Ces obligations ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de la Soci\u00e9t\u00e9 \u00e0 partir du second semestre de la sixi\u00e8me ann\u00e9e. Ces titres hybrides perp\u00e9tuels sont comptabilis\u00e9s dans les\u00a0capitaux propres part du groupe conform\u00e9ment aux crit\u00e8res de\u00a0classification de la norme IAS\u00a032 (voir tableau de variation des capitaux propres).

\n

Rachats par La Poste d\u2019obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e

\n

La\u00a0Poste a proc\u00e9d\u00e9 au rachat des obligations super subordonn\u00e9es \u00e0 dur\u00e9e ind\u00e9termin\u00e9e \u00e9mises en 2018 pour 750\u00a0millions d\u2019euros et comptabilis\u00e9es en capitaux propres part du groupe (voir tableau de variation des capitaux propres). Ce rachat a \u00e9t\u00e9 r\u00e9alis\u00e9 en deux temps, en\u00a0janvier\u00a02025 \u00e0 hauteur de 404\u00a0millions d\u2019euros puis en\u00a0novembre\u00a02025 \u00e0 hauteur de 346\u00a0millions d\u2019euros.

\n

\u00c9missions et remboursements d\u2019emprunts obligataires La\u00a0Banque\u00a0Postale

\n

Le 12\u00a0juin 2025, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale, a \u00e9mis une obligation s\u00e9curis\u00e9e \u00ab\u00a0verte\u00a0\u00bb. Cette \u00e9mission obligataire \u00e0 taux fixe a \u00e9t\u00e9 r\u00e9alis\u00e9e sous le format covered bond \u00e0 hauteur de 1\u00a0milliard d\u2019euros \u00e0 7\u00a0ans avec un spread final de MS+52\u00a0bps et un coupon de 2,750%. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de dettes conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

Le 26\u00a0octobre, La\u00a0Banque\u00a0Postale a rembours\u00e9 par anticipation, une dette subordonn\u00e9e de 500\u00a0millions d\u2019euros \u00e9mise en octobre\u00a02020 \u00e0 taux fixe de 0,875%.

\n

\u00c9mission d\u2019emprunts obligataires subordonn\u00e9s CNP\u00a0Assurances

\n

D\u00e9but\u00a0juillet\u00a02025, CNP\u00a0Assurances a finalis\u00e9 l\u2019\u00e9mission d\u2019une dette obligataire subordonn\u00e9e de 500\u00a0millions d\u2019euros, \u00e0 dur\u00e9e ind\u00e9termin\u00e9e, r\u00e9mun\u00e9r\u00e9e \u00e0 taux fixe de 5,50% avec une premi\u00e8re possibilit\u00e9 de remboursement au 2\u00a0juillet 2032. Cette \u00e9mission est qualifi\u00e9e d\u2019instruments de capitaux propres conform\u00e9ment \u00e0 la norme IAS\u00a032.

\n

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

\n

Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

\n

Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

\n

3.10Autres actifs

\n

3.10.2Cr\u00e9ances clients

\n

Lors de leur comptabilisation initiale, les cr\u00e9ances clients de l\u2019activit\u00e9 commerciale sont enregistr\u00e9es \u00e0 leur valeur nominale, qui correspond en substance \u00e0 la juste valeur des cr\u00e9ances.

\n

Des provisions sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement.

\n

3.10.3Autres actifs financiers courants

\n

Il s\u2019agit pour l\u2019essentiel de la part court terme de la juste valeur des instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette obligataire de La\u00a0Poste (cf. notes\u00a03.15 et 29).

\n

3.10.4Autres actifs financiers non\u00a0courants

\n

Ce poste inclut notamment les deux composantes suivantes (cf.\u00a0note\u00a022)\u00a0:

\n

Pr\u00eats accord\u00e9s pour le logement social

\n

Ils sont comptabilis\u00e9s au co\u00fbt amorti selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif. Des d\u00e9pr\u00e9ciations sont constitu\u00e9es afin de prendre en compte l\u2019\u00e9ch\u00e9ance et les modalit\u00e9s de remboursement de ces pr\u00eats, ainsi que l\u2019appr\u00e9ciation du risque de non-recouvrement.

\n

Titres de participation non consolid\u00e9s

\n

Lorsqu\u2019ils ne sont pas d\u00e9tenus \u00e0 des fins de transaction, la norme IFRS\u00a09 permet en date de premi\u00e8re comptabilisation de chaque instrument d\u2019opter (de mani\u00e8re irr\u00e9vocable) pour un classement en juste valeur par le biais des capitaux propres non recyclables.

\n
\n\n\n\n
\n

Cette option est le plus souvent utilis\u00e9e pour les titres non consolid\u00e9s.

\n
\n

Lorsque cette option est retenue, les gains ou les pertes latents comptabilis\u00e9s en capitaux propres ne sont pas recycl\u00e9s en r\u00e9sultat en cas de cession mais sont reclass\u00e9s en r\u00e9serves consolid\u00e9es. Seuls les \u00e9ventuels dividendes relatifs \u00e0 ces titres impactent le compte de r\u00e9sultat.

\n

3.11Actifs et passifs financiers des activit\u00e9s bancaires et d\u2019assurance

\n

Au bilan, les actifs et passifs sp\u00e9cifiques aux activit\u00e9s bancaires et d\u2019assurance sont regroup\u00e9s sur des postes d\u00e9di\u00e9s \u00e0 ces activit\u00e9s dont le contenu est similaire \u00e0 ceux pr\u00e9sent\u00e9s par La\u00a0Banque\u00a0Postale dans ses propres \u00e9tats financiers.

\n

3.11.1Principes g\u00e9n\u00e9raux de comptabilisation des actifs et\u00a0passifs financiers

\n

Instruments financiers

\n

La norme IFRS\u00a09 d\u00e9finit un instrument financier comme tout contrat donnant lieu \u00e0 la comptabilisation d'un actif financier pour l'une des parties et \u00e0 la comptabilisation d'un passif financier ou d'un instrument de capitaux propres pour l'autre partie. Le droit contractuel de l'une des parties de recevoir de la tr\u00e9sorerie est contrebalanc\u00e9 par l'obligation de payer de la tr\u00e9sorerie pour l'autre partie, et inversement.

\n

Comptabilisation initiale

\n

Lors de leur comptabilisation initiale, les actifs et passifs financiers sont \u00e9valu\u00e9s \u00e0 leur juste valeur minor\u00e9e ou major\u00e9e des co\u00fbts de transaction directement imputables \u00e0 l\u2019acquisition (\u00e0 l\u2019exception des actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat pour lesquels les co\u00fbts de transaction sont comptabilis\u00e9s en produits ou en charges au moment de la comptabilisation initiale).

\n

En pratique, la juste valeur sera le plus souvent le prix de transaction de l\u2019instrument financier.

\n

Date d\u2019enregistrement initiale

\n

Les titres sont inscrits au bilan en date de r\u00e8glement-livraison tandis que les instruments financiers d\u00e9riv\u00e9s sont enregistr\u00e9s en date de n\u00e9gociation. Les variations de juste valeur entre la date de n\u00e9gociation et la date de r\u00e8glement-livraison sont enregistr\u00e9es en r\u00e9sultat.

\n

Les pr\u00eats et cr\u00e9ances sont enregistr\u00e9s au bilan en date de\u00a0d\u00e9caissement.

\n

3.11.2Comptabilisation des actifs financiers

\n

Selon IFRS\u00a09, la classification d\u2019un actif financier est effectu\u00e9e en fonction des mod\u00e8les de gestion d\u00e9finis par l\u2019entit\u00e9 et des caract\u00e9ristiques de ses flux de tr\u00e9sorerie contractuels (crit\u00e8re du Pr\u00eat basique appel\u00e9 aussi test SPPI, Solely Payments of Principal and Interest).

\n

Mod\u00e8les de gestion

\n

Un mod\u00e8le de gestion correspond \u00e0 la mani\u00e8re dont est g\u00e9r\u00e9 collectivement un groupe d\u2019actifs financiers pour g\u00e9n\u00e9rer des revenus. Son objectif est de traduire au mieux les pratiques de gestion des actifs concern\u00e9s. Il est identifi\u00e9 au sein du groupe \u00e0 partir des faits objectifs qui peuvent \u00eatre observ\u00e9s comme l\u2019analyse de l\u2019organisation du m\u00e9tier, de ses syst\u00e8mes d\u2019information, de ses rapports internes, de son mode de suivi des risques, ou encore de ses\u00a0d\u00e9cisions de gestion pass\u00e9es (historiques de cessions par exemple).

\n

Il convient de distinguer trois types de mod\u00e8les de gestion\u00a0:

\n

\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs (mod\u00e8le Collecte)\u00a0;

\n

\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs et effectuer des cessions (mod\u00e8le Collecte et Vente)\u00a0;

\n

\u25cfun mod\u00e8le Autre pour les autres actifs financiers, dont le mod\u00e8le n\u2019est ni le mod\u00e8le Collecte, ni le mod\u00e8le Collecte et Vente et dans lequel la collecte des flux contractuels est accessoire.

\n
\n\n\n\n
\n

Ce mod\u00e8le concerne notamment les actifs financiers g\u00e9r\u00e9s \u00e0 des fins de transaction.

\n
\n

L\u2019identification d\u2019un mod\u00e8le de gestion est accompagn\u00e9e d\u2019une documentation au sein de chaque m\u00e9tier du groupe.

\n

Un changement de mod\u00e8le gestion est par nature tr\u00e8s rare car ne pouvant correspondre qu\u2019\u00e0 l\u2019arr\u00eat ou au lancement d\u2019une activit\u00e9 significative. Il peut s\u2019agir par exemple d\u2019une cession de ligne de m\u00e9tier g\u00e9r\u00e9e auparavant selon le mod\u00e8le Collecte\u00a0: dans ce cas, l\u2019entit\u00e9 ne commercialise plus ce type d\u2019instruments financiers et reclasse l\u2019ensemble des actifs concern\u00e9s dans un mod\u00e8le de gestion de type transaction.

\n

Interdit dans tous les autres cas, le reclassement des instruments de dette respectant le test SPPI est obligatoire en cas de changement de mod\u00e8le de gestion de mani\u00e8re prospective et soit au 1er\u00a0juillet, soit au 1er\u00a0janvier apr\u00e8s la date effective du changement de mod\u00e8le.

\n

Crit\u00e8re du pr\u00eat basique ou test SPPI

\n

L\u2019objectif du crit\u00e8re SPPI est de s\u2019assurer que les flux de tr\u00e9sorerie contractuels g\u00e9n\u00e9r\u00e9s par l\u2019instrument sont uniquement compos\u00e9s de flux de remboursement en principal et de versement d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb. En d\u2019autres termes, l\u2019instrument doit \u00eatre un \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

\n

Le principal est d\u00e9fini comme la juste valeur de l\u2019instrument financier au moment de sa comptabilisation initiale au bilan.

\n

Les int\u00e9r\u00eats peuvent comprendre plusieurs composantes dont\u00a0:

\n

\u25cfla r\u00e9mun\u00e9ration per\u00e7ue au titre du temps qui passe, appel\u00e9e aussi valeur-temps de l\u2019argent\u00a0;

\n

\u25cfla r\u00e9mun\u00e9ration du risque de cr\u00e9dit encouru sur le montant pr\u00eat\u00e9\u00a0;

\n

\u25cfla r\u00e9mun\u00e9ration venant compenser les co\u00fbts de la liquidit\u00e9 ou co\u00fbts administratifs\u00a0; \u00a0

\n

\u25cfet la marge commerciale.

\n

Les actifs financiers respectant le crit\u00e8re du pr\u00eat basique sont des instruments de dette qui comprennent notamment les cr\u00e9dits classiques, des obligations \u00e0 taux fixe et \u00e0 taux variable ainsi que les cr\u00e9ances commerciales. Ils incluent \u00e9galement des financements responsables (pr\u00eats verts et sociaux, cr\u00e9dits \u00e0 impact, pr\u00eats li\u00e9s au d\u00e9veloppement durable ou sustainability-Linked loans) dont les flux contractuels sont conformes aux crit\u00e8res SPPI.

\n

Les actifs financiers ne respectant pas le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb incluent notamment les instruments de dette tels que les OPCVM ou les titres structur\u00e9s.

\n

Les instruments d\u00e9riv\u00e9s et les instruments de capitaux propres de type actions ou titres de participation non consolid\u00e9s ne respectent pas par nature le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

\n

Selon IFRS\u00a09, les actifs financiers sont class\u00e9s dans une des quatre cat\u00e9gories d\u00e9taill\u00e9es dans les sections\u00a03.11.3 \u00e0 3.11.5.

\n

3.11.3Actifs financiers au co\u00fbt amorti

\n

Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance (mod\u00e8le de gestion de collecte) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s au sein des actifs financiers au co\u00fbt amorti.

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L\u2019objectif du mod\u00e8le de gestion \u00ab\u00a0Collecte des flux contractuels\u00a0\u00bb est de d\u00e9tenir les actifs sur une longue dur\u00e9e ou jusqu\u2019\u00e0 maturit\u00e9 pour en percevoir les flux contractuels. Dans ce mod\u00e8le de gestion, les cessions sont possibles mais limit\u00e9es aux cessions r\u00e9alis\u00e9es dans le cadre d\u2019une augmentation du risque de cr\u00e9dit, aux cessions proches de la maturit\u00e9 de l\u2019instrument, aux cessions fr\u00e9quentes mais peu significatives et aux cessions isol\u00e9es m\u00eame si elles sont significatives.

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Les actifs financiers au co\u00fbt amorti sont comptabilis\u00e9s, apr\u00e8s leur comptabilisation initiale, en utilisant la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Le taux d\u2019int\u00e9r\u00eat effectif est le taux qui actualise exactement les flux de tr\u00e9sorerie futurs estim\u00e9s sur la dur\u00e9e de vie attendue d\u2019un actif financier \u00e0 sa juste valeur initiale. Il inclut les co\u00fbts de transaction et les produits accessoires (frais de dossier, commissions d\u2019engagement d\u00e8s lors que le tirage est plus probable qu\u2019improbable ou de participation) ainsi que toutes autres surcotes ou\u00a0d\u00e9cotes. Il s\u2019agit d\u2019un taux actuariel.

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Au sein du groupe, cette cat\u00e9gorie d\u2019actifs financiers comprend notamment l\u2019essentiel des pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le et aux \u00e9tablissements de cr\u00e9dit, ainsi que la plupart des titres de dettes entrant dans le cadre d\u2019investissement des activit\u00e9s bancaires.

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Modifications de contrats (ren\u00e9gociations\u00a0commerciales)

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Les pr\u00eats octroy\u00e9s par le groupe peuvent faire l'objet de restructurations pour difficult\u00e9s financi\u00e8res (cf.\u00a0section\u00a03.11.6) ou de ren\u00e9gociations commerciales m\u00eame en l\u2019absence de difficult\u00e9s financi\u00e8res ou d\u2019insolvabilit\u00e9 de l\u2019emprunteur.

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Ces op\u00e9rations concernent des clients pour lesquels le groupe accepte de ren\u00e9gocier la dette selon les nouvelles conditions du march\u00e9, dans le but de maintenir ou de d\u00e9velopper une relation commerciale, sans abandon de capital ou d\u2019int\u00e9r\u00eats courus. \u00c0 l\u2019exception des cas particuliers o\u00f9 la modification apport\u00e9e par la ren\u00e9gociation ne serait pas jug\u00e9e substantielle, les pr\u00eats ainsi ren\u00e9goci\u00e9s sont\u00a0d\u00e9comptabilis\u00e9s \u00e0 la date de ren\u00e9gociation et les nouveaux pr\u00eats, contractualis\u00e9s aux conditions ren\u00e9goci\u00e9es, leur sont substitu\u00e9s au bilan \u00e0 cette m\u00eame date.

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3.11.4Actifs financiers \u00e0 la juste valeur par\u00a0capitaux propres recyclables

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels et de vendre les actifs (mod\u00e8le de collecte et vente) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s dans les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables.

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Ces actifs sont comptabilis\u00e9s \u00e0 leur juste valeur lors de leur inscription initiale au bilan et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Les revenus courus ou acquis sont enregistr\u00e9s en r\u00e9sultat sur la base du taux d\u2019int\u00e9r\u00eat effectif parmi les Int\u00e9r\u00eats et produits assimil\u00e9s au sein du produit net bancaire.

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En date de cl\u00f4ture, cette cat\u00e9gorie d\u2019instruments financiers est \u00e9valu\u00e9e au bilan \u00e0 la juste valeur et les variations de juste valeur hors revenus sont enregistr\u00e9es par contrepartie des r\u00e9serves recyclables, \u00e0 l\u2019exception des \u00e9carts de change sur les actifs mon\u00e9taires en devises enregistr\u00e9s en r\u00e9sultat.

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De plus, ces instruments \u00e9tant soumis au mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit, les variations des pertes de cr\u00e9dit attendues sont comptabilis\u00e9es en r\u00e9sultat dans le co\u00fbt du risque des activit\u00e9s bancaires (cf. note\u00a012) et au sein du Produit Net Bancaire pour les activit\u00e9s d'assurance (cf. note\u00a08) en contrepartie des r\u00e9serves recyclables.

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Lors de la cession de ces titres, les gains ou pertes latents ant\u00e9rieurement constat\u00e9s en capitaux propres sont recycl\u00e9s en compte de r\u00e9sultat au sein du Produit Net Bancaire sur la ligne des Gains ou pertes nets des instruments financiers \u00e0 la juste valeur par capitaux propres (cf. note\u00a08).

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3.11.5Actifs financiers \u00e0 la juste valeur par\u00a0r\u00e9sultat

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La cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par r\u00e9sultat est la cat\u00e9gorie par d\u00e9faut selon IFRS\u00a09. Les variations de juste valeur des actifs financiers class\u00e9s dans cette cat\u00e9gorie sont enregistr\u00e9es au compte de r\u00e9sultat.

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Elle comprend les titres de dette ne correspondant pas aux crit\u00e8res du pr\u00eat basique (par exemple les OPCVM) ainsi que les instruments de capitaux propres qui ne sont pas class\u00e9s dans la cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables (cf. note\u00a036.2). Cette cat\u00e9gorie englobe \u00e9galement l\u2019ensemble des actifs financiers d\u00e9tenus dans un mod\u00e8le de gestion n\u2019\u00e9tant ni un mod\u00e8le de collecte ni un mod\u00e8le de collecte et vente i.e. les actifs financiers, y compris les d\u00e9riv\u00e9s actifs, d\u00e9tenus \u00e0 des fins de transaction (c'est-\u00e0-dire acquis ou \u00e9mis avec l\u2019intention de les revendre \u00e0 br\u00e8ve \u00e9ch\u00e9ance).

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Au sein du groupe, cette cat\u00e9gorie comprend notamment les cr\u00e9dits aux collectivit\u00e9s locales \u00e9ligibles \u00e0 des cessions \u00e0 Caffil.

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Figurent \u00e9galement dans cette cat\u00e9gorie, les actifs que le groupe a d\u00e9sign\u00e9s pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant une des conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable (option possible uniquement en date de premi\u00e8re comptabilisation et de mani\u00e8re irr\u00e9vocable)\u00a0;

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\u25cfou si le risque de cr\u00e9dit est couvert par un d\u00e9riv\u00e9 (l\u2019option possible lors de la comptabilisation initiale ou bien ult\u00e9rieurement).

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

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Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

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Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

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Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

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Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

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D\u00e9gradation significative du risque de cr\u00e9dit

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La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

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Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

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M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

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Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

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Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

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Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

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Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

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Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

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Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

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La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

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Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

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La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

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Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

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La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

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Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

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Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

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Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

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\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

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\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

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\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

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\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

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D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

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Pr\u00eats ne relevant plus du bucket\u00a03

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

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Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

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L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

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3.11.7D\u00e9comptabilisation d\u2019actifs et\u00a0passifs financiers

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Les actifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque les droits contractuels sur les flux de tr\u00e9sorerie attach\u00e9s \u00e0 l\u2019actif financier arrivent \u00e0 expiration ou lorsque ces droits et la quasi-totalit\u00e9 des risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 ont \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 un tiers.

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Lorsque certains risques et avantages ont \u00e9t\u00e9 transf\u00e9r\u00e9s et le contr\u00f4le conserv\u00e9 sur l\u2019actif financier, ce dernier est maintenu au bilan dans la mesure de l\u2019implication continue.

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration. En cas de modification contractuelle (restructuration ou ren\u00e9gociation commerciale), un passif financier sera\u00a0d\u00e9comptabilis\u00e9 si la modification de contrat est substantielle. Si la modification n'est pas substantielle, le passif est maintenu au bilan. Afin de d\u00e9terminer si les conditions de la dette existante et celles de la nouvelle dette sont substantiellement diff\u00e9rentes, des tests qualitatif et quantitatif sont effectu\u00e9s.

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Op\u00e9rations de pension livr\u00e9e

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Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

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Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

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Op\u00e9rations de pr\u00eats de titres

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Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

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3.11.8Dettes financi\u00e8res

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Principe g\u00e9n\u00e9ral de classement des\u00a0dettes\u00a0financi\u00e8res

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Tous les passifs financiers sont par d\u00e9faut class\u00e9s dans la cat\u00e9gorie au co\u00fbt amorti.

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En date de cl\u00f4ture, ces dettes sont enregistr\u00e9es au bilan soit en \u00ab\u00a0Dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0\u00bb, soit en \u00ab\u00a0Dettes envers la client\u00e8le\u00a0\u00bb, soit en \u00ab\u00a0Dettes repr\u00e9sent\u00e9es par un titre\u00a0\u00bb soit en \u00ab\u00a0Dettes subordonn\u00e9es\u00a0\u00bb.

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Elles sont \u00e9valu\u00e9es selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif sauf si elles ont fait l\u2019objet d\u2019une couverture en juste valeur.

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Dettes envers les \u00e9tablissements de\u00a0cr\u00e9dit\u00a0et\u00a0la\u00a0client\u00e8le

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Les dettes envers les \u00e9tablissements de cr\u00e9dit et dettes envers la client\u00e8le sont ventil\u00e9es d\u2019apr\u00e8s leur dur\u00e9e initiale ou leur nature\u00a0: dettes \u00e0 vue (d\u00e9p\u00f4ts \u00e0 vue, comptes ordinaires) ou \u00e0 terme (compte d\u2019\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial). Ces dettes comprennent les titres donn\u00e9s en pension livr\u00e9e et les valeurs donn\u00e9es en pension.

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Dettes repr\u00e9sent\u00e9es par un titre

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Les dettes repr\u00e9sent\u00e9es par un titre sont constitu\u00e9es des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables effectu\u00e9es par le groupe.

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Dettes subordonn\u00e9es

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Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

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Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

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Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

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Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

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\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

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\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

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Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

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Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

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Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

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Reclassement de passifs financiers

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Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

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D\u00e9comptabilisation des passifs financiers

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

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3.11.9Instruments financiers d\u00e9riv\u00e9s et\u00a0comptabilit\u00e9 de couverture

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Un d\u00e9riv\u00e9 est un instrument financier ou un autre contrat qui pr\u00e9sente les trois caract\u00e9ristiques suivantes\u00a0:

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\u25cfsa valeur fluctue en fonction d\u2019un taux d\u2019int\u00e9r\u00eat, du prix d\u2019un instrument financier, du prix de mati\u00e8res premi\u00e8res, d\u2019un cours de change, d\u2019un indice de prix ou de cours, d\u2019une notation de cr\u00e9dit ou d\u2019un indice de cr\u00e9dit, ou d\u2019une autre variable appel\u00e9e sous-jacent\u00a0;

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\u25cfil requiert un investissement initial net nul ou plus faible qu\u2019un instrument financier non d\u00e9riv\u00e9 pour avoir la m\u00eame sensibilit\u00e9 \u00e0 la variation du sous-jacent\u00a0;

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\u25cfil est d\u00e9nou\u00e9 \u00e0 une date future.

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Les instruments financiers d\u00e9riv\u00e9s sont class\u00e9s en deux cat\u00e9gories\u00a0:

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D\u00e9riv\u00e9s d\u00e9tenus \u00e0 des fins de transaction

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Les d\u00e9riv\u00e9s sont des instruments financiers d\u00e9tenus \u00e0 des fins de transaction \u00e0 l\u2019exception des d\u00e9riv\u00e9s entrant dans une relation de couverture. Ils sont comptabilis\u00e9s au bilan parmi les instruments financiers en juste valeur par r\u00e9sultat. Les variations de juste valeur et les int\u00e9r\u00eats courus ou \u00e9chus sont comptabilis\u00e9s au sein du Produit Net Bancaire parmi les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08).

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Les d\u00e9riv\u00e9s sont par d\u00e9faut class\u00e9s dans les cat\u00e9gories Actifs (ou passifs) financiers \u00e0 la juste valeur par r\u00e9sultat, m\u00eame si \u00e9conomiquement, ils ont \u00e9t\u00e9 souscrits en vue de couvrir une ou plusieurs transactions.

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D\u00e9riv\u00e9s de couverture

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Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

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\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

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\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

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Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

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Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

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Couverture de juste valeur

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La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

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Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

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Macro-couverture

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Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

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Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

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La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

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Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

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Couverture de flux de tr\u00e9sorerie

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La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

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La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

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La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

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Couverture d\u2019un investissement net libell\u00e9 en devises

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La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

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La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

\n

Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

\n

Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

\n

3.11.10Compensation des actifs et\u00a0des\u00a0passifs financiers

\n

Conform\u00e9ment \u00e0 la norme IAS\u00a032, un actif financier et un passif financier sont compens\u00e9s et un solde net est pr\u00e9sent\u00e9 au bilan si et seulement si le groupe a un droit juridiquement ex\u00e9cutoire de compenser les montants comptabilis\u00e9s et s\u2019il a l\u2019intention soit de r\u00e9gler le montant net soit de r\u00e9aliser l\u2019actif et de r\u00e9gler le passif simultan\u00e9ment. Le droit juridiquement ex\u00e9cutoire doit \u00eatre irr\u00e9vocable et doit pouvoir s\u2019exercer en toutes circonstances.

\n

Ce droit porte sur toutes les op\u00e9rations r\u00e9alis\u00e9es par chambre de compensation et s\u2019applique aux nominaux d\u2019esp\u00e8ces et aux int\u00e9r\u00eats int\u00e9gr\u00e9s dans le flux de restitution.

\n

Les op\u00e9rations de pensions livr\u00e9es dont les principes de fonctionnement r\u00e9pondent aux deux crit\u00e8res requis par la norme font l\u2019objet d\u2019une compensation au bilan lorsque\u00a0:

\n

\u25cfelles ont les m\u00eames dates d\u2019\u00e9ch\u00e9ance\u00a0;

\n

\u25cfelles sont r\u00e9alis\u00e9es dans la m\u00eame devise\u00a0;

\n

\u25cfelles se d\u00e9nouent au travers d\u2019un syst\u00e8me de r\u00e8glement/livraison garantissant la livraison des titres contre la r\u00e9ception d\u2019esp\u00e8ces associ\u00e9es, c\u2019est-\u00e0-dire le m\u00eame d\u00e9positaire central de titres.

\n

La compensation concerne essentiellement les op\u00e9rations de pension r\u00e9alis\u00e9es avec les chambres de compensation LCH\u00a0Clearnet et Eurex.

\n

3.11.11Engagements de garantie et\u00a0garanties financi\u00e8res

\n

Le groupe a opt\u00e9 pour la comptabilisation des garanties financi\u00e8res donn\u00e9es conform\u00e9ment \u00e0 la norme IFRS\u00a09. Selon IFRS\u00a09, un contrat r\u00e9pond \u00e0 la d\u00e9finition d\u2019une garantie financi\u00e8re s\u2019il comporte un principe indemnitaire selon lequel l\u2019\u00e9metteur remboursera le b\u00e9n\u00e9ficiaire des pertes qu\u2019il aura subies, en raison de la d\u00e9faillance d\u2019un d\u00e9biteur sp\u00e9cifi\u00e9 \u00e0 effectuer un paiement sur un instrument de dette.

\n

Les garanties financi\u00e8res donn\u00e9es sont \u00e9valu\u00e9es \u00e0 leur juste valeur initiale \u00e0 la date de mise en place. Elles sont ensuite \u00e9valu\u00e9es ult\u00e9rieurement au montant le plus \u00e9lev\u00e9 entre le montant de l\u2019obligation et le montant initialement enregistr\u00e9 diminu\u00e9 le cas \u00e9ch\u00e9ant de la commission de garantie.

\n

Par ailleurs, les garanties financi\u00e8res donn\u00e9es (qui ne sont pas comptabilis\u00e9es ult\u00e9rieurement \u00e0 la juste valeur par le r\u00e9sultat) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan. Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces encours. La provision est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

\n

3.11.12Engagements de financement

\n

Les engagements de financements qui ne sont pas consid\u00e9r\u00e9s comme des instruments d\u00e9riv\u00e9s ne figurent pas au bilan.

\n

Toutefois, de la m\u00eame mani\u00e8re que les garanties financi\u00e8res donn\u00e9es, les engagements de financement (qui ne sont pas consid\u00e9r\u00e9s comme des d\u00e9riv\u00e9s) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan.

\n

Niveau 1

\n

Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

\n

Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

\n

\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

\n

\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

\n
\n

Niveau 2

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

\n

Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

\n

\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

\n

\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

\n

\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

\n
\n

Niveau\u00a03

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

\n
\n\n\n\n
\n

Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

\n
\n

3.14Distinction entre instruments de dettes et\u00a0instruments de\u00a0capitaux\u00a0propres

\n

3.14.1Distinction entre instruments de\u00a0dette et instruments de\u00a0capitaux\u00a0propres

\n

La distinction entre les instruments de dette et les instruments de capitaux propres reposent sur l\u2019analyse en substance des caract\u00e9ristiques contractuelles de chaque instrument.

\n

Un instrument de dette non d\u00e9riv\u00e9 constitue une obligation contractuelle de remettre des liquidit\u00e9s ou un autre actif financier ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

\n

Un instrument de capitaux propres non d\u00e9riv\u00e9 est un contrat mettant en \u00e9vidence un int\u00e9r\u00eat r\u00e9siduel dans l\u2019actif net d\u2019une entit\u00e9 qui de fait ne pr\u00e9sente pas d\u2019obligation contractuelle de remettre des liquidit\u00e9s ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

\n

3.14.2Titres super subordonn\u00e9s \u00e0\u00a0dur\u00e9e\u00a0ind\u00e9termin\u00e9e

\n

Les titres super subordonn\u00e9s \u00e0 dur\u00e9e ind\u00e9termin\u00e9e sont class\u00e9s en instruments de dettes ou de capitaux propres notamment en fonction de leur mode de r\u00e9mun\u00e9ration selon qu\u2019il est discr\u00e9tionnaire ou non.

\n

Lorsque les titres subordonn\u00e9s \u00e9mis r\u00e9pondent aux crit\u00e8res de classement en \u00ab\u00a0instruments de capitaux propres\u00a0\u00bb les coupons sont trait\u00e9s comme des dividendes venant en diminution des capitaux propres.

\n

Toutes les autres obligations, perp\u00e9tuelles ou remboursables, notamment celles pr\u00e9sentant une \u00e9ch\u00e9ance de remboursement, sont class\u00e9es en dettes subordonn\u00e9es en application de la norme IAS\u00a032.

\n

3.15Dette obligataire et instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de\u00a0la dette obligataire

\n

La dette obligataire hors activit\u00e9s bancaires et d\u2019assurance est class\u00e9e au bilan dans le poste \u00ab\u00a0Emprunts obligataires et dettes financi\u00e8res\u00a0\u00bb.

\n

3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

\n

Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

\n

Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

\n

3.15.2Emprunts obligataires \u00e9valu\u00e9s au\u00a0co\u00fbt amorti

\n

Les emprunts non adoss\u00e9s \u00e0 des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb sont \u00e9valu\u00e9s selon la m\u00e9thode du co\u00fbt amorti sur la base du taux d\u2019int\u00e9r\u00eat effectif.

\n

3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

\n

Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

\n

4.5Risque de cr\u00e9dit des activit\u00e9s bancaires

\n

Depuis\u00a0d\u00e9cembre\u00a02024, La\u00a0Banque Postale int\u00e8gre de mani\u00e8re plus fine des provisions relatives aux risques climatiques.

\n

L\u2019int\u00e9gration des risques climatiques se retrouve \u00e0 pr\u00e9sent \u00e0 travers deux dimensions\u00a0: la dimension globale, d\u00e9j\u00e0 pr\u00e9sente jusqu\u2019\u00e0 pr\u00e9sent via le sc\u00e9nario adverse, et une dimension sp\u00e9cifique, prise en compte sur le cr\u00e9dit immobilier particulier d\u2019une part et sur les entreprises d\u2019autre part.

\n

Dimension globale

\n

Elle est int\u00e9gr\u00e9e dans la construction des sc\u00e9narios macro-\u00e9conomiques des risques \u00e9mergents au sens large (climatiques, g\u00e9opolitiques, etc.).

\n

Cette dimension socle, transverse \u00e0 l\u2019ensemble de l\u2019\u00e9conomie, permet de tenir compte des effets des risques de transition sur les indicateurs macro-\u00e9conomiques influen\u00e7ant la solvabilit\u00e9 des acteurs de l\u2019\u00e9conomie. Il s\u2019agit donc d\u2019une dimension syst\u00e9mique indissociable des autres facteurs macro-\u00e9conomiques tels que l\u2019inflation, l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, les crises g\u00e9opolitiques\u2026 Cette dimension s\u2019applique donc \u00e0 tous les acteurs de l\u2019\u00e9conomie.

\n

Dimension sp\u00e9cifique

\n

La dimension sp\u00e9cifique est propre \u00e0 chaque segment de client\u00e8le et \u00e0 ses activit\u00e9s. Elle permet de prendre en compte les sensibilit\u00e9s diff\u00e9renci\u00e9es de chaque secteur ou client \u00e0 ces risques.

\n

Elle est d\u00e9termin\u00e9e en compl\u00e9ment de la dimension globale et peut s\u2019appliquer \u00e0 diff\u00e9rents niveaux en fonction des risques \u00e0 estimer (au niveau de contreparties, secteurs d\u2019activit\u00e9, produits, etc.).

\n

Provisions en r\u00e9sultant

\n

Les provisions ont \u00e9t\u00e9 d\u00e9finies en compl\u00e9ments des provisions sectorielles effectives en adressant deux portefeuilles principaux\u00a0:

\n

\u25cfle risque de transition sur le portefeuille Entreprises notamment en \u00e9valuant l\u2019impact d\u2019une hausse des prix du carbone sur la solvabilit\u00e9 des contreparties\u00a0;

\n

\u25cfle risque physique d\u2019inondation sur le portefeuille de cr\u00e9dits immobiliers aux particuliers et l\u2019impact sur les r\u00e9cup\u00e9rations attendues en cas de contentieux.

\n

Ces travaux sont complexes et n\u00e9cessitent pour certains d\u2019entre eux de constituer des bases de donn\u00e9es pertinentes d\u2019observations d\u2019al\u00e9as climatiques pour int\u00e9grer cette composante dans le calcul des Expected Cr\u00e9dit Loss (ECL).

\n

\u00c9missions vertes (CNP\u00a0Assurances, La\u00a0Banque\u00a0Postale, et La Poste Groupe)

\n

Le Sustainable Bond \u00e9mis par le groupe La\u00a0Poste pour 1,2\u00a0milliard d\u2019euros a \u00e9t\u00e9 allou\u00e9 en int\u00e9gralit\u00e9 sur 2024.

\n

Cf. note\u00a01.1 \u00c9missions obligataires.

\n

NOTE 12Amortissements, provisions et pertes de valeur

\n

Les variations des dotations aux amortissements, provisions et pertes de valeur ayant un impact sur le r\u00e9sultat d\u2019exploitation courant se\u00a0d\u00e9composent comme suit\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Amortissements nets

\n		\n

2\u00a0521

\n		\n

2\u00a0621

\n
\n

Immobilisations incorporelles\u00a0(a)

\n		\n

782

\n		\n

823

\n
\n

Immobilisations corporelles\u00a0(a)

\n		\n

834

\n		\n

867

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

905

\n		\n

930

\n
\n

Provisions et pertes de valeur nettes

\n		\n

(17)

\n		\n

(48)

\n
\n

\u00c9carts d'acquisition\u00a0(b)

\n		\n

59

\n		\n

48

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

(30)

\n		\n

(19)

\n
\n

Immobilisations corporelles et incorporelles\u00a0(a)

\n		\n

(48)

\n		\n

(120)

\n
\n

Stocks\u00a0(c)

\n		\n

1

\n		\n

(3)

\n
\n

Cr\u00e9ances\u00a0(c)

\n		\n

16

\n		\n

39

\n
\n

Pertes sur cr\u00e9ances irr\u00e9couvrables

\n		\n

38

\n		\n

38

\n
\n

Provisions pour risques et charges\u00a0

\n		\n

(52)

\n		\n

(32)

\n
\n

Co\u00fbt du risque des activit\u00e9s bancaires

\n		\n

250

\n		\n

231

\n
\n

Co\u00fbt du risque bancaire \u2013 autres d\u00e9pr\u00e9ciations et risques\u00a0(d)

\n		\n

56

\n		\n

149

\n
\n

Co\u00fbt du risque bancaire \u2013 cr\u00e9ances irr\u00e9couvrables

\n		\n

194

\n		\n

82

\n
\n

Amortissements, provisions et pertes de valeur avant affectation aux contrats d'assurance

\n		\n

2\u00a0754

\n		\n

2\u00a0804

\n
\n

Amortissements, provisions et pertes de valeurs aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en\u00a0PNB

\n		\n

(83)

\n		\n

(81)

\n
\n

Total

\n		\n

2\u00a0670

\n		\n

2\u00a0723

\n
\n

(a)Une ventilation des variations d\u2019amortissement et de perte de valeur des immobilisations est pr\u00e9sent\u00e9e dans les notes 17, 18 et 19. Les mouvements de d\u00e9pr\u00e9ciation et de reprise de d\u00e9pr\u00e9ciation sur les droits d\u2019utilisation concernent essentiellement l\u2019UGT Courrier (cf. note\u00a021).

\n

(b)Les pertes de valeur des \u00e9carts d\u2019acquisition sont d\u00e9taill\u00e9es en note\u00a016.2.

\n

(c)Le d\u00e9tail des variations des pertes de valeur relatives aux stocks et aux cr\u00e9ances figure dans la note\u00a024.

\n

(d)Dont 250\u00a0millions d\u2019euros sur les encours au co\u00fbt amorti en bucket 3 en 2025 (versus 158\u00a0millions d\u2019euros en 2024).

\n
\n

NOTE 22Autres actifs financiers

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Courant

\n		\n

Non courant

\n		\n

Courant

\n		\n

Non courant

\n
\n

Titres de participation non consolid\u00e9s

\n		\n

\n		\n

420

\n		\n

\n		\n

379

\n
\n

D\u00e9p\u00f4ts et cautionnements vers\u00e9s

\n		\n

9

\n		\n

87

\n		\n

24

\n		\n

83

\n
\n

Instruments financiers d\u00e9riv\u00e9s

\n		\n

0

\n		\n

11

\n		\n

0

\n		\n

8

\n
\n

Pr\u00eats sociaux

\n		\n

6

\n		\n

31

\n		\n

6

\n		\n

36

\n
\n

Provisions sur pr\u00eats sociaux

\n		\n

\n		\n

(9)

\n		\n

\n		\n

(11)

\n
\n

Actifs financiers de placement de la tr\u00e9sorerie

\n		\n

854

\n		\n

\n		\n

215

\n		\n

\n
\n

Autres actifs financiers

\n		\n

56

\n		\n

54

\n		\n

55

\n		\n

73

\n
\n

D\u00e9pr\u00e9ciations sur autres actifs financiers

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(3)

\n
\n

Total

\n		\n

924

\n		\n

591

\n		\n

300

\n		\n

564

\n
\n

Titres de participation non consolid\u00e9s

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Secteur

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Pourcentage de d\u00e9tention

\n		\n

Valeur au bilan

\n		\n

Valeur au bilan

\n
\n

Cr\u00e9dit Logement

\n		\n

La Banque Postale

\n		\n

6%

\n		\n

97

\n		\n

95

\n
\n

Domiserve

\n		\n

La Banque Postale

\n		\n

100%

\n		\n

46

\n		\n

42

\n
\n

EPI Company SE

\n		\n

La Banque Postale

\n		\n

6%

\n		\n

43

\n		\n

28

\n
\n

Xange Digital 3

\n		\n

Supports et structures

\n		\n

22%

\n		\n

27

\n		\n

29

\n
\n

Transactis

\n		\n

La Banque Postale

\n		\n

50%

\n		\n

24

\n		\n

23

\n
\n

Xange Capital 2

\n		\n

Supports et structures

\n		\n

56%

\n		\n

16

\n		\n

17

\n
\n

Xange 4

\n		\n

Supports et structures

\n		\n

7%

\n		\n

14

\n		\n

14

\n
\n

Toit et joie

\n		\n

Supports et structures

\n		\n

99%

\n		\n

12

\n		\n

12

\n
\n

STET

\n		\n

La Banque Postale

\n		\n

5%

\n		\n

8

\n		\n

7

\n
\n

Xange 5

\n		\n

Supports et structures

\n		\n

5%

\n		\n

8

\n		\n

\n
\n

LegalPlace

\n		\n

Supports et structures

\n		\n

12%

\n		\n

7

\n		\n

3

\n
\n

Bpifrance

\n		\n

La Banque Postale

\n		\n

0,02%

\n		\n

6

\n		\n

\n
\n

SCI CRSF DOM

\n		\n

La Banque Postale

\n		\n

100%

\n		\n

6

\n		\n

2

\n
\n

LP17

\n		\n

Supports et structures

\n		\n

100%

\n		\n

5

\n		\n

5

\n
\n

LP12

\n		\n

Supports et structures

\n		\n

100%

\n		\n

5

\n		\n

5

\n
\n

FFD2

\n		\n

Supports et structures

\n		\n

3%

\n		\n

5

\n		\n

5

\n
\n

Seyna

\n		\n

La Banque Postale

\n		\n

5%

\n		\n

5

\n		\n

\n
\n

Django

\n		\n

La Banque Postale

\n		\n

\n		\n

\n		\n

6

\n
\n

Autres \u2013 entit\u00e9s fran\u00e7aises

\n		\n

\n		\n

\n		\n

75

\n		\n

67

\n
\n

Autres \u2013 entit\u00e9s \u00e9trang\u00e8res (cf. d\u00e9tail en note\u00a046)

\n		\n

\n		\n

\n		\n

10

\n		\n

18

\n
\n

Total

\n		\n

\n		\n

\n		\n

420

\n		\n

379

\n
\n

Les titres de participation non consolid\u00e9s d\u00e9tenus \u00e0 100% sont des soci\u00e9t\u00e9s mises en sommeil, en cours de liquidation, ou pr\u00e9sentant des postes de bilan et de compte de r\u00e9sultat non significatifs.

\n

D\u00e9p\u00f4ts et cautionnements

\n

Cette ligne correspond notamment aux d\u00e9p\u00f4ts de garantie vers\u00e9s dans le cadre des locations immobili\u00e8res.

\n

Instruments financiers d\u00e9riv\u00e9s

\n

La ligne Instruments financiers d\u00e9riv\u00e9s correspond, pour l\u2019essentiel, \u00e0 des instruments contract\u00e9s dans le cadre de la gestion des risques de taux et de change. Ils sont notamment \u00e0 mettre en regard des postes \u00ab\u00a0Emprunts obligataires et autres dettes financi\u00e8res\u00a0\u00bb. Un d\u00e9tail de ces instruments d\u00e9riv\u00e9s figure en note\u00a029.5.

\n

Pr\u00eats sociaux

\n

Les pr\u00eats sociaux se composent essentiellement de pr\u00eats \u00e0 des organismes de construction avec des \u00e9ch\u00e9ances \u00e0 tr\u00e8s long terme.

\n

Actifs financiers de placement de\u00a0la\u00a0tr\u00e9sorerie

\n

Ce sont des actifs acquis dans le cadre de la gestion de tr\u00e9sorerie, constitu\u00e9s essentiellement d\u2019OPCVM et de comptes \u00e0 terme.

\n

NOTE 23Actifs sp\u00e9cifiques des activit\u00e9s bancaires et\u00a0d\u2019assurance

\n

23.1Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n

D\u00e9composition par natures d\u2019instruments

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

28\u00a0179

\n		\n

24\u00a0666

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

29\u00a0377

\n		\n

28\u00a0714

\n
\n

OPCVM

\n		\n

114\u00a0401

\n		\n

107\u00a0930

\n
\n

Instruments de dettes

\n		\n

171\u00a0957

\n		\n

161\u00a0310

\n
\n

Actions et autres titres \u00e0 revenu variable

\n		\n

24\u00a0018

\n		\n

21\u00a0815

\n
\n

Instruments de capitaux propres

\n		\n

24\u00a0018

\n		\n

21\u00a0815

\n
\n

Client\u00e8le

\n		\n

6\u00a0441

\n		\n

6\u00a0967

\n
\n

Pr\u00eats et avances

\n		\n

6\u00a0441

\n		\n

6\u00a0967

\n
\n

De taux

\n		\n

5\u00a0421

\n		\n

5\u00a0651

\n
\n

De change

\n		\n

140

\n		\n

149

\n
\n

De cr\u00e9dit

\n		\n

7

\n		\n

\n
\n

Sur actions et indices

\n		\n

167

\n		\n

207

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

5\u00a0734

\n		\n

6\u00a0007

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

1\u00a0269

\n		\n

225

\n
\n

Client\u00e8le

\n		\n

10\u00a0171

\n		\n

7\u00a0558

\n
\n

Titres et valeurs re\u00e7us en pension livr\u00e9e

\n		\n

11\u00a0440

\n		\n

7\u00a0784

\n
\n

Total

\n		\n

219\u00a0591

\n		\n

203\u00a0882

\n
\n

D\u00e9composition par cat\u00e9gories IFRS\u00a09

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0214

\n		\n

16\u00a0826

\n
\n

Actifs financiers non SPPI et instruments de capitaux propres

\n		\n

90\u00a0933

\n		\n

93\u00a0288

\n
\n

Actifs financiers repr\u00e9sentatifs des contrats en unit\u00e9 de compte

\n		\n

105\u00a0826

\n		\n

90\u00a0825

\n
\n

Actifs financiers \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

2\u00a0943

\n
\n

Total

\n		\n

219\u00a0591

\n		\n

203\u00a0882

\n
\n

23.2Instruments d\u00e9riv\u00e9s de couverture

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de taux d'int\u00e9r\u00eat

\n		\n

346

\n		\n

327

\n
\n

Instruments de devises

\n		\n

48

\n		\n

159

\n
\n

Total

\n		\n

395

\n		\n

486

\n
\n

23.3Actifs financiers \u00e0 la juste valeur par capitaux propres

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actions \u00e0 la juste valeur par capitaux propres non recyclables

\n		\n

16\u00a0051

\n		\n

14\u00a0997

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

93\u00a0366

\n		\n

91\u00a0934

\n
\n

Obligations et autres titres de dettes

\n		\n

113\u00a0368

\n		\n

111\u00a0014

\n
\n

Instruments de dettes \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

202\u00a0948

\n
\n

Total

\n		\n

222\u00a0785

\n		\n

217\u00a0945

\n
\n

23.4Titres au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

32\u00a0735

\n		\n

31\u00a0894

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

5\u00a0264

\n		\n

4\u00a0262

\n
\n

Titres subordonn\u00e9s

\n		\n

208

\n		\n

100

\n
\n

Total

\n		\n

38\u00a0206

\n		\n

36\u00a0256

\n
\n

23.5Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de\u00a0cr\u00e9dit au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Comptes ordinaires d\u00e9biteurs

\n		\n

1\u00a0872

\n		\n

1\u00a0946

\n
\n

Valeurs non imput\u00e9es

\n		\n

3

\n		\n

3

\n
\n

Comptes et pr\u00eats sur \u00e9tablissements de cr\u00e9dit \u00e0 vue

\n		\n

1\u00a0875

\n		\n

1\u00a0950

\n
\n

Comptes et pr\u00eats

\n		\n

153

\n		\n

106

\n
\n

Centralisation CDC

\n		\n

59\u00a0475

\n		\n

63\u00a0410

\n
\n

Titres et valeurs re\u00e7us en pension livr\u00e9e

\n		\n

8\u00a0495

\n		\n

10\u00a0129

\n
\n

Comptes et pr\u00eats sur \u00e9tablissements de cr\u00e9dit \u00e0 terme

\n		\n

68\u00a0123

\n		\n

73\u00a0645

\n
\n

Pr\u00eats subordonn\u00e9s

\n		\n

79

\n		\n

79

\n
\n

Total

\n		\n

70\u00a0076

\n		\n

75\u00a0673

\n
\n

23.6Pr\u00eats et cr\u00e9ances sur la client\u00e8le au co\u00fbt amorti

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Comptes ordinaires d\u00e9biteurs client\u00e8le

\n		\n

1\u00a0038

\n		\n

969

\n
\n

Affacturage

\n		\n

4\u00a0236

\n		\n

4\u00a0147

\n
\n

Pr\u00eats \u00e0 la client\u00e8le \u00e0 vue, valeurs non imput\u00e9es et autres comptes

\n		\n

87

\n		\n

75

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

(205)

\n		\n

(204)

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le \u00e0 vue

\n		\n

5\u00a0156

\n		\n

4\u00a0986

\n
\n

Cr\u00e9dits de tr\u00e9sorerie

\n		\n

16\u00a0296

\n		\n

14\u00a0363

\n
\n

Cr\u00e9dits \u00e0 l'habitat et cr\u00e9dits immobiliers

\n		\n

91\u00a0302

\n		\n

93\u00a0620

\n
\n

Cr\u00e9dits \u00e0 l'\u00e9quipement

\n		\n

5\u00a0877

\n		\n

6\u00a0793

\n
\n

Cr\u00e9dits \u00e0 la client\u00e8le financi\u00e8re

\n		\n

4\u00a0254

\n		\n

2\u00a0598

\n
\n

Autres cr\u00e9dits

\n		\n

1\u00a0470

\n		\n

1\u00a0989

\n
\n

Titres re\u00e7us en pension livr\u00e9e

\n		\n

5\u00a0829

\n		\n

2\u00a0289

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

(1\u00a0509)

\n		\n

(1\u00a0411)

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le \u00e0 terme

\n		\n

123\u00a0521

\n		\n

120\u00a0240

\n
\n

Pr\u00eats subordonn\u00e9s \u00e0 la client\u00e8le

\n		\n

15

\n		\n

16

\n
\n

Op\u00e9rations de location-financement

\n		\n

3\u00a0462

\n		\n

3\u00a0715

\n
\n

Total

\n		\n

132\u00a0154

\n		\n

128\u00a0958

\n
\n

23.7Contrats d\u2019assurance et de r\u00e9assurance, autres actifs financiers et\u00a0comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

740

\n		\n

816

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 PAA

\n		\n

\n		\n

146

\n		\n

97

\n
\n

Frais d'acquisition non encore affect\u00e9s aux contrats \u2013 Actif

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif

\n		\n

36.3.1

\n		\n

890

\n		\n

917

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

5\u00a0986

\n		\n

6\u00a0213

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 PAA

\n		\n

\n		\n

255

\n		\n

295

\n
\n

Actifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 R\u00e9assurance

\n		\n

\n		\n

15

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif\u00a0

\n		\n

36.3.1

\n		\n

6\u00a0255

\n		\n

6\u00a0523

\n
\n

D\u00e9biteurs divers\u00a0(a)

\n		\n

\n		\n

4\u00a0875

\n		\n

6\u00a0822

\n
\n

Comptes de r\u00e8glement relatifs aux op\u00e9rations sur titres

\n		\n

\n		\n

41

\n		\n

0

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

\n		\n

(147)

\n		\n

(93)

\n
\n

Autres actifs financiers

\n		\n

\n		\n

4\u00a0768

\n		\n

6\u00a0729

\n
\n

Charges constat\u00e9es d'avance et produits \u00e0 recevoir

\n		\n

\n		\n

1\u00a0565

\n		\n

1\u00a0770

\n
\n

Comptes d'encaissement

\n		\n

\n		\n

116

\n		\n

142

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

\n		\n

304

\n		\n

321

\n
\n

Comptes de r\u00e9gularisation

\n		\n

\n		\n

1\u00a0985

\n		\n

2\u00a0232

\n
\n

Autres actifs financiers et comptes de r\u00e9gularisation

\n		\n

\n		\n

6\u00a0754

\n		\n

8\u00a0961

\n
\n

(a)Dont d\u00e9p\u00f4ts de garantie au titre des EPI du FRU pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024 (cf. note\u00a037.4).

\n
\n

23.8Immeubles de placement

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur brute

\n		\n

940

\n		\n

894

\n
\n

Amortissements

\n		\n

(80)

\n		\n

(51)

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

(50)

\n		\n

(91)

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

810

\n		\n

752

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0545

\n		\n

5\u00a0838

\n
\n

Total

\n		\n

6\u00a0355

\n		\n

6\u00a0590

\n
\n

Les immeubles de placement figurant dans les comptes \u00e0 fin\u00a0d\u00e9cembre\u00a02025 concernent essentiellement CNP\u00a0Assurances.

\n

NOTE 29Emprunts obligataires et autres dettes financi\u00e8res

\n

29.1D\u00e9tail des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Court terme

\n		\n

Moyen et long terme

\n		\n

Court terme

\n		\n

Moyen et long terme

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

8\u00a0852

\n		\n

1\u00a0153

\n		\n

9\u00a0682

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

8\u00a0716

\n		\n

749

\n		\n

9\u00a0527

\n
\n

Bons La Poste

\n		\n

50

\n		\n

\n		\n

50

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

\n		\n

200

\n		\n

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

\n		\n

72

\n		\n

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

44

\n		\n

5

\n		\n

46

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

91

\n		\n

77

\n		\n

109

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

\n		\n

23

\n		\n

3

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

\n		\n

108

\n		\n

\n
\n

Totaux

\n		\n

1\u00a0372

\n		\n

8\u00a0852

\n		\n

1\u00a0285

\n		\n

9\u00a0685

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location\u00a0(a)

\n		\n

782

\n		\n

2\u00a0837

\n		\n

851

\n		\n

3\u00a0220

\n
\n

Passifs de location

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

(a)La r\u00e9partition des passifs de location par devises au 31\u00a0d\u00e9cembre 2025 est la suivante\u00a0: euros 2\u00a0366\u00a0millions d\u2019euros, livres sterling 853\u00a0millions d\u2019euros, autres devises 400\u00a0millions d\u2019euros.

\n

La r\u00e9partition des passifs de location par devises au 31\u00a0d\u00e9cembre 2024 est la suivante\u00a0: euros 2 744\u00a0millions d\u2019euros, livres sterling 956\u00a0millions d\u2019euros, autres devises 371\u00a0millions d\u2019euros.

\n
\n

29.2\u00c9ch\u00e9ancier des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

\u00c9ch\u00e9ance < 1 an

\n		\n

\u00c9ch\u00e9ance de 1 \u00e0 5\u00a0ans

\n		\n

\u00c9ch\u00e9ance > 5\u00a0ans

\n		\n

Total

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

1\u00a0153

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0562

\n		\n

10\u00a0116

\n		\n

10\u00a0835

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

749

\n		\n

3\u00a0979

\n		\n

3\u00a0995

\n		\n

4\u00a0738

\n		\n

5\u00a0532

\n		\n

9\u00a0590

\n		\n

10\u00a0277

\n
\n

Bons La Poste

\n		\n

50

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

50

\n		\n

50

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

200

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

200

\n		\n

200

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

72

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

36

\n		\n

72

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

5

\n		\n

34

\n		\n

37

\n		\n

10

\n		\n

9

\n		\n

58

\n		\n

50

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

77

\n		\n

74

\n		\n

88

\n		\n

18

\n		\n

21

\n		\n

182

\n		\n

185

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

23

\n		\n

\n		\n

\n		\n

\n		\n

3

\n		\n

3

\n		\n

26

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

108

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

105

\n		\n

108

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

1\u00a0372

\n		\n

1\u00a0285

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0565

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location

\n		\n

782

\n		\n

851

\n		\n

1\u00a0773

\n		\n

2\u00a0068

\n		\n

1\u00a0064

\n		\n

1\u00a0152

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

29.3Variation des dettes financi\u00e8res

\n

Le tableau ci-dessous d\u00e9taille la variation des dettes financi\u00e8res au cours des exercices 2025 et 2024, en distinguant les variations ayant une incidence sur la tr\u00e9sorerie de celles sans incidence sur la tr\u00e9sorerie.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Emprunts obligataires et autres dettes financi\u00e8res\u00a0(a)

\n		\n

D\u00e9riv\u00e9s actifs associ\u00e9s
\u00e0 la dette
(y compris d\u00e9p\u00f4ts de garantie)\u00a0(a)

\n		\n

Passifs de location\u00a0(a)

\n		\n

TFT hors Banque

\n		\n

Dettes subordon-n\u00e9es de La Banque Postale

\n		\n

Passifs de location de La Banque Postale\u00a0(b)

\n		\n

TFT
Groupe

\n
\n

Solde au 31/12/2023

\n		\n

11\u00a0945

\n		\n

(16)

\n		\n

4\u00a0078

\n		\n

\n		\n

9\u00a0450

\n		\n

175

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

652

\n		\n

\n		\n

\n		\n

652

\n		\n

500

\n		\n

\n		\n

1\u00a0152

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n
\n

Remboursements des passifs de location

\n		\n

\n		\n

\n		\n

(873)

\n		\n

(873)

\n		\n

\n		\n

(34)

\n		\n

(907)

\n
\n

Autres flux de financement

\n		\n

(9)

\n		\n

(5)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

(13)

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(3)

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

927

\n		\n

\n		\n

\n		\n

33

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

18

\n		\n

13

\n		\n

41

\n		\n

\n		\n

\n		\n

0

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

21

\n		\n

(3)

\n		\n

(107)

\n		\n

\n		\n

92

\n		\n

(9)

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0520)

\n		\n

\n		\n

\n		\n

(1\u00a0520)

\n		\n

(997)

\n		\n

\n		\n

(2\u00a0517)

\n
\n

Remboursements des passifs de\u00a0location

\n		\n

\n		\n

\n		\n

(862)

\n		\n

(862)

\n		\n

\n		\n

(42)

\n		\n

(904)

\n
\n

Autres flux de financement

\n		\n

(8)

\n		\n

13

\n		\n

\n		\n

4

\n		\n

\n		\n

\n		\n

4

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(4)

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

780

\n		\n

\n		\n

\n		\n

37

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

(8)

\n		\n

(21)

\n		\n

(44)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

8

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

(2)

\n		\n

13

\n		\n

(326)

\n		\n

\n		\n

(163)

\n		\n

4

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2025

\n		\n

10\u00a0224

\n		\n

(12)

\n		\n

3\u00a0619

\n		\n

\n		\n

8\u00a0881

\n		\n

164

\n		\n

\n
\n

(a)Cf. note\u00a030.1, y compris les d\u00e9p\u00f4ts de garantie.

\n

(b)Cf. note\u00a032.7.

\n

(c)Encaissements provenant de nouveaux emprunts

\n

En 2025\u00a0:

\n

La Poste a r\u00e9alis\u00e9 en septembre\u00a02025 un abondement de 100\u00a0millions d\u2019euros d\u2019un emprunt obligataire comptabilis\u00e9 au co\u00fbt amorti au taux fixe de 3,75% \u00e0 \u00e9ch\u00e9ance de\u00a0juin\u00a02035.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 \u00e9mis en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste n\u2019a proc\u00e9d\u00e9 \u00e0 aucune \u00e9mission obligataire en 2024.

\n

(d)Remboursements des emprunts

\n

En 2025\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 750\u00a0millions d\u2019euros \u00e9mis en 2015 comptabilis\u00e9 au co\u00fbt amorti.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 rembours\u00e9s en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 1\u00a0000\u00a0millions d\u2019euros \u00e9mis en\u00a02012 et\u00a02013 comptabilis\u00e9 au co\u00fbt amorti.

\n
\n

29.4Emprunts obligataires et dette subordonn\u00e9e

\n

Au 31\u00a0d\u00e9cembre 2025, les emprunts obligataires du groupe dont le montant nominal est sup\u00e9rieur \u00e0 500\u00a0millions d\u2019euros sont les suivants\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Date d'\u00e9mission

\n		\n

\u00c9ch\u00e9ance

\n		\n

Devise

\n		\n

Taux facial

\n		\n

Montant nominal

\n

(en\u00a0millions de devises)

\n		\n

Mode de comptabilisation

\n
\n

2018

\n		\n

2028

\n		\n

Euro

\n		\n

1,450%

\n		\n

500

\n		\n

Co\u00fbt amorti

\n
\n

2019

\n		\n

2027

\n		\n

Euro

\n		\n

0,375%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2019-2021-2022

\n		\n

2034

\n		\n

Euro

\n		\n

1,000%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2020-2021-2022

\n		\n

2026

\n		\n

Euro

\n		\n

0,625%

\n		\n

875

\n		\n

Co\u00fbt amorti

\n
\n

2020

\n		\n

2032

\n		\n

Euro

\n		\n

1,375%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2021-2022

\n		\n

2029

\n		\n

Euro

\n		\n

0,000%

\n		\n

1\u00a0050

\n		\n

Co\u00fbt amorti

\n
\n

2021-2023

\n		\n

2036

\n		\n

Euro

\n		\n

0,625%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2028

\n		\n

Euro

\n		\n

2,625%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2033

\n		\n

Euro

\n		\n

3,125%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2023-2025

\n		\n

2030

\n		\n

Euro

\n		\n

3,750%

\n		\n

850

\n		\n

Co\u00fbt amorti

\n
\n

2023

\n		\n

2035

\n		\n

Euro

\n		\n

4,000%

\n		\n

950

\n		\n

Co\u00fbt amorti

\n
\n

Total des emprunts obligataires au co\u00fbt amorti

\n		\n

9\u00a0725

\n		\n

\n
\n

La ventilation de la dette obligataire au 31\u00a0d\u00e9cembre 2025, par nature de taux, est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Structure de la dette avant swaps de\u00a0variabilisation

\n		\n

Incidence des op\u00e9rations de variabilisation

\n		\n

Structure de la dette apr\u00e8s swaps de\u00a0variabilisation

\n
\n

Emprunts taux fixe

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

Total des emprunts

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

R\u00e9partition de la dette par devises

\n

La dette obligataire au 31\u00a0d\u00e9cembre 2025 est int\u00e9gralement libell\u00e9e en euros.

\n

29.5Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 l\u2019activit\u00e9 industrielle et\u00a0commerciale

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Juste valeur au 31/12/2025

\n		\n

Juste valeur au 31/12/2024

\n
\n

Actif

\n		\n

Passif

\n		\n

Actif

\n		\n

Passif

\n
\n

D\u00e9riv\u00e9s de couverture

\n
\n

Couverture de flux de tr\u00e9sorerie

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

\n
\n

Total d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

\n
\n

Autres

\n
\n

Instruments d\u00e9riv\u00e9s de change

\n		\n

11

\n		\n

3

\n		\n

8

\n		\n

26

\n
\n

Total d\u00e9riv\u00e9s hors activit\u00e9s bancaires

\n		\n

11

\n		\n

3

\n		\n

8

\n		\n

26

\n
\n

R\u00e9serves restant \u00e0 amortir sur d\u00e9riv\u00e9s de couverture interrompus

\n
\n

D\u00e9riv\u00e9s de couverture de flux de tr\u00e9sorerie

\n		\n

2

\n		\n

\n		\n

3

\n		\n

\n
\n

29.6Autres dettes financi\u00e8res

\n

Bons La Poste

\n

Cette ligne repr\u00e9sente la dette de La Poste en mati\u00e8re de bons d\u2019\u00e9pargne. Tous les bons sont arriv\u00e9s \u00e0 \u00e9ch\u00e9ance.

\n

Billets de tr\u00e9sorerie

\n

Les billets de tr\u00e9sorerie \u00e9mis par La Poste et non \u00e9chus au 31\u00a0d\u00e9cembre 2025 ont une \u00e9ch\u00e9ance de quatre\u00a0mois au plus, et repr\u00e9sentent un montant de 200\u00a0millions d\u2019euros (200\u00a0millions d\u2019euros \u00e9galement au 31\u00a0d\u00e9cembre 2024).

\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n

Cette ligne correspond pour l\u2019essentiel aux d\u00e9p\u00f4ts de garantie re\u00e7us dans le cadre des instruments financiers contract\u00e9s pour la gestion de la dette obligataire.

\n

NOTE 30Dette nette du groupe

\n

30.1Situation de la dette nette du groupe

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie (poste du bilan)

\n		\n

25

\n		\n

3\u00a0194

\n		\n

4\u00a0172

\n
\n

D\u00e9riv\u00e9s actifs associ\u00e9s \u00e0 la dette

\n		\n

22

\n		\n

11

\n		\n

8

\n
\n

D\u00e9p\u00f4ts de garantie vers\u00e9s li\u00e9s aux instruments d\u00e9riv\u00e9s, inscrits \u00e0 l'actif

\n		\n

\n		\n

0

\n		\n

17

\n
\n

Placements de tr\u00e9sorerie \u00e0 \u00e9ch\u00e9ance sup\u00e9rieure \u00e0 3\u00a0mois \u00e0 l'origine et OPCVM

\n		\n

22

\n		\n

854

\n		\n

215

\n
\n

Cr\u00e9ance (dette) financi\u00e8re nette envers La Banque Postale

\n		\n

\n		\n

29

\n		\n

28

\n
\n

Tr\u00e9sorerie et autres \u00e9l\u00e9ments d'actifs\u00a0(1)

\n		\n

\n		\n

4\u00a0087

\n		\n

4\u00a0440

\n
\n

Emprunts obligataires et dettes financi\u00e8res \u00e0 moyen et long terme

\n		\n

29.1

\n		\n

8\u00a0852

\n		\n

9\u00a0685

\n
\n

Emprunts obligataires et dettes financi\u00e8res \u00e0 court terme

\n		\n

29.1

\n		\n

1\u00a0372

\n		\n

1\u00a0285

\n
\n

Passifs de location

\n		\n

29.1

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

Dette brute (2)

\n		\n

\n		\n

13\u00a0843

\n		\n

15\u00a0040

\n
\n

Dette nette (2)-(1)

\n		\n

\n		\n

9\u00a0755

\n		\n

10\u00a0601

\n
\n

Augmentation (Diminution) de la dette nette au 31\u00a0d\u00e9cembre 2025

\n		\n

\n		\n

(845)

\n		\n

\n
\n

30.2\u00c9volution de la dette nette du groupe

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Renvois

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s op\u00e9rationnelles

\n		\n

TFT\u00a0(a)

\n		\n

2\u00a0620

\n		\n

3\u00a0318

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s d'investissement

\n		\n

TFT

\n		\n

(1\u00a0642)

\n		\n

(734)

\n
\n

Neutralisation variations des actifs financiers de placement de tr\u00e9sorerie

\n		\n

TFT

\n		\n

646

\n		\n

2

\n
\n

Flux de tr\u00e9sorerie des activit\u00e9s d'investissement hors acquisitions et\u00a0cessions d'actifs financiers de gestion de la tr\u00e9sorerie\u00a0(b)

\n		\n

\n		\n

(996)

\n		\n

(731)

\n
\n

Augmentation de capital minoritaires

\n		\n

TFT

\n		\n

7

\n		\n

43

\n
\n

\u00c9mission de titres subordonn\u00e9s hybrides perp\u00e9tuels

\n		\n

TFT

\n		\n

746

\n		\n

\n
\n

Remboursement des titres subordonn\u00e9s hybrides perp\u00e9tuels

\n		\n

TFT

\n		\n

(749)

\n		\n

\n
\n

Dividendes vers\u00e9s aux actionnaires et r\u00e9mun\u00e9ration des titres subordonn\u00e9s hybrides

\n		\n

TFT

\n		\n

(57)

\n		\n

(29)

\n
\n

Rachat d'int\u00e9r\u00eats minoritaires

\n		\n

TFT

\n		\n

(95)

\n		\n

(95)

\n
\n

Charge nette d'int\u00e9r\u00eats financiers

\n		\n

\n		\n

(206)

\n		\n

(227)

\n
\n

Variation de juste valeur des dettes et d\u00e9riv\u00e9s

\n		\n

\n		\n

(16)

\n		\n

18

\n
\n

Incidence des variations de p\u00e9rim\u00e8tre et change sur dette brute (yc passifs de\u00a0location)

\n		\n

\n		\n

73

\n		\n

(72)

\n
\n

Variation non cash des dettes de location (IFRS\u00a016)

\n		\n

\n		\n

(456)

\n		\n

(820)

\n
\n

Dette nette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

9

\n
\n

Autres \u00e9l\u00e9ments

\n		\n

\n		\n

(25)

\n		\n

(18)

\n
\n

Flux de tr\u00e9sorerie et variation de dette provenant des activit\u00e9s de financement

\n		\n

\n		\n

(779)

\n		\n

(1\u00a0191)

\n
\n

Diminution (augmentation) de la dette nette depuis le 1er\u00a0janvier

\n		\n

\n		\n

845

\n		\n

1\u00a0396

\n
\n

Dette nette \u00e0 l'ouverture

\n		\n

\n		\n

(10\u00a0601)

\n		\n

(11\u00a0997)

\n
\n

Dette nette \u00e0 la cl\u00f4ture

\n		\n

\n		\n

(9\u00a0755)

\n		\n

(10\u00a0601)

\n
\n

(a)Les notes \u00ab\u00a0TFT\u00a0\u00bb renvoient \u00e0 la colonne \u00ab\u00a0Activit\u00e9s industrielles et commerciales\u00a0\u00bb du tableau des flux de tr\u00e9sorerie des \u00e9tats financiers consolid\u00e9s.

\n

(b)Les flux de tr\u00e9sorerie provenant des activit\u00e9s d\u2019investissement se distinguent du tableau des flux de tr\u00e9sorerie par l\u2019exclusion de la \u00ab\u00a0Variation des actifs financiers li\u00e9s \u00e0 la gestion de la tr\u00e9sorerie\u00a0\u00bb, actifs venant en diminution du calcul de la dette nette.

\n
\n

NOTE 32Passifs sp\u00e9cifiques des activit\u00e9s bancaires et\u00a0d\u2019assurance

\n

32.1Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

De taux

\n		\n

4\u00a0314

\n		\n

4\u00a0640

\n
\n

De change

\n		\n

357

\n		\n

543

\n
\n

De cr\u00e9dit

\n		\n

14

\n		\n

2

\n
\n

Sur actions et indices

\n		\n

50

\n		\n

128

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

4\u00a0736

\n		\n

5\u00a0312

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

4\u00a0850

\n		\n

5\u00a0071

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

4\u00a0021

\n		\n

2\u00a0225

\n
\n

Client\u00e8le

\n		\n

6\u00a0051

\n		\n

4\u00a0950

\n
\n

Titres et valeurs donn\u00e9s en pension livr\u00e9e

\n		\n

10\u00a0072

\n		\n

7\u00a0176

\n
\n

Total

\n		\n

19\u00a0658

\n		\n

17\u00a0559

\n
\n

32.2Instruments d\u00e9riv\u00e9s de couverture

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de taux d'int\u00e9r\u00eat

\n		\n

1\u00a0392

\n		\n

1\u00a0958

\n
\n

Instruments de devises

\n		\n

48

\n		\n

0

\n
\n

Total

\n		\n

1\u00a0440

\n		\n

1\u00a0958

\n
\n

32.3Dettes envers les \u00e9tablissements de cr\u00e9dit et\u00a0assimil\u00e9s

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Comptes ordinaires cr\u00e9diteurs

\n		\n

628

\n		\n

695

\n
\n

Comptes et emprunts au jour le jour

\n		\n

\n		\n

100

\n
\n

Autres sommes dues

\n		\n

2

\n		\n

2

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit \u00e0 vue

\n		\n

630

\n		\n

797

\n
\n

Comptes et emprunts

\n		\n

4\u00a0037

\n		\n

2\u00a0989

\n
\n

Titres et valeurs donn\u00e9s en pension livr\u00e9e

\n		\n

23\u00a0761

\n		\n

27\u00a0251

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit \u00e0 terme

\n		\n

27\u00a0797

\n		\n

30\u00a0240

\n
\n

Total

\n		\n

28\u00a0427

\n		\n

31\u00a0038

\n
\n

32.4Dettes envers la client\u00e8le

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Livret A

\n		\n

68\u00a0488

\n		\n

69\u00a0793

\n
\n

PEL et CEL

\n		\n

19\u00a0146

\n		\n

22\u00a0048

\n
\n

Autres comptes \u00e0 r\u00e9gime sp\u00e9cial

\n		\n

32\u00a0547

\n		\n

31\u00a0361

\n
\n

Comptes d'\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial

\n		\n

120\u00a0181

\n		\n

123\u00a0202

\n
\n

Comptes ordinaires cr\u00e9diteurs \u00e0 vue

\n		\n

71\u00a0955

\n		\n

75\u00a0814

\n
\n

Comptes et emprunts au jour le jour

\n		\n

2\u00a0823

\n		\n

2\u00a0781

\n
\n

Autres sommes dues \u00e0 la client\u00e8le

\n		\n

1\u00a0526

\n		\n

1\u00a0508

\n
\n

Dettes envers la client\u00e8le \u00e0 vue

\n		\n

76\u00a0304

\n		\n

80\u00a0103

\n
\n

Comptes et emprunts \u00e0 terme

\n		\n

(3)

\n		\n

1

\n
\n

Comptes cr\u00e9diteurs \u00e0 terme

\n		\n

2\u00a0388

\n		\n

2\u00a0234

\n
\n

Titres et valeurs donn\u00e9s en pension livr\u00e9e \u00e0 terme

\n		\n

16\u00a0770

\n		\n

20\u00a0036

\n
\n

Dettes envers la client\u00e8le \u00e0 terme

\n		\n

19\u00a0155

\n		\n

22\u00a0271

\n
\n

Total

\n		\n

215\u00a0639

\n		\n

225\u00a0576

\n
\n

32.5Dettes repr\u00e9sent\u00e9es par un titre

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Certificats de d\u00e9p\u00f4t et billets de tr\u00e9sorerie

\n		\n

8\u00a0196

\n		\n

10\u00a0572

\n
\n

Emprunts obligataires\u00a0(a)

\n		\n

23\u00a0184

\n		\n

22\u00a0263

\n
\n

Total

\n		\n

31\u00a0381

\n		\n

32\u00a0835

\n
\n

(a)Dont 12,7\u00a0milliards d'euros au 31\u00a0d\u00e9cembre 2025 de covered bonds \u00e9mis par La Banque Postale Home Loan SFH contre 12,7\u00a0milliards d'euros au 31\u00a0d\u00e9cembre 2024.

\n
\n

32.6Contrats d\u2019assurance \u00e9mis et de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif \u2013 BBA/VFA

\n		\n

\n		\n

377\u00a0224

\n		\n

363\u00a0206

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif \u2013 PAA

\n		\n

\n		\n

1\u00a0363

\n		\n

1\u00a0546

\n
\n

Passifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 Assurance

\n		\n

\n		\n

1\u00a0886

\n		\n

2\u00a0019

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif

\n		\n

36.3

\n		\n

380\u00a0474

\n		\n

366\u00a0771

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif \u2013 BBA

\n		\n

\n		\n

11

\n		\n

10

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif \u2013 PAA

\n		\n

\n		\n

\n		\n

3

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif

\n		\n

36.3

\n		\n

11

\n		\n

13

\n
\n

Total

\n		\n

\n		\n

380\u00a0484

\n		\n

366\u00a0784

\n
\n

32.7Autres passifs financiers et comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits constat\u00e9s d'avance

\n		\n

542

\n		\n

513

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

448

\n		\n

1\u00a0155

\n
\n

Comptes de r\u00e9gularisation

\n		\n

990

\n		\n

1\u00a0668

\n
\n

Dettes de titres

\n		\n

244

\n		\n

176

\n
\n

D\u00e9p\u00f4ts de garantie re\u00e7us

\n		\n

915

\n		\n

800

\n
\n

Dette de location

\n		\n

164

\n		\n

165

\n
\n

Autres dettes et cr\u00e9diteurs divers

\n		\n

3\u00a0146

\n		\n

3\u00a0315

\n
\n

Cr\u00e9diteurs divers

\n		\n

3\u00a0310

\n		\n

3\u00a0480

\n
\n

Comptes de r\u00e8glements relatifs aux op\u00e9rations sur titres

\n		\n

6

\n		\n

8

\n
\n

Provision \u00c9pargne Logement

\n		\n

132

\n		\n

100

\n
\n

Autres passifs financiers

\n		\n

5\u00a0597

\n		\n

6\u00a0231

\n
\n

32.8Dettes subordonn\u00e9es

\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Dettes subordonn\u00e9es

\n		\n

8\u00a0882

\n		\n

10\u00a0042

\n
\n

Les dettes subordonn\u00e9es sont d\u00e9taill\u00e9es dans le tableau ci-apr\u00e8s.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Date d'\u00e9mission

\n		\n

Date d'\u00e9ch\u00e9ance

\n		\n

Taux servi

\n		\n

Montant de l'\u00e9mission en devises

\n		\n

Devises

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Dettes subordonn\u00e9es remboursables

\n		\n

\n		\n

\n		\n

\n		\n

8\u00a0095

\n		\n

9\u00a0178

\n
\n

La Banque Postale

\n		\n

09/06/2016

\n		\n

09/06/2028

\n		\n

3,00%

\n		\n

500

\n		\n

EUR

\n		\n

488

\n		\n

481

\n
\n

La Banque Postale

\n		\n

05/10/2016

\n		\n

05/10/2028

\n		\n

2,25%

\n		\n

100

\n		\n

EUR

\n		\n

95

\n		\n

93

\n
\n

La Banque Postale

\n		\n

19/01/2017

\n		\n

09/06/2028

\n		\n

3,00%

\n		\n

150

\n		\n

EUR

\n		\n

147

\n		\n

145

\n
\n

La Banque Postale

\n		\n

26/10/2020

\n		\n

26/01/2031

\n		\n

0,875%

\n		\n

500

\n		\n

EUR

\n		\n

\n		\n

492

\n
\n

La Banque Postale

\n		\n

02/02/2021

\n		\n

02/08/2032

\n		\n

0,75%

\n		\n

500

\n		\n

EUR

\n		\n

484

\n		\n

470

\n
\n

La Banque Postale

\n		\n

27/04/2021

\n		\n

02/08/2032

\n		\n

0,75%

\n		\n

250

\n		\n

EUR

\n		\n

242

\n		\n

235

\n
\n

La Banque Postale

\n		\n

05/12/2022

\n		\n

05/03/2034

\n		\n

5,50%

\n		\n

500

\n		\n

EUR

\n		\n

525

\n		\n

529

\n
\n

CNP Assurances

\n		\n

05/06/2014

\n		\n

05/06/2045

\n		\n

4,25% jusqu'en\u00a0juin\u00a02025
puis reset taux fixe swap 5\u00a0ans +\u00a0360\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

\n		\n

518

\n
\n

CNP Assurances

\n		\n

10/12/2015

\n		\n

10/06/2047

\n		\n

4,5% jusqu'en\u00a0juin\u00a02027
puis Euribor 3M +\u00a0460\u00a0bps

\n		\n

750

\n		\n

EUR

\n		\n

801

\n		\n

823

\n
\n

CNP Assurances

\n		\n

22/01/2016

\n		\n

22/01/2049

\n		\n

6% jusqu'en\u00a0janvier\u00a02049

\n		\n

500

\n		\n

USD

\n		\n

458

\n		\n

526

\n
\n

CNP Assurances

\n		\n

05/02/2019

\n		\n

05/02/2029

\n		\n

2,75% jusqu'en\u00a0f\u00e9vrier\u00a02029

\n		\n

500

\n		\n

EUR

\n		\n

540

\n		\n

549

\n
\n

CNP Assurances

\n		\n

27/11/2019

\n		\n

27/07/2050

\n		\n

2,00% jusqu'en\u00a0juin\u00a02030
puis Euribor 3M +\u00a0300\u00a0bps

\n		\n

750

\n		\n

EUR

\n		\n

769

\n		\n

771

\n
\n

CNP Assurances

\n		\n

10/12/2019

\n		\n

15/01/2027

\n		\n

0,80% jusqu'en\u00a0janvier\u00a02027

\n		\n

250

\n		\n

EUR

\n		\n

252

\n		\n

253

\n
\n

CNP Assurances

\n		\n

30/06/2020

\n		\n

30/09/2051

\n		\n

2,5% jusqu'en\u00a0juin\u00a02031
puis Euribor 3M +\u00a0365\u00a0bps

\n		\n

750

\n		\n

EUR

\n		\n

760

\n		\n

759

\n
\n

CNP Assurances

\n		\n

08/12/2020

\n		\n

08/03/2028

\n		\n

0,375% jusqu'en\u00a0mars\u00a02028

\n		\n

500

\n		\n

EUR

\n		\n

502

\n		\n

502

\n
\n

CNP Assurances

\n		\n

12/10/2021

\n		\n

12/10/2053

\n		\n

1,875% jusqu'en octobre\u00a02033 puis Euribor 3M +\u00a0270\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

502

\n		\n

502

\n
\n

CNP Assurances

\n		\n

27/01/2022

\n		\n

27/01/2029

\n		\n

1,25% sur toute la dur\u00e9e du titre

\n		\n

500

\n		\n

EUR

\n		\n

506

\n		\n

506

\n
\n

CNP Assurances

\n		\n

18/01/2023

\n		\n

18/07/2053

\n		\n

5,25% jusqu'en\u00a0juillet\u00a02033
puis Euribor 3M +\u00a0345\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

512

\n		\n

512

\n
\n

CNP Assurances

\n		\n

16/07/2024

\n		\n

16/07/2054

\n		\n

4,875% jusqu'en\u00a0juillet\u00a02034
puis Euribor 3M +\u00a0310\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

512

\n		\n

511

\n
\n

Dettes subordonn\u00e9es perp\u00e9tuelles

\n		\n

\n		\n

\n		\n

\n		\n

787

\n		\n

865

\n
\n

CNP Assurances

\n		\n

15/11/2004

\n		\n

\n		\n

4,93% jusqu'en 2016 et Euribor 3M +\u00a01,60% \u00e0 partir du 15/11/2016

\n		\n

90

\n		\n

EUR

\n		\n

90

\n		\n

90

\n
\n

CNP Assurances

\n		\n

15/11/2004

\n		\n

\n		\n

Euribor 3M +\u00a00,70% jusqu'en 2016 puis Euribor 3M +\u00a01,60%

\n		\n

93

\n		\n

EUR

\n		\n

93

\n		\n

93

\n
\n

CNP Assurances

\n		\n

07/04/2021

\n		\n

\n		\n

4,875% jusqu'en\u00a0avril 2031
puis taux CMT 5Y +\u00a0318,3\u00a0bps

\n		\n

700

\n		\n

USD

\n		\n

603

\n		\n

681

\n
\n

Total dettes subordonn\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

8\u00a0882

\n		\n

10\u00a0042

\n
\n

Les valeurs au bilan comprennent les effets de couverture et les coupons courus.

\n

34.1Risque de cr\u00e9dit et de contrepartie

\n

Le risque de cr\u00e9dit correspond au risque de perte financi\u00e8re pour le groupe dans le cas o\u00f9 un client ou une contrepartie d\u2019un instrument financier viendrait \u00e0 manquer \u00e0 ses obligations contractuelles. Ce risque provient essentiellement des titres de placement et des instruments d\u00e9riv\u00e9s.

\n

Titres de placement

\n

La tr\u00e9sorerie de La\u00a0Poste est plac\u00e9e sous forme de comptes r\u00e9mun\u00e9r\u00e9s, de comptes \u00e0 terme bancaires, d\u2019OPCVM et de titres de cr\u00e9ances n\u00e9gociables (TCN) b\u00e9n\u00e9ficiant \u00e0 l\u2019achat d\u2019une notation \u00e0 court terme minimale de A2/P2. Les risques de cr\u00e9dit sont encadr\u00e9s par un syst\u00e8me de limites repr\u00e9sentant le nominal maximal \u00e0 ne pas d\u00e9passer par OPCVM ou \u00e9metteur. Le groupe exclut de m\u00eame les typologies d\u2019instruments de placements les plus risqu\u00e9es et les \u00e9metteurs pr\u00e9sentant un risque trop important.

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Dans le cas o\u00f9 un titre en portefeuille voit l\u2019une de ses notations \u00e0 court terme passer en dessous de A2/P2, ce titre devra alors \u00eatre c\u00e9d\u00e9 \u00ab\u00a0au mieux\u00a0\u00bb sauf\u00a0d\u00e9cision d\u00e9rogatoire du Comit\u00e9 financier du groupe. En outre, afin d\u2019encadrer le risque de perte sur le portefeuille de placements actifs (hors OPCVM de tr\u00e9sorerie), une limite de perte maximale a \u00e9t\u00e9 mise en place. Celle-ci correspond \u00e0 la perte statistique estim\u00e9e sur le portefeuille dans un intervalle de confiance de 97,5%. Son calcul int\u00e8gre les CDS (Credit Default Swap) de chacun des titres en portefeuille, pond\u00e9r\u00e9s de leur maturit\u00e9 r\u00e9siduelle.

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Instruments d\u00e9riv\u00e9s

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Compte tenu de sa pr\u00e9sence sur les march\u00e9s de d\u00e9riv\u00e9s, La\u00a0Poste est expos\u00e9e \u00e0 un risque de d\u00e9faillance de ses contreparties de march\u00e9s.

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L\u2019exposition au titre de ses instruments est appr\u00e9hend\u00e9e au travers de la valeur de march\u00e9 nette des d\u00e9riv\u00e9s par contrepartie apr\u00e8s prise en compte des garanties re\u00e7ues ou donn\u00e9es au titre de contrats de collat\u00e9ralisation.

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Les engagements vis-\u00e0-vis des contreparties de La\u00a0Poste font l\u2019objet d\u2019accords syst\u00e9matiques de collat\u00e9ralisation permettant de r\u00e9duire le risque de d\u00e9faillance au niveau de la franchise.

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Clients et autres d\u00e9biteurs

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Des d\u00e9pr\u00e9ciations sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement. Aucun client du groupe ne contribue au chiffre d\u2019affaires consolid\u00e9 pour un montant sup\u00e9rieur \u00e0 10% du total.

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34.2Risque de liquidit\u00e9

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Le groupe vise \u00e0 disposer \u00e0 tout moment des ressources financi\u00e8res suffisantes pour financer l\u2019activit\u00e9 courante et les investissements n\u00e9cessaires \u00e0 son d\u00e9veloppement futur. La gestion de la liquidit\u00e9 a pour objectif de permettre au groupe d\u2019acc\u00e9der \u00e0 des ressources financi\u00e8res en ad\u00e9quation avec ses besoins et de satisfaire \u00e0 tout moment \u00e0 ses obligations de paiement.

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Le groupe met en place une politique de gestion du risque de liquidit\u00e9 s\u2019appuyant notamment sur (i) la d\u00e9finition et l\u2019actualisation d\u2019un seuil minimal de tr\u00e9sorerie disponible \u00e0 tout moment selon les besoins du groupe et leur \u00e9volution, assorti d\u2019un dispositif d\u2019alerte en cas de franchissement de seuils interm\u00e9diaires (ii) l\u2019acc\u00e8s permanent \u00e0 des sources compl\u00e9mentaires de liquidit\u00e9 et (iii) le suivi d\u2019indicateurs de march\u00e9 permettant d\u2019anticiper des situations de crise de liquidit\u00e9.

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Le besoin financier est mesur\u00e9 au travers des pr\u00e9visions de tr\u00e9sorerie (annuelles, mensuelles ou hebdomadaires suivant l\u2019enjeu), et le risque de liquidit\u00e9, est couvert\u00a0:

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\u25cfpar le maintien permanent de liquidit\u00e9 et de placements int\u00e9gralement disponibles sous 12\u00a0mois au maximum, avec une dur\u00e9e moyenne de liquidit\u00e9 du portefeuille inf\u00e9rieure \u00e0 3\u00a0mois, d\u2019un montant minimum appel\u00e9 Tr\u00e9sorerie de s\u00e9curit\u00e9, dont le seuil de 1,2\u00a0milliard d\u2019euros est d\u00e9fini et actualis\u00e9 par le Comit\u00e9 financier du groupe et dont le respect est suivi par ce m\u00eame Comit\u00e9\u00a0;

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\u25cfpar la mise en place de lignes de cr\u00e9dit confirm\u00e9es aupr\u00e8s d\u2019\u00e9tablissements financiers. Le groupe dispose notamment d\u2019une ligne de cr\u00e9dit syndiqu\u00e9e pour un montant de 1,5\u00a0milliard d\u2019euros dont l\u2019\u00e9ch\u00e9ance est octobre\u00a02030 (renouvelable un an) pour laquelle elle a re\u00e7u un engagement des douze banques constituant le pool bancaire (cf. Lignes de cr\u00e9dit au sein de la note\u00a039.3)\u00a0;

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\u25cfpar des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables \u00e0 court terme Negotiable European Commercial Paper et d\u2019un montant maximum de 3,5\u00a0milliards d\u2019euros, qui permet de financer les besoins temporaires de tr\u00e9sorerie et de renforcer la diversification des sources de liquidit\u00e9\u00a0;

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\u25cfpar son programme EMTN (Euro Medium Term Notes) d\u2019un montant maximum de 15\u00a0milliards d\u2019euros.

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Le tableau ci-dessous pr\u00e9sente les flux de tr\u00e9sorerie contractuels concernant les passifs financiers non d\u00e9riv\u00e9s, ainsi que les flux contractuels relatifs aux instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de la dette, qu\u2019ils soient pr\u00e9sent\u00e9s au passif ou \u00e0 l\u2019actif. Ces flux ne sont pas actualis\u00e9s, et leur somme peut donc diff\u00e9rer du montant comptabilis\u00e9 au bilan.

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Ces passifs ne sont assortis d\u2019aucune clause particuli\u00e8re susceptible d\u2019en modifier significativement les termes.

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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2025

\n

(en\u00a0millions d'euros)

\n		\n

Montant au bilan

\n		\n

Flux 2026

\n		\n

Flux 2027

\n		\n

Flux 2028-2030

\n		\n

Flux 2031 et au-del\u00e0

\n
\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n
\n

Emprunts obligataires

\n		\n

9\u00a0590

\n		\n

154

\n		\n

875

\n		\n

148

\n		\n

1\u00a0000

\n		\n

388

\n		\n

3\u00a0000

\n		\n

361

\n		\n

4\u00a0850

\n
\n

Emprunts au co\u00fbt amorti

\n		\n

9\u00a0590

\n		\n

154

\n		\n

875

\n		\n

148

\n		\n

1\u00a0000

\n		\n

388

\n		\n

3\u00a0000

\n		\n

361

\n		\n

4\u00a0850

\n
\n

Autres dettes financi\u00e8res

\n		\n

4\u00a0145

\n		\n

122

\n		\n

1\u00a0147

\n		\n

97

\n		\n

651

\n		\n

194

\n		\n

1\u00a0254

\n		\n

227

\n		\n

1\u00a0091

\n
\n

Passifs de location

\n		\n

3\u00a0619

\n		\n

120

\n		\n

758

\n		\n

97

\n		\n

625

\n		\n

194

\n		\n

1\u00a0173

\n		\n

227

\n		\n

1\u00a0063

\n
\n

Bons La Poste

\n		\n

50

\n		\n

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

2

\n		\n

198

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

\n		\n

36

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

58

\n		\n

\n		\n

14

\n		\n

\n		\n

9

\n		\n

\n		\n

26

\n		\n

\n		\n

10

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

182

\n		\n

\n		\n

91

\n		\n

\n		\n

18

\n		\n

\n		\n

56

\n		\n

\n		\n

18

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

(8)

\n		\n

3

\n		\n

\n		\n

3

\n		\n

\n		\n

7

\n		\n

(1)

\n		\n

4

\n		\n

(9)

\n
\n

D\u00e9riv\u00e9s au passif

\n		\n

3

\n		\n

1

\n		\n

\n		\n

0

\n		\n

\n		\n

1

\n		\n

(1)

\n		\n

0

\n		\n

0

\n
\n

D\u00e9riv\u00e9s \u00e0 l'actif

\n		\n

(11)

\n		\n

2

\n		\n

\n		\n

2

\n		\n

\n		\n

7

\n		\n

\n		\n

4

\n		\n

(9)

\n
\n

Total

\n		\n

13\u00a0727

\n		\n

279

\n		\n

2\u00a0022

\n		\n

248

\n		\n

1\u00a0651

\n		\n

589

\n		\n

4\u00a0253

\n		\n

592

\n		\n

5\u00a0932

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34.3Risque de taux

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Dans le cadre de sa politique de gestion des risques financiers le groupe a\u00a0d\u00e9cid\u00e9 de limiter son exposition au risque de taux en optant pour un endettement brut de long terme exclusivement \u00e0 taux fixe. \u00c0 des fins d\u2019optimisation du co\u00fbt de son endettement, le groupe peut variabiliser une quote-part de son endettement brut de long terme.

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Le risque de taux pour le groupe est li\u00e9 \u00e0 l\u2019\u00e9volution des taux de march\u00e9s (principalement l\u2019\u20acSTR et l\u2019Euribor 3\u00a0mois) pouvant induire, une baisse des produits financiers des placements ou une perte d\u2019opportunit\u00e9 lorsque les taux \u00e9voluent d\u00e9favorablement.

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Afin de g\u00e9rer au mieux le risque de taux, le groupe a mis en place\u00a0:

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\u25cfune strat\u00e9gie de gestion de son endettement obligataire pouvant se traduire par le recours \u00e0 des instruments d\u00e9riv\u00e9s afin de profiter des opportunit\u00e9s de march\u00e9 et r\u00e9duire le co\u00fbt de ses emprunts obligataires\u00a0;

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\u25cfune strat\u00e9gie de gestion des placements fond\u00e9e notamment sur la diversification des supports et compl\u00e9t\u00e9e le cas \u00e9ch\u00e9ant par l\u2019utilisation d\u2019instruments d\u00e9riv\u00e9s permettant de garantir l\u2019exposition \u00e0 la devise de r\u00e9f\u00e9rence du groupe\u00a0;

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\u25cfun suivi prospectif sur 12\u00a0mois glissants de sa position nette des dettes et placements et de la fluctuation du r\u00e9sultat financier en\u00a0d\u00e9coulant en cas d\u2019\u00e9volution d\u00e9favorable des taux de march\u00e9 (avec une limite fix\u00e9e \u00e0 2% du r\u00e9sultat net part du groupe moyen des trois derniers exercices). Ce suivi permet notamment d\u2019ajuster si besoin les strat\u00e9gies de gestion active des dettes et placements et de limiter l\u2019impact d\u2019une forte variation des taux, \u00e0 la hausse comme \u00e0 la baisse.

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Aucun instrument d\u00e9riv\u00e9 de couverture du risque de taux n\u2019est en vie au 31\u00a0d\u00e9cembre 2025.

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Analyses de sensibilit\u00e9

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Une variation \u00e0 la hausse, uniforme et instantan\u00e9e, de la courbe des taux de march\u00e9 de 50\u00a0points de base n\u2019induirait pas de hausse des frais financiers annuels du groupe.

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34.4Risque de change

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Le groupe au travers de ses branches Services-Courrier-Colis et Geopost exerce des activit\u00e9s internationales, \u00e0 partir de la France ou de ses filiales \u00e9trang\u00e8res.

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Afin d\u2019accompagner son internationalisation croissante et le risque de change qui en r\u00e9sulte, le groupe s\u2019est dot\u00e9 d\u2019une politique de gestion du risque de change.

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Cette politique cible en priorit\u00e9\u00a0:

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\u25cfles flux d\u2019acquisitions de titres r\u00e9alis\u00e9s en devises\u00a0;

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\u25cfles dettes financi\u00e8res et les pr\u00eats libell\u00e9s en devises\u00a0;

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\u25cfles actifs nets en devises d\u00e9tenus et consolid\u00e9s par le groupe.

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Cette politique d\u00e9finit la gouvernance, les conditions de couverture, et les seuils de mat\u00e9rialit\u00e9s pour ces diff\u00e9rentes natures d\u2019expositions.

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\u00c0 date et conform\u00e9ment aux seuils et conditions \u00e9tablis, le groupe a eu recours ou a recours \u00e0 des instruments d\u00e9riv\u00e9s de change qualifi\u00e9s de couverture en IFRS\u00a0et adoss\u00e9s\u00a0:

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\u25cf\u00e0 ses titres de participation en dollars\u00a0US, couverts en partie par des swaps de devises euro dollars et des dettes en dollars (33\u00a0millions de dollars US)\u00a0;

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\u25cf\u00e0 ses titres de participation en dollars singapouriens couverts en partie par des ventes \u00e0 terme de dollars singapouriens contre euro\u00a0;

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\u25cf\u00e0 ses titres de participation en devise AED, couverts en partie par une vente \u00e0 terme d\u2019AED contre euro.

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D\u2019autres instruments financiers d\u00e9riv\u00e9s de change, non document\u00e9s comptablement en couverture en IFRS, sont utilis\u00e9s \u00e0 des fins de couverture \u00e9conomique.

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La majeure partie des activit\u00e9s op\u00e9rationnelles donne lieu \u00e0 des produits et \u00e0 des charges libell\u00e9es dans la devise fonctionnelle et comptable des filiales. Le risque de change r\u00e9siduel li\u00e9 \u00e0 l\u2019exploitation ne porte actuellement que sur des montants tr\u00e8s modestes au regard de la taille du groupe.

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Au 31\u00a0d\u00e9cembre 2025, l\u2019effet comptable de change sur le chiffre d\u2019affaires s\u2019est \u00e9lev\u00e9 \u00e0 -165\u00a0millions d\u2019euros provenant pour l\u2019essentiel du real br\u00e9silien (-87\u00a0millions d\u2019euros), de la livre sterling (-31\u00a0millions d\u2019euros), du peso mexicain (-25\u00a0millions d\u2019euros), du dollar am\u00e9ricain (-21\u00a0millions d\u2019euros), du zloty (+16\u00a0millions d\u2019euros), et du dollar de Hong Kong (-15\u00a0millions d\u2019euros). L\u2019incidence comptable des variations de change sur le r\u00e9sultat d\u2019exploitation 2025 s\u2019est \u00e9lev\u00e9e \u00e0 pr\u00e8s de -59\u00a0millions d\u2019euros.

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35.2Risque de cr\u00e9dit

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35.2.1Cadre g\u00e9n\u00e9ral

\n

La direction des risques groupe (DRG) g\u00e8re le risque de cr\u00e9dit pris par La\u00a0Banque\u00a0Postale, \u00e0 savoir le risque encouru en cas de d\u00e9faillance d\u2019une contrepartie ou de contreparties consid\u00e9r\u00e9es comme un m\u00eame b\u00e9n\u00e9ficiaire au sens du r\u00e8glement UE n\u00b0\u00a0575/2013 du Parlement europ\u00e9en et du Conseil concernant les exigences prudentielles applicables aux \u00e9tablissements de cr\u00e9dit et aux entreprises d\u2019investissement (ou CRR).

\n

Le Directoire fixe les fondamentaux communs (orientations strat\u00e9giques, valeurs, app\u00e9tence au risque, gouvernance) valid\u00e9s par le Conseil de surveillance \u00e0 partir desquels chacune des lignes m\u00e9tiers\u00a0d\u00e9cline ses priorit\u00e9s d\u2019action, et la ma\u00eetrise des risques associ\u00e9s, sous la supervision de la direction des risques groupe.

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L\u2019int\u00e9gration de la composante li\u00e9e aux risques climatiques est d\u00e9taill\u00e9e dans la note\u00a04.

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Enfin, les d\u00e9pr\u00e9ciations sont calcul\u00e9es de mani\u00e8re centralis\u00e9e pour l\u2019ensemble du groupe.

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35.2.2\u00c9volution du contexte g\u00e9opolitique et macro-\u00e9conomique

\n

Les mesures prises en mati\u00e8re de couverture du risque de cr\u00e9dit visent \u00e0 refl\u00e9ter le contexte dans lequel le groupe a op\u00e9r\u00e9 en 2025.

\n

La\u00a0Banque Postale a op\u00e9r\u00e9 dans un contexte marqu\u00e9 par un environnement \u00e9conomique et financier international devenu plus volatil, avec des chocs \u00e9conomiques tr\u00e8s significatifs (en lien avec la politique am\u00e9ricaine, les droits de douane) mais \u00e9galement national (contexte politique in\u00e9dit, \u00e9chec du conclave sur les retraites et difficult\u00e9s \u00e0 finaliser un budget 2026).

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Les tensions g\u00e9opolitiques restent \u00e9galement \u00e9lev\u00e9es et ont connu une d\u00e9gradation majeure depuis le\u00a0d\u00e9clenchement de la guerre entre la Russie et l\u2019Ukraine en\u00a0f\u00e9vrier\u00a02022 (poursuite du conflit arm\u00e9 entre l\u2019Ukraine et la Russie et de la guerre entre le Hamas et Isra\u00ebl, risque d'extension r\u00e9gionale au\u00a0mois de\u00a0juin de la guerre \u00e9clair entre Isra\u00ebl et l\u2019Iran, transformation de l\u2019environnement r\u00e9sultant \u00e9galement du repositionnement des \u00c9tats-Unis).

\n

Les principaux\u00a0points de vigilance portent sur la r\u00e9alisation des ambitions de d\u00e9veloppement sans d\u00e9t\u00e9rioration de la rentabilit\u00e9, sur la surveillance des portefeuilles de cr\u00e9dit entreprises pour lesquels des signes de d\u00e9gradation sont constat\u00e9s, la gestion de bilan et la situation de la liquidit\u00e9. Dans le contexte \u00e9conomique et politique actuel les m\u00e9nages ont privil\u00e9gi\u00e9 l\u2019\u00e9pargne (de pr\u00e9caution en particulier), conduisant \u00e0 des arbitrages (d\u00e9p\u00f4ts, livrets, assurance-vie).

\n

Indicateurs pris en compte

\n

Les indicateurs de la situation en France ayant une incidence sur les op\u00e9rations de La\u00a0Banque\u00a0Postale et devant \u00eatre pris en consid\u00e9ration, sont en particulier les suivants\u00a0:

\n

\u25cfl\u2019incertitude pesant sur les agents dans le contexte de cadre budg\u00e9taire et fiscal. Le climat d\u2019attentisme pourrait peser encore davantage sur la croissance \u00e9conomique et la capacit\u00e9 de remboursement des emprunteurs, m\u00eame si le climat des affaires en France en\u00a0d\u00e9cembre a continu\u00e9 de s\u2019am\u00e9liorer encore un peu et se rapproche de sa moyenne de longue p\u00e9riode\u00a0;

\n

\u25cfapr\u00e8s une hausse continue de 2021 \u00e0\u00a0d\u00e9cembre\u00a02024 en rattrapage de la p\u00e9riode COVID, la croissance du nombre de d\u00e9faillances d\u2019entreprises en France au global poursuit son tassement progressif (68,3\u00a0milliers en cumul\u00e9 12\u00a0mois \u00e0 fin\u00a0novembre\u00a02025, soit +4,4% en glissement annuel vs. +4,7% \u00e0 fin octobre\u00a02025) tout en restant sur un palier de haut de cycle (moyenne sur 2010-2019 de 59,3\u00a0milliers)\u00a0(388).

\n

Les sc\u00e9narios macro-\u00e9conomiques

\n

Dans le contexte des incertitudes \u00e9conomiques et g\u00e9opolitiques \u00e9voqu\u00e9es ci-dessus, le groupe continue de revoir r\u00e9guli\u00e8rement ses pr\u00e9visions macro-\u00e9conomiques prospectives (forward looking) pour la d\u00e9termination du risque de cr\u00e9dit.

\n

Le groupe retient trois sc\u00e9narios pour int\u00e9grer la composante forward looking\u00a0: un sc\u00e9nario central, un sc\u00e9nario alternatif favorable et un sc\u00e9nario alternatif d\u00e9grad\u00e9.

\n

Ces sc\u00e9narios sont d\u00e9finis par le d\u00e9partement des \u00e9tudes \u00e9conomiques de la direction strat\u00e9gique de La\u00a0Banque\u00a0Postale, \u00e0 partir de sc\u00e9narios d\u00e9termin\u00e9s par la Caisse des D\u00e9p\u00f4ts. Ils comportent des projections pour l'ensemble des variables macro-\u00e9conomiques n\u00e9cessaires au fonctionnement des mod\u00e8les d\u00e9velopp\u00e9s pour obtenir des pertes en cas de d\u00e9faut et probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9. La probabilit\u00e9 d'occurrence de chaque sc\u00e9nario fait l'objet d'une documentation par le d\u00e9partement des \u00c9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Le dispositif s\u2019appuie sur un nombre significatif de mod\u00e8les et fait l\u2019objet d\u2019une revue ind\u00e9pendante par l\u2019\u00e9quipe Validation des mod\u00e8les et d\u2019une validation en Comit\u00e9 de validation des mod\u00e8les avant leur utilisation. Pour tenir compte de la concentration en France de son portefeuille et \u00e0 ce titre disposer de projections pr\u00e9cises, La\u00a0Banque\u00a0Postale s\u2019appuie sur les comp\u00e9tences du groupe Caisse des D\u00e9p\u00f4ts et celles du D\u00e9partement des \u00e9tudes \u00e9conomiques de La Banque Postale en mati\u00e8re de sc\u00e9nario macro\u2011\u00e9conomique.

\n

L\u2019horizon des pr\u00e9visions de la conjoncture \u00e9conomique\u00a0future retenu est de cinq\u00a0ans

\n

Les sc\u00e9narios retenus sont des sc\u00e9narios \u00e9conomiques globaux et coh\u00e9rents\u00a0: ils s'appliquent uniform\u00e9ment sur l'ensemble de La\u00a0Banque\u00a0Postale avec des impacts potentiellement oppos\u00e9s sur certains segments de produits ou de client\u00e8le, refl\u00e9tant ainsi la diversification du portefeuille (\u00e0 titre d'illustration, il n'est pas possible, dans un sc\u00e9nario donn\u00e9, de disposer d'une projection de taux d'int\u00e9r\u00eat diff\u00e9rente pour mesurer les probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9 (life time) de la client\u00e8le de d\u00e9tail et celles de la client\u00e8le souveraine).

\n

Les sc\u00e9narios propos\u00e9s ne sont pas n\u00e9cessairement des sc\u00e9narios adverses sur le plan du risque de cr\u00e9dit\u00a0: il n'est pas cherch\u00e9 \u00e0 travers les sc\u00e9narios IFRS\u00a09 \u00e0 quantifier des risques de pertes dans un environnement tr\u00e8s d\u00e9grad\u00e9 dont la probabilit\u00e9 d'occurrence est tr\u00e8s faible, mais plut\u00f4t d\u2019appliquer des sc\u00e9narios plausibles d\u2019une mani\u00e8re g\u00e9n\u00e9rale, dont la probabilit\u00e9 d'occurrence s'\u00e9carte d'un \u00e9cart type de la probabilit\u00e9 d'occurrence du sc\u00e9nario central.

\n

Les sc\u00e9narios ne sont pas n\u00e9cessairement construits pour avoir un impact fort sur la composante sp\u00e9cifiquement cr\u00e9dit\u00a0: des sc\u00e9narios d\u00e9grad\u00e9s dont la probabilit\u00e9 d'occurrence est \u00e9lev\u00e9e peuvent \u00eatre retenus alors m\u00eame que leur impact principal est sur la composante taux.

\n

Les sc\u00e9narios retenus sont les sc\u00e9narios utilis\u00e9s dans d\u2019autres processus de l\u2019\u00e9tablissement (plan strat\u00e9gique, budget, exercices de stress tests de l\u2019ICAAP, reportings r\u00e9glementaires).

\n

Pond\u00e9ration de chacun des trois sc\u00e9narios

\n

La probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario est propos\u00e9e par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Au 31\u00a0d\u00e9cembre 2025, celui-ci a estim\u00e9 que l\u2019\u00e9volution de la situation macro-\u00e9conomique et les incertitudes pesant sur la croissance mondiale pour diff\u00e9rentes mesures n\u2019ont pas significativement chang\u00e9 depuis le 31\u00a0d\u00e9cembre 2024, et ainsi confirm\u00e9 les pond\u00e9rations applicables.

\n

\n

La probabilit\u00e9 d\u2019occurrence de chacun de ces sc\u00e9narios est r\u00e9sum\u00e9e dans le tableau ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Sc\u00e9narios

\n		\n

Sc\u00e9narios en vigueur en 2025

\n		\n

Sc\u00e9narios 2024

\n
\n

Central

\n		\n

60%

\n		\n

60%

\n
\n

Adverse

\n		\n

30%

\n		\n

30%

\n
\n

Favorable

\n		\n

10%

\n		\n

10%

\n
\n

Ainsi, en 2025, les sc\u00e9narios int\u00e9gr\u00e9s dans les traitements de calcul des provisions en norme IFRS\u00a09 sont les suivants\u00a0:

\n

Sc\u00e9nario central

\n

L\u2019incertitude sur la situation politique nationale et ses implications en termes \u00e9conomiques et sociales ont conduit \u00e0 un net retournement de la confiance des agents (m\u00e9nages et entreprises). La fin de l\u2019\u00e9t\u00e9\u00a02025 a \u00e9t\u00e9 marqu\u00e9e par une forte instabilit\u00e9 politique en France. Le sc\u00e9nario fait l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 politique\u00a0: les troubles sociaux sont contenus, se d\u00e9gage la perspective d\u2019un budget moins restrictif que le plan Bayrou. S\u2019agissant de l\u2019inflation, la poursuite de la d\u00e9sinflation a bien eu lieu et a m\u00eame \u00e9t\u00e9 plus marqu\u00e9e qu\u2019escompt\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, en lien avec la forte baisse des prix de l\u2019\u00e9nergie et l\u2019appr\u00e9ciation de l\u2019euro. Pour 2026, l\u2019incertitude est \u00e9lev\u00e9e. Sur le taux de d\u00e9p\u00f4t de la BCE, la normalisation mon\u00e9taire d\u00e9but\u00a02025 a \u00e9t\u00e9 suivie d\u2019un statu quo\u00a0: les derni\u00e8res \u00e9volutions confirment la perspective d\u2019un taux de d\u00e9p\u00f4t fin d\u2019ann\u00e9e en baisse sur 2024/2025. Compte tenu des forces inflationnistes pr\u00e9gnantes dans le cycle \u00e9conomique \u00e0 venir \u00e0 moyen/long terme, le taux d\u2019\u00e9quilibre de long terme reste stable. Pour les taux longs, les forces maintenant le taux de l\u2019OAT\u00a010\u00a0ans autour de 3,5% sont escompt\u00e9es pr\u00e9gnantes \u00e0 court terme, vu notamment la pression sur la prime de risque sp\u00e9cifique \u00e0 la France et les anticipations d\u2019augmentation d\u2019appels au march\u00e9 \u00e0 la suite de la lev\u00e9e du frein \u00e0 la dette allemande.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

0,8

\n		\n

0,9

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,5

\n		\n

7,6

\n		\n

7,6

\n		\n

7,6

\n		\n

7,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,56

\n		\n

3,54

\n		\n

3,44

\n		\n

3,40

\n		\n

3,40

\n
\n

Inflation France (variation)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,8

\n		\n

1,9

\n		\n

2,0

\n		\n

2,0

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

3,04

\n		\n

2,94

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,8

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n
\n

Sc\u00e9nario adverse

\n

Ce sc\u00e9nario int\u00e8gre l\u2019ann\u00e9e du choc de nouvelles tensions sur le march\u00e9 des mati\u00e8res premi\u00e8res dans un contexte de tensions g\u00e9opolitiques, entra\u00eenant un choc r\u00e9cessif sur le PIB mondial. Une boucle prix-salaires persistante s\u2019installerait de mani\u00e8re durable en zone euro, entra\u00eenant une hausse de l\u2019inflation sous-jacente, l\u2019inflation totale persistant au-dessus de la cible de la banque centrale. En r\u00e9action, celle-ci positionnerait ses taux directeurs au-dessus des taux neutres, sans parvenir \u00e0 stabiliser la dynamique des prix, et impliquant des taux obligataires tr\u00e8s \u00e9lev\u00e9s. Dans ce sc\u00e9nario la transition \u00e9nerg\u00e9tique et \u00e9cologique se ferait, par rapport au sc\u00e9nario central, de mani\u00e8re d\u00e9sordonn\u00e9e, contribuant \u00e0 des tensions sur les prix et les taux, et \u00e0 une perte de croissance potentielle \u00e0 moyen terme (perte de productivit\u00e9). Les cons\u00e9quences \u00e9conomiques et financi\u00e8res des sc\u00e9narios climatiques adverses du NGFS(389) (dans leur derni\u00e8re actualisation avec une forte hausse de l\u2019impact du risque physique dans l\u2019ensemble des sc\u00e9narios) sont couvertes et statistiquement englob\u00e9es par ce sc\u00e9nario de KO inflationniste, tout comme le risque de guerre commerciale.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts, et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,5

\n		\n

0,5

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

8,7

\n		\n

9,2

\n		\n

9,5

\n		\n

9,6

\n		\n

9,6

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

5,48

\n		\n

5,69

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

5,50

\n		\n

4,00

\n		\n

3,50

\n		\n

3,50

\n		\n

3,50

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,6

\n		\n

0,6

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

8,3

\n		\n

9,1

\n		\n

9,4

\n		\n

9,5

\n		\n

9,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

5,00

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

5,5

\n		\n

4,0

\n		\n

3,5

\n		\n

3,5

\n		\n

3,5

\n
\n

Sc\u00e9nario favorable

\n

Le sc\u00e9nario haussier retient une moindre incertitude en France et un environnement international plus porteur. En France, la confiance des agents serait moins entrav\u00e9e qu\u2019escompt\u00e9e, soutenant davantage la reprise de l\u2019activit\u00e9 les premi\u00e8res ann\u00e9es que dans le sc\u00e9nario central. Au niveau international, le rel\u00e8vement des droits de douane am\u00e9ricains serait contenu. L\u2019inflation am\u00e9ricaine poursuivrait sa\u00a0d\u00e9c\u00e9l\u00e9ration, ce qui permettrait \u00e0 la Fed de baisser son taux directeur, entra\u00eenant une r\u00e9duction des taux longs am\u00e9ricains. Celle-ci se diffuserait dans les grandes \u00e9conomies et les taux longs europ\u00e9ens (dont l\u2019OAT) marqueraient \u00e9galement une baisse. Ce dernier \u00e9l\u00e9ment jouerait aussi \u00e0 long terme. La production p\u00e9troli\u00e8re am\u00e9ricaine plus soutenue p\u00e8serait sur le cours du p\u00e9trole, ce qui contrebalancerait les pressions haussi\u00e8res sur l\u2019inflation fran\u00e7aise, li\u00e9es \u00e0 une activit\u00e9 plus soutenue. En Chine, la politique de soutien des autorit\u00e9s produirait un peu d\u2019effets positifs. L\u2019ensemble de ces ph\u00e9nom\u00e8nes (moindre incertitude, davantage de demande \u00e9trang\u00e8re, inflation contenue et baisse des taux) constitueraient des facteurs de soutien additionnels \u00e0 la croissance fran\u00e7aise par rapport au sc\u00e9nario central. L\u2019emploi serait ainsi plus dynamique et le ch\u00f4mage plus faible.

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

1,2

\n		\n

1,5

\n		\n

1,4

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,4

\n		\n

7,2

\n		\n

7,1

\n		\n

7,0

\n		\n

6,9

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,44

\n		\n

3,34

\n		\n

3,24

\n		\n

3,20

\n		\n

3,20

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

1,35

\n		\n

1,61

\n		\n

1,75

\n		\n

1,93

\n		\n

1,97

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

TO

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,5

\n		\n

1,3

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,5

\n		\n

6,4

\n		\n

6,3

\n		\n

6,2

\n		\n

6,2

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

2,98

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,62

\n		\n

1,91

\n		\n

2,00

\n		\n

2,02

\n		\n

2,02

\n
\n

Analyse de sensibilit\u00e9 des sc\u00e9narios
macro-\u00e9conomiques sur les pertes attendues

\n

Les analyses de sensibilit\u00e9s ont \u00e9t\u00e9 conduites sur les p\u00e9rim\u00e8tres relatifs au risque de cr\u00e9dit aux personnes morales et personnes physiques, sur les param\u00e8tres des ECL statistiques (soit hors provisions \u00e0 dire d\u2019expert s\u2019agissant de la client\u00e8le Personnes Morales).

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de d\u00e9tail est relativement mod\u00e9r\u00e9e sur ce segment, avec une amplitude de [0%\u00a0; +3%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration.

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de personnes morales est plus marqu\u00e9e sur ce segment, avec une amplitude de [-3%\u00a0; +52%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration, la volatilit\u00e9 \u00e9tant plus \u00e9lev\u00e9e sur les expositions du segment souverains et \u00e9tablissements de cr\u00e9dit.

\n

35.2.3Impacts sur l\u2019\u00e9valuation du risque de cr\u00e9dit

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque s\u2019\u00e9tablit \u00e0 250\u00a0millions d\u2019euros.

\n

Le taux d\u2019expositions non performantes (des expositions client\u00e8le et des titres) est en hausse \u00e0 1,42% par rapport au niveau de\u00a0d\u00e9cembre\u00a02024 (i.e. 1,34% en\u00a0d\u00e9cembre\u00a02024) du fait essentiellement de l\u2019augmentation des encours en d\u00e9faut de l\u2019activit\u00e9 de cr\u00e9dit \u00e0 la consommation.

\n

Le taux de couverture des expositions non performantes est en l\u00e9g\u00e8re baisse (37,8%) \u00e0 fin\u00a0d\u00e9cembre\u00a02025 par rapport au 31\u00a0d\u00e9cembre 2024 (39,4%).

\n

Par ailleurs, le taux d\u2019exposition en bucket\u00a02 augmente pour s\u2019\u00e9tablir \u00e0 7,72% (versus 7% en 2024). Cette hausse r\u00e9sulte d\u2019un double effet\u00a0: provisionnement statistique (encours du bucket\u00a02 plus \u00e9lev\u00e9) et mise \u00e0 jour des crit\u00e8res de provisionnement sectoriel.

\n

Personnes morales

\n

Au cours de l\u2019ann\u00e9e 2025, il n\u2019y a pas de sinistralit\u00e9 importante observ\u00e9e sur le portefeuille de cr\u00e9dit personnes morales. Toutefois, le nombre d\u2019entr\u00e9e en gestion Affaires Sp\u00e9ciales continue de progresser sur le portefeuille de cr\u00e9dit entreprises. La lente d\u00e9gradation s'est mat\u00e9rialis\u00e9e essentiellement par l'entr\u00e9e de plusieurs dossiers \u00e0 forte composante immobili\u00e8re en Watch\u00a0List ou en gestion Affaires Sp\u00e9ciales, ainsi que sur le segment PME/ETI. Le renforcement du provisionnement sectoriel au second semestre 2024 a permis d\u2019absorber la d\u00e9gradation attendue du secteur de l\u2019immobilier.

\n

Ainsi, au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de Financement et d\u2019Investissement Personnes Morales s\u2019\u00e9tablit \u00e0 118\u00a0millions d\u2019euros contre 132\u00a0millions d'euros au 31\u00a0d\u00e9cembre 2024.

\n

Particuliers

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de la client\u00e8le de particuliers s\u2019\u00e9l\u00e8ve \u00e0 132\u00a0millions d\u2019euros (dont 7,4\u00a0millions d\u2019euros sur la client\u00e8le des professionnels) versus 99\u00a0millions au 31\u00a0d\u00e9cembre 2024.

\n

La qualit\u00e9 de cr\u00e9dit des portefeuilles de cr\u00e9dits aux particuliers reste stable et ma\u00eetris\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, notamment sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers.

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits \u00e0 la consommation, la dynamique de d\u00e9gradation du portefeuille constat\u00e9e depuis l\u2019\u00e9t\u00e9 2024 (progression des impay\u00e9s, hausse des flux de recevabilit\u00e9s Banque de France, d\u00e9gradation de notations) s\u2019est poursuivie en 2025. Ce risque reste \u00e0 ce jour ma\u00eetris\u00e9.

\n

35.2.4Exposition au risque de cr\u00e9dit

\n

a) Variation des valeurs comptables et des corrections de valeur pour pertes sur la p\u00e9riode

\n

Les corrections de valeur pour pertes correspondent aux d\u00e9pr\u00e9ciations sur actifs et aux provisions sur engagement hors-bilan comptabilis\u00e9es en r\u00e9sultat (co\u00fbt du risque de cr\u00e9dit pour les entit\u00e9s bancaires et co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance pour les entit\u00e9s d'assurance) au titre du risque de cr\u00e9dit.

\n

Les tableaux suivants pr\u00e9sentent un rapprochement des soldes d\u2019ouverture et de cl\u00f4ture des corrections de valeur pour perte comptabilis\u00e9es en Co\u00fbt du risque et des valeurs comptables brutes associ\u00e9es, par cat\u00e9gorie comptable et type d\u2019instruments.

\n

La ligne \u00ab\u00a0Modifications des flux ne donnant pas lieu \u00e0 une d\u00e9comptabilisation\u00a0\u00bb permet d\u2019identifier les impacts d\u2019une restructuration pour risque intervenue sur la p\u00e9riode (cf. note\u00a03.11).

\n

Actifs financiers \u00e9valu\u00e9s au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n
\n

Titres

\n		\n

38\u00a0335

\n		\n

(52)

\n		\n

(77)

\n		\n

38\u00a0206

\n		\n

36\u00a0324

\n		\n

(49)

\n		\n

(19)

\n		\n

36\u00a0256

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

70\u00a0077

\n		\n

(1)

\n		\n

\n		\n

70\u00a0076

\n		\n

75\u00a0679

\n		\n

(5)

\n		\n

\n		\n

75\u00a0673

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

133\u00a0975

\n		\n

(1\u00a0800)

\n		\n

(20)

\n		\n

132\u00a0155

\n		\n

130\u00a0680

\n		\n

(1\u00a0717)

\n		\n

(5)

\n		\n

128\u00a0958

\n
\n

Total

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

(97)

\n		\n

240\u00a0437

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

(24)

\n		\n

240\u00a0888

\n
\n

(a)Impact des op\u00e9rations de couverture.

\n

(b)Cf. note\u00a023.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur Nette comptable

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

227\u00a0548

\n		\n

(176)

\n		\n

12\u00a0614

\n		\n

(611)

\n		\n

2\u00a0523

\n		\n

(985)

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

240\u00a0888

\n
\n

Transferts d'actifs en cours de vie d'un bucket \u00e0\u00a0l'autre

\n		\n

(2\u00a0291)

\n		\n

11

\n		\n

1\u00a0728

\n		\n

(59)

\n		\n

563

\n		\n

(154)

\n		\n

0

\n		\n

(201)

\n		\n

(201)

\n
\n

Transferts vers ECL Maturit\u00e9 (bucket 2)

\n		\n

(4\u00a0965)

\n		\n

17

\n		\n

5\u00a0126

\n		\n

(177)

\n		\n

(161)

\n		\n

36

\n		\n

\n		\n

(123)

\n		\n

(123)

\n
\n

Transferts vers ECL 12\u00a0mois (bucket 1)

\n		\n

3\u00a0133

\n		\n

(10)

\n		\n

(2\u00a0986)

\n		\n

89

\n		\n

(148)

\n		\n

31

\n		\n

\n		\n

111

\n		\n

111

\n
\n

Transferts vers actifs d\u00e9pr\u00e9ci\u00e9s (bucket 3)\u00a0(a)

\n		\n

(459)

\n		\n

4

\n		\n

(412)

\n		\n

29

\n		\n

872

\n		\n

(221)

\n		\n

0

\n		\n

(188)

\n		\n

(188)

\n
\n

Total apr\u00e8s transferts

\n		\n

225\u00a0256

\n		\n

(165)

\n		\n

14\u00a0341

\n		\n

(669)

\n		\n

3\u00a0086

\n		\n

(1\u00a0138)

\n		\n

242\u00a0684

\n		\n

(1\u00a0973)

\n		\n

240\u00a0711

\n
\n

Variations des Valeurs comptables brutes et des\u00a0corrections de valeur pour pertes

\n		\n

556

\n		\n

5

\n		\n

(584)

\n		\n

21

\n		\n

(269)

\n		\n

94

\n		\n

(297)

\n		\n

120

\n		\n

(177)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026\u00a0(b)

\n		\n

33\u00a0967

\n		\n

(92)

\n		\n

2\u00a0259

\n		\n

(209)

\n		\n

503

\n		\n

(274)

\n		\n

36\u00a0730

\n		\n

(575)

\n		\n

36\u00a0155

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0 \u00e9ch\u00e9ance...

\n		\n

(33\u00a0147)

\n		\n

96

\n		\n

(2\u00a0843)

\n		\n

230

\n		\n

(561)

\n		\n

175

\n		\n

(36\u00a0551)

\n		\n

501

\n		\n

(36\u00a0050)

\n
\n

Passage \u00e0 perte

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(200)

\n		\n

193

\n		\n

(200)

\n		\n

193

\n		\n

(6)

\n
\n

Modifications des flux ne donnant pas lieu \u00e0 une\u00a0d\u00e9comptabilisation

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(217)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(217)

\n		\n

\n		\n

(217)

\n
\n

Autres

\n		\n

(47)

\n		\n

(0)

\n		\n

0

\n		\n

0

\n		\n

(9)

\n		\n

(0)

\n		\n

(55)

\n		\n

(0)

\n		\n

(55)

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0534

\n
\n

R\u00e9\u00e9valuations\u00a0(c)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(97)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0437

\n
\n

(a)Les transferts vers le bucket 3 correspondent \u00e0 des encours class\u00e9s initialement en bucket 1 ayant \u00e9t\u00e9\u00a0d\u00e9class\u00e9s soit directement en bucket 3, soit d\u2019abord en bucket 2 puis en bucket 3.

\n

(b)Les montants pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Nouvelle production\u00a0\u00bb en bucket 2 et bucket 3 peuvent inclure des encours origin\u00e9s en bucket 1 puis reclass\u00e9s en bucket 2 ou bucket 3 au cours du m\u00eame exercice.

\n

(c)Impact des op\u00e9rations de couverture.

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n
\n

Instruments de dettes \u00e0 la juste valeur par capitaux propres reyclables

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

Total

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

(a)Cf. note\u00a023.3.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Transferts d'actifs en cours
de vie d'un bucket \u00e0 l'autre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total apr\u00e8s transferts

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Variations des valeurs comptables brutes et des corrections de valeur pour pertes

\n		\n

4\u00a0539

\n		\n

(21)

\n		\n

(61)

\n		\n

0

\n		\n

\n		\n

\n		\n

4\u00a0478

\n		\n

(20)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026

\n		\n

63\u00a0794

\n		\n

\n		\n

10

\n		\n

\n		\n

\n		\n

\n		\n

63\u00a0804

\n		\n

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0\u00a0\u00e9ch\u00e9ance...

\n		\n

(59\u00a0228)

\n		\n

\n		\n

(71)

\n		\n

\n		\n

\n		\n

\n		\n

(59\u00a0299)

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(16)

\n		\n

2

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(16)

\n		\n

2

\n
\n

Autres

\n		\n

(11)

\n		\n

(23)

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

(11)

\n		\n

(22)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

233\u00a0825

\n		\n

(311)

\n		\n

30

\n		\n

(1)

\n		\n

\n		\n

\n		\n

233\u00a0854

\n		\n

(312)

\n
\n

Hors bilan (engagements de financement et de garantie)

\n

Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n
\n

Engagements de financement et de garantie\u00a0(a)

\n		\n

27\u00a0039

\n		\n

\n		\n

\n		\n

27\u00a0774

\n		\n

\n		\n

\n
\n

Provisions pour engagements de financement
et de garantie\u00a0(b)

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

(129)

\n		\n

\n
\n

Total

\n		\n

27\u00a0039

\n		\n

(105)

\n		\n

26\u00a0934

\n		\n

27\u00a0774

\n		\n

(129)

\n		\n

27\u00a0645

\n
\n

(a)Dont 24\u00a0752\u00a0millions d\u2019euros en bucket 1 et 2\u00a0209\u00a0millions d\u2019euros en bucket 2 en 2025 (versus 25\u00a0839\u00a0millions d\u2019euros en bucket 1 et 1\u00a0776\u00a0millions d\u2019euros en bucket 2 en 2024). \u00c0 noter que sur le bucket 1 en 2025, la nouvelle production s\u2019est \u00e9lev\u00e9e \u00e0 10\u00a0604\u00a0millions d\u2019euros et les\u00a0d\u00e9comptabilisations se sont \u00e9lev\u00e9es \u00e0 -11 940\u00a0millions d\u2019euros (versus 13\u00a0397\u00a0millions d\u2019euros en nouvelle production et -9\u00a0632\u00a0millions d\u2019euros en\u00a0d\u00e9comptabilisations en 2024).

\n

(b)Dont -20\u00a0millions d\u2019euros en bucket 1 et -74\u00a0millions d\u2019euros en bucket 2 en 2025 (versus -22\u00a0millions d\u2019euros en bucket 1 et -64\u00a0millions d\u2019euros en bucket 2 en 2024).

\n
\n

Actifs financiers restructur\u00e9s

\n

Pour les actifs ayant fait l\u2019objet d\u2019une restructuration au cours de la p\u00e9riode, la valeur comptable \u00e9tablie \u00e0 l\u2019issue de la restructuration est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n		\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le au co\u00fbt amorti

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Total

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0note\u00a03.11.6). Le statut d\u2019actif financier restructur\u00e9 est caract\u00e9ris\u00e9 d\u00e8s la survenance d\u2019une restructuration et conserv\u00e9 jusqu\u2019\u00e0 la\u00a0d\u00e9comptabilisation de l\u2019actif.

\n

La valeur comptable brute des actifs modifi\u00e9s concern\u00e9s par ce reclassement au cours de la p\u00e9riode est de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 10\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

Exposition maximale au risque de cr\u00e9dit

\n

L\u2019exposition maximale au risque de cr\u00e9dit correspond \u00e0 la valeur comptable des actifs financiers port\u00e9s par le groupe, nette de toute perte de valeur comptabilis\u00e9e et sans tenir compte des actifs d\u00e9tenus en garantie ou des autres rehaussements de cr\u00e9dit (par exemple les accords de compensation qui ne remplissent pas les conditions de compensation selon IAS\u00a032).

\n

Le tableau ci-dessous pr\u00e9sente l\u2019exposition nette maximale ainsi que le montant des actifs d\u00e9tenus en garantie et autres techniques de rehaussements de cr\u00e9dit permettant de r\u00e9duire cette exposition.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de r\u00e9haussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

96\u00a0938

\n		\n

19\u00a0988

\n		\n

76\u00a0950

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0252

\n		\n

19\u00a0988

\n		\n

264

\n
\n

Actifs financiers d\u00e9sign\u00e9s \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

\n		\n

2\u00a0618

\n
\n

Actifs financiers non SPPI mesur\u00e9s \u00e0 la juste valeur

\n		\n

74\u00a0068

\n		\n

\n		\n

74\u00a0068

\n
\n

D\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Titres de dette

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

240\u00a0437

\n		\n

95\u00a0027

\n		\n

145\u00a0410

\n
\n

Pr\u00eats et avances aux \u00e9tablissements de cr\u00e9dits

\n		\n

70\u00a0076

\n		\n

8\u00a0498

\n		\n

61\u00a0578

\n
\n

Pr\u00eats et avances \u00e0 la client\u00e8le

\n		\n

132\u00a0155

\n		\n

86\u00a0529

\n		\n

45\u00a0625

\n
\n

Titres de dette

\n		\n

38\u00a0206

\n		\n

\n		\n

38\u00a0206

\n
\n

Hors bilan (engagements de financement et de garantie)

\n		\n

26\u00a0934

\n		\n

287

\n		\n

26\u00a0647

\n
\n

Engagements de financement donn\u00e9s

\n		\n

25\u00a0552

\n		\n

286

\n		\n

25\u00a0266

\n
\n

Engagements de garantie donn\u00e9s

\n		\n

1\u00a0382

\n		\n

1

\n		\n

1\u00a0381

\n
\n

Total

\n		\n

571\u00a0437

\n		\n

115\u00a0697

\n		\n

455\u00a0740

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au\u00a031\u00a0d\u00e9cembre 2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de rehaussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0r\u00e9sultat

\n		\n

96\u00a0712

\n		\n

16\u00a0579

\n		\n

80\u00a0133

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9tenus\u00a0\u00e0\u00a0des\u00a0fins\u00a0de\u00a0transaction

\n		\n

16\u00a0838

\n		\n

16\u00a0579

\n		\n

258

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9sign\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0sur\u00a0option

\n		\n

2\u00a0943

\n		\n

\n		\n

2\u00a0943

\n
\n

Actifs\u00a0financiers\u00a0non\u00a0SPPI\u00a0mesur\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur

\n		\n

76\u00a0932

\n		\n

\n		\n

76\u00a0932

\n
\n

D\u00e9riv\u00e9s\u00a0de\u00a0couverture

\n		\n

486

\n		\n

486

\n		\n

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0capitaux\u00a0propres\u00a0recyclables

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Actifs\u00a0financiers\u00a0mesur\u00e9s\u00a0au\u00a0co\u00fbt\u00a0amorti

\n		\n

240\u00a0888

\n		\n

94\u00a0381

\n		\n

146\u00a0506

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0aux\u00a0\u00e9tablissements\u00a0de\u00a0cr\u00e9dits

\n		\n

75\u00a0673

\n		\n

10\u00a0130

\n		\n

65\u00a0543

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0\u00e0\u00a0la\u00a0client\u00e8le

\n		\n

128\u00a0958

\n		\n

84\u00a0251

\n		\n

44\u00a0707

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

36\u00a0256

\n		\n

\n		\n

36\u00a0256

\n
\n

Hors\u00a0bilan\u00a0(engagements\u00a0de\u00a0financement\u00a0et\u00a0de\u00a0garantie)

\n		\n

27\u00a0645

\n		\n

322

\n		\n

27\u00a0323

\n
\n

Engagements\u00a0de\u00a0financement\u00a0donn\u00e9s

\n		\n

26\u00a0251

\n		\n

321

\n		\n

25\u00a0930

\n
\n

Engagements\u00a0de\u00a0garantie\u00a0donn\u00e9s

\n		\n

1\u00a0394

\n		\n

1

\n		\n

1\u00a0393

\n
\n

Total

\n		\n

568\u00a0677

\n		\n

111\u00a0769

\n		\n

456\u00a0908

\n
\n

b) Concentration du risque de cr\u00e9dit

\n

Concentration du risque de cr\u00e9dit par agent \u00e9conomique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

Administration

\n		\n

100\u00a0949

\n		\n

101

\n		\n

33

\n		\n

101\u00a0082

\n		\n

105\u00a0482

\n		\n

71

\n		\n

24

\n		\n

105\u00a0577

\n
\n

Banques centrales

\n		\n

831

\n		\n

\n		\n

\n		\n

831

\n		\n

586

\n		\n

\n		\n

\n		\n

586

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

9\u00a0650

\n		\n

1\u00a0257

\n		\n

73

\n		\n

10\u00a0981

\n		\n

6\u00a0221

\n		\n

920

\n		\n

90

\n		\n

7\u00a0231

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

31\u00a0471

\n		\n

5\u00a0770

\n		\n

1\u00a0392

\n		\n

38\u00a0634

\n		\n

28\u00a0936

\n		\n

4\u00a0905

\n		\n

1\u00a0209

\n		\n

35\u00a0050

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

(a)Hors encours de pr\u00eats octroy\u00e9s \u00e0 des SCI, figurant en cr\u00e9dits retail au bilan et pr\u00e9sent\u00e9s en soci\u00e9t\u00e9s non financi\u00e8res dans cette\u00a0d\u00e9composition par agent \u00e9conomique.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Administration

\n		\n

118\u00a0322

\n		\n

\n		\n

\n		\n

118\u00a0322

\n		\n

115\u00a0580

\n		\n

\n		\n

\n		\n

115\u00a0580

\n
\n

Banques centrales

\n		\n

15\u00a0976

\n		\n

\n		\n

\n		\n

15\u00a0976

\n		\n

13\u00a0334

\n		\n

\n		\n

\n		\n

13\u00a0334

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

8\u00a0288

\n		\n

(0)

\n		\n

\n		\n

8\u00a0288

\n		\n

7\u00a0214

\n		\n

\n		\n

\n		\n

7\u00a0214

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

40\u00a0570

\n		\n

30

\n		\n

\n		\n

40\u00a0600

\n		\n

40\u00a0664

\n		\n

90

\n		\n

\n		\n

40\u00a0755

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan (engagements de\u00a0financement et\u00a0de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

7\u00a0318

\n		\n

600

\n		\n

13

\n		\n

7\u00a0932

\n		\n

8\u00a0032

\n		\n

651

\n		\n

15

\n		\n

8\u00a0698

\n
\n

Administration\u00a0(b)

\n		\n

4\u00a0933

\n		\n

16

\n		\n

\n		\n

4\u00a0948

\n		\n

4\u00a0493

\n		\n

5

\n		\n

2

\n		\n

4\u00a0500

\n
\n

Banques centrales

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n
\n

\u00c9tablissements de\u00a0cr\u00e9dit\u00a0(c)

\n		\n

1\u00a0631

\n		\n

170

\n		\n

\n		\n

1\u00a0801

\n		\n

4\u00a0624

\n		\n

78

\n		\n

\n		\n

4\u00a0702

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res\u00a0(d)

\n		\n

2\u00a0328

\n		\n

258

\n		\n

2

\n		\n

2\u00a0588

\n		\n

2\u00a0362

\n		\n

289

\n		\n

3

\n		\n

2\u00a0654

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res\u00a0(d)

\n		\n

8\u00a0542

\n		\n

1\u00a0164

\n		\n

63

\n		\n

9\u00a0769

\n		\n

6\u00a0326

\n		\n

753

\n		\n

139

\n		\n

7\u00a0218

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour pertes\u00a0(e)

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

(a)Dont 6\u00a0790\u00a0millions d\u2019euros en 2025 (7\u00a0460\u00a0millions d\u2019euros en 2024) pr\u00e9sentent une probabilit\u00e9 de d\u00e9faut inf\u00e9rieure \u00e0 1%.

\n

(b)Dont 3\u00a0689\u00a0millions d\u2019euros en 2025 (3\u00a0405\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(c)Dont 526\u00a0millions d\u2019euros en 2025 (342\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(d)Dont 10\u00a0474\u00a0millions d\u2019euros en 2025 (8\u00a0391\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(e)Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n
\n

Pour la client\u00e8le de d\u00e9tail, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par intervalle de probabilit\u00e9 de d\u00e9faut. Pour les autres types de client\u00e8le, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par notation externe.

\n

Exposition au risque de cr\u00e9dit

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

PD < 1%

\n		\n

62\u00a0952

\n		\n

1\u00a0280

\n		\n

\n		\n

64\u00a0232

\n		\n

64\u00a0886

\n		\n

1\u00a0607

\n		\n

\n		\n

66\u00a0493

\n
\n

1% < PD < 3%

\n		\n

7\u00a0752

\n		\n

1\u00a0748

\n		\n

\n		\n

9\u00a0499

\n		\n

8\u00a0168

\n		\n

1\u00a0543

\n		\n

\n		\n

9\u00a0711

\n
\n

3% < PD < 10%

\n		\n

1\u00a0604

\n		\n

2\u00a0739

\n		\n

\n		\n

4\u00a0343

\n		\n

1\u00a0874

\n		\n

2\u00a0652

\n		\n

\n		\n

4\u00a0526

\n
\n

PD > 10%

\n		\n

82

\n		\n

862

\n		\n

\n		\n

945

\n		\n

157

\n		\n

914

\n		\n

\n		\n

1\u00a0071

\n
\n

Contrat douteux \u2013 contentieux

\n		\n

\n		\n

\n		\n

1\u00a0318

\n		\n

1\u00a0318

\n		\n

\n		\n

\n		\n

1\u00a0200

\n		\n

1\u00a0200

\n
\n

Total \u2013 client\u00e8le de\u00a0d\u00e9tail

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

AAA

\n		\n

1\u00a0053

\n		\n

61

\n		\n

\n		\n

1\u00a0114

\n		\n

2\u00a0002

\n		\n

105

\n		\n

\n		\n

2\u00a0107

\n
\n

AA

\n		\n

1\u00a0531

\n		\n

\n		\n

\n		\n

1\u00a0531

\n		\n

2\u00a0822

\n		\n

69

\n		\n

\n		\n

2\u00a0891

\n
\n

A

\n		\n

5\u00a0579

\n		\n

58

\n		\n

52

\n		\n

5\u00a0689

\n		\n

4\u00a0302

\n		\n

271

\n		\n

\n		\n

4\u00a0573

\n
\n

Autres

\n		\n

32\u00a0960

\n		\n

6\u00a0908

\n		\n

1\u00a0413

\n		\n

41\u00a0281

\n		\n

26\u00a0032

\n		\n

5\u00a0379

\n		\n

1\u00a0299

\n		\n

32\u00a0710

\n
\n

Total \u2013 Soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

41\u00a0122

\n		\n

7\u00a0027

\n		\n

1\u00a0465

\n		\n

49\u00a0615

\n		\n

35\u00a0157

\n		\n

5\u00a0825

\n		\n

1\u00a0299

\n		\n

42\u00a0280

\n
\n

AAA

\n		\n

2\u00a0592

\n		\n

\n		\n

\n		\n

2\u00a0592

\n		\n

2\u00a0915

\n		\n

\n		\n

\n		\n

2\u00a0915

\n
\n

AA

\n		\n

1\u00a0992

\n		\n

\n		\n

\n		\n

1\u00a0992

\n		\n

89\u00a0179

\n		\n

\n		\n

\n		\n

89\u00a0179

\n
\n

A

\n		\n

89\u00a0161

\n		\n

8

\n		\n

\n		\n

89\u00a0169

\n		\n

3\u00a0455

\n		\n

\n		\n

0

\n		\n

3\u00a0455

\n
\n

Autres

\n		\n

8\u00a0035

\n		\n

92

\n		\n

33

\n		\n

8\u00a0160

\n		\n

10\u00a0518

\n		\n

71

\n		\n

24

\n		\n

10\u00a0614

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

101\u00a0779

\n		\n

101

\n		\n

33

\n		\n

101\u00a0913

\n		\n

106\u00a0068

\n		\n

71

\n		\n

24

\n		\n

106\u00a0163

\n
\n

AAA

\n		\n

203

\n		\n

\n		\n

\n		\n

203

\n		\n

905

\n		\n

\n		\n

\n		\n

905

\n
\n

AA

\n		\n

547

\n		\n

\n		\n

\n		\n

547

\n		\n

4\u00a0137

\n		\n

0

\n		\n

\n		\n

4\u00a0137

\n
\n

A

\n		\n

4\u00a0657

\n		\n

\n		\n

\n		\n

4\u00a0657

\n		\n

5\u00a0085

\n		\n

\n		\n

\n		\n

5\u00a0085

\n
\n

Autres

\n		\n

5\u00a0115

\n		\n

0

\n		\n

0

\n		\n

5\u00a0115

\n		\n

1\u00a0111

\n		\n

0

\n		\n

0

\n		\n

1\u00a0111

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
\u00e0 la juste valeur
par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

AAA

\n		\n

380

\n		\n

\n		\n

\n		\n

380

\n		\n

2\u00a0120

\n		\n

\n		\n

\n		\n

2\u00a0120

\n
\n

AA

\n		\n

7\u00a0784

\n		\n

\n		\n

\n		\n

7\u00a0784

\n		\n

7\u00a0936

\n		\n

\n		\n

\n		\n

7\u00a0936

\n
\n

A

\n		\n

19\u00a0236

\n		\n

\n		\n

\n		\n

19\u00a0236

\n		\n

17\u00a0877

\n		\n

\n		\n

\n		\n

17\u00a0877

\n
\n

Autres

\n		\n

21\u00a0458

\n		\n

30

\n		\n

\n		\n

21\u00a0488

\n		\n

19\u00a0946

\n		\n

90

\n		\n

\n		\n

20\u00a0036

\n
\n

Total \u2013 soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

48\u00a0858

\n		\n

30

\n		\n

\n		\n

48\u00a0888

\n		\n

47\u00a0878

\n		\n

90

\n		\n

\n		\n

47\u00a0969

\n
\n

AAA

\n		\n

21\u00a0662

\n		\n

\n		\n

\n		\n

21\u00a0662

\n		\n

18\u00a0264

\n		\n

\n		\n

\n		\n

18\u00a0264

\n
\n

AA

\n		\n

14\u00a0449

\n		\n

\n		\n

\n		\n

14\u00a0449

\n		\n

83\u00a0358

\n		\n

\n		\n

\n		\n

83\u00a0358

\n
\n

A

\n		\n

82\u00a0985

\n		\n

\n		\n

\n		\n

82\u00a0985

\n		\n

6\u00a0968

\n		\n

\n		\n

\n		\n

6\u00a0968

\n
\n

Autres

\n		\n

15\u00a0203

\n		\n

\n		\n

\n		\n

15\u00a0203

\n		\n

20\u00a0323

\n		\n

\n		\n

\n		\n

20\u00a0323

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

134\u00a0299

\n		\n

\n		\n

\n		\n

134\u00a0299

\n		\n

128\u00a0914

\n		\n

\n		\n

\n		\n

128\u00a0914

\n
\n

AAA

\n		\n

1\u00a0285

\n		\n

\n		\n

\n		\n

1\u00a0285

\n		\n

2\u00a0739

\n		\n

\n		\n

\n		\n

2\u00a0739

\n
\n

AA

\n		\n

4\u00a0096

\n		\n

\n		\n

\n		\n

4\u00a0096

\n		\n

7\u00a0098

\n		\n

\n		\n

\n		\n

7\u00a0098

\n
\n

A

\n		\n

34\u00a0096

\n		\n

\n		\n

\n		\n

34\u00a0096

\n		\n

36\u00a0056

\n		\n

\n		\n

\n		\n

36\u00a0056

\n
\n

Autres

\n		\n

11\u00a0191

\n		\n

\n		\n

\n		\n

11\u00a0191

\n		\n

6\u00a0600

\n		\n

\n		\n

\n		\n

6\u00a0600

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Concentration du risque de cr\u00e9dit par zone g\u00e9ographique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

203\u00a0228

\n		\n

13\u00a0459

\n		\n

2\u00a0698

\n		\n

219\u00a0384

\n		\n

205\u00a0644

\n		\n

12\u00a0434

\n		\n

2\u00a0457

\n		\n

220\u00a0535

\n
\n

Autres pays de l'UE

\n		\n

20\u00a0309

\n		\n

239

\n		\n

80

\n		\n

20\u00a0627

\n		\n

19\u00a0524

\n		\n

120

\n		\n

32

\n		\n

19\u00a0676

\n
\n

Autres pays d'Europe

\n		\n

720

\n		\n

16

\n		\n

33

\n		\n

769

\n		\n

697

\n		\n

12

\n		\n

32

\n		\n

741

\n
\n

Autres

\n		\n

1\u00a0555

\n		\n

44

\n		\n

7

\n		\n

1\u00a0606

\n		\n

1\u00a0682

\n		\n

47

\n		\n

2

\n		\n

1\u00a0731

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

112\u00a0567

\n		\n

10

\n		\n

\n		\n

112\u00a0577

\n		\n

99\u00a0019

\n		\n

\n		\n

\n		\n

99\u00a0019

\n
\n

Autres pays de l'UE

\n		\n

85\u00a0731

\n		\n

10

\n		\n

\n		\n

85\u00a0741

\n		\n

89\u00a0371

\n		\n

17

\n		\n

\n		\n

89\u00a0388

\n
\n

Autres pays d'Europe

\n		\n

6\u00a0550

\n		\n

\n		\n

\n		\n

6\u00a0550

\n		\n

8\u00a0697

\n		\n

\n		\n

\n		\n

8\u00a0697

\n
\n

Autres

\n		\n

28\u00a0977

\n		\n

9

\n		\n

\n		\n

28\u00a0986

\n		\n

32\u00a0199

\n		\n

73

\n		\n

\n		\n

32\u00a0272

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan
(engagements
de financement
et de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

22\u00a0997

\n		\n

1\u00a0956

\n		\n

79

\n		\n

25\u00a0031

\n		\n

24\u00a0019

\n		\n

1\u00a0626

\n		\n

159

\n		\n

25\u00a0804

\n
\n

Autres pays de l'UE

\n		\n

1\u00a0600

\n		\n

166

\n		\n

0

\n		\n

1\u00a0766

\n		\n

1\u00a0621

\n		\n

149

\n		\n

0

\n		\n

1\u00a0769

\n
\n

Autres pays d'Europe

\n		\n

141

\n		\n

1

\n		\n

0

\n		\n

142

\n		\n

95

\n		\n

1

\n		\n

0

\n		\n

96

\n
\n

Autres

\n		\n

14

\n		\n

85

\n		\n

0

\n		\n

99

\n		\n

104

\n		\n

1

\n		\n

0

\n		\n

105

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour\u00a0pertes

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

35.2.5Compl\u00e9ment d\u2019information sur les expositions souveraines

\n

Les recensements des expositions souveraines ont \u00e9t\u00e9 \u00e9tablis selon le p\u00e9rim\u00e8tre d\u00e9fini par l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE), c\u2019est-\u00e0-dire en reprenant dans les donn\u00e9es les expositions sur les collectivit\u00e9s r\u00e9gionales, les administrations centrales et organismes b\u00e9n\u00e9ficiant d\u2019une garantie de l\u2019\u00c9tat. Ces expositions incluent les d\u00e9p\u00f4ts centralis\u00e9s \u00e0 la Caisse des D\u00e9p\u00f4ts.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

7\u00a0831

\n		\n

409

\n		\n

8\u00a0240

\n		\n

1\u00a0158

\n		\n

\n		\n

9\u00a0398

\n		\n

3,6%

\n
\n

Autriche

\n		\n

2\u00a0400

\n		\n

6

\n		\n

2\u00a0407

\n		\n

139

\n		\n

\n		\n

2\u00a0546

\n		\n

1,0%

\n
\n

Belgique

\n		\n

9\u00a0497

\n		\n

68

\n		\n

9\u00a0565

\n		\n

2\u00a0013

\n		\n

\n		\n

11\u00a0578

\n		\n

4,4%

\n
\n

Espagne

\n		\n

13\u00a0624

\n		\n

51

\n		\n

13\u00a0675

\n		\n

1\u00a0025

\n		\n

\n		\n

14\u00a0700

\n		\n

5,6%

\n
\n

Finlande

\n		\n

589

\n		\n

1

\n		\n

591

\n		\n

21

\n		\n

\n		\n

611

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0630

\n		\n

3\u00a0848

\n		\n

146\u00a0478

\n		\n

13\u00a0063

\n		\n

4\u00a0203

\n		\n

163\u00a0744

\n		\n

61,9%

\n
\n

Grande-Bretagne

\n		\n

66

\n		\n

45

\n		\n

112

\n		\n

\n		\n

\n		\n

112

\n		\n

0,0%

\n
\n

Irlande

\n		\n

134

\n		\n

1

\n		\n

136

\n		\n

\n		\n

\n		\n

136

\n		\n

0,1%

\n
\n

Italie

\n		\n

10\u00a0185

\n		\n

84

\n		\n

10\u00a0269

\n		\n

957

\n		\n

\n		\n

11\u00a0226

\n		\n

4,2%

\n
\n

Luxembourg

\n		\n

100

\n		\n

2

\n		\n

102

\n		\n

\n		\n

\n		\n

102

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

1\u00a0768

\n		\n

17

\n		\n

1\u00a0785

\n		\n

\n		\n

\n		\n

1\u00a0785

\n		\n

0,7%

\n
\n

Pologne

\n		\n

235

\n		\n

3

\n		\n

237

\n		\n

\n		\n

\n		\n

237

\n		\n

0,1%

\n
\n

Portugal

\n		\n

1\u00a0975

\n		\n

3

\n		\n

1\u00a0978

\n		\n

\n		\n

\n		\n

1\u00a0978

\n		\n

0,7%

\n
\n

Roumanie

\n		\n

149

\n		\n

\n		\n

149

\n		\n

\n		\n

\n		\n

149

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

183

\n		\n

\n		\n

183

\n		\n

\n		\n

\n		\n

183

\n		\n

0,1%

\n
\n

Autres pays d'Europe

\n		\n

109

\n		\n

\n		\n

109

\n		\n

\n		\n

\n		\n

109

\n		\n

0,0%

\n
\n

Supranational

\n		\n

15\u00a0626

\n		\n

490

\n		\n

16\u00a0116

\n		\n

\n		\n

\n		\n

16\u00a0116

\n		\n

6,1%

\n
\n

Europe

\n		\n

207\u00a0102

\n		\n

5\u00a0028

\n		\n

212\u00a0131

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

234\u00a0709

\n		\n

88,8%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0236

\n		\n

26\u00a0354

\n		\n

28\u00a0590

\n		\n

\n		\n

\n		\n

28\u00a0590

\n		\n

10,8%

\n
\n

Canada

\n		\n

696

\n		\n

\n		\n

696

\n		\n

\n		\n

\n		\n

696

\n		\n

0,3%

\n
\n

Mexique

\n		\n

111

\n		\n

\n		\n

111

\n		\n

\n		\n

\n		\n

111

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

236

\n		\n

17

\n		\n

254

\n		\n

\n		\n

\n		\n

254

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0279

\n		\n

26\u00a0371

\n		\n

29\u00a0650

\n		\n

-

\n		\n

-

\n		\n

29\u00a0650

\n		\n

11,2%

\n
\n

Total

\n		\n

210\u00a0381

\n		\n

31\u00a0400

\n		\n

241\u00a0781

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

264\u00a0360

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

6\u00a0462

\n		\n

196

\n		\n

6\u00a0657

\n		\n

1\u00a0073

\n		\n

-

\n		\n

7\u00a0730

\n		\n

3,1%

\n
\n

Autriche

\n		\n

1\u00a0912

\n		\n

6

\n		\n

1\u00a0919

\n		\n

\n		\n

-

\n		\n

1\u00a0919

\n		\n

0,8%

\n
\n

Belgique

\n		\n

8\u00a0953

\n		\n

78

\n		\n

9\u00a0031

\n		\n

1\u00a0291

\n		\n

-

\n		\n

10\u00a0321

\n		\n

4,2%

\n
\n

Espagne

\n		\n

13\u00a0418

\n		\n

41

\n		\n

13\u00a0458

\n		\n

433

\n		\n

-

\n		\n

13\u00a0892

\n		\n

5,6%

\n
\n

Finlande

\n		\n

376

\n		\n

1

\n		\n

377

\n		\n

-

\n		\n

-

\n		\n

377

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0457

\n		\n

1\u00a0518

\n		\n

143\u00a0975

\n		\n

7\u00a0921

\n		\n

806

\n		\n

152\u00a0702

\n		\n

62,1%

\n
\n

Grande-Bretagne

\n		\n

74

\n		\n

-

\n		\n

74

\n		\n

-

\n		\n

-

\n		\n

74

\n		\n

0,0%

\n
\n

Irlande

\n		\n

181

\n		\n

19

\n		\n

200

\n		\n

-

\n		\n

-

\n		\n

200

\n		\n

0,1%

\n
\n

Italie

\n		\n

9\u00a0526

\n		\n

82

\n		\n

9\u00a0607

\n		\n

3\u00a0590

\n		\n

-

\n		\n

13\u00a0197

\n		\n

5,4%

\n
\n

Luxembourg

\n		\n

103

\n		\n

1

\n		\n

104

\n		\n

-

\n		\n

-

\n		\n

104

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

533

\n		\n

15

\n		\n

548

\n		\n

127

\n		\n

-

\n		\n

674

\n		\n

0,3%

\n
\n

Pologne

\n		\n

209

\n		\n

-

\n		\n

209

\n		\n

-

\n		\n

-

\n		\n

209

\n		\n

0,1%

\n
\n

Portugal

\n		\n

2\u00a0073

\n		\n

3

\n		\n

2\u00a0076

\n		\n

98

\n		\n

-

\n		\n

2\u00a0173

\n		\n

0,9%

\n
\n

Roumanie

\n		\n

144

\n		\n

-

\n		\n

144

\n		\n

-

\n		\n

-

\n		\n

144

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

110

\n		\n

-

\n		\n

110

\n		\n

-

\n		\n

-

\n		\n

110

\n		\n

0,0%

\n
\n

Autres pays d'Europe

\n		\n

127

\n		\n

-

\n		\n

127

\n		\n

-

\n		\n

-

\n		\n

127

\n		\n

0,1%

\n
\n

Supranational

\n		\n

12\u00a0969

\n		\n

811

\n		\n

13\u00a0780

\n		\n

567

\n		\n

-

\n		\n

14\u00a0347

\n		\n

5,8%

\n
\n

Europe

\n		\n

199\u00a0625

\n		\n

2\u00a0771

\n		\n

202\u00a0396

\n		\n

15\u00a0100

\n		\n

806

\n		\n

218\u00a0301

\n		\n

88,7%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0506

\n		\n

24\u00a0214

\n		\n

26\u00a0720

\n		\n

\n		\n

-

\n		\n

26\u00a0720

\n		\n

10,9%

\n
\n

Canada

\n		\n

572

\n		\n

-

\n		\n

572

\n		\n

-

\n		\n

-

\n		\n

572

\n		\n

0,2%

\n
\n

Mexique

\n		\n

108

\n		\n

-

\n		\n

108

\n		\n

-

\n		\n

-

\n		\n

108

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

318

\n		\n

21

\n		\n

339

\n		\n

-

\n		\n

-

\n		\n

339

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0504

\n		\n

24\u00a0235

\n		\n

27\u00a0739

\n		\n

\n		\n

-

\n		\n

27\u00a0739

\n		\n

11,3%

\n
\n

Total

\n		\n

203\u00a0129

\n		\n

27\u00a0005

\n		\n

230\u00a0135

\n		\n

15\u00a0100

\n		\n

806

\n		\n

246\u00a0041

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

35.3Risque de march\u00e9 et comptabilit\u00e9 de couverture

\n

35.3.1Cadre g\u00e9n\u00e9ral de gestion

\n

Cadre g\u00e9n\u00e9ral

\n

Les risques de march\u00e9 traduisent l\u2019impact potentiel des variations des march\u00e9s financiers sur le r\u00e9sultat ou le bilan de la banque. Ils comprennent le risque de prix, le risque de change et le risque de base.

\n

La majorit\u00e9 des \u00e9l\u00e9ments du bilan g\u00e9n\u00e8re des produits et des charges d\u2019int\u00e9r\u00eats dont les montants sont expos\u00e9s aux variations des taux d\u2019int\u00e9r\u00eats soit au travers de la mise en place de nouvelles op\u00e9rations dont le taux n\u2019est pas connu, soit au travers de l\u2019appr\u00e9ciation comparative du taux auquel les op\u00e9rations existantes auraient pu \u00eatre mises en place. Dans le premier cas, il s\u2019agit de risque de variation des flux de tr\u00e9sorerie, tandis que dans le second cas, il s\u2019agit de risque de juste valeur.

\n

La VaR

\n

La VaR (Value at Risk) est un indicateur du risque de pertes auquel le groupe est confront\u00e9. Il donne une estimation de la perte maximale potentielle \u00e0 un horizon donn\u00e9 avec une probabilit\u00e9 donn\u00e9e. Toutefois cet indicateur ne donne aucune indication quant aux niveaux de pertes potentielles\u00a0d\u00e9coulant d\u2019\u00e9v\u00e9nements peu fr\u00e9quents.

\n

Cet indicateur est calcul\u00e9 d\u2019une part sur les portefeuilles de n\u00e9gociation et d\u2019autre part sur certains portefeuilles bancaires. Une VaR globale comprenant l\u2019ensemble des positions est \u00e9galement calcul\u00e9e.

\n

La VaR est\u00a0d\u00e9clin\u00e9e pour chacune des activit\u00e9s incluses dans le portefeuille de march\u00e9.

\n

Par souci de prudence, il a \u00e9t\u00e9\u00a0d\u00e9cid\u00e9 d\u2019encadrer l\u2019ensemble des positions marqu\u00e9es au march\u00e9 par une Value At Risk (99%, 1\u00a0jour). La VaR mise en \u0153uvre est une VaR param\u00e9trique, calcul\u00e9e \u00e0 partir d\u2019une matrice de variance-covariance couvrant les risques de taux, spread, change, volatilit\u00e9 et action auxquels le groupe est expos\u00e9.

\n

La VaR ainsi calcul\u00e9e couvre partiellement les risques optionnels, les risques de second ordre n\u2019\u00e9tant pas pris en compte. Le d\u00e9veloppement de positions optionnelles, peu significatives \u00e0 date au regard des positions globales, pourrait amener la direction des risques groupe \u00e0 d\u00e9ployer une m\u00e9thodologie plus adapt\u00e9e. Des indicateurs d\u00e9di\u00e9s \u00e0 la surveillance du risque optionnel sont par ailleurs impl\u00e9ment\u00e9s.

\n

La direction des risques groupe proc\u00e8de \u00e0 une analyse ex post (backtesting) des r\u00e9sultats du mod\u00e8le mis en \u0153uvre pour le calcul de la VaR afin d\u2019en mesurer la qualit\u00e9.

\n

Les sc\u00e9narios de stress

\n

L\u2019estimation de la VaR, faite sur l\u2019hypoth\u00e8se d\u2019une loi de distribution normale, est effectu\u00e9e dans des conditions normales de march\u00e9 et ne donne aucune information sur le montant de la perte potentielle lorsque la VaR est d\u00e9pass\u00e9e. Il est donc n\u00e9cessaire de pouvoir estimer les pertes potentielles en supposant des conditions de march\u00e9s exceptionnelles (attentats, faillite d\u2019un grand groupe,\u00a0etc.) et c\u2019est dans cette optique que sont impl\u00e9ment\u00e9s des sc\u00e9narios de stress.

\n

Un sc\u00e9nario de stress consiste \u00e0 simuler une situation extr\u00eame afin d\u2019\u00e9valuer les cons\u00e9quences financi\u00e8res sur le r\u00e9sultat ou les fonds propres de La Banque Postale. Le recours \u00e0 ces sc\u00e9narios est un outil d\u2019analyse et de ma\u00eetrise pour mieux appr\u00e9hender les risques de march\u00e9s.

\n

La\u00a0Banque\u00a0Postale a vocation \u00e0 traiter sur tous les march\u00e9s (fonds OPCVM, change, taux, cr\u00e9dit, d\u00e9riv\u00e9s). Cependant, La Banque Postale traite aujourd\u2019hui en directionnel essentiellement des produits de taux et de cr\u00e9dit. Ainsi, les sc\u00e9narios de crises envisag\u00e9s affectent principalement les courbes de taux et les spreads de cr\u00e9dit, les autres param\u00e8tres \u00e9tant \u00e9galement pris en compte mais leurs impacts sont limit\u00e9s.

\n

On distingue deux grandes familles de stress.

\n

Les stress historiques

\n

Cette cat\u00e9gorie est bas\u00e9e sur des faits historiques (qui se sont r\u00e9ellement pass\u00e9s). Pour construire les sc\u00e9narios, les variations qui ont d\u00e9j\u00e0 eu lieu lors de grandes crises financi\u00e8res sont appliqu\u00e9es aux conditions actuelles du march\u00e9. Ce sont les sc\u00e9narios historiques.

\n

Un sc\u00e9nario de stress historique est initi\u00e9 par un \u00e9v\u00e9nement brutal affectant un ensemble de facteurs. Le but \u00e9tant de pr\u00e9voir le pire, les horizons retenus sont ceux correspondant \u00e0 la premi\u00e8re phase de propagation de la crise jusqu\u2019\u00e0 une premi\u00e8re stabilisation des cours, dans la mesure o\u00f9 plusieurs jours de trading sont n\u00e9cessaires pour solder les positions les plus risqu\u00e9es.

\n

Les stress hypoth\u00e9tiques

\n

Cette cat\u00e9gorie emploie des variations jug\u00e9es plausibles, qui ne se sont jamais d\u00e9roul\u00e9es mais qui, si elles survenaient, risqueraient de menacer l\u2019\u00e9tablissement. Ces chocs sont calibr\u00e9s \u00e0 partir d\u2019hypoth\u00e8ses fond\u00e9es sur les statistiques des historiques de donn\u00e9es de march\u00e9.

\n

Un stress hypoth\u00e9tique s\u2019applique sur une cat\u00e9gorie donn\u00e9e de risques de march\u00e9. La\u00a0Banque\u00a0Postale r\u00e9alise des stress hypoth\u00e9tiques sur les principaux risques auxquels elle est expos\u00e9e.

\n

Au niveau groupe, un stress-test est par ailleurs r\u00e9alis\u00e9 \u00e0 une fr\u00e9quence trimestrielle sur le p\u00e9rim\u00e8tre en juste valeur (incluant les filiales d\u2019assurance). Cet indicateur est calcul\u00e9 \u00e0 partir du sc\u00e9nario historique d\u2019horizon 1\u00a0mois ou 3\u00a0mois, d\u00e9termin\u00e9 comme le plus d\u00e9favorable pour le groupe sur une profondeur d\u2019au moins 10\u00a0ans et un seuil de confiance de 99,5%.

\n

35.3.2D\u00e9riv\u00e9s de transaction\u00a0: analyse par dur\u00e9e r\u00e9siduelle et notionnels

\n

La ventilation des valeurs de march\u00e9s \u00e0 l\u2019actif et au passif des instruments d\u00e9riv\u00e9s est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0421

\n
\n

FRA

\n		\n

2

\n		\n

0

\n		\n

\n		\n

2

\n		\n

2

\n		\n

\n		\n

\n		\n

2

\n		\n

12\u00a0150

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

196

\n		\n

1\u00a0514

\n		\n

2\u00a0866

\n		\n

4\u00a0575

\n		\n

116

\n		\n

1\u00a0660

\n		\n

2\u00a0387

\n		\n

4\u00a0164

\n		\n

444\u00a0983

\n
\n

Options Caps-floors-collars

\n		\n

113

\n		\n

456

\n		\n

275

\n		\n

844

\n		\n

28

\n		\n

79

\n		\n

48

\n		\n

154

\n		\n

200\u00a0232

\n
\n

Op\u00e9rations fermes de change

\n		\n

67

\n		\n

34

\n		\n

50

\n		\n

151

\n		\n

133

\n		\n

92

\n		\n

144

\n		\n

369

\n		\n

7\u00a0714

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

911

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

7

\n		\n

\n		\n

7

\n		\n

\n		\n

\n		\n

14

\n		\n

14

\n		\n

180

\n
\n

Instruments sur actions et indices

\n		\n

68

\n		\n

94

\n		\n

5

\n		\n

167

\n		\n

16

\n		\n

34

\n		\n

0

\n		\n

50

\n		\n

11\u00a0971

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

447

\n		\n

2\u00a0104

\n		\n

3\u00a0195

\n		\n

5\u00a0746

\n		\n

295

\n		\n

1\u00a0865

\n		\n

2\u00a0592

\n		\n

4\u00a0753

\n		\n

679\u00a0561

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

3\u00a0732

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

131

\n		\n

1\u00a0509

\n		\n

3\u00a0193

\n		\n

4\u00a0833

\n		\n

114

\n		\n

1\u00a0418

\n		\n

2\u00a0914

\n		\n

4\u00a0447

\n		\n

297\u00a0765

\n
\n

Options Caps-floors-collars

\n		\n

58

\n		\n

423

\n		\n

337

\n		\n

818

\n		\n

27

\n		\n

121

\n		\n

46

\n		\n

193

\n		\n

409\u00a0909

\n
\n

Op\u00e9rations fermes de change

\n		\n

90

\n		\n

32

\n		\n

39

\n		\n

160

\n		\n

123

\n		\n

253

\n		\n

179

\n		\n

555

\n		\n

10\u00a0224

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0165

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

2

\n		\n

2

\n		\n

100

\n
\n

Instruments sur actions et\u00a0indices

\n		\n

128

\n		\n

72

\n		\n

7

\n		\n

207

\n		\n

111

\n		\n

16

\n		\n

0

\n		\n

128

\n		\n

30\u00a0373

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

406

\n		\n

2\u00a0036

\n		\n

3\u00a0576

\n		\n

6\u00a0018

\n		\n

374

\n		\n

1\u00a0807

\n		\n

3\u00a0142

\n		\n

5\u00a0324

\n		\n

753\u00a0267

\n
\n

35.3.3Comptabilit\u00e9 de couverture

\n

La\u00a0Banque\u00a0Postale proc\u00e8de \u00e0 des couvertures d\u2019op\u00e9rations au bilan sur le p\u00e9rim\u00e8tre bancaire (qu\u2019elles soient d\u2019origine client\u00e8le ou financi\u00e8re) avec des d\u00e9riv\u00e9s trait\u00e9s avec des contreparties du march\u00e9.

\n

Typologie des instruments de couverture

\n

Afin de g\u00e9rer les risques de taux et change des \u00e9l\u00e9ments du bilan, La\u00a0Banque\u00a0Postale privil\u00e9gie les d\u00e9riv\u00e9s de couverture suivants\u00a0:

\n

\u25cfles swaps de taux contre\u00a0\u20acSTR (contrat de gr\u00e9 \u00e0 gr\u00e9 permettant d'\u00e9changer, sur la base d'un montant nominal, les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux fixe contre les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux variable)\u00a0;

\n

\u25cfles cross currency swaps qui assurent la conversion de la devise en euros et la couverture \u00e9conomique en change (financement et int\u00e9r\u00eats). Les flux en devise du titre et du swap sont compl\u00e8tement adoss\u00e9s en termes de montants, de dates et de\u00a0d\u00e9caissement.

\n

Sous-jacents

\n

Les op\u00e9rations r\u00e9alis\u00e9es d\u00e9pendent du mod\u00e8le de gestion des portefeuilles et proc\u00e8dent de diff\u00e9rentes strat\u00e9gies de couverture visant essentiellement \u00e0 couvrir le risque de taux d\u2019int\u00e9r\u00eat (cf. note\u00a035.5).

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00c9l\u00e9ment couvert

\n		\n

D\u00e9riv\u00e9s

\n		\n

Couverture

\n
\n

Pr\u00eats \u00e0 taux fixes

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

Titres \u00e0 taux fixe achet\u00e9s

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

D\u00e9p\u00f4ts client \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

PEL

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

\u00c9mission obligataire et d\u00e9p\u00f4ts \u00e0 terme re\u00e7us \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

\u00c9mission obligataire
en devise

\n		\n

Cross currency interest rate swap

\n		\n

Micro-couverture FVH (Fair Value Hedge)

\n
\n

Pour les sous-jacents couverts \u00e0 l\u2019actif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des obligations et des pr\u00eats \u00e0 la client\u00e8le (immobiliers, consommation) \u00e0 taux fixe, ainsi qu\u2019au risque de taux en flux de tr\u00e9sorerie (acquisition d\u2019obligations \u00e0 terme).

\n

Pour les sous-jacents couverts au passif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des d\u00e9p\u00f4ts \u00e0 taux fixe client (\u00e0 vue, PEL), \u00e0 terme, et \u00e0 des \u00e9missions obligataires \u00e0 taux fixe.

\n

Typologie de relations de couverture

\n

Couvertures d\u2019un titre par un swap

\n

Les couvertures de juste valeur contre Euribor

\n

Les titres sont valoris\u00e9s en utilisant une courbe d\u2019actualisation Euribor et les d\u00e9riv\u00e9s en utilisant une courbe\u00a0\u20acSTR, taux quotidien. L\u2019introduction de deux courbes d\u2019actualisation diff\u00e9rentes cr\u00e9e une l\u00e9g\u00e8re inefficacit\u00e9 de couverture d\u00e9pendant de l\u2019\u00e9cart, spread, entre l\u2019\u20acSTR et l\u2019Euribor et variant dans le temps.

\n

Les couvertures de juste valeur contre\u00a0\u20acSTR

\n

Le titre \u00e9tant actualis\u00e9 contre\u00a0\u20acSTR avec retraitement de la composante cr\u00e9dit et le swap actualis\u00e9 contre\u00a0\u20acSTR \u00e9galement, ces couvertures sont consid\u00e9r\u00e9es comme \u00e9tant 100% efficaces sans n\u00e9cessit\u00e9 de r\u00e9aliser de tests d\u2019efficacit\u00e9 r\u00e9trospectifs.

\n

Couverture de plusieurs titres par plusieurs swaps

\n

La m\u00e9thodologie retenue permet d\u2019obtenir une documentation de couverture simplifi\u00e9e r\u00e9put\u00e9e 100% efficace et de g\u00e9rer correctement le recyclage des r\u00e9sultats de couverture en fonction des op\u00e9rations r\u00e9alis\u00e9es sur les titres.

\n

Les titres et leur couverture (un swap, plus exceptionnellement plusieurs swaps) sont regroup\u00e9s par strat\u00e9gie de macro-couverture, chacune respectant les contraintes suivantes\u00a0:

\n

1.Les titres et les swaps ont une date de maturit\u00e9 comprise dans un m\u00eame intervalle de temps d\u2019une dur\u00e9e maximale d\u2019un an\u00a0;

\n

2.Le montant notionnel du swap doit \u00eatre strictement inf\u00e9rieur au montant principal total des titres\u00a0;

\n

3.La maturit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la plus petite maturit\u00e9 des titres\u00a0;

\n

4.La sensibilit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la sensibilit\u00e9 globale des titres\u00a0;

\n

5.S\u2019il y a plusieurs swaps, ils doivent \u00eatre ex\u00e9cut\u00e9s le m\u00eame jour\u00a0;

\n

6.Une fois l\u2019adossement r\u00e9alis\u00e9 entre les titres et le(s) swap(s), aucun titre ne peut plus \u00eatre achet\u00e9 dans la strat\u00e9gie, seules les ventes de titres et r\u00e9siliation (unwind) des swaps sont autoris\u00e9es. Cela permet de garantir que durant la p\u00e9riode de couverture, tous les titres et tous les swaps ont eu des variations de valeur (au titre du risque de taux) homog\u00e8nes dans le temps.

\n

Les r\u00e8gles de d\u00e9bouclage suivent, strat\u00e9gie par strat\u00e9gie, le montant principal des titres vendus afin de respecter en permanence les contraintes d\u00e9finies et imposent de r\u00e9silier partiellement, le m\u00eame jour que la vente de titre, l\u2019encours de swap qui d\u00e9passerait du principal des titres restants. En cas de d\u00e9passement (surcouverture), le test d\u2019efficacit\u00e9 mis en place n\u2019est pas respect\u00e9, une inefficacit\u00e9 est alors calcul\u00e9e.

\n

Au sein du groupe, les sources d\u2019inefficacit\u00e9 de la macro-couverture r\u00e9sultent essentiellement de la disparition du sous-jacent.

\n

Ratio de couverture

\n

Le ratio de couverture (la quantit\u00e9 d\u2019\u00e9l\u00e9ments couverts sur la quantit\u00e9 d\u2019instruments de couverture) correspond au ratio utilis\u00e9 par La\u00a0Banque\u00a0Postale dans sa gestion op\u00e9rationnelle du risque.

\n

\u00c0 chaque date d\u2019arr\u00eat\u00e9, la documentation r\u00e9trospective consiste \u00e0 v\u00e9rifier que la variation de valeur de l\u2019\u00e9l\u00e9ment couvert depuis l\u2019origine est homog\u00e8ne avec la variation de l\u2019\u00e9l\u00e9ment de couverture. L\u2019\u00e9cart de valorisation \u00e9ventuel correspond \u00e0 la part inefficace de la couverture \u00e9tant comptabilis\u00e9e en r\u00e9sultat.

\n

Test d\u2019efficacit\u00e9

\n

La\u00a0Banque\u00a0Postale effectue un test d\u2019efficacit\u00e9 au moins deux fois par semestre.

\n

Couverture de flux de tr\u00e9sorerie

\n

La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique consistant \u00e0 comparer les variations de la valeur de l\u2019instrument d\u00e9riv\u00e9 aux variations de valeur d\u2019un instrument d\u00e9riv\u00e9 fictif appel\u00e9 d\u00e9riv\u00e9 hypoth\u00e9tique qui repr\u00e9senterait parfaitement le risque couvert.

\n

Couvertures de juste valeur

\n

Couverture d\u2019un titre par un swap

\n

Concernant la micro-couverture avec les swaps Euribor, La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique. En consid\u00e9rant que les swaps contre\u00a0\u20acSTR sont 100% efficaces, la m\u00e9thode consiste \u00e0 cr\u00e9er un swap\u00a0\u20acSTR qui aurait pu \u00eatre mis en place lors de la couverture (r\u00e9pliquant exactement le titre) et \u00e0 appr\u00e9cier la variation de valeur de ce swap par rapport \u00e0 la variation de valeur du swap r\u00e9ellement mis en place.

\n

L\u2019inefficacit\u00e9 r\u00e9siduelle correspond alors \u00e0 la somme des variations de valeur de l\u2019\u00e9l\u00e9ment couvert et de l\u2019\u00e9l\u00e9ment de couverture. Le titre et le swap sont valoris\u00e9s \u00e0 l\u2019aide d\u2019une courbe de taux identique et constante, seul le taux de change de march\u00e9 est pris en compte. Ainsi la variation de valeur du titre valoris\u00e9 de cette mani\u00e8re est ind\u00e9pendante des variations de valeur des taux d\u2019int\u00e9r\u00eat et est uniquement impact\u00e9e par la variation du taux de change. Dans le cas o\u00f9 le test d\u2019efficacit\u00e9 ne serait pas respect\u00e9, La\u00a0Banque\u00a0Postale impose de r\u00e9silier tout ou partie de l\u2019\u00e9l\u00e9ment de couverture. Pour cela, les tests d\u2019efficacit\u00e9 sont effectu\u00e9s avant et apr\u00e8s cession pour s\u2019assurer de la conformit\u00e9 de l\u2019op\u00e9ration de r\u00e9siliation.

\n

Couverture de plusieurs titres par un swap

\n

Afin d\u2019assurer le suivi de la strat\u00e9gie de couverture, La\u00a0Banque\u00a0Postale a mis en place une documentation glissante des strat\u00e9gies de couverture pour mat\u00e9rialiser l\u2019absence d\u2019entr\u00e9e de nouveaux titres ou de compl\u00e9ment sur des positions existantes.

\n

Couverture de plusieurs pr\u00eats par plusieurs swaps
(macro-couverture fonds de cuve)

\n

La\u00a0Banque\u00a0Postale applique la m\u00e9thode dite g\u00e9n\u00e9rationnelle et proc\u00e8de \u00e0 des tests visant \u00e0 v\u00e9rifier que, pour chaque g\u00e9n\u00e9ration de swaps et pour chaque bande de maturit\u00e9 annuelle, le montant du nominal des pr\u00eats couverts est sup\u00e9rieur au nominal des swaps de couverture. Des mod\u00e8les internes de remboursements anticip\u00e9s et ren\u00e9gociations sont appliqu\u00e9s aux g\u00e9n\u00e9rations de pr\u00eats \u00e0 taux fixe utilis\u00e9es.

\n

Lorsque les swaps g\u00e9n\u00e8rent de la surcouverture sur les bandes de maturit\u00e9 de leur g\u00e9n\u00e9ration, la norme pr\u00e9voit la possibilit\u00e9 de les affecter \u00e0 des portefeuilles de pr\u00eats origin\u00e9s ant\u00e9rieurement.

\n

Dans le cas o\u00f9 le nominal des d\u00e9riv\u00e9s est sup\u00e9rieur, cela met fin \u00e0 la relation de couverture et il est proc\u00e9d\u00e9 syst\u00e9matiquement \u00e0 une r\u00e9siliation du ou des d\u00e9riv\u00e9s avec impact en r\u00e9sultat ou \u00e0 un reclassement en trading, pour\u00a0d\u00e9comptabilisation des actifs couverts.

\n

a)Instruments d\u00e9riv\u00e9s de couverture de juste valeur et de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n		\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

346

\n		\n

1\u00a0387

\n		\n

88\u00a0722

\n		\n

327

\n		\n

1\u00a0939

\n		\n

62\u00a0102

\n
\n

Op\u00e9rations fermes de change

\n		\n

27

\n		\n

6

\n		\n

957

\n		\n

74

\n		\n

\n		\n

926

\n
\n

Total d\u00e9riv\u00e9s de couverture de juste valeur

\n		\n

373

\n		\n

1\u00a0393

\n		\n

89\u00a0679

\n		\n

400

\n		\n

1\u00a0939

\n		\n

63\u00a0028

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

19

\n		\n

\n
\n

Op\u00e9rations fermes de change

\n		\n

22

\n		\n

42

\n		\n

1\u00a0021

\n		\n

86

\n		\n

\n		\n

2\u00a0310

\n
\n

Total d\u00e9riv\u00e9s de couverture de flux de tr\u00e9sorerie

\n		\n

22

\n		\n

46

\n		\n

1\u00a0021

\n		\n

86

\n		\n

19

\n		\n

2\u00a0310

\n
\n

Total

\n		\n

395

\n		\n

1\u00a0440

\n		\n

90\u00a0700

\n		\n

486

\n		\n

1\u00a0958

\n		\n

65\u00a0338

\n
\n

Valeurs de march\u00e9 par dur\u00e9e r\u00e9siduelle

\n

La ventilation des valeurs de march\u00e9 des instruments d\u00e9riv\u00e9s de couverture est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

7

\n		\n

163

\n		\n

176

\n		\n

346

\n		\n

52

\n		\n

555

\n		\n

784

\n		\n

1\u00a0392

\n
\n

Op\u00e9rations fermes de change

\n		\n

\n		\n

27

\n		\n

22

\n		\n

48

\n		\n

\n		\n

44

\n		\n

4

\n		\n

48

\n
\n

Total

\n		\n

7

\n		\n

190

\n		\n

198

\n		\n

395

\n		\n

52

\n		\n

599

\n		\n

788

\n		\n

1\u00a0440

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

37

\n		\n

107

\n		\n

182

\n		\n

327

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

Op\u00e9rations fermes de change

\n		\n

21

\n		\n

37

\n		\n

101

\n		\n

159

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

58

\n		\n

144

\n		\n

284

\n		\n

486

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

b)Couverture de juste valeur

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Micro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n		\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(63)

\n		\n

10\u00a0371

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

797

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers \u00e0 la juste valeur par capitaux propres

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(62)

\n		\n

11\u00a0168

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Passif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

18\u00a0705

\n		\n

(675)

\n		\n

\n		\n

(56)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

Change

\n		\n

995

\n		\n

12

\n		\n

\n		\n

(8)

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

19\u00a0700

\n		\n

(662)

\n		\n

\n		\n

(64)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Macro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n		\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Total \u2013 Actif

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

Total \u2013 Passif

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

(a)Variation de juste valeur attribuable au risque couvert uniquement et servant \u00e0 la d\u00e9termination de la part efficace de la juste valeur de l\u2019instrument de couverture. Cette variation s\u2019entend hors int\u00e9r\u00eats courus.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de juste valeur

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n		\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

583

\n		\n

(579)

\n		\n

4

\n		\n

93

\n		\n

(79)

\n		\n

14

\n
\n

Change

\n		\n

(55)

\n		\n

56

\n		\n

2

\n		\n

28

\n		\n

(27)

\n		\n

1

\n
\n

Autres

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

528

\n		\n

(522)

\n		\n

5

\n		\n

121

\n		\n

(106)

\n		\n

15

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

c)Couverture de flux de tr\u00e9sorerie

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n		\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n
\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n		\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(10)

\n		\n

55

\n		\n

(19)

\n		\n

\n		\n

70

\n		\n

(25)

\n
\n

Change

\n		\n

31

\n		\n

\n		\n

30

\n		\n

1

\n		\n

\n		\n

(26)

\n
\n

Total

\n		\n

21

\n		\n

55

\n		\n

11

\n		\n

1

\n		\n

70

\n		\n

(51)

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(5)

\n		\n

(4)

\n		\n

\n		\n

(10)

\n		\n

(4)

\n		\n

\n
\n

Change

\n		\n

(104)

\n		\n

123

\n		\n

(1)

\n		\n

43

\n		\n

(80)

\n		\n

0

\n
\n

Total

\n		\n

(109)

\n		\n

119

\n		\n

(1)

\n		\n

33

\n		\n

(84)

\n		\n

0

\n
\n

35.4Risque de liquidit\u00e9

\n

Le risque de liquidit\u00e9 est d\u00e9fini, par l\u2019arr\u00eat\u00e9 du 3\u00a0novembre 2014, comme le risque pour l\u2019entreprise assujettie de ne pas pouvoir faire face \u00e0 ses engagements ou de ne pas pouvoir d\u00e9nouer ou compenser une position en raison de la situation du march\u00e9 (risque syst\u00e9mique) ou de facteurs idiosyncratiques (risque de cr\u00e9dit propre), dans un d\u00e9lai d\u00e9termin\u00e9 et \u00e0 un co\u00fbt raisonnable.

\n

Les syst\u00e8mes de\u00a0d\u00e9claration des risques de liquidit\u00e9 couvrent l\u2019ensemble de La Banque Postale, au niveau prudentiel. Certaines des limites et indicateurs utilis\u00e9s en gestion font r\u00e9f\u00e9rence \u00e0 des unit\u00e9s sociales du groupe, notamment La Banque Postale, entit\u00e9 la plus importante.

\n

La Banque Postale dispose d\u2019une forte position de liquidit\u00e9 assise sur\u00a0:

\n

\u25cfun montant de d\u00e9p\u00f4ts clients sup\u00e9rieur \u00e0 celui des pr\u00eats clients. La Banque Postale dispose d\u2019une base de d\u00e9p\u00f4ts tr\u00e8s importante et diversifi\u00e9e (sup\u00e9rieure \u00e0 200\u00a0milliards d\u2019euros), principalement compos\u00e9e de d\u00e9p\u00f4ts d\u2019une client\u00e8le de particuliers fran\u00e7ais\u00a0;

\n

\u25cfun important portefeuille HQLA (High Quality Liquidity Assets). La Banque Postale a historiquement investi une part significative de son bilan en titres souverains, en raison de son activit\u00e9 historique de recueil de d\u00e9p\u00f4ts, alors que les activit\u00e9s de cr\u00e9dits client\u00e8les ne se sont d\u00e9velopp\u00e9es que depuis 2006. Ce portefeuille contient exclusivement des actifs liquides et de haute qualit\u00e9 en accord avec les dispositions du R\u00e8glement d\u00e9l\u00e9gu\u00e9 (UE) n\u00b0\u00a02015/61\u00a0;

\n

\u25cfun acc\u00e8s av\u00e9r\u00e9 aux financements de march\u00e9s de capitaux.

\n

Les ressources issues de la client\u00e8le \u00e9tant pour la plupart sans \u00e9ch\u00e9ance et exigibles \u00e0 tout moment (d\u00e9p\u00f4ts, livrets), leur \u00e9coulement est mod\u00e9lis\u00e9 afin d\u2019en d\u00e9terminer le profil dans le temps. La Banque Postale a retenu une approche conservatrice sur ses \u00e9valuations de liquidit\u00e9.

\n

Pilotage du risque de liquidit\u00e9

\n

La responsabilit\u00e9 du pilotage du risque de liquidit\u00e9 incombe au Comit\u00e9 de gestion du bilan, dans le respect des principes et limites valid\u00e9s par le Comit\u00e9 de pilotage des risques groupe (CPRG). Cette responsabilit\u00e9 est partiellement d\u00e9l\u00e9gu\u00e9e au Comit\u00e9\u00a0ALM(390) et tr\u00e9sorerie pour le risque de liquidit\u00e9.

\n

Op\u00e9rationnellement, La Banque Postale a mis en place un dispositif d\u2019\u00e9valuation interne de la liquidit\u00e9, ou ILAAP (Internal Liquidity Adequacy Assessment Process), qui regroupe l\u2019ensemble des dispositifs de limites, d\u2019\u00e9valuation, de suivi, de reporting et de pilotage de sa liquidit\u00e9. Ces dispositifs comprennent notamment\u00a0:

\n

\u25cfun dispositif d\u2019indicateurs de risques associ\u00e9s \u00e0 des limites pouvant \u00eatre r\u00e9glementaires ou internes publi\u00e9s sur un pas mensuel par l\u2019ALM\u00a0;

\n

\u25cfle suivi journalier des \u00e9volutions du coussin de titres liquides non grev\u00e9s de haute qualit\u00e9 et d\u2019un LCR proxy\u00a0;

\n

\u25cfun plan de financement qui assure ex ante l\u2019\u00e9quilibre de la position de refinancement de la banque dans l\u2019univers de planification budg\u00e9taire de La Banque Postale\u00a0;

\n

\u25cfdes tests d\u2019acc\u00e8s au march\u00e9 bisannuels permettant de v\u00e9rifier l\u2019acc\u00e8s au march\u00e9 en diff\u00e9rentes devises et des tests de liquidit\u00e9 r\u00e9elle des titres\u00a0;

\n

\u25cfle dispositif du Plan de financement d\u2019urgence (PFU) dont les objectifs principaux sont\u00a0:

\n

\u25cfde d\u00e9finir des seuils d\u2019alerte permettant de d\u00e9tecter de mani\u00e8re pr\u00e9coce des tensions sur la liquidit\u00e9, qu\u2019elles soient idiosyncratiques (sp\u00e9cifiques \u00e0 La Banque Postale) ou syst\u00e9miques,

\n

\u25cfd\u2019identifier l\u2019ensemble des capacit\u00e9s disponibles pour g\u00e9n\u00e9rer de la liquidit\u00e9 (r\u00e9serves de liquidit\u00e9 et capacit\u00e9s de financement),

\n

\u25cfde mobiliser une gouvernance visant \u00e0 g\u00e9rer avec la rapidit\u00e9 n\u00e9cessaire l\u2019\u00e9ventualit\u00e9 d\u2019une crise et un dispositif de stress test visant \u00e0 mesurer les marges de man\u0153uvre de La Banque Postale dans des contextes de tensions historiquement \u00e9lev\u00e9es.

\n

Mesure du risque de liquidit\u00e9

\n

Ci-dessous un inventaire des indicateurs principaux du risque de liquidit\u00e9.

\n

Ce dispositif s\u2019appuie principalement sur l\u2019horizon de survie et le ratio de liquidit\u00e9 court terme LCR (Liquidity Coverage Ratio).

\n

Liquidity Coverage Ratio (LCR)

\n

Le LCR est un ratio mensuel de liquidit\u00e9 \u00e0 court terme qui mesure la capacit\u00e9 de La\u00a0Banque\u00a0Postale \u00e0 r\u00e9sister pendant 30\u00a0jours \u00e0 une d\u00e9gradation s\u00e9v\u00e8re de sa situation dans un contexte de choc syst\u00e9mique.

\n

Le LCR doit \u00eatre sup\u00e9rieur \u00e0 100%, limite r\u00e9glementaire respect\u00e9e par La Banque Postale (qui se fixe une cible interne plus \u00e9lev\u00e9e). Un proxy du LCR est calcul\u00e9 quotidiennement.

\n

Horizon de survie

\n

Cet indicateur permet de mesurer le nombre de jours, en situation de crise, durant lesquels La\u202fBanque\u202fPostale resterait capable de faire face \u00e0 ses \u00e9ch\u00e9ances de paiements en utilisant uniquement ses coussins de liquidit\u00e9, et dans l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 de son activit\u00e9 (i.e. sans action manag\u00e9riale extraordinaire comme l\u2019arr\u00eat des activit\u00e9s de cr\u00e9dit).

\n

Il est d\u00e9termin\u00e9 \u00e0 partir des gaps stress\u00e9s dynamiques calcul\u00e9s pour chaque sc\u00e9nario de crise (syst\u00e9mique, idiosyncratique, combin\u00e9) et correspond \u00e0 l\u2019horizon constat\u00e9 dans le sc\u00e9nario le plus d\u00e9favorable pour La\u202fBanque\u202fPostale.

\n

LCR projet\u00e9

\n

En d\u00e9but d\u2019ann\u00e9e 2025, le dispositif de suivi du risque de liquidit\u00e9 de La\u00a0Banque\u00a0Postale a \u00e9t\u00e9 enrichi avec la mise en place du LCR projet\u00e9 \u00e0 2\u00a0mois. Cet indicateur permet d\u2019estimer la r\u00e9silience du LCR \u00e0 un environnement de stress et de voir pendant combien de\u00a0mois, le LCR peut respecter la limite r\u00e9glementaire de 100% sans intervention et en utilisant la r\u00e9serve de liquidit\u00e9 additionnelle.

\n

Gap de liquidit\u00e9

\n

La\u00a0Banque\u00a0Postale \u00e9value son niveau de liquidit\u00e9 long terme par un gap de liquidit\u00e9. Celui-ci comporte les projections de gaps statiques par \u00e9ch\u00e9ance et des limites d\u00e9finies sur les horizons de un, trois et\u00a0cinq\u00a0ans.

\n

Ratio de financement stable net (NSFR)

\n

Le NSFR correspond au montant du financement stable disponible rapport\u00e9 \u00e0 celui du financement stable exig\u00e9. Ce ratio doit, en permanence, \u00eatre au moins \u00e9gal \u00e0 100%. Le \u00ab\u00a0financement stable disponible\u00a0\u00bb (Available Stable Funding \u2013 ASF) d\u00e9signe la part des ressources qui ne sont pas exigibles \u00e0 l\u2019horizon temporel pertinent, soit un\u00a0an dans le cadre du NSFR. Le montant du \u00ab\u00a0financement stable exig\u00e9\u00a0\u00bb (Required Stable Funding \u2013 RSF) d\u2019un \u00e9tablissement est fonction des caract\u00e9ristiques de liquidit\u00e9 et de la dur\u00e9e r\u00e9siduelle des actifs (et positions de hors bilan) d\u00e9tenus.

\n

R\u00e9serve de liquidit\u00e9

\n

La r\u00e9serve de liquidit\u00e9 a pour objectif de quantifier le montant de cash ainsi que la liquidit\u00e9 disponible rapidement par la cession ou la mise en pension de titres afin de faire face \u00e0 une crise de liquidit\u00e9.

\n

La r\u00e9serve de liquidit\u00e9 est compos\u00e9e\u00a0:

\n

\u25cfdu cash plac\u00e9 aupr\u00e8s de la banque centrale (hors moyenne des r\u00e9serves obligatoires calcul\u00e9e sur la p\u00e9riode de constitution)\u00a0;

\n

\u25cfdes titres \u00e9ligibles BCE ayant une notation satisfaisante\u00a0;

\n

\u25cfd\u2019\u00e9missions s\u00e9curis\u00e9es (covered bonds) retained ou pouvant \u00eatre \u00e9mises par La\u202fBanque\u202fPostale via sa filiale La\u202fBanque\u202fPostale Home Loan SFH.

\n

Plan de financement d\u2019urgence (PFU)

\n

Le plan de financement d\u2019urgence est destin\u00e9 \u00e0 \u00eatre suivi par les instances de gouvernance et ex\u00e9cut\u00e9 op\u00e9rationnellement par la Banque des Entreprises et du D\u00e9veloppement Local (BEDL).

\n

Le PFU fait partie du processus d\u2019\u00e9valuation interne de la liquidit\u00e9 dont La Banque Postale rend compte de fa\u00e7on annuelle. Le PFU pr\u00e9sente les indicateurs avanc\u00e9s retenus pour appr\u00e9cier la sant\u00e9 des march\u00e9s (financiers ou bancaires) sur lesquels la liquidit\u00e9 de La\u00a0Banque Postale est expos\u00e9e. Pour chaque indicateur est d\u00e9fini un niveau de seuil (confort, vigilance ou alerte).

\n

Le PFU pr\u00e9voit \u00e9galement des dispositifs \u00e0 mettre en \u0153uvre, en cas de crise av\u00e9r\u00e9e, qu\u2019elle soit syst\u00e9mique ou idiosyncratique.

\n

Le test de financement, r\u00e9alis\u00e9 a minima deux\u00a0fois par an, consiste \u00e0 tester le march\u00e9 en proc\u00e9dant \u00e0 des emprunts \u00e0 court terme. L\u2019objectif de ce type de test est de v\u00e9rifier r\u00e9guli\u00e8rement l\u2019aptitude de La\u00a0Banque Postale \u00e0 se procurer rapidement des fonds sur les march\u00e9s pour s\u2019assurer que les estimations sur la capacit\u00e9 de La\u00a0Banque Postale \u00e0 emprunter restent valides.

\n

Capacit\u00e9s d\u2019acc\u00e8s au financement externe

\n

Dans le cadre de la gestion prudente de la liquidit\u00e9 mise en \u0153uvre par le Comit\u00e9 ALM et Tr\u00e9sorerie et le Comit\u00e9 CPRG, La Banque Postale est dot\u00e9e de sources de financement diversifi\u00e9es, comme par exemple\u00a0:

\n

\u25cfun programme de 20\u00a0milliards d\u2019euros de Neu-CP (Negotiable European Commercial Paper) et un programme d\u2019ECP (European Commercial Paper) de 10\u00a0milliards d\u2019euros ainsi qu\u2019un programme de 2\u00a0milliards de Neu MTN, dont le but est de refinancer une partie des besoins de financement \u00e0 court terme de La\u00a0Banque\u00a0Postale et de satisfaire la demande de la client\u00e8le institutionnelle\u00a0;

\n

\u25cfun programme de 20\u00a0milliards d\u2019euros d\u2019EMTN, au format retail, permettant d\u2019\u00e9mettre de la dette senior (vanille et structur\u00e9e), senior non pr\u00e9f\u00e9r\u00e9e et Tier\u00a02\u00a0;

\n

\u25cfun programme de 10\u00a0milliards d\u2019euros de titres financiers, au format retail, d\u00e9di\u00e9 aux \u00e9missions structur\u00e9es de dette senior\u00a0;

\n

\u25cfun programme de 30\u00a0milliards d\u2019euros d\u2019EMTN pour l\u2019\u00e9mission d\u2019Obligations de financement de l\u2019habitat (OFH) via son v\u00e9hicule de financement s\u00e9curis\u00e9 mis en place en\u00a02013, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale\u00a0SA.

\n

En plus de ces programmes, La\u00a0Banque\u00a0Postale a acc\u00e8s \u00e0 d\u2019autres sources de financement telles que le refinancement par la banque europ\u00e9enne d\u2019investissement (BEI), un portefeuille HQLA (High Quality Liquid Asset) rapidement mobilisable, un acc\u00e8s \u00e0 plusieurs plateformes de mises en pension, un acc\u00e8s au march\u00e9 interbancaire ou encore un acc\u00e8s \u00e0 un v\u00e9hicule de financement s\u00e9curis\u00e9 via la Caisse de Financement Local (CAFFIL) \u00e0 qui La\u00a0Banque\u00a0Postale c\u00e8de r\u00e9guli\u00e8rement des pr\u00eats distribu\u00e9s aux entit\u00e9s du Secteur public local.

\n

Analyses de sensibilit\u00e9

\n

Les sensibilit\u00e9s pr\u00e9sentent ci-dessous sont calcul\u00e9es au niveau de CNP Assurances.

\n

Au risque de rachat

\n

Une hausse de 10% des rachats entra\u00eenerait une baisse de r\u00e9sultat net de 1% (versus une baisse de 2% en 2024).

\n

Au risque de taux

\n

Une hausse de 100\u00a0bps entra\u00eenerait une baisse des capitaux propres de 2% (versus une baisse de 2% en 2024).

\n

Une baisse de 100\u00a0bps entra\u00eenerait une hausse des capitaux propres de 2% (versus une hausse de 2% en 2024).

\n

Au risque immobilier

\n

Une \u00e9volution du march\u00e9 immobilier de -15% (\u00e0 partir de 2024) entra\u00eenerait une baisse des capitaux propres de 1% (versus une baisse 1% en 2024).

\n

Au risque action

\n

Une \u00e9volution du march\u00e9 actions de -25% entra\u00eenerait une baisse des capitaux propres de 3% (versus une baisse de 3% en 2024).

\n

Risque de contrepartie sur les r\u00e9assureurs

\n

Le p\u00e9rim\u00e8tre des risques de contrepartie inclut les contrats permettant une att\u00e9nuation des risques tels que les accords de r\u00e9assurance, les titrisations et les instruments d\u00e9riv\u00e9s, et les cr\u00e9ances \u00e0 recevoir des interm\u00e9diaires et des assur\u00e9s.

\n

Les cessions d'actifs de r\u00e9assurance nets de passifs sont r\u00e9alis\u00e9es, sur la base du total des provisions c\u00e9d\u00e9es, \u00e0 21% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 AA-, et \u00e0 95% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 A.

\n

Passifs des contrats d\u2019assurance nets d\u2019actifs d\u2019assurance \u2013 montants exigibles \u2013 rachat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur de rachat

\n		\n

Valeur comptable

\n		\n

Valeur de rachat

\n		\n

Valeur comptable

\n
\n

Passifs imm\u00e9diatement rachetables

\n		\n

331\u00a0366

\n		\n

339\u00a0184

\n		\n

296\u00a0190

\n		\n

307\u00a0054

\n
\n

Passifs non imm\u00e9diatement rachetables

\n		\n

29\u00a0482

\n		\n

39\u00a0008

\n		\n

51\u00a0526

\n		\n

57\u00a0230

\n
\n

Total

\n		\n

360\u00a0847

\n		\n

378\u00a0192

\n		\n

347\u00a0717

\n		\n

364\u00a0283

\n
\n

Flux futurs d\u2019actifs

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2025

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0008

\n		\n

3\u00a0123

\n		\n

3\u00a0293

\n		\n

729

\n		\n

3\u00a0877

\n		\n

24\u00a0030

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

17\u00a0536

\n		\n

65\u00a0613

\n		\n

65\u00a0636

\n		\n

39\u00a0806

\n		\n

48\u00a0023

\n		\n

236\u00a0613

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

228

\n		\n

1\u00a0560

\n		\n

2\u00a0375

\n		\n

1\u00a0827

\n		\n

616

\n		\n

6\u00a0605

\n
\n

Total

\n		\n

30\u00a0771

\n		\n

70\u00a0296

\n		\n

71\u00a0304

\n		\n

42\u00a0362

\n		\n

52\u00a0516

\n		\n

267\u00a0249

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0512

\n		\n

3\u00a0811

\n		\n

3\u00a0272

\n		\n

499

\n		\n

3\u00a0992

\n		\n

25\u00a0086

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

18\u00a0380

\n		\n

67\u00a0401

\n		\n

68\u00a0826

\n		\n

28\u00a0702

\n		\n

41\u00a0223

\n		\n

224\u00a0532

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

112

\n		\n

1\u00a0103

\n		\n

2\u00a0081

\n		\n

806

\n		\n

12

\n		\n

4\u00a0114

\n
\n

Total

\n		\n

32\u00a0004

\n		\n

72\u00a0316

\n		\n

74\u00a0179

\n		\n

30\u00a0007

\n		\n

45\u00a0227

\n		\n

253\u00a0732

\n
\n

36.2Placements des activit\u00e9s d\u2019assurance

\n

Ventilation par cat\u00e9gories comptables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

22

\n		\n

86

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

14\u00a0704

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

189\u00a0142

\n
\n

Titres au co\u00fbt amorti

\n		\n

5\u00a0000

\n		\n

3\u00a0287

\n
\n

Immeubles de placement

\n		\n

6\u00a0340

\n		\n

6\u00a0590

\n
\n

Participations dans les entreprises mises en \u00e9quivalence

\n		\n

1\u00a0086

\n		\n

1\u00a0097

\n
\n

Placements des activit\u00e9s d'assurance

\n		\n

418\u00a0370

\n		\n

402\u00a0561

\n
\n

Les lignes Actifs financiers \u00e0 la juste valeur par r\u00e9sultat et les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables et non recyclables sont d\u00e9taill\u00e9es ci-apr\u00e8s\u00a0:

\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de dettes

\n		\n

175\u00a0121

\n		\n

165\u00a0007

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

2\u00a0148

\n		\n

2\u00a0100

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

13\u00a0350

\n		\n

13\u00a0998

\n
\n

OPCVM

\n		\n

57\u00a0457

\n		\n

59\u00a0598

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

98\u00a0673

\n		\n

85\u00a0366

\n
\n

Pr\u00eats et avances

\n		\n

3\u00a0494

\n		\n

3\u00a0945

\n
\n

Instruments de capitaux propres

\n		\n

23\u00a0968

\n		\n

21\u00a0756

\n
\n

Actions et autres titres \u00e0 revenu variable

\n		\n

16\u00a0814

\n		\n

16\u00a0298

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

7\u00a0153

\n		\n

5\u00a0458

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

958

\n		\n

892

\n
\n

Actifs financiers a la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n		\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

90\u00a0654

\n		\n

(20\u00a0561)

\n		\n

89\u00a0936

\n		\n

(19\u00a0519)

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

99\u00a0453

\n		\n

(6\u00a0190)

\n		\n

99\u00a0207

\n		\n

(6\u00a0480)

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

(26\u00a0751)

\n		\n

189\u00a0142

\n		\n

(25\u00a0998)

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

7\u00a0263

\n		\n

\n		\n

7\u00a0090

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

(19\u00a0488)

\n		\n

\n		\n

(18\u00a0908)

\n
\n

Actions, autres titres \u00e0 revenu variable et autres titres
d\u00e9tenus \u00e0 long terme

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

(998)

\n		\n

\n		\n

(688)

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres non recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

3\u00a0743

\n		\n

\n		\n

2\u00a0853

\n
\n

NOTE 37Pr\u00e9cisions compl\u00e9mentaires sur les activit\u00e9s bancaires et d\u2019assurance

\n

37.2\u00c9l\u00e9ments de l\u2019actif et du passif des activit\u00e9s bancaires et d\u2019assurance par dur\u00e9e restant \u00e0 courir

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

\u00c9ch\u00e9ances
\u00e0\u00a0-\u00a0de 1\u00a0an

\n		\n

\u00c9ch\u00e9ances de\u00a01\u00a0\u00e0 -\u00a0de\u00a05\u00a0ans

\n		\n

\u00c9ch\u00e9ances\u00a0\u00e0 +\u00a0de\u00a05\u00a0ans\u00a0et ind\u00e9termin\u00e9e

\n		\n

Total

\n
\n

\u00c9l\u00e9ments d'actifs par dur\u00e9e restant \u00e0 courir

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Caisses, banques centrales

\n		\n

12\u00a0757

\n		\n

\n		\n

\n		\n

12\u00a0757

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

20\u00a0636

\n		\n

32\u00a0014

\n		\n

166\u00a0941

\n		\n

219\u00a0591

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

7

\n		\n

189

\n		\n

199

\n		\n

395

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

28\u00a0771

\n		\n

62\u00a0622

\n		\n

131\u00a0665

\n		\n

223\u00a0058

\n
\n

Titres au co\u00fbt amorti

\n		\n

2\u00a0025

\n		\n

12\u00a0031

\n		\n

24\u00a0151

\n		\n

38\u00a0206

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

68\u00a0393

\n		\n

1\u00a0509

\n		\n

174

\n		\n

70\u00a0076

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

23\u00a0401

\n		\n

43\u00a0180

\n		\n

65\u00a0573

\n		\n

132\u00a0154

\n
\n

\u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux \u2013 Actif

\n		\n

\n		\n

\n		\n

5

\n		\n

5

\n
\n

\u00c9l\u00e9ments de passif par dur\u00e9e restant \u00e0 courir

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par le r\u00e9sultat

\n		\n

10\u00a0684

\n		\n

2\u00a0184

\n		\n

6\u00a0789

\n		\n

19\u00a0658

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

52

\n		\n

597

\n		\n

791

\n		\n

1\u00a0440

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

16\u00a0412

\n		\n

81

\n		\n

11\u00a0934

\n		\n

28\u00a0427

\n
\n

Dettes envers la client\u00e8le

\n		\n

215\u00a0044

\n		\n

460

\n		\n

136

\n		\n

215\u00a0640

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

9\u00a0684

\n		\n

13\u00a0669

\n		\n

8\u00a0028

\n		\n

31\u00a0381

\n
\n

Dettes subordonn\u00e9es

\n		\n

219

\n		\n

2\u00a0494

\n		\n

6\u00a0169

\n		\n

8\u00a0882

\n
\n

\u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux \u2013 Passif

\n		\n

\n		\n

\n		\n

(128)

\n		\n

(128)

\n
\n

Les titres \u00e0 revenus fixes, les pr\u00eats et les dettes sont ventil\u00e9s en fonction des \u00e9ch\u00e9ances contractuelles. Les titres de participations et les OPCVM sont pr\u00e9sent\u00e9s dans la colonne ind\u00e9termin\u00e9e, les cr\u00e9ances et dettes \u00e0 vue sont consid\u00e9r\u00e9es comme ayant une \u00e9ch\u00e9ance \u00e0 moins de trois\u00a0mois.

\n

NOTE 38Informations compl\u00e9mentaires sur\u00a0les\u00a0instruments\u00a0financiers

\n

38.1Juste valeur et hi\u00e9rarchie des instruments financiers

\n

Les niveaux hi\u00e9rarchiques de juste valeur d\u00e9finis par la norme IFRS\u00a07 sont les suivants\u00a0:

\n

\u25cfNiveau 1\u00a0: Valorisation d\u00e9termin\u00e9e par des prix cot\u00e9s non ajust\u00e9s observ\u00e9s sur un march\u00e9 actif\u00a0;

\n

\u25cfNiveau 2\u00a0: Valorisation d\u00e9termin\u00e9e par des techniques utilisant des donn\u00e9es observables\u00a0;

\n

\u25cfNiveau 3\u00a0: Valorisation d\u00e9termin\u00e9e par des techniques utilisant des donn\u00e9es non observables.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Valeur au bilan

\n		\n

Juste valeur\u00a0(a)

\n		\n

Hi\u00e9rarchie de juste valeur\u00a0(b)

\n
\n

Niveau 1

\n		\n

Niveau 2

\n		\n

Niveau 3

\n
\n

Actifs

\n
\n

Actifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

219\u00a0591

\n		\n

219\u00a0591

\n		\n

157\u00a0031

\n		\n

41\u00a0123

\n		\n

21\u00a0437

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

222\u00a0785

\n		\n

222\u00a0785

\n		\n

200\u00a0774

\n		\n

19\u00a0514

\n		\n

2\u00a0496

\n
\n

Titres au co\u00fbt amorti

\n		\n

38\u00a0206

\n		\n

35\u00a0070

\n		\n

33\u00a0860

\n		\n

1\u00a0062

\n		\n

148

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

70\u00a0076

\n		\n

70\u00a0078

\n		\n

\n		\n

69\u00a0955

\n		\n

123

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

132\u00a0154

\n		\n

127\u00a0907

\n		\n

\n		\n

113\u00a0474

\n		\n

14\u00a0433

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

810

\n		\n

1\u00a0020

\n		\n

\n		\n

1\u00a0020

\n		\n

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0545

\n		\n

5\u00a0545

\n		\n

\n		\n

5\u00a0545

\n		\n

\n
\n

Actifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers non courants

\n		\n

591

\n		\n

591

\n		\n

\n		\n

171

\n		\n

419

\n
\n

Cr\u00e9ances clients et autres cr\u00e9ances

\n		\n

5\u00a0104

\n		\n

5\u00a0104

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers courants

\n		\n

924

\n		\n

924

\n		\n

179

\n		\n

745

\n		\n

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n		\n

3\u00a0194

\n		\n

3\u00a0194

\n		\n

689

\n		\n

2\u00a0505

\n		\n

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

19\u00a0658

\n		\n

19\u00a0658

\n		\n

464

\n		\n

19\u00a0194

\n		\n

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0440

\n		\n

1\u00a0440

\n		\n

\n		\n

1\u00a0440

\n		\n

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

28\u00a0427

\n		\n

28\u00a0320

\n		\n

\n		\n

27\u00a0926

\n		\n

394

\n
\n

Dettes envers la client\u00e8le

\n		\n

215\u00a0639

\n		\n

214\u00a0890

\n		\n

\n		\n

213\u00a0774

\n		\n

1\u00a0116

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

31\u00a0381

\n		\n

32\u00a0283

\n		\n

20\u00a0016

\n		\n

12\u00a0268

\n		\n

\n
\n

Dettes subordonn\u00e9es

\n		\n

8\u00a0882

\n		\n

8\u00a0870

\n		\n

2\u00a0130

\n		\n

6\u00a0740

\n		\n

\n
\n

Passifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Emprunts obligataires, dettes financi\u00e8res

\n		\n

10\u00a0224

\n		\n

9\u00a0575

\n		\n

\n		\n

9\u00a0575

\n		\n

\n
\n

Dettes fournisseurs et autres dettes

\n		\n

9\u00a0207

\n		\n

9\u00a0207

\n		\n

\n		\n

\n		\n

\n
\n

(a)Y compris juste valeur des \u00e9l\u00e9ments comptabilis\u00e9s au co\u00fbt amorti.

\n

(b)Pour les \u00e9l\u00e9ments comptabilis\u00e9s en juste valeur.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Valeur au bilan

\n		\n

Juste valeur\u00a0(a)

\n		\n

Hi\u00e9rarchie de juste valeur\u00a0(b)

\n
\n

Niveau 1

\n		\n

Niveau 2

\n		\n

Niveau 3

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n
\n

Actifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

203\u00a0882

\n		\n

203\u00a0882

\n		\n

144\u00a0788

\n		\n

37\u00a0852

\n		\n

21\u00a0242

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

486

\n		\n

486

\n		\n

\n		\n

486

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

217\u00a0945

\n		\n

217\u00a0945

\n		\n

196\u00a0708

\n		\n

19\u00a0609

\n		\n

1\u00a0628

\n
\n

Titres au co\u00fbt amorti

\n		\n

36\u00a0256

\n		\n

33\u00a0037

\n		\n

32\u00a0117

\n		\n

726

\n		\n

194

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

75\u00a0673

\n		\n

75\u00a0805

\n		\n

\n		\n

73\u00a0584

\n		\n

2\u00a0221

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

128\u00a0958

\n		\n

122\u00a0501

\n		\n

\n		\n

108\u00a0132

\n		\n

14\u00a0369

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

752

\n		\n

946

\n		\n

\n		\n

946

\n		\n

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0838

\n		\n

5\u00a0838

\n		\n

\n		\n

5\u00a0838

\n		\n

\n
\n

Actifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers non courants

\n		\n

564

\n		\n

564

\n		\n

\n		\n

186

\n		\n

377

\n
\n

Cr\u00e9ances clients et autres cr\u00e9ances

\n		\n

5\u00a0190

\n		\n

5\u00a0190

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers courants

\n		\n

300

\n		\n

300

\n		\n

215

\n		\n

85

\n		\n

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n		\n

4\u00a0172

\n		\n

4\u00a0172

\n		\n

615

\n		\n

3\u00a0557

\n		\n

\n
\n

Passifs

\n
\n

Passifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

17\u00a0559

\n		\n

17\u00a0559

\n		\n

272

\n		\n

17\u00a0287

\n		\n

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0958

\n		\n

1\u00a0958

\n		\n

\n		\n

1\u00a0958

\n		\n

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

31\u00a0038

\n		\n

31\u00a0137

\n		\n

\n		\n

29\u00a0302

\n		\n

1\u00a0835

\n
\n

Dettes envers la client\u00e8le

\n		\n

225\u00a0576

\n		\n

224\u00a0948

\n		\n

\n		\n

223\u00a0775

\n		\n

1\u00a0173

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

32\u00a0835

\n		\n

33\u00a0535

\n		\n

17\u00a0384

\n		\n

16\u00a0151

\n		\n

\n
\n

Dettes subordonn\u00e9es

\n		\n

10\u00a0042

\n		\n

9\u00a0859

\n		\n

2\u00a0582

\n		\n

7\u00a0277

\n		\n

\n
\n

Passifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

10\u00a0969

\n		\n

10\u00a0021

\n		\n

\n		\n

10\u00a0021

\n		\n

\n
\n

Dettes fournisseurs et autres dettes

\n		\n

9\u00a0115

\n		\n

9\u00a0115

\n		\n

\n		\n

\n		\n

\n
\n

(a)Y compris juste valeur des \u00e9l\u00e9ments comptabilis\u00e9s au co\u00fbt amorti.

\n

(b)Pour les \u00e9l\u00e9ments comptabilis\u00e9s en juste valeur.

\n
\n

Justes valeurs de niveau 3\u00a0: rapprochement des soldes d\u2019ouverture et de cl\u00f4ture (vision\u00a0contributive bancaire)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

Total

\n
\n

Ouverture

\n		\n

21\u00a0242

\n		\n

1\u00a0869

\n		\n

23\u00a0111

\n
\n

Gains et pertes enregistr\u00e9s en r\u00e9sultat

\n		\n

(298)

\n		\n

\n		\n

(298)

\n
\n

Gains et pertes enregistr\u00e9s en capitaux propres

\n		\n

\n		\n

(86)

\n		\n

(86)

\n
\n

Achats

\n		\n

2\u00a0567

\n		\n

674

\n		\n

3\u00a0241

\n
\n

Ventes

\n		\n

(638)

\n		\n

(25)

\n		\n

(663)

\n
\n

Remboursements

\n		\n

(1\u00a0327)

\n		\n

(11)

\n		\n

(1\u00a0338)

\n
\n

Transferts vers ou hors niveau 3

\n		\n

(108)

\n		\n

358

\n		\n

249

\n
\n

Autres mouvements

\n		\n

(0)

\n		\n

(6)

\n		\n

(6)

\n
\n

Cl\u00f4ture

\n		\n

21\u00a0437

\n		\n

2\u00a0773

\n		\n

24\u00a0210

\n
\n

Justes valeurs de niveau 3\u00a0: profits et pertes de la p\u00e9riode comptabilis\u00e9s en r\u00e9sultat

\n

N\u00e9ant.

\n

38.2M\u00e9thodes de calcul de la juste valeur des instruments financiers et\u00a0des\u00a0immeubles de placement

\n

38.2.1Instruments financiers hors activit\u00e9s bancaires

\n

La juste valeur de la dette obligataire et des swaps associ\u00e9s est d\u00e9termin\u00e9e au moyen d\u2019un mod\u00e8le de calcul reposant sur des donn\u00e9es observables, correspondant au niveau 2 de la hi\u00e9rarchie des justes valeurs d\u00e9finie par IFRS\u00a07. Ce mod\u00e8le de calcul est d\u00e9taill\u00e9 ci-dessous.

\n

Chaque produit financier est appr\u00e9hend\u00e9 comme une s\u00e9rie de flux futurs d\u00e9termin\u00e9s ou non \u00e0 la date de calcul. Le calcul des justes valeurs repose sur l\u2019actualisation de ces flux futurs de tr\u00e9sorerie. Les facteurs d\u2019actualisation sont d\u00e9duits \u00e0 partir d\u2019une courbe z\u00e9ro coupon. En ce qui concerne le calcul de la juste valeur de la dette obligataire, le spread de cr\u00e9dit de La Poste est ajout\u00e9 \u00e0 la courbe z\u00e9ro coupon. Le spread de cr\u00e9dit implicite de La Poste est d\u00e9termin\u00e9 \u00e0 partir des fourchettes de prix propos\u00e9es par diff\u00e9rents contributeurs du march\u00e9 (brokers).

\n

Dans le cas de flux d\u00e9pendant d\u2019un taux variable encore ind\u00e9termin\u00e9 \u00e0 la date de calcul, une estimation des taux futurs est r\u00e9alis\u00e9e en prenant en compte la structure \u00e0 terme des taux d\u2019int\u00e9r\u00eat.

\n

En ce qui concerne les produits financiers comprenant des flux dans diff\u00e9rentes devises, les flux sont actualis\u00e9s par devise selon des facteurs d\u2019actualisation propres \u00e0 chaque devise. Les valeurs de march\u00e9 en devises obtenues sont ensuite converties en euros au cours de change BCE du jour de calcul.

\n

Les produits optionnels sont d\u00e9termin\u00e9s en prenant en compte la volatilit\u00e9 implicite des march\u00e9s au regard des dates d\u2019exercice des options.

\n

En ce qui concerne les actifs et passifs financiers courants, leur juste valeur est assimilable \u00e0 leur valeur au bilan, compte tenu de l\u2019\u00e9ch\u00e9ance court terme de ces instruments.

\n

La juste valeur des titres obligataires et des parts d\u2019OPCVM est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s.

\n

38.2.2Instruments financiers et\u00a0immeubles de placement des\u00a0activit\u00e9s bancaires

\n

Pour les instruments financiers qui ne sont pas \u00e9valu\u00e9s \u00e0 la juste valeur au bilan, les calculs de juste valeur sont communiqu\u00e9s \u00e0 titre d\u2019information.

\n

Juste valeur des cr\u00e9dits

\n

Le p\u00e9rim\u00e8tre retenu est l\u2019ensemble des cr\u00e9dits tir\u00e9s et inscrits au bilan. Les cr\u00e9dits accord\u00e9s mais non encore tir\u00e9s ne sont pas pris en compte\u00a0: l\u2019hypoth\u00e8se retenue \u00e9tant que, comme leur taux vient d\u2019\u00eatre fix\u00e9, leur valeur ne doit pas s\u2019\u00e9loigner du nominal autoris\u00e9.

\n

Les principales hypoth\u00e8ses sous-jacentes \u00e0 la d\u00e9termination de la juste valeur sont les suivantes pour les types de cr\u00e9dits commercialis\u00e9s par La Banque Postale\u00a0:

\n

\u25cfla juste valeur des\u00a0d\u00e9couverts sur comptes \u00e0 vue est pr\u00e9sum\u00e9e correspondre \u00e0 l\u2019encours comptable en raison de leur faible duration (obligation pour le client de redevenir cr\u00e9diteur en moins d\u2019un\u00a0mois)\u00a0;

\n

\u25cfla juste valeur des cr\u00e9dits est d\u00e9termin\u00e9e sur la base de mod\u00e8les internes consistant \u00e0 actualiser les flux futurs recouvrables de capital et d\u2019int\u00e9r\u00eats sur la dur\u00e9e restant \u00e0 courir. Le taux d\u2019actualisation est d\u00e9termin\u00e9 de telle sorte que la composante \u00ab\u00a0taux d\u2019int\u00e9r\u00eat\u00a0\u00bb est r\u00e9\u00e9valu\u00e9e \u00e0 partir du taux de cessions internes et d\u2019un spread de march\u00e9, tandis que la marge de cr\u00e9dit n\u2019est pas r\u00e9\u00e9valu\u00e9e, \u00e9tant fig\u00e9e \u00e0 l\u2019origine. Les options de remboursement anticip\u00e9 sont prises en compte sous forme d\u2019un ajustement du profil d\u2019amortissement des pr\u00eats (conforme \u00e0 l\u2019\u00e9coulement en taux des \u00e9l\u00e9ments macro-couverts).

\n

Juste valeur des d\u00e9p\u00f4ts

\n

Les principales hypoth\u00e8ses sous-jacentes au calcul sont les suivantes\u00a0:

\n

\u25cfpour les d\u00e9p\u00f4ts dont le taux de r\u00e9mun\u00e9ration est administr\u00e9, les Livrets B, Livrets Jeune, les Plans d\u2019\u00e9pargne populaire et les comptes \u00e0 terme, la juste valeur est pr\u00e9sum\u00e9e correspondre \u00e0 la valeur comptable de l\u2019encours\u00a0;

\n

\u25cfla juste valeur des d\u00e9p\u00f4ts \u00e0 vue est pr\u00e9sum\u00e9e correspondre \u00e0 la valeur comptable de l\u2019encours nette de la valeur pied de coupon des swaps en couverture des d\u00e9p\u00f4ts \u00e0 vue (via le \u00ab\u00a0carve out\u00a0\u00bb).

\n

Juste valeur des instruments de dette d\u00e9tenus ou\u00a0\u00e9mis

\n

La juste valeur des instruments financiers cot\u00e9s correspond au cours de cotation \u00e0 la cl\u00f4ture. La juste valeur des instruments financiers non cot\u00e9s et comptabilis\u00e9s au co\u00fbt amorti est d\u00e9termin\u00e9e sur la base de mod\u00e8les internes et repr\u00e9sente une estimation de la valeur de march\u00e9 de ces instruments. Cette valeur est susceptible de fluctuer en fonction de la variation des param\u00e8tres utilis\u00e9s et ne refl\u00e8te pas n\u00e9cessairement la valeur de r\u00e9alisation de ces instruments financiers.

\n

Juste valeur des immeubles de placement

\n

La juste valeur des immeubles de placement correspond \u00e0 la valeur de r\u00e9alisation des immeubles et des parts de soci\u00e9t\u00e9s immobili\u00e8res non cot\u00e9es. Elle est d\u00e9termin\u00e9e sur la base d\u2019une expertise quinquennale effectu\u00e9e par un expert accept\u00e9 par l\u2019autorit\u00e9 de r\u00e9gulation. Entre deux expertises, la valeur fait l\u2019objet d\u2019une estimation annuelle certifi\u00e9e par un expert.

\n

38.3Impact des instruments financiers sur le r\u00e9sultat et les capitaux propres

\n

Activit\u00e9s non bancaires

\n

Les impacts sur le r\u00e9sultat des instruments financiers du groupe hors activit\u00e9s bancaires sont d\u00e9taill\u00e9s en note\u00a014 \u00ab\u00a0R\u00e9sultat financier\u00a0\u00bb.

\n

Activit\u00e9s bancaires

\n

Le tableau ci-apr\u00e8s d\u00e9taille les impacts sur le r\u00e9sultat et les capitaux propres des instruments financiers des activit\u00e9s bancaires.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Produits/(charges) d'int\u00e9r\u00eats

\n		\n

Variations de juste valeur

\n		\n

D\u00e9compta-bilisation et dividendes

\n		\n

Gain/(perte) net

\n
\n

Juste valeur en\u00a0r\u00e9sultat

\n		\n

Juste valeur en capitaux propres

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs et passifs \u00e9valu\u00e9s au co\u00fbt amorti

\n		\n

1\u00a0346

\n		\n

\n		\n

\n		\n

(99)

\n		\n

1\u00a0247

\n
\n

Actifs \u00e9valu\u00e9s \u00e0 la juste valeur par OCI

\n		\n

5\u00a0193

\n		\n

\n		\n

534

\n		\n

(1\u00a0047)

\n		\n

4\u00a0680

\n
\n

Instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

10\u00a0995

\n		\n

16

\n		\n

1\u00a0773

\n		\n

12\u00a0784

\n
\n

Op\u00e9rations de couverture

\n		\n

(252)

\n		\n

5

\n		\n

11

\n		\n

\n		\n

(236)

\n
\n

Total

\n		\n

6\u00a0287

\n		\n

11\u00a0000

\n		\n

561

\n		\n

627

\n		\n

18\u00a0475

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs et passifs \u00e9valu\u00e9s au co\u00fbt amorti

\n		\n

1\u00a0182

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0182

\n
\n

Actifs \u00e9valu\u00e9s \u00e0 la juste valeur par OCI

\n		\n

4\u00a0273

\n		\n

\n		\n

398

\n		\n

(685)

\n		\n

3\u00a0986

\n
\n

Instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

9\u00a0462

\n		\n

11

\n		\n

1\u00a0262

\n		\n

10\u00a0735

\n
\n

Op\u00e9rations de couverture

\n		\n

(319)

\n		\n

17

\n		\n

(51)

\n		\n

\n		\n

(353)

\n
\n

Total

\n		\n

5\u00a0136

\n		\n

9\u00a0479

\n		\n

358

\n		\n

577

\n		\n

15\u00a0550

\n
\n

38.4Instruments financiers de couverture

\n

Activit\u00e9s non bancaires

\n

Cf. note\u00a029.

\n

Activit\u00e9s bancaires

\n

Cf. note\u00a032.

\n

38.5Compensation des instruments financiers

\n

Les tableaux ci-dessous pr\u00e9sentent les actifs financiers et passifs financiers qui ont fait l\u2019objet d\u2019une compensation dans le bilan consolid\u00e9 du groupe ainsi que les montants qui seraient compensables en application de conventions cadres de compensation et d\u2019accords similaires mais qui ne sont pas \u00e9ligibles \u00e0 la compensation dans les comptes consolid\u00e9s.

\n

Un actif financier et un passif financier faisant l'objet d'une convention cadre de compensation ou d'un accord similaire repr\u00e9sentant un droit ex\u00e9cutoire de compenser des titres contre des esp\u00e8ces \u00e0 une m\u00eame \u00e9ch\u00e9ance qui s'exerce sous certaines conditions mais ne satisfait pas aux crit\u00e8res de compensation, sont pr\u00e9sent\u00e9s en valeur nette lorsqu'ils sont r\u00e9alis\u00e9s avec la m\u00eame entit\u00e9 juridique.

\n

Les positions nettes qui r\u00e9sultent de ces diff\u00e9rentes compensations n\u2019ont pas pour objet de mesurer l\u2019exposition du groupe au risque de contrepartie sur ces instruments financiers.

\n

38.5.1Instruments d\u00e9riv\u00e9s des activit\u00e9s industrielles et commerciales

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Montants
bruts

\n		\n

Montants compens\u00e9s au\u00a0bilan

\n		\n

Montants nets au bilan

\n		\n

Montants non compens\u00e9s au\u00a0bilan

\n		\n

Montants
nets

\n
\n

A

\n		\n

B

\n		\n

C=A-B

\n		\n

Instruments d\u00e9riv\u00e9s D

\n		\n

Cash
collat\u00e9ral E

\n		\n

F=C-D-E

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers d\u00e9riv\u00e9s actifs

\n		\n

11

\n		\n

\n		\n

11

\n		\n

3

\n		\n

9

\n		\n

0

\n
\n

Instruments financiers d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

\n		\n

3

\n		\n

3

\n		\n

\n		\n

0

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers d\u00e9riv\u00e9s actifs

\n		\n

8

\n		\n

\n		\n

8

\n		\n

8

\n		\n

\n		\n

\n
\n

Instruments financiers d\u00e9riv\u00e9s passifs

\n		\n

26

\n		\n

\n		\n

26

\n		\n

8

\n		\n

17

\n		\n

1

\n
\n

La\u00a0Poste a mis en place avec l\u2019ensemble de ses contreparties de march\u00e9 des conventions cadres afin de r\u00e9duire son exposition en cas de d\u00e9faillance de ses contreparties de march\u00e9. Ces accords se traduisent par le versement \u00e0 la contrepartie gagnante par la contrepartie perdante d\u2019un d\u00e9p\u00f4t de garantie sous forme de num\u00e9raire \u00e9quivalent \u00e0 la position nette des d\u00e9riv\u00e9s. La fr\u00e9quence des appels de marge est hebdomadaire ou quotidienne selon les contreparties. Ces accords ne respectent pas les crit\u00e8res de la norme IAS\u00a032 pour permettre la compensation des d\u00e9riv\u00e9s actifs et passifs au bilan. Ils entrent cependant dans le champ d\u2019application des informations \u00e0 fournir sur la compensation au titre de la norme IFRS\u00a07.

\n

38.5.2Instruments financiers des activit\u00e9s bancaires

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Valeur comptable brute

\n		\n

Valeur brute des instruments compens\u00e9s

\n		\n

Instruments financiers pr\u00e9sent\u00e9s en net

\n		\n

Montants non compens\u00e9s au\u00a0bilan

\n		\n

Instruments re\u00e7us/donn\u00e9s en garantie

\n		\n

Valeur nette

\n
\n

A

\n		\n

B

\n		\n

C=A-B

\n		\n

Instruments financiers D

\n		\n

Cash collat\u00e9ral D

\n		\n

E

\n		\n

F=C-D-E

\n
\n

Actifs

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

220\u00a0147

\n		\n

160

\n		\n

219\u00a0986

\n		\n

5\u00a0138

\n		\n

776

\n		\n

\n		\n

214\u00a0071

\n
\n

Dont op\u00e9ration de pension

\n		\n

11\u00a0601

\n		\n

160

\n		\n

11\u00a0440

\n		\n

\n		\n

\n		\n

\n		\n

11\u00a0440

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

6\u00a0129

\n		\n

\n		\n

6\u00a0129

\n		\n

5\u00a0138

\n		\n

776

\n		\n

\n		\n

214

\n
\n

Pr\u00eats et cr\u00e9ances sur \u00e9tablissements de cr\u00e9dit
et sur la client\u00e8le

\n		\n

202\u00a0528

\n		\n

298

\n		\n

202\u00a0231

\n		\n

5\u00a0002

\n		\n

115

\n		\n

6\u00a0916

\n		\n

190\u00a0198

\n
\n

Dont prises en pension

\n		\n

14\u00a0622

\n		\n

298

\n		\n

14\u00a0324

\n		\n

5\u00a0002

\n		\n

115

\n		\n

6\u00a0916

\n		\n

2\u00a0291

\n
\n

Comptes de r\u00e9gularisation et\u00a0autres actifs

\n		\n

7\u00a0092

\n		\n

\n		\n

7\u00a0092

\n		\n

3

\n		\n

\n		\n

\n		\n

7\u00a0089

\n
\n

Dont d\u00e9p\u00f4ts de garantie donn\u00e9s

\n		\n

13

\n		\n

\n		\n

13

\n		\n

3

\n		\n

\n		\n

\n		\n

11

\n
\n

Autres actifs non compens\u00e9s

\n		\n

296\u00a0104

\n		\n

\n		\n

296\u00a0104

\n		\n

\n		\n

\n		\n

\n		\n

296\u00a0104

\n
\n

Total actif

\n		\n

725\u00a0871

\n		\n

458

\n		\n

725\u00a0412

\n		\n

10\u00a0143

\n		\n

891

\n		\n

6\u00a0916

\n		\n

707\u00a0461

\n
\n

Passifs

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

21\u00a0258

\n		\n

160

\n		\n

21\u00a0098

\n		\n

5\u00a0138

\n		\n

192

\n		\n

\n		\n

15\u00a0767

\n
\n

Dont op\u00e9ration de pension

\n		\n

13\u00a0306

\n		\n

160

\n		\n

13\u00a0145

\n		\n

\n		\n

\n		\n

\n		\n

13\u00a0145

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

6\u00a0175

\n		\n

\n		\n

6\u00a0175

\n		\n

5\u00a0138

\n		\n

192

\n		\n

\n		\n

845

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et la client\u00e8le

\n		\n

244\u00a0365

\n		\n

298

\n		\n

244\u00a0067

\n		\n

5\u00a0002

\n		\n

75

\n		\n

17\u00a0511

\n		\n

221\u00a0479

\n
\n

Dont mises en pension

\n		\n

40\u00a0829

\n		\n

298

\n		\n

40\u00a0531

\n		\n

5\u00a0002

\n		\n

75

\n		\n

17\u00a0511

\n		\n

17\u00a0943

\n
\n

Autres dettes non compens\u00e9es

\n		\n

431\u00a0929

\n		\n

\n		\n

431\u00a0929

\n		\n

\n		\n

\n		\n

\n		\n

431\u00a0929

\n
\n

Total passif

\n		\n

697\u00a0552

\n		\n

458

\n		\n

697\u00a0093

\n		\n

10\u00a0141

\n		\n

267

\n		\n

17\u00a0511

\n		\n

669\u00a0175

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024
(en\u00a0millions d'euros)

\n		\n

Valeur comptable brute

\n		\n

Valeur brute des instruments compens\u00e9s

\n		\n

Instruments financiers pr\u00e9sent\u00e9s en net

\n		\n

Montants non compens\u00e9s au\u00a0bilan

\n		\n

Instruments re\u00e7us/donn\u00e9s en garantie

\n		\n

Valeur nette

\n
\n

A

\n		\n

B

\n		\n

C=A-B

\n		\n

Instruments financiers D

\n		\n

Cash collat\u00e9ral D

\n		\n

E

\n		\n

F=C-D-E

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

205\u00a0038

\n		\n

670

\n		\n

204\u00a0368

\n		\n

5\u00a0534

\n		\n

810

\n		\n

\n		\n

198\u00a0024

\n
\n

Dont op\u00e9ration de pension

\n		\n

8\u00a0454

\n		\n

670

\n		\n

7\u00a0784

\n		\n

\n		\n

\n		\n

\n		\n

7\u00a0784

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

6\u00a0492

\n		\n

\n		\n

6\u00a0492

\n		\n

5\u00a0534

\n		\n

810

\n		\n

\n		\n

149

\n
\n

Pr\u00eats et cr\u00e9ances sur \u00e9tablissements de cr\u00e9dit
et sur la client\u00e8le

\n		\n

205\u00a0266

\n		\n

634

\n		\n

204\u00a0632

\n		\n

6\u00a0908

\n		\n

12

\n		\n

2\u00a0476

\n		\n

195\u00a0236

\n
\n

Dont prises en pension

\n		\n

13\u00a0052

\n		\n

634

\n		\n

12\u00a0418

\n		\n

6\u00a0908

\n		\n

12

\n		\n

2\u00a0476

\n		\n

3\u00a0022

\n
\n

Comptes de r\u00e9gularisation et\u00a0autres actifs

\n		\n

9\u00a0225

\n		\n

\n		\n

9\u00a0225

\n		\n

13

\n		\n

\n		\n

\n		\n

9\u00a0212

\n
\n

Dont d\u00e9p\u00f4ts de garantie donn\u00e9s

\n		\n

16

\n		\n

\n		\n

16

\n		\n

13

\n		\n

\n		\n

\n		\n

2

\n
\n

Autres actifs non compens\u00e9s

\n		\n

322\u00a0490

\n		\n

\n		\n

322\u00a0490

\n		\n

\n		\n

\n		\n

\n		\n

322\u00a0490

\n
\n

Total actif

\n		\n

742\u00a0019

\n		\n

1\u00a0305

\n		\n

740\u00a0714

\n		\n

12\u00a0456

\n		\n

822

\n		\n

2\u00a0476

\n		\n

724\u00a0961

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

20\u00a0187

\n		\n

670

\n		\n

19\u00a0517

\n		\n

5\u00a0534

\n		\n

249

\n		\n

\n		\n

13\u00a0734

\n
\n

Dont op\u00e9ration de pension

\n		\n

10\u00a0165

\n		\n

670

\n		\n

9\u00a0495

\n		\n

\n		\n

\n		\n

\n		\n

9\u00a0495

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

7\u00a0270

\n		\n

\n		\n

7\u00a0270

\n		\n

5\u00a0534

\n		\n

249

\n		\n

\n		\n

1\u00a0487

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et la client\u00e8le

\n		\n

257\u00a0249

\n		\n

634

\n		\n

256\u00a0614

\n		\n

6\u00a0908

\n		\n

594

\n		\n

23\u00a0576

\n		\n

225\u00a0536

\n
\n

Dont mises en pension

\n		\n

47\u00a0922

\n		\n

634

\n		\n

47\u00a0288

\n		\n

6\u00a0908

\n		\n

594

\n		\n

23\u00a0576

\n		\n

16\u00a0210

\n
\n

Autres dettes non compens\u00e9es

\n		\n

437\u00a0634

\n		\n

\n		\n

437\u00a0634

\n		\n

\n		\n

\n		\n

\n		\n

437\u00a0634

\n
\n

Total passif

\n		\n

715\u00a0069

\n		\n

1\u00a0305

\n		\n

713\u00a0765

\n		\n

12\u00a0442

\n		\n

843

\n		\n

23\u00a0576

\n		\n

676\u00a0903

\n
\n

(388)Source\u00a0: Banque de France.

\n

(389)The Central Banks and Supervisors Network for Greening the Financial System.

\n

(390)ALM (Asset Liabilities Management) ou gestion actif/passif d\u00e9signe les techniques de ma\u00eetrise du risque de liquidit\u00e9, de taux et de change sur le p\u00e9rim\u00e8tre des activit\u00e9s commerciales d\u2019un r\u00e9seau bancaire dans sa fonction d\u2019interm\u00e9diation consistant \u00e0 collecter l\u2019\u00e9pargne des clients \u00e9pargnants et \u00e0 financer les clients emprunteurs, sans que ces derniers aient besoin de passer par un march\u00e9 financier.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41349055940874261_0_0": { "value": "

1.2Cession de CNP UniCredit Vita

\n

Le 20\u00a0juin 2025, CNP\u00a0Assurances\u00a0SA a annonc\u00e9 la finalisation de la cession, pour 594\u00a0millions d\u2019euros (619\u00a0millions d\u2019euros dont 25\u00a0millions re\u00e7us sous forme de dividendes), de CNP UniCredit Vita, filiale italienne en partenariat exclusif avec UniCredit et d\u00e9tenue \u00e0 51%. Cette cession a g\u00e9n\u00e9r\u00e9 une plus-value de +116\u00a0millions d\u2019euros, dont -2\u00a0millions d\u2019euros de recyclage en r\u00e9sultat des \u00e9l\u00e9ments du r\u00e9sultat global comptabilis\u00e9s en capitaux propres dans les comptes du premier semestre 2025. Cette cession fait suite \u00e0 l\u2019exercice par UniCredit de son option d\u2019achat sur la totalit\u00e9 des titres d\u00e9tenus par CNP\u00a0Assurances, conform\u00e9ment aux accords de partenariat. CNP\u00a0Assurances maintient son engagement sur le march\u00e9 italien via sa filiale CNP

\n

Assicura, d\u00e9tenue \u00e0 100%.

\n

1.4D\u00e9pr\u00e9ciation des titres Ninja Logistics

\n

La soci\u00e9t\u00e9 Ninja Logistics, d\u00e9tenue \u00e0 34% par le groupe et consolid\u00e9e par mise en \u00e9quivalence, continue d'enregistrer des r\u00e9sultats significativement d\u00e9ficitaires. La nouvelle d\u00e9gradation des r\u00e9sultats au cours de l\u2019exercice\u00a02025 (quote-part de perte du groupe de 33\u00a0millions d\u2019euros) et les incertitudes importantes sur la p\u00e9rennit\u00e9 de l\u2019entreprise conduisent le groupe \u00e0 d\u00e9pr\u00e9cier int\u00e9gralement cette participation dans les comptes arr\u00eat\u00e9s \u00e0 fin\u00a0d\u00e9cembre\u00a02025, ce qui repr\u00e9sente une d\u00e9pr\u00e9ciation de 99\u00a0millions d\u2019euros. Compte-tenu des pertes d\u2019exploitation de la p\u00e9riode, la perte de valeur enregistr\u00e9e en 2025 est de 132\u00a0millions d\u2019euros (cf. note\u00a020).

\n

1.6Accord conclu avec les actionnaires minoritaires de BRT

\n

Un accord a \u00e9t\u00e9 conclu le 3\u00a0juillet 2025 avec les actionnaires minoritaires de BRT (closing le 24\u00a0juillet 2025). Cet accord a pour objet principal de mettre fin aux proc\u00e9dures engag\u00e9es par Geopost et BRT \u00e0 l\u2019encontre des actionnaires minoritaires. Les effets de cet accord se traduisent comme suit dans les comptes 2025\u00a0:

\n

\u25cfrachat des participations minoritaires de BRT par Geopost pour un montant de 60\u00a0millions d\u2019euros, portant ainsi la participation de Geopost \u00e0 100%. Cette op\u00e9ration g\u00e9n\u00e8re un impact n\u00e9gatif de 84\u00a0millions d\u2019euros sur les capitaux propres part du groupe\u00a0;

\n

\u25cfencaissement et reconnaissance en produits d\u2019indemnit\u00e9s re\u00e7ues \u00e0 hauteur de 70\u00a0millions d\u2019euros\u00a0;

\n

\u25cfremise de loyers de 35,7\u00a0millions d\u2019euros sur la p\u00e9riode 2025-2031 ayant pour cons\u00e9quence une diminution de la dette IFRS\u00a016 pour un montant de 195\u00a0millions d\u2019euros \u00e0 fin\u00a0d\u00e9cembre\u00a02025.

\n

Il convient \u00e9galement de noter qu\u2019une r\u00e9duction du prix d\u2019acquisition de BRT, comptabilis\u00e9e comme produit, avait \u00e9t\u00e9 reconnue d\u00e8s les comptes semestriels 2025 pour un montant de\u00a040\u00a0millions d\u2019euros.

\n

Int\u00e9gration globale

\n

Les entreprises contr\u00f4l\u00e9es par le groupe sont consolid\u00e9es selon la m\u00e9thode de l'int\u00e9gration globale.

\n

Le contr\u00f4le se d\u00e9finit comme le pouvoir de diriger les activit\u00e9s pertinentes de l\u2019entreprise, l\u2019exposition aux rendements variables de cette entreprise, et la capacit\u00e9 d\u2019utiliser le pouvoir afin d\u2019influer sur ces rendements.

\n

Mise en \u00e9quivalence

\n

Les coentreprises et les entreprises associ\u00e9es sont mises en \u00e9quivalence.

\n

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n

Les titres mis en \u00e9quivalence sont inscrits au bilan sur la ligne \u00ab\u00a0Participation dans les soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb \u00e0 leur co\u00fbt historique corrig\u00e9 de la quote-part de situation nette g\u00e9n\u00e9r\u00e9e apr\u00e8s l\u2019acquisition et diminu\u00e9 des pertes de valeur.

\n

Leur r\u00e9sultat appara\u00eet dans le compte de r\u00e9sultat consolid\u00e9 sur la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint\u00a0\u00bb ou la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb lorsque le groupe n\u2019a qu\u2019une influence notable.

\n

3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

\n

Acquisitions et cessions

\n

Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

\n

Engagements de rachat

\n

En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

\n

Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

\n

NOTE 5\u00c9volution du p\u00e9rim\u00e8tre de consolidation

\n

Le p\u00e9rim\u00e8tre de consolidation est pr\u00e9sent\u00e9 en note\u00a045.

\n

5.1Principales op\u00e9rations de l\u2019ann\u00e9e

\n

Rachat des int\u00e9r\u00eats minoritaires de BRT

\n

Voir les \u00e9v\u00e9nements significatifs en note\u00a01.

\n

Rachat des int\u00e9r\u00eats minoritaires de\u00a0FERMOPOINT (filiale de BRT)

\n

En septembre\u00a02025, les int\u00e9r\u00eats minoritaires de FERMOPOINT ont \u00e9t\u00e9 rachet\u00e9s par BRT pour un montant de 11,1\u00a0millions d\u2019euros conform\u00e9ment au put comptabilis\u00e9 jusqu\u2019\u00e0 pr\u00e9sent dans les comptes.

\n

Finalisation par CNP\u00a0Assurances des cessions de CNP\u00a0Cyprus Insurance holdings et de CNP\u00a0UniCredit\u00a0Vita

\n

Voir les \u00e9v\u00e9nements significatifs en note\u00a01.

\n

Rachat par La Poste Sant\u00e9 de 11,25% des\u00a0int\u00e9r\u00eats minoritaires d\u2019ASTEN

\n

En\u00a0novembre\u00a02025, La Poste Sant\u00e9 a rachet\u00e9 les 11,25% des int\u00e9r\u00eats minoritaires d\u2019Adir dans la soci\u00e9t\u00e9 Asten pour un montant de 22,5\u00a0millions d\u2019euros, portant sa participation \u00e0 75,5%.

\n

Cession de la soci\u00e9t\u00e9 Budget Box et\u00a0des\u00a0activit\u00e9s promotionnelles des\u00a0soci\u00e9t\u00e9s SOGEC

\n

La soci\u00e9t\u00e9 BUDGET BOX ainsi que les activit\u00e9s promotionnelles des soci\u00e9t\u00e9s SOGEC ont \u00e9t\u00e9 c\u00e9d\u00e9es le 30\u00a0septembre 2025 pour un montant de 17\u00a0millions d\u2019euros. Le r\u00e9sultat de cession r\u00e9sultant de l\u2019op\u00e9ration n\u2019est pas mat\u00e9riel.

\n

Rachat par La\u00a0Banque\u00a0Postale des int\u00e9r\u00eats minoritaires de SOFIAP

\n

En\u00a0novembre\u00a02025, La Banque\u00a0Postale a acquis la participation de 34% d\u00e9tenue par SNCF\u00a0Habitat dans la soci\u00e9t\u00e9 SOFIAP pour 6,9\u00a0millions d\u2019euros. Ce montant \u00e9tait enregistr\u00e9 en dette de put sur minoritaires. Cette op\u00e9ration se traduit par une augmentation de 26\u00a0millions d\u2019euros des capitaux propres part du groupe.

\n

5.2Compte de r\u00e9sultat \u00e0 p\u00e9rim\u00e8tre et change constants

\n

Le r\u00e9sultat retrait\u00e9 neutralise l\u2019effet de toutes les acquisitions de l\u2019exercice en cours et des acquisitions de l\u2019exercice pr\u00e9c\u00e9dent intervenues en cours de p\u00e9riode. Il pr\u00e9sente \u00e9galement les transactions en devises de la p\u00e9riode comparative au taux moyen de la p\u00e9riode en cours.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

R\u00e9sultat publi\u00e9

\n		\n

R\u00e9sultat retrait\u00e9
hors effets p\u00e9rim\u00e8tre et change

\n
\n

31/12/2025

\n		\n

31/12/2024

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Chiffre d'affaires et PNB

\n		\n

34\u00a0387

\n		\n

34\u00a0569

\n		\n

34\u00a0219

\n		\n

34\u00a0288

\n
\n

Achats et autres charges

\n		\n

(15\u00a0858)

\n		\n

(15\u00a0814)

\n		\n

(15\u00a0818)

\n		\n

(15\u00a0690)

\n
\n

Charges de personnel

\n		\n

(13\u00a0909)

\n		\n

(14\u00a0006)

\n		\n

(13\u00a0872)

\n		\n

(14\u00a0008)

\n
\n

Imp\u00f4ts et taxes

\n		\n

(277)

\n		\n

(302)

\n		\n

(275)

\n		\n

(296)

\n
\n

Amortissements, provisions et pertes de valeur

\n		\n

(2\u00a0670)

\n		\n

(2\u00a0723)

\n		\n

(2\u00a0668)

\n		\n

(2\u00a0720)

\n
\n

Autres charges et produits op\u00e9rationnels

\n		\n

707

\n		\n

664

\n		\n

707

\n		\n

515

\n
\n

R\u00e9sultat des cessions d'actifs

\n		\n

114

\n		\n

523

\n		\n

114

\n		\n

523

\n
\n

Charges op\u00e9rationnelles nettes

\n		\n

(31\u00a0893)

\n		\n

(31\u00a0658)

\n		\n

(31\u00a0812)

\n		\n

(31\u00a0677)

\n
\n

Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint

\n		\n

23

\n		\n

39

\n		\n

23

\n		\n

23

\n
\n

R\u00e9sultat d'exploitation courant
(apr\u00e8s quote-part de r\u00e9sultat net
des soci\u00e9t\u00e9s sous contr\u00f4le conjoint)

\n		\n

2\u00a0517

\n		\n

2\u00a0950

\n		\n

2\u00a0430

\n		\n

2\u00a0634

\n
\n

NOTE 20Soci\u00e9t\u00e9s mises en \u00e9quivalence

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Holding d'Infra-structuresGazi\u00e8res\u00a0(a)

\n		\n

Arial CNP Assurances

\n		\n

XS5 Adminis-tradora de cons\u00f3rcio

\n		\n

Autres Filiales Assurances

\n		\n

Aramex PJSC\u00a0(b)

\n		\n

Ninja Logistics\u00a0(b)

\n		\n

Yurtici Kargo Servisi A.S.

\n		\n

P\u00f4le immobilier

\n		\n

Autres

\n		\n

Total titres\u00a0mis\u00a0en \u00e9quivalence (actif)

\n		\n

La Poste Telecom\u00a0(c)

\n
\n

Secteur d'activit\u00e9

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Immobilier

\n		\n

Grand Public et Num\u00e9rique

\n
\n

Nature du contr\u00f4le

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprises associ\u00e9es\u00a0
ou contr\u00f4les conjoints

\n		\n

Contr\u00f4le conjoint

\n
\n

Solde au 31/12/2023

\n		\n

839

\n		\n

167

\n		\n

57

\n		\n

42

\n		\n

364

\n		\n

237

\n		\n

23

\n		\n

29

\n		\n

53

\n		\n

1\u00a0811

\n		\n

(37)

\n
\n

R\u00e9sultats de l'exercice

\n		\n

62

\n		\n

6

\n		\n

9

\n		\n

18

\n		\n

(60)

\n		\n

(125)

\n		\n

27

\n		\n

(7)

\n		\n

(8)

\n		\n

(77)

\n		\n

14

\n
\n

Distributions de dividendes

\n		\n

(76)

\n		\n

\n		\n

(7)

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(21)

\n		\n

(3)

\n		\n

(1)

\n		\n

(111)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

6

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

6

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

\n		\n

6

\n		\n

6

\n		\n

23

\n
\n

Augmentation de capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

8

\n		\n

8

\n		\n

\n
\n

Autres variations

\n		\n

(7)

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

0

\n		\n

2

\n		\n

(1)

\n		\n

7

\n		\n

0

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

(9)

\n		\n

(7)

\n		\n

18

\n		\n

16

\n		\n

15

\n		\n

\n		\n

1

\n		\n

34

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

817

\n		\n

180

\n		\n

49

\n		\n

51

\n		\n

322

\n		\n

131

\n		\n

43

\n		\n

26

\n		\n

60

\n		\n

1\u00a0678

\n		\n

\n
\n

R\u00e9sultats de l'exercice

\n		\n

69

\n		\n

5

\n		\n

12

\n		\n

6

\n		\n

5

\n		\n

(132)

\n		\n

22

\n		\n

0

\n		\n

(6)

\n		\n

(19)

\n		\n

\n
\n

Distributions de\u00a0dividendes

\n		\n

(54)

\n		\n

\n		\n

(10)

\n		\n

\n		\n

\n		\n

\n		\n

(18)

\n		\n

(4)

\n		\n

(0)

\n		\n

(86)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

(3)

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

(34)

\n		\n

\n		\n

1

\n		\n

\n		\n

0

\n		\n

1

\n		\n

(32)

\n		\n

0

\n
\n

Augmentation de\u00a0capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

0

\n		\n

8

\n		\n

9

\n		\n

\n
\n

Autres variations

\n		\n

3

\n		\n

(0)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

2

\n		\n

(6)

\n		\n

1

\n		\n

2

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

1

\n		\n

(8)

\n		\n

(41)

\n		\n

(1)

\n		\n

(3)

\n		\n

\n		\n

(5)

\n		\n

(57)

\n		\n

\n
\n

Solde\u00a0au\u00a031/12/2025

\n		\n

835

\n		\n

183

\n		\n

52

\n		\n

16

\n		\n

285

\n		\n

0

\n		\n

37

\n		\n

24

\n		\n

59

\n		\n

1\u00a0491

\n		\n

0

\n
\n

(a)Cette participation constitue un placement des activit\u00e9s d\u2019assurance et son r\u00e9sultat est pr\u00e9sent\u00e9 en Produit Net Bancaire.

\n

(b)En 2025, d\u00e9pr\u00e9ciation des titres Ninja Logistics pour 99\u00a0millions d\u2019euros (cf. note\u00a01.4). En 2024, d\u00e9pr\u00e9ciation des titres Aramex PJSC et Ninja Logistics pour respectivement 71 et 79\u00a0millions d\u2019euros (cf. note\u00a021.3).

\n

(c)C\u00e9d\u00e9e en 2024, cf. note\u00a01.2 \u2013 \u00c9v\u00e9nements significatifs de l\u2019exercice au 31\u00a0d\u00e9cembre 2024.

\n
\n

21.3Tests sur soci\u00e9t\u00e9s mises en \u00e9quivalence

\n

Sur une base annuelle ou plus fr\u00e9quemment si des \u00e9v\u00e9nements ou des changements le sugg\u00e8rent, le groupe La Poste effectue un test de d\u00e9pr\u00e9ciation de ses principales soci\u00e9t\u00e9s comptabilis\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence.

\n

En 2025, les titres Ninja Van ont \u00e9t\u00e9 int\u00e9gralement d\u00e9pr\u00e9ci\u00e9s (99\u00a0millions d\u2019euros). Voir la note\u00a01 \u00c9v\u00e9nements significatifs de l\u2019exercice.

\n

En 2024, les titres Ninja Logistics Pte ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s \u00e0 hauteur de 79\u00a0millions d\u2019euros. Le test associ\u00e9 a \u00e9t\u00e9 r\u00e9alis\u00e9 sur la base d\u2019un business plan actualis\u00e9 avec un taux de croissance \u00e0 l\u2019infini de 2,3% et un WACC de 9,3%.

\n

Une augmentation de 1\u00a0point du taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point du taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence une d\u00e9pr\u00e9ciation compl\u00e9mentaire pour un montant compris entre 7 et 23\u00a0millions d\u2019euros.

\n

En 2024, les titres Aramex PJSC ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s \u00e0 hauteur de 71\u00a0millions d\u2019euros. Leur valorisation s\u2019appuie sur la valeur de l\u2019action d\u00e9finie par le projet d\u2019offre publique d\u2019achat lanc\u00e9 par le fonds souverain d\u2019Abu Dhabi ADQ.

\n

27.3Int\u00e9r\u00eats minoritaires

\n

Les int\u00e9r\u00eats minoritaires s\u2019\u00e9l\u00e8vent \u00e0 7\u00a0132\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 contre 7\u00a0202\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

\u00c0 fin 2025, ils correspondent pour l\u2019essentiel\u00a0:

\n

\u25cfaux int\u00e9r\u00eats minoritaires sur le groupe CNP Assurances pour 5\u00a0345\u00a0millions d\u2019euros (contre 5\u00a0419\u00a0millions d\u2019euros fin 2024), dont des titres subordonn\u00e9s perp\u00e9tuels pour 1\u00a0885\u00a0millions d\u2019euros (contre 1\u00a0389\u00a0millions d\u2019euros fin 2024)\u00a0;

\n

\u25cfaux titres subordonn\u00e9s perp\u00e9tuels \u00e9mis par La Banque Postale pour 1\u00a0488\u00a0millions d\u2019euros (contre 1\u00a0488\u00a0millions d\u2019euros fin 2024)\u00a0;

\n

\u25cfaux titres perp\u00e9tuels \u00e9mis par Asendia pour 227\u00a0millions d\u2019euros (contre 227\u00a0millions d\u2019euros fin 2024).

\n

Les titres subordonn\u00e9s perp\u00e9tuels class\u00e9s dans les int\u00e9r\u00eats minoritaires sont d\u00e9taill\u00e9s ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Date d'\u00e9mission

\n		\n

Taux servi

\n		\n

Montant de l'\u00e9mission en devises

\n		\n

Devises

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

CNP Assurances

\n		\n

21/06/2004

\n		\n

TEC 10 +\u00a010\u00a0bps, cap \u00e0 9%

\n		\n

300

\n		\n

EUR

\n		\n

251

\n		\n

251

\n
\n

CNP Assurances

\n		\n

11/03/2005

\n		\n

6,25% jusqu'en 2009 puis 4 fois (EUR CMS 10\u00a0ans \u2013 EUR CMS 2\u00a0ans), cap \u00e0 9% et floor \u00e0 2,75%

\n		\n

24

\n		\n

EUR

\n		\n

24

\n		\n

24

\n
\n

CNP Assurances

\n		\n

11/03/2005

\n		\n

6,50% jusqu'en\u00a0mars\u00a02008 puis 3% +\u00a022,5% fois l'EUR CMS 10\u00a0ans

\n		\n

225

\n		\n

EUR

\n		\n

220

\n		\n

220

\n
\n

CNP Assurances

\n		\n

27/06/2005

\n		\n

7% jusqu'en\u00a0juin\u00a02010 puis CMS 10\u00a0ans +\u00a030\u00a0bps

\n		\n

75

\n		\n

EUR

\n		\n

60

\n		\n

60

\n
\n

CNP Assurances

\n		\n

16/05/2006

\n		\n

5,25% jusqu'au 16/05/2036 puis Euribor 3\u00a0mois +185\u00a0bps (y compris step-up 100\u00a0bps \u00e0 Call Date)

\n		\n

160

\n		\n

EUR

\n		\n

181

\n		\n

181

\n
\n

CNP Assurances

\n		\n

20/12/2006

\n		\n

Euribor 3\u00a0mois +\u00a095\u00a0bps jusqu'au 20/12/2026 puis\u00a0Euribor 3\u00a0mois +\u00a0195\u00a0bps

\n		\n

108

\n		\n

EUR

\n		\n

99

\n		\n

99

\n
\n

CNP Assurances

\n		\n

27/06/2018

\n		\n

4,75% jusqu'en 2028 puis reset taux fixe swap 5\u00a0ans +\u00a0391,4\u00a0bps

\n		\n

500

\n		\n

USD

\n		\n

552

\n		\n

552

\n
\n

CNP Assurances

\n		\n

02/07/2025

\n		\n

5,50% puis \u00e0 partir de\u00a0juillet 2032
Mid Swap Rate +\u00a0319,9\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

496

\n		\n

\n
\n

La Banque Postale

\n		\n

20/11/2019

\n		\n

3,875%

\n		\n

750

\n		\n

EUR

\n		\n

744

\n		\n

744

\n
\n

La Banque Postale

\n		\n

29/09/2021

\n		\n

3,000%

\n		\n

750

\n		\n

EUR

\n		\n

744

\n		\n

744

\n
\n

Asendia

\n		\n

10/03/2021

\n		\n

4,778%

\n		\n

198

\n		\n

EUR

\n		\n

198

\n		\n

198

\n
\n

Asendia

\n		\n

02/08/2022

\n		\n

4,689%

\n		\n

29

\n		\n

EUR

\n		\n

29

\n		\n

29

\n
\n

Total titres subordonn\u00e9s perp\u00e9tuels class\u00e9s en participations ne donnant pas le contr\u00f4le

\n		\n

3\u00a0600

\n		\n

3\u00a0104

\n
\n

NOTE 40Entit\u00e9s structur\u00e9es

\n

Les entit\u00e9s structur\u00e9es sont des entit\u00e9s qui ont \u00e9t\u00e9 con\u00e7ues de telle mani\u00e8re que les droits de vote ou droits similaires ne constituent pas le facteur d\u00e9terminant pour \u00e9tablir qui contr\u00f4le l\u2019entit\u00e9\u00a0; c\u2019est notamment le cas lorsque les activit\u00e9s pertinentes sont dirig\u00e9es au moyen d\u2019accords contractuels. Les entit\u00e9s structur\u00e9es ont g\u00e9n\u00e9ralement un objectif pr\u00e9cis et bien d\u00e9fini ou des activit\u00e9s bien circonscrites.

\n

40.1Entit\u00e9s structur\u00e9es consolid\u00e9es

\n

Les entit\u00e9s structur\u00e9es consolid\u00e9es incluent\u00a0:

\n

\u25cfdes organismes de placements collectifs\u00a0(OPC, FCP) dont la gestion est assur\u00e9e par les filiales du groupe dans le cadre de ses activit\u00e9s bancaires ou pour lequel le groupe est amen\u00e9 \u00e0 investir pour le compte des assur\u00e9s souscrivant aupr\u00e8s des entit\u00e9s du groupe ainsi que pour son compte propre\u00a0;

\n

\u25cfdes Fonds Communs de Titrisations (FCT) dont les parts sont \u00e9mises par des entit\u00e9s structur\u00e9es ayant pour vocation de diversifier les risques de cr\u00e9dit sous-jacents et qui peuvent \u00eatre divis\u00e9es en tranche.

\n

40.2Entit\u00e9s structur\u00e9es non consolid\u00e9es

\n

Les informations pr\u00e9sent\u00e9es ci-apr\u00e8s concernent les entit\u00e9s structur\u00e9es par le groupe et qui ne sont pas contr\u00f4l\u00e9es par ce dernier. Ces informations ont \u00e9t\u00e9 regroup\u00e9es par entit\u00e9s exer\u00e7ant des activit\u00e9s similaires\u00a0: la titrisation, les fonds de placement et autres.

\n

Titrisation

\n

Les op\u00e9rations de titrisation regroupent les fonds communs de titrisation (FCT) et structures \u00e9quivalentes qui \u00e9mettent des instruments financiers pouvant \u00eatre souscrits par des investisseurs, portent des risques de cr\u00e9dit inh\u00e9rents et qui peuvent \u00eatre divis\u00e9s en tranche. La titrisation est une technique financi\u00e8re par laquelle des cr\u00e9ances traditionnellement illiquides et gard\u00e9es par leurs d\u00e9tenteurs jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance sont transform\u00e9es en titres n\u00e9gociables et liquides.\u00a0Le but de cette op\u00e9ration est de\u00a0:

\n

\u25cfpermettre la transformation d\u2019un portefeuille illiquide en titres liquides\u00a0;

\n

\u25cffavoriser la lev\u00e9e des fonds \u00e0 des conditions avantageuses\u00a0: outil de refinancement\u00a0;

\n

\u25cfam\u00e9liorer la gestion des risques\u00a0: m\u00e9canisme de transfert de risques vers l\u2019investisseur\u00a0;

\n

\u25cftransf\u00e9rer le risque de cr\u00e9dit et ses composantes (risque de taux, de liquidit\u00e9\u2026) et donc de r\u00e9duire les contraintes sur les fonds propres\u00a0;

\n

\u25cffaciliter la structuration du bilan (instrument de gestion du bilan).

\n

Fonds de placement

\n

Cette activit\u00e9 consiste \u00e0 r\u00e9pondre \u00e0 la demande des investisseurs dans le cadre\u00a0:

\n

\u25cfde la gestion de fonds. Cette activit\u00e9 fait appel \u00e0 des entit\u00e9s structur\u00e9es comme les organismes de placements collectifs ou des fonds immobiliers et autres structures \u00e9quivalentes\u00a0;

\n

\u25cfdu placement des primes d\u2019assurance re\u00e7ues des clients des soci\u00e9t\u00e9s d\u2019assurance conform\u00e9ment aux dispositions r\u00e9glementaires pr\u00e9vues par le Code des assurances. Les placements des soci\u00e9t\u00e9s d\u2019assurance permettent de garantir les engagements pris vis-\u00e0-vis des assur\u00e9s tout au long de la vie des contrats d\u2019assurance. Leur valeur et leur rendement sont corr\u00e9l\u00e9s \u00e0 ces engagements.

\n

Autres

\n

Il s\u2019agit d\u2019un ensemble regroupant le reste des activit\u00e9s.

\n

Int\u00e9r\u00eats dans les entit\u00e9s structur\u00e9es non\u00a0consolid\u00e9es

\n

Les int\u00e9r\u00eats du groupe dans une entit\u00e9 structur\u00e9e non consolid\u00e9e concernent les liens contractuels ou non qui l\u2019exposent \u00e0 un risque de rendements variables associ\u00e9s \u00e0 la performance de cette entit\u00e9 structur\u00e9e. Les int\u00e9r\u00eats peuvent \u00eatre attest\u00e9s notamment par la d\u00e9tention d\u2019instruments de capitaux propres ou de titres de cr\u00e9ances mais \u00e9galement par un financement, un cr\u00e9dit de tr\u00e9sorerie, un rehaussement de cr\u00e9dit, l\u2019octroi de garanties ou de d\u00e9riv\u00e9s structur\u00e9s.

\n

\n

Le tableau ci-dessous fournit une information en regroupant par activit\u00e9, de fa\u00e7on cumul\u00e9e, l\u2019exhaustivit\u00e9 des entit\u00e9s dans lesquelles le groupe a un int\u00e9r\u00eat sans restriction particuli\u00e8re\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Titrisation

\n		\n

Fonds\u00a0de\u00a0placement

\n		\n

Autres

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

8\u00a0198

\n		\n

106\u00a0442

\n		\n

17

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

2\u00a0400

\n		\n

48

\n		\n

3

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

\n		\n

43

\n		\n

4\u00a0309

\n
\n

Total des actifs reconnus vis-\u00e0-vis des entit\u00e9s structur\u00e9es non consolid\u00e9es

\n		\n

10\u00a0597

\n		\n

106\u00a0533

\n		\n

4\u00a0329

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

\n		\n

195

\n
\n

Total des passifs reconnus vis-\u00e0-vis des entit\u00e9s structur\u00e9es non consolid\u00e9es

\n		\n

\n		\n

\n		\n

195

\n
\n

Engagements de financement donn\u00e9s

\n		\n

\n		\n

\n		\n

1\u00a0510

\n
\n

Exposition maximale au risque de cr\u00e9dit

\n		\n

10\u00a0597

\n		\n

106\u00a0533

\n		\n

5\u00a0839

\n
\n

Exposition nette au risque de perte

\n		\n

10\u00a0597

\n		\n

106\u00a0533

\n		\n

5\u00a0839

\n
\n

L\u2019exposition maximale au risque de perte correspond au montant des int\u00e9r\u00eats enregistr\u00e9s \u00e0 l\u2019actif du bilan et des engagements donn\u00e9s minor\u00e9 des provisions pour risques et charges enregistr\u00e9es au passif, minor\u00e9 des garanties re\u00e7ues.

\n

L\u2019exposition maximale au risque de perte est le plus souvent limit\u00e9e aux parts d\u00e9tenues dans les fonds, \u00e0 l\u2019exception des fonds dans lesquels La Banque Postale accorde une garantie de capital et de performance.

\n

Informations sur les entit\u00e9s structur\u00e9es non consolid\u00e9es sponsoris\u00e9es par\u00a0le\u00a0groupe

\n

Sont d\u00e9finis comme entit\u00e9s structur\u00e9es non consolid\u00e9es sponsoris\u00e9es les fonds qui sont structur\u00e9s par une soci\u00e9t\u00e9 de gestion contr\u00f4l\u00e9e par le groupe, notamment les fonds g\u00e9r\u00e9s par la filiale La Banque Postale Asset Management.

\n

Une entit\u00e9 structur\u00e9e est r\u00e9put\u00e9e sponsoris\u00e9e par le groupe d\u00e8s lors que sa d\u00e9nomination int\u00e8gre le nom du groupe ou d\u2019une de ses filiales.

\n

Les revenus tir\u00e9s par le groupe sur ces entit\u00e9s s\u2019\u00e9l\u00e8vent \u00e0 2,3\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et sont principalement compos\u00e9s de commissions non r\u00e9currentes.

\n

NOTE 45P\u00e9rim\u00e8tre de consolidation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Soci\u00e9t\u00e9 consolidante

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

LA POSTE
9, rue du Colonel-Pierre-Avia
75757 PARIS CEDEX 15

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Adimmo

\n		\n

France

\n		\n

64,15

\n		\n

75,41

\n		\n

99,90

\n		\n

99,90

\n		\n

IG

\n		\n

IG

\n
\n

Advanced Ideas

\n		\n

Roumanie

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c2ge d\u2019or Expansion

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

64,21

\n		\n

75,49

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9 \u00e0 domicile

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo D\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Partenariats Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Budget Box

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cassiop

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Coordination Axeo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Creat Direct

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CyberCit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cyclonova

\n		\n

France

\n		\n

\n		\n

60,00

\n		\n

\n		\n

60,00

\n		\n

\n		\n

IG

\n
\n

Diadom

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO IS

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c9conomie d'\u00e9nergie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

EDENEXT

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Edgewhere

\n		\n

France

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

IG

\n		\n

IG

\n
\n

E-SY Com

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fluow

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Geobuzon

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geoptis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Go Logistic

\n		\n

Portugal

\n		\n

90,00

\n		\n

100,00

\n		\n

90,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

HDC Sant\u00e9 (ex Happytal)

\n		\n

France

\n		\n

93,00

\n		\n

100,00

\n		\n

93,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort ST Nazaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

IM Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Inbox Marketing

\n		\n

Roumanie

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

IG

\n		\n

IG

\n
\n

Innovagency

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Interactions Marketing

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le Factory

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Conciergerie

\n		\n

France

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste E-\u00e9ducation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Nouveaux Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste Sant\u00e9 et Autonomie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7 Factory

\n		\n

France

\n		\n

\n		\n

75,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

LP10

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LPS R\u00e9seaux

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Matching

\n		\n

France

\n		\n

83,76

\n		\n

100,00

\n		\n

83,76

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Distribui\u00e7\u00e3o Postal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Espagne

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail Bulgaria

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediapost Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Martech

\n		\n

Roumanie

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte SGPS

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Metrica

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MN Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Neolog

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nouvelle Attitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Colombia

\n		\n

Colombie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Mexico

\n		\n

Mexique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OnlySo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Recygo

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI STP Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SMP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S IT (ex-Sogec Informatique)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S marketing (ex Sogec Marketing)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tick and Shop Log (ex Sogec Gestion)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogefinad

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Somepost

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

STP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tikeasy

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TimeOne \u2013 Performance

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Viaposte Maintenance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte Maintenance Benelux

\n		\n

Belgique

\n		\n

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

Viaposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte transport Management

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vouchers Depot

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Group

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Loyalty

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Geopost\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

360\u00b0 Services\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

A52 Warehouse Inc.

\n		\n

Canada

\n		\n

32,31

\n		\n

\n		\n

50,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

ACP Global Forwarding

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Air 360

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Alas Courier, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Alolomer, S.L.U.

\n		\n

Espagne

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Alturing

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Aramex PJSC

\n		\n

\u00c9mirats arabes unis

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Armadillo Holding Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Austria GmbH

\n		\n

Autriche

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Asendia Benelux B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Digital Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Germany GmbH

\n		\n

Allemagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Global Returns

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Hong Kong Ltd

\n		\n

Hong Kong

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Italy S.r.L.

\n		\n

Italie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Ireland Limited (ex-The Reach Advisory Limited.)

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS, branch Bern

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Nordic AB

\n		\n

Su\u00e8de

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania AU Pty. Ltd.

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania NZ Limited

\n		\n

Nouvelle Z\u00e9lande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Press Edigroup\u00a0SA

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Singapore Pte. Ltd.

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Spain S.L.

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia UK Ltd

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia USA Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Beijing Linehaul Express Co Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bio Cair Fowarding International Co LTD

\n		\n

Chine

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Asia Limited

\n		\n

Hong Kong

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Australia PTY Ltd

\n		\n

Australie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Customs Brokerage LLC

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Germany GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair India Private Limited

\n		\n

Inde

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR International Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Singapore Pte Ltd

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair South Africa (Pty) Ltd

\n		\n

Afrique du Sud

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Logistics Group B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Pharma Logistics B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Sneltransport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bloomsburys Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boks\u00a0SAS

\n		\n

France

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

MEE

\n		\n

MEE

\n
\n

Broad Reach Canada

\n		\n

Canada

\n		\n

40,80

\n		\n

30,60

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Broad Reach Canada, Inc.\u00a0(ex Broad Reach Commerce Inc.)

\n		\n

\u00c9tats-Unis

\n		\n

40,80

\n		\n

30,60

\n		\n

68,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

C Chez Vous\u00a0SAS

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Cal\u00e9donie Express

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Cargonet Software\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chrono Diali

\n		\n

Maroc

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Chronofresh\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost (Mauritius) Ltd

\n		\n

\u00cele Maurice

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Alg\u00e9rie

\n		\n

Alg\u00e9rie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Burkina

\n		\n

Burkina Faso

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CI C\u00f4te d\u2019Ivoire

\n		\n

C\u00f4te d'Ivoire

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Maroc

\n		\n

Maroc

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CitySprint (UK) Bidco Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint Courier Services Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Cool Runnings Transport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Customs Clearance Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CXB Partner S.A.U.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Delifresh IDF

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Delivering London Limited

\n		\n

Grande-Bretagne

\n		\n

\n		\n

25,00

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n
\n

Direct Parcel Distribution CZ s.r.o.

\n		\n

R\u00e9p. tch\u00e8que

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Direct Parcel Distribution SK s.r.o.

\n		\n

Slovaquie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Argentina S.A.

\n		\n

Argentine

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Austria

\n		\n

Autriche

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Bel FLLC

\n		\n

Bi\u00e9lorussie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Croatia d.o.o.

\n		\n

Croatie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Deutschland GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eesti AS

\n		\n

Estonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eurasia LLC

\n		\n

Ouzb\u00e9kistan

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

DPD France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD fresh BeLux BV

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Group International Services GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD HK Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilien GmbH & Co. KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilienverwaltung GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Ireland

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Kazakhstan LLP

\n		\n

Kazakhstan

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Laser

\n		\n

Afrique du Sud

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Latvija SIA

\n		\n

Lettonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Lietuva UAB

\n		\n

Lituanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Local UK Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Netherlands

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Polska

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Portugal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

DPD Romania S.A.

\n		\n

Roumanie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD RUS

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Schweiz

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Service GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Slovenia

\n		\n

Slov\u00e9nie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDCN Linehaul Express Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup Uk Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GmbH & Co. Asset KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GP GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia Management GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DTDC

\n		\n

Inde

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

MEE

\n		\n

MEE

\n
\n

Epicery\u00a0SAS

\n		\n

France

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

IG

\n		\n

IG

\n
\n

ESW France\u00a0SAS (ex Scalefast, SAS)

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Japan K.K. (ex Scalefast Japan Kabushiki Kaisha)

\n		\n

Japon

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Parent, Inc, (ESPI)

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW U.S. Direct E-Commerce Canada Corp

\n		\n

Canada

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Express Delivery Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FB On Board Courier Services Inc.

\n		\n

Canada

\n		\n

17,29

\n		\n

17,29

\n		\n

26,76

\n		\n

26,76

\n		\n

MEE

\n		\n

MEE

\n
\n

FermoPoint S.r.l.

\n		\n

Italie

\n		\n

50,98

\n		\n

100,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Flap Locadora e Trans. Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Forwarder Line Logistik

\n		\n

Liechtenstein

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Americas

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Espa\u00f1a, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Holdings Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost IMDH GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Ireland Limited

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost South East Asia (SEA) Pte. Ltd.

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Trans EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Vision

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Gruppo BRT

\n		\n

Italie

\n		\n

84,96

\n		\n

100,00

\n		\n

84,96

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Hubez HK Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

iloxx GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infraestructuras, Tecnologia Y Soporte Al Reparto, SL

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Jadlog Log\u00edstica Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

JLGP Brasil Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

JP Linex Nankai Parcel Co., Ltd.

\n		\n

Japon

\n		\n

19,29

\n		\n

19,29

\n		\n

29,85

\n		\n

29,85

\n		\n

MEE

\n		\n

MEE

\n
\n

Koiki Home, S.L.

\n		\n

Espagne

\n		\n

40,34

\n		\n

46,65

\n		\n

40,34

\n		\n

46,65

\n		\n

MEE

\n		\n

MEE

\n
\n

Last Mile Link Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Latin America E-Commerce Direct, S.A. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lenton Group Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Cambodia) Co. Ltd.

\n		\n

Cambodge

\n		\n

16,16

\n		\n

16,16

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Linehaul Express (Hainan) Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (HK) Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (India) Private Ltd.

\n		\n

Inde

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Taiwan) Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Thailand) Co. Ltd.

\n		\n

Tha\u00eflande

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Zhengzhou) Ltd.

\n		\n

Chine

\n		\n

54,93

\n		\n

54,93

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Co. Ltd.

\n		\n

Canada

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express France\u00a0SARL

\n		\n

France

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express LLC

\n		\n

\u00c9mirats arabes unis

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Singapore Pte Ltd.

\n		\n

Singapour

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul MAC Express (Private) Ltd.

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Air Services (Private) Ltd.

\n		\n

Afrique du Sud

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Corporation

\n		\n

Philippines

\n		\n

38,78

\n		\n

38,78

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Mach 1 Couriers Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Menexpres, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nanny Bag

\n		\n

France

\n		\n

49,95

\n		\n

\n		\n

49,95

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Ninja Logistics Pte. Ltd.

\n		\n

Singapour

\n		\n

42,29

\n		\n

34,25

\n		\n

42,29

\n		\n

34,25

\n		\n

MEE

\n		\n

MEE

\n
\n

North America Direct, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

On The Dot Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Packcity Geopost

\n		\n

France

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PickPoint (Russia) LLC

\n		\n

Russie

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickpoint Delivery System Ltd. (Cyprus)

\n		\n

Chypre

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickup Logistics

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pickup Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pie Mapping Software Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pour de bon\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Project Bolt Newco 1 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Project Bolt Newco 2 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

PT Linehaul Express Indonesia

\n		\n

Indon\u00e9sie

\n		\n

25,85

\n		\n

25,85

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Pudo Portugal S.A.

\n		\n

Portugal

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Resto In

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

RPX MAC Express (Private) Limited

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Australia PTY LTD

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Canada Enterprises

\n		\n

Canada

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Scalefast Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Scalefast S. de R.L. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Singapore PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Exa Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Examurs Paris

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sci Intel immo

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SDS RUS LLC

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Espa\u00f1a Operaciones, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Geopost, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Log\u00edstica S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shaanxi Depuda International Logistic Co Ltd\u00a0(ex Linehaul Express (Yiwu) Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shanghai E & T Wako Express Co. Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SHIFT7

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sichuan Depuda International Logistics Co Ltd\u00a0(ex DPD Sichuan Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Siodemka Systemy Sp z o.o.

\n		\n

Pologne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sodexi

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Speedy AD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

IG

\n		\n

IG

\n
\n

Speedy EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Speedy Tech Lab.

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SRT France Logistics

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

TD Express services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Holdings Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transporte Integral de Paqueter\u00eda, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transworld Global Courier Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Urgent Deliveries Limited (EcoSpeed)

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct (Singapore) PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce AUS PTY Limited

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Malaysia SDN BHD

\n		\n

Malaisie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Netherlands B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Spain S.L. (ex Scalefast, S.L.)

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Switzerland AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce UK Limited

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct Hong Kong Limited

\n		\n

Hong Kong

\n		\n

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

US Direct E-Commerce (USA) Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Holding Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Nominee DAC

\n		\n

Irlande

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

US Direct E-Commerce Rus LLC

\n		\n

Russie

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Wako Express Co. Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

WN TPC

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

WnDirect USA, Inc

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact B.V.

\n		\n

Pays-Bas

\n		\n

48,47

\n		\n

48,47

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact LGG

\n		\n

Belgique

\n		\n

48,47

\n		\n

48,47

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact Limited

\n		\n

Grande-Bretagne

\n		\n

36,35

\n		\n

36,35

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Yurtici Kargo Servisi A.S.

\n		\n

Turquie

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Banque Postale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

115 K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP3 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP4 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Arial CNP Assurances

\n		\n

France

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Assurbail Patrimoine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assurimmeuble

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assuristance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora Especializada Em Sa\u00fade\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CIMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Asfalistiki

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assur Tr\u00e9sorerie Plus

\n		\n

France

\n		\n

98,82

\n		\n

97,72

\n		\n

98,82

\n		\n

97,74

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Compa\u00f1ia de Seguros

\n		\n

Argentine

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances IARD

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Latam Holding Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Protection Sociale

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Sant\u00e9 Individuelle

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Capitaliza\u00e7\u00e3o\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Caution

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cons\u00f3rcio\u00a0SA Administradora de Cons\u00f3rcios

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cyprialife

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Cyprus Insurance Holdings

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Europe Life

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Immobilier

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP OSTRUM ISR OBLI 12 MOIS

\n		\n

France

\n		\n

88,06

\n		\n

99,43

\n		\n

88,06

\n		\n

99,44

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es Securitarias Brasil Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Retraite

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP\u00a0SA de Capitalizaci\u00f3n y Ahorro p/fines determinados

\n		\n

Argentine

\n		\n

50,00

\n		\n

50,00

\n		\n

65,38

\n		\n

65,38

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Europe DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Life DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Seguros Holding Brasil\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

IG

\n		\n

IG

\n
\n

CNP UniCredit Vita

\n		\n

Italie

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assicura

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Vita Assicurazione

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Zois

\n		\n

Gr\u00e8ce

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Companhia de Seguros Previdencia Do Sul-Previsul

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Credicoop Compa\u00f1ia de Seguros de Retiro\u00a0SA

\n		\n

Argentine

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

EasyBourse

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ecureuil Profil 90

\n		\n

France

\n		\n

54,59

\n		\n

55,00

\n		\n

54,59

\n		\n

55,00

\n		\n

IG

\n		\n

IG

\n
\n

Ezyness

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FCT Elise 2012

\n		\n

France

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

IG

\n		\n

IG

\n
\n

Filassistance International

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fonci\u00e8re ELBP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fundo De Investimento Imobiliario Renda Corporativa Angico \u2013 FII

\n		\n

Br\u00e9sil

\n		\n

48,81

\n		\n

48,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

GALAXIE 33

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Holding d\u2019Infrastructures Gazi\u00e8res

\n		\n

France

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding XS 1\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest France

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Consumer Finance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Home Loan SFH

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Leasing & Factoring

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Financi\u00e8re de l'Echiquier

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Actifs Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP AM

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 1 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 2 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e Immobilier Conseil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ma French Bank

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Montparvie V

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Odonto Empresas Conv\u00eanios Dent\u00e1rios Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEP247

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEW Imcom 1

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI MTP Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI Raspail

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM CNP Cons\u00f3rcio\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Provincia Seguros de Vida\u00a0SA

\n		\n

Argentine

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SAS 270 Investments

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI CRSF M\u00e9tropole

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI ICV

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Lamartine

\n		\n

France

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Saint Romain

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine Euros

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine monitoring Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SICAC

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOFIAP

\n		\n

France

\n		\n

66,00

\n		\n

100,00

\n		\n

66,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogestop K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TERRE NEUVE 4 IMMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Univers CNP 1 FCP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vivaccio ISR actions

\n		\n

France

\n		\n

99,89

\n		\n

100,00

\n		\n

99,89

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Wiz Solu\u00e7oes e Corretagem de Seguros\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

12,94

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

XS5 Administradora de consorcios\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

25,00

\n		\n

25,00

\n		\n

50,01

\n		\n

50,01

\n		\n

MEE

\n		\n

MEE

\n
\n

Youse Tecnologia e Assistencia em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Grand Public et Num\u00e9rique

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Acuitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Adverline

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AR 24

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ARKHINEO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axonal

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boxtal

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Certinomis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNTP \u2013 Docaposte BPO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Agility

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Applicam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CSP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CYBER

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Docaposte DPS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Externalisation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Fast

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Institute

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte IOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Pologne

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Roumanie

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Tunisie

\n		\n

Tunisie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Belgique

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Esculape

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

98,08

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Eukles

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Heva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Icanop\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education D\u00e9veloppement

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education France

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Italie

\n		\n

Italie

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Manufacture Docaposte

\n		\n

France

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Services \u00e0 la Personne

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LP11

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maileva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maincare

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MARKETSHOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Media Prisme\u00a0SAS

\n		\n

France

\n		\n

82,05

\n		\n

100,00

\n		\n

82,05

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mon Contact Logement

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Monha

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Numspot

\n		\n

France

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Openvalue

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Probayes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Inc

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Argentine

\n		\n

Argentine

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Colombie

\n		\n

Colombie

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9res Espagne

\n		\n

Espagne

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Equateur

\n		\n

\u00c9quateur

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Mexique

\n		\n

Mexique

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s P\u00e9rou

\n		\n

P\u00e9rou

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s\u00a0SA

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

IG

\n		\n

IG

\n
\n

Sofadev \u2013 Docaposte BPO

\n		\n

Maroc

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Agency

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Consulting

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Group

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tekoway Moldavie

\n		\n

Moldavie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

THIQA

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Voxaly

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Weliom

\n		\n

France

\n		\n

70,00

\n		\n

100,00

\n		\n

70,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Secteur Immobilier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Poste Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Akatea 2 TPF2\u00a0SAS

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Akatea TPF2

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Ciposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fr\u00e9jorgues Energy\u00a0SAS

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

HLU Port de Lyon

\n		\n

France

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

ImmoStoc\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

LocaPoste\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lumin' Toulouse\u00a0SAS

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Lumin'Logistique urbaine

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Multiburo Gares

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Multiburo Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MWPI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

N.C.I

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

PI Energy

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Energy 2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Logistique Urbaine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Poste Immo tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI d\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Energies renouvelables

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SC Pyxis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCCV 56, Rue Cler

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCCV Paris Campagne Premi\u00e8re

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Activit\u00e9s annexes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Colis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier de Proximit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier Industriel

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Aix-Pichaury

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI Arkadea Marseille Saint Victor

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Arkadea Rennes Trigone

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCI Bataille

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI BP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI BP Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Centres de loisirs

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI DOM

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Green Opale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Logement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Nantes Aubiniere

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI PI 17

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI PI Bordeaux Tourville

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Route du Moulin Bateau Bonneuil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI RSS Strasbourg MEE

\n		\n

France

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sobre

\n		\n

France

\n		\n

48,56

\n		\n

\n		\n

48,56

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SOBRE GLP

\n		\n

France

\n		\n

74,28

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Soci\u00e9t\u00e9 SCCV Rue du Champ Macret-Roye

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOGARIS Paris\u00a0: les espaces logistiques urbains

\n		\n

France

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

MEE

\n		\n

MEE

\n
\n

Terseren

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tetra Logistique

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Toulouse Occitanie

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

TPF2 \u2013 SPPICAV

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Urba 144

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Non affect\u00e9

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Ventures (LP7)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vehiposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Movivolt

\n		\n

France

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

MEE

\n		\n

MEE

\n
\n

IG\u00a0: int\u00e9gration globale\u00a0; MEE\u00a0: mise en \u00e9quivalence.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41344067833095430_0_0": { "value": "

1.2Cession de CNP UniCredit Vita

\n

Le 20\u00a0juin 2025, CNP\u00a0Assurances\u00a0SA a annonc\u00e9 la finalisation de la cession, pour 594\u00a0millions d\u2019euros (619\u00a0millions d\u2019euros dont 25\u00a0millions re\u00e7us sous forme de dividendes), de CNP UniCredit Vita, filiale italienne en partenariat exclusif avec UniCredit et d\u00e9tenue \u00e0 51%. Cette cession a g\u00e9n\u00e9r\u00e9 une plus-value de +116\u00a0millions d\u2019euros, dont -2\u00a0millions d\u2019euros de recyclage en r\u00e9sultat des \u00e9l\u00e9ments du r\u00e9sultat global comptabilis\u00e9s en capitaux propres dans les comptes du premier semestre 2025. Cette cession fait suite \u00e0 l\u2019exercice par UniCredit de son option d\u2019achat sur la totalit\u00e9 des titres d\u00e9tenus par CNP\u00a0Assurances, conform\u00e9ment aux accords de partenariat. CNP\u00a0Assurances maintient son engagement sur le march\u00e9 italien via sa filiale CNP

\n

Assicura, d\u00e9tenue \u00e0 100%.

\n

1.6Accord conclu avec les actionnaires minoritaires de BRT

\n

Un accord a \u00e9t\u00e9 conclu le 3\u00a0juillet 2025 avec les actionnaires minoritaires de BRT (closing le 24\u00a0juillet 2025). Cet accord a pour objet principal de mettre fin aux proc\u00e9dures engag\u00e9es par Geopost et BRT \u00e0 l\u2019encontre des actionnaires minoritaires. Les effets de cet accord se traduisent comme suit dans les comptes 2025\u00a0:

\n

\u25cfrachat des participations minoritaires de BRT par Geopost pour un montant de 60\u00a0millions d\u2019euros, portant ainsi la participation de Geopost \u00e0 100%. Cette op\u00e9ration g\u00e9n\u00e8re un impact n\u00e9gatif de 84\u00a0millions d\u2019euros sur les capitaux propres part du groupe\u00a0;

\n

\u25cfencaissement et reconnaissance en produits d\u2019indemnit\u00e9s re\u00e7ues \u00e0 hauteur de 70\u00a0millions d\u2019euros\u00a0;

\n

\u25cfremise de loyers de 35,7\u00a0millions d\u2019euros sur la p\u00e9riode 2025-2031 ayant pour cons\u00e9quence une diminution de la dette IFRS\u00a016 pour un montant de 195\u00a0millions d\u2019euros \u00e0 fin\u00a0d\u00e9cembre\u00a02025.

\n

Il convient \u00e9galement de noter qu\u2019une r\u00e9duction du prix d\u2019acquisition de BRT, comptabilis\u00e9e comme produit, avait \u00e9t\u00e9 reconnue d\u00e8s les comptes semestriels 2025 pour un montant de\u00a040\u00a0millions d\u2019euros.

\n

Int\u00e9gration globale

\n

Les entreprises contr\u00f4l\u00e9es par le groupe sont consolid\u00e9es selon la m\u00e9thode de l'int\u00e9gration globale.

\n

Le contr\u00f4le se d\u00e9finit comme le pouvoir de diriger les activit\u00e9s pertinentes de l\u2019entreprise, l\u2019exposition aux rendements variables de cette entreprise, et la capacit\u00e9 d\u2019utiliser le pouvoir afin d\u2019influer sur ces rendements.

\n

3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

\n

Acquisitions et cessions

\n

Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

\n

Engagements de rachat

\n

En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

\n

Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

\n

27.3Int\u00e9r\u00eats minoritaires

\n

Les int\u00e9r\u00eats minoritaires s\u2019\u00e9l\u00e8vent \u00e0 7\u00a0132\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 contre 7\u00a0202\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

\u00c0 fin 2025, ils correspondent pour l\u2019essentiel\u00a0:

\n

\u25cfaux int\u00e9r\u00eats minoritaires sur le groupe CNP Assurances pour 5\u00a0345\u00a0millions d\u2019euros (contre 5\u00a0419\u00a0millions d\u2019euros fin 2024), dont des titres subordonn\u00e9s perp\u00e9tuels pour 1\u00a0885\u00a0millions d\u2019euros (contre 1\u00a0389\u00a0millions d\u2019euros fin 2024)\u00a0;

\n

\u25cfaux titres subordonn\u00e9s perp\u00e9tuels \u00e9mis par La Banque Postale pour 1\u00a0488\u00a0millions d\u2019euros (contre 1\u00a0488\u00a0millions d\u2019euros fin 2024)\u00a0;

\n

\u25cfaux titres perp\u00e9tuels \u00e9mis par Asendia pour 227\u00a0millions d\u2019euros (contre 227\u00a0millions d\u2019euros fin 2024).

\n

Les titres subordonn\u00e9s perp\u00e9tuels class\u00e9s dans les int\u00e9r\u00eats minoritaires sont d\u00e9taill\u00e9s ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Date d'\u00e9mission

\n		\n

Taux servi

\n		\n

Montant de l'\u00e9mission en devises

\n		\n

Devises

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

CNP Assurances

\n		\n

21/06/2004

\n		\n

TEC 10 +\u00a010\u00a0bps, cap \u00e0 9%

\n		\n

300

\n		\n

EUR

\n		\n

251

\n		\n

251

\n
\n

CNP Assurances

\n		\n

11/03/2005

\n		\n

6,25% jusqu'en 2009 puis 4 fois (EUR CMS 10\u00a0ans \u2013 EUR CMS 2\u00a0ans), cap \u00e0 9% et floor \u00e0 2,75%

\n		\n

24

\n		\n

EUR

\n		\n

24

\n		\n

24

\n
\n

CNP Assurances

\n		\n

11/03/2005

\n		\n

6,50% jusqu'en\u00a0mars\u00a02008 puis 3% +\u00a022,5% fois l'EUR CMS 10\u00a0ans

\n		\n

225

\n		\n

EUR

\n		\n

220

\n		\n

220

\n
\n

CNP Assurances

\n		\n

27/06/2005

\n		\n

7% jusqu'en\u00a0juin\u00a02010 puis CMS 10\u00a0ans +\u00a030\u00a0bps

\n		\n

75

\n		\n

EUR

\n		\n

60

\n		\n

60

\n
\n

CNP Assurances

\n		\n

16/05/2006

\n		\n

5,25% jusqu'au 16/05/2036 puis Euribor 3\u00a0mois +185\u00a0bps (y compris step-up 100\u00a0bps \u00e0 Call Date)

\n		\n

160

\n		\n

EUR

\n		\n

181

\n		\n

181

\n
\n

CNP Assurances

\n		\n

20/12/2006

\n		\n

Euribor 3\u00a0mois +\u00a095\u00a0bps jusqu'au 20/12/2026 puis\u00a0Euribor 3\u00a0mois +\u00a0195\u00a0bps

\n		\n

108

\n		\n

EUR

\n		\n

99

\n		\n

99

\n
\n

CNP Assurances

\n		\n

27/06/2018

\n		\n

4,75% jusqu'en 2028 puis reset taux fixe swap 5\u00a0ans +\u00a0391,4\u00a0bps

\n		\n

500

\n		\n

USD

\n		\n

552

\n		\n

552

\n
\n

CNP Assurances

\n		\n

02/07/2025

\n		\n

5,50% puis \u00e0 partir de\u00a0juillet 2032
Mid Swap Rate +\u00a0319,9\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

496

\n		\n

\n
\n

La Banque Postale

\n		\n

20/11/2019

\n		\n

3,875%

\n		\n

750

\n		\n

EUR

\n		\n

744

\n		\n

744

\n
\n

La Banque Postale

\n		\n

29/09/2021

\n		\n

3,000%

\n		\n

750

\n		\n

EUR

\n		\n

744

\n		\n

744

\n
\n

Asendia

\n		\n

10/03/2021

\n		\n

4,778%

\n		\n

198

\n		\n

EUR

\n		\n

198

\n		\n

198

\n
\n

Asendia

\n		\n

02/08/2022

\n		\n

4,689%

\n		\n

29

\n		\n

EUR

\n		\n

29

\n		\n

29

\n
\n

Total titres subordonn\u00e9s perp\u00e9tuels class\u00e9s en participations ne donnant pas le contr\u00f4le

\n		\n

3\u00a0600

\n		\n

3\u00a0104

\n
\n

NOTE 45P\u00e9rim\u00e8tre de consolidation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Soci\u00e9t\u00e9 consolidante

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

LA POSTE
9, rue du Colonel-Pierre-Avia
75757 PARIS CEDEX 15

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Adimmo

\n		\n

France

\n		\n

64,15

\n		\n

75,41

\n		\n

99,90

\n		\n

99,90

\n		\n

IG

\n		\n

IG

\n
\n

Advanced Ideas

\n		\n

Roumanie

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c2ge d\u2019or Expansion

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

64,21

\n		\n

75,49

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9 \u00e0 domicile

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo D\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Partenariats Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Budget Box

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cassiop

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Coordination Axeo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Creat Direct

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CyberCit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cyclonova

\n		\n

France

\n		\n

\n		\n

60,00

\n		\n

\n		\n

60,00

\n		\n

\n		\n

IG

\n
\n

Diadom

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO IS

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c9conomie d'\u00e9nergie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

EDENEXT

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Edgewhere

\n		\n

France

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

IG

\n		\n

IG

\n
\n

E-SY Com

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fluow

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Geobuzon

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geoptis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Go Logistic

\n		\n

Portugal

\n		\n

90,00

\n		\n

100,00

\n		\n

90,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

HDC Sant\u00e9 (ex Happytal)

\n		\n

France

\n		\n

93,00

\n		\n

100,00

\n		\n

93,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort ST Nazaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

IM Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Inbox Marketing

\n		\n

Roumanie

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

IG

\n		\n

IG

\n
\n

Innovagency

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Interactions Marketing

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le Factory

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Conciergerie

\n		\n

France

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste E-\u00e9ducation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Nouveaux Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste Sant\u00e9 et Autonomie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7 Factory

\n		\n

France

\n		\n

\n		\n

75,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

LP10

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LPS R\u00e9seaux

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Matching

\n		\n

France

\n		\n

83,76

\n		\n

100,00

\n		\n

83,76

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Distribui\u00e7\u00e3o Postal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Espagne

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail Bulgaria

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediapost Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Martech

\n		\n

Roumanie

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte SGPS

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Metrica

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MN Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Neolog

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nouvelle Attitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Colombia

\n		\n

Colombie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Mexico

\n		\n

Mexique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OnlySo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Recygo

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI STP Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SMP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S IT (ex-Sogec Informatique)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S marketing (ex Sogec Marketing)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tick and Shop Log (ex Sogec Gestion)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogefinad

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Somepost

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

STP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tikeasy

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TimeOne \u2013 Performance

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Viaposte Maintenance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte Maintenance Benelux

\n		\n

Belgique

\n		\n

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

Viaposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte transport Management

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vouchers Depot

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Group

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Loyalty

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Geopost\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

360\u00b0 Services\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

A52 Warehouse Inc.

\n		\n

Canada

\n		\n

32,31

\n		\n

\n		\n

50,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

ACP Global Forwarding

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Air 360

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Alas Courier, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Alolomer, S.L.U.

\n		\n

Espagne

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Alturing

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Aramex PJSC

\n		\n

\u00c9mirats arabes unis

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Armadillo Holding Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Austria GmbH

\n		\n

Autriche

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Asendia Benelux B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Digital Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Germany GmbH

\n		\n

Allemagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Global Returns

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Hong Kong Ltd

\n		\n

Hong Kong

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Italy S.r.L.

\n		\n

Italie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Ireland Limited (ex-The Reach Advisory Limited.)

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS, branch Bern

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Nordic AB

\n		\n

Su\u00e8de

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania AU Pty. Ltd.

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania NZ Limited

\n		\n

Nouvelle Z\u00e9lande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Press Edigroup\u00a0SA

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Singapore Pte. Ltd.

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Spain S.L.

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia UK Ltd

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia USA Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Beijing Linehaul Express Co Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bio Cair Fowarding International Co LTD

\n		\n

Chine

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Asia Limited

\n		\n

Hong Kong

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Australia PTY Ltd

\n		\n

Australie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Customs Brokerage LLC

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Germany GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair India Private Limited

\n		\n

Inde

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR International Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Singapore Pte Ltd

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair South Africa (Pty) Ltd

\n		\n

Afrique du Sud

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Logistics Group B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Pharma Logistics B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Sneltransport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bloomsburys Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boks\u00a0SAS

\n		\n

France

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

MEE

\n		\n

MEE

\n
\n

Broad Reach Canada

\n		\n

Canada

\n		\n

40,80

\n		\n

30,60

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Broad Reach Canada, Inc.\u00a0(ex Broad Reach Commerce Inc.)

\n		\n

\u00c9tats-Unis

\n		\n

40,80

\n		\n

30,60

\n		\n

68,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

C Chez Vous\u00a0SAS

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Cal\u00e9donie Express

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Cargonet Software\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chrono Diali

\n		\n

Maroc

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Chronofresh\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost (Mauritius) Ltd

\n		\n

\u00cele Maurice

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Alg\u00e9rie

\n		\n

Alg\u00e9rie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Burkina

\n		\n

Burkina Faso

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CI C\u00f4te d\u2019Ivoire

\n		\n

C\u00f4te d'Ivoire

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Maroc

\n		\n

Maroc

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CitySprint (UK) Bidco Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint Courier Services Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Cool Runnings Transport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Customs Clearance Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CXB Partner S.A.U.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Delifresh IDF

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Delivering London Limited

\n		\n

Grande-Bretagne

\n		\n

\n		\n

25,00

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n
\n

Direct Parcel Distribution CZ s.r.o.

\n		\n

R\u00e9p. tch\u00e8que

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Direct Parcel Distribution SK s.r.o.

\n		\n

Slovaquie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Argentina S.A.

\n		\n

Argentine

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Austria

\n		\n

Autriche

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Bel FLLC

\n		\n

Bi\u00e9lorussie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Croatia d.o.o.

\n		\n

Croatie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Deutschland GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eesti AS

\n		\n

Estonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eurasia LLC

\n		\n

Ouzb\u00e9kistan

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

DPD France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD fresh BeLux BV

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Group International Services GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD HK Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilien GmbH & Co. KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilienverwaltung GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Ireland

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Kazakhstan LLP

\n		\n

Kazakhstan

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Laser

\n		\n

Afrique du Sud

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Latvija SIA

\n		\n

Lettonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Lietuva UAB

\n		\n

Lituanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Local UK Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Netherlands

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Polska

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Portugal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

DPD Romania S.A.

\n		\n

Roumanie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD RUS

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Schweiz

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Service GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Slovenia

\n		\n

Slov\u00e9nie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDCN Linehaul Express Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup Uk Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GmbH & Co. Asset KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GP GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia Management GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DTDC

\n		\n

Inde

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

MEE

\n		\n

MEE

\n
\n

Epicery\u00a0SAS

\n		\n

France

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

IG

\n		\n

IG

\n
\n

ESW France\u00a0SAS (ex Scalefast, SAS)

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Japan K.K. (ex Scalefast Japan Kabushiki Kaisha)

\n		\n

Japon

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Parent, Inc, (ESPI)

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW U.S. Direct E-Commerce Canada Corp

\n		\n

Canada

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Express Delivery Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FB On Board Courier Services Inc.

\n		\n

Canada

\n		\n

17,29

\n		\n

17,29

\n		\n

26,76

\n		\n

26,76

\n		\n

MEE

\n		\n

MEE

\n
\n

FermoPoint S.r.l.

\n		\n

Italie

\n		\n

50,98

\n		\n

100,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Flap Locadora e Trans. Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Forwarder Line Logistik

\n		\n

Liechtenstein

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Americas

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Espa\u00f1a, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Holdings Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost IMDH GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Ireland Limited

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost South East Asia (SEA) Pte. Ltd.

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Trans EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Vision

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Gruppo BRT

\n		\n

Italie

\n		\n

84,96

\n		\n

100,00

\n		\n

84,96

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Hubez HK Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

iloxx GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infraestructuras, Tecnologia Y Soporte Al Reparto, SL

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Jadlog Log\u00edstica Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

JLGP Brasil Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

JP Linex Nankai Parcel Co., Ltd.

\n		\n

Japon

\n		\n

19,29

\n		\n

19,29

\n		\n

29,85

\n		\n

29,85

\n		\n

MEE

\n		\n

MEE

\n
\n

Koiki Home, S.L.

\n		\n

Espagne

\n		\n

40,34

\n		\n

46,65

\n		\n

40,34

\n		\n

46,65

\n		\n

MEE

\n		\n

MEE

\n
\n

Last Mile Link Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Latin America E-Commerce Direct, S.A. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lenton Group Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Cambodia) Co. Ltd.

\n		\n

Cambodge

\n		\n

16,16

\n		\n

16,16

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Linehaul Express (Hainan) Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (HK) Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (India) Private Ltd.

\n		\n

Inde

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Taiwan) Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Thailand) Co. Ltd.

\n		\n

Tha\u00eflande

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Zhengzhou) Ltd.

\n		\n

Chine

\n		\n

54,93

\n		\n

54,93

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Co. Ltd.

\n		\n

Canada

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express France\u00a0SARL

\n		\n

France

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express LLC

\n		\n

\u00c9mirats arabes unis

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Singapore Pte Ltd.

\n		\n

Singapour

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul MAC Express (Private) Ltd.

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Air Services (Private) Ltd.

\n		\n

Afrique du Sud

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Corporation

\n		\n

Philippines

\n		\n

38,78

\n		\n

38,78

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Mach 1 Couriers Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Menexpres, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nanny Bag

\n		\n

France

\n		\n

49,95

\n		\n

\n		\n

49,95

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Ninja Logistics Pte. Ltd.

\n		\n

Singapour

\n		\n

42,29

\n		\n

34,25

\n		\n

42,29

\n		\n

34,25

\n		\n

MEE

\n		\n

MEE

\n
\n

North America Direct, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

On The Dot Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Packcity Geopost

\n		\n

France

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PickPoint (Russia) LLC

\n		\n

Russie

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickpoint Delivery System Ltd. (Cyprus)

\n		\n

Chypre

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickup Logistics

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pickup Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pie Mapping Software Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pour de bon\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Project Bolt Newco 1 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Project Bolt Newco 2 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

PT Linehaul Express Indonesia

\n		\n

Indon\u00e9sie

\n		\n

25,85

\n		\n

25,85

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Pudo Portugal S.A.

\n		\n

Portugal

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Resto In

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

RPX MAC Express (Private) Limited

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Australia PTY LTD

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Canada Enterprises

\n		\n

Canada

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Scalefast Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Scalefast S. de R.L. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Singapore PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Exa Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Examurs Paris

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sci Intel immo

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SDS RUS LLC

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Espa\u00f1a Operaciones, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Geopost, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Log\u00edstica S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shaanxi Depuda International Logistic Co Ltd\u00a0(ex Linehaul Express (Yiwu) Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shanghai E & T Wako Express Co. Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SHIFT7

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sichuan Depuda International Logistics Co Ltd\u00a0(ex DPD Sichuan Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Siodemka Systemy Sp z o.o.

\n		\n

Pologne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sodexi

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Speedy AD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

IG

\n		\n

IG

\n
\n

Speedy EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Speedy Tech Lab.

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SRT France Logistics

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

TD Express services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Holdings Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transporte Integral de Paqueter\u00eda, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transworld Global Courier Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Urgent Deliveries Limited (EcoSpeed)

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct (Singapore) PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce AUS PTY Limited

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Malaysia SDN BHD

\n		\n

Malaisie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Netherlands B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Spain S.L. (ex Scalefast, S.L.)

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Switzerland AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce UK Limited

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct Hong Kong Limited

\n		\n

Hong Kong

\n		\n

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

US Direct E-Commerce (USA) Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Holding Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Nominee DAC

\n		\n

Irlande

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

US Direct E-Commerce Rus LLC

\n		\n

Russie

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Wako Express Co. Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

WN TPC

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

WnDirect USA, Inc

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact B.V.

\n		\n

Pays-Bas

\n		\n

48,47

\n		\n

48,47

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact LGG

\n		\n

Belgique

\n		\n

48,47

\n		\n

48,47

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact Limited

\n		\n

Grande-Bretagne

\n		\n

36,35

\n		\n

36,35

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Yurtici Kargo Servisi A.S.

\n		\n

Turquie

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Banque Postale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

115 K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP3 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP4 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Arial CNP Assurances

\n		\n

France

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Assurbail Patrimoine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assurimmeuble

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assuristance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora Especializada Em Sa\u00fade\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CIMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Asfalistiki

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assur Tr\u00e9sorerie Plus

\n		\n

France

\n		\n

98,82

\n		\n

97,72

\n		\n

98,82

\n		\n

97,74

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Compa\u00f1ia de Seguros

\n		\n

Argentine

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances IARD

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Latam Holding Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Protection Sociale

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Sant\u00e9 Individuelle

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Capitaliza\u00e7\u00e3o\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Caution

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cons\u00f3rcio\u00a0SA Administradora de Cons\u00f3rcios

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cyprialife

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Cyprus Insurance Holdings

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Europe Life

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Immobilier

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP OSTRUM ISR OBLI 12 MOIS

\n		\n

France

\n		\n

88,06

\n		\n

99,43

\n		\n

88,06

\n		\n

99,44

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es Securitarias Brasil Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Retraite

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP\u00a0SA de Capitalizaci\u00f3n y Ahorro p/fines determinados

\n		\n

Argentine

\n		\n

50,00

\n		\n

50,00

\n		\n

65,38

\n		\n

65,38

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Europe DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Life DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Seguros Holding Brasil\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

IG

\n		\n

IG

\n
\n

CNP UniCredit Vita

\n		\n

Italie

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assicura

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Vita Assicurazione

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Zois

\n		\n

Gr\u00e8ce

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Companhia de Seguros Previdencia Do Sul-Previsul

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Credicoop Compa\u00f1ia de Seguros de Retiro\u00a0SA

\n		\n

Argentine

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

EasyBourse

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ecureuil Profil 90

\n		\n

France

\n		\n

54,59

\n		\n

55,00

\n		\n

54,59

\n		\n

55,00

\n		\n

IG

\n		\n

IG

\n
\n

Ezyness

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FCT Elise 2012

\n		\n

France

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

IG

\n		\n

IG

\n
\n

Filassistance International

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fonci\u00e8re ELBP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fundo De Investimento Imobiliario Renda Corporativa Angico \u2013 FII

\n		\n

Br\u00e9sil

\n		\n

48,81

\n		\n

48,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

GALAXIE 33

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Holding d\u2019Infrastructures Gazi\u00e8res

\n		\n

France

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding XS 1\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest France

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Consumer Finance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Home Loan SFH

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Leasing & Factoring

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Financi\u00e8re de l'Echiquier

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Actifs Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP AM

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 1 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 2 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e Immobilier Conseil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ma French Bank

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Montparvie V

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Odonto Empresas Conv\u00eanios Dent\u00e1rios Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEP247

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEW Imcom 1

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI MTP Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI Raspail

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM CNP Cons\u00f3rcio\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Provincia Seguros de Vida\u00a0SA

\n		\n

Argentine

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SAS 270 Investments

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI CRSF M\u00e9tropole

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI ICV

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Lamartine

\n		\n

France

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Saint Romain

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine Euros

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine monitoring Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SICAC

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOFIAP

\n		\n

France

\n		\n

66,00

\n		\n

100,00

\n		\n

66,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogestop K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TERRE NEUVE 4 IMMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Univers CNP 1 FCP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vivaccio ISR actions

\n		\n

France

\n		\n

99,89

\n		\n

100,00

\n		\n

99,89

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Wiz Solu\u00e7oes e Corretagem de Seguros\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

12,94

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

XS5 Administradora de consorcios\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

25,00

\n		\n

25,00

\n		\n

50,01

\n		\n

50,01

\n		\n

MEE

\n		\n

MEE

\n
\n

Youse Tecnologia e Assistencia em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Grand Public et Num\u00e9rique

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Acuitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Adverline

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AR 24

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ARKHINEO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axonal

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boxtal

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Certinomis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNTP \u2013 Docaposte BPO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Agility

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Applicam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CSP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CYBER

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Docaposte DPS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Externalisation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Fast

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Institute

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte IOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Pologne

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Roumanie

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Tunisie

\n		\n

Tunisie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Belgique

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Esculape

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

98,08

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Eukles

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Heva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Icanop\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education D\u00e9veloppement

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education France

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Italie

\n		\n

Italie

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Manufacture Docaposte

\n		\n

France

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Services \u00e0 la Personne

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LP11

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maileva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maincare

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MARKETSHOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Media Prisme\u00a0SAS

\n		\n

France

\n		\n

82,05

\n		\n

100,00

\n		\n

82,05

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mon Contact Logement

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Monha

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Numspot

\n		\n

France

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Openvalue

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Probayes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Inc

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Argentine

\n		\n

Argentine

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Colombie

\n		\n

Colombie

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9res Espagne

\n		\n

Espagne

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Equateur

\n		\n

\u00c9quateur

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Mexique

\n		\n

Mexique

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s P\u00e9rou

\n		\n

P\u00e9rou

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s\u00a0SA

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

IG

\n		\n

IG

\n
\n

Sofadev \u2013 Docaposte BPO

\n		\n

Maroc

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Agency

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Consulting

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Group

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tekoway Moldavie

\n		\n

Moldavie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

THIQA

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Voxaly

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Weliom

\n		\n

France

\n		\n

70,00

\n		\n

100,00

\n		\n

70,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Secteur Immobilier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Poste Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Akatea 2 TPF2\u00a0SAS

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Akatea TPF2

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Ciposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fr\u00e9jorgues Energy\u00a0SAS

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

HLU Port de Lyon

\n		\n

France

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

ImmoStoc\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

LocaPoste\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lumin' Toulouse\u00a0SAS

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Lumin'Logistique urbaine

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Multiburo Gares

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Multiburo Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MWPI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

N.C.I

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

PI Energy

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Energy 2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Logistique Urbaine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Poste Immo tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI d\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Energies renouvelables

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SC Pyxis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCCV 56, Rue Cler

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCCV Paris Campagne Premi\u00e8re

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Activit\u00e9s annexes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Colis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier de Proximit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier Industriel

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Aix-Pichaury

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI Arkadea Marseille Saint Victor

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Arkadea Rennes Trigone

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCI Bataille

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI BP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI BP Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Centres de loisirs

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI DOM

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Green Opale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Logement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Nantes Aubiniere

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI PI 17

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI PI Bordeaux Tourville

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Route du Moulin Bateau Bonneuil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI RSS Strasbourg MEE

\n		\n

France

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sobre

\n		\n

France

\n		\n

48,56

\n		\n

\n		\n

48,56

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SOBRE GLP

\n		\n

France

\n		\n

74,28

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Soci\u00e9t\u00e9 SCCV Rue du Champ Macret-Roye

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOGARIS Paris\u00a0: les espaces logistiques urbains

\n		\n

France

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

MEE

\n		\n

MEE

\n
\n

Terseren

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tetra Logistique

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Toulouse Occitanie

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

TPF2 \u2013 SPPICAV

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Urba 144

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Non affect\u00e9

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Ventures (LP7)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vehiposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Movivolt

\n		\n

France

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

MEE

\n		\n

MEE

\n
\n

IG\u00a0: int\u00e9gration globale\u00a0; MEE\u00a0: mise en \u00e9quivalence.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41344037685316288_0_0": { "value": "

1.3Cession de CNP Cyprus Insurance Holdings

\n

Le 16\u00a0avril 2025, la cession \u00e0 100% de CNP\u00a0Cyprus Insurance Holdings, portant des activit\u00e9s d\u2019assurance vie et non-vie \u00e0 Chypre et en Gr\u00e8ce, a \u00e9t\u00e9 finalis\u00e9e pour un prix de cession de 182\u00a0millions d\u2019euros. Cette op\u00e9ration a g\u00e9n\u00e9r\u00e9 une moins-value de 39\u00a0millions d\u2019euros dont 26\u00a0millions d\u2019euros avaient \u00e9t\u00e9 comptabilis\u00e9s d\u00e8s l\u2019exercice 2024 sous forme d\u2019une d\u00e9pr\u00e9ciation des actifs destin\u00e9s \u00e0\u00a0\u00eatre c\u00e9d\u00e9s.

\n

Titres de participation non consolid\u00e9s

\n

Lorsqu\u2019ils ne sont pas d\u00e9tenus \u00e0 des fins de transaction, la norme IFRS\u00a09 permet en date de premi\u00e8re comptabilisation de chaque instrument d\u2019opter (de mani\u00e8re irr\u00e9vocable) pour un classement en juste valeur par le biais des capitaux propres non recyclables.

\n
\n\n\n\n
\n

Cette option est le plus souvent utilis\u00e9e pour les titres non consolid\u00e9s.

\n
\n

Lorsque cette option est retenue, les gains ou les pertes latents comptabilis\u00e9s en capitaux propres ne sont pas recycl\u00e9s en r\u00e9sultat en cas de cession mais sont reclass\u00e9s en r\u00e9serves consolid\u00e9es. Seuls les \u00e9ventuels dividendes relatifs \u00e0 ces titres impactent le compte de r\u00e9sultat.

\n

Titres de participation non consolid\u00e9s

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Secteur

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Pourcentage de d\u00e9tention

\n		\n

Valeur au bilan

\n		\n

Valeur au bilan

\n
\n

Cr\u00e9dit Logement

\n		\n

La Banque Postale

\n		\n

6%

\n		\n

97

\n		\n

95

\n
\n

Domiserve

\n		\n

La Banque Postale

\n		\n

100%

\n		\n

46

\n		\n

42

\n
\n

EPI Company SE

\n		\n

La Banque Postale

\n		\n

6%

\n		\n

43

\n		\n

28

\n
\n

Xange Digital 3

\n		\n

Supports et structures

\n		\n

22%

\n		\n

27

\n		\n

29

\n
\n

Transactis

\n		\n

La Banque Postale

\n		\n

50%

\n		\n

24

\n		\n

23

\n
\n

Xange Capital 2

\n		\n

Supports et structures

\n		\n

56%

\n		\n

16

\n		\n

17

\n
\n

Xange 4

\n		\n

Supports et structures

\n		\n

7%

\n		\n

14

\n		\n

14

\n
\n

Toit et joie

\n		\n

Supports et structures

\n		\n

99%

\n		\n

12

\n		\n

12

\n
\n

STET

\n		\n

La Banque Postale

\n		\n

5%

\n		\n

8

\n		\n

7

\n
\n

Xange 5

\n		\n

Supports et structures

\n		\n

5%

\n		\n

8

\n		\n

\n
\n

LegalPlace

\n		\n

Supports et structures

\n		\n

12%

\n		\n

7

\n		\n

3

\n
\n

Bpifrance

\n		\n

La Banque Postale

\n		\n

0,02%

\n		\n

6

\n		\n

\n
\n

SCI CRSF DOM

\n		\n

La Banque Postale

\n		\n

100%

\n		\n

6

\n		\n

2

\n
\n

LP17

\n		\n

Supports et structures

\n		\n

100%

\n		\n

5

\n		\n

5

\n
\n

LP12

\n		\n

Supports et structures

\n		\n

100%

\n		\n

5

\n		\n

5

\n
\n

FFD2

\n		\n

Supports et structures

\n		\n

3%

\n		\n

5

\n		\n

5

\n
\n

Seyna

\n		\n

La Banque Postale

\n		\n

5%

\n		\n

5

\n		\n

\n
\n

Django

\n		\n

La Banque Postale

\n		\n

\n		\n

\n		\n

6

\n
\n

Autres \u2013 entit\u00e9s fran\u00e7aises

\n		\n

\n		\n

\n		\n

75

\n		\n

67

\n
\n

Autres \u2013 entit\u00e9s \u00e9trang\u00e8res (cf. d\u00e9tail en note\u00a046)

\n		\n

\n		\n

\n		\n

10

\n		\n

18

\n
\n

Total

\n		\n

\n		\n

\n		\n

420

\n		\n

379

\n
\n

Les titres de participation non consolid\u00e9s d\u00e9tenus \u00e0 100% sont des soci\u00e9t\u00e9s mises en sommeil, en cours de liquidation, ou pr\u00e9sentant des postes de bilan et de compte de r\u00e9sultat non significatifs.

\n

D\u00e9p\u00f4ts et cautionnements

\n

Cette ligne correspond notamment aux d\u00e9p\u00f4ts de garantie vers\u00e9s dans le cadre des locations immobili\u00e8res.

\n

Instruments financiers d\u00e9riv\u00e9s

\n

La ligne Instruments financiers d\u00e9riv\u00e9s correspond, pour l\u2019essentiel, \u00e0 des instruments contract\u00e9s dans le cadre de la gestion des risques de taux et de change. Ils sont notamment \u00e0 mettre en regard des postes \u00ab\u00a0Emprunts obligataires et autres dettes financi\u00e8res\u00a0\u00bb. Un d\u00e9tail de ces instruments d\u00e9riv\u00e9s figure en note\u00a029.5.

\n

Pr\u00eats sociaux

\n

Les pr\u00eats sociaux se composent essentiellement de pr\u00eats \u00e0 des organismes de construction avec des \u00e9ch\u00e9ances \u00e0 tr\u00e8s long terme.

\n

Actifs financiers de placement de\u00a0la\u00a0tr\u00e9sorerie

\n

Ce sont des actifs acquis dans le cadre de la gestion de tr\u00e9sorerie, constitu\u00e9s essentiellement d\u2019OPCVM et de comptes \u00e0 terme.

\n

36.2Placements des activit\u00e9s d\u2019assurance

\n

Ventilation par cat\u00e9gories comptables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

22

\n		\n

86

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

14\u00a0704

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

189\u00a0142

\n
\n

Titres au co\u00fbt amorti

\n		\n

5\u00a0000

\n		\n

3\u00a0287

\n
\n

Immeubles de placement

\n		\n

6\u00a0340

\n		\n

6\u00a0590

\n
\n

Participations dans les entreprises mises en \u00e9quivalence

\n		\n

1\u00a0086

\n		\n

1\u00a0097

\n
\n

Placements des activit\u00e9s d'assurance

\n		\n

418\u00a0370

\n		\n

402\u00a0561

\n
\n

Les lignes Actifs financiers \u00e0 la juste valeur par r\u00e9sultat et les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables et non recyclables sont d\u00e9taill\u00e9es ci-apr\u00e8s\u00a0:

\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de dettes

\n		\n

175\u00a0121

\n		\n

165\u00a0007

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

2\u00a0148

\n		\n

2\u00a0100

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

13\u00a0350

\n		\n

13\u00a0998

\n
\n

OPCVM

\n		\n

57\u00a0457

\n		\n

59\u00a0598

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

98\u00a0673

\n		\n

85\u00a0366

\n
\n

Pr\u00eats et avances

\n		\n

3\u00a0494

\n		\n

3\u00a0945

\n
\n

Instruments de capitaux propres

\n		\n

23\u00a0968

\n		\n

21\u00a0756

\n
\n

Actions et autres titres \u00e0 revenu variable

\n		\n

16\u00a0814

\n		\n

16\u00a0298

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

7\u00a0153

\n		\n

5\u00a0458

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

958

\n		\n

892

\n
\n

Actifs financiers a la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n		\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

90\u00a0654

\n		\n

(20\u00a0561)

\n		\n

89\u00a0936

\n		\n

(19\u00a0519)

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

99\u00a0453

\n		\n

(6\u00a0190)

\n		\n

99\u00a0207

\n		\n

(6\u00a0480)

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

(26\u00a0751)

\n		\n

189\u00a0142

\n		\n

(25\u00a0998)

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

7\u00a0263

\n		\n

\n		\n

7\u00a0090

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

(19\u00a0488)

\n		\n

\n		\n

(18\u00a0908)

\n
\n

Actions, autres titres \u00e0 revenu variable et autres titres
d\u00e9tenus \u00e0 long terme

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

(998)

\n		\n

\n		\n

(688)

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres non recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

3\u00a0743

\n		\n

\n		\n

2\u00a0853

\n
\n

NOTE 46Autres titres non consolid\u00e9s hors France

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0milliers d'euros)

\n		\n

Pays

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Pourcentage de d\u00e9tention

\n		\n

Valeur au\u00a0bilan

\n		\n

Valeur au\u00a0bilan

\n
\n

Anchanto

\n		\n

Singapour

\n		\n

17%

\n		\n

6\u00a0613

\n		\n

6\u00a0613

\n
\n

Bosta Inc.

\n		\n

\u00c9tats-Unis

\n		\n

11%

\n		\n

1\u00a0285

\n		\n

1\u00a0285

\n
\n

Livelihoods

\n		\n

Luxembourg

\n		\n

3%

\n		\n

1\u00a0000

\n		\n

1\u00a0000

\n
\n

Localz Pty Ltd.

\n		\n

Australie

\n		\n

5%

\n		\n

926

\n		\n

926

\n
\n

Mediaposte Vietnam

\n		\n

Vietnam

\n		\n

36%

\n		\n

311

\n		\n

311

\n
\n

La Financi\u00e8re de l'\u00c9chiquier Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100%

\n		\n

94

\n		\n

94

\n
\n

Vietnam Postal SRL

\n		\n

Vietnam

\n		\n

6%

\n		\n

42

\n		\n

43

\n
\n

CargoNetwork Gm

\n		\n

Allemagne

\n		\n

11%

\n		\n

40

\n		\n

40

\n
\n

Divers

\n		\n

Philippines

\n		\n

ns

\n		\n

35

\n		\n

19

\n
\n

CID Externalizacion de Servici

\n		\n

Espagne

\n		\n

10%

\n		\n

25

\n		\n

25

\n
\n

Kombiverkehr Deu

\n		\n

Allemagne

\n		\n

ns

\n		\n

16

\n		\n

16

\n
\n

Divers

\n		\n

Portugal

\n		\n

ns

\n		\n

32

\n		\n

32

\n
\n

IG Zollwerk

\n		\n

Suisse

\n		\n

7%

\n		\n

11

\n		\n

11

\n
\n

Insercion Personal Discapacita

\n		\n

Espagne

\n		\n

10%

\n		\n

6

\n		\n

6

\n
\n

Divers

\n		\n

Espagne

\n		\n

ns

\n		\n

8

\n		\n

17

\n
\n

Divers

\n		\n

Allemagne

\n		\n

ns

\n		\n

1

\n		\n

1

\n
\n

Third Parties

\n		\n

Japon

\n		\n

2%

\n		\n

1

\n		\n

31

\n
\n

Sqale

\n		\n

Suisse

\n		\n

\n		\n

\n		\n

213

\n
\n

Redtrans Algeciras, S.L.\u00a0(a)

\n		\n

Espagne

\n		\n

\n		\n

\n		\n

2\u00a0691

\n
\n

Red de Transporte Urgente de Le\u00f3n, S.A.\u00a0(a)

\n		\n

Espagne

\n		\n

\n		\n

\n		\n

1\u00a0615

\n
\n

S\u00e9r\u00e8s Colombie\u00a0(b)

\n		\n

Colombie

\n		\n

\n		\n

\n		\n

770

\n
\n

S\u00e9r\u00e8s Argentine\u00a0(b)

\n		\n

Argentine

\n		\n

\n		\n

\n		\n

689

\n
\n

S\u00e9r\u00e8s Mexique\u00a0(b)

\n		\n

Mexique

\n		\n

\n		\n

\n		\n

586

\n
\n

S\u00e9res P\u00e9rou\u00a0(b)

\n		\n

P\u00e9rou

\n		\n

\n		\n

\n		\n

357

\n
\n

S\u00e9r\u00e8s Equateur\u00a0(b)

\n		\n

\u00c9quateur

\n		\n

\n		\n

\n		\n

187

\n
\n

Guremo, S.L.\u00a0(a)

\n		\n

Espagne

\n		\n

\n		\n

\n		\n

63

\n
\n

Total

\n		\n

\n		\n

\n		\n

10\u00a0446

\n		\n

17\u00a0641

\n
\n

(a)Soci\u00e9t\u00e9s consolid\u00e9es puis fusionn\u00e9es avec Seur Geopost, S.L. au cours de l\u2019exercice 2025.

\n

(b)Soci\u00e9t\u00e9s consolid\u00e9es en 2025.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40140671060727551_0_0": { "value": "

1.4D\u00e9pr\u00e9ciation des titres Ninja Logistics

\n

La soci\u00e9t\u00e9 Ninja Logistics, d\u00e9tenue \u00e0 34% par le groupe et consolid\u00e9e par mise en \u00e9quivalence, continue d'enregistrer des r\u00e9sultats significativement d\u00e9ficitaires. La nouvelle d\u00e9gradation des r\u00e9sultats au cours de l\u2019exercice\u00a02025 (quote-part de perte du groupe de 33\u00a0millions d\u2019euros) et les incertitudes importantes sur la p\u00e9rennit\u00e9 de l\u2019entreprise conduisent le groupe \u00e0 d\u00e9pr\u00e9cier int\u00e9gralement cette participation dans les comptes arr\u00eat\u00e9s \u00e0 fin\u00a0d\u00e9cembre\u00a02025, ce qui repr\u00e9sente une d\u00e9pr\u00e9ciation de 99\u00a0millions d\u2019euros. Compte-tenu des pertes d\u2019exploitation de la p\u00e9riode, la perte de valeur enregistr\u00e9e en 2025 est de 132\u00a0millions d\u2019euros (cf. note\u00a020).

\n

3.9D\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition, immobilisations incorporelles et\u00a0corporelles, immeubles de placement au co\u00fbt et droits d\u2019utilisation (IFRS\u00a016)

\n

Les \u00e9carts d'acquisition et les immobilisations incorporelles \u00e0 dur\u00e9e de vie ind\u00e9finie font l'objet d'un test de d\u00e9pr\u00e9ciation syst\u00e9matique au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9.

\n

Les autres immobilisations incorporelles et corporelles ne sont test\u00e9es qu'en cas d'indice de perte de valeur, comme par exemple lorsqu\u2019un actif est identifi\u00e9 comme \u00e9tant fortement expos\u00e9 aux risques climatiques.

\n

Le test de d\u00e9pr\u00e9ciation consiste \u00e0 comparer la valeur nette comptable de l'actif, ou de l\u2019unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie \u00e0 laquelle il appartient, \u00e0 sa valeur recouvrable, qui est la plus \u00e9lev\u00e9e de la juste valeur diminu\u00e9e des co\u00fbts de vente ou de la valeur d'utilit\u00e9. Si la valeur recouvrable d'un actif, ou groupe d'actifs, immobilis\u00e9 devient inf\u00e9rieure \u00e0 sa valeur nette comptable, cette derni\u00e8re est ramen\u00e9e \u00e0 la valeur recouvrable par le biais d'une d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition s\u2019il en existe un.

\n

La juste valeur diminu\u00e9e des co\u00fbts de vente est le montant qui pourrait \u00eatre obtenu, \u00e0 la date d\u2019\u00e9valuation, de la vente d'un actif lors d'une transaction conclue \u00e0 des conditions normales de march\u00e9, net des co\u00fbts de sortie.

\n

La valeur d'utilit\u00e9 d'un actif, ou groupe d'actifs, est la valeur actualis\u00e9e des flux de tr\u00e9sorerie futurs susceptibles de\u00a0d\u00e9couler de l\u2019utilisation d'un actif ou d'une unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie.

\n

Pour les \u00e9carts d'acquisition et certains autres actifs, la valeur d\u2019utilit\u00e9 est g\u00e9n\u00e9ralement d\u00e9termin\u00e9e en fonction des flux nets de tr\u00e9sorerie attendus, r\u00e9sultant des plans d'affaires et des hypoth\u00e8ses valid\u00e9es par le groupe dans le cadre du processus budg\u00e9taire. Au-del\u00e0 de la p\u00e9riode de pr\u00e9vision, qui est en g\u00e9n\u00e9ral de cinq\u00a0ans au sein du groupe, les flux sont extrapol\u00e9s \u00e0 l'infini, sur la base d'un taux de croissance faible, correspondant en g\u00e9n\u00e9ral \u00e0 l'inflation. Ces flux de tr\u00e9sorerie sont actualis\u00e9s en utilisant le co\u00fbt moyen pond\u00e9r\u00e9 du capital de chaque actif ou groupe d'actifs concern\u00e9s.

\n

Sp\u00e9cificit\u00e9 de la d\u00e9pr\u00e9ciation des\u00a0immeubles de placement

\n
\n\n\n\n
\n

Un des indices, retenu par le groupe, est l\u2019existence d\u2019une perte de valeur de l\u2019immeuble de plus de 20% par rapport \u00e0 son co\u00fbt.

\n
\n

L\u2019existence d\u2019indications de pertes de valeur conduit le groupe \u00e0 estimer la valeur recouvrable de l\u2019immeuble concern\u00e9. Cette derni\u00e8re est le montant le plus \u00e9lev\u00e9 entre la valeur d\u2019utilit\u00e9 et la juste valeur diminu\u00e9e des co\u00fbts de vente, d\u00e9termin\u00e9e selon l\u2019expertise annuelle \u00e0 laquelle proc\u00e8de le groupe pour son patrimoine immobilier.

\n

4.4Valorisation et tests de d\u00e9pr\u00e9ciation

\n

Tests de d\u00e9pr\u00e9ciation des\u00a0\u00e9carts\u00a0d\u2019acquisition

\n

La dur\u00e9e des business plans retenue pour les tests de d\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition a \u00e9t\u00e9 laiss\u00e9e inchang\u00e9e \u00e0 cinq\u00a0ans car jug\u00e9e comme la plus pertinente.

\n

La prise en compte des impacts li\u00e9s au plan de transition repose sur la m\u00e9thodologie habituelle et concerne notamment le prolongement, ou pas, de la dur\u00e9e de vie des immobilisations. Ainsi, le groupe consid\u00e8re qu\u2019un v\u00e9hicule \u00e9lectrique a la m\u00eame dur\u00e9e de vie qu\u2019un v\u00e9hicule thermique (cf. note\u00a03\u00a0: de trois \u00e0 cinq\u00a0ann\u00e9es). Pour m\u00e9moire, la norme IAS\u00a036 interdit de prendre en compte les investissements venant prolonger la dur\u00e9e de vie des immobilisations.

\n

Par ailleurs, le groupe consid\u00e8re que l\u2019incertitude induite par les enjeux climatiques est prise en compte dans l\u2019estimation du niveau d\u2019incertitude globale, elle-m\u00eame incluse dans les taux d\u2019actualisation retenus.

\n

Tests de d\u00e9pr\u00e9ciation des immobilisations d\u2019exploitation et valorisation des immeubles de placement

\n

Dans les deux cas, la d\u00e9marche retenue par le groupe repose sur des valorisations r\u00e9alis\u00e9es en externe refl\u00e9tant ainsi la position de place de la prise en compte des diff\u00e9rents risques climatiques dans l\u2019\u00e9tablissement des valorisations.

\n

L\u2019identification des actifs \u00e0 risques extr\u00eames ou \u00e9lev\u00e9s, ainsi que des actifs verrouill\u00e9s s\u2019inscrit dans le processus habituel de suivi de ces immobilisations (cf. note\u00a03 Principes et m\u00e9thodes comptables). Ainsi, la qualification d\u2019un actif comme \u00e9tant tr\u00e8s expos\u00e9s \u00e0 un ou plusieurs risques physiques peut \u00eatre analys\u00e9e comme un indice de perte de valeur et\u00a0d\u00e9clencher ainsi un test de d\u00e9pr\u00e9ciation.

\n

Enfin, les leviers de\u00a0d\u00e9carbonation pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9, comme le remplacement des v\u00e9hicules thermiques par des v\u00e9hicules \u00e9lectriques, s\u2019inscrivent le plus souvent dans le renouvellement habituel de nos immobilisations.

\n

Ainsi, \u00e0 date, le groupe n\u2019a pas constat\u00e9 d\u2019impact significatif ni sur la dur\u00e9e de vie, ni sur les immobilisations et immeubles de placement comptabilis\u00e9s.

\n

NOTE 12Amortissements, provisions et pertes de valeur

\n

Les variations des dotations aux amortissements, provisions et pertes de valeur ayant un impact sur le r\u00e9sultat d\u2019exploitation courant se\u00a0d\u00e9composent comme suit\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Amortissements nets

\n		\n

2\u00a0521

\n		\n

2\u00a0621

\n
\n

Immobilisations incorporelles\u00a0(a)

\n		\n

782

\n		\n

823

\n
\n

Immobilisations corporelles\u00a0(a)

\n		\n

834

\n		\n

867

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

905

\n		\n

930

\n
\n

Provisions et pertes de valeur nettes

\n		\n

(17)

\n		\n

(48)

\n
\n

\u00c9carts d'acquisition\u00a0(b)

\n		\n

59

\n		\n

48

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

(30)

\n		\n

(19)

\n
\n

Immobilisations corporelles et incorporelles\u00a0(a)

\n		\n

(48)

\n		\n

(120)

\n
\n

Stocks\u00a0(c)

\n		\n

1

\n		\n

(3)

\n
\n

Cr\u00e9ances\u00a0(c)

\n		\n

16

\n		\n

39

\n
\n

Pertes sur cr\u00e9ances irr\u00e9couvrables

\n		\n

38

\n		\n

38

\n
\n

Provisions pour risques et charges\u00a0

\n		\n

(52)

\n		\n

(32)

\n
\n

Co\u00fbt du risque des activit\u00e9s bancaires

\n		\n

250

\n		\n

231

\n
\n

Co\u00fbt du risque bancaire \u2013 autres d\u00e9pr\u00e9ciations et risques\u00a0(d)

\n		\n

56

\n		\n

149

\n
\n

Co\u00fbt du risque bancaire \u2013 cr\u00e9ances irr\u00e9couvrables

\n		\n

194

\n		\n

82

\n
\n

Amortissements, provisions et pertes de valeur avant affectation aux contrats d'assurance

\n		\n

2\u00a0754

\n		\n

2\u00a0804

\n
\n

Amortissements, provisions et pertes de valeurs aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en\u00a0PNB

\n		\n

(83)

\n		\n

(81)

\n
\n

Total

\n		\n

2\u00a0670

\n		\n

2\u00a0723

\n
\n

(a)Une ventilation des variations d\u2019amortissement et de perte de valeur des immobilisations est pr\u00e9sent\u00e9e dans les notes 17, 18 et 19. Les mouvements de d\u00e9pr\u00e9ciation et de reprise de d\u00e9pr\u00e9ciation sur les droits d\u2019utilisation concernent essentiellement l\u2019UGT Courrier (cf. note\u00a021).

\n

(b)Les pertes de valeur des \u00e9carts d\u2019acquisition sont d\u00e9taill\u00e9es en note\u00a016.2.

\n

(c)Le d\u00e9tail des variations des pertes de valeur relatives aux stocks et aux cr\u00e9ances figure dans la note\u00a024.

\n

(d)Dont 250\u00a0millions d\u2019euros sur les encours au co\u00fbt amorti en bucket 3 en 2025 (versus 158\u00a0millions d\u2019euros en 2024).

\n
\n

16.2\u00c9volution de la valeur nette des \u00e9carts d\u2019acquisition

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Solde en d\u00e9but de p\u00e9riode

\n		\n

5\u00a0954

\n		\n

5\u00a0942

\n
\n

Dont\u00a0: Valeur brute

\n		\n

6\u00a0456

\n		\n

6\u00a0277

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(502)

\n		\n

(335)

\n
\n

Acquisitions\u00a0(a)

\n		\n

6

\n		\n

18

\n
\n

\u00c9carts de conversion

\n		\n

(67)

\n		\n

42

\n
\n

Pertes de valeur\u00a0(b)

\n		\n

(59)

\n		\n

(48)

\n
\n

Sorties\u00a0(c)

\n		\n

(19)

\n		\n

\n
\n

Solde en fin de p\u00e9riode

\n		\n

5\u00a0815

\n		\n

5\u00a0954

\n
\n

Dont\u00a0: Valeur brute

\n		\n

6\u00a0405

\n		\n

6\u00a0456

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(590)

\n		\n

(502)

\n
\n

(a)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Geopost, l\u2019acquisition de trois entit\u00e9s espagnoles du P\u00f4le DPD Europe pour 6\u00a0millions d\u2019euros.

\n

Dont en 2024\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, l\u2019acquisition de LineUp7 pour 14\u00a0millions d\u2019euros.

\n

(b)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Immobilier et Supports, d\u00e9pr\u00e9ciation de la totalit\u00e9 de l\u2019\u00e9cart d\u2019acquisition de MWPI pour 25\u00a0millions d\u2019euros\u00a0;

\n

\u25cfdans le secteur Services-Courrier-Colis, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 30\u00a0millions d\u2019euros.

\n

Dont en 2024\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 43\u00a0millions d\u2019euros.

\n

(c)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, cession de Budget Box et des activit\u00e9s promotionnelles de Sogec pour 15\u00a0millions d\u2019euros.

\n
\n

Les tests de perte de valeur r\u00e9alis\u00e9s sur les \u00e9carts d\u2019acquisition sont\u00a0d\u00e9crits en note\u00a021.

\n

NOTE 17Immobilisations incorporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Logiciels, brevets et concessions

\n		\n

Immobilisations incorporelles en cours

\n		\n

Autres immobilisations
incorporelles

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

9\u00a0817

\n		\n

531

\n		\n

961

\n		\n

11\u00a0309

\n
\n

Acquisitions

\n		\n

185

\n		\n

462

\n		\n

28

\n		\n

675

\n
\n

Cessions

\n		\n

(988)

\n		\n

(10)

\n		\n

(74)

\n		\n

(1\u00a0071)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

29

\n		\n

0

\n		\n

52

\n		\n

81

\n
\n

\u00c9carts de conversion

\n		\n

(660)

\n		\n

(1)

\n		\n

2

\n		\n

(659)

\n
\n

Transferts et autres mouvements

\n		\n

357

\n		\n

(475)

\n		\n

18

\n		\n

(100)

\n
\n

Solde au 31/12/2024

\n		\n

8\u00a0741

\n		\n

508

\n		\n

987

\n		\n

10\u00a0236

\n
\n

Acquisitions

\n		\n

148

\n		\n

491

\n		\n

48

\n		\n

686

\n
\n

Cessions

\n		\n

(252)

\n		\n

(1)

\n		\n

(22)

\n		\n

(275)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(7)

\n		\n

(0)

\n		\n

(8)

\n		\n

(16)

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

1

\n		\n

(3)

\n		\n

(11)

\n
\n

Transferts et autres mouvements

\n		\n

258

\n		\n

(487)

\n		\n

49

\n		\n

(180)

\n
\n

Solde au 31/12/2025

\n		\n

8\u00a0879

\n		\n

510

\n		\n

1\u00a0051

\n		\n

10\u00a0440

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(5\u00a0056)

\n		\n

(134)

\n		\n

(605)

\n		\n

(5\u00a0796)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(724)

\n		\n

\n		\n

(99)

\n		\n

(823)

\n
\n

Pertes de valeur

\n		\n

(69)

\n		\n

(0)

\n		\n

(20)

\n		\n

(89)

\n
\n

Reprise de perte de valeur

\n		\n

117

\n		\n

58

\n		\n

8

\n		\n

183

\n
\n

Reprises sur cessions

\n		\n

974

\n		\n

\n		\n

74

\n		\n

1\u00a0048

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(24)

\n		\n

\n		\n

(3)

\n		\n

(27)

\n
\n

\u00c9carts de conversion

\n		\n

128

\n		\n

\n		\n

(1)

\n		\n

126

\n
\n

Transferts et autres mouvements

\n		\n

13

\n		\n

(1)

\n		\n

80

\n		\n

92

\n
\n

Solde au 31/12/2024

\n		\n

(4\u00a0641)

\n		\n

(78)

\n		\n

(568)

\n		\n

(5\u00a0286)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(683)

\n		\n

\n		\n

(100)

\n		\n

(782)

\n
\n

Pertes de valeur

\n		\n

(80)

\n		\n

(0)

\n		\n

(22)

\n		\n

(103)

\n
\n

Reprises de pertes de valeur

\n		\n

113

\n		\n

7

\n		\n

8

\n		\n

128

\n
\n

Reprises sur cessions

\n		\n

243

\n		\n

\n		\n

10

\n		\n

254

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

7

\n		\n

\n		\n

2

\n		\n

8

\n
\n

\u00c9carts de conversion

\n		\n

3

\n		\n

0

\n		\n

2

\n		\n

5

\n
\n

Transferts et autres mouvements

\n		\n

108

\n		\n

\n		\n

45

\n		\n

153

\n
\n

Solde au 31/12/2025

\n		\n

(4\u00a0930)

\n		\n

(71)

\n		\n

(622)

\n		\n

(5\u00a0623)

\n
\n

Valeurs nettes

\n
\n

au 31/12/2024

\n		\n

4\u00a0099

\n		\n

430

\n		\n

420

\n		\n

4\u00a0949

\n
\n

Au 31/12/2025

\n		\n

3\u00a0949

\n		\n

439

\n		\n

429

\n		\n

4\u00a0817

\n
\n

Les lignes \u00ab\u00a0Transferts et autres mouvements\u00a0\u00bb correspondent aux mises en service d\u2019immobilisations et \u00e0 des reclassements vers d\u2019autres postes d\u2019actifs.

\n

NOTE 18Immobilisations corporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Terrains et constructions

\n		\n

Mat\u00e9riels\u00a0et installations

\n		\n

Mat\u00e9riel\u00a0de transport

\n		\n

Autres

\n		\n

Actifs\u00a0en cours\u00a0de construction

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

6\u00a0407

\n		\n

3\u00a0821

\n		\n

1\u00a0269

\n		\n

4\u00a0105

\n		\n

491

\n		\n

16\u00a0094

\n
\n

Acquisitions

\n		\n

23

\n		\n

148

\n		\n

156

\n		\n

189

\n		\n

358

\n		\n

874

\n
\n

Cessions

\n		\n

(52)

\n		\n

(195)

\n		\n

(153)

\n		\n

(325)

\n		\n

(1)

\n		\n

(726)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

25

\n		\n

0

\n		\n

25

\n
\n

\u00c9carts de conversion

\n		\n

7

\n		\n

2

\n		\n

(1)

\n		\n

3

\n		\n

2

\n		\n

13

\n
\n

Transferts et autres mouvements

\n		\n

173

\n		\n

157

\n		\n

18

\n		\n

69

\n		\n

(464)

\n		\n

(48)

\n
\n

Solde au 31/12/2024

\n		\n

6\u00a0558

\n		\n

3\u00a0932

\n		\n

1\u00a0289

\n		\n

4\u00a0066

\n		\n

386

\n		\n

16\u00a0231

\n
\n

Acquisitions

\n		\n

10

\n		\n

143

\n		\n

117

\n		\n

195

\n		\n

382

\n		\n

848

\n
\n

Cessions

\n		\n

(80)

\n		\n

(88)

\n		\n

(105)

\n		\n

(204)

\n		\n

(0)

\n		\n

(478)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

1

\n		\n

0

\n		\n

(1)

\n		\n

(0)

\n		\n

(0)

\n
\n

\u00c9carts de conversion

\n		\n

(12)

\n		\n

1

\n		\n

0

\n		\n

(8)

\n		\n

(1)

\n		\n

(20)

\n
\n

Transferts et autres mouvements

\n		\n

169

\n		\n

136

\n		\n

8

\n		\n

16

\n		\n

(368)

\n		\n

(38)

\n
\n

Solde au 31/12/2025

\n		\n

6\u00a0646

\n		\n

4\u00a0125

\n		\n

1\u00a0310

\n		\n

4\u00a0064

\n		\n

398

\n		\n

16\u00a0542

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(2\u00a0507)

\n		\n

(2\u00a0847)

\n		\n

(646)

\n		\n

(3\u00a0206)

\n		\n

(24)

\n		\n

(9\u00a0229)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(195)

\n		\n

(239)

\n		\n

(143)

\n		\n

(290)

\n		\n

0

\n		\n

(867)

\n
\n

Pertes de valeur

\n		\n

(3)

\n		\n

(26)

\n		\n

(2)

\n		\n

(27)

\n		\n

(0)

\n		\n

(59)

\n
\n

Reprises de pertes de valeur

\n		\n

9

\n		\n

37

\n		\n

3

\n		\n

29

\n		\n

4

\n		\n

82

\n
\n

Reprises sur cessions

\n		\n

25

\n		\n

194

\n		\n

140

\n		\n

313

\n		\n

0

\n		\n

672

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

(18)

\n		\n

0

\n		\n

(18)

\n
\n

\u00c9carts de conversion

\n		\n

(2)

\n		\n

(1)

\n		\n

1

\n		\n

(4)

\n		\n

0

\n		\n

(6)

\n
\n

Transferts et autres mouvements

\n		\n

16

\n		\n

(2)

\n		\n

(9)

\n		\n

3

\n		\n

(0)

\n		\n

9

\n
\n

Solde au 31/12/2024

\n		\n

(2\u00a0657)

\n		\n

(2\u00a0884)

\n		\n

(656)

\n		\n

(3\u00a0199)

\n		\n

(21)

\n		\n

(9\u00a0417)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(190)

\n		\n

(229)

\n		\n

(143)

\n		\n

(272)

\n		\n

0

\n		\n

(834)

\n
\n

Pertes de valeur

\n		\n

(7)

\n		\n

(33)

\n		\n

(1)

\n		\n

(22)

\n		\n

(0)

\n		\n

(63)

\n
\n

Reprises de pertes de valeur

\n		\n

21

\n		\n

38

\n		\n

2

\n		\n

27

\n		\n

(1)

\n		\n

88

\n
\n

Reprises sur cessions

\n		\n

47

\n		\n

89

\n		\n

94

\n		\n

196

\n		\n

0

\n		\n

426

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

(0)

\n		\n

(0)

\n		\n

1

\n		\n

0

\n		\n

0

\n
\n

\u00c9carts de conversion

\n		\n

4

\n		\n

0

\n		\n

(0)

\n		\n

6

\n		\n

(0)

\n		\n

9

\n
\n

Transferts et autres mouvements

\n		\n

(62)

\n		\n

(7)

\n		\n

(2)

\n		\n

31

\n		\n

0

\n		\n

(41)

\n
\n

Solde au 31/12/2025

\n		\n

(2\u00a0845)

\n		\n

(3\u00a0026)

\n		\n

(706)

\n		\n

(3\u00a0232)

\n		\n

(22)

\n		\n

(9\u00a0832)

\n
\n

Valeurs nettes

\n
\n

Au 31/12/2024

\n		\n

3\u00a0901

\n		\n

1\u00a0048

\n		\n

633

\n		\n

867

\n		\n

365

\n		\n

6\u00a0813

\n
\n

Au 31/12/2025

\n		\n

3\u00a0801

\n		\n

1\u00a0098

\n		\n

604

\n		\n

832

\n		\n

376

\n		\n

6\u00a0711

\n
\n

NOTE 21Tests de valeur sur \u00e9carts d\u2019acquisition et\u00a0immobilisations

\n

21.1Tests sur \u00e9carts d\u2019acquisition

\n

Le groupe La Poste proc\u00e8de \u00e0 un test de perte de valeur de ses \u00e9carts d\u2019acquisition, sur une base annuelle ou plus fr\u00e9quente si des \u00e9v\u00e9nements ou des changements indiquent qu\u2019ils ont pu perdre de la valeur.

\n

Les \u00e9carts d\u2019acquisition sont allou\u00e9s aux unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie comme pr\u00e9sent\u00e9 en note\u00a016.1.

\n

Le test de perte de valeur consiste \u00e0 comparer la valeur nette comptable des UGT, y compris les \u00e9carts d\u2019acquisition, \u00e0 leur valeur recouvrable, d\u00e9termin\u00e9e selon la m\u00e9thode expos\u00e9e en note\u00a03.9.

\n

Les principales hypoth\u00e8ses utilis\u00e9es sont les suivantes\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n		\n

Taux d'actualisation

\n		\n

Taux de croissance normatif

\n		\n

Nombre d'ann\u00e9es pr\u00e9visionnelles

\n
\n

Zone euro

\n		\n

Autres

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

7%-8,6%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,1%

\n		\n

6,7% \u2013 15,4%

\n		\n

2,6% \u2013 4%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

10%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

5,8%-8,9%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,7%

\n		\n

7,9% \u2013 14,3%

\n		\n

2% \u2013 4,7%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

9,3%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7,1%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

En 2025, une d\u00e9pr\u00e9ciation de 30\u00a0millions d\u2019euros du goodwill de l\u2019UGT Sant\u00e9 (branche Services-Courrier-Colis) a \u00e9t\u00e9 comptabilis\u00e9e \u00e0 la suite d\u2019une r\u00e9vision \u00e0 la baisse de son business plan. Cette d\u00e9pr\u00e9ciation vient en compl\u00e9ment d\u2019un montant de 43\u00a0millions d\u2019euros qui avait \u00e9t\u00e9 enregistr\u00e9 en 2024.

\n

Une d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition MWPI (branche Immobilier) a \u00e9galement \u00e9t\u00e9 enregistr\u00e9e en 2025 pour 25\u00a0millions d\u2019euros en raison d\u2019une d\u00e9gradation des perspectives de l\u2019activit\u00e9 de coworking.

\n

Analyses de sensibilit\u00e9 au 31\u00a0d\u00e9cembre 2025

\n

\u25cfUne augmentation de 1\u00a0point des taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point des taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant compris entre 22 et 50\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 1\u00a0point des taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 0,5\u00a0point des taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant de 65\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 2\u00a0points du taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 1\u00a0point du taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant se situant aux alentours de 165\u00a0millions d\u2019euros.

\n

21.2Tests sur autres actifs non courants et non financiers

\n

Les UGT sans \u00e9carts d\u2019acquisition ont fait l\u2019objet d\u2019une recherche d\u2019indices de perte de valeur.

\n

Cette recherche a conduit \u00e0 r\u00e9aliser un test sur les actifs de l\u2019UGT Courrier de La Poste et \u00e0 maintenir la d\u00e9pr\u00e9ciation de l\u2019int\u00e9gralit\u00e9 des actifs de cette UGT pour un montant total de 742\u00a0millions d\u2019euros. Ce test a \u00e9t\u00e9 r\u00e9alis\u00e9 sur la base d\u2019un business plan actualis\u00e9 au mieux des pr\u00e9visions sur cinq\u00a0ans, avec un taux de\u00a0d\u00e9croissance \u00e0 l\u2019infini de 5% et un WACC de 7%.

\n

La d\u00e9pr\u00e9ciation se r\u00e9partit de la mani\u00e8re suivante\u00a0:

\n

\u25cfimmobilisations incorporelles\u00a0: 147\u00a0millions d\u2019euros (cf. note\u00a017)\u00a0;

\n

\u25cfimmobilisations corporelles\u00a0: 235\u00a0millions d\u2019euros (cf. note\u00a018)\u00a0;

\n

\u25cfdroits d\u2019utilisation\u00a0: 360\u00a0millions d\u2019euros (cf. note\u00a019).

\n

21.3Tests sur soci\u00e9t\u00e9s mises en \u00e9quivalence

\n

Sur une base annuelle ou plus fr\u00e9quemment si des \u00e9v\u00e9nements ou des changements le sugg\u00e8rent, le groupe La Poste effectue un test de d\u00e9pr\u00e9ciation de ses principales soci\u00e9t\u00e9s comptabilis\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence.

\n

En 2025, les titres Ninja Van ont \u00e9t\u00e9 int\u00e9gralement d\u00e9pr\u00e9ci\u00e9s (99\u00a0millions d\u2019euros). Voir la note\u00a01 \u00c9v\u00e9nements significatifs de l\u2019exercice.

\n

En 2024, les titres Ninja Logistics Pte ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s \u00e0 hauteur de 79\u00a0millions d\u2019euros. Le test associ\u00e9 a \u00e9t\u00e9 r\u00e9alis\u00e9 sur la base d\u2019un business plan actualis\u00e9 avec un taux de croissance \u00e0 l\u2019infini de 2,3% et un WACC de 9,3%.

\n

Une augmentation de 1\u00a0point du taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point du taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence une d\u00e9pr\u00e9ciation compl\u00e9mentaire pour un montant compris entre 7 et 23\u00a0millions d\u2019euros.

\n

En 2024, les titres Aramex PJSC ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s \u00e0 hauteur de 71\u00a0millions d\u2019euros. Leur valorisation s\u2019appuie sur la valeur de l\u2019action d\u00e9finie par le projet d\u2019offre publique d\u2019achat lanc\u00e9 par le fonds souverain d\u2019Abu Dhabi ADQ.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059737_0": { "value": "

1.4D\u00e9pr\u00e9ciation des titres Ninja Logistics

\n

La soci\u00e9t\u00e9 Ninja Logistics, d\u00e9tenue \u00e0 34% par le groupe et consolid\u00e9e par mise en \u00e9quivalence, continue d'enregistrer des r\u00e9sultats significativement d\u00e9ficitaires. La nouvelle d\u00e9gradation des r\u00e9sultats au cours de l\u2019exercice\u00a02025 (quote-part de perte du groupe de 33\u00a0millions d\u2019euros) et les incertitudes importantes sur la p\u00e9rennit\u00e9 de l\u2019entreprise conduisent le groupe \u00e0 d\u00e9pr\u00e9cier int\u00e9gralement cette participation dans les comptes arr\u00eat\u00e9s \u00e0 fin\u00a0d\u00e9cembre\u00a02025, ce qui repr\u00e9sente une d\u00e9pr\u00e9ciation de 99\u00a0millions d\u2019euros. Compte-tenu des pertes d\u2019exploitation de la p\u00e9riode, la perte de valeur enregistr\u00e9e en 2025 est de 132\u00a0millions d\u2019euros (cf. note\u00a020).

\n

Mise en \u00e9quivalence

\n

Les coentreprises et les entreprises associ\u00e9es sont mises en \u00e9quivalence.

\n

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n

Les titres mis en \u00e9quivalence sont inscrits au bilan sur la ligne \u00ab\u00a0Participation dans les soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb \u00e0 leur co\u00fbt historique corrig\u00e9 de la quote-part de situation nette g\u00e9n\u00e9r\u00e9e apr\u00e8s l\u2019acquisition et diminu\u00e9 des pertes de valeur.

\n

Leur r\u00e9sultat appara\u00eet dans le compte de r\u00e9sultat consolid\u00e9 sur la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint\u00a0\u00bb ou la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb lorsque le groupe n\u2019a qu\u2019une influence notable.

\n

NOTE 20Soci\u00e9t\u00e9s mises en \u00e9quivalence

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Holding d'Infra-structuresGazi\u00e8res\u00a0(a)

\n		\n

Arial CNP Assurances

\n		\n

XS5 Adminis-tradora de cons\u00f3rcio

\n		\n

Autres Filiales Assurances

\n		\n

Aramex PJSC\u00a0(b)

\n		\n

Ninja Logistics\u00a0(b)

\n		\n

Yurtici Kargo Servisi A.S.

\n		\n

P\u00f4le immobilier

\n		\n

Autres

\n		\n

Total titres\u00a0mis\u00a0en \u00e9quivalence (actif)

\n		\n

La Poste Telecom\u00a0(c)

\n
\n

Secteur d'activit\u00e9

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Immobilier

\n		\n

Grand Public et Num\u00e9rique

\n
\n

Nature du contr\u00f4le

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprises associ\u00e9es\u00a0
ou contr\u00f4les conjoints

\n		\n

Contr\u00f4le conjoint

\n
\n

Solde au 31/12/2023

\n		\n

839

\n		\n

167

\n		\n

57

\n		\n

42

\n		\n

364

\n		\n

237

\n		\n

23

\n		\n

29

\n		\n

53

\n		\n

1\u00a0811

\n		\n

(37)

\n
\n

R\u00e9sultats de l'exercice

\n		\n

62

\n		\n

6

\n		\n

9

\n		\n

18

\n		\n

(60)

\n		\n

(125)

\n		\n

27

\n		\n

(7)

\n		\n

(8)

\n		\n

(77)

\n		\n

14

\n
\n

Distributions de dividendes

\n		\n

(76)

\n		\n

\n		\n

(7)

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(21)

\n		\n

(3)

\n		\n

(1)

\n		\n

(111)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

6

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

6

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

\n		\n

6

\n		\n

6

\n		\n

23

\n
\n

Augmentation de capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

8

\n		\n

8

\n		\n

\n
\n

Autres variations

\n		\n

(7)

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

0

\n		\n

2

\n		\n

(1)

\n		\n

7

\n		\n

0

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

(9)

\n		\n

(7)

\n		\n

18

\n		\n

16

\n		\n

15

\n		\n

\n		\n

1

\n		\n

34

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

817

\n		\n

180

\n		\n

49

\n		\n

51

\n		\n

322

\n		\n

131

\n		\n

43

\n		\n

26

\n		\n

60

\n		\n

1\u00a0678

\n		\n

\n
\n

R\u00e9sultats de l'exercice

\n		\n

69

\n		\n

5

\n		\n

12

\n		\n

6

\n		\n

5

\n		\n

(132)

\n		\n

22

\n		\n

0

\n		\n

(6)

\n		\n

(19)

\n		\n

\n
\n

Distributions de\u00a0dividendes

\n		\n

(54)

\n		\n

\n		\n

(10)

\n		\n

\n		\n

\n		\n

\n		\n

(18)

\n		\n

(4)

\n		\n

(0)

\n		\n

(86)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

(3)

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

(34)

\n		\n

\n		\n

1

\n		\n

\n		\n

0

\n		\n

1

\n		\n

(32)

\n		\n

0

\n
\n

Augmentation de\u00a0capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

0

\n		\n

8

\n		\n

9

\n		\n

\n
\n

Autres variations

\n		\n

3

\n		\n

(0)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

2

\n		\n

(6)

\n		\n

1

\n		\n

2

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

1

\n		\n

(8)

\n		\n

(41)

\n		\n

(1)

\n		\n

(3)

\n		\n

\n		\n

(5)

\n		\n

(57)

\n		\n

\n
\n

Solde\u00a0au\u00a031/12/2025

\n		\n

835

\n		\n

183

\n		\n

52

\n		\n

16

\n		\n

285

\n		\n

0

\n		\n

37

\n		\n

24

\n		\n

59

\n		\n

1\u00a0491

\n		\n

0

\n
\n

(a)Cette participation constitue un placement des activit\u00e9s d\u2019assurance et son r\u00e9sultat est pr\u00e9sent\u00e9 en Produit Net Bancaire.

\n

(b)En 2025, d\u00e9pr\u00e9ciation des titres Ninja Logistics pour 99\u00a0millions d\u2019euros (cf. note\u00a01.4). En 2024, d\u00e9pr\u00e9ciation des titres Aramex PJSC et Ninja Logistics pour respectivement 71 et 79\u00a0millions d\u2019euros (cf. note\u00a021.3).

\n

(c)C\u00e9d\u00e9e en 2024, cf. note\u00a01.2 \u2013 \u00c9v\u00e9nements significatifs de l\u2019exercice au 31\u00a0d\u00e9cembre 2024.

\n
\n

21.3Tests sur soci\u00e9t\u00e9s mises en \u00e9quivalence

\n

Sur une base annuelle ou plus fr\u00e9quemment si des \u00e9v\u00e9nements ou des changements le sugg\u00e8rent, le groupe La Poste effectue un test de d\u00e9pr\u00e9ciation de ses principales soci\u00e9t\u00e9s comptabilis\u00e9es selon la m\u00e9thode de la mise en \u00e9quivalence.

\n

En 2025, les titres Ninja Van ont \u00e9t\u00e9 int\u00e9gralement d\u00e9pr\u00e9ci\u00e9s (99\u00a0millions d\u2019euros). Voir la note\u00a01 \u00c9v\u00e9nements significatifs de l\u2019exercice.

\n

En 2024, les titres Ninja Logistics Pte ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s \u00e0 hauteur de 79\u00a0millions d\u2019euros. Le test associ\u00e9 a \u00e9t\u00e9 r\u00e9alis\u00e9 sur la base d\u2019un business plan actualis\u00e9 avec un taux de croissance \u00e0 l\u2019infini de 2,3% et un WACC de 9,3%.

\n

Une augmentation de 1\u00a0point du taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point du taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence une d\u00e9pr\u00e9ciation compl\u00e9mentaire pour un montant compris entre 7 et 23\u00a0millions d\u2019euros.

\n

En 2024, les titres Aramex PJSC ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s \u00e0 hauteur de 71\u00a0millions d\u2019euros. Leur valorisation s\u2019appuie sur la valeur de l\u2019action d\u00e9finie par le projet d\u2019offre publique d\u2019achat lanc\u00e9 par le fonds souverain d\u2019Abu Dhabi ADQ.

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NOTE 45P\u00e9rim\u00e8tre de consolidation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Soci\u00e9t\u00e9 consolidante

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

LA POSTE
9, rue du Colonel-Pierre-Avia
75757 PARIS CEDEX 15

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Adimmo

\n		\n

France

\n		\n

64,15

\n		\n

75,41

\n		\n

99,90

\n		\n

99,90

\n		\n

IG

\n		\n

IG

\n
\n

Advanced Ideas

\n		\n

Roumanie

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c2ge d\u2019or Expansion

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

64,21

\n		\n

75,49

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9 \u00e0 domicile

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo D\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Partenariats Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Budget Box

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cassiop

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Coordination Axeo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Creat Direct

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CyberCit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cyclonova

\n		\n

France

\n		\n

\n		\n

60,00

\n		\n

\n		\n

60,00

\n		\n

\n		\n

IG

\n
\n

Diadom

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO IS

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c9conomie d'\u00e9nergie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

EDENEXT

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Edgewhere

\n		\n

France

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

IG

\n		\n

IG

\n
\n

E-SY Com

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fluow

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Geobuzon

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geoptis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Go Logistic

\n		\n

Portugal

\n		\n

90,00

\n		\n

100,00

\n		\n

90,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

HDC Sant\u00e9 (ex Happytal)

\n		\n

France

\n		\n

93,00

\n		\n

100,00

\n		\n

93,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort ST Nazaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

IM Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Inbox Marketing

\n		\n

Roumanie

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

IG

\n		\n

IG

\n
\n

Innovagency

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Interactions Marketing

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le Factory

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Conciergerie

\n		\n

France

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste E-\u00e9ducation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Nouveaux Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste Sant\u00e9 et Autonomie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7 Factory

\n		\n

France

\n		\n

\n		\n

75,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

LP10

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LPS R\u00e9seaux

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Matching

\n		\n

France

\n		\n

83,76

\n		\n

100,00

\n		\n

83,76

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Distribui\u00e7\u00e3o Postal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Espagne

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail Bulgaria

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediapost Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Martech

\n		\n

Roumanie

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte SGPS

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Metrica

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MN Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Neolog

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nouvelle Attitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Colombia

\n		\n

Colombie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Mexico

\n		\n

Mexique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OnlySo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Recygo

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI STP Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SMP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S IT (ex-Sogec Informatique)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S marketing (ex Sogec Marketing)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tick and Shop Log (ex Sogec Gestion)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogefinad

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Somepost

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

STP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tikeasy

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TimeOne \u2013 Performance

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Viaposte Maintenance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte Maintenance Benelux

\n		\n

Belgique

\n		\n

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

Viaposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte transport Management

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vouchers Depot

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Group

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Loyalty

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Geopost\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

360\u00b0 Services\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

A52 Warehouse Inc.

\n		\n

Canada

\n		\n

32,31

\n		\n

\n		\n

50,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

ACP Global Forwarding

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Air 360

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Alas Courier, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Alolomer, S.L.U.

\n		\n

Espagne

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Alturing

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Aramex PJSC

\n		\n

\u00c9mirats arabes unis

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Armadillo Holding Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Austria GmbH

\n		\n

Autriche

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Asendia Benelux B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Digital Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Germany GmbH

\n		\n

Allemagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Global Returns

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Hong Kong Ltd

\n		\n

Hong Kong

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Italy S.r.L.

\n		\n

Italie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Ireland Limited (ex-The Reach Advisory Limited.)

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS, branch Bern

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Nordic AB

\n		\n

Su\u00e8de

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania AU Pty. Ltd.

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania NZ Limited

\n		\n

Nouvelle Z\u00e9lande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Press Edigroup\u00a0SA

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Singapore Pte. Ltd.

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Spain S.L.

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia UK Ltd

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia USA Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Beijing Linehaul Express Co Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bio Cair Fowarding International Co LTD

\n		\n

Chine

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Asia Limited

\n		\n

Hong Kong

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Australia PTY Ltd

\n		\n

Australie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Customs Brokerage LLC

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Germany GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair India Private Limited

\n		\n

Inde

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR International Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Singapore Pte Ltd

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair South Africa (Pty) Ltd

\n		\n

Afrique du Sud

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Logistics Group B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Pharma Logistics B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Sneltransport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bloomsburys Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boks\u00a0SAS

\n		\n

France

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

MEE

\n		\n

MEE

\n
\n

Broad Reach Canada

\n		\n

Canada

\n		\n

40,80

\n		\n

30,60

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Broad Reach Canada, Inc.\u00a0(ex Broad Reach Commerce Inc.)

\n		\n

\u00c9tats-Unis

\n		\n

40,80

\n		\n

30,60

\n		\n

68,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

C Chez Vous\u00a0SAS

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Cal\u00e9donie Express

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Cargonet Software\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chrono Diali

\n		\n

Maroc

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Chronofresh\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost (Mauritius) Ltd

\n		\n

\u00cele Maurice

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Alg\u00e9rie

\n		\n

Alg\u00e9rie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Burkina

\n		\n

Burkina Faso

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CI C\u00f4te d\u2019Ivoire

\n		\n

C\u00f4te d'Ivoire

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Maroc

\n		\n

Maroc

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CitySprint (UK) Bidco Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint Courier Services Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Cool Runnings Transport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Customs Clearance Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CXB Partner S.A.U.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Delifresh IDF

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Delivering London Limited

\n		\n

Grande-Bretagne

\n		\n

\n		\n

25,00

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n
\n

Direct Parcel Distribution CZ s.r.o.

\n		\n

R\u00e9p. tch\u00e8que

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Direct Parcel Distribution SK s.r.o.

\n		\n

Slovaquie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Argentina S.A.

\n		\n

Argentine

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Austria

\n		\n

Autriche

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Bel FLLC

\n		\n

Bi\u00e9lorussie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Croatia d.o.o.

\n		\n

Croatie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Deutschland GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eesti AS

\n		\n

Estonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eurasia LLC

\n		\n

Ouzb\u00e9kistan

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

DPD France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD fresh BeLux BV

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Group International Services GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD HK Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilien GmbH & Co. KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilienverwaltung GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Ireland

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Kazakhstan LLP

\n		\n

Kazakhstan

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Laser

\n		\n

Afrique du Sud

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Latvija SIA

\n		\n

Lettonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Lietuva UAB

\n		\n

Lituanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Local UK Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Netherlands

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Polska

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Portugal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

DPD Romania S.A.

\n		\n

Roumanie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD RUS

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Schweiz

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Service GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Slovenia

\n		\n

Slov\u00e9nie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDCN Linehaul Express Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup Uk Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GmbH & Co. Asset KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GP GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia Management GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DTDC

\n		\n

Inde

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

MEE

\n		\n

MEE

\n
\n

Epicery\u00a0SAS

\n		\n

France

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

IG

\n		\n

IG

\n
\n

ESW France\u00a0SAS (ex Scalefast, SAS)

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Japan K.K. (ex Scalefast Japan Kabushiki Kaisha)

\n		\n

Japon

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Parent, Inc, (ESPI)

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW U.S. Direct E-Commerce Canada Corp

\n		\n

Canada

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Express Delivery Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FB On Board Courier Services Inc.

\n		\n

Canada

\n		\n

17,29

\n		\n

17,29

\n		\n

26,76

\n		\n

26,76

\n		\n

MEE

\n		\n

MEE

\n
\n

FermoPoint S.r.l.

\n		\n

Italie

\n		\n

50,98

\n		\n

100,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Flap Locadora e Trans. Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Forwarder Line Logistik

\n		\n

Liechtenstein

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Americas

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Espa\u00f1a, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Holdings Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost IMDH GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Ireland Limited

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost South East Asia (SEA) Pte. Ltd.

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Trans EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Vision

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Gruppo BRT

\n		\n

Italie

\n		\n

84,96

\n		\n

100,00

\n		\n

84,96

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Hubez HK Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

iloxx GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infraestructuras, Tecnologia Y Soporte Al Reparto, SL

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Jadlog Log\u00edstica Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

JLGP Brasil Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

JP Linex Nankai Parcel Co., Ltd.

\n		\n

Japon

\n		\n

19,29

\n		\n

19,29

\n		\n

29,85

\n		\n

29,85

\n		\n

MEE

\n		\n

MEE

\n
\n

Koiki Home, S.L.

\n		\n

Espagne

\n		\n

40,34

\n		\n

46,65

\n		\n

40,34

\n		\n

46,65

\n		\n

MEE

\n		\n

MEE

\n
\n

Last Mile Link Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Latin America E-Commerce Direct, S.A. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lenton Group Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Cambodia) Co. Ltd.

\n		\n

Cambodge

\n		\n

16,16

\n		\n

16,16

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Linehaul Express (Hainan) Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (HK) Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (India) Private Ltd.

\n		\n

Inde

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Taiwan) Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Thailand) Co. Ltd.

\n		\n

Tha\u00eflande

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Zhengzhou) Ltd.

\n		\n

Chine

\n		\n

54,93

\n		\n

54,93

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Co. Ltd.

\n		\n

Canada

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express France\u00a0SARL

\n		\n

France

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express LLC

\n		\n

\u00c9mirats arabes unis

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Singapore Pte Ltd.

\n		\n

Singapour

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul MAC Express (Private) Ltd.

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Air Services (Private) Ltd.

\n		\n

Afrique du Sud

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Corporation

\n		\n

Philippines

\n		\n

38,78

\n		\n

38,78

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Mach 1 Couriers Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Menexpres, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nanny Bag

\n		\n

France

\n		\n

49,95

\n		\n

\n		\n

49,95

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Ninja Logistics Pte. Ltd.

\n		\n

Singapour

\n		\n

42,29

\n		\n

34,25

\n		\n

42,29

\n		\n

34,25

\n		\n

MEE

\n		\n

MEE

\n
\n

North America Direct, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

On The Dot Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Packcity Geopost

\n		\n

France

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PickPoint (Russia) LLC

\n		\n

Russie

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickpoint Delivery System Ltd. (Cyprus)

\n		\n

Chypre

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickup Logistics

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pickup Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pie Mapping Software Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pour de bon\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Project Bolt Newco 1 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Project Bolt Newco 2 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

PT Linehaul Express Indonesia

\n		\n

Indon\u00e9sie

\n		\n

25,85

\n		\n

25,85

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Pudo Portugal S.A.

\n		\n

Portugal

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Resto In

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

RPX MAC Express (Private) Limited

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Australia PTY LTD

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Canada Enterprises

\n		\n

Canada

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Scalefast Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Scalefast S. de R.L. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Singapore PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Exa Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Examurs Paris

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sci Intel immo

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SDS RUS LLC

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Espa\u00f1a Operaciones, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Geopost, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Log\u00edstica S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shaanxi Depuda International Logistic Co Ltd\u00a0(ex Linehaul Express (Yiwu) Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shanghai E & T Wako Express Co. Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SHIFT7

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sichuan Depuda International Logistics Co Ltd\u00a0(ex DPD Sichuan Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Siodemka Systemy Sp z o.o.

\n		\n

Pologne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sodexi

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Speedy AD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

IG

\n		\n

IG

\n
\n

Speedy EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Speedy Tech Lab.

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SRT France Logistics

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

TD Express services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Holdings Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transporte Integral de Paqueter\u00eda, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transworld Global Courier Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Urgent Deliveries Limited (EcoSpeed)

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct (Singapore) PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce AUS PTY Limited

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Malaysia SDN BHD

\n		\n

Malaisie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Netherlands B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Spain S.L. (ex Scalefast, S.L.)

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Switzerland AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce UK Limited

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct Hong Kong Limited

\n		\n

Hong Kong

\n		\n

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

US Direct E-Commerce (USA) Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Holding Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Nominee DAC

\n		\n

Irlande

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

US Direct E-Commerce Rus LLC

\n		\n

Russie

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Wako Express Co. Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

WN TPC

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

WnDirect USA, Inc

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact B.V.

\n		\n

Pays-Bas

\n		\n

48,47

\n		\n

48,47

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact LGG

\n		\n

Belgique

\n		\n

48,47

\n		\n

48,47

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact Limited

\n		\n

Grande-Bretagne

\n		\n

36,35

\n		\n

36,35

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Yurtici Kargo Servisi A.S.

\n		\n

Turquie

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Banque Postale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

115 K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP3 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP4 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Arial CNP Assurances

\n		\n

France

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Assurbail Patrimoine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assurimmeuble

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assuristance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora Especializada Em Sa\u00fade\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CIMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Asfalistiki

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assur Tr\u00e9sorerie Plus

\n		\n

France

\n		\n

98,82

\n		\n

97,72

\n		\n

98,82

\n		\n

97,74

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Compa\u00f1ia de Seguros

\n		\n

Argentine

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances IARD

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Latam Holding Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Protection Sociale

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Sant\u00e9 Individuelle

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Capitaliza\u00e7\u00e3o\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Caution

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cons\u00f3rcio\u00a0SA Administradora de Cons\u00f3rcios

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cyprialife

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Cyprus Insurance Holdings

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Europe Life

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Immobilier

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP OSTRUM ISR OBLI 12 MOIS

\n		\n

France

\n		\n

88,06

\n		\n

99,43

\n		\n

88,06

\n		\n

99,44

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es Securitarias Brasil Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Retraite

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP\u00a0SA de Capitalizaci\u00f3n y Ahorro p/fines determinados

\n		\n

Argentine

\n		\n

50,00

\n		\n

50,00

\n		\n

65,38

\n		\n

65,38

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Europe DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Life DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Seguros Holding Brasil\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

IG

\n		\n

IG

\n
\n

CNP UniCredit Vita

\n		\n

Italie

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assicura

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Vita Assicurazione

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Zois

\n		\n

Gr\u00e8ce

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Companhia de Seguros Previdencia Do Sul-Previsul

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Credicoop Compa\u00f1ia de Seguros de Retiro\u00a0SA

\n		\n

Argentine

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

EasyBourse

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ecureuil Profil 90

\n		\n

France

\n		\n

54,59

\n		\n

55,00

\n		\n

54,59

\n		\n

55,00

\n		\n

IG

\n		\n

IG

\n
\n

Ezyness

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FCT Elise 2012

\n		\n

France

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

IG

\n		\n

IG

\n
\n

Filassistance International

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fonci\u00e8re ELBP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fundo De Investimento Imobiliario Renda Corporativa Angico \u2013 FII

\n		\n

Br\u00e9sil

\n		\n

48,81

\n		\n

48,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

GALAXIE 33

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Holding d\u2019Infrastructures Gazi\u00e8res

\n		\n

France

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding XS 1\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest France

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Consumer Finance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Home Loan SFH

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Leasing & Factoring

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Financi\u00e8re de l'Echiquier

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Actifs Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP AM

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 1 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 2 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e Immobilier Conseil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ma French Bank

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Montparvie V

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Odonto Empresas Conv\u00eanios Dent\u00e1rios Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEP247

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEW Imcom 1

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI MTP Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI Raspail

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM CNP Cons\u00f3rcio\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Provincia Seguros de Vida\u00a0SA

\n		\n

Argentine

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SAS 270 Investments

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI CRSF M\u00e9tropole

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI ICV

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Lamartine

\n		\n

France

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Saint Romain

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine Euros

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine monitoring Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SICAC

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOFIAP

\n		\n

France

\n		\n

66,00

\n		\n

100,00

\n		\n

66,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogestop K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TERRE NEUVE 4 IMMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Univers CNP 1 FCP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vivaccio ISR actions

\n		\n

France

\n		\n

99,89

\n		\n

100,00

\n		\n

99,89

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Wiz Solu\u00e7oes e Corretagem de Seguros\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

12,94

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

XS5 Administradora de consorcios\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

25,00

\n		\n

25,00

\n		\n

50,01

\n		\n

50,01

\n		\n

MEE

\n		\n

MEE

\n
\n

Youse Tecnologia e Assistencia em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Grand Public et Num\u00e9rique

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Acuitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Adverline

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AR 24

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ARKHINEO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axonal

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boxtal

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Certinomis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNTP \u2013 Docaposte BPO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Agility

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Applicam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CSP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CYBER

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Docaposte DPS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Externalisation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Fast

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Institute

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte IOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Pologne

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Roumanie

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Tunisie

\n		\n

Tunisie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Belgique

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Esculape

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

98,08

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Eukles

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Heva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Icanop\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education D\u00e9veloppement

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education France

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Italie

\n		\n

Italie

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Manufacture Docaposte

\n		\n

France

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Services \u00e0 la Personne

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LP11

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maileva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maincare

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MARKETSHOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Media Prisme\u00a0SAS

\n		\n

France

\n		\n

82,05

\n		\n

100,00

\n		\n

82,05

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mon Contact Logement

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Monha

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Numspot

\n		\n

France

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Openvalue

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Probayes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Inc

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Argentine

\n		\n

Argentine

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Colombie

\n		\n

Colombie

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9res Espagne

\n		\n

Espagne

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Equateur

\n		\n

\u00c9quateur

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Mexique

\n		\n

Mexique

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s P\u00e9rou

\n		\n

P\u00e9rou

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s\u00a0SA

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

IG

\n		\n

IG

\n
\n

Sofadev \u2013 Docaposte BPO

\n		\n

Maroc

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Agency

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Consulting

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Group

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tekoway Moldavie

\n		\n

Moldavie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

THIQA

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Voxaly

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Weliom

\n		\n

France

\n		\n

70,00

\n		\n

100,00

\n		\n

70,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Secteur Immobilier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Poste Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Akatea 2 TPF2\u00a0SAS

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Akatea TPF2

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Ciposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fr\u00e9jorgues Energy\u00a0SAS

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

HLU Port de Lyon

\n		\n

France

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

ImmoStoc\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

LocaPoste\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lumin' Toulouse\u00a0SAS

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Lumin'Logistique urbaine

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Multiburo Gares

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Multiburo Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MWPI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

N.C.I

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

PI Energy

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Energy 2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Logistique Urbaine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Poste Immo tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI d\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Energies renouvelables

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SC Pyxis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCCV 56, Rue Cler

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCCV Paris Campagne Premi\u00e8re

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Activit\u00e9s annexes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Colis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier de Proximit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier Industriel

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Aix-Pichaury

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI Arkadea Marseille Saint Victor

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Arkadea Rennes Trigone

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCI Bataille

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI BP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI BP Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Centres de loisirs

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI DOM

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Green Opale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Logement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Nantes Aubiniere

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI PI 17

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI PI Bordeaux Tourville

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Route du Moulin Bateau Bonneuil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI RSS Strasbourg MEE

\n		\n

France

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sobre

\n		\n

France

\n		\n

48,56

\n		\n

\n		\n

48,56

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SOBRE GLP

\n		\n

France

\n		\n

74,28

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Soci\u00e9t\u00e9 SCCV Rue du Champ Macret-Roye

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOGARIS Paris\u00a0: les espaces logistiques urbains

\n		\n

France

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

MEE

\n		\n

MEE

\n
\n

Terseren

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tetra Logistique

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Toulouse Occitanie

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

TPF2 \u2013 SPPICAV

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Urba 144

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Non affect\u00e9

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Ventures (LP7)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vehiposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Movivolt

\n		\n

France

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

MEE

\n		\n

MEE

\n
\n

IG\u00a0: int\u00e9gration globale\u00a0; MEE\u00a0: mise en \u00e9quivalence.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41344131479405113_0_0": { "value": "

1.4D\u00e9pr\u00e9ciation des titres Ninja Logistics

\n

La soci\u00e9t\u00e9 Ninja Logistics, d\u00e9tenue \u00e0 34% par le groupe et consolid\u00e9e par mise en \u00e9quivalence, continue d'enregistrer des r\u00e9sultats significativement d\u00e9ficitaires. La nouvelle d\u00e9gradation des r\u00e9sultats au cours de l\u2019exercice\u00a02025 (quote-part de perte du groupe de 33\u00a0millions d\u2019euros) et les incertitudes importantes sur la p\u00e9rennit\u00e9 de l\u2019entreprise conduisent le groupe \u00e0 d\u00e9pr\u00e9cier int\u00e9gralement cette participation dans les comptes arr\u00eat\u00e9s \u00e0 fin\u00a0d\u00e9cembre\u00a02025, ce qui repr\u00e9sente une d\u00e9pr\u00e9ciation de 99\u00a0millions d\u2019euros. Compte-tenu des pertes d\u2019exploitation de la p\u00e9riode, la perte de valeur enregistr\u00e9e en 2025 est de 132\u00a0millions d\u2019euros (cf. note\u00a020).

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n

NOTE 20Soci\u00e9t\u00e9s mises en \u00e9quivalence

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Holding d'Infra-structuresGazi\u00e8res\u00a0(a)

\n		\n

Arial CNP Assurances

\n		\n

XS5 Adminis-tradora de cons\u00f3rcio

\n		\n

Autres Filiales Assurances

\n		\n

Aramex PJSC\u00a0(b)

\n		\n

Ninja Logistics\u00a0(b)

\n		\n

Yurtici Kargo Servisi A.S.

\n		\n

P\u00f4le immobilier

\n		\n

Autres

\n		\n

Total titres\u00a0mis\u00a0en \u00e9quivalence (actif)

\n		\n

La Poste Telecom\u00a0(c)

\n
\n

Secteur d'activit\u00e9

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Immobilier

\n		\n

Grand Public et Num\u00e9rique

\n
\n

Nature du contr\u00f4le

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprises associ\u00e9es\u00a0
ou contr\u00f4les conjoints

\n		\n

Contr\u00f4le conjoint

\n
\n

Solde au 31/12/2023

\n		\n

839

\n		\n

167

\n		\n

57

\n		\n

42

\n		\n

364

\n		\n

237

\n		\n

23

\n		\n

29

\n		\n

53

\n		\n

1\u00a0811

\n		\n

(37)

\n
\n

R\u00e9sultats de l'exercice

\n		\n

62

\n		\n

6

\n		\n

9

\n		\n

18

\n		\n

(60)

\n		\n

(125)

\n		\n

27

\n		\n

(7)

\n		\n

(8)

\n		\n

(77)

\n		\n

14

\n
\n

Distributions de dividendes

\n		\n

(76)

\n		\n

\n		\n

(7)

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(21)

\n		\n

(3)

\n		\n

(1)

\n		\n

(111)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

6

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

6

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

\n		\n

6

\n		\n

6

\n		\n

23

\n
\n

Augmentation de capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

8

\n		\n

8

\n		\n

\n
\n

Autres variations

\n		\n

(7)

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

0

\n		\n

2

\n		\n

(1)

\n		\n

7

\n		\n

0

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

(9)

\n		\n

(7)

\n		\n

18

\n		\n

16

\n		\n

15

\n		\n

\n		\n

1

\n		\n

34

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

817

\n		\n

180

\n		\n

49

\n		\n

51

\n		\n

322

\n		\n

131

\n		\n

43

\n		\n

26

\n		\n

60

\n		\n

1\u00a0678

\n		\n

\n
\n

R\u00e9sultats de l'exercice

\n		\n

69

\n		\n

5

\n		\n

12

\n		\n

6

\n		\n

5

\n		\n

(132)

\n		\n

22

\n		\n

0

\n		\n

(6)

\n		\n

(19)

\n		\n

\n
\n

Distributions de\u00a0dividendes

\n		\n

(54)

\n		\n

\n		\n

(10)

\n		\n

\n		\n

\n		\n

\n		\n

(18)

\n		\n

(4)

\n		\n

(0)

\n		\n

(86)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

(3)

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

(34)

\n		\n

\n		\n

1

\n		\n

\n		\n

0

\n		\n

1

\n		\n

(32)

\n		\n

0

\n
\n

Augmentation de\u00a0capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

0

\n		\n

8

\n		\n

9

\n		\n

\n
\n

Autres variations

\n		\n

3

\n		\n

(0)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

2

\n		\n

(6)

\n		\n

1

\n		\n

2

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

1

\n		\n

(8)

\n		\n

(41)

\n		\n

(1)

\n		\n

(3)

\n		\n

\n		\n

(5)

\n		\n

(57)

\n		\n

\n
\n

Solde\u00a0au\u00a031/12/2025

\n		\n

835

\n		\n

183

\n		\n

52

\n		\n

16

\n		\n

285

\n		\n

0

\n		\n

37

\n		\n

24

\n		\n

59

\n		\n

1\u00a0491

\n		\n

0

\n
\n

(a)Cette participation constitue un placement des activit\u00e9s d\u2019assurance et son r\u00e9sultat est pr\u00e9sent\u00e9 en Produit Net Bancaire.

\n

(b)En 2025, d\u00e9pr\u00e9ciation des titres Ninja Logistics pour 99\u00a0millions d\u2019euros (cf. note\u00a01.4). En 2024, d\u00e9pr\u00e9ciation des titres Aramex PJSC et Ninja Logistics pour respectivement 71 et 79\u00a0millions d\u2019euros (cf. note\u00a021.3).

\n

(c)C\u00e9d\u00e9e en 2024, cf. note\u00a01.2 \u2013 \u00c9v\u00e9nements significatifs de l\u2019exercice au 31\u00a0d\u00e9cembre 2024.

\n
\n

NOTE 45P\u00e9rim\u00e8tre de consolidation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Soci\u00e9t\u00e9 consolidante

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

LA POSTE
9, rue du Colonel-Pierre-Avia
75757 PARIS CEDEX 15

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Adimmo

\n		\n

France

\n		\n

64,15

\n		\n

75,41

\n		\n

99,90

\n		\n

99,90

\n		\n

IG

\n		\n

IG

\n
\n

Advanced Ideas

\n		\n

Roumanie

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c2ge d\u2019or Expansion

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

64,21

\n		\n

75,49

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9 \u00e0 domicile

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo D\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Partenariats Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Budget Box

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cassiop

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Coordination Axeo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Creat Direct

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CyberCit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cyclonova

\n		\n

France

\n		\n

\n		\n

60,00

\n		\n

\n		\n

60,00

\n		\n

\n		\n

IG

\n
\n

Diadom

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO IS

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c9conomie d'\u00e9nergie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

EDENEXT

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Edgewhere

\n		\n

France

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

IG

\n		\n

IG

\n
\n

E-SY Com

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fluow

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Geobuzon

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geoptis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Go Logistic

\n		\n

Portugal

\n		\n

90,00

\n		\n

100,00

\n		\n

90,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

HDC Sant\u00e9 (ex Happytal)

\n		\n

France

\n		\n

93,00

\n		\n

100,00

\n		\n

93,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort ST Nazaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

IM Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Inbox Marketing

\n		\n

Roumanie

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

IG

\n		\n

IG

\n
\n

Innovagency

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Interactions Marketing

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le Factory

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Conciergerie

\n		\n

France

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste E-\u00e9ducation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Nouveaux Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste Sant\u00e9 et Autonomie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7 Factory

\n		\n

France

\n		\n

\n		\n

75,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

LP10

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LPS R\u00e9seaux

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Matching

\n		\n

France

\n		\n

83,76

\n		\n

100,00

\n		\n

83,76

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Distribui\u00e7\u00e3o Postal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Espagne

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail Bulgaria

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediapost Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Martech

\n		\n

Roumanie

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte SGPS

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Metrica

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MN Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Neolog

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nouvelle Attitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Colombia

\n		\n

Colombie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Mexico

\n		\n

Mexique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OnlySo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Recygo

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI STP Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SMP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S IT (ex-Sogec Informatique)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S marketing (ex Sogec Marketing)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tick and Shop Log (ex Sogec Gestion)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogefinad

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Somepost

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

STP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tikeasy

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TimeOne \u2013 Performance

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Viaposte Maintenance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte Maintenance Benelux

\n		\n

Belgique

\n		\n

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

Viaposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte transport Management

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vouchers Depot

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Group

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Loyalty

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Geopost\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

360\u00b0 Services\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

A52 Warehouse Inc.

\n		\n

Canada

\n		\n

32,31

\n		\n

\n		\n

50,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

ACP Global Forwarding

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Air 360

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Alas Courier, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Alolomer, S.L.U.

\n		\n

Espagne

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Alturing

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Aramex PJSC

\n		\n

\u00c9mirats arabes unis

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Armadillo Holding Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Austria GmbH

\n		\n

Autriche

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Asendia Benelux B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Digital Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Germany GmbH

\n		\n

Allemagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Global Returns

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Hong Kong Ltd

\n		\n

Hong Kong

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Italy S.r.L.

\n		\n

Italie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Ireland Limited (ex-The Reach Advisory Limited.)

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS, branch Bern

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Nordic AB

\n		\n

Su\u00e8de

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania AU Pty. Ltd.

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania NZ Limited

\n		\n

Nouvelle Z\u00e9lande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Press Edigroup\u00a0SA

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Singapore Pte. Ltd.

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Spain S.L.

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia UK Ltd

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia USA Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Beijing Linehaul Express Co Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bio Cair Fowarding International Co LTD

\n		\n

Chine

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Asia Limited

\n		\n

Hong Kong

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Australia PTY Ltd

\n		\n

Australie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Customs Brokerage LLC

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Germany GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair India Private Limited

\n		\n

Inde

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR International Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Singapore Pte Ltd

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair South Africa (Pty) Ltd

\n		\n

Afrique du Sud

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Logistics Group B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Pharma Logistics B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Sneltransport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bloomsburys Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boks\u00a0SAS

\n		\n

France

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

MEE

\n		\n

MEE

\n
\n

Broad Reach Canada

\n		\n

Canada

\n		\n

40,80

\n		\n

30,60

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Broad Reach Canada, Inc.\u00a0(ex Broad Reach Commerce Inc.)

\n		\n

\u00c9tats-Unis

\n		\n

40,80

\n		\n

30,60

\n		\n

68,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

C Chez Vous\u00a0SAS

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Cal\u00e9donie Express

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Cargonet Software\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chrono Diali

\n		\n

Maroc

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Chronofresh\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost (Mauritius) Ltd

\n		\n

\u00cele Maurice

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Alg\u00e9rie

\n		\n

Alg\u00e9rie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Burkina

\n		\n

Burkina Faso

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CI C\u00f4te d\u2019Ivoire

\n		\n

C\u00f4te d'Ivoire

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Maroc

\n		\n

Maroc

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CitySprint (UK) Bidco Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint Courier Services Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Cool Runnings Transport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Customs Clearance Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CXB Partner S.A.U.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Delifresh IDF

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Delivering London Limited

\n		\n

Grande-Bretagne

\n		\n

\n		\n

25,00

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n
\n

Direct Parcel Distribution CZ s.r.o.

\n		\n

R\u00e9p. tch\u00e8que

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Direct Parcel Distribution SK s.r.o.

\n		\n

Slovaquie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Argentina S.A.

\n		\n

Argentine

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Austria

\n		\n

Autriche

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Bel FLLC

\n		\n

Bi\u00e9lorussie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Croatia d.o.o.

\n		\n

Croatie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Deutschland GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eesti AS

\n		\n

Estonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eurasia LLC

\n		\n

Ouzb\u00e9kistan

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

DPD France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD fresh BeLux BV

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Group International Services GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD HK Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilien GmbH & Co. KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilienverwaltung GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Ireland

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Kazakhstan LLP

\n		\n

Kazakhstan

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Laser

\n		\n

Afrique du Sud

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Latvija SIA

\n		\n

Lettonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Lietuva UAB

\n		\n

Lituanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Local UK Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Netherlands

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Polska

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Portugal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

DPD Romania S.A.

\n		\n

Roumanie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD RUS

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Schweiz

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Service GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Slovenia

\n		\n

Slov\u00e9nie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDCN Linehaul Express Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup Uk Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GmbH & Co. Asset KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GP GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia Management GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DTDC

\n		\n

Inde

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

MEE

\n		\n

MEE

\n
\n

Epicery\u00a0SAS

\n		\n

France

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

IG

\n		\n

IG

\n
\n

ESW France\u00a0SAS (ex Scalefast, SAS)

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Japan K.K. (ex Scalefast Japan Kabushiki Kaisha)

\n		\n

Japon

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Parent, Inc, (ESPI)

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW U.S. Direct E-Commerce Canada Corp

\n		\n

Canada

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Express Delivery Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FB On Board Courier Services Inc.

\n		\n

Canada

\n		\n

17,29

\n		\n

17,29

\n		\n

26,76

\n		\n

26,76

\n		\n

MEE

\n		\n

MEE

\n
\n

FermoPoint S.r.l.

\n		\n

Italie

\n		\n

50,98

\n		\n

100,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Flap Locadora e Trans. Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Forwarder Line Logistik

\n		\n

Liechtenstein

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Americas

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Espa\u00f1a, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Holdings Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost IMDH GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Ireland Limited

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost South East Asia (SEA) Pte. Ltd.

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Trans EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Vision

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Gruppo BRT

\n		\n

Italie

\n		\n

84,96

\n		\n

100,00

\n		\n

84,96

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Hubez HK Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

iloxx GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infraestructuras, Tecnologia Y Soporte Al Reparto, SL

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Jadlog Log\u00edstica Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

JLGP Brasil Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

JP Linex Nankai Parcel Co., Ltd.

\n		\n

Japon

\n		\n

19,29

\n		\n

19,29

\n		\n

29,85

\n		\n

29,85

\n		\n

MEE

\n		\n

MEE

\n
\n

Koiki Home, S.L.

\n		\n

Espagne

\n		\n

40,34

\n		\n

46,65

\n		\n

40,34

\n		\n

46,65

\n		\n

MEE

\n		\n

MEE

\n
\n

Last Mile Link Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Latin America E-Commerce Direct, S.A. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lenton Group Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Cambodia) Co. Ltd.

\n		\n

Cambodge

\n		\n

16,16

\n		\n

16,16

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Linehaul Express (Hainan) Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (HK) Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (India) Private Ltd.

\n		\n

Inde

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Taiwan) Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Thailand) Co. Ltd.

\n		\n

Tha\u00eflande

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Zhengzhou) Ltd.

\n		\n

Chine

\n		\n

54,93

\n		\n

54,93

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Co. Ltd.

\n		\n

Canada

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express France\u00a0SARL

\n		\n

France

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express LLC

\n		\n

\u00c9mirats arabes unis

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Singapore Pte Ltd.

\n		\n

Singapour

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul MAC Express (Private) Ltd.

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Air Services (Private) Ltd.

\n		\n

Afrique du Sud

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Corporation

\n		\n

Philippines

\n		\n

38,78

\n		\n

38,78

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Mach 1 Couriers Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Menexpres, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nanny Bag

\n		\n

France

\n		\n

49,95

\n		\n

\n		\n

49,95

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Ninja Logistics Pte. Ltd.

\n		\n

Singapour

\n		\n

42,29

\n		\n

34,25

\n		\n

42,29

\n		\n

34,25

\n		\n

MEE

\n		\n

MEE

\n
\n

North America Direct, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

On The Dot Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Packcity Geopost

\n		\n

France

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PickPoint (Russia) LLC

\n		\n

Russie

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickpoint Delivery System Ltd. (Cyprus)

\n		\n

Chypre

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickup Logistics

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pickup Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pie Mapping Software Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pour de bon\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Project Bolt Newco 1 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Project Bolt Newco 2 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

PT Linehaul Express Indonesia

\n		\n

Indon\u00e9sie

\n		\n

25,85

\n		\n

25,85

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Pudo Portugal S.A.

\n		\n

Portugal

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Resto In

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

RPX MAC Express (Private) Limited

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Australia PTY LTD

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Canada Enterprises

\n		\n

Canada

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Scalefast Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Scalefast S. de R.L. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Singapore PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Exa Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Examurs Paris

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sci Intel immo

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SDS RUS LLC

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Espa\u00f1a Operaciones, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Geopost, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Log\u00edstica S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shaanxi Depuda International Logistic Co Ltd\u00a0(ex Linehaul Express (Yiwu) Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shanghai E & T Wako Express Co. Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SHIFT7

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sichuan Depuda International Logistics Co Ltd\u00a0(ex DPD Sichuan Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Siodemka Systemy Sp z o.o.

\n		\n

Pologne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sodexi

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Speedy AD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

IG

\n		\n

IG

\n
\n

Speedy EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Speedy Tech Lab.

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SRT France Logistics

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

TD Express services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Holdings Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transporte Integral de Paqueter\u00eda, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transworld Global Courier Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Urgent Deliveries Limited (EcoSpeed)

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct (Singapore) PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce AUS PTY Limited

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Malaysia SDN BHD

\n		\n

Malaisie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Netherlands B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Spain S.L. (ex Scalefast, S.L.)

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Switzerland AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce UK Limited

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct Hong Kong Limited

\n		\n

Hong Kong

\n		\n

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

US Direct E-Commerce (USA) Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Holding Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Nominee DAC

\n		\n

Irlande

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

US Direct E-Commerce Rus LLC

\n		\n

Russie

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Wako Express Co. Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

WN TPC

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

WnDirect USA, Inc

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact B.V.

\n		\n

Pays-Bas

\n		\n

48,47

\n		\n

48,47

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact LGG

\n		\n

Belgique

\n		\n

48,47

\n		\n

48,47

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact Limited

\n		\n

Grande-Bretagne

\n		\n

36,35

\n		\n

36,35

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Yurtici Kargo Servisi A.S.

\n		\n

Turquie

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Banque Postale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

115 K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP3 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP4 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Arial CNP Assurances

\n		\n

France

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Assurbail Patrimoine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assurimmeuble

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assuristance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora Especializada Em Sa\u00fade\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CIMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Asfalistiki

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assur Tr\u00e9sorerie Plus

\n		\n

France

\n		\n

98,82

\n		\n

97,72

\n		\n

98,82

\n		\n

97,74

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Compa\u00f1ia de Seguros

\n		\n

Argentine

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances IARD

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Latam Holding Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Protection Sociale

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Sant\u00e9 Individuelle

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Capitaliza\u00e7\u00e3o\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Caution

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cons\u00f3rcio\u00a0SA Administradora de Cons\u00f3rcios

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cyprialife

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Cyprus Insurance Holdings

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Europe Life

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Immobilier

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP OSTRUM ISR OBLI 12 MOIS

\n		\n

France

\n		\n

88,06

\n		\n

99,43

\n		\n

88,06

\n		\n

99,44

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es Securitarias Brasil Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Retraite

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP\u00a0SA de Capitalizaci\u00f3n y Ahorro p/fines determinados

\n		\n

Argentine

\n		\n

50,00

\n		\n

50,00

\n		\n

65,38

\n		\n

65,38

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Europe DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Life DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Seguros Holding Brasil\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

IG

\n		\n

IG

\n
\n

CNP UniCredit Vita

\n		\n

Italie

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assicura

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Vita Assicurazione

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Zois

\n		\n

Gr\u00e8ce

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Companhia de Seguros Previdencia Do Sul-Previsul

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Credicoop Compa\u00f1ia de Seguros de Retiro\u00a0SA

\n		\n

Argentine

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

EasyBourse

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ecureuil Profil 90

\n		\n

France

\n		\n

54,59

\n		\n

55,00

\n		\n

54,59

\n		\n

55,00

\n		\n

IG

\n		\n

IG

\n
\n

Ezyness

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FCT Elise 2012

\n		\n

France

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

IG

\n		\n

IG

\n
\n

Filassistance International

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fonci\u00e8re ELBP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fundo De Investimento Imobiliario Renda Corporativa Angico \u2013 FII

\n		\n

Br\u00e9sil

\n		\n

48,81

\n		\n

48,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

GALAXIE 33

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Holding d\u2019Infrastructures Gazi\u00e8res

\n		\n

France

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding XS 1\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest France

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Consumer Finance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Home Loan SFH

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Leasing & Factoring

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Financi\u00e8re de l'Echiquier

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Actifs Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP AM

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 1 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 2 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e Immobilier Conseil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ma French Bank

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Montparvie V

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Odonto Empresas Conv\u00eanios Dent\u00e1rios Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEP247

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEW Imcom 1

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI MTP Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI Raspail

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM CNP Cons\u00f3rcio\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Provincia Seguros de Vida\u00a0SA

\n		\n

Argentine

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SAS 270 Investments

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI CRSF M\u00e9tropole

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI ICV

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Lamartine

\n		\n

France

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Saint Romain

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine Euros

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine monitoring Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SICAC

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOFIAP

\n		\n

France

\n		\n

66,00

\n		\n

100,00

\n		\n

66,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogestop K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TERRE NEUVE 4 IMMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Univers CNP 1 FCP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vivaccio ISR actions

\n		\n

France

\n		\n

99,89

\n		\n

100,00

\n		\n

99,89

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Wiz Solu\u00e7oes e Corretagem de Seguros\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

12,94

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

XS5 Administradora de consorcios\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

25,00

\n		\n

25,00

\n		\n

50,01

\n		\n

50,01

\n		\n

MEE

\n		\n

MEE

\n
\n

Youse Tecnologia e Assistencia em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Grand Public et Num\u00e9rique

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Acuitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Adverline

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AR 24

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ARKHINEO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axonal

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boxtal

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Certinomis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNTP \u2013 Docaposte BPO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Agility

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Applicam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CSP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CYBER

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Docaposte DPS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Externalisation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Fast

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Institute

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte IOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Pologne

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Roumanie

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Tunisie

\n		\n

Tunisie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Belgique

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Esculape

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

98,08

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Eukles

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Heva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Icanop\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education D\u00e9veloppement

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education France

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Italie

\n		\n

Italie

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Manufacture Docaposte

\n		\n

France

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Services \u00e0 la Personne

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LP11

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maileva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maincare

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MARKETSHOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Media Prisme\u00a0SAS

\n		\n

France

\n		\n

82,05

\n		\n

100,00

\n		\n

82,05

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mon Contact Logement

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Monha

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Numspot

\n		\n

France

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Openvalue

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Probayes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Inc

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Argentine

\n		\n

Argentine

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Colombie

\n		\n

Colombie

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9res Espagne

\n		\n

Espagne

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Equateur

\n		\n

\u00c9quateur

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Mexique

\n		\n

Mexique

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s P\u00e9rou

\n		\n

P\u00e9rou

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s\u00a0SA

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

IG

\n		\n

IG

\n
\n

Sofadev \u2013 Docaposte BPO

\n		\n

Maroc

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Agency

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Consulting

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Group

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tekoway Moldavie

\n		\n

Moldavie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

THIQA

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Voxaly

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Weliom

\n		\n

France

\n		\n

70,00

\n		\n

100,00

\n		\n

70,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Secteur Immobilier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Poste Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Akatea 2 TPF2\u00a0SAS

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Akatea TPF2

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Ciposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fr\u00e9jorgues Energy\u00a0SAS

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

HLU Port de Lyon

\n		\n

France

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

ImmoStoc\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

LocaPoste\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lumin' Toulouse\u00a0SAS

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Lumin'Logistique urbaine

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Multiburo Gares

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Multiburo Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MWPI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

N.C.I

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

PI Energy

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Energy 2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Logistique Urbaine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Poste Immo tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI d\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Energies renouvelables

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SC Pyxis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCCV 56, Rue Cler

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCCV Paris Campagne Premi\u00e8re

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Activit\u00e9s annexes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Colis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier de Proximit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier Industriel

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Aix-Pichaury

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI Arkadea Marseille Saint Victor

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Arkadea Rennes Trigone

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCI Bataille

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI BP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI BP Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Centres de loisirs

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI DOM

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Green Opale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Logement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Nantes Aubiniere

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI PI 17

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI PI Bordeaux Tourville

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Route du Moulin Bateau Bonneuil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI RSS Strasbourg MEE

\n		\n

France

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sobre

\n		\n

France

\n		\n

48,56

\n		\n

\n		\n

48,56

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SOBRE GLP

\n		\n

France

\n		\n

74,28

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Soci\u00e9t\u00e9 SCCV Rue du Champ Macret-Roye

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOGARIS Paris\u00a0: les espaces logistiques urbains

\n		\n

France

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

MEE

\n		\n

MEE

\n
\n

Terseren

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tetra Logistique

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Toulouse Occitanie

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

TPF2 \u2013 SPPICAV

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Urba 144

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Non affect\u00e9

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Ventures (LP7)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vehiposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Movivolt

\n		\n

France

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

MEE

\n		\n

MEE

\n
\n

IG\u00a0: int\u00e9gration globale\u00a0; MEE\u00a0: mise en \u00e9quivalence.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40140708112778787_0_0": { "value": "

1.5Alliance de CNP\u00a0Assurances avec Embracon au Br\u00e9sil

\n

CNP\u00a0Assurances a annonc\u00e9 la signature d\u2019un accord avec Embracon visant \u00e0 renforcer sa pr\u00e9sence au Br\u00e9sil. Apr\u00e8s avoir apport\u00e9 CNP\u00a0Cons\u00f3rcio \u00e0 Embracon, CNP\u00a0Assurances portera sa participation dans Embracon \u00e0 40% par acquisition de titres. Dans\u00a0ce cadre, CNP\u00a0Cons\u00f3rcio est d\u00e9sormais pr\u00e9sent\u00e9e et comptabilis\u00e9e selon la norme IFRS\u00a05 \u2013 Actifs non courants d\u00e9tenus en vue de la vente (cf. note\u00a026). Aucune perte de valeur n\u2019a \u00e9t\u00e9 constat\u00e9e.

\n

3.18Actifs d\u00e9tenus en vue d\u2019\u00eatre c\u00e9d\u00e9s

\n

Un actif non courant, ou un groupe d\u2019actifs et de passifs, est class\u00e9 comme d\u00e9tenu en vue d\u2019\u00eatre c\u00e9d\u00e9 lorsque sa valeur comptable sera recouvr\u00e9e principalement au moyen de sa vente, et non de son utilisation continue. Ceci suppose que l\u2019actif soit disponible en vue de sa vente imm\u00e9diate dans son \u00e9tat actuel et que sa vente soit hautement probable dans un d\u00e9lai d\u2019un an.

\n

Ces actifs et groupes d\u2019actifs, ainsi que les passifs associ\u00e9s, sont pr\u00e9sent\u00e9s s\u00e9par\u00e9ment des autres actifs et passifs, et sont mesur\u00e9s au plus bas de leur valeur comptable ou du prix de cession estim\u00e9, net des co\u00fbts de cession. L\u2019amortissement de ces actifs cesse \u00e0 compter de la date de leur classement dans cette cat\u00e9gorie.

\n

NOTE 26Actifs et passifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n

Au 31\u00a0d\u00e9cembre 2025, ces actifs et passifs proviennent principalement de filiales dont la cession est pr\u00e9vue dans les prochains\u00a0mois.

\n

Ils comprennent les actifs et passifs de la soci\u00e9t\u00e9 CNP Cons\u00f3rcio pour respectivement 153\u00a0millions d\u2019euros et 91\u00a0millions d\u2019euros (cf.\u00a0note\u00a01.5).

\n

Ce poste comporte \u00e9galement des immeubles sous compromis de vente.

\n

Au 31\u00a0d\u00e9cembre 2024, ces actifs et passifs int\u00e9graient\u00a0:

\n

\u25cfles actifs et passifs de la soci\u00e9t\u00e9 chypriote CNP Cyprus Insurance Holdings et de ses filiales pour respectivement 837\u00a0millions d\u2019euros et 654\u00a0millions d\u2019euros (cf. note\u00a01.3)\u00a0;

\n

\u25cfles actifs et passifs de la soci\u00e9t\u00e9 italienne CNP UniCredit Vita (CUV) pour respectivement 16\u2009\u2009\u2009\u2009449 millions d\u2019euros et 15\u00a0629\u00a0millions d\u2019euros (cf. note\u00a01.2).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059564_0": { "value": "

1.5Alliance de CNP\u00a0Assurances avec Embracon au Br\u00e9sil

\n

CNP\u00a0Assurances a annonc\u00e9 la signature d\u2019un accord avec Embracon visant \u00e0 renforcer sa pr\u00e9sence au Br\u00e9sil. Apr\u00e8s avoir apport\u00e9 CNP\u00a0Cons\u00f3rcio \u00e0 Embracon, CNP\u00a0Assurances portera sa participation dans Embracon \u00e0 40% par acquisition de titres. Dans\u00a0ce cadre, CNP\u00a0Cons\u00f3rcio est d\u00e9sormais pr\u00e9sent\u00e9e et comptabilis\u00e9e selon la norme IFRS\u00a05 \u2013 Actifs non courants d\u00e9tenus en vue de la vente (cf. note\u00a026). Aucune perte de valeur n\u2019a \u00e9t\u00e9 constat\u00e9e.

\n

3.18Actifs d\u00e9tenus en vue d\u2019\u00eatre c\u00e9d\u00e9s

\n

Un actif non courant, ou un groupe d\u2019actifs et de passifs, est class\u00e9 comme d\u00e9tenu en vue d\u2019\u00eatre c\u00e9d\u00e9 lorsque sa valeur comptable sera recouvr\u00e9e principalement au moyen de sa vente, et non de son utilisation continue. Ceci suppose que l\u2019actif soit disponible en vue de sa vente imm\u00e9diate dans son \u00e9tat actuel et que sa vente soit hautement probable dans un d\u00e9lai d\u2019un an.

\n

Ces actifs et groupes d\u2019actifs, ainsi que les passifs associ\u00e9s, sont pr\u00e9sent\u00e9s s\u00e9par\u00e9ment des autres actifs et passifs, et sont mesur\u00e9s au plus bas de leur valeur comptable ou du prix de cession estim\u00e9, net des co\u00fbts de cession. L\u2019amortissement de ces actifs cesse \u00e0 compter de la date de leur classement dans cette cat\u00e9gorie.

\n

NOTE 26Actifs et passifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n

Au 31\u00a0d\u00e9cembre 2025, ces actifs et passifs proviennent principalement de filiales dont la cession est pr\u00e9vue dans les prochains\u00a0mois.

\n

Ils comprennent les actifs et passifs de la soci\u00e9t\u00e9 CNP Cons\u00f3rcio pour respectivement 153\u00a0millions d\u2019euros et 91\u00a0millions d\u2019euros (cf.\u00a0note\u00a01.5).

\n

Ce poste comporte \u00e9galement des immeubles sous compromis de vente.

\n

Au 31\u00a0d\u00e9cembre 2024, ces actifs et passifs int\u00e9graient\u00a0:

\n

\u25cfles actifs et passifs de la soci\u00e9t\u00e9 chypriote CNP Cyprus Insurance Holdings et de ses filiales pour respectivement 837\u00a0millions d\u2019euros et 654\u00a0millions d\u2019euros (cf. note\u00a01.3)\u00a0;

\n

\u25cfles actifs et passifs de la soci\u00e9t\u00e9 italienne CNP UniCredit Vita (CUV) pour respectivement 16\u2009\u2009\u2009\u2009449 millions d\u2019euros et 15\u00a0629\u00a0millions d\u2019euros (cf. note\u00a01.2).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40140855784457804_0_0": { "value": "

1.6Accord conclu avec les actionnaires minoritaires de BRT

\n

Un accord a \u00e9t\u00e9 conclu le 3\u00a0juillet 2025 avec les actionnaires minoritaires de BRT (closing le 24\u00a0juillet 2025). Cet accord a pour objet principal de mettre fin aux proc\u00e9dures engag\u00e9es par Geopost et BRT \u00e0 l\u2019encontre des actionnaires minoritaires. Les effets de cet accord se traduisent comme suit dans les comptes 2025\u00a0:

\n

\u25cfrachat des participations minoritaires de BRT par Geopost pour un montant de 60\u00a0millions d\u2019euros, portant ainsi la participation de Geopost \u00e0 100%. Cette op\u00e9ration g\u00e9n\u00e8re un impact n\u00e9gatif de 84\u00a0millions d\u2019euros sur les capitaux propres part du groupe\u00a0;

\n

\u25cfencaissement et reconnaissance en produits d\u2019indemnit\u00e9s re\u00e7ues \u00e0 hauteur de 70\u00a0millions d\u2019euros\u00a0;

\n

\u25cfremise de loyers de 35,7\u00a0millions d\u2019euros sur la p\u00e9riode 2025-2031 ayant pour cons\u00e9quence une diminution de la dette IFRS\u00a016 pour un montant de 195\u00a0millions d\u2019euros \u00e0 fin\u00a0d\u00e9cembre\u00a02025.

\n

Il convient \u00e9galement de noter qu\u2019une r\u00e9duction du prix d\u2019acquisition de BRT, comptabilis\u00e9e comme produit, avait \u00e9t\u00e9 reconnue d\u00e8s les comptes semestriels 2025 pour un montant de\u00a040\u00a0millions d\u2019euros.

\n

3.8Contrats de location (preneur)

\n

Les principes pr\u00e9sent\u00e9s ici sont appliqu\u00e9s aux contrats de location dans lesquels le groupe est preneur.

\n

Les principes appliqu\u00e9s aux contrats de location externes dans lesquels le groupe est bailleur sont d\u00e9taill\u00e9s dans la section\u00a03.11 d\u00e9di\u00e9e aux activit\u00e9s bancaires et d\u2019assurance.

\n

Sont qualifi\u00e9s de contrats de location selon la norme IFRS\u00a016, tous les contrats, quelle que soit leur d\u00e9nomination juridique, portant sur un actif identifi\u00e9 dont l\u2019utilisation est contr\u00f4l\u00e9e par le preneur en \u00e9change d\u2019une r\u00e9mun\u00e9ration et pour une certaine dur\u00e9e. Lorsque l\u2019actif n\u2019est pas identifi\u00e9, le contrat est qualifi\u00e9 de contrat de prestation de services.

\n

La norme IFRS\u00a016 a pour cons\u00e9quence, pour tous les contrats de location externes o\u00f9 le groupe est preneur\u00a0:

\n

\u25cfla comptabilisation d\u2019un passif de location \u00e9gal \u00e0 la somme actualis\u00e9e des loyers sur la dur\u00e9e du contrat (p\u00e9riodes fermes, et p\u00e9riodes r\u00e9siliables ou optionnelles si le preneur est raisonnablement certain d\u2019exercer l\u2019option)\u00a0;

\n

\u25cfla comptabilisation \u00e0 l\u2019actif d\u2019un droit d\u2019utilisation amorti sur la dur\u00e9e du contrat.

\n
\n\n\n\n
\n

Au 1er\u00a0janvier 2019, le groupe La\u00a0Poste a choisi d\u2019appliquer la m\u00e9thode de transition dite \u00ab\u00a0r\u00e9trospective modifi\u00e9e\u00a0\u00bb.

\n

Les mesures de simplification pr\u00e9vues par la norme et retenues par le groupe ont \u00e9t\u00e9 les suivantes\u00a0:

\n

\u25cfl\u2019exclusion des contrats portant sur des actifs de faible valeur\u00a0;

\n

\u25cfl\u2019exclusion des contrats d\u2019une dur\u00e9e r\u00e9siduelle inf\u00e9rieure \u00e0 douze\u00a0mois\u00a0;

\n

\u25cfla possibilit\u00e9 de ne pas capitaliser les co\u00fbts directement li\u00e9s \u00e0 la conclusion des contrats\u00a0;

\n

\u25cfla substitution du test de d\u00e9pr\u00e9ciation par le reclassement des provisions pour contrats on\u00e9reux en moins du droit d\u2019utilisation.

\n

Par ailleurs, comme pr\u00e9vu par la norme IFRS\u00a016, les contrats qualifi\u00e9s de location-financement selon IAS\u00a017 ont \u00e9t\u00e9 repris \u00e0 l\u2019identique et le groupe a opt\u00e9 pour ne pas appliquer les dispositions de la norme IFRS\u00a016 aux immobilisations incorporelles.

\n
\n

\n

Dur\u00e9e des contrats

\n

Elle est d\u00e9termin\u00e9e en fonction d\u2019une analyse des options de sortie anticip\u00e9e et des options de renouvellement pouvant exister. Les baux en tacite prolongation du groupe peuvent \u00eatre r\u00e9sili\u00e9s \u00e0 tout moment par l\u2019une ou l\u2019autre partie en s\u2019exposant tout au plus \u00e0 une p\u00e9nalit\u00e9 n\u00e9gligeable (y compris agencements indissociables, propres \u00e0 ces baux).

\n

Taux d\u2019actualisation

\n

Ils ont \u00e9t\u00e9 d\u00e9termin\u00e9s \u00e0 la date de transition, puis le sont au cours des p\u00e9riodes suivantes, conform\u00e9ment \u00e0 la norme, en r\u00e9f\u00e9rence au taux marginal d\u2019endettement du preneur pour chaque dur\u00e9e, et en tenant compte de l\u2019\u00e9ch\u00e9ancier de remboursement de la dette\u00a0: prise en compte du taux sans risque pour la devise du contrat, du risque de cr\u00e9dit du groupe et d\u2019une estimation du risque de cr\u00e9dit compl\u00e9mentaire pour les filiales.

\n

\u00c0 la date de transition, le groupe a retenu, pour chaque contrat, la dur\u00e9e \u00e0 sa date de prise d\u2019effet dans un souci de coh\u00e9rence avec la m\u00e9thode retenue pour d\u00e9terminer la valeur comptable du droit d\u2019utilisation expos\u00e9e ci-apr\u00e8s.

\n

Droit d\u2019utilisation

\n

Concernant ce droit, le groupe a choisi d\u2019appliquer \u00e0 la plupart de ses contrats la disposition de la norme conduisant, lors de la transition au 1er\u00a0janvier 2019, \u00e0 d\u00e9terminer la valeur comptable du droit d\u2019utilisation comme si la pr\u00e9sente norme avait \u00e9t\u00e9 appliqu\u00e9e depuis la date de prise d'effet du contrat de location en tenant compte des \u00e9volutions du contrat connues post\u00e9rieurement \u00e0 sa signature.

\n

Passifs de location

\n

Pr\u00e9sent\u00e9s au passif du bilan, ils r\u00e9sultent de l\u2019application de la norme IFRS\u00a016 \u00e0 compter du 1er\u00a0janvier 2019 (cf. note\u00a019).

\n

Dans les cas de concessions de loyers purs et simples (sans aucune autre modification du contrat), le groupe a choisi d\u2019appliquer les dispositions d\u2019IFRS\u00a016 conduisant \u00e0 r\u00e9estimer la dette de location en ajustant les flux et le taux d\u2019actualisation par contrepartie du droit d\u2019utilisation.

\n

3.11.13Contrats de location lorsque le\u00a0groupe est bailleur

\n

C\u00f4t\u00e9 bailleur, les contrats de location sont comptabilis\u00e9s selon qu\u2019il s\u2019agit d\u2019une location financement ou d\u2019une location simple.

\n

Les op\u00e9rations de location sont qualifi\u00e9es d\u2019op\u00e9rations de location financement lorsqu\u2019elles ont pour effet, en substance, de transf\u00e9rer au locataire les risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 de l\u2019actif lou\u00e9. Elles s\u2019analysent comme un financement accord\u00e9 au preneur pour l\u2019achat d\u2019un bien.

\n

La valeur actuelle des paiements dus au titre du contrat, augment\u00e9e le cas \u00e9ch\u00e9ant de la valeur r\u00e9siduelle, est enregistr\u00e9e comme une cr\u00e9ance et figure au bilan parmi les pr\u00eats et cr\u00e9ances sur la client\u00e8le.

\n

Les int\u00e9r\u00eats compris dans les loyers sont enregistr\u00e9s au compte de r\u00e9sultat en Int\u00e9r\u00eats et produits assimil\u00e9s.

\n

Les loyers per\u00e7us sont r\u00e9partis sur la dur\u00e9e du contrat de location financement en les r\u00e9partissant en amortissement du capital et en int\u00e9r\u00eats, de fa\u00e7on \u00e0 d\u00e9gager un taux de rentabilit\u00e9 p\u00e9riodique constant sur l\u2019investissement net. Le taux d\u2019int\u00e9r\u00eat utilis\u00e9 est le taux d\u2019int\u00e9r\u00eat implicite du contrat.

\n

Les cr\u00e9ances de loyer issues de contrats de location sont par ailleurs soumises \u00e0 la m\u00e9thodologie de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit d\u00e9finie par IFRS\u00a09.

\n

Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces cr\u00e9ances. La d\u00e9pr\u00e9ciation est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

\n

NOTE 19Contrats de location (preneur)

\n

19.1Droits d\u2019utilisation

\n

Les droits d\u2019utilisation se d\u00e9taillent comme suit par nature d\u2019actifs lou\u00e9s\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Terrains\u00a0et constructions

\n		\n

Mat\u00e9riels\u00a0et installations

\n		\n

Mat\u00e9riel\u00a0de transport

\n		\n

Autres

\n		\n

Valeur\u00a0nette

\n
\n

Solde au 31/12/2023

\n		\n

2\u00a0961

\n		\n

255

\n		\n

405

\n		\n

7

\n		\n

3\u00a0628

\n
\n

Augmentation

\n		\n

735

\n		\n

41

\n		\n

174

\n		\n

9

\n		\n

959

\n
\n

Diminution

\n		\n

(92)

\n		\n

(1)

\n		\n

(14)

\n		\n

(0)

\n		\n

(107)

\n
\n

Amortissement

\n		\n

(695)

\n		\n

(74)

\n		\n

(157)

\n		\n

(4)

\n		\n

(930)

\n
\n

Provision pour d\u00e9pr\u00e9ciation

\n		\n

13

\n		\n

0

\n		\n

6

\n		\n

\n		\n

19

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

1

\n		\n

0

\n		\n

(1)

\n		\n

0

\n		\n

(0)

\n
\n

\u00c9carts de conversion et autres

\n		\n

23

\n		\n

4

\n		\n

10

\n		\n

(1)

\n		\n

36

\n
\n

Solde au 31/12/2024

\n		\n

2\u00a0947

\n		\n

225

\n		\n

423

\n		\n

11

\n		\n

3\u00a0605

\n
\n

Augmentation

\n		\n

661

\n		\n

35

\n		\n

119

\n		\n

2

\n		\n

817

\n
\n

Diminution

\n		\n

(307)

\n		\n

(2)

\n		\n

(10)

\n		\n

(0)

\n		\n

(319)

\n
\n

Amortissement

\n		\n

(669)

\n		\n

(69)

\n		\n

(163)

\n		\n

(4)

\n		\n

(905)

\n
\n

Provision pour d\u00e9pr\u00e9ciation

\n		\n

32

\n		\n

\n		\n

(2)

\n		\n

\n		\n

30

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(0)

\n		\n

(0)

\n		\n

(0)

\n		\n

\n		\n

(0)

\n
\n

\u00c9carts de conversion et autres

\n		\n

(17)

\n		\n

(3)

\n		\n

(13)

\n		\n

(1)

\n		\n

(34)

\n
\n

Solde au 31/12/2025

\n		\n

2\u00a0647

\n		\n

187

\n		\n

353

\n		\n

7

\n		\n

3\u00a0194

\n
\n

19.2Passifs de location

\n

Les \u00e9l\u00e9ments relatifs aux passifs de location sont pr\u00e9sent\u00e9s en note\u00a029 pour les activit\u00e9s industrielles et commerciales. Les passifs de location des activit\u00e9s bancaires s\u2019\u00e9l\u00e8vent \u00e0 164\u00a0millions d\u2019euros (165\u00a0millions d\u2019euros en 2024) et sont int\u00e9gr\u00e9s dans le poste \u00ab\u00a0Autres passifs financiers et comptes de r\u00e9gularisation\u00a0\u00bb des \u00ab\u00a0Passifs financiers des activit\u00e9s bancaires et d\u2019assurance\u00a0\u00bb (cf. note\u00a032.7).

\n

19.3Effet des contrats de location sur le compte de r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charges op\u00e9rationnelles nettes

\n		\n

1\u00a0506

\n		\n

1\u00a0548

\n
\n

Loyers des locations de courte dur\u00e9e

\n		\n

147

\n		\n

150

\n
\n

Loyers des locations d'actifs de faible valeur

\n		\n

77

\n		\n

100

\n
\n

Charges locatives

\n		\n

210

\n		\n

223

\n
\n

TVA non d\u00e9ductible sur loyers

\n		\n

91

\n		\n

94

\n
\n

Amortissement des droits d'utilisation

\n		\n

905

\n		\n

930

\n
\n

D\u00e9pr\u00e9ciation (reprise de d\u00e9pr\u00e9ciation) des droits d'utilisation

\n		\n

(30)

\n		\n

(19)

\n
\n

Autres\u00a0(a)

\n		\n

107

\n		\n

70

\n
\n

Co\u00fbt de l'endettement financier net

\n		\n

132

\n		\n

137

\n
\n

Charges d'int\u00e9r\u00eats sur passifs de location

\n		\n

132

\n		\n

137

\n
\n

Total

\n		\n

1\u00a0638

\n		\n

1\u00a0685

\n
\n

(a)Montants provenant principalement des activit\u00e9s bancaires et d\u2019assurance.

\n
\n

19.4Effets des contrats de location sur le tableau des flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s op\u00e9rationnelles

\n		\n

632

\n		\n

636

\n
\n

Loyers des locations de courte dur\u00e9e

\n		\n

147

\n		\n

150

\n
\n

Loyers des locations d'actifs de faible valeur

\n		\n

77

\n		\n

100

\n
\n

Charges locatives

\n		\n

210

\n		\n

223

\n
\n

TVA non d\u00e9ductible sur loyers

\n		\n

91

\n		\n

94

\n
\n

Autres

\n		\n

107

\n		\n

70

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s de financement

\n		\n

1\u00a0037

\n		\n

1\u00a0044

\n
\n

Int\u00e9r\u00eats financiers vers\u00e9s sur passifs de location

\n		\n

132

\n		\n

137

\n
\n

Remboursements des passifs de location (yc provenant de la branche La Banque Postale)

\n		\n

905

\n		\n

907

\n
\n

Total\u00a0d\u00e9caissement

\n		\n

1\u00a0668

\n		\n

1\u00a0680

\n
\n

29.3Variation des dettes financi\u00e8res

\n

Le tableau ci-dessous d\u00e9taille la variation des dettes financi\u00e8res au cours des exercices 2025 et 2024, en distinguant les variations ayant une incidence sur la tr\u00e9sorerie de celles sans incidence sur la tr\u00e9sorerie.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Emprunts obligataires et autres dettes financi\u00e8res\u00a0(a)

\n		\n

D\u00e9riv\u00e9s actifs associ\u00e9s
\u00e0 la dette
(y compris d\u00e9p\u00f4ts de garantie)\u00a0(a)

\n		\n

Passifs de location\u00a0(a)

\n		\n

TFT hors Banque

\n		\n

Dettes subordon-n\u00e9es de La Banque Postale

\n		\n

Passifs de location de La Banque Postale\u00a0(b)

\n		\n

TFT
Groupe

\n
\n

Solde au 31/12/2023

\n		\n

11\u00a0945

\n		\n

(16)

\n		\n

4\u00a0078

\n		\n

\n		\n

9\u00a0450

\n		\n

175

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

652

\n		\n

\n		\n

\n		\n

652

\n		\n

500

\n		\n

\n		\n

1\u00a0152

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n
\n

Remboursements des passifs de location

\n		\n

\n		\n

\n		\n

(873)

\n		\n

(873)

\n		\n

\n		\n

(34)

\n		\n

(907)

\n
\n

Autres flux de financement

\n		\n

(9)

\n		\n

(5)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

(13)

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(3)

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

927

\n		\n

\n		\n

\n		\n

33

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

18

\n		\n

13

\n		\n

41

\n		\n

\n		\n

\n		\n

0

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

21

\n		\n

(3)

\n		\n

(107)

\n		\n

\n		\n

92

\n		\n

(9)

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0520)

\n		\n

\n		\n

\n		\n

(1\u00a0520)

\n		\n

(997)

\n		\n

\n		\n

(2\u00a0517)

\n
\n

Remboursements des passifs de\u00a0location

\n		\n

\n		\n

\n		\n

(862)

\n		\n

(862)

\n		\n

\n		\n

(42)

\n		\n

(904)

\n
\n

Autres flux de financement

\n		\n

(8)

\n		\n

13

\n		\n

\n		\n

4

\n		\n

\n		\n

\n		\n

4

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(4)

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

780

\n		\n

\n		\n

\n		\n

37

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

(8)

\n		\n

(21)

\n		\n

(44)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

8

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

(2)

\n		\n

13

\n		\n

(326)

\n		\n

\n		\n

(163)

\n		\n

4

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2025

\n		\n

10\u00a0224

\n		\n

(12)

\n		\n

3\u00a0619

\n		\n

\n		\n

8\u00a0881

\n		\n

164

\n		\n

\n
\n

(a)Cf. note\u00a030.1, y compris les d\u00e9p\u00f4ts de garantie.

\n

(b)Cf. note\u00a032.7.

\n

(c)Encaissements provenant de nouveaux emprunts

\n

En 2025\u00a0:

\n

La Poste a r\u00e9alis\u00e9 en septembre\u00a02025 un abondement de 100\u00a0millions d\u2019euros d\u2019un emprunt obligataire comptabilis\u00e9 au co\u00fbt amorti au taux fixe de 3,75% \u00e0 \u00e9ch\u00e9ance de\u00a0juin\u00a02035.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 \u00e9mis en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste n\u2019a proc\u00e9d\u00e9 \u00e0 aucune \u00e9mission obligataire en 2024.

\n

(d)Remboursements des emprunts

\n

En 2025\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 750\u00a0millions d\u2019euros \u00e9mis en 2015 comptabilis\u00e9 au co\u00fbt amorti.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 rembours\u00e9s en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 1\u00a0000\u00a0millions d\u2019euros \u00e9mis en\u00a02012 et\u00a02013 comptabilis\u00e9 au co\u00fbt amorti.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41344241576588934_0_0": { "value": "

1.6Accord conclu avec les actionnaires minoritaires de BRT

\n

Un accord a \u00e9t\u00e9 conclu le 3\u00a0juillet 2025 avec les actionnaires minoritaires de BRT (closing le 24\u00a0juillet 2025). Cet accord a pour objet principal de mettre fin aux proc\u00e9dures engag\u00e9es par Geopost et BRT \u00e0 l\u2019encontre des actionnaires minoritaires. Les effets de cet accord se traduisent comme suit dans les comptes 2025\u00a0:

\n

\u25cfrachat des participations minoritaires de BRT par Geopost pour un montant de 60\u00a0millions d\u2019euros, portant ainsi la participation de Geopost \u00e0 100%. Cette op\u00e9ration g\u00e9n\u00e8re un impact n\u00e9gatif de 84\u00a0millions d\u2019euros sur les capitaux propres part du groupe\u00a0;

\n

\u25cfencaissement et reconnaissance en produits d\u2019indemnit\u00e9s re\u00e7ues \u00e0 hauteur de 70\u00a0millions d\u2019euros\u00a0;

\n

\u25cfremise de loyers de 35,7\u00a0millions d\u2019euros sur la p\u00e9riode 2025-2031 ayant pour cons\u00e9quence une diminution de la dette IFRS\u00a016 pour un montant de 195\u00a0millions d\u2019euros \u00e0 fin\u00a0d\u00e9cembre\u00a02025.

\n

Il convient \u00e9galement de noter qu\u2019une r\u00e9duction du prix d\u2019acquisition de BRT, comptabilis\u00e9e comme produit, avait \u00e9t\u00e9 reconnue d\u00e8s les comptes semestriels 2025 pour un montant de\u00a040\u00a0millions d\u2019euros.

\n

3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

\n

Acquisitions et cessions

\n

Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

\n

Engagements de rachat

\n

En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

\n

Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

\n

27.3Int\u00e9r\u00eats minoritaires

\n

Les int\u00e9r\u00eats minoritaires s\u2019\u00e9l\u00e8vent \u00e0 7\u00a0132\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 contre 7\u00a0202\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

\u00c0 fin 2025, ils correspondent pour l\u2019essentiel\u00a0:

\n

\u25cfaux int\u00e9r\u00eats minoritaires sur le groupe CNP Assurances pour 5\u00a0345\u00a0millions d\u2019euros (contre 5\u00a0419\u00a0millions d\u2019euros fin 2024), dont des titres subordonn\u00e9s perp\u00e9tuels pour 1\u00a0885\u00a0millions d\u2019euros (contre 1\u00a0389\u00a0millions d\u2019euros fin 2024)\u00a0;

\n

\u25cfaux titres subordonn\u00e9s perp\u00e9tuels \u00e9mis par La Banque Postale pour 1\u00a0488\u00a0millions d\u2019euros (contre 1\u00a0488\u00a0millions d\u2019euros fin 2024)\u00a0;

\n

\u25cfaux titres perp\u00e9tuels \u00e9mis par Asendia pour 227\u00a0millions d\u2019euros (contre 227\u00a0millions d\u2019euros fin 2024).

\n

Les titres subordonn\u00e9s perp\u00e9tuels class\u00e9s dans les int\u00e9r\u00eats minoritaires sont d\u00e9taill\u00e9s ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Date d'\u00e9mission

\n		\n

Taux servi

\n		\n

Montant de l'\u00e9mission en devises

\n		\n

Devises

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

CNP Assurances

\n		\n

21/06/2004

\n		\n

TEC 10 +\u00a010\u00a0bps, cap \u00e0 9%

\n		\n

300

\n		\n

EUR

\n		\n

251

\n		\n

251

\n
\n

CNP Assurances

\n		\n

11/03/2005

\n		\n

6,25% jusqu'en 2009 puis 4 fois (EUR CMS 10\u00a0ans \u2013 EUR CMS 2\u00a0ans), cap \u00e0 9% et floor \u00e0 2,75%

\n		\n

24

\n		\n

EUR

\n		\n

24

\n		\n

24

\n
\n

CNP Assurances

\n		\n

11/03/2005

\n		\n

6,50% jusqu'en\u00a0mars\u00a02008 puis 3% +\u00a022,5% fois l'EUR CMS 10\u00a0ans

\n		\n

225

\n		\n

EUR

\n		\n

220

\n		\n

220

\n
\n

CNP Assurances

\n		\n

27/06/2005

\n		\n

7% jusqu'en\u00a0juin\u00a02010 puis CMS 10\u00a0ans +\u00a030\u00a0bps

\n		\n

75

\n		\n

EUR

\n		\n

60

\n		\n

60

\n
\n

CNP Assurances

\n		\n

16/05/2006

\n		\n

5,25% jusqu'au 16/05/2036 puis Euribor 3\u00a0mois +185\u00a0bps (y compris step-up 100\u00a0bps \u00e0 Call Date)

\n		\n

160

\n		\n

EUR

\n		\n

181

\n		\n

181

\n
\n

CNP Assurances

\n		\n

20/12/2006

\n		\n

Euribor 3\u00a0mois +\u00a095\u00a0bps jusqu'au 20/12/2026 puis\u00a0Euribor 3\u00a0mois +\u00a0195\u00a0bps

\n		\n

108

\n		\n

EUR

\n		\n

99

\n		\n

99

\n
\n

CNP Assurances

\n		\n

27/06/2018

\n		\n

4,75% jusqu'en 2028 puis reset taux fixe swap 5\u00a0ans +\u00a0391,4\u00a0bps

\n		\n

500

\n		\n

USD

\n		\n

552

\n		\n

552

\n
\n

CNP Assurances

\n		\n

02/07/2025

\n		\n

5,50% puis \u00e0 partir de\u00a0juillet 2032
Mid Swap Rate +\u00a0319,9\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

496

\n		\n

\n
\n

La Banque Postale

\n		\n

20/11/2019

\n		\n

3,875%

\n		\n

750

\n		\n

EUR

\n		\n

744

\n		\n

744

\n
\n

La Banque Postale

\n		\n

29/09/2021

\n		\n

3,000%

\n		\n

750

\n		\n

EUR

\n		\n

744

\n		\n

744

\n
\n

Asendia

\n		\n

10/03/2021

\n		\n

4,778%

\n		\n

198

\n		\n

EUR

\n		\n

198

\n		\n

198

\n
\n

Asendia

\n		\n

02/08/2022

\n		\n

4,689%

\n		\n

29

\n		\n

EUR

\n		\n

29

\n		\n

29

\n
\n

Total titres subordonn\u00e9s perp\u00e9tuels class\u00e9s en participations ne donnant pas le contr\u00f4le

\n		\n

3\u00a0600

\n		\n

3\u00a0104

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40141261154941665_0_0": { "value": "

NOTE 2Bases de pr\u00e9paration des \u00e9tats financiers consolid\u00e9s

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La\u00a0Poste, soci\u00e9t\u00e9 m\u00e8re de La\u00a0Poste\u00a0Groupe (\u00ab\u00a0le groupe La\u00a0Poste\u00a0\u00bb ou \u00ab\u00a0le groupe\u00a0\u00bb), est, depuis le 1er\u00a0mars 2010, une Soci\u00e9t\u00e9 Anonyme, dont le si\u00e8ge social est situ\u00e9 9, rue du colonel Pierre-Avia, 75015 Paris, France.

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Elle \u00e9tait avant cette date un exploitant autonome de droit public, d\u00e9j\u00e0 soumise en mati\u00e8re de gestion financi\u00e8re et comptable aux r\u00e8gles applicables aux entreprises commerciales. Le groupe La\u00a0Poste est un grand groupe multim\u00e9tier de services.

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Les comptes consolid\u00e9s du groupe au 31\u00a0d\u00e9cembre 2025 sont arr\u00eat\u00e9s par le Conseil d\u2019administration (s\u00e9ance du 26\u00a0f\u00e9vrier 2026), et seront soumis \u00e0 l\u2019approbation de l\u2019Assembl\u00e9e G\u00e9n\u00e9rale.

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2.1R\u00e9f\u00e9rentiel comptable

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En application du r\u00e8glement europ\u00e9en n\u00b0\u00a01606/2002 du 19\u00a0juillet 2002, les comptes consolid\u00e9s de La\u00a0Poste Groupe au titre de l\u2019exercice clos le 31\u00a0d\u00e9cembre 2025 sont \u00e9tablis conform\u00e9ment aux normes comptables internationales (IFRS) telles qu\u2019adopt\u00e9es par l\u2019Union europ\u00e9enne et mises \u00e0 disposition sur son site accessible via le lien ici.

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\u00c0 l\u2019exception des normes et interpr\u00e9tations d\u2019application obligatoire \u00e0 compter du 1er\u00a0janvier 2025, d\u00e9crits ci-dessous, les principes comptables appliqu\u00e9s au 31\u00a0d\u00e9cembre 2025 sont identiques \u00e0 ceux retenus au 31\u00a0d\u00e9cembre 2024 et sont d\u00e9velopp\u00e9s en note\u00a03.

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Les comptes consolid\u00e9s sont pr\u00e9sent\u00e9s en\u00a0millions d\u2019euros.

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2.1.1Normes et amendements d\u2019application obligatoire en\u00a02025

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Les amendements et exemples pr\u00e9sent\u00e9s ci-apr\u00e8s ont \u00e9t\u00e9 appliqu\u00e9s \u00e0 compter du 1er\u00a0janvier 2025 et n\u2019ont pas eu d\u2019impacts significatifs sur les comptes du groupe La\u00a0Poste.

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Amendement IAS\u00a021 \u2013 Absence de convertibilit\u00e9

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Cet amendement concerne les rares cas o\u00f9 une entit\u00e9 n\u2019a pas la capacit\u00e9 de convertir une monnaie. Il requiert notamment d\u2019utiliser un cours de change observable coh\u00e9rent avec l\u2019op\u00e9ration convertie et de fournir des informations sur l\u2019origine du d\u00e9faut de convertibilit\u00e9 ou l\u2019estimation du cours de change retenu.

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Exemples illustrant les informations \u00e0 publier en\u00a0cas d\u2019incertitudes significatives

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En\u00a0d\u00e9cembre\u00a02025, l\u2019IASB a publi\u00e9 des exemples illustrant les informations \u00e0 publier en cas d\u2019incertitudes significatives en retenant essentiellement celles en lien avec les enjeux climatiques. \u00c0 noter que ces exemples n\u2019ont pas \u00e0 \u00eatre adopt\u00e9s par l\u2019Union europ\u00e9enne.

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2.1.2Normes et amendements d\u2019application obligatoire sur\u00a02026\u00a0et\u00a02027

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Le groupe n\u2019a appliqu\u00e9 par anticipation aucun de ces textes qui concernent principalement la norme\u00a0IFRS\u00a09\u00a0relative aux Instruments financiers et la norme IFRS\u00a018 sur les \u00e9tats financiers.

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Les principaux amendements \u00e0 la norme IFRS\u00a09 applicables \u00e0 compter du 1er\u00a0janvier 2026 concernent\u00a0:

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a)L\u2019introduction d\u2019un choix de m\u00e9thode comptable visant \u00e0 permettre, sous conditions, la\u00a0d\u00e9comptabilisation d\u2019un passif financier r\u00e9gl\u00e9 via un syst\u00e8me de paiement \u00e9lectronique par contrepartie de la tr\u00e9sorerie avant extinction du passif.

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Ce choix est \u00e0 appliquer par syst\u00e8me de paiement \u00e9lectronique. Les r\u00e8glements \u00e9mis ne respectant pas ces conditions et les r\u00e8glements \u00e0 recevoir en paiement des cr\u00e9ances client seront comptabilis\u00e9s en date d\u2019inscription sur le relev\u00e9 bancaire. \u00c0 date, le groupe La\u00a0Poste n\u2019anticipe pas d\u2019ajustements significatifs de la tr\u00e9sorerie\u00a0;

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b)L\u2019assouplissement du test SPPI (Solely Payment of Principal and Interest) permettant de comptabiliser au co\u00fbt amorti certains pr\u00eats dont le taux d\u2019int\u00e9r\u00eat est index\u00e9 notamment sur des crit\u00e8res de durabilit\u00e9.

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Cet amendement concernera plus particuli\u00e8rement La\u00a0Banque\u00a0Postale qui a engag\u00e9 les travaux de d\u00e9finition du seuil de significativit\u00e9 applicable\u00a0;

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c)L\u2019introduction de la possibilit\u00e9 de comptabiliser, sous conditions strictes, certains contrats d\u2019achat d\u2019\u00e9lectricit\u00e9 renouvelable (ou Physical-Power Purchase Agreement) comme des achats d\u2019\u00e9lectricit\u00e9 classiques et non comme un d\u00e9riv\u00e9\u00a0;

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d)La formalisation du choix de m\u00e9thode dans le cas d\u2019une concession de loyers selon IFRS\u00a09 (d\u00e9comptabilisation par r\u00e9sultat) ou selon IFRS\u00a016 (r\u00e9estimation de la dette de location par un ajustement du droit d\u2019utilisation).

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La norme IFRS\u00a018 \u2013 Pr\u00e9sentation des \u00e9tats financiers applicable au 1er\u00a0janvier 2027

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Une fois adopt\u00e9e par l\u2019Union europ\u00e9enne, cette norme sera d\u2019application obligatoire au 1er\u00a0janvier 2027 (avec donn\u00e9es comparatives sur\u00a02026) et remplacera la norme actuelle IAS\u00a01.

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Dans une recherche d\u2019am\u00e9lioration de la comparabilit\u00e9 et de transparence, la norme IFRS\u00a018 impose un compte de r\u00e9sultat en trois cat\u00e9gories clairement d\u00e9finies (Exploitation, Investissement et Financement) avec des sous-totaux obligatoires\u00a0; la pr\u00e9sentation du tableau de flux de tr\u00e9sorerie\u00a0(TFT) en partant du nouveau r\u00e9sultat d\u2019exploitation\u00a0; et la publication au sein d\u2019une note\u00a0d\u00e9di\u00e9e, des indicateurs de performance sur le r\u00e9sultat retenus par le management en communication financi\u00e8re, de leurs d\u00e9finitions et des rapprochements avec les agr\u00e9gats de r\u00e9sultat IFRS\u00a018.

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Les travaux d\u2019analyse et d\u2019impl\u00e9mentation sont en cours.

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2.2Bases d\u2019\u00e9valuation et recours \u00e0 des estimations

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La pr\u00e9paration des \u00e9tats financiers am\u00e8ne le groupe \u00e0 retenir des hypoth\u00e8ses et \u00e0 proc\u00e9der \u00e0 des estimations qui sont les meilleures possibles compte tenu des informations disponibles \u00e0 la date de cl\u00f4ture et des jugements effectu\u00e9s. N\u00e9anmoins, elles peuvent pr\u00e9senter des incertitudes plus ou moins significatives quant \u00e0 leur r\u00e9alisation dans le futur en fonction de nombreux facteurs comme par exemple la fluctuation des taux d\u2019int\u00e9r\u00eat et/ou cours de change.

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De ce fait, les montants effectivement r\u00e9alis\u00e9s pourront se r\u00e9v\u00e9ler diff\u00e9rents des estimations et hypoth\u00e8ses retenues.

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Les principaux \u00e9l\u00e9ments concern\u00e9s sont\u00a0:

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\u25cfle calcul des engagements envers le personnel\u00a0;

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\u25cfl\u2019estimation des provisions pour risques et charges\u00a0;

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\u25cfle calcul des droits d\u2019utilisation et des passifs de location\u00a0;

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\u25cfl\u2019\u00e9valuation des \u00e9carts acquisition et des diff\u00e9rents actifs ou passifs lors des regroupements d\u2019entreprises\u00a0;

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\u25cfles hypoth\u00e8ses retenues notamment pour les tests de d\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition et des immobilisations incorporelles et corporelles\u00a0;

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\u25cfla valorisation des contrats d\u2019assurance en application de la norme IFRS\u00a017\u00a0;

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\u25cfl\u2019\u00e9valuation des instruments financiers non cot\u00e9s sur des march\u00e9s organis\u00e9s\u00a0;

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\u25cfles \u00e9valuations op\u00e9r\u00e9es au titre du risque de cr\u00e9dit\u00a0;

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\u25cfles actifs d\u2019imp\u00f4t diff\u00e9r\u00e9\u00a0;

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\u25cfles hypoth\u00e8ses et estimations retenues pour la mesure de l\u2019efficacit\u00e9 des couvertures mises en place\u00a0;

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\u25cfl\u2019estimation des provisions pour risques et charges.

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3.3Int\u00e9gration du secteur La\u00a0Banque\u00a0Postale

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Afin de faciliter la lisibilit\u00e9 des \u00e9tats financiers, les postes sp\u00e9cifiques du secteur La\u00a0Banque\u00a0Postale, correspondant \u00e0 des activit\u00e9s bancaires et d\u2019assurance, apparaissent sur des lignes sp\u00e9cifiques du bilan consolid\u00e9 du groupe. Ces postes font l\u2019objet d\u2019une pr\u00e9sentation d\u00e9taill\u00e9e dans l\u2019annexe conforme aux exigences du r\u00e9f\u00e9rentiel IFRS.

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Le groupe a choisi de ne pas pr\u00e9senter dans des postes distincts \u00e0 l\u2019actif du bilan et au compte de r\u00e9sultat les activit\u00e9s d\u2019assurance mais de fournir ces informations dans les postes du bilan et du compte de r\u00e9sultat existants.

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Les principes et m\u00e9thodes comptables appliqu\u00e9s aux activit\u00e9s bancaires sont d\u00e9taill\u00e9s dans la section\u00a03.11, ceux concernant les activit\u00e9s d\u2019assurance sont d\u00e9taill\u00e9s dans la section\u00a03.12.

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En compl\u00e9ment, des informations sp\u00e9cifiques sur les placements des activit\u00e9s d\u2019assurance sont fournies au sein des notes\u00a036.2.

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Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.11Actifs et passifs financiers des activit\u00e9s bancaires et d\u2019assurance

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Au bilan, les actifs et passifs sp\u00e9cifiques aux activit\u00e9s bancaires et d\u2019assurance sont regroup\u00e9s sur des postes d\u00e9di\u00e9s \u00e0 ces activit\u00e9s dont le contenu est similaire \u00e0 ceux pr\u00e9sent\u00e9s par La\u00a0Banque\u00a0Postale dans ses propres \u00e9tats financiers.

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4.1\u00c9tats financiers et \u00e9tat de durabilit\u00e9

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a)D\u00e9finition de la connectivit\u00e9

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Les \u00e9tats financiers et l\u2019\u00e9tat de durabilit\u00e9 visent chacun \u00e0 donner une vision coh\u00e9rente de l\u2019entreprise selon des principes d\u2019\u00e9laboration qui leur sont propres\u00a0: les \u00e9tats financiers sont \u00e9tablis selon les normes IFRS\u00a0(cf. note\u00a03 sur les principes et m\u00e9thodes comptables), l\u2019\u00e9tat de durabilit\u00e9 est \u00e9tabli selon les principes d\u00e9finis par la CSRD (Corporate Sustainability Reporting Directive) et les normes ESRS (European Sustainability Reporting Standards).

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La connectivit\u00e9 est le fait d\u2019\u00e9tablir des liens, soit directs, soit indirects, soit de coh\u00e9rence, entre les informations pr\u00e9sent\u00e9es au sein des \u00e9tats financiers et les informations pr\u00e9sent\u00e9es au sein de l\u2019\u00e9tat de durabilit\u00e9 de mani\u00e8re \u00e0 permettre aux lecteurs d\u2019avoir une vision transversale des enjeux climatiques lorsque cela est possible et/ou pertinent.

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L\u2019\u00e9tat de durabilit\u00e9 et les \u00e9tats financiers sont \u00e9labor\u00e9s chacun dans le respect d\u2019un corpus de principes qui lui est propre. M\u00eame si les deux corpus partagent des principes de construction communs, la d\u00e9marche de mise en \u0153uvre de la connectivit\u00e9 peut parfois pr\u00e9senter certaines difficult\u00e9s lorsque des diff\u00e9rences existent plus ou moins \u00e0 la marge.

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b)Le p\u00e9rim\u00e8tre des informations pr\u00e9sent\u00e9es

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Les \u00e9tats financiers fournissent des informations sur le groupe La\u00a0Poste en tant qu\u2019entit\u00e9 \u00e9conomique unique. De ce fait, le p\u00e9rim\u00e8tre des informations pr\u00e9sent\u00e9es ne concerne que les impacts des entit\u00e9s entrant dans son p\u00e9rim\u00e8tre de consolidation (cf. note\u00a045).

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L\u2019\u00e9tat de durabilit\u00e9, repose sur le p\u00e9rim\u00e8tre de consolidation financi\u00e8re mais doit parfois inclure certaines informations relatives \u00e0 sa cha\u00eene de valeur amont et aval. C\u2019est le cas notamment des informations sur les mesures de GES (gaz \u00e0 effet de serre) qui int\u00e8grent les entit\u00e9s consolid\u00e9es par mise en \u00e9quivalence et la part des impacts de ses fournisseurs et clients.

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Des mat\u00e9rialit\u00e9s, seulement en partie align\u00e9es

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Les \u00e9tats financiers pr\u00e9sentent les informations financi\u00e8res mat\u00e9rielles au sens des normes IFRS, i.e. les informations dont la non-pr\u00e9sentation pourrait influer sur les\u00a0d\u00e9cisions des utilisateurs.

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L\u2019\u00e9tat de durabilit\u00e9 repose sur le concept dit de double mat\u00e9rialit\u00e9 incluant la mat\u00e9rialit\u00e9 financi\u00e8re telle que d\u00e9finit par les normes IFRS\u00a0et la mat\u00e9rialit\u00e9 des impacts climatiques de l\u2019entreprise analys\u00e9e ind\u00e9pendamment de leur mat\u00e9rialit\u00e9 financi\u00e8re. En application de cette double mat\u00e9rialit\u00e9, il peut arriver de publier des informations sur ce type d\u2019impacts m\u00eame si les risques et opportunit\u00e9s financiers ne sont pas mat\u00e9riels (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.1.3 \u00ab Rappel des principes g\u00e9n\u00e9raux d\u2019\u00e9valuation de la double mat\u00e9rialit\u00e9 et travaux de mise \u00e0 jour 2025 [ESRS 2 IRO 1]\u00a0\u00bb).

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De ce fait, le p\u00e9rim\u00e8tre des informations mat\u00e9rielles \u00e0 publier au sein de l\u2019\u00e9tat de durabilit\u00e9 est plus large que celui des informations mat\u00e9rielles pr\u00e9sent\u00e9es dans les \u00e9tats financiers rendant plus complexe la d\u00e9marche de connectivit\u00e9.

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c)Les horizons de temps consid\u00e9r\u00e9s

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La p\u00e9riode de r\u00e9f\u00e9rence des deux \u00e9tats est l\u2019ann\u00e9e civile, du 1er\u00a0janvier au 31\u00a0d\u00e9cembre de l\u2019ann\u00e9e pr\u00e9sent\u00e9e. En compl\u00e9ment, l\u2019\u00e9tat de durabilit\u00e9 requiert davantage de donn\u00e9es prospectives \u00e0 moyen ou long terme port\u00e9es par le plan de transition comme des impacts financiers qui en raison de leur horizon de temps \u00e9loign\u00e9, ne sont pas pris en compte dans les \u00e9tats financiers. De plus, m\u00eame s\u2019ils \u00e9taient pris en compte dans les \u00e9tats financiers, il conviendrait le plus souvent d\u2019en retenir leurs valeurs actuelles, obtenues en leur appliquant un taux d\u2019actualisation, ce qui n\u2019est pas requis dans l\u2019\u00e9tat de durabilit\u00e9.

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d)Risques et opportunit\u00e9s

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L\u2019\u00e9tat de durabilit\u00e9 vise \u00e0 pr\u00e9senter aussi bien les risques que les opportunit\u00e9s dont les principes de comptabilisation dans les \u00e9tats financiers sont le plus souvent asym\u00e9triques. Un risque mat\u00e9riel financi\u00e8rement et issu d\u2019une obligation existante et probable, sera comptabilis\u00e9 et pr\u00e9sent\u00e9 dans les \u00e9tats financiers alors qu\u2019un avantage \u00e9conomique probab\u00e9ne sera pas comptabilis\u00e9 mais pourra \u00eatre mentionn\u00e9 en annexe des \u00e9tats financiers s\u2019il est mat\u00e9riel. Pour pouvoir \u00eatre comptabilis\u00e9e, la r\u00e9alisation d\u2019un produit qui r\u00e9sulterait d\u2019une opportunit\u00e9 identifi\u00e9e dans l\u2019\u00e9tat de durabilit\u00e9 doit \u00eatre quasiment certaine.

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e)Les grands enjeux climatiques

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Les risques physiques

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Ces risques sont induits par le d\u00e9r\u00e8glement climatique et se traduisent par une fr\u00e9quence et/ou une gravit\u00e9 accrue des ph\u00e9nom\u00e8nes naturels extr\u00eames ou par les \u00e9volutions \u00e0 long terme des \u00e9cosyst\u00e8mes [d\u00e9finition par l\u2019ancienne TCFD, Task force on climate-related financial disclosures, \u00e0 laquelle La\u00a0Poste adh\u00e9rait]. Ils sont susceptibles de ralentir, interrompre ou rendre plus on\u00e9reuses les activit\u00e9s de l\u2019entit\u00e9. Pour le groupe, il s\u2019agit principalement des risques d\u2019inondations, de chaleur extr\u00eame, de temp\u00eates, de feux et de glissements de terrain.

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Les enjeux li\u00e9s \u00e0 l\u2019att\u00e9nuation

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L\u2019att\u00e9nuation des \u00e9missions de gaz \u00e0 effet de serre (GES) vise \u00e0 agir sur les causes du r\u00e9chauffement climatique en fixant un objectif de\u00a0d\u00e9carbonation mesur\u00e9e par les \u00e9missions de gaz \u00e0 effet de serre (GES) \u00e9mis annuellement. L\u2019ensemble des risques li\u00e9s \u00e0 l\u2019att\u00e9nuation est pris en compte dans l\u2019Engagement net z\u00e9ro, ENZ, du groupe qui est accompagn\u00e9 d\u2019un plan de transition pr\u00e9sent\u00e9 dans l\u2019\u00e9tat de durabilit\u00e9 au sein de la section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb.

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Les enjeux d\u2019adaptation aux changements climatiques

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Ceux-ci sont essentiellement li\u00e9s \u00e0 l\u2019adaptation du groupe aux cons\u00e9quences du d\u00e9r\u00e8glement climatique. Il s\u2019agit par exemple de rendre les b\u00e2timents plus r\u00e9silients aux p\u00e9riodes de temp\u00e9rature extr\u00eame par des solutions de ventilation, rafra\u00eechissement ou des solutions fond\u00e9es sur la nature.

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La\u00a0Poste, soci\u00e9t\u00e9 m\u00e8re de La\u00a0Poste\u00a0Groupe (\u00ab\u00a0le groupe La\u00a0Poste\u00a0\u00bb ou \u00ab\u00a0le groupe\u00a0\u00bb), est, depuis le 1er\u00a0mars 2010, une Soci\u00e9t\u00e9 Anonyme, dont le si\u00e8ge social est situ\u00e9 9, rue du colonel Pierre-Avia, 75015 Paris, France.

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Elle \u00e9tait avant cette date un exploitant autonome de droit public, d\u00e9j\u00e0 soumise en mati\u00e8re de gestion financi\u00e8re et comptable aux r\u00e8gles applicables aux entreprises commerciales. Le groupe La\u00a0Poste est un grand groupe multim\u00e9tier de services.

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Les comptes consolid\u00e9s sont pr\u00e9sent\u00e9s en\u00a0millions d\u2019euros.

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Informations compl\u00e9mentaires

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249418709510898_0_0": { "value": "La\u00a0Poste\u00a0Groupe", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249456250962361_0_0": { "value": "Soci\u00e9t\u00e9 Anonyme", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249514283358060_0_0": { "value": "9, rue du colonel Pierre-Avia, 75015 Paris", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249493708446843_0_0": { "value": "9, rue du colonel Pierre-Avia, 75015 Paris", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249581095518145_0_0": { "value": "France", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249553310453585_0_0": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40249621127628296_0_0": { "value": "groupe multim\u00e9tier de services", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40141430889352270_0_0": { "value": "

Les comptes consolid\u00e9s du groupe au 31\u00a0d\u00e9cembre 2025 sont arr\u00eat\u00e9s par le Conseil d\u2019administration (s\u00e9ance du 26\u00a0f\u00e9vrier 2026), et seront soumis \u00e0 l\u2019approbation de l\u2019Assembl\u00e9e G\u00e9n\u00e9rale.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40141512670062560_0_0": { "value": "

2.1R\u00e9f\u00e9rentiel comptable

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En application du r\u00e8glement europ\u00e9en n\u00b0\u00a01606/2002 du 19\u00a0juillet 2002, les comptes consolid\u00e9s de La\u00a0Poste Groupe au titre de l\u2019exercice clos le 31\u00a0d\u00e9cembre 2025 sont \u00e9tablis conform\u00e9ment aux normes comptables internationales (IFRS) telles qu\u2019adopt\u00e9es par l\u2019Union europ\u00e9enne et mises \u00e0 disposition sur son site accessible via le lien ici.

\n

\u00c0 l\u2019exception des normes et interpr\u00e9tations d\u2019application obligatoire \u00e0 compter du 1er\u00a0janvier 2025, d\u00e9crits ci-dessous, les principes comptables appliqu\u00e9s au 31\u00a0d\u00e9cembre 2025 sont identiques \u00e0 ceux retenus au 31\u00a0d\u00e9cembre 2024 et sont d\u00e9velopp\u00e9s en note\u00a03.

\n

Les comptes consolid\u00e9s sont pr\u00e9sent\u00e9s en\u00a0millions d\u2019euros.

\n

2.1.1Normes et amendements d\u2019application obligatoire en\u00a02025

\n

Les amendements et exemples pr\u00e9sent\u00e9s ci-apr\u00e8s ont \u00e9t\u00e9 appliqu\u00e9s \u00e0 compter du 1er\u00a0janvier 2025 et n\u2019ont pas eu d\u2019impacts significatifs sur les comptes du groupe La\u00a0Poste.

\n

Amendement IAS\u00a021 \u2013 Absence de convertibilit\u00e9

\n

Cet amendement concerne les rares cas o\u00f9 une entit\u00e9 n\u2019a pas la capacit\u00e9 de convertir une monnaie. Il requiert notamment d\u2019utiliser un cours de change observable coh\u00e9rent avec l\u2019op\u00e9ration convertie et de fournir des informations sur l\u2019origine du d\u00e9faut de convertibilit\u00e9 ou l\u2019estimation du cours de change retenu.

\n

Exemples illustrant les informations \u00e0 publier en\u00a0cas d\u2019incertitudes significatives

\n

En\u00a0d\u00e9cembre\u00a02025, l\u2019IASB a publi\u00e9 des exemples illustrant les informations \u00e0 publier en cas d\u2019incertitudes significatives en retenant essentiellement celles en lien avec les enjeux climatiques. \u00c0 noter que ces exemples n\u2019ont pas \u00e0 \u00eatre adopt\u00e9s par l\u2019Union europ\u00e9enne.

\n

2.1.2Normes et amendements d\u2019application obligatoire sur\u00a02026\u00a0et\u00a02027

\n

Le groupe n\u2019a appliqu\u00e9 par anticipation aucun de ces textes qui concernent principalement la norme\u00a0IFRS\u00a09\u00a0relative aux Instruments financiers et la norme IFRS\u00a018 sur les \u00e9tats financiers.

\n

Les principaux amendements \u00e0 la norme IFRS\u00a09 applicables \u00e0 compter du 1er\u00a0janvier 2026 concernent\u00a0:

\n

a)L\u2019introduction d\u2019un choix de m\u00e9thode comptable visant \u00e0 permettre, sous conditions, la\u00a0d\u00e9comptabilisation d\u2019un passif financier r\u00e9gl\u00e9 via un syst\u00e8me de paiement \u00e9lectronique par contrepartie de la tr\u00e9sorerie avant extinction du passif.

\n

Ce choix est \u00e0 appliquer par syst\u00e8me de paiement \u00e9lectronique. Les r\u00e8glements \u00e9mis ne respectant pas ces conditions et les r\u00e8glements \u00e0 recevoir en paiement des cr\u00e9ances client seront comptabilis\u00e9s en date d\u2019inscription sur le relev\u00e9 bancaire. \u00c0 date, le groupe La\u00a0Poste n\u2019anticipe pas d\u2019ajustements significatifs de la tr\u00e9sorerie\u00a0;

\n

b)L\u2019assouplissement du test SPPI (Solely Payment of Principal and Interest) permettant de comptabiliser au co\u00fbt amorti certains pr\u00eats dont le taux d\u2019int\u00e9r\u00eat est index\u00e9 notamment sur des crit\u00e8res de durabilit\u00e9.

\n

Cet amendement concernera plus particuli\u00e8rement La\u00a0Banque\u00a0Postale qui a engag\u00e9 les travaux de d\u00e9finition du seuil de significativit\u00e9 applicable\u00a0;

\n

c)L\u2019introduction de la possibilit\u00e9 de comptabiliser, sous conditions strictes, certains contrats d\u2019achat d\u2019\u00e9lectricit\u00e9 renouvelable (ou Physical-Power Purchase Agreement) comme des achats d\u2019\u00e9lectricit\u00e9 classiques et non comme un d\u00e9riv\u00e9\u00a0;

\n

d)La formalisation du choix de m\u00e9thode dans le cas d\u2019une concession de loyers selon IFRS\u00a09 (d\u00e9comptabilisation par r\u00e9sultat) ou selon IFRS\u00a016 (r\u00e9estimation de la dette de location par un ajustement du droit d\u2019utilisation).

\n

La norme IFRS\u00a018 \u2013 Pr\u00e9sentation des \u00e9tats financiers applicable au 1er\u00a0janvier 2027

\n

Une fois adopt\u00e9e par l\u2019Union europ\u00e9enne, cette norme sera d\u2019application obligatoire au 1er\u00a0janvier 2027 (avec donn\u00e9es comparatives sur\u00a02026) et remplacera la norme actuelle IAS\u00a01.

\n

Dans une recherche d\u2019am\u00e9lioration de la comparabilit\u00e9 et de transparence, la norme IFRS\u00a018 impose un compte de r\u00e9sultat en trois cat\u00e9gories clairement d\u00e9finies (Exploitation, Investissement et Financement) avec des sous-totaux obligatoires\u00a0; la pr\u00e9sentation du tableau de flux de tr\u00e9sorerie\u00a0(TFT) en partant du nouveau r\u00e9sultat d\u2019exploitation\u00a0; et la publication au sein d\u2019une note\u00a0d\u00e9di\u00e9e, des indicateurs de performance sur le r\u00e9sultat retenus par le management en communication financi\u00e8re, de leurs d\u00e9finitions et des rapprochements avec les agr\u00e9gats de r\u00e9sultat IFRS\u00a018.

\n

Les travaux d\u2019analyse et d\u2019impl\u00e9mentation sont en cours.

\n
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40141650485611899_0_0": { "value": "

\u00c0 l\u2019exception des normes et interpr\u00e9tations d\u2019application obligatoire \u00e0 compter du 1er\u00a0janvier 2025, d\u00e9crits ci-dessous, les principes comptables appliqu\u00e9s au 31\u00a0d\u00e9cembre 2025 sont identiques \u00e0 ceux retenus au 31\u00a0d\u00e9cembre 2024 et sont d\u00e9velopp\u00e9s en note\u00a03.

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NOTE 3Principes et m\u00e9thodes comptables

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3.1Principes de consolidation

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3.1.1Les m\u00e9thodes de consolidation

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Int\u00e9gration globale

\n

Les entreprises contr\u00f4l\u00e9es par le groupe sont consolid\u00e9es selon la m\u00e9thode de l'int\u00e9gration globale.

\n

Le contr\u00f4le se d\u00e9finit comme le pouvoir de diriger les activit\u00e9s pertinentes de l\u2019entreprise, l\u2019exposition aux rendements variables de cette entreprise, et la capacit\u00e9 d\u2019utiliser le pouvoir afin d\u2019influer sur ces rendements.

\n

Mise en \u00e9quivalence

\n

Les coentreprises et les entreprises associ\u00e9es sont mises en \u00e9quivalence.

\n

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n

Les titres mis en \u00e9quivalence sont inscrits au bilan sur la ligne \u00ab\u00a0Participation dans les soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb \u00e0 leur co\u00fbt historique corrig\u00e9 de la quote-part de situation nette g\u00e9n\u00e9r\u00e9e apr\u00e8s l\u2019acquisition et diminu\u00e9 des pertes de valeur.

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Leur r\u00e9sultat appara\u00eet dans le compte de r\u00e9sultat consolid\u00e9 sur la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint\u00a0\u00bb ou la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb lorsque le groupe n\u2019a qu\u2019une influence notable.

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Entit\u00e9s contr\u00f4l\u00e9es non significatives

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Les entit\u00e9s non significatives et/ou sans activit\u00e9, dont la consolidation n\u2019aurait pas d\u2019incidence significative sur la pr\u00e9sentation d\u2019une image fid\u00e8le de l\u2019actif net, de la situation financi\u00e8re ou des r\u00e9sultats des activit\u00e9s du groupe, ne sont pas consolid\u00e9es.

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3.1.2Les r\u00e8gles de consolidation

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Op\u00e9rations intra-groupes

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Toutes les transactions significatives entre les soci\u00e9t\u00e9s consolid\u00e9es, ainsi que les r\u00e9sultats de cessions internes, sont \u00e9limin\u00e9es.

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Conversion des \u00e9tats financiers des\u00a0soci\u00e9t\u00e9s\u00a0\u00e9trang\u00e8res

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Les \u00e9tats financiers consolid\u00e9s sont pr\u00e9sent\u00e9s en euros, monnaie fonctionnelle et de pr\u00e9sentation de La\u00a0Poste, entit\u00e9 t\u00eate de groupe.

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Les comptes de toutes les soci\u00e9t\u00e9s du groupe dont la monnaie fonctionnelle est diff\u00e9rente de la monnaie de pr\u00e9sentation sont convertis dans la monnaie de pr\u00e9sentation selon les modalit\u00e9s suivantes\u00a0: les bilans des soci\u00e9t\u00e9s \u00e9trang\u00e8res sont convertis en euros au taux de change en vigueur \u00e0 la cl\u00f4ture et leurs comptes de r\u00e9sultat sont convertis au taux de change moyen de l\u2019exercice. Les diff\u00e9rences de conversion ainsi d\u00e9gag\u00e9es sont enregistr\u00e9es directement au bilan consolid\u00e9 en capitaux propres, sous la rubrique \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb.

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L\u2019\u00e9cart d\u2019acquisition et les ajustements de juste valeur\u00a0d\u00e9coulant de l\u2019acquisition d\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger sont trait\u00e9s comme les actifs et passifs de l\u2019activit\u00e9 \u00e0 l\u2019\u00e9tranger, et convertis au cours de cl\u00f4ture.

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Les diff\u00e9rences de change provenant des transactions ayant la nature d\u2019investissements nets entre soci\u00e9t\u00e9s du groupe sont comptabilis\u00e9es au bilan, dans le poste \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb au sein des capitaux propres. Les \u00e9carts de change\u00a0d\u00e9coulant de la conversion d\u2019emprunts et autres instruments de change d\u00e9sign\u00e9s comme instruments de couverture de ces investissements nets sont imput\u00e9s en capitaux propres lors de la consolidation.

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Lorsqu\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger est c\u00e9d\u00e9e, les diff\u00e9rences de conversion initialement reconnues en capitaux propres sont comptabilis\u00e9es au compte de r\u00e9sultat dans les pertes et profits de cession.

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3.1.3Les regroupements

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Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

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Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

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\u00c9cart d\u2019acquisition (ou goodwill)

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Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

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Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

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Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

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3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

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Acquisitions et cessions

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Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

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Engagements de rachat

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En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

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Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

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3.2Transactions en devises \u00e9trang\u00e8res

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Les transactions libell\u00e9es en devises \u00e9trang\u00e8res sont enregistr\u00e9es en utilisant les cours de change applicables \u00e0 la date d\u2019enregistrement.

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En date de cl\u00f4ture, les actifs et passifs mon\u00e9taires exprim\u00e9s en devises sont convertis au cours de change applicable \u00e0 cette date.

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Les \u00e9carts de change r\u00e9sultant des transactions libell\u00e9es en devises sont enregistr\u00e9s au compte de r\u00e9sultat sur la ligne Gains ou pertes nets de change, en Autres \u00e9l\u00e9ments financiers (cf. note\u00a014.2).

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Activit\u00e9s bancaires et d\u2019assurance

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Selon IAS\u00a021, les actifs et passifs mon\u00e9taires correspondent aux actifs et aux passifs devant \u00eatre re\u00e7us ou pay\u00e9s pour un montant en num\u00e9raire d\u00e9termin\u00e9 ou d\u00e9terminable, par exemple un pr\u00eat ou une obligation basique. Par nature, un instrument de capitaux propres sera un actif non mon\u00e9taire.

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En date de cl\u00f4ture, les \u00e9carts de change, latents ou r\u00e9alis\u00e9s, des actifs et passifs mon\u00e9taires libell\u00e9s en devises sont enregistr\u00e9s en r\u00e9sultat.

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Pour les actifs libell\u00e9s en devises comptabilis\u00e9s en juste valeur par r\u00e9sultat les \u00e9carts de change sont comptabilis\u00e9s globalement en r\u00e9sultat avec les autres variations de valeur.

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Pour les actions libell\u00e9es en devises comptabilis\u00e9es en capitaux propres non recyclables, les gains ou les pertes de change sont enregistr\u00e9s en capitaux propres non recyclables (sans possibilit\u00e9 de recyclage par r\u00e9sultat m\u00eame en cas de cession).

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3.3Int\u00e9gration du secteur La\u00a0Banque\u00a0Postale

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Afin de faciliter la lisibilit\u00e9 des \u00e9tats financiers, les postes sp\u00e9cifiques du secteur La\u00a0Banque\u00a0Postale, correspondant \u00e0 des activit\u00e9s bancaires et d\u2019assurance, apparaissent sur des lignes sp\u00e9cifiques du bilan consolid\u00e9 du groupe. Ces postes font l\u2019objet d\u2019une pr\u00e9sentation d\u00e9taill\u00e9e dans l\u2019annexe conforme aux exigences du r\u00e9f\u00e9rentiel IFRS.

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Le groupe a choisi de ne pas pr\u00e9senter dans des postes distincts \u00e0 l\u2019actif du bilan et au compte de r\u00e9sultat les activit\u00e9s d\u2019assurance mais de fournir ces informations dans les postes du bilan et du compte de r\u00e9sultat existants.

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Les principes et m\u00e9thodes comptables appliqu\u00e9s aux activit\u00e9s bancaires sont d\u00e9taill\u00e9s dans la section\u00a03.11, ceux concernant les activit\u00e9s d\u2019assurance sont d\u00e9taill\u00e9s dans la section\u00a03.12.

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En compl\u00e9ment, des informations sp\u00e9cifiques sur les placements des activit\u00e9s d\u2019assurance sont fournies au sein des notes\u00a036.2.

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Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.4Produits op\u00e9rationnels

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3.4.1Chiffre d\u2019affaires des activit\u00e9s commerciales

\n

Le chiffre d'affaires provenant de la vente de marchandises ou de services est comptabilis\u00e9 d\u00e8s lors que le transfert aux clients des risques et avantages importants inh\u00e9rents \u00e0 la propri\u00e9t\u00e9 est intervenu. Il est reconnu au m\u00eame rythme que la r\u00e9alisation de la prestation \u00e0 laquelle il se rapporte \u00e0 l\u2019exception des figurines (timbre-poste, Pr\u00eat-\u00e0-Poster) dont le produit est enregistr\u00e9 lors de la vente (hors situations exceptionnelles).

\n

Le d\u00e9lai d'acheminement du trafic courrier et colis est pris en compte dans l'\u00e9valuation du chiffre d'affaires \u00e0 la date d'arr\u00eat\u00e9.

\n

3.4.2Produit Net Bancaire

\n

Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

\n

Activit\u00e9s bancaires

\n

Les postes de produits et charges d\u2019int\u00e9r\u00eat, pr\u00e9sent\u00e9s en note\u00a08, comprennent les int\u00e9r\u00eats des instruments financiers \u00e9valu\u00e9s au co\u00fbt amorti, les instruments financiers \u00e0 la juste valeur par capitaux propres ainsi que les int\u00e9r\u00eats courus et \u00e9chus des instruments de couverture de juste valeur.

\n

Les produits et charges de commissions, pr\u00e9sent\u00e9s en note\u00a08, sont reconnus en r\u00e9sultat en fonction de la r\u00e9alisation des obligations de prestations auxquelles ils se rattachent\u00a0:

\n

\u25cfles commissions r\u00e9mun\u00e9rant des services continus sont \u00e9tal\u00e9es en r\u00e9sultat sur la dur\u00e9e de la prestation\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur moyens de paiement.

\n
\n

\u25cfles commissions r\u00e9mun\u00e9rant des services ponctuels ou r\u00e9mun\u00e9rant un acte important sont int\u00e9gralement enregistr\u00e9es en r\u00e9sultat lorsque la prestation est r\u00e9alis\u00e9e ou l\u2019acte ex\u00e9cut\u00e9\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur mandats et les commissions sur incidents de paiement.

\n
\n

\u25cfles produits variables de commissions ne peuvent \u00eatre enregistr\u00e9s en r\u00e9sultat que s\u2019il est hautement probable que les montants enregistr\u00e9s ne donneront pas lieu \u00e0 un ajustement significatif \u00e0 la baisse\u00a0;

\n

\u25cfles commissions consid\u00e9r\u00e9es comme un compl\u00e9ment d\u2019int\u00e9r\u00eat font partie int\u00e9grante du taux d\u2019int\u00e9r\u00eat effectif. Ces commissions rel\u00e8vent du champ d\u2019application de la norme IFRS\u00a09 et sont donc comptabilis\u00e9es parmi les produits et charges d\u2019int\u00e9r\u00eat.

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\n\n\n\n
\n

Sont concern\u00e9es les commissions d\u2019octroi de cr\u00e9dit.

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\n

Activit\u00e9s d\u2019assurance

\n

La norme IFRS\u00a017 prescrit les principes de comptabilisation. Ces derniers sont expos\u00e9s au sein de la note\u00a03.12.

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3.5Imp\u00f4ts et int\u00e9gration fiscale

\n

L'entit\u00e9 m\u00e8re La\u00a0Poste a opt\u00e9 pour le r\u00e9gime de l\u2019int\u00e9gration fiscale dont elle est t\u00eate de groupe.

\n

Des imp\u00f4ts diff\u00e9r\u00e9s sont comptabilis\u00e9s d\u00e8s lors qu\u2019une diff\u00e9rence temporelle est identifi\u00e9e entre les valeurs comptables et les valeurs fiscales des \u00e9l\u00e9ments du bilan.

\n

Les imp\u00f4ts diff\u00e9r\u00e9s constat\u00e9s au cours des exercices ant\u00e9rieurs sont modifi\u00e9s lors d\u2019un changement de taux d\u2019imposition. L\u2019effet correspondant est enregistr\u00e9 en augmentation ou en diminution de la charge d\u2019imp\u00f4t diff\u00e9r\u00e9 en compte de r\u00e9sultat sauf s\u2019il est relatif \u00e0 des \u00e9l\u00e9ments enregistr\u00e9s directement en capitaux propres, auquel cas l\u2019imp\u00f4t est enregistr\u00e9 dans les capitaux propres.

\n

Tous les imp\u00f4ts diff\u00e9r\u00e9s passifs li\u00e9s aux diff\u00e9rences temporelles imposables sont comptabilis\u00e9s. Les imp\u00f4ts diff\u00e9r\u00e9s actifs r\u00e9sultant des diff\u00e9rences temporelles, de d\u00e9ficits fiscaux reportables ou de cr\u00e9dits d\u2019imp\u00f4ts sont comptabilis\u00e9s si leur recouvrement est probable, c\u2019est-\u00e0-dire dans la mesure o\u00f9 il est probable qu\u2019un b\u00e9n\u00e9fice imposable futur sera disponible et permettra d\u2019imputer les diff\u00e9rences temporaires. L\u2019\u00e9valuation en est faite \u00e0 partir d\u2019un \u00e9ch\u00e9ancier de retournement de l\u2019ensemble des bases d\u2019imp\u00f4ts diff\u00e9r\u00e9s, construit sur la base de la meilleure estimation par l\u2019entit\u00e9 des \u00e9volutions futures de ses r\u00e9sultats imposables (cf. note\u00a015).

\n

Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont compens\u00e9s au sein d\u2019une m\u00eame entit\u00e9 fiscale.

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Les effets fiscaux des distributions de dividendes sur instruments financiers class\u00e9s en capitaux propres sont comptabilis\u00e9s en r\u00e9sultat.

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3.6Immobilisations incorporelles

\n

La norme IAS\u00a038 \u2013 Immobilisations incorporelles d\u00e9finit une immobilisation incorporelle comme un actif non mon\u00e9taire, sans substance physique, et identifiable, c'est-\u00e0-dire r\u00e9sultant de droits l\u00e9gaux ou contractuels, ou s\u00e9parables.

\n

Les immobilisations incorporelles concernent essentiellement des logiciels et des droits au bail, et sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur.

\n

Les logiciels sont amortis en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9 (en g\u00e9n\u00e9ral de un \u00e0 trois\u00a0ans). Les droits au bail ne sont pas amortis.

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3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

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3.6.2Relation client\u00e8le

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Dans le cadre de l\u2019acquisition d\u2019activit\u00e9s d\u2019assurance, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. Ainsi, pour les contrats dont les primes renouvel\u00e9es peuvent \u00eatre estim\u00e9es de mani\u00e8re suffisamment fiable, un actif incorporel est reconnu au titre de la relation client\u00e8le. Cet actif incorporel est amorti de mani\u00e8re lin\u00e9aire par segment selon l\u2019estimation de la dur\u00e9e d\u2019utilit\u00e9 de cet actif ci-dessous, refl\u00e9tant la consommation des avantages futurs tels que projet\u00e9s dans l\u2019estimation retenue.

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\n\n\n\n
\n

Sont concern\u00e9es la pr\u00e9voyance individuelle Br\u00e9sil (dur\u00e9e retenue 10\u00a0ans) et la pr\u00e9voyance individuelle France (dur\u00e9e retenue 15\u00a0ans).

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\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9 de gestion d\u2019actifs, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. C\u2019est \u00e0 ce titre qu\u2019un actif incorporel est reconnu dans le cadre des mandats de gestion et les fonds d\u00e9di\u00e9s g\u00e9r\u00e9s pour le compte de clients institutionnels. Cet actif incorporel est amorti lin\u00e9airement sur sa dur\u00e9e d\u2019utilit\u00e9 qui est estim\u00e9e en fonction de l\u2019\u00e9coulement estim\u00e9 du portefeuille (tenant compte d\u2019hypoth\u00e8ses de non-renouvellement des mandats).

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux relations client\u00e8le sont pr\u00e9sent\u00e9es en note\u00a012.

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3.6.3Accords de distribution

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La valeur d\u2019un accord de distribution repr\u00e9sente la valeur des flux futurs attendus des nouvelles affaires au sein du r\u00e9seau d\u2019un partenaire couvert par un accord de distribution. Ces actifs incorporels sont estim\u00e9s en fonction des modalit\u00e9s sp\u00e9cifiques \u00e0 chaque contrat de distribution\u00a0; ils sont amortis sur la dur\u00e9e de vie du contrat de distribution en prenant en compte leur \u00e9ventuelle valeur r\u00e9siduelle.

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Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux accords de distribution sont pr\u00e9sent\u00e9es en note\u00a012.

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3.7Immobilisations corporelles et immeubles de\u00a0placement

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Les immobilisations corporelles sont essentiellement compos\u00e9es de terrains, constructions, installations techniques, mat\u00e9riels et outillages et mat\u00e9riel informatique. Elles sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur \u00e9ventuelles.

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3.7.1Co\u00fbt d'acquisition d'une\u00a0immobilisation

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Seules les d\u00e9penses g\u00e9n\u00e9rant une ressource contr\u00f4l\u00e9e du fait d'\u00e9v\u00e9nements pass\u00e9s, et dont le groupe attend des avantages \u00e9conomiques futurs, sont immobilis\u00e9es.

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Les frais accessoires directement attribuables \u00e0 l'acquisition des immobilisations ou \u00e0 leur mise en \u00e9tat de fonctionnement sont int\u00e9gr\u00e9s au co\u00fbt de revient de l'immobilisation.

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Les co\u00fbts d\u2019emprunt sont incorpor\u00e9s dans le co\u00fbt d\u2019acquisition des immobilisations n\u00e9cessitant une p\u00e9riode de pr\u00e9paration sup\u00e9rieure \u00e0 12\u00a0mois, conform\u00e9ment \u00e0 la norme IAS\u00a023 \u2013 Co\u00fbt d\u2019emprunts.

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Les subventions d'investissement re\u00e7ues de l\u2019\u00c9tat en contrepartie de l'acquisition d'une immobilisation sont comptabilis\u00e9es au passif du bilan puis rapport\u00e9es au compte de r\u00e9sultat lin\u00e9airement sur la dur\u00e9e d'utilisation de l\u2019immobilisation conform\u00e9ment aux dispositions de la norme IAS\u00a020 \u2013 Subventions publiques.

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Par analogie, les certificats d\u2019\u00e9conomie d\u2019\u00e9nergie suivent le m\u00eame traitement que les subventions publiques d\u2019investissement.

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3.7.2Ventilation par composants de la valeur d\u2019origine des immobilisations

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Un composant est un \u00e9l\u00e9ment de l\u2019immobilisation qui a une dur\u00e9e d'utilisation diff\u00e9rente, ou qui procure des avantages \u00e9conomiques selon un rythme diff\u00e9rent de celui de l\u2019immobilisation dans son ensemble.

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Les composants suivants ont \u00e9t\u00e9 retenus par le groupe\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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Immobilisations

\n		\n

Composants

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\n

Parc immobilier

\n		\n

Gros \u0153uvre, toiture, menuiserie et travaux ext\u00e9rieurs, gros \u00e9quipements, petits \u00e9quipements et agencements, terrain

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\n

Machines de tri

\n		\n

M\u00e9canique, intelligence, p\u00e9riph\u00e9rique. Pour les machines de tri de colis \u00e0 grand d\u00e9bit, un 4e composant est identifi\u00e9 (alimentation et instruments de mesure)

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\n

Mat\u00e9riel d\u2019environnement de tri

\n		\n

M\u00e9canique, intelligence

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\n

Distributeurs automatiques de billets

\n		\n

Automate, travaux d\u2019installation

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3.7.3Dur\u00e9es d'amortissement

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Les terrains ne sont pas amortis.

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Les immobilisations corporelles sont amorties en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9. Ces dur\u00e9es sont, en moyenne, les suivantes\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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Immobilisations

\n		\n

Dur\u00e9es d\u2019amortissement

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\n

Gros \u0153uvre

\n

Toiture

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Menuiserie et travaux ext\u00e9rieurs

\n

Gros \u00e9quipements

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Petits \u00e9quipements et agencements

\n		\n

De 20 \u00e0 80\u00a0ans

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de 20 \u00e0 60\u00a0ans

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de 20 \u00e0 40\u00a0ans

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de 15 \u00e0 20\u00a0ans

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de 5 \u00e0 10\u00a0ans

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\n

Machines de tri

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Mat\u00e9riel d\u2019environnement de tri

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Mat\u00e9riel de bureau et informatique

\n

Mobilier de bureau

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DAB-GAB

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V\u00e9hicules de transport

\n		\n

de 5 \u00e0 15\u00a0ans

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de 5 \u00e0 8\u00a0ans

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de 3 \u00e0 5\u00a0ans

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10\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

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de 3 \u00e0 5\u00a0ans

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\n

DAB-GAB\u00a0: Distributeur automatique de billets \u2013 Guichet automatique bancaire.

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3.7.4Cas particulier des immeubles de\u00a0placement

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Classement au bilan du groupe

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Les immeubles de placement sont essentiellement des actifs sous-jacents aux activit\u00e9s d\u2019assurance de La\u00a0Banque\u00a0Postale. Ils sont de fait pr\u00e9sent\u00e9s au sein des actifs sp\u00e9cifiques des activit\u00e9s bancaires et d\u2019assurance.

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Les immeubles de placement des autres activit\u00e9s ne sont pas significatifs et sont pr\u00e9sent\u00e9s au sein des immobilisations corporelles.

\n

Principes

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Un immeuble de placement est un bien immobilier (terrain ou construction) d\u00e9tenu par le groupe pour en retirer des loyers ou pour valoriser le capital, plut\u00f4t que pour l\u2019utiliser dans la production ou la fourniture de biens ou de services ou \u00e0 des fins administratives ou le vendre dans le cadre de l\u2019activit\u00e9 ordinaire.

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\n\n\n\n
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Conform\u00e9ment \u00e0 l\u2019option propos\u00e9e par IAS\u00a040, le groupe a choisi le mod\u00e8le d\u2019\u00e9valuation au co\u00fbt pour ses immeubles, \u00e0 l\u2019exception des immeubles supports de contrats d\u2019assurance (avec \u00e9l\u00e9ments de participation directe ou de contrats d\u2019investissement avec \u00e9l\u00e9ments de participation discr\u00e9tionnaire) \u00e9valu\u00e9s selon le mod\u00e8le VFA, d\u00e9fini dans la section\u00a03.12 ci-apr\u00e8s et qui sont \u00e9valu\u00e9s \u00e0 la juste valeur.

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\n

Les principes li\u00e9s \u00e0 la d\u00e9pr\u00e9ciation des immeubles au co\u00fbt sont pr\u00e9cis\u00e9s dans la section\u00a03.9.

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La juste valeur des immeubles (hors supports de contrats en unit\u00e9s de compte) est par ailleurs communiqu\u00e9e en annexe. Cette juste valeur correspondant \u00e0 la valeur de r\u00e9alisation des immeubles et des parts de soci\u00e9t\u00e9s immobili\u00e8res non cot\u00e9es. Elle est d\u00e9termin\u00e9e sur la base d\u2019une expertise quinquennale effectu\u00e9e par un expert accept\u00e9 par l\u2019autorit\u00e9 de r\u00e9gulation. Entre deux expertises, la valeur fait l\u2019objet d\u2019une estimation annuelle certifi\u00e9e par un expert.

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3.8Contrats de location (preneur)

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Les principes pr\u00e9sent\u00e9s ici sont appliqu\u00e9s aux contrats de location dans lesquels le groupe est preneur.

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Les principes appliqu\u00e9s aux contrats de location externes dans lesquels le groupe est bailleur sont d\u00e9taill\u00e9s dans la section\u00a03.11 d\u00e9di\u00e9e aux activit\u00e9s bancaires et d\u2019assurance.

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Sont qualifi\u00e9s de contrats de location selon la norme IFRS\u00a016, tous les contrats, quelle que soit leur d\u00e9nomination juridique, portant sur un actif identifi\u00e9 dont l\u2019utilisation est contr\u00f4l\u00e9e par le preneur en \u00e9change d\u2019une r\u00e9mun\u00e9ration et pour une certaine dur\u00e9e. Lorsque l\u2019actif n\u2019est pas identifi\u00e9, le contrat est qualifi\u00e9 de contrat de prestation de services.

\n

La norme IFRS\u00a016 a pour cons\u00e9quence, pour tous les contrats de location externes o\u00f9 le groupe est preneur\u00a0:

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\u25cfla comptabilisation d\u2019un passif de location \u00e9gal \u00e0 la somme actualis\u00e9e des loyers sur la dur\u00e9e du contrat (p\u00e9riodes fermes, et p\u00e9riodes r\u00e9siliables ou optionnelles si le preneur est raisonnablement certain d\u2019exercer l\u2019option)\u00a0;

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\u25cfla comptabilisation \u00e0 l\u2019actif d\u2019un droit d\u2019utilisation amorti sur la dur\u00e9e du contrat.

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\n\n\n\n
\n

Au 1er\u00a0janvier 2019, le groupe La\u00a0Poste a choisi d\u2019appliquer la m\u00e9thode de transition dite \u00ab\u00a0r\u00e9trospective modifi\u00e9e\u00a0\u00bb.

\n

Les mesures de simplification pr\u00e9vues par la norme et retenues par le groupe ont \u00e9t\u00e9 les suivantes\u00a0:

\n

\u25cfl\u2019exclusion des contrats portant sur des actifs de faible valeur\u00a0;

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\u25cfl\u2019exclusion des contrats d\u2019une dur\u00e9e r\u00e9siduelle inf\u00e9rieure \u00e0 douze\u00a0mois\u00a0;

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\u25cfla possibilit\u00e9 de ne pas capitaliser les co\u00fbts directement li\u00e9s \u00e0 la conclusion des contrats\u00a0;

\n

\u25cfla substitution du test de d\u00e9pr\u00e9ciation par le reclassement des provisions pour contrats on\u00e9reux en moins du droit d\u2019utilisation.

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Par ailleurs, comme pr\u00e9vu par la norme IFRS\u00a016, les contrats qualifi\u00e9s de location-financement selon IAS\u00a017 ont \u00e9t\u00e9 repris \u00e0 l\u2019identique et le groupe a opt\u00e9 pour ne pas appliquer les dispositions de la norme IFRS\u00a016 aux immobilisations incorporelles.

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\n

\n

Dur\u00e9e des contrats

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Elle est d\u00e9termin\u00e9e en fonction d\u2019une analyse des options de sortie anticip\u00e9e et des options de renouvellement pouvant exister. Les baux en tacite prolongation du groupe peuvent \u00eatre r\u00e9sili\u00e9s \u00e0 tout moment par l\u2019une ou l\u2019autre partie en s\u2019exposant tout au plus \u00e0 une p\u00e9nalit\u00e9 n\u00e9gligeable (y compris agencements indissociables, propres \u00e0 ces baux).

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Taux d\u2019actualisation

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Ils ont \u00e9t\u00e9 d\u00e9termin\u00e9s \u00e0 la date de transition, puis le sont au cours des p\u00e9riodes suivantes, conform\u00e9ment \u00e0 la norme, en r\u00e9f\u00e9rence au taux marginal d\u2019endettement du preneur pour chaque dur\u00e9e, et en tenant compte de l\u2019\u00e9ch\u00e9ancier de remboursement de la dette\u00a0: prise en compte du taux sans risque pour la devise du contrat, du risque de cr\u00e9dit du groupe et d\u2019une estimation du risque de cr\u00e9dit compl\u00e9mentaire pour les filiales.

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\u00c0 la date de transition, le groupe a retenu, pour chaque contrat, la dur\u00e9e \u00e0 sa date de prise d\u2019effet dans un souci de coh\u00e9rence avec la m\u00e9thode retenue pour d\u00e9terminer la valeur comptable du droit d\u2019utilisation expos\u00e9e ci-apr\u00e8s.

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Droit d\u2019utilisation

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Concernant ce droit, le groupe a choisi d\u2019appliquer \u00e0 la plupart de ses contrats la disposition de la norme conduisant, lors de la transition au 1er\u00a0janvier 2019, \u00e0 d\u00e9terminer la valeur comptable du droit d\u2019utilisation comme si la pr\u00e9sente norme avait \u00e9t\u00e9 appliqu\u00e9e depuis la date de prise d'effet du contrat de location en tenant compte des \u00e9volutions du contrat connues post\u00e9rieurement \u00e0 sa signature.

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Passifs de location

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Pr\u00e9sent\u00e9s au passif du bilan, ils r\u00e9sultent de l\u2019application de la norme IFRS\u00a016 \u00e0 compter du 1er\u00a0janvier 2019 (cf. note\u00a019).

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Dans les cas de concessions de loyers purs et simples (sans aucune autre modification du contrat), le groupe a choisi d\u2019appliquer les dispositions d\u2019IFRS\u00a016 conduisant \u00e0 r\u00e9estimer la dette de location en ajustant les flux et le taux d\u2019actualisation par contrepartie du droit d\u2019utilisation.

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3.9D\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition, immobilisations incorporelles et\u00a0corporelles, immeubles de placement au co\u00fbt et droits d\u2019utilisation (IFRS\u00a016)

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Les \u00e9carts d'acquisition et les immobilisations incorporelles \u00e0 dur\u00e9e de vie ind\u00e9finie font l'objet d'un test de d\u00e9pr\u00e9ciation syst\u00e9matique au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9.

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Les autres immobilisations incorporelles et corporelles ne sont test\u00e9es qu'en cas d'indice de perte de valeur, comme par exemple lorsqu\u2019un actif est identifi\u00e9 comme \u00e9tant fortement expos\u00e9 aux risques climatiques.

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Le test de d\u00e9pr\u00e9ciation consiste \u00e0 comparer la valeur nette comptable de l'actif, ou de l\u2019unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie \u00e0 laquelle il appartient, \u00e0 sa valeur recouvrable, qui est la plus \u00e9lev\u00e9e de la juste valeur diminu\u00e9e des co\u00fbts de vente ou de la valeur d'utilit\u00e9. Si la valeur recouvrable d'un actif, ou groupe d'actifs, immobilis\u00e9 devient inf\u00e9rieure \u00e0 sa valeur nette comptable, cette derni\u00e8re est ramen\u00e9e \u00e0 la valeur recouvrable par le biais d'une d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition s\u2019il en existe un.

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La juste valeur diminu\u00e9e des co\u00fbts de vente est le montant qui pourrait \u00eatre obtenu, \u00e0 la date d\u2019\u00e9valuation, de la vente d'un actif lors d'une transaction conclue \u00e0 des conditions normales de march\u00e9, net des co\u00fbts de sortie.

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La valeur d'utilit\u00e9 d'un actif, ou groupe d'actifs, est la valeur actualis\u00e9e des flux de tr\u00e9sorerie futurs susceptibles de\u00a0d\u00e9couler de l\u2019utilisation d'un actif ou d'une unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie.

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Pour les \u00e9carts d'acquisition et certains autres actifs, la valeur d\u2019utilit\u00e9 est g\u00e9n\u00e9ralement d\u00e9termin\u00e9e en fonction des flux nets de tr\u00e9sorerie attendus, r\u00e9sultant des plans d'affaires et des hypoth\u00e8ses valid\u00e9es par le groupe dans le cadre du processus budg\u00e9taire. Au-del\u00e0 de la p\u00e9riode de pr\u00e9vision, qui est en g\u00e9n\u00e9ral de cinq\u00a0ans au sein du groupe, les flux sont extrapol\u00e9s \u00e0 l'infini, sur la base d'un taux de croissance faible, correspondant en g\u00e9n\u00e9ral \u00e0 l'inflation. Ces flux de tr\u00e9sorerie sont actualis\u00e9s en utilisant le co\u00fbt moyen pond\u00e9r\u00e9 du capital de chaque actif ou groupe d'actifs concern\u00e9s.

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Sp\u00e9cificit\u00e9 de la d\u00e9pr\u00e9ciation des\u00a0immeubles de placement

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Un des indices, retenu par le groupe, est l\u2019existence d\u2019une perte de valeur de l\u2019immeuble de plus de 20% par rapport \u00e0 son co\u00fbt.

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L\u2019existence d\u2019indications de pertes de valeur conduit le groupe \u00e0 estimer la valeur recouvrable de l\u2019immeuble concern\u00e9. Cette derni\u00e8re est le montant le plus \u00e9lev\u00e9 entre la valeur d\u2019utilit\u00e9 et la juste valeur diminu\u00e9e des co\u00fbts de vente, d\u00e9termin\u00e9e selon l\u2019expertise annuelle \u00e0 laquelle proc\u00e8de le groupe pour son patrimoine immobilier.

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3.10Autres actifs

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3.10.1Stocks et en cours

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Les stocks sont \u00e9valu\u00e9s au plus faible de leur co\u00fbt de revient et de leur valeur nette de r\u00e9alisation. La valeur nette de r\u00e9alisation est le prix de vente estim\u00e9 dans le cours normal de l\u2019activit\u00e9, diminu\u00e9 des co\u00fbts estim\u00e9s n\u00e9cessaires \u00e0 la vente.

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La valeur des stocks est d\u00e9finie sur la base de la m\u00e9thode du co\u00fbt moyen pond\u00e9r\u00e9 et inclut les co\u00fbts d\u2019acquisition et les co\u00fbts encourus pour amener les stocks \u00e0 l\u2019endroit et dans l\u2019\u00e9tat o\u00f9 ils se trouvent.

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3.10.2Cr\u00e9ances clients

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Lors de leur comptabilisation initiale, les cr\u00e9ances clients de l\u2019activit\u00e9 commerciale sont enregistr\u00e9es \u00e0 leur valeur nominale, qui correspond en substance \u00e0 la juste valeur des cr\u00e9ances.

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Des provisions sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement.

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3.10.3Autres actifs financiers courants

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Il s\u2019agit pour l\u2019essentiel de la part court terme de la juste valeur des instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette obligataire de La\u00a0Poste (cf. notes\u00a03.15 et 29).

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3.10.4Autres actifs financiers non\u00a0courants

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Ce poste inclut notamment les deux composantes suivantes (cf.\u00a0note\u00a022)\u00a0:

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Pr\u00eats accord\u00e9s pour le logement social

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Ils sont comptabilis\u00e9s au co\u00fbt amorti selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif. Des d\u00e9pr\u00e9ciations sont constitu\u00e9es afin de prendre en compte l\u2019\u00e9ch\u00e9ance et les modalit\u00e9s de remboursement de ces pr\u00eats, ainsi que l\u2019appr\u00e9ciation du risque de non-recouvrement.

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Titres de participation non consolid\u00e9s

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Lorsqu\u2019ils ne sont pas d\u00e9tenus \u00e0 des fins de transaction, la norme IFRS\u00a09 permet en date de premi\u00e8re comptabilisation de chaque instrument d\u2019opter (de mani\u00e8re irr\u00e9vocable) pour un classement en juste valeur par le biais des capitaux propres non recyclables.

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Cette option est le plus souvent utilis\u00e9e pour les titres non consolid\u00e9s.

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Lorsque cette option est retenue, les gains ou les pertes latents comptabilis\u00e9s en capitaux propres ne sont pas recycl\u00e9s en r\u00e9sultat en cas de cession mais sont reclass\u00e9s en r\u00e9serves consolid\u00e9es. Seuls les \u00e9ventuels dividendes relatifs \u00e0 ces titres impactent le compte de r\u00e9sultat.

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3.11Actifs et passifs financiers des activit\u00e9s bancaires et d\u2019assurance

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Au bilan, les actifs et passifs sp\u00e9cifiques aux activit\u00e9s bancaires et d\u2019assurance sont regroup\u00e9s sur des postes d\u00e9di\u00e9s \u00e0 ces activit\u00e9s dont le contenu est similaire \u00e0 ceux pr\u00e9sent\u00e9s par La\u00a0Banque\u00a0Postale dans ses propres \u00e9tats financiers.

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3.11.1Principes g\u00e9n\u00e9raux de comptabilisation des actifs et\u00a0passifs financiers

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Instruments financiers

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La norme IFRS\u00a09 d\u00e9finit un instrument financier comme tout contrat donnant lieu \u00e0 la comptabilisation d'un actif financier pour l'une des parties et \u00e0 la comptabilisation d'un passif financier ou d'un instrument de capitaux propres pour l'autre partie. Le droit contractuel de l'une des parties de recevoir de la tr\u00e9sorerie est contrebalanc\u00e9 par l'obligation de payer de la tr\u00e9sorerie pour l'autre partie, et inversement.

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Comptabilisation initiale

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Lors de leur comptabilisation initiale, les actifs et passifs financiers sont \u00e9valu\u00e9s \u00e0 leur juste valeur minor\u00e9e ou major\u00e9e des co\u00fbts de transaction directement imputables \u00e0 l\u2019acquisition (\u00e0 l\u2019exception des actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat pour lesquels les co\u00fbts de transaction sont comptabilis\u00e9s en produits ou en charges au moment de la comptabilisation initiale).

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En pratique, la juste valeur sera le plus souvent le prix de transaction de l\u2019instrument financier.

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Date d\u2019enregistrement initiale

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Les titres sont inscrits au bilan en date de r\u00e8glement-livraison tandis que les instruments financiers d\u00e9riv\u00e9s sont enregistr\u00e9s en date de n\u00e9gociation. Les variations de juste valeur entre la date de n\u00e9gociation et la date de r\u00e8glement-livraison sont enregistr\u00e9es en r\u00e9sultat.

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Les pr\u00eats et cr\u00e9ances sont enregistr\u00e9s au bilan en date de\u00a0d\u00e9caissement.

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3.11.2Comptabilisation des actifs financiers

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Selon IFRS\u00a09, la classification d\u2019un actif financier est effectu\u00e9e en fonction des mod\u00e8les de gestion d\u00e9finis par l\u2019entit\u00e9 et des caract\u00e9ristiques de ses flux de tr\u00e9sorerie contractuels (crit\u00e8re du Pr\u00eat basique appel\u00e9 aussi test SPPI, Solely Payments of Principal and Interest).

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Mod\u00e8les de gestion

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Un mod\u00e8le de gestion correspond \u00e0 la mani\u00e8re dont est g\u00e9r\u00e9 collectivement un groupe d\u2019actifs financiers pour g\u00e9n\u00e9rer des revenus. Son objectif est de traduire au mieux les pratiques de gestion des actifs concern\u00e9s. Il est identifi\u00e9 au sein du groupe \u00e0 partir des faits objectifs qui peuvent \u00eatre observ\u00e9s comme l\u2019analyse de l\u2019organisation du m\u00e9tier, de ses syst\u00e8mes d\u2019information, de ses rapports internes, de son mode de suivi des risques, ou encore de ses\u00a0d\u00e9cisions de gestion pass\u00e9es (historiques de cessions par exemple).

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Il convient de distinguer trois types de mod\u00e8les de gestion\u00a0:

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\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs (mod\u00e8le Collecte)\u00a0;

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\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs et effectuer des cessions (mod\u00e8le Collecte et Vente)\u00a0;

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\u25cfun mod\u00e8le Autre pour les autres actifs financiers, dont le mod\u00e8le n\u2019est ni le mod\u00e8le Collecte, ni le mod\u00e8le Collecte et Vente et dans lequel la collecte des flux contractuels est accessoire.

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Ce mod\u00e8le concerne notamment les actifs financiers g\u00e9r\u00e9s \u00e0 des fins de transaction.

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L\u2019identification d\u2019un mod\u00e8le de gestion est accompagn\u00e9e d\u2019une documentation au sein de chaque m\u00e9tier du groupe.

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Un changement de mod\u00e8le gestion est par nature tr\u00e8s rare car ne pouvant correspondre qu\u2019\u00e0 l\u2019arr\u00eat ou au lancement d\u2019une activit\u00e9 significative. Il peut s\u2019agir par exemple d\u2019une cession de ligne de m\u00e9tier g\u00e9r\u00e9e auparavant selon le mod\u00e8le Collecte\u00a0: dans ce cas, l\u2019entit\u00e9 ne commercialise plus ce type d\u2019instruments financiers et reclasse l\u2019ensemble des actifs concern\u00e9s dans un mod\u00e8le de gestion de type transaction.

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Interdit dans tous les autres cas, le reclassement des instruments de dette respectant le test SPPI est obligatoire en cas de changement de mod\u00e8le de gestion de mani\u00e8re prospective et soit au 1er\u00a0juillet, soit au 1er\u00a0janvier apr\u00e8s la date effective du changement de mod\u00e8le.

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Crit\u00e8re du pr\u00eat basique ou test SPPI

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L\u2019objectif du crit\u00e8re SPPI est de s\u2019assurer que les flux de tr\u00e9sorerie contractuels g\u00e9n\u00e9r\u00e9s par l\u2019instrument sont uniquement compos\u00e9s de flux de remboursement en principal et de versement d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb. En d\u2019autres termes, l\u2019instrument doit \u00eatre un \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

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Le principal est d\u00e9fini comme la juste valeur de l\u2019instrument financier au moment de sa comptabilisation initiale au bilan.

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Les int\u00e9r\u00eats peuvent comprendre plusieurs composantes dont\u00a0:

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\u25cfla r\u00e9mun\u00e9ration per\u00e7ue au titre du temps qui passe, appel\u00e9e aussi valeur-temps de l\u2019argent\u00a0;

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\u25cfla r\u00e9mun\u00e9ration du risque de cr\u00e9dit encouru sur le montant pr\u00eat\u00e9\u00a0;

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\u25cfla r\u00e9mun\u00e9ration venant compenser les co\u00fbts de la liquidit\u00e9 ou co\u00fbts administratifs\u00a0; \u00a0

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\u25cfet la marge commerciale.

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Les actifs financiers respectant le crit\u00e8re du pr\u00eat basique sont des instruments de dette qui comprennent notamment les cr\u00e9dits classiques, des obligations \u00e0 taux fixe et \u00e0 taux variable ainsi que les cr\u00e9ances commerciales. Ils incluent \u00e9galement des financements responsables (pr\u00eats verts et sociaux, cr\u00e9dits \u00e0 impact, pr\u00eats li\u00e9s au d\u00e9veloppement durable ou sustainability-Linked loans) dont les flux contractuels sont conformes aux crit\u00e8res SPPI.

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Les actifs financiers ne respectant pas le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb incluent notamment les instruments de dette tels que les OPCVM ou les titres structur\u00e9s.

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Les instruments d\u00e9riv\u00e9s et les instruments de capitaux propres de type actions ou titres de participation non consolid\u00e9s ne respectent pas par nature le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

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Selon IFRS\u00a09, les actifs financiers sont class\u00e9s dans une des quatre cat\u00e9gories d\u00e9taill\u00e9es dans les sections\u00a03.11.3 \u00e0 3.11.5.

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3.11.3Actifs financiers au co\u00fbt amorti

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance (mod\u00e8le de gestion de collecte) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s au sein des actifs financiers au co\u00fbt amorti.

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L\u2019objectif du mod\u00e8le de gestion \u00ab\u00a0Collecte des flux contractuels\u00a0\u00bb est de d\u00e9tenir les actifs sur une longue dur\u00e9e ou jusqu\u2019\u00e0 maturit\u00e9 pour en percevoir les flux contractuels. Dans ce mod\u00e8le de gestion, les cessions sont possibles mais limit\u00e9es aux cessions r\u00e9alis\u00e9es dans le cadre d\u2019une augmentation du risque de cr\u00e9dit, aux cessions proches de la maturit\u00e9 de l\u2019instrument, aux cessions fr\u00e9quentes mais peu significatives et aux cessions isol\u00e9es m\u00eame si elles sont significatives.

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Les actifs financiers au co\u00fbt amorti sont comptabilis\u00e9s, apr\u00e8s leur comptabilisation initiale, en utilisant la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Le taux d\u2019int\u00e9r\u00eat effectif est le taux qui actualise exactement les flux de tr\u00e9sorerie futurs estim\u00e9s sur la dur\u00e9e de vie attendue d\u2019un actif financier \u00e0 sa juste valeur initiale. Il inclut les co\u00fbts de transaction et les produits accessoires (frais de dossier, commissions d\u2019engagement d\u00e8s lors que le tirage est plus probable qu\u2019improbable ou de participation) ainsi que toutes autres surcotes ou\u00a0d\u00e9cotes. Il s\u2019agit d\u2019un taux actuariel.

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Au sein du groupe, cette cat\u00e9gorie d\u2019actifs financiers comprend notamment l\u2019essentiel des pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le et aux \u00e9tablissements de cr\u00e9dit, ainsi que la plupart des titres de dettes entrant dans le cadre d\u2019investissement des activit\u00e9s bancaires.

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Modifications de contrats (ren\u00e9gociations\u00a0commerciales)

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Les pr\u00eats octroy\u00e9s par le groupe peuvent faire l'objet de restructurations pour difficult\u00e9s financi\u00e8res (cf.\u00a0section\u00a03.11.6) ou de ren\u00e9gociations commerciales m\u00eame en l\u2019absence de difficult\u00e9s financi\u00e8res ou d\u2019insolvabilit\u00e9 de l\u2019emprunteur.

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Ces op\u00e9rations concernent des clients pour lesquels le groupe accepte de ren\u00e9gocier la dette selon les nouvelles conditions du march\u00e9, dans le but de maintenir ou de d\u00e9velopper une relation commerciale, sans abandon de capital ou d\u2019int\u00e9r\u00eats courus. \u00c0 l\u2019exception des cas particuliers o\u00f9 la modification apport\u00e9e par la ren\u00e9gociation ne serait pas jug\u00e9e substantielle, les pr\u00eats ainsi ren\u00e9goci\u00e9s sont\u00a0d\u00e9comptabilis\u00e9s \u00e0 la date de ren\u00e9gociation et les nouveaux pr\u00eats, contractualis\u00e9s aux conditions ren\u00e9goci\u00e9es, leur sont substitu\u00e9s au bilan \u00e0 cette m\u00eame date.

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3.11.4Actifs financiers \u00e0 la juste valeur par\u00a0capitaux propres recyclables

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels et de vendre les actifs (mod\u00e8le de collecte et vente) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s dans les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables.

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Ces actifs sont comptabilis\u00e9s \u00e0 leur juste valeur lors de leur inscription initiale au bilan et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Les revenus courus ou acquis sont enregistr\u00e9s en r\u00e9sultat sur la base du taux d\u2019int\u00e9r\u00eat effectif parmi les Int\u00e9r\u00eats et produits assimil\u00e9s au sein du produit net bancaire.

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En date de cl\u00f4ture, cette cat\u00e9gorie d\u2019instruments financiers est \u00e9valu\u00e9e au bilan \u00e0 la juste valeur et les variations de juste valeur hors revenus sont enregistr\u00e9es par contrepartie des r\u00e9serves recyclables, \u00e0 l\u2019exception des \u00e9carts de change sur les actifs mon\u00e9taires en devises enregistr\u00e9s en r\u00e9sultat.

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De plus, ces instruments \u00e9tant soumis au mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit, les variations des pertes de cr\u00e9dit attendues sont comptabilis\u00e9es en r\u00e9sultat dans le co\u00fbt du risque des activit\u00e9s bancaires (cf. note\u00a012) et au sein du Produit Net Bancaire pour les activit\u00e9s d'assurance (cf. note\u00a08) en contrepartie des r\u00e9serves recyclables.

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Lors de la cession de ces titres, les gains ou pertes latents ant\u00e9rieurement constat\u00e9s en capitaux propres sont recycl\u00e9s en compte de r\u00e9sultat au sein du Produit Net Bancaire sur la ligne des Gains ou pertes nets des instruments financiers \u00e0 la juste valeur par capitaux propres (cf. note\u00a08).

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3.11.5Actifs financiers \u00e0 la juste valeur par\u00a0r\u00e9sultat

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La cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par r\u00e9sultat est la cat\u00e9gorie par d\u00e9faut selon IFRS\u00a09. Les variations de juste valeur des actifs financiers class\u00e9s dans cette cat\u00e9gorie sont enregistr\u00e9es au compte de r\u00e9sultat.

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Elle comprend les titres de dette ne correspondant pas aux crit\u00e8res du pr\u00eat basique (par exemple les OPCVM) ainsi que les instruments de capitaux propres qui ne sont pas class\u00e9s dans la cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables (cf. note\u00a036.2). Cette cat\u00e9gorie englobe \u00e9galement l\u2019ensemble des actifs financiers d\u00e9tenus dans un mod\u00e8le de gestion n\u2019\u00e9tant ni un mod\u00e8le de collecte ni un mod\u00e8le de collecte et vente i.e. les actifs financiers, y compris les d\u00e9riv\u00e9s actifs, d\u00e9tenus \u00e0 des fins de transaction (c'est-\u00e0-dire acquis ou \u00e9mis avec l\u2019intention de les revendre \u00e0 br\u00e8ve \u00e9ch\u00e9ance).

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Au sein du groupe, cette cat\u00e9gorie comprend notamment les cr\u00e9dits aux collectivit\u00e9s locales \u00e9ligibles \u00e0 des cessions \u00e0 Caffil.

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Figurent \u00e9galement dans cette cat\u00e9gorie, les actifs que le groupe a d\u00e9sign\u00e9s pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant une des conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable (option possible uniquement en date de premi\u00e8re comptabilisation et de mani\u00e8re irr\u00e9vocable)\u00a0;

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\u25cfou si le risque de cr\u00e9dit est couvert par un d\u00e9riv\u00e9 (l\u2019option possible lors de la comptabilisation initiale ou bien ult\u00e9rieurement).

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

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Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

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Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

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Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

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Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

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D\u00e9gradation significative du risque de cr\u00e9dit

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La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

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Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

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M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

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Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

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Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

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Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

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Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

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Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

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Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

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La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

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Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

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La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

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Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

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La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

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Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

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Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

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Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

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\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

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\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

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\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

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\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

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D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

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Pr\u00eats ne relevant plus du bucket\u00a03

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

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Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

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L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

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3.11.7D\u00e9comptabilisation d\u2019actifs et\u00a0passifs financiers

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Les actifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque les droits contractuels sur les flux de tr\u00e9sorerie attach\u00e9s \u00e0 l\u2019actif financier arrivent \u00e0 expiration ou lorsque ces droits et la quasi-totalit\u00e9 des risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 ont \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 un tiers.

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Lorsque certains risques et avantages ont \u00e9t\u00e9 transf\u00e9r\u00e9s et le contr\u00f4le conserv\u00e9 sur l\u2019actif financier, ce dernier est maintenu au bilan dans la mesure de l\u2019implication continue.

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration. En cas de modification contractuelle (restructuration ou ren\u00e9gociation commerciale), un passif financier sera\u00a0d\u00e9comptabilis\u00e9 si la modification de contrat est substantielle. Si la modification n'est pas substantielle, le passif est maintenu au bilan. Afin de d\u00e9terminer si les conditions de la dette existante et celles de la nouvelle dette sont substantiellement diff\u00e9rentes, des tests qualitatif et quantitatif sont effectu\u00e9s.

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Op\u00e9rations de pension livr\u00e9e

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Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

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Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

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Op\u00e9rations de pr\u00eats de titres

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Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

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3.11.8Dettes financi\u00e8res

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Principe g\u00e9n\u00e9ral de classement des\u00a0dettes\u00a0financi\u00e8res

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Tous les passifs financiers sont par d\u00e9faut class\u00e9s dans la cat\u00e9gorie au co\u00fbt amorti.

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En date de cl\u00f4ture, ces dettes sont enregistr\u00e9es au bilan soit en \u00ab\u00a0Dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0\u00bb, soit en \u00ab\u00a0Dettes envers la client\u00e8le\u00a0\u00bb, soit en \u00ab\u00a0Dettes repr\u00e9sent\u00e9es par un titre\u00a0\u00bb soit en \u00ab\u00a0Dettes subordonn\u00e9es\u00a0\u00bb.

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Elles sont \u00e9valu\u00e9es selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif sauf si elles ont fait l\u2019objet d\u2019une couverture en juste valeur.

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Dettes envers les \u00e9tablissements de\u00a0cr\u00e9dit\u00a0et\u00a0la\u00a0client\u00e8le

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Les dettes envers les \u00e9tablissements de cr\u00e9dit et dettes envers la client\u00e8le sont ventil\u00e9es d\u2019apr\u00e8s leur dur\u00e9e initiale ou leur nature\u00a0: dettes \u00e0 vue (d\u00e9p\u00f4ts \u00e0 vue, comptes ordinaires) ou \u00e0 terme (compte d\u2019\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial). Ces dettes comprennent les titres donn\u00e9s en pension livr\u00e9e et les valeurs donn\u00e9es en pension.

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Dettes repr\u00e9sent\u00e9es par un titre

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Les dettes repr\u00e9sent\u00e9es par un titre sont constitu\u00e9es des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables effectu\u00e9es par le groupe.

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Dettes subordonn\u00e9es

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Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

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Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

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Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

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Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

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\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

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\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

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Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

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Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

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Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

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Reclassement de passifs financiers

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Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

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D\u00e9comptabilisation des passifs financiers

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

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3.11.9Instruments financiers d\u00e9riv\u00e9s et\u00a0comptabilit\u00e9 de couverture

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Un d\u00e9riv\u00e9 est un instrument financier ou un autre contrat qui pr\u00e9sente les trois caract\u00e9ristiques suivantes\u00a0:

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\u25cfsa valeur fluctue en fonction d\u2019un taux d\u2019int\u00e9r\u00eat, du prix d\u2019un instrument financier, du prix de mati\u00e8res premi\u00e8res, d\u2019un cours de change, d\u2019un indice de prix ou de cours, d\u2019une notation de cr\u00e9dit ou d\u2019un indice de cr\u00e9dit, ou d\u2019une autre variable appel\u00e9e sous-jacent\u00a0;

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\u25cfil requiert un investissement initial net nul ou plus faible qu\u2019un instrument financier non d\u00e9riv\u00e9 pour avoir la m\u00eame sensibilit\u00e9 \u00e0 la variation du sous-jacent\u00a0;

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\u25cfil est d\u00e9nou\u00e9 \u00e0 une date future.

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Les instruments financiers d\u00e9riv\u00e9s sont class\u00e9s en deux cat\u00e9gories\u00a0:

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D\u00e9riv\u00e9s d\u00e9tenus \u00e0 des fins de transaction

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Les d\u00e9riv\u00e9s sont des instruments financiers d\u00e9tenus \u00e0 des fins de transaction \u00e0 l\u2019exception des d\u00e9riv\u00e9s entrant dans une relation de couverture. Ils sont comptabilis\u00e9s au bilan parmi les instruments financiers en juste valeur par r\u00e9sultat. Les variations de juste valeur et les int\u00e9r\u00eats courus ou \u00e9chus sont comptabilis\u00e9s au sein du Produit Net Bancaire parmi les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08).

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Les d\u00e9riv\u00e9s sont par d\u00e9faut class\u00e9s dans les cat\u00e9gories Actifs (ou passifs) financiers \u00e0 la juste valeur par r\u00e9sultat, m\u00eame si \u00e9conomiquement, ils ont \u00e9t\u00e9 souscrits en vue de couvrir une ou plusieurs transactions.

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D\u00e9riv\u00e9s de couverture

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Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

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\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

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\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

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Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

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Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

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Couverture de juste valeur

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La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

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Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

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Macro-couverture

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Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

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Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

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La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

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Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

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Couverture de flux de tr\u00e9sorerie

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La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

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La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

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La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

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Couverture d\u2019un investissement net libell\u00e9 en devises

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La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

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La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

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Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

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Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

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3.11.10Compensation des actifs et\u00a0des\u00a0passifs financiers

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Conform\u00e9ment \u00e0 la norme IAS\u00a032, un actif financier et un passif financier sont compens\u00e9s et un solde net est pr\u00e9sent\u00e9 au bilan si et seulement si le groupe a un droit juridiquement ex\u00e9cutoire de compenser les montants comptabilis\u00e9s et s\u2019il a l\u2019intention soit de r\u00e9gler le montant net soit de r\u00e9aliser l\u2019actif et de r\u00e9gler le passif simultan\u00e9ment. Le droit juridiquement ex\u00e9cutoire doit \u00eatre irr\u00e9vocable et doit pouvoir s\u2019exercer en toutes circonstances.

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Ce droit porte sur toutes les op\u00e9rations r\u00e9alis\u00e9es par chambre de compensation et s\u2019applique aux nominaux d\u2019esp\u00e8ces et aux int\u00e9r\u00eats int\u00e9gr\u00e9s dans le flux de restitution.

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Les op\u00e9rations de pensions livr\u00e9es dont les principes de fonctionnement r\u00e9pondent aux deux crit\u00e8res requis par la norme font l\u2019objet d\u2019une compensation au bilan lorsque\u00a0:

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\u25cfelles ont les m\u00eames dates d\u2019\u00e9ch\u00e9ance\u00a0;

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\u25cfelles sont r\u00e9alis\u00e9es dans la m\u00eame devise\u00a0;

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\u25cfelles se d\u00e9nouent au travers d\u2019un syst\u00e8me de r\u00e8glement/livraison garantissant la livraison des titres contre la r\u00e9ception d\u2019esp\u00e8ces associ\u00e9es, c\u2019est-\u00e0-dire le m\u00eame d\u00e9positaire central de titres.

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La compensation concerne essentiellement les op\u00e9rations de pension r\u00e9alis\u00e9es avec les chambres de compensation LCH\u00a0Clearnet et Eurex.

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3.11.11Engagements de garantie et\u00a0garanties financi\u00e8res

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Le groupe a opt\u00e9 pour la comptabilisation des garanties financi\u00e8res donn\u00e9es conform\u00e9ment \u00e0 la norme IFRS\u00a09. Selon IFRS\u00a09, un contrat r\u00e9pond \u00e0 la d\u00e9finition d\u2019une garantie financi\u00e8re s\u2019il comporte un principe indemnitaire selon lequel l\u2019\u00e9metteur remboursera le b\u00e9n\u00e9ficiaire des pertes qu\u2019il aura subies, en raison de la d\u00e9faillance d\u2019un d\u00e9biteur sp\u00e9cifi\u00e9 \u00e0 effectuer un paiement sur un instrument de dette.

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Les garanties financi\u00e8res donn\u00e9es sont \u00e9valu\u00e9es \u00e0 leur juste valeur initiale \u00e0 la date de mise en place. Elles sont ensuite \u00e9valu\u00e9es ult\u00e9rieurement au montant le plus \u00e9lev\u00e9 entre le montant de l\u2019obligation et le montant initialement enregistr\u00e9 diminu\u00e9 le cas \u00e9ch\u00e9ant de la commission de garantie.

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Par ailleurs, les garanties financi\u00e8res donn\u00e9es (qui ne sont pas comptabilis\u00e9es ult\u00e9rieurement \u00e0 la juste valeur par le r\u00e9sultat) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan. Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces encours. La provision est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

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3.11.12Engagements de financement

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Les engagements de financements qui ne sont pas consid\u00e9r\u00e9s comme des instruments d\u00e9riv\u00e9s ne figurent pas au bilan.

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Toutefois, de la m\u00eame mani\u00e8re que les garanties financi\u00e8res donn\u00e9es, les engagements de financement (qui ne sont pas consid\u00e9r\u00e9s comme des d\u00e9riv\u00e9s) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan.

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3.11.13Contrats de location lorsque le\u00a0groupe est bailleur

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C\u00f4t\u00e9 bailleur, les contrats de location sont comptabilis\u00e9s selon qu\u2019il s\u2019agit d\u2019une location financement ou d\u2019une location simple.

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Les op\u00e9rations de location sont qualifi\u00e9es d\u2019op\u00e9rations de location financement lorsqu\u2019elles ont pour effet, en substance, de transf\u00e9rer au locataire les risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 de l\u2019actif lou\u00e9. Elles s\u2019analysent comme un financement accord\u00e9 au preneur pour l\u2019achat d\u2019un bien.

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La valeur actuelle des paiements dus au titre du contrat, augment\u00e9e le cas \u00e9ch\u00e9ant de la valeur r\u00e9siduelle, est enregistr\u00e9e comme une cr\u00e9ance et figure au bilan parmi les pr\u00eats et cr\u00e9ances sur la client\u00e8le.

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Les int\u00e9r\u00eats compris dans les loyers sont enregistr\u00e9s au compte de r\u00e9sultat en Int\u00e9r\u00eats et produits assimil\u00e9s.

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Les loyers per\u00e7us sont r\u00e9partis sur la dur\u00e9e du contrat de location financement en les r\u00e9partissant en amortissement du capital et en int\u00e9r\u00eats, de fa\u00e7on \u00e0 d\u00e9gager un taux de rentabilit\u00e9 p\u00e9riodique constant sur l\u2019investissement net. Le taux d\u2019int\u00e9r\u00eat utilis\u00e9 est le taux d\u2019int\u00e9r\u00eat implicite du contrat.

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Les cr\u00e9ances de loyer issues de contrats de location sont par ailleurs soumises \u00e0 la m\u00e9thodologie de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit d\u00e9finie par IFRS\u00a09.

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Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces cr\u00e9ances. La d\u00e9pr\u00e9ciation est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

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3.12Contrats d\u2019assurance (IFRS\u00a017)

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3.12.1P\u00e9rim\u00e8tre et articulation avec le\u00a0r\u00e9f\u00e9rentiel IFRS

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La norme IFRS\u00a017 \u00ab\u00a0Contrats d\u2019assurances\u00a0\u00bb adopt\u00e9e en date du 19\u00a0novembre 2021 par l\u2019Union europ\u00e9enne (UE) est appliqu\u00e9e obligatoirement \u00e0 compter du 1er\u00a0janvier 2023 en remplacement de la norme IFRS\u00a04.

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Elle pr\u00e9cise les principes de comptabilisation, d\u2019\u00e9valuation et de pr\u00e9sentation des contrats d\u2019assurance entrant dans son champ d\u2019application, \u00e0 savoir les contrats d\u2019assurance et de r\u00e9assurance \u00e9mis, les contrats de r\u00e9assurance d\u00e9tenus ainsi que les contrats financiers d\u2019investissement \u00e9mis incluant une participation discr\u00e9tionnaire.

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Les contrats financiers d\u2019investissement sans participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire (notamment contrats d\u2019\u00e9pargne en unit\u00e9s de compte sans support euros et/ou sans garantie plancher) sont comptabilis\u00e9s conform\u00e9ment \u00e0 la norme IFRS\u00a09.

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Au sein d\u2019un contrat d\u2019assurance, la norme IFRS\u00a017 prescrit de comptabiliser s\u00e9par\u00e9ment certaines composantes selon les normes qui leur sont applicables. Il s\u2019agit notamment de certains d\u00e9riv\u00e9s incorpor\u00e9s, des composantes d\u2019investissement distinctes et de certaines obligations de performance comme l\u2019obligation de fournir un service ou un produit non assurantiel.

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Ainsi, pour le groupe, les contrats entrant dans le champ d\u2019application de la norme IFRS\u00a017 comprennent\u00a0:

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\u25cfles contrats d\u2019assurance comportant un transfert de risque important \u00e0 l\u2019assureur. Cette cat\u00e9gorie recouvre notamment les contrats de pr\u00e9voyance, retraite, dommages aux biens et les contrats d\u2019\u00e9pargne en unit\u00e9s de compte avec garantie plancher\u00a0;

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\u25cfles contrats financiers d\u2019investissement \u00e9mis comportant un \u00e9l\u00e9ment de participation aux b\u00e9n\u00e9fices (PB) discr\u00e9tionnaire\u00a0: contrats en euros avec participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire, contrats en unit\u00e9s de compte comportant des supports en euros avec participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire.

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3.12.2L\u2019agr\u00e9gation des contrats en\u00a0groupes de contrats

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La norme IFRS\u00a017 requiert une \u00e9valuation des passifs des contrats d\u2019assurance de niveau portefeuille constitu\u00e9 de contrats g\u00e9r\u00e9s ensemble et pr\u00e9sentant des risques similaires.

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Ces portefeuilles sont ensuite scind\u00e9s en trois groupes de profitabilit\u00e9 (IFRS\u00a017.16)\u00a0:

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\u25cfles groupes de contrats d\u00e9ficitaires appel\u00e9s on\u00e9reux.

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Un groupe de contrat est on\u00e9reux si la somme des flux de tr\u00e9sorerie d'ex\u00e9cution affect\u00e9s au contrat, des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition comptabilis\u00e9s ant\u00e9rieurement et des flux de tr\u00e9sorerie\u00a0d\u00e9coulant du contrat \u00e0 la date de la comptabilisation initiale correspond \u00e0 une sortie de tr\u00e9sorerie nette (IFRS\u00a017.47)\u00a0;

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\u25cfles groupes de contrats profitables sans possibilit\u00e9 importante de devenir on\u00e9reux par la suite\u00a0;

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\u25cfles groupes de contrats constitu\u00e9s des autres contrats du portefeuille.

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Enfin, ces portefeuilles doivent regrouper des contrats \u00e9mis \u00e0 un\u00a0an d\u2019intervalle au maximum (notion de cohortes annuelles). Pour \u00e9viter que la r\u00e9alit\u00e9 \u00e9conomique des contrats d\u2019assurance avec mutualisation interg\u00e9n\u00e9rationnelle ne soit pas correctement refl\u00e9t\u00e9e, l\u2019Union europ\u00e9enne a pr\u00e9vu une exemption facultative de l'application de cette obligation de cohorte annuelle. Le groupe a opt\u00e9 pour cette exemption.

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Le groupe d\u00e9termine le niveau de profitabilit\u00e9 et le mod\u00e8le comptable d\u2019un contrat lors de sa comptabilisation initiale. Ult\u00e9rieurement, il n\u2019est pas possible de modifier le groupe de contrats ou le mod\u00e8le comptable \u00e0 moins que les modalit\u00e9s du contrat ne soient modifi\u00e9es (IFRS\u00a017.72).

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3.12.3La date de comptabilisation initiale

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Un groupe de contrats d\u2019assurance \u00e9mis doit \u00eatre comptabilis\u00e9 \u00e0 compter de la premi\u00e8re des dates suivantes\u00a0:

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\u25cfle d\u00e9but de la p\u00e9riode de couverture du groupe de contrats\u00a0;

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\u25cfla date \u00e0 laquelle le premier paiement d\u2019un titulaire de police devient exigible ou, en l\u2019absence de date d\u2019exigibilit\u00e9, la date \u00e0 laquelle ce premier paiement est re\u00e7u\u00a0;

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\u25cfdans le cas d\u2019un groupe de contrats d\u00e9ficitaires, la date \u00e0 laquelle le groupe devient d\u00e9ficitaire.

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3.12.4Les groupes de contrats on\u00e9reux

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D\u00e8s lors qu'un groupe de contrats est on\u00e9reux, le groupe comptabilise imm\u00e9diatement une perte en r\u00e9sultat. La composante de perte est suivie extra-comptablement jusqu\u2019\u00e0\u00a0d\u00e9comptabilisation du contrat ou jusqu\u2019\u00e0 ce que le contrat redevienne profitable.

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3.12.5Les trois mod\u00e8les d\u2019\u00e9valuation des groupes de contrats non on\u00e9reux

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Il existe trois mod\u00e8les d\u2019\u00e9valuation\u00a0: le mod\u00e8le g\u00e9n\u00e9ral ou mod\u00e8le BBA (Building Block Approach, approche par blocs) qui constitue le mod\u00e8le d\u2019\u00e9valuation par d\u00e9faut, le mod\u00e8le VFA (Variable Fee Approach ou mod\u00e8le des honoraires variables) qui est un mod\u00e8le adapt\u00e9 du mod\u00e8le g\u00e9n\u00e9ral et enfin le mod\u00e8le PAA (Premium Allocation Approach) ou m\u00e9thode d\u2019affectation des primes. Le mod\u00e8le g\u00e9n\u00e9ral (BBA) s\u2019applique aux contrats qui ne sont pas comptabilis\u00e9s \u00e0 l\u2019aide de l\u2019un des deux autres mod\u00e8les VFA ou PAA.

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Le mod\u00e8le VFA est obligatoire pour tout contrat avec participation directe comme les fonds distincts et les contrats \u00e0 capital variable car il permet de prendre en compte les sp\u00e9cificit\u00e9s de ces contrats Les contrats \u00e0 participation directe concern\u00e9s respectent cumulativement les caract\u00e9ristiques suivantes\u00a0: l\u2019assur\u00e9 a droit \u00e0 une quote-part d\u2019\u00e9l\u00e9ments sous-jacents clairement identifi\u00e9s, le groupe s\u2019attend \u00e0 verser \u00e0 l\u2019assur\u00e9 une part substantielle des \u00ab\u00a0rendements en juste valeur\u00a0\u00bb des \u00e9l\u00e9ments sous-jacents et \u00e0 ce toute variation des sommes \u00e0 verser \u00e0 l\u2019assur\u00e9 soit attribuable dans une proportion substantielle, \u00e0 la variation de juste valeur des \u00e9l\u00e9ments sous-jacents.

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Le groupe retient le mod\u00e8le VFA \u00e9galement pour les contrats d\u2019assurance ayant des composantes d\u2019investissement.

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Ce mod\u00e8le n\u2019est pas applicable aux contrats de r\u00e9assurance.

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Le mod\u00e8le PAA, bas\u00e9 sur une approche par allocation des primes sur la dur\u00e9e des contrats (Premium Allocation Approach) est une simplification du mod\u00e8le g\u00e9n\u00e9ral. Il vise \u00e0 remplacer les trois blocs du passif du mod\u00e8le g\u00e9n\u00e9ral par une provision pour primes non acquises.

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Son application est facultative et soumise \u00e0 conditions. IFRS\u00a017 pr\u00e9cise que le mod\u00e8le\u00a0PAA peut \u00eatre utilis\u00e9 d\u00e8s lors qu\u2019il fournit une approximation acceptable de la valeur des passifs \u00e0 la souscription du groupe de contrat (i.e. ne diff\u00e9rant pas de fa\u00e7on mat\u00e9rielle de celle obtenue avec le mod\u00e8le g\u00e9n\u00e9ral en respectant les limites d\u2019IFRS\u00a017.54) ou pour les contrats dont la p\u00e9riode de couverture est inf\u00e9rieure ou \u00e9gale \u00e0 1\u00a0an. Il peut \u00e9galement \u00eatre appliqu\u00e9 aux contrats de r\u00e9assurance \u00e9mis ou d\u00e9tenus sous r\u00e9serve du respect des m\u00eames crit\u00e8res (IFRS\u00a017.69). Le passif initial comptabilis\u00e9 est \u00e9gal aux primes re\u00e7ues diminu\u00e9 des co\u00fbts d\u2019acquisition pay\u00e9s, ajust\u00e9 de l\u2019impact de la\u00a0d\u00e9comptabilisation d\u2019un actif li\u00e9 aux frais d\u2019acquisition.

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Ult\u00e9rieurement, il est ajust\u00e9 en fonction des passifs enregistr\u00e9s dans le cadre de sinistres survenus de la m\u00eame fa\u00e7on que pour les mod\u00e8les BBA ou VFA et de la couverture restante.

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L\u2019utilisation de ce mod\u00e8le est assez restreinte au niveau du groupe, elle concerne principalement quelques contrats br\u00e9siliens \u00e9ligibles.

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3.12.6Les frais d\u2019acquisition (VFA et BBA)

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Il s\u2019agit des frais de vente, de souscription et de cr\u00e9ation d\u2019un groupe de contrats d\u2019assurance.

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Le montant de frais d\u2019acquisition reconnu sur la p\u00e9riode est calcul\u00e9 selon des m\u00e9triques repr\u00e9sentatives des services rendus sur la p\u00e9riode (primes, provisions math\u00e9matiques, etc.). Le groupe affecte les flux de tr\u00e9sorerie des frais d\u2019acquisition aux groupes de contrats d\u2019assurance selon une m\u00e9thode syst\u00e9matique et rationnelle.

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Les frais d\u2019acquisition du groupe sont amortis pour chaque groupe de contrats.

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3.12.7La\u00a0d\u00e9composition des passifs d\u2019assurance en trois blocs (VFA\u00a0et\u00a0BBA)

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Les passifs d\u2019assurance sont\u00a0d\u00e9compos\u00e9s en trois blocs dans les mod\u00e8les VFA et BBA.

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1.Le premier bloc appel\u00e9 Best Estimate est la valeur actuelle des flux de tr\u00e9sorerie futurs.

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Le Best Estimate mat\u00e9rialise l\u2019engagement de l\u2019assureur envers ses assur\u00e9s. Les estimations des flux de tr\u00e9sorerie futurs \u00e0 prendre en compte sont tous les flux de tr\u00e9sorerie futurs inclus dans le p\u00e9rim\u00e8tre, ou fronti\u00e8re, de chaque contrat du groupe (les flux de tr\u00e9sorerie consid\u00e9r\u00e9s comme en dehors des fronti\u00e8res des contrats d\u2019assurance, concernent des contrats d\u2019assurance futurs). Ces estimations int\u00e8grent, de mani\u00e8re objective, toutes les informations raisonnables et justifiables disponibles sur le montant, l'\u00e9ch\u00e9ancier et l'incertitude des flux de tr\u00e9sorerie futurs. Elles sont la valeur attendue (c'est-\u00e0-dire la moyenne pond\u00e9r\u00e9e par les probabilit\u00e9s) de l'ensemble des r\u00e9sultats possibles. Ces flux futurs incluent notamment les primes re\u00e7ues, les prestations vers\u00e9es, les frais d\u2019acquisition et les frais g\u00e9n\u00e9raux directement imputables \u00e0 l\u2019ex\u00e9cution des contrats d\u2019assurance.

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Les frais non rattachables impactent directement le compte de r\u00e9sultat \u00e0 la date de survenance\u00a0;

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2.Le second bloc appel\u00e9 ajustement pour risques non-financiers (\u00ab\u00a0Risk Adjustment \u2013 RA\u00a0\u00bb) correspond \u00e0 une marge pour risque assurance uniquement exig\u00e9e par le groupe pour supporter l\u2019incertitude relative aux flux futurs du Best Estimate. Il repr\u00e9sente la meilleure vision du groupe en termes d\u2019exposition au risque non financier (risque assurance uniquement) dans un environnement comptable et selon un niveau de confiance compris entre 80% et 100%. Il est \u00e9galement en ligne avec l'horizon du Business Plan, \u00e9gal \u00e0 cinq\u00a0ans. Cet ajustement est comptabilis\u00e9 en Produit Net Bancaire sur la ligne Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis\u00a0;

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3.Le troisi\u00e8me appel\u00e9 \u00ab\u00a0marge sur services contractuels\u00a0\u00bb (Contractual Service Margin \u2013 CSM) repr\u00e9sentant les profits attendus que le groupe comptabilisera au fur et \u00e0 mesure qu\u2019il fournira les services pr\u00e9vus aux contrats d\u2019assurance. En date de premi\u00e8re comptabilisation des contrats, lorsqu\u2019elle est positive, signe d\u2019un contrat non on\u00e9reux, elle est comptabilis\u00e9e au passif. Elle est ensuite constat\u00e9e en r\u00e9sultat au rythme des services fournis sur la dur\u00e9e de couverture r\u00e9siduelle des contrats. Ce rythme suit les unit\u00e9s de couverture traduisant la proportion de services fournis sur les contrats du groupe sur la p\u00e9riode. Pour ce faire, \u00e0 la fin de chaque p\u00e9riode de reporting, le groupe d\u00e9termine les unit\u00e9s de couverture de mani\u00e8re prospective en prenant en compte notamment la probabilit\u00e9 de survenance des \u00e9v\u00e9nements assur\u00e9s affectant la p\u00e9riode de couverture attendue des contrats du groupe.

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La marge intragroupe vers\u00e9e par CNP\u00a0Assurances \u00e0 La\u00a0Banque\u00a0Postale au titre des frais de distribution et de gestion de ses produits d\u2019assurance fait l\u2019objet d\u2019un traitement particulier d\u00e9taill\u00e9 dans la note\u00a036.3.

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3.12.8Les unit\u00e9s de couverture

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Lorsqu\u2019un groupe de contrats impacte plusieurs p\u00e9riodes de reporting, il convient de d\u00e9finir un indicateur du niveau de r\u00e9alisation du service, appel\u00e9 unit\u00e9 de couverture permettant ainsi d\u2019allouer les revenus et les d\u00e9penses \u00e0 chaque p\u00e9riode de reporting.

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\u00c0 titre d\u2019exemple, les unit\u00e9s de couverture suivantes ont \u00e9t\u00e9 retenues pour les principaux types de contrats\u00a0:

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\u25cf\u00c9pargne et retraite\u00a0: Provisions Math\u00e9matiques\u00a0;

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\u25cfEmprunteur\u00a0: Capital restant d\u00fb\u00a0; Capitaux sous risques\u00a0;

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\u25cfPr\u00e9voyance individuelle-Risque obs\u00e8ques\u00a0: Capital assur\u00e9, Capitaux Sous Risques\u00a0;

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\u25cfPr\u00e9voyance Individuelle-Risque d\u00e9pendance\u00a0: Capital \u00e9quipement, Nombre de contrats\u00a0;

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\u25cfTemporaire\u00a0d\u00e9c\u00e8s\u00a0: Primes\u00a0;

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\u25cfPr\u00e9voyance collective\u00a0: ces contrats \u00e9tant annuels, la CSM est int\u00e9gralement amortie sur l\u2019exercice.

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3.12.9Taux d\u2019actualisation (VFA et BBA)

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IFRS\u00a017 requiert de tenir compte, dans l\u2019estimation des flux de tr\u00e9sorerie futurs, de la valeur temps de l\u2019argent et des risques financiers li\u00e9s aux flux de tr\u00e9sorerie futurs, dans la mesure o\u00f9 ces risques ne sont pas pris en compte dans les estimations de ces flux.

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Selon leur nature, les flux sont actualis\u00e9s avec la courbe des taux courants (construite \u00e0 l\u2019aide des informations de march\u00e9 \u00e0 la date de valorisation) ou la courbe des taux \u00e0 l\u2019origine (construite sur la base de donn\u00e9es historiques et permettant d\u2019obtenir une \u00e9valuation des passifs \u00e0 la date de premi\u00e8re comptabilisation).

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La prime d\u2019illiquidit\u00e9 est un ajustement r\u00e9sultant des diff\u00e9rences entre les caract\u00e9ristiques de liquidit\u00e9 du groupe de contrats d\u2019assurance et la liquidit\u00e9 des actifs utilis\u00e9s pour \u00e9tablir la courbe des taux. Elle s\u2019applique \u00e0 la courbe des taux sans risque r\u00e9put\u00e9e liquide.

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Le groupe l\u2019estime en se basant sur les actifs financiers d\u00e9tenus par les filiales d\u2019assurance (aussi bien les actifs immobilier/infrastructure, actions, que les actifs obligataires) puis l\u2019ajuste pour tenir compte des caract\u00e9ristiques des contrats et de l\u2019adossement entre les actifs et les passifs.

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L\u2019approche retenue pour l\u2019\u00e9valuation d\u2019une prime de liquidit\u00e9 au titre des actifs obligataires est comparable \u00e0 la m\u00e9thode sugg\u00e9r\u00e9e par l\u2019EIOPA (Autorit\u00e9 europ\u00e9enne des assurances et des pensions professionnelles) dans le cadre de sa revue de Solvabilit\u00e9 II tant au niveau du calibrage (caract\u00e8re macro-\u00e9conomique des probabilit\u00e9s de d\u00e9fauts sous-jacentes aux spreads de cr\u00e9dit) qu\u2019au niveau de la comparaison des portefeuilles. La classe des actions a \u00e9t\u00e9 retenue car b\u00e9n\u00e9ficiant d\u2019une volatilit\u00e9 plus faible que la moyenne du march\u00e9 en grande partie gr\u00e2ce \u00e0 la politique de gestion des filiales d\u2019assurance.

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3.12.10Les \u00e9carts d\u2019exp\u00e9rience

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Un \u00e9cart d'exp\u00e9rience correspond \u00e0 la diff\u00e9rence entre les estimations initiales des flux de tr\u00e9sorerie futurs et les flux r\u00e9ellement observ\u00e9s.

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Les \u00e9carts d\u2019exp\u00e9rience entra\u00eenant une variation des flux de tr\u00e9sorerie d'ex\u00e9cution qui se rapportent \u00e0 des services futurs viennent ajuster la CSM. Ceux concernant la p\u00e9riode en cours ou les p\u00e9riodes pass\u00e9es, et relevant de changements d\u2019estimations, sont reconnus dans le r\u00e9sultat de la p\u00e9riode. Enfin, les effets de la valeur temps de l\u2019argent et du risque financier sur les flux de tr\u00e9sorerie futurs sont comptabilis\u00e9s dans les produits financiers ou charges financi\u00e8res d\u2019assurance.

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3.12.11D\u00e9comptabilisation

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Un contrat est\u00a0d\u00e9comptabilis\u00e9 par le groupe lorsque\u00a0:

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\u25cfle contrat d\u2019assurance est \u00e9teint c\u2019est-\u00e0-dire lorsque l\u2019obligation pr\u00e9cis\u00e9e par le contrat est soit expir\u00e9e, soit acquitt\u00e9e, soit r\u00e9sili\u00e9e\u00a0;

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\u25cfles modifications apport\u00e9es au contrat entra\u00eenent sa d\u00e9comptabilisation et la comptabilisation d\u2019un nouveau contrat.

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3.12.12Sp\u00e9cificit\u00e9 du mod\u00e8le VFA (CSM)

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Les adaptations du mod\u00e8le Variable Fee Approach permettent de refl\u00e9ter les caract\u00e9ristiques propres aux contrats participatifs de fa\u00e7on \u00e0 ce que la CSM refl\u00e8te \u00e9galement la part revenant \u00e0 l'assureur sur le rendement des actifs sous-jacents au contrat, (par contrepartie des produits ou charges financiers d\u2019assurance) en plus des profits futurs sur les services d'assurance.

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3.12.13Sp\u00e9cificit\u00e9s du mod\u00e8le VFA (unit\u00e9s\u00a0de couverture)

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Sur le p\u00e9rim\u00e8tre \u00c9pargne Retraite en VFA, afin d\u2019assurer une bonne transcription dans le temps du rattachement des unit\u00e9s de couverture \u00e0 chaque exercice, le groupe effectue un retraitement pour l\u2019allocation de la CSM en r\u00e9sultat au titre des r\u00e9sultats fournis sur la p\u00e9riode. Ce retraitement vise principalement \u00e0 mieux appr\u00e9hender les effets \u00e9conomiques non pris en compte dans l\u2019\u00e9valuation initiale de la CSM en tenant compte de tous les services rendus (gestion des actifs et performance). Ce retraitement est effectu\u00e9 pour chacun des portefeuilles \u00c9pargne-Retraite g\u00e9r\u00e9s en VFA, profitable \u00e0 la date d\u2019arr\u00eat\u00e9, via une approche long terme bas\u00e9e sur la prise en compte d'une prime de risque et le co\u00fbt des options et garanties.

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Lorsque les conditions sont remplies, le groupe a choisi de comptabiliser par r\u00e9sultat (et non via la CSM) la part du groupe dans la juste valeur des \u00e9l\u00e9ments sous-jacents et les variations de la valeur temps de l\u2019argent afin de les compenser avec les variations de valeur des instruments de couverture utilis\u00e9s.

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3.12.14Sp\u00e9cificit\u00e9 du mod\u00e8le g\u00e9n\u00e9ral (BBA)

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Les int\u00e9r\u00eats sont capitalis\u00e9s sur la CSM en utilisant des taux d'actualisation fig\u00e9s d\u00e9termin\u00e9s lors de la comptabilisation initiale du groupe de contrats d'assurance. \u00c0 chaque date de cl\u00f4ture, la CSM est \u00e9valu\u00e9e \u00e0 partir de la CSM d'ouverture, ajust\u00e9e des nouveaux contrats, de la d\u00e9sactualisation des int\u00e9r\u00eats aux taux d\u2019actualisation d\u2019origine et des services rendus sur la p\u00e9riode.

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3.12.15Imputation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des\u00a0effets de variation de juste valeur des actifs sous-jacents des\u00a0contrats d\u2019assurance

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La norme IFRS\u00a017 offre un choix de m\u00e9thode comptable applicable au niveau de chaque portefeuille de contrats permettant, sous conditions, de comptabiliser les changements de valeur de march\u00e9 des passifs d\u2019assurance directement par capitaux propres (dans les autres \u00e9l\u00e9ments du r\u00e9sultat global, ou Other Comprehensive Income \u2013 OCI), au lieu de les reconna\u00eetre en r\u00e9sultat. Elle concerne principalement les effets de changement de taux d\u2019actualisation des passifs. Le groupe applique cette option en miroir de la comptabilisation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des actifs sous-jacents en repr\u00e9sentation des engagements d\u2019assurances.

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Cette option est applicable pour les contrats d'assurance qui r\u00e9pondent \u00e0 certaines conditions, notamment en ce qui concerne la fa\u00e7on dont les actifs sont g\u00e9r\u00e9s et la fa\u00e7on dont les obligations sont \u00e9valu\u00e9es. L\u2019option OCI doit \u00eatre choisie de mani\u00e8re coh\u00e9rente pour tous les contrats d\u2019un m\u00eame portefeuille IFRS\u00a017. Pour les contrats participatifs, cette option est applicable pour des contrats r\u00e9pondant \u00e0 certaines conditions, en particulier concernant la d\u00e9tention des actifs sous-jacents.

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En choisissant cette option OCI, le groupe r\u00e9duit la volatilit\u00e9 des r\u00e9sultats financiers li\u00e9s aux fluctuations de la valeur de march\u00e9 des actifs, ce qui est particuli\u00e8rement utile pour les contrats d'assurance \u00e0 long terme expos\u00e9s \u00e0 des risques de march\u00e9. Cette option permet notamment d\u2019isoler en OCI les effets de variation de taux sur les passifs des contrats d\u2019assurance et donc d\u2019insensibiliser le r\u00e9sultat net d\u2019assurance de la volatilit\u00e9 induite par l\u2019\u00e9valuation des passifs au taux courant \u00e0 chaque p\u00e9riode.

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3.12.16Mesure d\u2019att\u00e9nuation des risques

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La norme permet l\u2019utilisation d\u2019instruments financiers \u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat (notamment des d\u00e9riv\u00e9s) ou des contrats de r\u00e9assurance d\u00e9tenus pour att\u00e9nuer l\u2019effet de la valeur temps de l\u2019argent et du risque financier\u00a0d\u00e9coulant des contrats participatifs directs. La mesure d\u2019att\u00e9nuation des risques trouve principalement \u00e0 s\u2019appliquer au sein du groupe sur les contrats de r\u00e9assurance d\u00e9tenus.

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Dans ce cas, le groupe a choisi de comptabiliser en r\u00e9sultat, afin de les compenser avec les variations de valeur des instruments de \u00ab\u00a0couverture\u00a0\u00bb utilis\u00e9s\u00a0:

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\u25cfle montant correspondant \u00e0 la part revenant au groupe de la juste valeur des \u00e9l\u00e9ments sous-jacents\u00a0;

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\u25cfles variations de l\u2019effet de la valeur temps de l\u2019argent et des risques financiers qui ne r\u00e9sultent pas des \u00e9l\u00e9ments sous-jacents.

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Ainsi, le groupe ajuste la CSM des affaires directes de l\u2019\u00e9cart avec l\u2019ajustement de CSM de cession calcul\u00e9e selon les mod\u00e8les VFA et BBA. Les charges financi\u00e8res correspondant \u00e0 l\u2019effet d\u2019att\u00e9nuation des risques sont constat\u00e9es en totalit\u00e9 en r\u00e9sultat de la p\u00e9riode car l\u2019option OCI n\u2019est pas appliqu\u00e9e sur les contrats de r\u00e9assurance d\u00e9tenus.

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Dans le cas des contrats de r\u00e9assurance d\u00e9tenus de contrats VFA, cette disposition permet de supprimer les \u00e9carts induits par une diff\u00e9rence de valorisation entre le contrat de r\u00e9assurance et le sous-jacent et de mieux traduire l\u2019effet d\u2019att\u00e9nuation des risques.

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3.12.17Sp\u00e9cificit\u00e9s comptables des\u00a0contrats de r\u00e9assurance

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Cette partie\u00a0d\u00e9crit les sp\u00e9cificit\u00e9s des mod\u00e8les d\u2019\u00e9valuation appliqu\u00e9s par le groupe aux contrats de r\u00e9assurance.

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Un contrat de r\u00e9assurance est dit \u00ab\u00a0accept\u00e9\u00a0\u00bb lorsque le groupe, en tant que r\u00e9assureur, \u00e9met un contrat d\u2019assurance visant \u00e0 indemniser une autre entit\u00e9 A (la c\u00e9dante) au titre de sinistres couverts par un contrat ou un ensemble de contrats d\u2019assurance \u00e9mis par l\u2019entit\u00e9\u00a0A (contrats sous-jacents).

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La norme IFRS\u00a017 ne pr\u00e9voyant pas de dispositions particuli\u00e8res, le groupe ne cr\u00e9e pas de portefeuilles IFRS\u00a017 sp\u00e9cifiques \u00e0 la r\u00e9assurance accept\u00e9e.

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Un contrat de r\u00e9assurance est dit \u00ab\u00a0d\u00e9tenu\u00a0\u00bb lorsque le groupe, en tant qu\u2019entit\u00e9 c\u00e9dante, souscrit un contrat ou un ensemble de contrats d\u2019assurance visant \u00e0 couvrir les sinistres de contrats qu\u2019il a lui-m\u00eame \u00e9mis. On parle \u00e9galement de cession en r\u00e9assurance.

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Le groupe aligne la d\u00e9finition des portefeuilles de contrats de r\u00e9assurance sur la d\u00e9finition des portefeuilles d\u2019assurance directe.

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Les contrats \u00e9tant en quote-part, il est consid\u00e9r\u00e9 que les risques au sein d\u2019un portefeuille sont m\u00e9caniquement similaires au niveau des engagements c\u00e9d\u00e9s s\u2019ils sont jug\u00e9s similaires aux portefeuilles d\u2019assurance directe. Le regroupement de plusieurs contrats de r\u00e9assurance au sein d\u2019un m\u00eame portefeuille permet au groupe de consid\u00e9rer qu\u2019ils sont g\u00e9r\u00e9s ensemble au sens o\u00f9 l\u2019objectif commun est d\u2019att\u00e9nuer les risques sur un portefeuille de contrats sous-jacents eux-m\u00eames g\u00e9r\u00e9s comme un ensemble.

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Mod\u00e8les d\u2019\u00e9valuation

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Le mod\u00e8le VFA n\u2019\u00e9tant pas permis (IFRS\u00a017.B109), le groupe applique le mod\u00e8le g\u00e9n\u00e9ral (BBA) \u00e0 l\u2019ensemble des contrats de r\u00e9assurance \u00e9mis et d\u00e9etenus dans les activit\u00e9s en France du groupe.

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L\u2019\u00e9valuation des contrats de r\u00e9assurance suit un principe d\u2019effet miroir aux contrats d\u2019assurance sous-jacents\u00a0: coh\u00e9rence des hypoth\u00e8ses retenues pour l\u2019estimation des flux de tr\u00e9sorerie, le risque non financier est ajust\u00e9 du risque transf\u00e9r\u00e9, la CSM \u00e9valu\u00e9e \u00e0 l\u2019origine est g\u00e9n\u00e9ralement consid\u00e9r\u00e9e comme un co\u00fbt net \u00e9tal\u00e9 sur la p\u00e9riode de couverture des contrats de r\u00e9assurance.

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\u00c0 noter, que le risque de non-ex\u00e9cution du r\u00e9assureur est int\u00e9gr\u00e9 \u00e0 l\u2019estimation des flux de tr\u00e9sorerie.

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Fronti\u00e8res des contrats

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Pour les contrats d\u2019assurance d\u00e9tenus, les flux \u00e0 consid\u00e9rer sont ceux r\u00e9sultant des droits ou obligations substantiels de la c\u00e9dante i.e. le droit substantiel de la c\u00e9dante est de recevoir des services de la part du r\u00e9assureur.

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Ce droit substantiel cesse d\u00e8s lors que\u00a0:

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(i)le r\u00e9assureur a la capacit\u00e9 de r\u00e9viser le prix ou le niveau de garantie relatifs aux engagements qui lui sont transf\u00e9r\u00e9s de sorte \u00e0 refl\u00e9ter pleinement le risque\u00a0;

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(ii)le r\u00e9assureur a le droit de mettre fin \u00e0 la couverture. L\u2019obligation substantielle de la c\u00e9dante est de payer les \u00e9l\u00e9ments dus aux r\u00e9assureurs.

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Le groupe prend en compte dans le calcul du BE, du RA et de la CSM l\u2019effet de la r\u00e9assurance sur des contrats sous-jacents non encore comptabilis\u00e9s par la c\u00e9dante.

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3.13Juste valeur des instruments financiers et\u00a0immeubles de placement

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IFRS\u00a013 d\u00e9finit la juste valeur comme le prix qui serait re\u00e7u pour la vente d\u2019un actif ou pay\u00e9 pour le transfert d\u2019un passif lors d\u2019une transaction normale entre des intervenants du march\u00e9 \u00e0 la date d\u2019\u00e9valuation.

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Lors de la comptabilisation initiale d\u2019un instrument, sa juste valeur est g\u00e9n\u00e9ralement le prix de transaction.

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La norme IFRS\u00a013 pr\u00e9conise en premier lieu l\u2019utilisation d\u2019un prix cot\u00e9 sur un march\u00e9 actif pour d\u00e9terminer la juste valeur d\u2019un actif ou d\u2019un passif financier. Un march\u00e9 est consid\u00e9r\u00e9 comme actif si des cours sont ais\u00e9ment et r\u00e9guli\u00e8rement disponibles aupr\u00e8s d\u2019une bourse, d\u2019un courtier (multicontribution), d\u2019un n\u00e9gociateur ou d\u2019une agence r\u00e9glementaire et que ces prix repr\u00e9sentent des transactions r\u00e9elles (volume, fourchette de prix) dans des conditions de concurrence normale. En l\u2019absence de march\u00e9 actif la juste valeur doit \u00eatre d\u00e9termin\u00e9e par l\u2019utilisation de techniques de valorisation. Ces techniques comprennent notamment l\u2019utilisation de transactions r\u00e9centes dans un contexte de concurrence normale. Elles reposent sur les donn\u00e9es issues du march\u00e9, des justes valeurs d\u2019instruments identiques en substance, de mod\u00e8les d\u2019actualisation de flux ou de valorisation d\u2019options et font appel \u00e0 des m\u00e9thodes de valorisation reconnues. L\u2019objectif d\u2019une technique de valorisation est d\u2019\u00e9tablir quel aurait \u00e9t\u00e9 le prix de l\u2019instrument dans un march\u00e9 normal.

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\u00c0 titre d\u2019exemple, la juste valeur des titres obligataires, des titres \u00e0 revenu variable et des futures est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s. L\u2019utilisation de techniques de valorisation faisant r\u00e9f\u00e9rence \u00e0 des donn\u00e9es de march\u00e9 concerne plus g\u00e9n\u00e9ralement les d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9, les titres \u00e0 int\u00e9r\u00eats pr\u00e9compt\u00e9s (billets de tr\u00e9sorerie, certificats de d\u00e9p\u00f4ts\u2026), les d\u00e9p\u00f4ts-repos.

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Les instruments financiers sont pr\u00e9sent\u00e9s dans la note\u00a038.1 selon trois niveaux en fonction d\u2019un ordre\u00a0d\u00e9croissant d\u2019observabilit\u00e9 des valeurs et param\u00e8tres utilis\u00e9s pour leur valorisation\u00a0:

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Niveau 1

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Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

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Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

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Ce niveau comprend notamment\u00a0:

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\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

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\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

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\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

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\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

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Niveau 2

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Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

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Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

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Ce niveau comprend notamment\u00a0:

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\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

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\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

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\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

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\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

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\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

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Niveau\u00a03

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Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

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Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

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3.14Distinction entre instruments de dettes et\u00a0instruments de\u00a0capitaux\u00a0propres

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3.14.1Distinction entre instruments de\u00a0dette et instruments de\u00a0capitaux\u00a0propres

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La distinction entre les instruments de dette et les instruments de capitaux propres reposent sur l\u2019analyse en substance des caract\u00e9ristiques contractuelles de chaque instrument.

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Un instrument de dette non d\u00e9riv\u00e9 constitue une obligation contractuelle de remettre des liquidit\u00e9s ou un autre actif financier ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

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Un instrument de capitaux propres non d\u00e9riv\u00e9 est un contrat mettant en \u00e9vidence un int\u00e9r\u00eat r\u00e9siduel dans l\u2019actif net d\u2019une entit\u00e9 qui de fait ne pr\u00e9sente pas d\u2019obligation contractuelle de remettre des liquidit\u00e9s ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

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3.14.2Titres super subordonn\u00e9s \u00e0\u00a0dur\u00e9e\u00a0ind\u00e9termin\u00e9e

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Les titres super subordonn\u00e9s \u00e0 dur\u00e9e ind\u00e9termin\u00e9e sont class\u00e9s en instruments de dettes ou de capitaux propres notamment en fonction de leur mode de r\u00e9mun\u00e9ration selon qu\u2019il est discr\u00e9tionnaire ou non.

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Lorsque les titres subordonn\u00e9s \u00e9mis r\u00e9pondent aux crit\u00e8res de classement en \u00ab\u00a0instruments de capitaux propres\u00a0\u00bb les coupons sont trait\u00e9s comme des dividendes venant en diminution des capitaux propres.

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Toutes les autres obligations, perp\u00e9tuelles ou remboursables, notamment celles pr\u00e9sentant une \u00e9ch\u00e9ance de remboursement, sont class\u00e9es en dettes subordonn\u00e9es en application de la norme IAS\u00a032.

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3.15Dette obligataire et instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de\u00a0la dette obligataire

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La dette obligataire hors activit\u00e9s bancaires et d\u2019assurance est class\u00e9e au bilan dans le poste \u00ab\u00a0Emprunts obligataires et dettes financi\u00e8res\u00a0\u00bb.

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3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

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Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

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Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

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3.15.2Emprunts obligataires \u00e9valu\u00e9s au\u00a0co\u00fbt amorti

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Les emprunts non adoss\u00e9s \u00e0 des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb sont \u00e9valu\u00e9s selon la m\u00e9thode du co\u00fbt amorti sur la base du taux d\u2019int\u00e9r\u00eat effectif.

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3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

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Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

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3.16Provisions

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Des provisions sont comptabilis\u00e9es lorsque (i) \u00e0 la fin de la p\u00e9riode concern\u00e9e, le groupe a une obligation actuelle (juridique ou implicite) vis-\u00e0-vis d'un tiers, r\u00e9sultant d'\u00e9v\u00e9nements ant\u00e9rieurs, (ii)\u00a0il est probable qu'une sortie de ressources repr\u00e9sentative d'avantages \u00e9conomiques futurs sera n\u00e9cessaire pour \u00e9teindre l'obligation, et (iii) le montant de l'obligation peut \u00eatre estim\u00e9 de fa\u00e7on fiable.

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L'\u00e9valuation des provisions est faite sur la base des co\u00fbts attendus par le groupe pour \u00e9teindre l'obligation, estim\u00e9s \u00e0 partir des donn\u00e9es de gestion issues du syst\u00e8me d'information, d'hypoth\u00e8ses retenues par le groupe, \u00e9ventuellement compl\u00e9t\u00e9es par l'exp\u00e9rience de transactions similaires, et, dans certains cas, sur la base de rapports d'experts ind\u00e9pendants ou de devis de prestataires. Ces diff\u00e9rentes hypoth\u00e8ses sont revues \u00e0 chaque arr\u00eat\u00e9 comptable.

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Lorsque pertinent, le taux d\u2019actualisation retenu tient compte de l\u2019horizon de la provision et de l\u2019environnement de taux en date d\u2019arr\u00eat\u00e9.

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Provisions sur engagements sur les\u00a0contrats d\u2019\u00e9pargne-logement

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Les comptes \u00e9pargne logement (CEL) et les plans \u00e9pargne logement (PEL) propos\u00e9s \u00e0 la client\u00e8le de particuliers dans le cadre de la loi du 10\u00a0juillet 1965 comportent deux phases\u00a0: une phase de collecte de ressources sous forme d\u2019\u00e9pargne r\u00e9mun\u00e9r\u00e9e et une phase d\u2019emploi sous forme de pr\u00eats immobiliers.

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Ils g\u00e9n\u00e8rent des engagements de deux ordres pour l\u2019\u00e9tablissement distributeur\u00a0:

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\u25cfobligation de r\u00e9mun\u00e9rer l\u2019\u00e9pargne dans le futur \u00e0 un taux fix\u00e9 \u00e0 l\u2019ouverture du contrat pour une dur\u00e9e ind\u00e9termin\u00e9e pour les PEL ouverts avant le 28\u00a0f\u00e9vrier 2011, et \u00e0 un taux r\u00e9visable annuellement pour les nouvelles g\u00e9n\u00e9rations\u00a0;

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\u25cfobligation d\u2019octroyer aux clients qui le demandent un cr\u00e9dit \u00e0 un taux fix\u00e9 \u00e0 la signature du contrat.

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Ces engagements aux cons\u00e9quences potentiellement d\u00e9favorables pour le groupe font l\u2019objet de provisions pr\u00e9sent\u00e9es au passif du bilan (au poste \u00ab\u00a0Provisions\u00a0\u00bb), dont les variations sont enregistr\u00e9es en produit net bancaire au sein de la marge d\u2019int\u00e9r\u00eats.

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Les provisions sont estim\u00e9es sur la base de statistiques comportementales des clients, de donn\u00e9es de march\u00e9 pour chaque g\u00e9n\u00e9ration de plan afin de couvrir les charges futures li\u00e9es aux conditions potentiellement d\u00e9favorables de ces produits par rapport aux taux d\u2019int\u00e9r\u00eat offerts \u00e0 la client\u00e8le des particuliers pour des produits similaires mais non r\u00e9glement\u00e9s en termes de r\u00e9mun\u00e9ration. Elles ne sont relatives qu\u2019aux seuls engagements li\u00e9s aux comptes et plans d\u2019\u00e9pargne-logement existant \u00e0 la date de calcul de la provision.

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Les provisions sont calcul\u00e9es sur chaque g\u00e9n\u00e9ration de plans d\u2019\u00e9pargne-logement d\u2019une part, sans compensation entre les engagements relatifs \u00e0 des g\u00e9n\u00e9rations diff\u00e9rentes de plans d\u2019\u00e9pargne-logement, et sur l\u2019ensemble des comptes d\u2019\u00e9pargne-logement qui constituent une seule et m\u00eame g\u00e9n\u00e9ration d\u2019autre part.

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Sur la phase d\u2019\u00e9pargne, les engagements provisionnables sont \u00e9valu\u00e9s par diff\u00e9rence entre les encours d\u2019\u00e9pargne moyens attendus et les encours d\u2019\u00e9pargne minimum attendus, ces deux encours \u00e9tant d\u00e9termin\u00e9s statistiquement en tenant compte des observations historiques des comportements effectifs des clients.

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Sur la phase cr\u00e9dit, les engagements provisionnables incluent les encours de cr\u00e9dits d\u00e9j\u00e0 r\u00e9alis\u00e9s mais non encore \u00e9chus \u00e0 la date d\u2019arr\u00eat\u00e9 ainsi que les cr\u00e9dits futurs consid\u00e9r\u00e9s comme statistiquement probables sur la base des encours au bilan \u00e0 la date de calcul d\u2019une part et des observations historiques des comportements effectifs des clients d\u2019autre part.

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Une provision est constitu\u00e9e d\u00e8s lors que les r\u00e9sultats futurs pr\u00e9visionnels actualis\u00e9s sont n\u00e9gatifs pour une g\u00e9n\u00e9ration donn\u00e9e.

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Ces r\u00e9sultats sont mesur\u00e9s par r\u00e9f\u00e9rence aux taux offerts \u00e0 la client\u00e8le particuli\u00e8re pour des instruments d\u2019\u00e9pargne et de financement \u00e9quivalents, en coh\u00e9rence avec la dur\u00e9e de vie estim\u00e9e des encours et leur date de mise en place.

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3.17Avantages du personnel

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3.17.1Avantages du personnel post\u00e9rieurs \u00e0 l\u2019emploi

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Les engagements post\u00e9rieurs \u00e0 l\u2019emploi et \u00e0 long terme r\u00e9sultant de r\u00e9gimes \u00e0 prestations d\u00e9finies, ainsi que leurs co\u00fbts, sont \u00e9valu\u00e9s selon la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es conform\u00e9ment \u00e0 la norme IAS\u00a019. Des \u00e9valuations actuarielles sont r\u00e9alis\u00e9es chaque ann\u00e9e.

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Les calculs impliquent la prise en compte d\u2019hypoth\u00e8ses actuarielles \u00e9conomiques externes (taux d\u2019actualisation, taux d\u2019inflation, taux de revalorisation des pensions, etc.) et sp\u00e9cifiques \u00e0 La\u00a0Poste (taux de turnover, taux de mortalit\u00e9, taux de revalorisation des traitements et salaires, etc.).

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La provision inscrite au bilan au titre des r\u00e9gimes post\u00e9rieurs \u00e0 l\u2019emploi \u00e0 prestations d\u00e9finies correspond \u00e0 la valeur actuelle de l\u2019obligation \u00e0 la date de cl\u00f4ture diminu\u00e9e, le cas \u00e9ch\u00e9ant, de la valeur de march\u00e9 des actifs de couverture (Geopost\u00a0UK). La valeur actuelle de l\u2019obligation est calcul\u00e9e annuellement avec la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es. Elle est d\u00e9termin\u00e9e en actualisant les\u00a0d\u00e9caissements futurs attendus sur la base d\u2019un taux de march\u00e9 d\u2019obligations d\u2019entreprises de premi\u00e8re cat\u00e9gorie, libell\u00e9es dans la monnaie de paiement de la prestation et dont la dur\u00e9e avoisine la dur\u00e9e moyenne estim\u00e9e de l\u2019obligation sous-jacente.

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Les \u00e9carts actuariels issus des ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience et des effets de changements d\u2019hypoth\u00e8ses actuarielles sont comptabilis\u00e9s en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

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Le co\u00fbt des services pass\u00e9s, g\u00e9n\u00e9r\u00e9 lors de l\u2019adoption ou de la modification d\u2019un r\u00e9gime \u00e0 prestations d\u00e9finies, est reconnu imm\u00e9diatement en charges.

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Les dispositifs de retraite et les autres avantages du personnel, ainsi que les principales hypoth\u00e8ses retenues, sont\u00a0d\u00e9crits en note\u00a031.

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3.17.2Dispositifs d\u2019am\u00e9nagement de\u00a0fin\u00a0de carri\u00e8re

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La Poste constate une provision repr\u00e9sentative des co\u00fbts relatifs aux dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re accord\u00e9s aux personnels. Le montant de la provision inclut les personnes ayant adh\u00e9r\u00e9 \u00e0 l\u2019un des r\u00e9gimes existants ainsi que les personnes dont l'adh\u00e9sion est attendue compte tenu des dur\u00e9es et conditions des dispositifs ainsi que des comportements observ\u00e9s au cours des ann\u00e9es pass\u00e9es et des meilleures estimations.

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Les autres avantages \u00e0 long terme sont \u00e9valu\u00e9s et comptabilis\u00e9s comme les avantages post\u00e9rieurs \u00e0 l\u2019emploi (cf.\u00a0section\u00a03.17.1), \u00e0 l\u2019exception des \u00e9carts actuariels qui doivent \u00eatre imm\u00e9diatement et int\u00e9gralement comptabilis\u00e9s au compte de r\u00e9sultat. (cf.\u00a0note\u00a036.3 2).

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3.18Actifs d\u00e9tenus en vue d\u2019\u00eatre c\u00e9d\u00e9s

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Un actif non courant, ou un groupe d\u2019actifs et de passifs, est class\u00e9 comme d\u00e9tenu en vue d\u2019\u00eatre c\u00e9d\u00e9 lorsque sa valeur comptable sera recouvr\u00e9e principalement au moyen de sa vente, et non de son utilisation continue. Ceci suppose que l\u2019actif soit disponible en vue de sa vente imm\u00e9diate dans son \u00e9tat actuel et que sa vente soit hautement probable dans un d\u00e9lai d\u2019un an.

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Ces actifs et groupes d\u2019actifs, ainsi que les passifs associ\u00e9s, sont pr\u00e9sent\u00e9s s\u00e9par\u00e9ment des autres actifs et passifs, et sont mesur\u00e9s au plus bas de leur valeur comptable ou du prix de cession estim\u00e9, net des co\u00fbts de cession. L\u2019amortissement de ces actifs cesse \u00e0 compter de la date de leur classement dans cette cat\u00e9gorie.

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3.19Tableau des flux de tr\u00e9sorerie

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Le tableau des flux de tr\u00e9sorerie (TFT) pr\u00e9sente les entr\u00e9es et les sorties de tr\u00e9sorerie et \u00e9quivalents class\u00e9es en activit\u00e9s op\u00e9rationnelles, d\u2019investissement et de financement.

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Le format du tableau des flux de tr\u00e9sorerie a \u00e9t\u00e9 am\u00e9nag\u00e9 pour pr\u00e9senter s\u00e9par\u00e9ment les flux li\u00e9s, d\u2019une part, \u00e0 La\u00a0Banque\u00a0Postale, d\u2019autre part, les flux li\u00e9s aux activit\u00e9s industrielles et commerciales (y compris la division de La\u00a0Poste mettant du personnel \u00e0 disposition de La Banque Postale).

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La variation de tr\u00e9sorerie et des \u00e9quivalents de tr\u00e9sorerie pr\u00e9sent\u00e9e dans le tableau des flux de tr\u00e9sorerie consolid\u00e9s correspond \u00e0 celle des activit\u00e9s industrielles et commerciales. La tr\u00e9sorerie provenant de La\u00a0Banque\u00a0Postale et de ses filiales (y compris l\u2019encaisse des bureaux de poste) est isol\u00e9e sur une ligne sp\u00e9cifique du bilan. Ses variations sont positionn\u00e9es sur une ligne \u00ab\u00a0Diminution/(augmentation) de tr\u00e9sorerie des activit\u00e9s bancaires au bilan hors incidence des variations de p\u00e9rim\u00e8tre\u00a0\u00bb, positionn\u00e9e sous les flux de tr\u00e9sorerie des activit\u00e9s de financement.

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Par ailleurs, les flux de tr\u00e9sorerie li\u00e9s \u00e0 la variation des actifs et passifs bancaires et d\u2019assurance (hors flux li\u00e9s aux dettes subordonn\u00e9es) sont regroup\u00e9s sur une ligne sp\u00e9cifique du TFT (\u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0et d\u2019assurance\u00a0\u00bb), au sein des flux op\u00e9rationnels, incluant notamment\u00a0:

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\u25cfles flux des encours de collecte de la client\u00e8le\u00a0;

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\u25cfles flux des dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0;

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\u25cfles acquisitions et cessions du portefeuille de titres\u00a0;

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\u25cfles flux li\u00e9s aux pr\u00eats et cr\u00e9ances\u00a0;

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\u25cfles variations de juste valeur des instruments financiers.

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Les activit\u00e9s op\u00e9rationnelles

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Ce sont les principales activit\u00e9s g\u00e9n\u00e9ratrices de revenus et toutes activit\u00e9s autres que celles d\u00e9finies comme \u00e9tant des activit\u00e9s d\u2019investissement ou de financement. Les flux de tr\u00e9sorerie li\u00e9s aux activit\u00e9s op\u00e9rationnelles sont \u00e9labor\u00e9s selon la m\u00e9thode indirecte.

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Le calcul de l\u2019exc\u00e9dent brut d\u2019exploitation est d\u00e9taill\u00e9 dans la note\u00a041.10.

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Les activit\u00e9s d\u2019investissement

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Elles correspondent \u00e0 l\u2019acquisition et la cession d\u2019actifs \u00e0 long terme et de tout autre investissement qui n\u2019est pas inclus dans les \u00e9quivalents de liquidit\u00e9s. Les flux d\u2019investissement du groupe La\u00a0Poste sont compos\u00e9s notamment des acquisitions ou cessions des \u00e9l\u00e9ments suivants\u00a0:

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\u25cfimmobilisations incorporelles et corporelles, corrig\u00e9es des op\u00e9rations n\u2019ayant pas un caract\u00e8re mon\u00e9taire (dettes et cr\u00e9ances sur immobilisations)\u00a0;

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\u25cfpart du capital d\u2019autres entreprises\u00a0;

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\u25cfautres immobilisations financi\u00e8res (d\u00e9p\u00f4ts et cautionnements, cr\u00e9ances rattach\u00e9es \u00e0 des participations, etc.).

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L\u2019incidence des variations de p\u00e9rim\u00e8tre des activit\u00e9s industrielles et commerciales sur les flux de tr\u00e9sorerie est pr\u00e9sent\u00e9e distinctement sur une ligne \u00ab\u00a0Variations de p\u00e9rim\u00e8tre\u00a0\u00bb.

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Les activit\u00e9s de financement

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Elles correspondent aux activit\u00e9s qui entra\u00eenent des changements quant au montant et \u00e0 la composition des capitaux propres et des capitaux emprunt\u00e9s. Les flux de financement comprennent les sources de financement (nouveaux emprunts) et les\u00a0d\u00e9caissements aff\u00e9rents (distribution de dividendes aux minoritaires, remboursement de bons La\u00a0Poste, remboursement d\u2019emprunts).

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Concernant les mouvements sur instruments de dette de La\u00a0Banque\u00a0Postale, seuls les mouvements des dettes subordonn\u00e9es et des passifs de location sont class\u00e9s en flux de financement.

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La notion de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

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Elle recouvre les placements \u00e0 tr\u00e8s court terme, liquides, facilement convertibles en un montant connu de tr\u00e9sorerie et soumis \u00e0 un risque n\u00e9gligeable de changement de valeur.

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La tr\u00e9sorerie du groupe La\u00a0Poste est constitu\u00e9e de comptes de caisse, de soldes d\u00e9biteurs de banques, de d\u00e9p\u00f4ts \u00e0 terme, de valeurs mobili\u00e8res de placement qui ne pr\u00e9sentent pas de risque significatif de variation de valeur en raison de leur nature et peuvent \u00eatre facilement convertis en disponibilit\u00e9s (notamment OPCVM mon\u00e9taires), de la partie des soldes cr\u00e9diteurs de banques et des int\u00e9r\u00eats courus non \u00e9chus qui s\u2019y rattachent, correspondant \u00e0 des\u00a0d\u00e9couverts momentan\u00e9s.

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Quelles que soient leurs caract\u00e9ristiques, les titres provenant du \u00ab\u00a0Portefeuille de titres des activit\u00e9s bancaires\u00a0\u00bb ne sont pas class\u00e9s dans la tr\u00e9sorerie. Les flux les concernant sont int\u00e9gr\u00e9s sur la ligne \u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0\u00bb du TFT (cf. supra).

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4.2Principales actions r\u00e9alis\u00e9es

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Sur le plan de transition

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Dans la continuit\u00e9 des travaux initi\u00e9s en 2024, le groupe a renforc\u00e9 la robustesse de son plan de transition. Les pr\u00e9visions de la trajectoire de\u00a0d\u00e9carbonation s\u2019int\u00e8grent d\u00e9sormais dans le processus budg\u00e9taire annuel et les pr\u00e9visions pluriannuelles \u00e0 horizon 2030.

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Ces travaux ont permis de quantifier les investissements et les d\u00e9penses des leviers de\u00a0d\u00e9carbonation aff\u00e9rents au plan de transition de mani\u00e8re plus pr\u00e9cise et approfondie.

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Chacun de ces leviers, pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9 (cf.\u00a0section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb), impacte soit les co\u00fbts futurs, soit les immobilisations futures en compl\u00e9ment des budgets financiers.

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Sur le plan d\u2019adaptation

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Pour pr\u00e9parer son premier plan d\u2019adaptation, le groupe a retenu le sc\u00e9nario climatique +4\u00a0\u00b0C en 2100 (mod\u00e8le RCP\u00a08.5) en ins\u00e9rant un jalon interm\u00e9diaire \u00e0 2030 (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.2.1 \u00ab\u00a0Changement climatique - E1\u00a0\u00bb).

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Ces travaux ont consist\u00e9 \u00e0 mod\u00e9liser les al\u00e9as climatiques associ\u00e9s \u00e0 ce sc\u00e9nario et prioris\u00e9s par le groupe, pour ensuite identifier en fonction de leur localisation, les actifs tr\u00e8s expos\u00e9s. Ces actifs ont fait l\u2019objet d\u2019une analyse de vuln\u00e9rabilit\u00e9 aux al\u00e9as climatiques permettant d\u2019initier les travaux d\u2019identification des leviers d\u2019adaptation \u00e0 \u00e9valuer en termes de co\u00fbts et/ou d\u2019investissements.

\n

6.1D\u00e9finition des secteurs op\u00e9rationnels

\n

La d\u00e9finition des secteurs op\u00e9rationnels retenus en mati\u00e8re d\u2019information sectorielle est bas\u00e9e sur l\u2019organisation existante en mati\u00e8re de pilotage au sein du groupe La Poste. Un secteur d\u2019activit\u00e9 est un sous-ensemble pour lequel une information financi\u00e8re distincte est disponible et r\u00e9guli\u00e8rement revue par la direction du groupe, en vue de lui affecter des ressources et d\u2019\u00e9valuer sa performance.

\n

Les crit\u00e8res retenus pour d\u00e9terminer les secteurs d\u2019activit\u00e9 sont notamment les suivants\u00a0:

\n

\u25cfnature des produits distribu\u00e9s\u00a0;

\n

\u25cftype ou cat\u00e9gorie de clients auxquels ils sont destin\u00e9s\u00a0;

\n

\u25cfprocessus de production et r\u00e9seau de distribution\u00a0;

\n

\u25cfenvironnement r\u00e9glementaire.

\n

Le groupe est organis\u00e9 autour des quatre secteurs op\u00e9rationnels suivants, auxquels s\u2019ajoutent les secteurs Immobilier et Supports et structures\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Secteurs

\n		\n

Activit\u00e9s

\n
\n

Services-Courrier-Colis

\n		\n

\u25cfactivit\u00e9 courrier (collecte, tri, distribution de correspondance, publicit\u00e9, presse, courrier international)
et les services connexes

\n

\u25cfactivit\u00e9 colis en France r\u00e9alis\u00e9e sous la marque Colissimo

\n

\u25cfactivit\u00e9 Sant\u00e9 et Autonomie d\u2019aides \u00e0 la personne et dans le domaine de la sant\u00e9

\n

\u25cfnouveaux services du facteur

\n
\n

Geopost

\n		\n

\u25cfactivit\u00e9 express r\u00e9alis\u00e9e par les marques du sous-groupe Geopost, en particulier DPD, Chronopost, et Seur

\n

\u25cfcourrier international

\n

\u25cfactivit\u00e9 de e-commerce r\u00e9alis\u00e9e par Asendia

\n
\n

La Banque Postale

\n		\n

\u25cfactivit\u00e9 Banque et Assurance du sous-groupe La Banque Postale

\n

\u25cfdivision de La Poste\u00a0SA qui enregistre les prestations de services r\u00e9alis\u00e9es par certains personnels
de La Poste mis \u00e0 disposition de La Banque Postale dans le cadre de conventions de services

\n
\n

Grand Public Num\u00e9rique

\n		\n

\u25cfactivit\u00e9s de vente et de distribution, aupr\u00e8s du grand public, des produits et services du groupe La Poste

\n

\u25cfensemble des activit\u00e9s num\u00e9riques du groupe activit\u00e9 de La Poste Mobile

\n

\u25cfautres produits externes

\n
\n

Immobilier

\n		\n

\u25cfgestion du parc immobilier regroup\u00e9 dans le sous-groupe La Poste Immobilier

\n

\u25cfactivit\u00e9 de la direction immobili\u00e8re de La Poste

\n
\n

Supports et structures

\n		\n

\u25cfactivit\u00e9s \u00ab\u00a0Corporate\u00a0\u00bb des directions du si\u00e8ge

\n

\u25cfservices supports du groupe

\n
\n

6.2Information par secteur op\u00e9rationnel

\n

Les principes comptables appliqu\u00e9s pour \u00e9tablir l\u2019information sectorielle sont les m\u00eames que ceux utilis\u00e9s pour les comptes consolid\u00e9s, tels que\u00a0d\u00e9crits en notes 2 et 3. Les r\u00e9sultats, actifs et passifs allou\u00e9s aux secteurs d\u2019activit\u00e9 correspondent aux r\u00e9sultats, actifs et passifs qui sont affectables aux secteurs d\u2019activit\u00e9 de fa\u00e7on directe et indirecte.

\n

Les montants non affect\u00e9s aux secteurs d\u2019activit\u00e9 correspondent principalement\u00a0:

\n

\u25cfau co\u00fbt net de l\u2019am\u00e9nagement du territoire\u00a0;

\n

\u25cfau co\u00fbt de la contrainte d\u2019accessibilit\u00e9 pesant sur La Poste\u00a0;

\n

\u25cfau r\u00e9sultat financier et \u00e0 l\u2019imp\u00f4t.

\n

Segmentation des charges op\u00e9rationnelles

\n

Compte tenu de la coexistence au sein de La Poste des acteurs Services-Courrier-Colis, La Banque Postale et R\u00e9seau La Poste, et de la forte imbrication des processus de production de ces activit\u00e9s, La Poste a d\u00e9fini des principes de comptabilit\u00e9 analytique afin de r\u00e9partir les charges mutualis\u00e9es entre les diff\u00e9rents secteurs et de d\u00e9terminer ainsi le r\u00e9sultat de chacun.

\n

La refacturation des charges de guichet des bureaux de poste du R\u00e9seau La Poste s\u2019effectue aux m\u00e9tiers utilisateurs du r\u00e9seau sur la base de conventions de services dont les modalit\u00e9s de tarification sont fond\u00e9es sur des inducteurs op\u00e9rationnels mesurables (chiffre d\u2019affaires, statistiques mesurant le temps n\u00e9cessaire \u00e0 la r\u00e9alisation des diff\u00e9rentes op\u00e9rations, etc.).

\n

Segmentation de l\u2019actif immobilis\u00e9

\n

Les immobilisations incorporelles et corporelles sont r\u00e9parties sur la base de l\u2019affectation par m\u00e9tier des biens correspondants dans le syst\u00e8me comptable de La Poste. Les actifs immobiliers d\u00e9tenus par La Poste et le sous-groupe La Poste Immobilier sont affect\u00e9s en totalit\u00e9 au secteur Immobilier.

\n

31.2.5Dispositifs d\u2019am\u00e9nagement de\u00a0fin\u00a0de carri\u00e8re

\n

Le personnel de La Poste b\u00e9n\u00e9ficie dans certaines conditions, de dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re. Ces dispositifs sont ou ont \u00e9t\u00e9 accessibles aux personnes ayant atteint un \u00e2ge variant entre 53 et 60\u00a0ans, selon certains crit\u00e8res (fonction p\u00e9nible ou non p\u00e9nible, exercice d\u2019un service actif ou s\u00e9dentaire, anciennet\u00e9, etc.).

\n

Pendant la dur\u00e9e du dispositif, les b\u00e9n\u00e9ficiaires sont, dans la plupart des cas, r\u00e9mun\u00e9r\u00e9s \u00e0 hauteur de 70% d\u2019un temps plein, en contrepartie d\u2019une activit\u00e9 op\u00e9rationnelle plus r\u00e9duite.

\n

Les provisions relatives aux dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re comptabilis\u00e9es tiennent compte des adh\u00e9sions fermes ainsi que des adh\u00e9sions attendues au titre des engagements pris \u00e0 la cl\u00f4ture de mettre \u00e0 disposition du personnel ce type de dispositif au-del\u00e0 de la date de cl\u00f4ture.

\n

\u00c0 fin\u00a0d\u00e9cembre\u00a02025, la provision ne comporte que des adh\u00e9sions fermes, aucun engagement d\u2019ouverture d\u2019un tel dispositif n\u2019ayant \u00e9t\u00e9 pris au cours de l\u2019exercice au-del\u00e0 de la date de cl\u00f4ture.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059607_0": { "value": "

2.1.1Normes et amendements d\u2019application obligatoire en\u00a02025

\n

Les amendements et exemples pr\u00e9sent\u00e9s ci-apr\u00e8s ont \u00e9t\u00e9 appliqu\u00e9s \u00e0 compter du 1er\u00a0janvier 2025 et n\u2019ont pas eu d\u2019impacts significatifs sur les comptes du groupe La\u00a0Poste.

\n

Amendement IAS\u00a021 \u2013 Absence de convertibilit\u00e9

\n

Cet amendement concerne les rares cas o\u00f9 une entit\u00e9 n\u2019a pas la capacit\u00e9 de convertir une monnaie. Il requiert notamment d\u2019utiliser un cours de change observable coh\u00e9rent avec l\u2019op\u00e9ration convertie et de fournir des informations sur l\u2019origine du d\u00e9faut de convertibilit\u00e9 ou l\u2019estimation du cours de change retenu.

\n

Exemples illustrant les informations \u00e0 publier en\u00a0cas d\u2019incertitudes significatives

\n

En\u00a0d\u00e9cembre\u00a02025, l\u2019IASB a publi\u00e9 des exemples illustrant les informations \u00e0 publier en cas d\u2019incertitudes significatives en retenant essentiellement celles en lien avec les enjeux climatiques. \u00c0 noter que ces exemples n\u2019ont pas \u00e0 \u00eatre adopt\u00e9s par l\u2019Union europ\u00e9enne.

\n

2.1.2Normes et amendements d\u2019application obligatoire sur\u00a02026\u00a0et\u00a02027

\n

Le groupe n\u2019a appliqu\u00e9 par anticipation aucun de ces textes qui concernent principalement la norme\u00a0IFRS\u00a09\u00a0relative aux Instruments financiers et la norme IFRS\u00a018 sur les \u00e9tats financiers.

\n

Les principaux amendements \u00e0 la norme IFRS\u00a09 applicables \u00e0 compter du 1er\u00a0janvier 2026 concernent\u00a0:

\n

a)L\u2019introduction d\u2019un choix de m\u00e9thode comptable visant \u00e0 permettre, sous conditions, la\u00a0d\u00e9comptabilisation d\u2019un passif financier r\u00e9gl\u00e9 via un syst\u00e8me de paiement \u00e9lectronique par contrepartie de la tr\u00e9sorerie avant extinction du passif.

\n

Ce choix est \u00e0 appliquer par syst\u00e8me de paiement \u00e9lectronique. Les r\u00e8glements \u00e9mis ne respectant pas ces conditions et les r\u00e8glements \u00e0 recevoir en paiement des cr\u00e9ances client seront comptabilis\u00e9s en date d\u2019inscription sur le relev\u00e9 bancaire. \u00c0 date, le groupe La\u00a0Poste n\u2019anticipe pas d\u2019ajustements significatifs de la tr\u00e9sorerie\u00a0;

\n

b)L\u2019assouplissement du test SPPI (Solely Payment of Principal and Interest) permettant de comptabiliser au co\u00fbt amorti certains pr\u00eats dont le taux d\u2019int\u00e9r\u00eat est index\u00e9 notamment sur des crit\u00e8res de durabilit\u00e9.

\n

Cet amendement concernera plus particuli\u00e8rement La\u00a0Banque\u00a0Postale qui a engag\u00e9 les travaux de d\u00e9finition du seuil de significativit\u00e9 applicable\u00a0;

\n

c)L\u2019introduction de la possibilit\u00e9 de comptabiliser, sous conditions strictes, certains contrats d\u2019achat d\u2019\u00e9lectricit\u00e9 renouvelable (ou Physical-Power Purchase Agreement) comme des achats d\u2019\u00e9lectricit\u00e9 classiques et non comme un d\u00e9riv\u00e9\u00a0;

\n

d)La formalisation du choix de m\u00e9thode dans le cas d\u2019une concession de loyers selon IFRS\u00a09 (d\u00e9comptabilisation par r\u00e9sultat) ou selon IFRS\u00a016 (r\u00e9estimation de la dette de location par un ajustement du droit d\u2019utilisation).

\n

La norme IFRS\u00a018 \u2013 Pr\u00e9sentation des \u00e9tats financiers applicable au 1er\u00a0janvier 2027

\n

Une fois adopt\u00e9e par l\u2019Union europ\u00e9enne, cette norme sera d\u2019application obligatoire au 1er\u00a0janvier 2027 (avec donn\u00e9es comparatives sur\u00a02026) et remplacera la norme actuelle IAS\u00a01.

\n

Dans une recherche d\u2019am\u00e9lioration de la comparabilit\u00e9 et de transparence, la norme IFRS\u00a018 impose un compte de r\u00e9sultat en trois cat\u00e9gories clairement d\u00e9finies (Exploitation, Investissement et Financement) avec des sous-totaux obligatoires\u00a0; la pr\u00e9sentation du tableau de flux de tr\u00e9sorerie\u00a0(TFT) en partant du nouveau r\u00e9sultat d\u2019exploitation\u00a0; et la publication au sein d\u2019une note\u00a0d\u00e9di\u00e9e, des indicateurs de performance sur le r\u00e9sultat retenus par le management en communication financi\u00e8re, de leurs d\u00e9finitions et des rapprochements avec les agr\u00e9gats de r\u00e9sultat IFRS\u00a018.

\n

Les travaux d\u2019analyse et d\u2019impl\u00e9mentation sont en cours.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40141959282426161_0_0": { "value": "

2.1.1Normes et amendements d\u2019application obligatoire en\u00a02025

\n

Les amendements et exemples pr\u00e9sent\u00e9s ci-apr\u00e8s ont \u00e9t\u00e9 appliqu\u00e9s \u00e0 compter du 1er\u00a0janvier 2025 et n\u2019ont pas eu d\u2019impacts significatifs sur les comptes du groupe La\u00a0Poste.

\n

Amendement IAS\u00a021 \u2013 Absence de convertibilit\u00e9

\n

Cet amendement concerne les rares cas o\u00f9 une entit\u00e9 n\u2019a pas la capacit\u00e9 de convertir une monnaie. Il requiert notamment d\u2019utiliser un cours de change observable coh\u00e9rent avec l\u2019op\u00e9ration convertie et de fournir des informations sur l\u2019origine du d\u00e9faut de convertibilit\u00e9 ou l\u2019estimation du cours de change retenu.

\n

Exemples illustrant les informations \u00e0 publier en\u00a0cas d\u2019incertitudes significatives

\n

En\u00a0d\u00e9cembre\u00a02025, l\u2019IASB a publi\u00e9 des exemples illustrant les informations \u00e0 publier en cas d\u2019incertitudes significatives en retenant essentiellement celles en lien avec les enjeux climatiques. \u00c0 noter que ces exemples n\u2019ont pas \u00e0 \u00eatre adopt\u00e9s par l\u2019Union europ\u00e9enne.

\n

2.1.2Normes et amendements d\u2019application obligatoire sur\u00a02026\u00a0et\u00a02027

\n

Le groupe n\u2019a appliqu\u00e9 par anticipation aucun de ces textes qui concernent principalement la norme\u00a0IFRS\u00a09\u00a0relative aux Instruments financiers et la norme IFRS\u00a018 sur les \u00e9tats financiers.

\n

Les principaux amendements \u00e0 la norme IFRS\u00a09 applicables \u00e0 compter du 1er\u00a0janvier 2026 concernent\u00a0:

\n

a)L\u2019introduction d\u2019un choix de m\u00e9thode comptable visant \u00e0 permettre, sous conditions, la\u00a0d\u00e9comptabilisation d\u2019un passif financier r\u00e9gl\u00e9 via un syst\u00e8me de paiement \u00e9lectronique par contrepartie de la tr\u00e9sorerie avant extinction du passif.

\n

Ce choix est \u00e0 appliquer par syst\u00e8me de paiement \u00e9lectronique. Les r\u00e8glements \u00e9mis ne respectant pas ces conditions et les r\u00e8glements \u00e0 recevoir en paiement des cr\u00e9ances client seront comptabilis\u00e9s en date d\u2019inscription sur le relev\u00e9 bancaire. \u00c0 date, le groupe La\u00a0Poste n\u2019anticipe pas d\u2019ajustements significatifs de la tr\u00e9sorerie\u00a0;

\n

b)L\u2019assouplissement du test SPPI (Solely Payment of Principal and Interest) permettant de comptabiliser au co\u00fbt amorti certains pr\u00eats dont le taux d\u2019int\u00e9r\u00eat est index\u00e9 notamment sur des crit\u00e8res de durabilit\u00e9.

\n

Cet amendement concernera plus particuli\u00e8rement La\u00a0Banque\u00a0Postale qui a engag\u00e9 les travaux de d\u00e9finition du seuil de significativit\u00e9 applicable\u00a0;

\n

c)L\u2019introduction de la possibilit\u00e9 de comptabiliser, sous conditions strictes, certains contrats d\u2019achat d\u2019\u00e9lectricit\u00e9 renouvelable (ou Physical-Power Purchase Agreement) comme des achats d\u2019\u00e9lectricit\u00e9 classiques et non comme un d\u00e9riv\u00e9\u00a0;

\n

d)La formalisation du choix de m\u00e9thode dans le cas d\u2019une concession de loyers selon IFRS\u00a09 (d\u00e9comptabilisation par r\u00e9sultat) ou selon IFRS\u00a016 (r\u00e9estimation de la dette de location par un ajustement du droit d\u2019utilisation).

\n

La norme IFRS\u00a018 \u2013 Pr\u00e9sentation des \u00e9tats financiers applicable au 1er\u00a0janvier 2027

\n

Une fois adopt\u00e9e par l\u2019Union europ\u00e9enne, cette norme sera d\u2019application obligatoire au 1er\u00a0janvier 2027 (avec donn\u00e9es comparatives sur\u00a02026) et remplacera la norme actuelle IAS\u00a01.

\n

Dans une recherche d\u2019am\u00e9lioration de la comparabilit\u00e9 et de transparence, la norme IFRS\u00a018 impose un compte de r\u00e9sultat en trois cat\u00e9gories clairement d\u00e9finies (Exploitation, Investissement et Financement) avec des sous-totaux obligatoires\u00a0; la pr\u00e9sentation du tableau de flux de tr\u00e9sorerie\u00a0(TFT) en partant du nouveau r\u00e9sultat d\u2019exploitation\u00a0; et la publication au sein d\u2019une note\u00a0d\u00e9di\u00e9e, des indicateurs de performance sur le r\u00e9sultat retenus par le management en communication financi\u00e8re, de leurs d\u00e9finitions et des rapprochements avec les agr\u00e9gats de r\u00e9sultat IFRS\u00a018.

\n

Les travaux d\u2019analyse et d\u2019impl\u00e9mentation sont en cours.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40142005766429545_0_0": { "value": "

2.2Bases d\u2019\u00e9valuation et recours \u00e0 des estimations

\n

La pr\u00e9paration des \u00e9tats financiers am\u00e8ne le groupe \u00e0 retenir des hypoth\u00e8ses et \u00e0 proc\u00e9der \u00e0 des estimations qui sont les meilleures possibles compte tenu des informations disponibles \u00e0 la date de cl\u00f4ture et des jugements effectu\u00e9s. N\u00e9anmoins, elles peuvent pr\u00e9senter des incertitudes plus ou moins significatives quant \u00e0 leur r\u00e9alisation dans le futur en fonction de nombreux facteurs comme par exemple la fluctuation des taux d\u2019int\u00e9r\u00eat et/ou cours de change.

\n

De ce fait, les montants effectivement r\u00e9alis\u00e9s pourront se r\u00e9v\u00e9ler diff\u00e9rents des estimations et hypoth\u00e8ses retenues.

\n

Les principaux \u00e9l\u00e9ments concern\u00e9s sont\u00a0:

\n

\u25cfle calcul des engagements envers le personnel\u00a0;

\n

\u25cfl\u2019estimation des provisions pour risques et charges\u00a0;

\n

\u25cfle calcul des droits d\u2019utilisation et des passifs de location\u00a0;

\n

\u25cfl\u2019\u00e9valuation des \u00e9carts acquisition et des diff\u00e9rents actifs ou passifs lors des regroupements d\u2019entreprises\u00a0;

\n

\u25cfles hypoth\u00e8ses retenues notamment pour les tests de d\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition et des immobilisations incorporelles et corporelles\u00a0;

\n

\u25cfla valorisation des contrats d\u2019assurance en application de la norme IFRS\u00a017\u00a0;

\n

\u25cfl\u2019\u00e9valuation des instruments financiers non cot\u00e9s sur des march\u00e9s organis\u00e9s\u00a0;

\n

\u25cfles \u00e9valuations op\u00e9r\u00e9es au titre du risque de cr\u00e9dit\u00a0;

\n

\u25cfles actifs d\u2019imp\u00f4t diff\u00e9r\u00e9\u00a0;

\n

\u25cfles hypoth\u00e8ses et estimations retenues pour la mesure de l\u2019efficacit\u00e9 des couvertures mises en place\u00a0;

\n

\u25cfl\u2019estimation des provisions pour risques et charges.

\n

NOTE 4Enjeux climatiques

\n

4.1\u00c9tats financiers et \u00e9tat de durabilit\u00e9

\n

a)D\u00e9finition de la connectivit\u00e9

\n

Les \u00e9tats financiers et l\u2019\u00e9tat de durabilit\u00e9 visent chacun \u00e0 donner une vision coh\u00e9rente de l\u2019entreprise selon des principes d\u2019\u00e9laboration qui leur sont propres\u00a0: les \u00e9tats financiers sont \u00e9tablis selon les normes IFRS\u00a0(cf. note\u00a03 sur les principes et m\u00e9thodes comptables), l\u2019\u00e9tat de durabilit\u00e9 est \u00e9tabli selon les principes d\u00e9finis par la CSRD (Corporate Sustainability Reporting Directive) et les normes ESRS (European Sustainability Reporting Standards).

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La connectivit\u00e9 est le fait d\u2019\u00e9tablir des liens, soit directs, soit indirects, soit de coh\u00e9rence, entre les informations pr\u00e9sent\u00e9es au sein des \u00e9tats financiers et les informations pr\u00e9sent\u00e9es au sein de l\u2019\u00e9tat de durabilit\u00e9 de mani\u00e8re \u00e0 permettre aux lecteurs d\u2019avoir une vision transversale des enjeux climatiques lorsque cela est possible et/ou pertinent.

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L\u2019\u00e9tat de durabilit\u00e9 et les \u00e9tats financiers sont \u00e9labor\u00e9s chacun dans le respect d\u2019un corpus de principes qui lui est propre. M\u00eame si les deux corpus partagent des principes de construction communs, la d\u00e9marche de mise en \u0153uvre de la connectivit\u00e9 peut parfois pr\u00e9senter certaines difficult\u00e9s lorsque des diff\u00e9rences existent plus ou moins \u00e0 la marge.

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b)Le p\u00e9rim\u00e8tre des informations pr\u00e9sent\u00e9es

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Les \u00e9tats financiers fournissent des informations sur le groupe La\u00a0Poste en tant qu\u2019entit\u00e9 \u00e9conomique unique. De ce fait, le p\u00e9rim\u00e8tre des informations pr\u00e9sent\u00e9es ne concerne que les impacts des entit\u00e9s entrant dans son p\u00e9rim\u00e8tre de consolidation (cf. note\u00a045).

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L\u2019\u00e9tat de durabilit\u00e9, repose sur le p\u00e9rim\u00e8tre de consolidation financi\u00e8re mais doit parfois inclure certaines informations relatives \u00e0 sa cha\u00eene de valeur amont et aval. C\u2019est le cas notamment des informations sur les mesures de GES (gaz \u00e0 effet de serre) qui int\u00e8grent les entit\u00e9s consolid\u00e9es par mise en \u00e9quivalence et la part des impacts de ses fournisseurs et clients.

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Des mat\u00e9rialit\u00e9s, seulement en partie align\u00e9es

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Les \u00e9tats financiers pr\u00e9sentent les informations financi\u00e8res mat\u00e9rielles au sens des normes IFRS, i.e. les informations dont la non-pr\u00e9sentation pourrait influer sur les\u00a0d\u00e9cisions des utilisateurs.

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L\u2019\u00e9tat de durabilit\u00e9 repose sur le concept dit de double mat\u00e9rialit\u00e9 incluant la mat\u00e9rialit\u00e9 financi\u00e8re telle que d\u00e9finit par les normes IFRS\u00a0et la mat\u00e9rialit\u00e9 des impacts climatiques de l\u2019entreprise analys\u00e9e ind\u00e9pendamment de leur mat\u00e9rialit\u00e9 financi\u00e8re. En application de cette double mat\u00e9rialit\u00e9, il peut arriver de publier des informations sur ce type d\u2019impacts m\u00eame si les risques et opportunit\u00e9s financiers ne sont pas mat\u00e9riels (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.1.3 \u00ab Rappel des principes g\u00e9n\u00e9raux d\u2019\u00e9valuation de la double mat\u00e9rialit\u00e9 et travaux de mise \u00e0 jour 2025 [ESRS 2 IRO 1]\u00a0\u00bb).

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De ce fait, le p\u00e9rim\u00e8tre des informations mat\u00e9rielles \u00e0 publier au sein de l\u2019\u00e9tat de durabilit\u00e9 est plus large que celui des informations mat\u00e9rielles pr\u00e9sent\u00e9es dans les \u00e9tats financiers rendant plus complexe la d\u00e9marche de connectivit\u00e9.

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c)Les horizons de temps consid\u00e9r\u00e9s

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La p\u00e9riode de r\u00e9f\u00e9rence des deux \u00e9tats est l\u2019ann\u00e9e civile, du 1er\u00a0janvier au 31\u00a0d\u00e9cembre de l\u2019ann\u00e9e pr\u00e9sent\u00e9e. En compl\u00e9ment, l\u2019\u00e9tat de durabilit\u00e9 requiert davantage de donn\u00e9es prospectives \u00e0 moyen ou long terme port\u00e9es par le plan de transition comme des impacts financiers qui en raison de leur horizon de temps \u00e9loign\u00e9, ne sont pas pris en compte dans les \u00e9tats financiers. De plus, m\u00eame s\u2019ils \u00e9taient pris en compte dans les \u00e9tats financiers, il conviendrait le plus souvent d\u2019en retenir leurs valeurs actuelles, obtenues en leur appliquant un taux d\u2019actualisation, ce qui n\u2019est pas requis dans l\u2019\u00e9tat de durabilit\u00e9.

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d)Risques et opportunit\u00e9s

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L\u2019\u00e9tat de durabilit\u00e9 vise \u00e0 pr\u00e9senter aussi bien les risques que les opportunit\u00e9s dont les principes de comptabilisation dans les \u00e9tats financiers sont le plus souvent asym\u00e9triques. Un risque mat\u00e9riel financi\u00e8rement et issu d\u2019une obligation existante et probable, sera comptabilis\u00e9 et pr\u00e9sent\u00e9 dans les \u00e9tats financiers alors qu\u2019un avantage \u00e9conomique probab\u00e9ne sera pas comptabilis\u00e9 mais pourra \u00eatre mentionn\u00e9 en annexe des \u00e9tats financiers s\u2019il est mat\u00e9riel. Pour pouvoir \u00eatre comptabilis\u00e9e, la r\u00e9alisation d\u2019un produit qui r\u00e9sulterait d\u2019une opportunit\u00e9 identifi\u00e9e dans l\u2019\u00e9tat de durabilit\u00e9 doit \u00eatre quasiment certaine.

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e)Les grands enjeux climatiques

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Les risques physiques

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Ces risques sont induits par le d\u00e9r\u00e8glement climatique et se traduisent par une fr\u00e9quence et/ou une gravit\u00e9 accrue des ph\u00e9nom\u00e8nes naturels extr\u00eames ou par les \u00e9volutions \u00e0 long terme des \u00e9cosyst\u00e8mes [d\u00e9finition par l\u2019ancienne TCFD, Task force on climate-related financial disclosures, \u00e0 laquelle La\u00a0Poste adh\u00e9rait]. Ils sont susceptibles de ralentir, interrompre ou rendre plus on\u00e9reuses les activit\u00e9s de l\u2019entit\u00e9. Pour le groupe, il s\u2019agit principalement des risques d\u2019inondations, de chaleur extr\u00eame, de temp\u00eates, de feux et de glissements de terrain.

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Les enjeux li\u00e9s \u00e0 l\u2019att\u00e9nuation

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L\u2019att\u00e9nuation des \u00e9missions de gaz \u00e0 effet de serre (GES) vise \u00e0 agir sur les causes du r\u00e9chauffement climatique en fixant un objectif de\u00a0d\u00e9carbonation mesur\u00e9e par les \u00e9missions de gaz \u00e0 effet de serre (GES) \u00e9mis annuellement. L\u2019ensemble des risques li\u00e9s \u00e0 l\u2019att\u00e9nuation est pris en compte dans l\u2019Engagement net z\u00e9ro, ENZ, du groupe qui est accompagn\u00e9 d\u2019un plan de transition pr\u00e9sent\u00e9 dans l\u2019\u00e9tat de durabilit\u00e9 au sein de la section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb.

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Les enjeux d\u2019adaptation aux changements climatiques

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Ceux-ci sont essentiellement li\u00e9s \u00e0 l\u2019adaptation du groupe aux cons\u00e9quences du d\u00e9r\u00e8glement climatique. Il s\u2019agit par exemple de rendre les b\u00e2timents plus r\u00e9silients aux p\u00e9riodes de temp\u00e9rature extr\u00eame par des solutions de ventilation, rafra\u00eechissement ou des solutions fond\u00e9es sur la nature.

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4.2Principales actions r\u00e9alis\u00e9es

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Sur le plan de transition

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Dans la continuit\u00e9 des travaux initi\u00e9s en 2024, le groupe a renforc\u00e9 la robustesse de son plan de transition. Les pr\u00e9visions de la trajectoire de\u00a0d\u00e9carbonation s\u2019int\u00e8grent d\u00e9sormais dans le processus budg\u00e9taire annuel et les pr\u00e9visions pluriannuelles \u00e0 horizon 2030.

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Ces travaux ont permis de quantifier les investissements et les d\u00e9penses des leviers de\u00a0d\u00e9carbonation aff\u00e9rents au plan de transition de mani\u00e8re plus pr\u00e9cise et approfondie.

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Chacun de ces leviers, pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9 (cf.\u00a0section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb), impacte soit les co\u00fbts futurs, soit les immobilisations futures en compl\u00e9ment des budgets financiers.

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Sur le plan d\u2019adaptation

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Pour pr\u00e9parer son premier plan d\u2019adaptation, le groupe a retenu le sc\u00e9nario climatique +4\u00a0\u00b0C en 2100 (mod\u00e8le RCP\u00a08.5) en ins\u00e9rant un jalon interm\u00e9diaire \u00e0 2030 (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.2.1 \u00ab\u00a0Changement climatique - E1\u00a0\u00bb).

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Ces travaux ont consist\u00e9 \u00e0 mod\u00e9liser les al\u00e9as climatiques associ\u00e9s \u00e0 ce sc\u00e9nario et prioris\u00e9s par le groupe, pour ensuite identifier en fonction de leur localisation, les actifs tr\u00e8s expos\u00e9s. Ces actifs ont fait l\u2019objet d\u2019une analyse de vuln\u00e9rabilit\u00e9 aux al\u00e9as climatiques permettant d\u2019initier les travaux d\u2019identification des leviers d\u2019adaptation \u00e0 \u00e9valuer en termes de co\u00fbts et/ou d\u2019investissements.

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4.3Engagement net z\u00e9ro

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Depuis 2023, le groupe a pris l\u2019engagement d\u2019atteindre le z\u00e9ro \u00e9mission carbone de CO2eq r\u00e9siduelles en 2040 sur ses \u00e9missions op\u00e9rationnelles. Pour y parvenir, le groupe met en \u0153uvre un plan de\u00a0d\u00e9carbonation visant \u00e0 r\u00e9duire de 90% ses \u00e9missions de CO2 \u00e0 cet horizon et ayant fait l\u2019objet de la validation SBTi-Long term en\u00a0mars\u00a02024.

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En compl\u00e9ment des travaux sur la CSRD (Corporate Sustainability Reporting Directive) et de la certification SBTi, le groupe a engag\u00e9 les actions permettant de s\u2019assurer du respect de cet engagement.

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Dans ses \u00e9tats financiers, le groupe La\u00a0Poste se conforme aux\u00a0d\u00e9cisions du Comit\u00e9 d\u2019interpr\u00e9tation des normes IFRS\u00a0valid\u00e9es en 2024 et rappelant les conditions de provisionnement.

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4.4Valorisation et tests de d\u00e9pr\u00e9ciation

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Tests de d\u00e9pr\u00e9ciation des\u00a0\u00e9carts\u00a0d\u2019acquisition

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La dur\u00e9e des business plans retenue pour les tests de d\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition a \u00e9t\u00e9 laiss\u00e9e inchang\u00e9e \u00e0 cinq\u00a0ans car jug\u00e9e comme la plus pertinente.

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La prise en compte des impacts li\u00e9s au plan de transition repose sur la m\u00e9thodologie habituelle et concerne notamment le prolongement, ou pas, de la dur\u00e9e de vie des immobilisations. Ainsi, le groupe consid\u00e8re qu\u2019un v\u00e9hicule \u00e9lectrique a la m\u00eame dur\u00e9e de vie qu\u2019un v\u00e9hicule thermique (cf. note\u00a03\u00a0: de trois \u00e0 cinq\u00a0ann\u00e9es). Pour m\u00e9moire, la norme IAS\u00a036 interdit de prendre en compte les investissements venant prolonger la dur\u00e9e de vie des immobilisations.

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Par ailleurs, le groupe consid\u00e8re que l\u2019incertitude induite par les enjeux climatiques est prise en compte dans l\u2019estimation du niveau d\u2019incertitude globale, elle-m\u00eame incluse dans les taux d\u2019actualisation retenus.

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Tests de d\u00e9pr\u00e9ciation des immobilisations d\u2019exploitation et valorisation des immeubles de placement

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Dans les deux cas, la d\u00e9marche retenue par le groupe repose sur des valorisations r\u00e9alis\u00e9es en externe refl\u00e9tant ainsi la position de place de la prise en compte des diff\u00e9rents risques climatiques dans l\u2019\u00e9tablissement des valorisations.

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L\u2019identification des actifs \u00e0 risques extr\u00eames ou \u00e9lev\u00e9s, ainsi que des actifs verrouill\u00e9s s\u2019inscrit dans le processus habituel de suivi de ces immobilisations (cf. note\u00a03 Principes et m\u00e9thodes comptables). Ainsi, la qualification d\u2019un actif comme \u00e9tant tr\u00e8s expos\u00e9s \u00e0 un ou plusieurs risques physiques peut \u00eatre analys\u00e9e comme un indice de perte de valeur et\u00a0d\u00e9clencher ainsi un test de d\u00e9pr\u00e9ciation.

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Enfin, les leviers de\u00a0d\u00e9carbonation pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9, comme le remplacement des v\u00e9hicules thermiques par des v\u00e9hicules \u00e9lectriques, s\u2019inscrivent le plus souvent dans le renouvellement habituel de nos immobilisations.

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Ainsi, \u00e0 date, le groupe n\u2019a pas constat\u00e9 d\u2019impact significatif ni sur la dur\u00e9e de vie, ni sur les immobilisations et immeubles de placement comptabilis\u00e9s.

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4.5Risque de cr\u00e9dit des activit\u00e9s bancaires

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Depuis\u00a0d\u00e9cembre\u00a02024, La\u00a0Banque Postale int\u00e8gre de mani\u00e8re plus fine des provisions relatives aux risques climatiques.

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L\u2019int\u00e9gration des risques climatiques se retrouve \u00e0 pr\u00e9sent \u00e0 travers deux dimensions\u00a0: la dimension globale, d\u00e9j\u00e0 pr\u00e9sente jusqu\u2019\u00e0 pr\u00e9sent via le sc\u00e9nario adverse, et une dimension sp\u00e9cifique, prise en compte sur le cr\u00e9dit immobilier particulier d\u2019une part et sur les entreprises d\u2019autre part.

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Dimension globale

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Elle est int\u00e9gr\u00e9e dans la construction des sc\u00e9narios macro-\u00e9conomiques des risques \u00e9mergents au sens large (climatiques, g\u00e9opolitiques, etc.).

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Cette dimension socle, transverse \u00e0 l\u2019ensemble de l\u2019\u00e9conomie, permet de tenir compte des effets des risques de transition sur les indicateurs macro-\u00e9conomiques influen\u00e7ant la solvabilit\u00e9 des acteurs de l\u2019\u00e9conomie. Il s\u2019agit donc d\u2019une dimension syst\u00e9mique indissociable des autres facteurs macro-\u00e9conomiques tels que l\u2019inflation, l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, les crises g\u00e9opolitiques\u2026 Cette dimension s\u2019applique donc \u00e0 tous les acteurs de l\u2019\u00e9conomie.

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Dimension sp\u00e9cifique

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La dimension sp\u00e9cifique est propre \u00e0 chaque segment de client\u00e8le et \u00e0 ses activit\u00e9s. Elle permet de prendre en compte les sensibilit\u00e9s diff\u00e9renci\u00e9es de chaque secteur ou client \u00e0 ces risques.

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Elle est d\u00e9termin\u00e9e en compl\u00e9ment de la dimension globale et peut s\u2019appliquer \u00e0 diff\u00e9rents niveaux en fonction des risques \u00e0 estimer (au niveau de contreparties, secteurs d\u2019activit\u00e9, produits, etc.).

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Provisions en r\u00e9sultant

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Les provisions ont \u00e9t\u00e9 d\u00e9finies en compl\u00e9ments des provisions sectorielles effectives en adressant deux portefeuilles principaux\u00a0:

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\u25cfle risque de transition sur le portefeuille Entreprises notamment en \u00e9valuant l\u2019impact d\u2019une hausse des prix du carbone sur la solvabilit\u00e9 des contreparties\u00a0;

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\u25cfle risque physique d\u2019inondation sur le portefeuille de cr\u00e9dits immobiliers aux particuliers et l\u2019impact sur les r\u00e9cup\u00e9rations attendues en cas de contentieux.

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Ces travaux sont complexes et n\u00e9cessitent pour certains d\u2019entre eux de constituer des bases de donn\u00e9es pertinentes d\u2019observations d\u2019al\u00e9as climatiques pour int\u00e9grer cette composante dans le calcul des Expected Cr\u00e9dit Loss (ECL).

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4.6Principes de pr\u00e9sentation retenus

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Pr\u00e9sentations des impacts en d\u00e9penses du\u00a0plan de transition

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Les impacts financiers li\u00e9s par exemple aux actions de r\u00e9duction des consommations en eau ou en \u00e9lectricit\u00e9 ou \u00e0 la s\u00e9lection de fournisseurs plus \u00ab\u00a0verts\u00a0\u00bb sont inclus dans les achats et charges (cf.\u00a0note\u00a09).

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Les d\u00e9penses de formation des salari\u00e9s comme pour la fresque du climat ou les incitations financi\u00e8res des salari\u00e9s \u00e0 prendre des modes de transport \u00ab\u00a0verts\u00a0\u00bb sont incluses respectivement dans les Achats et autres charges (cf. note\u00a09) et les Charges de personnel (cf. note\u00a010).

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\u00c9missions vertes (CNP\u00a0Assurances, La\u00a0Banque\u00a0Postale, et La Poste Groupe)

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Le Sustainable Bond \u00e9mis par le groupe La\u00a0Poste pour 1,2\u00a0milliard d\u2019euros a \u00e9t\u00e9 allou\u00e9 en int\u00e9gralit\u00e9 sur 2024.

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Cf. note\u00a01.1 \u00c9missions obligataires.

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Placements avec crit\u00e8res ESG

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La quasi-totalit\u00e9 des placements de tr\u00e9sorerie sont r\u00e9alis\u00e9s sur des supports int\u00e9grant les \u00e9l\u00e9ments de la r\u00e9glementation europ\u00e9enne SFDR, Sustainable Finance Disclosure Regulation. imposant des obligations de transparence sur la prise en compte des crit\u00e8res ESG. Par exemple, cela peut impliquer l\u2019exclusion de certains secteurs d\u2019activit\u00e9, une exigence de notation ESG minimale ou la prise en compte d\u2019indicateurs environnementaux dans les crit\u00e8res d\u00e9finissant la politique d\u2019investissement.

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R\u00e9mun\u00e9ration des mandataires sociaux

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Des crit\u00e8res RSE (responsabilit\u00e9 soci\u00e9tale des entreprises) sont pris en compte pour la r\u00e9mun\u00e9ration de la plupart des mandataires sociaux.

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21.1Tests sur \u00e9carts d\u2019acquisition

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Le groupe La Poste proc\u00e8de \u00e0 un test de perte de valeur de ses \u00e9carts d\u2019acquisition, sur une base annuelle ou plus fr\u00e9quente si des \u00e9v\u00e9nements ou des changements indiquent qu\u2019ils ont pu perdre de la valeur.

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Les \u00e9carts d\u2019acquisition sont allou\u00e9s aux unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie comme pr\u00e9sent\u00e9 en note\u00a016.1.

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Le test de perte de valeur consiste \u00e0 comparer la valeur nette comptable des UGT, y compris les \u00e9carts d\u2019acquisition, \u00e0 leur valeur recouvrable, d\u00e9termin\u00e9e selon la m\u00e9thode expos\u00e9e en note\u00a03.9.

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Les principales hypoth\u00e8ses utilis\u00e9es sont les suivantes\u00a0:

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n		\n

Taux d'actualisation

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Taux de croissance normatif

\n		\n

Nombre d'ann\u00e9es pr\u00e9visionnelles

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\n

Zone euro

\n		\n

Autres

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\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

7%-8,6%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,1%

\n		\n

6,7% \u2013 15,4%

\n		\n

2,6% \u2013 4%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

10%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

5,8%-8,9%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,7%

\n		\n

7,9% \u2013 14,3%

\n		\n

2% \u2013 4,7%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

9,3%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7,1%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

En 2025, une d\u00e9pr\u00e9ciation de 30\u00a0millions d\u2019euros du goodwill de l\u2019UGT Sant\u00e9 (branche Services-Courrier-Colis) a \u00e9t\u00e9 comptabilis\u00e9e \u00e0 la suite d\u2019une r\u00e9vision \u00e0 la baisse de son business plan. Cette d\u00e9pr\u00e9ciation vient en compl\u00e9ment d\u2019un montant de 43\u00a0millions d\u2019euros qui avait \u00e9t\u00e9 enregistr\u00e9 en 2024.

\n

Une d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition MWPI (branche Immobilier) a \u00e9galement \u00e9t\u00e9 enregistr\u00e9e en 2025 pour 25\u00a0millions d\u2019euros en raison d\u2019une d\u00e9gradation des perspectives de l\u2019activit\u00e9 de coworking.

\n

Analyses de sensibilit\u00e9 au 31\u00a0d\u00e9cembre 2025

\n

\u25cfUne augmentation de 1\u00a0point des taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point des taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant compris entre 22 et 50\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 1\u00a0point des taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 0,5\u00a0point des taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant de 65\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 2\u00a0points du taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 1\u00a0point du taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant se situant aux alentours de 165\u00a0millions d\u2019euros.

\n

31.3Hypoth\u00e8ses actuarielles

\n

Les hypoth\u00e8ses actuarielles utilis\u00e9es pour l\u2019\u00e9valuation des engagements envers le personnel sont revues et mises \u00e0 jour une fois par an, lors de la cl\u00f4ture annuelle.

\n

Les principales hypoth\u00e8ses retenues au 31\u00a0d\u00e9cembre 2025 sont les suivantes\u00a0:

\n

\u25cfdes probabilit\u00e9s de maintien dans le groupe pour le personnel actif, des probabilit\u00e9s de mortalit\u00e9 et des estimations d\u2019\u00e9volution des salaires\u00a0;

\n

\u25cfdes hypoth\u00e8ses de d\u00e9part \u00e0 la retraite pour le personnel des soci\u00e9t\u00e9s \u00e9trang\u00e8res et le personnel sous conventions \u00e9trang\u00e8res qui tiennent compte des contextes \u00e9conomiques et d\u00e9mographiques locaux\u00a0;

\n

\u25cfune hypoth\u00e8se de revalorisation moyenne des avantages de 2%\u00a0pour l\u2019essentiel\u00a0;

\n

\u25cfles provisions pour engagements relatifs \u00e0 des dispositifs de fin de carri\u00e8re dans le cadre d\u2019accords sont calcul\u00e9es sur la base, d\u2019une part des adh\u00e9sions fermes \u00e0 ces dispositifs enregistr\u00e9es \u00e0 la date de cl\u00f4ture, et d\u2019autre part de la meilleure estimation par la direction des adh\u00e9sions probables jusqu\u2019\u00e0 la date de fermeture de ces accords si cette date est post\u00e9rieure \u00e0 la date de cl\u00f4ture. N\u00e9anmoins, comme indiqu\u00e9 pr\u00e9c\u00e9demment, les dates de fermeture des dispositifs de fin de carri\u00e8re en vigueur en 2024 et en 2025 n\u2019allaient pas au-del\u00e0 de la date de cl\u00f4ture.

\n

\u25cfles taux d\u2019actualisation utilis\u00e9s pour l\u2019\u00e9valuation actuarielle en date de cl\u00f4ture, d\u00e9termin\u00e9s par r\u00e9f\u00e9rence au panel des obligations priv\u00e9es not\u00e9es AA publi\u00e9 par Reuters, sont les suivants\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00c9ch\u00e9ance

\n		\n

5\u00a0ans

\n		\n

10\u00a0ans

\n		\n

15\u00a0ans

\n		\n

20\u00a0ans

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Zone euro

\n		\n

3,0%

\n		\n

3,5%

\n		\n

3,9%

\n		\n

4,1%

\n
\n

Zone UK

\n		\n

4,3%

\n		\n

4,9%

\n		\n

5,4%

\n		\n

5,5%

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Zone euro

\n		\n

2,8%

\n		\n

3,1%

\n		\n

3,3%

\n		\n

3,4%

\n
\n

Zone UK

\n		\n

4,7%

\n		\n

5,0%

\n		\n

5,4%

\n		\n

5,6%

\n
\n

Les hypoth\u00e8ses d\u2019inflation retenues pour la zone UK ont \u00e9t\u00e9 respectivement de 2,90% et 2,30% pour le Retail Price Index (RPI) et le Consumer Price Index (CPI)\u00a0; et respectivement de 3,20% et 2,50% en 2024.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40142298111868678_0_0": { "value": "

3.1Principes de consolidation

\n

3.1.1Les m\u00e9thodes de consolidation

\n

Int\u00e9gration globale

\n

Les entreprises contr\u00f4l\u00e9es par le groupe sont consolid\u00e9es selon la m\u00e9thode de l'int\u00e9gration globale.

\n

Le contr\u00f4le se d\u00e9finit comme le pouvoir de diriger les activit\u00e9s pertinentes de l\u2019entreprise, l\u2019exposition aux rendements variables de cette entreprise, et la capacit\u00e9 d\u2019utiliser le pouvoir afin d\u2019influer sur ces rendements.

\n

Mise en \u00e9quivalence

\n

Les coentreprises et les entreprises associ\u00e9es sont mises en \u00e9quivalence.

\n

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n

Les titres mis en \u00e9quivalence sont inscrits au bilan sur la ligne \u00ab\u00a0Participation dans les soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb \u00e0 leur co\u00fbt historique corrig\u00e9 de la quote-part de situation nette g\u00e9n\u00e9r\u00e9e apr\u00e8s l\u2019acquisition et diminu\u00e9 des pertes de valeur.

\n

Leur r\u00e9sultat appara\u00eet dans le compte de r\u00e9sultat consolid\u00e9 sur la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint\u00a0\u00bb ou la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb lorsque le groupe n\u2019a qu\u2019une influence notable.

\n

Entit\u00e9s contr\u00f4l\u00e9es non significatives

\n

Les entit\u00e9s non significatives et/ou sans activit\u00e9, dont la consolidation n\u2019aurait pas d\u2019incidence significative sur la pr\u00e9sentation d\u2019une image fid\u00e8le de l\u2019actif net, de la situation financi\u00e8re ou des r\u00e9sultats des activit\u00e9s du groupe, ne sont pas consolid\u00e9es.

\n

3.1.2Les r\u00e8gles de consolidation

\n

Op\u00e9rations intra-groupes

\n

Toutes les transactions significatives entre les soci\u00e9t\u00e9s consolid\u00e9es, ainsi que les r\u00e9sultats de cessions internes, sont \u00e9limin\u00e9es.

\n

Conversion des \u00e9tats financiers des\u00a0soci\u00e9t\u00e9s\u00a0\u00e9trang\u00e8res

\n

Les \u00e9tats financiers consolid\u00e9s sont pr\u00e9sent\u00e9s en euros, monnaie fonctionnelle et de pr\u00e9sentation de La\u00a0Poste, entit\u00e9 t\u00eate de groupe.

\n

Les comptes de toutes les soci\u00e9t\u00e9s du groupe dont la monnaie fonctionnelle est diff\u00e9rente de la monnaie de pr\u00e9sentation sont convertis dans la monnaie de pr\u00e9sentation selon les modalit\u00e9s suivantes\u00a0: les bilans des soci\u00e9t\u00e9s \u00e9trang\u00e8res sont convertis en euros au taux de change en vigueur \u00e0 la cl\u00f4ture et leurs comptes de r\u00e9sultat sont convertis au taux de change moyen de l\u2019exercice. Les diff\u00e9rences de conversion ainsi d\u00e9gag\u00e9es sont enregistr\u00e9es directement au bilan consolid\u00e9 en capitaux propres, sous la rubrique \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb.

\n

L\u2019\u00e9cart d\u2019acquisition et les ajustements de juste valeur\u00a0d\u00e9coulant de l\u2019acquisition d\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger sont trait\u00e9s comme les actifs et passifs de l\u2019activit\u00e9 \u00e0 l\u2019\u00e9tranger, et convertis au cours de cl\u00f4ture.

\n

Les diff\u00e9rences de change provenant des transactions ayant la nature d\u2019investissements nets entre soci\u00e9t\u00e9s du groupe sont comptabilis\u00e9es au bilan, dans le poste \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb au sein des capitaux propres. Les \u00e9carts de change\u00a0d\u00e9coulant de la conversion d\u2019emprunts et autres instruments de change d\u00e9sign\u00e9s comme instruments de couverture de ces investissements nets sont imput\u00e9s en capitaux propres lors de la consolidation.

\n

Lorsqu\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger est c\u00e9d\u00e9e, les diff\u00e9rences de conversion initialement reconnues en capitaux propres sont comptabilis\u00e9es au compte de r\u00e9sultat dans les pertes et profits de cession.

\n

3.1.3Les regroupements

\n

Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

\n

Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

\n

\u00c9cart d\u2019acquisition (ou goodwill)

\n

Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

\n

Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

\n

Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

\n

3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

\n

Acquisitions et cessions

\n

Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

\n

Engagements de rachat

\n

En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

\n

Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40142429184154048_0_0": { "value": "

Int\u00e9gration globale

\n

Les entreprises contr\u00f4l\u00e9es par le groupe sont consolid\u00e9es selon la m\u00e9thode de l'int\u00e9gration globale.

\n

Le contr\u00f4le se d\u00e9finit comme le pouvoir de diriger les activit\u00e9s pertinentes de l\u2019entreprise, l\u2019exposition aux rendements variables de cette entreprise, et la capacit\u00e9 d\u2019utiliser le pouvoir afin d\u2019influer sur ces rendements.

\n

3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

\n

Acquisitions et cessions

\n

Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

\n

Engagements de rachat

\n

En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

\n

Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41349190040151704_0_0": { "value": "

Mise en \u00e9quivalence

\n

Les coentreprises et les entreprises associ\u00e9es sont mises en \u00e9quivalence.

\n

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n

Les titres mis en \u00e9quivalence sont inscrits au bilan sur la ligne \u00ab\u00a0Participation dans les soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb \u00e0 leur co\u00fbt historique corrig\u00e9 de la quote-part de situation nette g\u00e9n\u00e9r\u00e9e apr\u00e8s l\u2019acquisition et diminu\u00e9 des pertes de valeur.

\n

Leur r\u00e9sultat appara\u00eet dans le compte de r\u00e9sultat consolid\u00e9 sur la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint\u00a0\u00bb ou la ligne \u00ab\u00a0Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence\u00a0\u00bb lorsque le groupe n\u2019a qu\u2019une influence notable.

\n

NOTE 20Soci\u00e9t\u00e9s mises en \u00e9quivalence

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Holding d'Infra-structuresGazi\u00e8res\u00a0(a)

\n		\n

Arial CNP Assurances

\n		\n

XS5 Adminis-tradora de cons\u00f3rcio

\n		\n

Autres Filiales Assurances

\n		\n

Aramex PJSC\u00a0(b)

\n		\n

Ninja Logistics\u00a0(b)

\n		\n

Yurtici Kargo Servisi A.S.

\n		\n

P\u00f4le immobilier

\n		\n

Autres

\n		\n

Total titres\u00a0mis\u00a0en \u00e9quivalence (actif)

\n		\n

La Poste Telecom\u00a0(c)

\n
\n

Secteur d'activit\u00e9

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

La Banque Postale

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Geopost

\n		\n

Immobilier

\n		\n

Grand Public et Num\u00e9rique

\n
\n

Nature du contr\u00f4le

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Contr\u00f4les conjoints

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprise associ\u00e9e

\n		\n

Entreprises associ\u00e9es\u00a0
ou contr\u00f4les conjoints

\n		\n

Contr\u00f4le conjoint

\n
\n

Solde au 31/12/2023

\n		\n

839

\n		\n

167

\n		\n

57

\n		\n

42

\n		\n

364

\n		\n

237

\n		\n

23

\n		\n

29

\n		\n

53

\n		\n

1\u00a0811

\n		\n

(37)

\n
\n

R\u00e9sultats de l'exercice

\n		\n

62

\n		\n

6

\n		\n

9

\n		\n

18

\n		\n

(60)

\n		\n

(125)

\n		\n

27

\n		\n

(7)

\n		\n

(8)

\n		\n

(77)

\n		\n

14

\n
\n

Distributions de dividendes

\n		\n

(76)

\n		\n

\n		\n

(7)

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(21)

\n		\n

(3)

\n		\n

(1)

\n		\n

(111)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

6

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

6

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

\n		\n

6

\n		\n

6

\n		\n

23

\n
\n

Augmentation de capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

8

\n		\n

8

\n		\n

\n
\n

Autres variations

\n		\n

(7)

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

0

\n		\n

2

\n		\n

(1)

\n		\n

7

\n		\n

0

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

(9)

\n		\n

(7)

\n		\n

18

\n		\n

16

\n		\n

15

\n		\n

\n		\n

1

\n		\n

34

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

817

\n		\n

180

\n		\n

49

\n		\n

51

\n		\n

322

\n		\n

131

\n		\n

43

\n		\n

26

\n		\n

60

\n		\n

1\u00a0678

\n		\n

\n
\n

R\u00e9sultats de l'exercice

\n		\n

69

\n		\n

5

\n		\n

12

\n		\n

6

\n		\n

5

\n		\n

(132)

\n		\n

22

\n		\n

0

\n		\n

(6)

\n		\n

(19)

\n		\n

\n
\n

Distributions de\u00a0dividendes

\n		\n

(54)

\n		\n

\n		\n

(10)

\n		\n

\n		\n

\n		\n

\n		\n

(18)

\n		\n

(4)

\n		\n

(0)

\n		\n

(86)

\n		\n

\n
\n

Var. JV sur instr. financiers

\n		\n

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

(3)

\n		\n

\n
\n

Var. de p\u00e9rim. et\u00a0% de\u00a0contr\u00f4le

\n		\n

\n		\n

\n		\n

\n		\n

(34)

\n		\n

\n		\n

1

\n		\n

\n		\n

0

\n		\n

1

\n		\n

(32)

\n		\n

0

\n
\n

Augmentation de\u00a0capital

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n		\n

0

\n		\n

8

\n		\n

9

\n		\n

\n
\n

Autres variations

\n		\n

3

\n		\n

(0)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

2

\n		\n

(6)

\n		\n

1

\n		\n

2

\n		\n

1

\n		\n

\n
\n

\u00c9carts de conversion

\n		\n

\n		\n

\n		\n

1

\n		\n

(8)

\n		\n

(41)

\n		\n

(1)

\n		\n

(3)

\n		\n

\n		\n

(5)

\n		\n

(57)

\n		\n

\n
\n

Solde\u00a0au\u00a031/12/2025

\n		\n

835

\n		\n

183

\n		\n

52

\n		\n

16

\n		\n

285

\n		\n

0

\n		\n

37

\n		\n

24

\n		\n

59

\n		\n

1\u00a0491

\n		\n

0

\n
\n

(a)Cette participation constitue un placement des activit\u00e9s d\u2019assurance et son r\u00e9sultat est pr\u00e9sent\u00e9 en Produit Net Bancaire.

\n

(b)En 2025, d\u00e9pr\u00e9ciation des titres Ninja Logistics pour 99\u00a0millions d\u2019euros (cf. note\u00a01.4). En 2024, d\u00e9pr\u00e9ciation des titres Aramex PJSC et Ninja Logistics pour respectivement 71 et 79\u00a0millions d\u2019euros (cf. note\u00a021.3).

\n

(c)C\u00e9d\u00e9e en 2024, cf. note\u00a01.2 \u2013 \u00c9v\u00e9nements significatifs de l\u2019exercice au 31\u00a0d\u00e9cembre 2024.

\n
\n

NOTE 45P\u00e9rim\u00e8tre de consolidation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Soci\u00e9t\u00e9 consolidante

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

LA POSTE
9, rue du Colonel-Pierre-Avia
75757 PARIS CEDEX 15

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Adimmo

\n		\n

France

\n		\n

64,15

\n		\n

75,41

\n		\n

99,90

\n		\n

99,90

\n		\n

IG

\n		\n

IG

\n
\n

Advanced Ideas

\n		\n

Roumanie

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c2ge d\u2019or Expansion

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

64,21

\n		\n

75,49

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9 \u00e0 domicile

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo D\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Partenariats Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Budget Box

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cassiop

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Coordination Axeo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Creat Direct

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CyberCit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cyclonova

\n		\n

France

\n		\n

\n		\n

60,00

\n		\n

\n		\n

60,00

\n		\n

\n		\n

IG

\n
\n

Diadom

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO IS

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c9conomie d'\u00e9nergie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

EDENEXT

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Edgewhere

\n		\n

France

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

IG

\n		\n

IG

\n
\n

E-SY Com

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fluow

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Geobuzon

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geoptis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Go Logistic

\n		\n

Portugal

\n		\n

90,00

\n		\n

100,00

\n		\n

90,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

HDC Sant\u00e9 (ex Happytal)

\n		\n

France

\n		\n

93,00

\n		\n

100,00

\n		\n

93,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort ST Nazaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

IM Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Inbox Marketing

\n		\n

Roumanie

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

IG

\n		\n

IG

\n
\n

Innovagency

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Interactions Marketing

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le Factory

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Conciergerie

\n		\n

France

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste E-\u00e9ducation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Nouveaux Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste Sant\u00e9 et Autonomie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7 Factory

\n		\n

France

\n		\n

\n		\n

75,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

LP10

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LPS R\u00e9seaux

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Matching

\n		\n

France

\n		\n

83,76

\n		\n

100,00

\n		\n

83,76

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Distribui\u00e7\u00e3o Postal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Espagne

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail Bulgaria

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediapost Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Martech

\n		\n

Roumanie

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte SGPS

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Metrica

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MN Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Neolog

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nouvelle Attitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Colombia

\n		\n

Colombie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Mexico

\n		\n

Mexique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OnlySo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Recygo

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI STP Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SMP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S IT (ex-Sogec Informatique)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S marketing (ex Sogec Marketing)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tick and Shop Log (ex Sogec Gestion)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogefinad

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Somepost

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

STP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tikeasy

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TimeOne \u2013 Performance

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Viaposte Maintenance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte Maintenance Benelux

\n		\n

Belgique

\n		\n

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

Viaposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte transport Management

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vouchers Depot

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Group

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Loyalty

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Geopost\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

360\u00b0 Services\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

A52 Warehouse Inc.

\n		\n

Canada

\n		\n

32,31

\n		\n

\n		\n

50,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

ACP Global Forwarding

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Air 360

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Alas Courier, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Alolomer, S.L.U.

\n		\n

Espagne

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Alturing

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Aramex PJSC

\n		\n

\u00c9mirats arabes unis

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Armadillo Holding Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Austria GmbH

\n		\n

Autriche

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Asendia Benelux B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Digital Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Germany GmbH

\n		\n

Allemagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Global Returns

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Hong Kong Ltd

\n		\n

Hong Kong

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Italy S.r.L.

\n		\n

Italie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Ireland Limited (ex-The Reach Advisory Limited.)

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS, branch Bern

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Nordic AB

\n		\n

Su\u00e8de

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania AU Pty. Ltd.

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania NZ Limited

\n		\n

Nouvelle Z\u00e9lande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Press Edigroup\u00a0SA

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Singapore Pte. Ltd.

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Spain S.L.

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia UK Ltd

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia USA Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Beijing Linehaul Express Co Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bio Cair Fowarding International Co LTD

\n		\n

Chine

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Asia Limited

\n		\n

Hong Kong

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Australia PTY Ltd

\n		\n

Australie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Customs Brokerage LLC

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Germany GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair India Private Limited

\n		\n

Inde

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR International Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Singapore Pte Ltd

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair South Africa (Pty) Ltd

\n		\n

Afrique du Sud

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Logistics Group B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Pharma Logistics B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Sneltransport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bloomsburys Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boks\u00a0SAS

\n		\n

France

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

MEE

\n		\n

MEE

\n
\n

Broad Reach Canada

\n		\n

Canada

\n		\n

40,80

\n		\n

30,60

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Broad Reach Canada, Inc.\u00a0(ex Broad Reach Commerce Inc.)

\n		\n

\u00c9tats-Unis

\n		\n

40,80

\n		\n

30,60

\n		\n

68,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

C Chez Vous\u00a0SAS

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Cal\u00e9donie Express

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Cargonet Software\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chrono Diali

\n		\n

Maroc

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Chronofresh\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost (Mauritius) Ltd

\n		\n

\u00cele Maurice

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Alg\u00e9rie

\n		\n

Alg\u00e9rie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Burkina

\n		\n

Burkina Faso

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CI C\u00f4te d\u2019Ivoire

\n		\n

C\u00f4te d'Ivoire

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Maroc

\n		\n

Maroc

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CitySprint (UK) Bidco Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint Courier Services Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Cool Runnings Transport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Customs Clearance Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CXB Partner S.A.U.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Delifresh IDF

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Delivering London Limited

\n		\n

Grande-Bretagne

\n		\n

\n		\n

25,00

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n
\n

Direct Parcel Distribution CZ s.r.o.

\n		\n

R\u00e9p. tch\u00e8que

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Direct Parcel Distribution SK s.r.o.

\n		\n

Slovaquie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Argentina S.A.

\n		\n

Argentine

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Austria

\n		\n

Autriche

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Bel FLLC

\n		\n

Bi\u00e9lorussie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Croatia d.o.o.

\n		\n

Croatie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Deutschland GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eesti AS

\n		\n

Estonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eurasia LLC

\n		\n

Ouzb\u00e9kistan

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

DPD France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD fresh BeLux BV

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Group International Services GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD HK Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilien GmbH & Co. KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilienverwaltung GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Ireland

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Kazakhstan LLP

\n		\n

Kazakhstan

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Laser

\n		\n

Afrique du Sud

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Latvija SIA

\n		\n

Lettonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Lietuva UAB

\n		\n

Lituanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Local UK Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Netherlands

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Polska

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Portugal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

DPD Romania S.A.

\n		\n

Roumanie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD RUS

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Schweiz

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Service GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Slovenia

\n		\n

Slov\u00e9nie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDCN Linehaul Express Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup Uk Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GmbH & Co. Asset KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GP GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia Management GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DTDC

\n		\n

Inde

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

MEE

\n		\n

MEE

\n
\n

Epicery\u00a0SAS

\n		\n

France

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

IG

\n		\n

IG

\n
\n

ESW France\u00a0SAS (ex Scalefast, SAS)

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Japan K.K. (ex Scalefast Japan Kabushiki Kaisha)

\n		\n

Japon

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Parent, Inc, (ESPI)

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW U.S. Direct E-Commerce Canada Corp

\n		\n

Canada

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Express Delivery Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FB On Board Courier Services Inc.

\n		\n

Canada

\n		\n

17,29

\n		\n

17,29

\n		\n

26,76

\n		\n

26,76

\n		\n

MEE

\n		\n

MEE

\n
\n

FermoPoint S.r.l.

\n		\n

Italie

\n		\n

50,98

\n		\n

100,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Flap Locadora e Trans. Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Forwarder Line Logistik

\n		\n

Liechtenstein

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Americas

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Espa\u00f1a, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Holdings Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost IMDH GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Ireland Limited

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost South East Asia (SEA) Pte. Ltd.

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Trans EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Vision

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Gruppo BRT

\n		\n

Italie

\n		\n

84,96

\n		\n

100,00

\n		\n

84,96

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Hubez HK Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

iloxx GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infraestructuras, Tecnologia Y Soporte Al Reparto, SL

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Jadlog Log\u00edstica Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

JLGP Brasil Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

JP Linex Nankai Parcel Co., Ltd.

\n		\n

Japon

\n		\n

19,29

\n		\n

19,29

\n		\n

29,85

\n		\n

29,85

\n		\n

MEE

\n		\n

MEE

\n
\n

Koiki Home, S.L.

\n		\n

Espagne

\n		\n

40,34

\n		\n

46,65

\n		\n

40,34

\n		\n

46,65

\n		\n

MEE

\n		\n

MEE

\n
\n

Last Mile Link Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Latin America E-Commerce Direct, S.A. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lenton Group Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Cambodia) Co. Ltd.

\n		\n

Cambodge

\n		\n

16,16

\n		\n

16,16

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Linehaul Express (Hainan) Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (HK) Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (India) Private Ltd.

\n		\n

Inde

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Taiwan) Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Thailand) Co. Ltd.

\n		\n

Tha\u00eflande

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Zhengzhou) Ltd.

\n		\n

Chine

\n		\n

54,93

\n		\n

54,93

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Co. Ltd.

\n		\n

Canada

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express France\u00a0SARL

\n		\n

France

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express LLC

\n		\n

\u00c9mirats arabes unis

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Singapore Pte Ltd.

\n		\n

Singapour

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul MAC Express (Private) Ltd.

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Air Services (Private) Ltd.

\n		\n

Afrique du Sud

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Corporation

\n		\n

Philippines

\n		\n

38,78

\n		\n

38,78

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Mach 1 Couriers Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Menexpres, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nanny Bag

\n		\n

France

\n		\n

49,95

\n		\n

\n		\n

49,95

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Ninja Logistics Pte. Ltd.

\n		\n

Singapour

\n		\n

42,29

\n		\n

34,25

\n		\n

42,29

\n		\n

34,25

\n		\n

MEE

\n		\n

MEE

\n
\n

North America Direct, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

On The Dot Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Packcity Geopost

\n		\n

France

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PickPoint (Russia) LLC

\n		\n

Russie

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickpoint Delivery System Ltd. (Cyprus)

\n		\n

Chypre

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickup Logistics

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pickup Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pie Mapping Software Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pour de bon\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Project Bolt Newco 1 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Project Bolt Newco 2 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

PT Linehaul Express Indonesia

\n		\n

Indon\u00e9sie

\n		\n

25,85

\n		\n

25,85

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Pudo Portugal S.A.

\n		\n

Portugal

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Resto In

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

RPX MAC Express (Private) Limited

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Australia PTY LTD

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Canada Enterprises

\n		\n

Canada

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Scalefast Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Scalefast S. de R.L. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Singapore PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Exa Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Examurs Paris

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sci Intel immo

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SDS RUS LLC

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Espa\u00f1a Operaciones, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Geopost, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Log\u00edstica S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shaanxi Depuda International Logistic Co Ltd\u00a0(ex Linehaul Express (Yiwu) Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shanghai E & T Wako Express Co. Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SHIFT7

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sichuan Depuda International Logistics Co Ltd\u00a0(ex DPD Sichuan Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Siodemka Systemy Sp z o.o.

\n		\n

Pologne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sodexi

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Speedy AD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

IG

\n		\n

IG

\n
\n

Speedy EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Speedy Tech Lab.

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SRT France Logistics

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

TD Express services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Holdings Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transporte Integral de Paqueter\u00eda, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transworld Global Courier Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Urgent Deliveries Limited (EcoSpeed)

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct (Singapore) PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce AUS PTY Limited

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Malaysia SDN BHD

\n		\n

Malaisie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Netherlands B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Spain S.L. (ex Scalefast, S.L.)

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Switzerland AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce UK Limited

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct Hong Kong Limited

\n		\n

Hong Kong

\n		\n

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

US Direct E-Commerce (USA) Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Holding Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Nominee DAC

\n		\n

Irlande

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

US Direct E-Commerce Rus LLC

\n		\n

Russie

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Wako Express Co. Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

WN TPC

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

WnDirect USA, Inc

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact B.V.

\n		\n

Pays-Bas

\n		\n

48,47

\n		\n

48,47

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact LGG

\n		\n

Belgique

\n		\n

48,47

\n		\n

48,47

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact Limited

\n		\n

Grande-Bretagne

\n		\n

36,35

\n		\n

36,35

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Yurtici Kargo Servisi A.S.

\n		\n

Turquie

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Banque Postale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

115 K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP3 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP4 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Arial CNP Assurances

\n		\n

France

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Assurbail Patrimoine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assurimmeuble

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assuristance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora Especializada Em Sa\u00fade\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CIMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Asfalistiki

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assur Tr\u00e9sorerie Plus

\n		\n

France

\n		\n

98,82

\n		\n

97,72

\n		\n

98,82

\n		\n

97,74

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Compa\u00f1ia de Seguros

\n		\n

Argentine

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances IARD

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Latam Holding Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Protection Sociale

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Sant\u00e9 Individuelle

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Capitaliza\u00e7\u00e3o\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Caution

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cons\u00f3rcio\u00a0SA Administradora de Cons\u00f3rcios

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cyprialife

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Cyprus Insurance Holdings

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Europe Life

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Immobilier

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP OSTRUM ISR OBLI 12 MOIS

\n		\n

France

\n		\n

88,06

\n		\n

99,43

\n		\n

88,06

\n		\n

99,44

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es Securitarias Brasil Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Retraite

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP\u00a0SA de Capitalizaci\u00f3n y Ahorro p/fines determinados

\n		\n

Argentine

\n		\n

50,00

\n		\n

50,00

\n		\n

65,38

\n		\n

65,38

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Europe DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Life DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Seguros Holding Brasil\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

IG

\n		\n

IG

\n
\n

CNP UniCredit Vita

\n		\n

Italie

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assicura

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Vita Assicurazione

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Zois

\n		\n

Gr\u00e8ce

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Companhia de Seguros Previdencia Do Sul-Previsul

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Credicoop Compa\u00f1ia de Seguros de Retiro\u00a0SA

\n		\n

Argentine

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

EasyBourse

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ecureuil Profil 90

\n		\n

France

\n		\n

54,59

\n		\n

55,00

\n		\n

54,59

\n		\n

55,00

\n		\n

IG

\n		\n

IG

\n
\n

Ezyness

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FCT Elise 2012

\n		\n

France

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

IG

\n		\n

IG

\n
\n

Filassistance International

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fonci\u00e8re ELBP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fundo De Investimento Imobiliario Renda Corporativa Angico \u2013 FII

\n		\n

Br\u00e9sil

\n		\n

48,81

\n		\n

48,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

GALAXIE 33

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Holding d\u2019Infrastructures Gazi\u00e8res

\n		\n

France

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding XS 1\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest France

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Consumer Finance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Home Loan SFH

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Leasing & Factoring

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Financi\u00e8re de l'Echiquier

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Actifs Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP AM

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 1 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 2 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e Immobilier Conseil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ma French Bank

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Montparvie V

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Odonto Empresas Conv\u00eanios Dent\u00e1rios Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEP247

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEW Imcom 1

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI MTP Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI Raspail

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM CNP Cons\u00f3rcio\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Provincia Seguros de Vida\u00a0SA

\n		\n

Argentine

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SAS 270 Investments

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI CRSF M\u00e9tropole

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI ICV

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Lamartine

\n		\n

France

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Saint Romain

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine Euros

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine monitoring Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SICAC

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOFIAP

\n		\n

France

\n		\n

66,00

\n		\n

100,00

\n		\n

66,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogestop K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TERRE NEUVE 4 IMMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Univers CNP 1 FCP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vivaccio ISR actions

\n		\n

France

\n		\n

99,89

\n		\n

100,00

\n		\n

99,89

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Wiz Solu\u00e7oes e Corretagem de Seguros\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

12,94

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

XS5 Administradora de consorcios\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

25,00

\n		\n

25,00

\n		\n

50,01

\n		\n

50,01

\n		\n

MEE

\n		\n

MEE

\n
\n

Youse Tecnologia e Assistencia em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Grand Public et Num\u00e9rique

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Acuitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Adverline

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AR 24

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ARKHINEO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axonal

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boxtal

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Certinomis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNTP \u2013 Docaposte BPO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Agility

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Applicam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CSP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CYBER

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Docaposte DPS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Externalisation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Fast

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Institute

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte IOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Pologne

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Roumanie

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Tunisie

\n		\n

Tunisie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Belgique

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Esculape

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

98,08

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Eukles

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Heva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Icanop\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education D\u00e9veloppement

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education France

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Italie

\n		\n

Italie

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Manufacture Docaposte

\n		\n

France

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Services \u00e0 la Personne

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LP11

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maileva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maincare

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MARKETSHOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Media Prisme\u00a0SAS

\n		\n

France

\n		\n

82,05

\n		\n

100,00

\n		\n

82,05

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mon Contact Logement

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Monha

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Numspot

\n		\n

France

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Openvalue

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Probayes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Inc

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Argentine

\n		\n

Argentine

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Colombie

\n		\n

Colombie

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9res Espagne

\n		\n

Espagne

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Equateur

\n		\n

\u00c9quateur

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Mexique

\n		\n

Mexique

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s P\u00e9rou

\n		\n

P\u00e9rou

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s\u00a0SA

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

IG

\n		\n

IG

\n
\n

Sofadev \u2013 Docaposte BPO

\n		\n

Maroc

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Agency

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Consulting

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Group

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tekoway Moldavie

\n		\n

Moldavie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

THIQA

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Voxaly

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Weliom

\n		\n

France

\n		\n

70,00

\n		\n

100,00

\n		\n

70,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Secteur Immobilier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Poste Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Akatea 2 TPF2\u00a0SAS

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Akatea TPF2

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Ciposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fr\u00e9jorgues Energy\u00a0SAS

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

HLU Port de Lyon

\n		\n

France

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

ImmoStoc\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

LocaPoste\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lumin' Toulouse\u00a0SAS

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Lumin'Logistique urbaine

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Multiburo Gares

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Multiburo Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MWPI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

N.C.I

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

PI Energy

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Energy 2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Logistique Urbaine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Poste Immo tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI d\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Energies renouvelables

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SC Pyxis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCCV 56, Rue Cler

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCCV Paris Campagne Premi\u00e8re

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Activit\u00e9s annexes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Colis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier de Proximit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier Industriel

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Aix-Pichaury

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI Arkadea Marseille Saint Victor

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Arkadea Rennes Trigone

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCI Bataille

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI BP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI BP Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Centres de loisirs

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI DOM

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Green Opale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Logement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Nantes Aubiniere

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI PI 17

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI PI Bordeaux Tourville

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Route du Moulin Bateau Bonneuil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI RSS Strasbourg MEE

\n		\n

France

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sobre

\n		\n

France

\n		\n

48,56

\n		\n

\n		\n

48,56

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SOBRE GLP

\n		\n

France

\n		\n

74,28

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Soci\u00e9t\u00e9 SCCV Rue du Champ Macret-Roye

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOGARIS Paris\u00a0: les espaces logistiques urbains

\n		\n

France

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

MEE

\n		\n

MEE

\n
\n

Terseren

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tetra Logistique

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Toulouse Occitanie

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

TPF2 \u2013 SPPICAV

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Urba 144

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Non affect\u00e9

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Ventures (LP7)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vehiposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Movivolt

\n		\n

France

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

MEE

\n		\n

MEE

\n
\n

IG\u00a0: int\u00e9gration globale\u00a0; MEE\u00a0: mise en \u00e9quivalence.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059743_0": { "value": "

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41344543444726247_0_0": { "value": "

Les coentreprises sont les partenariats dans lesquels les partenaires qui exercent un contr\u00f4le conjoint sur la coentreprise ont un droit sur l\u2019actif net de celle-ci.

\n

Le contr\u00f4le conjoint est d\u00e9fini comme \u00e9tant le partage du contr\u00f4le d\u2019une entreprise exploit\u00e9e en commun par un nombre limit\u00e9 d\u2019associ\u00e9s ou d\u2019actionnaires, de sorte que les politiques financi\u00e8re et op\u00e9rationnelle r\u00e9sultent de leur accord unanime.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40142713146767683_0_0": { "value": "

Les entreprises associ\u00e9es sont les entreprises sur lesquelles le groupe exerce une influence notable.

\n

L\u2019influence notable r\u00e9sulte du pouvoir de participer aux politiques financi\u00e8re et op\u00e9rationnelle d\u2019une entreprise, sans en d\u00e9tenir le contr\u00f4le ou le contr\u00f4le conjoint.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059757_0": { "value": "

Conversion des \u00e9tats financiers des\u00a0soci\u00e9t\u00e9s\u00a0\u00e9trang\u00e8res

\n

Les \u00e9tats financiers consolid\u00e9s sont pr\u00e9sent\u00e9s en euros, monnaie fonctionnelle et de pr\u00e9sentation de La\u00a0Poste, entit\u00e9 t\u00eate de groupe.

\n

Les comptes de toutes les soci\u00e9t\u00e9s du groupe dont la monnaie fonctionnelle est diff\u00e9rente de la monnaie de pr\u00e9sentation sont convertis dans la monnaie de pr\u00e9sentation selon les modalit\u00e9s suivantes\u00a0: les bilans des soci\u00e9t\u00e9s \u00e9trang\u00e8res sont convertis en euros au taux de change en vigueur \u00e0 la cl\u00f4ture et leurs comptes de r\u00e9sultat sont convertis au taux de change moyen de l\u2019exercice. Les diff\u00e9rences de conversion ainsi d\u00e9gag\u00e9es sont enregistr\u00e9es directement au bilan consolid\u00e9 en capitaux propres, sous la rubrique \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb.

\n

L\u2019\u00e9cart d\u2019acquisition et les ajustements de juste valeur\u00a0d\u00e9coulant de l\u2019acquisition d\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger sont trait\u00e9s comme les actifs et passifs de l\u2019activit\u00e9 \u00e0 l\u2019\u00e9tranger, et convertis au cours de cl\u00f4ture.

\n

Les diff\u00e9rences de change provenant des transactions ayant la nature d\u2019investissements nets entre soci\u00e9t\u00e9s du groupe sont comptabilis\u00e9es au bilan, dans le poste \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb au sein des capitaux propres. Les \u00e9carts de change\u00a0d\u00e9coulant de la conversion d\u2019emprunts et autres instruments de change d\u00e9sign\u00e9s comme instruments de couverture de ces investissements nets sont imput\u00e9s en capitaux propres lors de la consolidation.

\n

Lorsqu\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger est c\u00e9d\u00e9e, les diff\u00e9rences de conversion initialement reconnues en capitaux propres sont comptabilis\u00e9es au compte de r\u00e9sultat dans les pertes et profits de cession.

\n

3.2Transactions en devises \u00e9trang\u00e8res

\n

Les transactions libell\u00e9es en devises \u00e9trang\u00e8res sont enregistr\u00e9es en utilisant les cours de change applicables \u00e0 la date d\u2019enregistrement.

\n

En date de cl\u00f4ture, les actifs et passifs mon\u00e9taires exprim\u00e9s en devises sont convertis au cours de change applicable \u00e0 cette date.

\n

Les \u00e9carts de change r\u00e9sultant des transactions libell\u00e9es en devises sont enregistr\u00e9s au compte de r\u00e9sultat sur la ligne Gains ou pertes nets de change, en Autres \u00e9l\u00e9ments financiers (cf. note\u00a014.2).

\n

Activit\u00e9s bancaires et d\u2019assurance

\n

Selon IAS\u00a021, les actifs et passifs mon\u00e9taires correspondent aux actifs et aux passifs devant \u00eatre re\u00e7us ou pay\u00e9s pour un montant en num\u00e9raire d\u00e9termin\u00e9 ou d\u00e9terminable, par exemple un pr\u00eat ou une obligation basique. Par nature, un instrument de capitaux propres sera un actif non mon\u00e9taire.

\n

En date de cl\u00f4ture, les \u00e9carts de change, latents ou r\u00e9alis\u00e9s, des actifs et passifs mon\u00e9taires libell\u00e9s en devises sont enregistr\u00e9s en r\u00e9sultat.

\n

Pour les actifs libell\u00e9s en devises comptabilis\u00e9s en juste valeur par r\u00e9sultat les \u00e9carts de change sont comptabilis\u00e9s globalement en r\u00e9sultat avec les autres variations de valeur.

\n

Pour les actions libell\u00e9es en devises comptabilis\u00e9es en capitaux propres non recyclables, les gains ou les pertes de change sont enregistr\u00e9s en capitaux propres non recyclables (sans possibilit\u00e9 de recyclage par r\u00e9sultat m\u00eame en cas de cession).

\n

5.2Compte de r\u00e9sultat \u00e0 p\u00e9rim\u00e8tre et change constants

\n

Le r\u00e9sultat retrait\u00e9 neutralise l\u2019effet de toutes les acquisitions de l\u2019exercice en cours et des acquisitions de l\u2019exercice pr\u00e9c\u00e9dent intervenues en cours de p\u00e9riode. Il pr\u00e9sente \u00e9galement les transactions en devises de la p\u00e9riode comparative au taux moyen de la p\u00e9riode en cours.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

R\u00e9sultat publi\u00e9

\n		\n

R\u00e9sultat retrait\u00e9
hors effets p\u00e9rim\u00e8tre et change

\n
\n

31/12/2025

\n		\n

31/12/2024

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Chiffre d'affaires et PNB

\n		\n

34\u00a0387

\n		\n

34\u00a0569

\n		\n

34\u00a0219

\n		\n

34\u00a0288

\n
\n

Achats et autres charges

\n		\n

(15\u00a0858)

\n		\n

(15\u00a0814)

\n		\n

(15\u00a0818)

\n		\n

(15\u00a0690)

\n
\n

Charges de personnel

\n		\n

(13\u00a0909)

\n		\n

(14\u00a0006)

\n		\n

(13\u00a0872)

\n		\n

(14\u00a0008)

\n
\n

Imp\u00f4ts et taxes

\n		\n

(277)

\n		\n

(302)

\n		\n

(275)

\n		\n

(296)

\n
\n

Amortissements, provisions et pertes de valeur

\n		\n

(2\u00a0670)

\n		\n

(2\u00a0723)

\n		\n

(2\u00a0668)

\n		\n

(2\u00a0720)

\n
\n

Autres charges et produits op\u00e9rationnels

\n		\n

707

\n		\n

664

\n		\n

707

\n		\n

515

\n
\n

R\u00e9sultat des cessions d'actifs

\n		\n

114

\n		\n

523

\n		\n

114

\n		\n

523

\n
\n

Charges op\u00e9rationnelles nettes

\n		\n

(31\u00a0893)

\n		\n

(31\u00a0658)

\n		\n

(31\u00a0812)

\n		\n

(31\u00a0677)

\n
\n

Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint

\n		\n

23

\n		\n

39

\n		\n

23

\n		\n

23

\n
\n

R\u00e9sultat d'exploitation courant
(apr\u00e8s quote-part de r\u00e9sultat net
des soci\u00e9t\u00e9s sous contr\u00f4le conjoint)

\n		\n

2\u00a0517

\n		\n

2\u00a0950

\n		\n

2\u00a0430

\n		\n

2\u00a0634

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40142839608905583_0_0": { "value": "

Conversion des \u00e9tats financiers des\u00a0soci\u00e9t\u00e9s\u00a0\u00e9trang\u00e8res

\n

Les \u00e9tats financiers consolid\u00e9s sont pr\u00e9sent\u00e9s en euros, monnaie fonctionnelle et de pr\u00e9sentation de La\u00a0Poste, entit\u00e9 t\u00eate de groupe.

\n

Les comptes de toutes les soci\u00e9t\u00e9s du groupe dont la monnaie fonctionnelle est diff\u00e9rente de la monnaie de pr\u00e9sentation sont convertis dans la monnaie de pr\u00e9sentation selon les modalit\u00e9s suivantes\u00a0: les bilans des soci\u00e9t\u00e9s \u00e9trang\u00e8res sont convertis en euros au taux de change en vigueur \u00e0 la cl\u00f4ture et leurs comptes de r\u00e9sultat sont convertis au taux de change moyen de l\u2019exercice. Les diff\u00e9rences de conversion ainsi d\u00e9gag\u00e9es sont enregistr\u00e9es directement au bilan consolid\u00e9 en capitaux propres, sous la rubrique \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb.

\n

L\u2019\u00e9cart d\u2019acquisition et les ajustements de juste valeur\u00a0d\u00e9coulant de l\u2019acquisition d\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger sont trait\u00e9s comme les actifs et passifs de l\u2019activit\u00e9 \u00e0 l\u2019\u00e9tranger, et convertis au cours de cl\u00f4ture.

\n

Les diff\u00e9rences de change provenant des transactions ayant la nature d\u2019investissements nets entre soci\u00e9t\u00e9s du groupe sont comptabilis\u00e9es au bilan, dans le poste \u00ab\u00a0R\u00e9serves de conversion\u00a0\u00bb au sein des capitaux propres. Les \u00e9carts de change\u00a0d\u00e9coulant de la conversion d\u2019emprunts et autres instruments de change d\u00e9sign\u00e9s comme instruments de couverture de ces investissements nets sont imput\u00e9s en capitaux propres lors de la consolidation.

\n

Lorsqu\u2019une activit\u00e9 \u00e0 l\u2019\u00e9tranger est c\u00e9d\u00e9e, les diff\u00e9rences de conversion initialement reconnues en capitaux propres sont comptabilis\u00e9es au compte de r\u00e9sultat dans les pertes et profits de cession.

\n

3.2Transactions en devises \u00e9trang\u00e8res

\n

Les transactions libell\u00e9es en devises \u00e9trang\u00e8res sont enregistr\u00e9es en utilisant les cours de change applicables \u00e0 la date d\u2019enregistrement.

\n

En date de cl\u00f4ture, les actifs et passifs mon\u00e9taires exprim\u00e9s en devises sont convertis au cours de change applicable \u00e0 cette date.

\n

Les \u00e9carts de change r\u00e9sultant des transactions libell\u00e9es en devises sont enregistr\u00e9s au compte de r\u00e9sultat sur la ligne Gains ou pertes nets de change, en Autres \u00e9l\u00e9ments financiers (cf. note\u00a014.2).

\n

Activit\u00e9s bancaires et d\u2019assurance

\n

Selon IAS\u00a021, les actifs et passifs mon\u00e9taires correspondent aux actifs et aux passifs devant \u00eatre re\u00e7us ou pay\u00e9s pour un montant en num\u00e9raire d\u00e9termin\u00e9 ou d\u00e9terminable, par exemple un pr\u00eat ou une obligation basique. Par nature, un instrument de capitaux propres sera un actif non mon\u00e9taire.

\n

En date de cl\u00f4ture, les \u00e9carts de change, latents ou r\u00e9alis\u00e9s, des actifs et passifs mon\u00e9taires libell\u00e9s en devises sont enregistr\u00e9s en r\u00e9sultat.

\n

Pour les actifs libell\u00e9s en devises comptabilis\u00e9s en juste valeur par r\u00e9sultat les \u00e9carts de change sont comptabilis\u00e9s globalement en r\u00e9sultat avec les autres variations de valeur.

\n

Pour les actions libell\u00e9es en devises comptabilis\u00e9es en capitaux propres non recyclables, les gains ou les pertes de change sont enregistr\u00e9s en capitaux propres non recyclables (sans possibilit\u00e9 de recyclage par r\u00e9sultat m\u00eame en cas de cession).

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059779_0": { "value": "

3.1.3Les regroupements

\n

Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

\n

Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

\n

\u00c9cart d\u2019acquisition (ou goodwill)

\n

Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

\n

Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

\n

Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

\n

3.6Immobilisations incorporelles

\n

La norme IAS\u00a038 \u2013 Immobilisations incorporelles d\u00e9finit une immobilisation incorporelle comme un actif non mon\u00e9taire, sans substance physique, et identifiable, c'est-\u00e0-dire r\u00e9sultant de droits l\u00e9gaux ou contractuels, ou s\u00e9parables.

\n

Les immobilisations incorporelles concernent essentiellement des logiciels et des droits au bail, et sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur.

\n

Les logiciels sont amortis en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9 (en g\u00e9n\u00e9ral de un \u00e0 trois\u00a0ans). Les droits au bail ne sont pas amortis.

\n

3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

\n

3.6.2Relation client\u00e8le

\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9s d\u2019assurance, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. Ainsi, pour les contrats dont les primes renouvel\u00e9es peuvent \u00eatre estim\u00e9es de mani\u00e8re suffisamment fiable, un actif incorporel est reconnu au titre de la relation client\u00e8le. Cet actif incorporel est amorti de mani\u00e8re lin\u00e9aire par segment selon l\u2019estimation de la dur\u00e9e d\u2019utilit\u00e9 de cet actif ci-dessous, refl\u00e9tant la consommation des avantages futurs tels que projet\u00e9s dans l\u2019estimation retenue.

\n
\n\n\n\n
\n

Sont concern\u00e9es la pr\u00e9voyance individuelle Br\u00e9sil (dur\u00e9e retenue 10\u00a0ans) et la pr\u00e9voyance individuelle France (dur\u00e9e retenue 15\u00a0ans).

\n
\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9 de gestion d\u2019actifs, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. C\u2019est \u00e0 ce titre qu\u2019un actif incorporel est reconnu dans le cadre des mandats de gestion et les fonds d\u00e9di\u00e9s g\u00e9r\u00e9s pour le compte de clients institutionnels. Cet actif incorporel est amorti lin\u00e9airement sur sa dur\u00e9e d\u2019utilit\u00e9 qui est estim\u00e9e en fonction de l\u2019\u00e9coulement estim\u00e9 du portefeuille (tenant compte d\u2019hypoth\u00e8ses de non-renouvellement des mandats).

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux relations client\u00e8le sont pr\u00e9sent\u00e9es en note\u00a012.

\n

3.6.3Accords de distribution

\n

La valeur d\u2019un accord de distribution repr\u00e9sente la valeur des flux futurs attendus des nouvelles affaires au sein du r\u00e9seau d\u2019un partenaire couvert par un accord de distribution. Ces actifs incorporels sont estim\u00e9s en fonction des modalit\u00e9s sp\u00e9cifiques \u00e0 chaque contrat de distribution\u00a0; ils sont amortis sur la dur\u00e9e de vie du contrat de distribution en prenant en compte leur \u00e9ventuelle valeur r\u00e9siduelle.

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux accords de distribution sont pr\u00e9sent\u00e9es en note\u00a012.

\n

NOTE 16\u00c9carts d\u2019acquisition (goodwill)

\n

16.1D\u00e9tail de la valeur nette des \u00e9carts d\u2019acquisition

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

UGT

\n

(en\u00a0millions d'euros)

\n		\n

Secteur

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

DPD Europe

\n		\n

Geopost

\n		\n

3\u00a0396

\n		\n

3\u00a0408

\n
\n

Num\u00e9rique

\n		\n

Grand Public et Num\u00e9rique

\n		\n

860

\n		\n

860

\n
\n

Gestion d'Actifs

\n		\n

La Banque Postale

\n		\n

612

\n		\n

612

\n
\n

Asendia

\n		\n

Geopost

\n		\n

453

\n		\n

494

\n
\n

P\u00f4le Sant\u00e9 & Autonomie\u00a0(a)

\n		\n

Services-Courrier-Colis

\n		\n

196

\n		\n

226

\n
\n

Mediaposte\u00a0(b)

\n		\n

Services-Courrier-Colis

\n		\n

89

\n		\n

104

\n
\n

EDE

\n		\n

Services-Courrier-Colis

\n		\n

67

\n		\n

67

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

La Banque Postale

\n		\n

59

\n		\n

59

\n
\n

Lenton Group

\n		\n

Geopost

\n		\n

46

\n		\n

52

\n
\n

MWPI\u00a0(c)

\n		\n

Immobilier et Supports

\n		\n

\n		\n

25

\n
\n

JadLog

\n		\n

Geopost

\n		\n

22

\n		\n

22

\n
\n

Autres UGT Geopost

\n		\n

Geopost

\n		\n

16

\n		\n

16

\n
\n

Autres UGT Services-Courrier-Colis

\n		\n

Services-Courrier-Colis

\n		\n

0

\n		\n

8

\n
\n

Total

\n		\n

\n		\n

5\u00a0815

\n		\n

5\u00a0954

\n
\n

Services-Courrier-Colis

\n		\n

\n		\n

352

\n		\n

404

\n
\n

Geopost

\n		\n

\n		\n

3\u00a0933

\n		\n

3\u00a0993

\n
\n

La Banque Postale

\n		\n

\n		\n

671

\n		\n

671

\n
\n

Grand Public et Num\u00e9rique

\n		\n

\n		\n

860

\n		\n

860

\n
\n

Immobilier et Supports

\n		\n

\n		\n

\n		\n

25

\n
\n

(a)Dont en 2025, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 30\u00a0millions d\u2019euros.

\n

(b)Dont en 2025, cession de Budget Box et des activit\u00e9s promotionnelles de Sogec pour 15\u00a0millions d\u2019euros.

\n

(c)Dont en 2025, d\u00e9pr\u00e9ciation de la totalit\u00e9 de l\u2019\u00e9cart d\u2019acquisition de MWPI pour 25\u00a0millions d\u2019euros.

\n
\n

16.2\u00c9volution de la valeur nette des \u00e9carts d\u2019acquisition

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Solde en d\u00e9but de p\u00e9riode

\n		\n

5\u00a0954

\n		\n

5\u00a0942

\n
\n

Dont\u00a0: Valeur brute

\n		\n

6\u00a0456

\n		\n

6\u00a0277

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(502)

\n		\n

(335)

\n
\n

Acquisitions\u00a0(a)

\n		\n

6

\n		\n

18

\n
\n

\u00c9carts de conversion

\n		\n

(67)

\n		\n

42

\n
\n

Pertes de valeur\u00a0(b)

\n		\n

(59)

\n		\n

(48)

\n
\n

Sorties\u00a0(c)

\n		\n

(19)

\n		\n

\n
\n

Solde en fin de p\u00e9riode

\n		\n

5\u00a0815

\n		\n

5\u00a0954

\n
\n

Dont\u00a0: Valeur brute

\n		\n

6\u00a0405

\n		\n

6\u00a0456

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(590)

\n		\n

(502)

\n
\n

(a)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Geopost, l\u2019acquisition de trois entit\u00e9s espagnoles du P\u00f4le DPD Europe pour 6\u00a0millions d\u2019euros.

\n

Dont en 2024\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, l\u2019acquisition de LineUp7 pour 14\u00a0millions d\u2019euros.

\n

(b)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Immobilier et Supports, d\u00e9pr\u00e9ciation de la totalit\u00e9 de l\u2019\u00e9cart d\u2019acquisition de MWPI pour 25\u00a0millions d\u2019euros\u00a0;

\n

\u25cfdans le secteur Services-Courrier-Colis, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 30\u00a0millions d\u2019euros.

\n

Dont en 2024\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 43\u00a0millions d\u2019euros.

\n

(c)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, cession de Budget Box et des activit\u00e9s promotionnelles de Sogec pour 15\u00a0millions d\u2019euros.

\n
\n

Les tests de perte de valeur r\u00e9alis\u00e9s sur les \u00e9carts d\u2019acquisition sont\u00a0d\u00e9crits en note\u00a021.

\n

NOTE 17Immobilisations incorporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Logiciels, brevets et concessions

\n		\n

Immobilisations incorporelles en cours

\n		\n

Autres immobilisations
incorporelles

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

9\u00a0817

\n		\n

531

\n		\n

961

\n		\n

11\u00a0309

\n
\n

Acquisitions

\n		\n

185

\n		\n

462

\n		\n

28

\n		\n

675

\n
\n

Cessions

\n		\n

(988)

\n		\n

(10)

\n		\n

(74)

\n		\n

(1\u00a0071)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

29

\n		\n

0

\n		\n

52

\n		\n

81

\n
\n

\u00c9carts de conversion

\n		\n

(660)

\n		\n

(1)

\n		\n

2

\n		\n

(659)

\n
\n

Transferts et autres mouvements

\n		\n

357

\n		\n

(475)

\n		\n

18

\n		\n

(100)

\n
\n

Solde au 31/12/2024

\n		\n

8\u00a0741

\n		\n

508

\n		\n

987

\n		\n

10\u00a0236

\n
\n

Acquisitions

\n		\n

148

\n		\n

491

\n		\n

48

\n		\n

686

\n
\n

Cessions

\n		\n

(252)

\n		\n

(1)

\n		\n

(22)

\n		\n

(275)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(7)

\n		\n

(0)

\n		\n

(8)

\n		\n

(16)

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

1

\n		\n

(3)

\n		\n

(11)

\n
\n

Transferts et autres mouvements

\n		\n

258

\n		\n

(487)

\n		\n

49

\n		\n

(180)

\n
\n

Solde au 31/12/2025

\n		\n

8\u00a0879

\n		\n

510

\n		\n

1\u00a0051

\n		\n

10\u00a0440

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(5\u00a0056)

\n		\n

(134)

\n		\n

(605)

\n		\n

(5\u00a0796)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(724)

\n		\n

\n		\n

(99)

\n		\n

(823)

\n
\n

Pertes de valeur

\n		\n

(69)

\n		\n

(0)

\n		\n

(20)

\n		\n

(89)

\n
\n

Reprise de perte de valeur

\n		\n

117

\n		\n

58

\n		\n

8

\n		\n

183

\n
\n

Reprises sur cessions

\n		\n

974

\n		\n

\n		\n

74

\n		\n

1\u00a0048

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(24)

\n		\n

\n		\n

(3)

\n		\n

(27)

\n
\n

\u00c9carts de conversion

\n		\n

128

\n		\n

\n		\n

(1)

\n		\n

126

\n
\n

Transferts et autres mouvements

\n		\n

13

\n		\n

(1)

\n		\n

80

\n		\n

92

\n
\n

Solde au 31/12/2024

\n		\n

(4\u00a0641)

\n		\n

(78)

\n		\n

(568)

\n		\n

(5\u00a0286)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(683)

\n		\n

\n		\n

(100)

\n		\n

(782)

\n
\n

Pertes de valeur

\n		\n

(80)

\n		\n

(0)

\n		\n

(22)

\n		\n

(103)

\n
\n

Reprises de pertes de valeur

\n		\n

113

\n		\n

7

\n		\n

8

\n		\n

128

\n
\n

Reprises sur cessions

\n		\n

243

\n		\n

\n		\n

10

\n		\n

254

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

7

\n		\n

\n		\n

2

\n		\n

8

\n
\n

\u00c9carts de conversion

\n		\n

3

\n		\n

0

\n		\n

2

\n		\n

5

\n
\n

Transferts et autres mouvements

\n		\n

108

\n		\n

\n		\n

45

\n		\n

153

\n
\n

Solde au 31/12/2025

\n		\n

(4\u00a0930)

\n		\n

(71)

\n		\n

(622)

\n		\n

(5\u00a0623)

\n
\n

Valeurs nettes

\n
\n

au 31/12/2024

\n		\n

4\u00a0099

\n		\n

430

\n		\n

420

\n		\n

4\u00a0949

\n
\n

Au 31/12/2025

\n		\n

3\u00a0949

\n		\n

439

\n		\n

429

\n		\n

4\u00a0817

\n
\n

Les lignes \u00ab\u00a0Transferts et autres mouvements\u00a0\u00bb correspondent aux mises en service d\u2019immobilisations et \u00e0 des reclassements vers d\u2019autres postes d\u2019actifs.

\n

21.1Tests sur \u00e9carts d\u2019acquisition

\n

Le groupe La Poste proc\u00e8de \u00e0 un test de perte de valeur de ses \u00e9carts d\u2019acquisition, sur une base annuelle ou plus fr\u00e9quente si des \u00e9v\u00e9nements ou des changements indiquent qu\u2019ils ont pu perdre de la valeur.

\n

Les \u00e9carts d\u2019acquisition sont allou\u00e9s aux unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie comme pr\u00e9sent\u00e9 en note\u00a016.1.

\n

Le test de perte de valeur consiste \u00e0 comparer la valeur nette comptable des UGT, y compris les \u00e9carts d\u2019acquisition, \u00e0 leur valeur recouvrable, d\u00e9termin\u00e9e selon la m\u00e9thode expos\u00e9e en note\u00a03.9.

\n

Les principales hypoth\u00e8ses utilis\u00e9es sont les suivantes\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n		\n

Taux d'actualisation

\n		\n

Taux de croissance normatif

\n		\n

Nombre d'ann\u00e9es pr\u00e9visionnelles

\n
\n

Zone euro

\n		\n

Autres

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

7%-8,6%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,1%

\n		\n

6,7% \u2013 15,4%

\n		\n

2,6% \u2013 4%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

10%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

5,8%-8,9%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,7%

\n		\n

7,9% \u2013 14,3%

\n		\n

2% \u2013 4,7%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

9,3%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7,1%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

En 2025, une d\u00e9pr\u00e9ciation de 30\u00a0millions d\u2019euros du goodwill de l\u2019UGT Sant\u00e9 (branche Services-Courrier-Colis) a \u00e9t\u00e9 comptabilis\u00e9e \u00e0 la suite d\u2019une r\u00e9vision \u00e0 la baisse de son business plan. Cette d\u00e9pr\u00e9ciation vient en compl\u00e9ment d\u2019un montant de 43\u00a0millions d\u2019euros qui avait \u00e9t\u00e9 enregistr\u00e9 en 2024.

\n

Une d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition MWPI (branche Immobilier) a \u00e9galement \u00e9t\u00e9 enregistr\u00e9e en 2025 pour 25\u00a0millions d\u2019euros en raison d\u2019une d\u00e9gradation des perspectives de l\u2019activit\u00e9 de coworking.

\n

Analyses de sensibilit\u00e9 au 31\u00a0d\u00e9cembre 2025

\n

\u25cfUne augmentation de 1\u00a0point des taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point des taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant compris entre 22 et 50\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 1\u00a0point des taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 0,5\u00a0point des taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant de 65\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 2\u00a0points du taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 1\u00a0point du taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant se situant aux alentours de 165\u00a0millions d\u2019euros.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059778_0": { "value": "

3.1.3Les regroupements

\n

Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

\n

Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

\n

\u00c9cart d\u2019acquisition (ou goodwill)

\n

Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

\n

Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

\n

Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

\n

NOTE 16\u00c9carts d\u2019acquisition (goodwill)

\n

16.1D\u00e9tail de la valeur nette des \u00e9carts d\u2019acquisition

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

UGT

\n

(en\u00a0millions d'euros)

\n		\n

Secteur

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

DPD Europe

\n		\n

Geopost

\n		\n

3\u00a0396

\n		\n

3\u00a0408

\n
\n

Num\u00e9rique

\n		\n

Grand Public et Num\u00e9rique

\n		\n

860

\n		\n

860

\n
\n

Gestion d'Actifs

\n		\n

La Banque Postale

\n		\n

612

\n		\n

612

\n
\n

Asendia

\n		\n

Geopost

\n		\n

453

\n		\n

494

\n
\n

P\u00f4le Sant\u00e9 & Autonomie\u00a0(a)

\n		\n

Services-Courrier-Colis

\n		\n

196

\n		\n

226

\n
\n

Mediaposte\u00a0(b)

\n		\n

Services-Courrier-Colis

\n		\n

89

\n		\n

104

\n
\n

EDE

\n		\n

Services-Courrier-Colis

\n		\n

67

\n		\n

67

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

La Banque Postale

\n		\n

59

\n		\n

59

\n
\n

Lenton Group

\n		\n

Geopost

\n		\n

46

\n		\n

52

\n
\n

MWPI\u00a0(c)

\n		\n

Immobilier et Supports

\n		\n

\n		\n

25

\n
\n

JadLog

\n		\n

Geopost

\n		\n

22

\n		\n

22

\n
\n

Autres UGT Geopost

\n		\n

Geopost

\n		\n

16

\n		\n

16

\n
\n

Autres UGT Services-Courrier-Colis

\n		\n

Services-Courrier-Colis

\n		\n

0

\n		\n

8

\n
\n

Total

\n		\n

\n		\n

5\u00a0815

\n		\n

5\u00a0954

\n
\n

Services-Courrier-Colis

\n		\n

\n		\n

352

\n		\n

404

\n
\n

Geopost

\n		\n

\n		\n

3\u00a0933

\n		\n

3\u00a0993

\n
\n

La Banque Postale

\n		\n

\n		\n

671

\n		\n

671

\n
\n

Grand Public et Num\u00e9rique

\n		\n

\n		\n

860

\n		\n

860

\n
\n

Immobilier et Supports

\n		\n

\n		\n

\n		\n

25

\n
\n

(a)Dont en 2025, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 30\u00a0millions d\u2019euros.

\n

(b)Dont en 2025, cession de Budget Box et des activit\u00e9s promotionnelles de Sogec pour 15\u00a0millions d\u2019euros.

\n

(c)Dont en 2025, d\u00e9pr\u00e9ciation de la totalit\u00e9 de l\u2019\u00e9cart d\u2019acquisition de MWPI pour 25\u00a0millions d\u2019euros.

\n
\n

16.2\u00c9volution de la valeur nette des \u00e9carts d\u2019acquisition

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Solde en d\u00e9but de p\u00e9riode

\n		\n

5\u00a0954

\n		\n

5\u00a0942

\n
\n

Dont\u00a0: Valeur brute

\n		\n

6\u00a0456

\n		\n

6\u00a0277

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(502)

\n		\n

(335)

\n
\n

Acquisitions\u00a0(a)

\n		\n

6

\n		\n

18

\n
\n

\u00c9carts de conversion

\n		\n

(67)

\n		\n

42

\n
\n

Pertes de valeur\u00a0(b)

\n		\n

(59)

\n		\n

(48)

\n
\n

Sorties\u00a0(c)

\n		\n

(19)

\n		\n

\n
\n

Solde en fin de p\u00e9riode

\n		\n

5\u00a0815

\n		\n

5\u00a0954

\n
\n

Dont\u00a0: Valeur brute

\n		\n

6\u00a0405

\n		\n

6\u00a0456

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(590)

\n		\n

(502)

\n
\n

(a)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Geopost, l\u2019acquisition de trois entit\u00e9s espagnoles du P\u00f4le DPD Europe pour 6\u00a0millions d\u2019euros.

\n

Dont en 2024\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, l\u2019acquisition de LineUp7 pour 14\u00a0millions d\u2019euros.

\n

(b)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Immobilier et Supports, d\u00e9pr\u00e9ciation de la totalit\u00e9 de l\u2019\u00e9cart d\u2019acquisition de MWPI pour 25\u00a0millions d\u2019euros\u00a0;

\n

\u25cfdans le secteur Services-Courrier-Colis, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 30\u00a0millions d\u2019euros.

\n

Dont en 2024\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition du P\u00f4le Sant\u00e9 & Autonomie pour 43\u00a0millions d\u2019euros.

\n

(c)Dont en 2025\u00a0:

\n

\u25cfdans le secteur Services-Courrier-Colis, cession de Budget Box et des activit\u00e9s promotionnelles de Sogec pour 15\u00a0millions d\u2019euros.

\n
\n

Les tests de perte de valeur r\u00e9alis\u00e9s sur les \u00e9carts d\u2019acquisition sont\u00a0d\u00e9crits en note\u00a021.

\n

21.1Tests sur \u00e9carts d\u2019acquisition

\n

Le groupe La Poste proc\u00e8de \u00e0 un test de perte de valeur de ses \u00e9carts d\u2019acquisition, sur une base annuelle ou plus fr\u00e9quente si des \u00e9v\u00e9nements ou des changements indiquent qu\u2019ils ont pu perdre de la valeur.

\n

Les \u00e9carts d\u2019acquisition sont allou\u00e9s aux unit\u00e9s g\u00e9n\u00e9ratrices de tr\u00e9sorerie comme pr\u00e9sent\u00e9 en note\u00a016.1.

\n

Le test de perte de valeur consiste \u00e0 comparer la valeur nette comptable des UGT, y compris les \u00e9carts d\u2019acquisition, \u00e0 leur valeur recouvrable, d\u00e9termin\u00e9e selon la m\u00e9thode expos\u00e9e en note\u00a03.9.

\n

Les principales hypoth\u00e8ses utilis\u00e9es sont les suivantes\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n		\n

Taux d'actualisation

\n		\n

Taux de croissance normatif

\n		\n

Nombre d'ann\u00e9es pr\u00e9visionnelles

\n
\n

Zone euro

\n		\n

Autres

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

7%-8,6%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,1%

\n		\n

6,7% \u2013 15,4%

\n		\n

2,6% \u2013 4%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

10%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Services-Courrier-Colis

\n		\n

5,8%-8,9%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Geopost

\n		\n

7,7%

\n		\n

7,9% \u2013 14,3%

\n		\n

2% \u2013 4,7%

\n		\n

5

\n
\n

La Banque Postale

\n		\n

9,3%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

Grand Public et Num\u00e9rique

\n		\n

7,1%

\n		\n

\n		\n

2%

\n		\n

5

\n
\n

En 2025, une d\u00e9pr\u00e9ciation de 30\u00a0millions d\u2019euros du goodwill de l\u2019UGT Sant\u00e9 (branche Services-Courrier-Colis) a \u00e9t\u00e9 comptabilis\u00e9e \u00e0 la suite d\u2019une r\u00e9vision \u00e0 la baisse de son business plan. Cette d\u00e9pr\u00e9ciation vient en compl\u00e9ment d\u2019un montant de 43\u00a0millions d\u2019euros qui avait \u00e9t\u00e9 enregistr\u00e9 en 2024.

\n

Une d\u00e9pr\u00e9ciation de l\u2019\u00e9cart d\u2019acquisition MWPI (branche Immobilier) a \u00e9galement \u00e9t\u00e9 enregistr\u00e9e en 2025 pour 25\u00a0millions d\u2019euros en raison d\u2019une d\u00e9gradation des perspectives de l\u2019activit\u00e9 de coworking.

\n

Analyses de sensibilit\u00e9 au 31\u00a0d\u00e9cembre 2025

\n

\u25cfUne augmentation de 1\u00a0point des taux d'actualisation, ou une r\u00e9duction de 0,5\u00a0point des taux de croissance \u00e0 l'infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant compris entre 22 et 50\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 1\u00a0point des taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 0,5\u00a0point des taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant de 65\u00a0millions d\u2019euros.

\n

\u25cfUne augmentation de 2\u00a0points du taux d\u2019actualisation et une r\u00e9duction simultan\u00e9e de 1\u00a0point du taux de croissance \u00e0 l\u2019infini auraient pour cons\u00e9quence la mise en \u00e9vidence de pertes de valeurs compl\u00e9mentaires pour un montant se situant aux alentours de 165\u00a0millions d\u2019euros.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059783_0": { "value": "

3.1.3Les regroupements

\n

Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

\n

Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

\n

\u00c9cart d\u2019acquisition (ou goodwill)

\n

Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

\n

Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

\n

Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059780_0": { "value": "

3.1.3Les regroupements

\n

Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

\n

Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

\n

\u00c9cart d\u2019acquisition (ou goodwill)

\n

Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

\n

Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

\n

Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

\n

3.6Immobilisations incorporelles

\n

La norme IAS\u00a038 \u2013 Immobilisations incorporelles d\u00e9finit une immobilisation incorporelle comme un actif non mon\u00e9taire, sans substance physique, et identifiable, c'est-\u00e0-dire r\u00e9sultant de droits l\u00e9gaux ou contractuels, ou s\u00e9parables.

\n

Les immobilisations incorporelles concernent essentiellement des logiciels et des droits au bail, et sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur.

\n

Les logiciels sont amortis en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9 (en g\u00e9n\u00e9ral de un \u00e0 trois\u00a0ans). Les droits au bail ne sont pas amortis.

\n

3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

\n

3.6.2Relation client\u00e8le

\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9s d\u2019assurance, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. Ainsi, pour les contrats dont les primes renouvel\u00e9es peuvent \u00eatre estim\u00e9es de mani\u00e8re suffisamment fiable, un actif incorporel est reconnu au titre de la relation client\u00e8le. Cet actif incorporel est amorti de mani\u00e8re lin\u00e9aire par segment selon l\u2019estimation de la dur\u00e9e d\u2019utilit\u00e9 de cet actif ci-dessous, refl\u00e9tant la consommation des avantages futurs tels que projet\u00e9s dans l\u2019estimation retenue.

\n
\n\n\n\n
\n

Sont concern\u00e9es la pr\u00e9voyance individuelle Br\u00e9sil (dur\u00e9e retenue 10\u00a0ans) et la pr\u00e9voyance individuelle France (dur\u00e9e retenue 15\u00a0ans).

\n
\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9 de gestion d\u2019actifs, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. C\u2019est \u00e0 ce titre qu\u2019un actif incorporel est reconnu dans le cadre des mandats de gestion et les fonds d\u00e9di\u00e9s g\u00e9r\u00e9s pour le compte de clients institutionnels. Cet actif incorporel est amorti lin\u00e9airement sur sa dur\u00e9e d\u2019utilit\u00e9 qui est estim\u00e9e en fonction de l\u2019\u00e9coulement estim\u00e9 du portefeuille (tenant compte d\u2019hypoth\u00e8ses de non-renouvellement des mandats).

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux relations client\u00e8le sont pr\u00e9sent\u00e9es en note\u00a012.

\n

3.6.3Accords de distribution

\n

La valeur d\u2019un accord de distribution repr\u00e9sente la valeur des flux futurs attendus des nouvelles affaires au sein du r\u00e9seau d\u2019un partenaire couvert par un accord de distribution. Ces actifs incorporels sont estim\u00e9s en fonction des modalit\u00e9s sp\u00e9cifiques \u00e0 chaque contrat de distribution\u00a0; ils sont amortis sur la dur\u00e9e de vie du contrat de distribution en prenant en compte leur \u00e9ventuelle valeur r\u00e9siduelle.

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux accords de distribution sont pr\u00e9sent\u00e9es en note\u00a012.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143178542613778_0_0": { "value": "

3.1.3Les regroupements

\n

Les regroupements d\u2019entreprises sont comptabilis\u00e9s selon la m\u00e9thode de l\u2019acquisition conform\u00e9ment aux dispositions de la norme IFRS\u00a03 \u2013 Regroupements d\u2019entreprises.

\n

Lors de la premi\u00e8re consolidation d\u2019une entreprise contr\u00f4l\u00e9e exclusivement, le co\u00fbt d\u2019acquisition correspond \u00e0 la juste valeur des actifs remis, des instruments de capitaux propres \u00e9mis, des passifs encourus ou assum\u00e9s \u00e0 la date de l\u2019\u00e9change, et d\u2019\u00e9ventuels ajustements futurs de prix.

\n

\u00c9cart d\u2019acquisition (ou goodwill)

\n

Il repr\u00e9sente l\u2019exc\u00e9dent du co\u00fbt du regroupement d\u2019entreprises sur la quote-part du groupe dans la juste valeur nette des actifs identifiables, passifs et passifs \u00e9ventuels de l\u2019entreprise acquise.

\n

Les \u00e9carts d\u2019acquisition n\u00e9gatifs (a gain from a bargain purchase) sont reconnus imm\u00e9diatement en r\u00e9sultat au cours de la p\u00e9riode d\u2019acquisition.

\n

Les \u00e9carts d\u2019acquisition ne sont pas amortis mais sont soumis \u00e0 des tests de d\u00e9pr\u00e9ciation au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9, selon la m\u00e9thode\u00a0d\u00e9crite en note\u00a03.9.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143363542292679_0_0": { "value": "

3.1.4Op\u00e9rations sur les int\u00e9r\u00eats minoritaires

\n

Acquisitions et cessions

\n

Les acquisitions et cessions d\u2019int\u00e9r\u00eats minoritaires qui n\u2019ont pas pour effet de modifier le contr\u00f4le sur la soci\u00e9t\u00e9 concern\u00e9e sont comptabilis\u00e9es en contrepartie des capitaux propres.

\n

Engagements de rachat

\n

En application des dispositions de la norme IAS\u00a032 \u2013 Instruments financiers, Pr\u00e9sentation, le groupe La\u00a0Poste enregistre une dette financi\u00e8re au titre des options de vente consenties aux actionnaires minoritaires de filiales consolid\u00e9es. Lorsque la valeur de l\u2019engagement exc\u00e8de le montant des int\u00e9r\u00eats minoritaires, les normes IFRS\u00a0ne pr\u00e9cisent pas les modalit\u00e9s de comptabilisation de la contrepartie.

\n

Le groupe La\u00a0Poste a choisi de comptabiliser la diff\u00e9rence entre l\u2019engagement et le montant des int\u00e9r\u00eats minoritaires en contrepartie des r\u00e9serves part du groupe. Les variations ult\u00e9rieures de la dette, li\u00e9es \u00e0 l\u2019\u00e9volution du prix d\u2019exercice estim\u00e9 de l\u2019engagement de rachat et de la valeur comptable des int\u00e9r\u00eats minoritaires, sont comptabilis\u00e9es dans les r\u00e9serves part du groupe.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40159363483927741_0_0": { "value": "

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

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Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

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Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

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Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

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Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

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D\u00e9gradation significative du risque de cr\u00e9dit

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La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

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Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

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M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

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Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

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Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

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Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

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Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

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Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

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Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

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La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

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Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

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La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

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Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

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La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

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Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

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Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

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Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

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\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

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\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

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\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

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\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

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D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

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Pr\u00eats ne relevant plus du bucket\u00a03

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

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Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

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L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

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4.5Risque de cr\u00e9dit des activit\u00e9s bancaires

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Depuis\u00a0d\u00e9cembre\u00a02024, La\u00a0Banque Postale int\u00e8gre de mani\u00e8re plus fine des provisions relatives aux risques climatiques.

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L\u2019int\u00e9gration des risques climatiques se retrouve \u00e0 pr\u00e9sent \u00e0 travers deux dimensions\u00a0: la dimension globale, d\u00e9j\u00e0 pr\u00e9sente jusqu\u2019\u00e0 pr\u00e9sent via le sc\u00e9nario adverse, et une dimension sp\u00e9cifique, prise en compte sur le cr\u00e9dit immobilier particulier d\u2019une part et sur les entreprises d\u2019autre part.

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Dimension globale

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Elle est int\u00e9gr\u00e9e dans la construction des sc\u00e9narios macro-\u00e9conomiques des risques \u00e9mergents au sens large (climatiques, g\u00e9opolitiques, etc.).

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Cette dimension socle, transverse \u00e0 l\u2019ensemble de l\u2019\u00e9conomie, permet de tenir compte des effets des risques de transition sur les indicateurs macro-\u00e9conomiques influen\u00e7ant la solvabilit\u00e9 des acteurs de l\u2019\u00e9conomie. Il s\u2019agit donc d\u2019une dimension syst\u00e9mique indissociable des autres facteurs macro-\u00e9conomiques tels que l\u2019inflation, l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, les crises g\u00e9opolitiques\u2026 Cette dimension s\u2019applique donc \u00e0 tous les acteurs de l\u2019\u00e9conomie.

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Dimension sp\u00e9cifique

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La dimension sp\u00e9cifique est propre \u00e0 chaque segment de client\u00e8le et \u00e0 ses activit\u00e9s. Elle permet de prendre en compte les sensibilit\u00e9s diff\u00e9renci\u00e9es de chaque secteur ou client \u00e0 ces risques.

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Elle est d\u00e9termin\u00e9e en compl\u00e9ment de la dimension globale et peut s\u2019appliquer \u00e0 diff\u00e9rents niveaux en fonction des risques \u00e0 estimer (au niveau de contreparties, secteurs d\u2019activit\u00e9, produits, etc.).

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Provisions en r\u00e9sultant

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Les provisions ont \u00e9t\u00e9 d\u00e9finies en compl\u00e9ments des provisions sectorielles effectives en adressant deux portefeuilles principaux\u00a0:

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\u25cfle risque de transition sur le portefeuille Entreprises notamment en \u00e9valuant l\u2019impact d\u2019une hausse des prix du carbone sur la solvabilit\u00e9 des contreparties\u00a0;

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\u25cfle risque physique d\u2019inondation sur le portefeuille de cr\u00e9dits immobiliers aux particuliers et l\u2019impact sur les r\u00e9cup\u00e9rations attendues en cas de contentieux.

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Ces travaux sont complexes et n\u00e9cessitent pour certains d\u2019entre eux de constituer des bases de donn\u00e9es pertinentes d\u2019observations d\u2019al\u00e9as climatiques pour int\u00e9grer cette composante dans le calcul des Expected Cr\u00e9dit Loss (ECL).

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NOTE 12Amortissements, provisions et pertes de valeur

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Les variations des dotations aux amortissements, provisions et pertes de valeur ayant un impact sur le r\u00e9sultat d\u2019exploitation courant se\u00a0d\u00e9composent comme suit\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

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Amortissements nets

\n		\n

2\u00a0521

\n		\n

2\u00a0621

\n
\n

Immobilisations incorporelles\u00a0(a)

\n		\n

782

\n		\n

823

\n
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Immobilisations corporelles\u00a0(a)

\n		\n

834

\n		\n

867

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

905

\n		\n

930

\n
\n

Provisions et pertes de valeur nettes

\n		\n

(17)

\n		\n

(48)

\n
\n

\u00c9carts d'acquisition\u00a0(b)

\n		\n

59

\n		\n

48

\n
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Droits d'utilisation\u00a0(a)

\n		\n

(30)

\n		\n

(19)

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Immobilisations corporelles et incorporelles\u00a0(a)

\n		\n

(48)

\n		\n

(120)

\n
\n

Stocks\u00a0(c)

\n		\n

1

\n		\n

(3)

\n
\n

Cr\u00e9ances\u00a0(c)

\n		\n

16

\n		\n

39

\n
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Pertes sur cr\u00e9ances irr\u00e9couvrables

\n		\n

38

\n		\n

38

\n
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Provisions pour risques et charges\u00a0

\n		\n

(52)

\n		\n

(32)

\n
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Co\u00fbt du risque des activit\u00e9s bancaires

\n		\n

250

\n		\n

231

\n
\n

Co\u00fbt du risque bancaire \u2013 autres d\u00e9pr\u00e9ciations et risques\u00a0(d)

\n		\n

56

\n		\n

149

\n
\n

Co\u00fbt du risque bancaire \u2013 cr\u00e9ances irr\u00e9couvrables

\n		\n

194

\n		\n

82

\n
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Amortissements, provisions et pertes de valeur avant affectation aux contrats d'assurance

\n		\n

2\u00a0754

\n		\n

2\u00a0804

\n
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Amortissements, provisions et pertes de valeurs aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en\u00a0PNB

\n		\n

(83)

\n		\n

(81)

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Total

\n		\n

2\u00a0670

\n		\n

2\u00a0723

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(a)Une ventilation des variations d\u2019amortissement et de perte de valeur des immobilisations est pr\u00e9sent\u00e9e dans les notes 17, 18 et 19. Les mouvements de d\u00e9pr\u00e9ciation et de reprise de d\u00e9pr\u00e9ciation sur les droits d\u2019utilisation concernent essentiellement l\u2019UGT Courrier (cf. note\u00a021).

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(b)Les pertes de valeur des \u00e9carts d\u2019acquisition sont d\u00e9taill\u00e9es en note\u00a016.2.

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(c)Le d\u00e9tail des variations des pertes de valeur relatives aux stocks et aux cr\u00e9ances figure dans la note\u00a024.

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(d)Dont 250\u00a0millions d\u2019euros sur les encours au co\u00fbt amorti en bucket 3 en 2025 (versus 158\u00a0millions d\u2019euros en 2024).

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34.1Risque de cr\u00e9dit et de contrepartie

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Le risque de cr\u00e9dit correspond au risque de perte financi\u00e8re pour le groupe dans le cas o\u00f9 un client ou une contrepartie d\u2019un instrument financier viendrait \u00e0 manquer \u00e0 ses obligations contractuelles. Ce risque provient essentiellement des titres de placement et des instruments d\u00e9riv\u00e9s.

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Titres de placement

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La tr\u00e9sorerie de La\u00a0Poste est plac\u00e9e sous forme de comptes r\u00e9mun\u00e9r\u00e9s, de comptes \u00e0 terme bancaires, d\u2019OPCVM et de titres de cr\u00e9ances n\u00e9gociables (TCN) b\u00e9n\u00e9ficiant \u00e0 l\u2019achat d\u2019une notation \u00e0 court terme minimale de A2/P2. Les risques de cr\u00e9dit sont encadr\u00e9s par un syst\u00e8me de limites repr\u00e9sentant le nominal maximal \u00e0 ne pas d\u00e9passer par OPCVM ou \u00e9metteur. Le groupe exclut de m\u00eame les typologies d\u2019instruments de placements les plus risqu\u00e9es et les \u00e9metteurs pr\u00e9sentant un risque trop important.

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Dans le cas o\u00f9 un titre en portefeuille voit l\u2019une de ses notations \u00e0 court terme passer en dessous de A2/P2, ce titre devra alors \u00eatre c\u00e9d\u00e9 \u00ab\u00a0au mieux\u00a0\u00bb sauf\u00a0d\u00e9cision d\u00e9rogatoire du Comit\u00e9 financier du groupe. En outre, afin d\u2019encadrer le risque de perte sur le portefeuille de placements actifs (hors OPCVM de tr\u00e9sorerie), une limite de perte maximale a \u00e9t\u00e9 mise en place. Celle-ci correspond \u00e0 la perte statistique estim\u00e9e sur le portefeuille dans un intervalle de confiance de 97,5%. Son calcul int\u00e8gre les CDS (Credit Default Swap) de chacun des titres en portefeuille, pond\u00e9r\u00e9s de leur maturit\u00e9 r\u00e9siduelle.

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Instruments d\u00e9riv\u00e9s

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Compte tenu de sa pr\u00e9sence sur les march\u00e9s de d\u00e9riv\u00e9s, La\u00a0Poste est expos\u00e9e \u00e0 un risque de d\u00e9faillance de ses contreparties de march\u00e9s.

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L\u2019exposition au titre de ses instruments est appr\u00e9hend\u00e9e au travers de la valeur de march\u00e9 nette des d\u00e9riv\u00e9s par contrepartie apr\u00e8s prise en compte des garanties re\u00e7ues ou donn\u00e9es au titre de contrats de collat\u00e9ralisation.

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Les engagements vis-\u00e0-vis des contreparties de La\u00a0Poste font l\u2019objet d\u2019accords syst\u00e9matiques de collat\u00e9ralisation permettant de r\u00e9duire le risque de d\u00e9faillance au niveau de la franchise.

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Clients et autres d\u00e9biteurs

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Des d\u00e9pr\u00e9ciations sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement. Aucun client du groupe ne contribue au chiffre d\u2019affaires consolid\u00e9 pour un montant sup\u00e9rieur \u00e0 10% du total.

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35.2Risque de cr\u00e9dit

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35.2.1Cadre g\u00e9n\u00e9ral

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La direction des risques groupe (DRG) g\u00e8re le risque de cr\u00e9dit pris par La\u00a0Banque\u00a0Postale, \u00e0 savoir le risque encouru en cas de d\u00e9faillance d\u2019une contrepartie ou de contreparties consid\u00e9r\u00e9es comme un m\u00eame b\u00e9n\u00e9ficiaire au sens du r\u00e8glement UE n\u00b0\u00a0575/2013 du Parlement europ\u00e9en et du Conseil concernant les exigences prudentielles applicables aux \u00e9tablissements de cr\u00e9dit et aux entreprises d\u2019investissement (ou CRR).

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Le Directoire fixe les fondamentaux communs (orientations strat\u00e9giques, valeurs, app\u00e9tence au risque, gouvernance) valid\u00e9s par le Conseil de surveillance \u00e0 partir desquels chacune des lignes m\u00e9tiers\u00a0d\u00e9cline ses priorit\u00e9s d\u2019action, et la ma\u00eetrise des risques associ\u00e9s, sous la supervision de la direction des risques groupe.

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L\u2019int\u00e9gration de la composante li\u00e9e aux risques climatiques est d\u00e9taill\u00e9e dans la note\u00a04.

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Enfin, les d\u00e9pr\u00e9ciations sont calcul\u00e9es de mani\u00e8re centralis\u00e9e pour l\u2019ensemble du groupe.

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35.2.2\u00c9volution du contexte g\u00e9opolitique et macro-\u00e9conomique

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Les mesures prises en mati\u00e8re de couverture du risque de cr\u00e9dit visent \u00e0 refl\u00e9ter le contexte dans lequel le groupe a op\u00e9r\u00e9 en 2025.

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La\u00a0Banque Postale a op\u00e9r\u00e9 dans un contexte marqu\u00e9 par un environnement \u00e9conomique et financier international devenu plus volatil, avec des chocs \u00e9conomiques tr\u00e8s significatifs (en lien avec la politique am\u00e9ricaine, les droits de douane) mais \u00e9galement national (contexte politique in\u00e9dit, \u00e9chec du conclave sur les retraites et difficult\u00e9s \u00e0 finaliser un budget 2026).

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Les tensions g\u00e9opolitiques restent \u00e9galement \u00e9lev\u00e9es et ont connu une d\u00e9gradation majeure depuis le\u00a0d\u00e9clenchement de la guerre entre la Russie et l\u2019Ukraine en\u00a0f\u00e9vrier\u00a02022 (poursuite du conflit arm\u00e9 entre l\u2019Ukraine et la Russie et de la guerre entre le Hamas et Isra\u00ebl, risque d'extension r\u00e9gionale au\u00a0mois de\u00a0juin de la guerre \u00e9clair entre Isra\u00ebl et l\u2019Iran, transformation de l\u2019environnement r\u00e9sultant \u00e9galement du repositionnement des \u00c9tats-Unis).

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Les principaux\u00a0points de vigilance portent sur la r\u00e9alisation des ambitions de d\u00e9veloppement sans d\u00e9t\u00e9rioration de la rentabilit\u00e9, sur la surveillance des portefeuilles de cr\u00e9dit entreprises pour lesquels des signes de d\u00e9gradation sont constat\u00e9s, la gestion de bilan et la situation de la liquidit\u00e9. Dans le contexte \u00e9conomique et politique actuel les m\u00e9nages ont privil\u00e9gi\u00e9 l\u2019\u00e9pargne (de pr\u00e9caution en particulier), conduisant \u00e0 des arbitrages (d\u00e9p\u00f4ts, livrets, assurance-vie).

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Indicateurs pris en compte

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Les indicateurs de la situation en France ayant une incidence sur les op\u00e9rations de La\u00a0Banque\u00a0Postale et devant \u00eatre pris en consid\u00e9ration, sont en particulier les suivants\u00a0:

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\u25cfl\u2019incertitude pesant sur les agents dans le contexte de cadre budg\u00e9taire et fiscal. Le climat d\u2019attentisme pourrait peser encore davantage sur la croissance \u00e9conomique et la capacit\u00e9 de remboursement des emprunteurs, m\u00eame si le climat des affaires en France en\u00a0d\u00e9cembre a continu\u00e9 de s\u2019am\u00e9liorer encore un peu et se rapproche de sa moyenne de longue p\u00e9riode\u00a0;

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\u25cfapr\u00e8s une hausse continue de 2021 \u00e0\u00a0d\u00e9cembre\u00a02024 en rattrapage de la p\u00e9riode COVID, la croissance du nombre de d\u00e9faillances d\u2019entreprises en France au global poursuit son tassement progressif (68,3\u00a0milliers en cumul\u00e9 12\u00a0mois \u00e0 fin\u00a0novembre\u00a02025, soit +4,4% en glissement annuel vs. +4,7% \u00e0 fin octobre\u00a02025) tout en restant sur un palier de haut de cycle (moyenne sur 2010-2019 de 59,3\u00a0milliers)\u00a0(388).

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Les sc\u00e9narios macro-\u00e9conomiques

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Dans le contexte des incertitudes \u00e9conomiques et g\u00e9opolitiques \u00e9voqu\u00e9es ci-dessus, le groupe continue de revoir r\u00e9guli\u00e8rement ses pr\u00e9visions macro-\u00e9conomiques prospectives (forward looking) pour la d\u00e9termination du risque de cr\u00e9dit.

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Le groupe retient trois sc\u00e9narios pour int\u00e9grer la composante forward looking\u00a0: un sc\u00e9nario central, un sc\u00e9nario alternatif favorable et un sc\u00e9nario alternatif d\u00e9grad\u00e9.

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Ces sc\u00e9narios sont d\u00e9finis par le d\u00e9partement des \u00e9tudes \u00e9conomiques de la direction strat\u00e9gique de La\u00a0Banque\u00a0Postale, \u00e0 partir de sc\u00e9narios d\u00e9termin\u00e9s par la Caisse des D\u00e9p\u00f4ts. Ils comportent des projections pour l'ensemble des variables macro-\u00e9conomiques n\u00e9cessaires au fonctionnement des mod\u00e8les d\u00e9velopp\u00e9s pour obtenir des pertes en cas de d\u00e9faut et probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9. La probabilit\u00e9 d'occurrence de chaque sc\u00e9nario fait l'objet d'une documentation par le d\u00e9partement des \u00c9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Le dispositif s\u2019appuie sur un nombre significatif de mod\u00e8les et fait l\u2019objet d\u2019une revue ind\u00e9pendante par l\u2019\u00e9quipe Validation des mod\u00e8les et d\u2019une validation en Comit\u00e9 de validation des mod\u00e8les avant leur utilisation. Pour tenir compte de la concentration en France de son portefeuille et \u00e0 ce titre disposer de projections pr\u00e9cises, La\u00a0Banque\u00a0Postale s\u2019appuie sur les comp\u00e9tences du groupe Caisse des D\u00e9p\u00f4ts et celles du D\u00e9partement des \u00e9tudes \u00e9conomiques de La Banque Postale en mati\u00e8re de sc\u00e9nario macro\u2011\u00e9conomique.

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L\u2019horizon des pr\u00e9visions de la conjoncture \u00e9conomique\u00a0future retenu est de cinq\u00a0ans

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Les sc\u00e9narios retenus sont des sc\u00e9narios \u00e9conomiques globaux et coh\u00e9rents\u00a0: ils s'appliquent uniform\u00e9ment sur l'ensemble de La\u00a0Banque\u00a0Postale avec des impacts potentiellement oppos\u00e9s sur certains segments de produits ou de client\u00e8le, refl\u00e9tant ainsi la diversification du portefeuille (\u00e0 titre d'illustration, il n'est pas possible, dans un sc\u00e9nario donn\u00e9, de disposer d'une projection de taux d'int\u00e9r\u00eat diff\u00e9rente pour mesurer les probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9 (life time) de la client\u00e8le de d\u00e9tail et celles de la client\u00e8le souveraine).

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Les sc\u00e9narios propos\u00e9s ne sont pas n\u00e9cessairement des sc\u00e9narios adverses sur le plan du risque de cr\u00e9dit\u00a0: il n'est pas cherch\u00e9 \u00e0 travers les sc\u00e9narios IFRS\u00a09 \u00e0 quantifier des risques de pertes dans un environnement tr\u00e8s d\u00e9grad\u00e9 dont la probabilit\u00e9 d'occurrence est tr\u00e8s faible, mais plut\u00f4t d\u2019appliquer des sc\u00e9narios plausibles d\u2019une mani\u00e8re g\u00e9n\u00e9rale, dont la probabilit\u00e9 d'occurrence s'\u00e9carte d'un \u00e9cart type de la probabilit\u00e9 d'occurrence du sc\u00e9nario central.

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Les sc\u00e9narios ne sont pas n\u00e9cessairement construits pour avoir un impact fort sur la composante sp\u00e9cifiquement cr\u00e9dit\u00a0: des sc\u00e9narios d\u00e9grad\u00e9s dont la probabilit\u00e9 d'occurrence est \u00e9lev\u00e9e peuvent \u00eatre retenus alors m\u00eame que leur impact principal est sur la composante taux.

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Les sc\u00e9narios retenus sont les sc\u00e9narios utilis\u00e9s dans d\u2019autres processus de l\u2019\u00e9tablissement (plan strat\u00e9gique, budget, exercices de stress tests de l\u2019ICAAP, reportings r\u00e9glementaires).

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Pond\u00e9ration de chacun des trois sc\u00e9narios

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La probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario est propos\u00e9e par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Au 31\u00a0d\u00e9cembre 2025, celui-ci a estim\u00e9 que l\u2019\u00e9volution de la situation macro-\u00e9conomique et les incertitudes pesant sur la croissance mondiale pour diff\u00e9rentes mesures n\u2019ont pas significativement chang\u00e9 depuis le 31\u00a0d\u00e9cembre 2024, et ainsi confirm\u00e9 les pond\u00e9rations applicables.

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La probabilit\u00e9 d\u2019occurrence de chacun de ces sc\u00e9narios est r\u00e9sum\u00e9e dans le tableau ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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Sc\u00e9narios

\n		\n

Sc\u00e9narios en vigueur en 2025

\n		\n

Sc\u00e9narios 2024

\n
\n

Central

\n		\n

60%

\n		\n

60%

\n
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Adverse

\n		\n

30%

\n		\n

30%

\n
\n

Favorable

\n		\n

10%

\n		\n

10%

\n
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Ainsi, en 2025, les sc\u00e9narios int\u00e9gr\u00e9s dans les traitements de calcul des provisions en norme IFRS\u00a09 sont les suivants\u00a0:

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Sc\u00e9nario central

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L\u2019incertitude sur la situation politique nationale et ses implications en termes \u00e9conomiques et sociales ont conduit \u00e0 un net retournement de la confiance des agents (m\u00e9nages et entreprises). La fin de l\u2019\u00e9t\u00e9\u00a02025 a \u00e9t\u00e9 marqu\u00e9e par une forte instabilit\u00e9 politique en France. Le sc\u00e9nario fait l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 politique\u00a0: les troubles sociaux sont contenus, se d\u00e9gage la perspective d\u2019un budget moins restrictif que le plan Bayrou. S\u2019agissant de l\u2019inflation, la poursuite de la d\u00e9sinflation a bien eu lieu et a m\u00eame \u00e9t\u00e9 plus marqu\u00e9e qu\u2019escompt\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, en lien avec la forte baisse des prix de l\u2019\u00e9nergie et l\u2019appr\u00e9ciation de l\u2019euro. Pour 2026, l\u2019incertitude est \u00e9lev\u00e9e. Sur le taux de d\u00e9p\u00f4t de la BCE, la normalisation mon\u00e9taire d\u00e9but\u00a02025 a \u00e9t\u00e9 suivie d\u2019un statu quo\u00a0: les derni\u00e8res \u00e9volutions confirment la perspective d\u2019un taux de d\u00e9p\u00f4t fin d\u2019ann\u00e9e en baisse sur 2024/2025. Compte tenu des forces inflationnistes pr\u00e9gnantes dans le cycle \u00e9conomique \u00e0 venir \u00e0 moyen/long terme, le taux d\u2019\u00e9quilibre de long terme reste stable. Pour les taux longs, les forces maintenant le taux de l\u2019OAT\u00a010\u00a0ans autour de 3,5% sont escompt\u00e9es pr\u00e9gnantes \u00e0 court terme, vu notamment la pression sur la prime de risque sp\u00e9cifique \u00e0 la France et les anticipations d\u2019augmentation d\u2019appels au march\u00e9 \u00e0 la suite de la lev\u00e9e du frein \u00e0 la dette allemande.

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Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

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\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

0,8

\n		\n

0,9

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,5

\n		\n

7,6

\n		\n

7,6

\n		\n

7,6

\n		\n

7,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,56

\n		\n

3,54

\n		\n

3,44

\n		\n

3,40

\n		\n

3,40

\n
\n

Inflation France (variation)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,8

\n		\n

1,9

\n		\n

2,0

\n		\n

2,0

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

3,04

\n		\n

2,94

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,8

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n
\n

Sc\u00e9nario adverse

\n

Ce sc\u00e9nario int\u00e8gre l\u2019ann\u00e9e du choc de nouvelles tensions sur le march\u00e9 des mati\u00e8res premi\u00e8res dans un contexte de tensions g\u00e9opolitiques, entra\u00eenant un choc r\u00e9cessif sur le PIB mondial. Une boucle prix-salaires persistante s\u2019installerait de mani\u00e8re durable en zone euro, entra\u00eenant une hausse de l\u2019inflation sous-jacente, l\u2019inflation totale persistant au-dessus de la cible de la banque centrale. En r\u00e9action, celle-ci positionnerait ses taux directeurs au-dessus des taux neutres, sans parvenir \u00e0 stabiliser la dynamique des prix, et impliquant des taux obligataires tr\u00e8s \u00e9lev\u00e9s. Dans ce sc\u00e9nario la transition \u00e9nerg\u00e9tique et \u00e9cologique se ferait, par rapport au sc\u00e9nario central, de mani\u00e8re d\u00e9sordonn\u00e9e, contribuant \u00e0 des tensions sur les prix et les taux, et \u00e0 une perte de croissance potentielle \u00e0 moyen terme (perte de productivit\u00e9). Les cons\u00e9quences \u00e9conomiques et financi\u00e8res des sc\u00e9narios climatiques adverses du NGFS(389) (dans leur derni\u00e8re actualisation avec une forte hausse de l\u2019impact du risque physique dans l\u2019ensemble des sc\u00e9narios) sont couvertes et statistiquement englob\u00e9es par ce sc\u00e9nario de KO inflationniste, tout comme le risque de guerre commerciale.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts, et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,5

\n		\n

0,5

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

8,7

\n		\n

9,2

\n		\n

9,5

\n		\n

9,6

\n		\n

9,6

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

5,48

\n		\n

5,69

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

5,50

\n		\n

4,00

\n		\n

3,50

\n		\n

3,50

\n		\n

3,50

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,6

\n		\n

0,6

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

8,3

\n		\n

9,1

\n		\n

9,4

\n		\n

9,5

\n		\n

9,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

5,00

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

5,5

\n		\n

4,0

\n		\n

3,5

\n		\n

3,5

\n		\n

3,5

\n
\n

Sc\u00e9nario favorable

\n

Le sc\u00e9nario haussier retient une moindre incertitude en France et un environnement international plus porteur. En France, la confiance des agents serait moins entrav\u00e9e qu\u2019escompt\u00e9e, soutenant davantage la reprise de l\u2019activit\u00e9 les premi\u00e8res ann\u00e9es que dans le sc\u00e9nario central. Au niveau international, le rel\u00e8vement des droits de douane am\u00e9ricains serait contenu. L\u2019inflation am\u00e9ricaine poursuivrait sa\u00a0d\u00e9c\u00e9l\u00e9ration, ce qui permettrait \u00e0 la Fed de baisser son taux directeur, entra\u00eenant une r\u00e9duction des taux longs am\u00e9ricains. Celle-ci se diffuserait dans les grandes \u00e9conomies et les taux longs europ\u00e9ens (dont l\u2019OAT) marqueraient \u00e9galement une baisse. Ce dernier \u00e9l\u00e9ment jouerait aussi \u00e0 long terme. La production p\u00e9troli\u00e8re am\u00e9ricaine plus soutenue p\u00e8serait sur le cours du p\u00e9trole, ce qui contrebalancerait les pressions haussi\u00e8res sur l\u2019inflation fran\u00e7aise, li\u00e9es \u00e0 une activit\u00e9 plus soutenue. En Chine, la politique de soutien des autorit\u00e9s produirait un peu d\u2019effets positifs. L\u2019ensemble de ces ph\u00e9nom\u00e8nes (moindre incertitude, davantage de demande \u00e9trang\u00e8re, inflation contenue et baisse des taux) constitueraient des facteurs de soutien additionnels \u00e0 la croissance fran\u00e7aise par rapport au sc\u00e9nario central. L\u2019emploi serait ainsi plus dynamique et le ch\u00f4mage plus faible.

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

1,2

\n		\n

1,5

\n		\n

1,4

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,4

\n		\n

7,2

\n		\n

7,1

\n		\n

7,0

\n		\n

6,9

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,44

\n		\n

3,34

\n		\n

3,24

\n		\n

3,20

\n		\n

3,20

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

1,35

\n		\n

1,61

\n		\n

1,75

\n		\n

1,93

\n		\n

1,97

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

TO

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,5

\n		\n

1,3

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,5

\n		\n

6,4

\n		\n

6,3

\n		\n

6,2

\n		\n

6,2

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

2,98

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,62

\n		\n

1,91

\n		\n

2,00

\n		\n

2,02

\n		\n

2,02

\n
\n

Analyse de sensibilit\u00e9 des sc\u00e9narios
macro-\u00e9conomiques sur les pertes attendues

\n

Les analyses de sensibilit\u00e9s ont \u00e9t\u00e9 conduites sur les p\u00e9rim\u00e8tres relatifs au risque de cr\u00e9dit aux personnes morales et personnes physiques, sur les param\u00e8tres des ECL statistiques (soit hors provisions \u00e0 dire d\u2019expert s\u2019agissant de la client\u00e8le Personnes Morales).

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de d\u00e9tail est relativement mod\u00e9r\u00e9e sur ce segment, avec une amplitude de [0%\u00a0; +3%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration.

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de personnes morales est plus marqu\u00e9e sur ce segment, avec une amplitude de [-3%\u00a0; +52%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration, la volatilit\u00e9 \u00e9tant plus \u00e9lev\u00e9e sur les expositions du segment souverains et \u00e9tablissements de cr\u00e9dit.

\n

35.2.3Impacts sur l\u2019\u00e9valuation du risque de cr\u00e9dit

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque s\u2019\u00e9tablit \u00e0 250\u00a0millions d\u2019euros.

\n

Le taux d\u2019expositions non performantes (des expositions client\u00e8le et des titres) est en hausse \u00e0 1,42% par rapport au niveau de\u00a0d\u00e9cembre\u00a02024 (i.e. 1,34% en\u00a0d\u00e9cembre\u00a02024) du fait essentiellement de l\u2019augmentation des encours en d\u00e9faut de l\u2019activit\u00e9 de cr\u00e9dit \u00e0 la consommation.

\n

Le taux de couverture des expositions non performantes est en l\u00e9g\u00e8re baisse (37,8%) \u00e0 fin\u00a0d\u00e9cembre\u00a02025 par rapport au 31\u00a0d\u00e9cembre 2024 (39,4%).

\n

Par ailleurs, le taux d\u2019exposition en bucket\u00a02 augmente pour s\u2019\u00e9tablir \u00e0 7,72% (versus 7% en 2024). Cette hausse r\u00e9sulte d\u2019un double effet\u00a0: provisionnement statistique (encours du bucket\u00a02 plus \u00e9lev\u00e9) et mise \u00e0 jour des crit\u00e8res de provisionnement sectoriel.

\n

Personnes morales

\n

Au cours de l\u2019ann\u00e9e 2025, il n\u2019y a pas de sinistralit\u00e9 importante observ\u00e9e sur le portefeuille de cr\u00e9dit personnes morales. Toutefois, le nombre d\u2019entr\u00e9e en gestion Affaires Sp\u00e9ciales continue de progresser sur le portefeuille de cr\u00e9dit entreprises. La lente d\u00e9gradation s'est mat\u00e9rialis\u00e9e essentiellement par l'entr\u00e9e de plusieurs dossiers \u00e0 forte composante immobili\u00e8re en Watch\u00a0List ou en gestion Affaires Sp\u00e9ciales, ainsi que sur le segment PME/ETI. Le renforcement du provisionnement sectoriel au second semestre 2024 a permis d\u2019absorber la d\u00e9gradation attendue du secteur de l\u2019immobilier.

\n

Ainsi, au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de Financement et d\u2019Investissement Personnes Morales s\u2019\u00e9tablit \u00e0 118\u00a0millions d\u2019euros contre 132\u00a0millions d'euros au 31\u00a0d\u00e9cembre 2024.

\n

Particuliers

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de la client\u00e8le de particuliers s\u2019\u00e9l\u00e8ve \u00e0 132\u00a0millions d\u2019euros (dont 7,4\u00a0millions d\u2019euros sur la client\u00e8le des professionnels) versus 99\u00a0millions au 31\u00a0d\u00e9cembre 2024.

\n

La qualit\u00e9 de cr\u00e9dit des portefeuilles de cr\u00e9dits aux particuliers reste stable et ma\u00eetris\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, notamment sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers.

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits \u00e0 la consommation, la dynamique de d\u00e9gradation du portefeuille constat\u00e9e depuis l\u2019\u00e9t\u00e9 2024 (progression des impay\u00e9s, hausse des flux de recevabilit\u00e9s Banque de France, d\u00e9gradation de notations) s\u2019est poursuivie en 2025. Ce risque reste \u00e0 ce jour ma\u00eetris\u00e9.

\n

35.2.4Exposition au risque de cr\u00e9dit

\n

a) Variation des valeurs comptables et des corrections de valeur pour pertes sur la p\u00e9riode

\n

Les corrections de valeur pour pertes correspondent aux d\u00e9pr\u00e9ciations sur actifs et aux provisions sur engagement hors-bilan comptabilis\u00e9es en r\u00e9sultat (co\u00fbt du risque de cr\u00e9dit pour les entit\u00e9s bancaires et co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance pour les entit\u00e9s d'assurance) au titre du risque de cr\u00e9dit.

\n

Les tableaux suivants pr\u00e9sentent un rapprochement des soldes d\u2019ouverture et de cl\u00f4ture des corrections de valeur pour perte comptabilis\u00e9es en Co\u00fbt du risque et des valeurs comptables brutes associ\u00e9es, par cat\u00e9gorie comptable et type d\u2019instruments.

\n

La ligne \u00ab\u00a0Modifications des flux ne donnant pas lieu \u00e0 une d\u00e9comptabilisation\u00a0\u00bb permet d\u2019identifier les impacts d\u2019une restructuration pour risque intervenue sur la p\u00e9riode (cf. note\u00a03.11).

\n

Actifs financiers \u00e9valu\u00e9s au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n
\n

Titres

\n		\n

38\u00a0335

\n		\n

(52)

\n		\n

(77)

\n		\n

38\u00a0206

\n		\n

36\u00a0324

\n		\n

(49)

\n		\n

(19)

\n		\n

36\u00a0256

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

70\u00a0077

\n		\n

(1)

\n		\n

\n		\n

70\u00a0076

\n		\n

75\u00a0679

\n		\n

(5)

\n		\n

\n		\n

75\u00a0673

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

133\u00a0975

\n		\n

(1\u00a0800)

\n		\n

(20)

\n		\n

132\u00a0155

\n		\n

130\u00a0680

\n		\n

(1\u00a0717)

\n		\n

(5)

\n		\n

128\u00a0958

\n
\n

Total

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

(97)

\n		\n

240\u00a0437

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

(24)

\n		\n

240\u00a0888

\n
\n

(a)Impact des op\u00e9rations de couverture.

\n

(b)Cf. note\u00a023.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur Nette comptable

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

227\u00a0548

\n		\n

(176)

\n		\n

12\u00a0614

\n		\n

(611)

\n		\n

2\u00a0523

\n		\n

(985)

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

240\u00a0888

\n
\n

Transferts d'actifs en cours de vie d'un bucket \u00e0\u00a0l'autre

\n		\n

(2\u00a0291)

\n		\n

11

\n		\n

1\u00a0728

\n		\n

(59)

\n		\n

563

\n		\n

(154)

\n		\n

0

\n		\n

(201)

\n		\n

(201)

\n
\n

Transferts vers ECL Maturit\u00e9 (bucket 2)

\n		\n

(4\u00a0965)

\n		\n

17

\n		\n

5\u00a0126

\n		\n

(177)

\n		\n

(161)

\n		\n

36

\n		\n

\n		\n

(123)

\n		\n

(123)

\n
\n

Transferts vers ECL 12\u00a0mois (bucket 1)

\n		\n

3\u00a0133

\n		\n

(10)

\n		\n

(2\u00a0986)

\n		\n

89

\n		\n

(148)

\n		\n

31

\n		\n

\n		\n

111

\n		\n

111

\n
\n

Transferts vers actifs d\u00e9pr\u00e9ci\u00e9s (bucket 3)\u00a0(a)

\n		\n

(459)

\n		\n

4

\n		\n

(412)

\n		\n

29

\n		\n

872

\n		\n

(221)

\n		\n

0

\n		\n

(188)

\n		\n

(188)

\n
\n

Total apr\u00e8s transferts

\n		\n

225\u00a0256

\n		\n

(165)

\n		\n

14\u00a0341

\n		\n

(669)

\n		\n

3\u00a0086

\n		\n

(1\u00a0138)

\n		\n

242\u00a0684

\n		\n

(1\u00a0973)

\n		\n

240\u00a0711

\n
\n

Variations des Valeurs comptables brutes et des\u00a0corrections de valeur pour pertes

\n		\n

556

\n		\n

5

\n		\n

(584)

\n		\n

21

\n		\n

(269)

\n		\n

94

\n		\n

(297)

\n		\n

120

\n		\n

(177)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026\u00a0(b)

\n		\n

33\u00a0967

\n		\n

(92)

\n		\n

2\u00a0259

\n		\n

(209)

\n		\n

503

\n		\n

(274)

\n		\n

36\u00a0730

\n		\n

(575)

\n		\n

36\u00a0155

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0 \u00e9ch\u00e9ance...

\n		\n

(33\u00a0147)

\n		\n

96

\n		\n

(2\u00a0843)

\n		\n

230

\n		\n

(561)

\n		\n

175

\n		\n

(36\u00a0551)

\n		\n

501

\n		\n

(36\u00a0050)

\n
\n

Passage \u00e0 perte

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(200)

\n		\n

193

\n		\n

(200)

\n		\n

193

\n		\n

(6)

\n
\n

Modifications des flux ne donnant pas lieu \u00e0 une\u00a0d\u00e9comptabilisation

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(217)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(217)

\n		\n

\n		\n

(217)

\n
\n

Autres

\n		\n

(47)

\n		\n

(0)

\n		\n

0

\n		\n

0

\n		\n

(9)

\n		\n

(0)

\n		\n

(55)

\n		\n

(0)

\n		\n

(55)

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0534

\n
\n

R\u00e9\u00e9valuations\u00a0(c)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(97)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0437

\n
\n

(a)Les transferts vers le bucket 3 correspondent \u00e0 des encours class\u00e9s initialement en bucket 1 ayant \u00e9t\u00e9\u00a0d\u00e9class\u00e9s soit directement en bucket 3, soit d\u2019abord en bucket 2 puis en bucket 3.

\n

(b)Les montants pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Nouvelle production\u00a0\u00bb en bucket 2 et bucket 3 peuvent inclure des encours origin\u00e9s en bucket 1 puis reclass\u00e9s en bucket 2 ou bucket 3 au cours du m\u00eame exercice.

\n

(c)Impact des op\u00e9rations de couverture.

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n
\n

Instruments de dettes \u00e0 la juste valeur par capitaux propres reyclables

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

Total

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

(a)Cf. note\u00a023.3.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Transferts d'actifs en cours
de vie d'un bucket \u00e0 l'autre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total apr\u00e8s transferts

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Variations des valeurs comptables brutes et des corrections de valeur pour pertes

\n		\n

4\u00a0539

\n		\n

(21)

\n		\n

(61)

\n		\n

0

\n		\n

\n		\n

\n		\n

4\u00a0478

\n		\n

(20)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026

\n		\n

63\u00a0794

\n		\n

\n		\n

10

\n		\n

\n		\n

\n		\n

\n		\n

63\u00a0804

\n		\n

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0\u00a0\u00e9ch\u00e9ance...

\n		\n

(59\u00a0228)

\n		\n

\n		\n

(71)

\n		\n

\n		\n

\n		\n

\n		\n

(59\u00a0299)

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(16)

\n		\n

2

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(16)

\n		\n

2

\n
\n

Autres

\n		\n

(11)

\n		\n

(23)

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

(11)

\n		\n

(22)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

233\u00a0825

\n		\n

(311)

\n		\n

30

\n		\n

(1)

\n		\n

\n		\n

\n		\n

233\u00a0854

\n		\n

(312)

\n
\n

Hors bilan (engagements de financement et de garantie)

\n

Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n
\n

Engagements de financement et de garantie\u00a0(a)

\n		\n

27\u00a0039

\n		\n

\n		\n

\n		\n

27\u00a0774

\n		\n

\n		\n

\n
\n

Provisions pour engagements de financement
et de garantie\u00a0(b)

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

(129)

\n		\n

\n
\n

Total

\n		\n

27\u00a0039

\n		\n

(105)

\n		\n

26\u00a0934

\n		\n

27\u00a0774

\n		\n

(129)

\n		\n

27\u00a0645

\n
\n

(a)Dont 24\u00a0752\u00a0millions d\u2019euros en bucket 1 et 2\u00a0209\u00a0millions d\u2019euros en bucket 2 en 2025 (versus 25\u00a0839\u00a0millions d\u2019euros en bucket 1 et 1\u00a0776\u00a0millions d\u2019euros en bucket 2 en 2024). \u00c0 noter que sur le bucket 1 en 2025, la nouvelle production s\u2019est \u00e9lev\u00e9e \u00e0 10\u00a0604\u00a0millions d\u2019euros et les\u00a0d\u00e9comptabilisations se sont \u00e9lev\u00e9es \u00e0 -11 940\u00a0millions d\u2019euros (versus 13\u00a0397\u00a0millions d\u2019euros en nouvelle production et -9\u00a0632\u00a0millions d\u2019euros en\u00a0d\u00e9comptabilisations en 2024).

\n

(b)Dont -20\u00a0millions d\u2019euros en bucket 1 et -74\u00a0millions d\u2019euros en bucket 2 en 2025 (versus -22\u00a0millions d\u2019euros en bucket 1 et -64\u00a0millions d\u2019euros en bucket 2 en 2024).

\n
\n

Actifs financiers restructur\u00e9s

\n

Pour les actifs ayant fait l\u2019objet d\u2019une restructuration au cours de la p\u00e9riode, la valeur comptable \u00e9tablie \u00e0 l\u2019issue de la restructuration est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n		\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le au co\u00fbt amorti

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Total

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0note\u00a03.11.6). Le statut d\u2019actif financier restructur\u00e9 est caract\u00e9ris\u00e9 d\u00e8s la survenance d\u2019une restructuration et conserv\u00e9 jusqu\u2019\u00e0 la\u00a0d\u00e9comptabilisation de l\u2019actif.

\n

La valeur comptable brute des actifs modifi\u00e9s concern\u00e9s par ce reclassement au cours de la p\u00e9riode est de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 10\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

Exposition maximale au risque de cr\u00e9dit

\n

L\u2019exposition maximale au risque de cr\u00e9dit correspond \u00e0 la valeur comptable des actifs financiers port\u00e9s par le groupe, nette de toute perte de valeur comptabilis\u00e9e et sans tenir compte des actifs d\u00e9tenus en garantie ou des autres rehaussements de cr\u00e9dit (par exemple les accords de compensation qui ne remplissent pas les conditions de compensation selon IAS\u00a032).

\n

Le tableau ci-dessous pr\u00e9sente l\u2019exposition nette maximale ainsi que le montant des actifs d\u00e9tenus en garantie et autres techniques de rehaussements de cr\u00e9dit permettant de r\u00e9duire cette exposition.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de r\u00e9haussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

96\u00a0938

\n		\n

19\u00a0988

\n		\n

76\u00a0950

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0252

\n		\n

19\u00a0988

\n		\n

264

\n
\n

Actifs financiers d\u00e9sign\u00e9s \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

\n		\n

2\u00a0618

\n
\n

Actifs financiers non SPPI mesur\u00e9s \u00e0 la juste valeur

\n		\n

74\u00a0068

\n		\n

\n		\n

74\u00a0068

\n
\n

D\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Titres de dette

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

240\u00a0437

\n		\n

95\u00a0027

\n		\n

145\u00a0410

\n
\n

Pr\u00eats et avances aux \u00e9tablissements de cr\u00e9dits

\n		\n

70\u00a0076

\n		\n

8\u00a0498

\n		\n

61\u00a0578

\n
\n

Pr\u00eats et avances \u00e0 la client\u00e8le

\n		\n

132\u00a0155

\n		\n

86\u00a0529

\n		\n

45\u00a0625

\n
\n

Titres de dette

\n		\n

38\u00a0206

\n		\n

\n		\n

38\u00a0206

\n
\n

Hors bilan (engagements de financement et de garantie)

\n		\n

26\u00a0934

\n		\n

287

\n		\n

26\u00a0647

\n
\n

Engagements de financement donn\u00e9s

\n		\n

25\u00a0552

\n		\n

286

\n		\n

25\u00a0266

\n
\n

Engagements de garantie donn\u00e9s

\n		\n

1\u00a0382

\n		\n

1

\n		\n

1\u00a0381

\n
\n

Total

\n		\n

571\u00a0437

\n		\n

115\u00a0697

\n		\n

455\u00a0740

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au\u00a031\u00a0d\u00e9cembre 2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de rehaussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0r\u00e9sultat

\n		\n

96\u00a0712

\n		\n

16\u00a0579

\n		\n

80\u00a0133

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9tenus\u00a0\u00e0\u00a0des\u00a0fins\u00a0de\u00a0transaction

\n		\n

16\u00a0838

\n		\n

16\u00a0579

\n		\n

258

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9sign\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0sur\u00a0option

\n		\n

2\u00a0943

\n		\n

\n		\n

2\u00a0943

\n
\n

Actifs\u00a0financiers\u00a0non\u00a0SPPI\u00a0mesur\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur

\n		\n

76\u00a0932

\n		\n

\n		\n

76\u00a0932

\n
\n

D\u00e9riv\u00e9s\u00a0de\u00a0couverture

\n		\n

486

\n		\n

486

\n		\n

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0capitaux\u00a0propres\u00a0recyclables

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Actifs\u00a0financiers\u00a0mesur\u00e9s\u00a0au\u00a0co\u00fbt\u00a0amorti

\n		\n

240\u00a0888

\n		\n

94\u00a0381

\n		\n

146\u00a0506

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0aux\u00a0\u00e9tablissements\u00a0de\u00a0cr\u00e9dits

\n		\n

75\u00a0673

\n		\n

10\u00a0130

\n		\n

65\u00a0543

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0\u00e0\u00a0la\u00a0client\u00e8le

\n		\n

128\u00a0958

\n		\n

84\u00a0251

\n		\n

44\u00a0707

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

36\u00a0256

\n		\n

\n		\n

36\u00a0256

\n
\n

Hors\u00a0bilan\u00a0(engagements\u00a0de\u00a0financement\u00a0et\u00a0de\u00a0garantie)

\n		\n

27\u00a0645

\n		\n

322

\n		\n

27\u00a0323

\n
\n

Engagements\u00a0de\u00a0financement\u00a0donn\u00e9s

\n		\n

26\u00a0251

\n		\n

321

\n		\n

25\u00a0930

\n
\n

Engagements\u00a0de\u00a0garantie\u00a0donn\u00e9s

\n		\n

1\u00a0394

\n		\n

1

\n		\n

1\u00a0393

\n
\n

Total

\n		\n

568\u00a0677

\n		\n

111\u00a0769

\n		\n

456\u00a0908

\n
\n

b) Concentration du risque de cr\u00e9dit

\n

Concentration du risque de cr\u00e9dit par agent \u00e9conomique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

Administration

\n		\n

100\u00a0949

\n		\n

101

\n		\n

33

\n		\n

101\u00a0082

\n		\n

105\u00a0482

\n		\n

71

\n		\n

24

\n		\n

105\u00a0577

\n
\n

Banques centrales

\n		\n

831

\n		\n

\n		\n

\n		\n

831

\n		\n

586

\n		\n

\n		\n

\n		\n

586

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

9\u00a0650

\n		\n

1\u00a0257

\n		\n

73

\n		\n

10\u00a0981

\n		\n

6\u00a0221

\n		\n

920

\n		\n

90

\n		\n

7\u00a0231

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

31\u00a0471

\n		\n

5\u00a0770

\n		\n

1\u00a0392

\n		\n

38\u00a0634

\n		\n

28\u00a0936

\n		\n

4\u00a0905

\n		\n

1\u00a0209

\n		\n

35\u00a0050

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

(a)Hors encours de pr\u00eats octroy\u00e9s \u00e0 des SCI, figurant en cr\u00e9dits retail au bilan et pr\u00e9sent\u00e9s en soci\u00e9t\u00e9s non financi\u00e8res dans cette\u00a0d\u00e9composition par agent \u00e9conomique.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Administration

\n		\n

118\u00a0322

\n		\n

\n		\n

\n		\n

118\u00a0322

\n		\n

115\u00a0580

\n		\n

\n		\n

\n		\n

115\u00a0580

\n
\n

Banques centrales

\n		\n

15\u00a0976

\n		\n

\n		\n

\n		\n

15\u00a0976

\n		\n

13\u00a0334

\n		\n

\n		\n

\n		\n

13\u00a0334

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

8\u00a0288

\n		\n

(0)

\n		\n

\n		\n

8\u00a0288

\n		\n

7\u00a0214

\n		\n

\n		\n

\n		\n

7\u00a0214

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

40\u00a0570

\n		\n

30

\n		\n

\n		\n

40\u00a0600

\n		\n

40\u00a0664

\n		\n

90

\n		\n

\n		\n

40\u00a0755

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan (engagements de\u00a0financement et\u00a0de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

7\u00a0318

\n		\n

600

\n		\n

13

\n		\n

7\u00a0932

\n		\n

8\u00a0032

\n		\n

651

\n		\n

15

\n		\n

8\u00a0698

\n
\n

Administration\u00a0(b)

\n		\n

4\u00a0933

\n		\n

16

\n		\n

\n		\n

4\u00a0948

\n		\n

4\u00a0493

\n		\n

5

\n		\n

2

\n		\n

4\u00a0500

\n
\n

Banques centrales

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n
\n

\u00c9tablissements de\u00a0cr\u00e9dit\u00a0(c)

\n		\n

1\u00a0631

\n		\n

170

\n		\n

\n		\n

1\u00a0801

\n		\n

4\u00a0624

\n		\n

78

\n		\n

\n		\n

4\u00a0702

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res\u00a0(d)

\n		\n

2\u00a0328

\n		\n

258

\n		\n

2

\n		\n

2\u00a0588

\n		\n

2\u00a0362

\n		\n

289

\n		\n

3

\n		\n

2\u00a0654

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res\u00a0(d)

\n		\n

8\u00a0542

\n		\n

1\u00a0164

\n		\n

63

\n		\n

9\u00a0769

\n		\n

6\u00a0326

\n		\n

753

\n		\n

139

\n		\n

7\u00a0218

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour pertes\u00a0(e)

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

(a)Dont 6\u00a0790\u00a0millions d\u2019euros en 2025 (7\u00a0460\u00a0millions d\u2019euros en 2024) pr\u00e9sentent une probabilit\u00e9 de d\u00e9faut inf\u00e9rieure \u00e0 1%.

\n

(b)Dont 3\u00a0689\u00a0millions d\u2019euros en 2025 (3\u00a0405\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(c)Dont 526\u00a0millions d\u2019euros en 2025 (342\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(d)Dont 10\u00a0474\u00a0millions d\u2019euros en 2025 (8\u00a0391\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(e)Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n
\n

Pour la client\u00e8le de d\u00e9tail, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par intervalle de probabilit\u00e9 de d\u00e9faut. Pour les autres types de client\u00e8le, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par notation externe.

\n

Exposition au risque de cr\u00e9dit

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

PD < 1%

\n		\n

62\u00a0952

\n		\n

1\u00a0280

\n		\n

\n		\n

64\u00a0232

\n		\n

64\u00a0886

\n		\n

1\u00a0607

\n		\n

\n		\n

66\u00a0493

\n
\n

1% < PD < 3%

\n		\n

7\u00a0752

\n		\n

1\u00a0748

\n		\n

\n		\n

9\u00a0499

\n		\n

8\u00a0168

\n		\n

1\u00a0543

\n		\n

\n		\n

9\u00a0711

\n
\n

3% < PD < 10%

\n		\n

1\u00a0604

\n		\n

2\u00a0739

\n		\n

\n		\n

4\u00a0343

\n		\n

1\u00a0874

\n		\n

2\u00a0652

\n		\n

\n		\n

4\u00a0526

\n
\n

PD > 10%

\n		\n

82

\n		\n

862

\n		\n

\n		\n

945

\n		\n

157

\n		\n

914

\n		\n

\n		\n

1\u00a0071

\n
\n

Contrat douteux \u2013 contentieux

\n		\n

\n		\n

\n		\n

1\u00a0318

\n		\n

1\u00a0318

\n		\n

\n		\n

\n		\n

1\u00a0200

\n		\n

1\u00a0200

\n
\n

Total \u2013 client\u00e8le de\u00a0d\u00e9tail

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

AAA

\n		\n

1\u00a0053

\n		\n

61

\n		\n

\n		\n

1\u00a0114

\n		\n

2\u00a0002

\n		\n

105

\n		\n

\n		\n

2\u00a0107

\n
\n

AA

\n		\n

1\u00a0531

\n		\n

\n		\n

\n		\n

1\u00a0531

\n		\n

2\u00a0822

\n		\n

69

\n		\n

\n		\n

2\u00a0891

\n
\n

A

\n		\n

5\u00a0579

\n		\n

58

\n		\n

52

\n		\n

5\u00a0689

\n		\n

4\u00a0302

\n		\n

271

\n		\n

\n		\n

4\u00a0573

\n
\n

Autres

\n		\n

32\u00a0960

\n		\n

6\u00a0908

\n		\n

1\u00a0413

\n		\n

41\u00a0281

\n		\n

26\u00a0032

\n		\n

5\u00a0379

\n		\n

1\u00a0299

\n		\n

32\u00a0710

\n
\n

Total \u2013 Soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

41\u00a0122

\n		\n

7\u00a0027

\n		\n

1\u00a0465

\n		\n

49\u00a0615

\n		\n

35\u00a0157

\n		\n

5\u00a0825

\n		\n

1\u00a0299

\n		\n

42\u00a0280

\n
\n

AAA

\n		\n

2\u00a0592

\n		\n

\n		\n

\n		\n

2\u00a0592

\n		\n

2\u00a0915

\n		\n

\n		\n

\n		\n

2\u00a0915

\n
\n

AA

\n		\n

1\u00a0992

\n		\n

\n		\n

\n		\n

1\u00a0992

\n		\n

89\u00a0179

\n		\n

\n		\n

\n		\n

89\u00a0179

\n
\n

A

\n		\n

89\u00a0161

\n		\n

8

\n		\n

\n		\n

89\u00a0169

\n		\n

3\u00a0455

\n		\n

\n		\n

0

\n		\n

3\u00a0455

\n
\n

Autres

\n		\n

8\u00a0035

\n		\n

92

\n		\n

33

\n		\n

8\u00a0160

\n		\n

10\u00a0518

\n		\n

71

\n		\n

24

\n		\n

10\u00a0614

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

101\u00a0779

\n		\n

101

\n		\n

33

\n		\n

101\u00a0913

\n		\n

106\u00a0068

\n		\n

71

\n		\n

24

\n		\n

106\u00a0163

\n
\n

AAA

\n		\n

203

\n		\n

\n		\n

\n		\n

203

\n		\n

905

\n		\n

\n		\n

\n		\n

905

\n
\n

AA

\n		\n

547

\n		\n

\n		\n

\n		\n

547

\n		\n

4\u00a0137

\n		\n

0

\n		\n

\n		\n

4\u00a0137

\n
\n

A

\n		\n

4\u00a0657

\n		\n

\n		\n

\n		\n

4\u00a0657

\n		\n

5\u00a0085

\n		\n

\n		\n

\n		\n

5\u00a0085

\n
\n

Autres

\n		\n

5\u00a0115

\n		\n

0

\n		\n

0

\n		\n

5\u00a0115

\n		\n

1\u00a0111

\n		\n

0

\n		\n

0

\n		\n

1\u00a0111

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
\u00e0 la juste valeur
par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

AAA

\n		\n

380

\n		\n

\n		\n

\n		\n

380

\n		\n

2\u00a0120

\n		\n

\n		\n

\n		\n

2\u00a0120

\n
\n

AA

\n		\n

7\u00a0784

\n		\n

\n		\n

\n		\n

7\u00a0784

\n		\n

7\u00a0936

\n		\n

\n		\n

\n		\n

7\u00a0936

\n
\n

A

\n		\n

19\u00a0236

\n		\n

\n		\n

\n		\n

19\u00a0236

\n		\n

17\u00a0877

\n		\n

\n		\n

\n		\n

17\u00a0877

\n
\n

Autres

\n		\n

21\u00a0458

\n		\n

30

\n		\n

\n		\n

21\u00a0488

\n		\n

19\u00a0946

\n		\n

90

\n		\n

\n		\n

20\u00a0036

\n
\n

Total \u2013 soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

48\u00a0858

\n		\n

30

\n		\n

\n		\n

48\u00a0888

\n		\n

47\u00a0878

\n		\n

90

\n		\n

\n		\n

47\u00a0969

\n
\n

AAA

\n		\n

21\u00a0662

\n		\n

\n		\n

\n		\n

21\u00a0662

\n		\n

18\u00a0264

\n		\n

\n		\n

\n		\n

18\u00a0264

\n
\n

AA

\n		\n

14\u00a0449

\n		\n

\n		\n

\n		\n

14\u00a0449

\n		\n

83\u00a0358

\n		\n

\n		\n

\n		\n

83\u00a0358

\n
\n

A

\n		\n

82\u00a0985

\n		\n

\n		\n

\n		\n

82\u00a0985

\n		\n

6\u00a0968

\n		\n

\n		\n

\n		\n

6\u00a0968

\n
\n

Autres

\n		\n

15\u00a0203

\n		\n

\n		\n

\n		\n

15\u00a0203

\n		\n

20\u00a0323

\n		\n

\n		\n

\n		\n

20\u00a0323

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

134\u00a0299

\n		\n

\n		\n

\n		\n

134\u00a0299

\n		\n

128\u00a0914

\n		\n

\n		\n

\n		\n

128\u00a0914

\n
\n

AAA

\n		\n

1\u00a0285

\n		\n

\n		\n

\n		\n

1\u00a0285

\n		\n

2\u00a0739

\n		\n

\n		\n

\n		\n

2\u00a0739

\n
\n

AA

\n		\n

4\u00a0096

\n		\n

\n		\n

\n		\n

4\u00a0096

\n		\n

7\u00a0098

\n		\n

\n		\n

\n		\n

7\u00a0098

\n
\n

A

\n		\n

34\u00a0096

\n		\n

\n		\n

\n		\n

34\u00a0096

\n		\n

36\u00a0056

\n		\n

\n		\n

\n		\n

36\u00a0056

\n
\n

Autres

\n		\n

11\u00a0191

\n		\n

\n		\n

\n		\n

11\u00a0191

\n		\n

6\u00a0600

\n		\n

\n		\n

\n		\n

6\u00a0600

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Concentration du risque de cr\u00e9dit par zone g\u00e9ographique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

203\u00a0228

\n		\n

13\u00a0459

\n		\n

2\u00a0698

\n		\n

219\u00a0384

\n		\n

205\u00a0644

\n		\n

12\u00a0434

\n		\n

2\u00a0457

\n		\n

220\u00a0535

\n
\n

Autres pays de l'UE

\n		\n

20\u00a0309

\n		\n

239

\n		\n

80

\n		\n

20\u00a0627

\n		\n

19\u00a0524

\n		\n

120

\n		\n

32

\n		\n

19\u00a0676

\n
\n

Autres pays d'Europe

\n		\n

720

\n		\n

16

\n		\n

33

\n		\n

769

\n		\n

697

\n		\n

12

\n		\n

32

\n		\n

741

\n
\n

Autres

\n		\n

1\u00a0555

\n		\n

44

\n		\n

7

\n		\n

1\u00a0606

\n		\n

1\u00a0682

\n		\n

47

\n		\n

2

\n		\n

1\u00a0731

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

112\u00a0567

\n		\n

10

\n		\n

\n		\n

112\u00a0577

\n		\n

99\u00a0019

\n		\n

\n		\n

\n		\n

99\u00a0019

\n
\n

Autres pays de l'UE

\n		\n

85\u00a0731

\n		\n

10

\n		\n

\n		\n

85\u00a0741

\n		\n

89\u00a0371

\n		\n

17

\n		\n

\n		\n

89\u00a0388

\n
\n

Autres pays d'Europe

\n		\n

6\u00a0550

\n		\n

\n		\n

\n		\n

6\u00a0550

\n		\n

8\u00a0697

\n		\n

\n		\n

\n		\n

8\u00a0697

\n
\n

Autres

\n		\n

28\u00a0977

\n		\n

9

\n		\n

\n		\n

28\u00a0986

\n		\n

32\u00a0199

\n		\n

73

\n		\n

\n		\n

32\u00a0272

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan
(engagements
de financement
et de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

22\u00a0997

\n		\n

1\u00a0956

\n		\n

79

\n		\n

25\u00a0031

\n		\n

24\u00a0019

\n		\n

1\u00a0626

\n		\n

159

\n		\n

25\u00a0804

\n
\n

Autres pays de l'UE

\n		\n

1\u00a0600

\n		\n

166

\n		\n

0

\n		\n

1\u00a0766

\n		\n

1\u00a0621

\n		\n

149

\n		\n

0

\n		\n

1\u00a0769

\n
\n

Autres pays d'Europe

\n		\n

141

\n		\n

1

\n		\n

0

\n		\n

142

\n		\n

95

\n		\n

1

\n		\n

0

\n		\n

96

\n
\n

Autres

\n		\n

14

\n		\n

85

\n		\n

0

\n		\n

99

\n		\n

104

\n		\n

1

\n		\n

0

\n		\n

105

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour\u00a0pertes

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

35.2.5Compl\u00e9ment d\u2019information sur les expositions souveraines

\n

Les recensements des expositions souveraines ont \u00e9t\u00e9 \u00e9tablis selon le p\u00e9rim\u00e8tre d\u00e9fini par l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE), c\u2019est-\u00e0-dire en reprenant dans les donn\u00e9es les expositions sur les collectivit\u00e9s r\u00e9gionales, les administrations centrales et organismes b\u00e9n\u00e9ficiant d\u2019une garantie de l\u2019\u00c9tat. Ces expositions incluent les d\u00e9p\u00f4ts centralis\u00e9s \u00e0 la Caisse des D\u00e9p\u00f4ts.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

7\u00a0831

\n		\n

409

\n		\n

8\u00a0240

\n		\n

1\u00a0158

\n		\n

\n		\n

9\u00a0398

\n		\n

3,6%

\n
\n

Autriche

\n		\n

2\u00a0400

\n		\n

6

\n		\n

2\u00a0407

\n		\n

139

\n		\n

\n		\n

2\u00a0546

\n		\n

1,0%

\n
\n

Belgique

\n		\n

9\u00a0497

\n		\n

68

\n		\n

9\u00a0565

\n		\n

2\u00a0013

\n		\n

\n		\n

11\u00a0578

\n		\n

4,4%

\n
\n

Espagne

\n		\n

13\u00a0624

\n		\n

51

\n		\n

13\u00a0675

\n		\n

1\u00a0025

\n		\n

\n		\n

14\u00a0700

\n		\n

5,6%

\n
\n

Finlande

\n		\n

589

\n		\n

1

\n		\n

591

\n		\n

21

\n		\n

\n		\n

611

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0630

\n		\n

3\u00a0848

\n		\n

146\u00a0478

\n		\n

13\u00a0063

\n		\n

4\u00a0203

\n		\n

163\u00a0744

\n		\n

61,9%

\n
\n

Grande-Bretagne

\n		\n

66

\n		\n

45

\n		\n

112

\n		\n

\n		\n

\n		\n

112

\n		\n

0,0%

\n
\n

Irlande

\n		\n

134

\n		\n

1

\n		\n

136

\n		\n

\n		\n

\n		\n

136

\n		\n

0,1%

\n
\n

Italie

\n		\n

10\u00a0185

\n		\n

84

\n		\n

10\u00a0269

\n		\n

957

\n		\n

\n		\n

11\u00a0226

\n		\n

4,2%

\n
\n

Luxembourg

\n		\n

100

\n		\n

2

\n		\n

102

\n		\n

\n		\n

\n		\n

102

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

1\u00a0768

\n		\n

17

\n		\n

1\u00a0785

\n		\n

\n		\n

\n		\n

1\u00a0785

\n		\n

0,7%

\n
\n

Pologne

\n		\n

235

\n		\n

3

\n		\n

237

\n		\n

\n		\n

\n		\n

237

\n		\n

0,1%

\n
\n

Portugal

\n		\n

1\u00a0975

\n		\n

3

\n		\n

1\u00a0978

\n		\n

\n		\n

\n		\n

1\u00a0978

\n		\n

0,7%

\n
\n

Roumanie

\n		\n

149

\n		\n

\n		\n

149

\n		\n

\n		\n

\n		\n

149

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

183

\n		\n

\n		\n

183

\n		\n

\n		\n

\n		\n

183

\n		\n

0,1%

\n
\n

Autres pays d'Europe

\n		\n

109

\n		\n

\n		\n

109

\n		\n

\n		\n

\n		\n

109

\n		\n

0,0%

\n
\n

Supranational

\n		\n

15\u00a0626

\n		\n

490

\n		\n

16\u00a0116

\n		\n

\n		\n

\n		\n

16\u00a0116

\n		\n

6,1%

\n
\n

Europe

\n		\n

207\u00a0102

\n		\n

5\u00a0028

\n		\n

212\u00a0131

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

234\u00a0709

\n		\n

88,8%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0236

\n		\n

26\u00a0354

\n		\n

28\u00a0590

\n		\n

\n		\n

\n		\n

28\u00a0590

\n		\n

10,8%

\n
\n

Canada

\n		\n

696

\n		\n

\n		\n

696

\n		\n

\n		\n

\n		\n

696

\n		\n

0,3%

\n
\n

Mexique

\n		\n

111

\n		\n

\n		\n

111

\n		\n

\n		\n

\n		\n

111

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

236

\n		\n

17

\n		\n

254

\n		\n

\n		\n

\n		\n

254

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0279

\n		\n

26\u00a0371

\n		\n

29\u00a0650

\n		\n

-

\n		\n

-

\n		\n

29\u00a0650

\n		\n

11,2%

\n
\n

Total

\n		\n

210\u00a0381

\n		\n

31\u00a0400

\n		\n

241\u00a0781

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

264\u00a0360

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

6\u00a0462

\n		\n

196

\n		\n

6\u00a0657

\n		\n

1\u00a0073

\n		\n

-

\n		\n

7\u00a0730

\n		\n

3,1%

\n
\n

Autriche

\n		\n

1\u00a0912

\n		\n

6

\n		\n

1\u00a0919

\n		\n

\n		\n

-

\n		\n

1\u00a0919

\n		\n

0,8%

\n
\n

Belgique

\n		\n

8\u00a0953

\n		\n

78

\n		\n

9\u00a0031

\n		\n

1\u00a0291

\n		\n

-

\n		\n

10\u00a0321

\n		\n

4,2%

\n
\n

Espagne

\n		\n

13\u00a0418

\n		\n

41

\n		\n

13\u00a0458

\n		\n

433

\n		\n

-

\n		\n

13\u00a0892

\n		\n

5,6%

\n
\n

Finlande

\n		\n

376

\n		\n

1

\n		\n

377

\n		\n

-

\n		\n

-

\n		\n

377

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0457

\n		\n

1\u00a0518

\n		\n

143\u00a0975

\n		\n

7\u00a0921

\n		\n

806

\n		\n

152\u00a0702

\n		\n

62,1%

\n
\n

Grande-Bretagne

\n		\n

74

\n		\n

-

\n		\n

74

\n		\n

-

\n		\n

-

\n		\n

74

\n		\n

0,0%

\n
\n

Irlande

\n		\n

181

\n		\n

19

\n		\n

200

\n		\n

-

\n		\n

-

\n		\n

200

\n		\n

0,1%

\n
\n

Italie

\n		\n

9\u00a0526

\n		\n

82

\n		\n

9\u00a0607

\n		\n

3\u00a0590

\n		\n

-

\n		\n

13\u00a0197

\n		\n

5,4%

\n
\n

Luxembourg

\n		\n

103

\n		\n

1

\n		\n

104

\n		\n

-

\n		\n

-

\n		\n

104

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

533

\n		\n

15

\n		\n

548

\n		\n

127

\n		\n

-

\n		\n

674

\n		\n

0,3%

\n
\n

Pologne

\n		\n

209

\n		\n

-

\n		\n

209

\n		\n

-

\n		\n

-

\n		\n

209

\n		\n

0,1%

\n
\n

Portugal

\n		\n

2\u00a0073

\n		\n

3

\n		\n

2\u00a0076

\n		\n

98

\n		\n

-

\n		\n

2\u00a0173

\n		\n

0,9%

\n
\n

Roumanie

\n		\n

144

\n		\n

-

\n		\n

144

\n		\n

-

\n		\n

-

\n		\n

144

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

110

\n		\n

-

\n		\n

110

\n		\n

-

\n		\n

-

\n		\n

110

\n		\n

0,0%

\n
\n

Autres pays d'Europe

\n		\n

127

\n		\n

-

\n		\n

127

\n		\n

-

\n		\n

-

\n		\n

127

\n		\n

0,1%

\n
\n

Supranational

\n		\n

12\u00a0969

\n		\n

811

\n		\n

13\u00a0780

\n		\n

567

\n		\n

-

\n		\n

14\u00a0347

\n		\n

5,8%

\n
\n

Europe

\n		\n

199\u00a0625

\n		\n

2\u00a0771

\n		\n

202\u00a0396

\n		\n

15\u00a0100

\n		\n

806

\n		\n

218\u00a0301

\n		\n

88,7%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0506

\n		\n

24\u00a0214

\n		\n

26\u00a0720

\n		\n

\n		\n

-

\n		\n

26\u00a0720

\n		\n

10,9%

\n
\n

Canada

\n		\n

572

\n		\n

-

\n		\n

572

\n		\n

-

\n		\n

-

\n		\n

572

\n		\n

0,2%

\n
\n

Mexique

\n		\n

108

\n		\n

-

\n		\n

108

\n		\n

-

\n		\n

-

\n		\n

108

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

318

\n		\n

21

\n		\n

339

\n		\n

-

\n		\n

-

\n		\n

339

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0504

\n		\n

24\u00a0235

\n		\n

27\u00a0739

\n		\n

\n		\n

-

\n		\n

27\u00a0739

\n		\n

11,3%

\n
\n

Total

\n		\n

203\u00a0129

\n		\n

27\u00a0005

\n		\n

230\u00a0135

\n		\n

15\u00a0100

\n		\n

806

\n		\n

246\u00a0041

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

Risque de contrepartie sur les r\u00e9assureurs

\n

Le p\u00e9rim\u00e8tre des risques de contrepartie inclut les contrats permettant une att\u00e9nuation des risques tels que les accords de r\u00e9assurance, les titrisations et les instruments d\u00e9riv\u00e9s, et les cr\u00e9ances \u00e0 recevoir des interm\u00e9diaires et des assur\u00e9s.

\n

Les cessions d'actifs de r\u00e9assurance nets de passifs sont r\u00e9alis\u00e9es, sur la base du total des provisions c\u00e9d\u00e9es, \u00e0 21% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 AA-, et \u00e0 95% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 A.

\n

(388)Source\u00a0: Banque de France.

\n

(389)The Central Banks and Supervisors Network for Greening the Financial System.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143844489350107_0_0": { "value": "

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

\n

Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

\n

Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

\n

3.11.6D\u00e9pr\u00e9ciation des actifs financiers

\n

La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

\n

La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

\n

Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

\n

Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

\n

Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

\n

Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

\n

D\u00e9gradation significative du risque de cr\u00e9dit

\n

La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

\n

Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

\n

M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

\n

Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

\n

Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

\n

Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

\n

Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

\n

Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

\n

Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

\n

La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

\n

Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

\n

La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

\n

Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

\n

La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

\n

Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

\n

Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

\n

Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

\n

\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

\n

\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

\n

\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

\n

\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

\n

D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

\n

Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

\n

Pr\u00eats ne relevant plus du bucket\u00a03

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

\n

Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

\n

Passage en pertes

\n

Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

\n

L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059555_0": { "value": "

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.10Autres actifs

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3.10.2Cr\u00e9ances clients

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Lors de leur comptabilisation initiale, les cr\u00e9ances clients de l\u2019activit\u00e9 commerciale sont enregistr\u00e9es \u00e0 leur valeur nominale, qui correspond en substance \u00e0 la juste valeur des cr\u00e9ances.

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Des provisions sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement.

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3.10.3Autres actifs financiers courants

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Il s\u2019agit pour l\u2019essentiel de la part court terme de la juste valeur des instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette obligataire de La\u00a0Poste (cf. notes\u00a03.15 et 29).

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3.10.4Autres actifs financiers non\u00a0courants

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Ce poste inclut notamment les deux composantes suivantes (cf.\u00a0note\u00a022)\u00a0:

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Pr\u00eats accord\u00e9s pour le logement social

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Ils sont comptabilis\u00e9s au co\u00fbt amorti selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif. Des d\u00e9pr\u00e9ciations sont constitu\u00e9es afin de prendre en compte l\u2019\u00e9ch\u00e9ance et les modalit\u00e9s de remboursement de ces pr\u00eats, ainsi que l\u2019appr\u00e9ciation du risque de non-recouvrement.

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Titres de participation non consolid\u00e9s

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Lorsqu\u2019ils ne sont pas d\u00e9tenus \u00e0 des fins de transaction, la norme IFRS\u00a09 permet en date de premi\u00e8re comptabilisation de chaque instrument d\u2019opter (de mani\u00e8re irr\u00e9vocable) pour un classement en juste valeur par le biais des capitaux propres non recyclables.

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Cette option est le plus souvent utilis\u00e9e pour les titres non consolid\u00e9s.

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Lorsque cette option est retenue, les gains ou les pertes latents comptabilis\u00e9s en capitaux propres ne sont pas recycl\u00e9s en r\u00e9sultat en cas de cession mais sont reclass\u00e9s en r\u00e9serves consolid\u00e9es. Seuls les \u00e9ventuels dividendes relatifs \u00e0 ces titres impactent le compte de r\u00e9sultat.

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3.11Actifs et passifs financiers des activit\u00e9s bancaires et d\u2019assurance

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Au bilan, les actifs et passifs sp\u00e9cifiques aux activit\u00e9s bancaires et d\u2019assurance sont regroup\u00e9s sur des postes d\u00e9di\u00e9s \u00e0 ces activit\u00e9s dont le contenu est similaire \u00e0 ceux pr\u00e9sent\u00e9s par La\u00a0Banque\u00a0Postale dans ses propres \u00e9tats financiers.

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3.11.1Principes g\u00e9n\u00e9raux de comptabilisation des actifs et\u00a0passifs financiers

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Instruments financiers

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La norme IFRS\u00a09 d\u00e9finit un instrument financier comme tout contrat donnant lieu \u00e0 la comptabilisation d'un actif financier pour l'une des parties et \u00e0 la comptabilisation d'un passif financier ou d'un instrument de capitaux propres pour l'autre partie. Le droit contractuel de l'une des parties de recevoir de la tr\u00e9sorerie est contrebalanc\u00e9 par l'obligation de payer de la tr\u00e9sorerie pour l'autre partie, et inversement.

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Comptabilisation initiale

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Lors de leur comptabilisation initiale, les actifs et passifs financiers sont \u00e9valu\u00e9s \u00e0 leur juste valeur minor\u00e9e ou major\u00e9e des co\u00fbts de transaction directement imputables \u00e0 l\u2019acquisition (\u00e0 l\u2019exception des actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat pour lesquels les co\u00fbts de transaction sont comptabilis\u00e9s en produits ou en charges au moment de la comptabilisation initiale).

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En pratique, la juste valeur sera le plus souvent le prix de transaction de l\u2019instrument financier.

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Date d\u2019enregistrement initiale

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Les titres sont inscrits au bilan en date de r\u00e8glement-livraison tandis que les instruments financiers d\u00e9riv\u00e9s sont enregistr\u00e9s en date de n\u00e9gociation. Les variations de juste valeur entre la date de n\u00e9gociation et la date de r\u00e8glement-livraison sont enregistr\u00e9es en r\u00e9sultat.

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Les pr\u00eats et cr\u00e9ances sont enregistr\u00e9s au bilan en date de\u00a0d\u00e9caissement.

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3.11.2Comptabilisation des actifs financiers

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Selon IFRS\u00a09, la classification d\u2019un actif financier est effectu\u00e9e en fonction des mod\u00e8les de gestion d\u00e9finis par l\u2019entit\u00e9 et des caract\u00e9ristiques de ses flux de tr\u00e9sorerie contractuels (crit\u00e8re du Pr\u00eat basique appel\u00e9 aussi test SPPI, Solely Payments of Principal and Interest).

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Mod\u00e8les de gestion

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Un mod\u00e8le de gestion correspond \u00e0 la mani\u00e8re dont est g\u00e9r\u00e9 collectivement un groupe d\u2019actifs financiers pour g\u00e9n\u00e9rer des revenus. Son objectif est de traduire au mieux les pratiques de gestion des actifs concern\u00e9s. Il est identifi\u00e9 au sein du groupe \u00e0 partir des faits objectifs qui peuvent \u00eatre observ\u00e9s comme l\u2019analyse de l\u2019organisation du m\u00e9tier, de ses syst\u00e8mes d\u2019information, de ses rapports internes, de son mode de suivi des risques, ou encore de ses\u00a0d\u00e9cisions de gestion pass\u00e9es (historiques de cessions par exemple).

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Il convient de distinguer trois types de mod\u00e8les de gestion\u00a0:

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\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs (mod\u00e8le Collecte)\u00a0;

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\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs et effectuer des cessions (mod\u00e8le Collecte et Vente)\u00a0;

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\u25cfun mod\u00e8le Autre pour les autres actifs financiers, dont le mod\u00e8le n\u2019est ni le mod\u00e8le Collecte, ni le mod\u00e8le Collecte et Vente et dans lequel la collecte des flux contractuels est accessoire.

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Ce mod\u00e8le concerne notamment les actifs financiers g\u00e9r\u00e9s \u00e0 des fins de transaction.

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L\u2019identification d\u2019un mod\u00e8le de gestion est accompagn\u00e9e d\u2019une documentation au sein de chaque m\u00e9tier du groupe.

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Un changement de mod\u00e8le gestion est par nature tr\u00e8s rare car ne pouvant correspondre qu\u2019\u00e0 l\u2019arr\u00eat ou au lancement d\u2019une activit\u00e9 significative. Il peut s\u2019agir par exemple d\u2019une cession de ligne de m\u00e9tier g\u00e9r\u00e9e auparavant selon le mod\u00e8le Collecte\u00a0: dans ce cas, l\u2019entit\u00e9 ne commercialise plus ce type d\u2019instruments financiers et reclasse l\u2019ensemble des actifs concern\u00e9s dans un mod\u00e8le de gestion de type transaction.

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Interdit dans tous les autres cas, le reclassement des instruments de dette respectant le test SPPI est obligatoire en cas de changement de mod\u00e8le de gestion de mani\u00e8re prospective et soit au 1er\u00a0juillet, soit au 1er\u00a0janvier apr\u00e8s la date effective du changement de mod\u00e8le.

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Crit\u00e8re du pr\u00eat basique ou test SPPI

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L\u2019objectif du crit\u00e8re SPPI est de s\u2019assurer que les flux de tr\u00e9sorerie contractuels g\u00e9n\u00e9r\u00e9s par l\u2019instrument sont uniquement compos\u00e9s de flux de remboursement en principal et de versement d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb. En d\u2019autres termes, l\u2019instrument doit \u00eatre un \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

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Le principal est d\u00e9fini comme la juste valeur de l\u2019instrument financier au moment de sa comptabilisation initiale au bilan.

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Les int\u00e9r\u00eats peuvent comprendre plusieurs composantes dont\u00a0:

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\u25cfla r\u00e9mun\u00e9ration per\u00e7ue au titre du temps qui passe, appel\u00e9e aussi valeur-temps de l\u2019argent\u00a0;

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\u25cfla r\u00e9mun\u00e9ration du risque de cr\u00e9dit encouru sur le montant pr\u00eat\u00e9\u00a0;

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\u25cfla r\u00e9mun\u00e9ration venant compenser les co\u00fbts de la liquidit\u00e9 ou co\u00fbts administratifs\u00a0; \u00a0

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\u25cfet la marge commerciale.

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Les actifs financiers respectant le crit\u00e8re du pr\u00eat basique sont des instruments de dette qui comprennent notamment les cr\u00e9dits classiques, des obligations \u00e0 taux fixe et \u00e0 taux variable ainsi que les cr\u00e9ances commerciales. Ils incluent \u00e9galement des financements responsables (pr\u00eats verts et sociaux, cr\u00e9dits \u00e0 impact, pr\u00eats li\u00e9s au d\u00e9veloppement durable ou sustainability-Linked loans) dont les flux contractuels sont conformes aux crit\u00e8res SPPI.

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Les actifs financiers ne respectant pas le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb incluent notamment les instruments de dette tels que les OPCVM ou les titres structur\u00e9s.

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Les instruments d\u00e9riv\u00e9s et les instruments de capitaux propres de type actions ou titres de participation non consolid\u00e9s ne respectent pas par nature le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

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Selon IFRS\u00a09, les actifs financiers sont class\u00e9s dans une des quatre cat\u00e9gories d\u00e9taill\u00e9es dans les sections\u00a03.11.3 \u00e0 3.11.5.

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3.11.3Actifs financiers au co\u00fbt amorti

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance (mod\u00e8le de gestion de collecte) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s au sein des actifs financiers au co\u00fbt amorti.

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L\u2019objectif du mod\u00e8le de gestion \u00ab\u00a0Collecte des flux contractuels\u00a0\u00bb est de d\u00e9tenir les actifs sur une longue dur\u00e9e ou jusqu\u2019\u00e0 maturit\u00e9 pour en percevoir les flux contractuels. Dans ce mod\u00e8le de gestion, les cessions sont possibles mais limit\u00e9es aux cessions r\u00e9alis\u00e9es dans le cadre d\u2019une augmentation du risque de cr\u00e9dit, aux cessions proches de la maturit\u00e9 de l\u2019instrument, aux cessions fr\u00e9quentes mais peu significatives et aux cessions isol\u00e9es m\u00eame si elles sont significatives.

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Les actifs financiers au co\u00fbt amorti sont comptabilis\u00e9s, apr\u00e8s leur comptabilisation initiale, en utilisant la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Le taux d\u2019int\u00e9r\u00eat effectif est le taux qui actualise exactement les flux de tr\u00e9sorerie futurs estim\u00e9s sur la dur\u00e9e de vie attendue d\u2019un actif financier \u00e0 sa juste valeur initiale. Il inclut les co\u00fbts de transaction et les produits accessoires (frais de dossier, commissions d\u2019engagement d\u00e8s lors que le tirage est plus probable qu\u2019improbable ou de participation) ainsi que toutes autres surcotes ou\u00a0d\u00e9cotes. Il s\u2019agit d\u2019un taux actuariel.

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Au sein du groupe, cette cat\u00e9gorie d\u2019actifs financiers comprend notamment l\u2019essentiel des pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le et aux \u00e9tablissements de cr\u00e9dit, ainsi que la plupart des titres de dettes entrant dans le cadre d\u2019investissement des activit\u00e9s bancaires.

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Modifications de contrats (ren\u00e9gociations\u00a0commerciales)

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Les pr\u00eats octroy\u00e9s par le groupe peuvent faire l'objet de restructurations pour difficult\u00e9s financi\u00e8res (cf.\u00a0section\u00a03.11.6) ou de ren\u00e9gociations commerciales m\u00eame en l\u2019absence de difficult\u00e9s financi\u00e8res ou d\u2019insolvabilit\u00e9 de l\u2019emprunteur.

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Ces op\u00e9rations concernent des clients pour lesquels le groupe accepte de ren\u00e9gocier la dette selon les nouvelles conditions du march\u00e9, dans le but de maintenir ou de d\u00e9velopper une relation commerciale, sans abandon de capital ou d\u2019int\u00e9r\u00eats courus. \u00c0 l\u2019exception des cas particuliers o\u00f9 la modification apport\u00e9e par la ren\u00e9gociation ne serait pas jug\u00e9e substantielle, les pr\u00eats ainsi ren\u00e9goci\u00e9s sont\u00a0d\u00e9comptabilis\u00e9s \u00e0 la date de ren\u00e9gociation et les nouveaux pr\u00eats, contractualis\u00e9s aux conditions ren\u00e9goci\u00e9es, leur sont substitu\u00e9s au bilan \u00e0 cette m\u00eame date.

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3.11.4Actifs financiers \u00e0 la juste valeur par\u00a0capitaux propres recyclables

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels et de vendre les actifs (mod\u00e8le de collecte et vente) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s dans les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables.

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Ces actifs sont comptabilis\u00e9s \u00e0 leur juste valeur lors de leur inscription initiale au bilan et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Les revenus courus ou acquis sont enregistr\u00e9s en r\u00e9sultat sur la base du taux d\u2019int\u00e9r\u00eat effectif parmi les Int\u00e9r\u00eats et produits assimil\u00e9s au sein du produit net bancaire.

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En date de cl\u00f4ture, cette cat\u00e9gorie d\u2019instruments financiers est \u00e9valu\u00e9e au bilan \u00e0 la juste valeur et les variations de juste valeur hors revenus sont enregistr\u00e9es par contrepartie des r\u00e9serves recyclables, \u00e0 l\u2019exception des \u00e9carts de change sur les actifs mon\u00e9taires en devises enregistr\u00e9s en r\u00e9sultat.

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De plus, ces instruments \u00e9tant soumis au mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit, les variations des pertes de cr\u00e9dit attendues sont comptabilis\u00e9es en r\u00e9sultat dans le co\u00fbt du risque des activit\u00e9s bancaires (cf. note\u00a012) et au sein du Produit Net Bancaire pour les activit\u00e9s d'assurance (cf. note\u00a08) en contrepartie des r\u00e9serves recyclables.

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Lors de la cession de ces titres, les gains ou pertes latents ant\u00e9rieurement constat\u00e9s en capitaux propres sont recycl\u00e9s en compte de r\u00e9sultat au sein du Produit Net Bancaire sur la ligne des Gains ou pertes nets des instruments financiers \u00e0 la juste valeur par capitaux propres (cf. note\u00a08).

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3.11.5Actifs financiers \u00e0 la juste valeur par\u00a0r\u00e9sultat

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La cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par r\u00e9sultat est la cat\u00e9gorie par d\u00e9faut selon IFRS\u00a09. Les variations de juste valeur des actifs financiers class\u00e9s dans cette cat\u00e9gorie sont enregistr\u00e9es au compte de r\u00e9sultat.

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Elle comprend les titres de dette ne correspondant pas aux crit\u00e8res du pr\u00eat basique (par exemple les OPCVM) ainsi que les instruments de capitaux propres qui ne sont pas class\u00e9s dans la cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables (cf. note\u00a036.2). Cette cat\u00e9gorie englobe \u00e9galement l\u2019ensemble des actifs financiers d\u00e9tenus dans un mod\u00e8le de gestion n\u2019\u00e9tant ni un mod\u00e8le de collecte ni un mod\u00e8le de collecte et vente i.e. les actifs financiers, y compris les d\u00e9riv\u00e9s actifs, d\u00e9tenus \u00e0 des fins de transaction (c'est-\u00e0-dire acquis ou \u00e9mis avec l\u2019intention de les revendre \u00e0 br\u00e8ve \u00e9ch\u00e9ance).

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Au sein du groupe, cette cat\u00e9gorie comprend notamment les cr\u00e9dits aux collectivit\u00e9s locales \u00e9ligibles \u00e0 des cessions \u00e0 Caffil.

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Figurent \u00e9galement dans cette cat\u00e9gorie, les actifs que le groupe a d\u00e9sign\u00e9s pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant une des conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable (option possible uniquement en date de premi\u00e8re comptabilisation et de mani\u00e8re irr\u00e9vocable)\u00a0;

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\u25cfou si le risque de cr\u00e9dit est couvert par un d\u00e9riv\u00e9 (l\u2019option possible lors de la comptabilisation initiale ou bien ult\u00e9rieurement).

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

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Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

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Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

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Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

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Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

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D\u00e9gradation significative du risque de cr\u00e9dit

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La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

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Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

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M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

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Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

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Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

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Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

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Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

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Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

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Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

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La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

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Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

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La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

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Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

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La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

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Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

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Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

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Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

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\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

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\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

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\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

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\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

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D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

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Pr\u00eats ne relevant plus du bucket\u00a03

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

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Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

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L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

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3.11.7D\u00e9comptabilisation d\u2019actifs et\u00a0passifs financiers

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Les actifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque les droits contractuels sur les flux de tr\u00e9sorerie attach\u00e9s \u00e0 l\u2019actif financier arrivent \u00e0 expiration ou lorsque ces droits et la quasi-totalit\u00e9 des risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 ont \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 un tiers.

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Lorsque certains risques et avantages ont \u00e9t\u00e9 transf\u00e9r\u00e9s et le contr\u00f4le conserv\u00e9 sur l\u2019actif financier, ce dernier est maintenu au bilan dans la mesure de l\u2019implication continue.

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration. En cas de modification contractuelle (restructuration ou ren\u00e9gociation commerciale), un passif financier sera\u00a0d\u00e9comptabilis\u00e9 si la modification de contrat est substantielle. Si la modification n'est pas substantielle, le passif est maintenu au bilan. Afin de d\u00e9terminer si les conditions de la dette existante et celles de la nouvelle dette sont substantiellement diff\u00e9rentes, des tests qualitatif et quantitatif sont effectu\u00e9s.

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Op\u00e9rations de pension livr\u00e9e

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Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

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Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

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Op\u00e9rations de pr\u00eats de titres

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Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

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3.11.8Dettes financi\u00e8res

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Principe g\u00e9n\u00e9ral de classement des\u00a0dettes\u00a0financi\u00e8res

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Tous les passifs financiers sont par d\u00e9faut class\u00e9s dans la cat\u00e9gorie au co\u00fbt amorti.

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En date de cl\u00f4ture, ces dettes sont enregistr\u00e9es au bilan soit en \u00ab\u00a0Dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0\u00bb, soit en \u00ab\u00a0Dettes envers la client\u00e8le\u00a0\u00bb, soit en \u00ab\u00a0Dettes repr\u00e9sent\u00e9es par un titre\u00a0\u00bb soit en \u00ab\u00a0Dettes subordonn\u00e9es\u00a0\u00bb.

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Elles sont \u00e9valu\u00e9es selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif sauf si elles ont fait l\u2019objet d\u2019une couverture en juste valeur.

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Dettes envers les \u00e9tablissements de\u00a0cr\u00e9dit\u00a0et\u00a0la\u00a0client\u00e8le

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Les dettes envers les \u00e9tablissements de cr\u00e9dit et dettes envers la client\u00e8le sont ventil\u00e9es d\u2019apr\u00e8s leur dur\u00e9e initiale ou leur nature\u00a0: dettes \u00e0 vue (d\u00e9p\u00f4ts \u00e0 vue, comptes ordinaires) ou \u00e0 terme (compte d\u2019\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial). Ces dettes comprennent les titres donn\u00e9s en pension livr\u00e9e et les valeurs donn\u00e9es en pension.

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Dettes repr\u00e9sent\u00e9es par un titre

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Les dettes repr\u00e9sent\u00e9es par un titre sont constitu\u00e9es des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables effectu\u00e9es par le groupe.

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Dettes subordonn\u00e9es

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Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

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Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

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Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

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Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

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\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

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\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

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Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

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Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

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Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

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Reclassement de passifs financiers

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Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

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D\u00e9comptabilisation des passifs financiers

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

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3.11.9Instruments financiers d\u00e9riv\u00e9s et\u00a0comptabilit\u00e9 de couverture

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Un d\u00e9riv\u00e9 est un instrument financier ou un autre contrat qui pr\u00e9sente les trois caract\u00e9ristiques suivantes\u00a0:

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\u25cfsa valeur fluctue en fonction d\u2019un taux d\u2019int\u00e9r\u00eat, du prix d\u2019un instrument financier, du prix de mati\u00e8res premi\u00e8res, d\u2019un cours de change, d\u2019un indice de prix ou de cours, d\u2019une notation de cr\u00e9dit ou d\u2019un indice de cr\u00e9dit, ou d\u2019une autre variable appel\u00e9e sous-jacent\u00a0;

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\u25cfil requiert un investissement initial net nul ou plus faible qu\u2019un instrument financier non d\u00e9riv\u00e9 pour avoir la m\u00eame sensibilit\u00e9 \u00e0 la variation du sous-jacent\u00a0;

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\u25cfil est d\u00e9nou\u00e9 \u00e0 une date future.

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Les instruments financiers d\u00e9riv\u00e9s sont class\u00e9s en deux cat\u00e9gories\u00a0:

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D\u00e9riv\u00e9s d\u00e9tenus \u00e0 des fins de transaction

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Les d\u00e9riv\u00e9s sont des instruments financiers d\u00e9tenus \u00e0 des fins de transaction \u00e0 l\u2019exception des d\u00e9riv\u00e9s entrant dans une relation de couverture. Ils sont comptabilis\u00e9s au bilan parmi les instruments financiers en juste valeur par r\u00e9sultat. Les variations de juste valeur et les int\u00e9r\u00eats courus ou \u00e9chus sont comptabilis\u00e9s au sein du Produit Net Bancaire parmi les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08).

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Les d\u00e9riv\u00e9s sont par d\u00e9faut class\u00e9s dans les cat\u00e9gories Actifs (ou passifs) financiers \u00e0 la juste valeur par r\u00e9sultat, m\u00eame si \u00e9conomiquement, ils ont \u00e9t\u00e9 souscrits en vue de couvrir une ou plusieurs transactions.

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D\u00e9riv\u00e9s de couverture

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Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

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\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

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\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

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Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

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Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

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Couverture de juste valeur

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La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

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Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

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Macro-couverture

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Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

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Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

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La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

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Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

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Couverture de flux de tr\u00e9sorerie

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La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

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La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

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La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

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Couverture d\u2019un investissement net libell\u00e9 en devises

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La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

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La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

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Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

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Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

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3.11.10Compensation des actifs et\u00a0des\u00a0passifs financiers

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Conform\u00e9ment \u00e0 la norme IAS\u00a032, un actif financier et un passif financier sont compens\u00e9s et un solde net est pr\u00e9sent\u00e9 au bilan si et seulement si le groupe a un droit juridiquement ex\u00e9cutoire de compenser les montants comptabilis\u00e9s et s\u2019il a l\u2019intention soit de r\u00e9gler le montant net soit de r\u00e9aliser l\u2019actif et de r\u00e9gler le passif simultan\u00e9ment. Le droit juridiquement ex\u00e9cutoire doit \u00eatre irr\u00e9vocable et doit pouvoir s\u2019exercer en toutes circonstances.

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Ce droit porte sur toutes les op\u00e9rations r\u00e9alis\u00e9es par chambre de compensation et s\u2019applique aux nominaux d\u2019esp\u00e8ces et aux int\u00e9r\u00eats int\u00e9gr\u00e9s dans le flux de restitution.

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Les op\u00e9rations de pensions livr\u00e9es dont les principes de fonctionnement r\u00e9pondent aux deux crit\u00e8res requis par la norme font l\u2019objet d\u2019une compensation au bilan lorsque\u00a0:

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\u25cfelles ont les m\u00eames dates d\u2019\u00e9ch\u00e9ance\u00a0;

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\u25cfelles sont r\u00e9alis\u00e9es dans la m\u00eame devise\u00a0;

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\u25cfelles se d\u00e9nouent au travers d\u2019un syst\u00e8me de r\u00e8glement/livraison garantissant la livraison des titres contre la r\u00e9ception d\u2019esp\u00e8ces associ\u00e9es, c\u2019est-\u00e0-dire le m\u00eame d\u00e9positaire central de titres.

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La compensation concerne essentiellement les op\u00e9rations de pension r\u00e9alis\u00e9es avec les chambres de compensation LCH\u00a0Clearnet et Eurex.

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3.11.11Engagements de garantie et\u00a0garanties financi\u00e8res

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Le groupe a opt\u00e9 pour la comptabilisation des garanties financi\u00e8res donn\u00e9es conform\u00e9ment \u00e0 la norme IFRS\u00a09. Selon IFRS\u00a09, un contrat r\u00e9pond \u00e0 la d\u00e9finition d\u2019une garantie financi\u00e8re s\u2019il comporte un principe indemnitaire selon lequel l\u2019\u00e9metteur remboursera le b\u00e9n\u00e9ficiaire des pertes qu\u2019il aura subies, en raison de la d\u00e9faillance d\u2019un d\u00e9biteur sp\u00e9cifi\u00e9 \u00e0 effectuer un paiement sur un instrument de dette.

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Les garanties financi\u00e8res donn\u00e9es sont \u00e9valu\u00e9es \u00e0 leur juste valeur initiale \u00e0 la date de mise en place. Elles sont ensuite \u00e9valu\u00e9es ult\u00e9rieurement au montant le plus \u00e9lev\u00e9 entre le montant de l\u2019obligation et le montant initialement enregistr\u00e9 diminu\u00e9 le cas \u00e9ch\u00e9ant de la commission de garantie.

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Par ailleurs, les garanties financi\u00e8res donn\u00e9es (qui ne sont pas comptabilis\u00e9es ult\u00e9rieurement \u00e0 la juste valeur par le r\u00e9sultat) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan. Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces encours. La provision est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

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3.11.12Engagements de financement

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Les engagements de financements qui ne sont pas consid\u00e9r\u00e9s comme des instruments d\u00e9riv\u00e9s ne figurent pas au bilan.

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Toutefois, de la m\u00eame mani\u00e8re que les garanties financi\u00e8res donn\u00e9es, les engagements de financement (qui ne sont pas consid\u00e9r\u00e9s comme des d\u00e9riv\u00e9s) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan.

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3.14Distinction entre instruments de dettes et\u00a0instruments de\u00a0capitaux\u00a0propres

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3.14.1Distinction entre instruments de\u00a0dette et instruments de\u00a0capitaux\u00a0propres

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La distinction entre les instruments de dette et les instruments de capitaux propres reposent sur l\u2019analyse en substance des caract\u00e9ristiques contractuelles de chaque instrument.

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Un instrument de dette non d\u00e9riv\u00e9 constitue une obligation contractuelle de remettre des liquidit\u00e9s ou un autre actif financier ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

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Un instrument de capitaux propres non d\u00e9riv\u00e9 est un contrat mettant en \u00e9vidence un int\u00e9r\u00eat r\u00e9siduel dans l\u2019actif net d\u2019une entit\u00e9 qui de fait ne pr\u00e9sente pas d\u2019obligation contractuelle de remettre des liquidit\u00e9s ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

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3.14.2Titres super subordonn\u00e9s \u00e0\u00a0dur\u00e9e\u00a0ind\u00e9termin\u00e9e

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Les titres super subordonn\u00e9s \u00e0 dur\u00e9e ind\u00e9termin\u00e9e sont class\u00e9s en instruments de dettes ou de capitaux propres notamment en fonction de leur mode de r\u00e9mun\u00e9ration selon qu\u2019il est discr\u00e9tionnaire ou non.

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Lorsque les titres subordonn\u00e9s \u00e9mis r\u00e9pondent aux crit\u00e8res de classement en \u00ab\u00a0instruments de capitaux propres\u00a0\u00bb les coupons sont trait\u00e9s comme des dividendes venant en diminution des capitaux propres.

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Toutes les autres obligations, perp\u00e9tuelles ou remboursables, notamment celles pr\u00e9sentant une \u00e9ch\u00e9ance de remboursement, sont class\u00e9es en dettes subordonn\u00e9es en application de la norme IAS\u00a032.

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3.15Dette obligataire et instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de\u00a0la dette obligataire

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La dette obligataire hors activit\u00e9s bancaires et d\u2019assurance est class\u00e9e au bilan dans le poste \u00ab\u00a0Emprunts obligataires et dettes financi\u00e8res\u00a0\u00bb.

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3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

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Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

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Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

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3.15.2Emprunts obligataires \u00e9valu\u00e9s au\u00a0co\u00fbt amorti

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Les emprunts non adoss\u00e9s \u00e0 des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb sont \u00e9valu\u00e9s selon la m\u00e9thode du co\u00fbt amorti sur la base du taux d\u2019int\u00e9r\u00eat effectif.

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3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

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Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059554_0": { "value": "

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.10Autres actifs

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3.10.2Cr\u00e9ances clients

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Lors de leur comptabilisation initiale, les cr\u00e9ances clients de l\u2019activit\u00e9 commerciale sont enregistr\u00e9es \u00e0 leur valeur nominale, qui correspond en substance \u00e0 la juste valeur des cr\u00e9ances.

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Des provisions sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement.

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3.10.3Autres actifs financiers courants

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Il s\u2019agit pour l\u2019essentiel de la part court terme de la juste valeur des instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette obligataire de La\u00a0Poste (cf. notes\u00a03.15 et 29).

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3.10.4Autres actifs financiers non\u00a0courants

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Ce poste inclut notamment les deux composantes suivantes (cf.\u00a0note\u00a022)\u00a0:

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Pr\u00eats accord\u00e9s pour le logement social

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Ils sont comptabilis\u00e9s au co\u00fbt amorti selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif. Des d\u00e9pr\u00e9ciations sont constitu\u00e9es afin de prendre en compte l\u2019\u00e9ch\u00e9ance et les modalit\u00e9s de remboursement de ces pr\u00eats, ainsi que l\u2019appr\u00e9ciation du risque de non-recouvrement.

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Titres de participation non consolid\u00e9s

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Lorsqu\u2019ils ne sont pas d\u00e9tenus \u00e0 des fins de transaction, la norme IFRS\u00a09 permet en date de premi\u00e8re comptabilisation de chaque instrument d\u2019opter (de mani\u00e8re irr\u00e9vocable) pour un classement en juste valeur par le biais des capitaux propres non recyclables.

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Cette option est le plus souvent utilis\u00e9e pour les titres non consolid\u00e9s.

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Lorsque cette option est retenue, les gains ou les pertes latents comptabilis\u00e9s en capitaux propres ne sont pas recycl\u00e9s en r\u00e9sultat en cas de cession mais sont reclass\u00e9s en r\u00e9serves consolid\u00e9es. Seuls les \u00e9ventuels dividendes relatifs \u00e0 ces titres impactent le compte de r\u00e9sultat.

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3.11Actifs et passifs financiers des activit\u00e9s bancaires et d\u2019assurance

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Au bilan, les actifs et passifs sp\u00e9cifiques aux activit\u00e9s bancaires et d\u2019assurance sont regroup\u00e9s sur des postes d\u00e9di\u00e9s \u00e0 ces activit\u00e9s dont le contenu est similaire \u00e0 ceux pr\u00e9sent\u00e9s par La\u00a0Banque\u00a0Postale dans ses propres \u00e9tats financiers.

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3.11.1Principes g\u00e9n\u00e9raux de comptabilisation des actifs et\u00a0passifs financiers

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Instruments financiers

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La norme IFRS\u00a09 d\u00e9finit un instrument financier comme tout contrat donnant lieu \u00e0 la comptabilisation d'un actif financier pour l'une des parties et \u00e0 la comptabilisation d'un passif financier ou d'un instrument de capitaux propres pour l'autre partie. Le droit contractuel de l'une des parties de recevoir de la tr\u00e9sorerie est contrebalanc\u00e9 par l'obligation de payer de la tr\u00e9sorerie pour l'autre partie, et inversement.

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Comptabilisation initiale

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Lors de leur comptabilisation initiale, les actifs et passifs financiers sont \u00e9valu\u00e9s \u00e0 leur juste valeur minor\u00e9e ou major\u00e9e des co\u00fbts de transaction directement imputables \u00e0 l\u2019acquisition (\u00e0 l\u2019exception des actifs et passifs financiers comptabilis\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat pour lesquels les co\u00fbts de transaction sont comptabilis\u00e9s en produits ou en charges au moment de la comptabilisation initiale).

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En pratique, la juste valeur sera le plus souvent le prix de transaction de l\u2019instrument financier.

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Date d\u2019enregistrement initiale

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Les titres sont inscrits au bilan en date de r\u00e8glement-livraison tandis que les instruments financiers d\u00e9riv\u00e9s sont enregistr\u00e9s en date de n\u00e9gociation. Les variations de juste valeur entre la date de n\u00e9gociation et la date de r\u00e8glement-livraison sont enregistr\u00e9es en r\u00e9sultat.

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Les pr\u00eats et cr\u00e9ances sont enregistr\u00e9s au bilan en date de\u00a0d\u00e9caissement.

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3.11.2Comptabilisation des actifs financiers

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Selon IFRS\u00a09, la classification d\u2019un actif financier est effectu\u00e9e en fonction des mod\u00e8les de gestion d\u00e9finis par l\u2019entit\u00e9 et des caract\u00e9ristiques de ses flux de tr\u00e9sorerie contractuels (crit\u00e8re du Pr\u00eat basique appel\u00e9 aussi test SPPI, Solely Payments of Principal and Interest).

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Mod\u00e8les de gestion

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Un mod\u00e8le de gestion correspond \u00e0 la mani\u00e8re dont est g\u00e9r\u00e9 collectivement un groupe d\u2019actifs financiers pour g\u00e9n\u00e9rer des revenus. Son objectif est de traduire au mieux les pratiques de gestion des actifs concern\u00e9s. Il est identifi\u00e9 au sein du groupe \u00e0 partir des faits objectifs qui peuvent \u00eatre observ\u00e9s comme l\u2019analyse de l\u2019organisation du m\u00e9tier, de ses syst\u00e8mes d\u2019information, de ses rapports internes, de son mode de suivi des risques, ou encore de ses\u00a0d\u00e9cisions de gestion pass\u00e9es (historiques de cessions par exemple).

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Il convient de distinguer trois types de mod\u00e8les de gestion\u00a0:

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\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs (mod\u00e8le Collecte)\u00a0;

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\u25cfun mod\u00e8le qui consiste \u00e0 collecter les flux contractuels des actifs et effectuer des cessions (mod\u00e8le Collecte et Vente)\u00a0;

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\u25cfun mod\u00e8le Autre pour les autres actifs financiers, dont le mod\u00e8le n\u2019est ni le mod\u00e8le Collecte, ni le mod\u00e8le Collecte et Vente et dans lequel la collecte des flux contractuels est accessoire.

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Ce mod\u00e8le concerne notamment les actifs financiers g\u00e9r\u00e9s \u00e0 des fins de transaction.

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L\u2019identification d\u2019un mod\u00e8le de gestion est accompagn\u00e9e d\u2019une documentation au sein de chaque m\u00e9tier du groupe.

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Un changement de mod\u00e8le gestion est par nature tr\u00e8s rare car ne pouvant correspondre qu\u2019\u00e0 l\u2019arr\u00eat ou au lancement d\u2019une activit\u00e9 significative. Il peut s\u2019agir par exemple d\u2019une cession de ligne de m\u00e9tier g\u00e9r\u00e9e auparavant selon le mod\u00e8le Collecte\u00a0: dans ce cas, l\u2019entit\u00e9 ne commercialise plus ce type d\u2019instruments financiers et reclasse l\u2019ensemble des actifs concern\u00e9s dans un mod\u00e8le de gestion de type transaction.

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Interdit dans tous les autres cas, le reclassement des instruments de dette respectant le test SPPI est obligatoire en cas de changement de mod\u00e8le de gestion de mani\u00e8re prospective et soit au 1er\u00a0juillet, soit au 1er\u00a0janvier apr\u00e8s la date effective du changement de mod\u00e8le.

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Crit\u00e8re du pr\u00eat basique ou test SPPI

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L\u2019objectif du crit\u00e8re SPPI est de s\u2019assurer que les flux de tr\u00e9sorerie contractuels g\u00e9n\u00e9r\u00e9s par l\u2019instrument sont uniquement compos\u00e9s de flux de remboursement en principal et de versement d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb. En d\u2019autres termes, l\u2019instrument doit \u00eatre un \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

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Le principal est d\u00e9fini comme la juste valeur de l\u2019instrument financier au moment de sa comptabilisation initiale au bilan.

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Les int\u00e9r\u00eats peuvent comprendre plusieurs composantes dont\u00a0:

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\u25cfla r\u00e9mun\u00e9ration per\u00e7ue au titre du temps qui passe, appel\u00e9e aussi valeur-temps de l\u2019argent\u00a0;

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\u25cfla r\u00e9mun\u00e9ration du risque de cr\u00e9dit encouru sur le montant pr\u00eat\u00e9\u00a0;

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\u25cfla r\u00e9mun\u00e9ration venant compenser les co\u00fbts de la liquidit\u00e9 ou co\u00fbts administratifs\u00a0; \u00a0

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\u25cfet la marge commerciale.

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Les actifs financiers respectant le crit\u00e8re du pr\u00eat basique sont des instruments de dette qui comprennent notamment les cr\u00e9dits classiques, des obligations \u00e0 taux fixe et \u00e0 taux variable ainsi que les cr\u00e9ances commerciales. Ils incluent \u00e9galement des financements responsables (pr\u00eats verts et sociaux, cr\u00e9dits \u00e0 impact, pr\u00eats li\u00e9s au d\u00e9veloppement durable ou sustainability-Linked loans) dont les flux contractuels sont conformes aux crit\u00e8res SPPI.

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Les actifs financiers ne respectant pas le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb incluent notamment les instruments de dette tels que les OPCVM ou les titres structur\u00e9s.

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Les instruments d\u00e9riv\u00e9s et les instruments de capitaux propres de type actions ou titres de participation non consolid\u00e9s ne respectent pas par nature le crit\u00e8re du \u00ab\u00a0pr\u00eat basique\u00a0\u00bb.

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Selon IFRS\u00a09, les actifs financiers sont class\u00e9s dans une des quatre cat\u00e9gories d\u00e9taill\u00e9es dans les sections\u00a03.11.3 \u00e0 3.11.5.

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3.11.3Actifs financiers au co\u00fbt amorti

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance (mod\u00e8le de gestion de collecte) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s au sein des actifs financiers au co\u00fbt amorti.

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L\u2019objectif du mod\u00e8le de gestion \u00ab\u00a0Collecte des flux contractuels\u00a0\u00bb est de d\u00e9tenir les actifs sur une longue dur\u00e9e ou jusqu\u2019\u00e0 maturit\u00e9 pour en percevoir les flux contractuels. Dans ce mod\u00e8le de gestion, les cessions sont possibles mais limit\u00e9es aux cessions r\u00e9alis\u00e9es dans le cadre d\u2019une augmentation du risque de cr\u00e9dit, aux cessions proches de la maturit\u00e9 de l\u2019instrument, aux cessions fr\u00e9quentes mais peu significatives et aux cessions isol\u00e9es m\u00eame si elles sont significatives.

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Les actifs financiers au co\u00fbt amorti sont comptabilis\u00e9s, apr\u00e8s leur comptabilisation initiale, en utilisant la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Le taux d\u2019int\u00e9r\u00eat effectif est le taux qui actualise exactement les flux de tr\u00e9sorerie futurs estim\u00e9s sur la dur\u00e9e de vie attendue d\u2019un actif financier \u00e0 sa juste valeur initiale. Il inclut les co\u00fbts de transaction et les produits accessoires (frais de dossier, commissions d\u2019engagement d\u00e8s lors que le tirage est plus probable qu\u2019improbable ou de participation) ainsi que toutes autres surcotes ou\u00a0d\u00e9cotes. Il s\u2019agit d\u2019un taux actuariel.

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Au sein du groupe, cette cat\u00e9gorie d\u2019actifs financiers comprend notamment l\u2019essentiel des pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le et aux \u00e9tablissements de cr\u00e9dit, ainsi que la plupart des titres de dettes entrant dans le cadre d\u2019investissement des activit\u00e9s bancaires.

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Modifications de contrats (ren\u00e9gociations\u00a0commerciales)

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Les pr\u00eats octroy\u00e9s par le groupe peuvent faire l'objet de restructurations pour difficult\u00e9s financi\u00e8res (cf.\u00a0section\u00a03.11.6) ou de ren\u00e9gociations commerciales m\u00eame en l\u2019absence de difficult\u00e9s financi\u00e8res ou d\u2019insolvabilit\u00e9 de l\u2019emprunteur.

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Ces op\u00e9rations concernent des clients pour lesquels le groupe accepte de ren\u00e9gocier la dette selon les nouvelles conditions du march\u00e9, dans le but de maintenir ou de d\u00e9velopper une relation commerciale, sans abandon de capital ou d\u2019int\u00e9r\u00eats courus. \u00c0 l\u2019exception des cas particuliers o\u00f9 la modification apport\u00e9e par la ren\u00e9gociation ne serait pas jug\u00e9e substantielle, les pr\u00eats ainsi ren\u00e9goci\u00e9s sont\u00a0d\u00e9comptabilis\u00e9s \u00e0 la date de ren\u00e9gociation et les nouveaux pr\u00eats, contractualis\u00e9s aux conditions ren\u00e9goci\u00e9es, leur sont substitu\u00e9s au bilan \u00e0 cette m\u00eame date.

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3.11.4Actifs financiers \u00e0 la juste valeur par\u00a0capitaux propres recyclables

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels et de vendre les actifs (mod\u00e8le de collecte et vente) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s dans les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables.

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Ces actifs sont comptabilis\u00e9s \u00e0 leur juste valeur lors de leur inscription initiale au bilan et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Les revenus courus ou acquis sont enregistr\u00e9s en r\u00e9sultat sur la base du taux d\u2019int\u00e9r\u00eat effectif parmi les Int\u00e9r\u00eats et produits assimil\u00e9s au sein du produit net bancaire.

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En date de cl\u00f4ture, cette cat\u00e9gorie d\u2019instruments financiers est \u00e9valu\u00e9e au bilan \u00e0 la juste valeur et les variations de juste valeur hors revenus sont enregistr\u00e9es par contrepartie des r\u00e9serves recyclables, \u00e0 l\u2019exception des \u00e9carts de change sur les actifs mon\u00e9taires en devises enregistr\u00e9s en r\u00e9sultat.

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De plus, ces instruments \u00e9tant soumis au mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit, les variations des pertes de cr\u00e9dit attendues sont comptabilis\u00e9es en r\u00e9sultat dans le co\u00fbt du risque des activit\u00e9s bancaires (cf. note\u00a012) et au sein du Produit Net Bancaire pour les activit\u00e9s d'assurance (cf. note\u00a08) en contrepartie des r\u00e9serves recyclables.

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Lors de la cession de ces titres, les gains ou pertes latents ant\u00e9rieurement constat\u00e9s en capitaux propres sont recycl\u00e9s en compte de r\u00e9sultat au sein du Produit Net Bancaire sur la ligne des Gains ou pertes nets des instruments financiers \u00e0 la juste valeur par capitaux propres (cf. note\u00a08).

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3.11.5Actifs financiers \u00e0 la juste valeur par\u00a0r\u00e9sultat

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La cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par r\u00e9sultat est la cat\u00e9gorie par d\u00e9faut selon IFRS\u00a09. Les variations de juste valeur des actifs financiers class\u00e9s dans cette cat\u00e9gorie sont enregistr\u00e9es au compte de r\u00e9sultat.

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Elle comprend les titres de dette ne correspondant pas aux crit\u00e8res du pr\u00eat basique (par exemple les OPCVM) ainsi que les instruments de capitaux propres qui ne sont pas class\u00e9s dans la cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables (cf. note\u00a036.2). Cette cat\u00e9gorie englobe \u00e9galement l\u2019ensemble des actifs financiers d\u00e9tenus dans un mod\u00e8le de gestion n\u2019\u00e9tant ni un mod\u00e8le de collecte ni un mod\u00e8le de collecte et vente i.e. les actifs financiers, y compris les d\u00e9riv\u00e9s actifs, d\u00e9tenus \u00e0 des fins de transaction (c'est-\u00e0-dire acquis ou \u00e9mis avec l\u2019intention de les revendre \u00e0 br\u00e8ve \u00e9ch\u00e9ance).

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Au sein du groupe, cette cat\u00e9gorie comprend notamment les cr\u00e9dits aux collectivit\u00e9s locales \u00e9ligibles \u00e0 des cessions \u00e0 Caffil.

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Figurent \u00e9galement dans cette cat\u00e9gorie, les actifs que le groupe a d\u00e9sign\u00e9s pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant une des conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable (option possible uniquement en date de premi\u00e8re comptabilisation et de mani\u00e8re irr\u00e9vocable)\u00a0;

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\u25cfou si le risque de cr\u00e9dit est couvert par un d\u00e9riv\u00e9 (l\u2019option possible lors de la comptabilisation initiale ou bien ult\u00e9rieurement).

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

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Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

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Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

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Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

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Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

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D\u00e9gradation significative du risque de cr\u00e9dit

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La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

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Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

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M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

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Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

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Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

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Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

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Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

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Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

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Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

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La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

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Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

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La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

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Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

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La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

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Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

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Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

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Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

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\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

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\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

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\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

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\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

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D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

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Pr\u00eats ne relevant plus du bucket\u00a03

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

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Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

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L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

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3.11.7D\u00e9comptabilisation d\u2019actifs et\u00a0passifs financiers

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Les actifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque les droits contractuels sur les flux de tr\u00e9sorerie attach\u00e9s \u00e0 l\u2019actif financier arrivent \u00e0 expiration ou lorsque ces droits et la quasi-totalit\u00e9 des risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 ont \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 un tiers.

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Lorsque certains risques et avantages ont \u00e9t\u00e9 transf\u00e9r\u00e9s et le contr\u00f4le conserv\u00e9 sur l\u2019actif financier, ce dernier est maintenu au bilan dans la mesure de l\u2019implication continue.

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration. En cas de modification contractuelle (restructuration ou ren\u00e9gociation commerciale), un passif financier sera\u00a0d\u00e9comptabilis\u00e9 si la modification de contrat est substantielle. Si la modification n'est pas substantielle, le passif est maintenu au bilan. Afin de d\u00e9terminer si les conditions de la dette existante et celles de la nouvelle dette sont substantiellement diff\u00e9rentes, des tests qualitatif et quantitatif sont effectu\u00e9s.

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Op\u00e9rations de pension livr\u00e9e

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Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

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Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

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Op\u00e9rations de pr\u00eats de titres

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Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059552_0": { "value": "

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.9D\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition, immobilisations incorporelles et\u00a0corporelles, immeubles de placement au co\u00fbt et droits d\u2019utilisation (IFRS\u00a016)

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Les \u00e9carts d'acquisition et les immobilisations incorporelles \u00e0 dur\u00e9e de vie ind\u00e9finie font l'objet d'un test de d\u00e9pr\u00e9ciation syst\u00e9matique au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9.

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Les autres immobilisations incorporelles et corporelles ne sont test\u00e9es qu'en cas d'indice de perte de valeur, comme par exemple lorsqu\u2019un actif est identifi\u00e9 comme \u00e9tant fortement expos\u00e9 aux risques climatiques.

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Le test de d\u00e9pr\u00e9ciation consiste \u00e0 comparer la valeur nette comptable de l'actif, ou de l\u2019unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie \u00e0 laquelle il appartient, \u00e0 sa valeur recouvrable, qui est la plus \u00e9lev\u00e9e de la juste valeur diminu\u00e9e des co\u00fbts de vente ou de la valeur d'utilit\u00e9. Si la valeur recouvrable d'un actif, ou groupe d'actifs, immobilis\u00e9 devient inf\u00e9rieure \u00e0 sa valeur nette comptable, cette derni\u00e8re est ramen\u00e9e \u00e0 la valeur recouvrable par le biais d'une d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition s\u2019il en existe un.

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La juste valeur diminu\u00e9e des co\u00fbts de vente est le montant qui pourrait \u00eatre obtenu, \u00e0 la date d\u2019\u00e9valuation, de la vente d'un actif lors d'une transaction conclue \u00e0 des conditions normales de march\u00e9, net des co\u00fbts de sortie.

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La valeur d'utilit\u00e9 d'un actif, ou groupe d'actifs, est la valeur actualis\u00e9e des flux de tr\u00e9sorerie futurs susceptibles de\u00a0d\u00e9couler de l\u2019utilisation d'un actif ou d'une unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie.

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Pour les \u00e9carts d'acquisition et certains autres actifs, la valeur d\u2019utilit\u00e9 est g\u00e9n\u00e9ralement d\u00e9termin\u00e9e en fonction des flux nets de tr\u00e9sorerie attendus, r\u00e9sultant des plans d'affaires et des hypoth\u00e8ses valid\u00e9es par le groupe dans le cadre du processus budg\u00e9taire. Au-del\u00e0 de la p\u00e9riode de pr\u00e9vision, qui est en g\u00e9n\u00e9ral de cinq\u00a0ans au sein du groupe, les flux sont extrapol\u00e9s \u00e0 l'infini, sur la base d'un taux de croissance faible, correspondant en g\u00e9n\u00e9ral \u00e0 l'inflation. Ces flux de tr\u00e9sorerie sont actualis\u00e9s en utilisant le co\u00fbt moyen pond\u00e9r\u00e9 du capital de chaque actif ou groupe d'actifs concern\u00e9s.

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Sp\u00e9cificit\u00e9 de la d\u00e9pr\u00e9ciation des\u00a0immeubles de placement

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Un des indices, retenu par le groupe, est l\u2019existence d\u2019une perte de valeur de l\u2019immeuble de plus de 20% par rapport \u00e0 son co\u00fbt.

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L\u2019existence d\u2019indications de pertes de valeur conduit le groupe \u00e0 estimer la valeur recouvrable de l\u2019immeuble concern\u00e9. Cette derni\u00e8re est le montant le plus \u00e9lev\u00e9 entre la valeur d\u2019utilit\u00e9 et la juste valeur diminu\u00e9e des co\u00fbts de vente, d\u00e9termin\u00e9e selon l\u2019expertise annuelle \u00e0 laquelle proc\u00e8de le groupe pour son patrimoine immobilier.

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

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Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

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Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

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Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

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Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

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D\u00e9gradation significative du risque de cr\u00e9dit

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La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

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Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

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M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

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Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

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Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

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Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

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Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

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Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

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Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

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La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

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Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

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La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

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Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

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La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

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Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

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Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

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Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

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\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

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\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

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\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

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\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

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D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

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Pr\u00eats ne relevant plus du bucket\u00a03

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Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

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Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

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L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

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Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059549_0": { "value": "

Sp\u00e9cificit\u00e9s du co\u00fbt du risque

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Sur les activit\u00e9s bancaires, le co\u00fbt du risque comprend les dotations et reprises sur les d\u00e9pr\u00e9ciations des actifs financiers au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables, des cr\u00e9ances de location-financement, des garanties financi\u00e8res et engagements de financement, des\u00a0d\u00e9cotes sur cr\u00e9dits structur\u00e9s, les r\u00e9cup\u00e9rations sur cr\u00e9ances amorties et les pertes sur cr\u00e9ances irr\u00e9couvrables. Il est pr\u00e9sent\u00e9 au sein du r\u00e9sultat d\u2019exploitation en dehors du PNB.

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Sur les activit\u00e9s d\u2019assurance, le co\u00fbt du risque comprend les dotations et reprises sur les cr\u00e9ances irr\u00e9couvrables des placements financiers sous-jacents des contrats d\u2019assurance. Il est pr\u00e9sent\u00e9 au sein du PNB.

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3.11.6D\u00e9pr\u00e9ciation des actifs financiers

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La m\u00e9thodologie de provisionnement d\u00e9finie par IFRS\u00a09 repose sur un mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit bas\u00e9 sur des pertes attendues ainsi que sur l\u2019\u00e9volution du risque de cr\u00e9dit depuis la comptabilisation initiale de l\u2019actif.

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La norme IFRS\u00a09 d\u00e9finit un mod\u00e8le de provisionnement s\u2019appliquant \u00e0 tous les actifs financiers pr\u00e9sentant un risque de contrepartie (hors instruments de capitaux propres) non r\u00e9\u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat, et notamment \u00e0 tous les actifs financiers enregistr\u00e9s au co\u00fbt amorti et \u00e0 la juste valeur par capitaux propres recyclables. Ce mod\u00e8le s\u2019applique \u00e9galement aux cr\u00e9ances de location, aux engagements de pr\u00eats et aux garanties financi\u00e8res.

\n

Ainsi, des d\u00e9pr\u00e9ciations correspondant aux \u00ab\u00a0pertes de cr\u00e9dit attendues \u00e0 un an\u00a0\u00bb, sont constat\u00e9es sur les actifs comptabilis\u00e9s au co\u00fbt amorti et en juste valeur par les r\u00e9serves recyclables d\u00e8s leur entr\u00e9e au bilan, tant qu\u2019ils ne pr\u00e9sentent pas de d\u00e9gradation significative du risque de cr\u00e9dit. Les \u00ab\u00a0pertes de cr\u00e9dit \u00e0 un an\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut, pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut \u00e0 un an. Les encours concern\u00e9s rel\u00e8vent du bucket\u00a01.

\n

Les encours pour lesquels une d\u00e9gradation significative de la qualit\u00e9 de cr\u00e9dit a \u00e9t\u00e9 identifi\u00e9e depuis leur date de premi\u00e8re comptabilisation font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb. Les \u00ab\u00a0pertes de cr\u00e9dit attendues sur la dur\u00e9e de vie r\u00e9siduelle de l\u2019instrument\u00a0\u00bb correspondent aux pertes totales encourues en cas de d\u00e9faut pond\u00e9r\u00e9es par la probabilit\u00e9 de d\u00e9faut sur la dur\u00e9e de vie attendue de l\u2019instrument. Ces encours rel\u00e8vent du bucket\u00a02.

\n

Les actifs financiers se retrouvant en situation de d\u00e9faut sont\u00a0d\u00e9class\u00e9s en bucket\u00a03 et font l\u2019objet d\u2019une d\u00e9pr\u00e9ciation \u00e0 hauteur des pertes de cr\u00e9dit estim\u00e9es \u00e0 terminaison.

\n

Pour les actifs au co\u00fbt amorti, le montant des pertes de cr\u00e9dit attendues est comptabilis\u00e9 en d\u00e9duction de la valeur des actifs par contrepartie du r\u00e9sultat (pr\u00e9sentation en co\u00fbt du risque d\u00e9taill\u00e9e dans le paragraphe\u00a03.3).

\n

D\u00e9gradation significative du risque de cr\u00e9dit

\n

La d\u00e9gradation du risque de cr\u00e9dit est une notion relative reposant sur l\u2019\u00e9volution de la qualit\u00e9 de cr\u00e9dit depuis l\u2019origination du pr\u00eat.

\n

Le groupe s\u2019appuie sur un certain nombre d\u2019indicateurs\u00a0d\u00e9crits au sein de la note\u00a034 permettant de d\u00e9tecter les \u00e9ventuelles d\u00e9gradations de la qualit\u00e9 de cr\u00e9dit d\u2019une contrepartie.

\n

M\u00e9thodologie de provisionnement du bucket\u00a01 et\u00a0du bucket\u00a02

\n

Les pertes de cr\u00e9dit attendues correspondent \u00e0 la diff\u00e9rence entre les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir en vertu des dispositions contractuelles, et les flux de tr\u00e9sorerie que l\u2019entit\u00e9 s\u2019attend \u00e0 recouvrer, actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif de l\u2019actif financier.

\n

Les flux de tr\u00e9sorerie que l\u2019entit\u00e9 est en droit de recevoir tiennent compte de toutes les modalit\u00e9s contractuelles de l\u2019instrument financier sur sa dur\u00e9e de vie attendue (par exemple les options de remboursement anticip\u00e9 ou de prorogation) et incluent les flux de tr\u00e9sorerie provenant de l\u2019exercice des garanties contractuelles analys\u00e9es comme \u00e9tant des parties int\u00e9grantes de l\u2019actif.

\n

Les pertes de cr\u00e9dit attendues sont estim\u00e9es selon la probabilit\u00e9 de d\u00e9faut de la contrepartie. La probabilit\u00e9 de d\u00e9faut correspond \u00e0 la probabilit\u00e9 que le d\u00e9biteur fasse d\u00e9faut dans un horizon de temps donn\u00e9.

\n

Dans le cadre du bucket\u00a01, l\u2019horizon de temps est d\u2019un an. Dans le cadre du bucket\u00a02, l\u2019horizon de temps est la dur\u00e9e de vie de l\u2019instrument. Les modalit\u00e9s de calcul des pertes de cr\u00e9dit attendues sont d\u00e9taill\u00e9es dans la note\u00a035.

\n

Au sein du groupe, la d\u00e9pr\u00e9ciation sur les cr\u00e9dits est statistique (par cat\u00e9gories homog\u00e8nes pr\u00e9sentant des caract\u00e9ristiques de risques similaires), avec une possibilit\u00e9 d\u2019ajustement \u00e0 dire d\u2019expert dans certains cas, en particulier pour les cr\u00e9dits octroy\u00e9s aux personnes morales.

\n

Par ailleurs, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09, les pertes de cr\u00e9dit attendues sont d\u00e9termin\u00e9es selon une m\u00e9thodologie qui int\u00e8gre les informations raisonnables et justifiables sur des \u00e9v\u00e9nements pass\u00e9s, des circonstances actuelles et des pr\u00e9visions de la conjoncture \u00e9conomique \u00e0 venir (notion de forward-looking).

\n

La composante \u00ab\u00a0forward-looking\u00a0\u00bb est obtenue au travers d\u2019une approche comportant trois sc\u00e9narios mod\u00e9lis\u00e9s. La d\u00e9pr\u00e9ciation finale correspond \u00e0 la moyenne pond\u00e9r\u00e9e par la probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario. Les modalit\u00e9s de calcul de cette composante sont d\u00e9taill\u00e9es dans la note\u00a035.2.

\n

Pr\u00eats en d\u00e9faut relevant du bucket\u00a03

\n

La norme IFRS\u00a09 n\u2019impose aucune d\u00e9finition du d\u00e9faut mais incite \u00e0 retenir une d\u00e9finition coh\u00e9rente avec celle retenue par l\u2019entit\u00e9 dans sa politique de gestion des risques.

\n

Les orientations de l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE) sur l\u2019application de la d\u00e9finition du d\u00e9faut au titre de l\u2019article\u00a0178 du r\u00e8glement (UE) n\u00b0\u00a0575/2013, applicables \u00e0 compter du 1er\u00a0janvier 2021, et les dispositions du r\u00e8glement (UE) 2018/1845 de la Banque Centrale Europ\u00e9enne relatives au seuil d\u2019\u00e9valuation de l\u2019importance des arri\u00e9r\u00e9s sur des obligations de cr\u00e9dit, applicables depuis le 31\u00a0d\u00e9cembre 2020, doivent renforcer la coh\u00e9rence des pratiques des \u00e9tablissements de cr\u00e9dit europ\u00e9ens dans l\u2019identification des encours en d\u00e9faut.

\n

La d\u00e9finition des encours en d\u00e9faut est ainsi pr\u00e9cis\u00e9e par l\u2019introduction d\u2019un seuil relatif et d\u2019un seuil absolu \u00e0 appliquer aux arri\u00e9r\u00e9s de paiement pour identifier les situations de d\u00e9faut, par la clarification des crit\u00e8res de retour en encours sain avec l\u2019imposition d\u2019une p\u00e9riode probatoire et par l\u2019introduction de crit\u00e8res explicites pour le classement en d\u00e9faut des cr\u00e9dits restructur\u00e9s.

\n

Le groupe applique ces dispositions pour l\u2019identification des encours en d\u00e9faut depuis l\u2019exercice 2020. Les pr\u00e9cisions apport\u00e9es pour l\u2019identification des encours en d\u00e9faut demeurent coh\u00e9rentes avec les crit\u00e8res d\u2019appr\u00e9ciation du caract\u00e8re d\u00e9pr\u00e9ci\u00e9 des encours class\u00e9s en bucket\u00a03 en application des dispositions de la norme IFRS\u00a09 relatives \u00e0 la reconnaissance des pertes attendues pour risque de cr\u00e9dit.

\n

Par ailleurs, au-del\u00e0 de l\u2019identification des encours en d\u00e9faut fond\u00e9e sur des crit\u00e8res d\u2019impay\u00e9s en application de la r\u00e9glementation, un actif financier est consid\u00e9r\u00e9 en d\u00e9faut lorsqu\u2019il pr\u00e9sente un \u00e9v\u00e9nement de cr\u00e9dit r\u00e9v\u00e9lateur de difficult\u00e9s financi\u00e8res.

\n

Le groupe consid\u00e8re comme une indication objective de passage en d\u00e9faut\u00a0:

\n

\u25cfl\u2019existence d\u2019un ou plusieurs impay\u00e9s de plus de trois\u00a0mois\u00a0;

\n

\u25cfune demande de plan de surendettement aupr\u00e8s de la Banque de France m\u00eame sans incident de paiement\u00a0;

\n

\u25cfl\u2019existence de proc\u00e9dures contentieuses\u00a0;

\n

\u25cfles cr\u00e9ances consid\u00e9r\u00e9es comme \u00ab\u00a0tr\u00e8s risqu\u00e9es\u00a0\u00bb au regard de sa politique de gestion des risques.

\n

D\u00e8s lors qu\u2019une cr\u00e9ance d\u2019un client est d\u00e9pr\u00e9ci\u00e9e (bucket\u00a03) dans le groupe, la totalit\u00e9 des encours d\u2019un m\u00eame titulaire est d\u00e9pr\u00e9ci\u00e9e.

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, les d\u00e9pr\u00e9ciations sur les encours en d\u00e9faut sont d\u00e9termin\u00e9es en pond\u00e9rant l\u2019assiette de l\u2019encours par le param\u00e8tre r\u00e9glementaire de la \u00ab\u00a0meilleure estimation de la perte anticip\u00e9e sur l\u2019exposition en d\u00e9faut\u00a0\u00bb ajust\u00e9 en comptabilit\u00e9 pour certains \u00e9l\u00e9ments (notamment suppression des surpond\u00e9rations prises en compte dans les analyses de suivi des risques sur l\u2019effet d\u2019un ralentissement \u00e9conomique par exemple). Ce param\u00e8tre est d\u00e9termin\u00e9 en fonction de la dur\u00e9e du d\u00e9faut et du type de garantie.

\n

Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, le provisionnement des encours est suivi mensuellement et est ajust\u00e9 \u00e0 dire d\u2019expert le cas \u00e9ch\u00e9ant. Une d\u00e9pr\u00e9ciation est alors constat\u00e9e \u00e0 hauteur de la diff\u00e9rence entre la valeur comptable et les flux attendus actualis\u00e9s au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine, d\u00e9termin\u00e9s en tenant compte de la situation financi\u00e8re du d\u00e9biteur et de la valeur actuelle des garanties re\u00e7ues.

\n

Pr\u00eats ne relevant plus du bucket\u00a03

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers, en cas de r\u00e9appr\u00e9ciation de pr\u00eats immobiliers d\u00e9pr\u00e9ci\u00e9s, les d\u00e9pr\u00e9ciations peuvent \u00eatre reprises int\u00e9gralement ou partiellement et les cr\u00e9ances sorties du bucket\u00a03 lorsque la totalit\u00e9 des impay\u00e9s est r\u00e9gularis\u00e9e et lorsque les paiements sur base contractuelle ont repris de mani\u00e8re r\u00e9guli\u00e8re depuis au moins trois\u00a0mois cons\u00e9cutifs (except\u00e9 pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

\n

Sur le p\u00e9rim\u00e8tre du cr\u00e9dit-bail et des pr\u00eats aux personnes morales, la sortie du bucket\u00a03 peut \u00eatre effective, apr\u00e8s une p\u00e9riode probatoire correspondant \u00e0 une p\u00e9riode sans incident de cr\u00e9dit (90\u00a0jours, sauf pour les cr\u00e9dits restructur\u00e9s pour lesquels la p\u00e9riode probatoire pour sortir du bucket\u00a03 est de 12\u00a0mois).

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Passage en pertes

\n

Un passage en pertes consiste \u00e0 r\u00e9duire la valeur comptable brute d\u2019un actif financier d\u00e8s lors qu\u2019il n\u2019y a plus d\u2019attente raisonnable de recouvrement de tout ou partie de cet actif ou lorsqu\u2019il a fait l\u2019objet d\u2019un abandon total ou partiel.

\n

L\u2019appr\u00e9ciation du d\u00e9lai de passage en perte est bas\u00e9e sur un jugement d\u2019experts en fonction de la connaissance du dossier (anciennet\u00e9 du d\u00e9faut, taux de provisionnement, montant en jeu, absence de r\u00e9cup\u00e9rations r\u00e9centes ou autres caract\u00e9ristiques propres). Il intervient lorsque les voies de recouvrement ont \u00e9t\u00e9 \u00e9puis\u00e9es.

\n

Actifs financiers restructur\u00e9s

\n

Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

\n

Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

\n

Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

\n

Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

\n

Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

\n

L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

\n

Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

\n

Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

\n

Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

\n

Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

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NOTE 12Amortissements, provisions et pertes de valeur

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Les variations des dotations aux amortissements, provisions et pertes de valeur ayant un impact sur le r\u00e9sultat d\u2019exploitation courant se\u00a0d\u00e9composent comme suit\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Amortissements nets

\n		\n

2\u00a0521

\n		\n

2\u00a0621

\n
\n

Immobilisations incorporelles\u00a0(a)

\n		\n

782

\n		\n

823

\n
\n

Immobilisations corporelles\u00a0(a)

\n		\n

834

\n		\n

867

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

905

\n		\n

930

\n
\n

Provisions et pertes de valeur nettes

\n		\n

(17)

\n		\n

(48)

\n
\n

\u00c9carts d'acquisition\u00a0(b)

\n		\n

59

\n		\n

48

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

(30)

\n		\n

(19)

\n
\n

Immobilisations corporelles et incorporelles\u00a0(a)

\n		\n

(48)

\n		\n

(120)

\n
\n

Stocks\u00a0(c)

\n		\n

1

\n		\n

(3)

\n
\n

Cr\u00e9ances\u00a0(c)

\n		\n

16

\n		\n

39

\n
\n

Pertes sur cr\u00e9ances irr\u00e9couvrables

\n		\n

38

\n		\n

38

\n
\n

Provisions pour risques et charges\u00a0

\n		\n

(52)

\n		\n

(32)

\n
\n

Co\u00fbt du risque des activit\u00e9s bancaires

\n		\n

250

\n		\n

231

\n
\n

Co\u00fbt du risque bancaire \u2013 autres d\u00e9pr\u00e9ciations et risques\u00a0(d)

\n		\n

56

\n		\n

149

\n
\n

Co\u00fbt du risque bancaire \u2013 cr\u00e9ances irr\u00e9couvrables

\n		\n

194

\n		\n

82

\n
\n

Amortissements, provisions et pertes de valeur avant affectation aux contrats d'assurance

\n		\n

2\u00a0754

\n		\n

2\u00a0804

\n
\n

Amortissements, provisions et pertes de valeurs aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en\u00a0PNB

\n		\n

(83)

\n		\n

(81)

\n
\n

Total

\n		\n

2\u00a0670

\n		\n

2\u00a0723

\n
\n

(a)Une ventilation des variations d\u2019amortissement et de perte de valeur des immobilisations est pr\u00e9sent\u00e9e dans les notes 17, 18 et 19. Les mouvements de d\u00e9pr\u00e9ciation et de reprise de d\u00e9pr\u00e9ciation sur les droits d\u2019utilisation concernent essentiellement l\u2019UGT Courrier (cf. note\u00a021).

\n

(b)Les pertes de valeur des \u00e9carts d\u2019acquisition sont d\u00e9taill\u00e9es en note\u00a016.2.

\n

(c)Le d\u00e9tail des variations des pertes de valeur relatives aux stocks et aux cr\u00e9ances figure dans la note\u00a024.

\n

(d)Dont 250\u00a0millions d\u2019euros sur les encours au co\u00fbt amorti en bucket 3 en 2025 (versus 158\u00a0millions d\u2019euros en 2024).

\n
\n

35.2Risque de cr\u00e9dit

\n

35.2.1Cadre g\u00e9n\u00e9ral

\n

La direction des risques groupe (DRG) g\u00e8re le risque de cr\u00e9dit pris par La\u00a0Banque\u00a0Postale, \u00e0 savoir le risque encouru en cas de d\u00e9faillance d\u2019une contrepartie ou de contreparties consid\u00e9r\u00e9es comme un m\u00eame b\u00e9n\u00e9ficiaire au sens du r\u00e8glement UE n\u00b0\u00a0575/2013 du Parlement europ\u00e9en et du Conseil concernant les exigences prudentielles applicables aux \u00e9tablissements de cr\u00e9dit et aux entreprises d\u2019investissement (ou CRR).

\n

Le Directoire fixe les fondamentaux communs (orientations strat\u00e9giques, valeurs, app\u00e9tence au risque, gouvernance) valid\u00e9s par le Conseil de surveillance \u00e0 partir desquels chacune des lignes m\u00e9tiers\u00a0d\u00e9cline ses priorit\u00e9s d\u2019action, et la ma\u00eetrise des risques associ\u00e9s, sous la supervision de la direction des risques groupe.

\n

L\u2019int\u00e9gration de la composante li\u00e9e aux risques climatiques est d\u00e9taill\u00e9e dans la note\u00a04.

\n

Enfin, les d\u00e9pr\u00e9ciations sont calcul\u00e9es de mani\u00e8re centralis\u00e9e pour l\u2019ensemble du groupe.

\n

35.2.2\u00c9volution du contexte g\u00e9opolitique et macro-\u00e9conomique

\n

Les mesures prises en mati\u00e8re de couverture du risque de cr\u00e9dit visent \u00e0 refl\u00e9ter le contexte dans lequel le groupe a op\u00e9r\u00e9 en 2025.

\n

La\u00a0Banque Postale a op\u00e9r\u00e9 dans un contexte marqu\u00e9 par un environnement \u00e9conomique et financier international devenu plus volatil, avec des chocs \u00e9conomiques tr\u00e8s significatifs (en lien avec la politique am\u00e9ricaine, les droits de douane) mais \u00e9galement national (contexte politique in\u00e9dit, \u00e9chec du conclave sur les retraites et difficult\u00e9s \u00e0 finaliser un budget 2026).

\n

Les tensions g\u00e9opolitiques restent \u00e9galement \u00e9lev\u00e9es et ont connu une d\u00e9gradation majeure depuis le\u00a0d\u00e9clenchement de la guerre entre la Russie et l\u2019Ukraine en\u00a0f\u00e9vrier\u00a02022 (poursuite du conflit arm\u00e9 entre l\u2019Ukraine et la Russie et de la guerre entre le Hamas et Isra\u00ebl, risque d'extension r\u00e9gionale au\u00a0mois de\u00a0juin de la guerre \u00e9clair entre Isra\u00ebl et l\u2019Iran, transformation de l\u2019environnement r\u00e9sultant \u00e9galement du repositionnement des \u00c9tats-Unis).

\n

Les principaux\u00a0points de vigilance portent sur la r\u00e9alisation des ambitions de d\u00e9veloppement sans d\u00e9t\u00e9rioration de la rentabilit\u00e9, sur la surveillance des portefeuilles de cr\u00e9dit entreprises pour lesquels des signes de d\u00e9gradation sont constat\u00e9s, la gestion de bilan et la situation de la liquidit\u00e9. Dans le contexte \u00e9conomique et politique actuel les m\u00e9nages ont privil\u00e9gi\u00e9 l\u2019\u00e9pargne (de pr\u00e9caution en particulier), conduisant \u00e0 des arbitrages (d\u00e9p\u00f4ts, livrets, assurance-vie).

\n

Indicateurs pris en compte

\n

Les indicateurs de la situation en France ayant une incidence sur les op\u00e9rations de La\u00a0Banque\u00a0Postale et devant \u00eatre pris en consid\u00e9ration, sont en particulier les suivants\u00a0:

\n

\u25cfl\u2019incertitude pesant sur les agents dans le contexte de cadre budg\u00e9taire et fiscal. Le climat d\u2019attentisme pourrait peser encore davantage sur la croissance \u00e9conomique et la capacit\u00e9 de remboursement des emprunteurs, m\u00eame si le climat des affaires en France en\u00a0d\u00e9cembre a continu\u00e9 de s\u2019am\u00e9liorer encore un peu et se rapproche de sa moyenne de longue p\u00e9riode\u00a0;

\n

\u25cfapr\u00e8s une hausse continue de 2021 \u00e0\u00a0d\u00e9cembre\u00a02024 en rattrapage de la p\u00e9riode COVID, la croissance du nombre de d\u00e9faillances d\u2019entreprises en France au global poursuit son tassement progressif (68,3\u00a0milliers en cumul\u00e9 12\u00a0mois \u00e0 fin\u00a0novembre\u00a02025, soit +4,4% en glissement annuel vs. +4,7% \u00e0 fin octobre\u00a02025) tout en restant sur un palier de haut de cycle (moyenne sur 2010-2019 de 59,3\u00a0milliers)\u00a0(388).

\n

Les sc\u00e9narios macro-\u00e9conomiques

\n

Dans le contexte des incertitudes \u00e9conomiques et g\u00e9opolitiques \u00e9voqu\u00e9es ci-dessus, le groupe continue de revoir r\u00e9guli\u00e8rement ses pr\u00e9visions macro-\u00e9conomiques prospectives (forward looking) pour la d\u00e9termination du risque de cr\u00e9dit.

\n

Le groupe retient trois sc\u00e9narios pour int\u00e9grer la composante forward looking\u00a0: un sc\u00e9nario central, un sc\u00e9nario alternatif favorable et un sc\u00e9nario alternatif d\u00e9grad\u00e9.

\n

Ces sc\u00e9narios sont d\u00e9finis par le d\u00e9partement des \u00e9tudes \u00e9conomiques de la direction strat\u00e9gique de La\u00a0Banque\u00a0Postale, \u00e0 partir de sc\u00e9narios d\u00e9termin\u00e9s par la Caisse des D\u00e9p\u00f4ts. Ils comportent des projections pour l'ensemble des variables macro-\u00e9conomiques n\u00e9cessaires au fonctionnement des mod\u00e8les d\u00e9velopp\u00e9s pour obtenir des pertes en cas de d\u00e9faut et probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9. La probabilit\u00e9 d'occurrence de chaque sc\u00e9nario fait l'objet d'une documentation par le d\u00e9partement des \u00c9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Le dispositif s\u2019appuie sur un nombre significatif de mod\u00e8les et fait l\u2019objet d\u2019une revue ind\u00e9pendante par l\u2019\u00e9quipe Validation des mod\u00e8les et d\u2019une validation en Comit\u00e9 de validation des mod\u00e8les avant leur utilisation. Pour tenir compte de la concentration en France de son portefeuille et \u00e0 ce titre disposer de projections pr\u00e9cises, La\u00a0Banque\u00a0Postale s\u2019appuie sur les comp\u00e9tences du groupe Caisse des D\u00e9p\u00f4ts et celles du D\u00e9partement des \u00e9tudes \u00e9conomiques de La Banque Postale en mati\u00e8re de sc\u00e9nario macro\u2011\u00e9conomique.

\n

L\u2019horizon des pr\u00e9visions de la conjoncture \u00e9conomique\u00a0future retenu est de cinq\u00a0ans

\n

Les sc\u00e9narios retenus sont des sc\u00e9narios \u00e9conomiques globaux et coh\u00e9rents\u00a0: ils s'appliquent uniform\u00e9ment sur l'ensemble de La\u00a0Banque\u00a0Postale avec des impacts potentiellement oppos\u00e9s sur certains segments de produits ou de client\u00e8le, refl\u00e9tant ainsi la diversification du portefeuille (\u00e0 titre d'illustration, il n'est pas possible, dans un sc\u00e9nario donn\u00e9, de disposer d'une projection de taux d'int\u00e9r\u00eat diff\u00e9rente pour mesurer les probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9 (life time) de la client\u00e8le de d\u00e9tail et celles de la client\u00e8le souveraine).

\n

Les sc\u00e9narios propos\u00e9s ne sont pas n\u00e9cessairement des sc\u00e9narios adverses sur le plan du risque de cr\u00e9dit\u00a0: il n'est pas cherch\u00e9 \u00e0 travers les sc\u00e9narios IFRS\u00a09 \u00e0 quantifier des risques de pertes dans un environnement tr\u00e8s d\u00e9grad\u00e9 dont la probabilit\u00e9 d'occurrence est tr\u00e8s faible, mais plut\u00f4t d\u2019appliquer des sc\u00e9narios plausibles d\u2019une mani\u00e8re g\u00e9n\u00e9rale, dont la probabilit\u00e9 d'occurrence s'\u00e9carte d'un \u00e9cart type de la probabilit\u00e9 d'occurrence du sc\u00e9nario central.

\n

Les sc\u00e9narios ne sont pas n\u00e9cessairement construits pour avoir un impact fort sur la composante sp\u00e9cifiquement cr\u00e9dit\u00a0: des sc\u00e9narios d\u00e9grad\u00e9s dont la probabilit\u00e9 d'occurrence est \u00e9lev\u00e9e peuvent \u00eatre retenus alors m\u00eame que leur impact principal est sur la composante taux.

\n

Les sc\u00e9narios retenus sont les sc\u00e9narios utilis\u00e9s dans d\u2019autres processus de l\u2019\u00e9tablissement (plan strat\u00e9gique, budget, exercices de stress tests de l\u2019ICAAP, reportings r\u00e9glementaires).

\n

Pond\u00e9ration de chacun des trois sc\u00e9narios

\n

La probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario est propos\u00e9e par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Au 31\u00a0d\u00e9cembre 2025, celui-ci a estim\u00e9 que l\u2019\u00e9volution de la situation macro-\u00e9conomique et les incertitudes pesant sur la croissance mondiale pour diff\u00e9rentes mesures n\u2019ont pas significativement chang\u00e9 depuis le 31\u00a0d\u00e9cembre 2024, et ainsi confirm\u00e9 les pond\u00e9rations applicables.

\n

\n

La probabilit\u00e9 d\u2019occurrence de chacun de ces sc\u00e9narios est r\u00e9sum\u00e9e dans le tableau ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Sc\u00e9narios

\n		\n

Sc\u00e9narios en vigueur en 2025

\n		\n

Sc\u00e9narios 2024

\n
\n

Central

\n		\n

60%

\n		\n

60%

\n
\n

Adverse

\n		\n

30%

\n		\n

30%

\n
\n

Favorable

\n		\n

10%

\n		\n

10%

\n
\n

Ainsi, en 2025, les sc\u00e9narios int\u00e9gr\u00e9s dans les traitements de calcul des provisions en norme IFRS\u00a09 sont les suivants\u00a0:

\n

Sc\u00e9nario central

\n

L\u2019incertitude sur la situation politique nationale et ses implications en termes \u00e9conomiques et sociales ont conduit \u00e0 un net retournement de la confiance des agents (m\u00e9nages et entreprises). La fin de l\u2019\u00e9t\u00e9\u00a02025 a \u00e9t\u00e9 marqu\u00e9e par une forte instabilit\u00e9 politique en France. Le sc\u00e9nario fait l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 politique\u00a0: les troubles sociaux sont contenus, se d\u00e9gage la perspective d\u2019un budget moins restrictif que le plan Bayrou. S\u2019agissant de l\u2019inflation, la poursuite de la d\u00e9sinflation a bien eu lieu et a m\u00eame \u00e9t\u00e9 plus marqu\u00e9e qu\u2019escompt\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, en lien avec la forte baisse des prix de l\u2019\u00e9nergie et l\u2019appr\u00e9ciation de l\u2019euro. Pour 2026, l\u2019incertitude est \u00e9lev\u00e9e. Sur le taux de d\u00e9p\u00f4t de la BCE, la normalisation mon\u00e9taire d\u00e9but\u00a02025 a \u00e9t\u00e9 suivie d\u2019un statu quo\u00a0: les derni\u00e8res \u00e9volutions confirment la perspective d\u2019un taux de d\u00e9p\u00f4t fin d\u2019ann\u00e9e en baisse sur 2024/2025. Compte tenu des forces inflationnistes pr\u00e9gnantes dans le cycle \u00e9conomique \u00e0 venir \u00e0 moyen/long terme, le taux d\u2019\u00e9quilibre de long terme reste stable. Pour les taux longs, les forces maintenant le taux de l\u2019OAT\u00a010\u00a0ans autour de 3,5% sont escompt\u00e9es pr\u00e9gnantes \u00e0 court terme, vu notamment la pression sur la prime de risque sp\u00e9cifique \u00e0 la France et les anticipations d\u2019augmentation d\u2019appels au march\u00e9 \u00e0 la suite de la lev\u00e9e du frein \u00e0 la dette allemande.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

0,8

\n		\n

0,9

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,5

\n		\n

7,6

\n		\n

7,6

\n		\n

7,6

\n		\n

7,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,56

\n		\n

3,54

\n		\n

3,44

\n		\n

3,40

\n		\n

3,40

\n
\n

Inflation France (variation)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,8

\n		\n

1,9

\n		\n

2,0

\n		\n

2,0

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

3,04

\n		\n

2,94

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,8

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n
\n

Sc\u00e9nario adverse

\n

Ce sc\u00e9nario int\u00e8gre l\u2019ann\u00e9e du choc de nouvelles tensions sur le march\u00e9 des mati\u00e8res premi\u00e8res dans un contexte de tensions g\u00e9opolitiques, entra\u00eenant un choc r\u00e9cessif sur le PIB mondial. Une boucle prix-salaires persistante s\u2019installerait de mani\u00e8re durable en zone euro, entra\u00eenant une hausse de l\u2019inflation sous-jacente, l\u2019inflation totale persistant au-dessus de la cible de la banque centrale. En r\u00e9action, celle-ci positionnerait ses taux directeurs au-dessus des taux neutres, sans parvenir \u00e0 stabiliser la dynamique des prix, et impliquant des taux obligataires tr\u00e8s \u00e9lev\u00e9s. Dans ce sc\u00e9nario la transition \u00e9nerg\u00e9tique et \u00e9cologique se ferait, par rapport au sc\u00e9nario central, de mani\u00e8re d\u00e9sordonn\u00e9e, contribuant \u00e0 des tensions sur les prix et les taux, et \u00e0 une perte de croissance potentielle \u00e0 moyen terme (perte de productivit\u00e9). Les cons\u00e9quences \u00e9conomiques et financi\u00e8res des sc\u00e9narios climatiques adverses du NGFS(389) (dans leur derni\u00e8re actualisation avec une forte hausse de l\u2019impact du risque physique dans l\u2019ensemble des sc\u00e9narios) sont couvertes et statistiquement englob\u00e9es par ce sc\u00e9nario de KO inflationniste, tout comme le risque de guerre commerciale.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts, et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,5

\n		\n

0,5

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

8,7

\n		\n

9,2

\n		\n

9,5

\n		\n

9,6

\n		\n

9,6

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

5,48

\n		\n

5,69

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

5,50

\n		\n

4,00

\n		\n

3,50

\n		\n

3,50

\n		\n

3,50

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,6

\n		\n

0,6

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

8,3

\n		\n

9,1

\n		\n

9,4

\n		\n

9,5

\n		\n

9,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

5,00

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

5,5

\n		\n

4,0

\n		\n

3,5

\n		\n

3,5

\n		\n

3,5

\n
\n

Sc\u00e9nario favorable

\n

Le sc\u00e9nario haussier retient une moindre incertitude en France et un environnement international plus porteur. En France, la confiance des agents serait moins entrav\u00e9e qu\u2019escompt\u00e9e, soutenant davantage la reprise de l\u2019activit\u00e9 les premi\u00e8res ann\u00e9es que dans le sc\u00e9nario central. Au niveau international, le rel\u00e8vement des droits de douane am\u00e9ricains serait contenu. L\u2019inflation am\u00e9ricaine poursuivrait sa\u00a0d\u00e9c\u00e9l\u00e9ration, ce qui permettrait \u00e0 la Fed de baisser son taux directeur, entra\u00eenant une r\u00e9duction des taux longs am\u00e9ricains. Celle-ci se diffuserait dans les grandes \u00e9conomies et les taux longs europ\u00e9ens (dont l\u2019OAT) marqueraient \u00e9galement une baisse. Ce dernier \u00e9l\u00e9ment jouerait aussi \u00e0 long terme. La production p\u00e9troli\u00e8re am\u00e9ricaine plus soutenue p\u00e8serait sur le cours du p\u00e9trole, ce qui contrebalancerait les pressions haussi\u00e8res sur l\u2019inflation fran\u00e7aise, li\u00e9es \u00e0 une activit\u00e9 plus soutenue. En Chine, la politique de soutien des autorit\u00e9s produirait un peu d\u2019effets positifs. L\u2019ensemble de ces ph\u00e9nom\u00e8nes (moindre incertitude, davantage de demande \u00e9trang\u00e8re, inflation contenue et baisse des taux) constitueraient des facteurs de soutien additionnels \u00e0 la croissance fran\u00e7aise par rapport au sc\u00e9nario central. L\u2019emploi serait ainsi plus dynamique et le ch\u00f4mage plus faible.

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

1,2

\n		\n

1,5

\n		\n

1,4

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,4

\n		\n

7,2

\n		\n

7,1

\n		\n

7,0

\n		\n

6,9

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,44

\n		\n

3,34

\n		\n

3,24

\n		\n

3,20

\n		\n

3,20

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

1,35

\n		\n

1,61

\n		\n

1,75

\n		\n

1,93

\n		\n

1,97

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

TO

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,5

\n		\n

1,3

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,5

\n		\n

6,4

\n		\n

6,3

\n		\n

6,2

\n		\n

6,2

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

2,98

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,62

\n		\n

1,91

\n		\n

2,00

\n		\n

2,02

\n		\n

2,02

\n
\n

Analyse de sensibilit\u00e9 des sc\u00e9narios
macro-\u00e9conomiques sur les pertes attendues

\n

Les analyses de sensibilit\u00e9s ont \u00e9t\u00e9 conduites sur les p\u00e9rim\u00e8tres relatifs au risque de cr\u00e9dit aux personnes morales et personnes physiques, sur les param\u00e8tres des ECL statistiques (soit hors provisions \u00e0 dire d\u2019expert s\u2019agissant de la client\u00e8le Personnes Morales).

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de d\u00e9tail est relativement mod\u00e9r\u00e9e sur ce segment, avec une amplitude de [0%\u00a0; +3%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration.

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de personnes morales est plus marqu\u00e9e sur ce segment, avec une amplitude de [-3%\u00a0; +52%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration, la volatilit\u00e9 \u00e9tant plus \u00e9lev\u00e9e sur les expositions du segment souverains et \u00e9tablissements de cr\u00e9dit.

\n

35.2.3Impacts sur l\u2019\u00e9valuation du risque de cr\u00e9dit

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque s\u2019\u00e9tablit \u00e0 250\u00a0millions d\u2019euros.

\n

Le taux d\u2019expositions non performantes (des expositions client\u00e8le et des titres) est en hausse \u00e0 1,42% par rapport au niveau de\u00a0d\u00e9cembre\u00a02024 (i.e. 1,34% en\u00a0d\u00e9cembre\u00a02024) du fait essentiellement de l\u2019augmentation des encours en d\u00e9faut de l\u2019activit\u00e9 de cr\u00e9dit \u00e0 la consommation.

\n

Le taux de couverture des expositions non performantes est en l\u00e9g\u00e8re baisse (37,8%) \u00e0 fin\u00a0d\u00e9cembre\u00a02025 par rapport au 31\u00a0d\u00e9cembre 2024 (39,4%).

\n

Par ailleurs, le taux d\u2019exposition en bucket\u00a02 augmente pour s\u2019\u00e9tablir \u00e0 7,72% (versus 7% en 2024). Cette hausse r\u00e9sulte d\u2019un double effet\u00a0: provisionnement statistique (encours du bucket\u00a02 plus \u00e9lev\u00e9) et mise \u00e0 jour des crit\u00e8res de provisionnement sectoriel.

\n

Personnes morales

\n

Au cours de l\u2019ann\u00e9e 2025, il n\u2019y a pas de sinistralit\u00e9 importante observ\u00e9e sur le portefeuille de cr\u00e9dit personnes morales. Toutefois, le nombre d\u2019entr\u00e9e en gestion Affaires Sp\u00e9ciales continue de progresser sur le portefeuille de cr\u00e9dit entreprises. La lente d\u00e9gradation s'est mat\u00e9rialis\u00e9e essentiellement par l'entr\u00e9e de plusieurs dossiers \u00e0 forte composante immobili\u00e8re en Watch\u00a0List ou en gestion Affaires Sp\u00e9ciales, ainsi que sur le segment PME/ETI. Le renforcement du provisionnement sectoriel au second semestre 2024 a permis d\u2019absorber la d\u00e9gradation attendue du secteur de l\u2019immobilier.

\n

Ainsi, au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de Financement et d\u2019Investissement Personnes Morales s\u2019\u00e9tablit \u00e0 118\u00a0millions d\u2019euros contre 132\u00a0millions d'euros au 31\u00a0d\u00e9cembre 2024.

\n

Particuliers

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de la client\u00e8le de particuliers s\u2019\u00e9l\u00e8ve \u00e0 132\u00a0millions d\u2019euros (dont 7,4\u00a0millions d\u2019euros sur la client\u00e8le des professionnels) versus 99\u00a0millions au 31\u00a0d\u00e9cembre 2024.

\n

La qualit\u00e9 de cr\u00e9dit des portefeuilles de cr\u00e9dits aux particuliers reste stable et ma\u00eetris\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, notamment sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers.

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits \u00e0 la consommation, la dynamique de d\u00e9gradation du portefeuille constat\u00e9e depuis l\u2019\u00e9t\u00e9 2024 (progression des impay\u00e9s, hausse des flux de recevabilit\u00e9s Banque de France, d\u00e9gradation de notations) s\u2019est poursuivie en 2025. Ce risque reste \u00e0 ce jour ma\u00eetris\u00e9.

\n

35.2.4Exposition au risque de cr\u00e9dit

\n

a) Variation des valeurs comptables et des corrections de valeur pour pertes sur la p\u00e9riode

\n

Les corrections de valeur pour pertes correspondent aux d\u00e9pr\u00e9ciations sur actifs et aux provisions sur engagement hors-bilan comptabilis\u00e9es en r\u00e9sultat (co\u00fbt du risque de cr\u00e9dit pour les entit\u00e9s bancaires et co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance pour les entit\u00e9s d'assurance) au titre du risque de cr\u00e9dit.

\n

Les tableaux suivants pr\u00e9sentent un rapprochement des soldes d\u2019ouverture et de cl\u00f4ture des corrections de valeur pour perte comptabilis\u00e9es en Co\u00fbt du risque et des valeurs comptables brutes associ\u00e9es, par cat\u00e9gorie comptable et type d\u2019instruments.

\n

La ligne \u00ab\u00a0Modifications des flux ne donnant pas lieu \u00e0 une d\u00e9comptabilisation\u00a0\u00bb permet d\u2019identifier les impacts d\u2019une restructuration pour risque intervenue sur la p\u00e9riode (cf. note\u00a03.11).

\n

Actifs financiers \u00e9valu\u00e9s au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n
\n

Titres

\n		\n

38\u00a0335

\n		\n

(52)

\n		\n

(77)

\n		\n

38\u00a0206

\n		\n

36\u00a0324

\n		\n

(49)

\n		\n

(19)

\n		\n

36\u00a0256

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

70\u00a0077

\n		\n

(1)

\n		\n

\n		\n

70\u00a0076

\n		\n

75\u00a0679

\n		\n

(5)

\n		\n

\n		\n

75\u00a0673

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

133\u00a0975

\n		\n

(1\u00a0800)

\n		\n

(20)

\n		\n

132\u00a0155

\n		\n

130\u00a0680

\n		\n

(1\u00a0717)

\n		\n

(5)

\n		\n

128\u00a0958

\n
\n

Total

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

(97)

\n		\n

240\u00a0437

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

(24)

\n		\n

240\u00a0888

\n
\n

(a)Impact des op\u00e9rations de couverture.

\n

(b)Cf. note\u00a023.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur Nette comptable

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

227\u00a0548

\n		\n

(176)

\n		\n

12\u00a0614

\n		\n

(611)

\n		\n

2\u00a0523

\n		\n

(985)

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

240\u00a0888

\n
\n

Transferts d'actifs en cours de vie d'un bucket \u00e0\u00a0l'autre

\n		\n

(2\u00a0291)

\n		\n

11

\n		\n

1\u00a0728

\n		\n

(59)

\n		\n

563

\n		\n

(154)

\n		\n

0

\n		\n

(201)

\n		\n

(201)

\n
\n

Transferts vers ECL Maturit\u00e9 (bucket 2)

\n		\n

(4\u00a0965)

\n		\n

17

\n		\n

5\u00a0126

\n		\n

(177)

\n		\n

(161)

\n		\n

36

\n		\n

\n		\n

(123)

\n		\n

(123)

\n
\n

Transferts vers ECL 12\u00a0mois (bucket 1)

\n		\n

3\u00a0133

\n		\n

(10)

\n		\n

(2\u00a0986)

\n		\n

89

\n		\n

(148)

\n		\n

31

\n		\n

\n		\n

111

\n		\n

111

\n
\n

Transferts vers actifs d\u00e9pr\u00e9ci\u00e9s (bucket 3)\u00a0(a)

\n		\n

(459)

\n		\n

4

\n		\n

(412)

\n		\n

29

\n		\n

872

\n		\n

(221)

\n		\n

0

\n		\n

(188)

\n		\n

(188)

\n
\n

Total apr\u00e8s transferts

\n		\n

225\u00a0256

\n		\n

(165)

\n		\n

14\u00a0341

\n		\n

(669)

\n		\n

3\u00a0086

\n		\n

(1\u00a0138)

\n		\n

242\u00a0684

\n		\n

(1\u00a0973)

\n		\n

240\u00a0711

\n
\n

Variations des Valeurs comptables brutes et des\u00a0corrections de valeur pour pertes

\n		\n

556

\n		\n

5

\n		\n

(584)

\n		\n

21

\n		\n

(269)

\n		\n

94

\n		\n

(297)

\n		\n

120

\n		\n

(177)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026\u00a0(b)

\n		\n

33\u00a0967

\n		\n

(92)

\n		\n

2\u00a0259

\n		\n

(209)

\n		\n

503

\n		\n

(274)

\n		\n

36\u00a0730

\n		\n

(575)

\n		\n

36\u00a0155

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0 \u00e9ch\u00e9ance...

\n		\n

(33\u00a0147)

\n		\n

96

\n		\n

(2\u00a0843)

\n		\n

230

\n		\n

(561)

\n		\n

175

\n		\n

(36\u00a0551)

\n		\n

501

\n		\n

(36\u00a0050)

\n
\n

Passage \u00e0 perte

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(200)

\n		\n

193

\n		\n

(200)

\n		\n

193

\n		\n

(6)

\n
\n

Modifications des flux ne donnant pas lieu \u00e0 une\u00a0d\u00e9comptabilisation

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(217)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(217)

\n		\n

\n		\n

(217)

\n
\n

Autres

\n		\n

(47)

\n		\n

(0)

\n		\n

0

\n		\n

0

\n		\n

(9)

\n		\n

(0)

\n		\n

(55)

\n		\n

(0)

\n		\n

(55)

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0534

\n
\n

R\u00e9\u00e9valuations\u00a0(c)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(97)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0437

\n
\n

(a)Les transferts vers le bucket 3 correspondent \u00e0 des encours class\u00e9s initialement en bucket 1 ayant \u00e9t\u00e9\u00a0d\u00e9class\u00e9s soit directement en bucket 3, soit d\u2019abord en bucket 2 puis en bucket 3.

\n

(b)Les montants pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Nouvelle production\u00a0\u00bb en bucket 2 et bucket 3 peuvent inclure des encours origin\u00e9s en bucket 1 puis reclass\u00e9s en bucket 2 ou bucket 3 au cours du m\u00eame exercice.

\n

(c)Impact des op\u00e9rations de couverture.

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n
\n

Instruments de dettes \u00e0 la juste valeur par capitaux propres reyclables

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

Total

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

(a)Cf. note\u00a023.3.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Transferts d'actifs en cours
de vie d'un bucket \u00e0 l'autre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total apr\u00e8s transferts

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Variations des valeurs comptables brutes et des corrections de valeur pour pertes

\n		\n

4\u00a0539

\n		\n

(21)

\n		\n

(61)

\n		\n

0

\n		\n

\n		\n

\n		\n

4\u00a0478

\n		\n

(20)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026

\n		\n

63\u00a0794

\n		\n

\n		\n

10

\n		\n

\n		\n

\n		\n

\n		\n

63\u00a0804

\n		\n

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0\u00a0\u00e9ch\u00e9ance...

\n		\n

(59\u00a0228)

\n		\n

\n		\n

(71)

\n		\n

\n		\n

\n		\n

\n		\n

(59\u00a0299)

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(16)

\n		\n

2

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(16)

\n		\n

2

\n
\n

Autres

\n		\n

(11)

\n		\n

(23)

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

(11)

\n		\n

(22)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

233\u00a0825

\n		\n

(311)

\n		\n

30

\n		\n

(1)

\n		\n

\n		\n

\n		\n

233\u00a0854

\n		\n

(312)

\n
\n

Hors bilan (engagements de financement et de garantie)

\n

Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n
\n

Engagements de financement et de garantie\u00a0(a)

\n		\n

27\u00a0039

\n		\n

\n		\n

\n		\n

27\u00a0774

\n		\n

\n		\n

\n
\n

Provisions pour engagements de financement
et de garantie\u00a0(b)

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

(129)

\n		\n

\n
\n

Total

\n		\n

27\u00a0039

\n		\n

(105)

\n		\n

26\u00a0934

\n		\n

27\u00a0774

\n		\n

(129)

\n		\n

27\u00a0645

\n
\n

(a)Dont 24\u00a0752\u00a0millions d\u2019euros en bucket 1 et 2\u00a0209\u00a0millions d\u2019euros en bucket 2 en 2025 (versus 25\u00a0839\u00a0millions d\u2019euros en bucket 1 et 1\u00a0776\u00a0millions d\u2019euros en bucket 2 en 2024). \u00c0 noter que sur le bucket 1 en 2025, la nouvelle production s\u2019est \u00e9lev\u00e9e \u00e0 10\u00a0604\u00a0millions d\u2019euros et les\u00a0d\u00e9comptabilisations se sont \u00e9lev\u00e9es \u00e0 -11 940\u00a0millions d\u2019euros (versus 13\u00a0397\u00a0millions d\u2019euros en nouvelle production et -9\u00a0632\u00a0millions d\u2019euros en\u00a0d\u00e9comptabilisations en 2024).

\n

(b)Dont -20\u00a0millions d\u2019euros en bucket 1 et -74\u00a0millions d\u2019euros en bucket 2 en 2025 (versus -22\u00a0millions d\u2019euros en bucket 1 et -64\u00a0millions d\u2019euros en bucket 2 en 2024).

\n
\n

Actifs financiers restructur\u00e9s

\n

Pour les actifs ayant fait l\u2019objet d\u2019une restructuration au cours de la p\u00e9riode, la valeur comptable \u00e9tablie \u00e0 l\u2019issue de la restructuration est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n		\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le au co\u00fbt amorti

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Total

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0note\u00a03.11.6). Le statut d\u2019actif financier restructur\u00e9 est caract\u00e9ris\u00e9 d\u00e8s la survenance d\u2019une restructuration et conserv\u00e9 jusqu\u2019\u00e0 la\u00a0d\u00e9comptabilisation de l\u2019actif.

\n

La valeur comptable brute des actifs modifi\u00e9s concern\u00e9s par ce reclassement au cours de la p\u00e9riode est de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 10\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

Exposition maximale au risque de cr\u00e9dit

\n

L\u2019exposition maximale au risque de cr\u00e9dit correspond \u00e0 la valeur comptable des actifs financiers port\u00e9s par le groupe, nette de toute perte de valeur comptabilis\u00e9e et sans tenir compte des actifs d\u00e9tenus en garantie ou des autres rehaussements de cr\u00e9dit (par exemple les accords de compensation qui ne remplissent pas les conditions de compensation selon IAS\u00a032).

\n

Le tableau ci-dessous pr\u00e9sente l\u2019exposition nette maximale ainsi que le montant des actifs d\u00e9tenus en garantie et autres techniques de rehaussements de cr\u00e9dit permettant de r\u00e9duire cette exposition.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de r\u00e9haussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

96\u00a0938

\n		\n

19\u00a0988

\n		\n

76\u00a0950

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0252

\n		\n

19\u00a0988

\n		\n

264

\n
\n

Actifs financiers d\u00e9sign\u00e9s \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

\n		\n

2\u00a0618

\n
\n

Actifs financiers non SPPI mesur\u00e9s \u00e0 la juste valeur

\n		\n

74\u00a0068

\n		\n

\n		\n

74\u00a0068

\n
\n

D\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Titres de dette

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

240\u00a0437

\n		\n

95\u00a0027

\n		\n

145\u00a0410

\n
\n

Pr\u00eats et avances aux \u00e9tablissements de cr\u00e9dits

\n		\n

70\u00a0076

\n		\n

8\u00a0498

\n		\n

61\u00a0578

\n
\n

Pr\u00eats et avances \u00e0 la client\u00e8le

\n		\n

132\u00a0155

\n		\n

86\u00a0529

\n		\n

45\u00a0625

\n
\n

Titres de dette

\n		\n

38\u00a0206

\n		\n

\n		\n

38\u00a0206

\n
\n

Hors bilan (engagements de financement et de garantie)

\n		\n

26\u00a0934

\n		\n

287

\n		\n

26\u00a0647

\n
\n

Engagements de financement donn\u00e9s

\n		\n

25\u00a0552

\n		\n

286

\n		\n

25\u00a0266

\n
\n

Engagements de garantie donn\u00e9s

\n		\n

1\u00a0382

\n		\n

1

\n		\n

1\u00a0381

\n
\n

Total

\n		\n

571\u00a0437

\n		\n

115\u00a0697

\n		\n

455\u00a0740

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au\u00a031\u00a0d\u00e9cembre 2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de rehaussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0r\u00e9sultat

\n		\n

96\u00a0712

\n		\n

16\u00a0579

\n		\n

80\u00a0133

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9tenus\u00a0\u00e0\u00a0des\u00a0fins\u00a0de\u00a0transaction

\n		\n

16\u00a0838

\n		\n

16\u00a0579

\n		\n

258

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9sign\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0sur\u00a0option

\n		\n

2\u00a0943

\n		\n

\n		\n

2\u00a0943

\n
\n

Actifs\u00a0financiers\u00a0non\u00a0SPPI\u00a0mesur\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur

\n		\n

76\u00a0932

\n		\n

\n		\n

76\u00a0932

\n
\n

D\u00e9riv\u00e9s\u00a0de\u00a0couverture

\n		\n

486

\n		\n

486

\n		\n

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0capitaux\u00a0propres\u00a0recyclables

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Actifs\u00a0financiers\u00a0mesur\u00e9s\u00a0au\u00a0co\u00fbt\u00a0amorti

\n		\n

240\u00a0888

\n		\n

94\u00a0381

\n		\n

146\u00a0506

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0aux\u00a0\u00e9tablissements\u00a0de\u00a0cr\u00e9dits

\n		\n

75\u00a0673

\n		\n

10\u00a0130

\n		\n

65\u00a0543

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0\u00e0\u00a0la\u00a0client\u00e8le

\n		\n

128\u00a0958

\n		\n

84\u00a0251

\n		\n

44\u00a0707

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

36\u00a0256

\n		\n

\n		\n

36\u00a0256

\n
\n

Hors\u00a0bilan\u00a0(engagements\u00a0de\u00a0financement\u00a0et\u00a0de\u00a0garantie)

\n		\n

27\u00a0645

\n		\n

322

\n		\n

27\u00a0323

\n
\n

Engagements\u00a0de\u00a0financement\u00a0donn\u00e9s

\n		\n

26\u00a0251

\n		\n

321

\n		\n

25\u00a0930

\n
\n

Engagements\u00a0de\u00a0garantie\u00a0donn\u00e9s

\n		\n

1\u00a0394

\n		\n

1

\n		\n

1\u00a0393

\n
\n

Total

\n		\n

568\u00a0677

\n		\n

111\u00a0769

\n		\n

456\u00a0908

\n
\n

b) Concentration du risque de cr\u00e9dit

\n

Concentration du risque de cr\u00e9dit par agent \u00e9conomique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

Administration

\n		\n

100\u00a0949

\n		\n

101

\n		\n

33

\n		\n

101\u00a0082

\n		\n

105\u00a0482

\n		\n

71

\n		\n

24

\n		\n

105\u00a0577

\n
\n

Banques centrales

\n		\n

831

\n		\n

\n		\n

\n		\n

831

\n		\n

586

\n		\n

\n		\n

\n		\n

586

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

9\u00a0650

\n		\n

1\u00a0257

\n		\n

73

\n		\n

10\u00a0981

\n		\n

6\u00a0221

\n		\n

920

\n		\n

90

\n		\n

7\u00a0231

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

31\u00a0471

\n		\n

5\u00a0770

\n		\n

1\u00a0392

\n		\n

38\u00a0634

\n		\n

28\u00a0936

\n		\n

4\u00a0905

\n		\n

1\u00a0209

\n		\n

35\u00a0050

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

(a)Hors encours de pr\u00eats octroy\u00e9s \u00e0 des SCI, figurant en cr\u00e9dits retail au bilan et pr\u00e9sent\u00e9s en soci\u00e9t\u00e9s non financi\u00e8res dans cette\u00a0d\u00e9composition par agent \u00e9conomique.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Administration

\n		\n

118\u00a0322

\n		\n

\n		\n

\n		\n

118\u00a0322

\n		\n

115\u00a0580

\n		\n

\n		\n

\n		\n

115\u00a0580

\n
\n

Banques centrales

\n		\n

15\u00a0976

\n		\n

\n		\n

\n		\n

15\u00a0976

\n		\n

13\u00a0334

\n		\n

\n		\n

\n		\n

13\u00a0334

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

8\u00a0288

\n		\n

(0)

\n		\n

\n		\n

8\u00a0288

\n		\n

7\u00a0214

\n		\n

\n		\n

\n		\n

7\u00a0214

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

40\u00a0570

\n		\n

30

\n		\n

\n		\n

40\u00a0600

\n		\n

40\u00a0664

\n		\n

90

\n		\n

\n		\n

40\u00a0755

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan (engagements de\u00a0financement et\u00a0de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

7\u00a0318

\n		\n

600

\n		\n

13

\n		\n

7\u00a0932

\n		\n

8\u00a0032

\n		\n

651

\n		\n

15

\n		\n

8\u00a0698

\n
\n

Administration\u00a0(b)

\n		\n

4\u00a0933

\n		\n

16

\n		\n

\n		\n

4\u00a0948

\n		\n

4\u00a0493

\n		\n

5

\n		\n

2

\n		\n

4\u00a0500

\n
\n

Banques centrales

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n
\n

\u00c9tablissements de\u00a0cr\u00e9dit\u00a0(c)

\n		\n

1\u00a0631

\n		\n

170

\n		\n

\n		\n

1\u00a0801

\n		\n

4\u00a0624

\n		\n

78

\n		\n

\n		\n

4\u00a0702

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res\u00a0(d)

\n		\n

2\u00a0328

\n		\n

258

\n		\n

2

\n		\n

2\u00a0588

\n		\n

2\u00a0362

\n		\n

289

\n		\n

3

\n		\n

2\u00a0654

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res\u00a0(d)

\n		\n

8\u00a0542

\n		\n

1\u00a0164

\n		\n

63

\n		\n

9\u00a0769

\n		\n

6\u00a0326

\n		\n

753

\n		\n

139

\n		\n

7\u00a0218

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour pertes\u00a0(e)

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

(a)Dont 6\u00a0790\u00a0millions d\u2019euros en 2025 (7\u00a0460\u00a0millions d\u2019euros en 2024) pr\u00e9sentent une probabilit\u00e9 de d\u00e9faut inf\u00e9rieure \u00e0 1%.

\n

(b)Dont 3\u00a0689\u00a0millions d\u2019euros en 2025 (3\u00a0405\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(c)Dont 526\u00a0millions d\u2019euros en 2025 (342\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(d)Dont 10\u00a0474\u00a0millions d\u2019euros en 2025 (8\u00a0391\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(e)Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n
\n

Pour la client\u00e8le de d\u00e9tail, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par intervalle de probabilit\u00e9 de d\u00e9faut. Pour les autres types de client\u00e8le, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par notation externe.

\n

Exposition au risque de cr\u00e9dit

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

PD < 1%

\n		\n

62\u00a0952

\n		\n

1\u00a0280

\n		\n

\n		\n

64\u00a0232

\n		\n

64\u00a0886

\n		\n

1\u00a0607

\n		\n

\n		\n

66\u00a0493

\n
\n

1% < PD < 3%

\n		\n

7\u00a0752

\n		\n

1\u00a0748

\n		\n

\n		\n

9\u00a0499

\n		\n

8\u00a0168

\n		\n

1\u00a0543

\n		\n

\n		\n

9\u00a0711

\n
\n

3% < PD < 10%

\n		\n

1\u00a0604

\n		\n

2\u00a0739

\n		\n

\n		\n

4\u00a0343

\n		\n

1\u00a0874

\n		\n

2\u00a0652

\n		\n

\n		\n

4\u00a0526

\n
\n

PD > 10%

\n		\n

82

\n		\n

862

\n		\n

\n		\n

945

\n		\n

157

\n		\n

914

\n		\n

\n		\n

1\u00a0071

\n
\n

Contrat douteux \u2013 contentieux

\n		\n

\n		\n

\n		\n

1\u00a0318

\n		\n

1\u00a0318

\n		\n

\n		\n

\n		\n

1\u00a0200

\n		\n

1\u00a0200

\n
\n

Total \u2013 client\u00e8le de\u00a0d\u00e9tail

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

AAA

\n		\n

1\u00a0053

\n		\n

61

\n		\n

\n		\n

1\u00a0114

\n		\n

2\u00a0002

\n		\n

105

\n		\n

\n		\n

2\u00a0107

\n
\n

AA

\n		\n

1\u00a0531

\n		\n

\n		\n

\n		\n

1\u00a0531

\n		\n

2\u00a0822

\n		\n

69

\n		\n

\n		\n

2\u00a0891

\n
\n

A

\n		\n

5\u00a0579

\n		\n

58

\n		\n

52

\n		\n

5\u00a0689

\n		\n

4\u00a0302

\n		\n

271

\n		\n

\n		\n

4\u00a0573

\n
\n

Autres

\n		\n

32\u00a0960

\n		\n

6\u00a0908

\n		\n

1\u00a0413

\n		\n

41\u00a0281

\n		\n

26\u00a0032

\n		\n

5\u00a0379

\n		\n

1\u00a0299

\n		\n

32\u00a0710

\n
\n

Total \u2013 Soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

41\u00a0122

\n		\n

7\u00a0027

\n		\n

1\u00a0465

\n		\n

49\u00a0615

\n		\n

35\u00a0157

\n		\n

5\u00a0825

\n		\n

1\u00a0299

\n		\n

42\u00a0280

\n
\n

AAA

\n		\n

2\u00a0592

\n		\n

\n		\n

\n		\n

2\u00a0592

\n		\n

2\u00a0915

\n		\n

\n		\n

\n		\n

2\u00a0915

\n
\n

AA

\n		\n

1\u00a0992

\n		\n

\n		\n

\n		\n

1\u00a0992

\n		\n

89\u00a0179

\n		\n

\n		\n

\n		\n

89\u00a0179

\n
\n

A

\n		\n

89\u00a0161

\n		\n

8

\n		\n

\n		\n

89\u00a0169

\n		\n

3\u00a0455

\n		\n

\n		\n

0

\n		\n

3\u00a0455

\n
\n

Autres

\n		\n

8\u00a0035

\n		\n

92

\n		\n

33

\n		\n

8\u00a0160

\n		\n

10\u00a0518

\n		\n

71

\n		\n

24

\n		\n

10\u00a0614

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

101\u00a0779

\n		\n

101

\n		\n

33

\n		\n

101\u00a0913

\n		\n

106\u00a0068

\n		\n

71

\n		\n

24

\n		\n

106\u00a0163

\n
\n

AAA

\n		\n

203

\n		\n

\n		\n

\n		\n

203

\n		\n

905

\n		\n

\n		\n

\n		\n

905

\n
\n

AA

\n		\n

547

\n		\n

\n		\n

\n		\n

547

\n		\n

4\u00a0137

\n		\n

0

\n		\n

\n		\n

4\u00a0137

\n
\n

A

\n		\n

4\u00a0657

\n		\n

\n		\n

\n		\n

4\u00a0657

\n		\n

5\u00a0085

\n		\n

\n		\n

\n		\n

5\u00a0085

\n
\n

Autres

\n		\n

5\u00a0115

\n		\n

0

\n		\n

0

\n		\n

5\u00a0115

\n		\n

1\u00a0111

\n		\n

0

\n		\n

0

\n		\n

1\u00a0111

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
\u00e0 la juste valeur
par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

AAA

\n		\n

380

\n		\n

\n		\n

\n		\n

380

\n		\n

2\u00a0120

\n		\n

\n		\n

\n		\n

2\u00a0120

\n
\n

AA

\n		\n

7\u00a0784

\n		\n

\n		\n

\n		\n

7\u00a0784

\n		\n

7\u00a0936

\n		\n

\n		\n

\n		\n

7\u00a0936

\n
\n

A

\n		\n

19\u00a0236

\n		\n

\n		\n

\n		\n

19\u00a0236

\n		\n

17\u00a0877

\n		\n

\n		\n

\n		\n

17\u00a0877

\n
\n

Autres

\n		\n

21\u00a0458

\n		\n

30

\n		\n

\n		\n

21\u00a0488

\n		\n

19\u00a0946

\n		\n

90

\n		\n

\n		\n

20\u00a0036

\n
\n

Total \u2013 soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

48\u00a0858

\n		\n

30

\n		\n

\n		\n

48\u00a0888

\n		\n

47\u00a0878

\n		\n

90

\n		\n

\n		\n

47\u00a0969

\n
\n

AAA

\n		\n

21\u00a0662

\n		\n

\n		\n

\n		\n

21\u00a0662

\n		\n

18\u00a0264

\n		\n

\n		\n

\n		\n

18\u00a0264

\n
\n

AA

\n		\n

14\u00a0449

\n		\n

\n		\n

\n		\n

14\u00a0449

\n		\n

83\u00a0358

\n		\n

\n		\n

\n		\n

83\u00a0358

\n
\n

A

\n		\n

82\u00a0985

\n		\n

\n		\n

\n		\n

82\u00a0985

\n		\n

6\u00a0968

\n		\n

\n		\n

\n		\n

6\u00a0968

\n
\n

Autres

\n		\n

15\u00a0203

\n		\n

\n		\n

\n		\n

15\u00a0203

\n		\n

20\u00a0323

\n		\n

\n		\n

\n		\n

20\u00a0323

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

134\u00a0299

\n		\n

\n		\n

\n		\n

134\u00a0299

\n		\n

128\u00a0914

\n		\n

\n		\n

\n		\n

128\u00a0914

\n
\n

AAA

\n		\n

1\u00a0285

\n		\n

\n		\n

\n		\n

1\u00a0285

\n		\n

2\u00a0739

\n		\n

\n		\n

\n		\n

2\u00a0739

\n
\n

AA

\n		\n

4\u00a0096

\n		\n

\n		\n

\n		\n

4\u00a0096

\n		\n

7\u00a0098

\n		\n

\n		\n

\n		\n

7\u00a0098

\n
\n

A

\n		\n

34\u00a0096

\n		\n

\n		\n

\n		\n

34\u00a0096

\n		\n

36\u00a0056

\n		\n

\n		\n

\n		\n

36\u00a0056

\n
\n

Autres

\n		\n

11\u00a0191

\n		\n

\n		\n

\n		\n

11\u00a0191

\n		\n

6\u00a0600

\n		\n

\n		\n

\n		\n

6\u00a0600

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Concentration du risque de cr\u00e9dit par zone g\u00e9ographique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

203\u00a0228

\n		\n

13\u00a0459

\n		\n

2\u00a0698

\n		\n

219\u00a0384

\n		\n

205\u00a0644

\n		\n

12\u00a0434

\n		\n

2\u00a0457

\n		\n

220\u00a0535

\n
\n

Autres pays de l'UE

\n		\n

20\u00a0309

\n		\n

239

\n		\n

80

\n		\n

20\u00a0627

\n		\n

19\u00a0524

\n		\n

120

\n		\n

32

\n		\n

19\u00a0676

\n
\n

Autres pays d'Europe

\n		\n

720

\n		\n

16

\n		\n

33

\n		\n

769

\n		\n

697

\n		\n

12

\n		\n

32

\n		\n

741

\n
\n

Autres

\n		\n

1\u00a0555

\n		\n

44

\n		\n

7

\n		\n

1\u00a0606

\n		\n

1\u00a0682

\n		\n

47

\n		\n

2

\n		\n

1\u00a0731

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

112\u00a0567

\n		\n

10

\n		\n

\n		\n

112\u00a0577

\n		\n

99\u00a0019

\n		\n

\n		\n

\n		\n

99\u00a0019

\n
\n

Autres pays de l'UE

\n		\n

85\u00a0731

\n		\n

10

\n		\n

\n		\n

85\u00a0741

\n		\n

89\u00a0371

\n		\n

17

\n		\n

\n		\n

89\u00a0388

\n
\n

Autres pays d'Europe

\n		\n

6\u00a0550

\n		\n

\n		\n

\n		\n

6\u00a0550

\n		\n

8\u00a0697

\n		\n

\n		\n

\n		\n

8\u00a0697

\n
\n

Autres

\n		\n

28\u00a0977

\n		\n

9

\n		\n

\n		\n

28\u00a0986

\n		\n

32\u00a0199

\n		\n

73

\n		\n

\n		\n

32\u00a0272

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan
(engagements
de financement
et de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

22\u00a0997

\n		\n

1\u00a0956

\n		\n

79

\n		\n

25\u00a0031

\n		\n

24\u00a0019

\n		\n

1\u00a0626

\n		\n

159

\n		\n

25\u00a0804

\n
\n

Autres pays de l'UE

\n		\n

1\u00a0600

\n		\n

166

\n		\n

0

\n		\n

1\u00a0766

\n		\n

1\u00a0621

\n		\n

149

\n		\n

0

\n		\n

1\u00a0769

\n
\n

Autres pays d'Europe

\n		\n

141

\n		\n

1

\n		\n

0

\n		\n

142

\n		\n

95

\n		\n

1

\n		\n

0

\n		\n

96

\n
\n

Autres

\n		\n

14

\n		\n

85

\n		\n

0

\n		\n

99

\n		\n

104

\n		\n

1

\n		\n

0

\n		\n

105

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour\u00a0pertes

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

35.2.5Compl\u00e9ment d\u2019information sur les expositions souveraines

\n

Les recensements des expositions souveraines ont \u00e9t\u00e9 \u00e9tablis selon le p\u00e9rim\u00e8tre d\u00e9fini par l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE), c\u2019est-\u00e0-dire en reprenant dans les donn\u00e9es les expositions sur les collectivit\u00e9s r\u00e9gionales, les administrations centrales et organismes b\u00e9n\u00e9ficiant d\u2019une garantie de l\u2019\u00c9tat. Ces expositions incluent les d\u00e9p\u00f4ts centralis\u00e9s \u00e0 la Caisse des D\u00e9p\u00f4ts.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

7\u00a0831

\n		\n

409

\n		\n

8\u00a0240

\n		\n

1\u00a0158

\n		\n

\n		\n

9\u00a0398

\n		\n

3,6%

\n
\n

Autriche

\n		\n

2\u00a0400

\n		\n

6

\n		\n

2\u00a0407

\n		\n

139

\n		\n

\n		\n

2\u00a0546

\n		\n

1,0%

\n
\n

Belgique

\n		\n

9\u00a0497

\n		\n

68

\n		\n

9\u00a0565

\n		\n

2\u00a0013

\n		\n

\n		\n

11\u00a0578

\n		\n

4,4%

\n
\n

Espagne

\n		\n

13\u00a0624

\n		\n

51

\n		\n

13\u00a0675

\n		\n

1\u00a0025

\n		\n

\n		\n

14\u00a0700

\n		\n

5,6%

\n
\n

Finlande

\n		\n

589

\n		\n

1

\n		\n

591

\n		\n

21

\n		\n

\n		\n

611

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0630

\n		\n

3\u00a0848

\n		\n

146\u00a0478

\n		\n

13\u00a0063

\n		\n

4\u00a0203

\n		\n

163\u00a0744

\n		\n

61,9%

\n
\n

Grande-Bretagne

\n		\n

66

\n		\n

45

\n		\n

112

\n		\n

\n		\n

\n		\n

112

\n		\n

0,0%

\n
\n

Irlande

\n		\n

134

\n		\n

1

\n		\n

136

\n		\n

\n		\n

\n		\n

136

\n		\n

0,1%

\n
\n

Italie

\n		\n

10\u00a0185

\n		\n

84

\n		\n

10\u00a0269

\n		\n

957

\n		\n

\n		\n

11\u00a0226

\n		\n

4,2%

\n
\n

Luxembourg

\n		\n

100

\n		\n

2

\n		\n

102

\n		\n

\n		\n

\n		\n

102

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

1\u00a0768

\n		\n

17

\n		\n

1\u00a0785

\n		\n

\n		\n

\n		\n

1\u00a0785

\n		\n

0,7%

\n
\n

Pologne

\n		\n

235

\n		\n

3

\n		\n

237

\n		\n

\n		\n

\n		\n

237

\n		\n

0,1%

\n
\n

Portugal

\n		\n

1\u00a0975

\n		\n

3

\n		\n

1\u00a0978

\n		\n

\n		\n

\n		\n

1\u00a0978

\n		\n

0,7%

\n
\n

Roumanie

\n		\n

149

\n		\n

\n		\n

149

\n		\n

\n		\n

\n		\n

149

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

183

\n		\n

\n		\n

183

\n		\n

\n		\n

\n		\n

183

\n		\n

0,1%

\n
\n

Autres pays d'Europe

\n		\n

109

\n		\n

\n		\n

109

\n		\n

\n		\n

\n		\n

109

\n		\n

0,0%

\n
\n

Supranational

\n		\n

15\u00a0626

\n		\n

490

\n		\n

16\u00a0116

\n		\n

\n		\n

\n		\n

16\u00a0116

\n		\n

6,1%

\n
\n

Europe

\n		\n

207\u00a0102

\n		\n

5\u00a0028

\n		\n

212\u00a0131

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

234\u00a0709

\n		\n

88,8%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0236

\n		\n

26\u00a0354

\n		\n

28\u00a0590

\n		\n

\n		\n

\n		\n

28\u00a0590

\n		\n

10,8%

\n
\n

Canada

\n		\n

696

\n		\n

\n		\n

696

\n		\n

\n		\n

\n		\n

696

\n		\n

0,3%

\n
\n

Mexique

\n		\n

111

\n		\n

\n		\n

111

\n		\n

\n		\n

\n		\n

111

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

236

\n		\n

17

\n		\n

254

\n		\n

\n		\n

\n		\n

254

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0279

\n		\n

26\u00a0371

\n		\n

29\u00a0650

\n		\n

-

\n		\n

-

\n		\n

29\u00a0650

\n		\n

11,2%

\n
\n

Total

\n		\n

210\u00a0381

\n		\n

31\u00a0400

\n		\n

241\u00a0781

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

264\u00a0360

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

6\u00a0462

\n		\n

196

\n		\n

6\u00a0657

\n		\n

1\u00a0073

\n		\n

-

\n		\n

7\u00a0730

\n		\n

3,1%

\n
\n

Autriche

\n		\n

1\u00a0912

\n		\n

6

\n		\n

1\u00a0919

\n		\n

\n		\n

-

\n		\n

1\u00a0919

\n		\n

0,8%

\n
\n

Belgique

\n		\n

8\u00a0953

\n		\n

78

\n		\n

9\u00a0031

\n		\n

1\u00a0291

\n		\n

-

\n		\n

10\u00a0321

\n		\n

4,2%

\n
\n

Espagne

\n		\n

13\u00a0418

\n		\n

41

\n		\n

13\u00a0458

\n		\n

433

\n		\n

-

\n		\n

13\u00a0892

\n		\n

5,6%

\n
\n

Finlande

\n		\n

376

\n		\n

1

\n		\n

377

\n		\n

-

\n		\n

-

\n		\n

377

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0457

\n		\n

1\u00a0518

\n		\n

143\u00a0975

\n		\n

7\u00a0921

\n		\n

806

\n		\n

152\u00a0702

\n		\n

62,1%

\n
\n

Grande-Bretagne

\n		\n

74

\n		\n

-

\n		\n

74

\n		\n

-

\n		\n

-

\n		\n

74

\n		\n

0,0%

\n
\n

Irlande

\n		\n

181

\n		\n

19

\n		\n

200

\n		\n

-

\n		\n

-

\n		\n

200

\n		\n

0,1%

\n
\n

Italie

\n		\n

9\u00a0526

\n		\n

82

\n		\n

9\u00a0607

\n		\n

3\u00a0590

\n		\n

-

\n		\n

13\u00a0197

\n		\n

5,4%

\n
\n

Luxembourg

\n		\n

103

\n		\n

1

\n		\n

104

\n		\n

-

\n		\n

-

\n		\n

104

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

533

\n		\n

15

\n		\n

548

\n		\n

127

\n		\n

-

\n		\n

674

\n		\n

0,3%

\n
\n

Pologne

\n		\n

209

\n		\n

-

\n		\n

209

\n		\n

-

\n		\n

-

\n		\n

209

\n		\n

0,1%

\n
\n

Portugal

\n		\n

2\u00a0073

\n		\n

3

\n		\n

2\u00a0076

\n		\n

98

\n		\n

-

\n		\n

2\u00a0173

\n		\n

0,9%

\n
\n

Roumanie

\n		\n

144

\n		\n

-

\n		\n

144

\n		\n

-

\n		\n

-

\n		\n

144

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

110

\n		\n

-

\n		\n

110

\n		\n

-

\n		\n

-

\n		\n

110

\n		\n

0,0%

\n
\n

Autres pays d'Europe

\n		\n

127

\n		\n

-

\n		\n

127

\n		\n

-

\n		\n

-

\n		\n

127

\n		\n

0,1%

\n
\n

Supranational

\n		\n

12\u00a0969

\n		\n

811

\n		\n

13\u00a0780

\n		\n

567

\n		\n

-

\n		\n

14\u00a0347

\n		\n

5,8%

\n
\n

Europe

\n		\n

199\u00a0625

\n		\n

2\u00a0771

\n		\n

202\u00a0396

\n		\n

15\u00a0100

\n		\n

806

\n		\n

218\u00a0301

\n		\n

88,7%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0506

\n		\n

24\u00a0214

\n		\n

26\u00a0720

\n		\n

\n		\n

-

\n		\n

26\u00a0720

\n		\n

10,9%

\n
\n

Canada

\n		\n

572

\n		\n

-

\n		\n

572

\n		\n

-

\n		\n

-

\n		\n

572

\n		\n

0,2%

\n
\n

Mexique

\n		\n

108

\n		\n

-

\n		\n

108

\n		\n

-

\n		\n

-

\n		\n

108

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

318

\n		\n

21

\n		\n

339

\n		\n

-

\n		\n

-

\n		\n

339

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0504

\n		\n

24\u00a0235

\n		\n

27\u00a0739

\n		\n

\n		\n

-

\n		\n

27\u00a0739

\n		\n

11,3%

\n
\n

Total

\n		\n

203\u00a0129

\n		\n

27\u00a0005

\n		\n

230\u00a0135

\n		\n

15\u00a0100

\n		\n

806

\n		\n

246\u00a0041

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

(388)Source\u00a0: Banque de France.

\n

(389)The Central Banks and Supervisors Network for Greening the Financial System.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143887034215868_0_0": { "value": "

3.4Produits op\u00e9rationnels

\n

3.4.1Chiffre d\u2019affaires des activit\u00e9s commerciales

\n

Le chiffre d'affaires provenant de la vente de marchandises ou de services est comptabilis\u00e9 d\u00e8s lors que le transfert aux clients des risques et avantages importants inh\u00e9rents \u00e0 la propri\u00e9t\u00e9 est intervenu. Il est reconnu au m\u00eame rythme que la r\u00e9alisation de la prestation \u00e0 laquelle il se rapporte \u00e0 l\u2019exception des figurines (timbre-poste, Pr\u00eat-\u00e0-Poster) dont le produit est enregistr\u00e9 lors de la vente (hors situations exceptionnelles).

\n

Le d\u00e9lai d'acheminement du trafic courrier et colis est pris en compte dans l'\u00e9valuation du chiffre d'affaires \u00e0 la date d'arr\u00eat\u00e9.

\n

3.4.2Produit Net Bancaire

\n

Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

\n

Activit\u00e9s bancaires

\n

Les postes de produits et charges d\u2019int\u00e9r\u00eat, pr\u00e9sent\u00e9s en note\u00a08, comprennent les int\u00e9r\u00eats des instruments financiers \u00e9valu\u00e9s au co\u00fbt amorti, les instruments financiers \u00e0 la juste valeur par capitaux propres ainsi que les int\u00e9r\u00eats courus et \u00e9chus des instruments de couverture de juste valeur.

\n

Les produits et charges de commissions, pr\u00e9sent\u00e9s en note\u00a08, sont reconnus en r\u00e9sultat en fonction de la r\u00e9alisation des obligations de prestations auxquelles ils se rattachent\u00a0:

\n

\u25cfles commissions r\u00e9mun\u00e9rant des services continus sont \u00e9tal\u00e9es en r\u00e9sultat sur la dur\u00e9e de la prestation\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur moyens de paiement.

\n
\n

\u25cfles commissions r\u00e9mun\u00e9rant des services ponctuels ou r\u00e9mun\u00e9rant un acte important sont int\u00e9gralement enregistr\u00e9es en r\u00e9sultat lorsque la prestation est r\u00e9alis\u00e9e ou l\u2019acte ex\u00e9cut\u00e9\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur mandats et les commissions sur incidents de paiement.

\n
\n

\u25cfles produits variables de commissions ne peuvent \u00eatre enregistr\u00e9s en r\u00e9sultat que s\u2019il est hautement probable que les montants enregistr\u00e9s ne donneront pas lieu \u00e0 un ajustement significatif \u00e0 la baisse\u00a0;

\n

\u25cfles commissions consid\u00e9r\u00e9es comme un compl\u00e9ment d\u2019int\u00e9r\u00eat font partie int\u00e9grante du taux d\u2019int\u00e9r\u00eat effectif. Ces commissions rel\u00e8vent du champ d\u2019application de la norme IFRS\u00a09 et sont donc comptabilis\u00e9es parmi les produits et charges d\u2019int\u00e9r\u00eat.

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions d\u2019octroi de cr\u00e9dit.

\n
\n

Activit\u00e9s d\u2019assurance

\n

La norme IFRS\u00a017 prescrit les principes de comptabilisation. Ces derniers sont expos\u00e9s au sein de la note\u00a03.12.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059568_0": { "value": "

3.4Produits op\u00e9rationnels

\n

3.4.1Chiffre d\u2019affaires des activit\u00e9s commerciales

\n

Le chiffre d'affaires provenant de la vente de marchandises ou de services est comptabilis\u00e9 d\u00e8s lors que le transfert aux clients des risques et avantages importants inh\u00e9rents \u00e0 la propri\u00e9t\u00e9 est intervenu. Il est reconnu au m\u00eame rythme que la r\u00e9alisation de la prestation \u00e0 laquelle il se rapporte \u00e0 l\u2019exception des figurines (timbre-poste, Pr\u00eat-\u00e0-Poster) dont le produit est enregistr\u00e9 lors de la vente (hors situations exceptionnelles).

\n

Le d\u00e9lai d'acheminement du trafic courrier et colis est pris en compte dans l'\u00e9valuation du chiffre d'affaires \u00e0 la date d'arr\u00eat\u00e9.

\n

3.4.2Produit Net Bancaire

\n

Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

\n

Activit\u00e9s bancaires

\n

Les postes de produits et charges d\u2019int\u00e9r\u00eat, pr\u00e9sent\u00e9s en note\u00a08, comprennent les int\u00e9r\u00eats des instruments financiers \u00e9valu\u00e9s au co\u00fbt amorti, les instruments financiers \u00e0 la juste valeur par capitaux propres ainsi que les int\u00e9r\u00eats courus et \u00e9chus des instruments de couverture de juste valeur.

\n

Les produits et charges de commissions, pr\u00e9sent\u00e9s en note\u00a08, sont reconnus en r\u00e9sultat en fonction de la r\u00e9alisation des obligations de prestations auxquelles ils se rattachent\u00a0:

\n

\u25cfles commissions r\u00e9mun\u00e9rant des services continus sont \u00e9tal\u00e9es en r\u00e9sultat sur la dur\u00e9e de la prestation\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur moyens de paiement.

\n
\n

\u25cfles commissions r\u00e9mun\u00e9rant des services ponctuels ou r\u00e9mun\u00e9rant un acte important sont int\u00e9gralement enregistr\u00e9es en r\u00e9sultat lorsque la prestation est r\u00e9alis\u00e9e ou l\u2019acte ex\u00e9cut\u00e9\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur mandats et les commissions sur incidents de paiement.

\n
\n

\u25cfles produits variables de commissions ne peuvent \u00eatre enregistr\u00e9s en r\u00e9sultat que s\u2019il est hautement probable que les montants enregistr\u00e9s ne donneront pas lieu \u00e0 un ajustement significatif \u00e0 la baisse\u00a0;

\n

\u25cfles commissions consid\u00e9r\u00e9es comme un compl\u00e9ment d\u2019int\u00e9r\u00eat font partie int\u00e9grante du taux d\u2019int\u00e9r\u00eat effectif. Ces commissions rel\u00e8vent du champ d\u2019application de la norme IFRS\u00a09 et sont donc comptabilis\u00e9es parmi les produits et charges d\u2019int\u00e9r\u00eat.

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions d\u2019octroi de cr\u00e9dit.

\n
\n

Activit\u00e9s d\u2019assurance

\n

La norme IFRS\u00a017 prescrit les principes de comptabilisation. Ces derniers sont expos\u00e9s au sein de la note\u00a03.12.

\n

NOTE 7Chiffre d\u2019affaires

\n

Le chiffre d\u2019affaires des activit\u00e9s industrielles et commerciales du groupe La Poste se ventile de la fa\u00e7on suivante entre les branches\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Services-Courrier-Colis

\n		\n

7\u00a0720

\n		\n

7\u00a0974

\n
\n

Geopost

\n		\n

15\u00a0716

\n		\n

15\u00a0664

\n
\n

Grand Public et Num\u00e9rique

\n		\n

3\u00a0038

\n		\n

3\u00a0158

\n
\n

Immobilier & Supports

\n		\n

226

\n		\n

261

\n
\n

Total

\n		\n

26\u00a0700

\n		\n

27\u00a0055

\n
\n

Le chiffre d\u2019affaires total comprend notamment en\u00a02025 et\u00a02024\u00a0:

\n

\u25cfla compensation obtenue de l\u2019\u00c9tat au titre du Service Universel Postal pour 450\u00a0millions d\u2019euros (500\u00a0millions d\u2019euros en 2024), r\u00e9partie en 2025 entre les branches en fonction de leur contribution au co\u00fbt du service universel postal (277\u00a0millions d\u2019euros pour la branche Services-Courrier-Colis, 152\u00a0millions d\u2019euros pour la branche Grand Public et Num\u00e9rique, et 21\u00a0millions d\u2019euros pour la partie Supports)\u00a0;

\n

\u25cfla compensation obtenue de l\u2019\u00c9tat au titre de l\u2019am\u00e9nagement du territoire est inscrite sur la ligne \u00ab\u00a0Immobilier et Supports\u00a0\u00bb pour 120\u00a0millions d\u2019euros en 2025 (120\u00a0millions d\u2019euros \u00e9galement en 2024)\u00a0;

\n

\u25cfla contribution presse pour 39\u00a0millions d\u2019euros en 2025 et 43\u00a0millions en 2024, pour la branche Services-Courrier-Colis.

\n

NOTE 8Produit net bancaire

\n

Le Produit net bancaire du groupe se d\u00e9taille de la mani\u00e8re suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0(e)

\n		\n

11\u00a0848

\n		\n

12\u00a0254

\n
\n

Int\u00e9r\u00eats et charges assimil\u00e9es

\n		\n

(5\u00a0570)

\n		\n

(7\u00a0120)

\n
\n

Produits de commissions

\n		\n

2\u00a0720

\n		\n

2\u00a0699

\n
\n

Charges de commissions

\n		\n

(400)

\n		\n

(343)

\n
\n

Gains ou pertes nets

\n		\n

11\u00a0627

\n		\n

10\u00a0055

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par capitaux propres\u00a0(a)

\n		\n

(1\u00a0047)

\n		\n

(685)

\n
\n

\u25cfD\u00e9comptabilisation d'actifs financiers au co\u00fbt amorti

\n		\n

(99)

\n		\n

(0)

\n
\n

Produits des contrats d\u2019assurance \u00e9mis\u00a0(b)

\n		\n

12\u00a0732

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis\u00a0(b)

\n		\n

(9\u00a0811)

\n		\n

(8\u00a0798)

\n
\n

Dont frais g\u00e9n\u00e9raux rattachables \u00e0 l'activit\u00e9 d'assurance\u00a0(c)

\n		\n

(1\u00a0826)

\n		\n

(1\u00a0699)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0405)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance\u00a0(d)

\n		\n

(21)

\n		\n

(5)

\n
\n

Produits des autres activit\u00e9s\u00a0(e)

\n		\n

1\u00a0127

\n		\n

1\u00a0118

\n
\n

Charges des autres activit\u00e9s

\n		\n

(1\u00a0044)

\n		\n

(1\u00a0162)

\n
\n

Total

\n		\n

7\u00a0687

\n		\n

7\u00a0514

\n
\n

(a)Dont 549\u00a0millions d\u2019euros pour les dividendes sur actions, -1\u00a0622\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de dette, 26\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de couverture de juste valeur des instruments de dette.

\n

(b)Cf. note\u00a036.1.

\n

(c)Dont notamment, lorsqu\u2019ils sont rattachables aux activit\u00e9s d\u2019assurance, les achats et autres charges, les charges de personnel, les imp\u00f4ts et taxes ainsi que les dotations nettes aux amortissements et d\u00e9pr\u00e9ciations des immobilisations corporelles et incorporelles.

\n

(d)Le co\u00fbt du risque des activit\u00e9s d\u2019assurance est d\u00fb \u00e0 des actifs \u00e0 la juste valeur par capitaux propres en bucket\u00a01 \u00e0 hauteur de -20\u00a0millions d\u2019euros (versus -4\u00a0millions d\u2019euros en 2024).

\n

(e)Dont en 2025 une compensation de 269\u00a0millions d\u2019euros re\u00e7ue au titre de la mission d\u2019accessibilit\u00e9 bancaire (versus 287\u00a0millions d\u2019euros en 2024 pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0\u00bb).

\n
\n

En 2025, les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance, 32\u00a0millions d\u2019euros, sont pr\u00e9sent\u00e9es au sein des \u00ab\u00a0Charges de commissions\u00a0\u00bb du Produit Net Bancaire (versus 38\u00a0millions d\u2019euros au sein des \u00ab\u00a0Achats et autres charges\u00a0\u00bb du compte de r\u00e9sultat en 2024).

\n

En 2025, des dotations aux provisions pour risques et charges li\u00e9s \u00e0 l\u2019exploitation bancaire (pour 7\u00a0millions d\u2019euros) et les dotations aux amortissements des immeubles de placement (pour 9\u00a0millions d\u2019euros) sont pr\u00e9sent\u00e9es sur la ligne des \u00ab\u00a0Charges des autres activit\u00e9s\u00a0\u00bb du Produit Net Bancaire (versus, en 2024, sur la ligne \u00ab\u00a0Amortissements, provisions et perte de valeur\u00a0\u00bb du compte de r\u00e9sultat pour 14\u00a0millions d\u2019euros).

\n

Le co\u00fbt du risque des activit\u00e9s bancaires est pr\u00e9sent\u00e9 au sein de la note\u00a012 Amortissements, provisions et pertes de valeur.

\n

Les gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Dividendes re\u00e7us

\n		\n

1\u00a0773

\n		\n

1\u00a0262

\n
\n

Variations de juste valeur sur actifs et passifs financiers \u00e9valu\u00e9s par r\u00e9sultat

\n		\n

11\u00a0029

\n		\n

9\u00a0462

\n
\n

Actifs et passifs d\u00e9tenus \u00e0 des fins de transaction

\n		\n

(69)

\n		\n

(1\u00a0031)

\n
\n

Instruments de dettes ne remplissant pas les crit\u00e8res SPPI

\n		\n

3\u00a0247

\n		\n

3\u00a0231

\n
\n

Actifs et passifs \u00e0 la juste valeur par r\u00e9sultat sur option

\n		\n

(92)

\n		\n

(106)

\n
\n

Actifs repr\u00e9sentatifs de contrats en unit\u00e9s de compte

\n		\n

7\u00a0943

\n		\n

7\u00a0368

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture

\n		\n

5

\n		\n

17

\n
\n

Gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143949612349983_0_0": { "value": "

3.4.1Chiffre d\u2019affaires des activit\u00e9s commerciales

\n

Le chiffre d'affaires provenant de la vente de marchandises ou de services est comptabilis\u00e9 d\u00e8s lors que le transfert aux clients des risques et avantages importants inh\u00e9rents \u00e0 la propri\u00e9t\u00e9 est intervenu. Il est reconnu au m\u00eame rythme que la r\u00e9alisation de la prestation \u00e0 laquelle il se rapporte \u00e0 l\u2019exception des figurines (timbre-poste, Pr\u00eat-\u00e0-Poster) dont le produit est enregistr\u00e9 lors de la vente (hors situations exceptionnelles).

\n

Le d\u00e9lai d'acheminement du trafic courrier et colis est pris en compte dans l'\u00e9valuation du chiffre d'affaires \u00e0 la date d'arr\u00eat\u00e9.

\n

Activit\u00e9s bancaires

\n

Les postes de produits et charges d\u2019int\u00e9r\u00eat, pr\u00e9sent\u00e9s en note\u00a08, comprennent les int\u00e9r\u00eats des instruments financiers \u00e9valu\u00e9s au co\u00fbt amorti, les instruments financiers \u00e0 la juste valeur par capitaux propres ainsi que les int\u00e9r\u00eats courus et \u00e9chus des instruments de couverture de juste valeur.

\n

Les produits et charges de commissions, pr\u00e9sent\u00e9s en note\u00a08, sont reconnus en r\u00e9sultat en fonction de la r\u00e9alisation des obligations de prestations auxquelles ils se rattachent\u00a0:

\n

\u25cfles commissions r\u00e9mun\u00e9rant des services continus sont \u00e9tal\u00e9es en r\u00e9sultat sur la dur\u00e9e de la prestation\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur moyens de paiement.

\n
\n

\u25cfles commissions r\u00e9mun\u00e9rant des services ponctuels ou r\u00e9mun\u00e9rant un acte important sont int\u00e9gralement enregistr\u00e9es en r\u00e9sultat lorsque la prestation est r\u00e9alis\u00e9e ou l\u2019acte ex\u00e9cut\u00e9\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur mandats et les commissions sur incidents de paiement.

\n
\n

\u25cfles produits variables de commissions ne peuvent \u00eatre enregistr\u00e9s en r\u00e9sultat que s\u2019il est hautement probable que les montants enregistr\u00e9s ne donneront pas lieu \u00e0 un ajustement significatif \u00e0 la baisse\u00a0;

\n

\u25cfles commissions consid\u00e9r\u00e9es comme un compl\u00e9ment d\u2019int\u00e9r\u00eat font partie int\u00e9grante du taux d\u2019int\u00e9r\u00eat effectif. Ces commissions rel\u00e8vent du champ d\u2019application de la norme IFRS\u00a09 et sont donc comptabilis\u00e9es parmi les produits et charges d\u2019int\u00e9r\u00eat.

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions d\u2019octroi de cr\u00e9dit.

\n
\n

NOTE 7Chiffre d\u2019affaires

\n

Le chiffre d\u2019affaires des activit\u00e9s industrielles et commerciales du groupe La Poste se ventile de la fa\u00e7on suivante entre les branches\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Services-Courrier-Colis

\n		\n

7\u00a0720

\n		\n

7\u00a0974

\n
\n

Geopost

\n		\n

15\u00a0716

\n		\n

15\u00a0664

\n
\n

Grand Public et Num\u00e9rique

\n		\n

3\u00a0038

\n		\n

3\u00a0158

\n
\n

Immobilier & Supports

\n		\n

226

\n		\n

261

\n
\n

Total

\n		\n

26\u00a0700

\n		\n

27\u00a0055

\n
\n

Le chiffre d\u2019affaires total comprend notamment en\u00a02025 et\u00a02024\u00a0:

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\u25cfla compensation obtenue de l\u2019\u00c9tat au titre du Service Universel Postal pour 450\u00a0millions d\u2019euros (500\u00a0millions d\u2019euros en 2024), r\u00e9partie en 2025 entre les branches en fonction de leur contribution au co\u00fbt du service universel postal (277\u00a0millions d\u2019euros pour la branche Services-Courrier-Colis, 152\u00a0millions d\u2019euros pour la branche Grand Public et Num\u00e9rique, et 21\u00a0millions d\u2019euros pour la partie Supports)\u00a0;

\n

\u25cfla compensation obtenue de l\u2019\u00c9tat au titre de l\u2019am\u00e9nagement du territoire est inscrite sur la ligne \u00ab\u00a0Immobilier et Supports\u00a0\u00bb pour 120\u00a0millions d\u2019euros en 2025 (120\u00a0millions d\u2019euros \u00e9galement en 2024)\u00a0;

\n

\u25cfla contribution presse pour 39\u00a0millions d\u2019euros en 2025 et 43\u00a0millions en 2024, pour la branche Services-Courrier-Colis.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059628_0": { "value": "

3.4.2Produit Net Bancaire

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Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

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Activit\u00e9s d\u2019assurance

\n

La norme IFRS\u00a017 prescrit les principes de comptabilisation. Ces derniers sont expos\u00e9s au sein de la note\u00a03.12.

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3.12Contrats d\u2019assurance (IFRS\u00a017)

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3.12.1P\u00e9rim\u00e8tre et articulation avec le\u00a0r\u00e9f\u00e9rentiel IFRS

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La norme IFRS\u00a017 \u00ab\u00a0Contrats d\u2019assurances\u00a0\u00bb adopt\u00e9e en date du 19\u00a0novembre 2021 par l\u2019Union europ\u00e9enne (UE) est appliqu\u00e9e obligatoirement \u00e0 compter du 1er\u00a0janvier 2023 en remplacement de la norme IFRS\u00a04.

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Elle pr\u00e9cise les principes de comptabilisation, d\u2019\u00e9valuation et de pr\u00e9sentation des contrats d\u2019assurance entrant dans son champ d\u2019application, \u00e0 savoir les contrats d\u2019assurance et de r\u00e9assurance \u00e9mis, les contrats de r\u00e9assurance d\u00e9tenus ainsi que les contrats financiers d\u2019investissement \u00e9mis incluant une participation discr\u00e9tionnaire.

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Les contrats financiers d\u2019investissement sans participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire (notamment contrats d\u2019\u00e9pargne en unit\u00e9s de compte sans support euros et/ou sans garantie plancher) sont comptabilis\u00e9s conform\u00e9ment \u00e0 la norme IFRS\u00a09.

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Au sein d\u2019un contrat d\u2019assurance, la norme IFRS\u00a017 prescrit de comptabiliser s\u00e9par\u00e9ment certaines composantes selon les normes qui leur sont applicables. Il s\u2019agit notamment de certains d\u00e9riv\u00e9s incorpor\u00e9s, des composantes d\u2019investissement distinctes et de certaines obligations de performance comme l\u2019obligation de fournir un service ou un produit non assurantiel.

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\n\n\n\n
\n

Ainsi, pour le groupe, les contrats entrant dans le champ d\u2019application de la norme IFRS\u00a017 comprennent\u00a0:

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\u25cfles contrats d\u2019assurance comportant un transfert de risque important \u00e0 l\u2019assureur. Cette cat\u00e9gorie recouvre notamment les contrats de pr\u00e9voyance, retraite, dommages aux biens et les contrats d\u2019\u00e9pargne en unit\u00e9s de compte avec garantie plancher\u00a0;

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\u25cfles contrats financiers d\u2019investissement \u00e9mis comportant un \u00e9l\u00e9ment de participation aux b\u00e9n\u00e9fices (PB) discr\u00e9tionnaire\u00a0: contrats en euros avec participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire, contrats en unit\u00e9s de compte comportant des supports en euros avec participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire.

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3.12.2L\u2019agr\u00e9gation des contrats en\u00a0groupes de contrats

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La norme IFRS\u00a017 requiert une \u00e9valuation des passifs des contrats d\u2019assurance de niveau portefeuille constitu\u00e9 de contrats g\u00e9r\u00e9s ensemble et pr\u00e9sentant des risques similaires.

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Ces portefeuilles sont ensuite scind\u00e9s en trois groupes de profitabilit\u00e9 (IFRS\u00a017.16)\u00a0:

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\u25cfles groupes de contrats d\u00e9ficitaires appel\u00e9s on\u00e9reux.

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Un groupe de contrat est on\u00e9reux si la somme des flux de tr\u00e9sorerie d'ex\u00e9cution affect\u00e9s au contrat, des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition comptabilis\u00e9s ant\u00e9rieurement et des flux de tr\u00e9sorerie\u00a0d\u00e9coulant du contrat \u00e0 la date de la comptabilisation initiale correspond \u00e0 une sortie de tr\u00e9sorerie nette (IFRS\u00a017.47)\u00a0;

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\u25cfles groupes de contrats profitables sans possibilit\u00e9 importante de devenir on\u00e9reux par la suite\u00a0;

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\u25cfles groupes de contrats constitu\u00e9s des autres contrats du portefeuille.

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Enfin, ces portefeuilles doivent regrouper des contrats \u00e9mis \u00e0 un\u00a0an d\u2019intervalle au maximum (notion de cohortes annuelles). Pour \u00e9viter que la r\u00e9alit\u00e9 \u00e9conomique des contrats d\u2019assurance avec mutualisation interg\u00e9n\u00e9rationnelle ne soit pas correctement refl\u00e9t\u00e9e, l\u2019Union europ\u00e9enne a pr\u00e9vu une exemption facultative de l'application de cette obligation de cohorte annuelle. Le groupe a opt\u00e9 pour cette exemption.

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Le groupe d\u00e9termine le niveau de profitabilit\u00e9 et le mod\u00e8le comptable d\u2019un contrat lors de sa comptabilisation initiale. Ult\u00e9rieurement, il n\u2019est pas possible de modifier le groupe de contrats ou le mod\u00e8le comptable \u00e0 moins que les modalit\u00e9s du contrat ne soient modifi\u00e9es (IFRS\u00a017.72).

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3.12.3La date de comptabilisation initiale

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Un groupe de contrats d\u2019assurance \u00e9mis doit \u00eatre comptabilis\u00e9 \u00e0 compter de la premi\u00e8re des dates suivantes\u00a0:

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\u25cfle d\u00e9but de la p\u00e9riode de couverture du groupe de contrats\u00a0;

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\u25cfla date \u00e0 laquelle le premier paiement d\u2019un titulaire de police devient exigible ou, en l\u2019absence de date d\u2019exigibilit\u00e9, la date \u00e0 laquelle ce premier paiement est re\u00e7u\u00a0;

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\u25cfdans le cas d\u2019un groupe de contrats d\u00e9ficitaires, la date \u00e0 laquelle le groupe devient d\u00e9ficitaire.

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3.12.4Les groupes de contrats on\u00e9reux

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D\u00e8s lors qu'un groupe de contrats est on\u00e9reux, le groupe comptabilise imm\u00e9diatement une perte en r\u00e9sultat. La composante de perte est suivie extra-comptablement jusqu\u2019\u00e0\u00a0d\u00e9comptabilisation du contrat ou jusqu\u2019\u00e0 ce que le contrat redevienne profitable.

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3.12.5Les trois mod\u00e8les d\u2019\u00e9valuation des groupes de contrats non on\u00e9reux

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Il existe trois mod\u00e8les d\u2019\u00e9valuation\u00a0: le mod\u00e8le g\u00e9n\u00e9ral ou mod\u00e8le BBA (Building Block Approach, approche par blocs) qui constitue le mod\u00e8le d\u2019\u00e9valuation par d\u00e9faut, le mod\u00e8le VFA (Variable Fee Approach ou mod\u00e8le des honoraires variables) qui est un mod\u00e8le adapt\u00e9 du mod\u00e8le g\u00e9n\u00e9ral et enfin le mod\u00e8le PAA (Premium Allocation Approach) ou m\u00e9thode d\u2019affectation des primes. Le mod\u00e8le g\u00e9n\u00e9ral (BBA) s\u2019applique aux contrats qui ne sont pas comptabilis\u00e9s \u00e0 l\u2019aide de l\u2019un des deux autres mod\u00e8les VFA ou PAA.

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Le mod\u00e8le VFA est obligatoire pour tout contrat avec participation directe comme les fonds distincts et les contrats \u00e0 capital variable car il permet de prendre en compte les sp\u00e9cificit\u00e9s de ces contrats Les contrats \u00e0 participation directe concern\u00e9s respectent cumulativement les caract\u00e9ristiques suivantes\u00a0: l\u2019assur\u00e9 a droit \u00e0 une quote-part d\u2019\u00e9l\u00e9ments sous-jacents clairement identifi\u00e9s, le groupe s\u2019attend \u00e0 verser \u00e0 l\u2019assur\u00e9 une part substantielle des \u00ab\u00a0rendements en juste valeur\u00a0\u00bb des \u00e9l\u00e9ments sous-jacents et \u00e0 ce toute variation des sommes \u00e0 verser \u00e0 l\u2019assur\u00e9 soit attribuable dans une proportion substantielle, \u00e0 la variation de juste valeur des \u00e9l\u00e9ments sous-jacents.

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Le groupe retient le mod\u00e8le VFA \u00e9galement pour les contrats d\u2019assurance ayant des composantes d\u2019investissement.

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Ce mod\u00e8le n\u2019est pas applicable aux contrats de r\u00e9assurance.

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Le mod\u00e8le PAA, bas\u00e9 sur une approche par allocation des primes sur la dur\u00e9e des contrats (Premium Allocation Approach) est une simplification du mod\u00e8le g\u00e9n\u00e9ral. Il vise \u00e0 remplacer les trois blocs du passif du mod\u00e8le g\u00e9n\u00e9ral par une provision pour primes non acquises.

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Son application est facultative et soumise \u00e0 conditions. IFRS\u00a017 pr\u00e9cise que le mod\u00e8le\u00a0PAA peut \u00eatre utilis\u00e9 d\u00e8s lors qu\u2019il fournit une approximation acceptable de la valeur des passifs \u00e0 la souscription du groupe de contrat (i.e. ne diff\u00e9rant pas de fa\u00e7on mat\u00e9rielle de celle obtenue avec le mod\u00e8le g\u00e9n\u00e9ral en respectant les limites d\u2019IFRS\u00a017.54) ou pour les contrats dont la p\u00e9riode de couverture est inf\u00e9rieure ou \u00e9gale \u00e0 1\u00a0an. Il peut \u00e9galement \u00eatre appliqu\u00e9 aux contrats de r\u00e9assurance \u00e9mis ou d\u00e9tenus sous r\u00e9serve du respect des m\u00eames crit\u00e8res (IFRS\u00a017.69). Le passif initial comptabilis\u00e9 est \u00e9gal aux primes re\u00e7ues diminu\u00e9 des co\u00fbts d\u2019acquisition pay\u00e9s, ajust\u00e9 de l\u2019impact de la\u00a0d\u00e9comptabilisation d\u2019un actif li\u00e9 aux frais d\u2019acquisition.

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Ult\u00e9rieurement, il est ajust\u00e9 en fonction des passifs enregistr\u00e9s dans le cadre de sinistres survenus de la m\u00eame fa\u00e7on que pour les mod\u00e8les BBA ou VFA et de la couverture restante.

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L\u2019utilisation de ce mod\u00e8le est assez restreinte au niveau du groupe, elle concerne principalement quelques contrats br\u00e9siliens \u00e9ligibles.

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3.12.6Les frais d\u2019acquisition (VFA et BBA)

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Il s\u2019agit des frais de vente, de souscription et de cr\u00e9ation d\u2019un groupe de contrats d\u2019assurance.

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Le montant de frais d\u2019acquisition reconnu sur la p\u00e9riode est calcul\u00e9 selon des m\u00e9triques repr\u00e9sentatives des services rendus sur la p\u00e9riode (primes, provisions math\u00e9matiques, etc.). Le groupe affecte les flux de tr\u00e9sorerie des frais d\u2019acquisition aux groupes de contrats d\u2019assurance selon une m\u00e9thode syst\u00e9matique et rationnelle.

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Les frais d\u2019acquisition du groupe sont amortis pour chaque groupe de contrats.

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3.12.7La\u00a0d\u00e9composition des passifs d\u2019assurance en trois blocs (VFA\u00a0et\u00a0BBA)

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Les passifs d\u2019assurance sont\u00a0d\u00e9compos\u00e9s en trois blocs dans les mod\u00e8les VFA et BBA.

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1.Le premier bloc appel\u00e9 Best Estimate est la valeur actuelle des flux de tr\u00e9sorerie futurs.

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Le Best Estimate mat\u00e9rialise l\u2019engagement de l\u2019assureur envers ses assur\u00e9s. Les estimations des flux de tr\u00e9sorerie futurs \u00e0 prendre en compte sont tous les flux de tr\u00e9sorerie futurs inclus dans le p\u00e9rim\u00e8tre, ou fronti\u00e8re, de chaque contrat du groupe (les flux de tr\u00e9sorerie consid\u00e9r\u00e9s comme en dehors des fronti\u00e8res des contrats d\u2019assurance, concernent des contrats d\u2019assurance futurs). Ces estimations int\u00e8grent, de mani\u00e8re objective, toutes les informations raisonnables et justifiables disponibles sur le montant, l'\u00e9ch\u00e9ancier et l'incertitude des flux de tr\u00e9sorerie futurs. Elles sont la valeur attendue (c'est-\u00e0-dire la moyenne pond\u00e9r\u00e9e par les probabilit\u00e9s) de l'ensemble des r\u00e9sultats possibles. Ces flux futurs incluent notamment les primes re\u00e7ues, les prestations vers\u00e9es, les frais d\u2019acquisition et les frais g\u00e9n\u00e9raux directement imputables \u00e0 l\u2019ex\u00e9cution des contrats d\u2019assurance.

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Les frais non rattachables impactent directement le compte de r\u00e9sultat \u00e0 la date de survenance\u00a0;

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2.Le second bloc appel\u00e9 ajustement pour risques non-financiers (\u00ab\u00a0Risk Adjustment \u2013 RA\u00a0\u00bb) correspond \u00e0 une marge pour risque assurance uniquement exig\u00e9e par le groupe pour supporter l\u2019incertitude relative aux flux futurs du Best Estimate. Il repr\u00e9sente la meilleure vision du groupe en termes d\u2019exposition au risque non financier (risque assurance uniquement) dans un environnement comptable et selon un niveau de confiance compris entre 80% et 100%. Il est \u00e9galement en ligne avec l'horizon du Business Plan, \u00e9gal \u00e0 cinq\u00a0ans. Cet ajustement est comptabilis\u00e9 en Produit Net Bancaire sur la ligne Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis\u00a0;

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3.Le troisi\u00e8me appel\u00e9 \u00ab\u00a0marge sur services contractuels\u00a0\u00bb (Contractual Service Margin \u2013 CSM) repr\u00e9sentant les profits attendus que le groupe comptabilisera au fur et \u00e0 mesure qu\u2019il fournira les services pr\u00e9vus aux contrats d\u2019assurance. En date de premi\u00e8re comptabilisation des contrats, lorsqu\u2019elle est positive, signe d\u2019un contrat non on\u00e9reux, elle est comptabilis\u00e9e au passif. Elle est ensuite constat\u00e9e en r\u00e9sultat au rythme des services fournis sur la dur\u00e9e de couverture r\u00e9siduelle des contrats. Ce rythme suit les unit\u00e9s de couverture traduisant la proportion de services fournis sur les contrats du groupe sur la p\u00e9riode. Pour ce faire, \u00e0 la fin de chaque p\u00e9riode de reporting, le groupe d\u00e9termine les unit\u00e9s de couverture de mani\u00e8re prospective en prenant en compte notamment la probabilit\u00e9 de survenance des \u00e9v\u00e9nements assur\u00e9s affectant la p\u00e9riode de couverture attendue des contrats du groupe.

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La marge intragroupe vers\u00e9e par CNP\u00a0Assurances \u00e0 La\u00a0Banque\u00a0Postale au titre des frais de distribution et de gestion de ses produits d\u2019assurance fait l\u2019objet d\u2019un traitement particulier d\u00e9taill\u00e9 dans la note\u00a036.3.

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3.12.8Les unit\u00e9s de couverture

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Lorsqu\u2019un groupe de contrats impacte plusieurs p\u00e9riodes de reporting, il convient de d\u00e9finir un indicateur du niveau de r\u00e9alisation du service, appel\u00e9 unit\u00e9 de couverture permettant ainsi d\u2019allouer les revenus et les d\u00e9penses \u00e0 chaque p\u00e9riode de reporting.

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\u00c0 titre d\u2019exemple, les unit\u00e9s de couverture suivantes ont \u00e9t\u00e9 retenues pour les principaux types de contrats\u00a0:

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\u25cf\u00c9pargne et retraite\u00a0: Provisions Math\u00e9matiques\u00a0;

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\u25cfEmprunteur\u00a0: Capital restant d\u00fb\u00a0; Capitaux sous risques\u00a0;

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\u25cfPr\u00e9voyance individuelle-Risque obs\u00e8ques\u00a0: Capital assur\u00e9, Capitaux Sous Risques\u00a0;

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\u25cfPr\u00e9voyance Individuelle-Risque d\u00e9pendance\u00a0: Capital \u00e9quipement, Nombre de contrats\u00a0;

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\u25cfTemporaire\u00a0d\u00e9c\u00e8s\u00a0: Primes\u00a0;

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\u25cfPr\u00e9voyance collective\u00a0: ces contrats \u00e9tant annuels, la CSM est int\u00e9gralement amortie sur l\u2019exercice.

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3.12.9Taux d\u2019actualisation (VFA et BBA)

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IFRS\u00a017 requiert de tenir compte, dans l\u2019estimation des flux de tr\u00e9sorerie futurs, de la valeur temps de l\u2019argent et des risques financiers li\u00e9s aux flux de tr\u00e9sorerie futurs, dans la mesure o\u00f9 ces risques ne sont pas pris en compte dans les estimations de ces flux.

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Selon leur nature, les flux sont actualis\u00e9s avec la courbe des taux courants (construite \u00e0 l\u2019aide des informations de march\u00e9 \u00e0 la date de valorisation) ou la courbe des taux \u00e0 l\u2019origine (construite sur la base de donn\u00e9es historiques et permettant d\u2019obtenir une \u00e9valuation des passifs \u00e0 la date de premi\u00e8re comptabilisation).

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La prime d\u2019illiquidit\u00e9 est un ajustement r\u00e9sultant des diff\u00e9rences entre les caract\u00e9ristiques de liquidit\u00e9 du groupe de contrats d\u2019assurance et la liquidit\u00e9 des actifs utilis\u00e9s pour \u00e9tablir la courbe des taux. Elle s\u2019applique \u00e0 la courbe des taux sans risque r\u00e9put\u00e9e liquide.

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Le groupe l\u2019estime en se basant sur les actifs financiers d\u00e9tenus par les filiales d\u2019assurance (aussi bien les actifs immobilier/infrastructure, actions, que les actifs obligataires) puis l\u2019ajuste pour tenir compte des caract\u00e9ristiques des contrats et de l\u2019adossement entre les actifs et les passifs.

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L\u2019approche retenue pour l\u2019\u00e9valuation d\u2019une prime de liquidit\u00e9 au titre des actifs obligataires est comparable \u00e0 la m\u00e9thode sugg\u00e9r\u00e9e par l\u2019EIOPA (Autorit\u00e9 europ\u00e9enne des assurances et des pensions professionnelles) dans le cadre de sa revue de Solvabilit\u00e9 II tant au niveau du calibrage (caract\u00e8re macro-\u00e9conomique des probabilit\u00e9s de d\u00e9fauts sous-jacentes aux spreads de cr\u00e9dit) qu\u2019au niveau de la comparaison des portefeuilles. La classe des actions a \u00e9t\u00e9 retenue car b\u00e9n\u00e9ficiant d\u2019une volatilit\u00e9 plus faible que la moyenne du march\u00e9 en grande partie gr\u00e2ce \u00e0 la politique de gestion des filiales d\u2019assurance.

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3.12.10Les \u00e9carts d\u2019exp\u00e9rience

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Un \u00e9cart d'exp\u00e9rience correspond \u00e0 la diff\u00e9rence entre les estimations initiales des flux de tr\u00e9sorerie futurs et les flux r\u00e9ellement observ\u00e9s.

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Les \u00e9carts d\u2019exp\u00e9rience entra\u00eenant une variation des flux de tr\u00e9sorerie d'ex\u00e9cution qui se rapportent \u00e0 des services futurs viennent ajuster la CSM. Ceux concernant la p\u00e9riode en cours ou les p\u00e9riodes pass\u00e9es, et relevant de changements d\u2019estimations, sont reconnus dans le r\u00e9sultat de la p\u00e9riode. Enfin, les effets de la valeur temps de l\u2019argent et du risque financier sur les flux de tr\u00e9sorerie futurs sont comptabilis\u00e9s dans les produits financiers ou charges financi\u00e8res d\u2019assurance.

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3.12.11D\u00e9comptabilisation

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Un contrat est\u00a0d\u00e9comptabilis\u00e9 par le groupe lorsque\u00a0:

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\u25cfle contrat d\u2019assurance est \u00e9teint c\u2019est-\u00e0-dire lorsque l\u2019obligation pr\u00e9cis\u00e9e par le contrat est soit expir\u00e9e, soit acquitt\u00e9e, soit r\u00e9sili\u00e9e\u00a0;

\n

\u25cfles modifications apport\u00e9es au contrat entra\u00eenent sa d\u00e9comptabilisation et la comptabilisation d\u2019un nouveau contrat.

\n

3.12.12Sp\u00e9cificit\u00e9 du mod\u00e8le VFA (CSM)

\n

Les adaptations du mod\u00e8le Variable Fee Approach permettent de refl\u00e9ter les caract\u00e9ristiques propres aux contrats participatifs de fa\u00e7on \u00e0 ce que la CSM refl\u00e8te \u00e9galement la part revenant \u00e0 l'assureur sur le rendement des actifs sous-jacents au contrat, (par contrepartie des produits ou charges financiers d\u2019assurance) en plus des profits futurs sur les services d'assurance.

\n

3.12.13Sp\u00e9cificit\u00e9s du mod\u00e8le VFA (unit\u00e9s\u00a0de couverture)

\n

Sur le p\u00e9rim\u00e8tre \u00c9pargne Retraite en VFA, afin d\u2019assurer une bonne transcription dans le temps du rattachement des unit\u00e9s de couverture \u00e0 chaque exercice, le groupe effectue un retraitement pour l\u2019allocation de la CSM en r\u00e9sultat au titre des r\u00e9sultats fournis sur la p\u00e9riode. Ce retraitement vise principalement \u00e0 mieux appr\u00e9hender les effets \u00e9conomiques non pris en compte dans l\u2019\u00e9valuation initiale de la CSM en tenant compte de tous les services rendus (gestion des actifs et performance). Ce retraitement est effectu\u00e9 pour chacun des portefeuilles \u00c9pargne-Retraite g\u00e9r\u00e9s en VFA, profitable \u00e0 la date d\u2019arr\u00eat\u00e9, via une approche long terme bas\u00e9e sur la prise en compte d'une prime de risque et le co\u00fbt des options et garanties.

\n

Lorsque les conditions sont remplies, le groupe a choisi de comptabiliser par r\u00e9sultat (et non via la CSM) la part du groupe dans la juste valeur des \u00e9l\u00e9ments sous-jacents et les variations de la valeur temps de l\u2019argent afin de les compenser avec les variations de valeur des instruments de couverture utilis\u00e9s.

\n

3.12.14Sp\u00e9cificit\u00e9 du mod\u00e8le g\u00e9n\u00e9ral (BBA)

\n

Les int\u00e9r\u00eats sont capitalis\u00e9s sur la CSM en utilisant des taux d'actualisation fig\u00e9s d\u00e9termin\u00e9s lors de la comptabilisation initiale du groupe de contrats d'assurance. \u00c0 chaque date de cl\u00f4ture, la CSM est \u00e9valu\u00e9e \u00e0 partir de la CSM d'ouverture, ajust\u00e9e des nouveaux contrats, de la d\u00e9sactualisation des int\u00e9r\u00eats aux taux d\u2019actualisation d\u2019origine et des services rendus sur la p\u00e9riode.

\n

3.12.15Imputation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des\u00a0effets de variation de juste valeur des actifs sous-jacents des\u00a0contrats d\u2019assurance

\n

La norme IFRS\u00a017 offre un choix de m\u00e9thode comptable applicable au niveau de chaque portefeuille de contrats permettant, sous conditions, de comptabiliser les changements de valeur de march\u00e9 des passifs d\u2019assurance directement par capitaux propres (dans les autres \u00e9l\u00e9ments du r\u00e9sultat global, ou Other Comprehensive Income \u2013 OCI), au lieu de les reconna\u00eetre en r\u00e9sultat. Elle concerne principalement les effets de changement de taux d\u2019actualisation des passifs. Le groupe applique cette option en miroir de la comptabilisation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des actifs sous-jacents en repr\u00e9sentation des engagements d\u2019assurances.

\n

Cette option est applicable pour les contrats d'assurance qui r\u00e9pondent \u00e0 certaines conditions, notamment en ce qui concerne la fa\u00e7on dont les actifs sont g\u00e9r\u00e9s et la fa\u00e7on dont les obligations sont \u00e9valu\u00e9es. L\u2019option OCI doit \u00eatre choisie de mani\u00e8re coh\u00e9rente pour tous les contrats d\u2019un m\u00eame portefeuille IFRS\u00a017. Pour les contrats participatifs, cette option est applicable pour des contrats r\u00e9pondant \u00e0 certaines conditions, en particulier concernant la d\u00e9tention des actifs sous-jacents.

\n
\n\n\n\n
\n

En choisissant cette option OCI, le groupe r\u00e9duit la volatilit\u00e9 des r\u00e9sultats financiers li\u00e9s aux fluctuations de la valeur de march\u00e9 des actifs, ce qui est particuli\u00e8rement utile pour les contrats d'assurance \u00e0 long terme expos\u00e9s \u00e0 des risques de march\u00e9. Cette option permet notamment d\u2019isoler en OCI les effets de variation de taux sur les passifs des contrats d\u2019assurance et donc d\u2019insensibiliser le r\u00e9sultat net d\u2019assurance de la volatilit\u00e9 induite par l\u2019\u00e9valuation des passifs au taux courant \u00e0 chaque p\u00e9riode.

\n
\n

3.12.16Mesure d\u2019att\u00e9nuation des risques

\n

La norme permet l\u2019utilisation d\u2019instruments financiers \u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat (notamment des d\u00e9riv\u00e9s) ou des contrats de r\u00e9assurance d\u00e9tenus pour att\u00e9nuer l\u2019effet de la valeur temps de l\u2019argent et du risque financier\u00a0d\u00e9coulant des contrats participatifs directs. La mesure d\u2019att\u00e9nuation des risques trouve principalement \u00e0 s\u2019appliquer au sein du groupe sur les contrats de r\u00e9assurance d\u00e9tenus.

\n

Dans ce cas, le groupe a choisi de comptabiliser en r\u00e9sultat, afin de les compenser avec les variations de valeur des instruments de \u00ab\u00a0couverture\u00a0\u00bb utilis\u00e9s\u00a0:

\n

\u25cfle montant correspondant \u00e0 la part revenant au groupe de la juste valeur des \u00e9l\u00e9ments sous-jacents\u00a0;

\n

\u25cfles variations de l\u2019effet de la valeur temps de l\u2019argent et des risques financiers qui ne r\u00e9sultent pas des \u00e9l\u00e9ments sous-jacents.

\n

Ainsi, le groupe ajuste la CSM des affaires directes de l\u2019\u00e9cart avec l\u2019ajustement de CSM de cession calcul\u00e9e selon les mod\u00e8les VFA et BBA. Les charges financi\u00e8res correspondant \u00e0 l\u2019effet d\u2019att\u00e9nuation des risques sont constat\u00e9es en totalit\u00e9 en r\u00e9sultat de la p\u00e9riode car l\u2019option OCI n\u2019est pas appliqu\u00e9e sur les contrats de r\u00e9assurance d\u00e9tenus.

\n

Dans le cas des contrats de r\u00e9assurance d\u00e9tenus de contrats VFA, cette disposition permet de supprimer les \u00e9carts induits par une diff\u00e9rence de valorisation entre le contrat de r\u00e9assurance et le sous-jacent et de mieux traduire l\u2019effet d\u2019att\u00e9nuation des risques.

\n

3.12.17Sp\u00e9cificit\u00e9s comptables des\u00a0contrats de r\u00e9assurance

\n

Cette partie\u00a0d\u00e9crit les sp\u00e9cificit\u00e9s des mod\u00e8les d\u2019\u00e9valuation appliqu\u00e9s par le groupe aux contrats de r\u00e9assurance.

\n

Un contrat de r\u00e9assurance est dit \u00ab\u00a0accept\u00e9\u00a0\u00bb lorsque le groupe, en tant que r\u00e9assureur, \u00e9met un contrat d\u2019assurance visant \u00e0 indemniser une autre entit\u00e9 A (la c\u00e9dante) au titre de sinistres couverts par un contrat ou un ensemble de contrats d\u2019assurance \u00e9mis par l\u2019entit\u00e9\u00a0A (contrats sous-jacents).

\n
\n\n\n\n
\n

La norme IFRS\u00a017 ne pr\u00e9voyant pas de dispositions particuli\u00e8res, le groupe ne cr\u00e9e pas de portefeuilles IFRS\u00a017 sp\u00e9cifiques \u00e0 la r\u00e9assurance accept\u00e9e.

\n
\n

Un contrat de r\u00e9assurance est dit \u00ab\u00a0d\u00e9tenu\u00a0\u00bb lorsque le groupe, en tant qu\u2019entit\u00e9 c\u00e9dante, souscrit un contrat ou un ensemble de contrats d\u2019assurance visant \u00e0 couvrir les sinistres de contrats qu\u2019il a lui-m\u00eame \u00e9mis. On parle \u00e9galement de cession en r\u00e9assurance.

\n
\n\n\n\n
\n

Le groupe aligne la d\u00e9finition des portefeuilles de contrats de r\u00e9assurance sur la d\u00e9finition des portefeuilles d\u2019assurance directe.

\n
\n

Les contrats \u00e9tant en quote-part, il est consid\u00e9r\u00e9 que les risques au sein d\u2019un portefeuille sont m\u00e9caniquement similaires au niveau des engagements c\u00e9d\u00e9s s\u2019ils sont jug\u00e9s similaires aux portefeuilles d\u2019assurance directe. Le regroupement de plusieurs contrats de r\u00e9assurance au sein d\u2019un m\u00eame portefeuille permet au groupe de consid\u00e9rer qu\u2019ils sont g\u00e9r\u00e9s ensemble au sens o\u00f9 l\u2019objectif commun est d\u2019att\u00e9nuer les risques sur un portefeuille de contrats sous-jacents eux-m\u00eames g\u00e9r\u00e9s comme un ensemble.

\n

Mod\u00e8les d\u2019\u00e9valuation

\n

Le mod\u00e8le VFA n\u2019\u00e9tant pas permis (IFRS\u00a017.B109), le groupe applique le mod\u00e8le g\u00e9n\u00e9ral (BBA) \u00e0 l\u2019ensemble des contrats de r\u00e9assurance \u00e9mis et d\u00e9etenus dans les activit\u00e9s en France du groupe.

\n

L\u2019\u00e9valuation des contrats de r\u00e9assurance suit un principe d\u2019effet miroir aux contrats d\u2019assurance sous-jacents\u00a0: coh\u00e9rence des hypoth\u00e8ses retenues pour l\u2019estimation des flux de tr\u00e9sorerie, le risque non financier est ajust\u00e9 du risque transf\u00e9r\u00e9, la CSM \u00e9valu\u00e9e \u00e0 l\u2019origine est g\u00e9n\u00e9ralement consid\u00e9r\u00e9e comme un co\u00fbt net \u00e9tal\u00e9 sur la p\u00e9riode de couverture des contrats de r\u00e9assurance.

\n

\u00c0 noter, que le risque de non-ex\u00e9cution du r\u00e9assureur est int\u00e9gr\u00e9 \u00e0 l\u2019estimation des flux de tr\u00e9sorerie.

\n

Fronti\u00e8res des contrats

\n

Pour les contrats d\u2019assurance d\u00e9tenus, les flux \u00e0 consid\u00e9rer sont ceux r\u00e9sultant des droits ou obligations substantiels de la c\u00e9dante i.e. le droit substantiel de la c\u00e9dante est de recevoir des services de la part du r\u00e9assureur.

\n

Ce droit substantiel cesse d\u00e8s lors que\u00a0:

\n

(i)le r\u00e9assureur a la capacit\u00e9 de r\u00e9viser le prix ou le niveau de garantie relatifs aux engagements qui lui sont transf\u00e9r\u00e9s de sorte \u00e0 refl\u00e9ter pleinement le risque\u00a0;

\n

(ii)le r\u00e9assureur a le droit de mettre fin \u00e0 la couverture. L\u2019obligation substantielle de la c\u00e9dante est de payer les \u00e9l\u00e9ments dus aux r\u00e9assureurs.

\n

Le groupe prend en compte dans le calcul du BE, du RA et de la CSM l\u2019effet de la r\u00e9assurance sur des contrats sous-jacents non encore comptabilis\u00e9s par la c\u00e9dante.

\n

NOTE 8Produit net bancaire

\n

Le Produit net bancaire du groupe se d\u00e9taille de la mani\u00e8re suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0(e)

\n		\n

11\u00a0848

\n		\n

12\u00a0254

\n
\n

Int\u00e9r\u00eats et charges assimil\u00e9es

\n		\n

(5\u00a0570)

\n		\n

(7\u00a0120)

\n
\n

Produits de commissions

\n		\n

2\u00a0720

\n		\n

2\u00a0699

\n
\n

Charges de commissions

\n		\n

(400)

\n		\n

(343)

\n
\n

Gains ou pertes nets

\n		\n

11\u00a0627

\n		\n

10\u00a0055

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par capitaux propres\u00a0(a)

\n		\n

(1\u00a0047)

\n		\n

(685)

\n
\n

\u25cfD\u00e9comptabilisation d'actifs financiers au co\u00fbt amorti

\n		\n

(99)

\n		\n

(0)

\n
\n

Produits des contrats d\u2019assurance \u00e9mis\u00a0(b)

\n		\n

12\u00a0732

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis\u00a0(b)

\n		\n

(9\u00a0811)

\n		\n

(8\u00a0798)

\n
\n

Dont frais g\u00e9n\u00e9raux rattachables \u00e0 l'activit\u00e9 d'assurance\u00a0(c)

\n		\n

(1\u00a0826)

\n		\n

(1\u00a0699)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0405)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance\u00a0(d)

\n		\n

(21)

\n		\n

(5)

\n
\n

Produits des autres activit\u00e9s\u00a0(e)

\n		\n

1\u00a0127

\n		\n

1\u00a0118

\n
\n

Charges des autres activit\u00e9s

\n		\n

(1\u00a0044)

\n		\n

(1\u00a0162)

\n
\n

Total

\n		\n

7\u00a0687

\n		\n

7\u00a0514

\n
\n

(a)Dont 549\u00a0millions d\u2019euros pour les dividendes sur actions, -1\u00a0622\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de dette, 26\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de couverture de juste valeur des instruments de dette.

\n

(b)Cf. note\u00a036.1.

\n

(c)Dont notamment, lorsqu\u2019ils sont rattachables aux activit\u00e9s d\u2019assurance, les achats et autres charges, les charges de personnel, les imp\u00f4ts et taxes ainsi que les dotations nettes aux amortissements et d\u00e9pr\u00e9ciations des immobilisations corporelles et incorporelles.

\n

(d)Le co\u00fbt du risque des activit\u00e9s d\u2019assurance est d\u00fb \u00e0 des actifs \u00e0 la juste valeur par capitaux propres en bucket\u00a01 \u00e0 hauteur de -20\u00a0millions d\u2019euros (versus -4\u00a0millions d\u2019euros en 2024).

\n

(e)Dont en 2025 une compensation de 269\u00a0millions d\u2019euros re\u00e7ue au titre de la mission d\u2019accessibilit\u00e9 bancaire (versus 287\u00a0millions d\u2019euros en 2024 pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0\u00bb).

\n
\n

En 2025, les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance, 32\u00a0millions d\u2019euros, sont pr\u00e9sent\u00e9es au sein des \u00ab\u00a0Charges de commissions\u00a0\u00bb du Produit Net Bancaire (versus 38\u00a0millions d\u2019euros au sein des \u00ab\u00a0Achats et autres charges\u00a0\u00bb du compte de r\u00e9sultat en 2024).

\n

En 2025, des dotations aux provisions pour risques et charges li\u00e9s \u00e0 l\u2019exploitation bancaire (pour 7\u00a0millions d\u2019euros) et les dotations aux amortissements des immeubles de placement (pour 9\u00a0millions d\u2019euros) sont pr\u00e9sent\u00e9es sur la ligne des \u00ab\u00a0Charges des autres activit\u00e9s\u00a0\u00bb du Produit Net Bancaire (versus, en 2024, sur la ligne \u00ab\u00a0Amortissements, provisions et perte de valeur\u00a0\u00bb du compte de r\u00e9sultat pour 14\u00a0millions d\u2019euros).

\n

Le co\u00fbt du risque des activit\u00e9s bancaires est pr\u00e9sent\u00e9 au sein de la note\u00a012 Amortissements, provisions et pertes de valeur.

\n

Les gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Dividendes re\u00e7us

\n		\n

1\u00a0773

\n		\n

1\u00a0262

\n
\n

Variations de juste valeur sur actifs et passifs financiers \u00e9valu\u00e9s par r\u00e9sultat

\n		\n

11\u00a0029

\n		\n

9\u00a0462

\n
\n

Actifs et passifs d\u00e9tenus \u00e0 des fins de transaction

\n		\n

(69)

\n		\n

(1\u00a0031)

\n
\n

Instruments de dettes ne remplissant pas les crit\u00e8res SPPI

\n		\n

3\u00a0247

\n		\n

3\u00a0231

\n
\n

Actifs et passifs \u00e0 la juste valeur par r\u00e9sultat sur option

\n		\n

(92)

\n		\n

(106)

\n
\n

Actifs repr\u00e9sentatifs de contrats en unit\u00e9s de compte

\n		\n

7\u00a0943

\n		\n

7\u00a0368

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture

\n		\n

5

\n		\n

17

\n
\n

Gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

23.7Contrats d\u2019assurance et de r\u00e9assurance, autres actifs financiers et\u00a0comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

740

\n		\n

816

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 PAA

\n		\n

\n		\n

146

\n		\n

97

\n
\n

Frais d'acquisition non encore affect\u00e9s aux contrats \u2013 Actif

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif

\n		\n

36.3.1

\n		\n

890

\n		\n

917

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

5\u00a0986

\n		\n

6\u00a0213

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 PAA

\n		\n

\n		\n

255

\n		\n

295

\n
\n

Actifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 R\u00e9assurance

\n		\n

\n		\n

15

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif\u00a0

\n		\n

36.3.1

\n		\n

6\u00a0255

\n		\n

6\u00a0523

\n
\n

D\u00e9biteurs divers\u00a0(a)

\n		\n

\n		\n

4\u00a0875

\n		\n

6\u00a0822

\n
\n

Comptes de r\u00e8glement relatifs aux op\u00e9rations sur titres

\n		\n

\n		\n

41

\n		\n

0

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

\n		\n

(147)

\n		\n

(93)

\n
\n

Autres actifs financiers

\n		\n

\n		\n

4\u00a0768

\n		\n

6\u00a0729

\n
\n

Charges constat\u00e9es d'avance et produits \u00e0 recevoir

\n		\n

\n		\n

1\u00a0565

\n		\n

1\u00a0770

\n
\n

Comptes d'encaissement

\n		\n

\n		\n

116

\n		\n

142

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

\n		\n

304

\n		\n

321

\n
\n

Comptes de r\u00e9gularisation

\n		\n

\n		\n

1\u00a0985

\n		\n

2\u00a0232

\n
\n

Autres actifs financiers et comptes de r\u00e9gularisation

\n		\n

\n		\n

6\u00a0754

\n		\n

8\u00a0961

\n
\n

(a)Dont d\u00e9p\u00f4ts de garantie au titre des EPI du FRU pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024 (cf. note\u00a037.4).

\n
\n

32.6Contrats d\u2019assurance \u00e9mis et de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif \u2013 BBA/VFA

\n		\n

\n		\n

377\u00a0224

\n		\n

363\u00a0206

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif \u2013 PAA

\n		\n

\n		\n

1\u00a0363

\n		\n

1\u00a0546

\n
\n

Passifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 Assurance

\n		\n

\n		\n

1\u00a0886

\n		\n

2\u00a0019

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif

\n		\n

36.3

\n		\n

380\u00a0474

\n		\n

366\u00a0771

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif \u2013 BBA

\n		\n

\n		\n

11

\n		\n

10

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif \u2013 PAA

\n		\n

\n		\n

\n		\n

3

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif

\n		\n

36.3

\n		\n

11

\n		\n

13

\n
\n

Total

\n		\n

\n		\n

380\u00a0484

\n		\n

366\u00a0784

\n
\n

35.6Risques assurance

\n

Analyses de sensibilit\u00e9

\n

Les sensibilit\u00e9s pr\u00e9sentent ci-dessous sont calcul\u00e9es au niveau de CNP Assurances.

\n

Au risque de rachat

\n

Une hausse de 10% des rachats entra\u00eenerait une baisse de r\u00e9sultat net de 1% (versus une baisse de 2% en 2024).

\n

Au risque de taux

\n

Une hausse de 100\u00a0bps entra\u00eenerait une baisse des capitaux propres de 2% (versus une baisse de 2% en 2024).

\n

Une baisse de 100\u00a0bps entra\u00eenerait une hausse des capitaux propres de 2% (versus une hausse de 2% en 2024).

\n

Au risque immobilier

\n

Une \u00e9volution du march\u00e9 immobilier de -15% (\u00e0 partir de 2024) entra\u00eenerait une baisse des capitaux propres de 1% (versus une baisse 1% en 2024).

\n

Au risque action

\n

Une \u00e9volution du march\u00e9 actions de -25% entra\u00eenerait une baisse des capitaux propres de 3% (versus une baisse de 3% en 2024).

\n

Risque de contrepartie sur les r\u00e9assureurs

\n

Le p\u00e9rim\u00e8tre des risques de contrepartie inclut les contrats permettant une att\u00e9nuation des risques tels que les accords de r\u00e9assurance, les titrisations et les instruments d\u00e9riv\u00e9s, et les cr\u00e9ances \u00e0 recevoir des interm\u00e9diaires et des assur\u00e9s.

\n

Les cessions d'actifs de r\u00e9assurance nets de passifs sont r\u00e9alis\u00e9es, sur la base du total des provisions c\u00e9d\u00e9es, \u00e0 21% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 AA-, et \u00e0 95% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 A.

\n

Passifs des contrats d\u2019assurance nets d\u2019actifs d\u2019assurance \u2013 montants exigibles \u2013 rachat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur de rachat

\n		\n

Valeur comptable

\n		\n

Valeur de rachat

\n		\n

Valeur comptable

\n
\n

Passifs imm\u00e9diatement rachetables

\n		\n

331\u00a0366

\n		\n

339\u00a0184

\n		\n

296\u00a0190

\n		\n

307\u00a0054

\n
\n

Passifs non imm\u00e9diatement rachetables

\n		\n

29\u00a0482

\n		\n

39\u00a0008

\n		\n

51\u00a0526

\n		\n

57\u00a0230

\n
\n

Total

\n		\n

360\u00a0847

\n		\n

378\u00a0192

\n		\n

347\u00a0717

\n		\n

364\u00a0283

\n
\n

Flux futurs d\u2019actifs

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2025

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0008

\n		\n

3\u00a0123

\n		\n

3\u00a0293

\n		\n

729

\n		\n

3\u00a0877

\n		\n

24\u00a0030

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

17\u00a0536

\n		\n

65\u00a0613

\n		\n

65\u00a0636

\n		\n

39\u00a0806

\n		\n

48\u00a0023

\n		\n

236\u00a0613

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

228

\n		\n

1\u00a0560

\n		\n

2\u00a0375

\n		\n

1\u00a0827

\n		\n

616

\n		\n

6\u00a0605

\n
\n

Total

\n		\n

30\u00a0771

\n		\n

70\u00a0296

\n		\n

71\u00a0304

\n		\n

42\u00a0362

\n		\n

52\u00a0516

\n		\n

267\u00a0249

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0512

\n		\n

3\u00a0811

\n		\n

3\u00a0272

\n		\n

499

\n		\n

3\u00a0992

\n		\n

25\u00a0086

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

18\u00a0380

\n		\n

67\u00a0401

\n		\n

68\u00a0826

\n		\n

28\u00a0702

\n		\n

41\u00a0223

\n		\n

224\u00a0532

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

112

\n		\n

1\u00a0103

\n		\n

2\u00a0081

\n		\n

806

\n		\n

12

\n		\n

4\u00a0114

\n
\n

Total

\n		\n

32\u00a0004

\n		\n

72\u00a0316

\n		\n

74\u00a0179

\n		\n

30\u00a0007

\n		\n

45\u00a0227

\n		\n

253\u00a0732

\n
\n

NOTE 36Contrats d\u2019assurance et r\u00e9assurance

\n

36.1Produits et charges aff\u00e9rentes

\n

36.1.1Contrats d\u2019assurance \u00e9mis

\n

Produits des contrats d\u2019assurance \u00e9mis

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats comptabilis\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

11\u00a0122

\n		\n

10\u00a0151

\n
\n

Montants relatifs aux variations du passif au titre de la couverture restante li\u00e9s \u00e0\u00a0:

\n		\n

9\u00a0642

\n		\n

8\u00a0648

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat en raison de la fourniture de services au cours de la p\u00e9riode

\n		\n

2\u00a0229

\n		\n

2\u00a0244

\n
\n

Rel\u00e2chement de l'ajustement au titre du risque non financier

\n		\n

243

\n		\n

213

\n
\n

Produits aff\u00e9rents aux contrats d\u2019assurance \u00e9mis attendus au cours de la p\u00e9riode nets de\u00a0l'amortissement de la composante de perte

\n		\n

6\u00a0752

\n		\n

6\u00a0003

\n
\n

Ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience sur les primes re\u00e7ues et les frais d'acquisition

\n		\n

419

\n		\n

188

\n
\n

Frais d'acquisitions allou\u00e9s \u00e0 la p\u00e9riode

\n		\n

1\u00a0480

\n		\n

1\u00a0504

\n
\n

Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

1\u00a0609

\n		\n

1\u00a0667

\n
\n

Total

\n		\n

12\u00a0732

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Contrats comptabilis\u00e9s selon\u00a0les mod\u00e8les
BBA et VFA

\n		\n

Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

31/12/2025

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux activit\u00e9s d'assurance

\n		\n

(7\u00a0944)

\n		\n

(1\u00a0292)

\n		\n

(9\u00a0236)

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1\u00a0480)

\n		\n

(5)

\n		\n

(1\u00a0485)

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

857

\n		\n

47

\n		\n

904

\n
\n

Pertes et reprises sur les groupes de contrats d\u00e9ficitaires

\n		\n

7

\n		\n

0

\n		\n

7

\n
\n

Total

\n		\n

(8\u00a0560)

\n		\n

(1\u00a0250)

\n		\n

(9\u00a0811)

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Contrats comptabilis\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

31/12/2024

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux activit\u00e9s d'assurance

\n		\n

(6\u00a0490)

\n		\n

(1\u00a0307)

\n		\n

(7\u00a0796)

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1\u00a0504)

\n		\n

(21)

\n		\n

(1\u00a0525)

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

497

\n		\n

46

\n		\n

543

\n
\n

Pertes et reprises sur les groupes de contrats d\u00e9ficitaires

\n		\n

(21)

\n		\n

2

\n		\n

(19)

\n
\n

Total

\n		\n

(7\u00a0518)

\n		\n

(1\u00a0280)

\n		\n

(8\u00a0798)

\n
\n

Le montant des charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis contient la marge per\u00e7ue par le groupe au titre de la gestion et de la distribution des contrats d\u2019assurance des filiales. Elle est calcul\u00e9e comme la diff\u00e9rence entre les commissions per\u00e7ues et les frais sous-jacents d\u00e9termin\u00e9s \u00e0 l\u2019aide d\u2019un coefficient d\u2019exploitation analytique sp\u00e9cifique aux activit\u00e9s d\u2019assurance.

\n

36.1.2Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Charges de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le BBA

\n		\n

(742)

\n		\n

(3\u00a0079)

\n
\n

Marge sur services contractuels reconnue en r\u00e9sultat en raison de la\u00a0r\u00e9ception de services au\u00a0cours de la p\u00e9riode

\n		\n

2

\n		\n

(30)

\n
\n

Variation de l'ajustement au titre du risque non financier en raison de l'expiration du risque

\n		\n

(17)

\n		\n

(10)

\n
\n

Charges attendues au cours de la p\u00e9riode

\n		\n

(698)

\n		\n

(3\u00a0001)

\n
\n

Ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience

\n		\n

(29)

\n		\n

(38)

\n
\n

Charges de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

(97)

\n		\n

(150)

\n
\n

Produits de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le BBA

\n		\n

706

\n		\n

3\u00a0001

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs

\n		\n

716

\n		\n

3\u00a0037

\n
\n

Ajustements li\u00e9s aux provisions recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

(44)

\n		\n

(36)

\n
\n

Composante de perte

\n		\n

31

\n		\n

0

\n
\n

Variation de l'ajustement pour risque li\u00e9 aux sinistres survenus c\u00e9d\u00e9s

\n		\n

3

\n		\n

1

\n
\n

Produits de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

55

\n		\n

128

\n
\n

Charges ou produits li\u00e9s \u00e0 la r\u00e9assurance d\u00e9tenue

\n		\n

(78)

\n		\n

(100)

\n
\n

36.3Informations sur les passifs d\u2019assurance

\n

36.3.1Contrats d\u2019assurance et de r\u00e9assurance par mod\u00e8les d\u2019\u00e9valuation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

Total

\n
\n

Au titre de la couverture restante

\n		\n

937

\n		\n

144

\n		\n

1\u00a0081

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

144

\n		\n

144

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

937

\n		\n

\n		\n

937

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

1\u00a0314

\n		\n

\n		\n

1\u00a0314

\n
\n

Ajustement au titre du risque non financier

\n		\n

(75)

\n		\n

\n		\n

(75)

\n
\n

Marge sur services contractuels

\n		\n

(302)

\n		\n

\n		\n

(302)

\n
\n

Au titre des sinistres survenus

\n		\n

(197)

\n		\n

2

\n		\n

(195)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(191)

\n		\n

2

\n		\n

(190)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(6)

\n		\n

\n		\n

(6)

\n
\n

Au titre des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition non encore affect\u00e9s aux contrats d'assurance

\n		\n

0

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 actif (1) (cf. note\u00a023.7)

\n		\n

740

\n		\n

150

\n		\n

890

\n
\n

Au titre de la couverture restante

\n		\n

371\u00a0297

\n		\n

552

\n		\n

371\u00a0849

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

552

\n		\n

552

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

371\u00a0297

\n		\n

\n		\n

371\u00a0297

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

350\u00a0850

\n		\n

\n		\n

350\u00a0850

\n
\n

Ajustement au titre du risque non financier

\n		\n

1\u00a0364

\n		\n

\n		\n

1\u00a0364

\n
\n

Marge sur services contractuels

\n		\n

19\u00a0082

\n		\n

\n		\n

19\u00a0082

\n
\n

Au titre des sinistres survenus

\n		\n

5\u00a0928

\n		\n

811

\n		\n

6\u00a0739

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0846

\n		\n

761

\n		\n

6\u00a0607

\n
\n

Ajustement au titre du risque non financier

\n		\n

82

\n		\n

51

\n		\n

132

\n
\n

Contrats d\u2019assurance \u00e9mis \u2013 passif (2)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

377\u00a0224

\n		\n

1\u00a0363

\n		\n

378\u00a0588

\n
\n

Contrats d'assurance (affaires directes et acceptations) (2) - (1)

\n		\n

376\u00a0484

\n		\n

1\u00a0214

\n		\n

377\u00a0698

\n
\n

Au titre des op\u00e9rations d'assurance relatives \u00e0 des contrats financiers (sans\u00a0participation\u00a0discr\u00e9tionnaire) (3)

\n		\n

\n		\n

\n		\n

1\u00a0886

\n
\n

Contrats d'assurance \u00e9mis \u2013 passif (2) +\u00a0(3) (cf. note 32.6)

\n		\n

\n		\n

\n		\n

380\u00a0474

\n
\n

Au titre de la couverture restante

\n		\n

5\u00a0454

\n		\n

58

\n		\n

5\u00a0512

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

58

\n		\n

58

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

5\u00a0454

\n		\n

\n		\n

5\u00a0454

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0097

\n		\n

\n		\n

5\u00a0097

\n
\n

Ajustement au titre du risque non financier

\n		\n

92

\n		\n

\n		\n

92

\n
\n

Marge sur services contractuels

\n		\n

265

\n		\n

\n		\n

265

\n
\n

Au titre des sinistres survenus

\n		\n

532

\n		\n

197

\n		\n

729

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

526

\n		\n

189

\n		\n

715

\n
\n

Ajustement au titre du risque non financier

\n		\n

6

\n		\n

7

\n		\n

13

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif (1)
(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

5\u00a0986

\n		\n

255

\n		\n

6\u00a0240

\n
\n

Au titre des op\u00e9rations de r\u00e9assurance relatives \u00e0 des contrats financiers
(sans participation discr\u00e9tionnaire)

\n		\n

\n		\n

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 actif (cf. note\u00a023.7)

\n		\n

\n		\n

\n		\n

6\u00a0255

\n
\n

Au titre de la couverture restante

\n		\n

20

\n		\n

\n		\n

20

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

\n		\n

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

20

\n		\n

\n		\n

20

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

14

\n		\n

\n		\n

14

\n
\n

Ajustement au titre du risque non financier

\n		\n

(6)

\n		\n

\n		\n

(6)

\n
\n

Marge sur services contractuels

\n		\n

12

\n		\n

\n		\n

12

\n
\n

Au titre des sinistres survenus

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(0)

\n		\n

\n		\n

(0)

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif (2) \u2013 (cf. note\u00a032.6)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

11

\n		\n

\n		\n

11

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus nets (1) - (2)

\n		\n

5\u00a0975

\n		\n

255

\n		\n

6\u00a0229

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

Total

\n
\n

Au titre de la couverture restante

\n		\n

982

\n		\n

95

\n		\n

1\u00a0078

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

95

\n		\n

95

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

982

\n		\n

\n		\n

982

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

1\u00a0276

\n		\n

\n		\n

1\u00a0276

\n
\n

Ajustement au titre du risque non financier

\n		\n

(60)

\n		\n

\n		\n

(60)

\n
\n

Marge sur services contractuels

\n		\n

(234)

\n		\n

\n		\n

(234)

\n
\n

Au titre des sinistres survenus

\n		\n

(166)

\n		\n

2

\n		\n

(164)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(162)

\n		\n

2

\n		\n

(160)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(4)

\n		\n

\n		\n

(4)

\n
\n

Au titre des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition non encore affect\u00e9s aux contrats d'assurance

\n		\n

0

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 actif (1) (cf. note\u00a023.7)

\n		\n

816

\n		\n

101

\n		\n

917

\n
\n

Au titre de la couverture restante

\n		\n

357\u00a0605

\n		\n

755

\n		\n

358\u00a0360

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

755

\n		\n

755

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

357\u00a0605

\n		\n

\n		\n

357\u00a0605

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

339\u00a0733

\n		\n

\n		\n

339\u00a0733

\n
\n

Ajustement au titre du risque non financier

\n		\n

1\u00a0450

\n		\n

\n		\n

1\u00a0450

\n
\n

Marge sur services contractuels

\n		\n

16\u00a0422

\n		\n

\n		\n

16\u00a0422

\n
\n

Au titre des sinistres survenus

\n		\n

5\u00a0601

\n		\n

791

\n		\n

6\u00a0392

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0547

\n		\n

744

\n		\n

6\u00a0291

\n
\n

Ajustement au titre du risque non financier

\n		\n

55

\n		\n

47

\n		\n

101

\n
\n

Contrats d\u2019assurance \u00e9mis \u2013 passif (2)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

363\u00a0206

\n		\n

1\u00a0546

\n		\n

364\u00a0752

\n
\n

Contrats d'assurance (affaires directes et acceptations) (2) - (1)

\n		\n

362\u00a0390

\n		\n

1\u00a0445

\n		\n

363\u00a0835

\n
\n

Au titre des op\u00e9rations d'assurance relatives \u00e0 des contrats financiers
(sans participation discr\u00e9tionnaire) (3)

\n		\n

\n		\n

2\u00a0019

\n
\n

Contrats d'assurance \u00e9mis \u2013 passif (2) +\u00a0(3) \u2013 (cf. note 32.6)

\n		\n

\n		\n

\n		\n

366\u00a0771

\n
\n

Au titre de la couverture restante

\n		\n

5\u00a0763

\n		\n

73

\n		\n

5\u00a0837

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

73

\n		\n

73

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

5\u00a0763

\n		\n

\n		\n

5\u00a0763

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0403

\n		\n

\n		\n

5\u00a0403

\n
\n

Ajustement au titre du risque non financier

\n		\n

110

\n		\n

\n		\n

110

\n
\n

Marge sur services contractuels

\n		\n

250

\n		\n

\n		\n

250

\n
\n

Au titre des sinistres survenus

\n		\n

450

\n		\n

221

\n		\n

671

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

445

\n		\n

213

\n		\n

659

\n
\n

Ajustement au titre du risque non financier

\n		\n

5

\n		\n

8

\n		\n

13

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif (1)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

6\u00a0213

\n		\n

295

\n		\n

6\u00a0508

\n
\n

Au titre des op\u00e9rations de r\u00e9assurance relatives \u00e0 des contrats financiers
(sans participation discr\u00e9tionnaire)

\n		\n

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 actif (cf. note\u00a023.7)

\n		\n

\n		\n

\n		\n

6\u00a0523

\n
\n

Au titre de la couverture restante

\n		\n

19

\n		\n

3

\n		\n

21

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

3

\n		\n

3

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

19

\n		\n

\n		\n

19

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

17

\n		\n

\n		\n

17

\n
\n

Ajustement au titre du risque non financier

\n		\n

(8)

\n		\n

\n		\n

(8)

\n
\n

Marge sur services contractuels

\n		\n

9

\n		\n

\n		\n

9

\n
\n

Au titre des sinistres survenus

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(0)

\n		\n

\n		\n

(0)

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif (2) \u2013 (cf. note\u00a032.6)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

10

\n		\n

3

\n		\n

13

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus nets (1) - (2)

\n		\n

6\u00a0203

\n		\n

292

\n		\n

6\u00a0495

\n
\n

Marge intra-groupe

\n

La Banque Postale distribue et g\u00e8re des contrats d\u2019assurance pour le compte de ses filiales. Cette activit\u00e9 g\u00e9n\u00e8re des frais de distribution et de gestion dans les comptes aux bornes du groupe.

\n

Les filiales d\u2019assurance versent des commissions \u00e0 La\u00a0Banque\u00a0Postale, au titre de la distribution et de la gestion des contrats d\u2019assurance. Ces commissions incorporent une marge factur\u00e9e par La Banque Postale.

\n

Sous IFRS\u00a017, la composante repr\u00e9sentant l\u2019engagement de l\u2019assurance envers ses assur\u00e9s, la valeur actuelle des flux futurs ou Best Estimate, incorpore notamment l\u2019ensemble des frais rattachables aux activit\u00e9s d\u2019assurance dont les frais de distribution et de gestion des contrats d\u2019assurance.

\n

Au niveau des filiales d\u2019assurance, ce sont donc les commissions, y compris la marge, qui vont \u00eatre incluses dans le Best Estimate.

\n

Au niveau du groupe, la marge per\u00e7ue repr\u00e9sente un profit et non un co\u00fbt, et ne peut \u00eatre incorpor\u00e9e dans le Best Estimate. Elle doit donc \u00eatre int\u00e9gr\u00e9e dans la marge sur services contractuels (ou CSM, c\u2019est-\u00e0-dire les profits futurs).

\n

Par cons\u00e9quent, la CSM en vision groupe diff\u00e8re de la CSM aux bornes des filiales d\u2019assurance, i.e. la CSM en vision assurance. La CSM groupe int\u00e8gre une composante repr\u00e9sentative de la marge intragroupe d\u00e9termin\u00e9e en appliquant un coefficient d\u2019exploitation estim\u00e9 aux commissions de distribution et de gestion. Cette marge est int\u00e9gr\u00e9e dans la CSM aux bornes du groupe.

\n

CNP\u00a0Assurance Protection Sociale \u2013
contrat groupe La Poste

\n

\u00c0 la suite de la prise de contr\u00f4le des activit\u00e9s de protection sociale de La\u00a0Mutuelle\u00a0G\u00e9n\u00e9rale en 2024, les passifs d\u2019assurance et de r\u00e9assurance sont retrait\u00e9s des effets li\u00e9s au contrat du groupe La\u00a0Poste devenu un contrat intra-groupe et donnant lieu \u00e0 la comptabilisation d\u2019un passif comptabilis\u00e9 selon les dispositions de la norme IAS\u00a019 (cf. note\u00a031.1). Les montants pr\u00e9sent\u00e9s dans la vision assurance tiennent compte de ces retraitements.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au\u00a0titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

Total

\n
\n

Solde net de cl\u00f4ture \u2013 Vision assurance\u00a0(a)

\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

357\u00a0313

\n		\n

1\u00a0527

\n		\n

17\u00a0644

\n		\n

376\u00a0484

\n
\n

Commissions de distribution et de gestion des contrats d'assurance \u2013 \u00c9liminations intragroupes

\n		\n

(1\u00a0740)

\n		\n

\n		\n

1\u00a0740

\n		\n

\n
\n

Solde net de cl\u00f4ture \u2013 Vision groupe

\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

355\u00a0573

\n		\n

1\u00a0527

\n		\n

19\u00a0384

\n		\n

376\u00a0484

\n
\n

Solde net d'ouverture \u2013 Vision assurance\u00a0(a)

\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

345\u00a0941

\n		\n

1\u00a0569

\n		\n

14\u00a0879

\n		\n

362\u00a0390

\n
\n

Commissions de distribution et de gestion des contrats d'assurance \u2013 \u00c9liminations intragroupes

\n		\n

(1\u00a0776)

\n		\n

\n		\n

1\u00a0776

\n		\n

\n
\n

Solde net d'ouverture \u2013 Vision groupe

\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

344\u00a0165

\n		\n

1\u00a0569

\n		\n

16\u00a0655

\n		\n

362\u00a0390

\n
\n

Solde net d'ouverture \u2013 Vision assurance\u00a0(a)

\n

Au 31\u00a0d\u00e9cembre 2023

\n		\n

353\u00a0844

\n		\n

2\u00a0032

\n		\n

17\u00a0362

\n		\n

373\u00a0238

\n
\n

Commissions de distribution et de gestion des contrats d'assurance \u2013 \u00c9liminations intragroupes

\n		\n

(1\u00a0588)

\n		\n

\n		\n

1\u00a0588

\n		\n

\n
\n

Solde net d'ouverture \u2013 Vision groupe

\n

Au 31\u00a0d\u00e9cembre 2023

\n		\n

352\u00a0256

\n		\n

2\u00a0032

\n		\n

18\u00a0950

\n		\n

373\u00a0238

\n
\n

(a)Fait l\u2019objet des analyses par composantes comptables et par p\u00e9riodes de couverture.

\n
\n

Courbes des taux

\n

Les courbes de taux, utilis\u00e9es pour actualiser les estimations des flux de tr\u00e9sorerie futurs qui ne varient pas en fonction des rendements des \u00e9l\u00e9ments sous-jacents, sont pr\u00e9sent\u00e9es dans les tableaux ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n		\n

Devise

\n		\n

31/12/2025

\n
\n

1 an

\n		\n

5\u00a0ans

\n		\n

10\u00a0ans

\n		\n

20\u00a0ans

\n		\n

30\u00a0ans

\n
\n

Groupe CNP Assurances

\n		\n

EUR

\n		\n

2,83%

\n		\n

3,26%

\n		\n

3,64%

\n		\n

3,99%

\n		\n

3,90%

\n
\n

Filiales du p\u00f4le assurance non-vie

\n		\n

EUR

\n		\n

[2,41%\u00a0;\u00a02,49%]

\n		\n

[2,69%\u00a0; 2,77%]

\n		\n

[3,06%\u00a0; 3,14%]

\n		\n

[3,40%\u00a0; 3,48%]

\n		\n

[3,39%\u00a0; 3,46%]

\n
\n

Filiales Europe hors France

\n		\n

EUR

\n		\n

2,52%

\n		\n

2,81%

\n		\n

3,18%

\n		\n

3,52%

\n		\n

3,49%

\n
\n

Filiales br\u00e9siliennes

\n		\n

BRL

\n		\n

[14,03%\u00a0; 14,66%]

\n		\n

[13,41%\u00a0; 13,82%]

\n		\n

[14,21%\u00a0; 14,42%]

\n		\n

[12,87%\u00a0; 12,95%]

\n		\n

[10,98%\u00a0; 11,03%]

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n		\n

Devise

\n		\n

31/12/2024

\n
\n

1 an

\n		\n

5\u00a0ans

\n		\n

10\u00a0ans

\n		\n

20\u00a0ans

\n		\n

30\u00a0ans

\n
\n

Groupe CNP Assurances

\n		\n

EUR

\n		\n

3,00%

\n		\n

2,80%

\n		\n

2,90%

\n		\n

2,90%

\n		\n

2,80%

\n
\n

Filiales du p\u00f4le assurance non-vie

\n		\n

EUR

\n		\n

[2,4%\u00a0; 2,7%]

\n		\n

[2,3%\u00a0; 2,5%]

\n		\n

[2,4%\u00a0; 2,6%]

\n		\n

[2,4%\u00a0; 2,6%]

\n		\n

[2,4%\u00a0; 2,5%]

\n
\n

Filiales Europe hors France

\n		\n

EUR

\n		\n

[2,6%\u00a0; 3,1%]

\n		\n

[2,3%\u00a0; 2,7%]

\n		\n

[2,4%\u00a0; 2,7%]

\n		\n

[2,4%\u00a0; 2,8%]

\n		\n

[2,4%\u00a0; 2,8%]

\n
\n

Filiales br\u00e9siliennes

\n		\n

BRL

\n		\n

[13,0%\u00a0; 14,1%]

\n		\n

[13,2%\u00a0; 14,2%]

\n		\n

[12,6%\u00a0; 13,7%]

\n		\n

[10,9%\u00a0; 11,9%]

\n		\n

[9,4%\u00a0; 10,1%]

\n
\n

Analyse par composante comptable des contrats comptabilis\u00e9s selon les mod\u00e8les BBA et VFA \u2013 Assurance\u00a0(vision assurance)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

31/12/2025

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(1\u00a0114)

\n		\n

65

\n		\n

234

\n		\n

(816)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

347\u00a0056

\n		\n

1\u00a0504

\n		\n

14\u00a0646

\n		\n

363\u00a0206

\n
\n

Solde net d'ouverture

\n		\n

345\u00a0941

\n		\n

1\u00a0569

\n		\n

14\u00a0880

\n		\n

362\u00a0390

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

(5\u00a0105)

\n		\n

147

\n		\n

4\u00a0995

\n		\n

37

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

(3\u00a0177)

\n		\n

(51)

\n		\n

3\u00a0210

\n		\n

(18)

\n
\n

Changements dans les estimations qui entra\u00eenent des pertes et reprises
de pertes sur les groupes de contrats d\u00e9ficitaires

\n		\n

(16)

\n		\n

34

\n		\n

\n		\n

19

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

(1\u00a0913)

\n		\n

164

\n		\n

1\u00a0785

\n		\n

36

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

857

\n		\n

(206)

\n		\n

(2\u00a0185)

\n		\n

(1\u00a0534)

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat net

\n		\n

\n		\n

\n		\n

(2\u00a0185)

\n		\n

(2\u00a0185)

\n
\n

Variation de l'ajustement au titre du risque non financier

\n		\n

\n		\n

(206)

\n		\n

\n		\n

(206)

\n
\n

Ajustements li\u00e9s \u00e0 l'exp\u00e9rience

\n		\n

857

\n		\n

\n		\n

\n		\n

857

\n
\n

Variations li\u00e9es aux services pass\u00e9s

\n		\n

(855)

\n		\n

(3)

\n		\n

\n		\n

(857)

\n
\n

Ajustements des sinistres survenus

\n		\n

(855)

\n		\n

(3)

\n		\n

\n		\n

(857)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(5\u00a0103)

\n		\n

(62)

\n		\n

2\u00a0810

\n		\n

(2\u00a0355)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

15\u00a0821

\n		\n

16

\n		\n

(82)

\n		\n

15\u00a0754

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance\u00a0(a)

\n		\n

15\u00a0933

\n		\n

19

\n		\n

(61)

\n		\n

15\u00a0891

\n
\n

Effets des diff\u00e9rences de change

\n		\n

(112)

\n		\n

(3)

\n		\n

(21)

\n		\n

(137)

\n
\n

Total issu des variations du r\u00e9sultat global

\n		\n

10\u00a0718

\n		\n

(46)

\n		\n

2\u00a0728

\n		\n

13\u00a0400

\n
\n

Flux de tr\u00e9sorerie re\u00e7us ou pay\u00e9s sur les contrats d'assurance

\n		\n

642

\n		\n

\n		\n

\n		\n

642

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

642

\n		\n

\n		\n

\n		\n

642

\n
\n

Autres mouvements de consolidation et variation de\u00a0p\u00e9rim\u00e8tre

\n		\n

13

\n		\n

4

\n		\n

36

\n		\n

53

\n
\n

Solde net de cl\u00f4ture

\n		\n

357\u00a0313

\n		\n

1\u00a0527

\n		\n

17\u00a0644

\n		\n

376\u00a0484

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(1\u00a0123)

\n		\n

81

\n		\n

302

\n		\n

(740)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

358\u00a0436

\n		\n

1\u00a0446

\n		\n

17\u00a0342

\n		\n

377\u00a0224

\n
\n

(a)Hors diff\u00e9rences de change.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

31/12/2024

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(1\u00a0538)

\n		\n

79

\n		\n

282

\n		\n

(1\u00a0176)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

355\u00a0367

\n		\n

1\u00a0953

\n		\n

17\u00a0080

\n		\n

374\u00a0400

\n
\n

Solde net d'ouverture

\n		\n

353\u00a0829

\n		\n

2\u00a0032

\n		\n

17\u00a0362

\n		\n

373\u00a0224

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

(236)

\n		\n

192

\n		\n

87

\n		\n

42

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

1\u00a0490

\n		\n

(1)

\n		\n

(1\u00a0501)

\n		\n

(12)

\n
\n

Changements dans les estimations qui entra\u00eenent des pertes et reprises de pertes sur les groupes de contrats d\u00e9ficitaires

\n		\n

(27)

\n		\n

38

\n		\n

\n		\n

11

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

(1\u00a0699)

\n		\n

155

\n		\n

1\u00a0588

\n		\n

43

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

447

\n		\n

(192)

\n		\n

(2\u00a0244)

\n		\n

(1\u00a0989)

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat net

\n		\n

\n		\n

\n		\n

(2\u00a0244)

\n		\n

(2\u00a0244)

\n
\n

Variation de l'ajustement au titre du risque non financier

\n		\n

\n		\n

(192)

\n		\n

\n		\n

(192)

\n
\n

Ajustements li\u00e9s \u00e0 l'exp\u00e9rience

\n		\n

447

\n		\n

\n		\n

\n		\n

447

\n
\n

Variations li\u00e9es aux services pass\u00e9s

\n		\n

(465)

\n		\n

(56)

\n		\n

\n		\n

(521)

\n
\n

Ajustements des sinistres survenus

\n		\n

(465)

\n		\n

(56)

\n		\n

\n		\n

(521)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(254)

\n		\n

(56)

\n		\n

(2\u00a0157)

\n		\n

(2\u00a0468)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

9\u00a0045

\n		\n

6

\n		\n

(309)

\n		\n

8\u00a0741

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance\u00a0(a)

\n		\n

13\u00a0500

\n		\n

37

\n		\n

111

\n		\n

13\u00a0649

\n
\n

Effets des diff\u00e9rences de change

\n		\n

(4\u00a0455)

\n		\n

(31)

\n		\n

(421)

\n		\n

(4\u00a0907)

\n
\n

Total issu des variations du r\u00e9sultat global

\n		\n

8\u00a0791

\n		\n

(50)

\n		\n

(2\u00a0467)

\n		\n

6\u00a0274

\n
\n

Flux de tr\u00e9sorerie re\u00e7us ou pay\u00e9s sur les contrats d'assurance

\n		\n

(2\u00a0762)

\n		\n

\n		\n

\n		\n

(2\u00a0762)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

(2\u00a0762)

\n		\n

\n		\n

\n		\n

(2\u00a0762)

\n
\n

Autres mouvements de consolidation et variation de p\u00e9rim\u00e8tre\u00a0(b)

\n		\n

(13\u00a0917)

\n		\n

(412)

\n		\n

(16)

\n		\n

(14\u00a0345)

\n
\n

Solde net de cl\u00f4ture\u00a0(b)

\n		\n

345\u00a0941

\n		\n

1\u00a0569

\n		\n

14\u00a0880

\n		\n

362\u00a0390

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(1\u00a0114)

\n		\n

65

\n		\n

234

\n		\n

(816)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

347\u00a0056

\n		\n

1\u00a0504

\n		\n

14\u00a0646

\n		\n

363\u00a0206

\n
\n

(a)Hors diff\u00e9rences de change.

\n

(b)Depuis\u00a0juin\u00a02025, les informations en vision Assurance sont retrait\u00e9es du contrat groupe La Poste, chez CNP Assurance Protection Sociale,
devenu intra-groupe.

\n
\n

Analyse par composante comptable des contrats comptabilis\u00e9s selon le mod\u00e8le BBA \u2013 Contrats\u00a0de\u00a0r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

31/12/2025

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

5\u00a0849

\n		\n

115

\n		\n

250

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(9)

\n		\n

8

\n		\n

(9)

\n		\n

(10)

\n
\n

Solde net d'ouverture

\n		\n

5\u00a0840

\n		\n

123

\n		\n

241

\n		\n

6\u00a0203

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

23

\n		\n

(4)

\n		\n

11

\n		\n

31

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

40

\n		\n

(8)

\n		\n

(31)

\n		\n

1

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

(17)

\n		\n

4

\n		\n

43

\n		\n

30

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

(10)

\n		\n

(14)

\n		\n

2

\n		\n

(22)

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat net

\n		\n

\n		\n

\n		\n

2

\n		\n

2

\n
\n

Variation de l'ajustement au titre du risque non financier

\n		\n

\n		\n

(14)

\n		\n

\n		\n

(14)

\n
\n

Ajustements li\u00e9s \u00e0 l'exp\u00e9rience

\n		\n

(10)

\n		\n

\n		\n

\n		\n

(10)

\n
\n

Variations li\u00e9es aux services pass\u00e9s

\n		\n

(43)

\n		\n

(2)

\n		\n

\n		\n

(45)

\n
\n

Ajustement des sinistres survenus

\n		\n

(43)

\n		\n

(2)

\n		\n

\n		\n

(45)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(30)

\n		\n

(20)

\n		\n

13

\n		\n

(36)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats
de r\u00e9assurance d\u00e9tenus\u00a0(a)

\n		\n

(70)

\n		\n

1

\n		\n

(1)

\n		\n

(69)

\n
\n

Total des variations du r\u00e9sultat global

\n		\n

(99)

\n		\n

(18)

\n		\n

12

\n		\n

(105)

\n
\n

Flux de tr\u00e9sorerie

\n		\n

(123)

\n		\n

\n		\n

\n		\n

(123)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

(123)

\n		\n

\n		\n

\n		\n

(123)

\n
\n

Autres mouvements de consolidation et variation de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0618

\n		\n

104

\n		\n

253

\n		\n

5\u00a0975

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0623

\n		\n

98

\n		\n

265

\n		\n

5\u00a0986

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(5)

\n		\n

6

\n		\n

(12)

\n		\n

(11)

\n
\n

(a)Hors effet de l\u2019\u00e9volution du risque de non-ex\u00e9cution.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

31/12/2024

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

7\u00a0990

\n		\n

97

\n		\n

512

\n		\n

8\u00a0599

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(32)

\n		\n

17

\n		\n

(20)

\n		\n

(35)

\n
\n

Solde net d'ouverture

\n		\n

7\u00a0958

\n		\n

114

\n		\n

492

\n		\n

8\u00a0564

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

21

\n		\n

(19)

\n		\n

(2)

\n		\n

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

29

\n		\n

(22)

\n		\n

(6)

\n		\n

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

(8)

\n		\n

4

\n		\n

4

\n		\n

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

(4)

\n		\n

(8)

\n		\n

(30)

\n		\n

(41)

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat net

\n		\n

\n		\n

\n		\n

(30)

\n		\n

(30)

\n
\n

Variation de l'ajustement au titre du risque non financier

\n		\n

\n		\n

(8)

\n		\n

\n		\n

(8)

\n
\n

Ajustements li\u00e9s \u00e0 l'exp\u00e9rience

\n		\n

(4)

\n		\n

\n		\n

\n		\n

(4)

\n
\n

Variations li\u00e9es aux services pass\u00e9s

\n		\n

(34)

\n		\n

(3)

\n		\n

\n		\n

(36)

\n
\n

Ajustement des sinistres survenus

\n		\n

(34)

\n		\n

(3)

\n		\n

\n		\n

(36)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(17)

\n		\n

(29)

\n		\n

(32)

\n		\n

(78)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance d\u00e9tenus\u00a0(a)

\n		\n

109

\n		\n

12

\n		\n

3

\n		\n

124

\n
\n

Total des variations du r\u00e9sultat global

\n		\n

93

\n		\n

(18)

\n		\n

(29)

\n		\n

46

\n
\n

Flux de tr\u00e9sorerie

\n		\n

(2\u00a0629)

\n		\n

\n		\n

\n		\n

(2\u00a0629)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

(2\u00a0629)

\n		\n

\n		\n

\n		\n

(2\u00a0629)

\n
\n

Autres mouvements de consolidation et variation de p\u00e9rim\u00e8tre

\n		\n

418

\n		\n

26

\n		\n

(223)

\n		\n

222

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0840

\n		\n

123

\n		\n

241

\n		\n

6\u00a0203

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0849

\n		\n

115

\n		\n

250

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(9)

\n		\n

8

\n		\n

(9)

\n		\n

(10)

\n
\n

(a)Hors effet de l\u2019\u00e9volution du risque de non-ex\u00e9cution.

\n
\n

36.3.3Marge sur services contractuels (CSM)

\n

Analyse par m\u00e9thodes de transition de la marge sur services contractuels

\n

Contrats d\u2019assurance \u00e9mis

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Contrats \u00e9valu\u00e9s selon l'approche r\u00e9trospective modifi\u00e9e \u00e0 la transition

\n		\n

Contrats \u00e9valu\u00e9s selon l'approche fond\u00e9e sur la juste valeur \u00e0 la transition

\n		\n

Autres contrats\u00a0(a)

\n		\n

Total

\n
\n

Marge sur services contractuels \u00e0 l'ouverture

\n		\n

125

\n		\n

10\u00a0787

\n		\n

3\u00a0985

\n		\n

14\u00a0897

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

111

\n		\n

2\u00a0893

\n		\n

1\u00a0978

\n		\n

4\u00a0983

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

111

\n		\n

2\u00a0893

\n		\n

193

\n		\n

3\u00a0198

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

\n		\n

\n		\n

1\u00a0785

\n		\n

1\u00a0785

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

(69)

\n		\n

(1\u00a0441)

\n		\n

(680)

\n		\n

(2\u00a0190)

\n
\n

Marge sur services contractuels comptabilis\u00e9e en r\u00e9sultat net pour\u00a0refl\u00e9ter les services rendus

\n		\n

(69)

\n		\n

(1\u00a0441)

\n		\n

(680)

\n		\n

(2\u00a0190)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

6

\n		\n

(136)

\n		\n

48

\n		\n

(82)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

6

\n		\n

(127)

\n		\n

61

\n		\n

(61)

\n
\n

Effet des diff\u00e9rences de change

\n		\n

\n		\n

(9)

\n		\n

(12)

\n		\n

(21)

\n
\n

Autres mouvements de consolidation

\n		\n

\n		\n

34

\n		\n

2

\n		\n

36

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats d'assurance

\n		\n

\n		\n

34

\n		\n

2

\n		\n

36

\n
\n

Marge sur services contractuels \u00e0 la cl\u00f4ture

\n		\n

173

\n		\n

12\u00a0138

\n		\n

5\u00a0334

\n		\n

17\u00a0644

\n
\n

(a)Les autres contrats correspondent aux contrats qui n\u2019\u00e9taient pas existants \u00e0 la date de transition.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Contrats \u00e9valu\u00e9s selon l'approche r\u00e9trospective modifi\u00e9e \u00e0 la transition

\n		\n

Contrats \u00e9valu\u00e9s selon l'approche fond\u00e9e sur la juste valeur \u00e0 la transition

\n		\n

Autres contrats\u00a0(a)

\n		\n

Total

\n
\n

Marge sur services contractuels \u00e0 l'ouverture

\n		\n

140

\n		\n

13\u00a0619

\n		\n

3\u00a0604

\n		\n

17\u00a0362

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

30

\n		\n

(1\u00a0359)

\n		\n

1\u00a0416

\n		\n

87

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

30

\n		\n

(1\u00a0359)

\n		\n

(172)

\n		\n

(1\u00a0501)

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

\n		\n

\n		\n

1\u00a0588

\n		\n

1\u00a0588

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

(51)

\n		\n

(1\u00a0828)

\n		\n

(365)

\n		\n

(2\u00a0244)

\n
\n

Marge sur services contractuels comptabilis\u00e9e en r\u00e9sultat net pour\u00a0refl\u00e9ter les services rendus

\n		\n

(51)

\n		\n

(1\u00a0828)

\n		\n

(365)

\n		\n

(2\u00a0244)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

6

\n		\n

(139)

\n		\n

(177)

\n		\n

(309)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

6

\n		\n

76

\n		\n

29

\n		\n

111

\n
\n

Effet des diff\u00e9rences de change

\n		\n

\n		\n

(215)

\n		\n

(206)

\n		\n

(421)

\n
\n

Autres mouvements de consolidation

\n		\n

\n		\n

494

\n		\n

(493)

\n		\n

2

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

(186)

\n		\n

(199)

\n		\n

(385)

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats d'assurance

\n		\n

\n		\n

681

\n		\n

(294)

\n		\n

387

\n
\n

Marge sur services contractuels \u00e0 la cl\u00f4ture

\n		\n

125

\n		\n

10\u00a0787

\n		\n

3\u00a0985

\n		\n

14\u00a0897

\n
\n

(a)Les autres contrats correspondent aux contrats qui n\u2019\u00e9taient pas existants \u00e0 la date de transition.

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Contrats \u00e9valu\u00e9s selon l'approche r\u00e9trospective modifi\u00e9e \u00e0 la transition

\n		\n

Contrats \u00e9valu\u00e9s selon l'approche fond\u00e9e sur la juste valeur \u00e0 la transition

\n		\n

Autres contrats\u00a0(a)

\n		\n

Total

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels \u00e0\u00a0l'ouverture

\n		\n

60

\n		\n

336

\n		\n

(155)

\n		\n

241

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services futurs

\n		\n

7

\n		\n

(18)

\n		\n

23

\n		\n

11

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

7

\n		\n

(18)

\n		\n

(20)

\n		\n

(31)

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

\n		\n

\n		\n

43

\n		\n

43

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services rendus au cours
de la p\u00e9riode

\n		\n

(7)

\n		\n

(21)

\n		\n

30

\n		\n

2

\n
\n

Marge sur services contractuels comptabilis\u00e9e en r\u00e9sultat net
pour refl\u00e9ter les services rendus

\n		\n

(7)

\n		\n

(21)

\n		\n

30

\n		\n

2

\n
\n

Part c\u00e9d\u00e9e \u2013 Produits financiers (ou charges financi\u00e8res) aff\u00e9rents\u00a0aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

1

\n		\n

2

\n		\n

(4)

\n		\n

(1)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance des contrats de r\u00e9assurance

\n		\n

1

\n		\n

2

\n		\n

(4)

\n		\n

(1)

\n
\n

Part c\u00e9d\u00e9e \u2013 Autres mouvements de consolidation

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels
\u00e0 la cl\u00f4ture

\n		\n

61

\n		\n

299

\n		\n

(107)

\n		\n

253

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Contrats \u00e9valu\u00e9s selon l'approche r\u00e9trospective modifi\u00e9e \u00e0 la transition

\n		\n

Contrats \u00e9valu\u00e9s selon l'approche fond\u00e9e sur la juste valeur \u00e0 la transition

\n		\n

Autres contrats\u00a0(a)

\n		\n

Total

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels \u00e0\u00a0l'ouverture

\n		\n

64

\n		\n

417

\n		\n

11

\n		\n

492

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services futurs

\n		\n

1

\n		\n

(45)

\n		\n

42

\n		\n

(2)

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

1

\n		\n

(45)

\n		\n

37

\n		\n

(6)

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services rendus au cours
de la p\u00e9riode

\n		\n

(7)

\n		\n

(21)

\n		\n

(3)

\n		\n

(30)

\n
\n

Marge sur services contractuels comptabilis\u00e9e en r\u00e9sultat net
pour refl\u00e9ter les services rendus

\n		\n

(7)

\n		\n

(21)

\n		\n

(3)

\n		\n

(30)

\n
\n

Part c\u00e9d\u00e9e \u2013 Produits financiers (ou charges financi\u00e8res) aff\u00e9rents\u00a0aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

1

\n		\n

2

\n		\n

(0)

\n		\n

3

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance des contrats de r\u00e9assurance

\n		\n

1

\n		\n

2

\n		\n

(0)

\n		\n

3

\n
\n

Part c\u00e9d\u00e9e \u2013 Autres mouvements de consolidation

\n		\n

\n		\n

(18)

\n		\n

(205)

\n		\n

(223)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

7

\n		\n

(205)

\n		\n

(198)

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

\n		\n

(24)

\n		\n

\n		\n

(24)

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels
\u00e0 la cl\u00f4ture

\n		\n

60

\n		\n

336

\n		\n

(155)

\n		\n

241

\n
\n

(a)Les autres contrats correspondent aux contrats qui n\u2019\u00e9taient pas existants \u00e0 la date de transition.

\n
\n

36.3.4Contrats d\u2019assurance et de r\u00e9assurance par p\u00e9riodes de couverture

\n

Analyse par p\u00e9riode de couverture restante et sinistres survenus des contrats comptabilis\u00e9s selon\u00a0les mod\u00e8les BBA et VFA \u2013 Assurance

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Passifs nets au titre
de la couverture restante

\n		\n

Passifs nets au titre de la couverture restante

\n		\n

Passifs nets au titre des sinistres survenus

\n		\n

Sous-total

\n		\n

Frais d'acquisition non affect\u00e9s aux contrats

\n		\n

Total

\n
\n

Hors composante de perte

\n		\n

Composante de perte

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(982)

\n		\n

\n		\n

(982)

\n		\n

166

\n		\n

(816)

\n		\n

(0)

\n		\n

(816)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

357\u00a0423

\n		\n

182

\n		\n

357\u00a0605

\n		\n

5\u00a0601

\n		\n

363\u00a0206

\n		\n

\n		\n

363\u00a0206

\n
\n

Solde net d'ouverture

\n		\n

356\u00a0441

\n		\n

182

\n		\n

356\u00a0623

\n		\n

5\u00a0767

\n		\n

362\u00a0390

\n		\n

(0)

\n		\n

362\u00a0390

\n
\n

Produits des contrats d'assurance \u00e9mis

\n		\n

(10\u00a0978)

\n		\n

\n		\n

(10\u00a0978)

\n		\n

\n		\n

(10\u00a0978)

\n		\n

\n		\n

(10\u00a0978)

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n		\n

1\u00a0467

\n		\n

(7)

\n		\n

1\u00a0460

\n		\n

7\u00a0163

\n		\n

8\u00a0623

\n		\n

\n		\n

8\u00a0623

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

(44)

\n		\n

(44)

\n		\n

8\u00a0021

\n		\n

7\u00a0977

\n		\n

\n		\n

7\u00a0977

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

1\u00a0467

\n		\n

\n		\n

1\u00a0467

\n		\n

\n		\n

1\u00a0467

\n		\n

\n		\n

1\u00a0467

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(858)

\n		\n

(858)

\n		\n

\n		\n

(858)

\n
\n

Pertes et reprises sur les groupes de\u00a0contrats on\u00e9reux

\n		\n

\n		\n

37

\n		\n

37

\n		\n

\n		\n

37

\n		\n

\n		\n

37

\n
\n

Composants d'investissement

\n		\n

(27\u00a0940)

\n		\n

\n		\n

(27\u00a0940)

\n		\n

27\u00a0940

\n		\n

\n		\n

\n		\n

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(37\u00a0451)

\n		\n

(7)

\n		\n

(37\u00a0458)

\n		\n

35\u00a0103

\n		\n

(2\u00a0355)

\n		\n

\n		\n

(2\u00a0355)

\n
\n

Produits financiers ou (charges financi\u00e8res) des contrats d'assurance\u00a0\u00e9mis

\n		\n

15\u00a0678

\n		\n

1

\n		\n

15\u00a0679

\n		\n

75

\n		\n

15\u00a0754

\n		\n

\n		\n

15\u00a0754

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance
(hors diff\u00e9rences de change)

\n		\n

15\u00a0814

\n		\n

1

\n		\n

15\u00a0815

\n		\n

76

\n		\n

15\u00a0891

\n		\n

\n		\n

15\u00a0891

\n
\n

Effet des diff\u00e9rences de change

\n		\n

(135)

\n		\n

\n		\n

(135)

\n		\n

(1)

\n		\n

(137)

\n		\n

\n		\n

(137)

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(21\u00a0772)

\n		\n

(6)

\n		\n

(21\u00a0778)

\n		\n

35\u00a0178

\n		\n

13\u00a0400

\n		\n

\n		\n

13\u00a0400

\n
\n

Primes re\u00e7ues au titre des contrats d'assurance \u00e9mis

\n		\n

37\u00a0305

\n		\n

\n		\n

37\u00a0305

\n		\n

\n		\n

37\u00a0305

\n		\n

\n		\n

37\u00a0305

\n
\n

Paiements des sinistres survenus
et des autres charges aff\u00e9rentes aux\u00a0contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

(34\u00a0826)

\n		\n

(34\u00a0826)

\n		\n

\n		\n

(34\u00a0826)

\n
\n

Flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1\u00a0837)

\n		\n

\n		\n

(1\u00a0837)

\n		\n

\n		\n

(1\u00a0837)

\n		\n

(0)

\n		\n

(1\u00a0837)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

35\u00a0468

\n		\n

\n		\n

35\u00a0468

\n		\n

(34\u00a0826)

\n		\n

642

\n		\n

(0)

\n		\n

642

\n
\n

Frais d'acquisition non affect\u00e9s aux\u00a0contrats

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

0

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

3

\n		\n

\n		\n

3

\n		\n

(2)

\n		\n

1

\n		\n

\n		\n

1

\n
\n

Autres mouvements relatifs
\u00e0 l\u2019\u00e9volution de la valeur comptable
nette des contrats d'assurance

\n		\n

40

\n		\n

4

\n		\n

44

\n		\n

8

\n		\n

52

\n		\n

\n		\n

52

\n
\n

Autres mouvements
de consolidation

\n		\n

43

\n		\n

4

\n		\n

47

\n		\n

5

\n		\n

53

\n		\n

\n		\n

53

\n
\n

Solde net de cl\u00f4ture

\n		\n

370\u00a0180

\n		\n

180

\n		\n

370\u00a0360

\n		\n

6\u00a0124

\n		\n

376\u00a0484

\n		\n

(0)

\n		\n

376\u00a0484

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(937)

\n		\n

\n		\n

(937)

\n		\n

197

\n		\n

(740)

\n		\n

(0)

\n		\n

(740)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

371\u00a0117

\n		\n

180

\n		\n

371\u00a0297

\n		\n

5\u00a0928

\n		\n

377\u00a0224

\n		\n

\n		\n

377\u00a0224

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Passifs nets au titre
de la couverture restante

\n		\n

Passifs nets au titre de la couverture restante

\n		\n

Passifs nets au titre des sinistres survenus

\n		\n

Sous-total

\n		\n

Frais d'acquisition non affect\u00e9s aux contrats

\n		\n

Total

\n
\n

Hors composante de perte

\n		\n

Composante de perte

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(1\u00a0389)

\n		\n

\n		\n

(1\u00a0389)

\n		\n

213

\n		\n

(1\u00a0176)

\n		\n

(0)

\n		\n

(1\u00a0177)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

368\u00a0655

\n		\n

167

\n		\n

368\u00a0822

\n		\n

5\u00a0578

\n		\n

374\u00a0400

\n		\n

\n		\n

374\u00a0400

\n
\n

Solde net d'ouverture

\n		\n

367\u00a0265

\n		\n

167

\n		\n

367\u00a0432

\n		\n

5\u00a0791

\n		\n

373\u00a0224

\n		\n

(0)

\n		\n

373\u00a0223

\n
\n

Produits des contrats d'assurance \u00e9mis

\n		\n

(10\u00a0151)

\n		\n

\n		\n

(10\u00a0151)

\n		\n

\n		\n

(10\u00a0151)

\n		\n

\n		\n

(10\u00a0151)

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n		\n

1\u00a0504

\n		\n

21

\n		\n

1\u00a0525

\n		\n

6\u00a0159

\n		\n

7\u00a0684

\n		\n

\n		\n

7\u00a0684

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

(30)

\n		\n

(30)

\n		\n

6\u00a0655

\n		\n

6\u00a0625

\n		\n

\n		\n

6\u00a0625

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

1\u00a0504

\n		\n

\n		\n

1\u00a0504

\n		\n

\n		\n

1\u00a0504

\n		\n

\n		\n

1\u00a0504

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(497)

\n		\n

(497)

\n		\n

\n		\n

(497)

\n
\n

Pertes et reprises sur les groupes de\u00a0contrats on\u00e9reux

\n		\n

\n		\n

52

\n		\n

52

\n		\n

\n		\n

52

\n		\n

\n		\n

52

\n
\n

Composants d'investissement

\n		\n

(33\u00a0665)

\n		\n

\n		\n

(33\u00a0665)

\n		\n

33\u00a0665

\n		\n

0

\n		\n

\n		\n

0

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(42\u00a0313)

\n		\n

21

\n		\n

(42\u00a0292)

\n		\n

39\u00a0824

\n		\n

(2\u00a0468)

\n		\n

\n		\n

(2\u00a0468)

\n
\n

Produits financiers ou (charges financi\u00e8res) des contrats
d'assurance \u00e9mis

\n		\n

8\u00a0642

\n		\n

1

\n		\n

8\u00a0644

\n		\n

98

\n		\n

8\u00a0741

\n		\n

\n		\n

8\u00a0741

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance
(hors diff\u00e9rences de change)

\n		\n

13\u00a0497

\n		\n

1

\n		\n

13\u00a0498

\n		\n

151

\n		\n

13\u00a0649

\n		\n

\n		\n

13\u00a0649

\n
\n

Effet des diff\u00e9rences de change

\n		\n

(4\u00a0854)

\n		\n

\n		\n

(4\u00a0854)

\n		\n

(53)

\n		\n

(4\u00a0907)

\n		\n

\n		\n

(4\u00a0907)

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(33\u00a0671)

\n		\n

22

\n		\n

(33\u00a0648)

\n		\n

39\u00a0922

\n		\n

6\u00a0274

\n		\n

\n		\n

6\u00a0274

\n
\n

Primes re\u00e7ues au titre des contrats d'assurance \u00e9mis

\n		\n

39\u00a0298

\n		\n

\n		\n

39\u00a0298

\n		\n

\n		\n

39\u00a0298

\n		\n

\n		\n

39\u00a0298

\n
\n

Paiements des sinistres survenus
et des autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

(39\u00a0984)

\n		\n

(39\u00a0984)

\n		\n

\n		\n

(39\u00a0984)

\n
\n

Flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(2\u00a0076)

\n		\n

\n		\n

(2\u00a0076)

\n		\n

\n		\n

(2\u00a0076)

\n		\n

0

\n		\n

(2\u00a0076)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

37\u00a0222

\n		\n

\n		\n

37\u00a0222

\n		\n

(39\u00a0984)

\n		\n

(2\u00a0762)

\n		\n

0

\n		\n

(2\u00a0762)

\n
\n

Frais d'acquisition non affect\u00e9s aux\u00a0contrats

\n		\n

(0)

\n		\n

\n		\n

(0)

\n		\n

\n		\n

(0)

\n		\n

0

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(14\u00a0441)

\n		\n

8

\n		\n

(14\u00a0432)

\n		\n

(221)

\n		\n

(14\u00a0653)

\n		\n

0

\n		\n

(14\u00a0653)

\n
\n

Autres mouvements relatifs
\u00e0 l\u2019\u00e9volution de la valeur comptable
nette des contrats d'assurance

\n		\n

514

\n		\n

(16)

\n		\n

498

\n		\n

259

\n		\n

757

\n		\n

\n		\n

757

\n
\n

Autres mouvements de\u00a0consolidation

\n		\n

(13\u00a0927)

\n		\n

(8)

\n		\n

(13\u00a0934)

\n		\n

38

\n		\n

(13\u00a0896)

\n		\n

0

\n		\n

(13\u00a0896)

\n
\n

Solde net de cl\u00f4ture

\n		\n

356\u00a0890

\n		\n

182

\n		\n

357\u00a0071

\n		\n

5\u00a0767

\n		\n

362\u00a0839

\n		\n

(0)

\n		\n

362\u00a0838

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(982)

\n		\n

\n		\n

(982)

\n		\n

166

\n		\n

(816)

\n		\n

(0)

\n		\n

(816)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

357\u00a0872

\n		\n

182

\n		\n

358\u00a0053

\n		\n

5\u00a0601

\n		\n

363\u00a0655

\n		\n

\n		\n

363\u00a0655

\n
\n

Analyse par p\u00e9riodes de couverture restante et sinistres survenus des contrats comptabilis\u00e9s selon\u00a0le mod\u00e8le BBA \u2013 Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Actifs nets pour
couverture restante

\n		\n

Composante de couverture restante

\n		\n

Composante de sinistres survenus

\n		\n

Total

\n
\n

Hors \u00e9l\u00e9ment de recouvrement de perte

\n		\n

\u00c9l\u00e9ment de recouvrement de perte

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

5\u00a0754

\n		\n

9

\n		\n

5\u00a0763

\n		\n

450

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(19)

\n		\n

\n		\n

(19)

\n		\n

9

\n		\n

(10)

\n
\n

Solde net d'ouverture

\n		\n

5\u00a0736

\n		\n

9

\n		\n

5\u00a0745

\n		\n

459

\n		\n

6\u00a0203

\n
\n

Produits de r\u00e9assurance

\n		\n

48

\n		\n

31

\n		\n

79

\n		\n

621

\n		\n

700

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs\u00a0:

\n		\n

48

\n		\n

31

\n		\n

79

\n		\n

666

\n		\n

745

\n
\n

Dont montants recouvr\u00e9s des services pass\u00e9s et autres charges de r\u00e9assurance

\n		\n

48

\n		\n

(0)

\n		\n

48

\n		\n

666

\n		\n

714

\n
\n

Dont pertes et reprises de pertes sur contrats d\u00e9ficitaires sous-jacents

\n		\n

\n		\n

31

\n		\n

31

\n		\n

\n		\n

31

\n
\n

Ajustement des actifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(45)

\n		\n

(45)

\n
\n

Charges de r\u00e9assurance

\n		\n

(736)

\n		\n

\n		\n

(736)

\n		\n

\n		\n

(736)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(688)

\n		\n

31

\n		\n

(657)

\n		\n

621

\n		\n

(36)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance

\n		\n

(72)

\n		\n

0

\n		\n

(72)

\n		\n

2

\n		\n

(70)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance (hors effets des diff\u00e9rences de change)

\n		\n

(72)

\n		\n

0

\n		\n

(72)

\n		\n

2

\n		\n

(70)

\n
\n

Composants d'investissement

\n		\n

(751)

\n		\n

\n		\n

(751)

\n		\n

751

\n		\n

\n
\n

Total issu des variations du r\u00e9sultat global

\n		\n

(1\u00a0511)

\n		\n

31

\n		\n

(1\u00a0480)

\n		\n

1\u00a0374

\n		\n

(106)

\n
\n

Primes pay\u00e9es

\n		\n

1\u00a0169

\n		\n

\n		\n

1\u00a0169

\n		\n

\n		\n

1\u00a0169

\n
\n

Sommes recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0292)

\n		\n

(1\u00a0292)

\n
\n

Autres\u00a0d\u00e9calages de tr\u00e9sorerie (d\u00e9p\u00f4t de r\u00e9assurance, frais\u00a0d'acquisition, etc.)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0169

\n		\n

\n		\n

1\u00a0169

\n		\n

(1\u00a0292)

\n		\n

(123)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

0

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n
\n

Autres mouvements de consolidation

\n		\n

0

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0394

\n		\n

40

\n		\n

5\u00a0434

\n		\n

541

\n		\n

5\u00a0975

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0414

\n		\n

40

\n		\n

5\u00a0454

\n		\n

532

\n		\n

5\u00a0986

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(20)

\n		\n

\n		\n

(20)

\n		\n

9

\n		\n

(11)

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Actifs nets pour
couverture restante

\n		\n

Composante de couverture restante

\n		\n

Composante de sinistres survenus

\n		\n

Total

\n
\n

Hors \u00e9l\u00e9ment de\u00a0recouvrement de perte

\n		\n

\u00c9l\u00e9ment de recouvrement de perte

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

8\u00a0098

\n		\n

5

\n		\n

8\u00a0103

\n		\n

496

\n		\n

8\u00a0599

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(43)

\n		\n

\n		\n

(43)

\n		\n

8

\n		\n

(35)

\n
\n

Solde net d'ouverture

\n		\n

8\u00a0056

\n		\n

5

\n		\n

8\u00a0061

\n		\n

504

\n		\n

8\u00a0564

\n
\n

Produits de r\u00e9assurance

\n		\n

76

\n		\n

0

\n		\n

77

\n		\n

2\u00a0925

\n		\n

3\u00a0001

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs\u00a0:

\n		\n

76

\n		\n

0

\n		\n

77

\n		\n

2\u00a0961

\n		\n

3\u00a0038

\n
\n

Dont montants recouvr\u00e9s des services pass\u00e9s et autres charges de r\u00e9assurance

\n		\n

76

\n		\n

0

\n		\n

76

\n		\n

2\u00a0961

\n		\n

3\u00a0037

\n
\n

Dont pertes et reprises de pertes sur contrats d\u00e9ficitaires sous-jacents

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Ajustement des actifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(36)

\n		\n

(36)

\n
\n

Charges de r\u00e9assurance

\n		\n

(3\u00a0079)

\n		\n

\n		\n

(3\u00a0079)

\n		\n

\n		\n

(3\u00a0079)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(3\u00a0003)

\n		\n

0

\n		\n

(3\u00a0002)

\n		\n

2\u00a0925

\n		\n

(78)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance

\n		\n

117

\n		\n

\n		\n

117

\n		\n

7

\n		\n

124

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance (hors effets des diff\u00e9rences de change)

\n		\n

117

\n		\n

\n		\n

117

\n		\n

7

\n		\n

124

\n
\n

Composants d'investissement

\n		\n

(801)

\n		\n

\n		\n

(801)

\n		\n

801

\n		\n

\n
\n

Total issu des variations du r\u00e9sultat global

\n		\n

(3\u00a0686)

\n		\n

0

\n		\n

(3\u00a0686)

\n		\n

3\u00a0732

\n		\n

46

\n
\n

Primes pay\u00e9es

\n		\n

1\u00a0201

\n		\n

\n		\n

1\u00a0201

\n		\n

\n		\n

1\u00a0201

\n
\n

Sommes recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(3\u00a0778)

\n		\n

(3\u00a0778)

\n
\n

Autres\u00a0d\u00e9calages de tr\u00e9sorerie (d\u00e9p\u00f4t de r\u00e9assurance, frais\u00a0d'acquisition, etc.)

\n		\n

(52)

\n		\n

\n		\n

(52)

\n		\n

\n		\n

(52)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0149

\n		\n

\n		\n

1\u00a0149

\n		\n

(3\u00a0778)

\n		\n

(2\u00a0629)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

238

\n		\n

5

\n		\n

243

\n		\n

(16)

\n		\n

227

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

(21)

\n		\n

(1)

\n		\n

(21)

\n		\n

16

\n		\n

(5)

\n
\n

Autres mouvements de consolidation

\n		\n

218

\n		\n

4

\n		\n

222

\n		\n

0

\n		\n

222

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0736

\n		\n

9

\n		\n

5\u00a0745

\n		\n

459

\n		\n

6\u00a0203

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0754

\n		\n

9

\n		\n

5\u00a0763

\n		\n

450

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(19)

\n		\n

\n		\n

(19)

\n		\n

9

\n		\n

(10)

\n
\n

Analyse par p\u00e9riode de couverture restante et sinistres survenus des contrats comptabilis\u00e9s
selon le mod\u00e8le PAA \u2013 Assurance

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Passifs nets au titre
de la couverture restante

\n		\n

Passifs nets au titre de la couverture restante

\n		\n

Passifs nets au titre
des sinistres survenus

\n		\n

Passifs nets au titre des sinistres survenus

\n		\n

Frais d'acquisition non affect\u00e9s aux contrats

\n		\n

Total

\n
\n

Hors composante de perte

\n		\n

Composante de perte

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(95)

\n		\n

\n		\n

(95)

\n		\n

(2)

\n		\n

\n		\n

(2)

\n		\n

(4)

\n		\n

(101)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

755

\n		\n

0

\n		\n

755

\n		\n

744

\n		\n

47

\n		\n

791

\n		\n

\n		\n

1\u00a0546

\n
\n

Solde net d'ouverture

\n		\n

660

\n		\n

0

\n		\n

660

\n		\n

742

\n		\n

47

\n		\n

789

\n		\n

(4)

\n		\n

1\u00a0445

\n
\n

Produits des contrats d'assurance\u00a0\u00e9mis

\n		\n

(1\u00a0584)

\n		\n

\n		\n

(1\u00a0584)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0584)

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

(0)

\n		\n

(0)

\n		\n

1\u00a0249

\n		\n

4

\n		\n

1\u00a0253

\n		\n

\n		\n

1\u00a0252

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0289

\n		\n

13

\n		\n

1\u00a0302

\n		\n

\n		\n

1\u00a0302

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(40)

\n		\n

(9)

\n		\n

(49)

\n		\n

\n		\n

(49)

\n
\n

Pertes et reprises sur les groupes de contrats on\u00e9reux

\n		\n

\n		\n

(0)

\n		\n

(0)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(1\u00a0584)

\n		\n

(0)

\n		\n

(1\u00a0584)

\n		\n

1\u00a0249

\n		\n

4

\n		\n

1\u00a0253

\n		\n

\n		\n

(332)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

(1)

\n		\n

0

\n		\n

(1)

\n		\n

\n		\n

(1)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

(1)

\n		\n

0

\n		\n

(1)

\n		\n

\n		\n

(1)

\n
\n

Effet des diff\u00e9rences de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(1\u00a0584)

\n		\n

(0)

\n		\n

(1\u00a0584)

\n		\n

1\u00a0248

\n		\n

4

\n		\n

1\u00a0251

\n		\n

\n		\n

(333)

\n
\n

Primes re\u00e7ues au titre des contrats d'assurance \u00e9mis

\n		\n

1\u00a0332

\n		\n

\n		\n

1\u00a0332

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0332

\n
\n

Paiements des sinistres survenus et des autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0231)

\n		\n

\n		\n

(1\u00a0231)

\n		\n

\n		\n

(1\u00a0231)

\n
\n

Flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1)

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

(1)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0332

\n		\n

\n		\n

1\u00a0332

\n		\n

(1\u00a0231)

\n		\n

\n		\n

(1\u00a0231)

\n		\n

(0)

\n		\n

101

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

0

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats d'assurance

\n		\n

1

\n		\n

\n		\n

1

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1

\n
\n

Autres mouvements de\u00a0consolidation

\n		\n

1

\n		\n

\n		\n

1

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

1

\n
\n

Solde net de cl\u00f4ture

\n		\n

408

\n		\n

\n		\n

408

\n		\n

759

\n		\n

51

\n		\n

810

\n		\n

(4)

\n		\n

1\u00a0214

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(144)

\n		\n

\n		\n

(144)

\n		\n

(2)

\n		\n

\n		\n

(2)

\n		\n

(4)

\n		\n

(150)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

552

\n		\n

\n		\n

552

\n		\n

761

\n		\n

51

\n		\n

811

\n		\n

\n		\n

1\u00a0363

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Passifs nets au titre
de la couverture restante

\n		\n

Passifs nets au titre de la couverture restante

\n		\n

Passifs nets au titre
des sinistres survenus

\n		\n

Passifs nets au titre des sinistres survenus

\n		\n

Frais d'acquisition non affect\u00e9s aux contrats

\n		\n

Total

\n
\n

Hors composante de perte

\n		\n

Composante de perte

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(165)

\n		\n

\n		\n

(165)

\n		\n

(1)

\n		\n

\n		\n

(1)

\n		\n

(0)

\n		\n

(166)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

823

\n		\n

2

\n		\n

825

\n		\n

749

\n		\n

47

\n		\n

795

\n		\n

\n		\n

1\u00a0620

\n
\n

Solde net d'ouverture

\n		\n

658

\n		\n

2

\n		\n

660

\n		\n

747

\n		\n

47

\n		\n

794

\n		\n

(0)

\n		\n

1\u00a0454

\n
\n

Produits des contrats d'assurance\u00a0\u00e9mis

\n		\n

(1\u00a0667)

\n		\n

\n		\n

(1\u00a0667)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0667)

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

21

\n		\n

(2)

\n		\n

20

\n		\n

1\u00a0288

\n		\n

(0)

\n		\n

1\u00a0288

\n		\n

\n		\n

1\u00a0308

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0324

\n		\n

11

\n		\n

1\u00a0335

\n		\n

\n		\n

1\u00a0335

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

21

\n		\n

\n		\n

21

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

21

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(35)

\n		\n

(11)

\n		\n

(46)

\n		\n

\n		\n

(46)

\n
\n

Pertes et reprises sur les groupes de contrats on\u00e9reux

\n		\n

\n		\n

(2)

\n		\n

(2)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(2)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(1\u00a0646)

\n		\n

(2)

\n		\n

(1\u00a0648)

\n		\n

1\u00a0288

\n		\n

(0)

\n		\n

1\u00a0288

\n		\n

\n		\n

(359)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

41

\n		\n

4

\n		\n

45

\n		\n

\n		\n

45

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

41

\n		\n

4

\n		\n

45

\n		\n

\n		\n

45

\n
\n

Effet des diff\u00e9rences de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(1\u00a0646)

\n		\n

(2)

\n		\n

(1\u00a0648)

\n		\n

1\u00a0329

\n		\n

4

\n		\n

1\u00a0333

\n		\n

\n		\n

(314)

\n
\n

Primes re\u00e7ues au titre des contrats d'assurance \u00e9mis

\n		\n

1\u00a0685

\n		\n

\n		\n

1\u00a0685

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0685

\n
\n

Paiements des sinistres survenus et des autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0274)

\n		\n

\n		\n

(1\u00a0274)

\n		\n

\n		\n

(1\u00a0274)

\n
\n

Flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(34)

\n		\n

\n		\n

(34)

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

(34)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0651

\n		\n

\n		\n

1\u00a0651

\n		\n

(1\u00a0274)

\n		\n

\n		\n

(1\u00a0274)

\n		\n

(0)

\n		\n

377

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(13)

\n		\n

5

\n		\n

(8)

\n		\n

(61)

\n		\n

(4)

\n		\n

(65)

\n		\n

\n		\n

(73)

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats d'assurance

\n		\n

9

\n		\n

(5)

\n		\n

4

\n		\n

\n		\n

0

\n		\n

0

\n		\n

(4)

\n		\n

1

\n
\n

Autres mouvements
de consolidation

\n		\n

(4)

\n		\n

0

\n		\n

(4)

\n		\n

(61)

\n		\n

(4)

\n		\n

(65)

\n		\n

(4)

\n		\n

(72)

\n
\n

Solde net de cl\u00f4ture

\n		\n

660

\n		\n

0

\n		\n

660

\n		\n

742

\n		\n

47

\n		\n

789

\n		\n

(4)

\n		\n

1\u00a0445

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(95)

\n		\n

\n		\n

(95)

\n		\n

(2)

\n		\n

\n		\n

(2)

\n		\n

(4)

\n		\n

(101)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

755

\n		\n

0

\n		\n

755

\n		\n

744

\n		\n

47

\n		\n

791

\n		\n

\n		\n

1\u00a0546

\n
\n

Analyse par p\u00e9riodes de couverture restante et sinistres survenus des contrats comptabilis\u00e9s selon\u00a0le mod\u00e8le PAA \u2013 Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Composante de couverture restante

\n		\n

Composante de couverture restante

\n		\n

Composante de sinistres survenus

\n		\n

Composante de sinistres survenus

\n		\n

Total

\n
\n

Hors composante de recouvrement de perte

\n		\n

Composante de recouvrement de perte

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

73

\n		\n

\n		\n

73

\n		\n

213

\n		\n

8

\n		\n

221

\n		\n

295

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(3)

\n		\n

\n		\n

(3)

\n		\n

\n		\n

\n		\n

\n		\n

(3)

\n
\n

Solde net d'ouverture

\n		\n

71

\n		\n

\n		\n

71

\n		\n

213

\n		\n

8

\n		\n

221

\n		\n

292

\n
\n

Produits de r\u00e9assurance

\n		\n

\n		\n

17

\n		\n

17

\n		\n

37

\n		\n

(0)

\n		\n

37

\n		\n

53

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des\u00a0r\u00e9assureurs\u00a0:

\n		\n

\n		\n

17

\n		\n

17

\n		\n

60

\n		\n

\n		\n

60

\n		\n

76

\n
\n

\u25cfdont montants recouvr\u00e9s des\u00a0services pass\u00e9s et autres charges de r\u00e9assurance

\n		\n

\n		\n

17

\n		\n

17

\n		\n

60

\n		\n

\n		\n

60

\n		\n

76

\n
\n

Ajustements li\u00e9s aux montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(23)

\n		\n

(0)

\n		\n

(23)

\n		\n

(23)

\n
\n

Charges de r\u00e9assurance

\n		\n

(90)

\n		\n

\n		\n

(90)

\n		\n

\n		\n

\n		\n

\n		\n

(90)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(90)

\n		\n

17

\n		\n

(73)

\n		\n

37

\n		\n

(0)

\n		\n

37

\n		\n

(37)

\n
\n

Produits financiers (ou charges financi\u00e8res) aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

0

\n		\n

\n		\n

0

\n		\n

(2)

\n		\n

(0)

\n		\n

(2)

\n		\n

(2)

\n
\n

Produits financiers (ou charges financi\u00e8res) aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus (hors effets des diff\u00e9rences de change)

\n		\n

\n		\n

\n		\n

\n		\n

(2)

\n		\n

(0)

\n		\n

(2)

\n		\n

(2)

\n
\n

Effet des diff\u00e9rences de change

\n		\n

0

\n		\n

\n		\n

0

\n		\n

0

\n		\n

\n		\n

0

\n		\n

0

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(90)

\n		\n

17

\n		\n

(73)

\n		\n

36

\n		\n

(1)

\n		\n

35

\n		\n

(38)

\n
\n

Primes pay\u00e9es

\n		\n

77

\n		\n

\n		\n

77

\n		\n

\n		\n

\n		\n

\n		\n

77

\n
\n

Sommes recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

(14)

\n		\n

(14)

\n		\n

(62)

\n		\n

\n		\n

(62)

\n		\n

(76)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

77

\n		\n

(14)

\n		\n

63

\n		\n

(62)

\n		\n

\n		\n

(62)

\n		\n

1

\n
\n

Autres mouvements de consolidation et variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

\n		\n

0

\n		\n

(0)

\n		\n

\n		\n

(0)

\n		\n

(0)

\n
\n

Solde net de cl\u00f4ture

\n		\n

58

\n		\n

2

\n		\n

60

\n		\n

187

\n		\n

7

\n		\n

195

\n		\n

255

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

58

\n		\n

2

\n		\n

60

\n		\n

187

\n		\n

7

\n		\n

195

\n		\n

255

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

0

\n		\n

\n		\n

0

\n		\n

(0)

\n		\n

\n		\n

(0)

\n		\n

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Composante de couverture restante

\n		\n

Composante de couverture restante

\n		\n

Composante de sinistres survenus

\n		\n

Composante de sinistres survenus

\n		\n

Total

\n
\n

Hors composante de recouvrement de perte

\n		\n

Composante de recouvrement de perte

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

82

\n		\n

\n		\n

82

\n		\n

227

\n		\n

10

\n		\n

237

\n		\n

319

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(20)

\n		\n

\n		\n

(20)

\n		\n

\n		\n

\n		\n

\n		\n

(20)

\n
\n

Solde net d'ouverture

\n		\n

62

\n		\n

\n		\n

62

\n		\n

227

\n		\n

10

\n		\n

237

\n		\n

299

\n
\n

Produits de r\u00e9assurance

\n		\n

\n		\n

\n		\n

\n		\n

130

\n		\n

(2)

\n		\n

128

\n		\n

128

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs\u00a0:

\n		\n

\n		\n

\n		\n

\n		\n

147

\n		\n

\n		\n

147

\n		\n

147

\n
\n

\u25cfdont montants recouvr\u00e9s des services pass\u00e9s et autres charges de r\u00e9assurance

\n		\n

\n		\n

\n		\n

\n		\n

147

\n		\n

\n		\n

147

\n		\n

147

\n
\n

Ajustements li\u00e9s aux montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(17)

\n		\n

(2)

\n		\n

(19)

\n		\n

(19)

\n
\n

Charges de r\u00e9assurance

\n		\n

(150)

\n		\n

\n		\n

(150)

\n		\n

\n		\n

\n		\n

\n		\n

(150)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(150)

\n		\n

\n		\n

(150)

\n		\n

130

\n		\n

(2)

\n		\n

128

\n		\n

(22)

\n
\n

Produits financiers (ou charges financi\u00e8res) aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(1)

\n		\n

\n		\n

(1)

\n		\n

11

\n		\n

1

\n		\n

12

\n		\n

12

\n
\n

Produits financiers (ou charges financi\u00e8res) aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus (hors effets des diff\u00e9rences de change)

\n		\n

\n		\n

\n		\n

\n		\n

15

\n		\n

1

\n		\n

15

\n		\n

15

\n
\n

Effet des diff\u00e9rences de change

\n		\n

(1)

\n		\n

\n		\n

(1)

\n		\n

(3)

\n		\n

\n		\n

(3)

\n		\n

(4)

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(151)

\n		\n

\n		\n

(151)

\n		\n

141

\n		\n

(1)

\n		\n

140

\n		\n

(10)

\n
\n

Primes pay\u00e9es

\n		\n

157

\n		\n

\n		\n

157

\n		\n

\n		\n

\n		\n

\n		\n

157

\n
\n

Sommes recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(131)

\n		\n

\n		\n

(131)

\n		\n

(131)

\n
\n

Total des flux de\u00a0tr\u00e9sorerie

\n		\n

157

\n		\n

\n		\n

157

\n		\n

(131)

\n		\n

\n		\n

(131)

\n		\n

26

\n
\n

Autres mouvements de\u00a0consolidation

\n		\n

3

\n		\n

\n		\n

3

\n		\n

(24)

\n		\n

(1)

\n		\n

(25)

\n		\n

(22)

\n
\n

Solde net de cl\u00f4ture

\n		\n

71

\n		\n

\n		\n

71

\n		\n

213

\n		\n

8

\n		\n

221

\n		\n

292

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

73

\n		\n

\n		\n

73

\n		\n

213

\n		\n

8

\n		\n

221

\n		\n

295

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(3)

\n		\n

\n		\n

(3)

\n		\n

\n		\n

\n		\n

\n		\n

(3)

\n
\n

37.3Informations sur le compte de r\u00e9sultat au format des activit\u00e9s d\u2019assurance

\n

37.3.1Compte de r\u00e9sultat

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits des contrats d'assurance \u00e9mis

\n		\n

12\u00a0914

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n		\n

(10\u00a0187)

\n		\n

(8\u00a0991)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

2\u00a0649

\n		\n

2\u00a0727

\n
\n

Produits des placements nets de charges

\n		\n

6\u00a0697

\n		\n

5\u00a0868

\n
\n

Plus ou moins-values de cession des placements

\n		\n

(1\u00a0873)

\n		\n

(1\u00a0222)

\n
\n

Variation de juste valeur des placements comptabilis\u00e9s \u00e0 la juste valeur par r\u00e9sultat

\n		\n

10\u00a0819

\n		\n

9\u00a0364

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance

\n		\n

(30)

\n		\n

(20)

\n
\n

Gains et pertes relatifs \u00e0 la\u00a0d\u00e9comptabilisation d'actifs au co\u00fbt amorti

\n		\n

1

\n		\n

(0)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

788

\n		\n

(85)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0415)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Produits financiers nets de charges

\n		\n

948

\n		\n

1\u00a0002

\n
\n

Charges et produits des autres activit\u00e9s

\n		\n

113

\n		\n

108

\n
\n

Autres produits et charges op\u00e9rationnels courants

\n		\n

(878)

\n		\n

(973)

\n
\n

Autres produits et charges courants

\n		\n

(765)

\n		\n

(866)

\n
\n

R\u00e9sultat op\u00e9rationnel courant

\n		\n

2\u00a0832

\n		\n

2\u00a0864

\n
\n

Autres produits et charges op\u00e9rationnels non courants

\n		\n

1

\n		\n

28

\n
\n

R\u00e9sultat op\u00e9rationnel

\n		\n

2\u00a0832

\n		\n

2\u00a0892

\n
\n

Charges de financement

\n		\n

(162)

\n		\n

(157)

\n
\n

Variation de valeurs des actifs incorporels

\n		\n

(29)

\n		\n

55

\n
\n

Quote-part de r\u00e9sultat dans les soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

23

\n		\n

33

\n
\n

Imp\u00f4ts sur les r\u00e9sultats

\n		\n

(893)

\n		\n

(925)

\n
\n

R\u00e9sultat apr\u00e8s imp\u00f4t des activit\u00e9s destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es ou abandonn\u00e9es

\n		\n

(13)

\n		\n

(26)

\n
\n

R\u00e9sultat net de l'ensemble consolid\u00e9

\n		\n

1\u00a0758

\n		\n

1\u00a0872

\n
\n

Participations ne donnant pas droit au contr\u00f4le

\n		\n

266

\n		\n

290

\n
\n

R\u00e9sultat net part du groupe

\n		\n

1\u00a0492

\n		\n

1\u00a0582

\n
\n

37.3.2Marge financi\u00e8re

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0893

\n		\n

10\u00a0843

\n
\n

Total

\n		\n

12\u00a0893

\n		\n

10\u00a0843

\n
\n

Actifs FINANCIERS \u00c0 LA JUSTE valeur par capitaux propres recyclables

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

(1\u00a0662)

\n		\n

(1\u00a0261)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

4\u00a0757

\n		\n

3\u00a0920

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux propres

\n		\n

(838)

\n		\n

798

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(18)

\n		\n

(3)

\n
\n

Total

\n		\n

2\u00a0240

\n		\n

3\u00a0454

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers au co\u00fbt amorti

\n		\n

1

\n		\n

(0)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

285

\n		\n

257

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(3)

\n		\n

(2)

\n
\n

Total

\n		\n

283

\n		\n

255

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux non recyclables

\n		\n

\n		\n

\n
\n

Revenus comptabilis\u00e9s en r\u00e9sultat

\n		\n

539

\n		\n

516

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux propres

\n		\n

1\u00a0868

\n		\n

203

\n
\n

Total

\n		\n

2\u00a0407

\n		\n

719

\n
\n

Immeubles de placement

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des immeubles de placement (nets de d\u00e9pr\u00e9ciation)

\n		\n

112

\n		\n

(67)

\n
\n

Total

\n		\n

112

\n		\n

(67)

\n
\n

Autres \u00e9l\u00e9ments des revenus nets de placement

\n		\n

(180)

\n		\n

39

\n
\n

Revenus des placements (impact r\u00e9sultat et capitaux propres)

\n		\n

17\u00a0755

\n		\n

15\u00a0242

\n
\n

Effets de d\u00e9sactualisation et int\u00e9r\u00eats accumul\u00e9s sur les contrats d'assurance

\n		\n

(485)

\n		\n

(446)

\n
\n

Changement de juste valeur des \u00e9l\u00e9ments sous-jacents

\n		\n

(14\u00a0979)

\n		\n

(12\u00a0621)

\n
\n

Changements de taux et d'environnement \u00e9conomique

\n		\n

(378)

\n		\n

(717)

\n
\n

Effet de l\u2019att\u00e9nuation du risque

\n		\n

194

\n		\n

8

\n
\n

\u00c9cart de change dans les charges financi\u00e8res d'assurance

\n		\n

(0)

\n		\n

(0)

\n
\n

Produits ou charges financi\u00e8res d'assurance

\n		\n

(15\u00a0648)

\n		\n

(13\u00a0776)

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

(233)

\n		\n

(775)

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

(15\u00a0415)

\n		\n

(13\u00a0001)

\n
\n

Effets de d\u00e9sactualisation et Int\u00e9r\u00eats accumul\u00e9s sur les contrats de r\u00e9assurance d\u00e9tenus

\n		\n

435

\n		\n

634

\n
\n

Changements de taux et d'environnement \u00e9conomique

\n		\n

(192)

\n		\n

(300)

\n
\n

Autres effets financiers sur les contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(309)

\n		\n

(194)

\n
\n

Produits financiers ou charges financi\u00e8res aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(67)

\n		\n

139

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

(29)

\n		\n

42

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

(37)

\n		\n

98

\n
\n

Marge financi\u00e8re

\n		\n

2\u00a0039

\n		\n

1\u00a0606

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

767

\n		\n

268

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

1\u00a0272

\n		\n

1\u00a0338

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059593_0": { "value": "

3.4.2Produit Net Bancaire

\n

Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

\n

Activit\u00e9s bancaires

\n

Les postes de produits et charges d\u2019int\u00e9r\u00eat, pr\u00e9sent\u00e9s en note\u00a08, comprennent les int\u00e9r\u00eats des instruments financiers \u00e9valu\u00e9s au co\u00fbt amorti, les instruments financiers \u00e0 la juste valeur par capitaux propres ainsi que les int\u00e9r\u00eats courus et \u00e9chus des instruments de couverture de juste valeur.

\n

Les produits et charges de commissions, pr\u00e9sent\u00e9s en note\u00a08, sont reconnus en r\u00e9sultat en fonction de la r\u00e9alisation des obligations de prestations auxquelles ils se rattachent\u00a0:

\n

\u25cfles commissions r\u00e9mun\u00e9rant des services continus sont \u00e9tal\u00e9es en r\u00e9sultat sur la dur\u00e9e de la prestation\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur moyens de paiement.

\n
\n

\u25cfles commissions r\u00e9mun\u00e9rant des services ponctuels ou r\u00e9mun\u00e9rant un acte important sont int\u00e9gralement enregistr\u00e9es en r\u00e9sultat lorsque la prestation est r\u00e9alis\u00e9e ou l\u2019acte ex\u00e9cut\u00e9\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur mandats et les commissions sur incidents de paiement.

\n
\n

\u25cfles produits variables de commissions ne peuvent \u00eatre enregistr\u00e9s en r\u00e9sultat que s\u2019il est hautement probable que les montants enregistr\u00e9s ne donneront pas lieu \u00e0 un ajustement significatif \u00e0 la baisse\u00a0;

\n

\u25cfles commissions consid\u00e9r\u00e9es comme un compl\u00e9ment d\u2019int\u00e9r\u00eat font partie int\u00e9grante du taux d\u2019int\u00e9r\u00eat effectif. Ces commissions rel\u00e8vent du champ d\u2019application de la norme IFRS\u00a09 et sont donc comptabilis\u00e9es parmi les produits et charges d\u2019int\u00e9r\u00eat.

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions d\u2019octroi de cr\u00e9dit.

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144051974458038_0_0": { "value": "

3.4.2Produit Net Bancaire

\n

Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

\n

Activit\u00e9s bancaires

\n

Les postes de produits et charges d\u2019int\u00e9r\u00eat, pr\u00e9sent\u00e9s en note\u00a08, comprennent les int\u00e9r\u00eats des instruments financiers \u00e9valu\u00e9s au co\u00fbt amorti, les instruments financiers \u00e0 la juste valeur par capitaux propres ainsi que les int\u00e9r\u00eats courus et \u00e9chus des instruments de couverture de juste valeur.

\n

Les produits et charges de commissions, pr\u00e9sent\u00e9s en note\u00a08, sont reconnus en r\u00e9sultat en fonction de la r\u00e9alisation des obligations de prestations auxquelles ils se rattachent\u00a0:

\n

\u25cfles commissions r\u00e9mun\u00e9rant des services continus sont \u00e9tal\u00e9es en r\u00e9sultat sur la dur\u00e9e de la prestation\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur moyens de paiement.

\n
\n

\u25cfles commissions r\u00e9mun\u00e9rant des services ponctuels ou r\u00e9mun\u00e9rant un acte important sont int\u00e9gralement enregistr\u00e9es en r\u00e9sultat lorsque la prestation est r\u00e9alis\u00e9e ou l\u2019acte ex\u00e9cut\u00e9\u00a0;

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions sur mandats et les commissions sur incidents de paiement.

\n
\n

\u25cfles produits variables de commissions ne peuvent \u00eatre enregistr\u00e9s en r\u00e9sultat que s\u2019il est hautement probable que les montants enregistr\u00e9s ne donneront pas lieu \u00e0 un ajustement significatif \u00e0 la baisse\u00a0;

\n

\u25cfles commissions consid\u00e9r\u00e9es comme un compl\u00e9ment d\u2019int\u00e9r\u00eat font partie int\u00e9grante du taux d\u2019int\u00e9r\u00eat effectif. Ces commissions rel\u00e8vent du champ d\u2019application de la norme IFRS\u00a09 et sont donc comptabilis\u00e9es parmi les produits et charges d\u2019int\u00e9r\u00eat.

\n
\n\n\n\n
\n

Sont concern\u00e9es les commissions d\u2019octroi de cr\u00e9dit.

\n
\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144091777158191_0_0": { "value": "

3.4.2Produit Net Bancaire

\n

Le Produit Net Bancaire du compte de r\u00e9sultat consolid\u00e9 est le solde net des produits et charges d\u2019exploitation bancaire de La Banque Postale et de toutes ses filiales, y compris les activit\u00e9s d\u2019assurance du groupe CNP\u00a0Assurances. Il est \u00e9tabli conform\u00e9ment aux r\u00e8gles comptables bancaires. Le d\u00e9tail du Produit Net Bancaire est pr\u00e9sent\u00e9 dans la note\u00a08.

\n

Activit\u00e9s d\u2019assurance

\n

La norme IFRS\u00a017 prescrit les principes de comptabilisation. Ces derniers sont expos\u00e9s au sein de la note\u00a03.12.

\n

3.12Contrats d\u2019assurance (IFRS\u00a017)

\n

3.12.1P\u00e9rim\u00e8tre et articulation avec le\u00a0r\u00e9f\u00e9rentiel IFRS

\n

La norme IFRS\u00a017 \u00ab\u00a0Contrats d\u2019assurances\u00a0\u00bb adopt\u00e9e en date du 19\u00a0novembre 2021 par l\u2019Union europ\u00e9enne (UE) est appliqu\u00e9e obligatoirement \u00e0 compter du 1er\u00a0janvier 2023 en remplacement de la norme IFRS\u00a04.

\n

Elle pr\u00e9cise les principes de comptabilisation, d\u2019\u00e9valuation et de pr\u00e9sentation des contrats d\u2019assurance entrant dans son champ d\u2019application, \u00e0 savoir les contrats d\u2019assurance et de r\u00e9assurance \u00e9mis, les contrats de r\u00e9assurance d\u00e9tenus ainsi que les contrats financiers d\u2019investissement \u00e9mis incluant une participation discr\u00e9tionnaire.

\n

Les contrats financiers d\u2019investissement sans participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire (notamment contrats d\u2019\u00e9pargne en unit\u00e9s de compte sans support euros et/ou sans garantie plancher) sont comptabilis\u00e9s conform\u00e9ment \u00e0 la norme IFRS\u00a09.

\n

Au sein d\u2019un contrat d\u2019assurance, la norme IFRS\u00a017 prescrit de comptabiliser s\u00e9par\u00e9ment certaines composantes selon les normes qui leur sont applicables. Il s\u2019agit notamment de certains d\u00e9riv\u00e9s incorpor\u00e9s, des composantes d\u2019investissement distinctes et de certaines obligations de performance comme l\u2019obligation de fournir un service ou un produit non assurantiel.

\n
\n\n\n\n
\n

Ainsi, pour le groupe, les contrats entrant dans le champ d\u2019application de la norme IFRS\u00a017 comprennent\u00a0:

\n

\u25cfles contrats d\u2019assurance comportant un transfert de risque important \u00e0 l\u2019assureur. Cette cat\u00e9gorie recouvre notamment les contrats de pr\u00e9voyance, retraite, dommages aux biens et les contrats d\u2019\u00e9pargne en unit\u00e9s de compte avec garantie plancher\u00a0;

\n

\u25cfles contrats financiers d\u2019investissement \u00e9mis comportant un \u00e9l\u00e9ment de participation aux b\u00e9n\u00e9fices (PB) discr\u00e9tionnaire\u00a0: contrats en euros avec participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire, contrats en unit\u00e9s de compte comportant des supports en euros avec participation aux b\u00e9n\u00e9fices discr\u00e9tionnaire.

\n
\n

3.12.2L\u2019agr\u00e9gation des contrats en\u00a0groupes de contrats

\n

La norme IFRS\u00a017 requiert une \u00e9valuation des passifs des contrats d\u2019assurance de niveau portefeuille constitu\u00e9 de contrats g\u00e9r\u00e9s ensemble et pr\u00e9sentant des risques similaires.

\n

Ces portefeuilles sont ensuite scind\u00e9s en trois groupes de profitabilit\u00e9 (IFRS\u00a017.16)\u00a0:

\n

\u25cfles groupes de contrats d\u00e9ficitaires appel\u00e9s on\u00e9reux.

\n

Un groupe de contrat est on\u00e9reux si la somme des flux de tr\u00e9sorerie d'ex\u00e9cution affect\u00e9s au contrat, des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition comptabilis\u00e9s ant\u00e9rieurement et des flux de tr\u00e9sorerie\u00a0d\u00e9coulant du contrat \u00e0 la date de la comptabilisation initiale correspond \u00e0 une sortie de tr\u00e9sorerie nette (IFRS\u00a017.47)\u00a0;

\n

\u25cfles groupes de contrats profitables sans possibilit\u00e9 importante de devenir on\u00e9reux par la suite\u00a0;

\n

\u25cfles groupes de contrats constitu\u00e9s des autres contrats du portefeuille.

\n

Enfin, ces portefeuilles doivent regrouper des contrats \u00e9mis \u00e0 un\u00a0an d\u2019intervalle au maximum (notion de cohortes annuelles). Pour \u00e9viter que la r\u00e9alit\u00e9 \u00e9conomique des contrats d\u2019assurance avec mutualisation interg\u00e9n\u00e9rationnelle ne soit pas correctement refl\u00e9t\u00e9e, l\u2019Union europ\u00e9enne a pr\u00e9vu une exemption facultative de l'application de cette obligation de cohorte annuelle. Le groupe a opt\u00e9 pour cette exemption.

\n

Le groupe d\u00e9termine le niveau de profitabilit\u00e9 et le mod\u00e8le comptable d\u2019un contrat lors de sa comptabilisation initiale. Ult\u00e9rieurement, il n\u2019est pas possible de modifier le groupe de contrats ou le mod\u00e8le comptable \u00e0 moins que les modalit\u00e9s du contrat ne soient modifi\u00e9es (IFRS\u00a017.72).

\n

3.12.3La date de comptabilisation initiale

\n

Un groupe de contrats d\u2019assurance \u00e9mis doit \u00eatre comptabilis\u00e9 \u00e0 compter de la premi\u00e8re des dates suivantes\u00a0:

\n

\u25cfle d\u00e9but de la p\u00e9riode de couverture du groupe de contrats\u00a0;

\n

\u25cfla date \u00e0 laquelle le premier paiement d\u2019un titulaire de police devient exigible ou, en l\u2019absence de date d\u2019exigibilit\u00e9, la date \u00e0 laquelle ce premier paiement est re\u00e7u\u00a0;

\n

\u25cfdans le cas d\u2019un groupe de contrats d\u00e9ficitaires, la date \u00e0 laquelle le groupe devient d\u00e9ficitaire.

\n

3.12.4Les groupes de contrats on\u00e9reux

\n

D\u00e8s lors qu'un groupe de contrats est on\u00e9reux, le groupe comptabilise imm\u00e9diatement une perte en r\u00e9sultat. La composante de perte est suivie extra-comptablement jusqu\u2019\u00e0\u00a0d\u00e9comptabilisation du contrat ou jusqu\u2019\u00e0 ce que le contrat redevienne profitable.

\n

3.12.5Les trois mod\u00e8les d\u2019\u00e9valuation des groupes de contrats non on\u00e9reux

\n

Il existe trois mod\u00e8les d\u2019\u00e9valuation\u00a0: le mod\u00e8le g\u00e9n\u00e9ral ou mod\u00e8le BBA (Building Block Approach, approche par blocs) qui constitue le mod\u00e8le d\u2019\u00e9valuation par d\u00e9faut, le mod\u00e8le VFA (Variable Fee Approach ou mod\u00e8le des honoraires variables) qui est un mod\u00e8le adapt\u00e9 du mod\u00e8le g\u00e9n\u00e9ral et enfin le mod\u00e8le PAA (Premium Allocation Approach) ou m\u00e9thode d\u2019affectation des primes. Le mod\u00e8le g\u00e9n\u00e9ral (BBA) s\u2019applique aux contrats qui ne sont pas comptabilis\u00e9s \u00e0 l\u2019aide de l\u2019un des deux autres mod\u00e8les VFA ou PAA.

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Le mod\u00e8le VFA est obligatoire pour tout contrat avec participation directe comme les fonds distincts et les contrats \u00e0 capital variable car il permet de prendre en compte les sp\u00e9cificit\u00e9s de ces contrats Les contrats \u00e0 participation directe concern\u00e9s respectent cumulativement les caract\u00e9ristiques suivantes\u00a0: l\u2019assur\u00e9 a droit \u00e0 une quote-part d\u2019\u00e9l\u00e9ments sous-jacents clairement identifi\u00e9s, le groupe s\u2019attend \u00e0 verser \u00e0 l\u2019assur\u00e9 une part substantielle des \u00ab\u00a0rendements en juste valeur\u00a0\u00bb des \u00e9l\u00e9ments sous-jacents et \u00e0 ce toute variation des sommes \u00e0 verser \u00e0 l\u2019assur\u00e9 soit attribuable dans une proportion substantielle, \u00e0 la variation de juste valeur des \u00e9l\u00e9ments sous-jacents.

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Le groupe retient le mod\u00e8le VFA \u00e9galement pour les contrats d\u2019assurance ayant des composantes d\u2019investissement.

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Ce mod\u00e8le n\u2019est pas applicable aux contrats de r\u00e9assurance.

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Le mod\u00e8le PAA, bas\u00e9 sur une approche par allocation des primes sur la dur\u00e9e des contrats (Premium Allocation Approach) est une simplification du mod\u00e8le g\u00e9n\u00e9ral. Il vise \u00e0 remplacer les trois blocs du passif du mod\u00e8le g\u00e9n\u00e9ral par une provision pour primes non acquises.

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Son application est facultative et soumise \u00e0 conditions. IFRS\u00a017 pr\u00e9cise que le mod\u00e8le\u00a0PAA peut \u00eatre utilis\u00e9 d\u00e8s lors qu\u2019il fournit une approximation acceptable de la valeur des passifs \u00e0 la souscription du groupe de contrat (i.e. ne diff\u00e9rant pas de fa\u00e7on mat\u00e9rielle de celle obtenue avec le mod\u00e8le g\u00e9n\u00e9ral en respectant les limites d\u2019IFRS\u00a017.54) ou pour les contrats dont la p\u00e9riode de couverture est inf\u00e9rieure ou \u00e9gale \u00e0 1\u00a0an. Il peut \u00e9galement \u00eatre appliqu\u00e9 aux contrats de r\u00e9assurance \u00e9mis ou d\u00e9tenus sous r\u00e9serve du respect des m\u00eames crit\u00e8res (IFRS\u00a017.69). Le passif initial comptabilis\u00e9 est \u00e9gal aux primes re\u00e7ues diminu\u00e9 des co\u00fbts d\u2019acquisition pay\u00e9s, ajust\u00e9 de l\u2019impact de la\u00a0d\u00e9comptabilisation d\u2019un actif li\u00e9 aux frais d\u2019acquisition.

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Ult\u00e9rieurement, il est ajust\u00e9 en fonction des passifs enregistr\u00e9s dans le cadre de sinistres survenus de la m\u00eame fa\u00e7on que pour les mod\u00e8les BBA ou VFA et de la couverture restante.

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L\u2019utilisation de ce mod\u00e8le est assez restreinte au niveau du groupe, elle concerne principalement quelques contrats br\u00e9siliens \u00e9ligibles.

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3.12.6Les frais d\u2019acquisition (VFA et BBA)

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Il s\u2019agit des frais de vente, de souscription et de cr\u00e9ation d\u2019un groupe de contrats d\u2019assurance.

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Le montant de frais d\u2019acquisition reconnu sur la p\u00e9riode est calcul\u00e9 selon des m\u00e9triques repr\u00e9sentatives des services rendus sur la p\u00e9riode (primes, provisions math\u00e9matiques, etc.). Le groupe affecte les flux de tr\u00e9sorerie des frais d\u2019acquisition aux groupes de contrats d\u2019assurance selon une m\u00e9thode syst\u00e9matique et rationnelle.

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Les frais d\u2019acquisition du groupe sont amortis pour chaque groupe de contrats.

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3.12.7La\u00a0d\u00e9composition des passifs d\u2019assurance en trois blocs (VFA\u00a0et\u00a0BBA)

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Les passifs d\u2019assurance sont\u00a0d\u00e9compos\u00e9s en trois blocs dans les mod\u00e8les VFA et BBA.

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1.Le premier bloc appel\u00e9 Best Estimate est la valeur actuelle des flux de tr\u00e9sorerie futurs.

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Le Best Estimate mat\u00e9rialise l\u2019engagement de l\u2019assureur envers ses assur\u00e9s. Les estimations des flux de tr\u00e9sorerie futurs \u00e0 prendre en compte sont tous les flux de tr\u00e9sorerie futurs inclus dans le p\u00e9rim\u00e8tre, ou fronti\u00e8re, de chaque contrat du groupe (les flux de tr\u00e9sorerie consid\u00e9r\u00e9s comme en dehors des fronti\u00e8res des contrats d\u2019assurance, concernent des contrats d\u2019assurance futurs). Ces estimations int\u00e8grent, de mani\u00e8re objective, toutes les informations raisonnables et justifiables disponibles sur le montant, l'\u00e9ch\u00e9ancier et l'incertitude des flux de tr\u00e9sorerie futurs. Elles sont la valeur attendue (c'est-\u00e0-dire la moyenne pond\u00e9r\u00e9e par les probabilit\u00e9s) de l'ensemble des r\u00e9sultats possibles. Ces flux futurs incluent notamment les primes re\u00e7ues, les prestations vers\u00e9es, les frais d\u2019acquisition et les frais g\u00e9n\u00e9raux directement imputables \u00e0 l\u2019ex\u00e9cution des contrats d\u2019assurance.

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Les frais non rattachables impactent directement le compte de r\u00e9sultat \u00e0 la date de survenance\u00a0;

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2.Le second bloc appel\u00e9 ajustement pour risques non-financiers (\u00ab\u00a0Risk Adjustment \u2013 RA\u00a0\u00bb) correspond \u00e0 une marge pour risque assurance uniquement exig\u00e9e par le groupe pour supporter l\u2019incertitude relative aux flux futurs du Best Estimate. Il repr\u00e9sente la meilleure vision du groupe en termes d\u2019exposition au risque non financier (risque assurance uniquement) dans un environnement comptable et selon un niveau de confiance compris entre 80% et 100%. Il est \u00e9galement en ligne avec l'horizon du Business Plan, \u00e9gal \u00e0 cinq\u00a0ans. Cet ajustement est comptabilis\u00e9 en Produit Net Bancaire sur la ligne Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis\u00a0;

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3.Le troisi\u00e8me appel\u00e9 \u00ab\u00a0marge sur services contractuels\u00a0\u00bb (Contractual Service Margin \u2013 CSM) repr\u00e9sentant les profits attendus que le groupe comptabilisera au fur et \u00e0 mesure qu\u2019il fournira les services pr\u00e9vus aux contrats d\u2019assurance. En date de premi\u00e8re comptabilisation des contrats, lorsqu\u2019elle est positive, signe d\u2019un contrat non on\u00e9reux, elle est comptabilis\u00e9e au passif. Elle est ensuite constat\u00e9e en r\u00e9sultat au rythme des services fournis sur la dur\u00e9e de couverture r\u00e9siduelle des contrats. Ce rythme suit les unit\u00e9s de couverture traduisant la proportion de services fournis sur les contrats du groupe sur la p\u00e9riode. Pour ce faire, \u00e0 la fin de chaque p\u00e9riode de reporting, le groupe d\u00e9termine les unit\u00e9s de couverture de mani\u00e8re prospective en prenant en compte notamment la probabilit\u00e9 de survenance des \u00e9v\u00e9nements assur\u00e9s affectant la p\u00e9riode de couverture attendue des contrats du groupe.

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La marge intragroupe vers\u00e9e par CNP\u00a0Assurances \u00e0 La\u00a0Banque\u00a0Postale au titre des frais de distribution et de gestion de ses produits d\u2019assurance fait l\u2019objet d\u2019un traitement particulier d\u00e9taill\u00e9 dans la note\u00a036.3.

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3.12.8Les unit\u00e9s de couverture

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Lorsqu\u2019un groupe de contrats impacte plusieurs p\u00e9riodes de reporting, il convient de d\u00e9finir un indicateur du niveau de r\u00e9alisation du service, appel\u00e9 unit\u00e9 de couverture permettant ainsi d\u2019allouer les revenus et les d\u00e9penses \u00e0 chaque p\u00e9riode de reporting.

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\u00c0 titre d\u2019exemple, les unit\u00e9s de couverture suivantes ont \u00e9t\u00e9 retenues pour les principaux types de contrats\u00a0:

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\u25cf\u00c9pargne et retraite\u00a0: Provisions Math\u00e9matiques\u00a0;

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\u25cfEmprunteur\u00a0: Capital restant d\u00fb\u00a0; Capitaux sous risques\u00a0;

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\u25cfPr\u00e9voyance individuelle-Risque obs\u00e8ques\u00a0: Capital assur\u00e9, Capitaux Sous Risques\u00a0;

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\u25cfPr\u00e9voyance Individuelle-Risque d\u00e9pendance\u00a0: Capital \u00e9quipement, Nombre de contrats\u00a0;

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\u25cfTemporaire\u00a0d\u00e9c\u00e8s\u00a0: Primes\u00a0;

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\u25cfPr\u00e9voyance collective\u00a0: ces contrats \u00e9tant annuels, la CSM est int\u00e9gralement amortie sur l\u2019exercice.

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3.12.9Taux d\u2019actualisation (VFA et BBA)

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IFRS\u00a017 requiert de tenir compte, dans l\u2019estimation des flux de tr\u00e9sorerie futurs, de la valeur temps de l\u2019argent et des risques financiers li\u00e9s aux flux de tr\u00e9sorerie futurs, dans la mesure o\u00f9 ces risques ne sont pas pris en compte dans les estimations de ces flux.

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Selon leur nature, les flux sont actualis\u00e9s avec la courbe des taux courants (construite \u00e0 l\u2019aide des informations de march\u00e9 \u00e0 la date de valorisation) ou la courbe des taux \u00e0 l\u2019origine (construite sur la base de donn\u00e9es historiques et permettant d\u2019obtenir une \u00e9valuation des passifs \u00e0 la date de premi\u00e8re comptabilisation).

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La prime d\u2019illiquidit\u00e9 est un ajustement r\u00e9sultant des diff\u00e9rences entre les caract\u00e9ristiques de liquidit\u00e9 du groupe de contrats d\u2019assurance et la liquidit\u00e9 des actifs utilis\u00e9s pour \u00e9tablir la courbe des taux. Elle s\u2019applique \u00e0 la courbe des taux sans risque r\u00e9put\u00e9e liquide.

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Le groupe l\u2019estime en se basant sur les actifs financiers d\u00e9tenus par les filiales d\u2019assurance (aussi bien les actifs immobilier/infrastructure, actions, que les actifs obligataires) puis l\u2019ajuste pour tenir compte des caract\u00e9ristiques des contrats et de l\u2019adossement entre les actifs et les passifs.

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L\u2019approche retenue pour l\u2019\u00e9valuation d\u2019une prime de liquidit\u00e9 au titre des actifs obligataires est comparable \u00e0 la m\u00e9thode sugg\u00e9r\u00e9e par l\u2019EIOPA (Autorit\u00e9 europ\u00e9enne des assurances et des pensions professionnelles) dans le cadre de sa revue de Solvabilit\u00e9 II tant au niveau du calibrage (caract\u00e8re macro-\u00e9conomique des probabilit\u00e9s de d\u00e9fauts sous-jacentes aux spreads de cr\u00e9dit) qu\u2019au niveau de la comparaison des portefeuilles. La classe des actions a \u00e9t\u00e9 retenue car b\u00e9n\u00e9ficiant d\u2019une volatilit\u00e9 plus faible que la moyenne du march\u00e9 en grande partie gr\u00e2ce \u00e0 la politique de gestion des filiales d\u2019assurance.

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3.12.10Les \u00e9carts d\u2019exp\u00e9rience

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Un \u00e9cart d'exp\u00e9rience correspond \u00e0 la diff\u00e9rence entre les estimations initiales des flux de tr\u00e9sorerie futurs et les flux r\u00e9ellement observ\u00e9s.

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Les \u00e9carts d\u2019exp\u00e9rience entra\u00eenant une variation des flux de tr\u00e9sorerie d'ex\u00e9cution qui se rapportent \u00e0 des services futurs viennent ajuster la CSM. Ceux concernant la p\u00e9riode en cours ou les p\u00e9riodes pass\u00e9es, et relevant de changements d\u2019estimations, sont reconnus dans le r\u00e9sultat de la p\u00e9riode. Enfin, les effets de la valeur temps de l\u2019argent et du risque financier sur les flux de tr\u00e9sorerie futurs sont comptabilis\u00e9s dans les produits financiers ou charges financi\u00e8res d\u2019assurance.

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3.12.11D\u00e9comptabilisation

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Un contrat est\u00a0d\u00e9comptabilis\u00e9 par le groupe lorsque\u00a0:

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\u25cfle contrat d\u2019assurance est \u00e9teint c\u2019est-\u00e0-dire lorsque l\u2019obligation pr\u00e9cis\u00e9e par le contrat est soit expir\u00e9e, soit acquitt\u00e9e, soit r\u00e9sili\u00e9e\u00a0;

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\u25cfles modifications apport\u00e9es au contrat entra\u00eenent sa d\u00e9comptabilisation et la comptabilisation d\u2019un nouveau contrat.

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3.12.12Sp\u00e9cificit\u00e9 du mod\u00e8le VFA (CSM)

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Les adaptations du mod\u00e8le Variable Fee Approach permettent de refl\u00e9ter les caract\u00e9ristiques propres aux contrats participatifs de fa\u00e7on \u00e0 ce que la CSM refl\u00e8te \u00e9galement la part revenant \u00e0 l'assureur sur le rendement des actifs sous-jacents au contrat, (par contrepartie des produits ou charges financiers d\u2019assurance) en plus des profits futurs sur les services d'assurance.

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3.12.13Sp\u00e9cificit\u00e9s du mod\u00e8le VFA (unit\u00e9s\u00a0de couverture)

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Sur le p\u00e9rim\u00e8tre \u00c9pargne Retraite en VFA, afin d\u2019assurer une bonne transcription dans le temps du rattachement des unit\u00e9s de couverture \u00e0 chaque exercice, le groupe effectue un retraitement pour l\u2019allocation de la CSM en r\u00e9sultat au titre des r\u00e9sultats fournis sur la p\u00e9riode. Ce retraitement vise principalement \u00e0 mieux appr\u00e9hender les effets \u00e9conomiques non pris en compte dans l\u2019\u00e9valuation initiale de la CSM en tenant compte de tous les services rendus (gestion des actifs et performance). Ce retraitement est effectu\u00e9 pour chacun des portefeuilles \u00c9pargne-Retraite g\u00e9r\u00e9s en VFA, profitable \u00e0 la date d\u2019arr\u00eat\u00e9, via une approche long terme bas\u00e9e sur la prise en compte d'une prime de risque et le co\u00fbt des options et garanties.

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Lorsque les conditions sont remplies, le groupe a choisi de comptabiliser par r\u00e9sultat (et non via la CSM) la part du groupe dans la juste valeur des \u00e9l\u00e9ments sous-jacents et les variations de la valeur temps de l\u2019argent afin de les compenser avec les variations de valeur des instruments de couverture utilis\u00e9s.

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3.12.14Sp\u00e9cificit\u00e9 du mod\u00e8le g\u00e9n\u00e9ral (BBA)

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Les int\u00e9r\u00eats sont capitalis\u00e9s sur la CSM en utilisant des taux d'actualisation fig\u00e9s d\u00e9termin\u00e9s lors de la comptabilisation initiale du groupe de contrats d'assurance. \u00c0 chaque date de cl\u00f4ture, la CSM est \u00e9valu\u00e9e \u00e0 partir de la CSM d'ouverture, ajust\u00e9e des nouveaux contrats, de la d\u00e9sactualisation des int\u00e9r\u00eats aux taux d\u2019actualisation d\u2019origine et des services rendus sur la p\u00e9riode.

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3.12.15Imputation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des\u00a0effets de variation de juste valeur des actifs sous-jacents des\u00a0contrats d\u2019assurance

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La norme IFRS\u00a017 offre un choix de m\u00e9thode comptable applicable au niveau de chaque portefeuille de contrats permettant, sous conditions, de comptabiliser les changements de valeur de march\u00e9 des passifs d\u2019assurance directement par capitaux propres (dans les autres \u00e9l\u00e9ments du r\u00e9sultat global, ou Other Comprehensive Income \u2013 OCI), au lieu de les reconna\u00eetre en r\u00e9sultat. Elle concerne principalement les effets de changement de taux d\u2019actualisation des passifs. Le groupe applique cette option en miroir de la comptabilisation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des actifs sous-jacents en repr\u00e9sentation des engagements d\u2019assurances.

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Cette option est applicable pour les contrats d'assurance qui r\u00e9pondent \u00e0 certaines conditions, notamment en ce qui concerne la fa\u00e7on dont les actifs sont g\u00e9r\u00e9s et la fa\u00e7on dont les obligations sont \u00e9valu\u00e9es. L\u2019option OCI doit \u00eatre choisie de mani\u00e8re coh\u00e9rente pour tous les contrats d\u2019un m\u00eame portefeuille IFRS\u00a017. Pour les contrats participatifs, cette option est applicable pour des contrats r\u00e9pondant \u00e0 certaines conditions, en particulier concernant la d\u00e9tention des actifs sous-jacents.

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En choisissant cette option OCI, le groupe r\u00e9duit la volatilit\u00e9 des r\u00e9sultats financiers li\u00e9s aux fluctuations de la valeur de march\u00e9 des actifs, ce qui est particuli\u00e8rement utile pour les contrats d'assurance \u00e0 long terme expos\u00e9s \u00e0 des risques de march\u00e9. Cette option permet notamment d\u2019isoler en OCI les effets de variation de taux sur les passifs des contrats d\u2019assurance et donc d\u2019insensibiliser le r\u00e9sultat net d\u2019assurance de la volatilit\u00e9 induite par l\u2019\u00e9valuation des passifs au taux courant \u00e0 chaque p\u00e9riode.

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3.12.16Mesure d\u2019att\u00e9nuation des risques

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La norme permet l\u2019utilisation d\u2019instruments financiers \u00e9valu\u00e9s \u00e0 la juste valeur par r\u00e9sultat (notamment des d\u00e9riv\u00e9s) ou des contrats de r\u00e9assurance d\u00e9tenus pour att\u00e9nuer l\u2019effet de la valeur temps de l\u2019argent et du risque financier\u00a0d\u00e9coulant des contrats participatifs directs. La mesure d\u2019att\u00e9nuation des risques trouve principalement \u00e0 s\u2019appliquer au sein du groupe sur les contrats de r\u00e9assurance d\u00e9tenus.

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Dans ce cas, le groupe a choisi de comptabiliser en r\u00e9sultat, afin de les compenser avec les variations de valeur des instruments de \u00ab\u00a0couverture\u00a0\u00bb utilis\u00e9s\u00a0:

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\u25cfle montant correspondant \u00e0 la part revenant au groupe de la juste valeur des \u00e9l\u00e9ments sous-jacents\u00a0;

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\u25cfles variations de l\u2019effet de la valeur temps de l\u2019argent et des risques financiers qui ne r\u00e9sultent pas des \u00e9l\u00e9ments sous-jacents.

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Ainsi, le groupe ajuste la CSM des affaires directes de l\u2019\u00e9cart avec l\u2019ajustement de CSM de cession calcul\u00e9e selon les mod\u00e8les VFA et BBA. Les charges financi\u00e8res correspondant \u00e0 l\u2019effet d\u2019att\u00e9nuation des risques sont constat\u00e9es en totalit\u00e9 en r\u00e9sultat de la p\u00e9riode car l\u2019option OCI n\u2019est pas appliqu\u00e9e sur les contrats de r\u00e9assurance d\u00e9tenus.

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Dans le cas des contrats de r\u00e9assurance d\u00e9tenus de contrats VFA, cette disposition permet de supprimer les \u00e9carts induits par une diff\u00e9rence de valorisation entre le contrat de r\u00e9assurance et le sous-jacent et de mieux traduire l\u2019effet d\u2019att\u00e9nuation des risques.

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3.12.17Sp\u00e9cificit\u00e9s comptables des\u00a0contrats de r\u00e9assurance

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Cette partie\u00a0d\u00e9crit les sp\u00e9cificit\u00e9s des mod\u00e8les d\u2019\u00e9valuation appliqu\u00e9s par le groupe aux contrats de r\u00e9assurance.

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Un contrat de r\u00e9assurance est dit \u00ab\u00a0accept\u00e9\u00a0\u00bb lorsque le groupe, en tant que r\u00e9assureur, \u00e9met un contrat d\u2019assurance visant \u00e0 indemniser une autre entit\u00e9 A (la c\u00e9dante) au titre de sinistres couverts par un contrat ou un ensemble de contrats d\u2019assurance \u00e9mis par l\u2019entit\u00e9\u00a0A (contrats sous-jacents).

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La norme IFRS\u00a017 ne pr\u00e9voyant pas de dispositions particuli\u00e8res, le groupe ne cr\u00e9e pas de portefeuilles IFRS\u00a017 sp\u00e9cifiques \u00e0 la r\u00e9assurance accept\u00e9e.

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Un contrat de r\u00e9assurance est dit \u00ab\u00a0d\u00e9tenu\u00a0\u00bb lorsque le groupe, en tant qu\u2019entit\u00e9 c\u00e9dante, souscrit un contrat ou un ensemble de contrats d\u2019assurance visant \u00e0 couvrir les sinistres de contrats qu\u2019il a lui-m\u00eame \u00e9mis. On parle \u00e9galement de cession en r\u00e9assurance.

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Le groupe aligne la d\u00e9finition des portefeuilles de contrats de r\u00e9assurance sur la d\u00e9finition des portefeuilles d\u2019assurance directe.

\n
\n

Les contrats \u00e9tant en quote-part, il est consid\u00e9r\u00e9 que les risques au sein d\u2019un portefeuille sont m\u00e9caniquement similaires au niveau des engagements c\u00e9d\u00e9s s\u2019ils sont jug\u00e9s similaires aux portefeuilles d\u2019assurance directe. Le regroupement de plusieurs contrats de r\u00e9assurance au sein d\u2019un m\u00eame portefeuille permet au groupe de consid\u00e9rer qu\u2019ils sont g\u00e9r\u00e9s ensemble au sens o\u00f9 l\u2019objectif commun est d\u2019att\u00e9nuer les risques sur un portefeuille de contrats sous-jacents eux-m\u00eames g\u00e9r\u00e9s comme un ensemble.

\n

Mod\u00e8les d\u2019\u00e9valuation

\n

Le mod\u00e8le VFA n\u2019\u00e9tant pas permis (IFRS\u00a017.B109), le groupe applique le mod\u00e8le g\u00e9n\u00e9ral (BBA) \u00e0 l\u2019ensemble des contrats de r\u00e9assurance \u00e9mis et d\u00e9etenus dans les activit\u00e9s en France du groupe.

\n

L\u2019\u00e9valuation des contrats de r\u00e9assurance suit un principe d\u2019effet miroir aux contrats d\u2019assurance sous-jacents\u00a0: coh\u00e9rence des hypoth\u00e8ses retenues pour l\u2019estimation des flux de tr\u00e9sorerie, le risque non financier est ajust\u00e9 du risque transf\u00e9r\u00e9, la CSM \u00e9valu\u00e9e \u00e0 l\u2019origine est g\u00e9n\u00e9ralement consid\u00e9r\u00e9e comme un co\u00fbt net \u00e9tal\u00e9 sur la p\u00e9riode de couverture des contrats de r\u00e9assurance.

\n

\u00c0 noter, que le risque de non-ex\u00e9cution du r\u00e9assureur est int\u00e9gr\u00e9 \u00e0 l\u2019estimation des flux de tr\u00e9sorerie.

\n

Fronti\u00e8res des contrats

\n

Pour les contrats d\u2019assurance d\u00e9tenus, les flux \u00e0 consid\u00e9rer sont ceux r\u00e9sultant des droits ou obligations substantiels de la c\u00e9dante i.e. le droit substantiel de la c\u00e9dante est de recevoir des services de la part du r\u00e9assureur.

\n

Ce droit substantiel cesse d\u00e8s lors que\u00a0:

\n

(i)le r\u00e9assureur a la capacit\u00e9 de r\u00e9viser le prix ou le niveau de garantie relatifs aux engagements qui lui sont transf\u00e9r\u00e9s de sorte \u00e0 refl\u00e9ter pleinement le risque\u00a0;

\n

(ii)le r\u00e9assureur a le droit de mettre fin \u00e0 la couverture. L\u2019obligation substantielle de la c\u00e9dante est de payer les \u00e9l\u00e9ments dus aux r\u00e9assureurs.

\n

Le groupe prend en compte dans le calcul du BE, du RA et de la CSM l\u2019effet de la r\u00e9assurance sur des contrats sous-jacents non encore comptabilis\u00e9s par la c\u00e9dante.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059715_0": { "value": "

3.5Imp\u00f4ts et int\u00e9gration fiscale

\n

L'entit\u00e9 m\u00e8re La\u00a0Poste a opt\u00e9 pour le r\u00e9gime de l\u2019int\u00e9gration fiscale dont elle est t\u00eate de groupe.

\n

Des imp\u00f4ts diff\u00e9r\u00e9s sont comptabilis\u00e9s d\u00e8s lors qu\u2019une diff\u00e9rence temporelle est identifi\u00e9e entre les valeurs comptables et les valeurs fiscales des \u00e9l\u00e9ments du bilan.

\n

Les imp\u00f4ts diff\u00e9r\u00e9s constat\u00e9s au cours des exercices ant\u00e9rieurs sont modifi\u00e9s lors d\u2019un changement de taux d\u2019imposition. L\u2019effet correspondant est enregistr\u00e9 en augmentation ou en diminution de la charge d\u2019imp\u00f4t diff\u00e9r\u00e9 en compte de r\u00e9sultat sauf s\u2019il est relatif \u00e0 des \u00e9l\u00e9ments enregistr\u00e9s directement en capitaux propres, auquel cas l\u2019imp\u00f4t est enregistr\u00e9 dans les capitaux propres.

\n

Tous les imp\u00f4ts diff\u00e9r\u00e9s passifs li\u00e9s aux diff\u00e9rences temporelles imposables sont comptabilis\u00e9s. Les imp\u00f4ts diff\u00e9r\u00e9s actifs r\u00e9sultant des diff\u00e9rences temporelles, de d\u00e9ficits fiscaux reportables ou de cr\u00e9dits d\u2019imp\u00f4ts sont comptabilis\u00e9s si leur recouvrement est probable, c\u2019est-\u00e0-dire dans la mesure o\u00f9 il est probable qu\u2019un b\u00e9n\u00e9fice imposable futur sera disponible et permettra d\u2019imputer les diff\u00e9rences temporaires. L\u2019\u00e9valuation en est faite \u00e0 partir d\u2019un \u00e9ch\u00e9ancier de retournement de l\u2019ensemble des bases d\u2019imp\u00f4ts diff\u00e9r\u00e9s, construit sur la base de la meilleure estimation par l\u2019entit\u00e9 des \u00e9volutions futures de ses r\u00e9sultats imposables (cf. note\u00a015).

\n

Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont compens\u00e9s au sein d\u2019une m\u00eame entit\u00e9 fiscale.

\n

Les effets fiscaux des distributions de dividendes sur instruments financiers class\u00e9s en capitaux propres sont comptabilis\u00e9s en r\u00e9sultat.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059714_0": { "value": "

3.5Imp\u00f4ts et int\u00e9gration fiscale

\n

L'entit\u00e9 m\u00e8re La\u00a0Poste a opt\u00e9 pour le r\u00e9gime de l\u2019int\u00e9gration fiscale dont elle est t\u00eate de groupe.

\n

Des imp\u00f4ts diff\u00e9r\u00e9s sont comptabilis\u00e9s d\u00e8s lors qu\u2019une diff\u00e9rence temporelle est identifi\u00e9e entre les valeurs comptables et les valeurs fiscales des \u00e9l\u00e9ments du bilan.

\n

Les imp\u00f4ts diff\u00e9r\u00e9s constat\u00e9s au cours des exercices ant\u00e9rieurs sont modifi\u00e9s lors d\u2019un changement de taux d\u2019imposition. L\u2019effet correspondant est enregistr\u00e9 en augmentation ou en diminution de la charge d\u2019imp\u00f4t diff\u00e9r\u00e9 en compte de r\u00e9sultat sauf s\u2019il est relatif \u00e0 des \u00e9l\u00e9ments enregistr\u00e9s directement en capitaux propres, auquel cas l\u2019imp\u00f4t est enregistr\u00e9 dans les capitaux propres.

\n

Tous les imp\u00f4ts diff\u00e9r\u00e9s passifs li\u00e9s aux diff\u00e9rences temporelles imposables sont comptabilis\u00e9s. Les imp\u00f4ts diff\u00e9r\u00e9s actifs r\u00e9sultant des diff\u00e9rences temporelles, de d\u00e9ficits fiscaux reportables ou de cr\u00e9dits d\u2019imp\u00f4ts sont comptabilis\u00e9s si leur recouvrement est probable, c\u2019est-\u00e0-dire dans la mesure o\u00f9 il est probable qu\u2019un b\u00e9n\u00e9fice imposable futur sera disponible et permettra d\u2019imputer les diff\u00e9rences temporaires. L\u2019\u00e9valuation en est faite \u00e0 partir d\u2019un \u00e9ch\u00e9ancier de retournement de l\u2019ensemble des bases d\u2019imp\u00f4ts diff\u00e9r\u00e9s, construit sur la base de la meilleure estimation par l\u2019entit\u00e9 des \u00e9volutions futures de ses r\u00e9sultats imposables (cf. note\u00a015).

\n

Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont compens\u00e9s au sein d\u2019une m\u00eame entit\u00e9 fiscale.

\n

Les effets fiscaux des distributions de dividendes sur instruments financiers class\u00e9s en capitaux propres sont comptabilis\u00e9s en r\u00e9sultat.

\n

NOTE 15Imp\u00f4ts sur le r\u00e9sultat

\n

La charge d\u2019imp\u00f4t se compose de la charge d\u2019imp\u00f4t courant et de la charge d\u2019imp\u00f4t diff\u00e9r\u00e9, calcul\u00e9es en fonction des r\u00e8gles en vigueur dans les diff\u00e9rents pays et des conventions sp\u00e9cifiques.

\n

Au 31\u00a0d\u00e9cembre 2025, la charge d\u2019imp\u00f4t courant comprend la contribution exceptionnelle sur les b\u00e9n\u00e9fices instaur\u00e9e par la loi de finance de\u00a0f\u00e9vrier\u00a02025. Le calcul de cette contribution repose sur la moyenne des imp\u00f4ts sur les soci\u00e9t\u00e9s dus au titre des exercices 2025 et 2024 du groupe d\u2019int\u00e9gration fiscale de La\u00a0Poste. Son impact, pr\u00e9sent\u00e9 ci-dessous, comprend la totalit\u00e9 de la contribution relative \u00e0 l\u2019exercice 2025 et \u00e0 l\u2019exercice 2024.

\n

15.1Charge d\u2019imp\u00f4t comptabilis\u00e9e en r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

(Charge) d'imp\u00f4t courant

\n		\n

(832)

\n		\n

(714)

\n
\n

(Charge)/produit d'imp\u00f4t diff\u00e9r\u00e9

\n		\n

147

\n		\n

(86)

\n
\n

(Charge)/produit\u00a0total\u00a0d'imp\u00f4t

\n		\n

(685)

\n		\n

(800)

\n
\n

La charge d\u2019imp\u00f4t courant correspond aux montants pay\u00e9s ou restant \u00e0 payer \u00e0 court terme aux administrations fiscales au titre de l\u2019exercice, en fonction des r\u00e8gles en vigueur dans les diff\u00e9rents pays et des conventions sp\u00e9cifiques.

\n

15.2Imp\u00f4t sur les autres \u00e9l\u00e9ments du r\u00e9sultat global

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Variation des r\u00e9sultats latents sur instruments financiers et r\u00e9\u00e9valuation des contrats
d'assurance et de r\u00e9assurance (\u00e9l\u00e9ments recyclables et non recyclables)

\n
\n

Montant avant imp\u00f4t

\n		\n

708

\n		\n

37

\n
\n

Effet d'imp\u00f4t

\n		\n

(77)

\n		\n

98

\n
\n

Montant\u00a0net\u00a0d'imp\u00f4t

\n		\n

632

\n		\n

134

\n
\n

\u00c9cart de conversion

\n		\n

\n		\n

\n
\n

Montant avant imp\u00f4t

\n		\n

(116)

\n		\n

(1\u00a0065)

\n
\n

Effet d'imp\u00f4t

\n		\n

\n		\n

\n
\n

Montant\u00a0net\u00a0d'imp\u00f4t

\n		\n

(116)

\n		\n

(1\u00a0065)

\n
\n

15.3Preuve d\u2019imp\u00f4t

\n

La rationalisation de la charge d\u2019imp\u00f4t s\u2019\u00e9tablit comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

R\u00e9sultat net part du groupe

\n		\n

1\u00a0160

\n		\n

1\u00a0410

\n
\n

Quote-part des soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

88

\n		\n

125

\n
\n

Imp\u00f4t sur le r\u00e9sultat

\n		\n

685

\n		\n

800

\n
\n

Part revenant aux minoritaires

\n		\n

314

\n		\n

312

\n
\n

R\u00e9sultat consolid\u00e9 avant imp\u00f4t et mises en \u00e9quivalence

\n		\n

2\u00a0247

\n		\n

2\u00a0646

\n
\n

Taux d'IS

\n		\n

25,83%

\n		\n

25,83%

\n
\n

Charge d'imp\u00f4t th\u00e9orique\u00a0(a)

\n		\n

(580)

\n		\n

(684)

\n
\n

Surtaxe d'imp\u00f4t sur les soci\u00e9t\u00e9s

\n		\n

(60)

\n		\n

\n
\n

D\u00e9ficits cr\u00e9\u00e9s non utilis\u00e9s ou d\u00e9ficits anciens utilis\u00e9s (hors int\u00e9gration fiscale)

\n		\n

(96)

\n		\n

(26)

\n
\n

Cr\u00e9ation (limitation) des imp\u00f4ts diff\u00e9r\u00e9s

\n		\n

21

\n		\n

(200)

\n
\n

Dividendes et r\u00e9sultats de soci\u00e9t\u00e9s non consolid\u00e9es

\n		\n

51

\n		\n

88

\n
\n

Diff\u00e9rentiel de taux des filiales \u00e9trang\u00e8res

\n		\n

(78)

\n		\n

(111)

\n
\n

Cr\u00e9dits d'imp\u00f4t

\n		\n

42

\n		\n

26

\n
\n

Cession de La Poste Telecom

\n		\n

\n		\n

119

\n
\n

Cession de CNP UniCredit Vita et des activit\u00e9s chypriotes de CNP

\n		\n

27

\n		\n

\n
\n

Autres \u00e9l\u00e9ments

\n		\n

(12)

\n		\n

(12)

\n
\n

Retraitements de l'imp\u00f4t

\n		\n

(105)

\n		\n

(116)

\n
\n

Imp\u00f4t\u00a0sur\u00a0le\u00a0r\u00e9sultat

\n		\n

(685)

\n		\n

(800)

\n
\n

(a)Y compris la contribution sociale de solidarit\u00e9 de 3,3%.

\n
\n

15.4Imp\u00f4ts diff\u00e9r\u00e9s comptabilis\u00e9s au bilan

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Imp\u00f4ts diff\u00e9r\u00e9s actifs

\n		\n

Imp\u00f4ts diff\u00e9r\u00e9s passifs

\n		\n

Total

\n
\n

31/12/2023

\n		\n

1\u00a0920

\n		\n

1\u00a0563

\n		\n

357

\n
\n

Impact r\u00e9sultat

\n		\n

(330)

\n		\n

(244)

\n		\n

(86)

\n
\n

Actifs/Passifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n		\n

1

\n		\n

(75)

\n		\n

76

\n
\n

Reclassement

\n		\n

219

\n		\n

219

\n		\n

\n
\n

Impact capitaux propres

\n		\n

(87)

\n		\n

(184)

\n		\n

97

\n
\n

Variation de p\u00e9rim\u00e8tre

\n		\n

\n		\n

34

\n		\n

(34)

\n
\n

\u00c9cart de conversion et autres

\n		\n

(61)

\n		\n

(68)

\n		\n

7

\n
\n

31/12/2024

\n		\n

1\u00a0662

\n		\n

1\u00a0245

\n		\n

417

\n
\n

Impact r\u00e9sultat

\n		\n

(211)

\n		\n

(358)

\n		\n

147

\n
\n

Actifs/Passifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n		\n

(1)

\n		\n

\n		\n

(1)

\n
\n

Reclassement

\n		\n

156

\n		\n

156

\n		\n

\n
\n

Impact capitaux propres

\n		\n

(62)

\n		\n

136

\n		\n

(198)

\n
\n

Variation de p\u00e9rim\u00e8tre

\n		\n

19

\n		\n

15

\n		\n

4

\n
\n

\u00c9cart de conversion et autres

\n		\n

(3)

\n		\n

28

\n		\n

(31)

\n
\n

31/12/2025

\n		\n

1\u00a0559

\n		\n

1\u00a0221

\n		\n

337

\n
\n

Les actifs nets d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont reconnus au niveau de chaque entit\u00e9 fiscale ou groupe d\u2019int\u00e9gration fiscale en fonction de leur probabilit\u00e9 de r\u00e9alisation future.

\n

15.5Ventilation des imp\u00f4ts diff\u00e9r\u00e9s par nature

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Imp\u00f4ts diff\u00e9r\u00e9s actifs

\n		\n

\n		\n

\n
\n

Avantages du personnel

\n		\n

242

\n		\n

298

\n
\n

Autres provisions non d\u00e9ductibles

\n		\n

362

\n		\n

332

\n
\n

Passifs de location

\n		\n

727

\n		\n

832

\n
\n

Autres diff\u00e9rences temporaires

\n		\n

565

\n		\n

555

\n
\n

Instruments financiers

\n		\n

247

\n		\n

37

\n
\n

D\u00e9ficits fiscaux

\n		\n

598

\n		\n

784

\n
\n

Compensation actif/passif\u00a0(a)

\n		\n

(1\u00a0182)

\n		\n

(1\u00a0176)

\n
\n

Total actif

\n		\n

1\u00a0559

\n		\n

1\u00a0662

\n
\n

Imp\u00f4ts diff\u00e9r\u00e9s passifs

\n		\n

\n		\n

\n
\n

Provisions r\u00e9glement\u00e9es

\n		\n

95

\n		\n

91

\n
\n

R\u00e9\u00e9valuation des apports \u00e0 Poste Immo

\n		\n

(1)

\n		\n

4

\n
\n

Instruments financiers

\n		\n

1\u00a0117

\n		\n

1\u00a0262

\n
\n

\u00c9carts d'acquisition d\u00e9ductibles

\n		\n

164

\n		\n

163

\n
\n

Droits d'utilisation

\n		\n

606

\n		\n

694

\n
\n

Autres\u00a0d\u00e9calages d'imp\u00f4t

\n		\n

423

\n		\n

206

\n
\n

Compensation actif/passif\u00a0(a)

\n		\n

(1\u00a0182)

\n		\n

(1\u00a0176)

\n
\n

Total passif

\n		\n

1\u00a0221

\n		\n

1\u00a0245

\n
\n

(a)La compensation des imp\u00f4ts diff\u00e9r\u00e9s actifs et passifs est r\u00e9alis\u00e9e par entit\u00e9 fiscale ou groupe d\u2019int\u00e9gration fiscale.

\n
\n

15.6Actifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s non constat\u00e9s

\n

Nature et montants des bases d'imp\u00f4ts diff\u00e9r\u00e9s actifs non constat\u00e9s

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Soci\u00e9t\u00e9s fran\u00e7aises du groupe d'int\u00e9gration fiscale

\n		\n

Soci\u00e9t\u00e9s fran\u00e7aises non int\u00e9gr\u00e9es

\n		\n

Soci\u00e9t\u00e9s \u00e9trang\u00e8res

\n		\n

Total

\n
\n

Provision \u00e9pargne logement

\n		\n

25

\n		\n

\n		\n

\n		\n

25

\n
\n

Avantages du personnel

\n		\n

169

\n		\n

\n		\n

3

\n		\n

172

\n
\n

Autres diff\u00e9rences temporaires

\n		\n

325

\n		\n

370

\n		\n

141

\n		\n

836

\n
\n

D\u00e9ficits ordinaires

\n		\n

\n		\n

290

\n		\n

971

\n		\n

1\u00a0261

\n
\n

Total

\n		\n

519

\n		\n

660

\n		\n

1\u00a0115

\n		\n

2\u00a0294

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059713_0": { "value": "

3.5Imp\u00f4ts et int\u00e9gration fiscale

\n

L'entit\u00e9 m\u00e8re La\u00a0Poste a opt\u00e9 pour le r\u00e9gime de l\u2019int\u00e9gration fiscale dont elle est t\u00eate de groupe.

\n

Des imp\u00f4ts diff\u00e9r\u00e9s sont comptabilis\u00e9s d\u00e8s lors qu\u2019une diff\u00e9rence temporelle est identifi\u00e9e entre les valeurs comptables et les valeurs fiscales des \u00e9l\u00e9ments du bilan.

\n

Les imp\u00f4ts diff\u00e9r\u00e9s constat\u00e9s au cours des exercices ant\u00e9rieurs sont modifi\u00e9s lors d\u2019un changement de taux d\u2019imposition. L\u2019effet correspondant est enregistr\u00e9 en augmentation ou en diminution de la charge d\u2019imp\u00f4t diff\u00e9r\u00e9 en compte de r\u00e9sultat sauf s\u2019il est relatif \u00e0 des \u00e9l\u00e9ments enregistr\u00e9s directement en capitaux propres, auquel cas l\u2019imp\u00f4t est enregistr\u00e9 dans les capitaux propres.

\n

Tous les imp\u00f4ts diff\u00e9r\u00e9s passifs li\u00e9s aux diff\u00e9rences temporelles imposables sont comptabilis\u00e9s. Les imp\u00f4ts diff\u00e9r\u00e9s actifs r\u00e9sultant des diff\u00e9rences temporelles, de d\u00e9ficits fiscaux reportables ou de cr\u00e9dits d\u2019imp\u00f4ts sont comptabilis\u00e9s si leur recouvrement est probable, c\u2019est-\u00e0-dire dans la mesure o\u00f9 il est probable qu\u2019un b\u00e9n\u00e9fice imposable futur sera disponible et permettra d\u2019imputer les diff\u00e9rences temporaires. L\u2019\u00e9valuation en est faite \u00e0 partir d\u2019un \u00e9ch\u00e9ancier de retournement de l\u2019ensemble des bases d\u2019imp\u00f4ts diff\u00e9r\u00e9s, construit sur la base de la meilleure estimation par l\u2019entit\u00e9 des \u00e9volutions futures de ses r\u00e9sultats imposables (cf. note\u00a015).

\n

Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont compens\u00e9s au sein d\u2019une m\u00eame entit\u00e9 fiscale.

\n

Les effets fiscaux des distributions de dividendes sur instruments financiers class\u00e9s en capitaux propres sont comptabilis\u00e9s en r\u00e9sultat.

\n

15.4Imp\u00f4ts diff\u00e9r\u00e9s comptabilis\u00e9s au bilan

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Imp\u00f4ts diff\u00e9r\u00e9s actifs

\n		\n

Imp\u00f4ts diff\u00e9r\u00e9s passifs

\n		\n

Total

\n
\n

31/12/2023

\n		\n

1\u00a0920

\n		\n

1\u00a0563

\n		\n

357

\n
\n

Impact r\u00e9sultat

\n		\n

(330)

\n		\n

(244)

\n		\n

(86)

\n
\n

Actifs/Passifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n		\n

1

\n		\n

(75)

\n		\n

76

\n
\n

Reclassement

\n		\n

219

\n		\n

219

\n		\n

\n
\n

Impact capitaux propres

\n		\n

(87)

\n		\n

(184)

\n		\n

97

\n
\n

Variation de p\u00e9rim\u00e8tre

\n		\n

\n		\n

34

\n		\n

(34)

\n
\n

\u00c9cart de conversion et autres

\n		\n

(61)

\n		\n

(68)

\n		\n

7

\n
\n

31/12/2024

\n		\n

1\u00a0662

\n		\n

1\u00a0245

\n		\n

417

\n
\n

Impact r\u00e9sultat

\n		\n

(211)

\n		\n

(358)

\n		\n

147

\n
\n

Actifs/Passifs destin\u00e9s \u00e0 \u00eatre c\u00e9d\u00e9s

\n		\n

(1)

\n		\n

\n		\n

(1)

\n
\n

Reclassement

\n		\n

156

\n		\n

156

\n		\n

\n
\n

Impact capitaux propres

\n		\n

(62)

\n		\n

136

\n		\n

(198)

\n
\n

Variation de p\u00e9rim\u00e8tre

\n		\n

19

\n		\n

15

\n		\n

4

\n
\n

\u00c9cart de conversion et autres

\n		\n

(3)

\n		\n

28

\n		\n

(31)

\n
\n

31/12/2025

\n		\n

1\u00a0559

\n		\n

1\u00a0221

\n		\n

337

\n
\n

Les actifs nets d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont reconnus au niveau de chaque entit\u00e9 fiscale ou groupe d\u2019int\u00e9gration fiscale en fonction de leur probabilit\u00e9 de r\u00e9alisation future.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144727888169917_0_0": { "value": "

3.5Imp\u00f4ts et int\u00e9gration fiscale

\n

L'entit\u00e9 m\u00e8re La\u00a0Poste a opt\u00e9 pour le r\u00e9gime de l\u2019int\u00e9gration fiscale dont elle est t\u00eate de groupe.

\n

Des imp\u00f4ts diff\u00e9r\u00e9s sont comptabilis\u00e9s d\u00e8s lors qu\u2019une diff\u00e9rence temporelle est identifi\u00e9e entre les valeurs comptables et les valeurs fiscales des \u00e9l\u00e9ments du bilan.

\n

Les imp\u00f4ts diff\u00e9r\u00e9s constat\u00e9s au cours des exercices ant\u00e9rieurs sont modifi\u00e9s lors d\u2019un changement de taux d\u2019imposition. L\u2019effet correspondant est enregistr\u00e9 en augmentation ou en diminution de la charge d\u2019imp\u00f4t diff\u00e9r\u00e9 en compte de r\u00e9sultat sauf s\u2019il est relatif \u00e0 des \u00e9l\u00e9ments enregistr\u00e9s directement en capitaux propres, auquel cas l\u2019imp\u00f4t est enregistr\u00e9 dans les capitaux propres.

\n

Tous les imp\u00f4ts diff\u00e9r\u00e9s passifs li\u00e9s aux diff\u00e9rences temporelles imposables sont comptabilis\u00e9s. Les imp\u00f4ts diff\u00e9r\u00e9s actifs r\u00e9sultant des diff\u00e9rences temporelles, de d\u00e9ficits fiscaux reportables ou de cr\u00e9dits d\u2019imp\u00f4ts sont comptabilis\u00e9s si leur recouvrement est probable, c\u2019est-\u00e0-dire dans la mesure o\u00f9 il est probable qu\u2019un b\u00e9n\u00e9fice imposable futur sera disponible et permettra d\u2019imputer les diff\u00e9rences temporaires. L\u2019\u00e9valuation en est faite \u00e0 partir d\u2019un \u00e9ch\u00e9ancier de retournement de l\u2019ensemble des bases d\u2019imp\u00f4ts diff\u00e9r\u00e9s, construit sur la base de la meilleure estimation par l\u2019entit\u00e9 des \u00e9volutions futures de ses r\u00e9sultats imposables (cf. note\u00a015).

\n

Les actifs et passifs d\u2019imp\u00f4ts diff\u00e9r\u00e9s sont compens\u00e9s au sein d\u2019une m\u00eame entit\u00e9 fiscale.

\n

Les effets fiscaux des distributions de dividendes sur instruments financiers class\u00e9s en capitaux propres sont comptabilis\u00e9s en r\u00e9sultat.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059723_0": { "value": "

3.6Immobilisations incorporelles

\n

La norme IAS\u00a038 \u2013 Immobilisations incorporelles d\u00e9finit une immobilisation incorporelle comme un actif non mon\u00e9taire, sans substance physique, et identifiable, c'est-\u00e0-dire r\u00e9sultant de droits l\u00e9gaux ou contractuels, ou s\u00e9parables.

\n

Les immobilisations incorporelles concernent essentiellement des logiciels et des droits au bail, et sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur.

\n

Les logiciels sont amortis en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9 (en g\u00e9n\u00e9ral de un \u00e0 trois\u00a0ans). Les droits au bail ne sont pas amortis.

\n

3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

\n

3.6.2Relation client\u00e8le

\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9s d\u2019assurance, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. Ainsi, pour les contrats dont les primes renouvel\u00e9es peuvent \u00eatre estim\u00e9es de mani\u00e8re suffisamment fiable, un actif incorporel est reconnu au titre de la relation client\u00e8le. Cet actif incorporel est amorti de mani\u00e8re lin\u00e9aire par segment selon l\u2019estimation de la dur\u00e9e d\u2019utilit\u00e9 de cet actif ci-dessous, refl\u00e9tant la consommation des avantages futurs tels que projet\u00e9s dans l\u2019estimation retenue.

\n
\n\n\n\n
\n

Sont concern\u00e9es la pr\u00e9voyance individuelle Br\u00e9sil (dur\u00e9e retenue 10\u00a0ans) et la pr\u00e9voyance individuelle France (dur\u00e9e retenue 15\u00a0ans).

\n
\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9 de gestion d\u2019actifs, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. C\u2019est \u00e0 ce titre qu\u2019un actif incorporel est reconnu dans le cadre des mandats de gestion et les fonds d\u00e9di\u00e9s g\u00e9r\u00e9s pour le compte de clients institutionnels. Cet actif incorporel est amorti lin\u00e9airement sur sa dur\u00e9e d\u2019utilit\u00e9 qui est estim\u00e9e en fonction de l\u2019\u00e9coulement estim\u00e9 du portefeuille (tenant compte d\u2019hypoth\u00e8ses de non-renouvellement des mandats).

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux relations client\u00e8le sont pr\u00e9sent\u00e9es en note\u00a012.

\n

3.6.3Accords de distribution

\n

La valeur d\u2019un accord de distribution repr\u00e9sente la valeur des flux futurs attendus des nouvelles affaires au sein du r\u00e9seau d\u2019un partenaire couvert par un accord de distribution. Ces actifs incorporels sont estim\u00e9s en fonction des modalit\u00e9s sp\u00e9cifiques \u00e0 chaque contrat de distribution\u00a0; ils sont amortis sur la dur\u00e9e de vie du contrat de distribution en prenant en compte leur \u00e9ventuelle valeur r\u00e9siduelle.

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux accords de distribution sont pr\u00e9sent\u00e9es en note\u00a012.

\n

NOTE 17Immobilisations incorporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Logiciels, brevets et concessions

\n		\n

Immobilisations incorporelles en cours

\n		\n

Autres immobilisations
incorporelles

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

9\u00a0817

\n		\n

531

\n		\n

961

\n		\n

11\u00a0309

\n
\n

Acquisitions

\n		\n

185

\n		\n

462

\n		\n

28

\n		\n

675

\n
\n

Cessions

\n		\n

(988)

\n		\n

(10)

\n		\n

(74)

\n		\n

(1\u00a0071)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

29

\n		\n

0

\n		\n

52

\n		\n

81

\n
\n

\u00c9carts de conversion

\n		\n

(660)

\n		\n

(1)

\n		\n

2

\n		\n

(659)

\n
\n

Transferts et autres mouvements

\n		\n

357

\n		\n

(475)

\n		\n

18

\n		\n

(100)

\n
\n

Solde au 31/12/2024

\n		\n

8\u00a0741

\n		\n

508

\n		\n

987

\n		\n

10\u00a0236

\n
\n

Acquisitions

\n		\n

148

\n		\n

491

\n		\n

48

\n		\n

686

\n
\n

Cessions

\n		\n

(252)

\n		\n

(1)

\n		\n

(22)

\n		\n

(275)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(7)

\n		\n

(0)

\n		\n

(8)

\n		\n

(16)

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

1

\n		\n

(3)

\n		\n

(11)

\n
\n

Transferts et autres mouvements

\n		\n

258

\n		\n

(487)

\n		\n

49

\n		\n

(180)

\n
\n

Solde au 31/12/2025

\n		\n

8\u00a0879

\n		\n

510

\n		\n

1\u00a0051

\n		\n

10\u00a0440

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(5\u00a0056)

\n		\n

(134)

\n		\n

(605)

\n		\n

(5\u00a0796)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(724)

\n		\n

\n		\n

(99)

\n		\n

(823)

\n
\n

Pertes de valeur

\n		\n

(69)

\n		\n

(0)

\n		\n

(20)

\n		\n

(89)

\n
\n

Reprise de perte de valeur

\n		\n

117

\n		\n

58

\n		\n

8

\n		\n

183

\n
\n

Reprises sur cessions

\n		\n

974

\n		\n

\n		\n

74

\n		\n

1\u00a0048

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(24)

\n		\n

\n		\n

(3)

\n		\n

(27)

\n
\n

\u00c9carts de conversion

\n		\n

128

\n		\n

\n		\n

(1)

\n		\n

126

\n
\n

Transferts et autres mouvements

\n		\n

13

\n		\n

(1)

\n		\n

80

\n		\n

92

\n
\n

Solde au 31/12/2024

\n		\n

(4\u00a0641)

\n		\n

(78)

\n		\n

(568)

\n		\n

(5\u00a0286)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(683)

\n		\n

\n		\n

(100)

\n		\n

(782)

\n
\n

Pertes de valeur

\n		\n

(80)

\n		\n

(0)

\n		\n

(22)

\n		\n

(103)

\n
\n

Reprises de pertes de valeur

\n		\n

113

\n		\n

7

\n		\n

8

\n		\n

128

\n
\n

Reprises sur cessions

\n		\n

243

\n		\n

\n		\n

10

\n		\n

254

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

7

\n		\n

\n		\n

2

\n		\n

8

\n
\n

\u00c9carts de conversion

\n		\n

3

\n		\n

0

\n		\n

2

\n		\n

5

\n
\n

Transferts et autres mouvements

\n		\n

108

\n		\n

\n		\n

45

\n		\n

153

\n
\n

Solde au 31/12/2025

\n		\n

(4\u00a0930)

\n		\n

(71)

\n		\n

(622)

\n		\n

(5\u00a0623)

\n
\n

Valeurs nettes

\n
\n

au 31/12/2024

\n		\n

4\u00a0099

\n		\n

430

\n		\n

420

\n		\n

4\u00a0949

\n
\n

Au 31/12/2025

\n		\n

3\u00a0949

\n		\n

439

\n		\n

429

\n		\n

4\u00a0817

\n
\n

Les lignes \u00ab\u00a0Transferts et autres mouvements\u00a0\u00bb correspondent aux mises en service d\u2019immobilisations et \u00e0 des reclassements vers d\u2019autres postes d\u2019actifs.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144770891530254_0_0": { "value": "

3.6Immobilisations incorporelles

\n

La norme IAS\u00a038 \u2013 Immobilisations incorporelles d\u00e9finit une immobilisation incorporelle comme un actif non mon\u00e9taire, sans substance physique, et identifiable, c'est-\u00e0-dire r\u00e9sultant de droits l\u00e9gaux ou contractuels, ou s\u00e9parables.

\n

Les immobilisations incorporelles concernent essentiellement des logiciels et des droits au bail, et sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur.

\n

Les logiciels sont amortis en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9 (en g\u00e9n\u00e9ral de un \u00e0 trois\u00a0ans). Les droits au bail ne sont pas amortis.

\n

3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

\n

3.6.2Relation client\u00e8le

\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9s d\u2019assurance, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. Ainsi, pour les contrats dont les primes renouvel\u00e9es peuvent \u00eatre estim\u00e9es de mani\u00e8re suffisamment fiable, un actif incorporel est reconnu au titre de la relation client\u00e8le. Cet actif incorporel est amorti de mani\u00e8re lin\u00e9aire par segment selon l\u2019estimation de la dur\u00e9e d\u2019utilit\u00e9 de cet actif ci-dessous, refl\u00e9tant la consommation des avantages futurs tels que projet\u00e9s dans l\u2019estimation retenue.

\n
\n\n\n\n
\n

Sont concern\u00e9es la pr\u00e9voyance individuelle Br\u00e9sil (dur\u00e9e retenue 10\u00a0ans) et la pr\u00e9voyance individuelle France (dur\u00e9e retenue 15\u00a0ans).

\n
\n

Dans le cadre de l\u2019acquisition d\u2019activit\u00e9 de gestion d\u2019actifs, l\u2019acqu\u00e9reur doit \u00e9valuer \u00e0 la juste valeur l\u2019avantage offert par la relation client\u00e8le au titre des contrats existants. C\u2019est \u00e0 ce titre qu\u2019un actif incorporel est reconnu dans le cadre des mandats de gestion et les fonds d\u00e9di\u00e9s g\u00e9r\u00e9s pour le compte de clients institutionnels. Cet actif incorporel est amorti lin\u00e9airement sur sa dur\u00e9e d\u2019utilit\u00e9 qui est estim\u00e9e en fonction de l\u2019\u00e9coulement estim\u00e9 du portefeuille (tenant compte d\u2019hypoth\u00e8ses de non-renouvellement des mandats).

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux relations client\u00e8le sont pr\u00e9sent\u00e9es en note\u00a012.

\n

3.6.3Accords de distribution

\n

La valeur d\u2019un accord de distribution repr\u00e9sente la valeur des flux futurs attendus des nouvelles affaires au sein du r\u00e9seau d\u2019un partenaire couvert par un accord de distribution. Ces actifs incorporels sont estim\u00e9s en fonction des modalit\u00e9s sp\u00e9cifiques \u00e0 chaque contrat de distribution\u00a0; ils sont amortis sur la dur\u00e9e de vie du contrat de distribution en prenant en compte leur \u00e9ventuelle valeur r\u00e9siduelle.

\n

Les dotations aux amortissements et les d\u00e9pr\u00e9ciations relatives aux accords de distribution sont pr\u00e9sent\u00e9es en note\u00a012.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059759_0": { "value": "

3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144806024140447_0_0": { "value": "

3.6.1Frais de recherche et\u00a0de\u00a0d\u00e9veloppement

\n

Les frais de recherche sont enregistr\u00e9s en charges de l\u2019exercice o\u00f9 ils sont encourus.

\n

Les frais de d\u00e9veloppement sont enregistr\u00e9s en immobilisations incorporelles, dans la mesure o\u00f9 ils remplissent les crit\u00e8res d\u2019inscription \u00e0 l\u2019actif de la norme IAS\u00a038. Ils sont amortis lin\u00e9airement sur leur dur\u00e9e d\u2019utilit\u00e9 (en moyenne sur trois\u00a0ans, et jusqu\u2019\u00e0 cinq\u00a0ans au maximum) d\u00e8s leur mise en service.

\n

Les d\u00e9penses de d\u00e9veloppement qui ne satisfont pas ces crit\u00e8res sont enregistr\u00e9es en charges lorsqu\u2019elles sont encourues.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059761_0": { "value": "

3.7Immobilisations corporelles et immeubles de\u00a0placement

\n

Les immobilisations corporelles sont essentiellement compos\u00e9es de terrains, constructions, installations techniques, mat\u00e9riels et outillages et mat\u00e9riel informatique. Elles sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur \u00e9ventuelles.

\n

3.7.1Co\u00fbt d'acquisition d'une\u00a0immobilisation

\n

Seules les d\u00e9penses g\u00e9n\u00e9rant une ressource contr\u00f4l\u00e9e du fait d'\u00e9v\u00e9nements pass\u00e9s, et dont le groupe attend des avantages \u00e9conomiques futurs, sont immobilis\u00e9es.

\n

Les frais accessoires directement attribuables \u00e0 l'acquisition des immobilisations ou \u00e0 leur mise en \u00e9tat de fonctionnement sont int\u00e9gr\u00e9s au co\u00fbt de revient de l'immobilisation.

\n

Les co\u00fbts d\u2019emprunt sont incorpor\u00e9s dans le co\u00fbt d\u2019acquisition des immobilisations n\u00e9cessitant une p\u00e9riode de pr\u00e9paration sup\u00e9rieure \u00e0 12\u00a0mois, conform\u00e9ment \u00e0 la norme IAS\u00a023 \u2013 Co\u00fbt d\u2019emprunts.

\n

Les subventions d'investissement re\u00e7ues de l\u2019\u00c9tat en contrepartie de l'acquisition d'une immobilisation sont comptabilis\u00e9es au passif du bilan puis rapport\u00e9es au compte de r\u00e9sultat lin\u00e9airement sur la dur\u00e9e d'utilisation de l\u2019immobilisation conform\u00e9ment aux dispositions de la norme IAS\u00a020 \u2013 Subventions publiques.

\n

Par analogie, les certificats d\u2019\u00e9conomie d\u2019\u00e9nergie suivent le m\u00eame traitement que les subventions publiques d\u2019investissement.

\n

3.7.2Ventilation par composants de la valeur d\u2019origine des immobilisations

\n

Un composant est un \u00e9l\u00e9ment de l\u2019immobilisation qui a une dur\u00e9e d'utilisation diff\u00e9rente, ou qui procure des avantages \u00e9conomiques selon un rythme diff\u00e9rent de celui de l\u2019immobilisation dans son ensemble.

\n

Les composants suivants ont \u00e9t\u00e9 retenus par le groupe\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Immobilisations

\n		\n

Composants

\n
\n

Parc immobilier

\n		\n

Gros \u0153uvre, toiture, menuiserie et travaux ext\u00e9rieurs, gros \u00e9quipements, petits \u00e9quipements et agencements, terrain

\n
\n

Machines de tri

\n		\n

M\u00e9canique, intelligence, p\u00e9riph\u00e9rique. Pour les machines de tri de colis \u00e0 grand d\u00e9bit, un 4e composant est identifi\u00e9 (alimentation et instruments de mesure)

\n
\n

Mat\u00e9riel d\u2019environnement de tri

\n		\n

M\u00e9canique, intelligence

\n
\n

Distributeurs automatiques de billets

\n		\n

Automate, travaux d\u2019installation

\n
\n

3.7.3Dur\u00e9es d'amortissement

\n

Les terrains ne sont pas amortis.

\n

Les immobilisations corporelles sont amorties en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9. Ces dur\u00e9es sont, en moyenne, les suivantes\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Immobilisations

\n		\n

Dur\u00e9es d\u2019amortissement

\n
\n

Gros \u0153uvre

\n

Toiture

\n

Menuiserie et travaux ext\u00e9rieurs

\n

Gros \u00e9quipements

\n

Petits \u00e9quipements et agencements

\n		\n

De 20 \u00e0 80\u00a0ans

\n

de 20 \u00e0 60\u00a0ans

\n

de 20 \u00e0 40\u00a0ans

\n

de 15 \u00e0 20\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n
\n

Machines de tri

\n

Mat\u00e9riel d\u2019environnement de tri

\n

Mat\u00e9riel de bureau et informatique

\n

Mobilier de bureau

\n

DAB-GAB

\n

V\u00e9hicules de transport

\n		\n

de 5 \u00e0 15\u00a0ans

\n

de 5 \u00e0 8\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n

10\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n
\n

DAB-GAB\u00a0: Distributeur automatique de billets \u2013 Guichet automatique bancaire.

\n
\n

NOTE 18Immobilisations corporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Terrains et constructions

\n		\n

Mat\u00e9riels\u00a0et installations

\n		\n

Mat\u00e9riel\u00a0de transport

\n		\n

Autres

\n		\n

Actifs\u00a0en cours\u00a0de construction

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

6\u00a0407

\n		\n

3\u00a0821

\n		\n

1\u00a0269

\n		\n

4\u00a0105

\n		\n

491

\n		\n

16\u00a0094

\n
\n

Acquisitions

\n		\n

23

\n		\n

148

\n		\n

156

\n		\n

189

\n		\n

358

\n		\n

874

\n
\n

Cessions

\n		\n

(52)

\n		\n

(195)

\n		\n

(153)

\n		\n

(325)

\n		\n

(1)

\n		\n

(726)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

25

\n		\n

0

\n		\n

25

\n
\n

\u00c9carts de conversion

\n		\n

7

\n		\n

2

\n		\n

(1)

\n		\n

3

\n		\n

2

\n		\n

13

\n
\n

Transferts et autres mouvements

\n		\n

173

\n		\n

157

\n		\n

18

\n		\n

69

\n		\n

(464)

\n		\n

(48)

\n
\n

Solde au 31/12/2024

\n		\n

6\u00a0558

\n		\n

3\u00a0932

\n		\n

1\u00a0289

\n		\n

4\u00a0066

\n		\n

386

\n		\n

16\u00a0231

\n
\n

Acquisitions

\n		\n

10

\n		\n

143

\n		\n

117

\n		\n

195

\n		\n

382

\n		\n

848

\n
\n

Cessions

\n		\n

(80)

\n		\n

(88)

\n		\n

(105)

\n		\n

(204)

\n		\n

(0)

\n		\n

(478)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

1

\n		\n

0

\n		\n

(1)

\n		\n

(0)

\n		\n

(0)

\n
\n

\u00c9carts de conversion

\n		\n

(12)

\n		\n

1

\n		\n

0

\n		\n

(8)

\n		\n

(1)

\n		\n

(20)

\n
\n

Transferts et autres mouvements

\n		\n

169

\n		\n

136

\n		\n

8

\n		\n

16

\n		\n

(368)

\n		\n

(38)

\n
\n

Solde au 31/12/2025

\n		\n

6\u00a0646

\n		\n

4\u00a0125

\n		\n

1\u00a0310

\n		\n

4\u00a0064

\n		\n

398

\n		\n

16\u00a0542

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(2\u00a0507)

\n		\n

(2\u00a0847)

\n		\n

(646)

\n		\n

(3\u00a0206)

\n		\n

(24)

\n		\n

(9\u00a0229)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(195)

\n		\n

(239)

\n		\n

(143)

\n		\n

(290)

\n		\n

0

\n		\n

(867)

\n
\n

Pertes de valeur

\n		\n

(3)

\n		\n

(26)

\n		\n

(2)

\n		\n

(27)

\n		\n

(0)

\n		\n

(59)

\n
\n

Reprises de pertes de valeur

\n		\n

9

\n		\n

37

\n		\n

3

\n		\n

29

\n		\n

4

\n		\n

82

\n
\n

Reprises sur cessions

\n		\n

25

\n		\n

194

\n		\n

140

\n		\n

313

\n		\n

0

\n		\n

672

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

(18)

\n		\n

0

\n		\n

(18)

\n
\n

\u00c9carts de conversion

\n		\n

(2)

\n		\n

(1)

\n		\n

1

\n		\n

(4)

\n		\n

0

\n		\n

(6)

\n
\n

Transferts et autres mouvements

\n		\n

16

\n		\n

(2)

\n		\n

(9)

\n		\n

3

\n		\n

(0)

\n		\n

9

\n
\n

Solde au 31/12/2024

\n		\n

(2\u00a0657)

\n		\n

(2\u00a0884)

\n		\n

(656)

\n		\n

(3\u00a0199)

\n		\n

(21)

\n		\n

(9\u00a0417)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(190)

\n		\n

(229)

\n		\n

(143)

\n		\n

(272)

\n		\n

0

\n		\n

(834)

\n
\n

Pertes de valeur

\n		\n

(7)

\n		\n

(33)

\n		\n

(1)

\n		\n

(22)

\n		\n

(0)

\n		\n

(63)

\n
\n

Reprises de pertes de valeur

\n		\n

21

\n		\n

38

\n		\n

2

\n		\n

27

\n		\n

(1)

\n		\n

88

\n
\n

Reprises sur cessions

\n		\n

47

\n		\n

89

\n		\n

94

\n		\n

196

\n		\n

0

\n		\n

426

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

(0)

\n		\n

(0)

\n		\n

1

\n		\n

0

\n		\n

0

\n
\n

\u00c9carts de conversion

\n		\n

4

\n		\n

0

\n		\n

(0)

\n		\n

6

\n		\n

(0)

\n		\n

9

\n
\n

Transferts et autres mouvements

\n		\n

(62)

\n		\n

(7)

\n		\n

(2)

\n		\n

31

\n		\n

0

\n		\n

(41)

\n
\n

Solde au 31/12/2025

\n		\n

(2\u00a0845)

\n		\n

(3\u00a0026)

\n		\n

(706)

\n		\n

(3\u00a0232)

\n		\n

(22)

\n		\n

(9\u00a0832)

\n
\n

Valeurs nettes

\n
\n

Au 31/12/2024

\n		\n

3\u00a0901

\n		\n

1\u00a0048

\n		\n

633

\n		\n

867

\n		\n

365

\n		\n

6\u00a0813

\n
\n

Au 31/12/2025

\n		\n

3\u00a0801

\n		\n

1\u00a0098

\n		\n

604

\n		\n

832

\n		\n

376

\n		\n

6\u00a0711

\n
\n

Les actifs \u00ab\u00a0Droits d\u2019utilisation\u00a0\u00bb, r\u00e9sultant de l\u2019application de la norme IFRS\u00a016, sont d\u00e9taill\u00e9s en note\u00a019.

\n

Les lignes \u00ab\u00a0Transferts\u00a0et autres mouvements\u00a0\u00bb correspondent aux mises en service d\u2019immobilisations et \u00e0 des reclassements vers d\u2019autres postes d\u2019actifs.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144905885946207_0_0": { "value": "

3.7Immobilisations corporelles et immeubles de\u00a0placement

\n

Les immobilisations corporelles sont essentiellement compos\u00e9es de terrains, constructions, installations techniques, mat\u00e9riels et outillages et mat\u00e9riel informatique. Elles sont enregistr\u00e9es \u00e0 leur co\u00fbt d\u2019acquisition diminu\u00e9 des amortissements et des pertes de valeur \u00e9ventuelles.

\n

3.7.1Co\u00fbt d'acquisition d'une\u00a0immobilisation

\n

Seules les d\u00e9penses g\u00e9n\u00e9rant une ressource contr\u00f4l\u00e9e du fait d'\u00e9v\u00e9nements pass\u00e9s, et dont le groupe attend des avantages \u00e9conomiques futurs, sont immobilis\u00e9es.

\n

Les frais accessoires directement attribuables \u00e0 l'acquisition des immobilisations ou \u00e0 leur mise en \u00e9tat de fonctionnement sont int\u00e9gr\u00e9s au co\u00fbt de revient de l'immobilisation.

\n

Les co\u00fbts d\u2019emprunt sont incorpor\u00e9s dans le co\u00fbt d\u2019acquisition des immobilisations n\u00e9cessitant une p\u00e9riode de pr\u00e9paration sup\u00e9rieure \u00e0 12\u00a0mois, conform\u00e9ment \u00e0 la norme IAS\u00a023 \u2013 Co\u00fbt d\u2019emprunts.

\n

Les subventions d'investissement re\u00e7ues de l\u2019\u00c9tat en contrepartie de l'acquisition d'une immobilisation sont comptabilis\u00e9es au passif du bilan puis rapport\u00e9es au compte de r\u00e9sultat lin\u00e9airement sur la dur\u00e9e d'utilisation de l\u2019immobilisation conform\u00e9ment aux dispositions de la norme IAS\u00a020 \u2013 Subventions publiques.

\n

Par analogie, les certificats d\u2019\u00e9conomie d\u2019\u00e9nergie suivent le m\u00eame traitement que les subventions publiques d\u2019investissement.

\n

3.7.2Ventilation par composants de la valeur d\u2019origine des immobilisations

\n

Un composant est un \u00e9l\u00e9ment de l\u2019immobilisation qui a une dur\u00e9e d'utilisation diff\u00e9rente, ou qui procure des avantages \u00e9conomiques selon un rythme diff\u00e9rent de celui de l\u2019immobilisation dans son ensemble.

\n

Les composants suivants ont \u00e9t\u00e9 retenus par le groupe\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Immobilisations

\n		\n

Composants

\n
\n

Parc immobilier

\n		\n

Gros \u0153uvre, toiture, menuiserie et travaux ext\u00e9rieurs, gros \u00e9quipements, petits \u00e9quipements et agencements, terrain

\n
\n

Machines de tri

\n		\n

M\u00e9canique, intelligence, p\u00e9riph\u00e9rique. Pour les machines de tri de colis \u00e0 grand d\u00e9bit, un 4e composant est identifi\u00e9 (alimentation et instruments de mesure)

\n
\n

Mat\u00e9riel d\u2019environnement de tri

\n		\n

M\u00e9canique, intelligence

\n
\n

Distributeurs automatiques de billets

\n		\n

Automate, travaux d\u2019installation

\n
\n

3.7.3Dur\u00e9es d'amortissement

\n

Les terrains ne sont pas amortis.

\n

Les immobilisations corporelles sont amorties en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9. Ces dur\u00e9es sont, en moyenne, les suivantes\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Immobilisations

\n		\n

Dur\u00e9es d\u2019amortissement

\n
\n

Gros \u0153uvre

\n

Toiture

\n

Menuiserie et travaux ext\u00e9rieurs

\n

Gros \u00e9quipements

\n

Petits \u00e9quipements et agencements

\n		\n

De 20 \u00e0 80\u00a0ans

\n

de 20 \u00e0 60\u00a0ans

\n

de 20 \u00e0 40\u00a0ans

\n

de 15 \u00e0 20\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n
\n

Machines de tri

\n

Mat\u00e9riel d\u2019environnement de tri

\n

Mat\u00e9riel de bureau et informatique

\n

Mobilier de bureau

\n

DAB-GAB

\n

V\u00e9hicules de transport

\n		\n

de 5 \u00e0 15\u00a0ans

\n

de 5 \u00e0 8\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n

10\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n
\n

DAB-GAB\u00a0: Distributeur automatique de billets \u2013 Guichet automatique bancaire.

\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059787_0": { "value": "

3.7.3Dur\u00e9es d'amortissement

\n

Les terrains ne sont pas amortis.

\n

Les immobilisations corporelles sont amorties en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9. Ces dur\u00e9es sont, en moyenne, les suivantes\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Immobilisations

\n		\n

Dur\u00e9es d\u2019amortissement

\n
\n

Gros \u0153uvre

\n

Toiture

\n

Menuiserie et travaux ext\u00e9rieurs

\n

Gros \u00e9quipements

\n

Petits \u00e9quipements et agencements

\n		\n

De 20 \u00e0 80\u00a0ans

\n

de 20 \u00e0 60\u00a0ans

\n

de 20 \u00e0 40\u00a0ans

\n

de 15 \u00e0 20\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n
\n

Machines de tri

\n

Mat\u00e9riel d\u2019environnement de tri

\n

Mat\u00e9riel de bureau et informatique

\n

Mobilier de bureau

\n

DAB-GAB

\n

V\u00e9hicules de transport

\n		\n

de 5 \u00e0 15\u00a0ans

\n

de 5 \u00e0 8\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n

10\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n
\n

DAB-GAB\u00a0: Distributeur automatique de billets \u2013 Guichet automatique bancaire.

\n
\n

NOTE 12Amortissements, provisions et pertes de valeur

\n

Les variations des dotations aux amortissements, provisions et pertes de valeur ayant un impact sur le r\u00e9sultat d\u2019exploitation courant se\u00a0d\u00e9composent comme suit\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Amortissements nets

\n		\n

2\u00a0521

\n		\n

2\u00a0621

\n
\n

Immobilisations incorporelles\u00a0(a)

\n		\n

782

\n		\n

823

\n
\n

Immobilisations corporelles\u00a0(a)

\n		\n

834

\n		\n

867

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

905

\n		\n

930

\n
\n

Provisions et pertes de valeur nettes

\n		\n

(17)

\n		\n

(48)

\n
\n

\u00c9carts d'acquisition\u00a0(b)

\n		\n

59

\n		\n

48

\n
\n

Droits d'utilisation\u00a0(a)

\n		\n

(30)

\n		\n

(19)

\n
\n

Immobilisations corporelles et incorporelles\u00a0(a)

\n		\n

(48)

\n		\n

(120)

\n
\n

Stocks\u00a0(c)

\n		\n

1

\n		\n

(3)

\n
\n

Cr\u00e9ances\u00a0(c)

\n		\n

16

\n		\n

39

\n
\n

Pertes sur cr\u00e9ances irr\u00e9couvrables

\n		\n

38

\n		\n

38

\n
\n

Provisions pour risques et charges\u00a0

\n		\n

(52)

\n		\n

(32)

\n
\n

Co\u00fbt du risque des activit\u00e9s bancaires

\n		\n

250

\n		\n

231

\n
\n

Co\u00fbt du risque bancaire \u2013 autres d\u00e9pr\u00e9ciations et risques\u00a0(d)

\n		\n

56

\n		\n

149

\n
\n

Co\u00fbt du risque bancaire \u2013 cr\u00e9ances irr\u00e9couvrables

\n		\n

194

\n		\n

82

\n
\n

Amortissements, provisions et pertes de valeur avant affectation aux contrats d'assurance

\n		\n

2\u00a0754

\n		\n

2\u00a0804

\n
\n

Amortissements, provisions et pertes de valeurs aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en\u00a0PNB

\n		\n

(83)

\n		\n

(81)

\n
\n

Total

\n		\n

2\u00a0670

\n		\n

2\u00a0723

\n
\n

(a)Une ventilation des variations d\u2019amortissement et de perte de valeur des immobilisations est pr\u00e9sent\u00e9e dans les notes 17, 18 et 19. Les mouvements de d\u00e9pr\u00e9ciation et de reprise de d\u00e9pr\u00e9ciation sur les droits d\u2019utilisation concernent essentiellement l\u2019UGT Courrier (cf. note\u00a021).

\n

(b)Les pertes de valeur des \u00e9carts d\u2019acquisition sont d\u00e9taill\u00e9es en note\u00a016.2.

\n

(c)Le d\u00e9tail des variations des pertes de valeur relatives aux stocks et aux cr\u00e9ances figure dans la note\u00a024.

\n

(d)Dont 250\u00a0millions d\u2019euros sur les encours au co\u00fbt amorti en bucket 3 en 2025 (versus 158\u00a0millions d\u2019euros en 2024).

\n
\n

NOTE 17Immobilisations incorporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Logiciels, brevets et concessions

\n		\n

Immobilisations incorporelles en cours

\n		\n

Autres immobilisations
incorporelles

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

9\u00a0817

\n		\n

531

\n		\n

961

\n		\n

11\u00a0309

\n
\n

Acquisitions

\n		\n

185

\n		\n

462

\n		\n

28

\n		\n

675

\n
\n

Cessions

\n		\n

(988)

\n		\n

(10)

\n		\n

(74)

\n		\n

(1\u00a0071)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

29

\n		\n

0

\n		\n

52

\n		\n

81

\n
\n

\u00c9carts de conversion

\n		\n

(660)

\n		\n

(1)

\n		\n

2

\n		\n

(659)

\n
\n

Transferts et autres mouvements

\n		\n

357

\n		\n

(475)

\n		\n

18

\n		\n

(100)

\n
\n

Solde au 31/12/2024

\n		\n

8\u00a0741

\n		\n

508

\n		\n

987

\n		\n

10\u00a0236

\n
\n

Acquisitions

\n		\n

148

\n		\n

491

\n		\n

48

\n		\n

686

\n
\n

Cessions

\n		\n

(252)

\n		\n

(1)

\n		\n

(22)

\n		\n

(275)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(7)

\n		\n

(0)

\n		\n

(8)

\n		\n

(16)

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

1

\n		\n

(3)

\n		\n

(11)

\n
\n

Transferts et autres mouvements

\n		\n

258

\n		\n

(487)

\n		\n

49

\n		\n

(180)

\n
\n

Solde au 31/12/2025

\n		\n

8\u00a0879

\n		\n

510

\n		\n

1\u00a0051

\n		\n

10\u00a0440

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(5\u00a0056)

\n		\n

(134)

\n		\n

(605)

\n		\n

(5\u00a0796)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(724)

\n		\n

\n		\n

(99)

\n		\n

(823)

\n
\n

Pertes de valeur

\n		\n

(69)

\n		\n

(0)

\n		\n

(20)

\n		\n

(89)

\n
\n

Reprise de perte de valeur

\n		\n

117

\n		\n

58

\n		\n

8

\n		\n

183

\n
\n

Reprises sur cessions

\n		\n

974

\n		\n

\n		\n

74

\n		\n

1\u00a0048

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(24)

\n		\n

\n		\n

(3)

\n		\n

(27)

\n
\n

\u00c9carts de conversion

\n		\n

128

\n		\n

\n		\n

(1)

\n		\n

126

\n
\n

Transferts et autres mouvements

\n		\n

13

\n		\n

(1)

\n		\n

80

\n		\n

92

\n
\n

Solde au 31/12/2024

\n		\n

(4\u00a0641)

\n		\n

(78)

\n		\n

(568)

\n		\n

(5\u00a0286)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(683)

\n		\n

\n		\n

(100)

\n		\n

(782)

\n
\n

Pertes de valeur

\n		\n

(80)

\n		\n

(0)

\n		\n

(22)

\n		\n

(103)

\n
\n

Reprises de pertes de valeur

\n		\n

113

\n		\n

7

\n		\n

8

\n		\n

128

\n
\n

Reprises sur cessions

\n		\n

243

\n		\n

\n		\n

10

\n		\n

254

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

7

\n		\n

\n		\n

2

\n		\n

8

\n
\n

\u00c9carts de conversion

\n		\n

3

\n		\n

0

\n		\n

2

\n		\n

5

\n
\n

Transferts et autres mouvements

\n		\n

108

\n		\n

\n		\n

45

\n		\n

153

\n
\n

Solde au 31/12/2025

\n		\n

(4\u00a0930)

\n		\n

(71)

\n		\n

(622)

\n		\n

(5\u00a0623)

\n
\n

Valeurs nettes

\n
\n

au 31/12/2024

\n		\n

4\u00a0099

\n		\n

430

\n		\n

420

\n		\n

4\u00a0949

\n
\n

Au 31/12/2025

\n		\n

3\u00a0949

\n		\n

439

\n		\n

429

\n		\n

4\u00a0817

\n
\n

Les lignes \u00ab\u00a0Transferts et autres mouvements\u00a0\u00bb correspondent aux mises en service d\u2019immobilisations et \u00e0 des reclassements vers d\u2019autres postes d\u2019actifs.

\n

NOTE 18Immobilisations corporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Terrains et constructions

\n		\n

Mat\u00e9riels\u00a0et installations

\n		\n

Mat\u00e9riel\u00a0de transport

\n		\n

Autres

\n		\n

Actifs\u00a0en cours\u00a0de construction

\n		\n

Total

\n
\n

Valeurs brutes

\n
\n

Solde au 31/12/2023

\n		\n

6\u00a0407

\n		\n

3\u00a0821

\n		\n

1\u00a0269

\n		\n

4\u00a0105

\n		\n

491

\n		\n

16\u00a0094

\n
\n

Acquisitions

\n		\n

23

\n		\n

148

\n		\n

156

\n		\n

189

\n		\n

358

\n		\n

874

\n
\n

Cessions

\n		\n

(52)

\n		\n

(195)

\n		\n

(153)

\n		\n

(325)

\n		\n

(1)

\n		\n

(726)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

0

\n		\n

(0)

\n		\n

25

\n		\n

0

\n		\n

25

\n
\n

\u00c9carts de conversion

\n		\n

7

\n		\n

2

\n		\n

(1)

\n		\n

3

\n		\n

2

\n		\n

13

\n
\n

Transferts et autres mouvements

\n		\n

173

\n		\n

157

\n		\n

18

\n		\n

69

\n		\n

(464)

\n		\n

(48)

\n
\n

Solde au 31/12/2024

\n		\n

6\u00a0558

\n		\n

3\u00a0932

\n		\n

1\u00a0289

\n		\n

4\u00a0066

\n		\n

386

\n		\n

16\u00a0231

\n
\n

Acquisitions

\n		\n

10

\n		\n

143

\n		\n

117

\n		\n

195

\n		\n

382

\n		\n

848

\n
\n

Cessions

\n		\n

(80)

\n		\n

(88)

\n		\n

(105)

\n		\n

(204)

\n		\n

(0)

\n		\n

(478)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

1

\n		\n

0

\n		\n

(1)

\n		\n

(0)

\n		\n

(0)

\n
\n

\u00c9carts de conversion

\n		\n

(12)

\n		\n

1

\n		\n

0

\n		\n

(8)

\n		\n

(1)

\n		\n

(20)

\n
\n

Transferts et autres mouvements

\n		\n

169

\n		\n

136

\n		\n

8

\n		\n

16

\n		\n

(368)

\n		\n

(38)

\n
\n

Solde au 31/12/2025

\n		\n

6\u00a0646

\n		\n

4\u00a0125

\n		\n

1\u00a0310

\n		\n

4\u00a0064

\n		\n

398

\n		\n

16\u00a0542

\n
\n

Amortissements et pertes de valeur

\n
\n

Solde au 31/12/2023

\n		\n

(2\u00a0507)

\n		\n

(2\u00a0847)

\n		\n

(646)

\n		\n

(3\u00a0206)

\n		\n

(24)

\n		\n

(9\u00a0229)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(195)

\n		\n

(239)

\n		\n

(143)

\n		\n

(290)

\n		\n

0

\n		\n

(867)

\n
\n

Pertes de valeur

\n		\n

(3)

\n		\n

(26)

\n		\n

(2)

\n		\n

(27)

\n		\n

(0)

\n		\n

(59)

\n
\n

Reprises de pertes de valeur

\n		\n

9

\n		\n

37

\n		\n

3

\n		\n

29

\n		\n

4

\n		\n

82

\n
\n

Reprises sur cessions

\n		\n

25

\n		\n

194

\n		\n

140

\n		\n

313

\n		\n

0

\n		\n

672

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

(18)

\n		\n

0

\n		\n

(18)

\n
\n

\u00c9carts de conversion

\n		\n

(2)

\n		\n

(1)

\n		\n

1

\n		\n

(4)

\n		\n

0

\n		\n

(6)

\n
\n

Transferts et autres mouvements

\n		\n

16

\n		\n

(2)

\n		\n

(9)

\n		\n

3

\n		\n

(0)

\n		\n

9

\n
\n

Solde au 31/12/2024

\n		\n

(2\u00a0657)

\n		\n

(2\u00a0884)

\n		\n

(656)

\n		\n

(3\u00a0199)

\n		\n

(21)

\n		\n

(9\u00a0417)

\n
\n

Amortissements de la p\u00e9riode

\n		\n

(190)

\n		\n

(229)

\n		\n

(143)

\n		\n

(272)

\n		\n

0

\n		\n

(834)

\n
\n

Pertes de valeur

\n		\n

(7)

\n		\n

(33)

\n		\n

(1)

\n		\n

(22)

\n		\n

(0)

\n		\n

(63)

\n
\n

Reprises de pertes de valeur

\n		\n

21

\n		\n

38

\n		\n

2

\n		\n

27

\n		\n

(1)

\n		\n

88

\n
\n

Reprises sur cessions

\n		\n

47

\n		\n

89

\n		\n

94

\n		\n

196

\n		\n

0

\n		\n

426

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

(0)

\n		\n

(0)

\n		\n

1

\n		\n

0

\n		\n

0

\n
\n

\u00c9carts de conversion

\n		\n

4

\n		\n

0

\n		\n

(0)

\n		\n

6

\n		\n

(0)

\n		\n

9

\n
\n

Transferts et autres mouvements

\n		\n

(62)

\n		\n

(7)

\n		\n

(2)

\n		\n

31

\n		\n

0

\n		\n

(41)

\n
\n

Solde au 31/12/2025

\n		\n

(2\u00a0845)

\n		\n

(3\u00a0026)

\n		\n

(706)

\n		\n

(3\u00a0232)

\n		\n

(22)

\n		\n

(9\u00a0832)

\n
\n

Valeurs nettes

\n
\n

Au 31/12/2024

\n		\n

3\u00a0901

\n		\n

1\u00a0048

\n		\n

633

\n		\n

867

\n		\n

365

\n		\n

6\u00a0813

\n
\n

Au 31/12/2025

\n		\n

3\u00a0801

\n		\n

1\u00a0098

\n		\n

604

\n		\n

832

\n		\n

376

\n		\n

6\u00a0711

\n
\n

19.1Droits d\u2019utilisation

\n

Les droits d\u2019utilisation se d\u00e9taillent comme suit par nature d\u2019actifs lou\u00e9s\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Terrains\u00a0et constructions

\n		\n

Mat\u00e9riels\u00a0et installations

\n		\n

Mat\u00e9riel\u00a0de transport

\n		\n

Autres

\n		\n

Valeur\u00a0nette

\n
\n

Solde au 31/12/2023

\n		\n

2\u00a0961

\n		\n

255

\n		\n

405

\n		\n

7

\n		\n

3\u00a0628

\n
\n

Augmentation

\n		\n

735

\n		\n

41

\n		\n

174

\n		\n

9

\n		\n

959

\n
\n

Diminution

\n		\n

(92)

\n		\n

(1)

\n		\n

(14)

\n		\n

(0)

\n		\n

(107)

\n
\n

Amortissement

\n		\n

(695)

\n		\n

(74)

\n		\n

(157)

\n		\n

(4)

\n		\n

(930)

\n
\n

Provision pour d\u00e9pr\u00e9ciation

\n		\n

13

\n		\n

0

\n		\n

6

\n		\n

\n		\n

19

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

1

\n		\n

0

\n		\n

(1)

\n		\n

0

\n		\n

(0)

\n
\n

\u00c9carts de conversion et autres

\n		\n

23

\n		\n

4

\n		\n

10

\n		\n

(1)

\n		\n

36

\n
\n

Solde au 31/12/2024

\n		\n

2\u00a0947

\n		\n

225

\n		\n

423

\n		\n

11

\n		\n

3\u00a0605

\n
\n

Augmentation

\n		\n

661

\n		\n

35

\n		\n

119

\n		\n

2

\n		\n

817

\n
\n

Diminution

\n		\n

(307)

\n		\n

(2)

\n		\n

(10)

\n		\n

(0)

\n		\n

(319)

\n
\n

Amortissement

\n		\n

(669)

\n		\n

(69)

\n		\n

(163)

\n		\n

(4)

\n		\n

(905)

\n
\n

Provision pour d\u00e9pr\u00e9ciation

\n		\n

32

\n		\n

\n		\n

(2)

\n		\n

\n		\n

30

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(0)

\n		\n

(0)

\n		\n

(0)

\n		\n

\n		\n

(0)

\n
\n

\u00c9carts de conversion et autres

\n		\n

(17)

\n		\n

(3)

\n		\n

(13)

\n		\n

(1)

\n		\n

(34)

\n
\n

Solde au 31/12/2025

\n		\n

2\u00a0647

\n		\n

187

\n		\n

353

\n		\n

7

\n		\n

3\u00a0194

\n
\n

19.3Effet des contrats de location sur le compte de r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charges op\u00e9rationnelles nettes

\n		\n

1\u00a0506

\n		\n

1\u00a0548

\n
\n

Loyers des locations de courte dur\u00e9e

\n		\n

147

\n		\n

150

\n
\n

Loyers des locations d'actifs de faible valeur

\n		\n

77

\n		\n

100

\n
\n

Charges locatives

\n		\n

210

\n		\n

223

\n
\n

TVA non d\u00e9ductible sur loyers

\n		\n

91

\n		\n

94

\n
\n

Amortissement des droits d'utilisation

\n		\n

905

\n		\n

930

\n
\n

D\u00e9pr\u00e9ciation (reprise de d\u00e9pr\u00e9ciation) des droits d'utilisation

\n		\n

(30)

\n		\n

(19)

\n
\n

Autres\u00a0(a)

\n		\n

107

\n		\n

70

\n
\n

Co\u00fbt de l'endettement financier net

\n		\n

132

\n		\n

137

\n
\n

Charges d'int\u00e9r\u00eats sur passifs de location

\n		\n

132

\n		\n

137

\n
\n

Total

\n		\n

1\u00a0638

\n		\n

1\u00a0685

\n
\n

(a)Montants provenant principalement des activit\u00e9s bancaires et d\u2019assurance.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144952452605667_0_0": { "value": "

3.7.3Dur\u00e9es d'amortissement

\n

Les terrains ne sont pas amortis.

\n

Les immobilisations corporelles sont amorties en lin\u00e9aire sur leur dur\u00e9e d\u2019utilit\u00e9. Ces dur\u00e9es sont, en moyenne, les suivantes\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Immobilisations

\n		\n

Dur\u00e9es d\u2019amortissement

\n
\n

Gros \u0153uvre

\n

Toiture

\n

Menuiserie et travaux ext\u00e9rieurs

\n

Gros \u00e9quipements

\n

Petits \u00e9quipements et agencements

\n		\n

De 20 \u00e0 80\u00a0ans

\n

de 20 \u00e0 60\u00a0ans

\n

de 20 \u00e0 40\u00a0ans

\n

de 15 \u00e0 20\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n
\n

Machines de tri

\n

Mat\u00e9riel d\u2019environnement de tri

\n

Mat\u00e9riel de bureau et informatique

\n

Mobilier de bureau

\n

DAB-GAB

\n

V\u00e9hicules de transport

\n		\n

de 5 \u00e0 15\u00a0ans

\n

de 5 \u00e0 8\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n

10\u00a0ans

\n

de 5 \u00e0 10\u00a0ans

\n

de 3 \u00e0 5\u00a0ans

\n
\n

DAB-GAB\u00a0: Distributeur automatique de billets \u2013 Guichet automatique bancaire.

\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059775_0": { "value": "

3.7.4Cas particulier des immeubles de\u00a0placement

\n

Classement au bilan du groupe

\n

Les immeubles de placement sont essentiellement des actifs sous-jacents aux activit\u00e9s d\u2019assurance de La\u00a0Banque\u00a0Postale. Ils sont de fait pr\u00e9sent\u00e9s au sein des actifs sp\u00e9cifiques des activit\u00e9s bancaires et d\u2019assurance.

\n

Les immeubles de placement des autres activit\u00e9s ne sont pas significatifs et sont pr\u00e9sent\u00e9s au sein des immobilisations corporelles.

\n

Principes

\n

Un immeuble de placement est un bien immobilier (terrain ou construction) d\u00e9tenu par le groupe pour en retirer des loyers ou pour valoriser le capital, plut\u00f4t que pour l\u2019utiliser dans la production ou la fourniture de biens ou de services ou \u00e0 des fins administratives ou le vendre dans le cadre de l\u2019activit\u00e9 ordinaire.

\n
\n\n\n\n
\n

Conform\u00e9ment \u00e0 l\u2019option propos\u00e9e par IAS\u00a040, le groupe a choisi le mod\u00e8le d\u2019\u00e9valuation au co\u00fbt pour ses immeubles, \u00e0 l\u2019exception des immeubles supports de contrats d\u2019assurance (avec \u00e9l\u00e9ments de participation directe ou de contrats d\u2019investissement avec \u00e9l\u00e9ments de participation discr\u00e9tionnaire) \u00e9valu\u00e9s selon le mod\u00e8le VFA, d\u00e9fini dans la section\u00a03.12 ci-apr\u00e8s et qui sont \u00e9valu\u00e9s \u00e0 la juste valeur.

\n
\n

Les principes li\u00e9s \u00e0 la d\u00e9pr\u00e9ciation des immeubles au co\u00fbt sont pr\u00e9cis\u00e9s dans la section\u00a03.9.

\n

La juste valeur des immeubles (hors supports de contrats en unit\u00e9s de compte) est par ailleurs communiqu\u00e9e en annexe. Cette juste valeur correspondant \u00e0 la valeur de r\u00e9alisation des immeubles et des parts de soci\u00e9t\u00e9s immobili\u00e8res non cot\u00e9es. Elle est d\u00e9termin\u00e9e sur la base d\u2019une expertise quinquennale effectu\u00e9e par un expert accept\u00e9 par l\u2019autorit\u00e9 de r\u00e9gulation. Entre deux expertises, la valeur fait l\u2019objet d\u2019une estimation annuelle certifi\u00e9e par un expert.

\n

3.13Juste valeur des instruments financiers et\u00a0immeubles de placement

\n

IFRS\u00a013 d\u00e9finit la juste valeur comme le prix qui serait re\u00e7u pour la vente d\u2019un actif ou pay\u00e9 pour le transfert d\u2019un passif lors d\u2019une transaction normale entre des intervenants du march\u00e9 \u00e0 la date d\u2019\u00e9valuation.

\n

Lors de la comptabilisation initiale d\u2019un instrument, sa juste valeur est g\u00e9n\u00e9ralement le prix de transaction.

\n

La norme IFRS\u00a013 pr\u00e9conise en premier lieu l\u2019utilisation d\u2019un prix cot\u00e9 sur un march\u00e9 actif pour d\u00e9terminer la juste valeur d\u2019un actif ou d\u2019un passif financier. Un march\u00e9 est consid\u00e9r\u00e9 comme actif si des cours sont ais\u00e9ment et r\u00e9guli\u00e8rement disponibles aupr\u00e8s d\u2019une bourse, d\u2019un courtier (multicontribution), d\u2019un n\u00e9gociateur ou d\u2019une agence r\u00e9glementaire et que ces prix repr\u00e9sentent des transactions r\u00e9elles (volume, fourchette de prix) dans des conditions de concurrence normale. En l\u2019absence de march\u00e9 actif la juste valeur doit \u00eatre d\u00e9termin\u00e9e par l\u2019utilisation de techniques de valorisation. Ces techniques comprennent notamment l\u2019utilisation de transactions r\u00e9centes dans un contexte de concurrence normale. Elles reposent sur les donn\u00e9es issues du march\u00e9, des justes valeurs d\u2019instruments identiques en substance, de mod\u00e8les d\u2019actualisation de flux ou de valorisation d\u2019options et font appel \u00e0 des m\u00e9thodes de valorisation reconnues. L\u2019objectif d\u2019une technique de valorisation est d\u2019\u00e9tablir quel aurait \u00e9t\u00e9 le prix de l\u2019instrument dans un march\u00e9 normal.

\n

\u00c0 titre d\u2019exemple, la juste valeur des titres obligataires, des titres \u00e0 revenu variable et des futures est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s. L\u2019utilisation de techniques de valorisation faisant r\u00e9f\u00e9rence \u00e0 des donn\u00e9es de march\u00e9 concerne plus g\u00e9n\u00e9ralement les d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9, les titres \u00e0 int\u00e9r\u00eats pr\u00e9compt\u00e9s (billets de tr\u00e9sorerie, certificats de d\u00e9p\u00f4ts\u2026), les d\u00e9p\u00f4ts-repos.

\n

Les instruments financiers sont pr\u00e9sent\u00e9s dans la note\u00a038.1 selon trois niveaux en fonction d\u2019un ordre\u00a0d\u00e9croissant d\u2019observabilit\u00e9 des valeurs et param\u00e8tres utilis\u00e9s pour leur valorisation\u00a0:

\n

Niveau 1

\n

Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

\n

Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

\n

\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

\n

\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

\n
\n

Niveau 2

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

\n

Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

\n

\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

\n

\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

\n

\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

\n
\n

Niveau\u00a03

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

\n
\n\n\n\n
\n

Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

\n
\n

23.8Immeubles de placement

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur brute

\n		\n

940

\n		\n

894

\n
\n

Amortissements

\n		\n

(80)

\n		\n

(51)

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

(50)

\n		\n

(91)

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

810

\n		\n

752

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0545

\n		\n

5\u00a0838

\n
\n

Total

\n		\n

6\u00a0355

\n		\n

6\u00a0590

\n
\n

Les immeubles de placement figurant dans les comptes \u00e0 fin\u00a0d\u00e9cembre\u00a02025 concernent essentiellement CNP\u00a0Assurances.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144985630045068_0_0": { "value": "

3.7.4Cas particulier des immeubles de\u00a0placement

\n

Classement au bilan du groupe

\n

Les immeubles de placement sont essentiellement des actifs sous-jacents aux activit\u00e9s d\u2019assurance de La\u00a0Banque\u00a0Postale. Ils sont de fait pr\u00e9sent\u00e9s au sein des actifs sp\u00e9cifiques des activit\u00e9s bancaires et d\u2019assurance.

\n

Les immeubles de placement des autres activit\u00e9s ne sont pas significatifs et sont pr\u00e9sent\u00e9s au sein des immobilisations corporelles.

\n

Principes

\n

Un immeuble de placement est un bien immobilier (terrain ou construction) d\u00e9tenu par le groupe pour en retirer des loyers ou pour valoriser le capital, plut\u00f4t que pour l\u2019utiliser dans la production ou la fourniture de biens ou de services ou \u00e0 des fins administratives ou le vendre dans le cadre de l\u2019activit\u00e9 ordinaire.

\n
\n\n\n\n
\n

Conform\u00e9ment \u00e0 l\u2019option propos\u00e9e par IAS\u00a040, le groupe a choisi le mod\u00e8le d\u2019\u00e9valuation au co\u00fbt pour ses immeubles, \u00e0 l\u2019exception des immeubles supports de contrats d\u2019assurance (avec \u00e9l\u00e9ments de participation directe ou de contrats d\u2019investissement avec \u00e9l\u00e9ments de participation discr\u00e9tionnaire) \u00e9valu\u00e9s selon le mod\u00e8le VFA, d\u00e9fini dans la section\u00a03.12 ci-apr\u00e8s et qui sont \u00e9valu\u00e9s \u00e0 la juste valeur.

\n
\n

Les principes li\u00e9s \u00e0 la d\u00e9pr\u00e9ciation des immeubles au co\u00fbt sont pr\u00e9cis\u00e9s dans la section\u00a03.9.

\n

La juste valeur des immeubles (hors supports de contrats en unit\u00e9s de compte) est par ailleurs communiqu\u00e9e en annexe. Cette juste valeur correspondant \u00e0 la valeur de r\u00e9alisation des immeubles et des parts de soci\u00e9t\u00e9s immobili\u00e8res non cot\u00e9es. Elle est d\u00e9termin\u00e9e sur la base d\u2019une expertise quinquennale effectu\u00e9e par un expert accept\u00e9 par l\u2019autorit\u00e9 de r\u00e9gulation. Entre deux expertises, la valeur fait l\u2019objet d\u2019une estimation annuelle certifi\u00e9e par un expert.

\n

3.13Juste valeur des instruments financiers et\u00a0immeubles de placement

\n

IFRS\u00a013 d\u00e9finit la juste valeur comme le prix qui serait re\u00e7u pour la vente d\u2019un actif ou pay\u00e9 pour le transfert d\u2019un passif lors d\u2019une transaction normale entre des intervenants du march\u00e9 \u00e0 la date d\u2019\u00e9valuation.

\n

Lors de la comptabilisation initiale d\u2019un instrument, sa juste valeur est g\u00e9n\u00e9ralement le prix de transaction.

\n

La norme IFRS\u00a013 pr\u00e9conise en premier lieu l\u2019utilisation d\u2019un prix cot\u00e9 sur un march\u00e9 actif pour d\u00e9terminer la juste valeur d\u2019un actif ou d\u2019un passif financier. Un march\u00e9 est consid\u00e9r\u00e9 comme actif si des cours sont ais\u00e9ment et r\u00e9guli\u00e8rement disponibles aupr\u00e8s d\u2019une bourse, d\u2019un courtier (multicontribution), d\u2019un n\u00e9gociateur ou d\u2019une agence r\u00e9glementaire et que ces prix repr\u00e9sentent des transactions r\u00e9elles (volume, fourchette de prix) dans des conditions de concurrence normale. En l\u2019absence de march\u00e9 actif la juste valeur doit \u00eatre d\u00e9termin\u00e9e par l\u2019utilisation de techniques de valorisation. Ces techniques comprennent notamment l\u2019utilisation de transactions r\u00e9centes dans un contexte de concurrence normale. Elles reposent sur les donn\u00e9es issues du march\u00e9, des justes valeurs d\u2019instruments identiques en substance, de mod\u00e8les d\u2019actualisation de flux ou de valorisation d\u2019options et font appel \u00e0 des m\u00e9thodes de valorisation reconnues. L\u2019objectif d\u2019une technique de valorisation est d\u2019\u00e9tablir quel aurait \u00e9t\u00e9 le prix de l\u2019instrument dans un march\u00e9 normal.

\n

\u00c0 titre d\u2019exemple, la juste valeur des titres obligataires, des titres \u00e0 revenu variable et des futures est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s. L\u2019utilisation de techniques de valorisation faisant r\u00e9f\u00e9rence \u00e0 des donn\u00e9es de march\u00e9 concerne plus g\u00e9n\u00e9ralement les d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9, les titres \u00e0 int\u00e9r\u00eats pr\u00e9compt\u00e9s (billets de tr\u00e9sorerie, certificats de d\u00e9p\u00f4ts\u2026), les d\u00e9p\u00f4ts-repos.

\n

Les instruments financiers sont pr\u00e9sent\u00e9s dans la note\u00a038.1 selon trois niveaux en fonction d\u2019un ordre\u00a0d\u00e9croissant d\u2019observabilit\u00e9 des valeurs et param\u00e8tres utilis\u00e9s pour leur valorisation\u00a0:

\n

Niveau 1

\n

Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

\n

Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

\n

\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

\n

\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

\n
\n

Niveau 2

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

\n

Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

\n

\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

\n

\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

\n

\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

\n
\n

Niveau\u00a03

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

\n
\n\n\n\n
\n

Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

\n
\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145026813108603_0_0": { "value": "

3.8Contrats de location (preneur)

\n

Les principes pr\u00e9sent\u00e9s ici sont appliqu\u00e9s aux contrats de location dans lesquels le groupe est preneur.

\n

Les principes appliqu\u00e9s aux contrats de location externes dans lesquels le groupe est bailleur sont d\u00e9taill\u00e9s dans la section\u00a03.11 d\u00e9di\u00e9e aux activit\u00e9s bancaires et d\u2019assurance.

\n

Sont qualifi\u00e9s de contrats de location selon la norme IFRS\u00a016, tous les contrats, quelle que soit leur d\u00e9nomination juridique, portant sur un actif identifi\u00e9 dont l\u2019utilisation est contr\u00f4l\u00e9e par le preneur en \u00e9change d\u2019une r\u00e9mun\u00e9ration et pour une certaine dur\u00e9e. Lorsque l\u2019actif n\u2019est pas identifi\u00e9, le contrat est qualifi\u00e9 de contrat de prestation de services.

\n

La norme IFRS\u00a016 a pour cons\u00e9quence, pour tous les contrats de location externes o\u00f9 le groupe est preneur\u00a0:

\n

\u25cfla comptabilisation d\u2019un passif de location \u00e9gal \u00e0 la somme actualis\u00e9e des loyers sur la dur\u00e9e du contrat (p\u00e9riodes fermes, et p\u00e9riodes r\u00e9siliables ou optionnelles si le preneur est raisonnablement certain d\u2019exercer l\u2019option)\u00a0;

\n

\u25cfla comptabilisation \u00e0 l\u2019actif d\u2019un droit d\u2019utilisation amorti sur la dur\u00e9e du contrat.

\n
\n\n\n\n
\n

Au 1er\u00a0janvier 2019, le groupe La\u00a0Poste a choisi d\u2019appliquer la m\u00e9thode de transition dite \u00ab\u00a0r\u00e9trospective modifi\u00e9e\u00a0\u00bb.

\n

Les mesures de simplification pr\u00e9vues par la norme et retenues par le groupe ont \u00e9t\u00e9 les suivantes\u00a0:

\n

\u25cfl\u2019exclusion des contrats portant sur des actifs de faible valeur\u00a0;

\n

\u25cfl\u2019exclusion des contrats d\u2019une dur\u00e9e r\u00e9siduelle inf\u00e9rieure \u00e0 douze\u00a0mois\u00a0;

\n

\u25cfla possibilit\u00e9 de ne pas capitaliser les co\u00fbts directement li\u00e9s \u00e0 la conclusion des contrats\u00a0;

\n

\u25cfla substitution du test de d\u00e9pr\u00e9ciation par le reclassement des provisions pour contrats on\u00e9reux en moins du droit d\u2019utilisation.

\n

Par ailleurs, comme pr\u00e9vu par la norme IFRS\u00a016, les contrats qualifi\u00e9s de location-financement selon IAS\u00a017 ont \u00e9t\u00e9 repris \u00e0 l\u2019identique et le groupe a opt\u00e9 pour ne pas appliquer les dispositions de la norme IFRS\u00a016 aux immobilisations incorporelles.

\n
\n

\n

Dur\u00e9e des contrats

\n

Elle est d\u00e9termin\u00e9e en fonction d\u2019une analyse des options de sortie anticip\u00e9e et des options de renouvellement pouvant exister. Les baux en tacite prolongation du groupe peuvent \u00eatre r\u00e9sili\u00e9s \u00e0 tout moment par l\u2019une ou l\u2019autre partie en s\u2019exposant tout au plus \u00e0 une p\u00e9nalit\u00e9 n\u00e9gligeable (y compris agencements indissociables, propres \u00e0 ces baux).

\n

Taux d\u2019actualisation

\n

Ils ont \u00e9t\u00e9 d\u00e9termin\u00e9s \u00e0 la date de transition, puis le sont au cours des p\u00e9riodes suivantes, conform\u00e9ment \u00e0 la norme, en r\u00e9f\u00e9rence au taux marginal d\u2019endettement du preneur pour chaque dur\u00e9e, et en tenant compte de l\u2019\u00e9ch\u00e9ancier de remboursement de la dette\u00a0: prise en compte du taux sans risque pour la devise du contrat, du risque de cr\u00e9dit du groupe et d\u2019une estimation du risque de cr\u00e9dit compl\u00e9mentaire pour les filiales.

\n

\u00c0 la date de transition, le groupe a retenu, pour chaque contrat, la dur\u00e9e \u00e0 sa date de prise d\u2019effet dans un souci de coh\u00e9rence avec la m\u00e9thode retenue pour d\u00e9terminer la valeur comptable du droit d\u2019utilisation expos\u00e9e ci-apr\u00e8s.

\n

Droit d\u2019utilisation

\n

Concernant ce droit, le groupe a choisi d\u2019appliquer \u00e0 la plupart de ses contrats la disposition de la norme conduisant, lors de la transition au 1er\u00a0janvier 2019, \u00e0 d\u00e9terminer la valeur comptable du droit d\u2019utilisation comme si la pr\u00e9sente norme avait \u00e9t\u00e9 appliqu\u00e9e depuis la date de prise d'effet du contrat de location en tenant compte des \u00e9volutions du contrat connues post\u00e9rieurement \u00e0 sa signature.

\n

Passifs de location

\n

Pr\u00e9sent\u00e9s au passif du bilan, ils r\u00e9sultent de l\u2019application de la norme IFRS\u00a016 \u00e0 compter du 1er\u00a0janvier 2019 (cf. note\u00a019).

\n

Dans les cas de concessions de loyers purs et simples (sans aucune autre modification du contrat), le groupe a choisi d\u2019appliquer les dispositions d\u2019IFRS\u00a016 conduisant \u00e0 r\u00e9estimer la dette de location en ajustant les flux et le taux d\u2019actualisation par contrepartie du droit d\u2019utilisation.

\n

3.11.13Contrats de location lorsque le\u00a0groupe est bailleur

\n

C\u00f4t\u00e9 bailleur, les contrats de location sont comptabilis\u00e9s selon qu\u2019il s\u2019agit d\u2019une location financement ou d\u2019une location simple.

\n

Les op\u00e9rations de location sont qualifi\u00e9es d\u2019op\u00e9rations de location financement lorsqu\u2019elles ont pour effet, en substance, de transf\u00e9rer au locataire les risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 de l\u2019actif lou\u00e9. Elles s\u2019analysent comme un financement accord\u00e9 au preneur pour l\u2019achat d\u2019un bien.

\n

La valeur actuelle des paiements dus au titre du contrat, augment\u00e9e le cas \u00e9ch\u00e9ant de la valeur r\u00e9siduelle, est enregistr\u00e9e comme une cr\u00e9ance et figure au bilan parmi les pr\u00eats et cr\u00e9ances sur la client\u00e8le.

\n

Les int\u00e9r\u00eats compris dans les loyers sont enregistr\u00e9s au compte de r\u00e9sultat en Int\u00e9r\u00eats et produits assimil\u00e9s.

\n

Les loyers per\u00e7us sont r\u00e9partis sur la dur\u00e9e du contrat de location financement en les r\u00e9partissant en amortissement du capital et en int\u00e9r\u00eats, de fa\u00e7on \u00e0 d\u00e9gager un taux de rentabilit\u00e9 p\u00e9riodique constant sur l\u2019investissement net. Le taux d\u2019int\u00e9r\u00eat utilis\u00e9 est le taux d\u2019int\u00e9r\u00eat implicite du contrat.

\n

Les cr\u00e9ances de loyer issues de contrats de location sont par ailleurs soumises \u00e0 la m\u00e9thodologie de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit d\u00e9finie par IFRS\u00a09.

\n

Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces cr\u00e9ances. La d\u00e9pr\u00e9ciation est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145079656504710_0_0": { "value": "

3.9D\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition, immobilisations incorporelles et\u00a0corporelles, immeubles de placement au co\u00fbt et droits d\u2019utilisation (IFRS\u00a016)

\n

Les \u00e9carts d'acquisition et les immobilisations incorporelles \u00e0 dur\u00e9e de vie ind\u00e9finie font l'objet d'un test de d\u00e9pr\u00e9ciation syst\u00e9matique au moins une fois par an, et d\u00e8s qu\u2019un indice de perte de valeur est identifi\u00e9.

\n

Les autres immobilisations incorporelles et corporelles ne sont test\u00e9es qu'en cas d'indice de perte de valeur, comme par exemple lorsqu\u2019un actif est identifi\u00e9 comme \u00e9tant fortement expos\u00e9 aux risques climatiques.

\n

Le test de d\u00e9pr\u00e9ciation consiste \u00e0 comparer la valeur nette comptable de l'actif, ou de l\u2019unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie \u00e0 laquelle il appartient, \u00e0 sa valeur recouvrable, qui est la plus \u00e9lev\u00e9e de la juste valeur diminu\u00e9e des co\u00fbts de vente ou de la valeur d'utilit\u00e9. Si la valeur recouvrable d'un actif, ou groupe d'actifs, immobilis\u00e9 devient inf\u00e9rieure \u00e0 sa valeur nette comptable, cette derni\u00e8re est ramen\u00e9e \u00e0 la valeur recouvrable par le biais d'une d\u00e9pr\u00e9ciation, imput\u00e9e en priorit\u00e9 sur l\u2019\u00e9cart d\u2019acquisition s\u2019il en existe un.

\n

La juste valeur diminu\u00e9e des co\u00fbts de vente est le montant qui pourrait \u00eatre obtenu, \u00e0 la date d\u2019\u00e9valuation, de la vente d'un actif lors d'une transaction conclue \u00e0 des conditions normales de march\u00e9, net des co\u00fbts de sortie.

\n

La valeur d'utilit\u00e9 d'un actif, ou groupe d'actifs, est la valeur actualis\u00e9e des flux de tr\u00e9sorerie futurs susceptibles de\u00a0d\u00e9couler de l\u2019utilisation d'un actif ou d'une unit\u00e9 g\u00e9n\u00e9ratrice de tr\u00e9sorerie.

\n

Pour les \u00e9carts d'acquisition et certains autres actifs, la valeur d\u2019utilit\u00e9 est g\u00e9n\u00e9ralement d\u00e9termin\u00e9e en fonction des flux nets de tr\u00e9sorerie attendus, r\u00e9sultant des plans d'affaires et des hypoth\u00e8ses valid\u00e9es par le groupe dans le cadre du processus budg\u00e9taire. Au-del\u00e0 de la p\u00e9riode de pr\u00e9vision, qui est en g\u00e9n\u00e9ral de cinq\u00a0ans au sein du groupe, les flux sont extrapol\u00e9s \u00e0 l'infini, sur la base d'un taux de croissance faible, correspondant en g\u00e9n\u00e9ral \u00e0 l'inflation. Ces flux de tr\u00e9sorerie sont actualis\u00e9s en utilisant le co\u00fbt moyen pond\u00e9r\u00e9 du capital de chaque actif ou groupe d'actifs concern\u00e9s.

\n

Sp\u00e9cificit\u00e9 de la d\u00e9pr\u00e9ciation des\u00a0immeubles de placement

\n
\n\n\n\n
\n

Un des indices, retenu par le groupe, est l\u2019existence d\u2019une perte de valeur de l\u2019immeuble de plus de 20% par rapport \u00e0 son co\u00fbt.

\n
\n

L\u2019existence d\u2019indications de pertes de valeur conduit le groupe \u00e0 estimer la valeur recouvrable de l\u2019immeuble concern\u00e9. Cette derni\u00e8re est le montant le plus \u00e9lev\u00e9 entre la valeur d\u2019utilit\u00e9 et la juste valeur diminu\u00e9e des co\u00fbts de vente, d\u00e9termin\u00e9e selon l\u2019expertise annuelle \u00e0 laquelle proc\u00e8de le groupe pour son patrimoine immobilier.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145149054315396_0_0": { "value": "

3.10Autres actifs

\n

3.10.1Stocks et en cours

\n

Les stocks sont \u00e9valu\u00e9s au plus faible de leur co\u00fbt de revient et de leur valeur nette de r\u00e9alisation. La valeur nette de r\u00e9alisation est le prix de vente estim\u00e9 dans le cours normal de l\u2019activit\u00e9, diminu\u00e9 des co\u00fbts estim\u00e9s n\u00e9cessaires \u00e0 la vente.

\n

La valeur des stocks est d\u00e9finie sur la base de la m\u00e9thode du co\u00fbt moyen pond\u00e9r\u00e9 et inclut les co\u00fbts d\u2019acquisition et les co\u00fbts encourus pour amener les stocks \u00e0 l\u2019endroit et dans l\u2019\u00e9tat o\u00f9 ils se trouvent.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059469_0": { "value": "

3.10Autres actifs

\n

3.10.1Stocks et en cours

\n

Les stocks sont \u00e9valu\u00e9s au plus faible de leur co\u00fbt de revient et de leur valeur nette de r\u00e9alisation. La valeur nette de r\u00e9alisation est le prix de vente estim\u00e9 dans le cours normal de l\u2019activit\u00e9, diminu\u00e9 des co\u00fbts estim\u00e9s n\u00e9cessaires \u00e0 la vente.

\n

La valeur des stocks est d\u00e9finie sur la base de la m\u00e9thode du co\u00fbt moyen pond\u00e9r\u00e9 et inclut les co\u00fbts d\u2019acquisition et les co\u00fbts encourus pour amener les stocks \u00e0 l\u2019endroit et dans l\u2019\u00e9tat o\u00f9 ils se trouvent.

\n

NOTE 24Autres actifs circulants

\n

24.1Stocks et encours

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeurs brutes

\n		\n

D\u00e9pr\u00e9ciations

\n		\n

Valeurs nettes

\n		\n

Valeurs nettes

\n
\n

Stocks de mati\u00e8res premi\u00e8res, fournitures, marchandises et autres approvisionnements

\n		\n

183

\n		\n

(5)

\n		\n

178

\n		\n

162

\n
\n

Stocks de produits finis et interm\u00e9diaires et encours

\n		\n

73

\n		\n

(1)

\n		\n

72

\n		\n

47

\n
\n

Total

\n		\n

256

\n		\n

(6)

\n		\n

250

\n		\n

209

\n
\n

Les stocks se composent pour l\u2019essentiel de pi\u00e8ces d\u00e9tach\u00e9es se rapportant aux installations techniques et de produits finis vendus dans le r\u00e9seau des bureaux (produits philat\u00e9liques notamment).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059785_0": { "value": "

3.10.2Cr\u00e9ances clients

\n

Lors de leur comptabilisation initiale, les cr\u00e9ances clients de l\u2019activit\u00e9 commerciale sont enregistr\u00e9es \u00e0 leur valeur nominale, qui correspond en substance \u00e0 la juste valeur des cr\u00e9ances.

\n

Des provisions sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement.

\n

NOTE 24Autres actifs circulants

\n

24.2Cr\u00e9ances clients et autres cr\u00e9ances

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Avances et acomptes vers\u00e9s

\n		\n

271

\n		\n

277

\n
\n

Cr\u00e9ances clients et comptes rattach\u00e9s

\n		\n

3\u00a0538

\n		\n

3\u00a0588

\n
\n

D\u00e9pr\u00e9ciations sur cr\u00e9ances clients et comptes rattach\u00e9s

\n		\n

(213)

\n		\n

(199)

\n
\n

Cr\u00e9ances sur op\u00e9rations du courrier international

\n		\n

384

\n		\n

378

\n
\n

Cr\u00e9ances sur l'\u00c9tat sur les compensations obtenues au titre des missions de service public

\n		\n

450

\n		\n

500

\n
\n

Autres cr\u00e9ances

\n		\n

700

\n		\n

670

\n
\n

D\u00e9pr\u00e9ciations sur autres cr\u00e9ances

\n		\n

(26)

\n		\n

(24)

\n
\n

Total

\n		\n

5\u00a0104

\n		\n

5\u00a0190

\n
\n

Les cr\u00e9ances sur op\u00e9rations du courrier international (384\u00a0millions d\u2019euros) sont d\u00e9tenues essentiellement envers les offices postaux \u00e9trangers au titre de la distribution en France du courrier confi\u00e9 par ces offices postaux (378\u00a0millions d\u2019euros en 2024).

\n

Parall\u00e8lement, les dettes fournisseurs et autres dettes comprennent des dettes sur op\u00e9rations du courrier international (cf. note\u00a033) pour 392\u00a0millions d\u2019euros, envers les offices postaux \u00e9trangers au titre du courrier \u00e0 destination des pays \u00e9trangers confi\u00e9 par La Poste \u00e0 ces offices postaux en vue de sa distribution (413\u00a0millions d\u2019euros en 2024).

\n

Les cr\u00e9ances sur l\u2019\u00c9tat sur les compensations obtenues au titre des missions de service public correspondent aux compensations en attente de r\u00e8glement. \u00c0 fin 2025, la ligne correspond \u00e0 la compensation au titre du service universel postal de l'ann\u00e9e 2025.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41345284947295252_0_0": { "value": "

3.10.2Cr\u00e9ances clients

\n

Lors de leur comptabilisation initiale, les cr\u00e9ances clients de l\u2019activit\u00e9 commerciale sont enregistr\u00e9es \u00e0 leur valeur nominale, qui correspond en substance \u00e0 la juste valeur des cr\u00e9ances.

\n

Des provisions sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41345326282948212_0_0": { "value": "

3.10.3Autres actifs financiers courants

\n

Il s\u2019agit pour l\u2019essentiel de la part court terme de la juste valeur des instruments financiers d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette obligataire de La\u00a0Poste (cf. notes\u00a03.15 et 29).

\n

Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

\n

Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

\n

3.11.9Instruments financiers d\u00e9riv\u00e9s et\u00a0comptabilit\u00e9 de couverture

\n

Un d\u00e9riv\u00e9 est un instrument financier ou un autre contrat qui pr\u00e9sente les trois caract\u00e9ristiques suivantes\u00a0:

\n

\u25cfsa valeur fluctue en fonction d\u2019un taux d\u2019int\u00e9r\u00eat, du prix d\u2019un instrument financier, du prix de mati\u00e8res premi\u00e8res, d\u2019un cours de change, d\u2019un indice de prix ou de cours, d\u2019une notation de cr\u00e9dit ou d\u2019un indice de cr\u00e9dit, ou d\u2019une autre variable appel\u00e9e sous-jacent\u00a0;

\n

\u25cfil requiert un investissement initial net nul ou plus faible qu\u2019un instrument financier non d\u00e9riv\u00e9 pour avoir la m\u00eame sensibilit\u00e9 \u00e0 la variation du sous-jacent\u00a0;

\n

\u25cfil est d\u00e9nou\u00e9 \u00e0 une date future.

\n

Les instruments financiers d\u00e9riv\u00e9s sont class\u00e9s en deux cat\u00e9gories\u00a0:

\n

D\u00e9riv\u00e9s d\u00e9tenus \u00e0 des fins de transaction

\n

Les d\u00e9riv\u00e9s sont des instruments financiers d\u00e9tenus \u00e0 des fins de transaction \u00e0 l\u2019exception des d\u00e9riv\u00e9s entrant dans une relation de couverture. Ils sont comptabilis\u00e9s au bilan parmi les instruments financiers en juste valeur par r\u00e9sultat. Les variations de juste valeur et les int\u00e9r\u00eats courus ou \u00e9chus sont comptabilis\u00e9s au sein du Produit Net Bancaire parmi les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08).

\n

Les d\u00e9riv\u00e9s sont par d\u00e9faut class\u00e9s dans les cat\u00e9gories Actifs (ou passifs) financiers \u00e0 la juste valeur par r\u00e9sultat, m\u00eame si \u00e9conomiquement, ils ont \u00e9t\u00e9 souscrits en vue de couvrir une ou plusieurs transactions.

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D\u00e9riv\u00e9s de couverture

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Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

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\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

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\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

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Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

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Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

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Couverture de juste valeur

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La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

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Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

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Macro-couverture

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Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

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Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

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La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

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Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

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Couverture de flux de tr\u00e9sorerie

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La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

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La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

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La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

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Couverture d\u2019un investissement net libell\u00e9 en devises

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La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

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La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

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Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

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Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

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3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

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Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

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Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

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3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

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Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145406393934556_0_0": { "value": "

Titres de participation non consolid\u00e9s

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Lorsqu\u2019ils ne sont pas d\u00e9tenus \u00e0 des fins de transaction, la norme IFRS\u00a09 permet en date de premi\u00e8re comptabilisation de chaque instrument d\u2019opter (de mani\u00e8re irr\u00e9vocable) pour un classement en juste valeur par le biais des capitaux propres non recyclables.

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Cette option est le plus souvent utilis\u00e9e pour les titres non consolid\u00e9s.

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Lorsque cette option est retenue, les gains ou les pertes latents comptabilis\u00e9s en capitaux propres ne sont pas recycl\u00e9s en r\u00e9sultat en cas de cession mais sont reclass\u00e9s en r\u00e9serves consolid\u00e9es. Seuls les \u00e9ventuels dividendes relatifs \u00e0 ces titres impactent le compte de r\u00e9sultat.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40152066687867369_0_0": { "value": "

3.11.3Actifs financiers au co\u00fbt amorti

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Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance (mod\u00e8le de gestion de collecte) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s au sein des actifs financiers au co\u00fbt amorti.

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L\u2019objectif du mod\u00e8le de gestion \u00ab\u00a0Collecte des flux contractuels\u00a0\u00bb est de d\u00e9tenir les actifs sur une longue dur\u00e9e ou jusqu\u2019\u00e0 maturit\u00e9 pour en percevoir les flux contractuels. Dans ce mod\u00e8le de gestion, les cessions sont possibles mais limit\u00e9es aux cessions r\u00e9alis\u00e9es dans le cadre d\u2019une augmentation du risque de cr\u00e9dit, aux cessions proches de la maturit\u00e9 de l\u2019instrument, aux cessions fr\u00e9quentes mais peu significatives et aux cessions isol\u00e9es m\u00eame si elles sont significatives.

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Les actifs financiers au co\u00fbt amorti sont comptabilis\u00e9s, apr\u00e8s leur comptabilisation initiale, en utilisant la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

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Le taux d\u2019int\u00e9r\u00eat effectif est le taux qui actualise exactement les flux de tr\u00e9sorerie futurs estim\u00e9s sur la dur\u00e9e de vie attendue d\u2019un actif financier \u00e0 sa juste valeur initiale. Il inclut les co\u00fbts de transaction et les produits accessoires (frais de dossier, commissions d\u2019engagement d\u00e8s lors que le tirage est plus probable qu\u2019improbable ou de participation) ainsi que toutes autres surcotes ou\u00a0d\u00e9cotes. Il s\u2019agit d\u2019un taux actuariel.

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Au sein du groupe, cette cat\u00e9gorie d\u2019actifs financiers comprend notamment l\u2019essentiel des pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le et aux \u00e9tablissements de cr\u00e9dit, ainsi que la plupart des titres de dettes entrant dans le cadre d\u2019investissement des activit\u00e9s bancaires.

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Modifications de contrats (ren\u00e9gociations\u00a0commerciales)

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Les pr\u00eats octroy\u00e9s par le groupe peuvent faire l'objet de restructurations pour difficult\u00e9s financi\u00e8res (cf.\u00a0section\u00a03.11.6) ou de ren\u00e9gociations commerciales m\u00eame en l\u2019absence de difficult\u00e9s financi\u00e8res ou d\u2019insolvabilit\u00e9 de l\u2019emprunteur.

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Ces op\u00e9rations concernent des clients pour lesquels le groupe accepte de ren\u00e9gocier la dette selon les nouvelles conditions du march\u00e9, dans le but de maintenir ou de d\u00e9velopper une relation commerciale, sans abandon de capital ou d\u2019int\u00e9r\u00eats courus. \u00c0 l\u2019exception des cas particuliers o\u00f9 la modification apport\u00e9e par la ren\u00e9gociation ne serait pas jug\u00e9e substantielle, les pr\u00eats ainsi ren\u00e9goci\u00e9s sont\u00a0d\u00e9comptabilis\u00e9s \u00e0 la date de ren\u00e9gociation et les nouveaux pr\u00eats, contractualis\u00e9s aux conditions ren\u00e9goci\u00e9es, leur sont substitu\u00e9s au bilan \u00e0 cette m\u00eame date.

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Actifs financiers restructur\u00e9s

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Les cr\u00e9ances restructur\u00e9es sont des cr\u00e9ances pour lesquelles le groupe a modifi\u00e9 les conditions financi\u00e8res d\u2019origine du fait de difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Les restructurations sont d\u00e9finies selon deux principaux crit\u00e8res\u00a0: les concessions accord\u00e9es par l\u2019\u00e9tablissement et les difficult\u00e9s financi\u00e8res de l\u2019emprunteur.

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Pour d\u00e9terminer le traitement comptable, le caract\u00e8re substantiel ou pas des modifications apport\u00e9es est analys\u00e9 sur la base d\u2019analyses quantitatives ou qualitatives.

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Lorsque la restructuration est consid\u00e9r\u00e9e comme substantielle, l\u2019actif financier restructur\u00e9 est\u00a0d\u00e9comptabilis\u00e9 et un nouvel instrument est comptabilis\u00e9.

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Lorsque la restructuration n\u2019est pas consid\u00e9r\u00e9e comme substantielle, le pr\u00eat est maintenu au bilan. La\u00a0d\u00e9cote de taux constat\u00e9e lors de la restructuration correspond \u00e0 la diff\u00e9rence entre la valeur nominale de la cr\u00e9ance avant la restructuration et la valeur actualis\u00e9e au taux d\u2019int\u00e9r\u00eat effectif d\u2019origine des nouveaux flux futurs attendus. Elle est enregistr\u00e9e en co\u00fbt du risque par contrepartie d\u2019une diminution de l\u2019encours correspondant au bilan. Elle est ensuite rapport\u00e9e au compte de r\u00e9sultat dans la marge d\u2019int\u00e9r\u00eat selon un mode actuariel sur la dur\u00e9e du pr\u00eat.

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L\u2019\u00e9ventuel abandon en capital est constat\u00e9 directement en r\u00e9sultat.

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Un actif conserve le statut d\u2019actif financier restructur\u00e9 d\u00e8s la survenance d\u2019une restructuration et jusqu\u2019\u00e0 sa\u00a0d\u00e9comptabilisation.

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Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0section\u00a03.11.6).

\n

Les montants des actifs restructur\u00e9s sont pr\u00e9sent\u00e9s en note\u00a035.2.4.

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Les principes appliqu\u00e9s aux actifs financiers faisant l\u2019objet d\u2019une ren\u00e9gociation commerciale (absence de difficult\u00e9s financi\u00e8res) sont pr\u00e9sent\u00e9s dans la section\u00a03.11.7.

\n", "dimensions": { "concept": "LEG:DescriptionOfAccountingPolicyForFinancialAssetsAtAmortisedCostExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40150800657013517_0_0": { "value": "

Modifications de contrats (ren\u00e9gociations\u00a0commerciales)

\n

Les pr\u00eats octroy\u00e9s par le groupe peuvent faire l'objet de restructurations pour difficult\u00e9s financi\u00e8res (cf.\u00a0section\u00a03.11.6) ou de ren\u00e9gociations commerciales m\u00eame en l\u2019absence de difficult\u00e9s financi\u00e8res ou d\u2019insolvabilit\u00e9 de l\u2019emprunteur.

\n

Ces op\u00e9rations concernent des clients pour lesquels le groupe accepte de ren\u00e9gocier la dette selon les nouvelles conditions du march\u00e9, dans le but de maintenir ou de d\u00e9velopper une relation commerciale, sans abandon de capital ou d\u2019int\u00e9r\u00eats courus. \u00c0 l\u2019exception des cas particuliers o\u00f9 la modification apport\u00e9e par la ren\u00e9gociation ne serait pas jug\u00e9e substantielle, les pr\u00eats ainsi ren\u00e9goci\u00e9s sont\u00a0d\u00e9comptabilis\u00e9s \u00e0 la date de ren\u00e9gociation et les nouveaux pr\u00eats, contractualis\u00e9s aux conditions ren\u00e9goci\u00e9es, leur sont substitu\u00e9s au bilan \u00e0 cette m\u00eame date.

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3.11.7D\u00e9comptabilisation d\u2019actifs et\u00a0passifs financiers

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Les actifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque les droits contractuels sur les flux de tr\u00e9sorerie attach\u00e9s \u00e0 l\u2019actif financier arrivent \u00e0 expiration ou lorsque ces droits et la quasi-totalit\u00e9 des risques et avantages li\u00e9s \u00e0 la propri\u00e9t\u00e9 ont \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 un tiers.

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Lorsque certains risques et avantages ont \u00e9t\u00e9 transf\u00e9r\u00e9s et le contr\u00f4le conserv\u00e9 sur l\u2019actif financier, ce dernier est maintenu au bilan dans la mesure de l\u2019implication continue.

\n

Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration. En cas de modification contractuelle (restructuration ou ren\u00e9gociation commerciale), un passif financier sera\u00a0d\u00e9comptabilis\u00e9 si la modification de contrat est substantielle. Si la modification n'est pas substantielle, le passif est maintenu au bilan. Afin de d\u00e9terminer si les conditions de la dette existante et celles de la nouvelle dette sont substantiellement diff\u00e9rentes, des tests qualitatif et quantitatif sont effectu\u00e9s.

\n

Op\u00e9rations de pension livr\u00e9e

\n

Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

\n

Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

\n

Op\u00e9rations de pr\u00eats de titres

\n

Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

\n

D\u00e9comptabilisation des passifs financiers

\n

Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40151945545391535_0_0": { "value": "

3.11.4Actifs financiers \u00e0 la juste valeur par\u00a0capitaux propres recyclables

\n

Les instruments de dette g\u00e9r\u00e9s en vue de collecter les flux de tr\u00e9sorerie contractuels et de vendre les actifs (mod\u00e8le de collecte et vente) et dont les flux contractuels sont uniquement constitu\u00e9s de paiements de principal et d\u2019int\u00e9r\u00eats sur le principal restant d\u00fb (respect du crit\u00e8re du Pr\u00eat basique\u00a0ou test SPPI) sont class\u00e9s dans les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables.

\n

Ces actifs sont comptabilis\u00e9s \u00e0 leur juste valeur lors de leur inscription initiale au bilan et entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation selon IFRS\u00a09.

\n

Les revenus courus ou acquis sont enregistr\u00e9s en r\u00e9sultat sur la base du taux d\u2019int\u00e9r\u00eat effectif parmi les Int\u00e9r\u00eats et produits assimil\u00e9s au sein du produit net bancaire.

\n

En date de cl\u00f4ture, cette cat\u00e9gorie d\u2019instruments financiers est \u00e9valu\u00e9e au bilan \u00e0 la juste valeur et les variations de juste valeur hors revenus sont enregistr\u00e9es par contrepartie des r\u00e9serves recyclables, \u00e0 l\u2019exception des \u00e9carts de change sur les actifs mon\u00e9taires en devises enregistr\u00e9s en r\u00e9sultat.

\n

De plus, ces instruments \u00e9tant soumis au mod\u00e8le de d\u00e9pr\u00e9ciation pour risque de cr\u00e9dit, les variations des pertes de cr\u00e9dit attendues sont comptabilis\u00e9es en r\u00e9sultat dans le co\u00fbt du risque des activit\u00e9s bancaires (cf. note\u00a012) et au sein du Produit Net Bancaire pour les activit\u00e9s d'assurance (cf. note\u00a08) en contrepartie des r\u00e9serves recyclables.

\n

Lors de la cession de ces titres, les gains ou pertes latents ant\u00e9rieurement constat\u00e9s en capitaux propres sont recycl\u00e9s en compte de r\u00e9sultat au sein du Produit Net Bancaire sur la ligne des Gains ou pertes nets des instruments financiers \u00e0 la juste valeur par capitaux propres (cf. note\u00a08).

\n", "dimensions": { "concept": "LEG:DescriptionOfAccountingPolicyForFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41345471075483672_0_0": { "value": "

3.11.5Actifs financiers \u00e0 la juste valeur par\u00a0r\u00e9sultat

\n

La cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par r\u00e9sultat est la cat\u00e9gorie par d\u00e9faut selon IFRS\u00a09. Les variations de juste valeur des actifs financiers class\u00e9s dans cette cat\u00e9gorie sont enregistr\u00e9es au compte de r\u00e9sultat.

\n

Elle comprend les titres de dette ne correspondant pas aux crit\u00e8res du pr\u00eat basique (par exemple les OPCVM) ainsi que les instruments de capitaux propres qui ne sont pas class\u00e9s dans la cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables (cf. note\u00a036.2). Cette cat\u00e9gorie englobe \u00e9galement l\u2019ensemble des actifs financiers d\u00e9tenus dans un mod\u00e8le de gestion n\u2019\u00e9tant ni un mod\u00e8le de collecte ni un mod\u00e8le de collecte et vente i.e. les actifs financiers, y compris les d\u00e9riv\u00e9s actifs, d\u00e9tenus \u00e0 des fins de transaction (c'est-\u00e0-dire acquis ou \u00e9mis avec l\u2019intention de les revendre \u00e0 br\u00e8ve \u00e9ch\u00e9ance).

\n
\n\n\n\n
\n

Au sein du groupe, cette cat\u00e9gorie comprend notamment les cr\u00e9dits aux collectivit\u00e9s locales \u00e9ligibles \u00e0 des cessions \u00e0 Caffil.

\n
\n

Figurent \u00e9galement dans cette cat\u00e9gorie, les actifs que le groupe a d\u00e9sign\u00e9s pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant une des conditions suivantes\u00a0:

\n

\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable (option possible uniquement en date de premi\u00e8re comptabilisation et de mani\u00e8re irr\u00e9vocable)\u00a0;

\n

\u25cfou si le risque de cr\u00e9dit est couvert par un d\u00e9riv\u00e9 (l\u2019option possible lors de la comptabilisation initiale ou bien ult\u00e9rieurement).

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059434_0": { "value": "

3.11.5Actifs financiers \u00e0 la juste valeur par\u00a0r\u00e9sultat

\n

La cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par r\u00e9sultat est la cat\u00e9gorie par d\u00e9faut selon IFRS\u00a09. Les variations de juste valeur des actifs financiers class\u00e9s dans cette cat\u00e9gorie sont enregistr\u00e9es au compte de r\u00e9sultat.

\n

Elle comprend les titres de dette ne correspondant pas aux crit\u00e8res du pr\u00eat basique (par exemple les OPCVM) ainsi que les instruments de capitaux propres qui ne sont pas class\u00e9s dans la cat\u00e9gorie Actifs financiers \u00e0 la juste valeur par capitaux propres non recyclables (cf. note\u00a036.2). Cette cat\u00e9gorie englobe \u00e9galement l\u2019ensemble des actifs financiers d\u00e9tenus dans un mod\u00e8le de gestion n\u2019\u00e9tant ni un mod\u00e8le de collecte ni un mod\u00e8le de collecte et vente i.e. les actifs financiers, y compris les d\u00e9riv\u00e9s actifs, d\u00e9tenus \u00e0 des fins de transaction (c'est-\u00e0-dire acquis ou \u00e9mis avec l\u2019intention de les revendre \u00e0 br\u00e8ve \u00e9ch\u00e9ance).

\n
\n\n\n\n
\n

Au sein du groupe, cette cat\u00e9gorie comprend notamment les cr\u00e9dits aux collectivit\u00e9s locales \u00e9ligibles \u00e0 des cessions \u00e0 Caffil.

\n
\n

Figurent \u00e9galement dans cette cat\u00e9gorie, les actifs que le groupe a d\u00e9sign\u00e9s pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant une des conditions suivantes\u00a0:

\n

\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable (option possible uniquement en date de premi\u00e8re comptabilisation et de mani\u00e8re irr\u00e9vocable)\u00a0;

\n

\u25cfou si le risque de cr\u00e9dit est couvert par un d\u00e9riv\u00e9 (l\u2019option possible lors de la comptabilisation initiale ou bien ult\u00e9rieurement).

\n

23.1Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n

D\u00e9composition par natures d\u2019instruments

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

28\u00a0179

\n		\n

24\u00a0666

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

29\u00a0377

\n		\n

28\u00a0714

\n
\n

OPCVM

\n		\n

114\u00a0401

\n		\n

107\u00a0930

\n
\n

Instruments de dettes

\n		\n

171\u00a0957

\n		\n

161\u00a0310

\n
\n

Actions et autres titres \u00e0 revenu variable

\n		\n

24\u00a0018

\n		\n

21\u00a0815

\n
\n

Instruments de capitaux propres

\n		\n

24\u00a0018

\n		\n

21\u00a0815

\n
\n

Client\u00e8le

\n		\n

6\u00a0441

\n		\n

6\u00a0967

\n
\n

Pr\u00eats et avances

\n		\n

6\u00a0441

\n		\n

6\u00a0967

\n
\n

De taux

\n		\n

5\u00a0421

\n		\n

5\u00a0651

\n
\n

De change

\n		\n

140

\n		\n

149

\n
\n

De cr\u00e9dit

\n		\n

7

\n		\n

\n
\n

Sur actions et indices

\n		\n

167

\n		\n

207

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

5\u00a0734

\n		\n

6\u00a0007

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

1\u00a0269

\n		\n

225

\n
\n

Client\u00e8le

\n		\n

10\u00a0171

\n		\n

7\u00a0558

\n
\n

Titres et valeurs re\u00e7us en pension livr\u00e9e

\n		\n

11\u00a0440

\n		\n

7\u00a0784

\n
\n

Total

\n		\n

219\u00a0591

\n		\n

203\u00a0882

\n
\n

D\u00e9composition par cat\u00e9gories IFRS\u00a09

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0214

\n		\n

16\u00a0826

\n
\n

Actifs financiers non SPPI et instruments de capitaux propres

\n		\n

90\u00a0933

\n		\n

93\u00a0288

\n
\n

Actifs financiers repr\u00e9sentatifs des contrats en unit\u00e9 de compte

\n		\n

105\u00a0826

\n		\n

90\u00a0825

\n
\n

Actifs financiers \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

2\u00a0943

\n
\n

Total

\n		\n

219\u00a0591

\n		\n

203\u00a0882

\n
\n

32.1Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

De taux

\n		\n

4\u00a0314

\n		\n

4\u00a0640

\n
\n

De change

\n		\n

357

\n		\n

543

\n
\n

De cr\u00e9dit

\n		\n

14

\n		\n

2

\n
\n

Sur actions et indices

\n		\n

50

\n		\n

128

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

4\u00a0736

\n		\n

5\u00a0312

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

4\u00a0850

\n		\n

5\u00a0071

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

4\u00a0021

\n		\n

2\u00a0225

\n
\n

Client\u00e8le

\n		\n

6\u00a0051

\n		\n

4\u00a0950

\n
\n

Titres et valeurs donn\u00e9s en pension livr\u00e9e

\n		\n

10\u00a0072

\n		\n

7\u00a0176

\n
\n

Total

\n		\n

19\u00a0658

\n		\n

17\u00a0559

\n
\n

Les lignes Actifs financiers \u00e0 la juste valeur par r\u00e9sultat et les actifs financiers \u00e0 la juste valeur par capitaux propres recyclables et non recyclables sont d\u00e9taill\u00e9es ci-apr\u00e8s\u00a0:

\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de dettes

\n		\n

175\u00a0121

\n		\n

165\u00a0007

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

2\u00a0148

\n		\n

2\u00a0100

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

13\u00a0350

\n		\n

13\u00a0998

\n
\n

OPCVM

\n		\n

57\u00a0457

\n		\n

59\u00a0598

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

98\u00a0673

\n		\n

85\u00a0366

\n
\n

Pr\u00eats et avances

\n		\n

3\u00a0494

\n		\n

3\u00a0945

\n
\n

Instruments de capitaux propres

\n		\n

23\u00a0968

\n		\n

21\u00a0756

\n
\n

Actions et autres titres \u00e0 revenu variable

\n		\n

16\u00a0814

\n		\n

16\u00a0298

\n
\n

Actifs repr\u00e9sentatifs de contrats en UC

\n		\n

7\u00a0153

\n		\n

5\u00a0458

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

958

\n		\n

892

\n
\n

Actifs financiers a la juste valeur par r\u00e9sultat

\n		\n

200\u00a0046

\n		\n

187\u00a0656

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40152696561978412_0_0": { "value": "

Op\u00e9rations de pension livr\u00e9e

\n

Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

\n

Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

\n

Op\u00e9rations de pr\u00eats de titres

\n

Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059535_0": { "value": "

Op\u00e9rations de pension livr\u00e9e

\n

Chez le c\u00e9dant, les titres ne sont pas\u00a0d\u00e9comptabilis\u00e9s. Le groupe enregistre un passif repr\u00e9sentatif de l\u2019engagement de restitution des esp\u00e8ces re\u00e7ues. Cette dette constitue un passif financier enregistr\u00e9 au co\u00fbt amorti (cf.\u00a0notes\u00a032.3 et 32.4), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les passifs \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a032.1). Lors des arr\u00eat\u00e9s suivants, les titres continuent d\u2019\u00eatre \u00e9valu\u00e9s chez le c\u00e9dant suivant les r\u00e8gles de leur cat\u00e9gorie d\u2019origine.

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Chez le cessionnaire il n\u2019y a pas de comptabilisation des actifs re\u00e7us mais comptabilisation d\u2019une cr\u00e9ance sur le c\u00e9dant repr\u00e9sentative des esp\u00e8ces pr\u00eat\u00e9es. Cette cr\u00e9ance figure en valeur nominale dans les pr\u00eats et cr\u00e9ances (cf. notes\u00a023.5 et 23.6), \u00e0 l\u2019exception des op\u00e9rations initi\u00e9es dans le cadre des activit\u00e9s de trading qui sont enregistr\u00e9es parmi les Actifs financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a023.1).

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Op\u00e9rations de pr\u00eats de titres

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Les pr\u00eats/emprunts de titres ne peuvent pas \u00eatre assimil\u00e9s \u00e0 un transfert d\u2019actif financier au sens des IFRS. Ces op\u00e9rations ne peuvent donc donner lieu \u00e0 une\u00a0d\u00e9comptabilisation des titres pr\u00eat\u00e9s qui restent comptabilis\u00e9s dans leur cat\u00e9gorie comptable d\u2019origine et valoris\u00e9s suivant les r\u00e8gles de celle-ci.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41345579157006626_0_0": { "value": "

3.11.8Dettes financi\u00e8res

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Principe g\u00e9n\u00e9ral de classement des\u00a0dettes\u00a0financi\u00e8res

\n

Tous les passifs financiers sont par d\u00e9faut class\u00e9s dans la cat\u00e9gorie au co\u00fbt amorti.

\n

En date de cl\u00f4ture, ces dettes sont enregistr\u00e9es au bilan soit en \u00ab\u00a0Dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0\u00bb, soit en \u00ab\u00a0Dettes envers la client\u00e8le\u00a0\u00bb, soit en \u00ab\u00a0Dettes repr\u00e9sent\u00e9es par un titre\u00a0\u00bb soit en \u00ab\u00a0Dettes subordonn\u00e9es\u00a0\u00bb.

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Elles sont \u00e9valu\u00e9es selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif sauf si elles ont fait l\u2019objet d\u2019une couverture en juste valeur.

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Dettes envers les \u00e9tablissements de\u00a0cr\u00e9dit\u00a0et\u00a0la\u00a0client\u00e8le

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Les dettes envers les \u00e9tablissements de cr\u00e9dit et dettes envers la client\u00e8le sont ventil\u00e9es d\u2019apr\u00e8s leur dur\u00e9e initiale ou leur nature\u00a0: dettes \u00e0 vue (d\u00e9p\u00f4ts \u00e0 vue, comptes ordinaires) ou \u00e0 terme (compte d\u2019\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial). Ces dettes comprennent les titres donn\u00e9s en pension livr\u00e9e et les valeurs donn\u00e9es en pension.

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Dettes repr\u00e9sent\u00e9es par un titre

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Les dettes repr\u00e9sent\u00e9es par un titre sont constitu\u00e9es des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables effectu\u00e9es par le groupe.

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Dettes subordonn\u00e9es

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Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

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Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

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Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

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\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

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\n\n\n\n
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Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

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\n

\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

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\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

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Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

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Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

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Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

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Reclassement de passifs financiers

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Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

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D\u00e9comptabilisation des passifs financiers

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Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

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3.11.9Instruments financiers d\u00e9riv\u00e9s et\u00a0comptabilit\u00e9 de couverture

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Un d\u00e9riv\u00e9 est un instrument financier ou un autre contrat qui pr\u00e9sente les trois caract\u00e9ristiques suivantes\u00a0:

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\u25cfsa valeur fluctue en fonction d\u2019un taux d\u2019int\u00e9r\u00eat, du prix d\u2019un instrument financier, du prix de mati\u00e8res premi\u00e8res, d\u2019un cours de change, d\u2019un indice de prix ou de cours, d\u2019une notation de cr\u00e9dit ou d\u2019un indice de cr\u00e9dit, ou d\u2019une autre variable appel\u00e9e sous-jacent\u00a0;

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\u25cfil requiert un investissement initial net nul ou plus faible qu\u2019un instrument financier non d\u00e9riv\u00e9 pour avoir la m\u00eame sensibilit\u00e9 \u00e0 la variation du sous-jacent\u00a0;

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\u25cfil est d\u00e9nou\u00e9 \u00e0 une date future.

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Les instruments financiers d\u00e9riv\u00e9s sont class\u00e9s en deux cat\u00e9gories\u00a0:

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D\u00e9riv\u00e9s d\u00e9tenus \u00e0 des fins de transaction

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Les d\u00e9riv\u00e9s sont des instruments financiers d\u00e9tenus \u00e0 des fins de transaction \u00e0 l\u2019exception des d\u00e9riv\u00e9s entrant dans une relation de couverture. Ils sont comptabilis\u00e9s au bilan parmi les instruments financiers en juste valeur par r\u00e9sultat. Les variations de juste valeur et les int\u00e9r\u00eats courus ou \u00e9chus sont comptabilis\u00e9s au sein du Produit Net Bancaire parmi les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08).

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Les d\u00e9riv\u00e9s sont par d\u00e9faut class\u00e9s dans les cat\u00e9gories Actifs (ou passifs) financiers \u00e0 la juste valeur par r\u00e9sultat, m\u00eame si \u00e9conomiquement, ils ont \u00e9t\u00e9 souscrits en vue de couvrir une ou plusieurs transactions.

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D\u00e9riv\u00e9s de couverture

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Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

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\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

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\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

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Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

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Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

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Couverture de juste valeur

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La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

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Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

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Macro-couverture

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Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

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Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

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La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

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Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

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Couverture de flux de tr\u00e9sorerie

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La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

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La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

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La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

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Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

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D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

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En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

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Couverture d\u2019un investissement net libell\u00e9 en devises

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La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

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La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

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Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

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Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

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3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

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Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

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Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

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3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

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Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

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23.2Instruments d\u00e9riv\u00e9s de couverture

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de taux d'int\u00e9r\u00eat

\n		\n

346

\n		\n

327

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Instruments de devises

\n		\n

48

\n		\n

159

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Total

\n		\n

395

\n		\n

486

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29.5Instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 l\u2019activit\u00e9 industrielle et\u00a0commerciale

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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(en\u00a0millions d'euros)

\n		\n

Juste valeur au 31/12/2025

\n		\n

Juste valeur au 31/12/2024

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\n

Actif

\n		\n

Passif

\n		\n

Actif

\n		\n

Passif

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\n

D\u00e9riv\u00e9s de couverture

\n
\n

Couverture de flux de tr\u00e9sorerie

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

\n
\n

Total d\u00e9riv\u00e9s li\u00e9s \u00e0 la dette

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

\n
\n

Autres

\n
\n

Instruments d\u00e9riv\u00e9s de change

\n		\n

11

\n		\n

3

\n		\n

8

\n		\n

26

\n
\n

Total d\u00e9riv\u00e9s hors activit\u00e9s bancaires

\n		\n

11

\n		\n

3

\n		\n

8

\n		\n

26

\n
\n

R\u00e9serves restant \u00e0 amortir sur d\u00e9riv\u00e9s de couverture interrompus

\n
\n

D\u00e9riv\u00e9s de couverture de flux de tr\u00e9sorerie

\n		\n

2

\n		\n

\n		\n

3

\n		\n

\n
\n

32.2Instruments d\u00e9riv\u00e9s de couverture

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Instruments de taux d'int\u00e9r\u00eat

\n		\n

1\u00a0392

\n		\n

1\u00a0958

\n
\n

Instruments de devises

\n		\n

48

\n		\n

0

\n
\n

Total

\n		\n

1\u00a0440

\n		\n

1\u00a0958

\n
\n

38.4Instruments financiers de couverture

\n

Activit\u00e9s non bancaires

\n

Cf. note\u00a029.

\n

Activit\u00e9s bancaires

\n

Cf. note\u00a032.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_41349260295414892_0_0": { "value": "

3.11.8Dettes financi\u00e8res

\n

Principe g\u00e9n\u00e9ral de classement des\u00a0dettes\u00a0financi\u00e8res

\n

Tous les passifs financiers sont par d\u00e9faut class\u00e9s dans la cat\u00e9gorie au co\u00fbt amorti.

\n

En date de cl\u00f4ture, ces dettes sont enregistr\u00e9es au bilan soit en \u00ab\u00a0Dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0\u00bb, soit en \u00ab\u00a0Dettes envers la client\u00e8le\u00a0\u00bb, soit en \u00ab\u00a0Dettes repr\u00e9sent\u00e9es par un titre\u00a0\u00bb soit en \u00ab\u00a0Dettes subordonn\u00e9es\u00a0\u00bb.

\n

Elles sont \u00e9valu\u00e9es selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif sauf si elles ont fait l\u2019objet d\u2019une couverture en juste valeur.

\n

Dettes envers les \u00e9tablissements de\u00a0cr\u00e9dit\u00a0et\u00a0la\u00a0client\u00e8le

\n

Les dettes envers les \u00e9tablissements de cr\u00e9dit et dettes envers la client\u00e8le sont ventil\u00e9es d\u2019apr\u00e8s leur dur\u00e9e initiale ou leur nature\u00a0: dettes \u00e0 vue (d\u00e9p\u00f4ts \u00e0 vue, comptes ordinaires) ou \u00e0 terme (compte d\u2019\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial). Ces dettes comprennent les titres donn\u00e9s en pension livr\u00e9e et les valeurs donn\u00e9es en pension.

\n

Dettes repr\u00e9sent\u00e9es par un titre

\n

Les dettes repr\u00e9sent\u00e9es par un titre sont constitu\u00e9es des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables effectu\u00e9es par le groupe.

\n

Dettes subordonn\u00e9es

\n

Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n

Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

\n

\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

\n
\n\n\n\n
\n

Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

\n
\n

\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

\n

\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

\n

Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

\n

Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

\n

Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

\n

Reclassement de passifs financiers

\n

Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

\n

D\u00e9comptabilisation des passifs financiers

\n

Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

\n

3.11.9Instruments financiers d\u00e9riv\u00e9s et\u00a0comptabilit\u00e9 de couverture

\n

Un d\u00e9riv\u00e9 est un instrument financier ou un autre contrat qui pr\u00e9sente les trois caract\u00e9ristiques suivantes\u00a0:

\n

\u25cfsa valeur fluctue en fonction d\u2019un taux d\u2019int\u00e9r\u00eat, du prix d\u2019un instrument financier, du prix de mati\u00e8res premi\u00e8res, d\u2019un cours de change, d\u2019un indice de prix ou de cours, d\u2019une notation de cr\u00e9dit ou d\u2019un indice de cr\u00e9dit, ou d\u2019une autre variable appel\u00e9e sous-jacent\u00a0;

\n

\u25cfil requiert un investissement initial net nul ou plus faible qu\u2019un instrument financier non d\u00e9riv\u00e9 pour avoir la m\u00eame sensibilit\u00e9 \u00e0 la variation du sous-jacent\u00a0;

\n

\u25cfil est d\u00e9nou\u00e9 \u00e0 une date future.

\n

Les instruments financiers d\u00e9riv\u00e9s sont class\u00e9s en deux cat\u00e9gories\u00a0:

\n

D\u00e9riv\u00e9s d\u00e9tenus \u00e0 des fins de transaction

\n

Les d\u00e9riv\u00e9s sont des instruments financiers d\u00e9tenus \u00e0 des fins de transaction \u00e0 l\u2019exception des d\u00e9riv\u00e9s entrant dans une relation de couverture. Ils sont comptabilis\u00e9s au bilan parmi les instruments financiers en juste valeur par r\u00e9sultat. Les variations de juste valeur et les int\u00e9r\u00eats courus ou \u00e9chus sont comptabilis\u00e9s au sein du Produit Net Bancaire parmi les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08).

\n

Les d\u00e9riv\u00e9s sont par d\u00e9faut class\u00e9s dans les cat\u00e9gories Actifs (ou passifs) financiers \u00e0 la juste valeur par r\u00e9sultat, m\u00eame si \u00e9conomiquement, ils ont \u00e9t\u00e9 souscrits en vue de couvrir une ou plusieurs transactions.

\n

D\u00e9riv\u00e9s de couverture

\n

Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

\n

\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

\n

\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

\n

Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

\n

Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

\n

Couverture de juste valeur

\n

La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

\n

Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

\n

D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

\n

En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

\n

Macro-couverture

\n

Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

\n

Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

\n
\n\n\n\n
\n

La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

\n
\n

Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

\n

Couverture de flux de tr\u00e9sorerie

\n

La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

\n

La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

\n

La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

\n

Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

\n

D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

\n

En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

\n

Couverture d\u2019un investissement net libell\u00e9 en devises

\n

La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

\n

La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

\n

Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

\n

Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

\n

3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

\n

Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

\n

Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

\n

3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

\n

Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40152811194612279_0_0": { "value": "

3.11.8Dettes financi\u00e8res

\n

Principe g\u00e9n\u00e9ral de classement des\u00a0dettes\u00a0financi\u00e8res

\n

Tous les passifs financiers sont par d\u00e9faut class\u00e9s dans la cat\u00e9gorie au co\u00fbt amorti.

\n

En date de cl\u00f4ture, ces dettes sont enregistr\u00e9es au bilan soit en \u00ab\u00a0Dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0\u00bb, soit en \u00ab\u00a0Dettes envers la client\u00e8le\u00a0\u00bb, soit en \u00ab\u00a0Dettes repr\u00e9sent\u00e9es par un titre\u00a0\u00bb soit en \u00ab\u00a0Dettes subordonn\u00e9es\u00a0\u00bb.

\n

Elles sont \u00e9valu\u00e9es selon la m\u00e9thode du taux d\u2019int\u00e9r\u00eat effectif sauf si elles ont fait l\u2019objet d\u2019une couverture en juste valeur.

\n

Dettes envers les \u00e9tablissements de\u00a0cr\u00e9dit\u00a0et\u00a0la\u00a0client\u00e8le

\n

Les dettes envers les \u00e9tablissements de cr\u00e9dit et dettes envers la client\u00e8le sont ventil\u00e9es d\u2019apr\u00e8s leur dur\u00e9e initiale ou leur nature\u00a0: dettes \u00e0 vue (d\u00e9p\u00f4ts \u00e0 vue, comptes ordinaires) ou \u00e0 terme (compte d\u2019\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial). Ces dettes comprennent les titres donn\u00e9s en pension livr\u00e9e et les valeurs donn\u00e9es en pension.

\n

Dettes repr\u00e9sent\u00e9es par un titre

\n

Les dettes repr\u00e9sent\u00e9es par un titre sont constitu\u00e9es des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables effectu\u00e9es par le groupe.

\n

Dettes subordonn\u00e9es

\n

Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n

Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

\n

\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

\n
\n\n\n\n
\n

Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

\n
\n

\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

\n

\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

\n

Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

\n

Passifs financiers comportant des d\u00e9riv\u00e9s incorpor\u00e9s

\n

Un d\u00e9riv\u00e9 incorpor\u00e9 est une composante d\u2019un passif hybride. Il est extrait du contrat h\u00f4te et comptabilis\u00e9 s\u00e9par\u00e9ment lorsque, d\u00e8s l\u2019initiation du contrat, ses caract\u00e9ristiques \u00e9conomiques et les risques associ\u00e9s ne sont pas \u00e9troitement li\u00e9s \u00e0 ceux du contrat h\u00f4te sauf dans le cas o\u00f9 le passif hybride est \u00e9valu\u00e9 dans son ensemble en juste valeur par le r\u00e9sultat. Cette cat\u00e9gorie de passifs comprend notamment au sein du groupe les \u00e9missions structur\u00e9es (Indexation Euro Stoxx).

\n

Reclassement de passifs financiers

\n

Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

\n

D\u00e9comptabilisation des passifs financiers

\n

Les passifs financiers sont\u00a0d\u00e9comptabilis\u00e9s lorsque l\u2019obligation contractuelle est \u00e9teinte, annul\u00e9e ou arriv\u00e9e \u00e0 expiration.

\n

3.14Distinction entre instruments de dettes et\u00a0instruments de\u00a0capitaux\u00a0propres

\n

3.14.1Distinction entre instruments de\u00a0dette et instruments de\u00a0capitaux\u00a0propres

\n

La distinction entre les instruments de dette et les instruments de capitaux propres reposent sur l\u2019analyse en substance des caract\u00e9ristiques contractuelles de chaque instrument.

\n

Un instrument de dette non d\u00e9riv\u00e9 constitue une obligation contractuelle de remettre des liquidit\u00e9s ou un autre actif financier ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

\n

Un instrument de capitaux propres non d\u00e9riv\u00e9 est un contrat mettant en \u00e9vidence un int\u00e9r\u00eat r\u00e9siduel dans l\u2019actif net d\u2019une entit\u00e9 qui de fait ne pr\u00e9sente pas d\u2019obligation contractuelle de remettre des liquidit\u00e9s ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

\n

3.14.2Titres super subordonn\u00e9s \u00e0\u00a0dur\u00e9e\u00a0ind\u00e9termin\u00e9e

\n

Les titres super subordonn\u00e9s \u00e0 dur\u00e9e ind\u00e9termin\u00e9e sont class\u00e9s en instruments de dettes ou de capitaux propres notamment en fonction de leur mode de r\u00e9mun\u00e9ration selon qu\u2019il est discr\u00e9tionnaire ou non.

\n

Lorsque les titres subordonn\u00e9s \u00e9mis r\u00e9pondent aux crit\u00e8res de classement en \u00ab\u00a0instruments de capitaux propres\u00a0\u00bb les coupons sont trait\u00e9s comme des dividendes venant en diminution des capitaux propres.

\n

Toutes les autres obligations, perp\u00e9tuelles ou remboursables, notamment celles pr\u00e9sentant une \u00e9ch\u00e9ance de remboursement, sont class\u00e9es en dettes subordonn\u00e9es en application de la norme IAS\u00a032.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40152873406548916_0_0": { "value": "

Dettes subordonn\u00e9es

\n

Les dettes subordonn\u00e9es comprennent les dettes dont le remboursement, en cas de liquidation du d\u00e9biteur n\u2019est possible qu\u2019apr\u00e8s d\u00e9sint\u00e9ressement des autres cr\u00e9anciers privil\u00e9gi\u00e9s ou chirographaires. Ces dettes sont valoris\u00e9es selon la m\u00e9thode du co\u00fbt amorti sauf si elles font l\u2019objet d\u2019une couverture en juste valeur.

\n

3.14.2Titres super subordonn\u00e9s \u00e0\u00a0dur\u00e9e\u00a0ind\u00e9termin\u00e9e

\n

Les titres super subordonn\u00e9s \u00e0 dur\u00e9e ind\u00e9termin\u00e9e sont class\u00e9s en instruments de dettes ou de capitaux propres notamment en fonction de leur mode de r\u00e9mun\u00e9ration selon qu\u2019il est discr\u00e9tionnaire ou non.

\n

Lorsque les titres subordonn\u00e9s \u00e9mis r\u00e9pondent aux crit\u00e8res de classement en \u00ab\u00a0instruments de capitaux propres\u00a0\u00bb les coupons sont trait\u00e9s comme des dividendes venant en diminution des capitaux propres.

\n

Toutes les autres obligations, perp\u00e9tuelles ou remboursables, notamment celles pr\u00e9sentant une \u00e9ch\u00e9ance de remboursement, sont class\u00e9es en dettes subordonn\u00e9es en application de la norme IAS\u00a032.

\n

27.2Dette hybride

\n

La Poste a proc\u00e9d\u00e9 en\u00a0janvier\u00a02025 \u00e0 une \u00e9mission publique de titres hybrides en euros pour un montant de 750\u00a0millions d\u2019euros. Les titres \u00e9mis ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de La Poste \u00e0 partir du second semestre de la 6e ann\u00e9e. Conform\u00e9ment \u00e0 la norme IAS\u00a032, ils sont enregistr\u00e9s dans les capitaux propres du groupe (cf. note\u00a01).

\n

29.4Emprunts obligataires et dette subordonn\u00e9e

\n

Au 31\u00a0d\u00e9cembre 2025, les emprunts obligataires du groupe dont le montant nominal est sup\u00e9rieur \u00e0 500\u00a0millions d\u2019euros sont les suivants\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Date d'\u00e9mission

\n		\n

\u00c9ch\u00e9ance

\n		\n

Devise

\n		\n

Taux facial

\n		\n

Montant nominal

\n

(en\u00a0millions de devises)

\n		\n

Mode de comptabilisation

\n
\n

2018

\n		\n

2028

\n		\n

Euro

\n		\n

1,450%

\n		\n

500

\n		\n

Co\u00fbt amorti

\n
\n

2019

\n		\n

2027

\n		\n

Euro

\n		\n

0,375%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2019-2021-2022

\n		\n

2034

\n		\n

Euro

\n		\n

1,000%

\n		\n

1\u00a0000

\n		\n

Co\u00fbt amorti

\n
\n

2020-2021-2022

\n		\n

2026

\n		\n

Euro

\n		\n

0,625%

\n		\n

875

\n		\n

Co\u00fbt amorti

\n
\n

2020

\n		\n

2032

\n		\n

Euro

\n		\n

1,375%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2021-2022

\n		\n

2029

\n		\n

Euro

\n		\n

0,000%

\n		\n

1\u00a0050

\n		\n

Co\u00fbt amorti

\n
\n

2021-2023

\n		\n

2036

\n		\n

Euro

\n		\n

0,625%

\n		\n

1\u00a0150

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2028

\n		\n

Euro

\n		\n

2,625%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2022

\n		\n

2033

\n		\n

Euro

\n		\n

3,125%

\n		\n

600

\n		\n

Co\u00fbt amorti

\n
\n

2023-2025

\n		\n

2030

\n		\n

Euro

\n		\n

3,750%

\n		\n

850

\n		\n

Co\u00fbt amorti

\n
\n

2023

\n		\n

2035

\n		\n

Euro

\n		\n

4,000%

\n		\n

950

\n		\n

Co\u00fbt amorti

\n
\n

Total des emprunts obligataires au co\u00fbt amorti

\n		\n

9\u00a0725

\n		\n

\n
\n

La ventilation de la dette obligataire au 31\u00a0d\u00e9cembre 2025, par nature de taux, est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Structure de la dette avant swaps de\u00a0variabilisation

\n		\n

Incidence des op\u00e9rations de variabilisation

\n		\n

Structure de la dette apr\u00e8s swaps de\u00a0variabilisation

\n
\n

Emprunts taux fixe

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

Total des emprunts

\n		\n

9\u00a0590

\n		\n

100%

\n		\n

\n		\n

9\u00a0590

\n		\n

100%

\n
\n

R\u00e9partition de la dette par devises

\n

La dette obligataire au 31\u00a0d\u00e9cembre 2025 est int\u00e9gralement libell\u00e9e en euros.

\n

32.8Dettes subordonn\u00e9es

\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Dettes subordonn\u00e9es

\n		\n

8\u00a0882

\n		\n

10\u00a0042

\n
\n

Les dettes subordonn\u00e9es sont d\u00e9taill\u00e9es dans le tableau ci-apr\u00e8s.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Date d'\u00e9mission

\n		\n

Date d'\u00e9ch\u00e9ance

\n		\n

Taux servi

\n		\n

Montant de l'\u00e9mission en devises

\n		\n

Devises

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Dettes subordonn\u00e9es remboursables

\n		\n

\n		\n

\n		\n

\n		\n

8\u00a0095

\n		\n

9\u00a0178

\n
\n

La Banque Postale

\n		\n

09/06/2016

\n		\n

09/06/2028

\n		\n

3,00%

\n		\n

500

\n		\n

EUR

\n		\n

488

\n		\n

481

\n
\n

La Banque Postale

\n		\n

05/10/2016

\n		\n

05/10/2028

\n		\n

2,25%

\n		\n

100

\n		\n

EUR

\n		\n

95

\n		\n

93

\n
\n

La Banque Postale

\n		\n

19/01/2017

\n		\n

09/06/2028

\n		\n

3,00%

\n		\n

150

\n		\n

EUR

\n		\n

147

\n		\n

145

\n
\n

La Banque Postale

\n		\n

26/10/2020

\n		\n

26/01/2031

\n		\n

0,875%

\n		\n

500

\n		\n

EUR

\n		\n

\n		\n

492

\n
\n

La Banque Postale

\n		\n

02/02/2021

\n		\n

02/08/2032

\n		\n

0,75%

\n		\n

500

\n		\n

EUR

\n		\n

484

\n		\n

470

\n
\n

La Banque Postale

\n		\n

27/04/2021

\n		\n

02/08/2032

\n		\n

0,75%

\n		\n

250

\n		\n

EUR

\n		\n

242

\n		\n

235

\n
\n

La Banque Postale

\n		\n

05/12/2022

\n		\n

05/03/2034

\n		\n

5,50%

\n		\n

500

\n		\n

EUR

\n		\n

525

\n		\n

529

\n
\n

CNP Assurances

\n		\n

05/06/2014

\n		\n

05/06/2045

\n		\n

4,25% jusqu'en\u00a0juin\u00a02025
puis reset taux fixe swap 5\u00a0ans +\u00a0360\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

\n		\n

518

\n
\n

CNP Assurances

\n		\n

10/12/2015

\n		\n

10/06/2047

\n		\n

4,5% jusqu'en\u00a0juin\u00a02027
puis Euribor 3M +\u00a0460\u00a0bps

\n		\n

750

\n		\n

EUR

\n		\n

801

\n		\n

823

\n
\n

CNP Assurances

\n		\n

22/01/2016

\n		\n

22/01/2049

\n		\n

6% jusqu'en\u00a0janvier\u00a02049

\n		\n

500

\n		\n

USD

\n		\n

458

\n		\n

526

\n
\n

CNP Assurances

\n		\n

05/02/2019

\n		\n

05/02/2029

\n		\n

2,75% jusqu'en\u00a0f\u00e9vrier\u00a02029

\n		\n

500

\n		\n

EUR

\n		\n

540

\n		\n

549

\n
\n

CNP Assurances

\n		\n

27/11/2019

\n		\n

27/07/2050

\n		\n

2,00% jusqu'en\u00a0juin\u00a02030
puis Euribor 3M +\u00a0300\u00a0bps

\n		\n

750

\n		\n

EUR

\n		\n

769

\n		\n

771

\n
\n

CNP Assurances

\n		\n

10/12/2019

\n		\n

15/01/2027

\n		\n

0,80% jusqu'en\u00a0janvier\u00a02027

\n		\n

250

\n		\n

EUR

\n		\n

252

\n		\n

253

\n
\n

CNP Assurances

\n		\n

30/06/2020

\n		\n

30/09/2051

\n		\n

2,5% jusqu'en\u00a0juin\u00a02031
puis Euribor 3M +\u00a0365\u00a0bps

\n		\n

750

\n		\n

EUR

\n		\n

760

\n		\n

759

\n
\n

CNP Assurances

\n		\n

08/12/2020

\n		\n

08/03/2028

\n		\n

0,375% jusqu'en\u00a0mars\u00a02028

\n		\n

500

\n		\n

EUR

\n		\n

502

\n		\n

502

\n
\n

CNP Assurances

\n		\n

12/10/2021

\n		\n

12/10/2053

\n		\n

1,875% jusqu'en octobre\u00a02033 puis Euribor 3M +\u00a0270\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

502

\n		\n

502

\n
\n

CNP Assurances

\n		\n

27/01/2022

\n		\n

27/01/2029

\n		\n

1,25% sur toute la dur\u00e9e du titre

\n		\n

500

\n		\n

EUR

\n		\n

506

\n		\n

506

\n
\n

CNP Assurances

\n		\n

18/01/2023

\n		\n

18/07/2053

\n		\n

5,25% jusqu'en\u00a0juillet\u00a02033
puis Euribor 3M +\u00a0345\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

512

\n		\n

512

\n
\n

CNP Assurances

\n		\n

16/07/2024

\n		\n

16/07/2054

\n		\n

4,875% jusqu'en\u00a0juillet\u00a02034
puis Euribor 3M +\u00a0310\u00a0bps

\n		\n

500

\n		\n

EUR

\n		\n

512

\n		\n

511

\n
\n

Dettes subordonn\u00e9es perp\u00e9tuelles

\n		\n

\n		\n

\n		\n

\n		\n

787

\n		\n

865

\n
\n

CNP Assurances

\n		\n

15/11/2004

\n		\n

\n		\n

4,93% jusqu'en 2016 et Euribor 3M +\u00a01,60% \u00e0 partir du 15/11/2016

\n		\n

90

\n		\n

EUR

\n		\n

90

\n		\n

90

\n
\n

CNP Assurances

\n		\n

15/11/2004

\n		\n

\n		\n

Euribor 3M +\u00a00,70% jusqu'en 2016 puis Euribor 3M +\u00a01,60%

\n		\n

93

\n		\n

EUR

\n		\n

93

\n		\n

93

\n
\n

CNP Assurances

\n		\n

07/04/2021

\n		\n

\n		\n

4,875% jusqu'en\u00a0avril 2031
puis taux CMT 5Y +\u00a0318,3\u00a0bps

\n		\n

700

\n		\n

USD

\n		\n

603

\n		\n

681

\n
\n

Total dettes subordonn\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

8\u00a0882

\n		\n

10\u00a0042

\n
\n

Les valeurs au bilan comprennent les effets de couverture et les coupons courus.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40152925975820936_0_0": { "value": "

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n

Les passifs comptabilis\u00e9s dans cette cat\u00e9gorie correspondent aux passifs financiers d\u00e9tenus \u00e0 des fins de transaction, y compris les d\u00e9riv\u00e9s passifs, ainsi qu\u2019aux passifs que le groupe a d\u00e9sign\u00e9s d\u00e8s l\u2019origine pour \u00eatre \u00e9valu\u00e9s en juste valeur par r\u00e9sultat par option car respectant les conditions suivantes\u00a0:

\n

\u25cf\u00e9limination ou r\u00e9duction significative d\u2019un\u00a0d\u00e9calage de traitement comptable\u00a0;

\n
\n\n\n\n
\n

Le groupe \u00e9value ainsi \u00e0 la juste valeur en contrepartie du compte de r\u00e9sultat certaines \u00e9missions structur\u00e9es\u00a0;

\n
\n

\u25cfgroupe de passifs financiers dont la gestion et l\u2019\u00e9valuation de la performance se font \u00e0 la juste valeur\u00a0;

\n

\u25cfpassifs financiers hybrides comportant un ou plusieurs d\u00e9riv\u00e9s incorpor\u00e9s non \u00e9troitement li\u00e9s.

\n

Les variations de juste valeur des passifs financiers pour lesquels cette option est exerc\u00e9e sont comptabilis\u00e9es en r\u00e9sultat \u00e0 l\u2019exception de la part relative au risque de cr\u00e9dit propre du groupe comptabilis\u00e9e en r\u00e9serves non recyclables. Cette partie ne pourra donc pas \u00eatre recycl\u00e9e en r\u00e9sultat m\u00eame en cas de remboursement anticip\u00e9 de la dette.

\n", "dimensions": { "concept": "LEG:DescriptionOfAccountingPolicyForFinancialLiabilitiesAtFairValueThroughProfitOrLossExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059614_0": { "value": "

Reclassement de passifs financiers

\n

Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153014095007632_0_0": { "value": "

Reclassement de passifs financiers

\n

Le classement d\u2019un passif financier d\u00e9termin\u00e9 en date de premi\u00e8re comptabilisation est d\u00e9finitif et aucun reclassement ult\u00e9rieur n\u2019est autoris\u00e9.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153230503072211_0_0": { "value": "

D\u00e9riv\u00e9s de couverture

\n

Sont pr\u00e9sent\u00e9s au bilan en tant que d\u00e9riv\u00e9s de couverture, les d\u00e9riv\u00e9s respectant\u00a0:

\n

\u25cfles dispositions relatives \u00e0 la micro-couverture d\u2019IFRS\u00a09 (depuis le 1er\u00a0janvier 2020)\u00a0;

\n

\u25cfles dispositions de l\u2019Union europ\u00e9enne relatives \u00e0 la couverture de juste valeur d\u2019un portefeuille d\u2019\u00e9l\u00e9ments de taux d\u2019int\u00e9r\u00eat (ou macro-couverture). Ces dispositions continuent de s\u2019appliquer dans l\u2019attente d\u2019une nouvelle norme sur cette th\u00e9matique.

\n

Pour qualifier un instrument financier de d\u00e9riv\u00e9 de couverture, le groupe doit documenter la relation de couverture d\u00e8s sa mise en place (strat\u00e9gie de couverture, d\u00e9signation du risque couvert, de l\u2019\u00e9l\u00e9ment couvert, de l\u2019instrument de couverture, m\u00e9thode d\u2019\u00e9valuation de l\u2019efficacit\u00e9). L\u2019efficacit\u00e9 est appr\u00e9ci\u00e9e \u00e0 la mise en place de la couverture puis \u00e0 chaque arr\u00eat\u00e9 ult\u00e9rieur.

\n

Selon la nature du risque couvert l\u2019instrument financier d\u00e9riv\u00e9 est d\u00e9sign\u00e9 comme un instrument de couverture de juste valeur, de flux de tr\u00e9sorerie ou de risque de change li\u00e9 \u00e0 un investissement net \u00e0 l\u2019\u00e9tranger.

\n

Couverture de juste valeur

\n

La couverture de juste valeur permet de couvrir l\u2019exposition aux variations de juste valeur des actifs ou passifs financiers.

\n

Les gains ou pertes attribuables au risque couvert sont pr\u00e9sent\u00e9s au sein du Produit Net Bancaire dans les Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat (cf. note\u00a08). Pour la partie efficace, les variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert sont sym\u00e9triques aux variations de juste valeur de l\u2019instrument de couverture. L\u2019\u00e9ventuelle inefficacit\u00e9 de la couverture est constat\u00e9e en r\u00e9sultat. Le r\u00e9escompte et les tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 sont constat\u00e9es au sein du Produit Net Bancaire dans les Produits et charges d\u2019int\u00e9r\u00eats tout comme les produits et charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

\n

D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse prospectivement (arr\u00eat de l\u2019\u00e9valuation et de la comptabilisation des variations de juste valeur de l\u2019\u00e9l\u00e9ment couvert au titre du risque couvert) et les r\u00e9\u00e9valuations ant\u00e9rieures de l\u2019\u00e9l\u00e9ment couvert sont amorties sur la p\u00e9riode restant \u00e0 courir de l\u2019\u00e9l\u00e9ment tant que celui-ci reste inscrit au bilan.

\n

En cas de disparition de l\u2019\u00e9l\u00e9ment couvert, le d\u00e9riv\u00e9 ne peut plus \u00eatre qualifi\u00e9 d\u2019instrument de couverture et sera pr\u00e9sent\u00e9 au bilan au sein des Actifs \u00e0 la juste valeur par r\u00e9sultat. Un r\u00e9sultat de cession de l\u2019\u00e9l\u00e9ment couvert peut \u00eatre \u00e9ventuellement constat\u00e9 en r\u00e9sultat en int\u00e9grant le recyclage de la quote-part de r\u00e9\u00e9valuation pr\u00e9sente au bilan et li\u00e9e \u00e0 l\u2019\u00e9l\u00e9ment couvert disparu.

\n

Macro-couverture

\n

Les instruments de macro-couverture sont pour l\u2019essentiel des swaps de taux d\u00e9sign\u00e9s en couverture de juste valeur des ressources \u00e0 taux fixe du groupe.

\n

Le traitement comptable des d\u00e9riv\u00e9s de macro-couverture se fait selon les m\u00eames principes que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment. La r\u00e9\u00e9valuation de la composante couverte est comptabilis\u00e9e au bilan en format bancaire pr\u00e9sent\u00e9 dans la note\u00a037 sur la ligne \u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux.

\n
\n\n\n\n
\n

La macro-couverture de juste valeur est notamment utilis\u00e9e pour couvrir le risque de taux des actifs et passifs \u00e0 taux fixe ainsi que les d\u00e9p\u00f4ts \u00e0 vue dans le cadre des possibilit\u00e9s offertes par l\u2019Union europ\u00e9enne.

\n
\n

Conform\u00e9ment \u00e0 l\u2019approche dite en \u00ab\u00a0fonds de cuve\u00a0\u00bb (bottom-layer approach), l\u2019\u00e9coulement en taux des swaps de couverture est syst\u00e9matiquement plus court que l\u2019\u00e9coulement probable en taux des \u00e9l\u00e9ments couverts \u00e0 taux fixe. En cas de d\u00e9passement (sur-couverture), le test d\u2019efficacit\u00e9 r\u00e9alis\u00e9 par le groupe montre de l\u2019inefficacit\u00e9 et le d\u00e9riv\u00e9 de couverture est syst\u00e9matiquement r\u00e9sili\u00e9.

\n

Couverture de flux de tr\u00e9sorerie

\n

La couverture de flux de tr\u00e9sorerie permet de couvrir l\u2019exposition aux variations des flux de tr\u00e9sorerie d\u2019actifs ou de passifs financiers, d\u2019engagements fermes ou de transactions futures hautement probables. Elle est notamment utilis\u00e9e pour couvrir le risque de variabilit\u00e9 des flux de tr\u00e9sorerie futurs des actifs et passifs \u00e0 taux r\u00e9visable.

\n

La part efficace des variations de juste valeur de l\u2019instrument de couverture est inscrite dans une ligne sp\u00e9cifique des capitaux propres tandis que la part inefficace est rapport\u00e9e au r\u00e9sultat sur la ligne Gains ou pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat.

\n

La partie correspondante au r\u00e9escompte et aux tomb\u00e9es d\u2019int\u00e9r\u00eat de l\u2019instrument financier d\u00e9riv\u00e9 est enregistr\u00e9e au compte de r\u00e9sultat sym\u00e9triquement aux produits ou charges d\u2019int\u00e9r\u00eats relatifs \u00e0 l\u2019\u00e9l\u00e9ment couvert.

\n

Les instruments couverts restent comptabilis\u00e9s selon les principes applicables \u00e0 leur cat\u00e9gorie comptable.

\n

D\u00e8s que le d\u00e9riv\u00e9 est\u00a0d\u00e9comptabilis\u00e9, la comptabilit\u00e9 de couverture cesse. Les montants cumul\u00e9s inscrits en capitaux propres au titre de la r\u00e9\u00e9valuation du d\u00e9riv\u00e9 de couverture sont transf\u00e9r\u00e9s au fur et \u00e0 mesure en r\u00e9sultat en produits et charges d\u2019int\u00e9r\u00eats ou rapport\u00e9s imm\u00e9diatement en r\u00e9sultat.

\n

En cas de disparition de l\u2019\u00e9l\u00e9ment couvert ou si la transaction future n\u2019est plus attendue, le d\u00e9riv\u00e9 est reclass\u00e9 dans la cat\u00e9gorie Actifs ou Passifs financiers \u00e0 la juste valeur par r\u00e9sultat tandis que la r\u00e9\u00e9valuation de l\u2019\u00e9l\u00e9ment couvert inscrite dans les capitaux propres est imm\u00e9diatement constat\u00e9e en r\u00e9sultat.

\n

Couverture d\u2019un investissement net libell\u00e9 en devises

\n

La couverture d\u2019un investissement net libell\u00e9 en devises vise \u00e0 prot\u00e9ger contre les variations de change d\u2019un investissement net libell\u00e9 dans une devise autre que l\u2019euro.

\n

La couverture d\u2019un investissement net est comptabilis\u00e9e de mani\u00e8re similaire \u00e0 une couverture de flux de tr\u00e9sorerie.

\n

Les montants comptabilis\u00e9s en capitaux propres au titre de la part efficace de la couverture sont recycl\u00e9s en r\u00e9sultat lors de la\u00a0d\u00e9consolidation de l\u2019investissement net.

\n

Ce type de couverture n\u2019est pas pratiqu\u00e9 par le secteur bancaire du groupe mais par les secteurs industriels (cf. note\u00a034.4).

\n

3.15.1Emprunts obligataires d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur

\n

Certains emprunts obligataires sont d\u00e9sign\u00e9s comme faisant l\u2019objet d\u2019une couverture de juste valeur par des swaps de \u00ab\u00a0variabilisation\u00a0\u00bb. L\u2019application de la comptabilit\u00e9 de couverture de juste valeur conduit \u00e0 comptabiliser par r\u00e9sultat (i) la variation de juste valeur des swaps de couverture, et (ii) en ajustement de la valeur de l\u2019emprunt, la variation, pour la part efficace, de valeur du swap de couverture. Ces impacts se compensent \u00e0 hauteur de la part efficace de la couverture.

\n

Par ailleurs, en fonction de l\u2019\u00e9volution des conditions de march\u00e9, la souscription de swaps receveurs taux variable/payeurs taux fixe permet de figer \u00e0 nouveau le taux de certains emprunts sur des dur\u00e9es courtes. Ces swaps sont \u00e9galement \u00e9valu\u00e9s \u00e0 la juste valeur en contrepartie du r\u00e9sultat.

\n

3.15.3Swaps de pr\u00e9couverture d\u2019emprunts

\n

Des swaps de pr\u00e9couverture sont souscrits dans certains cas afin de se pr\u00e9munir contre une hausse des taux. Ces instruments de couverture de flux de tr\u00e9sorerie sont r\u00e9sili\u00e9s lors de l\u2019\u00e9mission de l\u2019emprunt et donnent alors lieu au versement d\u2019une soulte (soulte pay\u00e9e ou re\u00e7ue en fonction de la valeur du swap). Ces soultes sont comptabilis\u00e9es dans les r\u00e9serves recyclables dans le cadre de l\u2019application de la couverture de flux de tr\u00e9sorerie, puis recycl\u00e9es en r\u00e9sultat sur la dur\u00e9e de vie de l\u2019emprunt initialement couvert, conform\u00e9ment aux dispositions d\u2019IFRS\u00a09 concernant l\u2019arr\u00eat d\u2019une relation de couverture.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153282971911768_0_0": { "value": "

3.11.10Compensation des actifs et\u00a0des\u00a0passifs financiers

\n

Conform\u00e9ment \u00e0 la norme IAS\u00a032, un actif financier et un passif financier sont compens\u00e9s et un solde net est pr\u00e9sent\u00e9 au bilan si et seulement si le groupe a un droit juridiquement ex\u00e9cutoire de compenser les montants comptabilis\u00e9s et s\u2019il a l\u2019intention soit de r\u00e9gler le montant net soit de r\u00e9aliser l\u2019actif et de r\u00e9gler le passif simultan\u00e9ment. Le droit juridiquement ex\u00e9cutoire doit \u00eatre irr\u00e9vocable et doit pouvoir s\u2019exercer en toutes circonstances.

\n

Ce droit porte sur toutes les op\u00e9rations r\u00e9alis\u00e9es par chambre de compensation et s\u2019applique aux nominaux d\u2019esp\u00e8ces et aux int\u00e9r\u00eats int\u00e9gr\u00e9s dans le flux de restitution.

\n

Les op\u00e9rations de pensions livr\u00e9es dont les principes de fonctionnement r\u00e9pondent aux deux crit\u00e8res requis par la norme font l\u2019objet d\u2019une compensation au bilan lorsque\u00a0:

\n

\u25cfelles ont les m\u00eames dates d\u2019\u00e9ch\u00e9ance\u00a0;

\n

\u25cfelles sont r\u00e9alis\u00e9es dans la m\u00eame devise\u00a0;

\n

\u25cfelles se d\u00e9nouent au travers d\u2019un syst\u00e8me de r\u00e8glement/livraison garantissant la livraison des titres contre la r\u00e9ception d\u2019esp\u00e8ces associ\u00e9es, c\u2019est-\u00e0-dire le m\u00eame d\u00e9positaire central de titres.

\n

La compensation concerne essentiellement les op\u00e9rations de pension r\u00e9alis\u00e9es avec les chambres de compensation LCH\u00a0Clearnet et Eurex.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153331827010610_0_0": { "value": "

3.11.11Engagements de garantie et\u00a0garanties financi\u00e8res

\n

Le groupe a opt\u00e9 pour la comptabilisation des garanties financi\u00e8res donn\u00e9es conform\u00e9ment \u00e0 la norme IFRS\u00a09. Selon IFRS\u00a09, un contrat r\u00e9pond \u00e0 la d\u00e9finition d\u2019une garantie financi\u00e8re s\u2019il comporte un principe indemnitaire selon lequel l\u2019\u00e9metteur remboursera le b\u00e9n\u00e9ficiaire des pertes qu\u2019il aura subies, en raison de la d\u00e9faillance d\u2019un d\u00e9biteur sp\u00e9cifi\u00e9 \u00e0 effectuer un paiement sur un instrument de dette.

\n

Les garanties financi\u00e8res donn\u00e9es sont \u00e9valu\u00e9es \u00e0 leur juste valeur initiale \u00e0 la date de mise en place. Elles sont ensuite \u00e9valu\u00e9es ult\u00e9rieurement au montant le plus \u00e9lev\u00e9 entre le montant de l\u2019obligation et le montant initialement enregistr\u00e9 diminu\u00e9 le cas \u00e9ch\u00e9ant de la commission de garantie.

\n

Par ailleurs, les garanties financi\u00e8res donn\u00e9es (qui ne sont pas comptabilis\u00e9es ult\u00e9rieurement \u00e0 la juste valeur par le r\u00e9sultat) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan. Les m\u00eames m\u00e9thodes de bucketisation et de provisionnement que celles\u00a0d\u00e9crites pour les actifs financiers au co\u00fbt amorti ou en juste valeur par les r\u00e9serves recyclables sont appliqu\u00e9es concernant ces encours. La provision est enregistr\u00e9e en contrepartie du co\u00fbt du risque.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059707_0": { "value": "

3.11.12Engagements de financement

\n

Les engagements de financements qui ne sont pas consid\u00e9r\u00e9s comme des instruments d\u00e9riv\u00e9s ne figurent pas au bilan.

\n

Toutefois, de la m\u00eame mani\u00e8re que les garanties financi\u00e8res donn\u00e9es, les engagements de financement (qui ne sont pas consid\u00e9r\u00e9s comme des d\u00e9riv\u00e9s) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan.

\n

4.3Engagement net z\u00e9ro

\n

Depuis 2023, le groupe a pris l\u2019engagement d\u2019atteindre le z\u00e9ro \u00e9mission carbone de CO2eq r\u00e9siduelles en 2040 sur ses \u00e9missions op\u00e9rationnelles. Pour y parvenir, le groupe met en \u0153uvre un plan de\u00a0d\u00e9carbonation visant \u00e0 r\u00e9duire de 90% ses \u00e9missions de CO2 \u00e0 cet horizon et ayant fait l\u2019objet de la validation SBTi-Long term en\u00a0mars\u00a02024.

\n

En compl\u00e9ment des travaux sur la CSRD (Corporate Sustainability Reporting Directive) et de la certification SBTi, le groupe a engag\u00e9 les actions permettant de s\u2019assurer du respect de cet engagement.

\n

Dans ses \u00e9tats financiers, le groupe La\u00a0Poste se conforme aux\u00a0d\u00e9cisions du Comit\u00e9 d\u2019interpr\u00e9tation des normes IFRS\u00a0valid\u00e9es en 2024 et rappelant les conditions de provisionnement.

\n

37.4M\u00e9canismes de r\u00e9solution bancaire

\n

Le r\u00e9gime de r\u00e9solution bancaire\u00a0d\u00e9clench\u00e9 par la d\u00e9faillance d\u2019un \u00e9tablissement bancaire implique notamment la mise \u00e0 contribution des actionnaires et des cr\u00e9anciers pour en supporter le co\u00fbt.

\n

Le Fonds de r\u00e9solution unique (FRU) est un fonds d\u2019urgence participant \u00e0 la stabilit\u00e9 du syst\u00e8me financier au sein de l\u2019Union bancaire et visant \u00e0 uniformiser le financement des r\u00e9solutions. Il peut \u00eatre utilis\u00e9 en compl\u00e9ment des mesures d\u00e9ploy\u00e9es lors de la r\u00e9solution pour financer certaines mesures comme le transfert d\u2019actifs ou les garanties de passif, ou d\u00e9dommager les actionnaires (ou cr\u00e9anciers) dont la perte subie lors de la r\u00e9solution aurait d\u00e9pass\u00e9 celle subie lors d\u2019une liquidation judiciaire.

\n

Les \u00e9tablissements de cr\u00e9dit dont le si\u00e8ge social est bas\u00e9 sur le territoire national sont les principaux contributeurs au FRU auxquels il faut ajouter les entreprises d\u2019investissement les plus significatives. Les entit\u00e9s assujetties au m\u00e9canisme de r\u00e9solution mais ne relevant pas du FRU contribuent au Fonds de r\u00e9solution national (FRN), potentiellement mobilisable pour le financement d\u2019une r\u00e9solution.

\n

Les montants cibles de ces deux fonds (au moins 1% des d\u00e9p\u00f4ts couverts de l\u2019ensemble des \u00e9tablissements adh\u00e9rents) ont \u00e9t\u00e9 atteints au 1er\u00a0janvier 2025. De ce fait, aucun appel de contribution n\u2019est intervenu sur l\u2019exercice 2025.

\n

Le groupe contribue au financement de ces m\u00e9canismes de r\u00e9solution bancaire via\u00a0:

\n

\u25cfun engagement irr\u00e9vocable de payer (EPI) de 89\u00a0millions d\u2019euros (versus 89\u00a0millions d\u2019euros en 2024) pr\u00e9sent\u00e9 dans les engagements de garantie en faveur de la client\u00e8le (cf. note\u00a039).

\n

Cet engagement irr\u00e9vocable de payer ne fait pas l\u2019objet d\u2019une provision car l\u2019hypoth\u00e8se d\u2019une r\u00e9solution d\u2019un \u00e9tablissement bancaire au sein de l\u2019Union europ\u00e9enne, et donc d\u2019un appel partiel ou total par le FRU, est peu probable. Cela s\u2019explique notamment par le cadre r\u00e9glementaire \u00e9tabli depuis plus de 10\u00a0ans par l\u2019Union bancaire (supervision \u00e9lev\u00e9e de la BCE, tests de r\u00e9sistance, etc.) ou par la strat\u00e9gie de r\u00e9solution privil\u00e9giant majoritairement le renflouement interne (bail in) i.e. sans recours \u00e0 l\u2019\u00e9pargne publique. Le retrait d\u2019agr\u00e9ment d\u2019un \u00e9tablissement bancaire constitue un sc\u00e9nario suppl\u00e9mentaire dans lequel la totalit\u00e9 des EPI seraient appel\u00e9s. Pour autant, le groupe \u00e9tablissant ses comptes sur la base de la continuit\u00e9 d\u2019exploitation, la probabilit\u00e9 de sortie de ressources devrait \u00eatre tr\u00e8s limit\u00e9e, voire nulle, ne justifiant pas la constatation d\u2019une provision\u00a0;

\n

\u25cfun d\u00e9p\u00f4t de garantie visant \u00e0 s\u00e9curiser cet engagement irr\u00e9vocable de payer pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 (89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024) (cf. note\u00a023.7).

\n

NOTE 39Engagements hors-bilan et passifs \u00e9ventuels

\n

39.1Engagements des activit\u00e9s bancaires

\n

La valeur contractuelle des engagements donn\u00e9s et re\u00e7us dans le cadre des activit\u00e9s de La Banque Postale est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Engagements de financement, de garantie et sur titres donn\u00e9s

\n		\n

\n		\n

\n
\n

Engagements de financement

\n		\n

\n		\n

\n
\n

en faveur d'\u00e9tablissements de cr\u00e9dit

\n		\n

1\u00a0248

\n		\n

4\u00a0079

\n
\n

en faveur de la client\u00e8le

\n		\n

24\u00a0391

\n		\n

22\u00a0280

\n
\n

Engagements de garantie

\n		\n

\n		\n

\n
\n

en faveur d'\u00e9tablissements de cr\u00e9dit

\n		\n

553

\n		\n

623

\n
\n

en faveur de la client\u00e8le\u00a0(a)

\n		\n

848

\n		\n

792

\n
\n

Engagements sur titres \u00e0 livrer

\n		\n

15\u00a0350

\n		\n

31\u00a0289

\n
\n

Engagements de financement, de garantie et sur titres re\u00e7us

\n		\n

\n		\n

\n
\n

Engagements de financement

\n		\n

\n		\n

\n
\n

re\u00e7us d'\u00e9tablissements de cr\u00e9dit\u00a0(b)

\n		\n

16\u00a0092

\n		\n

22\u00a0542

\n
\n

re\u00e7us de la client\u00e8le

\n		\n

2\u00a0804

\n		\n

13\u00a0067

\n
\n

Engagements de garantie

\n		\n

\n		\n

\n
\n

re\u00e7us d'\u00e9tablissements de cr\u00e9dit

\n		\n

39\u00a0114

\n		\n

41\u00a0137

\n
\n

re\u00e7us de la client\u00e8le (e)

\n		\n

874

\n		\n

879

\n
\n

Engagements sur titres \u00e0 recevoir

\n		\n

841

\n		\n

3\u00a0553

\n
\n

Autres engagements donn\u00e9s\u00a0(b) (c)

\n		\n

51\u00a0757

\n		\n

52\u00a0144

\n
\n

Autres engagements re\u00e7us\u00a0(d)

\n		\n

21\u00a0719

\n		\n

22\u00a0125

\n
\n

(a)Comprend les garanties de capital et de performance accord\u00e9es aux d\u00e9tenteurs de parts d\u2019OPCVM g\u00e9r\u00e9s par les entit\u00e9s du groupe.

\n

Comprend \u00e9galement les EPI li\u00e9es au FRU s\u2019\u00e9levant \u00e0 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 (89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024).

\n

(b)Dont 3\u00a0256\u00a0millions d\u2019euros d\u2019engagements donn\u00e9s en 2025 (4\u00a0064\u00a0millions d\u2019euros en 2024) et 2\u00a0716\u00a0millions d\u2019euros d\u2019engagements re\u00e7us en 2025 (3\u00a0452\u00a0millions d\u2019euros en 2024) dans le cadre du dispositif de gestion des garanties \u00ab\u00a03 G\u00a0\u00bb avec la Banque de France qui permet aux banques de g\u00e9rer de mani\u00e8re unifi\u00e9e l\u2019ensemble du collat\u00e9ral relatif \u00e0 leurs op\u00e9rations de refinancement aupr\u00e8s de celle-ci.

\n

(c)Comprend, en 2025, 27\u00a0939\u00a0millions d\u2019euros (26\u00a0560\u00a0millions d\u2019euros en 2024) au titre du nantissement de cr\u00e9dits immobiliers qui viennent en couverture des \u00e9missions obligataires r\u00e9alis\u00e9s par la soci\u00e9t\u00e9 de financement \u00e0 l\u2019habitat du groupe (La Banque Postale Home Loan SFH).

\n

(d)Comprend essentiellement les nantissements de titres r\u00e9alis\u00e9s au b\u00e9n\u00e9fice de groupe CNP Assurances dans le cadre des contrats de r\u00e9assurance accept\u00e9s.

\n

(e)Les engagements de garantie re\u00e7us de la client\u00e8le sont constitu\u00e9s de cautions re\u00e7ues principalement d'organismes sp\u00e9cialis\u00e9s dans le cadre de cr\u00e9dits immobiliers octroy\u00e9s aux particuliers. Les autres garanties re\u00e7ues de la client\u00e8le ne sont d\u00e9sormais plus publi\u00e9es, conform\u00e9ment \u00e0 la r\u00e9glementation bancaire. Pour une meilleure comparabilit\u00e9, le montant au titre de 2024 a \u00e9t\u00e9 amend\u00e9.

\n
\n

Engagements relatifs au Cr\u00e9dit Logement

\n

La Banque Postale s\u2019est engag\u00e9e \u00e0 maintenir les fonds propres de base du Cr\u00e9dit Logement \u00e0 hauteur de sa quote-part au sein du capital de cette soci\u00e9t\u00e9, soit 6%, afin que cette derni\u00e8re respecte le ratio de solvabilit\u00e9.

\n

La Banque Postale s\u2019est engag\u00e9e \u00e0 reconstituer, le cas \u00e9ch\u00e9ant, le fonds mutuel de garantie du Cr\u00e9dit Logement qui garantit la d\u00e9faillance des emprunteurs sur les pr\u00eats cautionn\u00e9s par ce dernier. Le montant de cet engagement correspondant \u00e0 la quote-part des encours distribu\u00e9s par La Banque Postale, s\u2019\u00e9levait au 31\u00a0d\u00e9cembre 2025 \u00e0 117\u00a0millions d\u2019euros (contre 131\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024).

\n

Par ailleurs, les engagements de garantie re\u00e7us d\u2019\u00e9tablissements de cr\u00e9dit sont principalement constitu\u00e9s de cautions re\u00e7ues de Cr\u00e9dit Logement.

\n

39.2Autres engagements donn\u00e9s

\n

Cautions, avals et garanties

\n

Le montant total des avals, cautions et autres garanties donn\u00e9s s\u2019\u00e9l\u00e8ve \u00e0 39\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025.

\n

Actions de m\u00e9c\u00e9nat

\n

La Poste s\u2019est engag\u00e9e \u00e0 financer diverses actions de m\u00e9c\u00e9nat pour un montant total de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025.

\n

39.3Autres engagements re\u00e7us

\n

Cautions, avals et garanties

\n

Le montant total des avals, cautions et garanties re\u00e7us s\u2019\u00e9l\u00e8ve au 31\u00a0d\u00e9cembre 2025 \u00e0 77\u00a0millions d\u2019euros, dont 66\u00a0millions d\u2019euros pour La Poste.

\n

Lignes de cr\u00e9dit

\n

Le 18\u00a0octobre 2024, La\u00a0Poste a mis en place une ligne de cr\u00e9dit syndiqu\u00e9e pour un montant de 1,5\u00a0milliard d\u2019euros dont l\u2019\u00e9ch\u00e9ance est octobre\u00a02030 (renouvelable 1\u00a0an). Cette op\u00e9ration a \u00e9t\u00e9 mise en place aupr\u00e8s de douze banques constituant un pool bancaire (cf.\u00a0note\u00a034.2).

\n

Promesses de vente d\u2019immeubles

\n

Le groupe La Poste a sign\u00e9 des promesses de vente d\u2019immeubles pour des op\u00e9rations devant se d\u00e9nouer en 2026 et au-del\u00e0. Le montant total des engagements re\u00e7us \u00e0 ce titre s\u2019\u00e9l\u00e8ve au 31\u00a0d\u00e9cembre 2025 \u00e0 29\u00a0millions d\u2019euros.

\n

Engagements re\u00e7us lors d\u2019op\u00e9rations d\u2019acquisition d\u2019entreprises

\n

Dans le cadre des diff\u00e9rentes acquisitions de participations, le groupe re\u00e7oit des vendeurs diff\u00e9rents engagements l\u00e9gaux ou n\u00e9goci\u00e9s au titre desquels le groupe peut pr\u00e9tendre dans certaines conditions \u00e0 des indemnisations de pr\u00e9judices \u00e9ventuels.

\n

Parmi ces engagements re\u00e7us figurent notamment des clauses de non-concurrence re\u00e7ues des vendeurs dans le cadre de rachat de franchise Seur en Espagne et au Portugal et diverses garanties de passifs.

\n

Il existe par ailleurs d\u2019autres engagements re\u00e7us dont les montants ne peuvent \u00eatre \u00e9valu\u00e9s avec pr\u00e9cision dans la mesure o\u00f9 ils d\u00e9pendent de seuils de\u00a0d\u00e9clenchement ou de maximum.

\n

39.4Passifs \u00e9ventuels

\n

Le groupe n\u2019a pas connaissance de risques significatifs qui ne feraient pas l\u2019objet d\u2019une provision dans les comptes consolid\u00e9s.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153369410013373_0_0": { "value": "

3.11.12Engagements de financement

\n

Les engagements de financements qui ne sont pas consid\u00e9r\u00e9s comme des instruments d\u00e9riv\u00e9s ne figurent pas au bilan.

\n

Toutefois, de la m\u00eame mani\u00e8re que les garanties financi\u00e8res donn\u00e9es, les engagements de financement (qui ne sont pas consid\u00e9r\u00e9s comme des d\u00e9riv\u00e9s) entrent dans le champ d\u2019application de la d\u00e9pr\u00e9ciation d\u2019IFRS\u00a09 et font l\u2019objet d\u2019une provision au passif du bilan.

\n

4.3Engagement net z\u00e9ro

\n

Depuis 2023, le groupe a pris l\u2019engagement d\u2019atteindre le z\u00e9ro \u00e9mission carbone de CO2eq r\u00e9siduelles en 2040 sur ses \u00e9missions op\u00e9rationnelles. Pour y parvenir, le groupe met en \u0153uvre un plan de\u00a0d\u00e9carbonation visant \u00e0 r\u00e9duire de 90% ses \u00e9missions de CO2 \u00e0 cet horizon et ayant fait l\u2019objet de la validation SBTi-Long term en\u00a0mars\u00a02024.

\n

En compl\u00e9ment des travaux sur la CSRD (Corporate Sustainability Reporting Directive) et de la certification SBTi, le groupe a engag\u00e9 les actions permettant de s\u2019assurer du respect de cet engagement.

\n

Dans ses \u00e9tats financiers, le groupe La\u00a0Poste se conforme aux\u00a0d\u00e9cisions du Comit\u00e9 d\u2019interpr\u00e9tation des normes IFRS\u00a0valid\u00e9es en 2024 et rappelant les conditions de provisionnement.

\n

37.4M\u00e9canismes de r\u00e9solution bancaire

\n

Le r\u00e9gime de r\u00e9solution bancaire\u00a0d\u00e9clench\u00e9 par la d\u00e9faillance d\u2019un \u00e9tablissement bancaire implique notamment la mise \u00e0 contribution des actionnaires et des cr\u00e9anciers pour en supporter le co\u00fbt.

\n

Le Fonds de r\u00e9solution unique (FRU) est un fonds d\u2019urgence participant \u00e0 la stabilit\u00e9 du syst\u00e8me financier au sein de l\u2019Union bancaire et visant \u00e0 uniformiser le financement des r\u00e9solutions. Il peut \u00eatre utilis\u00e9 en compl\u00e9ment des mesures d\u00e9ploy\u00e9es lors de la r\u00e9solution pour financer certaines mesures comme le transfert d\u2019actifs ou les garanties de passif, ou d\u00e9dommager les actionnaires (ou cr\u00e9anciers) dont la perte subie lors de la r\u00e9solution aurait d\u00e9pass\u00e9 celle subie lors d\u2019une liquidation judiciaire.

\n

Les \u00e9tablissements de cr\u00e9dit dont le si\u00e8ge social est bas\u00e9 sur le territoire national sont les principaux contributeurs au FRU auxquels il faut ajouter les entreprises d\u2019investissement les plus significatives. Les entit\u00e9s assujetties au m\u00e9canisme de r\u00e9solution mais ne relevant pas du FRU contribuent au Fonds de r\u00e9solution national (FRN), potentiellement mobilisable pour le financement d\u2019une r\u00e9solution.

\n

Les montants cibles de ces deux fonds (au moins 1% des d\u00e9p\u00f4ts couverts de l\u2019ensemble des \u00e9tablissements adh\u00e9rents) ont \u00e9t\u00e9 atteints au 1er\u00a0janvier 2025. De ce fait, aucun appel de contribution n\u2019est intervenu sur l\u2019exercice 2025.

\n

Le groupe contribue au financement de ces m\u00e9canismes de r\u00e9solution bancaire via\u00a0:

\n

\u25cfun engagement irr\u00e9vocable de payer (EPI) de 89\u00a0millions d\u2019euros (versus 89\u00a0millions d\u2019euros en 2024) pr\u00e9sent\u00e9 dans les engagements de garantie en faveur de la client\u00e8le (cf. note\u00a039).

\n

Cet engagement irr\u00e9vocable de payer ne fait pas l\u2019objet d\u2019une provision car l\u2019hypoth\u00e8se d\u2019une r\u00e9solution d\u2019un \u00e9tablissement bancaire au sein de l\u2019Union europ\u00e9enne, et donc d\u2019un appel partiel ou total par le FRU, est peu probable. Cela s\u2019explique notamment par le cadre r\u00e9glementaire \u00e9tabli depuis plus de 10\u00a0ans par l\u2019Union bancaire (supervision \u00e9lev\u00e9e de la BCE, tests de r\u00e9sistance, etc.) ou par la strat\u00e9gie de r\u00e9solution privil\u00e9giant majoritairement le renflouement interne (bail in) i.e. sans recours \u00e0 l\u2019\u00e9pargne publique. Le retrait d\u2019agr\u00e9ment d\u2019un \u00e9tablissement bancaire constitue un sc\u00e9nario suppl\u00e9mentaire dans lequel la totalit\u00e9 des EPI seraient appel\u00e9s. Pour autant, le groupe \u00e9tablissant ses comptes sur la base de la continuit\u00e9 d\u2019exploitation, la probabilit\u00e9 de sortie de ressources devrait \u00eatre tr\u00e8s limit\u00e9e, voire nulle, ne justifiant pas la constatation d\u2019une provision\u00a0;

\n

\u25cfun d\u00e9p\u00f4t de garantie visant \u00e0 s\u00e9curiser cet engagement irr\u00e9vocable de payer pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 (89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024) (cf. note\u00a023.7).

\n

39.1Engagements des activit\u00e9s bancaires

\n

La valeur contractuelle des engagements donn\u00e9s et re\u00e7us dans le cadre des activit\u00e9s de La Banque Postale est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Engagements de financement, de garantie et sur titres donn\u00e9s

\n		\n

\n		\n

\n
\n

Engagements de financement

\n		\n

\n		\n

\n
\n

en faveur d'\u00e9tablissements de cr\u00e9dit

\n		\n

1\u00a0248

\n		\n

4\u00a0079

\n
\n

en faveur de la client\u00e8le

\n		\n

24\u00a0391

\n		\n

22\u00a0280

\n
\n

Engagements de garantie

\n		\n

\n		\n

\n
\n

en faveur d'\u00e9tablissements de cr\u00e9dit

\n		\n

553

\n		\n

623

\n
\n

en faveur de la client\u00e8le\u00a0(a)

\n		\n

848

\n		\n

792

\n
\n

Engagements sur titres \u00e0 livrer

\n		\n

15\u00a0350

\n		\n

31\u00a0289

\n
\n

Engagements de financement, de garantie et sur titres re\u00e7us

\n		\n

\n		\n

\n
\n

Engagements de financement

\n		\n

\n		\n

\n
\n

re\u00e7us d'\u00e9tablissements de cr\u00e9dit\u00a0(b)

\n		\n

16\u00a0092

\n		\n

22\u00a0542

\n
\n

re\u00e7us de la client\u00e8le

\n		\n

2\u00a0804

\n		\n

13\u00a0067

\n
\n

Engagements de garantie

\n		\n

\n		\n

\n
\n

re\u00e7us d'\u00e9tablissements de cr\u00e9dit

\n		\n

39\u00a0114

\n		\n

41\u00a0137

\n
\n

re\u00e7us de la client\u00e8le (e)

\n		\n

874

\n		\n

879

\n
\n

Engagements sur titres \u00e0 recevoir

\n		\n

841

\n		\n

3\u00a0553

\n
\n

Autres engagements donn\u00e9s\u00a0(b) (c)

\n		\n

51\u00a0757

\n		\n

52\u00a0144

\n
\n

Autres engagements re\u00e7us\u00a0(d)

\n		\n

21\u00a0719

\n		\n

22\u00a0125

\n
\n

(a)Comprend les garanties de capital et de performance accord\u00e9es aux d\u00e9tenteurs de parts d\u2019OPCVM g\u00e9r\u00e9s par les entit\u00e9s du groupe.

\n

Comprend \u00e9galement les EPI li\u00e9es au FRU s\u2019\u00e9levant \u00e0 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 (89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024).

\n

(b)Dont 3\u00a0256\u00a0millions d\u2019euros d\u2019engagements donn\u00e9s en 2025 (4\u00a0064\u00a0millions d\u2019euros en 2024) et 2\u00a0716\u00a0millions d\u2019euros d\u2019engagements re\u00e7us en 2025 (3\u00a0452\u00a0millions d\u2019euros en 2024) dans le cadre du dispositif de gestion des garanties \u00ab\u00a03 G\u00a0\u00bb avec la Banque de France qui permet aux banques de g\u00e9rer de mani\u00e8re unifi\u00e9e l\u2019ensemble du collat\u00e9ral relatif \u00e0 leurs op\u00e9rations de refinancement aupr\u00e8s de celle-ci.

\n

(c)Comprend, en 2025, 27\u00a0939\u00a0millions d\u2019euros (26\u00a0560\u00a0millions d\u2019euros en 2024) au titre du nantissement de cr\u00e9dits immobiliers qui viennent en couverture des \u00e9missions obligataires r\u00e9alis\u00e9s par la soci\u00e9t\u00e9 de financement \u00e0 l\u2019habitat du groupe (La Banque Postale Home Loan SFH).

\n

(d)Comprend essentiellement les nantissements de titres r\u00e9alis\u00e9s au b\u00e9n\u00e9fice de groupe CNP Assurances dans le cadre des contrats de r\u00e9assurance accept\u00e9s.

\n

(e)Les engagements de garantie re\u00e7us de la client\u00e8le sont constitu\u00e9s de cautions re\u00e7ues principalement d'organismes sp\u00e9cialis\u00e9s dans le cadre de cr\u00e9dits immobiliers octroy\u00e9s aux particuliers. Les autres garanties re\u00e7ues de la client\u00e8le ne sont d\u00e9sormais plus publi\u00e9es, conform\u00e9ment \u00e0 la r\u00e9glementation bancaire. Pour une meilleure comparabilit\u00e9, le montant au titre de 2024 a \u00e9t\u00e9 amend\u00e9.

\n
\n

Engagements relatifs au Cr\u00e9dit Logement

\n

La Banque Postale s\u2019est engag\u00e9e \u00e0 maintenir les fonds propres de base du Cr\u00e9dit Logement \u00e0 hauteur de sa quote-part au sein du capital de cette soci\u00e9t\u00e9, soit 6%, afin que cette derni\u00e8re respecte le ratio de solvabilit\u00e9.

\n

La Banque Postale s\u2019est engag\u00e9e \u00e0 reconstituer, le cas \u00e9ch\u00e9ant, le fonds mutuel de garantie du Cr\u00e9dit Logement qui garantit la d\u00e9faillance des emprunteurs sur les pr\u00eats cautionn\u00e9s par ce dernier. Le montant de cet engagement correspondant \u00e0 la quote-part des encours distribu\u00e9s par La Banque Postale, s\u2019\u00e9levait au 31\u00a0d\u00e9cembre 2025 \u00e0 117\u00a0millions d\u2019euros (contre 131\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024).

\n

Par ailleurs, les engagements de garantie re\u00e7us d\u2019\u00e9tablissements de cr\u00e9dit sont principalement constitu\u00e9s de cautions re\u00e7ues de Cr\u00e9dit Logement.

\n

39.2Autres engagements donn\u00e9s

\n

Cautions, avals et garanties

\n

Le montant total des avals, cautions et autres garanties donn\u00e9s s\u2019\u00e9l\u00e8ve \u00e0 39\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025.

\n

Actions de m\u00e9c\u00e9nat

\n

La Poste s\u2019est engag\u00e9e \u00e0 financer diverses actions de m\u00e9c\u00e9nat pour un montant total de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025.

\n

39.3Autres engagements re\u00e7us

\n

Cautions, avals et garanties

\n

Le montant total des avals, cautions et garanties re\u00e7us s\u2019\u00e9l\u00e8ve au 31\u00a0d\u00e9cembre 2025 \u00e0 77\u00a0millions d\u2019euros, dont 66\u00a0millions d\u2019euros pour La Poste.

\n

Lignes de cr\u00e9dit

\n

Le 18\u00a0octobre 2024, La\u00a0Poste a mis en place une ligne de cr\u00e9dit syndiqu\u00e9e pour un montant de 1,5\u00a0milliard d\u2019euros dont l\u2019\u00e9ch\u00e9ance est octobre\u00a02030 (renouvelable 1\u00a0an). Cette op\u00e9ration a \u00e9t\u00e9 mise en place aupr\u00e8s de douze banques constituant un pool bancaire (cf.\u00a0note\u00a034.2).

\n

Promesses de vente d\u2019immeubles

\n

Le groupe La Poste a sign\u00e9 des promesses de vente d\u2019immeubles pour des op\u00e9rations devant se d\u00e9nouer en 2026 et au-del\u00e0. Le montant total des engagements re\u00e7us \u00e0 ce titre s\u2019\u00e9l\u00e8ve au 31\u00a0d\u00e9cembre 2025 \u00e0 29\u00a0millions d\u2019euros.

\n

Engagements re\u00e7us lors d\u2019op\u00e9rations d\u2019acquisition d\u2019entreprises

\n

Dans le cadre des diff\u00e9rentes acquisitions de participations, le groupe re\u00e7oit des vendeurs diff\u00e9rents engagements l\u00e9gaux ou n\u00e9goci\u00e9s au titre desquels le groupe peut pr\u00e9tendre dans certaines conditions \u00e0 des indemnisations de pr\u00e9judices \u00e9ventuels.

\n

Parmi ces engagements re\u00e7us figurent notamment des clauses de non-concurrence re\u00e7ues des vendeurs dans le cadre de rachat de franchise Seur en Espagne et au Portugal et diverses garanties de passifs.

\n

Il existe par ailleurs d\u2019autres engagements re\u00e7us dont les montants ne peuvent \u00eatre \u00e9valu\u00e9s avec pr\u00e9cision dans la mesure o\u00f9 ils d\u00e9pendent de seuils de\u00a0d\u00e9clenchement ou de maximum.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153800432573027_0_0": { "value": "

3.12.15Imputation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des\u00a0effets de variation de juste valeur des actifs sous-jacents des\u00a0contrats d\u2019assurance

\n

La norme IFRS\u00a017 offre un choix de m\u00e9thode comptable applicable au niveau de chaque portefeuille de contrats permettant, sous conditions, de comptabiliser les changements de valeur de march\u00e9 des passifs d\u2019assurance directement par capitaux propres (dans les autres \u00e9l\u00e9ments du r\u00e9sultat global, ou Other Comprehensive Income \u2013 OCI), au lieu de les reconna\u00eetre en r\u00e9sultat. Elle concerne principalement les effets de changement de taux d\u2019actualisation des passifs. Le groupe applique cette option en miroir de la comptabilisation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des actifs sous-jacents en repr\u00e9sentation des engagements d\u2019assurances.

\n

Cette option est applicable pour les contrats d'assurance qui r\u00e9pondent \u00e0 certaines conditions, notamment en ce qui concerne la fa\u00e7on dont les actifs sont g\u00e9r\u00e9s et la fa\u00e7on dont les obligations sont \u00e9valu\u00e9es. L\u2019option OCI doit \u00eatre choisie de mani\u00e8re coh\u00e9rente pour tous les contrats d\u2019un m\u00eame portefeuille IFRS\u00a017. Pour les contrats participatifs, cette option est applicable pour des contrats r\u00e9pondant \u00e0 certaines conditions, en particulier concernant la d\u00e9tention des actifs sous-jacents.

\n
\n\n\n\n
\n

En choisissant cette option OCI, le groupe r\u00e9duit la volatilit\u00e9 des r\u00e9sultats financiers li\u00e9s aux fluctuations de la valeur de march\u00e9 des actifs, ce qui est particuli\u00e8rement utile pour les contrats d'assurance \u00e0 long terme expos\u00e9s \u00e0 des risques de march\u00e9. Cette option permet notamment d\u2019isoler en OCI les effets de variation de taux sur les passifs des contrats d\u2019assurance et donc d\u2019insensibiliser le r\u00e9sultat net d\u2019assurance de la volatilit\u00e9 induite par l\u2019\u00e9valuation des passifs au taux courant \u00e0 chaque p\u00e9riode.

\n
\n

27.2Dette hybride

\n

La Poste a proc\u00e9d\u00e9 en\u00a0janvier\u00a02025 \u00e0 une \u00e9mission publique de titres hybrides en euros pour un montant de 750\u00a0millions d\u2019euros. Les titres \u00e9mis ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de La Poste \u00e0 partir du second semestre de la 6e ann\u00e9e. Conform\u00e9ment \u00e0 la norme IAS\u00a032, ils sont enregistr\u00e9s dans les capitaux propres du groupe (cf. note\u00a01).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059472_0": { "value": "

3.12.15Imputation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des\u00a0effets de variation de juste valeur des actifs sous-jacents des\u00a0contrats d\u2019assurance

\n

La norme IFRS\u00a017 offre un choix de m\u00e9thode comptable applicable au niveau de chaque portefeuille de contrats permettant, sous conditions, de comptabiliser les changements de valeur de march\u00e9 des passifs d\u2019assurance directement par capitaux propres (dans les autres \u00e9l\u00e9ments du r\u00e9sultat global, ou Other Comprehensive Income \u2013 OCI), au lieu de les reconna\u00eetre en r\u00e9sultat. Elle concerne principalement les effets de changement de taux d\u2019actualisation des passifs. Le groupe applique cette option en miroir de la comptabilisation dans les autres \u00e9l\u00e9ments du r\u00e9sultat global des actifs sous-jacents en repr\u00e9sentation des engagements d\u2019assurances.

\n

Cette option est applicable pour les contrats d'assurance qui r\u00e9pondent \u00e0 certaines conditions, notamment en ce qui concerne la fa\u00e7on dont les actifs sont g\u00e9r\u00e9s et la fa\u00e7on dont les obligations sont \u00e9valu\u00e9es. L\u2019option OCI doit \u00eatre choisie de mani\u00e8re coh\u00e9rente pour tous les contrats d\u2019un m\u00eame portefeuille IFRS\u00a017. Pour les contrats participatifs, cette option est applicable pour des contrats r\u00e9pondant \u00e0 certaines conditions, en particulier concernant la d\u00e9tention des actifs sous-jacents.

\n
\n\n\n\n
\n

En choisissant cette option OCI, le groupe r\u00e9duit la volatilit\u00e9 des r\u00e9sultats financiers li\u00e9s aux fluctuations de la valeur de march\u00e9 des actifs, ce qui est particuli\u00e8rement utile pour les contrats d'assurance \u00e0 long terme expos\u00e9s \u00e0 des risques de march\u00e9. Cette option permet notamment d\u2019isoler en OCI les effets de variation de taux sur les passifs des contrats d\u2019assurance et donc d\u2019insensibiliser le r\u00e9sultat net d\u2019assurance de la volatilit\u00e9 induite par l\u2019\u00e9valuation des passifs au taux courant \u00e0 chaque p\u00e9riode.

\n
\n

3.14Distinction entre instruments de dettes et\u00a0instruments de\u00a0capitaux\u00a0propres

\n

3.14.1Distinction entre instruments de\u00a0dette et instruments de\u00a0capitaux\u00a0propres

\n

La distinction entre les instruments de dette et les instruments de capitaux propres reposent sur l\u2019analyse en substance des caract\u00e9ristiques contractuelles de chaque instrument.

\n

Un instrument de dette non d\u00e9riv\u00e9 constitue une obligation contractuelle de remettre des liquidit\u00e9s ou un autre actif financier ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

\n

Un instrument de capitaux propres non d\u00e9riv\u00e9 est un contrat mettant en \u00e9vidence un int\u00e9r\u00eat r\u00e9siduel dans l\u2019actif net d\u2019une entit\u00e9 qui de fait ne pr\u00e9sente pas d\u2019obligation contractuelle de remettre des liquidit\u00e9s ou d\u2019\u00e9changer des actifs ou des passifs financiers \u00e0 des conditions potentiellement d\u00e9favorables pour l\u2019\u00e9metteur.

\n

3.14.2Titres super subordonn\u00e9s \u00e0\u00a0dur\u00e9e\u00a0ind\u00e9termin\u00e9e

\n

Les titres super subordonn\u00e9s \u00e0 dur\u00e9e ind\u00e9termin\u00e9e sont class\u00e9s en instruments de dettes ou de capitaux propres notamment en fonction de leur mode de r\u00e9mun\u00e9ration selon qu\u2019il est discr\u00e9tionnaire ou non.

\n

Lorsque les titres subordonn\u00e9s \u00e9mis r\u00e9pondent aux crit\u00e8res de classement en \u00ab\u00a0instruments de capitaux propres\u00a0\u00bb les coupons sont trait\u00e9s comme des dividendes venant en diminution des capitaux propres.

\n

Toutes les autres obligations, perp\u00e9tuelles ou remboursables, notamment celles pr\u00e9sentant une \u00e9ch\u00e9ance de remboursement, sont class\u00e9es en dettes subordonn\u00e9es en application de la norme IAS\u00a032.

\n

NOTE 27Capitaux propres

\n

27.1Capital social

\n

Au 31\u00a0d\u00e9cembre 2025, le capital social s\u2019\u00e9l\u00e8ve \u00e0 6\u00a0183\u00a0millions d\u2019euros, divis\u00e9 en 3\u00a0091\u00a0475\u00a0290 actions ordinaires d\u2019un nominal de 2\u00a0euros chacune. Le capital est d\u00e9tenu \u00e0 66% par la Caisse des D\u00e9p\u00f4ts et \u00e0 34% par l\u2019\u00c9tat.

\n

Historique

\n

La Poste est, depuis le 1er\u00a0mars 2010, une soci\u00e9t\u00e9 anonyme, dot\u00e9e \u00e0 cette date d\u2019un capital social fix\u00e9 \u00e0 1\u00a0milliard d\u2019euros, divis\u00e9 en 500\u00a0millions d\u2019actions de chacune 2\u00a0euros de valeur nominale, enti\u00e8rement lib\u00e9r\u00e9es. Ce capital est, de par la loi, d\u00e9tenu exclusivement par des capitaux publics (\u00c9tat ou personnes morales de droit public), \u00e0 l\u2019exception de la part \u00e9ventuellement r\u00e9serv\u00e9e au personnel de La Poste.

\n

La Poste \u00e9tait, ant\u00e9rieurement \u00e0 cette date, un \u00e9tablissement autonome de droit public, sans capital au sens juridique du terme.

\n

27.2Dette hybride

\n

La Poste a proc\u00e9d\u00e9 en\u00a0janvier\u00a02025 \u00e0 une \u00e9mission publique de titres hybrides en euros pour un montant de 750\u00a0millions d\u2019euros. Les titres \u00e9mis ont une maturit\u00e9 perp\u00e9tuelle et sont remboursables au gr\u00e9 de La Poste \u00e0 partir du second semestre de la 6e ann\u00e9e. Conform\u00e9ment \u00e0 la norme IAS\u00a032, ils sont enregistr\u00e9s dans les capitaux propres du groupe (cf. note\u00a01).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153848841164721_0_0": { "value": "

3.12.17Sp\u00e9cificit\u00e9s comptables des\u00a0contrats de r\u00e9assurance

\n

Cette partie\u00a0d\u00e9crit les sp\u00e9cificit\u00e9s des mod\u00e8les d\u2019\u00e9valuation appliqu\u00e9s par le groupe aux contrats de r\u00e9assurance.

\n

Un contrat de r\u00e9assurance est dit \u00ab\u00a0accept\u00e9\u00a0\u00bb lorsque le groupe, en tant que r\u00e9assureur, \u00e9met un contrat d\u2019assurance visant \u00e0 indemniser une autre entit\u00e9 A (la c\u00e9dante) au titre de sinistres couverts par un contrat ou un ensemble de contrats d\u2019assurance \u00e9mis par l\u2019entit\u00e9\u00a0A (contrats sous-jacents).

\n
\n\n\n\n
\n

La norme IFRS\u00a017 ne pr\u00e9voyant pas de dispositions particuli\u00e8res, le groupe ne cr\u00e9e pas de portefeuilles IFRS\u00a017 sp\u00e9cifiques \u00e0 la r\u00e9assurance accept\u00e9e.

\n
\n

Un contrat de r\u00e9assurance est dit \u00ab\u00a0d\u00e9tenu\u00a0\u00bb lorsque le groupe, en tant qu\u2019entit\u00e9 c\u00e9dante, souscrit un contrat ou un ensemble de contrats d\u2019assurance visant \u00e0 couvrir les sinistres de contrats qu\u2019il a lui-m\u00eame \u00e9mis. On parle \u00e9galement de cession en r\u00e9assurance.

\n
\n\n\n\n
\n

Le groupe aligne la d\u00e9finition des portefeuilles de contrats de r\u00e9assurance sur la d\u00e9finition des portefeuilles d\u2019assurance directe.

\n
\n

Les contrats \u00e9tant en quote-part, il est consid\u00e9r\u00e9 que les risques au sein d\u2019un portefeuille sont m\u00e9caniquement similaires au niveau des engagements c\u00e9d\u00e9s s\u2019ils sont jug\u00e9s similaires aux portefeuilles d\u2019assurance directe. Le regroupement de plusieurs contrats de r\u00e9assurance au sein d\u2019un m\u00eame portefeuille permet au groupe de consid\u00e9rer qu\u2019ils sont g\u00e9r\u00e9s ensemble au sens o\u00f9 l\u2019objectif commun est d\u2019att\u00e9nuer les risques sur un portefeuille de contrats sous-jacents eux-m\u00eames g\u00e9r\u00e9s comme un ensemble.

\n

Mod\u00e8les d\u2019\u00e9valuation

\n

Le mod\u00e8le VFA n\u2019\u00e9tant pas permis (IFRS\u00a017.B109), le groupe applique le mod\u00e8le g\u00e9n\u00e9ral (BBA) \u00e0 l\u2019ensemble des contrats de r\u00e9assurance \u00e9mis et d\u00e9etenus dans les activit\u00e9s en France du groupe.

\n

L\u2019\u00e9valuation des contrats de r\u00e9assurance suit un principe d\u2019effet miroir aux contrats d\u2019assurance sous-jacents\u00a0: coh\u00e9rence des hypoth\u00e8ses retenues pour l\u2019estimation des flux de tr\u00e9sorerie, le risque non financier est ajust\u00e9 du risque transf\u00e9r\u00e9, la CSM \u00e9valu\u00e9e \u00e0 l\u2019origine est g\u00e9n\u00e9ralement consid\u00e9r\u00e9e comme un co\u00fbt net \u00e9tal\u00e9 sur la p\u00e9riode de couverture des contrats de r\u00e9assurance.

\n

\u00c0 noter, que le risque de non-ex\u00e9cution du r\u00e9assureur est int\u00e9gr\u00e9 \u00e0 l\u2019estimation des flux de tr\u00e9sorerie.

\n

Fronti\u00e8res des contrats

\n

Pour les contrats d\u2019assurance d\u00e9tenus, les flux \u00e0 consid\u00e9rer sont ceux r\u00e9sultant des droits ou obligations substantiels de la c\u00e9dante i.e. le droit substantiel de la c\u00e9dante est de recevoir des services de la part du r\u00e9assureur.

\n

Ce droit substantiel cesse d\u00e8s lors que\u00a0:

\n

(i)le r\u00e9assureur a la capacit\u00e9 de r\u00e9viser le prix ou le niveau de garantie relatifs aux engagements qui lui sont transf\u00e9r\u00e9s de sorte \u00e0 refl\u00e9ter pleinement le risque\u00a0;

\n

(ii)le r\u00e9assureur a le droit de mettre fin \u00e0 la couverture. L\u2019obligation substantielle de la c\u00e9dante est de payer les \u00e9l\u00e9ments dus aux r\u00e9assureurs.

\n

Le groupe prend en compte dans le calcul du BE, du RA et de la CSM l\u2019effet de la r\u00e9assurance sur des contrats sous-jacents non encore comptabilis\u00e9s par la c\u00e9dante.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059475_0": { "value": "

3.12.17Sp\u00e9cificit\u00e9s comptables des\u00a0contrats de r\u00e9assurance

\n

Cette partie\u00a0d\u00e9crit les sp\u00e9cificit\u00e9s des mod\u00e8les d\u2019\u00e9valuation appliqu\u00e9s par le groupe aux contrats de r\u00e9assurance.

\n

Un contrat de r\u00e9assurance est dit \u00ab\u00a0accept\u00e9\u00a0\u00bb lorsque le groupe, en tant que r\u00e9assureur, \u00e9met un contrat d\u2019assurance visant \u00e0 indemniser une autre entit\u00e9 A (la c\u00e9dante) au titre de sinistres couverts par un contrat ou un ensemble de contrats d\u2019assurance \u00e9mis par l\u2019entit\u00e9\u00a0A (contrats sous-jacents).

\n
\n\n\n\n
\n

La norme IFRS\u00a017 ne pr\u00e9voyant pas de dispositions particuli\u00e8res, le groupe ne cr\u00e9e pas de portefeuilles IFRS\u00a017 sp\u00e9cifiques \u00e0 la r\u00e9assurance accept\u00e9e.

\n
\n

Un contrat de r\u00e9assurance est dit \u00ab\u00a0d\u00e9tenu\u00a0\u00bb lorsque le groupe, en tant qu\u2019entit\u00e9 c\u00e9dante, souscrit un contrat ou un ensemble de contrats d\u2019assurance visant \u00e0 couvrir les sinistres de contrats qu\u2019il a lui-m\u00eame \u00e9mis. On parle \u00e9galement de cession en r\u00e9assurance.

\n
\n\n\n\n
\n

Le groupe aligne la d\u00e9finition des portefeuilles de contrats de r\u00e9assurance sur la d\u00e9finition des portefeuilles d\u2019assurance directe.

\n
\n

Les contrats \u00e9tant en quote-part, il est consid\u00e9r\u00e9 que les risques au sein d\u2019un portefeuille sont m\u00e9caniquement similaires au niveau des engagements c\u00e9d\u00e9s s\u2019ils sont jug\u00e9s similaires aux portefeuilles d\u2019assurance directe. Le regroupement de plusieurs contrats de r\u00e9assurance au sein d\u2019un m\u00eame portefeuille permet au groupe de consid\u00e9rer qu\u2019ils sont g\u00e9r\u00e9s ensemble au sens o\u00f9 l\u2019objectif commun est d\u2019att\u00e9nuer les risques sur un portefeuille de contrats sous-jacents eux-m\u00eames g\u00e9r\u00e9s comme un ensemble.

\n

Mod\u00e8les d\u2019\u00e9valuation

\n

Le mod\u00e8le VFA n\u2019\u00e9tant pas permis (IFRS\u00a017.B109), le groupe applique le mod\u00e8le g\u00e9n\u00e9ral (BBA) \u00e0 l\u2019ensemble des contrats de r\u00e9assurance \u00e9mis et d\u00e9etenus dans les activit\u00e9s en France du groupe.

\n

L\u2019\u00e9valuation des contrats de r\u00e9assurance suit un principe d\u2019effet miroir aux contrats d\u2019assurance sous-jacents\u00a0: coh\u00e9rence des hypoth\u00e8ses retenues pour l\u2019estimation des flux de tr\u00e9sorerie, le risque non financier est ajust\u00e9 du risque transf\u00e9r\u00e9, la CSM \u00e9valu\u00e9e \u00e0 l\u2019origine est g\u00e9n\u00e9ralement consid\u00e9r\u00e9e comme un co\u00fbt net \u00e9tal\u00e9 sur la p\u00e9riode de couverture des contrats de r\u00e9assurance.

\n

\u00c0 noter, que le risque de non-ex\u00e9cution du r\u00e9assureur est int\u00e9gr\u00e9 \u00e0 l\u2019estimation des flux de tr\u00e9sorerie.

\n

Fronti\u00e8res des contrats

\n

Pour les contrats d\u2019assurance d\u00e9tenus, les flux \u00e0 consid\u00e9rer sont ceux r\u00e9sultant des droits ou obligations substantiels de la c\u00e9dante i.e. le droit substantiel de la c\u00e9dante est de recevoir des services de la part du r\u00e9assureur.

\n

Ce droit substantiel cesse d\u00e8s lors que\u00a0:

\n

(i)le r\u00e9assureur a la capacit\u00e9 de r\u00e9viser le prix ou le niveau de garantie relatifs aux engagements qui lui sont transf\u00e9r\u00e9s de sorte \u00e0 refl\u00e9ter pleinement le risque\u00a0;

\n

(ii)le r\u00e9assureur a le droit de mettre fin \u00e0 la couverture. L\u2019obligation substantielle de la c\u00e9dante est de payer les \u00e9l\u00e9ments dus aux r\u00e9assureurs.

\n

Le groupe prend en compte dans le calcul du BE, du RA et de la CSM l\u2019effet de la r\u00e9assurance sur des contrats sous-jacents non encore comptabilis\u00e9s par la c\u00e9dante.

\n

23.7Contrats d\u2019assurance et de r\u00e9assurance, autres actifs financiers et\u00a0comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

740

\n		\n

816

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 PAA

\n		\n

\n		\n

146

\n		\n

97

\n
\n

Frais d'acquisition non encore affect\u00e9s aux contrats \u2013 Actif

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif

\n		\n

36.3.1

\n		\n

890

\n		\n

917

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

5\u00a0986

\n		\n

6\u00a0213

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 PAA

\n		\n

\n		\n

255

\n		\n

295

\n
\n

Actifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 R\u00e9assurance

\n		\n

\n		\n

15

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif\u00a0

\n		\n

36.3.1

\n		\n

6\u00a0255

\n		\n

6\u00a0523

\n
\n

D\u00e9biteurs divers\u00a0(a)

\n		\n

\n		\n

4\u00a0875

\n		\n

6\u00a0822

\n
\n

Comptes de r\u00e8glement relatifs aux op\u00e9rations sur titres

\n		\n

\n		\n

41

\n		\n

0

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

\n		\n

(147)

\n		\n

(93)

\n
\n

Autres actifs financiers

\n		\n

\n		\n

4\u00a0768

\n		\n

6\u00a0729

\n
\n

Charges constat\u00e9es d'avance et produits \u00e0 recevoir

\n		\n

\n		\n

1\u00a0565

\n		\n

1\u00a0770

\n
\n

Comptes d'encaissement

\n		\n

\n		\n

116

\n		\n

142

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

\n		\n

304

\n		\n

321

\n
\n

Comptes de r\u00e9gularisation

\n		\n

\n		\n

1\u00a0985

\n		\n

2\u00a0232

\n
\n

Autres actifs financiers et comptes de r\u00e9gularisation

\n		\n

\n		\n

6\u00a0754

\n		\n

8\u00a0961

\n
\n

(a)Dont d\u00e9p\u00f4ts de garantie au titre des EPI du FRU pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024 (cf. note\u00a037.4).

\n
\n

32.6Contrats d\u2019assurance \u00e9mis et de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif \u2013 BBA/VFA

\n		\n

\n		\n

377\u00a0224

\n		\n

363\u00a0206

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif \u2013 PAA

\n		\n

\n		\n

1\u00a0363

\n		\n

1\u00a0546

\n
\n

Passifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 Assurance

\n		\n

\n		\n

1\u00a0886

\n		\n

2\u00a0019

\n
\n

Contrats d'assurance \u00e9mis \u2013 Passif

\n		\n

36.3

\n		\n

380\u00a0474

\n		\n

366\u00a0771

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif \u2013 BBA

\n		\n

\n		\n

11

\n		\n

10

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif \u2013 PAA

\n		\n

\n		\n

\n		\n

3

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif

\n		\n

36.3

\n		\n

11

\n		\n

13

\n
\n

Total

\n		\n

\n		\n

380\u00a0484

\n		\n

366\u00a0784

\n
\n

Risque de contrepartie sur les r\u00e9assureurs

\n

Le p\u00e9rim\u00e8tre des risques de contrepartie inclut les contrats permettant une att\u00e9nuation des risques tels que les accords de r\u00e9assurance, les titrisations et les instruments d\u00e9riv\u00e9s, et les cr\u00e9ances \u00e0 recevoir des interm\u00e9diaires et des assur\u00e9s.

\n

Les cessions d'actifs de r\u00e9assurance nets de passifs sont r\u00e9alis\u00e9es, sur la base du total des provisions c\u00e9d\u00e9es, \u00e0 21% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 AA-, et \u00e0 95% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 A.

\n

36.1.2Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Charges de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le BBA

\n		\n

(742)

\n		\n

(3\u00a0079)

\n
\n

Marge sur services contractuels reconnue en r\u00e9sultat en raison de la\u00a0r\u00e9ception de services au\u00a0cours de la p\u00e9riode

\n		\n

2

\n		\n

(30)

\n
\n

Variation de l'ajustement au titre du risque non financier en raison de l'expiration du risque

\n		\n

(17)

\n		\n

(10)

\n
\n

Charges attendues au cours de la p\u00e9riode

\n		\n

(698)

\n		\n

(3\u00a0001)

\n
\n

Ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience

\n		\n

(29)

\n		\n

(38)

\n
\n

Charges de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

(97)

\n		\n

(150)

\n
\n

Produits de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le BBA

\n		\n

706

\n		\n

3\u00a0001

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs

\n		\n

716

\n		\n

3\u00a0037

\n
\n

Ajustements li\u00e9s aux provisions recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

(44)

\n		\n

(36)

\n
\n

Composante de perte

\n		\n

31

\n		\n

0

\n
\n

Variation de l'ajustement pour risque li\u00e9 aux sinistres survenus c\u00e9d\u00e9s

\n		\n

3

\n		\n

1

\n
\n

Produits de r\u00e9assurance \u2013 Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

55

\n		\n

128

\n
\n

Charges ou produits li\u00e9s \u00e0 la r\u00e9assurance d\u00e9tenue

\n		\n

(78)

\n		\n

(100)

\n
\n

36.3Informations sur les passifs d\u2019assurance

\n

36.3.1Contrats d\u2019assurance et de r\u00e9assurance par mod\u00e8les d\u2019\u00e9valuation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

Total

\n
\n

Au titre de la couverture restante

\n		\n

937

\n		\n

144

\n		\n

1\u00a0081

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

144

\n		\n

144

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

937

\n		\n

\n		\n

937

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

1\u00a0314

\n		\n

\n		\n

1\u00a0314

\n
\n

Ajustement au titre du risque non financier

\n		\n

(75)

\n		\n

\n		\n

(75)

\n
\n

Marge sur services contractuels

\n		\n

(302)

\n		\n

\n		\n

(302)

\n
\n

Au titre des sinistres survenus

\n		\n

(197)

\n		\n

2

\n		\n

(195)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(191)

\n		\n

2

\n		\n

(190)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(6)

\n		\n

\n		\n

(6)

\n
\n

Au titre des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition non encore affect\u00e9s aux contrats d'assurance

\n		\n

0

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 actif (1) (cf. note\u00a023.7)

\n		\n

740

\n		\n

150

\n		\n

890

\n
\n

Au titre de la couverture restante

\n		\n

371\u00a0297

\n		\n

552

\n		\n

371\u00a0849

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

552

\n		\n

552

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

371\u00a0297

\n		\n

\n		\n

371\u00a0297

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

350\u00a0850

\n		\n

\n		\n

350\u00a0850

\n
\n

Ajustement au titre du risque non financier

\n		\n

1\u00a0364

\n		\n

\n		\n

1\u00a0364

\n
\n

Marge sur services contractuels

\n		\n

19\u00a0082

\n		\n

\n		\n

19\u00a0082

\n
\n

Au titre des sinistres survenus

\n		\n

5\u00a0928

\n		\n

811

\n		\n

6\u00a0739

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0846

\n		\n

761

\n		\n

6\u00a0607

\n
\n

Ajustement au titre du risque non financier

\n		\n

82

\n		\n

51

\n		\n

132

\n
\n

Contrats d\u2019assurance \u00e9mis \u2013 passif (2)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

377\u00a0224

\n		\n

1\u00a0363

\n		\n

378\u00a0588

\n
\n

Contrats d'assurance (affaires directes et acceptations) (2) - (1)

\n		\n

376\u00a0484

\n		\n

1\u00a0214

\n		\n

377\u00a0698

\n
\n

Au titre des op\u00e9rations d'assurance relatives \u00e0 des contrats financiers (sans\u00a0participation\u00a0discr\u00e9tionnaire) (3)

\n		\n

\n		\n

\n		\n

1\u00a0886

\n
\n

Contrats d'assurance \u00e9mis \u2013 passif (2) +\u00a0(3) (cf. note 32.6)

\n		\n

\n		\n

\n		\n

380\u00a0474

\n
\n

Au titre de la couverture restante

\n		\n

5\u00a0454

\n		\n

58

\n		\n

5\u00a0512

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

58

\n		\n

58

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

5\u00a0454

\n		\n

\n		\n

5\u00a0454

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0097

\n		\n

\n		\n

5\u00a0097

\n
\n

Ajustement au titre du risque non financier

\n		\n

92

\n		\n

\n		\n

92

\n
\n

Marge sur services contractuels

\n		\n

265

\n		\n

\n		\n

265

\n
\n

Au titre des sinistres survenus

\n		\n

532

\n		\n

197

\n		\n

729

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

526

\n		\n

189

\n		\n

715

\n
\n

Ajustement au titre du risque non financier

\n		\n

6

\n		\n

7

\n		\n

13

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif (1)
(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

5\u00a0986

\n		\n

255

\n		\n

6\u00a0240

\n
\n

Au titre des op\u00e9rations de r\u00e9assurance relatives \u00e0 des contrats financiers
(sans participation discr\u00e9tionnaire)

\n		\n

\n		\n

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 actif (cf. note\u00a023.7)

\n		\n

\n		\n

\n		\n

6\u00a0255

\n
\n

Au titre de la couverture restante

\n		\n

20

\n		\n

\n		\n

20

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

\n		\n

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

20

\n		\n

\n		\n

20

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

14

\n		\n

\n		\n

14

\n
\n

Ajustement au titre du risque non financier

\n		\n

(6)

\n		\n

\n		\n

(6)

\n
\n

Marge sur services contractuels

\n		\n

12

\n		\n

\n		\n

12

\n
\n

Au titre des sinistres survenus

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(0)

\n		\n

\n		\n

(0)

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif (2) \u2013 (cf. note\u00a032.6)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

11

\n		\n

\n		\n

11

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus nets (1) - (2)

\n		\n

5\u00a0975

\n		\n

255

\n		\n

6\u00a0229

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

Total

\n
\n

Au titre de la couverture restante

\n		\n

982

\n		\n

95

\n		\n

1\u00a0078

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

95

\n		\n

95

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

982

\n		\n

\n		\n

982

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

1\u00a0276

\n		\n

\n		\n

1\u00a0276

\n
\n

Ajustement au titre du risque non financier

\n		\n

(60)

\n		\n

\n		\n

(60)

\n
\n

Marge sur services contractuels

\n		\n

(234)

\n		\n

\n		\n

(234)

\n
\n

Au titre des sinistres survenus

\n		\n

(166)

\n		\n

2

\n		\n

(164)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(162)

\n		\n

2

\n		\n

(160)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(4)

\n		\n

\n		\n

(4)

\n
\n

Au titre des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition non encore affect\u00e9s aux contrats d'assurance

\n		\n

0

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 actif (1) (cf. note\u00a023.7)

\n		\n

816

\n		\n

101

\n		\n

917

\n
\n

Au titre de la couverture restante

\n		\n

357\u00a0605

\n		\n

755

\n		\n

358\u00a0360

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

755

\n		\n

755

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

357\u00a0605

\n		\n

\n		\n

357\u00a0605

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

339\u00a0733

\n		\n

\n		\n

339\u00a0733

\n
\n

Ajustement au titre du risque non financier

\n		\n

1\u00a0450

\n		\n

\n		\n

1\u00a0450

\n
\n

Marge sur services contractuels

\n		\n

16\u00a0422

\n		\n

\n		\n

16\u00a0422

\n
\n

Au titre des sinistres survenus

\n		\n

5\u00a0601

\n		\n

791

\n		\n

6\u00a0392

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0547

\n		\n

744

\n		\n

6\u00a0291

\n
\n

Ajustement au titre du risque non financier

\n		\n

55

\n		\n

47

\n		\n

101

\n
\n

Contrats d\u2019assurance \u00e9mis \u2013 passif (2)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

363\u00a0206

\n		\n

1\u00a0546

\n		\n

364\u00a0752

\n
\n

Contrats d'assurance (affaires directes et acceptations) (2) - (1)

\n		\n

362\u00a0390

\n		\n

1\u00a0445

\n		\n

363\u00a0835

\n
\n

Au titre des op\u00e9rations d'assurance relatives \u00e0 des contrats financiers
(sans participation discr\u00e9tionnaire) (3)

\n		\n

\n		\n

2\u00a0019

\n
\n

Contrats d'assurance \u00e9mis \u2013 passif (2) +\u00a0(3) \u2013 (cf. note 32.6)

\n		\n

\n		\n

\n		\n

366\u00a0771

\n
\n

Au titre de la couverture restante

\n		\n

5\u00a0763

\n		\n

73

\n		\n

5\u00a0837

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

73

\n		\n

73

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

5\u00a0763

\n		\n

\n		\n

5\u00a0763

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

5\u00a0403

\n		\n

\n		\n

5\u00a0403

\n
\n

Ajustement au titre du risque non financier

\n		\n

110

\n		\n

\n		\n

110

\n
\n

Marge sur services contractuels

\n		\n

250

\n		\n

\n		\n

250

\n
\n

Au titre des sinistres survenus

\n		\n

450

\n		\n

221

\n		\n

671

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

445

\n		\n

213

\n		\n

659

\n
\n

Ajustement au titre du risque non financier

\n		\n

5

\n		\n

8

\n		\n

13

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif (1)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

6\u00a0213

\n		\n

295

\n		\n

6\u00a0508

\n
\n

Au titre des op\u00e9rations de r\u00e9assurance relatives \u00e0 des contrats financiers
(sans participation discr\u00e9tionnaire)

\n		\n

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 actif (cf. note\u00a023.7)

\n		\n

\n		\n

\n		\n

6\u00a0523

\n
\n

Au titre de la couverture restante

\n		\n

19

\n		\n

3

\n		\n

21

\n
\n

Contrats \u00e9valu\u00e9s selon le mod\u00e8le PAA

\n		\n

\n		\n

3

\n		\n

3

\n
\n

Contrats \u00e9valu\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

19

\n		\n

\n		\n

19

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

17

\n		\n

\n		\n

17

\n
\n

Ajustement au titre du risque non financier

\n		\n

(8)

\n		\n

\n		\n

(8)

\n
\n

Marge sur services contractuels

\n		\n

9

\n		\n

\n		\n

9

\n
\n

Au titre des sinistres survenus

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

(9)

\n		\n

\n		\n

(9)

\n
\n

Ajustement au titre du risque non financier

\n		\n

(0)

\n		\n

\n		\n

(0)

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Passif (2) \u2013 (cf. note\u00a032.6)

\n

(hors contrats financiers sans participation discr\u00e9tionnaire)

\n		\n

10

\n		\n

3

\n		\n

13

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus nets (1) - (2)

\n		\n

6\u00a0203

\n		\n

292

\n		\n

6\u00a0495

\n
\n

Marge intra-groupe

\n

La Banque Postale distribue et g\u00e8re des contrats d\u2019assurance pour le compte de ses filiales. Cette activit\u00e9 g\u00e9n\u00e8re des frais de distribution et de gestion dans les comptes aux bornes du groupe.

\n

Les filiales d\u2019assurance versent des commissions \u00e0 La\u00a0Banque\u00a0Postale, au titre de la distribution et de la gestion des contrats d\u2019assurance. Ces commissions incorporent une marge factur\u00e9e par La Banque Postale.

\n

Sous IFRS\u00a017, la composante repr\u00e9sentant l\u2019engagement de l\u2019assurance envers ses assur\u00e9s, la valeur actuelle des flux futurs ou Best Estimate, incorpore notamment l\u2019ensemble des frais rattachables aux activit\u00e9s d\u2019assurance dont les frais de distribution et de gestion des contrats d\u2019assurance.

\n

Au niveau des filiales d\u2019assurance, ce sont donc les commissions, y compris la marge, qui vont \u00eatre incluses dans le Best Estimate.

\n

Au niveau du groupe, la marge per\u00e7ue repr\u00e9sente un profit et non un co\u00fbt, et ne peut \u00eatre incorpor\u00e9e dans le Best Estimate. Elle doit donc \u00eatre int\u00e9gr\u00e9e dans la marge sur services contractuels (ou CSM, c\u2019est-\u00e0-dire les profits futurs).

\n

Par cons\u00e9quent, la CSM en vision groupe diff\u00e8re de la CSM aux bornes des filiales d\u2019assurance, i.e. la CSM en vision assurance. La CSM groupe int\u00e8gre une composante repr\u00e9sentative de la marge intragroupe d\u00e9termin\u00e9e en appliquant un coefficient d\u2019exploitation estim\u00e9 aux commissions de distribution et de gestion. Cette marge est int\u00e9gr\u00e9e dans la CSM aux bornes du groupe.

\n

Analyse par composante comptable des contrats comptabilis\u00e9s selon le mod\u00e8le BBA \u2013 Contrats\u00a0de\u00a0r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

31/12/2025

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

5\u00a0849

\n		\n

115

\n		\n

250

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(9)

\n		\n

8

\n		\n

(9)

\n		\n

(10)

\n
\n

Solde net d'ouverture

\n		\n

5\u00a0840

\n		\n

123

\n		\n

241

\n		\n

6\u00a0203

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

23

\n		\n

(4)

\n		\n

11

\n		\n

31

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

40

\n		\n

(8)

\n		\n

(31)

\n		\n

1

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

(17)

\n		\n

4

\n		\n

43

\n		\n

30

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

(10)

\n		\n

(14)

\n		\n

2

\n		\n

(22)

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat net

\n		\n

\n		\n

\n		\n

2

\n		\n

2

\n
\n

Variation de l'ajustement au titre du risque non financier

\n		\n

\n		\n

(14)

\n		\n

\n		\n

(14)

\n
\n

Ajustements li\u00e9s \u00e0 l'exp\u00e9rience

\n		\n

(10)

\n		\n

\n		\n

\n		\n

(10)

\n
\n

Variations li\u00e9es aux services pass\u00e9s

\n		\n

(43)

\n		\n

(2)

\n		\n

\n		\n

(45)

\n
\n

Ajustement des sinistres survenus

\n		\n

(43)

\n		\n

(2)

\n		\n

\n		\n

(45)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(30)

\n		\n

(20)

\n		\n

13

\n		\n

(36)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats
de r\u00e9assurance d\u00e9tenus\u00a0(a)

\n		\n

(70)

\n		\n

1

\n		\n

(1)

\n		\n

(69)

\n
\n

Total des variations du r\u00e9sultat global

\n		\n

(99)

\n		\n

(18)

\n		\n

12

\n		\n

(105)

\n
\n

Flux de tr\u00e9sorerie

\n		\n

(123)

\n		\n

\n		\n

\n		\n

(123)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

(123)

\n		\n

\n		\n

\n		\n

(123)

\n
\n

Autres mouvements de consolidation et variation de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0618

\n		\n

104

\n		\n

253

\n		\n

5\u00a0975

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0623

\n		\n

98

\n		\n

265

\n		\n

5\u00a0986

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(5)

\n		\n

6

\n		\n

(12)

\n		\n

(11)

\n
\n

(a)Hors effet de l\u2019\u00e9volution du risque de non-ex\u00e9cution.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n		\n

Marge sur services contractuels

\n		\n

31/12/2024

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

7\u00a0990

\n		\n

97

\n		\n

512

\n		\n

8\u00a0599

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(32)

\n		\n

17

\n		\n

(20)

\n		\n

(35)

\n
\n

Solde net d'ouverture

\n		\n

7\u00a0958

\n		\n

114

\n		\n

492

\n		\n

8\u00a0564

\n
\n

Variations li\u00e9es aux services futurs

\n		\n

21

\n		\n

(19)

\n		\n

(2)

\n		\n

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

29

\n		\n

(22)

\n		\n

(6)

\n		\n

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

(8)

\n		\n

4

\n		\n

4

\n		\n

\n
\n

Variations li\u00e9es aux services rendus au cours de la p\u00e9riode

\n		\n

(4)

\n		\n

(8)

\n		\n

(30)

\n		\n

(41)

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat net

\n		\n

\n		\n

\n		\n

(30)

\n		\n

(30)

\n
\n

Variation de l'ajustement au titre du risque non financier

\n		\n

\n		\n

(8)

\n		\n

\n		\n

(8)

\n
\n

Ajustements li\u00e9s \u00e0 l'exp\u00e9rience

\n		\n

(4)

\n		\n

\n		\n

\n		\n

(4)

\n
\n

Variations li\u00e9es aux services pass\u00e9s

\n		\n

(34)

\n		\n

(3)

\n		\n

\n		\n

(36)

\n
\n

Ajustement des sinistres survenus

\n		\n

(34)

\n		\n

(3)

\n		\n

\n		\n

(36)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(17)

\n		\n

(29)

\n		\n

(32)

\n		\n

(78)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance d\u00e9tenus\u00a0(a)

\n		\n

109

\n		\n

12

\n		\n

3

\n		\n

124

\n
\n

Total des variations du r\u00e9sultat global

\n		\n

93

\n		\n

(18)

\n		\n

(29)

\n		\n

46

\n
\n

Flux de tr\u00e9sorerie

\n		\n

(2\u00a0629)

\n		\n

\n		\n

\n		\n

(2\u00a0629)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

(2\u00a0629)

\n		\n

\n		\n

\n		\n

(2\u00a0629)

\n
\n

Autres mouvements de consolidation et variation de p\u00e9rim\u00e8tre

\n		\n

418

\n		\n

26

\n		\n

(223)

\n		\n

222

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0840

\n		\n

123

\n		\n

241

\n		\n

6\u00a0203

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0849

\n		\n

115

\n		\n

250

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(9)

\n		\n

8

\n		\n

(9)

\n		\n

(10)

\n
\n

(a)Hors effet de l\u2019\u00e9volution du risque de non-ex\u00e9cution.

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Contrats \u00e9valu\u00e9s selon l'approche r\u00e9trospective modifi\u00e9e \u00e0 la transition

\n		\n

Contrats \u00e9valu\u00e9s selon l'approche fond\u00e9e sur la juste valeur \u00e0 la transition

\n		\n

Autres contrats\u00a0(a)

\n		\n

Total

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels \u00e0\u00a0l'ouverture

\n		\n

60

\n		\n

336

\n		\n

(155)

\n		\n

241

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services futurs

\n		\n

7

\n		\n

(18)

\n		\n

23

\n		\n

11

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

7

\n		\n

(18)

\n		\n

(20)

\n		\n

(31)

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

\n		\n

\n		\n

43

\n		\n

43

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services rendus au cours
de la p\u00e9riode

\n		\n

(7)

\n		\n

(21)

\n		\n

30

\n		\n

2

\n
\n

Marge sur services contractuels comptabilis\u00e9e en r\u00e9sultat net
pour refl\u00e9ter les services rendus

\n		\n

(7)

\n		\n

(21)

\n		\n

30

\n		\n

2

\n
\n

Part c\u00e9d\u00e9e \u2013 Produits financiers (ou charges financi\u00e8res) aff\u00e9rents\u00a0aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

1

\n		\n

2

\n		\n

(4)

\n		\n

(1)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance des contrats de r\u00e9assurance

\n		\n

1

\n		\n

2

\n		\n

(4)

\n		\n

(1)

\n
\n

Part c\u00e9d\u00e9e \u2013 Autres mouvements de consolidation

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels
\u00e0 la cl\u00f4ture

\n		\n

61

\n		\n

299

\n		\n

(107)

\n		\n

253

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Contrats \u00e9valu\u00e9s selon l'approche r\u00e9trospective modifi\u00e9e \u00e0 la transition

\n		\n

Contrats \u00e9valu\u00e9s selon l'approche fond\u00e9e sur la juste valeur \u00e0 la transition

\n		\n

Autres contrats\u00a0(a)

\n		\n

Total

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels \u00e0\u00a0l'ouverture

\n		\n

64

\n		\n

417

\n		\n

11

\n		\n

492

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services futurs

\n		\n

1

\n		\n

(45)

\n		\n

42

\n		\n

(2)

\n
\n

Changements dans les estimations qui entra\u00eenent un ajustement
de la marge sur services contractuels

\n		\n

1

\n		\n

(45)

\n		\n

37

\n		\n

(6)

\n
\n

Effet des contrats comptabilis\u00e9s au cours de la p\u00e9riode

\n		\n

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Part c\u00e9d\u00e9e \u2013 Variations li\u00e9es aux services rendus au cours
de la p\u00e9riode

\n		\n

(7)

\n		\n

(21)

\n		\n

(3)

\n		\n

(30)

\n
\n

Marge sur services contractuels comptabilis\u00e9e en r\u00e9sultat net
pour refl\u00e9ter les services rendus

\n		\n

(7)

\n		\n

(21)

\n		\n

(3)

\n		\n

(30)

\n
\n

Part c\u00e9d\u00e9e \u2013 Produits financiers (ou charges financi\u00e8res) aff\u00e9rents\u00a0aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

1

\n		\n

2

\n		\n

(0)

\n		\n

3

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance des contrats de r\u00e9assurance

\n		\n

1

\n		\n

2

\n		\n

(0)

\n		\n

3

\n
\n

Part c\u00e9d\u00e9e \u2013 Autres mouvements de consolidation

\n		\n

\n		\n

(18)

\n		\n

(205)

\n		\n

(223)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

7

\n		\n

(205)

\n		\n

(198)

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

\n		\n

(24)

\n		\n

\n		\n

(24)

\n
\n

Part c\u00e9d\u00e9e \u2013 Marge sur services contractuels
\u00e0 la cl\u00f4ture

\n		\n

60

\n		\n

336

\n		\n

(155)

\n		\n

241

\n
\n

(a)Les autres contrats correspondent aux contrats qui n\u2019\u00e9taient pas existants \u00e0 la date de transition.

\n
\n

36.3.4Contrats d\u2019assurance et de r\u00e9assurance par p\u00e9riodes de couverture

\n

Analyse par p\u00e9riodes de couverture restante et sinistres survenus des contrats comptabilis\u00e9s selon\u00a0le mod\u00e8le BBA \u2013 Contrats de r\u00e9assurance d\u00e9tenus

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Actifs nets pour
couverture restante

\n		\n

Composante de couverture restante

\n		\n

Composante de sinistres survenus

\n		\n

Total

\n
\n

Hors \u00e9l\u00e9ment de recouvrement de perte

\n		\n

\u00c9l\u00e9ment de recouvrement de perte

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

5\u00a0754

\n		\n

9

\n		\n

5\u00a0763

\n		\n

450

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(19)

\n		\n

\n		\n

(19)

\n		\n

9

\n		\n

(10)

\n
\n

Solde net d'ouverture

\n		\n

5\u00a0736

\n		\n

9

\n		\n

5\u00a0745

\n		\n

459

\n		\n

6\u00a0203

\n
\n

Produits de r\u00e9assurance

\n		\n

48

\n		\n

31

\n		\n

79

\n		\n

621

\n		\n

700

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs\u00a0:

\n		\n

48

\n		\n

31

\n		\n

79

\n		\n

666

\n		\n

745

\n
\n

Dont montants recouvr\u00e9s des services pass\u00e9s et autres charges de r\u00e9assurance

\n		\n

48

\n		\n

(0)

\n		\n

48

\n		\n

666

\n		\n

714

\n
\n

Dont pertes et reprises de pertes sur contrats d\u00e9ficitaires sous-jacents

\n		\n

\n		\n

31

\n		\n

31

\n		\n

\n		\n

31

\n
\n

Ajustement des actifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(45)

\n		\n

(45)

\n
\n

Charges de r\u00e9assurance

\n		\n

(736)

\n		\n

\n		\n

(736)

\n		\n

\n		\n

(736)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(688)

\n		\n

31

\n		\n

(657)

\n		\n

621

\n		\n

(36)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance

\n		\n

(72)

\n		\n

0

\n		\n

(72)

\n		\n

2

\n		\n

(70)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance (hors effets des diff\u00e9rences de change)

\n		\n

(72)

\n		\n

0

\n		\n

(72)

\n		\n

2

\n		\n

(70)

\n
\n

Composants d'investissement

\n		\n

(751)

\n		\n

\n		\n

(751)

\n		\n

751

\n		\n

\n
\n

Total issu des variations du r\u00e9sultat global

\n		\n

(1\u00a0511)

\n		\n

31

\n		\n

(1\u00a0480)

\n		\n

1\u00a0374

\n		\n

(106)

\n
\n

Primes pay\u00e9es

\n		\n

1\u00a0169

\n		\n

\n		\n

1\u00a0169

\n		\n

\n		\n

1\u00a0169

\n
\n

Sommes recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0292)

\n		\n

(1\u00a0292)

\n
\n

Autres\u00a0d\u00e9calages de tr\u00e9sorerie (d\u00e9p\u00f4t de r\u00e9assurance, frais\u00a0d'acquisition, etc.)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0169

\n		\n

\n		\n

1\u00a0169

\n		\n

(1\u00a0292)

\n		\n

(123)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

0

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n
\n

Autres mouvements de consolidation

\n		\n

0

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0394

\n		\n

40

\n		\n

5\u00a0434

\n		\n

541

\n		\n

5\u00a0975

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0414

\n		\n

40

\n		\n

5\u00a0454

\n		\n

532

\n		\n

5\u00a0986

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(20)

\n		\n

\n		\n

(20)

\n		\n

9

\n		\n

(11)

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Actifs nets pour
couverture restante

\n		\n

Composante de couverture restante

\n		\n

Composante de sinistres survenus

\n		\n

Total

\n
\n

Hors \u00e9l\u00e9ment de\u00a0recouvrement de perte

\n		\n

\u00c9l\u00e9ment de recouvrement de perte

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

8\u00a0098

\n		\n

5

\n		\n

8\u00a0103

\n		\n

496

\n		\n

8\u00a0599

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

(43)

\n		\n

\n		\n

(43)

\n		\n

8

\n		\n

(35)

\n
\n

Solde net d'ouverture

\n		\n

8\u00a0056

\n		\n

5

\n		\n

8\u00a0061

\n		\n

504

\n		\n

8\u00a0564

\n
\n

Produits de r\u00e9assurance

\n		\n

76

\n		\n

0

\n		\n

77

\n		\n

2\u00a0925

\n		\n

3\u00a0001

\n
\n

Montants recouvr\u00e9s aupr\u00e8s des r\u00e9assureurs\u00a0:

\n		\n

76

\n		\n

0

\n		\n

77

\n		\n

2\u00a0961

\n		\n

3\u00a0038

\n
\n

Dont montants recouvr\u00e9s des services pass\u00e9s et autres charges de r\u00e9assurance

\n		\n

76

\n		\n

0

\n		\n

76

\n		\n

2\u00a0961

\n		\n

3\u00a0037

\n
\n

Dont pertes et reprises de pertes sur contrats d\u00e9ficitaires sous-jacents

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Ajustement des actifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(36)

\n		\n

(36)

\n
\n

Charges de r\u00e9assurance

\n		\n

(3\u00a0079)

\n		\n

\n		\n

(3\u00a0079)

\n		\n

\n		\n

(3\u00a0079)

\n
\n

Produits et charges aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(3\u00a0003)

\n		\n

0

\n		\n

(3\u00a0002)

\n		\n

2\u00a0925

\n		\n

(78)

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance

\n		\n

117

\n		\n

\n		\n

117

\n		\n

7

\n		\n

124

\n
\n

Produits financiers (ou charges financi\u00e8res) des contrats de\u00a0r\u00e9assurance (hors effets des diff\u00e9rences de change)

\n		\n

117

\n		\n

\n		\n

117

\n		\n

7

\n		\n

124

\n
\n

Composants d'investissement

\n		\n

(801)

\n		\n

\n		\n

(801)

\n		\n

801

\n		\n

\n
\n

Total issu des variations du r\u00e9sultat global

\n		\n

(3\u00a0686)

\n		\n

0

\n		\n

(3\u00a0686)

\n		\n

3\u00a0732

\n		\n

46

\n
\n

Primes pay\u00e9es

\n		\n

1\u00a0201

\n		\n

\n		\n

1\u00a0201

\n		\n

\n		\n

1\u00a0201

\n
\n

Sommes recouvr\u00e9es aupr\u00e8s des r\u00e9assureurs

\n		\n

\n		\n

\n		\n

\n		\n

(3\u00a0778)

\n		\n

(3\u00a0778)

\n
\n

Autres\u00a0d\u00e9calages de tr\u00e9sorerie (d\u00e9p\u00f4t de r\u00e9assurance, frais\u00a0d'acquisition, etc.)

\n		\n

(52)

\n		\n

\n		\n

(52)

\n		\n

\n		\n

(52)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0149

\n		\n

\n		\n

1\u00a0149

\n		\n

(3\u00a0778)

\n		\n

(2\u00a0629)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

238

\n		\n

5

\n		\n

243

\n		\n

(16)

\n		\n

227

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats de r\u00e9assurance

\n		\n

(21)

\n		\n

(1)

\n		\n

(21)

\n		\n

16

\n		\n

(5)

\n
\n

Autres mouvements de consolidation

\n		\n

218

\n		\n

4

\n		\n

222

\n		\n

0

\n		\n

222

\n
\n

Solde net de cl\u00f4ture

\n		\n

5\u00a0736

\n		\n

9

\n		\n

5\u00a0745

\n		\n

459

\n		\n

6\u00a0203

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

5\u00a0754

\n		\n

9

\n		\n

5\u00a0763

\n		\n

450

\n		\n

6\u00a0213

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

(19)

\n		\n

\n		\n

(19)

\n		\n

9

\n		\n

(10)

\n
\n

Analyse par p\u00e9riode de couverture restante et sinistres survenus des contrats comptabilis\u00e9s
selon le mod\u00e8le PAA \u2013 Assurance

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Passifs nets au titre
de la couverture restante

\n		\n

Passifs nets au titre de la couverture restante

\n		\n

Passifs nets au titre
des sinistres survenus

\n		\n

Passifs nets au titre des sinistres survenus

\n		\n

Frais d'acquisition non affect\u00e9s aux contrats

\n		\n

Total

\n
\n

Hors composante de perte

\n		\n

Composante de perte

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(95)

\n		\n

\n		\n

(95)

\n		\n

(2)

\n		\n

\n		\n

(2)

\n		\n

(4)

\n		\n

(101)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

755

\n		\n

0

\n		\n

755

\n		\n

744

\n		\n

47

\n		\n

791

\n		\n

\n		\n

1\u00a0546

\n
\n

Solde net d'ouverture

\n		\n

660

\n		\n

0

\n		\n

660

\n		\n

742

\n		\n

47

\n		\n

789

\n		\n

(4)

\n		\n

1\u00a0445

\n
\n

Produits des contrats d'assurance\u00a0\u00e9mis

\n		\n

(1\u00a0584)

\n		\n

\n		\n

(1\u00a0584)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0584)

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

(0)

\n		\n

(0)

\n		\n

1\u00a0249

\n		\n

4

\n		\n

1\u00a0253

\n		\n

\n		\n

1\u00a0252

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0289

\n		\n

13

\n		\n

1\u00a0302

\n		\n

\n		\n

1\u00a0302

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(40)

\n		\n

(9)

\n		\n

(49)

\n		\n

\n		\n

(49)

\n
\n

Pertes et reprises sur les groupes de contrats on\u00e9reux

\n		\n

\n		\n

(0)

\n		\n

(0)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(1\u00a0584)

\n		\n

(0)

\n		\n

(1\u00a0584)

\n		\n

1\u00a0249

\n		\n

4

\n		\n

1\u00a0253

\n		\n

\n		\n

(332)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

(1)

\n		\n

0

\n		\n

(1)

\n		\n

\n		\n

(1)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

(1)

\n		\n

0

\n		\n

(1)

\n		\n

\n		\n

(1)

\n
\n

Effet des diff\u00e9rences de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(1\u00a0584)

\n		\n

(0)

\n		\n

(1\u00a0584)

\n		\n

1\u00a0248

\n		\n

4

\n		\n

1\u00a0251

\n		\n

\n		\n

(333)

\n
\n

Primes re\u00e7ues au titre des contrats d'assurance \u00e9mis

\n		\n

1\u00a0332

\n		\n

\n		\n

1\u00a0332

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0332

\n
\n

Paiements des sinistres survenus et des autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0231)

\n		\n

\n		\n

(1\u00a0231)

\n		\n

\n		\n

(1\u00a0231)

\n
\n

Flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1)

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

(1)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0332

\n		\n

\n		\n

1\u00a0332

\n		\n

(1\u00a0231)

\n		\n

\n		\n

(1\u00a0231)

\n		\n

(0)

\n		\n

101

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

0

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats d'assurance

\n		\n

1

\n		\n

\n		\n

1

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1

\n
\n

Autres mouvements de\u00a0consolidation

\n		\n

1

\n		\n

\n		\n

1

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

1

\n
\n

Solde net de cl\u00f4ture

\n		\n

408

\n		\n

\n		\n

408

\n		\n

759

\n		\n

51

\n		\n

810

\n		\n

(4)

\n		\n

1\u00a0214

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(144)

\n		\n

\n		\n

(144)

\n		\n

(2)

\n		\n

\n		\n

(2)

\n		\n

(4)

\n		\n

(150)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

552

\n		\n

\n		\n

552

\n		\n

761

\n		\n

51

\n		\n

811

\n		\n

\n		\n

1\u00a0363

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n
\n

Passifs nets au titre
de la couverture restante

\n		\n

Passifs nets au titre de la couverture restante

\n		\n

Passifs nets au titre
des sinistres survenus

\n		\n

Passifs nets au titre des sinistres survenus

\n		\n

Frais d'acquisition non affect\u00e9s aux contrats

\n		\n

Total

\n
\n

Hors composante de perte

\n		\n

Composante de perte

\n		\n

Valeur actuelle des flux de tr\u00e9sorerie futurs

\n		\n

Ajustement au titre du risque non financier

\n
\n

Solde des actifs \u00e0 l'ouverture

\n		\n

(165)

\n		\n

\n		\n

(165)

\n		\n

(1)

\n		\n

\n		\n

(1)

\n		\n

(0)

\n		\n

(166)

\n
\n

Solde des passifs \u00e0 l'ouverture

\n		\n

823

\n		\n

2

\n		\n

825

\n		\n

749

\n		\n

47

\n		\n

795

\n		\n

\n		\n

1\u00a0620

\n
\n

Solde net d'ouverture

\n		\n

658

\n		\n

2

\n		\n

660

\n		\n

747

\n		\n

47

\n		\n

794

\n		\n

(0)

\n		\n

1\u00a0454

\n
\n

Produits des contrats d'assurance\u00a0\u00e9mis

\n		\n

(1\u00a0667)

\n		\n

\n		\n

(1\u00a0667)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0667)

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

21

\n		\n

(2)

\n		\n

20

\n		\n

1\u00a0288

\n		\n

(0)

\n		\n

1\u00a0288

\n		\n

\n		\n

1\u00a0308

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0324

\n		\n

11

\n		\n

1\u00a0335

\n		\n

\n		\n

1\u00a0335

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

21

\n		\n

\n		\n

21

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

21

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

\n		\n

\n		\n

\n		\n

(35)

\n		\n

(11)

\n		\n

(46)

\n		\n

\n		\n

(46)

\n
\n

Pertes et reprises sur les groupes de contrats on\u00e9reux

\n		\n

\n		\n

(2)

\n		\n

(2)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(2)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

(1\u00a0646)

\n		\n

(2)

\n		\n

(1\u00a0648)

\n		\n

1\u00a0288

\n		\n

(0)

\n		\n

1\u00a0288

\n		\n

\n		\n

(359)

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

41

\n		\n

4

\n		\n

45

\n		\n

\n		\n

45

\n
\n

Produits financiers (ou charges financi\u00e8res) d'assurance

\n		\n

\n		\n

\n		\n

\n		\n

41

\n		\n

4

\n		\n

45

\n		\n

\n		\n

45

\n
\n

Effet des diff\u00e9rences de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total issu des variations du\u00a0r\u00e9sultat global

\n		\n

(1\u00a0646)

\n		\n

(2)

\n		\n

(1\u00a0648)

\n		\n

1\u00a0329

\n		\n

4

\n		\n

1\u00a0333

\n		\n

\n		\n

(314)

\n
\n

Primes re\u00e7ues au titre des contrats d'assurance \u00e9mis

\n		\n

1\u00a0685

\n		\n

\n		\n

1\u00a0685

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0685

\n
\n

Paiements des sinistres survenus et des autres charges aff\u00e9rentes aux contrats d'assurance \u00e9mis

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0274)

\n		\n

\n		\n

(1\u00a0274)

\n		\n

\n		\n

(1\u00a0274)

\n
\n

Flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(34)

\n		\n

\n		\n

(34)

\n		\n

\n		\n

\n		\n

\n		\n

(0)

\n		\n

(34)

\n
\n

Total des flux de tr\u00e9sorerie

\n		\n

1\u00a0651

\n		\n

\n		\n

1\u00a0651

\n		\n

(1\u00a0274)

\n		\n

\n		\n

(1\u00a0274)

\n		\n

(0)

\n		\n

377

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(13)

\n		\n

5

\n		\n

(8)

\n		\n

(61)

\n		\n

(4)

\n		\n

(65)

\n		\n

\n		\n

(73)

\n
\n

Autres mouvements relatifs \u00e0 l\u2019\u00e9volution de la valeur comptable nette des contrats d'assurance

\n		\n

9

\n		\n

(5)

\n		\n

4

\n		\n

\n		\n

0

\n		\n

0

\n		\n

(4)

\n		\n

1

\n
\n

Autres mouvements
de consolidation

\n		\n

(4)

\n		\n

0

\n		\n

(4)

\n		\n

(61)

\n		\n

(4)

\n		\n

(65)

\n		\n

(4)

\n		\n

(72)

\n
\n

Solde net de cl\u00f4ture

\n		\n

660

\n		\n

0

\n		\n

660

\n		\n

742

\n		\n

47

\n		\n

789

\n		\n

(4)

\n		\n

1\u00a0445

\n
\n

Solde des actifs \u00e0 la cl\u00f4ture

\n		\n

(95)

\n		\n

\n		\n

(95)

\n		\n

(2)

\n		\n

\n		\n

(2)

\n		\n

(4)

\n		\n

(101)

\n
\n

Solde des passifs \u00e0 la cl\u00f4ture

\n		\n

755

\n		\n

0

\n		\n

755

\n		\n

744

\n		\n

47

\n		\n

791

\n		\n

\n		\n

1\u00a0546

\n
\n

37.3Informations sur le compte de r\u00e9sultat au format des activit\u00e9s d\u2019assurance

\n

37.3.1Compte de r\u00e9sultat

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits des contrats d'assurance \u00e9mis

\n		\n

12\u00a0914

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n		\n

(10\u00a0187)

\n		\n

(8\u00a0991)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

R\u00e9sultat des activit\u00e9s d'assurance

\n		\n

2\u00a0649

\n		\n

2\u00a0727

\n
\n

Produits des placements nets de charges

\n		\n

6\u00a0697

\n		\n

5\u00a0868

\n
\n

Plus ou moins-values de cession des placements

\n		\n

(1\u00a0873)

\n		\n

(1\u00a0222)

\n
\n

Variation de juste valeur des placements comptabilis\u00e9s \u00e0 la juste valeur par r\u00e9sultat

\n		\n

10\u00a0819

\n		\n

9\u00a0364

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance

\n		\n

(30)

\n		\n

(20)

\n
\n

Gains et pertes relatifs \u00e0 la\u00a0d\u00e9comptabilisation d'actifs au co\u00fbt amorti

\n		\n

1

\n		\n

(0)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

788

\n		\n

(85)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0415)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Produits financiers nets de charges

\n		\n

948

\n		\n

1\u00a0002

\n
\n

Charges et produits des autres activit\u00e9s

\n		\n

113

\n		\n

108

\n
\n

Autres produits et charges op\u00e9rationnels courants

\n		\n

(878)

\n		\n

(973)

\n
\n

Autres produits et charges courants

\n		\n

(765)

\n		\n

(866)

\n
\n

R\u00e9sultat op\u00e9rationnel courant

\n		\n

2\u00a0832

\n		\n

2\u00a0864

\n
\n

Autres produits et charges op\u00e9rationnels non courants

\n		\n

1

\n		\n

28

\n
\n

R\u00e9sultat op\u00e9rationnel

\n		\n

2\u00a0832

\n		\n

2\u00a0892

\n
\n

Charges de financement

\n		\n

(162)

\n		\n

(157)

\n
\n

Variation de valeurs des actifs incorporels

\n		\n

(29)

\n		\n

55

\n
\n

Quote-part de r\u00e9sultat dans les soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

23

\n		\n

33

\n
\n

Imp\u00f4ts sur les r\u00e9sultats

\n		\n

(893)

\n		\n

(925)

\n
\n

R\u00e9sultat apr\u00e8s imp\u00f4t des activit\u00e9s destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es ou abandonn\u00e9es

\n		\n

(13)

\n		\n

(26)

\n
\n

R\u00e9sultat net de l'ensemble consolid\u00e9

\n		\n

1\u00a0758

\n		\n

1\u00a0872

\n
\n

Participations ne donnant pas droit au contr\u00f4le

\n		\n

266

\n		\n

290

\n
\n

R\u00e9sultat net part du groupe

\n		\n

1\u00a0492

\n		\n

1\u00a0582

\n
\n

37.3.2Marge financi\u00e8re

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0893

\n		\n

10\u00a0843

\n
\n

Total

\n		\n

12\u00a0893

\n		\n

10\u00a0843

\n
\n

Actifs FINANCIERS \u00c0 LA JUSTE valeur par capitaux propres recyclables

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

(1\u00a0662)

\n		\n

(1\u00a0261)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

4\u00a0757

\n		\n

3\u00a0920

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux propres

\n		\n

(838)

\n		\n

798

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(18)

\n		\n

(3)

\n
\n

Total

\n		\n

2\u00a0240

\n		\n

3\u00a0454

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des actifs financiers au co\u00fbt amorti

\n		\n

1

\n		\n

(0)

\n
\n

Int\u00e9r\u00eats calcul\u00e9s selon la m\u00e9thode TIE

\n		\n

285

\n		\n

257

\n
\n

D\u00e9pr\u00e9ciation

\n		\n

(3)

\n		\n

(2)

\n
\n

Total

\n		\n

283

\n		\n

255

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux non recyclables

\n		\n

\n		\n

\n
\n

Revenus comptabilis\u00e9s en r\u00e9sultat

\n		\n

539

\n		\n

516

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux propres

\n		\n

1\u00a0868

\n		\n

203

\n
\n

Total

\n		\n

2\u00a0407

\n		\n

719

\n
\n

Immeubles de placement

\n		\n

\n		\n

\n
\n

Gains ou pertes nets des immeubles de placement (nets de d\u00e9pr\u00e9ciation)

\n		\n

112

\n		\n

(67)

\n
\n

Total

\n		\n

112

\n		\n

(67)

\n
\n

Autres \u00e9l\u00e9ments des revenus nets de placement

\n		\n

(180)

\n		\n

39

\n
\n

Revenus des placements (impact r\u00e9sultat et capitaux propres)

\n		\n

17\u00a0755

\n		\n

15\u00a0242

\n
\n

Effets de d\u00e9sactualisation et int\u00e9r\u00eats accumul\u00e9s sur les contrats d'assurance

\n		\n

(485)

\n		\n

(446)

\n
\n

Changement de juste valeur des \u00e9l\u00e9ments sous-jacents

\n		\n

(14\u00a0979)

\n		\n

(12\u00a0621)

\n
\n

Changements de taux et d'environnement \u00e9conomique

\n		\n

(378)

\n		\n

(717)

\n
\n

Effet de l\u2019att\u00e9nuation du risque

\n		\n

194

\n		\n

8

\n
\n

\u00c9cart de change dans les charges financi\u00e8res d'assurance

\n		\n

(0)

\n		\n

(0)

\n
\n

Produits ou charges financi\u00e8res d'assurance

\n		\n

(15\u00a0648)

\n		\n

(13\u00a0776)

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

(233)

\n		\n

(775)

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

(15\u00a0415)

\n		\n

(13\u00a0001)

\n
\n

Effets de d\u00e9sactualisation et Int\u00e9r\u00eats accumul\u00e9s sur les contrats de r\u00e9assurance d\u00e9tenus

\n		\n

435

\n		\n

634

\n
\n

Changements de taux et d'environnement \u00e9conomique

\n		\n

(192)

\n		\n

(300)

\n
\n

Autres effets financiers sur les contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(309)

\n		\n

(194)

\n
\n

Produits financiers ou charges financi\u00e8res aff\u00e9rents aux contrats de\u00a0r\u00e9assurance d\u00e9tenus

\n		\n

(67)

\n		\n

139

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

(29)

\n		\n

42

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

(37)

\n		\n

98

\n
\n

Marge financi\u00e8re

\n		\n

2\u00a0039

\n		\n

1\u00a0606

\n
\n

dont comptabilis\u00e9s directement en capitaux propres

\n		\n

767

\n		\n

268

\n
\n

dont comptabilis\u00e9s au compte de r\u00e9sultat

\n		\n

1\u00a0272

\n		\n

1\u00a0338

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153905748870217_0_0": { "value": "

3.13Juste valeur des instruments financiers et\u00a0immeubles de placement

\n

IFRS\u00a013 d\u00e9finit la juste valeur comme le prix qui serait re\u00e7u pour la vente d\u2019un actif ou pay\u00e9 pour le transfert d\u2019un passif lors d\u2019une transaction normale entre des intervenants du march\u00e9 \u00e0 la date d\u2019\u00e9valuation.

\n

Lors de la comptabilisation initiale d\u2019un instrument, sa juste valeur est g\u00e9n\u00e9ralement le prix de transaction.

\n

La norme IFRS\u00a013 pr\u00e9conise en premier lieu l\u2019utilisation d\u2019un prix cot\u00e9 sur un march\u00e9 actif pour d\u00e9terminer la juste valeur d\u2019un actif ou d\u2019un passif financier. Un march\u00e9 est consid\u00e9r\u00e9 comme actif si des cours sont ais\u00e9ment et r\u00e9guli\u00e8rement disponibles aupr\u00e8s d\u2019une bourse, d\u2019un courtier (multicontribution), d\u2019un n\u00e9gociateur ou d\u2019une agence r\u00e9glementaire et que ces prix repr\u00e9sentent des transactions r\u00e9elles (volume, fourchette de prix) dans des conditions de concurrence normale. En l\u2019absence de march\u00e9 actif la juste valeur doit \u00eatre d\u00e9termin\u00e9e par l\u2019utilisation de techniques de valorisation. Ces techniques comprennent notamment l\u2019utilisation de transactions r\u00e9centes dans un contexte de concurrence normale. Elles reposent sur les donn\u00e9es issues du march\u00e9, des justes valeurs d\u2019instruments identiques en substance, de mod\u00e8les d\u2019actualisation de flux ou de valorisation d\u2019options et font appel \u00e0 des m\u00e9thodes de valorisation reconnues. L\u2019objectif d\u2019une technique de valorisation est d\u2019\u00e9tablir quel aurait \u00e9t\u00e9 le prix de l\u2019instrument dans un march\u00e9 normal.

\n

\u00c0 titre d\u2019exemple, la juste valeur des titres obligataires, des titres \u00e0 revenu variable et des futures est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s. L\u2019utilisation de techniques de valorisation faisant r\u00e9f\u00e9rence \u00e0 des donn\u00e9es de march\u00e9 concerne plus g\u00e9n\u00e9ralement les d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9, les titres \u00e0 int\u00e9r\u00eats pr\u00e9compt\u00e9s (billets de tr\u00e9sorerie, certificats de d\u00e9p\u00f4ts\u2026), les d\u00e9p\u00f4ts-repos.

\n

Les instruments financiers sont pr\u00e9sent\u00e9s dans la note\u00a038.1 selon trois niveaux en fonction d\u2019un ordre\u00a0d\u00e9croissant d\u2019observabilit\u00e9 des valeurs et param\u00e8tres utilis\u00e9s pour leur valorisation\u00a0:

\n

Niveau 1

\n

Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

\n

Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

\n

\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

\n

\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

\n
\n

Niveau 2

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

\n

Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

\n

\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

\n

\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

\n

\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

\n
\n

Niveau\u00a03

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

\n
\n\n\n\n
\n

Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

\n
\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059510_0": { "value": "

3.13Juste valeur des instruments financiers et\u00a0immeubles de placement

\n

IFRS\u00a013 d\u00e9finit la juste valeur comme le prix qui serait re\u00e7u pour la vente d\u2019un actif ou pay\u00e9 pour le transfert d\u2019un passif lors d\u2019une transaction normale entre des intervenants du march\u00e9 \u00e0 la date d\u2019\u00e9valuation.

\n

Lors de la comptabilisation initiale d\u2019un instrument, sa juste valeur est g\u00e9n\u00e9ralement le prix de transaction.

\n

La norme IFRS\u00a013 pr\u00e9conise en premier lieu l\u2019utilisation d\u2019un prix cot\u00e9 sur un march\u00e9 actif pour d\u00e9terminer la juste valeur d\u2019un actif ou d\u2019un passif financier. Un march\u00e9 est consid\u00e9r\u00e9 comme actif si des cours sont ais\u00e9ment et r\u00e9guli\u00e8rement disponibles aupr\u00e8s d\u2019une bourse, d\u2019un courtier (multicontribution), d\u2019un n\u00e9gociateur ou d\u2019une agence r\u00e9glementaire et que ces prix repr\u00e9sentent des transactions r\u00e9elles (volume, fourchette de prix) dans des conditions de concurrence normale. En l\u2019absence de march\u00e9 actif la juste valeur doit \u00eatre d\u00e9termin\u00e9e par l\u2019utilisation de techniques de valorisation. Ces techniques comprennent notamment l\u2019utilisation de transactions r\u00e9centes dans un contexte de concurrence normale. Elles reposent sur les donn\u00e9es issues du march\u00e9, des justes valeurs d\u2019instruments identiques en substance, de mod\u00e8les d\u2019actualisation de flux ou de valorisation d\u2019options et font appel \u00e0 des m\u00e9thodes de valorisation reconnues. L\u2019objectif d\u2019une technique de valorisation est d\u2019\u00e9tablir quel aurait \u00e9t\u00e9 le prix de l\u2019instrument dans un march\u00e9 normal.

\n

\u00c0 titre d\u2019exemple, la juste valeur des titres obligataires, des titres \u00e0 revenu variable et des futures est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s. L\u2019utilisation de techniques de valorisation faisant r\u00e9f\u00e9rence \u00e0 des donn\u00e9es de march\u00e9 concerne plus g\u00e9n\u00e9ralement les d\u00e9riv\u00e9s de gr\u00e9 \u00e0 gr\u00e9, les titres \u00e0 int\u00e9r\u00eats pr\u00e9compt\u00e9s (billets de tr\u00e9sorerie, certificats de d\u00e9p\u00f4ts\u2026), les d\u00e9p\u00f4ts-repos.

\n

Les instruments financiers sont pr\u00e9sent\u00e9s dans la note\u00a038.1 selon trois niveaux en fonction d\u2019un ordre\u00a0d\u00e9croissant d\u2019observabilit\u00e9 des valeurs et param\u00e8tres utilis\u00e9s pour leur valorisation\u00a0:

\n

Niveau 1

\n

Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

\n

Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

\n

\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

\n

\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

\n
\n

Niveau 2

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

\n

Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

\n

\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

\n

\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

\n

\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

\n
\n

Niveau\u00a03

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

\n
\n\n\n\n
\n

Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

\n
\n

38.1Juste valeur et hi\u00e9rarchie des instruments financiers

\n

Les niveaux hi\u00e9rarchiques de juste valeur d\u00e9finis par la norme IFRS\u00a07 sont les suivants\u00a0:

\n

\u25cfNiveau 1\u00a0: Valorisation d\u00e9termin\u00e9e par des prix cot\u00e9s non ajust\u00e9s observ\u00e9s sur un march\u00e9 actif\u00a0;

\n

\u25cfNiveau 2\u00a0: Valorisation d\u00e9termin\u00e9e par des techniques utilisant des donn\u00e9es observables\u00a0;

\n

\u25cfNiveau 3\u00a0: Valorisation d\u00e9termin\u00e9e par des techniques utilisant des donn\u00e9es non observables.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Valeur au bilan

\n		\n

Juste valeur\u00a0(a)

\n		\n

Hi\u00e9rarchie de juste valeur\u00a0(b)

\n
\n

Niveau 1

\n		\n

Niveau 2

\n		\n

Niveau 3

\n
\n

Actifs

\n
\n

Actifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

219\u00a0591

\n		\n

219\u00a0591

\n		\n

157\u00a0031

\n		\n

41\u00a0123

\n		\n

21\u00a0437

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

222\u00a0785

\n		\n

222\u00a0785

\n		\n

200\u00a0774

\n		\n

19\u00a0514

\n		\n

2\u00a0496

\n
\n

Titres au co\u00fbt amorti

\n		\n

38\u00a0206

\n		\n

35\u00a0070

\n		\n

33\u00a0860

\n		\n

1\u00a0062

\n		\n

148

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

70\u00a0076

\n		\n

70\u00a0078

\n		\n

\n		\n

69\u00a0955

\n		\n

123

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

132\u00a0154

\n		\n

127\u00a0907

\n		\n

\n		\n

113\u00a0474

\n		\n

14\u00a0433

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

810

\n		\n

1\u00a0020

\n		\n

\n		\n

1\u00a0020

\n		\n

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0545

\n		\n

5\u00a0545

\n		\n

\n		\n

5\u00a0545

\n		\n

\n
\n

Actifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers non courants

\n		\n

591

\n		\n

591

\n		\n

\n		\n

171

\n		\n

419

\n
\n

Cr\u00e9ances clients et autres cr\u00e9ances

\n		\n

5\u00a0104

\n		\n

5\u00a0104

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers courants

\n		\n

924

\n		\n

924

\n		\n

179

\n		\n

745

\n		\n

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n		\n

3\u00a0194

\n		\n

3\u00a0194

\n		\n

689

\n		\n

2\u00a0505

\n		\n

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

19\u00a0658

\n		\n

19\u00a0658

\n		\n

464

\n		\n

19\u00a0194

\n		\n

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0440

\n		\n

1\u00a0440

\n		\n

\n		\n

1\u00a0440

\n		\n

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

28\u00a0427

\n		\n

28\u00a0320

\n		\n

\n		\n

27\u00a0926

\n		\n

394

\n
\n

Dettes envers la client\u00e8le

\n		\n

215\u00a0639

\n		\n

214\u00a0890

\n		\n

\n		\n

213\u00a0774

\n		\n

1\u00a0116

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

31\u00a0381

\n		\n

32\u00a0283

\n		\n

20\u00a0016

\n		\n

12\u00a0268

\n		\n

\n
\n

Dettes subordonn\u00e9es

\n		\n

8\u00a0882

\n		\n

8\u00a0870

\n		\n

2\u00a0130

\n		\n

6\u00a0740

\n		\n

\n
\n

Passifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Emprunts obligataires, dettes financi\u00e8res

\n		\n

10\u00a0224

\n		\n

9\u00a0575

\n		\n

\n		\n

9\u00a0575

\n		\n

\n
\n

Dettes fournisseurs et autres dettes

\n		\n

9\u00a0207

\n		\n

9\u00a0207

\n		\n

\n		\n

\n		\n

\n
\n

(a)Y compris juste valeur des \u00e9l\u00e9ments comptabilis\u00e9s au co\u00fbt amorti.

\n

(b)Pour les \u00e9l\u00e9ments comptabilis\u00e9s en juste valeur.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Valeur au bilan

\n		\n

Juste valeur\u00a0(a)

\n		\n

Hi\u00e9rarchie de juste valeur\u00a0(b)

\n
\n

Niveau 1

\n		\n

Niveau 2

\n		\n

Niveau 3

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n
\n

Actifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

203\u00a0882

\n		\n

203\u00a0882

\n		\n

144\u00a0788

\n		\n

37\u00a0852

\n		\n

21\u00a0242

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

486

\n		\n

486

\n		\n

\n		\n

486

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

217\u00a0945

\n		\n

217\u00a0945

\n		\n

196\u00a0708

\n		\n

19\u00a0609

\n		\n

1\u00a0628

\n
\n

Titres au co\u00fbt amorti

\n		\n

36\u00a0256

\n		\n

33\u00a0037

\n		\n

32\u00a0117

\n		\n

726

\n		\n

194

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

75\u00a0673

\n		\n

75\u00a0805

\n		\n

\n		\n

73\u00a0584

\n		\n

2\u00a0221

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

128\u00a0958

\n		\n

122\u00a0501

\n		\n

\n		\n

108\u00a0132

\n		\n

14\u00a0369

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

752

\n		\n

946

\n		\n

\n		\n

946

\n		\n

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0838

\n		\n

5\u00a0838

\n		\n

\n		\n

5\u00a0838

\n		\n

\n
\n

Actifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers non courants

\n		\n

564

\n		\n

564

\n		\n

\n		\n

186

\n		\n

377

\n
\n

Cr\u00e9ances clients et autres cr\u00e9ances

\n		\n

5\u00a0190

\n		\n

5\u00a0190

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers courants

\n		\n

300

\n		\n

300

\n		\n

215

\n		\n

85

\n		\n

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n		\n

4\u00a0172

\n		\n

4\u00a0172

\n		\n

615

\n		\n

3\u00a0557

\n		\n

\n
\n

Passifs

\n
\n

Passifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

17\u00a0559

\n		\n

17\u00a0559

\n		\n

272

\n		\n

17\u00a0287

\n		\n

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0958

\n		\n

1\u00a0958

\n		\n

\n		\n

1\u00a0958

\n		\n

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

31\u00a0038

\n		\n

31\u00a0137

\n		\n

\n		\n

29\u00a0302

\n		\n

1\u00a0835

\n
\n

Dettes envers la client\u00e8le

\n		\n

225\u00a0576

\n		\n

224\u00a0948

\n		\n

\n		\n

223\u00a0775

\n		\n

1\u00a0173

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

32\u00a0835

\n		\n

33\u00a0535

\n		\n

17\u00a0384

\n		\n

16\u00a0151

\n		\n

\n
\n

Dettes subordonn\u00e9es

\n		\n

10\u00a0042

\n		\n

9\u00a0859

\n		\n

2\u00a0582

\n		\n

7\u00a0277

\n		\n

\n
\n

Passifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

10\u00a0969

\n		\n

10\u00a0021

\n		\n

\n		\n

10\u00a0021

\n		\n

\n
\n

Dettes fournisseurs et autres dettes

\n		\n

9\u00a0115

\n		\n

9\u00a0115

\n		\n

\n		\n

\n		\n

\n
\n

(a)Y compris juste valeur des \u00e9l\u00e9ments comptabilis\u00e9s au co\u00fbt amorti.

\n

(b)Pour les \u00e9l\u00e9ments comptabilis\u00e9s en juste valeur.

\n
\n

Justes valeurs de niveau 3\u00a0: rapprochement des soldes d\u2019ouverture et de cl\u00f4ture (vision\u00a0contributive bancaire)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

Total

\n
\n

Ouverture

\n		\n

21\u00a0242

\n		\n

1\u00a0869

\n		\n

23\u00a0111

\n
\n

Gains et pertes enregistr\u00e9s en r\u00e9sultat

\n		\n

(298)

\n		\n

\n		\n

(298)

\n
\n

Gains et pertes enregistr\u00e9s en capitaux propres

\n		\n

\n		\n

(86)

\n		\n

(86)

\n
\n

Achats

\n		\n

2\u00a0567

\n		\n

674

\n		\n

3\u00a0241

\n
\n

Ventes

\n		\n

(638)

\n		\n

(25)

\n		\n

(663)

\n
\n

Remboursements

\n		\n

(1\u00a0327)

\n		\n

(11)

\n		\n

(1\u00a0338)

\n
\n

Transferts vers ou hors niveau 3

\n		\n

(108)

\n		\n

358

\n		\n

249

\n
\n

Autres mouvements

\n		\n

(0)

\n		\n

(6)

\n		\n

(6)

\n
\n

Cl\u00f4ture

\n		\n

21\u00a0437

\n		\n

2\u00a0773

\n		\n

24\u00a0210

\n
\n

Justes valeurs de niveau 3\u00a0: profits et pertes de la p\u00e9riode comptabilis\u00e9s en r\u00e9sultat

\n

N\u00e9ant.

\n

38.2M\u00e9thodes de calcul de la juste valeur des instruments financiers et\u00a0des\u00a0immeubles de placement

\n

38.2.1Instruments financiers hors activit\u00e9s bancaires

\n

La juste valeur de la dette obligataire et des swaps associ\u00e9s est d\u00e9termin\u00e9e au moyen d\u2019un mod\u00e8le de calcul reposant sur des donn\u00e9es observables, correspondant au niveau 2 de la hi\u00e9rarchie des justes valeurs d\u00e9finie par IFRS\u00a07. Ce mod\u00e8le de calcul est d\u00e9taill\u00e9 ci-dessous.

\n

Chaque produit financier est appr\u00e9hend\u00e9 comme une s\u00e9rie de flux futurs d\u00e9termin\u00e9s ou non \u00e0 la date de calcul. Le calcul des justes valeurs repose sur l\u2019actualisation de ces flux futurs de tr\u00e9sorerie. Les facteurs d\u2019actualisation sont d\u00e9duits \u00e0 partir d\u2019une courbe z\u00e9ro coupon. En ce qui concerne le calcul de la juste valeur de la dette obligataire, le spread de cr\u00e9dit de La Poste est ajout\u00e9 \u00e0 la courbe z\u00e9ro coupon. Le spread de cr\u00e9dit implicite de La Poste est d\u00e9termin\u00e9 \u00e0 partir des fourchettes de prix propos\u00e9es par diff\u00e9rents contributeurs du march\u00e9 (brokers).

\n

Dans le cas de flux d\u00e9pendant d\u2019un taux variable encore ind\u00e9termin\u00e9 \u00e0 la date de calcul, une estimation des taux futurs est r\u00e9alis\u00e9e en prenant en compte la structure \u00e0 terme des taux d\u2019int\u00e9r\u00eat.

\n

En ce qui concerne les produits financiers comprenant des flux dans diff\u00e9rentes devises, les flux sont actualis\u00e9s par devise selon des facteurs d\u2019actualisation propres \u00e0 chaque devise. Les valeurs de march\u00e9 en devises obtenues sont ensuite converties en euros au cours de change BCE du jour de calcul.

\n

Les produits optionnels sont d\u00e9termin\u00e9s en prenant en compte la volatilit\u00e9 implicite des march\u00e9s au regard des dates d\u2019exercice des options.

\n

En ce qui concerne les actifs et passifs financiers courants, leur juste valeur est assimilable \u00e0 leur valeur au bilan, compte tenu de l\u2019\u00e9ch\u00e9ance court terme de ces instruments.

\n

La juste valeur des titres obligataires et des parts d\u2019OPCVM est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s.

\n

38.2.2Instruments financiers et\u00a0immeubles de placement des\u00a0activit\u00e9s bancaires

\n

Pour les instruments financiers qui ne sont pas \u00e9valu\u00e9s \u00e0 la juste valeur au bilan, les calculs de juste valeur sont communiqu\u00e9s \u00e0 titre d\u2019information.

\n

Juste valeur des cr\u00e9dits

\n

Le p\u00e9rim\u00e8tre retenu est l\u2019ensemble des cr\u00e9dits tir\u00e9s et inscrits au bilan. Les cr\u00e9dits accord\u00e9s mais non encore tir\u00e9s ne sont pas pris en compte\u00a0: l\u2019hypoth\u00e8se retenue \u00e9tant que, comme leur taux vient d\u2019\u00eatre fix\u00e9, leur valeur ne doit pas s\u2019\u00e9loigner du nominal autoris\u00e9.

\n

Les principales hypoth\u00e8ses sous-jacentes \u00e0 la d\u00e9termination de la juste valeur sont les suivantes pour les types de cr\u00e9dits commercialis\u00e9s par La Banque Postale\u00a0:

\n

\u25cfla juste valeur des\u00a0d\u00e9couverts sur comptes \u00e0 vue est pr\u00e9sum\u00e9e correspondre \u00e0 l\u2019encours comptable en raison de leur faible duration (obligation pour le client de redevenir cr\u00e9diteur en moins d\u2019un\u00a0mois)\u00a0;

\n

\u25cfla juste valeur des cr\u00e9dits est d\u00e9termin\u00e9e sur la base de mod\u00e8les internes consistant \u00e0 actualiser les flux futurs recouvrables de capital et d\u2019int\u00e9r\u00eats sur la dur\u00e9e restant \u00e0 courir. Le taux d\u2019actualisation est d\u00e9termin\u00e9 de telle sorte que la composante \u00ab\u00a0taux d\u2019int\u00e9r\u00eat\u00a0\u00bb est r\u00e9\u00e9valu\u00e9e \u00e0 partir du taux de cessions internes et d\u2019un spread de march\u00e9, tandis que la marge de cr\u00e9dit n\u2019est pas r\u00e9\u00e9valu\u00e9e, \u00e9tant fig\u00e9e \u00e0 l\u2019origine. Les options de remboursement anticip\u00e9 sont prises en compte sous forme d\u2019un ajustement du profil d\u2019amortissement des pr\u00eats (conforme \u00e0 l\u2019\u00e9coulement en taux des \u00e9l\u00e9ments macro-couverts).

\n

Juste valeur des d\u00e9p\u00f4ts

\n

Les principales hypoth\u00e8ses sous-jacentes au calcul sont les suivantes\u00a0:

\n

\u25cfpour les d\u00e9p\u00f4ts dont le taux de r\u00e9mun\u00e9ration est administr\u00e9, les Livrets B, Livrets Jeune, les Plans d\u2019\u00e9pargne populaire et les comptes \u00e0 terme, la juste valeur est pr\u00e9sum\u00e9e correspondre \u00e0 la valeur comptable de l\u2019encours\u00a0;

\n

\u25cfla juste valeur des d\u00e9p\u00f4ts \u00e0 vue est pr\u00e9sum\u00e9e correspondre \u00e0 la valeur comptable de l\u2019encours nette de la valeur pied de coupon des swaps en couverture des d\u00e9p\u00f4ts \u00e0 vue (via le \u00ab\u00a0carve out\u00a0\u00bb).

\n

Juste valeur des instruments de dette d\u00e9tenus ou\u00a0\u00e9mis

\n

La juste valeur des instruments financiers cot\u00e9s correspond au cours de cotation \u00e0 la cl\u00f4ture. La juste valeur des instruments financiers non cot\u00e9s et comptabilis\u00e9s au co\u00fbt amorti est d\u00e9termin\u00e9e sur la base de mod\u00e8les internes et repr\u00e9sente une estimation de la valeur de march\u00e9 de ces instruments. Cette valeur est susceptible de fluctuer en fonction de la variation des param\u00e8tres utilis\u00e9s et ne refl\u00e8te pas n\u00e9cessairement la valeur de r\u00e9alisation de ces instruments financiers.

\n

Juste valeur des immeubles de placement

\n

La juste valeur des immeubles de placement correspond \u00e0 la valeur de r\u00e9alisation des immeubles et des parts de soci\u00e9t\u00e9s immobili\u00e8res non cot\u00e9es. Elle est d\u00e9termin\u00e9e sur la base d\u2019une expertise quinquennale effectu\u00e9e par un expert accept\u00e9 par l\u2019autorit\u00e9 de r\u00e9gulation. Entre deux expertises, la valeur fait l\u2019objet d\u2019une estimation annuelle certifi\u00e9e par un expert.

\n

38.3Impact des instruments financiers sur le r\u00e9sultat et les capitaux propres

\n

Activit\u00e9s non bancaires

\n

Les impacts sur le r\u00e9sultat des instruments financiers du groupe hors activit\u00e9s bancaires sont d\u00e9taill\u00e9s en note\u00a014 \u00ab\u00a0R\u00e9sultat financier\u00a0\u00bb.

\n

Activit\u00e9s bancaires

\n

Le tableau ci-apr\u00e8s d\u00e9taille les impacts sur le r\u00e9sultat et les capitaux propres des instruments financiers des activit\u00e9s bancaires.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Produits/(charges) d'int\u00e9r\u00eats

\n		\n

Variations de juste valeur

\n		\n

D\u00e9compta-bilisation et dividendes

\n		\n

Gain/(perte) net

\n
\n

Juste valeur en\u00a0r\u00e9sultat

\n		\n

Juste valeur en capitaux propres

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs et passifs \u00e9valu\u00e9s au co\u00fbt amorti

\n		\n

1\u00a0346

\n		\n

\n		\n

\n		\n

(99)

\n		\n

1\u00a0247

\n
\n

Actifs \u00e9valu\u00e9s \u00e0 la juste valeur par OCI

\n		\n

5\u00a0193

\n		\n

\n		\n

534

\n		\n

(1\u00a0047)

\n		\n

4\u00a0680

\n
\n

Instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

10\u00a0995

\n		\n

16

\n		\n

1\u00a0773

\n		\n

12\u00a0784

\n
\n

Op\u00e9rations de couverture

\n		\n

(252)

\n		\n

5

\n		\n

11

\n		\n

\n		\n

(236)

\n
\n

Total

\n		\n

6\u00a0287

\n		\n

11\u00a0000

\n		\n

561

\n		\n

627

\n		\n

18\u00a0475

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs et passifs \u00e9valu\u00e9s au co\u00fbt amorti

\n		\n

1\u00a0182

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0182

\n
\n

Actifs \u00e9valu\u00e9s \u00e0 la juste valeur par OCI

\n		\n

4\u00a0273

\n		\n

\n		\n

398

\n		\n

(685)

\n		\n

3\u00a0986

\n
\n

Instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

9\u00a0462

\n		\n

11

\n		\n

1\u00a0262

\n		\n

10\u00a0735

\n
\n

Op\u00e9rations de couverture

\n		\n

(319)

\n		\n

17

\n		\n

(51)

\n		\n

\n		\n

(353)

\n
\n

Total

\n		\n

5\u00a0136

\n		\n

9\u00a0479

\n		\n

358

\n		\n

577

\n		\n

15\u00a0550

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40153984521676258_0_0": { "value": "

Niveau 1

\n

Instruments valoris\u00e9s \u00e0 partir de prix cot\u00e9s (non ajust\u00e9s) sur un march\u00e9 actif pour des actifs ou des passifs identiques. Il s\u2019agit notamment\u00a0des actions cot\u00e9es, des obligations et des d\u00e9riv\u00e9s sur march\u00e9s organis\u00e9s (futures, options\u2026).

\n

Le prix cot\u00e9 dans le cadre d'un actif d\u00e9tenu ou d'un passif \u00e0 \u00e9mettre est g\u00e9n\u00e9ralement le prix offert \u00e0 la vente (bid) et le prix offert \u00e0 l'achat (ask) lorsqu'il s'agit d'un passif d\u00e9tenu ou d'un actif \u00e0 acqu\u00e9rir.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfles actions, \u00e9valu\u00e9es en fonction des cours de leur place de cotation de r\u00e9f\u00e9rence\u00a0;

\n

\u25cfles OPCVM d\u00e9tenus, \u00e9valu\u00e9s \u00e0 partir de leur valeur liquidative\u00a0;

\n

\u25cfles obligations, BTAN, EMTN, BMTN\u00a0: pour chaque titre, une recherche du cours le plus r\u00e9cent est effectu\u00e9e sur l\u2019ensemble des places de cotation, que celles-ci correspondent \u00e0 des bourses officielles, des brokers, des salles de march\u00e9, des plates-formes transactionnelles\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s cot\u00e9s sur un march\u00e9 organis\u00e9 (futures, options, etc.).

\n
\n

Niveau 2

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es autres que les prix vis\u00e9s au niveau 1 et qui sont observables pour l\u2019actif ou le passif concern\u00e9, soit directement (\u00e0 savoir des prix) soit indirectement (\u00e0 savoir des donn\u00e9es d\u00e9riv\u00e9es de prix).

\n

Il s\u2019agit d\u2019instruments dont l\u2019\u00e9valuation fait appel \u00e0 des techniques de valorisation utilisant des param\u00e8tres observables et des mod\u00e8les standards ou des instruments qui sont valoris\u00e9s en se r\u00e9f\u00e9rant \u00e0 des instruments similaires cot\u00e9s sur un march\u00e9 actif.

\n
\n\n\n\n
\n

Ce niveau comprend notamment\u00a0:

\n

\u25cfcertains titres structur\u00e9s \u2013 dont la valorisation repose sur un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement o\u00f9 un titre structur\u00e9 est d\u00e9fini par le groupe comme des instruments financiers dont la r\u00e9mun\u00e9ration est index\u00e9e sur des indices, paniers d\u2019actions, fonds alternatifs, taux\u00a0;

\n

\u25cfles d\u00e9riv\u00e9s \u00e9chang\u00e9s sur un march\u00e9 de gr\u00e9 \u00e0 gr\u00e9 (swaps de taux, caps\u2026) dont la valorisation repose un mod\u00e8le interne et des param\u00e8tres de march\u00e9s principalement\u00a0;

\n

\u25cfles titres de dette (obligations, TCN\u2026) non cot\u00e9s qui sont \u00e9valu\u00e9s \u00e0 partir d\u2019une courbe z\u00e9ro coupon major\u00e9e d\u2019un spread\u00a0;

\n

\u25cfles immeubles de placement dont l\u2019\u00e9valuation est fond\u00e9e sur les prix de transactions r\u00e9centes ou sur la valeur locative de biens similaires\u00a0;

\n

\u25cftout autre instrument financier trait\u00e9 de gr\u00e9 \u00e0 gr\u00e9.

\n
\n

Niveau\u00a03

\n

Instruments valoris\u00e9s \u00e0 l\u2019aide de donn\u00e9es non observables sur les march\u00e9s. Un param\u00e8tre non observable est d\u00e9fini comme un param\u00e8tre dont la valeur r\u00e9sulte d\u2019hypoth\u00e8ses qui ne reposent ni sur des prix de transactions observables sur les march\u00e9s sur le m\u00eame instrument \u00e0 la date de valorisation, ni sur les donn\u00e9es de march\u00e9 observables disponibles \u00e0 la m\u00eame date.

\n
\n\n\n\n
\n

Cette cat\u00e9gorie comprend notamment les participations non cot\u00e9es du groupe ainsi que certains instruments financiers de titrisation. Les m\u00e9thodes de valorisation des participations non cot\u00e9es font appel \u00e0 des informations non disponibles sur un march\u00e9 actif. Les principales m\u00e9thodes employ\u00e9es correspondent \u00e0 des valorisations par la m\u00e9thode des multiples, \u00e0 des comparaisons avec des transactions similaires sur le march\u00e9 ou par r\u00e9f\u00e9rence \u00e0 certains crit\u00e8res tels que l\u2019actif net, les perspectives de rentabilit\u00e9 et l\u2019actualisation de cash-flows futurs. Ces m\u00e9thodes de valorisation sont commun\u00e9ment utilis\u00e9es dans la gestion de ces instruments. En outre, certains titres structur\u00e9s complexes et pour lesquels la valorisation est obtenue par le biais de la contrepartie sont class\u00e9s dans cette cat\u00e9gorie (titres de FCPR et e FCPI notamment).

\n
\n

38.1Juste valeur et hi\u00e9rarchie des instruments financiers

\n

Les niveaux hi\u00e9rarchiques de juste valeur d\u00e9finis par la norme IFRS\u00a07 sont les suivants\u00a0:

\n

\u25cfNiveau 1\u00a0: Valorisation d\u00e9termin\u00e9e par des prix cot\u00e9s non ajust\u00e9s observ\u00e9s sur un march\u00e9 actif\u00a0;

\n

\u25cfNiveau 2\u00a0: Valorisation d\u00e9termin\u00e9e par des techniques utilisant des donn\u00e9es observables\u00a0;

\n

\u25cfNiveau 3\u00a0: Valorisation d\u00e9termin\u00e9e par des techniques utilisant des donn\u00e9es non observables.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Valeur au bilan

\n		\n

Juste valeur\u00a0(a)

\n		\n

Hi\u00e9rarchie de juste valeur\u00a0(b)

\n
\n

Niveau 1

\n		\n

Niveau 2

\n		\n

Niveau 3

\n
\n

Actifs

\n
\n

Actifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

219\u00a0591

\n		\n

219\u00a0591

\n		\n

157\u00a0031

\n		\n

41\u00a0123

\n		\n

21\u00a0437

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

222\u00a0785

\n		\n

222\u00a0785

\n		\n

200\u00a0774

\n		\n

19\u00a0514

\n		\n

2\u00a0496

\n
\n

Titres au co\u00fbt amorti

\n		\n

38\u00a0206

\n		\n

35\u00a0070

\n		\n

33\u00a0860

\n		\n

1\u00a0062

\n		\n

148

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

70\u00a0076

\n		\n

70\u00a0078

\n		\n

\n		\n

69\u00a0955

\n		\n

123

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

132\u00a0154

\n		\n

127\u00a0907

\n		\n

\n		\n

113\u00a0474

\n		\n

14\u00a0433

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

810

\n		\n

1\u00a0020

\n		\n

\n		\n

1\u00a0020

\n		\n

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0545

\n		\n

5\u00a0545

\n		\n

\n		\n

5\u00a0545

\n		\n

\n
\n

Actifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers non courants

\n		\n

591

\n		\n

591

\n		\n

\n		\n

171

\n		\n

419

\n
\n

Cr\u00e9ances clients et autres cr\u00e9ances

\n		\n

5\u00a0104

\n		\n

5\u00a0104

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers courants

\n		\n

924

\n		\n

924

\n		\n

179

\n		\n

745

\n		\n

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n		\n

3\u00a0194

\n		\n

3\u00a0194

\n		\n

689

\n		\n

2\u00a0505

\n		\n

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

19\u00a0658

\n		\n

19\u00a0658

\n		\n

464

\n		\n

19\u00a0194

\n		\n

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0440

\n		\n

1\u00a0440

\n		\n

\n		\n

1\u00a0440

\n		\n

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

28\u00a0427

\n		\n

28\u00a0320

\n		\n

\n		\n

27\u00a0926

\n		\n

394

\n
\n

Dettes envers la client\u00e8le

\n		\n

215\u00a0639

\n		\n

214\u00a0890

\n		\n

\n		\n

213\u00a0774

\n		\n

1\u00a0116

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

31\u00a0381

\n		\n

32\u00a0283

\n		\n

20\u00a0016

\n		\n

12\u00a0268

\n		\n

\n
\n

Dettes subordonn\u00e9es

\n		\n

8\u00a0882

\n		\n

8\u00a0870

\n		\n

2\u00a0130

\n		\n

6\u00a0740

\n		\n

\n
\n

Passifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Emprunts obligataires, dettes financi\u00e8res

\n		\n

10\u00a0224

\n		\n

9\u00a0575

\n		\n

\n		\n

9\u00a0575

\n		\n

\n
\n

Dettes fournisseurs et autres dettes

\n		\n

9\u00a0207

\n		\n

9\u00a0207

\n		\n

\n		\n

\n		\n

\n
\n

(a)Y compris juste valeur des \u00e9l\u00e9ments comptabilis\u00e9s au co\u00fbt amorti.

\n

(b)Pour les \u00e9l\u00e9ments comptabilis\u00e9s en juste valeur.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Valeur au bilan

\n		\n

Juste valeur\u00a0(a)

\n		\n

Hi\u00e9rarchie de juste valeur\u00a0(b)

\n
\n

Niveau 1

\n		\n

Niveau 2

\n		\n

Niveau 3

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n
\n

Actifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

203\u00a0882

\n		\n

203\u00a0882

\n		\n

144\u00a0788

\n		\n

37\u00a0852

\n		\n

21\u00a0242

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

486

\n		\n

486

\n		\n

\n		\n

486

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

217\u00a0945

\n		\n

217\u00a0945

\n		\n

196\u00a0708

\n		\n

19\u00a0609

\n		\n

1\u00a0628

\n
\n

Titres au co\u00fbt amorti

\n		\n

36\u00a0256

\n		\n

33\u00a0037

\n		\n

32\u00a0117

\n		\n

726

\n		\n

194

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

75\u00a0673

\n		\n

75\u00a0805

\n		\n

\n		\n

73\u00a0584

\n		\n

2\u00a0221

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

128\u00a0958

\n		\n

122\u00a0501

\n		\n

\n		\n

108\u00a0132

\n		\n

14\u00a0369

\n
\n

Immeubles de placement au co\u00fbt amorti

\n		\n

752

\n		\n

946

\n		\n

\n		\n

946

\n		\n

\n
\n

Immeubles de placement \u00e0 la juste valeur

\n		\n

5\u00a0838

\n		\n

5\u00a0838

\n		\n

\n		\n

5\u00a0838

\n		\n

\n
\n

Actifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers non courants

\n		\n

564

\n		\n

564

\n		\n

\n		\n

186

\n		\n

377

\n
\n

Cr\u00e9ances clients et autres cr\u00e9ances

\n		\n

5\u00a0190

\n		\n

5\u00a0190

\n		\n

\n		\n

\n		\n

\n
\n

Autres actifs financiers courants

\n		\n

300

\n		\n

300

\n		\n

215

\n		\n

85

\n		\n

\n
\n

Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n		\n

4\u00a0172

\n		\n

4\u00a0172

\n		\n

615

\n		\n

3\u00a0557

\n		\n

\n
\n

Passifs

\n
\n

Passifs bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

17\u00a0559

\n		\n

17\u00a0559

\n		\n

272

\n		\n

17\u00a0287

\n		\n

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

1\u00a0958

\n		\n

1\u00a0958

\n		\n

\n		\n

1\u00a0958

\n		\n

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

31\u00a0038

\n		\n

31\u00a0137

\n		\n

\n		\n

29\u00a0302

\n		\n

1\u00a0835

\n
\n

Dettes envers la client\u00e8le

\n		\n

225\u00a0576

\n		\n

224\u00a0948

\n		\n

\n		\n

223\u00a0775

\n		\n

1\u00a0173

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

32\u00a0835

\n		\n

33\u00a0535

\n		\n

17\u00a0384

\n		\n

16\u00a0151

\n		\n

\n
\n

Dettes subordonn\u00e9es

\n		\n

10\u00a0042

\n		\n

9\u00a0859

\n		\n

2\u00a0582

\n		\n

7\u00a0277

\n		\n

\n
\n

Passifs non bancaires

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

10\u00a0969

\n		\n

10\u00a0021

\n		\n

\n		\n

10\u00a0021

\n		\n

\n
\n

Dettes fournisseurs et autres dettes

\n		\n

9\u00a0115

\n		\n

9\u00a0115

\n		\n

\n		\n

\n		\n

\n
\n

(a)Y compris juste valeur des \u00e9l\u00e9ments comptabilis\u00e9s au co\u00fbt amorti.

\n

(b)Pour les \u00e9l\u00e9ments comptabilis\u00e9s en juste valeur.

\n
\n

Justes valeurs de niveau 3\u00a0: rapprochement des soldes d\u2019ouverture et de cl\u00f4ture (vision\u00a0contributive bancaire)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

Total

\n
\n

Ouverture

\n		\n

21\u00a0242

\n		\n

1\u00a0869

\n		\n

23\u00a0111

\n
\n

Gains et pertes enregistr\u00e9s en r\u00e9sultat

\n		\n

(298)

\n		\n

\n		\n

(298)

\n
\n

Gains et pertes enregistr\u00e9s en capitaux propres

\n		\n

\n		\n

(86)

\n		\n

(86)

\n
\n

Achats

\n		\n

2\u00a0567

\n		\n

674

\n		\n

3\u00a0241

\n
\n

Ventes

\n		\n

(638)

\n		\n

(25)

\n		\n

(663)

\n
\n

Remboursements

\n		\n

(1\u00a0327)

\n		\n

(11)

\n		\n

(1\u00a0338)

\n
\n

Transferts vers ou hors niveau 3

\n		\n

(108)

\n		\n

358

\n		\n

249

\n
\n

Autres mouvements

\n		\n

(0)

\n		\n

(6)

\n		\n

(6)

\n
\n

Cl\u00f4ture

\n		\n

21\u00a0437

\n		\n

2\u00a0773

\n		\n

24\u00a0210

\n
\n

Justes valeurs de niveau 3\u00a0: profits et pertes de la p\u00e9riode comptabilis\u00e9s en r\u00e9sultat

\n

N\u00e9ant.

\n

38.2M\u00e9thodes de calcul de la juste valeur des instruments financiers et\u00a0des\u00a0immeubles de placement

\n

38.2.1Instruments financiers hors activit\u00e9s bancaires

\n

La juste valeur de la dette obligataire et des swaps associ\u00e9s est d\u00e9termin\u00e9e au moyen d\u2019un mod\u00e8le de calcul reposant sur des donn\u00e9es observables, correspondant au niveau 2 de la hi\u00e9rarchie des justes valeurs d\u00e9finie par IFRS\u00a07. Ce mod\u00e8le de calcul est d\u00e9taill\u00e9 ci-dessous.

\n

Chaque produit financier est appr\u00e9hend\u00e9 comme une s\u00e9rie de flux futurs d\u00e9termin\u00e9s ou non \u00e0 la date de calcul. Le calcul des justes valeurs repose sur l\u2019actualisation de ces flux futurs de tr\u00e9sorerie. Les facteurs d\u2019actualisation sont d\u00e9duits \u00e0 partir d\u2019une courbe z\u00e9ro coupon. En ce qui concerne le calcul de la juste valeur de la dette obligataire, le spread de cr\u00e9dit de La Poste est ajout\u00e9 \u00e0 la courbe z\u00e9ro coupon. Le spread de cr\u00e9dit implicite de La Poste est d\u00e9termin\u00e9 \u00e0 partir des fourchettes de prix propos\u00e9es par diff\u00e9rents contributeurs du march\u00e9 (brokers).

\n

Dans le cas de flux d\u00e9pendant d\u2019un taux variable encore ind\u00e9termin\u00e9 \u00e0 la date de calcul, une estimation des taux futurs est r\u00e9alis\u00e9e en prenant en compte la structure \u00e0 terme des taux d\u2019int\u00e9r\u00eat.

\n

En ce qui concerne les produits financiers comprenant des flux dans diff\u00e9rentes devises, les flux sont actualis\u00e9s par devise selon des facteurs d\u2019actualisation propres \u00e0 chaque devise. Les valeurs de march\u00e9 en devises obtenues sont ensuite converties en euros au cours de change BCE du jour de calcul.

\n

Les produits optionnels sont d\u00e9termin\u00e9s en prenant en compte la volatilit\u00e9 implicite des march\u00e9s au regard des dates d\u2019exercice des options.

\n

En ce qui concerne les actifs et passifs financiers courants, leur juste valeur est assimilable \u00e0 leur valeur au bilan, compte tenu de l\u2019\u00e9ch\u00e9ance court terme de ces instruments.

\n

La juste valeur des titres obligataires et des parts d\u2019OPCVM est d\u00e9termin\u00e9e en utilisant des prix cot\u00e9s.

\n

38.2.2Instruments financiers et\u00a0immeubles de placement des\u00a0activit\u00e9s bancaires

\n

Pour les instruments financiers qui ne sont pas \u00e9valu\u00e9s \u00e0 la juste valeur au bilan, les calculs de juste valeur sont communiqu\u00e9s \u00e0 titre d\u2019information.

\n

Juste valeur des cr\u00e9dits

\n

Le p\u00e9rim\u00e8tre retenu est l\u2019ensemble des cr\u00e9dits tir\u00e9s et inscrits au bilan. Les cr\u00e9dits accord\u00e9s mais non encore tir\u00e9s ne sont pas pris en compte\u00a0: l\u2019hypoth\u00e8se retenue \u00e9tant que, comme leur taux vient d\u2019\u00eatre fix\u00e9, leur valeur ne doit pas s\u2019\u00e9loigner du nominal autoris\u00e9.

\n

Les principales hypoth\u00e8ses sous-jacentes \u00e0 la d\u00e9termination de la juste valeur sont les suivantes pour les types de cr\u00e9dits commercialis\u00e9s par La Banque Postale\u00a0:

\n

\u25cfla juste valeur des\u00a0d\u00e9couverts sur comptes \u00e0 vue est pr\u00e9sum\u00e9e correspondre \u00e0 l\u2019encours comptable en raison de leur faible duration (obligation pour le client de redevenir cr\u00e9diteur en moins d\u2019un\u00a0mois)\u00a0;

\n

\u25cfla juste valeur des cr\u00e9dits est d\u00e9termin\u00e9e sur la base de mod\u00e8les internes consistant \u00e0 actualiser les flux futurs recouvrables de capital et d\u2019int\u00e9r\u00eats sur la dur\u00e9e restant \u00e0 courir. Le taux d\u2019actualisation est d\u00e9termin\u00e9 de telle sorte que la composante \u00ab\u00a0taux d\u2019int\u00e9r\u00eat\u00a0\u00bb est r\u00e9\u00e9valu\u00e9e \u00e0 partir du taux de cessions internes et d\u2019un spread de march\u00e9, tandis que la marge de cr\u00e9dit n\u2019est pas r\u00e9\u00e9valu\u00e9e, \u00e9tant fig\u00e9e \u00e0 l\u2019origine. Les options de remboursement anticip\u00e9 sont prises en compte sous forme d\u2019un ajustement du profil d\u2019amortissement des pr\u00eats (conforme \u00e0 l\u2019\u00e9coulement en taux des \u00e9l\u00e9ments macro-couverts).

\n

Juste valeur des d\u00e9p\u00f4ts

\n

Les principales hypoth\u00e8ses sous-jacentes au calcul sont les suivantes\u00a0:

\n

\u25cfpour les d\u00e9p\u00f4ts dont le taux de r\u00e9mun\u00e9ration est administr\u00e9, les Livrets B, Livrets Jeune, les Plans d\u2019\u00e9pargne populaire et les comptes \u00e0 terme, la juste valeur est pr\u00e9sum\u00e9e correspondre \u00e0 la valeur comptable de l\u2019encours\u00a0;

\n

\u25cfla juste valeur des d\u00e9p\u00f4ts \u00e0 vue est pr\u00e9sum\u00e9e correspondre \u00e0 la valeur comptable de l\u2019encours nette de la valeur pied de coupon des swaps en couverture des d\u00e9p\u00f4ts \u00e0 vue (via le \u00ab\u00a0carve out\u00a0\u00bb).

\n

Juste valeur des instruments de dette d\u00e9tenus ou\u00a0\u00e9mis

\n

La juste valeur des instruments financiers cot\u00e9s correspond au cours de cotation \u00e0 la cl\u00f4ture. La juste valeur des instruments financiers non cot\u00e9s et comptabilis\u00e9s au co\u00fbt amorti est d\u00e9termin\u00e9e sur la base de mod\u00e8les internes et repr\u00e9sente une estimation de la valeur de march\u00e9 de ces instruments. Cette valeur est susceptible de fluctuer en fonction de la variation des param\u00e8tres utilis\u00e9s et ne refl\u00e8te pas n\u00e9cessairement la valeur de r\u00e9alisation de ces instruments financiers.

\n

Juste valeur des immeubles de placement

\n

La juste valeur des immeubles de placement correspond \u00e0 la valeur de r\u00e9alisation des immeubles et des parts de soci\u00e9t\u00e9s immobili\u00e8res non cot\u00e9es. Elle est d\u00e9termin\u00e9e sur la base d\u2019une expertise quinquennale effectu\u00e9e par un expert accept\u00e9 par l\u2019autorit\u00e9 de r\u00e9gulation. Entre deux expertises, la valeur fait l\u2019objet d\u2019une estimation annuelle certifi\u00e9e par un expert.

\n

38.3Impact des instruments financiers sur le r\u00e9sultat et les capitaux propres

\n

Activit\u00e9s non bancaires

\n

Les impacts sur le r\u00e9sultat des instruments financiers du groupe hors activit\u00e9s bancaires sont d\u00e9taill\u00e9s en note\u00a014 \u00ab\u00a0R\u00e9sultat financier\u00a0\u00bb.

\n

Activit\u00e9s bancaires

\n

Le tableau ci-apr\u00e8s d\u00e9taille les impacts sur le r\u00e9sultat et les capitaux propres des instruments financiers des activit\u00e9s bancaires.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Produits/(charges) d'int\u00e9r\u00eats

\n		\n

Variations de juste valeur

\n		\n

D\u00e9compta-bilisation et dividendes

\n		\n

Gain/(perte) net

\n
\n

Juste valeur en\u00a0r\u00e9sultat

\n		\n

Juste valeur en capitaux propres

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs et passifs \u00e9valu\u00e9s au co\u00fbt amorti

\n		\n

1\u00a0346

\n		\n

\n		\n

\n		\n

(99)

\n		\n

1\u00a0247

\n
\n

Actifs \u00e9valu\u00e9s \u00e0 la juste valeur par OCI

\n		\n

5\u00a0193

\n		\n

\n		\n

534

\n		\n

(1\u00a0047)

\n		\n

4\u00a0680

\n
\n

Instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

10\u00a0995

\n		\n

16

\n		\n

1\u00a0773

\n		\n

12\u00a0784

\n
\n

Op\u00e9rations de couverture

\n		\n

(252)

\n		\n

5

\n		\n

11

\n		\n

\n		\n

(236)

\n
\n

Total

\n		\n

6\u00a0287

\n		\n

11\u00a0000

\n		\n

561

\n		\n

627

\n		\n

18\u00a0475

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Actifs et passifs \u00e9valu\u00e9s au co\u00fbt amorti

\n		\n

1\u00a0182

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0182

\n
\n

Actifs \u00e9valu\u00e9s \u00e0 la juste valeur par OCI

\n		\n

4\u00a0273

\n		\n

\n		\n

398

\n		\n

(685)

\n		\n

3\u00a0986

\n
\n

Instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

9\u00a0462

\n		\n

11

\n		\n

1\u00a0262

\n		\n

10\u00a0735

\n
\n

Op\u00e9rations de couverture

\n		\n

(319)

\n		\n

17

\n		\n

(51)

\n		\n

\n		\n

(353)

\n
\n

Total

\n		\n

5\u00a0136

\n		\n

9\u00a0479

\n		\n

358

\n		\n

577

\n		\n

15\u00a0550

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059642_0": { "value": "

3.16Provisions

\n

Des provisions sont comptabilis\u00e9es lorsque (i) \u00e0 la fin de la p\u00e9riode concern\u00e9e, le groupe a une obligation actuelle (juridique ou implicite) vis-\u00e0-vis d'un tiers, r\u00e9sultant d'\u00e9v\u00e9nements ant\u00e9rieurs, (ii)\u00a0il est probable qu'une sortie de ressources repr\u00e9sentative d'avantages \u00e9conomiques futurs sera n\u00e9cessaire pour \u00e9teindre l'obligation, et (iii) le montant de l'obligation peut \u00eatre estim\u00e9 de fa\u00e7on fiable.

\n

L'\u00e9valuation des provisions est faite sur la base des co\u00fbts attendus par le groupe pour \u00e9teindre l'obligation, estim\u00e9s \u00e0 partir des donn\u00e9es de gestion issues du syst\u00e8me d'information, d'hypoth\u00e8ses retenues par le groupe, \u00e9ventuellement compl\u00e9t\u00e9es par l'exp\u00e9rience de transactions similaires, et, dans certains cas, sur la base de rapports d'experts ind\u00e9pendants ou de devis de prestataires. Ces diff\u00e9rentes hypoth\u00e8ses sont revues \u00e0 chaque arr\u00eat\u00e9 comptable.

\n

Lorsque pertinent, le taux d\u2019actualisation retenu tient compte de l\u2019horizon de la provision et de l\u2019environnement de taux en date d\u2019arr\u00eat\u00e9.

\n

Provisions sur engagements sur les\u00a0contrats d\u2019\u00e9pargne-logement

\n

Les comptes \u00e9pargne logement (CEL) et les plans \u00e9pargne logement (PEL) propos\u00e9s \u00e0 la client\u00e8le de particuliers dans le cadre de la loi du 10\u00a0juillet 1965 comportent deux phases\u00a0: une phase de collecte de ressources sous forme d\u2019\u00e9pargne r\u00e9mun\u00e9r\u00e9e et une phase d\u2019emploi sous forme de pr\u00eats immobiliers.

\n

Ils g\u00e9n\u00e8rent des engagements de deux ordres pour l\u2019\u00e9tablissement distributeur\u00a0:

\n

\u25cfobligation de r\u00e9mun\u00e9rer l\u2019\u00e9pargne dans le futur \u00e0 un taux fix\u00e9 \u00e0 l\u2019ouverture du contrat pour une dur\u00e9e ind\u00e9termin\u00e9e pour les PEL ouverts avant le 28\u00a0f\u00e9vrier 2011, et \u00e0 un taux r\u00e9visable annuellement pour les nouvelles g\u00e9n\u00e9rations\u00a0;

\n

\u25cfobligation d\u2019octroyer aux clients qui le demandent un cr\u00e9dit \u00e0 un taux fix\u00e9 \u00e0 la signature du contrat.

\n

Ces engagements aux cons\u00e9quences potentiellement d\u00e9favorables pour le groupe font l\u2019objet de provisions pr\u00e9sent\u00e9es au passif du bilan (au poste \u00ab\u00a0Provisions\u00a0\u00bb), dont les variations sont enregistr\u00e9es en produit net bancaire au sein de la marge d\u2019int\u00e9r\u00eats.

\n

Les provisions sont estim\u00e9es sur la base de statistiques comportementales des clients, de donn\u00e9es de march\u00e9 pour chaque g\u00e9n\u00e9ration de plan afin de couvrir les charges futures li\u00e9es aux conditions potentiellement d\u00e9favorables de ces produits par rapport aux taux d\u2019int\u00e9r\u00eat offerts \u00e0 la client\u00e8le des particuliers pour des produits similaires mais non r\u00e9glement\u00e9s en termes de r\u00e9mun\u00e9ration. Elles ne sont relatives qu\u2019aux seuls engagements li\u00e9s aux comptes et plans d\u2019\u00e9pargne-logement existant \u00e0 la date de calcul de la provision.

\n

Les provisions sont calcul\u00e9es sur chaque g\u00e9n\u00e9ration de plans d\u2019\u00e9pargne-logement d\u2019une part, sans compensation entre les engagements relatifs \u00e0 des g\u00e9n\u00e9rations diff\u00e9rentes de plans d\u2019\u00e9pargne-logement, et sur l\u2019ensemble des comptes d\u2019\u00e9pargne-logement qui constituent une seule et m\u00eame g\u00e9n\u00e9ration d\u2019autre part.

\n

Sur la phase d\u2019\u00e9pargne, les engagements provisionnables sont \u00e9valu\u00e9s par diff\u00e9rence entre les encours d\u2019\u00e9pargne moyens attendus et les encours d\u2019\u00e9pargne minimum attendus, ces deux encours \u00e9tant d\u00e9termin\u00e9s statistiquement en tenant compte des observations historiques des comportements effectifs des clients.

\n

Sur la phase cr\u00e9dit, les engagements provisionnables incluent les encours de cr\u00e9dits d\u00e9j\u00e0 r\u00e9alis\u00e9s mais non encore \u00e9chus \u00e0 la date d\u2019arr\u00eat\u00e9 ainsi que les cr\u00e9dits futurs consid\u00e9r\u00e9s comme statistiquement probables sur la base des encours au bilan \u00e0 la date de calcul d\u2019une part et des observations historiques des comportements effectifs des clients d\u2019autre part.

\n

Une provision est constitu\u00e9e d\u00e8s lors que les r\u00e9sultats futurs pr\u00e9visionnels actualis\u00e9s sont n\u00e9gatifs pour une g\u00e9n\u00e9ration donn\u00e9e.

\n

Ces r\u00e9sultats sont mesur\u00e9s par r\u00e9f\u00e9rence aux taux offerts \u00e0 la client\u00e8le particuli\u00e8re pour des instruments d\u2019\u00e9pargne et de financement \u00e9quivalents, en coh\u00e9rence avec la dur\u00e9e de vie estim\u00e9e des encours et leur date de mise en place.

\n

NOTE 28Provisions pour risques et charges

\n

Au 31\u00a0d\u00e9cembre 2025, les provisions pour risques et charges se\u00a0d\u00e9composent de la fa\u00e7on suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Litiges sociaux

\n		\n

Autres litiges

\n		\n

Autres

\n		\n

Total

\n
\n

Provisions non courantes

\n		\n

17

\n		\n

6

\n		\n

102

\n		\n

126

\n
\n

Provisions courantes

\n		\n

63

\n		\n

285

\n		\n

480

\n		\n

827

\n
\n

Solde au 31/12/2023

\n		\n

80

\n		\n

291

\n		\n

582

\n		\n

953

\n
\n

Dotations de la p\u00e9riode

\n		\n

40

\n		\n

69

\n		\n

272

\n		\n

381

\n
\n

Reprises pour utilisation

\n		\n

(26)

\n		\n

(54)

\n		\n

(359)

\n		\n

(438)

\n
\n

Reprises de provisions devenues sans objet

\n		\n

(6)

\n		\n

(24)

\n		\n

(12)

\n		\n

(42)

\n
\n

Autres mouvements

\n		\n

(12)

\n		\n

(30)

\n		\n

24

\n		\n

(17)

\n
\n

Provisions non courantes

\n		\n

5

\n		\n

4

\n		\n

120

\n		\n

129

\n
\n

Provisions courantes

\n		\n

72

\n		\n

249

\n		\n

387

\n		\n

708

\n
\n

Solde au 31/12/2024

\n		\n

77

\n		\n

253

\n		\n

507

\n		\n

837

\n
\n

Dotations de la p\u00e9riode

\n		\n

35

\n		\n

49

\n		\n

276

\n		\n

360

\n
\n

Reprises pour utilisation

\n		\n

(26)

\n		\n

(36)

\n		\n

(304)

\n		\n

(366)

\n
\n

Reprises de provisions devenues sans objet

\n		\n

(5)

\n		\n

(13)

\n		\n

(9)

\n		\n

(26)

\n
\n

Autres mouvements

\n		\n

(6)

\n		\n

(122)

\n		\n

130

\n		\n

1

\n
\n

Provisions non courantes

\n		\n

9

\n		\n

2

\n		\n

102

\n		\n

114

\n
\n

Provisions courantes

\n		\n

66

\n		\n

129

\n		\n

497

\n		\n

692

\n
\n

Solde au 31/12/2025

\n		\n

76

\n		\n

131

\n		\n

600

\n		\n

806

\n
\n

Les provisions pour litiges sociaux concernent tous les litiges salariaux (prud\u2019hommes, etc.) ainsi que les redressements ou litiges en cours avec des organismes sociaux.

\n

Les provisions pour autres litiges sont relatives \u00e0 des litiges port\u00e9s devant les juridictions administratives, civiles ou commerciales. Les\u00a0autres provisions comprennent notamment au 31\u00a0d\u00e9cembre 2025 divers risques li\u00e9s \u00e0 l\u2019activit\u00e9 op\u00e9rationnelle du groupe.

\n

31.4Variation des engagements pour avantages post\u00e9rieurs \u00e0 l\u2019emploi

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Engagements en d\u00e9but de p\u00e9riode

\n		\n

879

\n		\n

853

\n
\n

Co\u00fbt des services rendus

\n		\n

52

\n		\n

66

\n
\n

Co\u00fbt de d\u00e9sactualisation

\n		\n

25

\n		\n

29

\n
\n

Prestations pay\u00e9es

\n		\n

(39)

\n		\n

(57)

\n
\n

Contribution des salari\u00e9s

\n		\n

2

\n		\n

2

\n
\n

Pertes (gains) actuariels li\u00e9s \u00e0 des changements d'hypoth\u00e8ses\u00a0(a)

\n		\n

(42)

\n		\n

(4)

\n
\n

Pertes (gains) actuariels li\u00e9s \u00e0 des effets d'exp\u00e9rience

\n		\n

3

\n		\n

3

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

8

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

8

\n
\n

Modifications et liquidations de r\u00e9gimes

\n		\n

2

\n		\n

(24)

\n
\n

Autres

\n		\n

(3)

\n		\n

(4)

\n
\n

Engagements en fin de p\u00e9riode

\n		\n

871

\n		\n

879

\n
\n

Actifs de couverture en d\u00e9but de p\u00e9riode

\n		\n

192

\n		\n

200

\n
\n

Rendement attendu des actifs

\n		\n

9

\n		\n

8

\n
\n

Contribution de l'employeur

\n		\n

6

\n		\n

7

\n
\n

Contribution des salari\u00e9s

\n		\n

4

\n		\n

3

\n
\n

Prestations pay\u00e9es

\n		\n

(16)

\n		\n

(19)

\n
\n

\u00c9carts actuariels

\n		\n

1

\n		\n

(15)

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

8

\n
\n

Actifs de couverture en fin de p\u00e9riode

\n		\n

188

\n		\n

192

\n
\n

Engagement

\n		\n

871

\n		\n

879

\n
\n

Actifs de couverture\u00a0(b)

\n		\n

(188)

\n		\n

(192)

\n
\n

Provision

\n		\n

683

\n		\n

687

\n
\n

Dont provision non courante

\n		\n

653

\n		\n

659

\n
\n

Dont provision courante

\n		\n

30

\n		\n

28

\n
\n

(a)Les \u00e9carts actuariels enregistr\u00e9s en\u00a02025 et\u00a02024 correspondent pour l\u2019essentiel \u00e0 des changements d\u2019hypoth\u00e8ses financi\u00e8res.

\n

(b)Les actifs de couverture correspondent essentiellement aux r\u00e9gimes anglais. Ils pr\u00e9sentent un l\u00e9ger surplus par rapport aux engagements concern\u00e9s.

\n
\n

Variation des \u00e9carts actuariels\u00a0(a)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Pertes (gains) actuariels en d\u00e9but de p\u00e9riode

\n		\n

94

\n		\n

80

\n
\n

Sorties des \u00e9carts actuariels sur dispositifs clos en 2024

\n		\n

(111)

\n		\n

\n
\n

\u00c9carts actuariels li\u00e9s \u00e0 des changements d'hypoth\u00e8ses

\n		\n

(42)

\n		\n

(4)

\n
\n

\u00c9carts actuariels li\u00e9s \u00e0 des effets d'exp\u00e9rience

\n		\n

3

\n		\n

3

\n
\n

\u00c9carts actuariels sur les actifs de couverture

\n		\n

(1)

\n		\n

15

\n
\n

Pertes (gains) actuariels en fin de p\u00e9riode

\n		\n

(57)

\n		\n

94

\n
\n

(a)Comptabilis\u00e9e en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n
\n

Composition des actifs de couverture

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Types d'actifs

\n		\n

2025

\n		\n

2024

\n
\n

Actions

\n		\n

6%

\n		\n

5%

\n
\n

Titres de dette

\n		\n

50%

\n		\n

50%

\n
\n

Fonds LDI (Liability-Driven Investment)

\n		\n

22%

\n		\n

24%

\n
\n

Contrats d'assurances

\n		\n

7%

\n		\n

8%

\n
\n

Autres

\n		\n

14%

\n		\n

13%

\n
\n

Sensibilit\u00e9 au taux d\u2019actualisation

\n

Une baisse de 50\u00a0points de base du taux d\u2019actualisation aurait pour effet une hausse d\u2019environ 34\u00a0millions d\u2019euros de l\u2019engagement net relatif aux avantages post\u00e9rieurs \u00e0 l\u2019emploi du groupe.

\n

39.4Passifs \u00e9ventuels

\n

Le groupe n\u2019a pas connaissance de risques significatifs qui ne feraient pas l\u2019objet d\u2019une provision dans les comptes consolid\u00e9s.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40154548689518090_0_0": { "value": "

3.16Provisions

\n

Des provisions sont comptabilis\u00e9es lorsque (i) \u00e0 la fin de la p\u00e9riode concern\u00e9e, le groupe a une obligation actuelle (juridique ou implicite) vis-\u00e0-vis d'un tiers, r\u00e9sultant d'\u00e9v\u00e9nements ant\u00e9rieurs, (ii)\u00a0il est probable qu'une sortie de ressources repr\u00e9sentative d'avantages \u00e9conomiques futurs sera n\u00e9cessaire pour \u00e9teindre l'obligation, et (iii) le montant de l'obligation peut \u00eatre estim\u00e9 de fa\u00e7on fiable.

\n

L'\u00e9valuation des provisions est faite sur la base des co\u00fbts attendus par le groupe pour \u00e9teindre l'obligation, estim\u00e9s \u00e0 partir des donn\u00e9es de gestion issues du syst\u00e8me d'information, d'hypoth\u00e8ses retenues par le groupe, \u00e9ventuellement compl\u00e9t\u00e9es par l'exp\u00e9rience de transactions similaires, et, dans certains cas, sur la base de rapports d'experts ind\u00e9pendants ou de devis de prestataires. Ces diff\u00e9rentes hypoth\u00e8ses sont revues \u00e0 chaque arr\u00eat\u00e9 comptable.

\n

Lorsque pertinent, le taux d\u2019actualisation retenu tient compte de l\u2019horizon de la provision et de l\u2019environnement de taux en date d\u2019arr\u00eat\u00e9.

\n

Provisions sur engagements sur les\u00a0contrats d\u2019\u00e9pargne-logement

\n

Les comptes \u00e9pargne logement (CEL) et les plans \u00e9pargne logement (PEL) propos\u00e9s \u00e0 la client\u00e8le de particuliers dans le cadre de la loi du 10\u00a0juillet 1965 comportent deux phases\u00a0: une phase de collecte de ressources sous forme d\u2019\u00e9pargne r\u00e9mun\u00e9r\u00e9e et une phase d\u2019emploi sous forme de pr\u00eats immobiliers.

\n

Ils g\u00e9n\u00e8rent des engagements de deux ordres pour l\u2019\u00e9tablissement distributeur\u00a0:

\n

\u25cfobligation de r\u00e9mun\u00e9rer l\u2019\u00e9pargne dans le futur \u00e0 un taux fix\u00e9 \u00e0 l\u2019ouverture du contrat pour une dur\u00e9e ind\u00e9termin\u00e9e pour les PEL ouverts avant le 28\u00a0f\u00e9vrier 2011, et \u00e0 un taux r\u00e9visable annuellement pour les nouvelles g\u00e9n\u00e9rations\u00a0;

\n

\u25cfobligation d\u2019octroyer aux clients qui le demandent un cr\u00e9dit \u00e0 un taux fix\u00e9 \u00e0 la signature du contrat.

\n

Ces engagements aux cons\u00e9quences potentiellement d\u00e9favorables pour le groupe font l\u2019objet de provisions pr\u00e9sent\u00e9es au passif du bilan (au poste \u00ab\u00a0Provisions\u00a0\u00bb), dont les variations sont enregistr\u00e9es en produit net bancaire au sein de la marge d\u2019int\u00e9r\u00eats.

\n

Les provisions sont estim\u00e9es sur la base de statistiques comportementales des clients, de donn\u00e9es de march\u00e9 pour chaque g\u00e9n\u00e9ration de plan afin de couvrir les charges futures li\u00e9es aux conditions potentiellement d\u00e9favorables de ces produits par rapport aux taux d\u2019int\u00e9r\u00eat offerts \u00e0 la client\u00e8le des particuliers pour des produits similaires mais non r\u00e9glement\u00e9s en termes de r\u00e9mun\u00e9ration. Elles ne sont relatives qu\u2019aux seuls engagements li\u00e9s aux comptes et plans d\u2019\u00e9pargne-logement existant \u00e0 la date de calcul de la provision.

\n

Les provisions sont calcul\u00e9es sur chaque g\u00e9n\u00e9ration de plans d\u2019\u00e9pargne-logement d\u2019une part, sans compensation entre les engagements relatifs \u00e0 des g\u00e9n\u00e9rations diff\u00e9rentes de plans d\u2019\u00e9pargne-logement, et sur l\u2019ensemble des comptes d\u2019\u00e9pargne-logement qui constituent une seule et m\u00eame g\u00e9n\u00e9ration d\u2019autre part.

\n

Sur la phase d\u2019\u00e9pargne, les engagements provisionnables sont \u00e9valu\u00e9s par diff\u00e9rence entre les encours d\u2019\u00e9pargne moyens attendus et les encours d\u2019\u00e9pargne minimum attendus, ces deux encours \u00e9tant d\u00e9termin\u00e9s statistiquement en tenant compte des observations historiques des comportements effectifs des clients.

\n

Sur la phase cr\u00e9dit, les engagements provisionnables incluent les encours de cr\u00e9dits d\u00e9j\u00e0 r\u00e9alis\u00e9s mais non encore \u00e9chus \u00e0 la date d\u2019arr\u00eat\u00e9 ainsi que les cr\u00e9dits futurs consid\u00e9r\u00e9s comme statistiquement probables sur la base des encours au bilan \u00e0 la date de calcul d\u2019une part et des observations historiques des comportements effectifs des clients d\u2019autre part.

\n

Une provision est constitu\u00e9e d\u00e8s lors que les r\u00e9sultats futurs pr\u00e9visionnels actualis\u00e9s sont n\u00e9gatifs pour une g\u00e9n\u00e9ration donn\u00e9e.

\n

Ces r\u00e9sultats sont mesur\u00e9s par r\u00e9f\u00e9rence aux taux offerts \u00e0 la client\u00e8le particuli\u00e8re pour des instruments d\u2019\u00e9pargne et de financement \u00e9quivalents, en coh\u00e9rence avec la dur\u00e9e de vie estim\u00e9e des encours et leur date de mise en place.

\n

NOTE 28Provisions pour risques et charges

\n

Au 31\u00a0d\u00e9cembre 2025, les provisions pour risques et charges se\u00a0d\u00e9composent de la fa\u00e7on suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Litiges sociaux

\n		\n

Autres litiges

\n		\n

Autres

\n		\n

Total

\n
\n

Provisions non courantes

\n		\n

17

\n		\n

6

\n		\n

102

\n		\n

126

\n
\n

Provisions courantes

\n		\n

63

\n		\n

285

\n		\n

480

\n		\n

827

\n
\n

Solde au 31/12/2023

\n		\n

80

\n		\n

291

\n		\n

582

\n		\n

953

\n
\n

Dotations de la p\u00e9riode

\n		\n

40

\n		\n

69

\n		\n

272

\n		\n

381

\n
\n

Reprises pour utilisation

\n		\n

(26)

\n		\n

(54)

\n		\n

(359)

\n		\n

(438)

\n
\n

Reprises de provisions devenues sans objet

\n		\n

(6)

\n		\n

(24)

\n		\n

(12)

\n		\n

(42)

\n
\n

Autres mouvements

\n		\n

(12)

\n		\n

(30)

\n		\n

24

\n		\n

(17)

\n
\n

Provisions non courantes

\n		\n

5

\n		\n

4

\n		\n

120

\n		\n

129

\n
\n

Provisions courantes

\n		\n

72

\n		\n

249

\n		\n

387

\n		\n

708

\n
\n

Solde au 31/12/2024

\n		\n

77

\n		\n

253

\n		\n

507

\n		\n

837

\n
\n

Dotations de la p\u00e9riode

\n		\n

35

\n		\n

49

\n		\n

276

\n		\n

360

\n
\n

Reprises pour utilisation

\n		\n

(26)

\n		\n

(36)

\n		\n

(304)

\n		\n

(366)

\n
\n

Reprises de provisions devenues sans objet

\n		\n

(5)

\n		\n

(13)

\n		\n

(9)

\n		\n

(26)

\n
\n

Autres mouvements

\n		\n

(6)

\n		\n

(122)

\n		\n

130

\n		\n

1

\n
\n

Provisions non courantes

\n		\n

9

\n		\n

2

\n		\n

102

\n		\n

114

\n
\n

Provisions courantes

\n		\n

66

\n		\n

129

\n		\n

497

\n		\n

692

\n
\n

Solde au 31/12/2025

\n		\n

76

\n		\n

131

\n		\n

600

\n		\n

806

\n
\n

Les provisions pour litiges sociaux concernent tous les litiges salariaux (prud\u2019hommes, etc.) ainsi que les redressements ou litiges en cours avec des organismes sociaux.

\n

Les provisions pour autres litiges sont relatives \u00e0 des litiges port\u00e9s devant les juridictions administratives, civiles ou commerciales. Les\u00a0autres provisions comprennent notamment au 31\u00a0d\u00e9cembre 2025 divers risques li\u00e9s \u00e0 l\u2019activit\u00e9 op\u00e9rationnelle du groupe.

\n

39.4Passifs \u00e9ventuels

\n

Le groupe n\u2019a pas connaissance de risques significatifs qui ne feraient pas l\u2019objet d\u2019une provision dans les comptes consolid\u00e9s.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40154506924054005_0_0": { "value": "

3.16Provisions

\n

Des provisions sont comptabilis\u00e9es lorsque (i) \u00e0 la fin de la p\u00e9riode concern\u00e9e, le groupe a une obligation actuelle (juridique ou implicite) vis-\u00e0-vis d'un tiers, r\u00e9sultant d'\u00e9v\u00e9nements ant\u00e9rieurs, (ii)\u00a0il est probable qu'une sortie de ressources repr\u00e9sentative d'avantages \u00e9conomiques futurs sera n\u00e9cessaire pour \u00e9teindre l'obligation, et (iii) le montant de l'obligation peut \u00eatre estim\u00e9 de fa\u00e7on fiable.

\n

L'\u00e9valuation des provisions est faite sur la base des co\u00fbts attendus par le groupe pour \u00e9teindre l'obligation, estim\u00e9s \u00e0 partir des donn\u00e9es de gestion issues du syst\u00e8me d'information, d'hypoth\u00e8ses retenues par le groupe, \u00e9ventuellement compl\u00e9t\u00e9es par l'exp\u00e9rience de transactions similaires, et, dans certains cas, sur la base de rapports d'experts ind\u00e9pendants ou de devis de prestataires. Ces diff\u00e9rentes hypoth\u00e8ses sont revues \u00e0 chaque arr\u00eat\u00e9 comptable.

\n

Lorsque pertinent, le taux d\u2019actualisation retenu tient compte de l\u2019horizon de la provision et de l\u2019environnement de taux en date d\u2019arr\u00eat\u00e9.

\n

Provisions sur engagements sur les\u00a0contrats d\u2019\u00e9pargne-logement

\n

Les comptes \u00e9pargne logement (CEL) et les plans \u00e9pargne logement (PEL) propos\u00e9s \u00e0 la client\u00e8le de particuliers dans le cadre de la loi du 10\u00a0juillet 1965 comportent deux phases\u00a0: une phase de collecte de ressources sous forme d\u2019\u00e9pargne r\u00e9mun\u00e9r\u00e9e et une phase d\u2019emploi sous forme de pr\u00eats immobiliers.

\n

Ils g\u00e9n\u00e8rent des engagements de deux ordres pour l\u2019\u00e9tablissement distributeur\u00a0:

\n

\u25cfobligation de r\u00e9mun\u00e9rer l\u2019\u00e9pargne dans le futur \u00e0 un taux fix\u00e9 \u00e0 l\u2019ouverture du contrat pour une dur\u00e9e ind\u00e9termin\u00e9e pour les PEL ouverts avant le 28\u00a0f\u00e9vrier 2011, et \u00e0 un taux r\u00e9visable annuellement pour les nouvelles g\u00e9n\u00e9rations\u00a0;

\n

\u25cfobligation d\u2019octroyer aux clients qui le demandent un cr\u00e9dit \u00e0 un taux fix\u00e9 \u00e0 la signature du contrat.

\n

Ces engagements aux cons\u00e9quences potentiellement d\u00e9favorables pour le groupe font l\u2019objet de provisions pr\u00e9sent\u00e9es au passif du bilan (au poste \u00ab\u00a0Provisions\u00a0\u00bb), dont les variations sont enregistr\u00e9es en produit net bancaire au sein de la marge d\u2019int\u00e9r\u00eats.

\n

Les provisions sont estim\u00e9es sur la base de statistiques comportementales des clients, de donn\u00e9es de march\u00e9 pour chaque g\u00e9n\u00e9ration de plan afin de couvrir les charges futures li\u00e9es aux conditions potentiellement d\u00e9favorables de ces produits par rapport aux taux d\u2019int\u00e9r\u00eat offerts \u00e0 la client\u00e8le des particuliers pour des produits similaires mais non r\u00e9glement\u00e9s en termes de r\u00e9mun\u00e9ration. Elles ne sont relatives qu\u2019aux seuls engagements li\u00e9s aux comptes et plans d\u2019\u00e9pargne-logement existant \u00e0 la date de calcul de la provision.

\n

Les provisions sont calcul\u00e9es sur chaque g\u00e9n\u00e9ration de plans d\u2019\u00e9pargne-logement d\u2019une part, sans compensation entre les engagements relatifs \u00e0 des g\u00e9n\u00e9rations diff\u00e9rentes de plans d\u2019\u00e9pargne-logement, et sur l\u2019ensemble des comptes d\u2019\u00e9pargne-logement qui constituent une seule et m\u00eame g\u00e9n\u00e9ration d\u2019autre part.

\n

Sur la phase d\u2019\u00e9pargne, les engagements provisionnables sont \u00e9valu\u00e9s par diff\u00e9rence entre les encours d\u2019\u00e9pargne moyens attendus et les encours d\u2019\u00e9pargne minimum attendus, ces deux encours \u00e9tant d\u00e9termin\u00e9s statistiquement en tenant compte des observations historiques des comportements effectifs des clients.

\n

Sur la phase cr\u00e9dit, les engagements provisionnables incluent les encours de cr\u00e9dits d\u00e9j\u00e0 r\u00e9alis\u00e9s mais non encore \u00e9chus \u00e0 la date d\u2019arr\u00eat\u00e9 ainsi que les cr\u00e9dits futurs consid\u00e9r\u00e9s comme statistiquement probables sur la base des encours au bilan \u00e0 la date de calcul d\u2019une part et des observations historiques des comportements effectifs des clients d\u2019autre part.

\n

Une provision est constitu\u00e9e d\u00e8s lors que les r\u00e9sultats futurs pr\u00e9visionnels actualis\u00e9s sont n\u00e9gatifs pour une g\u00e9n\u00e9ration donn\u00e9e.

\n

Ces r\u00e9sultats sont mesur\u00e9s par r\u00e9f\u00e9rence aux taux offerts \u00e0 la client\u00e8le particuli\u00e8re pour des instruments d\u2019\u00e9pargne et de financement \u00e9quivalents, en coh\u00e9rence avec la dur\u00e9e de vie estim\u00e9e des encours et leur date de mise en place.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059666_0": { "value": "

3.17Avantages du personnel

\n

3.17.1Avantages du personnel post\u00e9rieurs \u00e0 l\u2019emploi

\n

Les engagements post\u00e9rieurs \u00e0 l\u2019emploi et \u00e0 long terme r\u00e9sultant de r\u00e9gimes \u00e0 prestations d\u00e9finies, ainsi que leurs co\u00fbts, sont \u00e9valu\u00e9s selon la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es conform\u00e9ment \u00e0 la norme IAS\u00a019. Des \u00e9valuations actuarielles sont r\u00e9alis\u00e9es chaque ann\u00e9e.

\n

Les calculs impliquent la prise en compte d\u2019hypoth\u00e8ses actuarielles \u00e9conomiques externes (taux d\u2019actualisation, taux d\u2019inflation, taux de revalorisation des pensions, etc.) et sp\u00e9cifiques \u00e0 La\u00a0Poste (taux de turnover, taux de mortalit\u00e9, taux de revalorisation des traitements et salaires, etc.).

\n

La provision inscrite au bilan au titre des r\u00e9gimes post\u00e9rieurs \u00e0 l\u2019emploi \u00e0 prestations d\u00e9finies correspond \u00e0 la valeur actuelle de l\u2019obligation \u00e0 la date de cl\u00f4ture diminu\u00e9e, le cas \u00e9ch\u00e9ant, de la valeur de march\u00e9 des actifs de couverture (Geopost\u00a0UK). La valeur actuelle de l\u2019obligation est calcul\u00e9e annuellement avec la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es. Elle est d\u00e9termin\u00e9e en actualisant les\u00a0d\u00e9caissements futurs attendus sur la base d\u2019un taux de march\u00e9 d\u2019obligations d\u2019entreprises de premi\u00e8re cat\u00e9gorie, libell\u00e9es dans la monnaie de paiement de la prestation et dont la dur\u00e9e avoisine la dur\u00e9e moyenne estim\u00e9e de l\u2019obligation sous-jacente.

\n

Les \u00e9carts actuariels issus des ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience et des effets de changements d\u2019hypoth\u00e8ses actuarielles sont comptabilis\u00e9s en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n

Le co\u00fbt des services pass\u00e9s, g\u00e9n\u00e9r\u00e9 lors de l\u2019adoption ou de la modification d\u2019un r\u00e9gime \u00e0 prestations d\u00e9finies, est reconnu imm\u00e9diatement en charges.

\n

Les dispositifs de retraite et les autres avantages du personnel, ainsi que les principales hypoth\u00e8ses retenues, sont\u00a0d\u00e9crits en note\u00a031.

\n

3.17.2Dispositifs d\u2019am\u00e9nagement de\u00a0fin\u00a0de carri\u00e8re

\n

La Poste constate une provision repr\u00e9sentative des co\u00fbts relatifs aux dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re accord\u00e9s aux personnels. Le montant de la provision inclut les personnes ayant adh\u00e9r\u00e9 \u00e0 l\u2019un des r\u00e9gimes existants ainsi que les personnes dont l'adh\u00e9sion est attendue compte tenu des dur\u00e9es et conditions des dispositifs ainsi que des comportements observ\u00e9s au cours des ann\u00e9es pass\u00e9es et des meilleures estimations.

\n

Les autres avantages \u00e0 long terme sont \u00e9valu\u00e9s et comptabilis\u00e9s comme les avantages post\u00e9rieurs \u00e0 l\u2019emploi (cf.\u00a0section\u00a03.17.1), \u00e0 l\u2019exception des \u00e9carts actuariels qui doivent \u00eatre imm\u00e9diatement et int\u00e9gralement comptabilis\u00e9s au compte de r\u00e9sultat. (cf.\u00a0note\u00a036.3 2).

\n

NOTE 10Charges de personnel et effectifs

\n

Les charges de personnel sont d\u00e9taill\u00e9es ci-dessous, par nature de co\u00fbt\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Salaires, traitements, primes et indemnit\u00e9s (y compris personnel int\u00e9rimaire)

\n		\n

11\u00a0130

\n		\n

11\u00a0169

\n
\n

Cotisations retraites

\n		\n

423

\n		\n

509

\n
\n

Autres charges sociales

\n		\n

2\u00a0091

\n		\n

2\u00a0169

\n
\n

Prestations d'actions sociales

\n		\n

329

\n		\n

261

\n
\n

Variation des provisions post\u00e9rieures \u00e0 l'emploi\u00a0(a)

\n		\n

21

\n		\n

(11)

\n
\n

Variation des provisions sur risques sociaux et litiges personnel

\n		\n

(17)

\n		\n

8

\n
\n

Variation des autres provisions sur le personnel

\n		\n

(249)

\n		\n

(355)

\n
\n

Imp\u00f4ts et taxes assis sur les r\u00e9mun\u00e9rations

\n		\n

757

\n		\n

758

\n
\n

Total\u00a0avant\u00a0affectation\u00a0aux\u00a0contrats\u00a0d'assurance

\n		\n

14\u00a0485

\n		\n

14\u00a0508

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance reclass\u00e9es en PNB

\n		\n

(576)

\n		\n

(502)

\n
\n

Total

\n		\n

13\u00a0909

\n		\n

14\u00a0006

\n
\n

Effectif moyen\u00a0(en \u00e9quivalent agent/ann\u00e9e)\u00a0(b)

\n		\n

227\u00a0741

\n		\n

226\u00a0831

\n
\n

(a)\u00c0 l\u2019exception des \u00e9carts actuariels comptabilis\u00e9s directement dans les \u00e9l\u00e9ments non recyclables du r\u00e9sultat global consolid\u00e9 (voir \u00e9galement le tableau de variation des capitaux propres).

\n

(b)Hors personnel int\u00e9rimaire.

\n
\n

La ligne \u00ab\u00a0Cotisations retraites\u00a0\u00bb correspond aux cotisations vers\u00e9es dans le cadre des r\u00e9gimes d\u2019avantages au personnel post\u00e9rieurs \u00e0 l\u2019emploi \u00e0 cotisations d\u00e9finies. Depuis 2006, date de mise en place du dispositif actuel de financement des retraites des fonctionnaires de l\u2019\u00c9tat rattach\u00e9s \u00e0 La Poste, cette ligne comprend notamment la contribution lib\u00e9ratoire pr\u00e9vue par la loi.

\n

NOTE 31Avantages du personnel

\n

31.1Variation des provisions pour avantages du\u00a0personnel

\n

Les provisions pour avantages du personnel ont \u00e9volu\u00e9 comme suit en 2025\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2024

\n		\n

Variation de p\u00e9rim\u00e8tre

\n		\n

Augmentation

\n		\n

Diminution pour utilisation

\n		\n

Provision devenue sans objet

\n		\n

Co\u00fbt financier net

\n		\n

Autres variations

\n		\n

31/12/2025

\n
\n

Courant

\n		\n

Non courant

\n		\n

Courant

\n		\n

Non courant

\n
\n

Indemnit\u00e9s de d\u00e9part \u00e0\u00a0la retraite

\n		\n

28

\n		\n

643

\n		\n

(0)

\n		\n

43

\n		\n

(16)

\n		\n

(0)

\n		\n

13

\n		\n

(43)

\n		\n

30

\n		\n

637

\n
\n

Autres avantages post\u00e9rieurs \u00e0 l'emploi

\n		\n

0

\n		\n

15

\n		\n

\n		\n

3

\n		\n

(2)

\n		\n

\n		\n

0

\n		\n

0

\n		\n

0

\n		\n

17

\n
\n

Avantages post\u00e9rieurs \u00e0 l'emploi

\n		\n

28

\n		\n

659

\n		\n

(0)

\n		\n

45

\n		\n

(18)

\n		\n

(0)

\n		\n

13

\n		\n

(43)

\n		\n

30

\n		\n

653

\n
\n

Dispositifs d'am\u00e9nagement de fin de carri\u00e8re

\n		\n

275

\n		\n

338

\n		\n

\n		\n

7

\n		\n

(287)

\n		\n

\n		\n

12

\n		\n

(0)

\n		\n

174

\n		\n

171

\n
\n

Indemnit\u00e9s de rupture

\n		\n

69

\n		\n

33

\n		\n

0

\n		\n

39

\n		\n

(2)

\n		\n

\n		\n

\n		\n

\n		\n

92

\n		\n

48

\n
\n

Cong\u00e9s longue maladie/longue dur\u00e9e

\n		\n

31

\n		\n

19

\n		\n

\n		\n

0

\n		\n

(9)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

26

\n		\n

15

\n
\n

Compte \u00c9pargne temps

\n		\n

160

\n		\n

160

\n		\n

\n		\n

5

\n		\n

(3)

\n		\n

\n		\n

\n		\n

0

\n		\n

161

\n		\n

162

\n
\n

Protection sociale et\u00a0pr\u00e9voyance

\n		\n

61

\n		\n

230

\n		\n

\n		\n

(8)

\n		\n

(20)

\n		\n

\n		\n

7

\n		\n

\n		\n

66

\n		\n

204

\n
\n

Autres avantages \u00e0 long terme

\n		\n

0

\n		\n

81

\n		\n

0

\n		\n

2

\n		\n

(3)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

0

\n		\n

81

\n
\n

Autres avantages du\u00a0personnel

\n		\n

322

\n		\n

523

\n		\n

0

\n		\n

39

\n		\n

(36)

\n		\n

\n		\n

7

\n		\n

0

\n		\n

346

\n		\n

509

\n
\n

Total

\n		\n

624

\n		\n

1\u00a0520

\n		\n

0

\n		\n

91

\n		\n

(342)

\n		\n

(0)

\n		\n

32

\n		\n

(43)

\n		\n

550

\n		\n

1\u00a0333

\n
\n

\n		\n

2\u00a0144

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0882

\n
\n

31.2Description des avantages du personnel

\n

Les engagements post\u00e9rieurs \u00e0 l\u2019emploi et \u00e0 long terme r\u00e9sultant de r\u00e9gimes \u00e0 prestations d\u00e9finies, ainsi que leurs co\u00fbts, sont \u00e9valu\u00e9s selon la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es conform\u00e9ment \u00e0 la norme IAS\u00a019. Des \u00e9valuations actuarielles sont r\u00e9alis\u00e9es chaque ann\u00e9e.

\n

Les calculs impliquent la prise en compte d\u2019hypoth\u00e8ses actuarielles \u00e9conomiques externes (taux d\u2019actualisation, taux d\u2019inflation, taux de revalorisation des pensions\u2026) et sp\u00e9cifiques au groupe La\u00a0Poste (taux de turnover, taux de mortalit\u00e9, taux de revalorisation des traitements et salaires\u2026).

\n

31.2.1Engagements de retraite des agents fonctionnaires de l\u2019\u00c9tat rattach\u00e9s \u00e0 La Poste

\n

L\u2019article\u00a0150 de la loi de finances rectificative (LFR) pour 2006, publi\u00e9e au Journal Officiel le 31\u00a0d\u00e9cembre 2006, dispose que l\u2019obligation de La Poste au titre des retraites des fonctionnaires de l\u2019\u00c9tat qui lui sont rattach\u00e9s se limite au paiement d\u2019une contribution employeur de retraite \u00e0 caract\u00e8re lib\u00e9ratoire.

\n

En cons\u00e9quence, aucune provision n\u2019est comptabilis\u00e9e dans les comptes de La Poste au titre des retraites des fonctionnaires.

\n

La contribution employeur acquitt\u00e9e par La Poste est calcul\u00e9e avec un taux dit \u00ab\u00a0d\u2019\u00e9quit\u00e9 concurrentielle\u00a0\u00bb, permettant d\u2019\u00e9galiser les charges sociales et fiscales obligatoires assises sur les salaires entre La Poste et les autres entreprises appartenant au secteur postal et au secteur bancaire.

\n

Apr\u00e8s un examen technique approfondi r\u00e9alis\u00e9 en 2024 des sommes d\u00e9j\u00e0 vers\u00e9es au titre du taux d\u2019\u00e9quit\u00e9 concurrentielle, il appara\u00eet que les versements d\u00e9j\u00e0 r\u00e9alis\u00e9s par La Poste depuis 2006 exc\u00e8dent le montant requis sur la p\u00e9riode 2006-2049. En cons\u00e9quence, en accord avec les services de l\u2019\u00c9tat, aucun versement et aucune charge ne sont d\u00e9sormais comptabilis\u00e9s dans les comptes de La Poste au titre du taux d\u2019\u00e9quit\u00e9 concurrentiel depuis le\u00a0mois de septembre\u00a02024. La r\u00e9duction de charge enregistr\u00e9e \u00e0 ce titre en 2025 s\u2019\u00e9l\u00e8ve \u00e0 181\u00a0millions d\u2019euros.

\n

31.2.2Avantages post\u00e9rieurs \u00e0 l\u2019emploi au\u00a0titre des agents fonctionnaires de l\u2019\u00c9tat rattach\u00e9s \u00e0 La Poste

\n

Les autres engagements relatifs \u00e0 des avantages vers\u00e9s post\u00e9rieurement \u00e0 l\u2019emploi sont compos\u00e9s\u00a0:

\n

\u25cfde prestations d\u2019action sociale accord\u00e9es aux fonctionnaires, correspondant notamment \u00e0 des r\u00e9ductions tarifaires sur des s\u00e9jours de vacances\u00a0;

\n

\u25cfd\u2019aides accord\u00e9es \u00e0 des associations qui proposent des prestations aux retrait\u00e9s fonctionnaires.

\n

31.2.3Indemnit\u00e9s de d\u00e9part en retraite du personnel contractuel de La Poste et des filiales fran\u00e7aises du groupe

\n

Le salari\u00e9 quittant l\u2019entreprise et b\u00e9n\u00e9ficiant d'une pension de retraite re\u00e7oit une indemnit\u00e9 de d\u00e9part dont le montant est fonction de l\u2019anciennet\u00e9 et du salaire de fin de carri\u00e8re.

\n

31.2.4R\u00e9gimes de retraite du personnel des filiales \u00e9trang\u00e8res du groupe

\n

Les engagements de retraite des filiales \u00e9trang\u00e8res du groupe concernent essentiellement le sous-groupe Geopost et la filiale Geopost UK. Les engagements relatifs \u00e0 Geopost UK sont couverts par un fonds de pension.

\n

31.2.5Dispositifs d\u2019am\u00e9nagement de\u00a0fin\u00a0de carri\u00e8re

\n

Le personnel de La Poste b\u00e9n\u00e9ficie dans certaines conditions, de dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re. Ces dispositifs sont ou ont \u00e9t\u00e9 accessibles aux personnes ayant atteint un \u00e2ge variant entre 53 et 60\u00a0ans, selon certains crit\u00e8res (fonction p\u00e9nible ou non p\u00e9nible, exercice d\u2019un service actif ou s\u00e9dentaire, anciennet\u00e9, etc.).

\n

Pendant la dur\u00e9e du dispositif, les b\u00e9n\u00e9ficiaires sont, dans la plupart des cas, r\u00e9mun\u00e9r\u00e9s \u00e0 hauteur de 70% d\u2019un temps plein, en contrepartie d\u2019une activit\u00e9 op\u00e9rationnelle plus r\u00e9duite.

\n

Les provisions relatives aux dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re comptabilis\u00e9es tiennent compte des adh\u00e9sions fermes ainsi que des adh\u00e9sions attendues au titre des engagements pris \u00e0 la cl\u00f4ture de mettre \u00e0 disposition du personnel ce type de dispositif au-del\u00e0 de la date de cl\u00f4ture.

\n

\u00c0 fin\u00a0d\u00e9cembre\u00a02025, la provision ne comporte que des adh\u00e9sions fermes, aucun engagement d\u2019ouverture d\u2019un tel dispositif n\u2019ayant \u00e9t\u00e9 pris au cours de l\u2019exercice au-del\u00e0 de la date de cl\u00f4ture.

\n

31.2.6Autres avantages \u00e0 long terme

\n

Il s\u2019agit de dispositifs d\u2019absences r\u00e9mun\u00e9r\u00e9es, dont principalement\u00a0:

\n

Compte \u00c9pargne temps\u00a0

\n

Le Compte \u00c9pargne temps est un dispositif permettant de reporter une partie des cong\u00e9s acquis non pris au-del\u00e0 de la p\u00e9riode de consommation des droits \u00e0 cong\u00e9s pay\u00e9s. La provision pour Compte \u00c9pargne temps correspond \u00e0 la valorisation des droits \u00e0 cong\u00e9s plac\u00e9s dans ce dispositif\u00a0;

\n

Cong\u00e9s bonifi\u00e9s

\n

Les fonctionnaires provenant des DOM ou en poste dans les DOM b\u00e9n\u00e9ficient de cong\u00e9s suppl\u00e9mentaires pris en charge ainsi que de la prise en charge de frais de voyage. La provision couvre ces droits \u00e0 cong\u00e9s compl\u00e9mentaires ainsi que ces droits \u00e0 voyage\u00a0;

\n

Cong\u00e9s longue maladie/longue dur\u00e9

\n

La provision pour cong\u00e9s longue maladie/longue dur\u00e9e vise \u00e0 couvrir le co\u00fbt relatif aux p\u00e9riodes d'arr\u00eat futures des cong\u00e9s engag\u00e9s \u00e0 la date de cl\u00f4ture de l'exercice. La provision est \u00e9valu\u00e9e \u00e0 chaque cl\u00f4ture annuelle selon un recensement des droits futurs, exprim\u00e9s en nombre de\u00a0points d'indice \u00e0 payer, pour chacun des agents concern\u00e9s.

\n

31.3Hypoth\u00e8ses actuarielles

\n

Les hypoth\u00e8ses actuarielles utilis\u00e9es pour l\u2019\u00e9valuation des engagements envers le personnel sont revues et mises \u00e0 jour une fois par an, lors de la cl\u00f4ture annuelle.

\n

Les principales hypoth\u00e8ses retenues au 31\u00a0d\u00e9cembre 2025 sont les suivantes\u00a0:

\n

\u25cfdes probabilit\u00e9s de maintien dans le groupe pour le personnel actif, des probabilit\u00e9s de mortalit\u00e9 et des estimations d\u2019\u00e9volution des salaires\u00a0;

\n

\u25cfdes hypoth\u00e8ses de d\u00e9part \u00e0 la retraite pour le personnel des soci\u00e9t\u00e9s \u00e9trang\u00e8res et le personnel sous conventions \u00e9trang\u00e8res qui tiennent compte des contextes \u00e9conomiques et d\u00e9mographiques locaux\u00a0;

\n

\u25cfune hypoth\u00e8se de revalorisation moyenne des avantages de 2%\u00a0pour l\u2019essentiel\u00a0;

\n

\u25cfles provisions pour engagements relatifs \u00e0 des dispositifs de fin de carri\u00e8re dans le cadre d\u2019accords sont calcul\u00e9es sur la base, d\u2019une part des adh\u00e9sions fermes \u00e0 ces dispositifs enregistr\u00e9es \u00e0 la date de cl\u00f4ture, et d\u2019autre part de la meilleure estimation par la direction des adh\u00e9sions probables jusqu\u2019\u00e0 la date de fermeture de ces accords si cette date est post\u00e9rieure \u00e0 la date de cl\u00f4ture. N\u00e9anmoins, comme indiqu\u00e9 pr\u00e9c\u00e9demment, les dates de fermeture des dispositifs de fin de carri\u00e8re en vigueur en 2024 et en 2025 n\u2019allaient pas au-del\u00e0 de la date de cl\u00f4ture.

\n

\u25cfles taux d\u2019actualisation utilis\u00e9s pour l\u2019\u00e9valuation actuarielle en date de cl\u00f4ture, d\u00e9termin\u00e9s par r\u00e9f\u00e9rence au panel des obligations priv\u00e9es not\u00e9es AA publi\u00e9 par Reuters, sont les suivants\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00c9ch\u00e9ance

\n		\n

5\u00a0ans

\n		\n

10\u00a0ans

\n		\n

15\u00a0ans

\n		\n

20\u00a0ans

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Zone euro

\n		\n

3,0%

\n		\n

3,5%

\n		\n

3,9%

\n		\n

4,1%

\n
\n

Zone UK

\n		\n

4,3%

\n		\n

4,9%

\n		\n

5,4%

\n		\n

5,5%

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Zone euro

\n		\n

2,8%

\n		\n

3,1%

\n		\n

3,3%

\n		\n

3,4%

\n
\n

Zone UK

\n		\n

4,7%

\n		\n

5,0%

\n		\n

5,4%

\n		\n

5,6%

\n
\n

Les hypoth\u00e8ses d\u2019inflation retenues pour la zone UK ont \u00e9t\u00e9 respectivement de 2,90% et 2,30% pour le Retail Price Index (RPI) et le Consumer Price Index (CPI)\u00a0; et respectivement de 3,20% et 2,50% en 2024.

\n

31.4Variation des engagements pour avantages post\u00e9rieurs \u00e0 l\u2019emploi

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Engagements en d\u00e9but de p\u00e9riode

\n		\n

879

\n		\n

853

\n
\n

Co\u00fbt des services rendus

\n		\n

52

\n		\n

66

\n
\n

Co\u00fbt de d\u00e9sactualisation

\n		\n

25

\n		\n

29

\n
\n

Prestations pay\u00e9es

\n		\n

(39)

\n		\n

(57)

\n
\n

Contribution des salari\u00e9s

\n		\n

2

\n		\n

2

\n
\n

Pertes (gains) actuariels li\u00e9s \u00e0 des changements d'hypoth\u00e8ses\u00a0(a)

\n		\n

(42)

\n		\n

(4)

\n
\n

Pertes (gains) actuariels li\u00e9s \u00e0 des effets d'exp\u00e9rience

\n		\n

3

\n		\n

3

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

8

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

0

\n		\n

8

\n
\n

Modifications et liquidations de r\u00e9gimes

\n		\n

2

\n		\n

(24)

\n
\n

Autres

\n		\n

(3)

\n		\n

(4)

\n
\n

Engagements en fin de p\u00e9riode

\n		\n

871

\n		\n

879

\n
\n

Actifs de couverture en d\u00e9but de p\u00e9riode

\n		\n

192

\n		\n

200

\n
\n

Rendement attendu des actifs

\n		\n

9

\n		\n

8

\n
\n

Contribution de l'employeur

\n		\n

6

\n		\n

7

\n
\n

Contribution des salari\u00e9s

\n		\n

4

\n		\n

3

\n
\n

Prestations pay\u00e9es

\n		\n

(16)

\n		\n

(19)

\n
\n

\u00c9carts actuariels

\n		\n

1

\n		\n

(15)

\n
\n

\u00c9carts de conversion

\n		\n

(8)

\n		\n

8

\n
\n

Actifs de couverture en fin de p\u00e9riode

\n		\n

188

\n		\n

192

\n
\n

Engagement

\n		\n

871

\n		\n

879

\n
\n

Actifs de couverture\u00a0(b)

\n		\n

(188)

\n		\n

(192)

\n
\n

Provision

\n		\n

683

\n		\n

687

\n
\n

Dont provision non courante

\n		\n

653

\n		\n

659

\n
\n

Dont provision courante

\n		\n

30

\n		\n

28

\n
\n

(a)Les \u00e9carts actuariels enregistr\u00e9s en\u00a02025 et\u00a02024 correspondent pour l\u2019essentiel \u00e0 des changements d\u2019hypoth\u00e8ses financi\u00e8res.

\n

(b)Les actifs de couverture correspondent essentiellement aux r\u00e9gimes anglais. Ils pr\u00e9sentent un l\u00e9ger surplus par rapport aux engagements concern\u00e9s.

\n
\n

Variation des \u00e9carts actuariels\u00a0(a)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Pertes (gains) actuariels en d\u00e9but de p\u00e9riode

\n		\n

94

\n		\n

80

\n
\n

Sorties des \u00e9carts actuariels sur dispositifs clos en 2024

\n		\n

(111)

\n		\n

\n
\n

\u00c9carts actuariels li\u00e9s \u00e0 des changements d'hypoth\u00e8ses

\n		\n

(42)

\n		\n

(4)

\n
\n

\u00c9carts actuariels li\u00e9s \u00e0 des effets d'exp\u00e9rience

\n		\n

3

\n		\n

3

\n
\n

\u00c9carts actuariels sur les actifs de couverture

\n		\n

(1)

\n		\n

15

\n
\n

Pertes (gains) actuariels en fin de p\u00e9riode

\n		\n

(57)

\n		\n

94

\n
\n

(a)Comptabilis\u00e9e en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n
\n

Composition des actifs de couverture

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Types d'actifs

\n		\n

2025

\n		\n

2024

\n
\n

Actions

\n		\n

6%

\n		\n

5%

\n
\n

Titres de dette

\n		\n

50%

\n		\n

50%

\n
\n

Fonds LDI (Liability-Driven Investment)

\n		\n

22%

\n		\n

24%

\n
\n

Contrats d'assurances

\n		\n

7%

\n		\n

8%

\n
\n

Autres

\n		\n

14%

\n		\n

13%

\n
\n

Sensibilit\u00e9 au taux d\u2019actualisation

\n

Une baisse de 50\u00a0points de base du taux d\u2019actualisation aurait pour effet une hausse d\u2019environ 34\u00a0millions d\u2019euros de l\u2019engagement net relatif aux avantages post\u00e9rieurs \u00e0 l\u2019emploi du groupe.

\n

31.5Analyse de la charge au titre des avantages post\u00e9rieurs \u00e0 l\u2019emploi

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Co\u00fbt des services rendus

\n		\n

52

\n		\n

66

\n
\n

Co\u00fbt de d\u00e9sactualisation

\n		\n

25

\n		\n

29

\n
\n

Rendement attendu des actifs

\n		\n

(9)

\n		\n

(8)

\n
\n

Charge (produit) de la p\u00e9riode

\n		\n

69

\n		\n

87

\n
\n

31.6Sorties de tr\u00e9sorerie attendues

\n

Le tableau ci-dessous pr\u00e9sente une estimation des prestations \u00e0 verser dans les cinq prochaines ann\u00e9es au titre des avantages post\u00e9rieurs \u00e0 l\u2019emploi \u00e0 prestations d\u00e9finies\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Sorties de tr\u00e9sorerie

\n
\n

2026

\n		\n

59

\n
\n

2027

\n		\n

45

\n
\n

2028

\n		\n

40

\n
\n

2029

\n		\n

45

\n
\n

2030

\n		\n

53

\n
\n

Au 31\u00a0d\u00e9cembre 2025, la duration moyenne des engagements post\u00e9rieurs \u00e0 l\u2019emploi envers le personnel est d\u2019environ 20\u00a0ans.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40154590281684823_0_0": { "value": "

3.17Avantages du personnel

\n

3.17.1Avantages du personnel post\u00e9rieurs \u00e0 l\u2019emploi

\n

Les engagements post\u00e9rieurs \u00e0 l\u2019emploi et \u00e0 long terme r\u00e9sultant de r\u00e9gimes \u00e0 prestations d\u00e9finies, ainsi que leurs co\u00fbts, sont \u00e9valu\u00e9s selon la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es conform\u00e9ment \u00e0 la norme IAS\u00a019. Des \u00e9valuations actuarielles sont r\u00e9alis\u00e9es chaque ann\u00e9e.

\n

Les calculs impliquent la prise en compte d\u2019hypoth\u00e8ses actuarielles \u00e9conomiques externes (taux d\u2019actualisation, taux d\u2019inflation, taux de revalorisation des pensions, etc.) et sp\u00e9cifiques \u00e0 La\u00a0Poste (taux de turnover, taux de mortalit\u00e9, taux de revalorisation des traitements et salaires, etc.).

\n

La provision inscrite au bilan au titre des r\u00e9gimes post\u00e9rieurs \u00e0 l\u2019emploi \u00e0 prestations d\u00e9finies correspond \u00e0 la valeur actuelle de l\u2019obligation \u00e0 la date de cl\u00f4ture diminu\u00e9e, le cas \u00e9ch\u00e9ant, de la valeur de march\u00e9 des actifs de couverture (Geopost\u00a0UK). La valeur actuelle de l\u2019obligation est calcul\u00e9e annuellement avec la m\u00e9thode des unit\u00e9s de cr\u00e9dit projet\u00e9es. Elle est d\u00e9termin\u00e9e en actualisant les\u00a0d\u00e9caissements futurs attendus sur la base d\u2019un taux de march\u00e9 d\u2019obligations d\u2019entreprises de premi\u00e8re cat\u00e9gorie, libell\u00e9es dans la monnaie de paiement de la prestation et dont la dur\u00e9e avoisine la dur\u00e9e moyenne estim\u00e9e de l\u2019obligation sous-jacente.

\n

Les \u00e9carts actuariels issus des ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience et des effets de changements d\u2019hypoth\u00e8ses actuarielles sont comptabilis\u00e9s en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n

Le co\u00fbt des services pass\u00e9s, g\u00e9n\u00e9r\u00e9 lors de l\u2019adoption ou de la modification d\u2019un r\u00e9gime \u00e0 prestations d\u00e9finies, est reconnu imm\u00e9diatement en charges.

\n

Les dispositifs de retraite et les autres avantages du personnel, ainsi que les principales hypoth\u00e8ses retenues, sont\u00a0d\u00e9crits en note\u00a031.

\n

3.17.2Dispositifs d\u2019am\u00e9nagement de\u00a0fin\u00a0de carri\u00e8re

\n

La Poste constate une provision repr\u00e9sentative des co\u00fbts relatifs aux dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re accord\u00e9s aux personnels. Le montant de la provision inclut les personnes ayant adh\u00e9r\u00e9 \u00e0 l\u2019un des r\u00e9gimes existants ainsi que les personnes dont l'adh\u00e9sion est attendue compte tenu des dur\u00e9es et conditions des dispositifs ainsi que des comportements observ\u00e9s au cours des ann\u00e9es pass\u00e9es et des meilleures estimations.

\n

Les autres avantages \u00e0 long terme sont \u00e9valu\u00e9s et comptabilis\u00e9s comme les avantages post\u00e9rieurs \u00e0 l\u2019emploi (cf.\u00a0section\u00a03.17.1), \u00e0 l\u2019exception des \u00e9carts actuariels qui doivent \u00eatre imm\u00e9diatement et int\u00e9gralement comptabilis\u00e9s au compte de r\u00e9sultat. (cf.\u00a0note\u00a036.3 2).

\n

31.2.5Dispositifs d\u2019am\u00e9nagement de\u00a0fin\u00a0de carri\u00e8re

\n

Le personnel de La Poste b\u00e9n\u00e9ficie dans certaines conditions, de dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re. Ces dispositifs sont ou ont \u00e9t\u00e9 accessibles aux personnes ayant atteint un \u00e2ge variant entre 53 et 60\u00a0ans, selon certains crit\u00e8res (fonction p\u00e9nible ou non p\u00e9nible, exercice d\u2019un service actif ou s\u00e9dentaire, anciennet\u00e9, etc.).

\n

Pendant la dur\u00e9e du dispositif, les b\u00e9n\u00e9ficiaires sont, dans la plupart des cas, r\u00e9mun\u00e9r\u00e9s \u00e0 hauteur de 70% d\u2019un temps plein, en contrepartie d\u2019une activit\u00e9 op\u00e9rationnelle plus r\u00e9duite.

\n

Les provisions relatives aux dispositifs d\u2019am\u00e9nagement de fin de carri\u00e8re comptabilis\u00e9es tiennent compte des adh\u00e9sions fermes ainsi que des adh\u00e9sions attendues au titre des engagements pris \u00e0 la cl\u00f4ture de mettre \u00e0 disposition du personnel ce type de dispositif au-del\u00e0 de la date de cl\u00f4ture.

\n

\u00c0 fin\u00a0d\u00e9cembre\u00a02025, la provision ne comporte que des adh\u00e9sions fermes, aucun engagement d\u2019ouverture d\u2019un tel dispositif n\u2019ayant \u00e9t\u00e9 pris au cours de l\u2019exercice au-del\u00e0 de la date de cl\u00f4ture.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059651_0": { "value": "

3.18Actifs d\u00e9tenus en vue d\u2019\u00eatre c\u00e9d\u00e9s

\n

Un actif non courant, ou un groupe d\u2019actifs et de passifs, est class\u00e9 comme d\u00e9tenu en vue d\u2019\u00eatre c\u00e9d\u00e9 lorsque sa valeur comptable sera recouvr\u00e9e principalement au moyen de sa vente, et non de son utilisation continue. Ceci suppose que l\u2019actif soit disponible en vue de sa vente imm\u00e9diate dans son \u00e9tat actuel et que sa vente soit hautement probable dans un d\u00e9lai d\u2019un an.

\n

Ces actifs et groupes d\u2019actifs, ainsi que les passifs associ\u00e9s, sont pr\u00e9sent\u00e9s s\u00e9par\u00e9ment des autres actifs et passifs, et sont mesur\u00e9s au plus bas de leur valeur comptable ou du prix de cession estim\u00e9, net des co\u00fbts de cession. L\u2019amortissement de ces actifs cesse \u00e0 compter de la date de leur classement dans cette cat\u00e9gorie.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40154640821001171_0_0": { "value": "

3.18Actifs d\u00e9tenus en vue d\u2019\u00eatre c\u00e9d\u00e9s

\n

Un actif non courant, ou un groupe d\u2019actifs et de passifs, est class\u00e9 comme d\u00e9tenu en vue d\u2019\u00eatre c\u00e9d\u00e9 lorsque sa valeur comptable sera recouvr\u00e9e principalement au moyen de sa vente, et non de son utilisation continue. Ceci suppose que l\u2019actif soit disponible en vue de sa vente imm\u00e9diate dans son \u00e9tat actuel et que sa vente soit hautement probable dans un d\u00e9lai d\u2019un an.

\n

Ces actifs et groupes d\u2019actifs, ainsi que les passifs associ\u00e9s, sont pr\u00e9sent\u00e9s s\u00e9par\u00e9ment des autres actifs et passifs, et sont mesur\u00e9s au plus bas de leur valeur comptable ou du prix de cession estim\u00e9, net des co\u00fbts de cession. L\u2019amortissement de ces actifs cesse \u00e0 compter de la date de leur classement dans cette cat\u00e9gorie.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059669_0": { "value": "

3.19Tableau des flux de tr\u00e9sorerie

\n

Le tableau des flux de tr\u00e9sorerie (TFT) pr\u00e9sente les entr\u00e9es et les sorties de tr\u00e9sorerie et \u00e9quivalents class\u00e9es en activit\u00e9s op\u00e9rationnelles, d\u2019investissement et de financement.

\n

Le format du tableau des flux de tr\u00e9sorerie a \u00e9t\u00e9 am\u00e9nag\u00e9 pour pr\u00e9senter s\u00e9par\u00e9ment les flux li\u00e9s, d\u2019une part, \u00e0 La\u00a0Banque\u00a0Postale, d\u2019autre part, les flux li\u00e9s aux activit\u00e9s industrielles et commerciales (y compris la division de La\u00a0Poste mettant du personnel \u00e0 disposition de La Banque Postale).

\n

La variation de tr\u00e9sorerie et des \u00e9quivalents de tr\u00e9sorerie pr\u00e9sent\u00e9e dans le tableau des flux de tr\u00e9sorerie consolid\u00e9s correspond \u00e0 celle des activit\u00e9s industrielles et commerciales. La tr\u00e9sorerie provenant de La\u00a0Banque\u00a0Postale et de ses filiales (y compris l\u2019encaisse des bureaux de poste) est isol\u00e9e sur une ligne sp\u00e9cifique du bilan. Ses variations sont positionn\u00e9es sur une ligne \u00ab\u00a0Diminution/(augmentation) de tr\u00e9sorerie des activit\u00e9s bancaires au bilan hors incidence des variations de p\u00e9rim\u00e8tre\u00a0\u00bb, positionn\u00e9e sous les flux de tr\u00e9sorerie des activit\u00e9s de financement.

\n

Par ailleurs, les flux de tr\u00e9sorerie li\u00e9s \u00e0 la variation des actifs et passifs bancaires et d\u2019assurance (hors flux li\u00e9s aux dettes subordonn\u00e9es) sont regroup\u00e9s sur une ligne sp\u00e9cifique du TFT (\u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0et d\u2019assurance\u00a0\u00bb), au sein des flux op\u00e9rationnels, incluant notamment\u00a0:

\n

\u25cfles flux des encours de collecte de la client\u00e8le\u00a0;

\n

\u25cfles flux des dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0;

\n

\u25cfles acquisitions et cessions du portefeuille de titres\u00a0;

\n

\u25cfles flux li\u00e9s aux pr\u00eats et cr\u00e9ances\u00a0;

\n

\u25cfles variations de juste valeur des instruments financiers.

\n

Les activit\u00e9s op\u00e9rationnelles

\n

Ce sont les principales activit\u00e9s g\u00e9n\u00e9ratrices de revenus et toutes activit\u00e9s autres que celles d\u00e9finies comme \u00e9tant des activit\u00e9s d\u2019investissement ou de financement. Les flux de tr\u00e9sorerie li\u00e9s aux activit\u00e9s op\u00e9rationnelles sont \u00e9labor\u00e9s selon la m\u00e9thode indirecte.

\n

Le calcul de l\u2019exc\u00e9dent brut d\u2019exploitation est d\u00e9taill\u00e9 dans la note\u00a041.10.

\n

Les activit\u00e9s d\u2019investissement

\n

Elles correspondent \u00e0 l\u2019acquisition et la cession d\u2019actifs \u00e0 long terme et de tout autre investissement qui n\u2019est pas inclus dans les \u00e9quivalents de liquidit\u00e9s. Les flux d\u2019investissement du groupe La\u00a0Poste sont compos\u00e9s notamment des acquisitions ou cessions des \u00e9l\u00e9ments suivants\u00a0:

\n

\u25cfimmobilisations incorporelles et corporelles, corrig\u00e9es des op\u00e9rations n\u2019ayant pas un caract\u00e8re mon\u00e9taire (dettes et cr\u00e9ances sur immobilisations)\u00a0;

\n

\u25cfpart du capital d\u2019autres entreprises\u00a0;

\n

\u25cfautres immobilisations financi\u00e8res (d\u00e9p\u00f4ts et cautionnements, cr\u00e9ances rattach\u00e9es \u00e0 des participations, etc.).

\n

L\u2019incidence des variations de p\u00e9rim\u00e8tre des activit\u00e9s industrielles et commerciales sur les flux de tr\u00e9sorerie est pr\u00e9sent\u00e9e distinctement sur une ligne \u00ab\u00a0Variations de p\u00e9rim\u00e8tre\u00a0\u00bb.

\n

Les activit\u00e9s de financement

\n

Elles correspondent aux activit\u00e9s qui entra\u00eenent des changements quant au montant et \u00e0 la composition des capitaux propres et des capitaux emprunt\u00e9s. Les flux de financement comprennent les sources de financement (nouveaux emprunts) et les\u00a0d\u00e9caissements aff\u00e9rents (distribution de dividendes aux minoritaires, remboursement de bons La\u00a0Poste, remboursement d\u2019emprunts).

\n

Concernant les mouvements sur instruments de dette de La\u00a0Banque\u00a0Postale, seuls les mouvements des dettes subordonn\u00e9es et des passifs de location sont class\u00e9s en flux de financement.

\n

La notion de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

Elle recouvre les placements \u00e0 tr\u00e8s court terme, liquides, facilement convertibles en un montant connu de tr\u00e9sorerie et soumis \u00e0 un risque n\u00e9gligeable de changement de valeur.

\n

La tr\u00e9sorerie du groupe La\u00a0Poste est constitu\u00e9e de comptes de caisse, de soldes d\u00e9biteurs de banques, de d\u00e9p\u00f4ts \u00e0 terme, de valeurs mobili\u00e8res de placement qui ne pr\u00e9sentent pas de risque significatif de variation de valeur en raison de leur nature et peuvent \u00eatre facilement convertis en disponibilit\u00e9s (notamment OPCVM mon\u00e9taires), de la partie des soldes cr\u00e9diteurs de banques et des int\u00e9r\u00eats courus non \u00e9chus qui s\u2019y rattachent, correspondant \u00e0 des\u00a0d\u00e9couverts momentan\u00e9s.

\n

Quelles que soient leurs caract\u00e9ristiques, les titres provenant du \u00ab\u00a0Portefeuille de titres des activit\u00e9s bancaires\u00a0\u00bb ne sont pas class\u00e9s dans la tr\u00e9sorerie. Les flux les concernant sont int\u00e9gr\u00e9s sur la ligne \u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0\u00bb du TFT (cf. supra).

\n

19.4Effets des contrats de location sur le tableau des flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s op\u00e9rationnelles

\n		\n

632

\n		\n

636

\n
\n

Loyers des locations de courte dur\u00e9e

\n		\n

147

\n		\n

150

\n
\n

Loyers des locations d'actifs de faible valeur

\n		\n

77

\n		\n

100

\n
\n

Charges locatives

\n		\n

210

\n		\n

223

\n
\n

TVA non d\u00e9ductible sur loyers

\n		\n

91

\n		\n

94

\n
\n

Autres

\n		\n

107

\n		\n

70

\n
\n

Flux de tr\u00e9sorerie provenant des activit\u00e9s de financement

\n		\n

1\u00a0037

\n		\n

1\u00a0044

\n
\n

Int\u00e9r\u00eats financiers vers\u00e9s sur passifs de location

\n		\n

132

\n		\n

137

\n
\n

Remboursements des passifs de location (yc provenant de la branche La Banque Postale)

\n		\n

905

\n		\n

907

\n
\n

Total\u00a0d\u00e9caissement

\n		\n

1\u00a0668

\n		\n

1\u00a0680

\n
\n

29.3Variation des dettes financi\u00e8res

\n

Le tableau ci-dessous d\u00e9taille la variation des dettes financi\u00e8res au cours des exercices 2025 et 2024, en distinguant les variations ayant une incidence sur la tr\u00e9sorerie de celles sans incidence sur la tr\u00e9sorerie.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Emprunts obligataires et autres dettes financi\u00e8res\u00a0(a)

\n		\n

D\u00e9riv\u00e9s actifs associ\u00e9s
\u00e0 la dette
(y compris d\u00e9p\u00f4ts de garantie)\u00a0(a)

\n		\n

Passifs de location\u00a0(a)

\n		\n

TFT hors Banque

\n		\n

Dettes subordon-n\u00e9es de La Banque Postale

\n		\n

Passifs de location de La Banque Postale\u00a0(b)

\n		\n

TFT
Groupe

\n
\n

Solde au 31/12/2023

\n		\n

11\u00a0945

\n		\n

(16)

\n		\n

4\u00a0078

\n		\n

\n		\n

9\u00a0450

\n		\n

175

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

652

\n		\n

\n		\n

\n		\n

652

\n		\n

500

\n		\n

\n		\n

1\u00a0152

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n		\n

\n		\n

\n		\n

(1\u00a0655)

\n
\n

Remboursements des passifs de location

\n		\n

\n		\n

\n		\n

(873)

\n		\n

(873)

\n		\n

\n		\n

(34)

\n		\n

(907)

\n
\n

Autres flux de financement

\n		\n

(9)

\n		\n

(5)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

(13)

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(3)

\n		\n

0

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

927

\n		\n

\n		\n

\n		\n

33

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

18

\n		\n

13

\n		\n

41

\n		\n

\n		\n

\n		\n

0

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

(13)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

21

\n		\n

(3)

\n		\n

(107)

\n		\n

\n		\n

92

\n		\n

(9)

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Solde au 31/12/2024

\n		\n

10\u00a0969

\n		\n

(25)

\n		\n

4\u00a0071

\n		\n

\n		\n

10\u00a0042

\n		\n

165

\n		\n

\n
\n

Flux ayant une incidence sur la tr\u00e9sorerie

\n
\n

Encaissements provenant de nouveaux emprunts\u00a0(c)

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n		\n

\n		\n

\n		\n

797

\n
\n

Remboursements des emprunts\u00a0(d)

\n		\n

(1\u00a0520)

\n		\n

\n		\n

\n		\n

(1\u00a0520)

\n		\n

(997)

\n		\n

\n		\n

(2\u00a0517)

\n
\n

Remboursements des passifs de\u00a0location

\n		\n

\n		\n

\n		\n

(862)

\n		\n

(862)

\n		\n

\n		\n

(42)

\n		\n

(904)

\n
\n

Autres flux de financement

\n		\n

(8)

\n		\n

13

\n		\n

\n		\n

4

\n		\n

\n		\n

\n		\n

4

\n
\n

Flux sans incidence sur la tr\u00e9sorerie

\n
\n

Variation des ICNE sur instruments financiers

\n		\n

(4)

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Augmentation des passifs de location

\n		\n

\n		\n

\n		\n

780

\n		\n

\n		\n

\n		\n

37

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre et de change

\n		\n

(8)

\n		\n

(21)

\n		\n

(44)

\n		\n

\n		\n

\n		\n

(0)

\n		\n

\n
\n

Variations de juste valeur (hors banque)

\n		\n

\n		\n

8

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Autres flux non cash et reclassements

\n		\n

(2)

\n		\n

13

\n		\n

(326)

\n		\n

\n		\n

(163)

\n		\n

4

\n		\n

\n
\n

Dette de filiales destin\u00e9es \u00e0 \u00eatre c\u00e9d\u00e9es

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Solde au 31/12/2025

\n		\n

10\u00a0224

\n		\n

(12)

\n		\n

3\u00a0619

\n		\n

\n		\n

8\u00a0881

\n		\n

164

\n		\n

\n
\n

(a)Cf. note\u00a030.1, y compris les d\u00e9p\u00f4ts de garantie.

\n

(b)Cf. note\u00a032.7.

\n

(c)Encaissements provenant de nouveaux emprunts

\n

En 2025\u00a0:

\n

La Poste a r\u00e9alis\u00e9 en septembre\u00a02025 un abondement de 100\u00a0millions d\u2019euros d\u2019un emprunt obligataire comptabilis\u00e9 au co\u00fbt amorti au taux fixe de 3,75% \u00e0 \u00e9ch\u00e9ance de\u00a0juin\u00a02035.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 \u00e9mis en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste n\u2019a proc\u00e9d\u00e9 \u00e0 aucune \u00e9mission obligataire en 2024.

\n

(d)Remboursements des emprunts

\n

En 2025\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 750\u00a0millions d\u2019euros \u00e9mis en 2015 comptabilis\u00e9 au co\u00fbt amorti.

\n

Des billets de tr\u00e9sorerie ont \u00e9t\u00e9 rembours\u00e9s en 2025 pour 740\u00a0millions d\u2019euros (600\u00a0millions d\u2019euros en 2024).

\n

En 2024\u00a0:

\n

La Poste a rembours\u00e9 un emprunt obligataire d\u2019une valeur nominale de 1\u00a0000\u00a0millions d\u2019euros \u00e9mis en\u00a02012 et\u00a02013 comptabilis\u00e9 au co\u00fbt amorti.

\n
\n

NOTE 41Notes sur le tableau des flux de tr\u00e9sorerie consolid\u00e9s

\n

41.1Passage du r\u00e9sultat net \u00e0 la capacit\u00e9 d\u2019autofinancement avant co\u00fbt de\u00a0l\u2019endettement financier net et imp\u00f4ts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

2025

\n		\n

2024

\n
\n

R\u00e9sultat net de l'ensemble pour les activit\u00e9s industrielles et commerciales

\n		\n

\n		\n

(402)

\n		\n

150

\n
\n

Quote-part du r\u00e9sultat des soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

\n		\n

111

\n		\n

158

\n
\n

Gains et pertes latents li\u00e9s aux variations de juste valeur (hors activit\u00e9s bancaires)

\n		\n

\n		\n

16

\n		\n

(18)

\n
\n

Plus ou moins-values de cession (yc dilution)

\n		\n

\n		\n

(12)

\n		\n

(531)

\n
\n

Variations nettes des provisions

\n		\n

\n		\n

(246)

\n		\n

(362)

\n
\n

D\u00e9pr\u00e9ciations, amortissements et pertes de valeur

\n		\n

41.2

\n		\n

1\u00a0924

\n		\n

1\u00a0913

\n
\n

Autres produits et charges sans incidence de tr\u00e9sorerie

\n		\n

\n		\n

(45)

\n		\n

7

\n
\n

Capacit\u00e9 d'autofinancement apr\u00e8s co\u00fbt de l'endettement financier net
et imp\u00f4t pour les activit\u00e9s Industrielles et commerciales

\n		\n

\n		\n

1\u00a0346

\n		\n

1\u00a0317

\n
\n

Co\u00fbt de l'endettement financier net\u00a0(a)

\n		\n

\n		\n

221

\n		\n

244

\n
\n

Charge d'imp\u00f4t (yc imp\u00f4ts diff\u00e9r\u00e9s)

\n		\n

\n		\n

(224)

\n		\n

(217)

\n
\n

Capacit\u00e9 d'autofinancement avant co\u00fbt de l'endettement financier net et imp\u00f4t pour les activit\u00e9s industrielles et commerciales

\n		\n

\n		\n

1\u00a0344

\n		\n

1\u00a0344

\n
\n

Contribution des activit\u00e9s bancaires et d'assurance (cf. EBE, note\u00a041.10)

\n		\n

\n		\n

3\u00a0616

\n		\n

3\u00a0246

\n
\n

Capacit\u00e9 d'autofinancement avant co\u00fbt de l'endettement
financier net et imp\u00f4t

\n		\n

\n		\n

4\u00a0961

\n		\n

4\u00a0591

\n
\n

(a)Hors variation des gains et pertes latents li\u00e9s aux variations de juste valeur.

\n
\n

41.2D\u00e9pr\u00e9ciations, amortissements et pertes de valeur

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Dotations et reprises aux amortissements du r\u00e9sultat d'exploitation

\n		\n

1\u00a0867

\n		\n

1\u00a0894

\n
\n

Dotations et reprises aux amortissements du r\u00e9sultat financier

\n		\n

(2)

\n		\n

(28)

\n
\n

D\u00e9pr\u00e9ciations d'\u00e9cart d'acquisition

\n		\n

59

\n		\n

48

\n
\n

Total

\n		\n

1\u00a0924

\n		\n

1\u00a0913

\n
\n

41.3Variation du besoin en fonds de roulement

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Variations des stocks et encours

\n		\n

(43)

\n		\n

7

\n
\n

Variations des cr\u00e9ances d'exploitation

\n		\n

5

\n		\n

538

\n
\n

Variations des dettes d'exploitation et autres actifs/passifs d'exploitation

\n		\n

139

\n		\n

(1\u00a0039)

\n
\n

Total

\n		\n

101

\n		\n

(494)

\n
\n

41.4Variation du solde des emplois et ressources bancaires et d\u2019assurance

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Variations des actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

(15\u00a0310)

\n		\n

(472)

\n
\n

Variations des instruments d\u00e9riv\u00e9s de couverture

\n		\n

133

\n		\n

172

\n
\n

Variation des actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

(3\u00a0600)

\n		\n

(11\u00a0303)

\n
\n

Variations des titres au co\u00fbt amorti

\n		\n

(1\u00a0950)

\n		\n

(3\u00a0169)

\n
\n

Variations des pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit au co\u00fbt amorti

\n		\n

5\u00a0261

\n		\n

(4\u00a0811)

\n
\n

Variations des pr\u00eats et cr\u00e9ances sur la client\u00e8le au co\u00fbt amorti

\n		\n

(3\u00a0212)

\n		\n

(2\u00a0956)

\n
\n

Variation des \u00e9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux

\n		\n

485

\n		\n

(303)

\n
\n

Variation des contrats d'assurance \u00e9mis \u2013 actif

\n		\n

13

\n		\n

64

\n
\n

Variation des contrats de r\u00e9assurance d\u00e9tenus \u2013 actif

\n		\n

264

\n		\n

2\u00a0318

\n
\n

Variations des autres actifs financiers et comptes de r\u00e9gularisation

\n		\n

1\u00a0971

\n		\n

(694)

\n
\n

Variation des immeubles de placement

\n		\n

8

\n		\n

46

\n
\n

Variation des passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

1\u00a0595

\n		\n

4\u00a0068

\n
\n

Variations des instruments d\u00e9riv\u00e9s de couverture

\n		\n

(560)

\n		\n

(213)

\n
\n

Variations des dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

(2\u00a0438)

\n		\n

(2\u00a0000)

\n
\n

Variations des dettes envers la client\u00e8le

\n		\n

(9\u00a0917)

\n		\n

582

\n
\n

Variations des dettes repr\u00e9sent\u00e9es par un titre

\n		\n

(1\u00a0454)

\n		\n

(1\u00a0479)

\n
\n

Variations des \u00e9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux

\n		\n

33

\n		\n

171

\n
\n

Variations des contrats d'assurance \u00e9mis et de r\u00e9assurance d\u00e9tenus \u2013 passif

\n		\n

13\u00a0183

\n		\n

8\u00a0303

\n
\n

Variations des autres passifs financiers et comptes de r\u00e9gularisation

\n		\n

(398)

\n		\n

(838)

\n
\n

Total

\n		\n

(15\u00a0893)

\n		\n

(12\u00a0516)

\n
\n

41.5D\u00e9caissements sur acquisitions d\u2019immobilisations corporelles et\u00a0incorporelles

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Acquisitions d'immobilisations incorporelles

\n		\n

(686)

\n		\n

(675)

\n
\n

Acquisitions d'immobilisations corporelles

\n		\n

(848)

\n		\n

(874)

\n
\n

Acquisitions d'immeubles de placements

\n		\n

\n		\n

\n
\n

Variations des fournisseurs d'immobilisations

\n		\n

50

\n		\n

(108)

\n
\n

Total

\n		\n

(1\u00a0484)

\n		\n

(1\u00a0658)

\n
\n

41.6Encaissements provenant de nouveaux emprunts et \u00e9mission de titres subordonn\u00e9s hybrides perp\u00e9tuels

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Emprunts obligataires

\n		\n

44

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

740

\n		\n

600

\n
\n

Autres emprunts et dettes assimil\u00e9es

\n		\n

13

\n		\n

552

\n
\n

Total encaissements provenant de nouveaux emprunts

\n		\n

797

\n		\n

1\u00a0152

\n
\n

Total \u00e9mission de titres surbordonn\u00e9s hybrides perp\u00e9tuels

\n		\n

1\u00a0242

\n		\n

\n
\n

41.7Remboursements des emprunts et des titres subordonn\u00e9s hybrides\u00a0perp\u00e9tuels

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Emprunts obligataires

\n		\n

(750)

\n		\n

(1\u00a0000)

\n
\n

Emprunts aupr\u00e8s des \u00e9tablissements de cr\u00e9dit

\n		\n

(4)

\n		\n

(7)

\n
\n

Bons La Poste

\n		\n

(0)

\n		\n

(0)

\n
\n

Billets de tr\u00e9sorerie

\n		\n

(740)

\n		\n

(600)

\n
\n

Autres emprunts et dettes assimil\u00e9es

\n		\n

(1\u00a0023)

\n		\n

(48)

\n
\n

Total remboursements des emprunts

\n		\n

(2\u00a0517)

\n		\n

(1\u00a0655)

\n
\n

Total remboursements de titres subordonn\u00e9s hybrides perp\u00e9tuels

\n		\n

(749)

\n		\n

(494)

\n
\n

41.8Autres flux li\u00e9s aux op\u00e9rations de financement

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Encaissement de d\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

51

\n		\n

32

\n
\n

Remboursement de d\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

(43)

\n		\n

(40)

\n
\n

Autres

\n		\n

(6)

\n		\n

(5)

\n
\n

Total

\n		\n

2

\n		\n

(13)

\n
\n

41.9Variation de tr\u00e9sorerie des activit\u00e9s bancaires

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

2025

\n		\n

2024

\n
\n

Caisse, Banque centrale \u00e0 l'ouverture (actif)

\n		\n

\n		\n

27\u00a0812

\n		\n

40\u00a0577

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 vue sur les \u00e9tablissements de cr\u00e9dit (actif)

\n		\n

\n		\n

1\u00a0950

\n		\n

2\u00a0150

\n
\n

Emprunts \u00e0 vue aupr\u00e8s des \u00e9tablissements de cr\u00e9dit (passif)

\n		\n

\n		\n

(797)

\n		\n

(1\u00a0308)

\n
\n

Ouverture

\n		\n

\n		\n

28\u00a0965

\n		\n

41\u00a0420

\n
\n

Caisse, Banque centrale \u00e0 la cl\u00f4ture (actif)

\n		\n

25.2

\n		\n

12\u00a0757

\n		\n

27\u00a0812

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 vue sur les \u00e9tablissements de cr\u00e9dit (actif)

\n		\n

23.5

\n		\n

1\u00a0875

\n		\n

1\u00a0950

\n
\n

Emprunts \u00e0 vue aupr\u00e8s des \u00e9tablissements de cr\u00e9dit (passif)

\n		\n

32.3

\n		\n

(630)

\n		\n

(797)

\n
\n

Cl\u00f4ture

\n		\n

\n		\n

14\u00a0002

\n		\n

28\u00a0965

\n
\n

Augmentation/(Diminution) de tr\u00e9sorerie des activit\u00e9s bancaires au bilan

\n		\n

\n		\n

(14\u00a0962)

\n		\n

(12\u00a0455)

\n
\n

Dont incidence des variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

(0)

\n		\n

374

\n
\n

Augmentation/(Diminution) de tr\u00e9sorerie des activit\u00e9s bancaires au bilan hors incidence des variations de p\u00e9rim\u00e8tre

\n		\n

\n		\n

(14\u00a0962)

\n		\n

(12\u00a0828)

\n
\n

41.10Passage du r\u00e9sultat d\u2019exploitation courant \u00e0 l\u2019Exc\u00e9dent brut d\u2019Exploitation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n		\n

\n		\n

2025

\n		\n

2024

\n
\n

Groupe

\n		\n

Activit\u00e9s industrielles et commerciales

\n		\n

Activit\u00e9s bancaires et assurance

\n		\n

Groupe

\n		\n

Activit\u00e9s industrielles et commerciales

\n		\n

Activit\u00e9s bancaires et assurance

\n
\n

R\u00e9sultat d'exploitation\u2009(a)

\n		\n

Note

\n		\n

2\u00a0517

\n		\n

(273)

\n		\n

2\u00a0789

\n		\n

2\u00a0950

\n		\n

366

\n		\n

2\u00a0584

\n
\n

Dont mouvements non cash \u00e0 neutraliser\u00a0:

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s
sous contr\u00f4le conjoint\u2009(a)

\n		\n

\n		\n

23

\n		\n

(0)

\n		\n

23

\n		\n

39

\n		\n

6

\n		\n

33

\n
\n

Amortissements d'immobilisations
et mouvements de provisions
du Produit Net Bancaire

\n		\n

\n		\n

(231)

\n		\n

0

\n		\n

(231)

\n		\n

(56)

\n		\n

0

\n		\n

(56)

\n
\n

Reprises et dotations de provisions relatives aux avantages du personnel

\n		\n

10

\n		\n

245

\n		\n

228

\n		\n

17

\n		\n

358

\n		\n

371

\n		\n

(13)

\n
\n

Amortissements et provisions\u2009(a)

\n		\n

\n		\n

(2\u00a0670)

\n		\n

(1\u00a0933)

\n		\n

(737)

\n		\n

(2\u00a0723)

\n		\n

(1\u00a0982)

\n		\n

(742)

\n
\n

R\u00e9sultat avant imp\u00f4t des cessions d'actifs\u2009(a)

\n		\n

\n		\n

114

\n		\n

12

\n		\n

101

\n		\n

523

\n		\n

553

\n		\n

(31)

\n
\n

Badwill CNP Assurances Protection Sociale

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

146

\n		\n

0

\n		\n

146

\n
\n

R\u00e9duction du prix d'acquisition de BRT(c)

\n		\n

1.6

\n		\n

40

\n		\n

40

\n		\n

0

\n		\n

\n		\n

\n		\n

\n
\n

Divers

\n		\n

\n		\n

5

\n		\n

5

\n		\n

(1)

\n		\n

3

\n		\n

3

\n		\n

\n
\n

Exc\u00e9dent Brut d'Exploitation

\n		\n

TFT

\n		\n

4\u00a0992

\n		\n

1\u00a0376

\n		\n

3\u00a0616

\n		\n

4\u00a0661

\n		\n

1\u00a0415

\n		\n

3\u00a0246

\n
\n

R\u00e9int\u00e9gration des variations des provisions sur actifs circulants et cr\u00e9ances irr\u00e9couvrables (hors Banque)\u2009(b)

\n		\n

\n		\n

(55)

\n		\n

(55)

\n		\n

\n		\n

(73)

\n		\n

(73)

\n		\n

\n
\n

Produits et charges financiers divers

\n		\n

\n		\n

24

\n		\n

24

\n		\n

0

\n		\n

3

\n		\n

3

\n		\n

0

\n
\n

Capacit\u00e9 d'autofinancement avant co\u00fbt de\u00a0l'endettement financier net d'imp\u00f4t

\n		\n

TFT

\n		\n

4\u00a0961

\n		\n

1\u00a0345

\n		\n

3\u00a0616

\n		\n

4\u00a0591

\n		\n

1\u00a0345

\n		\n

3\u00a0246

\n
\n

(a)Voir le Compte de r\u00e9sultat consolid\u00e9. La quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint n'inclut pas le r\u00e9sultat de la soci\u00e9t\u00e9 Holding d\u2019Infrastructures Gazi\u00e8res positionn\u00e9 dans le PNB (cf. note\u00a020).

\n

(b)La variation des d\u00e9pr\u00e9ciations des actifs circulants et les cr\u00e9ances irr\u00e9couvrables sont des mouvements non cash exclus du calcul de l'exc\u00e9dent brut d'exploitation. Conform\u00e9ment \u00e0 la recommandation de l'ANC sur les \u00e9tats financiers des entreprises industrielles et commerciales, ces mouvements sont neutralis\u00e9s sur la ligne \u00ab\u00a0Variation du besoin en fonds de roulement\u00a0\u00bb d'o\u00f9 leur r\u00e9int\u00e9gration apr\u00e8s l'EBE pour le calcul de la capacit\u00e9 d\u2019autofinancement avant co\u00fbt de l\u2019endettement financier net et imp\u00f4t. Ce retraitement n\u2019est pas r\u00e9alis\u00e9 pour les activit\u00e9s bancaires.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40154701032092796_0_0": { "value": "

3.19Tableau des flux de tr\u00e9sorerie

\n

Le tableau des flux de tr\u00e9sorerie (TFT) pr\u00e9sente les entr\u00e9es et les sorties de tr\u00e9sorerie et \u00e9quivalents class\u00e9es en activit\u00e9s op\u00e9rationnelles, d\u2019investissement et de financement.

\n

Le format du tableau des flux de tr\u00e9sorerie a \u00e9t\u00e9 am\u00e9nag\u00e9 pour pr\u00e9senter s\u00e9par\u00e9ment les flux li\u00e9s, d\u2019une part, \u00e0 La\u00a0Banque\u00a0Postale, d\u2019autre part, les flux li\u00e9s aux activit\u00e9s industrielles et commerciales (y compris la division de La\u00a0Poste mettant du personnel \u00e0 disposition de La Banque Postale).

\n

La variation de tr\u00e9sorerie et des \u00e9quivalents de tr\u00e9sorerie pr\u00e9sent\u00e9e dans le tableau des flux de tr\u00e9sorerie consolid\u00e9s correspond \u00e0 celle des activit\u00e9s industrielles et commerciales. La tr\u00e9sorerie provenant de La\u00a0Banque\u00a0Postale et de ses filiales (y compris l\u2019encaisse des bureaux de poste) est isol\u00e9e sur une ligne sp\u00e9cifique du bilan. Ses variations sont positionn\u00e9es sur une ligne \u00ab\u00a0Diminution/(augmentation) de tr\u00e9sorerie des activit\u00e9s bancaires au bilan hors incidence des variations de p\u00e9rim\u00e8tre\u00a0\u00bb, positionn\u00e9e sous les flux de tr\u00e9sorerie des activit\u00e9s de financement.

\n

Par ailleurs, les flux de tr\u00e9sorerie li\u00e9s \u00e0 la variation des actifs et passifs bancaires et d\u2019assurance (hors flux li\u00e9s aux dettes subordonn\u00e9es) sont regroup\u00e9s sur une ligne sp\u00e9cifique du TFT (\u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0et d\u2019assurance\u00a0\u00bb), au sein des flux op\u00e9rationnels, incluant notamment\u00a0:

\n

\u25cfles flux des encours de collecte de la client\u00e8le\u00a0;

\n

\u25cfles flux des dettes envers les \u00e9tablissements de cr\u00e9dit\u00a0;

\n

\u25cfles acquisitions et cessions du portefeuille de titres\u00a0;

\n

\u25cfles flux li\u00e9s aux pr\u00eats et cr\u00e9ances\u00a0;

\n

\u25cfles variations de juste valeur des instruments financiers.

\n

Les activit\u00e9s op\u00e9rationnelles

\n

Ce sont les principales activit\u00e9s g\u00e9n\u00e9ratrices de revenus et toutes activit\u00e9s autres que celles d\u00e9finies comme \u00e9tant des activit\u00e9s d\u2019investissement ou de financement. Les flux de tr\u00e9sorerie li\u00e9s aux activit\u00e9s op\u00e9rationnelles sont \u00e9labor\u00e9s selon la m\u00e9thode indirecte.

\n

Le calcul de l\u2019exc\u00e9dent brut d\u2019exploitation est d\u00e9taill\u00e9 dans la note\u00a041.10.

\n

Les activit\u00e9s d\u2019investissement

\n

Elles correspondent \u00e0 l\u2019acquisition et la cession d\u2019actifs \u00e0 long terme et de tout autre investissement qui n\u2019est pas inclus dans les \u00e9quivalents de liquidit\u00e9s. Les flux d\u2019investissement du groupe La\u00a0Poste sont compos\u00e9s notamment des acquisitions ou cessions des \u00e9l\u00e9ments suivants\u00a0:

\n

\u25cfimmobilisations incorporelles et corporelles, corrig\u00e9es des op\u00e9rations n\u2019ayant pas un caract\u00e8re mon\u00e9taire (dettes et cr\u00e9ances sur immobilisations)\u00a0;

\n

\u25cfpart du capital d\u2019autres entreprises\u00a0;

\n

\u25cfautres immobilisations financi\u00e8res (d\u00e9p\u00f4ts et cautionnements, cr\u00e9ances rattach\u00e9es \u00e0 des participations, etc.).

\n

L\u2019incidence des variations de p\u00e9rim\u00e8tre des activit\u00e9s industrielles et commerciales sur les flux de tr\u00e9sorerie est pr\u00e9sent\u00e9e distinctement sur une ligne \u00ab\u00a0Variations de p\u00e9rim\u00e8tre\u00a0\u00bb.

\n

Les activit\u00e9s de financement

\n

Elles correspondent aux activit\u00e9s qui entra\u00eenent des changements quant au montant et \u00e0 la composition des capitaux propres et des capitaux emprunt\u00e9s. Les flux de financement comprennent les sources de financement (nouveaux emprunts) et les\u00a0d\u00e9caissements aff\u00e9rents (distribution de dividendes aux minoritaires, remboursement de bons La\u00a0Poste, remboursement d\u2019emprunts).

\n

Concernant les mouvements sur instruments de dette de La\u00a0Banque\u00a0Postale, seuls les mouvements des dettes subordonn\u00e9es et des passifs de location sont class\u00e9s en flux de financement.

\n

La notion de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

Elle recouvre les placements \u00e0 tr\u00e8s court terme, liquides, facilement convertibles en un montant connu de tr\u00e9sorerie et soumis \u00e0 un risque n\u00e9gligeable de changement de valeur.

\n

La tr\u00e9sorerie du groupe La\u00a0Poste est constitu\u00e9e de comptes de caisse, de soldes d\u00e9biteurs de banques, de d\u00e9p\u00f4ts \u00e0 terme, de valeurs mobili\u00e8res de placement qui ne pr\u00e9sentent pas de risque significatif de variation de valeur en raison de leur nature et peuvent \u00eatre facilement convertis en disponibilit\u00e9s (notamment OPCVM mon\u00e9taires), de la partie des soldes cr\u00e9diteurs de banques et des int\u00e9r\u00eats courus non \u00e9chus qui s\u2019y rattachent, correspondant \u00e0 des\u00a0d\u00e9couverts momentan\u00e9s.

\n

Quelles que soient leurs caract\u00e9ristiques, les titres provenant du \u00ab\u00a0Portefeuille de titres des activit\u00e9s bancaires\u00a0\u00bb ne sont pas class\u00e9s dans la tr\u00e9sorerie. Les flux les concernant sont int\u00e9gr\u00e9s sur la ligne \u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0\u00bb du TFT (cf. supra).

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059673_0": { "value": "

La notion de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

Elle recouvre les placements \u00e0 tr\u00e8s court terme, liquides, facilement convertibles en un montant connu de tr\u00e9sorerie et soumis \u00e0 un risque n\u00e9gligeable de changement de valeur.

\n

La tr\u00e9sorerie du groupe La\u00a0Poste est constitu\u00e9e de comptes de caisse, de soldes d\u00e9biteurs de banques, de d\u00e9p\u00f4ts \u00e0 terme, de valeurs mobili\u00e8res de placement qui ne pr\u00e9sentent pas de risque significatif de variation de valeur en raison de leur nature et peuvent \u00eatre facilement convertis en disponibilit\u00e9s (notamment OPCVM mon\u00e9taires), de la partie des soldes cr\u00e9diteurs de banques et des int\u00e9r\u00eats courus non \u00e9chus qui s\u2019y rattachent, correspondant \u00e0 des\u00a0d\u00e9couverts momentan\u00e9s.

\n

Quelles que soient leurs caract\u00e9ristiques, les titres provenant du \u00ab\u00a0Portefeuille de titres des activit\u00e9s bancaires\u00a0\u00bb ne sont pas class\u00e9s dans la tr\u00e9sorerie. Les flux les concernant sont int\u00e9gr\u00e9s sur la ligne \u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0\u00bb du TFT (cf. supra).

\n

NOTE 25Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

25.1Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

La tr\u00e9sorerie et les \u00e9quivalents de tr\u00e9sorerie se composent de fonds de caisse, des soldes bancaires ainsi que des placements \u00e0 court terme en instruments mon\u00e9taires. Ces placements, d\u2019\u00e9ch\u00e9ance inf\u00e9rieure \u00e0 trois\u00a0mois \u00e0 l\u2019origine, sont facilement convertibles en un montant de tr\u00e9sorerie connu et sont soumis \u00e0 un risque n\u00e9gligeable de changement de valeur.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

\u00c9quivalents de tr\u00e9sorerie

\n		\n

2\u00a0005

\n		\n

2\u00a0810

\n
\n

Disponibilit\u00e9s

\n		\n

1\u00a0184

\n		\n

1\u00a0358

\n
\n

Caisse

\n		\n

5

\n		\n

4

\n
\n

Total

\n		\n

3\u00a0194

\n		\n

4\u00a0172

\n
\n

\u00c9quivalents de tr\u00e9sorerie

\n

Les \u00e9quivalents de tr\u00e9sorerie comprennent principalement des comptes \u00e0 terme d\u00e9blocables \u00e0 tout moment ou \u00e0 moins de trois\u00a0mois pour 1\u00a0232\u00a0millions d\u2019euros (2\u00a0148\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024) ainsi que des parts d\u2019OPCVM mon\u00e9taires pour 689\u00a0millions d\u2019euros (615\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024).

\n

25.2Caisse, banques centrales des activit\u00e9s bancaires

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Caisse (y compris encaisse des bureaux de poste)

\n		\n

1\u00a0294

\n		\n

1\u00a0182

\n
\n

Banques centrales

\n		\n

11\u00a0463

\n		\n

26\u00a0630

\n
\n

Total

\n		\n

12\u00a0757

\n		\n

27\u00a0812

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40154762540129866_0_0": { "value": "

La notion de tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

Elle recouvre les placements \u00e0 tr\u00e8s court terme, liquides, facilement convertibles en un montant connu de tr\u00e9sorerie et soumis \u00e0 un risque n\u00e9gligeable de changement de valeur.

\n

La tr\u00e9sorerie du groupe La\u00a0Poste est constitu\u00e9e de comptes de caisse, de soldes d\u00e9biteurs de banques, de d\u00e9p\u00f4ts \u00e0 terme, de valeurs mobili\u00e8res de placement qui ne pr\u00e9sentent pas de risque significatif de variation de valeur en raison de leur nature et peuvent \u00eatre facilement convertis en disponibilit\u00e9s (notamment OPCVM mon\u00e9taires), de la partie des soldes cr\u00e9diteurs de banques et des int\u00e9r\u00eats courus non \u00e9chus qui s\u2019y rattachent, correspondant \u00e0 des\u00a0d\u00e9couverts momentan\u00e9s.

\n

Quelles que soient leurs caract\u00e9ristiques, les titres provenant du \u00ab\u00a0Portefeuille de titres des activit\u00e9s bancaires\u00a0\u00bb ne sont pas class\u00e9s dans la tr\u00e9sorerie. Les flux les concernant sont int\u00e9gr\u00e9s sur la ligne \u00ab\u00a0Variation du solde des emplois et ressources bancaires\u00a0\u00bb du TFT (cf. supra).

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18201149355572290_0_0": { "value": "

NOTE 4Enjeux climatiques

\n

4.1\u00c9tats financiers et \u00e9tat de durabilit\u00e9

\n

a)D\u00e9finition de la connectivit\u00e9

\n

Les \u00e9tats financiers et l\u2019\u00e9tat de durabilit\u00e9 visent chacun \u00e0 donner une vision coh\u00e9rente de l\u2019entreprise selon des principes d\u2019\u00e9laboration qui leur sont propres\u00a0: les \u00e9tats financiers sont \u00e9tablis selon les normes IFRS\u00a0(cf. note\u00a03 sur les principes et m\u00e9thodes comptables), l\u2019\u00e9tat de durabilit\u00e9 est \u00e9tabli selon les principes d\u00e9finis par la CSRD (Corporate Sustainability Reporting Directive) et les normes ESRS (European Sustainability Reporting Standards).

\n

La connectivit\u00e9 est le fait d\u2019\u00e9tablir des liens, soit directs, soit indirects, soit de coh\u00e9rence, entre les informations pr\u00e9sent\u00e9es au sein des \u00e9tats financiers et les informations pr\u00e9sent\u00e9es au sein de l\u2019\u00e9tat de durabilit\u00e9 de mani\u00e8re \u00e0 permettre aux lecteurs d\u2019avoir une vision transversale des enjeux climatiques lorsque cela est possible et/ou pertinent.

\n

L\u2019\u00e9tat de durabilit\u00e9 et les \u00e9tats financiers sont \u00e9labor\u00e9s chacun dans le respect d\u2019un corpus de principes qui lui est propre. M\u00eame si les deux corpus partagent des principes de construction communs, la d\u00e9marche de mise en \u0153uvre de la connectivit\u00e9 peut parfois pr\u00e9senter certaines difficult\u00e9s lorsque des diff\u00e9rences existent plus ou moins \u00e0 la marge.

\n

b)Le p\u00e9rim\u00e8tre des informations pr\u00e9sent\u00e9es

\n

Les \u00e9tats financiers fournissent des informations sur le groupe La\u00a0Poste en tant qu\u2019entit\u00e9 \u00e9conomique unique. De ce fait, le p\u00e9rim\u00e8tre des informations pr\u00e9sent\u00e9es ne concerne que les impacts des entit\u00e9s entrant dans son p\u00e9rim\u00e8tre de consolidation (cf. note\u00a045).

\n

L\u2019\u00e9tat de durabilit\u00e9, repose sur le p\u00e9rim\u00e8tre de consolidation financi\u00e8re mais doit parfois inclure certaines informations relatives \u00e0 sa cha\u00eene de valeur amont et aval. C\u2019est le cas notamment des informations sur les mesures de GES (gaz \u00e0 effet de serre) qui int\u00e8grent les entit\u00e9s consolid\u00e9es par mise en \u00e9quivalence et la part des impacts de ses fournisseurs et clients.

\n

Des mat\u00e9rialit\u00e9s, seulement en partie align\u00e9es

\n

Les \u00e9tats financiers pr\u00e9sentent les informations financi\u00e8res mat\u00e9rielles au sens des normes IFRS, i.e. les informations dont la non-pr\u00e9sentation pourrait influer sur les\u00a0d\u00e9cisions des utilisateurs.

\n

L\u2019\u00e9tat de durabilit\u00e9 repose sur le concept dit de double mat\u00e9rialit\u00e9 incluant la mat\u00e9rialit\u00e9 financi\u00e8re telle que d\u00e9finit par les normes IFRS\u00a0et la mat\u00e9rialit\u00e9 des impacts climatiques de l\u2019entreprise analys\u00e9e ind\u00e9pendamment de leur mat\u00e9rialit\u00e9 financi\u00e8re. En application de cette double mat\u00e9rialit\u00e9, il peut arriver de publier des informations sur ce type d\u2019impacts m\u00eame si les risques et opportunit\u00e9s financiers ne sont pas mat\u00e9riels (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.1.3 \u00ab Rappel des principes g\u00e9n\u00e9raux d\u2019\u00e9valuation de la double mat\u00e9rialit\u00e9 et travaux de mise \u00e0 jour 2025 [ESRS 2 IRO 1]\u00a0\u00bb).

\n

De ce fait, le p\u00e9rim\u00e8tre des informations mat\u00e9rielles \u00e0 publier au sein de l\u2019\u00e9tat de durabilit\u00e9 est plus large que celui des informations mat\u00e9rielles pr\u00e9sent\u00e9es dans les \u00e9tats financiers rendant plus complexe la d\u00e9marche de connectivit\u00e9.

\n

c)Les horizons de temps consid\u00e9r\u00e9s

\n

La p\u00e9riode de r\u00e9f\u00e9rence des deux \u00e9tats est l\u2019ann\u00e9e civile, du 1er\u00a0janvier au 31\u00a0d\u00e9cembre de l\u2019ann\u00e9e pr\u00e9sent\u00e9e. En compl\u00e9ment, l\u2019\u00e9tat de durabilit\u00e9 requiert davantage de donn\u00e9es prospectives \u00e0 moyen ou long terme port\u00e9es par le plan de transition comme des impacts financiers qui en raison de leur horizon de temps \u00e9loign\u00e9, ne sont pas pris en compte dans les \u00e9tats financiers. De plus, m\u00eame s\u2019ils \u00e9taient pris en compte dans les \u00e9tats financiers, il conviendrait le plus souvent d\u2019en retenir leurs valeurs actuelles, obtenues en leur appliquant un taux d\u2019actualisation, ce qui n\u2019est pas requis dans l\u2019\u00e9tat de durabilit\u00e9.

\n

d)Risques et opportunit\u00e9s

\n

L\u2019\u00e9tat de durabilit\u00e9 vise \u00e0 pr\u00e9senter aussi bien les risques que les opportunit\u00e9s dont les principes de comptabilisation dans les \u00e9tats financiers sont le plus souvent asym\u00e9triques. Un risque mat\u00e9riel financi\u00e8rement et issu d\u2019une obligation existante et probable, sera comptabilis\u00e9 et pr\u00e9sent\u00e9 dans les \u00e9tats financiers alors qu\u2019un avantage \u00e9conomique probab\u00e9ne sera pas comptabilis\u00e9 mais pourra \u00eatre mentionn\u00e9 en annexe des \u00e9tats financiers s\u2019il est mat\u00e9riel. Pour pouvoir \u00eatre comptabilis\u00e9e, la r\u00e9alisation d\u2019un produit qui r\u00e9sulterait d\u2019une opportunit\u00e9 identifi\u00e9e dans l\u2019\u00e9tat de durabilit\u00e9 doit \u00eatre quasiment certaine.

\n

e)Les grands enjeux climatiques

\n

Les risques physiques

\n

Ces risques sont induits par le d\u00e9r\u00e8glement climatique et se traduisent par une fr\u00e9quence et/ou une gravit\u00e9 accrue des ph\u00e9nom\u00e8nes naturels extr\u00eames ou par les \u00e9volutions \u00e0 long terme des \u00e9cosyst\u00e8mes [d\u00e9finition par l\u2019ancienne TCFD, Task force on climate-related financial disclosures, \u00e0 laquelle La\u00a0Poste adh\u00e9rait]. Ils sont susceptibles de ralentir, interrompre ou rendre plus on\u00e9reuses les activit\u00e9s de l\u2019entit\u00e9. Pour le groupe, il s\u2019agit principalement des risques d\u2019inondations, de chaleur extr\u00eame, de temp\u00eates, de feux et de glissements de terrain.

\n

Les enjeux li\u00e9s \u00e0 l\u2019att\u00e9nuation

\n

L\u2019att\u00e9nuation des \u00e9missions de gaz \u00e0 effet de serre (GES) vise \u00e0 agir sur les causes du r\u00e9chauffement climatique en fixant un objectif de\u00a0d\u00e9carbonation mesur\u00e9e par les \u00e9missions de gaz \u00e0 effet de serre (GES) \u00e9mis annuellement. L\u2019ensemble des risques li\u00e9s \u00e0 l\u2019att\u00e9nuation est pris en compte dans l\u2019Engagement net z\u00e9ro, ENZ, du groupe qui est accompagn\u00e9 d\u2019un plan de transition pr\u00e9sent\u00e9 dans l\u2019\u00e9tat de durabilit\u00e9 au sein de la section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb.

\n

Les enjeux d\u2019adaptation aux changements climatiques

\n

Ceux-ci sont essentiellement li\u00e9s \u00e0 l\u2019adaptation du groupe aux cons\u00e9quences du d\u00e9r\u00e8glement climatique. Il s\u2019agit par exemple de rendre les b\u00e2timents plus r\u00e9silients aux p\u00e9riodes de temp\u00e9rature extr\u00eame par des solutions de ventilation, rafra\u00eechissement ou des solutions fond\u00e9es sur la nature.

\n

4.2Principales actions r\u00e9alis\u00e9es

\n

Sur le plan de transition

\n

Dans la continuit\u00e9 des travaux initi\u00e9s en 2024, le groupe a renforc\u00e9 la robustesse de son plan de transition. Les pr\u00e9visions de la trajectoire de\u00a0d\u00e9carbonation s\u2019int\u00e8grent d\u00e9sormais dans le processus budg\u00e9taire annuel et les pr\u00e9visions pluriannuelles \u00e0 horizon 2030.

\n

Ces travaux ont permis de quantifier les investissements et les d\u00e9penses des leviers de\u00a0d\u00e9carbonation aff\u00e9rents au plan de transition de mani\u00e8re plus pr\u00e9cise et approfondie.

\n

Chacun de ces leviers, pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9 (cf.\u00a0section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb), impacte soit les co\u00fbts futurs, soit les immobilisations futures en compl\u00e9ment des budgets financiers.

\n

Sur le plan d\u2019adaptation

\n

Pour pr\u00e9parer son premier plan d\u2019adaptation, le groupe a retenu le sc\u00e9nario climatique +4\u00a0\u00b0C en 2100 (mod\u00e8le RCP\u00a08.5) en ins\u00e9rant un jalon interm\u00e9diaire \u00e0 2030 (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.2.1 \u00ab\u00a0Changement climatique - E1\u00a0\u00bb).

\n

Ces travaux ont consist\u00e9 \u00e0 mod\u00e9liser les al\u00e9as climatiques associ\u00e9s \u00e0 ce sc\u00e9nario et prioris\u00e9s par le groupe, pour ensuite identifier en fonction de leur localisation, les actifs tr\u00e8s expos\u00e9s. Ces actifs ont fait l\u2019objet d\u2019une analyse de vuln\u00e9rabilit\u00e9 aux al\u00e9as climatiques permettant d\u2019initier les travaux d\u2019identification des leviers d\u2019adaptation \u00e0 \u00e9valuer en termes de co\u00fbts et/ou d\u2019investissements.

\n

4.3Engagement net z\u00e9ro

\n

Depuis 2023, le groupe a pris l\u2019engagement d\u2019atteindre le z\u00e9ro \u00e9mission carbone de CO2eq r\u00e9siduelles en 2040 sur ses \u00e9missions op\u00e9rationnelles. Pour y parvenir, le groupe met en \u0153uvre un plan de\u00a0d\u00e9carbonation visant \u00e0 r\u00e9duire de 90% ses \u00e9missions de CO2 \u00e0 cet horizon et ayant fait l\u2019objet de la validation SBTi-Long term en\u00a0mars\u00a02024.

\n

En compl\u00e9ment des travaux sur la CSRD (Corporate Sustainability Reporting Directive) et de la certification SBTi, le groupe a engag\u00e9 les actions permettant de s\u2019assurer du respect de cet engagement.

\n

Dans ses \u00e9tats financiers, le groupe La\u00a0Poste se conforme aux\u00a0d\u00e9cisions du Comit\u00e9 d\u2019interpr\u00e9tation des normes IFRS\u00a0valid\u00e9es en 2024 et rappelant les conditions de provisionnement.

\n

4.4Valorisation et tests de d\u00e9pr\u00e9ciation

\n

Tests de d\u00e9pr\u00e9ciation des\u00a0\u00e9carts\u00a0d\u2019acquisition

\n

La dur\u00e9e des business plans retenue pour les tests de d\u00e9pr\u00e9ciation des \u00e9carts d\u2019acquisition a \u00e9t\u00e9 laiss\u00e9e inchang\u00e9e \u00e0 cinq\u00a0ans car jug\u00e9e comme la plus pertinente.

\n

La prise en compte des impacts li\u00e9s au plan de transition repose sur la m\u00e9thodologie habituelle et concerne notamment le prolongement, ou pas, de la dur\u00e9e de vie des immobilisations. Ainsi, le groupe consid\u00e8re qu\u2019un v\u00e9hicule \u00e9lectrique a la m\u00eame dur\u00e9e de vie qu\u2019un v\u00e9hicule thermique (cf. note\u00a03\u00a0: de trois \u00e0 cinq\u00a0ann\u00e9es). Pour m\u00e9moire, la norme IAS\u00a036 interdit de prendre en compte les investissements venant prolonger la dur\u00e9e de vie des immobilisations.

\n

Par ailleurs, le groupe consid\u00e8re que l\u2019incertitude induite par les enjeux climatiques est prise en compte dans l\u2019estimation du niveau d\u2019incertitude globale, elle-m\u00eame incluse dans les taux d\u2019actualisation retenus.

\n

Tests de d\u00e9pr\u00e9ciation des immobilisations d\u2019exploitation et valorisation des immeubles de placement

\n

Dans les deux cas, la d\u00e9marche retenue par le groupe repose sur des valorisations r\u00e9alis\u00e9es en externe refl\u00e9tant ainsi la position de place de la prise en compte des diff\u00e9rents risques climatiques dans l\u2019\u00e9tablissement des valorisations.

\n

L\u2019identification des actifs \u00e0 risques extr\u00eames ou \u00e9lev\u00e9s, ainsi que des actifs verrouill\u00e9s s\u2019inscrit dans le processus habituel de suivi de ces immobilisations (cf. note\u00a03 Principes et m\u00e9thodes comptables). Ainsi, la qualification d\u2019un actif comme \u00e9tant tr\u00e8s expos\u00e9s \u00e0 un ou plusieurs risques physiques peut \u00eatre analys\u00e9e comme un indice de perte de valeur et\u00a0d\u00e9clencher ainsi un test de d\u00e9pr\u00e9ciation.

\n

Enfin, les leviers de\u00a0d\u00e9carbonation pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9, comme le remplacement des v\u00e9hicules thermiques par des v\u00e9hicules \u00e9lectriques, s\u2019inscrivent le plus souvent dans le renouvellement habituel de nos immobilisations.

\n

Ainsi, \u00e0 date, le groupe n\u2019a pas constat\u00e9 d\u2019impact significatif ni sur la dur\u00e9e de vie, ni sur les immobilisations et immeubles de placement comptabilis\u00e9s.

\n

4.5Risque de cr\u00e9dit des activit\u00e9s bancaires

\n

Depuis\u00a0d\u00e9cembre\u00a02024, La\u00a0Banque Postale int\u00e8gre de mani\u00e8re plus fine des provisions relatives aux risques climatiques.

\n

L\u2019int\u00e9gration des risques climatiques se retrouve \u00e0 pr\u00e9sent \u00e0 travers deux dimensions\u00a0: la dimension globale, d\u00e9j\u00e0 pr\u00e9sente jusqu\u2019\u00e0 pr\u00e9sent via le sc\u00e9nario adverse, et une dimension sp\u00e9cifique, prise en compte sur le cr\u00e9dit immobilier particulier d\u2019une part et sur les entreprises d\u2019autre part.

\n

Dimension globale

\n

Elle est int\u00e9gr\u00e9e dans la construction des sc\u00e9narios macro-\u00e9conomiques des risques \u00e9mergents au sens large (climatiques, g\u00e9opolitiques, etc.).

\n

Cette dimension socle, transverse \u00e0 l\u2019ensemble de l\u2019\u00e9conomie, permet de tenir compte des effets des risques de transition sur les indicateurs macro-\u00e9conomiques influen\u00e7ant la solvabilit\u00e9 des acteurs de l\u2019\u00e9conomie. Il s\u2019agit donc d\u2019une dimension syst\u00e9mique indissociable des autres facteurs macro-\u00e9conomiques tels que l\u2019inflation, l\u2019\u00e9volution des taux d\u2019int\u00e9r\u00eat, les crises g\u00e9opolitiques\u2026 Cette dimension s\u2019applique donc \u00e0 tous les acteurs de l\u2019\u00e9conomie.

\n

Dimension sp\u00e9cifique

\n

La dimension sp\u00e9cifique est propre \u00e0 chaque segment de client\u00e8le et \u00e0 ses activit\u00e9s. Elle permet de prendre en compte les sensibilit\u00e9s diff\u00e9renci\u00e9es de chaque secteur ou client \u00e0 ces risques.

\n

Elle est d\u00e9termin\u00e9e en compl\u00e9ment de la dimension globale et peut s\u2019appliquer \u00e0 diff\u00e9rents niveaux en fonction des risques \u00e0 estimer (au niveau de contreparties, secteurs d\u2019activit\u00e9, produits, etc.).

\n

Provisions en r\u00e9sultant

\n

Les provisions ont \u00e9t\u00e9 d\u00e9finies en compl\u00e9ments des provisions sectorielles effectives en adressant deux portefeuilles principaux\u00a0:

\n

\u25cfle risque de transition sur le portefeuille Entreprises notamment en \u00e9valuant l\u2019impact d\u2019une hausse des prix du carbone sur la solvabilit\u00e9 des contreparties\u00a0;

\n

\u25cfle risque physique d\u2019inondation sur le portefeuille de cr\u00e9dits immobiliers aux particuliers et l\u2019impact sur les r\u00e9cup\u00e9rations attendues en cas de contentieux.

\n

Ces travaux sont complexes et n\u00e9cessitent pour certains d\u2019entre eux de constituer des bases de donn\u00e9es pertinentes d\u2019observations d\u2019al\u00e9as climatiques pour int\u00e9grer cette composante dans le calcul des Expected Cr\u00e9dit Loss (ECL).

\n

4.6Principes de pr\u00e9sentation retenus

\n

Pr\u00e9sentations des impacts en d\u00e9penses du\u00a0plan de transition

\n

Les impacts financiers li\u00e9s par exemple aux actions de r\u00e9duction des consommations en eau ou en \u00e9lectricit\u00e9 ou \u00e0 la s\u00e9lection de fournisseurs plus \u00ab\u00a0verts\u00a0\u00bb sont inclus dans les achats et charges (cf.\u00a0note\u00a09).

\n

Les d\u00e9penses de formation des salari\u00e9s comme pour la fresque du climat ou les incitations financi\u00e8res des salari\u00e9s \u00e0 prendre des modes de transport \u00ab\u00a0verts\u00a0\u00bb sont incluses respectivement dans les Achats et autres charges (cf. note\u00a09) et les Charges de personnel (cf. note\u00a010).

\n

\u00c9missions vertes (CNP\u00a0Assurances, La\u00a0Banque\u00a0Postale, et La Poste Groupe)

\n

Le Sustainable Bond \u00e9mis par le groupe La\u00a0Poste pour 1,2\u00a0milliard d\u2019euros a \u00e9t\u00e9 allou\u00e9 en int\u00e9gralit\u00e9 sur 2024.

\n

Cf. note\u00a01.1 \u00c9missions obligataires.

\n

Placements avec crit\u00e8res ESG

\n

La quasi-totalit\u00e9 des placements de tr\u00e9sorerie sont r\u00e9alis\u00e9s sur des supports int\u00e9grant les \u00e9l\u00e9ments de la r\u00e9glementation europ\u00e9enne SFDR, Sustainable Finance Disclosure Regulation. imposant des obligations de transparence sur la prise en compte des crit\u00e8res ESG. Par exemple, cela peut impliquer l\u2019exclusion de certains secteurs d\u2019activit\u00e9, une exigence de notation ESG minimale ou la prise en compte d\u2019indicateurs environnementaux dans les crit\u00e8res d\u00e9finissant la politique d\u2019investissement.

\n

R\u00e9mun\u00e9ration des mandataires sociaux

\n

Des crit\u00e8res RSE (responsabilit\u00e9 soci\u00e9tale des entreprises) sont pris en compte pour la r\u00e9mun\u00e9ration de la plupart des mandataires sociaux.

\n
", "dimensions": { "concept": "LEG:DisclosureOfClimateChallenges", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18201729924792468_0_0": { "value": "

4.2Principales actions r\u00e9alis\u00e9es

\n

Sur le plan de transition

\n

Dans la continuit\u00e9 des travaux initi\u00e9s en 2024, le groupe a renforc\u00e9 la robustesse de son plan de transition. Les pr\u00e9visions de la trajectoire de\u00a0d\u00e9carbonation s\u2019int\u00e8grent d\u00e9sormais dans le processus budg\u00e9taire annuel et les pr\u00e9visions pluriannuelles \u00e0 horizon 2030.

\n

Ces travaux ont permis de quantifier les investissements et les d\u00e9penses des leviers de\u00a0d\u00e9carbonation aff\u00e9rents au plan de transition de mani\u00e8re plus pr\u00e9cise et approfondie.

\n

Chacun de ces leviers, pr\u00e9sent\u00e9s dans l\u2019\u00e9tat de durabilit\u00e9 (cf.\u00a0section\u00a03.1.2.1 \u00ab Changement climatique - E1\u00a0\u00bb), impacte soit les co\u00fbts futurs, soit les immobilisations futures en compl\u00e9ment des budgets financiers.

\n

Sur le plan d\u2019adaptation

\n

Pour pr\u00e9parer son premier plan d\u2019adaptation, le groupe a retenu le sc\u00e9nario climatique +4\u00a0\u00b0C en 2100 (mod\u00e8le RCP\u00a08.5) en ins\u00e9rant un jalon interm\u00e9diaire \u00e0 2030 (cf. \u00e9tat de durabilit\u00e9, section\u00a03.1.2.1 \u00ab\u00a0Changement climatique - E1\u00a0\u00bb).

\n

Ces travaux ont consist\u00e9 \u00e0 mod\u00e9liser les al\u00e9as climatiques associ\u00e9s \u00e0 ce sc\u00e9nario et prioris\u00e9s par le groupe, pour ensuite identifier en fonction de leur localisation, les actifs tr\u00e8s expos\u00e9s. Ces actifs ont fait l\u2019objet d\u2019une analyse de vuln\u00e9rabilit\u00e9 aux al\u00e9as climatiques permettant d\u2019initier les travaux d\u2019identification des leviers d\u2019adaptation \u00e0 \u00e9valuer en termes de co\u00fbts et/ou d\u2019investissements.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059736_0": { "value": "

Pr\u00e9sentations des impacts en d\u00e9penses du\u00a0plan de transition

\n

Les impacts financiers li\u00e9s par exemple aux actions de r\u00e9duction des consommations en eau ou en \u00e9lectricit\u00e9 ou \u00e0 la s\u00e9lection de fournisseurs plus \u00ab\u00a0verts\u00a0\u00bb sont inclus dans les achats et charges (cf.\u00a0note\u00a09).

\n

Les d\u00e9penses de formation des salari\u00e9s comme pour la fresque du climat ou les incitations financi\u00e8res des salari\u00e9s \u00e0 prendre des modes de transport \u00ab\u00a0verts\u00a0\u00bb sont incluses respectivement dans les Achats et autres charges (cf. note\u00a09) et les Charges de personnel (cf. note\u00a010).

\n

NOTE 9Achats et autres charges

\n

Les achats et autres charges se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Services ext\u00e9rieurs et sous-traitance g\u00e9n\u00e9rale\u2009(a)

\n		\n

4\u00a0542

\n		\n

4\u00a0599

\n
\n

Achats

\n		\n

1\u00a0205

\n		\n

1\u00a0210

\n
\n

Sous-traitance transport

\n		\n

8\u00a0472

\n		\n

8\u00a0274

\n
\n

Prestations du courrier international

\n		\n

439

\n		\n

467

\n
\n

Locations\u2009(b)

\n		\n

545

\n		\n

546

\n
\n

Entretiens et r\u00e9parations

\n		\n

752

\n		\n

748

\n
\n

Frais de t\u00e9l\u00e9communications

\n		\n

175

\n		\n

173

\n
\n

D\u00e9placements, missions

\n		\n

167

\n		\n

162

\n
\n

Autres charges

\n		\n

595

\n		\n

621

\n
\n

Total avant affectation aux contrats d'assurance

\n		\n

16\u00a0893

\n		\n

16\u00a0798

\n
\n

Achats et autres charges aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en PNB

\n		\n

(1\u00a0035)

\n		\n

(983)

\n
\n

Total

\n		\n

15\u00a0858

\n		\n

15\u00a0814

\n
\n

(a)Dont les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance jusqu\u2019en 2024 (voir commentaires en note\u00a08).

\n

(b)Cette ligne ne comprend que les loyers relatifs \u00e0 des contrats de location non retrait\u00e9s dans le cadre d'IFRS\u00a016 (contrats de courte dur\u00e9e ou portant sur des actifs de faible valeur principalement), ainsi que les charges locatives (cf. note\u00a019.3).

\n
\n

NOTE 11Imp\u00f4ts et taxes

\n

Les imp\u00f4ts et taxes se composent des \u00e9l\u00e9ments suivants\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Imp\u00f4ts locaux

\n		\n

125

\n		\n

137

\n
\n

Autres imp\u00f4ts et taxes\u00a0(a)

\n		\n

284

\n		\n

298

\n
\n

Imp\u00f4ts et taxes avant affectation aux contrats d'assurance

\n		\n

409

\n		\n

436

\n
\n

Imp\u00f4ts et taxes aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en PNB

\n		\n

(132)

\n		\n

(133)

\n
\n

Total

\n		\n

277

\n		\n

302

\n
\n

(a)Dont en 2025, 91\u00a0millions d\u2019euros au titre de la TVA non d\u00e9ductible sur les contrats de location et dont en 2024, 94\u00a0millions d\u2019euros.

\n
\n

La Poste b\u00e9n\u00e9ficie d\u2019un all\u00e8gement de la fiscalit\u00e9 locale en contrepartie de ses contraintes de desserte de l\u2019ensemble du territoire national et de la participation \u00e0 l\u2019am\u00e9nagement du territoire (loi du 2\u00a0juillet 1990 am\u00e9nag\u00e9e par la loi du 9\u00a0f\u00e9vrier 2010).

\n

\u00c0 ce titre, La Poste a b\u00e9n\u00e9fici\u00e9 en 2025 et en 2024 d\u2019un abattement de 99% applicable sur l\u2019ensemble des bases de fiscalit\u00e9 locale (taxe fonci\u00e8re et Contribution \u00e9conomique territoriale \u2013 CET).

\n

La CET est comptabilis\u00e9e sur la ligne \u00ab\u00a0Imp\u00f4ts locaux\u00a0\u00bb.

\n

NOTE 13Autres charges et produits op\u00e9rationnels

\n

Les autres charges et produits op\u00e9rationnels se ventilent de la fa\u00e7on suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Produits/(charges)

\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Production immobilis\u00e9e\u00a0(a)

\n		\n

438

\n		\n

408

\n
\n

Redevances

\n		\n

(106)

\n		\n

(103)

\n
\n

Autres produits et charges op\u00e9rationnels courants

\n		\n

375

\n		\n

359

\n
\n

Total

\n		\n

707

\n		\n

664

\n
\n

(a)La production immobilis\u00e9e concerne principalement des co\u00fbts de d\u00e9veloppement informatique comptabilis\u00e9s en immobilisations incorporelles.

\n
\n

En 2025, les autres produits et charges op\u00e9rationnels courants incluent 110\u00a0millions d\u2019euros de produits relatifs \u00e0 l\u2019accord conclu avec les minoritaires de BRT (70\u00a0millions d\u2019indemnit\u00e9s et 40\u00a0millions d\u2019euros de r\u00e9duction du prix d\u2019acquisition de BRT, cf.\u00a0note\u00a01.6).

\n

En 2024, ce poste inclut le badwill de 146\u00a0millions d\u2019euros comptabilis\u00e9 \u00e0 la suite de la prise de contr\u00f4le par CNP Assurances des activit\u00e9s de protection sociale de La Mutuelle G\u00e9n\u00e9rale.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18201930045512725_0_0": { "value": "

Pr\u00e9sentations des impacts en d\u00e9penses du\u00a0plan de transition

\n

Les impacts financiers li\u00e9s par exemple aux actions de r\u00e9duction des consommations en eau ou en \u00e9lectricit\u00e9 ou \u00e0 la s\u00e9lection de fournisseurs plus \u00ab\u00a0verts\u00a0\u00bb sont inclus dans les achats et charges (cf.\u00a0note\u00a09).

\n

Les d\u00e9penses de formation des salari\u00e9s comme pour la fresque du climat ou les incitations financi\u00e8res des salari\u00e9s \u00e0 prendre des modes de transport \u00ab\u00a0verts\u00a0\u00bb sont incluses respectivement dans les Achats et autres charges (cf. note\u00a09) et les Charges de personnel (cf. note\u00a010).

\n

NOTE 9Achats et autres charges

\n

Les achats et autres charges se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Services ext\u00e9rieurs et sous-traitance g\u00e9n\u00e9rale\u2009(a)

\n		\n

4\u00a0542

\n		\n

4\u00a0599

\n
\n

Achats

\n		\n

1\u00a0205

\n		\n

1\u00a0210

\n
\n

Sous-traitance transport

\n		\n

8\u00a0472

\n		\n

8\u00a0274

\n
\n

Prestations du courrier international

\n		\n

439

\n		\n

467

\n
\n

Locations\u2009(b)

\n		\n

545

\n		\n

546

\n
\n

Entretiens et r\u00e9parations

\n		\n

752

\n		\n

748

\n
\n

Frais de t\u00e9l\u00e9communications

\n		\n

175

\n		\n

173

\n
\n

D\u00e9placements, missions

\n		\n

167

\n		\n

162

\n
\n

Autres charges

\n		\n

595

\n		\n

621

\n
\n

Total avant affectation aux contrats d'assurance

\n		\n

16\u00a0893

\n		\n

16\u00a0798

\n
\n

Achats et autres charges aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en PNB

\n		\n

(1\u00a0035)

\n		\n

(983)

\n
\n

Total

\n		\n

15\u00a0858

\n		\n

15\u00a0814

\n
\n

(a)Dont les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance jusqu\u2019en 2024 (voir commentaires en note\u00a08).

\n

(b)Cette ligne ne comprend que les loyers relatifs \u00e0 des contrats de location non retrait\u00e9s dans le cadre d'IFRS\u00a016 (contrats de courte dur\u00e9e ou portant sur des actifs de faible valeur principalement), ainsi que les charges locatives (cf. note\u00a019.3).

\n
\n

NOTE 11Imp\u00f4ts et taxes

\n

Les imp\u00f4ts et taxes se composent des \u00e9l\u00e9ments suivants\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Imp\u00f4ts locaux

\n		\n

125

\n		\n

137

\n
\n

Autres imp\u00f4ts et taxes\u00a0(a)

\n		\n

284

\n		\n

298

\n
\n

Imp\u00f4ts et taxes avant affectation aux contrats d'assurance

\n		\n

409

\n		\n

436

\n
\n

Imp\u00f4ts et taxes aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en PNB

\n		\n

(132)

\n		\n

(133)

\n
\n

Total

\n		\n

277

\n		\n

302

\n
\n

(a)Dont en 2025, 91\u00a0millions d\u2019euros au titre de la TVA non d\u00e9ductible sur les contrats de location et dont en 2024, 94\u00a0millions d\u2019euros.

\n
\n

La Poste b\u00e9n\u00e9ficie d\u2019un all\u00e8gement de la fiscalit\u00e9 locale en contrepartie de ses contraintes de desserte de l\u2019ensemble du territoire national et de la participation \u00e0 l\u2019am\u00e9nagement du territoire (loi du 2\u00a0juillet 1990 am\u00e9nag\u00e9e par la loi du 9\u00a0f\u00e9vrier 2010).

\n

\u00c0 ce titre, La Poste a b\u00e9n\u00e9fici\u00e9 en 2025 et en 2024 d\u2019un abattement de 99% applicable sur l\u2019ensemble des bases de fiscalit\u00e9 locale (taxe fonci\u00e8re et Contribution \u00e9conomique territoriale \u2013 CET).

\n

La CET est comptabilis\u00e9e sur la ligne \u00ab\u00a0Imp\u00f4ts locaux\u00a0\u00bb.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18201966670110827_0_0": { "value": "

Pr\u00e9sentations des impacts en d\u00e9penses du\u00a0plan de transition

\n

Les impacts financiers li\u00e9s par exemple aux actions de r\u00e9duction des consommations en eau ou en \u00e9lectricit\u00e9 ou \u00e0 la s\u00e9lection de fournisseurs plus \u00ab\u00a0verts\u00a0\u00bb sont inclus dans les achats et charges (cf.\u00a0note\u00a09).

\n

Les d\u00e9penses de formation des salari\u00e9s comme pour la fresque du climat ou les incitations financi\u00e8res des salari\u00e9s \u00e0 prendre des modes de transport \u00ab\u00a0verts\u00a0\u00bb sont incluses respectivement dans les Achats et autres charges (cf. note\u00a09) et les Charges de personnel (cf. note\u00a010).

\n

NOTE 10Charges de personnel et effectifs

\n

Les charges de personnel sont d\u00e9taill\u00e9es ci-dessous, par nature de co\u00fbt\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Salaires, traitements, primes et indemnit\u00e9s (y compris personnel int\u00e9rimaire)

\n		\n

11\u00a0130

\n		\n

11\u00a0169

\n
\n

Cotisations retraites

\n		\n

423

\n		\n

509

\n
\n

Autres charges sociales

\n		\n

2\u00a0091

\n		\n

2\u00a0169

\n
\n

Prestations d'actions sociales

\n		\n

329

\n		\n

261

\n
\n

Variation des provisions post\u00e9rieures \u00e0 l'emploi\u00a0(a)

\n		\n

21

\n		\n

(11)

\n
\n

Variation des provisions sur risques sociaux et litiges personnel

\n		\n

(17)

\n		\n

8

\n
\n

Variation des autres provisions sur le personnel

\n		\n

(249)

\n		\n

(355)

\n
\n

Imp\u00f4ts et taxes assis sur les r\u00e9mun\u00e9rations

\n		\n

757

\n		\n

758

\n
\n

Total\u00a0avant\u00a0affectation\u00a0aux\u00a0contrats\u00a0d'assurance

\n		\n

14\u00a0485

\n		\n

14\u00a0508

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance reclass\u00e9es en PNB

\n		\n

(576)

\n		\n

(502)

\n
\n

Total

\n		\n

13\u00a0909

\n		\n

14\u00a0006

\n
\n

Effectif moyen\u00a0(en \u00e9quivalent agent/ann\u00e9e)\u00a0(b)

\n		\n

227\u00a0741

\n		\n

226\u00a0831

\n
\n

(a)\u00c0 l\u2019exception des \u00e9carts actuariels comptabilis\u00e9s directement dans les \u00e9l\u00e9ments non recyclables du r\u00e9sultat global consolid\u00e9 (voir \u00e9galement le tableau de variation des capitaux propres).

\n

(b)Hors personnel int\u00e9rimaire.

\n
\n

La ligne \u00ab\u00a0Cotisations retraites\u00a0\u00bb correspond aux cotisations vers\u00e9es dans le cadre des r\u00e9gimes d\u2019avantages au personnel post\u00e9rieurs \u00e0 l\u2019emploi \u00e0 cotisations d\u00e9finies. Depuis 2006, date de mise en place du dispositif actuel de financement des retraites des fonctionnaires de l\u2019\u00c9tat rattach\u00e9s \u00e0 La Poste, cette ligne comprend notamment la contribution lib\u00e9ratoire pr\u00e9vue par la loi.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059769_0": { "value": "

R\u00e9mun\u00e9ration des mandataires sociaux

\n

Des crit\u00e8res RSE (responsabilit\u00e9 soci\u00e9tale des entreprises) sont pris en compte pour la r\u00e9mun\u00e9ration de la plupart des mandataires sociaux.

\n

NOTE 43Transactions avec les parties li\u00e9es

\n

43.1Relations avec l\u2019\u00c9tat et les entreprises du secteur public

\n
Relations avec l\u2019\u00c9tat
\n

Depuis la loi du 10\u00a0f\u00e9vrier 2010, confirmant les dispositions de la loi de\u00a0juillet\u00a01990 relative \u00e0 l\u2019organisation du service public de la poste et des t\u00e9l\u00e9communications, La Poste est une soci\u00e9t\u00e9 anonyme plac\u00e9e sous la tutelle du ministre de l\u2019\u00c9conomie et des Finances, et soumise au contr\u00f4le \u00e9conomique et financier de l\u2019\u00c9tat, et aux proc\u00e9dures de contr\u00f4le de la Cour des comptes et du Parlement.

\n

Les engagements de La Poste et de l\u2019\u00c9tat ont \u00e9t\u00e9 red\u00e9finis par le \u00ab\u00a0Contrat d\u2019entreprise\u00a02013-2017\u00a0\u00bb approuv\u00e9 par le Conseil d\u2019administration du groupe du 22\u00a0avril 2013 et sign\u00e9 par l\u2019ensemble des parties prenantes le 1er\u00a0juillet 2013.

\n

Ce contrat pose les principes suivants\u00a0:

\n

\u25cfle maintien d\u2019un large p\u00e9rim\u00e8tre de missions de service public d\u00e9volues \u00e0 La Poste\u00a0: service universel postal, transport et distribution de la presse, accessibilit\u00e9 bancaire et am\u00e9nagement du territoire avec pour ces trois derni\u00e8res le maintien du principe d\u2019une compensation des co\u00fbts\u00a0;

\n

\u25cfune trajectoire de qualit\u00e9 de service encore renforc\u00e9e\u00a0;

\n

\u25cfdes missions adapt\u00e9es aux attentes des usagers et \u00e0 l\u2019\u00e9volution des technologies\u00a0;

\n

\u25cfla mise en place d\u2019engagements citoyens en faveur du d\u00e9veloppement des territoires et des entreprises, des plus d\u00e9munis, du d\u00e9veloppement de la soci\u00e9t\u00e9 num\u00e9rique et dans le domaine de la responsabilit\u00e9 sociale de l\u2019entreprise.

\n

Un nouveau contrat d\u2019entreprise entre La Poste et l\u2019\u00c9tat, pour la p\u00e9riode 2018-2022, a \u00e9t\u00e9 approuv\u00e9 par le conseil d\u2019administration du groupe le 19\u00a0d\u00e9cembre 2017 et sign\u00e9 le 16\u00a0janvier 2018. Ce contrat s\u2019inscrit dans la continuit\u00e9 du contrat pr\u00e9c\u00e9dent, et vise \u00e0 p\u00e9renniser et moderniser l\u2019exercice des quatre missions de service public de La Poste. Ces missions b\u00e9n\u00e9ficient du soutien de l\u2019\u00c9tat, en contrepartie du respect par La Poste d\u2019indicateurs de qualit\u00e9 ambitieux.

\n

Par ailleurs, ce contrat d\u00e9veloppe la d\u00e9marche des engagements citoyens en faveur du d\u00e9veloppement de la soci\u00e9t\u00e9 num\u00e9rique, des services de proximit\u00e9, et du d\u00e9veloppement durable et responsable.

\n

Un avenant \u00e0 ce contrat d\u2019entreprise entre La Poste et l\u2019\u00c9tat a \u00e9t\u00e9 sign\u00e9 le 18\u00a0mai 2022. Il int\u00e8gre les \u00e9volutions annonc\u00e9es par le gouvernement relatives \u00e0 son soutien aux missions de service universel postal et d\u2019am\u00e9nagement du territoire ainsi qu\u2019\u00e0 la r\u00e9forme du service public de transport et de distribution de la presse.

\n

Le contrat d\u2019entreprise entre La Poste et l\u2019\u00c9tat, portant sur la p\u00e9riode 2023-2027 et s\u2019inscrivant dans la continuit\u00e9 du pr\u00e9c\u00e9dent, a \u00e9t\u00e9 sign\u00e9 en\u00a0juin\u00a02023.

\n

La loi de r\u00e9gulation postale du 20\u00a0mai 2005 a confi\u00e9 \u00e0 l\u2019Arcep (Autorit\u00e9 de r\u00e9gulation des communications \u00e9lectroniques et des postes) le pouvoir d\u2019encadrer, sur une base pluriannuelle, les tarifs des prestations du service universel du courrier, apr\u00e8s examen des propositions de La Poste. Cette loi confirme et pr\u00e9cise par ailleurs la mission d\u2019am\u00e9nagement du territoire confi\u00e9e \u00e0 La Poste.

\n

En ce qui concerne les activit\u00e9s bancaires du groupe, les taux de commissionnement sur les produits d\u2019\u00e9pargne r\u00e9glement\u00e9e (Livret\u00a0A, Livret D\u00e9veloppement Durable et LEP) sont fix\u00e9s par l\u2019\u00c9tat. L\u2019\u00e9volution de ces taux a un effet direct sur le produit net bancaire de La Banque Postale.

\n
Relations avec les entreprises du\u00a0secteur\u00a0public
\n

Le groupe La Poste r\u00e9alise des transactions courantes, aux conditions de march\u00e9, avec des entreprises du secteur public.

\n

43.2Relations avec les soci\u00e9t\u00e9s du p\u00e9rim\u00e8tre de consolidation

\n

Les transactions r\u00e9alis\u00e9es entre les soci\u00e9t\u00e9s du groupe consolid\u00e9es par int\u00e9gration globale sont \u00e9limin\u00e9es en consolidation, et ne sont donc pas pr\u00e9sent\u00e9es dans cette note.

\n

Les transactions avec les soci\u00e9t\u00e9s consolid\u00e9es par le groupe CDC concernent essentiellement les op\u00e9rations r\u00e9alis\u00e9es par La\u00a0Banque Postale avec les fonds d\u2019\u00e9pargne g\u00e9r\u00e9s par la Caisse des D\u00e9p\u00f4ts au titre de la centralisation des fonds Livrets A et Livrets de D\u00e9veloppement Durable et sont r\u00e9sum\u00e9es dans le tableau suivant\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits

\n		\n

1\u00a0829

\n		\n

2\u00a0253

\n
\n

Charges

\n		\n

(14)

\n		\n

(9)

\n
\n

Cr\u00e9ances

\n		\n

64\u00a0440

\n		\n

67\u00a0847

\n
\n

Dettes

\n		\n

536

\n		\n

502

\n
\n

Les transactions avec les autres entreprises associ\u00e9es, ainsi qu\u2019avec les coentreprises, ne sont pas significatives.

\n

43.3R\u00e9mun\u00e9ration des organes

\n

La r\u00e9mun\u00e9ration des principaux dirigeants du groupe La Poste (au sens de la norme IAS\u00a024) s'est \u00e9lev\u00e9e en cumul\u00e9 \u00e0 7,5\u00a0millions d\u2019euros pour l\u2019exercice clos le 31\u00a0d\u00e9cembre 2025 (6,3\u00a0millions d\u2019euros en 2024). Les dirigeants ne b\u00e9n\u00e9ficient d\u2019aucun avantage post\u00e9rieur \u00e0 l\u2019emploi sp\u00e9cifique.

\n

Les principaux dirigeants du groupe sont notamment les membres du Comit\u00e9 ex\u00e9cutif, ainsi que les membres du Conseil d\u2019administration (pour leur r\u00e9mun\u00e9ration brute au titre de leur activit\u00e9 d'administrateur, pour l\u2019essentiel revers\u00e9e \u00e0 l\u2019\u00c9tat ou \u00e0 la Caisse des D\u00e9p\u00f4ts, et des salaires des repr\u00e9sentants des salari\u00e9s). Cette r\u00e9mun\u00e9ration au titre de l'activit\u00e9 d'administrateur s\u2019\u00e9l\u00e8ve \u00e0 0,3 million d\u2019euros (0,2\u00a0million d\u2019euros en 2024).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18202040565132591_0_0": { "value": "

R\u00e9mun\u00e9ration des mandataires sociaux

\n

Des crit\u00e8res RSE (responsabilit\u00e9 soci\u00e9tale des entreprises) sont pris en compte pour la r\u00e9mun\u00e9ration de la plupart des mandataires sociaux.

\n

43.3R\u00e9mun\u00e9ration des organes

\n

La r\u00e9mun\u00e9ration des principaux dirigeants du groupe La Poste (au sens de la norme IAS\u00a024) s'est \u00e9lev\u00e9e en cumul\u00e9 \u00e0 7,5\u00a0millions d\u2019euros pour l\u2019exercice clos le 31\u00a0d\u00e9cembre 2025 (6,3\u00a0millions d\u2019euros en 2024). Les dirigeants ne b\u00e9n\u00e9ficient d\u2019aucun avantage post\u00e9rieur \u00e0 l\u2019emploi sp\u00e9cifique.

\n

Les principaux dirigeants du groupe sont notamment les membres du Comit\u00e9 ex\u00e9cutif, ainsi que les membres du Conseil d\u2019administration (pour leur r\u00e9mun\u00e9ration brute au titre de leur activit\u00e9 d'administrateur, pour l\u2019essentiel revers\u00e9e \u00e0 l\u2019\u00c9tat ou \u00e0 la Caisse des D\u00e9p\u00f4ts, et des salaires des repr\u00e9sentants des salari\u00e9s). Cette r\u00e9mun\u00e9ration au titre de l'activit\u00e9 d'administrateur s\u2019\u00e9l\u00e8ve \u00e0 0,3 million d\u2019euros (0,2\u00a0million d\u2019euros en 2024).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18202412065221234_0_0": { "value": "

5.2Compte de r\u00e9sultat \u00e0 p\u00e9rim\u00e8tre et change constants

\n

Le r\u00e9sultat retrait\u00e9 neutralise l\u2019effet de toutes les acquisitions de l\u2019exercice en cours et des acquisitions de l\u2019exercice pr\u00e9c\u00e9dent intervenues en cours de p\u00e9riode. Il pr\u00e9sente \u00e9galement les transactions en devises de la p\u00e9riode comparative au taux moyen de la p\u00e9riode en cours.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

R\u00e9sultat publi\u00e9

\n		\n

R\u00e9sultat retrait\u00e9
hors effets p\u00e9rim\u00e8tre et change

\n
\n

31/12/2025

\n		\n

31/12/2024

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Chiffre d'affaires et PNB

\n		\n

34\u00a0387

\n		\n

34\u00a0569

\n		\n

34\u00a0219

\n		\n

34\u00a0288

\n
\n

Achats et autres charges

\n		\n

(15\u00a0858)

\n		\n

(15\u00a0814)

\n		\n

(15\u00a0818)

\n		\n

(15\u00a0690)

\n
\n

Charges de personnel

\n		\n

(13\u00a0909)

\n		\n

(14\u00a0006)

\n		\n

(13\u00a0872)

\n		\n

(14\u00a0008)

\n
\n

Imp\u00f4ts et taxes

\n		\n

(277)

\n		\n

(302)

\n		\n

(275)

\n		\n

(296)

\n
\n

Amortissements, provisions et pertes de valeur

\n		\n

(2\u00a0670)

\n		\n

(2\u00a0723)

\n		\n

(2\u00a0668)

\n		\n

(2\u00a0720)

\n
\n

Autres charges et produits op\u00e9rationnels

\n		\n

707

\n		\n

664

\n		\n

707

\n		\n

515

\n
\n

R\u00e9sultat des cessions d'actifs

\n		\n

114

\n		\n

523

\n		\n

114

\n		\n

523

\n
\n

Charges op\u00e9rationnelles nettes

\n		\n

(31\u00a0893)

\n		\n

(31\u00a0658)

\n		\n

(31\u00a0812)

\n		\n

(31\u00a0677)

\n
\n

Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint

\n		\n

23

\n		\n

39

\n		\n

23

\n		\n

23

\n
\n

R\u00e9sultat d'exploitation courant
(apr\u00e8s quote-part de r\u00e9sultat net
des soci\u00e9t\u00e9s sous contr\u00f4le conjoint)

\n		\n

2\u00a0517

\n		\n

2\u00a0950

\n		\n

2\u00a0430

\n		\n

2\u00a0634

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18202516611213301_0_0": { "value": "

NOTE 6Information sectorielle

\n

6.1D\u00e9finition des secteurs op\u00e9rationnels

\n

La d\u00e9finition des secteurs op\u00e9rationnels retenus en mati\u00e8re d\u2019information sectorielle est bas\u00e9e sur l\u2019organisation existante en mati\u00e8re de pilotage au sein du groupe La Poste. Un secteur d\u2019activit\u00e9 est un sous-ensemble pour lequel une information financi\u00e8re distincte est disponible et r\u00e9guli\u00e8rement revue par la direction du groupe, en vue de lui affecter des ressources et d\u2019\u00e9valuer sa performance.

\n

Les crit\u00e8res retenus pour d\u00e9terminer les secteurs d\u2019activit\u00e9 sont notamment les suivants\u00a0:

\n

\u25cfnature des produits distribu\u00e9s\u00a0;

\n

\u25cftype ou cat\u00e9gorie de clients auxquels ils sont destin\u00e9s\u00a0;

\n

\u25cfprocessus de production et r\u00e9seau de distribution\u00a0;

\n

\u25cfenvironnement r\u00e9glementaire.

\n

Le groupe est organis\u00e9 autour des quatre secteurs op\u00e9rationnels suivants, auxquels s\u2019ajoutent les secteurs Immobilier et Supports et structures\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Secteurs

\n		\n

Activit\u00e9s

\n
\n

Services-Courrier-Colis

\n		\n

\u25cfactivit\u00e9 courrier (collecte, tri, distribution de correspondance, publicit\u00e9, presse, courrier international)
et les services connexes

\n

\u25cfactivit\u00e9 colis en France r\u00e9alis\u00e9e sous la marque Colissimo

\n

\u25cfactivit\u00e9 Sant\u00e9 et Autonomie d\u2019aides \u00e0 la personne et dans le domaine de la sant\u00e9

\n

\u25cfnouveaux services du facteur

\n
\n

Geopost

\n		\n

\u25cfactivit\u00e9 express r\u00e9alis\u00e9e par les marques du sous-groupe Geopost, en particulier DPD, Chronopost, et Seur

\n

\u25cfcourrier international

\n

\u25cfactivit\u00e9 de e-commerce r\u00e9alis\u00e9e par Asendia

\n
\n

La Banque Postale

\n		\n

\u25cfactivit\u00e9 Banque et Assurance du sous-groupe La Banque Postale

\n

\u25cfdivision de La Poste\u00a0SA qui enregistre les prestations de services r\u00e9alis\u00e9es par certains personnels
de La Poste mis \u00e0 disposition de La Banque Postale dans le cadre de conventions de services

\n
\n

Grand Public Num\u00e9rique

\n		\n

\u25cfactivit\u00e9s de vente et de distribution, aupr\u00e8s du grand public, des produits et services du groupe La Poste

\n

\u25cfensemble des activit\u00e9s num\u00e9riques du groupe activit\u00e9 de La Poste Mobile

\n

\u25cfautres produits externes

\n
\n

Immobilier

\n		\n

\u25cfgestion du parc immobilier regroup\u00e9 dans le sous-groupe La Poste Immobilier

\n

\u25cfactivit\u00e9 de la direction immobili\u00e8re de La Poste

\n
\n

Supports et structures

\n		\n

\u25cfactivit\u00e9s \u00ab\u00a0Corporate\u00a0\u00bb des directions du si\u00e8ge

\n

\u25cfservices supports du groupe

\n
\n

6.2Information par secteur op\u00e9rationnel

\n

Les principes comptables appliqu\u00e9s pour \u00e9tablir l\u2019information sectorielle sont les m\u00eames que ceux utilis\u00e9s pour les comptes consolid\u00e9s, tels que\u00a0d\u00e9crits en notes 2 et 3. Les r\u00e9sultats, actifs et passifs allou\u00e9s aux secteurs d\u2019activit\u00e9 correspondent aux r\u00e9sultats, actifs et passifs qui sont affectables aux secteurs d\u2019activit\u00e9 de fa\u00e7on directe et indirecte.

\n

Les montants non affect\u00e9s aux secteurs d\u2019activit\u00e9 correspondent principalement\u00a0:

\n

\u25cfau co\u00fbt net de l\u2019am\u00e9nagement du territoire\u00a0;

\n

\u25cfau co\u00fbt de la contrainte d\u2019accessibilit\u00e9 pesant sur La Poste\u00a0;

\n

\u25cfau r\u00e9sultat financier et \u00e0 l\u2019imp\u00f4t.

\n

Segmentation des charges op\u00e9rationnelles

\n

Compte tenu de la coexistence au sein de La Poste des acteurs Services-Courrier-Colis, La Banque Postale et R\u00e9seau La Poste, et de la forte imbrication des processus de production de ces activit\u00e9s, La Poste a d\u00e9fini des principes de comptabilit\u00e9 analytique afin de r\u00e9partir les charges mutualis\u00e9es entre les diff\u00e9rents secteurs et de d\u00e9terminer ainsi le r\u00e9sultat de chacun.

\n

La refacturation des charges de guichet des bureaux de poste du R\u00e9seau La Poste s\u2019effectue aux m\u00e9tiers utilisateurs du r\u00e9seau sur la base de conventions de services dont les modalit\u00e9s de tarification sont fond\u00e9es sur des inducteurs op\u00e9rationnels mesurables (chiffre d\u2019affaires, statistiques mesurant le temps n\u00e9cessaire \u00e0 la r\u00e9alisation des diff\u00e9rentes op\u00e9rations, etc.).

\n

Segmentation de l\u2019actif immobilis\u00e9

\n

Les immobilisations incorporelles et corporelles sont r\u00e9parties sur la base de l\u2019affectation par m\u00e9tier des biens correspondants dans le syst\u00e8me comptable de La Poste. Les actifs immobiliers d\u00e9tenus par La Poste et le sous-groupe La Poste Immobilier sont affect\u00e9s en totalit\u00e9 au secteur Immobilier.

\n

6.2.1Compte de r\u00e9sultat par secteur op\u00e9rationnel

\n

Aucun client du groupe ne contribue au chiffre d\u2019affaires consolid\u00e9 pour un montant sup\u00e9rieur \u00e0 10% du total.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n

(en\u00a0millions d'euros)

\n		\n

Services-Courrier-Colis

\n		\n

Geopost

\n		\n

La Banque
Postale

\n		\n

Grand Public et Num\u00e9rique

\n		\n

Immobilier

\n		\n

Supports et structures

\n		\n

Non affect\u00e9\u00a0(a)

\n		\n

\u00c9liminations

\n		\n

Total Groupe

\n
\n

Chiffre d'affaires & PNB Externe

\n		\n

7\u00a0720

\n		\n

15\u00a0716

\n		\n

7\u00a0687

\n		\n

3\u00a0038

\n		\n

83

\n		\n

2

\n		\n

141

\n		\n

\n		\n

34\u00a0387

\n
\n

Chiffre d'affaires & PNB Intersecteurs

\n		\n

1\u00a0907

\n		\n

131

\n		\n

42

\n		\n

3\u00a0086

\n		\n

843

\n		\n

1\u00a0294

\n		\n

\n		\n

(7\u00a0302)

\n		\n

\n
\n

Produits op\u00e9rationnels

\n		\n

9\u00a0627

\n		\n

15\u00a0847

\n		\n

7\u00a0729

\n		\n

6\u00a0123

\n		\n

927

\n		\n

1\u00a0295

\n		\n

141

\n		\n

(7\u00a0302)

\n		\n

34\u00a0387

\n
\n

Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint

\n		\n

\n		\n

0

\n		\n

23

\n		\n

\n		\n

(1)

\n		\n

\n		\n

\n		\n

\n		\n

23

\n
\n

R\u00e9sultat d'exploitation courant (apr\u00e8s quote-part de r\u00e9sultat net des soci\u00e9t\u00e9s sous contr\u00f4le conjoint)

\n		\n

(63)

\n		\n

466

\n		\n

2\u00a0832

\n		\n

55

\n		\n

102

\n		\n

(391)

\n		\n

(484)

\n		\n

(0)

\n		\n

2\u00a0517

\n
\n

R\u00e9sultat financier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(247)

\n		\n

\n		\n

(247)

\n
\n

Imp\u00f4t sur le r\u00e9sultat

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(685)

\n		\n

\n		\n

(685)

\n
\n

Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

\n		\n

(106)

\n		\n

\n		\n

(4)

\n		\n

1

\n		\n

(2)

\n		\n

\n		\n

\n		\n

(111)

\n
\n

R\u00e9sultat net de l'ensemble consolide

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0474

\n
\n

Amortissements, provisions et\u00a0pertes de valeur nets

\n		\n

(219)

\n		\n

(895)

\n		\n

(736)

\n		\n

(164)

\n		\n

(478)

\n		\n

(178)

\n		\n

\n		\n

\n		\n

(2\u00a0670)

\n
\n

Actifs sectoriels

\n		\n

2\u00a0899

\n		\n

12\u00a0287

\n		\n

725\u00a0255

\n		\n

2\u00a0251

\n		\n

4\u00a0129

\n		\n

12\u00a0150

\n		\n

(8\u00a0299)

\n		\n

\n		\n

750\u00a0673

\n
\n

(a)Dont essentiellement la contribution \u00e0 l\u2019am\u00e9nagement du territoire (y compris les co\u00fbts relatifs \u00e0 la contrainte d\u2019accessibilit\u00e9), le r\u00e9sultat financier et l\u2019imp\u00f4t sur le r\u00e9sultat.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2024

\n

(en\u00a0millions d'euros)

\n		\n

Services-Courrier-Colis

\n		\n

Geopost

\n		\n

La Banque Postale

\n		\n

Grand Public et Num\u00e9rique

\n		\n

Immobilier

\n		\n

Supports et structures

\n		\n

Non affect\u00e9\u00a0(a)

\n		\n

\u00c9liminations

\n		\n

Total Groupe

\n
\n

Chiffre d'affaires & PNB Externe

\n		\n

7\u00a0974

\n		\n

15\u00a0664

\n		\n

7\u00a0514

\n		\n

3\u00a0158

\n		\n

116

\n		\n

0

\n		\n

144

\n		\n

\n		\n

34\u00a0569

\n
\n

Chiffre d'affaires & PNB Intersecteurs

\n		\n

2\u00a0091

\n		\n

132

\n		\n

41

\n		\n

3\u00a0240

\n		\n

837

\n		\n

1\u00a0310

\n		\n

\n		\n

(7\u00a0652)

\n		\n

\n
\n

Produits op\u00e9rationnels

\n		\n

10\u00a0064

\n		\n

15\u00a0796

\n		\n

7\u00a0554

\n		\n

6\u00a0398

\n		\n

954

\n		\n

1\u00a0311

\n		\n

144

\n		\n

(7\u00a0652)

\n		\n

34\u00a0569

\n
\n

Quote-part de r\u00e9sultat des soci\u00e9t\u00e9s sous contr\u00f4le conjoint

\n		\n

\n		\n

0

\n		\n

33

\n		\n

14

\n		\n

(9)

\n		\n

\n		\n

\n		\n

\n		\n

39

\n
\n

R\u00e9sultat d'exploitation courant (apr\u00e8s quote-part de r\u00e9sultat net des soci\u00e9t\u00e9s sous contr\u00f4le conjoint)

\n		\n

(138)

\n		\n

624

\n		\n

2\u00a0654

\n		\n

98

\n		\n

95

\n		\n

(374)

\n		\n

(25)

\n		\n

16

\n		\n

2\u00a0950

\n
\n

R\u00e9sultat financier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(264)

\n		\n

\n		\n

(264)

\n
\n

Imp\u00f4t sur le r\u00e9sultat

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(800)

\n		\n

\n		\n

(800)

\n
\n

Quote-part de r\u00e9sultat des autres soci\u00e9t\u00e9s mises en \u00e9quivalence

\n		\n

\n		\n

(158)

\n		\n

\n		\n

(3)

\n		\n

2

\n		\n

(4)

\n		\n

\n		\n

\n		\n

(164)

\n
\n

R\u00e9sultat net de l'ensemble consolide

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0722

\n
\n

Amortissements, provisions et\u00a0pertes de valeur nets

\n		\n

(356)

\n		\n

(849)

\n		\n

(742)

\n		\n

(124)

\n		\n

(473)

\n		\n

(179)

\n		\n

\n		\n

\n		\n

(2\u00a0723)

\n
\n

Actifs sectoriels

\n		\n

2\u00a0992

\n		\n

12\u00a0997

\n		\n

740\u00a0614

\n		\n

2\u00a0291

\n		\n

4\u00a0170

\n		\n

13\u00a0372

\n		\n

(8\u00a0974)

\n		\n

\n		\n

767\u00a0462

\n
\n

(a)Dont essentiellement la contribution \u00e0 l\u2019am\u00e9nagement du territoire (y compris les co\u00fbts relatifs \u00e0 la contrainte d\u2019accessibilit\u00e9), la plus-value de cession des titres La Poste T\u00e9l\u00e9com, le r\u00e9sultat financier et l\u2019imp\u00f4t sur le r\u00e9sultat.

\n
\n

6.2.2Bilan par secteur op\u00e9rationnel

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n

(en\u00a0millions d'euros)

\n		\n

Services-Courrier-Colis

\n		\n

Geopost

\n		\n

La Banque
Postale

\n		\n

Grand Public et Num\u00e9rique

\n		\n

Immobilier

\n		\n

Supports et structures

\n		\n

\u00c9liminations

\n		\n

Total

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Immobilisations incorporelles et\u00a0corporelles et goodwill

\n		\n

765

\n		\n

6\u00a0204

\n		\n

5\u00a0256

\n		\n

1\u00a0359

\n		\n

3\u00a0165

\n		\n

634

\n		\n

(41)

\n		\n

17\u00a0343

\n
\n

Droits d'utilisation

\n		\n

99

\n		\n

2\u00a0363

\n		\n

144

\n		\n

50

\n		\n

518

\n		\n

21

\n		\n

\n		\n

3\u00a0194

\n
\n

Titres mis en \u00e9quivalence

\n		\n

\n		\n

377

\n		\n

1\u00a0086

\n		\n

5

\n		\n

23

\n		\n

0

\n		\n

\n		\n

1\u00a0491

\n
\n

Autres actifs non courants

\n		\n

28

\n		\n

108

\n		\n

1\u00a0688

\n		\n

(10)

\n		\n

27

\n		\n

6\u00a0959

\n		\n

(6\u00a0651)

\n		\n

2\u00a0150

\n
\n

Autres actifs courants

\n		\n

2\u00a0009

\n		\n

3\u00a0235

\n		\n

666

\n		\n

847

\n		\n

395

\n		\n

4\u00a0536

\n		\n

(1\u00a0416)

\n		\n

10\u00a0272

\n
\n

Actifs sp\u00e9cifiques des activit\u00e9s bancaires et d'assurance

\n		\n

\n		\n

\n		\n

716\u00a0414

\n		\n

\n		\n

\n		\n

\n		\n

(191)

\n		\n

716\u00a0223

\n
\n

Total

\n		\n

2\u00a0899

\n		\n

12\u00a0287

\n		\n

725\u00a0255

\n		\n

2\u00a0251

\n		\n

4\u00a0129

\n		\n

12\u00a0150

\n		\n

(8\u00a0299)

\n		\n

750\u00a0673

\n
\n

Investissements\u00a0(a)

\n		\n

(4)

\n		\n

472

\n		\n

(321)

\n		\n

118

\n		\n

180

\n		\n

350

\n		\n

\n		\n

795

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Fonds propres

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

31\u00a0894

\n		\n

\n		\n

31\u00a0894

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

699

\n		\n

4\u00a0699

\n		\n

0

\n		\n

824

\n		\n

1\u00a0020

\n		\n

10\u00a0379

\n		\n

(7\u00a0398)

\n		\n

10\u00a0224

\n
\n

Passifs de location

\n		\n

116

\n		\n

2\u00a0500

\n		\n

\n		\n

55

\n		\n

927

\n		\n

21

\n		\n

\n		\n

3\u00a0619

\n
\n

Autres passifs non courants

\n		\n

407

\n		\n

313

\n		\n

2\u00a0002

\n		\n

237

\n		\n

72

\n		\n

(295)

\n		\n

\n		\n

2\u00a0736

\n
\n

Autres passifs courants

\n		\n

2\u00a0240

\n		\n

3\u00a0004

\n		\n

3\u00a0638

\n		\n

1\u00a0108

\n		\n

379

\n		\n

1\u00a0092

\n		\n

(640)

\n		\n

10\u00a0820

\n
\n

Passifs sp\u00e9cifiques des activit\u00e9s bancaires et d'assurance

\n		\n

\n		\n

\n		\n

691\u00a0455

\n		\n

(14)

\n		\n

\n		\n

\n		\n

(60)

\n		\n

691\u00a0380

\n
\n

Total

\n		\n

3\u00a0462

\n		\n

10\u00a0515

\n		\n

697\u00a0095

\n		\n

2\u00a0210

\n		\n

2\u00a0398

\n		\n

43\u00a0092

\n		\n

(8\u00a0098)

\n		\n

750\u00a0673

\n
\n

(a)Achats d\u2019actifs incorporels et corporels, d\u2019actifs financiers et incidences des variations de p\u00e9rim\u00e8tre.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2024

\n

(en\u00a0millions d'euros)

\n		\n

Services-Courrier-Colis

\n		\n

Geopost

\n		\n

La Banque
Postale

\n		\n

Grand Public et Num\u00e9rique

\n		\n

Immobilier

\n		\n

Supports et structures

\n		\n

\u00c9liminations

\n		\n

Total

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Immobilisations incorporelles et\u00a0corporelles et goodwill

\n		\n

834

\n		\n

6\u00a0178

\n		\n

5\u00a0491

\n		\n

1\u00a0376

\n		\n

3\u00a0218

\n		\n

663

\n		\n

(43)

\n		\n

17\u00a0716

\n
\n

Droits d'utilisation

\n		\n

96

\n		\n

2\u00a0742

\n		\n

143

\n		\n

55

\n		\n

550

\n		\n

18

\n		\n

\n		\n

3\u00a0605

\n
\n

Titres mis en \u00e9quivalence

\n		\n

\n		\n

548

\n		\n

1\u00a0097

\n		\n

9

\n		\n

25

\n		\n

(0)

\n		\n

\n		\n

1\u00a0678

\n
\n

Autres actifs non courants

\n		\n

24

\n		\n

130

\n		\n

1\u00a0507

\n		\n

(10)

\n		\n

31

\n		\n

7\u00a0885

\n		\n

(7\u00a0342)

\n		\n

2\u00a0226

\n
\n

Autres actifs courants

\n		\n

2\u00a0038

\n		\n

3\u00a0399

\n		\n

17\u00a0743

\n		\n

861

\n		\n

345

\n		\n

4\u00a0806

\n		\n

(1\u00a0449)

\n		\n

27\u00a0744

\n
\n

Actifs sp\u00e9cifiques des activit\u00e9s bancaires et d'assurance

\n		\n

\n		\n

\n		\n

714\u00a0633

\n		\n

\n		\n

\n		\n

\n		\n

(140)

\n		\n

714\u00a0493

\n
\n

Total

\n		\n

2\u00a0992

\n		\n

12\u00a0997

\n		\n

740\u00a0614

\n		\n

2\u00a0291

\n		\n

4\u00a0170

\n		\n

13\u00a0372

\n		\n

(8\u00a0974)

\n		\n

767\u00a0462

\n
\n

Investissements\u00a0(a)

\n		\n

245

\n		\n

323

\n		\n

242

\n		\n

123

\n		\n

308

\n		\n

(156)

\n		\n

\n		\n

1\u00a0085

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Fonds propres

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

30\u00a0575

\n		\n

\n		\n

30\u00a0575

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

874

\n		\n

4\u00a0819

\n		\n

\n		\n

904

\n		\n

1\u00a0193

\n		\n

11\u00a0143

\n		\n

(7\u00a0964)

\n		\n

10\u00a0969

\n
\n

Passifs de location

\n		\n

106

\n		\n

2\u00a0885

\n		\n

\n		\n

60

\n		\n

1\u00a0001

\n		\n

19

\n		\n

\n		\n

4\u00a0071

\n
\n

Autres passifs non courants

\n		\n

497

\n		\n

314

\n		\n

2\u00a0090

\n		\n

304

\n		\n

72

\n		\n

(321)

\n		\n

\n		\n

2\u00a0956

\n
\n

Autres passifs courants

\n		\n

2\u00a0339

\n		\n

2\u00a0951

\n		\n

19\u00a0803

\n		\n

1\u00a0320

\n		\n

352

\n		\n

843

\n		\n

(580)

\n		\n

27\u00a0028

\n
\n

Passifs sp\u00e9cifiques des activit\u00e9s bancaires et d'assurance

\n		\n

\n		\n

\n		\n

691\u00a0923

\n		\n

(8)

\n		\n

\n		\n

\n		\n

(54)

\n		\n

691\u00a0862

\n
\n

Total

\n		\n

3\u00a0816

\n		\n

10\u00a0969

\n		\n

713\u00a0816

\n		\n

2\u00a0580

\n		\n

2\u00a0618

\n		\n

42\u00a0259

\n		\n

(8\u00a0597)

\n		\n

767\u00a0462

\n
\n

(a)Achats d\u2019actifs incorporels et corporels, d\u2019actifs financiers et incidences des variations de p\u00e9rim\u00e8tre.

\n
\n

6.3Informations par zone g\u00e9ographique

\n

Le chiffre d\u2019affaires est ventil\u00e9 en fonction de la localisation des clients payeurs.

\n

Les immobilisations nettes du groupe La Poste sont ventil\u00e9es par zone g\u00e9ographique en fonction de l\u2019implantation des entit\u00e9s juridiques propri\u00e9taires des biens.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n

(en\u00a0millions d'euros)

\n		\n

France

\n		\n

Zone Union europ\u00e9enne (hors France)

\n		\n

Autres

\n		\n

Total

\n
\n

Chiffre d'affaires des activit\u00e9s commerciales

\n		\n

12\u00a0405

\n		\n

9\u00a0029

\n		\n

5\u00a0266

\n		\n

26\u00a0700

\n
\n

Produit net bancaire

\n		\n

6\u00a0419

\n		\n

315

\n		\n

954

\n		\n

7\u00a0687

\n
\n

Produits op\u00e9rationnels

\n		\n

18\u00a0824

\n		\n

9\u00a0344

\n		\n

6\u00a0219

\n		\n

34\u00a0387

\n
\n

Actifs sectoriels

\n		\n

673\u00a0549

\n		\n

37\u00a0200

\n		\n

39\u00a0924

\n		\n

750\u00a0673

\n
\n

Investissements\u00a0(a)

\n		\n

440

\n		\n

253

\n		\n

101

\n		\n

795

\n
\n

(a)Achats d\u2019actifs incorporels et corporels, d\u2019actifs financiers et incidences des variations de p\u00e9rim\u00e8tre.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2024

\n

(en\u00a0millions d'euros)

\n		\n

France

\n		\n

Zone Union europ\u00e9enne (hors France)

\n		\n

Autres

\n		\n

Total

\n
\n

Chiffre d'affaires des activit\u00e9s commerciales

\n		\n

12\u00a0983

\n		\n

8\u00a0759

\n		\n

5\u00a0313

\n		\n

27\u00a0055

\n
\n

Produit net bancaire

\n		\n

6\u00a0174

\n		\n

391

\n		\n

948

\n		\n

7\u00a0514

\n
\n

Produits op\u00e9rationnels

\n		\n

19\u00a0157

\n		\n

9\u00a0151

\n		\n

6\u00a0261

\n		\n

34\u00a0569

\n
\n

Actifs sectoriels

\n		\n

679\u00a0161

\n		\n

52\u00a0141

\n		\n

36\u00a0160

\n		\n

767\u00a0462

\n
\n

Investissements\u00a0(a)

\n		\n

726

\n		\n

240

\n		\n

119

\n		\n

1\u00a0085

\n
\n

(a)Achats d\u2019actifs incorporels et corporels, d\u2019actifs financiers et incidences des variations de p\u00e9rim\u00e8tre.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18202582868120570_0_0": { "value": "

6.1D\u00e9finition des secteurs op\u00e9rationnels

\n

La d\u00e9finition des secteurs op\u00e9rationnels retenus en mati\u00e8re d\u2019information sectorielle est bas\u00e9e sur l\u2019organisation existante en mati\u00e8re de pilotage au sein du groupe La Poste. Un secteur d\u2019activit\u00e9 est un sous-ensemble pour lequel une information financi\u00e8re distincte est disponible et r\u00e9guli\u00e8rement revue par la direction du groupe, en vue de lui affecter des ressources et d\u2019\u00e9valuer sa performance.

\n

Les crit\u00e8res retenus pour d\u00e9terminer les secteurs d\u2019activit\u00e9 sont notamment les suivants\u00a0:

\n

\u25cfnature des produits distribu\u00e9s\u00a0;

\n

\u25cftype ou cat\u00e9gorie de clients auxquels ils sont destin\u00e9s\u00a0;

\n

\u25cfprocessus de production et r\u00e9seau de distribution\u00a0;

\n

\u25cfenvironnement r\u00e9glementaire.

\n

Le groupe est organis\u00e9 autour des quatre secteurs op\u00e9rationnels suivants, auxquels s\u2019ajoutent les secteurs Immobilier et Supports et structures\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Secteurs

\n		\n

Activit\u00e9s

\n
\n

Services-Courrier-Colis

\n		\n

\u25cfactivit\u00e9 courrier (collecte, tri, distribution de correspondance, publicit\u00e9, presse, courrier international)
et les services connexes

\n

\u25cfactivit\u00e9 colis en France r\u00e9alis\u00e9e sous la marque Colissimo

\n

\u25cfactivit\u00e9 Sant\u00e9 et Autonomie d\u2019aides \u00e0 la personne et dans le domaine de la sant\u00e9

\n

\u25cfnouveaux services du facteur

\n
\n

Geopost

\n		\n

\u25cfactivit\u00e9 express r\u00e9alis\u00e9e par les marques du sous-groupe Geopost, en particulier DPD, Chronopost, et Seur

\n

\u25cfcourrier international

\n

\u25cfactivit\u00e9 de e-commerce r\u00e9alis\u00e9e par Asendia

\n
\n

La Banque Postale

\n		\n

\u25cfactivit\u00e9 Banque et Assurance du sous-groupe La Banque Postale

\n

\u25cfdivision de La Poste\u00a0SA qui enregistre les prestations de services r\u00e9alis\u00e9es par certains personnels
de La Poste mis \u00e0 disposition de La Banque Postale dans le cadre de conventions de services

\n
\n

Grand Public Num\u00e9rique

\n		\n

\u25cfactivit\u00e9s de vente et de distribution, aupr\u00e8s du grand public, des produits et services du groupe La Poste

\n

\u25cfensemble des activit\u00e9s num\u00e9riques du groupe activit\u00e9 de La Poste Mobile

\n

\u25cfautres produits externes

\n
\n

Immobilier

\n		\n

\u25cfgestion du parc immobilier regroup\u00e9 dans le sous-groupe La Poste Immobilier

\n

\u25cfactivit\u00e9 de la direction immobili\u00e8re de La Poste

\n
\n

Supports et structures

\n		\n

\u25cfactivit\u00e9s \u00ab\u00a0Corporate\u00a0\u00bb des directions du si\u00e8ge

\n

\u25cfservices supports du groupe

\n
\n

6.2Information par secteur op\u00e9rationnel

\n

Les principes comptables appliqu\u00e9s pour \u00e9tablir l\u2019information sectorielle sont les m\u00eames que ceux utilis\u00e9s pour les comptes consolid\u00e9s, tels que\u00a0d\u00e9crits en notes 2 et 3. Les r\u00e9sultats, actifs et passifs allou\u00e9s aux secteurs d\u2019activit\u00e9 correspondent aux r\u00e9sultats, actifs et passifs qui sont affectables aux secteurs d\u2019activit\u00e9 de fa\u00e7on directe et indirecte.

\n

Les montants non affect\u00e9s aux secteurs d\u2019activit\u00e9 correspondent principalement\u00a0:

\n

\u25cfau co\u00fbt net de l\u2019am\u00e9nagement du territoire\u00a0;

\n

\u25cfau co\u00fbt de la contrainte d\u2019accessibilit\u00e9 pesant sur La Poste\u00a0;

\n

\u25cfau r\u00e9sultat financier et \u00e0 l\u2019imp\u00f4t.

\n

Segmentation des charges op\u00e9rationnelles

\n

Compte tenu de la coexistence au sein de La Poste des acteurs Services-Courrier-Colis, La Banque Postale et R\u00e9seau La Poste, et de la forte imbrication des processus de production de ces activit\u00e9s, La Poste a d\u00e9fini des principes de comptabilit\u00e9 analytique afin de r\u00e9partir les charges mutualis\u00e9es entre les diff\u00e9rents secteurs et de d\u00e9terminer ainsi le r\u00e9sultat de chacun.

\n

La refacturation des charges de guichet des bureaux de poste du R\u00e9seau La Poste s\u2019effectue aux m\u00e9tiers utilisateurs du r\u00e9seau sur la base de conventions de services dont les modalit\u00e9s de tarification sont fond\u00e9es sur des inducteurs op\u00e9rationnels mesurables (chiffre d\u2019affaires, statistiques mesurant le temps n\u00e9cessaire \u00e0 la r\u00e9alisation des diff\u00e9rentes op\u00e9rations, etc.).

\n

Segmentation de l\u2019actif immobilis\u00e9

\n

Les immobilisations incorporelles et corporelles sont r\u00e9parties sur la base de l\u2019affectation par m\u00e9tier des biens correspondants dans le syst\u00e8me comptable de La Poste. Les actifs immobiliers d\u00e9tenus par La Poste et le sous-groupe La Poste Immobilier sont affect\u00e9s en totalit\u00e9 au secteur Immobilier.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059547_0": { "value": "

6.1D\u00e9finition des secteurs op\u00e9rationnels

\n

La d\u00e9finition des secteurs op\u00e9rationnels retenus en mati\u00e8re d\u2019information sectorielle est bas\u00e9e sur l\u2019organisation existante en mati\u00e8re de pilotage au sein du groupe La Poste. Un secteur d\u2019activit\u00e9 est un sous-ensemble pour lequel une information financi\u00e8re distincte est disponible et r\u00e9guli\u00e8rement revue par la direction du groupe, en vue de lui affecter des ressources et d\u2019\u00e9valuer sa performance.

\n

Les crit\u00e8res retenus pour d\u00e9terminer les secteurs d\u2019activit\u00e9 sont notamment les suivants\u00a0:

\n

\u25cfnature des produits distribu\u00e9s\u00a0;

\n

\u25cftype ou cat\u00e9gorie de clients auxquels ils sont destin\u00e9s\u00a0;

\n

\u25cfprocessus de production et r\u00e9seau de distribution\u00a0;

\n

\u25cfenvironnement r\u00e9glementaire.

\n

Le groupe est organis\u00e9 autour des quatre secteurs op\u00e9rationnels suivants, auxquels s\u2019ajoutent les secteurs Immobilier et Supports et structures\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Secteurs

\n		\n

Activit\u00e9s

\n
\n

Services-Courrier-Colis

\n		\n

\u25cfactivit\u00e9 courrier (collecte, tri, distribution de correspondance, publicit\u00e9, presse, courrier international)
et les services connexes

\n

\u25cfactivit\u00e9 colis en France r\u00e9alis\u00e9e sous la marque Colissimo

\n

\u25cfactivit\u00e9 Sant\u00e9 et Autonomie d\u2019aides \u00e0 la personne et dans le domaine de la sant\u00e9

\n

\u25cfnouveaux services du facteur

\n
\n

Geopost

\n		\n

\u25cfactivit\u00e9 express r\u00e9alis\u00e9e par les marques du sous-groupe Geopost, en particulier DPD, Chronopost, et Seur

\n

\u25cfcourrier international

\n

\u25cfactivit\u00e9 de e-commerce r\u00e9alis\u00e9e par Asendia

\n
\n

La Banque Postale

\n		\n

\u25cfactivit\u00e9 Banque et Assurance du sous-groupe La Banque Postale

\n

\u25cfdivision de La Poste\u00a0SA qui enregistre les prestations de services r\u00e9alis\u00e9es par certains personnels
de La Poste mis \u00e0 disposition de La Banque Postale dans le cadre de conventions de services

\n
\n

Grand Public Num\u00e9rique

\n		\n

\u25cfactivit\u00e9s de vente et de distribution, aupr\u00e8s du grand public, des produits et services du groupe La Poste

\n

\u25cfensemble des activit\u00e9s num\u00e9riques du groupe activit\u00e9 de La Poste Mobile

\n

\u25cfautres produits externes

\n
\n

Immobilier

\n		\n

\u25cfgestion du parc immobilier regroup\u00e9 dans le sous-groupe La Poste Immobilier

\n

\u25cfactivit\u00e9 de la direction immobili\u00e8re de La Poste

\n
\n

Supports et structures

\n		\n

\u25cfactivit\u00e9s \u00ab\u00a0Corporate\u00a0\u00bb des directions du si\u00e8ge

\n

\u25cfservices supports du groupe

\n
\n

6.2Information par secteur op\u00e9rationnel

\n

Les principes comptables appliqu\u00e9s pour \u00e9tablir l\u2019information sectorielle sont les m\u00eames que ceux utilis\u00e9s pour les comptes consolid\u00e9s, tels que\u00a0d\u00e9crits en notes 2 et 3. Les r\u00e9sultats, actifs et passifs allou\u00e9s aux secteurs d\u2019activit\u00e9 correspondent aux r\u00e9sultats, actifs et passifs qui sont affectables aux secteurs d\u2019activit\u00e9 de fa\u00e7on directe et indirecte.

\n

Les montants non affect\u00e9s aux secteurs d\u2019activit\u00e9 correspondent principalement\u00a0:

\n

\u25cfau co\u00fbt net de l\u2019am\u00e9nagement du territoire\u00a0;

\n

\u25cfau co\u00fbt de la contrainte d\u2019accessibilit\u00e9 pesant sur La Poste\u00a0;

\n

\u25cfau r\u00e9sultat financier et \u00e0 l\u2019imp\u00f4t.

\n

Segmentation des charges op\u00e9rationnelles

\n

Compte tenu de la coexistence au sein de La Poste des acteurs Services-Courrier-Colis, La Banque Postale et R\u00e9seau La Poste, et de la forte imbrication des processus de production de ces activit\u00e9s, La Poste a d\u00e9fini des principes de comptabilit\u00e9 analytique afin de r\u00e9partir les charges mutualis\u00e9es entre les diff\u00e9rents secteurs et de d\u00e9terminer ainsi le r\u00e9sultat de chacun.

\n

La refacturation des charges de guichet des bureaux de poste du R\u00e9seau La Poste s\u2019effectue aux m\u00e9tiers utilisateurs du r\u00e9seau sur la base de conventions de services dont les modalit\u00e9s de tarification sont fond\u00e9es sur des inducteurs op\u00e9rationnels mesurables (chiffre d\u2019affaires, statistiques mesurant le temps n\u00e9cessaire \u00e0 la r\u00e9alisation des diff\u00e9rentes op\u00e9rations, etc.).

\n

Segmentation de l\u2019actif immobilis\u00e9

\n

Les immobilisations incorporelles et corporelles sont r\u00e9parties sur la base de l\u2019affectation par m\u00e9tier des biens correspondants dans le syst\u00e8me comptable de La Poste. Les actifs immobiliers d\u00e9tenus par La Poste et le sous-groupe La Poste Immobilier sont affect\u00e9s en totalit\u00e9 au secteur Immobilier.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059678_0": { "value": "

NOTE 8Produit net bancaire

\n

Le Produit net bancaire du groupe se d\u00e9taille de la mani\u00e8re suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0(e)

\n		\n

11\u00a0848

\n		\n

12\u00a0254

\n
\n

Int\u00e9r\u00eats et charges assimil\u00e9es

\n		\n

(5\u00a0570)

\n		\n

(7\u00a0120)

\n
\n

Produits de commissions

\n		\n

2\u00a0720

\n		\n

2\u00a0699

\n
\n

Charges de commissions

\n		\n

(400)

\n		\n

(343)

\n
\n

Gains ou pertes nets

\n		\n

11\u00a0627

\n		\n

10\u00a0055

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par capitaux propres\u00a0(a)

\n		\n

(1\u00a0047)

\n		\n

(685)

\n
\n

\u25cfD\u00e9comptabilisation d'actifs financiers au co\u00fbt amorti

\n		\n

(99)

\n		\n

(0)

\n
\n

Produits des contrats d\u2019assurance \u00e9mis\u00a0(b)

\n		\n

12\u00a0732

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis\u00a0(b)

\n		\n

(9\u00a0811)

\n		\n

(8\u00a0798)

\n
\n

Dont frais g\u00e9n\u00e9raux rattachables \u00e0 l'activit\u00e9 d'assurance\u00a0(c)

\n		\n

(1\u00a0826)

\n		\n

(1\u00a0699)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0405)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance\u00a0(d)

\n		\n

(21)

\n		\n

(5)

\n
\n

Produits des autres activit\u00e9s\u00a0(e)

\n		\n

1\u00a0127

\n		\n

1\u00a0118

\n
\n

Charges des autres activit\u00e9s

\n		\n

(1\u00a0044)

\n		\n

(1\u00a0162)

\n
\n

Total

\n		\n

7\u00a0687

\n		\n

7\u00a0514

\n
\n

(a)Dont 549\u00a0millions d\u2019euros pour les dividendes sur actions, -1\u00a0622\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de dette, 26\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de couverture de juste valeur des instruments de dette.

\n

(b)Cf. note\u00a036.1.

\n

(c)Dont notamment, lorsqu\u2019ils sont rattachables aux activit\u00e9s d\u2019assurance, les achats et autres charges, les charges de personnel, les imp\u00f4ts et taxes ainsi que les dotations nettes aux amortissements et d\u00e9pr\u00e9ciations des immobilisations corporelles et incorporelles.

\n

(d)Le co\u00fbt du risque des activit\u00e9s d\u2019assurance est d\u00fb \u00e0 des actifs \u00e0 la juste valeur par capitaux propres en bucket\u00a01 \u00e0 hauteur de -20\u00a0millions d\u2019euros (versus -4\u00a0millions d\u2019euros en 2024).

\n

(e)Dont en 2025 une compensation de 269\u00a0millions d\u2019euros re\u00e7ue au titre de la mission d\u2019accessibilit\u00e9 bancaire (versus 287\u00a0millions d\u2019euros en 2024 pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0\u00bb).

\n
\n

En 2025, les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance, 32\u00a0millions d\u2019euros, sont pr\u00e9sent\u00e9es au sein des \u00ab\u00a0Charges de commissions\u00a0\u00bb du Produit Net Bancaire (versus 38\u00a0millions d\u2019euros au sein des \u00ab\u00a0Achats et autres charges\u00a0\u00bb du compte de r\u00e9sultat en 2024).

\n

En 2025, des dotations aux provisions pour risques et charges li\u00e9s \u00e0 l\u2019exploitation bancaire (pour 7\u00a0millions d\u2019euros) et les dotations aux amortissements des immeubles de placement (pour 9\u00a0millions d\u2019euros) sont pr\u00e9sent\u00e9es sur la ligne des \u00ab\u00a0Charges des autres activit\u00e9s\u00a0\u00bb du Produit Net Bancaire (versus, en 2024, sur la ligne \u00ab\u00a0Amortissements, provisions et perte de valeur\u00a0\u00bb du compte de r\u00e9sultat pour 14\u00a0millions d\u2019euros).

\n

Le co\u00fbt du risque des activit\u00e9s bancaires est pr\u00e9sent\u00e9 au sein de la note\u00a012 Amortissements, provisions et pertes de valeur.

\n

Les gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Dividendes re\u00e7us

\n		\n

1\u00a0773

\n		\n

1\u00a0262

\n
\n

Variations de juste valeur sur actifs et passifs financiers \u00e9valu\u00e9s par r\u00e9sultat

\n		\n

11\u00a0029

\n		\n

9\u00a0462

\n
\n

Actifs et passifs d\u00e9tenus \u00e0 des fins de transaction

\n		\n

(69)

\n		\n

(1\u00a0031)

\n
\n

Instruments de dettes ne remplissant pas les crit\u00e8res SPPI

\n		\n

3\u00a0247

\n		\n

3\u00a0231

\n
\n

Actifs et passifs \u00e0 la juste valeur par r\u00e9sultat sur option

\n		\n

(92)

\n		\n

(106)

\n
\n

Actifs repr\u00e9sentatifs de contrats en unit\u00e9s de compte

\n		\n

7\u00a0943

\n		\n

7\u00a0368

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture

\n		\n

5

\n		\n

17

\n
\n

Gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

NOTE 14R\u00e9sultat financier

\n

14.1Co\u00fbt de l\u2019endettement financier net

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charges d'int\u00e9r\u00eats sur op\u00e9rations de financement\u00a0(a)

\n		\n

(185)

\n		\n

(219)

\n
\n

Charges d'int\u00e9r\u00eats sur passifs de location

\n		\n

(132)

\n		\n

(137)

\n
\n

Variation de la juste valeur des emprunts\u00a0(b)\u00a0et des swaps li\u00e9s \u00e0 la dette

\n		\n

(8)

\n		\n

11

\n
\n

Produits de tr\u00e9sorerie\u00a0(c)

\n		\n

89

\n		\n

109

\n
\n

Total

\n		\n

(236)

\n		\n

(235)

\n
\n

(a)Y compris int\u00e9r\u00eats et r\u00e9sultats de r\u00e9siliation des instruments d\u00e9riv\u00e9s associ\u00e9s \u00e0 la dette.

\n

(b)Hors effet de la variation du risque de cr\u00e9dit propre sur les emprunts, comptabilis\u00e9 en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n

(c)Y compris variation de juste valeur d\u2019actifs de tr\u00e9sorerie ou d\u2019actifs financiers.

\n
\n

14.2Autres \u00e9l\u00e9ments financiers

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charge d'actualisation des provisions pour avantages du personnel et rendement des actifs de r\u00e9gime

\n		\n

(31)

\n		\n

(35)

\n
\n

Gains ou pertes nets de change

\n		\n

(0)

\n		\n

(4)

\n
\n

Autres produits et charges financiers

\n		\n

21

\n		\n

11

\n
\n

Total

\n		\n

(11)

\n		\n

(29)

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18203269083476864_0_0": { "value": "

NOTE 8Produit net bancaire

\n

Le Produit net bancaire du groupe se d\u00e9taille de la mani\u00e8re suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0(e)

\n		\n

11\u00a0848

\n		\n

12\u00a0254

\n
\n

Int\u00e9r\u00eats et charges assimil\u00e9es

\n		\n

(5\u00a0570)

\n		\n

(7\u00a0120)

\n
\n

Produits de commissions

\n		\n

2\u00a0720

\n		\n

2\u00a0699

\n
\n

Charges de commissions

\n		\n

(400)

\n		\n

(343)

\n
\n

Gains ou pertes nets

\n		\n

11\u00a0627

\n		\n

10\u00a0055

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

\u25cfInstruments financiers \u00e0 la juste valeur par capitaux propres\u00a0(a)

\n		\n

(1\u00a0047)

\n		\n

(685)

\n
\n

\u25cfD\u00e9comptabilisation d'actifs financiers au co\u00fbt amorti

\n		\n

(99)

\n		\n

(0)

\n
\n

Produits des contrats d\u2019assurance \u00e9mis\u00a0(b)

\n		\n

12\u00a0732

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d'assurance \u00e9mis\u00a0(b)

\n		\n

(9\u00a0811)

\n		\n

(8\u00a0798)

\n
\n

Dont frais g\u00e9n\u00e9raux rattachables \u00e0 l'activit\u00e9 d'assurance\u00a0(c)

\n		\n

(1\u00a0826)

\n		\n

(1\u00a0699)

\n
\n

Produits et charges aff\u00e9rents aux contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(78)

\n		\n

(100)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats d\u2019assurance \u00e9mis

\n		\n

(15\u00a0405)

\n		\n

(13\u00a0001)

\n
\n

Produits financiers ou charges financi\u00e8res des contrats de r\u00e9assurance d\u00e9tenus

\n		\n

(37)

\n		\n

98

\n
\n

Co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance\u00a0(d)

\n		\n

(21)

\n		\n

(5)

\n
\n

Produits des autres activit\u00e9s\u00a0(e)

\n		\n

1\u00a0127

\n		\n

1\u00a0118

\n
\n

Charges des autres activit\u00e9s

\n		\n

(1\u00a0044)

\n		\n

(1\u00a0162)

\n
\n

Total

\n		\n

7\u00a0687

\n		\n

7\u00a0514

\n
\n

(a)Dont 549\u00a0millions d\u2019euros pour les dividendes sur actions, -1\u00a0622\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de dette, 26\u00a0millions d\u2019euros pour les plus ou moins-values de cession sur instruments de couverture de juste valeur des instruments de dette.

\n

(b)Cf. note\u00a036.1.

\n

(c)Dont notamment, lorsqu\u2019ils sont rattachables aux activit\u00e9s d\u2019assurance, les achats et autres charges, les charges de personnel, les imp\u00f4ts et taxes ainsi que les dotations nettes aux amortissements et d\u00e9pr\u00e9ciations des immobilisations corporelles et incorporelles.

\n

(d)Le co\u00fbt du risque des activit\u00e9s d\u2019assurance est d\u00fb \u00e0 des actifs \u00e0 la juste valeur par capitaux propres en bucket\u00a01 \u00e0 hauteur de -20\u00a0millions d\u2019euros (versus -4\u00a0millions d\u2019euros en 2024).

\n

(e)Dont en 2025 une compensation de 269\u00a0millions d\u2019euros re\u00e7ue au titre de la mission d\u2019accessibilit\u00e9 bancaire (versus 287\u00a0millions d\u2019euros en 2024 pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Int\u00e9r\u00eats et produits assimil\u00e9s\u00a0\u00bb).

\n
\n

En 2025, les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance, 32\u00a0millions d\u2019euros, sont pr\u00e9sent\u00e9es au sein des \u00ab\u00a0Charges de commissions\u00a0\u00bb du Produit Net Bancaire (versus 38\u00a0millions d\u2019euros au sein des \u00ab\u00a0Achats et autres charges\u00a0\u00bb du compte de r\u00e9sultat en 2024).

\n

En 2025, des dotations aux provisions pour risques et charges li\u00e9s \u00e0 l\u2019exploitation bancaire (pour 7\u00a0millions d\u2019euros) et les dotations aux amortissements des immeubles de placement (pour 9\u00a0millions d\u2019euros) sont pr\u00e9sent\u00e9es sur la ligne des \u00ab\u00a0Charges des autres activit\u00e9s\u00a0\u00bb du Produit Net Bancaire (versus, en 2024, sur la ligne \u00ab\u00a0Amortissements, provisions et perte de valeur\u00a0\u00bb du compte de r\u00e9sultat pour 14\u00a0millions d\u2019euros).

\n

Le co\u00fbt du risque des activit\u00e9s bancaires est pr\u00e9sent\u00e9 au sein de la note\u00a012 Amortissements, provisions et pertes de valeur.

\n

Les gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Dividendes re\u00e7us

\n		\n

1\u00a0773

\n		\n

1\u00a0262

\n
\n

Variations de juste valeur sur actifs et passifs financiers \u00e9valu\u00e9s par r\u00e9sultat

\n		\n

11\u00a0029

\n		\n

9\u00a0462

\n
\n

Actifs et passifs d\u00e9tenus \u00e0 des fins de transaction

\n		\n

(69)

\n		\n

(1\u00a0031)

\n
\n

Instruments de dettes ne remplissant pas les crit\u00e8res SPPI

\n		\n

3\u00a0247

\n		\n

3\u00a0231

\n
\n

Actifs et passifs \u00e0 la juste valeur par r\u00e9sultat sur option

\n		\n

(92)

\n		\n

(106)

\n
\n

Actifs repr\u00e9sentatifs de contrats en unit\u00e9s de compte

\n		\n

7\u00a0943

\n		\n

7\u00a0368

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture

\n		\n

5

\n		\n

17

\n
\n

Gains et pertes nets sur instruments financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

12\u00a0773

\n		\n

10\u00a0740

\n
\n

14.1Co\u00fbt de l\u2019endettement financier net

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charges d'int\u00e9r\u00eats sur op\u00e9rations de financement\u00a0(a)

\n		\n

(185)

\n		\n

(219)

\n
\n

Charges d'int\u00e9r\u00eats sur passifs de location

\n		\n

(132)

\n		\n

(137)

\n
\n

Variation de la juste valeur des emprunts\u00a0(b)\u00a0et des swaps li\u00e9s \u00e0 la dette

\n		\n

(8)

\n		\n

11

\n
\n

Produits de tr\u00e9sorerie\u00a0(c)

\n		\n

89

\n		\n

109

\n
\n

Total

\n		\n

(236)

\n		\n

(235)

\n
\n

(a)Y compris int\u00e9r\u00eats et r\u00e9sultats de r\u00e9siliation des instruments d\u00e9riv\u00e9s associ\u00e9s \u00e0 la dette.

\n

(b)Hors effet de la variation du risque de cr\u00e9dit propre sur les emprunts, comptabilis\u00e9 en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n

(c)Y compris variation de juste valeur d\u2019actifs de tr\u00e9sorerie ou d\u2019actifs financiers.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18203462758065227_0_0": { "value": "

NOTE 9Achats et autres charges

\n

Les achats et autres charges se\u00a0d\u00e9composent comme suit\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Services ext\u00e9rieurs et sous-traitance g\u00e9n\u00e9rale\u2009(a)

\n		\n

4\u00a0542

\n		\n

4\u00a0599

\n
\n

Achats

\n		\n

1\u00a0205

\n		\n

1\u00a0210

\n
\n

Sous-traitance transport

\n		\n

8\u00a0472

\n		\n

8\u00a0274

\n
\n

Prestations du courrier international

\n		\n

439

\n		\n

467

\n
\n

Locations\u2009(b)

\n		\n

545

\n		\n

546

\n
\n

Entretiens et r\u00e9parations

\n		\n

752

\n		\n

748

\n
\n

Frais de t\u00e9l\u00e9communications

\n		\n

175

\n		\n

173

\n
\n

D\u00e9placements, missions

\n		\n

167

\n		\n

162

\n
\n

Autres charges

\n		\n

595

\n		\n

621

\n
\n

Total avant affectation aux contrats d'assurance

\n		\n

16\u00a0893

\n		\n

16\u00a0798

\n
\n

Achats et autres charges aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en PNB

\n		\n

(1\u00a0035)

\n		\n

(983)

\n
\n

Total

\n		\n

15\u00a0858

\n		\n

15\u00a0814

\n
\n

(a)Dont les commissions de gestion d\u2019actifs des contrats emprunteur et pr\u00e9voyance jusqu\u2019en 2024 (voir commentaires en note\u00a08).

\n

(b)Cette ligne ne comprend que les loyers relatifs \u00e0 des contrats de location non retrait\u00e9s dans le cadre d'IFRS\u00a016 (contrats de courte dur\u00e9e ou portant sur des actifs de faible valeur principalement), ainsi que les charges locatives (cf. note\u00a019.3).

\n
\n

NOTE 11Imp\u00f4ts et taxes

\n

Les imp\u00f4ts et taxes se composent des \u00e9l\u00e9ments suivants\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Imp\u00f4ts locaux

\n		\n

125

\n		\n

137

\n
\n

Autres imp\u00f4ts et taxes\u00a0(a)

\n		\n

284

\n		\n

298

\n
\n

Imp\u00f4ts et taxes avant affectation aux contrats d'assurance

\n		\n

409

\n		\n

436

\n
\n

Imp\u00f4ts et taxes aff\u00e9rents aux contrats d\u2019assurance reclass\u00e9s en PNB

\n		\n

(132)

\n		\n

(133)

\n
\n

Total

\n		\n

277

\n		\n

302

\n
\n

(a)Dont en 2025, 91\u00a0millions d\u2019euros au titre de la TVA non d\u00e9ductible sur les contrats de location et dont en 2024, 94\u00a0millions d\u2019euros.

\n
\n

La Poste b\u00e9n\u00e9ficie d\u2019un all\u00e8gement de la fiscalit\u00e9 locale en contrepartie de ses contraintes de desserte de l\u2019ensemble du territoire national et de la participation \u00e0 l\u2019am\u00e9nagement du territoire (loi du 2\u00a0juillet 1990 am\u00e9nag\u00e9e par la loi du 9\u00a0f\u00e9vrier 2010).

\n

\u00c0 ce titre, La Poste a b\u00e9n\u00e9fici\u00e9 en 2025 et en 2024 d\u2019un abattement de 99% applicable sur l\u2019ensemble des bases de fiscalit\u00e9 locale (taxe fonci\u00e8re et Contribution \u00e9conomique territoriale \u2013 CET).

\n

La CET est comptabilis\u00e9e sur la ligne \u00ab\u00a0Imp\u00f4ts locaux\u00a0\u00bb.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059791_0": { "value": "

14.1Co\u00fbt de l\u2019endettement financier net

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charges d'int\u00e9r\u00eats sur op\u00e9rations de financement\u00a0(a)

\n		\n

(185)

\n		\n

(219)

\n
\n

Charges d'int\u00e9r\u00eats sur passifs de location

\n		\n

(132)

\n		\n

(137)

\n
\n

Variation de la juste valeur des emprunts\u00a0(b)\u00a0et des swaps li\u00e9s \u00e0 la dette

\n		\n

(8)

\n		\n

11

\n
\n

Produits de tr\u00e9sorerie\u00a0(c)

\n		\n

89

\n		\n

109

\n
\n

Total

\n		\n

(236)

\n		\n

(235)

\n
\n

(a)Y compris int\u00e9r\u00eats et r\u00e9sultats de r\u00e9siliation des instruments d\u00e9riv\u00e9s associ\u00e9s \u00e0 la dette.

\n

(b)Hors effet de la variation du risque de cr\u00e9dit propre sur les emprunts, comptabilis\u00e9 en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n

(c)Y compris variation de juste valeur d\u2019actifs de tr\u00e9sorerie ou d\u2019actifs financiers.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18203937686042117_0_0": { "value": "

14.1Co\u00fbt de l\u2019endettement financier net

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

2025

\n		\n

2024

\n
\n

Charges d'int\u00e9r\u00eats sur op\u00e9rations de financement\u00a0(a)

\n		\n

(185)

\n		\n

(219)

\n
\n

Charges d'int\u00e9r\u00eats sur passifs de location

\n		\n

(132)

\n		\n

(137)

\n
\n

Variation de la juste valeur des emprunts\u00a0(b)\u00a0et des swaps li\u00e9s \u00e0 la dette

\n		\n

(8)

\n		\n

11

\n
\n

Produits de tr\u00e9sorerie\u00a0(c)

\n		\n

89

\n		\n

109

\n
\n

Total

\n		\n

(236)

\n		\n

(235)

\n
\n

(a)Y compris int\u00e9r\u00eats et r\u00e9sultats de r\u00e9siliation des instruments d\u00e9riv\u00e9s associ\u00e9s \u00e0 la dette.

\n

(b)Hors effet de la variation du risque de cr\u00e9dit propre sur les emprunts, comptabilis\u00e9 en \u00ab\u00a0Autres \u00e9l\u00e9ments du r\u00e9sultat global\u00a0\u00bb.

\n

(c)Y compris variation de juste valeur d\u2019actifs de tr\u00e9sorerie ou d\u2019actifs financiers.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143146416930832_0_0": { "value": "

23.3Actifs financiers \u00e0 la juste valeur par capitaux propres

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actions \u00e0 la juste valeur par capitaux propres non recyclables

\n		\n

16\u00a0051

\n		\n

14\u00a0997

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

93\u00a0366

\n		\n

91\u00a0934

\n
\n

Obligations et autres titres de dettes

\n		\n

113\u00a0368

\n		\n

111\u00a0014

\n
\n

Instruments de dettes \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

202\u00a0948

\n
\n

Total

\n		\n

222\u00a0785

\n		\n

217\u00a0945

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n		\n

Juste valeur

\n		\n

Gains/pertes cumul\u00e9s latents

\n
\n

Effets publics et valeurs assimil\u00e9es

\n		\n

90\u00a0654

\n		\n

(20\u00a0561)

\n		\n

89\u00a0936

\n		\n

(19\u00a0519)

\n
\n

Obligations et autres titres \u00e0 revenu fixe

\n		\n

99\u00a0453

\n		\n

(6\u00a0190)

\n		\n

99\u00a0207

\n		\n

(6\u00a0480)

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres recyclables

\n		\n

190\u00a0107

\n		\n

(26\u00a0751)

\n		\n

189\u00a0142

\n		\n

(25\u00a0998)

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

7\u00a0263

\n		\n

\n		\n

7\u00a0090

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

(19\u00a0488)

\n		\n

\n		\n

(18\u00a0908)

\n
\n

Actions, autres titres \u00e0 revenu variable et autres titres
d\u00e9tenus \u00e0 long terme

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Actifs financiers \u00e0 la juste valeur
par capitaux propres non recyclables

\n		\n

15\u00a0770

\n		\n

4\u00a0741

\n		\n

14\u00a0704

\n		\n

3\u00a0541

\n
\n

Imp\u00f4ts

\n		\n

\n		\n

(998)

\n		\n

\n		\n

(688)

\n
\n

Gains et pertes comptabilis\u00e9s directement en capitaux
propres non recyclables (nets d'imp\u00f4ts)

\n		\n

\n		\n

3\u00a0743

\n		\n

\n		\n

2\u00a0853

\n
\n", "dimensions": { "concept": "LEG:DisclosureOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143246141616111_0_0": { "value": "

23.5Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de\u00a0cr\u00e9dit au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Comptes ordinaires d\u00e9biteurs

\n		\n

1\u00a0872

\n		\n

1\u00a0946

\n
\n

Valeurs non imput\u00e9es

\n		\n

3

\n		\n

3

\n
\n

Comptes et pr\u00eats sur \u00e9tablissements de cr\u00e9dit \u00e0 vue

\n		\n

1\u00a0875

\n		\n

1\u00a0950

\n
\n

Comptes et pr\u00eats

\n		\n

153

\n		\n

106

\n
\n

Centralisation CDC

\n		\n

59\u00a0475

\n		\n

63\u00a0410

\n
\n

Titres et valeurs re\u00e7us en pension livr\u00e9e

\n		\n

8\u00a0495

\n		\n

10\u00a0129

\n
\n

Comptes et pr\u00eats sur \u00e9tablissements de cr\u00e9dit \u00e0 terme

\n		\n

68\u00a0123

\n		\n

73\u00a0645

\n
\n

Pr\u00eats subordonn\u00e9s

\n		\n

79

\n		\n

79

\n
\n

Total

\n		\n

70\u00a0076

\n		\n

75\u00a0673

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143275941208620_0_0": { "value": "

23.6Pr\u00eats et cr\u00e9ances sur la client\u00e8le au co\u00fbt amorti

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Comptes ordinaires d\u00e9biteurs client\u00e8le

\n		\n

1\u00a0038

\n		\n

969

\n
\n

Affacturage

\n		\n

4\u00a0236

\n		\n

4\u00a0147

\n
\n

Pr\u00eats \u00e0 la client\u00e8le \u00e0 vue, valeurs non imput\u00e9es et autres comptes

\n		\n

87

\n		\n

75

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

(205)

\n		\n

(204)

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le \u00e0 vue

\n		\n

5\u00a0156

\n		\n

4\u00a0986

\n
\n

Cr\u00e9dits de tr\u00e9sorerie

\n		\n

16\u00a0296

\n		\n

14\u00a0363

\n
\n

Cr\u00e9dits \u00e0 l'habitat et cr\u00e9dits immobiliers

\n		\n

91\u00a0302

\n		\n

93\u00a0620

\n
\n

Cr\u00e9dits \u00e0 l'\u00e9quipement

\n		\n

5\u00a0877

\n		\n

6\u00a0793

\n
\n

Cr\u00e9dits \u00e0 la client\u00e8le financi\u00e8re

\n		\n

4\u00a0254

\n		\n

2\u00a0598

\n
\n

Autres cr\u00e9dits

\n		\n

1\u00a0470

\n		\n

1\u00a0989

\n
\n

Titres re\u00e7us en pension livr\u00e9e

\n		\n

5\u00a0829

\n		\n

2\u00a0289

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

(1\u00a0509)

\n		\n

(1\u00a0411)

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le \u00e0 terme

\n		\n

123\u00a0521

\n		\n

120\u00a0240

\n
\n

Pr\u00eats subordonn\u00e9s \u00e0 la client\u00e8le

\n		\n

15

\n		\n

16

\n
\n

Op\u00e9rations de location-financement

\n		\n

3\u00a0462

\n		\n

3\u00a0715

\n
\n

Total

\n		\n

132\u00a0154

\n		\n

128\u00a0958

\n
\n

Actifs financiers restructur\u00e9s

\n

Pour les actifs ayant fait l\u2019objet d\u2019une restructuration au cours de la p\u00e9riode, la valeur comptable \u00e9tablie \u00e0 l\u2019issue de la restructuration est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n		\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le au co\u00fbt amorti

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Total

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0note\u00a03.11.6). Le statut d\u2019actif financier restructur\u00e9 est caract\u00e9ris\u00e9 d\u00e8s la survenance d\u2019une restructuration et conserv\u00e9 jusqu\u2019\u00e0 la\u00a0d\u00e9comptabilisation de l\u2019actif.

\n

La valeur comptable brute des actifs modifi\u00e9s concern\u00e9s par ce reclassement au cours de la p\u00e9riode est de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 10\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143303357105337_0_0": { "value": "

23.7Contrats d\u2019assurance et de r\u00e9assurance, autres actifs financiers et\u00a0comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

740

\n		\n

816

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 PAA

\n		\n

\n		\n

146

\n		\n

97

\n
\n

Frais d'acquisition non encore affect\u00e9s aux contrats \u2013 Actif

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif

\n		\n

36.3.1

\n		\n

890

\n		\n

917

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

5\u00a0986

\n		\n

6\u00a0213

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 PAA

\n		\n

\n		\n

255

\n		\n

295

\n
\n

Actifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 R\u00e9assurance

\n		\n

\n		\n

15

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif\u00a0

\n		\n

36.3.1

\n		\n

6\u00a0255

\n		\n

6\u00a0523

\n
\n

D\u00e9biteurs divers\u00a0(a)

\n		\n

\n		\n

4\u00a0875

\n		\n

6\u00a0822

\n
\n

Comptes de r\u00e8glement relatifs aux op\u00e9rations sur titres

\n		\n

\n		\n

41

\n		\n

0

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

\n		\n

(147)

\n		\n

(93)

\n
\n

Autres actifs financiers

\n		\n

\n		\n

4\u00a0768

\n		\n

6\u00a0729

\n
\n

Charges constat\u00e9es d'avance et produits \u00e0 recevoir

\n		\n

\n		\n

1\u00a0565

\n		\n

1\u00a0770

\n
\n

Comptes d'encaissement

\n		\n

\n		\n

116

\n		\n

142

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

\n		\n

304

\n		\n

321

\n
\n

Comptes de r\u00e9gularisation

\n		\n

\n		\n

1\u00a0985

\n		\n

2\u00a0232

\n
\n

Autres actifs financiers et comptes de r\u00e9gularisation

\n		\n

\n		\n

6\u00a0754

\n		\n

8\u00a0961

\n
\n

(a)Dont d\u00e9p\u00f4ts de garantie au titre des EPI du FRU pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024 (cf. note\u00a037.4).

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059487_0": { "value": "

23.7Contrats d\u2019assurance et de r\u00e9assurance, autres actifs financiers et\u00a0comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Note

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

740

\n		\n

816

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif \u2013 PAA

\n		\n

\n		\n

146

\n		\n

97

\n
\n

Frais d'acquisition non encore affect\u00e9s aux contrats \u2013 Actif

\n		\n

\n		\n

4

\n		\n

4

\n
\n

Contrats d'assurance \u00e9mis \u2013 Actif

\n		\n

36.3.1

\n		\n

890

\n		\n

917

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 BBA/VFA

\n		\n

\n		\n

5\u00a0986

\n		\n

6\u00a0213

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif \u2013 PAA

\n		\n

\n		\n

255

\n		\n

295

\n
\n

Actifs relatifs \u00e0 des contrats financiers c\u00e9d\u00e9s (sans part discr\u00e9tionnaire) \u2013 R\u00e9assurance

\n		\n

\n		\n

15

\n		\n

15

\n
\n

Contrats de r\u00e9assurance d\u00e9tenus \u2013 Actif\u00a0

\n		\n

36.3.1

\n		\n

6\u00a0255

\n		\n

6\u00a0523

\n
\n

D\u00e9biteurs divers\u00a0(a)

\n		\n

\n		\n

4\u00a0875

\n		\n

6\u00a0822

\n
\n

Comptes de r\u00e8glement relatifs aux op\u00e9rations sur titres

\n		\n

\n		\n

41

\n		\n

0

\n
\n

D\u00e9pr\u00e9ciations

\n		\n

\n		\n

(147)

\n		\n

(93)

\n
\n

Autres actifs financiers

\n		\n

\n		\n

4\u00a0768

\n		\n

6\u00a0729

\n
\n

Charges constat\u00e9es d'avance et produits \u00e0 recevoir

\n		\n

\n		\n

1\u00a0565

\n		\n

1\u00a0770

\n
\n

Comptes d'encaissement

\n		\n

\n		\n

116

\n		\n

142

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

\n		\n

304

\n		\n

321

\n
\n

Comptes de r\u00e9gularisation

\n		\n

\n		\n

1\u00a0985

\n		\n

2\u00a0232

\n
\n

Autres actifs financiers et comptes de r\u00e9gularisation

\n		\n

\n		\n

6\u00a0754

\n		\n

8\u00a0961

\n
\n

(a)Dont d\u00e9p\u00f4ts de garantie au titre des EPI du FRU pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024 (cf. note\u00a037.4).

\n
\n

37.4M\u00e9canismes de r\u00e9solution bancaire

\n

Le r\u00e9gime de r\u00e9solution bancaire\u00a0d\u00e9clench\u00e9 par la d\u00e9faillance d\u2019un \u00e9tablissement bancaire implique notamment la mise \u00e0 contribution des actionnaires et des cr\u00e9anciers pour en supporter le co\u00fbt.

\n

Le Fonds de r\u00e9solution unique (FRU) est un fonds d\u2019urgence participant \u00e0 la stabilit\u00e9 du syst\u00e8me financier au sein de l\u2019Union bancaire et visant \u00e0 uniformiser le financement des r\u00e9solutions. Il peut \u00eatre utilis\u00e9 en compl\u00e9ment des mesures d\u00e9ploy\u00e9es lors de la r\u00e9solution pour financer certaines mesures comme le transfert d\u2019actifs ou les garanties de passif, ou d\u00e9dommager les actionnaires (ou cr\u00e9anciers) dont la perte subie lors de la r\u00e9solution aurait d\u00e9pass\u00e9 celle subie lors d\u2019une liquidation judiciaire.

\n

Les \u00e9tablissements de cr\u00e9dit dont le si\u00e8ge social est bas\u00e9 sur le territoire national sont les principaux contributeurs au FRU auxquels il faut ajouter les entreprises d\u2019investissement les plus significatives. Les entit\u00e9s assujetties au m\u00e9canisme de r\u00e9solution mais ne relevant pas du FRU contribuent au Fonds de r\u00e9solution national (FRN), potentiellement mobilisable pour le financement d\u2019une r\u00e9solution.

\n

Les montants cibles de ces deux fonds (au moins 1% des d\u00e9p\u00f4ts couverts de l\u2019ensemble des \u00e9tablissements adh\u00e9rents) ont \u00e9t\u00e9 atteints au 1er\u00a0janvier 2025. De ce fait, aucun appel de contribution n\u2019est intervenu sur l\u2019exercice 2025.

\n

Le groupe contribue au financement de ces m\u00e9canismes de r\u00e9solution bancaire via\u00a0:

\n

\u25cfun engagement irr\u00e9vocable de payer (EPI) de 89\u00a0millions d\u2019euros (versus 89\u00a0millions d\u2019euros en 2024) pr\u00e9sent\u00e9 dans les engagements de garantie en faveur de la client\u00e8le (cf. note\u00a039).

\n

Cet engagement irr\u00e9vocable de payer ne fait pas l\u2019objet d\u2019une provision car l\u2019hypoth\u00e8se d\u2019une r\u00e9solution d\u2019un \u00e9tablissement bancaire au sein de l\u2019Union europ\u00e9enne, et donc d\u2019un appel partiel ou total par le FRU, est peu probable. Cela s\u2019explique notamment par le cadre r\u00e9glementaire \u00e9tabli depuis plus de 10\u00a0ans par l\u2019Union bancaire (supervision \u00e9lev\u00e9e de la BCE, tests de r\u00e9sistance, etc.) ou par la strat\u00e9gie de r\u00e9solution privil\u00e9giant majoritairement le renflouement interne (bail in) i.e. sans recours \u00e0 l\u2019\u00e9pargne publique. Le retrait d\u2019agr\u00e9ment d\u2019un \u00e9tablissement bancaire constitue un sc\u00e9nario suppl\u00e9mentaire dans lequel la totalit\u00e9 des EPI seraient appel\u00e9s. Pour autant, le groupe \u00e9tablissant ses comptes sur la base de la continuit\u00e9 d\u2019exploitation, la probabilit\u00e9 de sortie de ressources devrait \u00eatre tr\u00e8s limit\u00e9e, voire nulle, ne justifiant pas la constatation d\u2019une provision\u00a0;

\n

\u25cfun d\u00e9p\u00f4t de garantie visant \u00e0 s\u00e9curiser cet engagement irr\u00e9vocable de payer pour 89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 (89\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024) (cf. note\u00a023.7).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143628085252776_0_0": { "value": "

NOTE 25Tr\u00e9sorerie et \u00e9quivalents de tr\u00e9sorerie

\n

25.2Caisse, banques centrales des activit\u00e9s bancaires

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Caisse (y compris encaisse des bureaux de poste)

\n		\n

1\u00a0294

\n		\n

1\u00a0182

\n
\n

Banques centrales

\n		\n

11\u00a0463

\n		\n

26\u00a0630

\n
\n

Total

\n		\n

12\u00a0757

\n		\n

27\u00a0812

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40143789021780964_0_0": { "value": "

27.1Capital social

\n

Au 31\u00a0d\u00e9cembre 2025, le capital social s\u2019\u00e9l\u00e8ve \u00e0 6\u00a0183\u00a0millions d\u2019euros, divis\u00e9 en 3\u00a0091\u00a0475\u00a0290 actions ordinaires d\u2019un nominal de 2\u00a0euros chacune. Le capital est d\u00e9tenu \u00e0 66% par la Caisse des D\u00e9p\u00f4ts et \u00e0 34% par l\u2019\u00c9tat.

\n

Historique

\n

La Poste est, depuis le 1er\u00a0mars 2010, une soci\u00e9t\u00e9 anonyme, dot\u00e9e \u00e0 cette date d\u2019un capital social fix\u00e9 \u00e0 1\u00a0milliard d\u2019euros, divis\u00e9 en 500\u00a0millions d\u2019actions de chacune 2\u00a0euros de valeur nominale, enti\u00e8rement lib\u00e9r\u00e9es. Ce capital est, de par la loi, d\u00e9tenu exclusivement par des capitaux publics (\u00c9tat ou personnes morales de droit public), \u00e0 l\u2019exception de la part \u00e9ventuellement r\u00e9serv\u00e9e au personnel de La Poste.

\n

La Poste \u00e9tait, ant\u00e9rieurement \u00e0 cette date, un \u00e9tablissement autonome de droit public, sans capital au sens juridique du terme.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42041876609156122_0_0": { "value": "Caisse des D\u00e9p\u00f4ts", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40144169850975509_0_0": { "value": "

29.2\u00c9ch\u00e9ancier des dettes financi\u00e8res

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

\u00c9ch\u00e9ance < 1 an

\n		\n

\u00c9ch\u00e9ance de 1 \u00e0 5\u00a0ans

\n		\n

\u00c9ch\u00e9ance > 5\u00a0ans

\n		\n

Total

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

Dettes financi\u00e8res au co\u00fbt amorti

\n		\n

1\u00a0264

\n		\n

1\u00a0153

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0562

\n		\n

10\u00a0116

\n		\n

10\u00a0835

\n
\n

Emprunts obligataires

\n		\n

873

\n		\n

749

\n		\n

3\u00a0979

\n		\n

3\u00a0995

\n		\n

4\u00a0738

\n		\n

5\u00a0532

\n		\n

9\u00a0590

\n		\n

10\u00a0277

\n
\n

Bons La Poste

\n		\n

50

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

50

\n		\n

50

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

200

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

200

\n		\n

200

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

72

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

36

\n		\n

72

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

14

\n		\n

5

\n		\n

34

\n		\n

37

\n		\n

10

\n		\n

9

\n		\n

58

\n		\n

50

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

91

\n		\n

77

\n		\n

74

\n		\n

88

\n		\n

18

\n		\n

21

\n		\n

182

\n		\n

185

\n
\n

Instruments d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

23

\n		\n

\n		\n

\n		\n

\n		\n

3

\n		\n

3

\n		\n

26

\n
\n

Int\u00e9r\u00eats courus non \u00e9chus sur emprunts

\n		\n

105

\n		\n

108

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

105

\n		\n

108

\n
\n

Emprunts obligataires et dettes financi\u00e8res

\n		\n

1\u00a0372

\n		\n

1\u00a0285

\n		\n

4\u00a0086

\n		\n

4\u00a0120

\n		\n

4\u00a0766

\n		\n

5\u00a0565

\n		\n

10\u00a0224

\n		\n

10\u00a0969

\n
\n

Passifs de location

\n		\n

782

\n		\n

851

\n		\n

1\u00a0773

\n		\n

2\u00a0068

\n		\n

1\u00a0064

\n		\n

1\u00a0152

\n		\n

3\u00a0619

\n		\n

4\u00a0071

\n
\n

34.2Risque de liquidit\u00e9

\n

Le groupe vise \u00e0 disposer \u00e0 tout moment des ressources financi\u00e8res suffisantes pour financer l\u2019activit\u00e9 courante et les investissements n\u00e9cessaires \u00e0 son d\u00e9veloppement futur. La gestion de la liquidit\u00e9 a pour objectif de permettre au groupe d\u2019acc\u00e9der \u00e0 des ressources financi\u00e8res en ad\u00e9quation avec ses besoins et de satisfaire \u00e0 tout moment \u00e0 ses obligations de paiement.

\n

Le groupe met en place une politique de gestion du risque de liquidit\u00e9 s\u2019appuyant notamment sur (i) la d\u00e9finition et l\u2019actualisation d\u2019un seuil minimal de tr\u00e9sorerie disponible \u00e0 tout moment selon les besoins du groupe et leur \u00e9volution, assorti d\u2019un dispositif d\u2019alerte en cas de franchissement de seuils interm\u00e9diaires (ii) l\u2019acc\u00e8s permanent \u00e0 des sources compl\u00e9mentaires de liquidit\u00e9 et (iii) le suivi d\u2019indicateurs de march\u00e9 permettant d\u2019anticiper des situations de crise de liquidit\u00e9.

\n

Le besoin financier est mesur\u00e9 au travers des pr\u00e9visions de tr\u00e9sorerie (annuelles, mensuelles ou hebdomadaires suivant l\u2019enjeu), et le risque de liquidit\u00e9, est couvert\u00a0:

\n

\u25cfpar le maintien permanent de liquidit\u00e9 et de placements int\u00e9gralement disponibles sous 12\u00a0mois au maximum, avec une dur\u00e9e moyenne de liquidit\u00e9 du portefeuille inf\u00e9rieure \u00e0 3\u00a0mois, d\u2019un montant minimum appel\u00e9 Tr\u00e9sorerie de s\u00e9curit\u00e9, dont le seuil de 1,2\u00a0milliard d\u2019euros est d\u00e9fini et actualis\u00e9 par le Comit\u00e9 financier du groupe et dont le respect est suivi par ce m\u00eame Comit\u00e9\u00a0;

\n

\u25cfpar la mise en place de lignes de cr\u00e9dit confirm\u00e9es aupr\u00e8s d\u2019\u00e9tablissements financiers. Le groupe dispose notamment d\u2019une ligne de cr\u00e9dit syndiqu\u00e9e pour un montant de 1,5\u00a0milliard d\u2019euros dont l\u2019\u00e9ch\u00e9ance est octobre\u00a02030 (renouvelable un an) pour laquelle elle a re\u00e7u un engagement des douze banques constituant le pool bancaire (cf. Lignes de cr\u00e9dit au sein de la note\u00a039.3)\u00a0;

\n

\u25cfpar des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables \u00e0 court terme Negotiable European Commercial Paper et d\u2019un montant maximum de 3,5\u00a0milliards d\u2019euros, qui permet de financer les besoins temporaires de tr\u00e9sorerie et de renforcer la diversification des sources de liquidit\u00e9\u00a0;

\n

\u25cfpar son programme EMTN (Euro Medium Term Notes) d\u2019un montant maximum de 15\u00a0milliards d\u2019euros.

\n

Le tableau ci-dessous pr\u00e9sente les flux de tr\u00e9sorerie contractuels concernant les passifs financiers non d\u00e9riv\u00e9s, ainsi que les flux contractuels relatifs aux instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de la dette, qu\u2019ils soient pr\u00e9sent\u00e9s au passif ou \u00e0 l\u2019actif. Ces flux ne sont pas actualis\u00e9s, et leur somme peut donc diff\u00e9rer du montant comptabilis\u00e9 au bilan.

\n

Ces passifs ne sont assortis d\u2019aucune clause particuli\u00e8re susceptible d\u2019en modifier significativement les termes.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n

(en\u00a0millions d'euros)

\n		\n

Montant au bilan

\n		\n

Flux 2026

\n		\n

Flux 2027

\n		\n

Flux 2028-2030

\n		\n

Flux 2031 et au-del\u00e0

\n
\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n
\n

Emprunts obligataires

\n		\n

9\u00a0590

\n		\n

154

\n		\n

875

\n		\n

148

\n		\n

1\u00a0000

\n		\n

388

\n		\n

3\u00a0000

\n		\n

361

\n		\n

4\u00a0850

\n
\n

Emprunts au co\u00fbt amorti

\n		\n

9\u00a0590

\n		\n

154

\n		\n

875

\n		\n

148

\n		\n

1\u00a0000

\n		\n

388

\n		\n

3\u00a0000

\n		\n

361

\n		\n

4\u00a0850

\n
\n

Autres dettes financi\u00e8res

\n		\n

4\u00a0145

\n		\n

122

\n		\n

1\u00a0147

\n		\n

97

\n		\n

651

\n		\n

194

\n		\n

1\u00a0254

\n		\n

227

\n		\n

1\u00a0091

\n
\n

Passifs de location

\n		\n

3\u00a0619

\n		\n

120

\n		\n

758

\n		\n

97

\n		\n

625

\n		\n

194

\n		\n

1\u00a0173

\n		\n

227

\n		\n

1\u00a0063

\n
\n

Bons La Poste

\n		\n

50

\n		\n

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

2

\n		\n

198

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

\n		\n

36

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

58

\n		\n

\n		\n

14

\n		\n

\n		\n

9

\n		\n

\n		\n

26

\n		\n

\n		\n

10

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

182

\n		\n

\n		\n

91

\n		\n

\n		\n

18

\n		\n

\n		\n

56

\n		\n

\n		\n

18

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

(8)

\n		\n

3

\n		\n

\n		\n

3

\n		\n

\n		\n

7

\n		\n

(1)

\n		\n

4

\n		\n

(9)

\n
\n

D\u00e9riv\u00e9s au passif

\n		\n

3

\n		\n

1

\n		\n

\n		\n

0

\n		\n

\n		\n

1

\n		\n

(1)

\n		\n

0

\n		\n

0

\n
\n

D\u00e9riv\u00e9s \u00e0 l'actif

\n		\n

(11)

\n		\n

2

\n		\n

\n		\n

2

\n		\n

\n		\n

7

\n		\n

\n		\n

4

\n		\n

(9)

\n
\n

Total

\n		\n

13\u00a0727

\n		\n

279

\n		\n

2\u00a0022

\n		\n

248

\n		\n

1\u00a0651

\n		\n

589

\n		\n

4\u00a0253

\n		\n

592

\n		\n

5\u00a0932

\n
\n

35.4Risque de liquidit\u00e9

\n

Le risque de liquidit\u00e9 est d\u00e9fini, par l\u2019arr\u00eat\u00e9 du 3\u00a0novembre 2014, comme le risque pour l\u2019entreprise assujettie de ne pas pouvoir faire face \u00e0 ses engagements ou de ne pas pouvoir d\u00e9nouer ou compenser une position en raison de la situation du march\u00e9 (risque syst\u00e9mique) ou de facteurs idiosyncratiques (risque de cr\u00e9dit propre), dans un d\u00e9lai d\u00e9termin\u00e9 et \u00e0 un co\u00fbt raisonnable.

\n

Les syst\u00e8mes de\u00a0d\u00e9claration des risques de liquidit\u00e9 couvrent l\u2019ensemble de La Banque Postale, au niveau prudentiel. Certaines des limites et indicateurs utilis\u00e9s en gestion font r\u00e9f\u00e9rence \u00e0 des unit\u00e9s sociales du groupe, notamment La Banque Postale, entit\u00e9 la plus importante.

\n

La Banque Postale dispose d\u2019une forte position de liquidit\u00e9 assise sur\u00a0:

\n

\u25cfun montant de d\u00e9p\u00f4ts clients sup\u00e9rieur \u00e0 celui des pr\u00eats clients. La Banque Postale dispose d\u2019une base de d\u00e9p\u00f4ts tr\u00e8s importante et diversifi\u00e9e (sup\u00e9rieure \u00e0 200\u00a0milliards d\u2019euros), principalement compos\u00e9e de d\u00e9p\u00f4ts d\u2019une client\u00e8le de particuliers fran\u00e7ais\u00a0;

\n

\u25cfun important portefeuille HQLA (High Quality Liquidity Assets). La Banque Postale a historiquement investi une part significative de son bilan en titres souverains, en raison de son activit\u00e9 historique de recueil de d\u00e9p\u00f4ts, alors que les activit\u00e9s de cr\u00e9dits client\u00e8les ne se sont d\u00e9velopp\u00e9es que depuis 2006. Ce portefeuille contient exclusivement des actifs liquides et de haute qualit\u00e9 en accord avec les dispositions du R\u00e8glement d\u00e9l\u00e9gu\u00e9 (UE) n\u00b0\u00a02015/61\u00a0;

\n

\u25cfun acc\u00e8s av\u00e9r\u00e9 aux financements de march\u00e9s de capitaux.

\n

Les ressources issues de la client\u00e8le \u00e9tant pour la plupart sans \u00e9ch\u00e9ance et exigibles \u00e0 tout moment (d\u00e9p\u00f4ts, livrets), leur \u00e9coulement est mod\u00e9lis\u00e9 afin d\u2019en d\u00e9terminer le profil dans le temps. La Banque Postale a retenu une approche conservatrice sur ses \u00e9valuations de liquidit\u00e9.

\n

Pilotage du risque de liquidit\u00e9

\n

La responsabilit\u00e9 du pilotage du risque de liquidit\u00e9 incombe au Comit\u00e9 de gestion du bilan, dans le respect des principes et limites valid\u00e9s par le Comit\u00e9 de pilotage des risques groupe (CPRG). Cette responsabilit\u00e9 est partiellement d\u00e9l\u00e9gu\u00e9e au Comit\u00e9\u00a0ALM(390) et tr\u00e9sorerie pour le risque de liquidit\u00e9.

\n

Op\u00e9rationnellement, La Banque Postale a mis en place un dispositif d\u2019\u00e9valuation interne de la liquidit\u00e9, ou ILAAP (Internal Liquidity Adequacy Assessment Process), qui regroupe l\u2019ensemble des dispositifs de limites, d\u2019\u00e9valuation, de suivi, de reporting et de pilotage de sa liquidit\u00e9. Ces dispositifs comprennent notamment\u00a0:

\n

\u25cfun dispositif d\u2019indicateurs de risques associ\u00e9s \u00e0 des limites pouvant \u00eatre r\u00e9glementaires ou internes publi\u00e9s sur un pas mensuel par l\u2019ALM\u00a0;

\n

\u25cfle suivi journalier des \u00e9volutions du coussin de titres liquides non grev\u00e9s de haute qualit\u00e9 et d\u2019un LCR proxy\u00a0;

\n

\u25cfun plan de financement qui assure ex ante l\u2019\u00e9quilibre de la position de refinancement de la banque dans l\u2019univers de planification budg\u00e9taire de La Banque Postale\u00a0;

\n

\u25cfdes tests d\u2019acc\u00e8s au march\u00e9 bisannuels permettant de v\u00e9rifier l\u2019acc\u00e8s au march\u00e9 en diff\u00e9rentes devises et des tests de liquidit\u00e9 r\u00e9elle des titres\u00a0;

\n

\u25cfle dispositif du Plan de financement d\u2019urgence (PFU) dont les objectifs principaux sont\u00a0:

\n

\u25cfde d\u00e9finir des seuils d\u2019alerte permettant de d\u00e9tecter de mani\u00e8re pr\u00e9coce des tensions sur la liquidit\u00e9, qu\u2019elles soient idiosyncratiques (sp\u00e9cifiques \u00e0 La Banque Postale) ou syst\u00e9miques,

\n

\u25cfd\u2019identifier l\u2019ensemble des capacit\u00e9s disponibles pour g\u00e9n\u00e9rer de la liquidit\u00e9 (r\u00e9serves de liquidit\u00e9 et capacit\u00e9s de financement),

\n

\u25cfde mobiliser une gouvernance visant \u00e0 g\u00e9rer avec la rapidit\u00e9 n\u00e9cessaire l\u2019\u00e9ventualit\u00e9 d\u2019une crise et un dispositif de stress test visant \u00e0 mesurer les marges de man\u0153uvre de La Banque Postale dans des contextes de tensions historiquement \u00e9lev\u00e9es.

\n

Mesure du risque de liquidit\u00e9

\n

Ci-dessous un inventaire des indicateurs principaux du risque de liquidit\u00e9.

\n

Ce dispositif s\u2019appuie principalement sur l\u2019horizon de survie et le ratio de liquidit\u00e9 court terme LCR (Liquidity Coverage Ratio).

\n

Liquidity Coverage Ratio (LCR)

\n

Le LCR est un ratio mensuel de liquidit\u00e9 \u00e0 court terme qui mesure la capacit\u00e9 de La\u00a0Banque\u00a0Postale \u00e0 r\u00e9sister pendant 30\u00a0jours \u00e0 une d\u00e9gradation s\u00e9v\u00e8re de sa situation dans un contexte de choc syst\u00e9mique.

\n

Le LCR doit \u00eatre sup\u00e9rieur \u00e0 100%, limite r\u00e9glementaire respect\u00e9e par La Banque Postale (qui se fixe une cible interne plus \u00e9lev\u00e9e). Un proxy du LCR est calcul\u00e9 quotidiennement.

\n

Horizon de survie

\n

Cet indicateur permet de mesurer le nombre de jours, en situation de crise, durant lesquels La\u202fBanque\u202fPostale resterait capable de faire face \u00e0 ses \u00e9ch\u00e9ances de paiements en utilisant uniquement ses coussins de liquidit\u00e9, et dans l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 de son activit\u00e9 (i.e. sans action manag\u00e9riale extraordinaire comme l\u2019arr\u00eat des activit\u00e9s de cr\u00e9dit).

\n

Il est d\u00e9termin\u00e9 \u00e0 partir des gaps stress\u00e9s dynamiques calcul\u00e9s pour chaque sc\u00e9nario de crise (syst\u00e9mique, idiosyncratique, combin\u00e9) et correspond \u00e0 l\u2019horizon constat\u00e9 dans le sc\u00e9nario le plus d\u00e9favorable pour La\u202fBanque\u202fPostale.

\n

LCR projet\u00e9

\n

En d\u00e9but d\u2019ann\u00e9e 2025, le dispositif de suivi du risque de liquidit\u00e9 de La\u00a0Banque\u00a0Postale a \u00e9t\u00e9 enrichi avec la mise en place du LCR projet\u00e9 \u00e0 2\u00a0mois. Cet indicateur permet d\u2019estimer la r\u00e9silience du LCR \u00e0 un environnement de stress et de voir pendant combien de\u00a0mois, le LCR peut respecter la limite r\u00e9glementaire de 100% sans intervention et en utilisant la r\u00e9serve de liquidit\u00e9 additionnelle.

\n

Gap de liquidit\u00e9

\n

La\u00a0Banque\u00a0Postale \u00e9value son niveau de liquidit\u00e9 long terme par un gap de liquidit\u00e9. Celui-ci comporte les projections de gaps statiques par \u00e9ch\u00e9ance et des limites d\u00e9finies sur les horizons de un, trois et\u00a0cinq\u00a0ans.

\n

Ratio de financement stable net (NSFR)

\n

Le NSFR correspond au montant du financement stable disponible rapport\u00e9 \u00e0 celui du financement stable exig\u00e9. Ce ratio doit, en permanence, \u00eatre au moins \u00e9gal \u00e0 100%. Le \u00ab\u00a0financement stable disponible\u00a0\u00bb (Available Stable Funding \u2013 ASF) d\u00e9signe la part des ressources qui ne sont pas exigibles \u00e0 l\u2019horizon temporel pertinent, soit un\u00a0an dans le cadre du NSFR. Le montant du \u00ab\u00a0financement stable exig\u00e9\u00a0\u00bb (Required Stable Funding \u2013 RSF) d\u2019un \u00e9tablissement est fonction des caract\u00e9ristiques de liquidit\u00e9 et de la dur\u00e9e r\u00e9siduelle des actifs (et positions de hors bilan) d\u00e9tenus.

\n

R\u00e9serve de liquidit\u00e9

\n

La r\u00e9serve de liquidit\u00e9 a pour objectif de quantifier le montant de cash ainsi que la liquidit\u00e9 disponible rapidement par la cession ou la mise en pension de titres afin de faire face \u00e0 une crise de liquidit\u00e9.

\n

La r\u00e9serve de liquidit\u00e9 est compos\u00e9e\u00a0:

\n

\u25cfdu cash plac\u00e9 aupr\u00e8s de la banque centrale (hors moyenne des r\u00e9serves obligatoires calcul\u00e9e sur la p\u00e9riode de constitution)\u00a0;

\n

\u25cfdes titres \u00e9ligibles BCE ayant une notation satisfaisante\u00a0;

\n

\u25cfd\u2019\u00e9missions s\u00e9curis\u00e9es (covered bonds) retained ou pouvant \u00eatre \u00e9mises par La\u202fBanque\u202fPostale via sa filiale La\u202fBanque\u202fPostale Home Loan SFH.

\n

Plan de financement d\u2019urgence (PFU)

\n

Le plan de financement d\u2019urgence est destin\u00e9 \u00e0 \u00eatre suivi par les instances de gouvernance et ex\u00e9cut\u00e9 op\u00e9rationnellement par la Banque des Entreprises et du D\u00e9veloppement Local (BEDL).

\n

Le PFU fait partie du processus d\u2019\u00e9valuation interne de la liquidit\u00e9 dont La Banque Postale rend compte de fa\u00e7on annuelle. Le PFU pr\u00e9sente les indicateurs avanc\u00e9s retenus pour appr\u00e9cier la sant\u00e9 des march\u00e9s (financiers ou bancaires) sur lesquels la liquidit\u00e9 de La\u00a0Banque Postale est expos\u00e9e. Pour chaque indicateur est d\u00e9fini un niveau de seuil (confort, vigilance ou alerte).

\n

Le PFU pr\u00e9voit \u00e9galement des dispositifs \u00e0 mettre en \u0153uvre, en cas de crise av\u00e9r\u00e9e, qu\u2019elle soit syst\u00e9mique ou idiosyncratique.

\n

Le test de financement, r\u00e9alis\u00e9 a minima deux\u00a0fois par an, consiste \u00e0 tester le march\u00e9 en proc\u00e9dant \u00e0 des emprunts \u00e0 court terme. L\u2019objectif de ce type de test est de v\u00e9rifier r\u00e9guli\u00e8rement l\u2019aptitude de La\u00a0Banque Postale \u00e0 se procurer rapidement des fonds sur les march\u00e9s pour s\u2019assurer que les estimations sur la capacit\u00e9 de La\u00a0Banque Postale \u00e0 emprunter restent valides.

\n

Capacit\u00e9s d\u2019acc\u00e8s au financement externe

\n

Dans le cadre de la gestion prudente de la liquidit\u00e9 mise en \u0153uvre par le Comit\u00e9 ALM et Tr\u00e9sorerie et le Comit\u00e9 CPRG, La Banque Postale est dot\u00e9e de sources de financement diversifi\u00e9es, comme par exemple\u00a0:

\n

\u25cfun programme de 20\u00a0milliards d\u2019euros de Neu-CP (Negotiable European Commercial Paper) et un programme d\u2019ECP (European Commercial Paper) de 10\u00a0milliards d\u2019euros ainsi qu\u2019un programme de 2\u00a0milliards de Neu MTN, dont le but est de refinancer une partie des besoins de financement \u00e0 court terme de La\u00a0Banque\u00a0Postale et de satisfaire la demande de la client\u00e8le institutionnelle\u00a0;

\n

\u25cfun programme de 20\u00a0milliards d\u2019euros d\u2019EMTN, au format retail, permettant d\u2019\u00e9mettre de la dette senior (vanille et structur\u00e9e), senior non pr\u00e9f\u00e9r\u00e9e et Tier\u00a02\u00a0;

\n

\u25cfun programme de 10\u00a0milliards d\u2019euros de titres financiers, au format retail, d\u00e9di\u00e9 aux \u00e9missions structur\u00e9es de dette senior\u00a0;

\n

\u25cfun programme de 30\u00a0milliards d\u2019euros d\u2019EMTN pour l\u2019\u00e9mission d\u2019Obligations de financement de l\u2019habitat (OFH) via son v\u00e9hicule de financement s\u00e9curis\u00e9 mis en place en\u00a02013, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale\u00a0SA.

\n

En plus de ces programmes, La\u00a0Banque\u00a0Postale a acc\u00e8s \u00e0 d\u2019autres sources de financement telles que le refinancement par la banque europ\u00e9enne d\u2019investissement (BEI), un portefeuille HQLA (High Quality Liquid Asset) rapidement mobilisable, un acc\u00e8s \u00e0 plusieurs plateformes de mises en pension, un acc\u00e8s au march\u00e9 interbancaire ou encore un acc\u00e8s \u00e0 un v\u00e9hicule de financement s\u00e9curis\u00e9 via la Caisse de Financement Local (CAFFIL) \u00e0 qui La\u00a0Banque\u00a0Postale c\u00e8de r\u00e9guli\u00e8rement des pr\u00eats distribu\u00e9s aux entit\u00e9s du Secteur public local.

\n

Passifs des contrats d\u2019assurance nets d\u2019actifs d\u2019assurance \u2013 montants exigibles \u2013 rachat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur de rachat

\n		\n

Valeur comptable

\n		\n

Valeur de rachat

\n		\n

Valeur comptable

\n
\n

Passifs imm\u00e9diatement rachetables

\n		\n

331\u00a0366

\n		\n

339\u00a0184

\n		\n

296\u00a0190

\n		\n

307\u00a0054

\n
\n

Passifs non imm\u00e9diatement rachetables

\n		\n

29\u00a0482

\n		\n

39\u00a0008

\n		\n

51\u00a0526

\n		\n

57\u00a0230

\n
\n

Total

\n		\n

360\u00a0847

\n		\n

378\u00a0192

\n		\n

347\u00a0717

\n		\n

364\u00a0283

\n
\n

Flux futurs d\u2019actifs

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2025

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0008

\n		\n

3\u00a0123

\n		\n

3\u00a0293

\n		\n

729

\n		\n

3\u00a0877

\n		\n

24\u00a0030

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

17\u00a0536

\n		\n

65\u00a0613

\n		\n

65\u00a0636

\n		\n

39\u00a0806

\n		\n

48\u00a0023

\n		\n

236\u00a0613

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

228

\n		\n

1\u00a0560

\n		\n

2\u00a0375

\n		\n

1\u00a0827

\n		\n

616

\n		\n

6\u00a0605

\n
\n

Total

\n		\n

30\u00a0771

\n		\n

70\u00a0296

\n		\n

71\u00a0304

\n		\n

42\u00a0362

\n		\n

52\u00a0516

\n		\n

267\u00a0249

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0512

\n		\n

3\u00a0811

\n		\n

3\u00a0272

\n		\n

499

\n		\n

3\u00a0992

\n		\n

25\u00a0086

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

18\u00a0380

\n		\n

67\u00a0401

\n		\n

68\u00a0826

\n		\n

28\u00a0702

\n		\n

41\u00a0223

\n		\n

224\u00a0532

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

112

\n		\n

1\u00a0103

\n		\n

2\u00a0081

\n		\n

806

\n		\n

12

\n		\n

4\u00a0114

\n
\n

Total

\n		\n

32\u00a0004

\n		\n

72\u00a0316

\n		\n

74\u00a0179

\n		\n

30\u00a0007

\n		\n

45\u00a0227

\n		\n

253\u00a0732

\n
\n

37.2\u00c9l\u00e9ments de l\u2019actif et du passif des activit\u00e9s bancaires et d\u2019assurance par dur\u00e9e restant \u00e0 courir

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

\u00c9ch\u00e9ances
\u00e0\u00a0-\u00a0de 1\u00a0an

\n		\n

\u00c9ch\u00e9ances de\u00a01\u00a0\u00e0 -\u00a0de\u00a05\u00a0ans

\n		\n

\u00c9ch\u00e9ances\u00a0\u00e0 +\u00a0de\u00a05\u00a0ans\u00a0et ind\u00e9termin\u00e9e

\n		\n

Total

\n
\n

\u00c9l\u00e9ments d'actifs par dur\u00e9e restant \u00e0 courir

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Caisses, banques centrales

\n		\n

12\u00a0757

\n		\n

\n		\n

\n		\n

12\u00a0757

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

20\u00a0636

\n		\n

32\u00a0014

\n		\n

166\u00a0941

\n		\n

219\u00a0591

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

7

\n		\n

189

\n		\n

199

\n		\n

395

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

28\u00a0771

\n		\n

62\u00a0622

\n		\n

131\u00a0665

\n		\n

223\u00a0058

\n
\n

Titres au co\u00fbt amorti

\n		\n

2\u00a0025

\n		\n

12\u00a0031

\n		\n

24\u00a0151

\n		\n

38\u00a0206

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit

\n		\n

68\u00a0393

\n		\n

1\u00a0509

\n		\n

174

\n		\n

70\u00a0076

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

23\u00a0401

\n		\n

43\u00a0180

\n		\n

65\u00a0573

\n		\n

132\u00a0154

\n
\n

\u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux \u2013 Actif

\n		\n

\n		\n

\n		\n

5

\n		\n

5

\n
\n

\u00c9l\u00e9ments de passif par dur\u00e9e restant \u00e0 courir

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Passifs financiers \u00e0 la juste valeur par le r\u00e9sultat

\n		\n

10\u00a0684

\n		\n

2\u00a0184

\n		\n

6\u00a0789

\n		\n

19\u00a0658

\n
\n

Instruments d\u00e9riv\u00e9s de couverture

\n		\n

52

\n		\n

597

\n		\n

791

\n		\n

1\u00a0440

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

16\u00a0412

\n		\n

81

\n		\n

11\u00a0934

\n		\n

28\u00a0427

\n
\n

Dettes envers la client\u00e8le

\n		\n

215\u00a0044

\n		\n

460

\n		\n

136

\n		\n

215\u00a0640

\n
\n

Dettes repr\u00e9sent\u00e9es par un titre

\n		\n

9\u00a0684

\n		\n

13\u00a0669

\n		\n

8\u00a0028

\n		\n

31\u00a0381

\n
\n

Dettes subordonn\u00e9es

\n		\n

219

\n		\n

2\u00a0494

\n		\n

6\u00a0169

\n		\n

8\u00a0882

\n
\n

\u00c9carts de r\u00e9\u00e9valuation des portefeuilles couverts en taux \u2013 Passif

\n		\n

\n		\n

\n		\n

(128)

\n		\n

(128)

\n
\n

Les titres \u00e0 revenus fixes, les pr\u00eats et les dettes sont ventil\u00e9s en fonction des \u00e9ch\u00e9ances contractuelles. Les titres de participations et les OPCVM sont pr\u00e9sent\u00e9s dans la colonne ind\u00e9termin\u00e9e, les cr\u00e9ances et dettes \u00e0 vue sont consid\u00e9r\u00e9es comme ayant une \u00e9ch\u00e9ance \u00e0 moins de trois\u00a0mois.

\n

(390)ALM (Asset Liabilities Management) ou gestion actif/passif d\u00e9signe les techniques de ma\u00eetrise du risque de liquidit\u00e9, de taux et de change sur le p\u00e9rim\u00e8tre des activit\u00e9s commerciales d\u2019un r\u00e9seau bancaire dans sa fonction d\u2019interm\u00e9diation consistant \u00e0 collecter l\u2019\u00e9pargne des clients \u00e9pargnants et \u00e0 financer les clients emprunteurs, sans que ces derniers aient besoin de passer par un march\u00e9 financier.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145026791483885_0_0": { "value": "

32.3Dettes envers les \u00e9tablissements de cr\u00e9dit et\u00a0assimil\u00e9s

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Comptes ordinaires cr\u00e9diteurs

\n		\n

628

\n		\n

695

\n
\n

Comptes et emprunts au jour le jour

\n		\n

\n		\n

100

\n
\n

Autres sommes dues

\n		\n

2

\n		\n

2

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit \u00e0 vue

\n		\n

630

\n		\n

797

\n
\n

Comptes et emprunts

\n		\n

4\u00a0037

\n		\n

2\u00a0989

\n
\n

Titres et valeurs donn\u00e9s en pension livr\u00e9e

\n		\n

23\u00a0761

\n		\n

27\u00a0251

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit \u00e0 terme

\n		\n

27\u00a0797

\n		\n

30\u00a0240

\n
\n

Total

\n		\n

28\u00a0427

\n		\n

31\u00a0038

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145056128839708_0_0": { "value": "

32.4Dettes envers la client\u00e8le

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Livret A

\n		\n

68\u00a0488

\n		\n

69\u00a0793

\n
\n

PEL et CEL

\n		\n

19\u00a0146

\n		\n

22\u00a0048

\n
\n

Autres comptes \u00e0 r\u00e9gime sp\u00e9cial

\n		\n

32\u00a0547

\n		\n

31\u00a0361

\n
\n

Comptes d'\u00e9pargne \u00e0 r\u00e9gime sp\u00e9cial

\n		\n

120\u00a0181

\n		\n

123\u00a0202

\n
\n

Comptes ordinaires cr\u00e9diteurs \u00e0 vue

\n		\n

71\u00a0955

\n		\n

75\u00a0814

\n
\n

Comptes et emprunts au jour le jour

\n		\n

2\u00a0823

\n		\n

2\u00a0781

\n
\n

Autres sommes dues \u00e0 la client\u00e8le

\n		\n

1\u00a0526

\n		\n

1\u00a0508

\n
\n

Dettes envers la client\u00e8le \u00e0 vue

\n		\n

76\u00a0304

\n		\n

80\u00a0103

\n
\n

Comptes et emprunts \u00e0 terme

\n		\n

(3)

\n		\n

1

\n
\n

Comptes cr\u00e9diteurs \u00e0 terme

\n		\n

2\u00a0388

\n		\n

2\u00a0234

\n
\n

Titres et valeurs donn\u00e9s en pension livr\u00e9e \u00e0 terme

\n		\n

16\u00a0770

\n		\n

20\u00a0036

\n
\n

Dettes envers la client\u00e8le \u00e0 terme

\n		\n

19\u00a0155

\n		\n

22\u00a0271

\n
\n

Total

\n		\n

215\u00a0639

\n		\n

225\u00a0576

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145162993188513_0_0": { "value": "

32.7Autres passifs financiers et comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits constat\u00e9s d'avance

\n		\n

542

\n		\n

513

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

448

\n		\n

1\u00a0155

\n
\n

Comptes de r\u00e9gularisation

\n		\n

990

\n		\n

1\u00a0668

\n
\n

Dettes de titres

\n		\n

244

\n		\n

176

\n
\n

D\u00e9p\u00f4ts de garantie re\u00e7us

\n		\n

915

\n		\n

800

\n
\n

Dette de location

\n		\n

164

\n		\n

165

\n
\n

Autres dettes et cr\u00e9diteurs divers

\n		\n

3\u00a0146

\n		\n

3\u00a0315

\n
\n

Cr\u00e9diteurs divers

\n		\n

3\u00a0310

\n		\n

3\u00a0480

\n
\n

Comptes de r\u00e8glements relatifs aux op\u00e9rations sur titres

\n		\n

6

\n		\n

8

\n
\n

Provision \u00c9pargne Logement

\n		\n

132

\n		\n

100

\n
\n

Autres passifs financiers

\n		\n

5\u00a0597

\n		\n

6\u00a0231

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_42817988698059531_0": { "value": "

32.7Autres passifs financiers et comptes de r\u00e9gularisation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits constat\u00e9s d'avance

\n		\n

542

\n		\n

513

\n
\n

Autres comptes de r\u00e9gularisation

\n		\n

448

\n		\n

1\u00a0155

\n
\n

Comptes de r\u00e9gularisation

\n		\n

990

\n		\n

1\u00a0668

\n
\n

Dettes de titres

\n		\n

244

\n		\n

176

\n
\n

D\u00e9p\u00f4ts de garantie re\u00e7us

\n		\n

915

\n		\n

800

\n
\n

Dette de location

\n		\n

164

\n		\n

165

\n
\n

Autres dettes et cr\u00e9diteurs divers

\n		\n

3\u00a0146

\n		\n

3\u00a0315

\n
\n

Cr\u00e9diteurs divers

\n		\n

3\u00a0310

\n		\n

3\u00a0480

\n
\n

Comptes de r\u00e8glements relatifs aux op\u00e9rations sur titres

\n		\n

6

\n		\n

8

\n
\n

Provision \u00c9pargne Logement

\n		\n

132

\n		\n

100

\n
\n

Autres passifs financiers

\n		\n

5\u00a0597

\n		\n

6\u00a0231

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40768031958159209_0_0": { "value": "

NOTE 33Dettes fournisseurs et autres dettes

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Dettes fournisseurs et comptes rattach\u00e9s

\n		\n

5\u00a0233

\n		\n

5\u00a0077

\n
\n

Dettes fiscales et sociales

\n		\n

2\u00a0510

\n		\n

2\u00a0525

\n
\n

Dettes fournisseurs d'immobilisations

\n		\n

425

\n		\n

444

\n
\n

Dettes sur op\u00e9rations du courrier international

\n		\n

392

\n		\n

413

\n
\n

Avances et acomptes clients

\n		\n

154

\n		\n

197

\n
\n

Autres dettes d'exploitation

\n		\n

492

\n		\n

460

\n
\n

Total

\n		\n

9\u00a0207

\n		\n

9\u00a0115

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145329511268617_0_0": { "value": "

NOTE 34Information sur les risques hors activit\u00e9s bancaires

\n

L\u2019objectif principal des passifs financiers du groupe est de financer ses activit\u00e9s op\u00e9rationnelles, d\u2019assurer la liquidit\u00e9 et de permettre des acquisitions. Le groupe contracte des instruments d\u00e9riv\u00e9s vanilles qui ont pour objectif de g\u00e9rer les risques de taux d\u2019int\u00e9r\u00eat et les risques de change li\u00e9s \u00e0 son financement en euros et \u00e0 ses participations en devises.

\n

Le groupe d\u00e9tient \u00e9galement des actifs financiers tels que de la tr\u00e9sorerie et des placements \u00e0 court terme qui sont g\u00e9n\u00e9r\u00e9s directement par ses activit\u00e9s et dont les risques attach\u00e9s (contrepartie et liquidit\u00e9) sont g\u00e9r\u00e9s quotidiennement.

\n

Le groupe La Poste applique une gestion prudente des risques financiers reposant sur un syst\u00e8me de limites notionnelles et d\u2019alertes encadrant chacun des risques financiers auxquels il est expos\u00e9 dans le cadre de ses activit\u00e9s financi\u00e8res. Ces limites et alertes sont consign\u00e9es dans un document, appel\u00e9 Cahier des Limites, r\u00e9guli\u00e8rement actualis\u00e9 pour tenir compte des \u00e9volutions des activit\u00e9s de la direction des op\u00e9rations financi\u00e8res et de la tr\u00e9sorerie.

\n

Une synth\u00e8se des risques financiers est pr\u00e9sent\u00e9e annuellement au Comit\u00e9 d\u2019audit de La Poste. En 2025, elle retrace notamment les \u00e9volutions apport\u00e9es durant l\u2019ann\u00e9e au Cahier des Limites et valid\u00e9es par la gouvernance \u00e9tablie par le groupe.

\n

34.1Risque de cr\u00e9dit et de contrepartie

\n

Le risque de cr\u00e9dit correspond au risque de perte financi\u00e8re pour le groupe dans le cas o\u00f9 un client ou une contrepartie d\u2019un instrument financier viendrait \u00e0 manquer \u00e0 ses obligations contractuelles. Ce risque provient essentiellement des titres de placement et des instruments d\u00e9riv\u00e9s.

\n

Titres de placement

\n

La tr\u00e9sorerie de La\u00a0Poste est plac\u00e9e sous forme de comptes r\u00e9mun\u00e9r\u00e9s, de comptes \u00e0 terme bancaires, d\u2019OPCVM et de titres de cr\u00e9ances n\u00e9gociables (TCN) b\u00e9n\u00e9ficiant \u00e0 l\u2019achat d\u2019une notation \u00e0 court terme minimale de A2/P2. Les risques de cr\u00e9dit sont encadr\u00e9s par un syst\u00e8me de limites repr\u00e9sentant le nominal maximal \u00e0 ne pas d\u00e9passer par OPCVM ou \u00e9metteur. Le groupe exclut de m\u00eame les typologies d\u2019instruments de placements les plus risqu\u00e9es et les \u00e9metteurs pr\u00e9sentant un risque trop important.

\n

Dans le cas o\u00f9 un titre en portefeuille voit l\u2019une de ses notations \u00e0 court terme passer en dessous de A2/P2, ce titre devra alors \u00eatre c\u00e9d\u00e9 \u00ab\u00a0au mieux\u00a0\u00bb sauf\u00a0d\u00e9cision d\u00e9rogatoire du Comit\u00e9 financier du groupe. En outre, afin d\u2019encadrer le risque de perte sur le portefeuille de placements actifs (hors OPCVM de tr\u00e9sorerie), une limite de perte maximale a \u00e9t\u00e9 mise en place. Celle-ci correspond \u00e0 la perte statistique estim\u00e9e sur le portefeuille dans un intervalle de confiance de 97,5%. Son calcul int\u00e8gre les CDS (Credit Default Swap) de chacun des titres en portefeuille, pond\u00e9r\u00e9s de leur maturit\u00e9 r\u00e9siduelle.

\n

Instruments d\u00e9riv\u00e9s

\n

Compte tenu de sa pr\u00e9sence sur les march\u00e9s de d\u00e9riv\u00e9s, La\u00a0Poste est expos\u00e9e \u00e0 un risque de d\u00e9faillance de ses contreparties de march\u00e9s.

\n

L\u2019exposition au titre de ses instruments est appr\u00e9hend\u00e9e au travers de la valeur de march\u00e9 nette des d\u00e9riv\u00e9s par contrepartie apr\u00e8s prise en compte des garanties re\u00e7ues ou donn\u00e9es au titre de contrats de collat\u00e9ralisation.

\n

Les engagements vis-\u00e0-vis des contreparties de La\u00a0Poste font l\u2019objet d\u2019accords syst\u00e9matiques de collat\u00e9ralisation permettant de r\u00e9duire le risque de d\u00e9faillance au niveau de la franchise.

\n

Clients et autres d\u00e9biteurs

\n

Des d\u00e9pr\u00e9ciations sont calcul\u00e9es de fa\u00e7on individuelle en fonction de l\u2019appr\u00e9ciation du risque de non-recouvrement. Aucun client du groupe ne contribue au chiffre d\u2019affaires consolid\u00e9 pour un montant sup\u00e9rieur \u00e0 10% du total.

\n

34.2Risque de liquidit\u00e9

\n

Le groupe vise \u00e0 disposer \u00e0 tout moment des ressources financi\u00e8res suffisantes pour financer l\u2019activit\u00e9 courante et les investissements n\u00e9cessaires \u00e0 son d\u00e9veloppement futur. La gestion de la liquidit\u00e9 a pour objectif de permettre au groupe d\u2019acc\u00e9der \u00e0 des ressources financi\u00e8res en ad\u00e9quation avec ses besoins et de satisfaire \u00e0 tout moment \u00e0 ses obligations de paiement.

\n

Le groupe met en place une politique de gestion du risque de liquidit\u00e9 s\u2019appuyant notamment sur (i) la d\u00e9finition et l\u2019actualisation d\u2019un seuil minimal de tr\u00e9sorerie disponible \u00e0 tout moment selon les besoins du groupe et leur \u00e9volution, assorti d\u2019un dispositif d\u2019alerte en cas de franchissement de seuils interm\u00e9diaires (ii) l\u2019acc\u00e8s permanent \u00e0 des sources compl\u00e9mentaires de liquidit\u00e9 et (iii) le suivi d\u2019indicateurs de march\u00e9 permettant d\u2019anticiper des situations de crise de liquidit\u00e9.

\n

Le besoin financier est mesur\u00e9 au travers des pr\u00e9visions de tr\u00e9sorerie (annuelles, mensuelles ou hebdomadaires suivant l\u2019enjeu), et le risque de liquidit\u00e9, est couvert\u00a0:

\n

\u25cfpar le maintien permanent de liquidit\u00e9 et de placements int\u00e9gralement disponibles sous 12\u00a0mois au maximum, avec une dur\u00e9e moyenne de liquidit\u00e9 du portefeuille inf\u00e9rieure \u00e0 3\u00a0mois, d\u2019un montant minimum appel\u00e9 Tr\u00e9sorerie de s\u00e9curit\u00e9, dont le seuil de 1,2\u00a0milliard d\u2019euros est d\u00e9fini et actualis\u00e9 par le Comit\u00e9 financier du groupe et dont le respect est suivi par ce m\u00eame Comit\u00e9\u00a0;

\n

\u25cfpar la mise en place de lignes de cr\u00e9dit confirm\u00e9es aupr\u00e8s d\u2019\u00e9tablissements financiers. Le groupe dispose notamment d\u2019une ligne de cr\u00e9dit syndiqu\u00e9e pour un montant de 1,5\u00a0milliard d\u2019euros dont l\u2019\u00e9ch\u00e9ance est octobre\u00a02030 (renouvelable un an) pour laquelle elle a re\u00e7u un engagement des douze banques constituant le pool bancaire (cf. Lignes de cr\u00e9dit au sein de la note\u00a039.3)\u00a0;

\n

\u25cfpar des \u00e9missions de titres de cr\u00e9ances n\u00e9gociables \u00e0 court terme Negotiable European Commercial Paper et d\u2019un montant maximum de 3,5\u00a0milliards d\u2019euros, qui permet de financer les besoins temporaires de tr\u00e9sorerie et de renforcer la diversification des sources de liquidit\u00e9\u00a0;

\n

\u25cfpar son programme EMTN (Euro Medium Term Notes) d\u2019un montant maximum de 15\u00a0milliards d\u2019euros.

\n

Le tableau ci-dessous pr\u00e9sente les flux de tr\u00e9sorerie contractuels concernant les passifs financiers non d\u00e9riv\u00e9s, ainsi que les flux contractuels relatifs aux instruments d\u00e9riv\u00e9s li\u00e9s \u00e0 la gestion de la dette, qu\u2019ils soient pr\u00e9sent\u00e9s au passif ou \u00e0 l\u2019actif. Ces flux ne sont pas actualis\u00e9s, et leur somme peut donc diff\u00e9rer du montant comptabilis\u00e9 au bilan.

\n

Ces passifs ne sont assortis d\u2019aucune clause particuli\u00e8re susceptible d\u2019en modifier significativement les termes.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n

(en\u00a0millions d'euros)

\n		\n

Montant au bilan

\n		\n

Flux 2026

\n		\n

Flux 2027

\n		\n

Flux 2028-2030

\n		\n

Flux 2031 et au-del\u00e0

\n
\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n		\n

Int\u00e9r\u00eats

\n		\n

Principal

\n
\n

Emprunts obligataires

\n		\n

9\u00a0590

\n		\n

154

\n		\n

875

\n		\n

148

\n		\n

1\u00a0000

\n		\n

388

\n		\n

3\u00a0000

\n		\n

361

\n		\n

4\u00a0850

\n
\n

Emprunts au co\u00fbt amorti

\n		\n

9\u00a0590

\n		\n

154

\n		\n

875

\n		\n

148

\n		\n

1\u00a0000

\n		\n

388

\n		\n

3\u00a0000

\n		\n

361

\n		\n

4\u00a0850

\n
\n

Autres dettes financi\u00e8res

\n		\n

4\u00a0145

\n		\n

122

\n		\n

1\u00a0147

\n		\n

97

\n		\n

651

\n		\n

194

\n		\n

1\u00a0254

\n		\n

227

\n		\n

1\u00a0091

\n
\n

Passifs de location

\n		\n

3\u00a0619

\n		\n

120

\n		\n

758

\n		\n

97

\n		\n

625

\n		\n

194

\n		\n

1\u00a0173

\n		\n

227

\n		\n

1\u00a0063

\n
\n

Bons La Poste

\n		\n

50

\n		\n

\n		\n

50

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Billets de tr\u00e9sorerie

\n		\n

200

\n		\n

2

\n		\n

198

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Concours bancaires courants

\n		\n

36

\n		\n

\n		\n

36

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

D\u00e9p\u00f4ts et cautionnements re\u00e7us

\n		\n

58

\n		\n

\n		\n

14

\n		\n

\n		\n

9

\n		\n

\n		\n

26

\n		\n

\n		\n

10

\n
\n

Autres dettes au co\u00fbt amorti

\n		\n

182

\n		\n

\n		\n

91

\n		\n

\n		\n

18

\n		\n

\n		\n

56

\n		\n

\n		\n

18

\n
\n

Instruments d\u00e9riv\u00e9s

\n		\n

(8)

\n		\n

3

\n		\n

\n		\n

3

\n		\n

\n		\n

7

\n		\n

(1)

\n		\n

4

\n		\n

(9)

\n
\n

D\u00e9riv\u00e9s au passif

\n		\n

3

\n		\n

1

\n		\n

\n		\n

0

\n		\n

\n		\n

1

\n		\n

(1)

\n		\n

0

\n		\n

0

\n
\n

D\u00e9riv\u00e9s \u00e0 l'actif

\n		\n

(11)

\n		\n

2

\n		\n

\n		\n

2

\n		\n

\n		\n

7

\n		\n

\n		\n

4

\n		\n

(9)

\n
\n

Total

\n		\n

13\u00a0727

\n		\n

279

\n		\n

2\u00a0022

\n		\n

248

\n		\n

1\u00a0651

\n		\n

589

\n		\n

4\u00a0253

\n		\n

592

\n		\n

5\u00a0932

\n
\n

34.3Risque de taux

\n

Dans le cadre de sa politique de gestion des risques financiers le groupe a\u00a0d\u00e9cid\u00e9 de limiter son exposition au risque de taux en optant pour un endettement brut de long terme exclusivement \u00e0 taux fixe. \u00c0 des fins d\u2019optimisation du co\u00fbt de son endettement, le groupe peut variabiliser une quote-part de son endettement brut de long terme.

\n

Le risque de taux pour le groupe est li\u00e9 \u00e0 l\u2019\u00e9volution des taux de march\u00e9s (principalement l\u2019\u20acSTR et l\u2019Euribor 3\u00a0mois) pouvant induire, une baisse des produits financiers des placements ou une perte d\u2019opportunit\u00e9 lorsque les taux \u00e9voluent d\u00e9favorablement.

\n

Afin de g\u00e9rer au mieux le risque de taux, le groupe a mis en place\u00a0:

\n

\u25cfune strat\u00e9gie de gestion de son endettement obligataire pouvant se traduire par le recours \u00e0 des instruments d\u00e9riv\u00e9s afin de profiter des opportunit\u00e9s de march\u00e9 et r\u00e9duire le co\u00fbt de ses emprunts obligataires\u00a0;

\n

\u25cfune strat\u00e9gie de gestion des placements fond\u00e9e notamment sur la diversification des supports et compl\u00e9t\u00e9e le cas \u00e9ch\u00e9ant par l\u2019utilisation d\u2019instruments d\u00e9riv\u00e9s permettant de garantir l\u2019exposition \u00e0 la devise de r\u00e9f\u00e9rence du groupe\u00a0;

\n

\u25cfun suivi prospectif sur 12\u00a0mois glissants de sa position nette des dettes et placements et de la fluctuation du r\u00e9sultat financier en\u00a0d\u00e9coulant en cas d\u2019\u00e9volution d\u00e9favorable des taux de march\u00e9 (avec une limite fix\u00e9e \u00e0 2% du r\u00e9sultat net part du groupe moyen des trois derniers exercices). Ce suivi permet notamment d\u2019ajuster si besoin les strat\u00e9gies de gestion active des dettes et placements et de limiter l\u2019impact d\u2019une forte variation des taux, \u00e0 la hausse comme \u00e0 la baisse.

\n

Aucun instrument d\u00e9riv\u00e9 de couverture du risque de taux n\u2019est en vie au 31\u00a0d\u00e9cembre 2025.

\n

Analyses de sensibilit\u00e9

\n

Une variation \u00e0 la hausse, uniforme et instantan\u00e9e, de la courbe des taux de march\u00e9 de 50\u00a0points de base n\u2019induirait pas de hausse des frais financiers annuels du groupe.

\n

34.4Risque de change

\n

Le groupe au travers de ses branches Services-Courrier-Colis et Geopost exerce des activit\u00e9s internationales, \u00e0 partir de la France ou de ses filiales \u00e9trang\u00e8res.

\n

Afin d\u2019accompagner son internationalisation croissante et le risque de change qui en r\u00e9sulte, le groupe s\u2019est dot\u00e9 d\u2019une politique de gestion du risque de change.

\n

Cette politique cible en priorit\u00e9\u00a0:

\n

\u25cfles flux d\u2019acquisitions de titres r\u00e9alis\u00e9s en devises\u00a0;

\n

\u25cfles dettes financi\u00e8res et les pr\u00eats libell\u00e9s en devises\u00a0;

\n

\u25cfles actifs nets en devises d\u00e9tenus et consolid\u00e9s par le groupe.

\n

Cette politique d\u00e9finit la gouvernance, les conditions de couverture, et les seuils de mat\u00e9rialit\u00e9s pour ces diff\u00e9rentes natures d\u2019expositions.

\n

\u00c0 date et conform\u00e9ment aux seuils et conditions \u00e9tablis, le groupe a eu recours ou a recours \u00e0 des instruments d\u00e9riv\u00e9s de change qualifi\u00e9s de couverture en IFRS\u00a0et adoss\u00e9s\u00a0:

\n

\u25cf\u00e0 ses titres de participation en dollars\u00a0US, couverts en partie par des swaps de devises euro dollars et des dettes en dollars (33\u00a0millions de dollars US)\u00a0;

\n

\u25cf\u00e0 ses titres de participation en dollars singapouriens couverts en partie par des ventes \u00e0 terme de dollars singapouriens contre euro\u00a0;

\n

\u25cf\u00e0 ses titres de participation en devise AED, couverts en partie par une vente \u00e0 terme d\u2019AED contre euro.

\n

D\u2019autres instruments financiers d\u00e9riv\u00e9s de change, non document\u00e9s comptablement en couverture en IFRS, sont utilis\u00e9s \u00e0 des fins de couverture \u00e9conomique.

\n

La majeure partie des activit\u00e9s op\u00e9rationnelles donne lieu \u00e0 des produits et \u00e0 des charges libell\u00e9es dans la devise fonctionnelle et comptable des filiales. Le risque de change r\u00e9siduel li\u00e9 \u00e0 l\u2019exploitation ne porte actuellement que sur des montants tr\u00e8s modestes au regard de la taille du groupe.

\n

Au 31\u00a0d\u00e9cembre 2025, l\u2019effet comptable de change sur le chiffre d\u2019affaires s\u2019est \u00e9lev\u00e9 \u00e0 -165\u00a0millions d\u2019euros provenant pour l\u2019essentiel du real br\u00e9silien (-87\u00a0millions d\u2019euros), de la livre sterling (-31\u00a0millions d\u2019euros), du peso mexicain (-25\u00a0millions d\u2019euros), du dollar am\u00e9ricain (-21\u00a0millions d\u2019euros), du zloty (+16\u00a0millions d\u2019euros), et du dollar de Hong Kong (-15\u00a0millions d\u2019euros). L\u2019incidence comptable des variations de change sur le r\u00e9sultat d\u2019exploitation 2025 s\u2019est \u00e9lev\u00e9e \u00e0 pr\u00e8s de -59\u00a0millions d\u2019euros.

\n

NOTE 35Information sur les risques li\u00e9s aux activit\u00e9s bancaires

\n

35.1Les facteurs structurels de risques

\n

La Banque Postale dispose d\u2019une taxonomie des risques, repr\u00e9sentant le r\u00e9f\u00e9rentiel des facteurs de risques auxquels elle est expos\u00e9e. Ce r\u00e9f\u00e9rentiel a pour vocation d\u2019instaurer un langage de risque commun aux entit\u00e9s du groupe (secteur bancaire, assurantiel et de gestion des actifs).

\n

La cartographie des risques qui cote l\u2019ensemble de ces risques permet de r\u00e9pondre aux exigences r\u00e9glementaires des secteurs bancaire et assurance (arr\u00eat\u00e9 du 3\u00a0novembre 2014 relatif au contr\u00f4le interne, FICOD, publications du SSM, etc.). Elle permet par ailleurs d\u2019informer les diff\u00e9rents exercices transverses de gestion des risques (ICAAP, app\u00e9tence pour le risque, examen de nouveaux produits, stress tests, etc.).

\n

Cette cartographie des risques reprend et qualifie l\u2019ensemble des risques auxquels le conglom\u00e9rat est expos\u00e9 et est revue annuellement.

\n

Les facteurs de risques sont\u00a0d\u00e9compos\u00e9s en sept familles.

\n

La cartographie des risques 2026 a \u00e9t\u00e9 valid\u00e9e par le Directoire de La\u00a0Banque\u00a0Postale le 29\u00a0septembre 2025. Les principales \u00e9volutions consistent en\u00a0:

\n

\u25cfla s\u00e9paration des risques de march\u00e9 et de gestion actif-passif en deux familles distinctes, \u00e0 savoir les risques structurels de bilan int\u00e9grant les risques de liquidit\u00e9 et les risques de march\u00e9\u00a0;

\n

\u25cfles ajouts du risque de disruption technologique et du risque g\u00e9opolitique dans les risques strat\u00e9giques et business\u00a0;

\n

\u25cfl'ajout dans les risques structurels de bilan de nouveaux risques transverses \u00e0 La\u00a0Banque\u00a0Postale et ses filiales, comme le risque inflation ou le risque de bar\u00e8me.

\n

35.2Risque de cr\u00e9dit

\n

35.2.1Cadre g\u00e9n\u00e9ral

\n

La direction des risques groupe (DRG) g\u00e8re le risque de cr\u00e9dit pris par La\u00a0Banque\u00a0Postale, \u00e0 savoir le risque encouru en cas de d\u00e9faillance d\u2019une contrepartie ou de contreparties consid\u00e9r\u00e9es comme un m\u00eame b\u00e9n\u00e9ficiaire au sens du r\u00e8glement UE n\u00b0\u00a0575/2013 du Parlement europ\u00e9en et du Conseil concernant les exigences prudentielles applicables aux \u00e9tablissements de cr\u00e9dit et aux entreprises d\u2019investissement (ou CRR).

\n

Le Directoire fixe les fondamentaux communs (orientations strat\u00e9giques, valeurs, app\u00e9tence au risque, gouvernance) valid\u00e9s par le Conseil de surveillance \u00e0 partir desquels chacune des lignes m\u00e9tiers\u00a0d\u00e9cline ses priorit\u00e9s d\u2019action, et la ma\u00eetrise des risques associ\u00e9s, sous la supervision de la direction des risques groupe.

\n

L\u2019int\u00e9gration de la composante li\u00e9e aux risques climatiques est d\u00e9taill\u00e9e dans la note\u00a04.

\n

Enfin, les d\u00e9pr\u00e9ciations sont calcul\u00e9es de mani\u00e8re centralis\u00e9e pour l\u2019ensemble du groupe.

\n

35.2.2\u00c9volution du contexte g\u00e9opolitique et macro-\u00e9conomique

\n

Les mesures prises en mati\u00e8re de couverture du risque de cr\u00e9dit visent \u00e0 refl\u00e9ter le contexte dans lequel le groupe a op\u00e9r\u00e9 en 2025.

\n

La\u00a0Banque Postale a op\u00e9r\u00e9 dans un contexte marqu\u00e9 par un environnement \u00e9conomique et financier international devenu plus volatil, avec des chocs \u00e9conomiques tr\u00e8s significatifs (en lien avec la politique am\u00e9ricaine, les droits de douane) mais \u00e9galement national (contexte politique in\u00e9dit, \u00e9chec du conclave sur les retraites et difficult\u00e9s \u00e0 finaliser un budget 2026).

\n

Les tensions g\u00e9opolitiques restent \u00e9galement \u00e9lev\u00e9es et ont connu une d\u00e9gradation majeure depuis le\u00a0d\u00e9clenchement de la guerre entre la Russie et l\u2019Ukraine en\u00a0f\u00e9vrier\u00a02022 (poursuite du conflit arm\u00e9 entre l\u2019Ukraine et la Russie et de la guerre entre le Hamas et Isra\u00ebl, risque d'extension r\u00e9gionale au\u00a0mois de\u00a0juin de la guerre \u00e9clair entre Isra\u00ebl et l\u2019Iran, transformation de l\u2019environnement r\u00e9sultant \u00e9galement du repositionnement des \u00c9tats-Unis).

\n

Les principaux\u00a0points de vigilance portent sur la r\u00e9alisation des ambitions de d\u00e9veloppement sans d\u00e9t\u00e9rioration de la rentabilit\u00e9, sur la surveillance des portefeuilles de cr\u00e9dit entreprises pour lesquels des signes de d\u00e9gradation sont constat\u00e9s, la gestion de bilan et la situation de la liquidit\u00e9. Dans le contexte \u00e9conomique et politique actuel les m\u00e9nages ont privil\u00e9gi\u00e9 l\u2019\u00e9pargne (de pr\u00e9caution en particulier), conduisant \u00e0 des arbitrages (d\u00e9p\u00f4ts, livrets, assurance-vie).

\n

Indicateurs pris en compte

\n

Les indicateurs de la situation en France ayant une incidence sur les op\u00e9rations de La\u00a0Banque\u00a0Postale et devant \u00eatre pris en consid\u00e9ration, sont en particulier les suivants\u00a0:

\n

\u25cfl\u2019incertitude pesant sur les agents dans le contexte de cadre budg\u00e9taire et fiscal. Le climat d\u2019attentisme pourrait peser encore davantage sur la croissance \u00e9conomique et la capacit\u00e9 de remboursement des emprunteurs, m\u00eame si le climat des affaires en France en\u00a0d\u00e9cembre a continu\u00e9 de s\u2019am\u00e9liorer encore un peu et se rapproche de sa moyenne de longue p\u00e9riode\u00a0;

\n

\u25cfapr\u00e8s une hausse continue de 2021 \u00e0\u00a0d\u00e9cembre\u00a02024 en rattrapage de la p\u00e9riode COVID, la croissance du nombre de d\u00e9faillances d\u2019entreprises en France au global poursuit son tassement progressif (68,3\u00a0milliers en cumul\u00e9 12\u00a0mois \u00e0 fin\u00a0novembre\u00a02025, soit +4,4% en glissement annuel vs. +4,7% \u00e0 fin octobre\u00a02025) tout en restant sur un palier de haut de cycle (moyenne sur 2010-2019 de 59,3\u00a0milliers)\u00a0(388).

\n

Les sc\u00e9narios macro-\u00e9conomiques

\n

Dans le contexte des incertitudes \u00e9conomiques et g\u00e9opolitiques \u00e9voqu\u00e9es ci-dessus, le groupe continue de revoir r\u00e9guli\u00e8rement ses pr\u00e9visions macro-\u00e9conomiques prospectives (forward looking) pour la d\u00e9termination du risque de cr\u00e9dit.

\n

Le groupe retient trois sc\u00e9narios pour int\u00e9grer la composante forward looking\u00a0: un sc\u00e9nario central, un sc\u00e9nario alternatif favorable et un sc\u00e9nario alternatif d\u00e9grad\u00e9.

\n

Ces sc\u00e9narios sont d\u00e9finis par le d\u00e9partement des \u00e9tudes \u00e9conomiques de la direction strat\u00e9gique de La\u00a0Banque\u00a0Postale, \u00e0 partir de sc\u00e9narios d\u00e9termin\u00e9s par la Caisse des D\u00e9p\u00f4ts. Ils comportent des projections pour l'ensemble des variables macro-\u00e9conomiques n\u00e9cessaires au fonctionnement des mod\u00e8les d\u00e9velopp\u00e9s pour obtenir des pertes en cas de d\u00e9faut et probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9. La probabilit\u00e9 d'occurrence de chaque sc\u00e9nario fait l'objet d'une documentation par le d\u00e9partement des \u00c9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Le dispositif s\u2019appuie sur un nombre significatif de mod\u00e8les et fait l\u2019objet d\u2019une revue ind\u00e9pendante par l\u2019\u00e9quipe Validation des mod\u00e8les et d\u2019une validation en Comit\u00e9 de validation des mod\u00e8les avant leur utilisation. Pour tenir compte de la concentration en France de son portefeuille et \u00e0 ce titre disposer de projections pr\u00e9cises, La\u00a0Banque\u00a0Postale s\u2019appuie sur les comp\u00e9tences du groupe Caisse des D\u00e9p\u00f4ts et celles du D\u00e9partement des \u00e9tudes \u00e9conomiques de La Banque Postale en mati\u00e8re de sc\u00e9nario macro\u2011\u00e9conomique.

\n

L\u2019horizon des pr\u00e9visions de la conjoncture \u00e9conomique\u00a0future retenu est de cinq\u00a0ans

\n

Les sc\u00e9narios retenus sont des sc\u00e9narios \u00e9conomiques globaux et coh\u00e9rents\u00a0: ils s'appliquent uniform\u00e9ment sur l'ensemble de La\u00a0Banque\u00a0Postale avec des impacts potentiellement oppos\u00e9s sur certains segments de produits ou de client\u00e8le, refl\u00e9tant ainsi la diversification du portefeuille (\u00e0 titre d'illustration, il n'est pas possible, dans un sc\u00e9nario donn\u00e9, de disposer d'une projection de taux d'int\u00e9r\u00eat diff\u00e9rente pour mesurer les probabilit\u00e9s de d\u00e9faut \u00e0 maturit\u00e9 (life time) de la client\u00e8le de d\u00e9tail et celles de la client\u00e8le souveraine).

\n

Les sc\u00e9narios propos\u00e9s ne sont pas n\u00e9cessairement des sc\u00e9narios adverses sur le plan du risque de cr\u00e9dit\u00a0: il n'est pas cherch\u00e9 \u00e0 travers les sc\u00e9narios IFRS\u00a09 \u00e0 quantifier des risques de pertes dans un environnement tr\u00e8s d\u00e9grad\u00e9 dont la probabilit\u00e9 d'occurrence est tr\u00e8s faible, mais plut\u00f4t d\u2019appliquer des sc\u00e9narios plausibles d\u2019une mani\u00e8re g\u00e9n\u00e9rale, dont la probabilit\u00e9 d'occurrence s'\u00e9carte d'un \u00e9cart type de la probabilit\u00e9 d'occurrence du sc\u00e9nario central.

\n

Les sc\u00e9narios ne sont pas n\u00e9cessairement construits pour avoir un impact fort sur la composante sp\u00e9cifiquement cr\u00e9dit\u00a0: des sc\u00e9narios d\u00e9grad\u00e9s dont la probabilit\u00e9 d'occurrence est \u00e9lev\u00e9e peuvent \u00eatre retenus alors m\u00eame que leur impact principal est sur la composante taux.

\n

Les sc\u00e9narios retenus sont les sc\u00e9narios utilis\u00e9s dans d\u2019autres processus de l\u2019\u00e9tablissement (plan strat\u00e9gique, budget, exercices de stress tests de l\u2019ICAAP, reportings r\u00e9glementaires).

\n

Pond\u00e9ration de chacun des trois sc\u00e9narios

\n

La probabilit\u00e9 d\u2019occurrence de chaque sc\u00e9nario est propos\u00e9e par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Au 31\u00a0d\u00e9cembre 2025, celui-ci a estim\u00e9 que l\u2019\u00e9volution de la situation macro-\u00e9conomique et les incertitudes pesant sur la croissance mondiale pour diff\u00e9rentes mesures n\u2019ont pas significativement chang\u00e9 depuis le 31\u00a0d\u00e9cembre 2024, et ainsi confirm\u00e9 les pond\u00e9rations applicables.

\n

\n

La probabilit\u00e9 d\u2019occurrence de chacun de ces sc\u00e9narios est r\u00e9sum\u00e9e dans le tableau ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Sc\u00e9narios

\n		\n

Sc\u00e9narios en vigueur en 2025

\n		\n

Sc\u00e9narios 2024

\n
\n

Central

\n		\n

60%

\n		\n

60%

\n
\n

Adverse

\n		\n

30%

\n		\n

30%

\n
\n

Favorable

\n		\n

10%

\n		\n

10%

\n
\n

Ainsi, en 2025, les sc\u00e9narios int\u00e9gr\u00e9s dans les traitements de calcul des provisions en norme IFRS\u00a09 sont les suivants\u00a0:

\n

Sc\u00e9nario central

\n

L\u2019incertitude sur la situation politique nationale et ses implications en termes \u00e9conomiques et sociales ont conduit \u00e0 un net retournement de la confiance des agents (m\u00e9nages et entreprises). La fin de l\u2019\u00e9t\u00e9\u00a02025 a \u00e9t\u00e9 marqu\u00e9e par une forte instabilit\u00e9 politique en France. Le sc\u00e9nario fait l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 politique\u00a0: les troubles sociaux sont contenus, se d\u00e9gage la perspective d\u2019un budget moins restrictif que le plan Bayrou. S\u2019agissant de l\u2019inflation, la poursuite de la d\u00e9sinflation a bien eu lieu et a m\u00eame \u00e9t\u00e9 plus marqu\u00e9e qu\u2019escompt\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, en lien avec la forte baisse des prix de l\u2019\u00e9nergie et l\u2019appr\u00e9ciation de l\u2019euro. Pour 2026, l\u2019incertitude est \u00e9lev\u00e9e. Sur le taux de d\u00e9p\u00f4t de la BCE, la normalisation mon\u00e9taire d\u00e9but\u00a02025 a \u00e9t\u00e9 suivie d\u2019un statu quo\u00a0: les derni\u00e8res \u00e9volutions confirment la perspective d\u2019un taux de d\u00e9p\u00f4t fin d\u2019ann\u00e9e en baisse sur 2024/2025. Compte tenu des forces inflationnistes pr\u00e9gnantes dans le cycle \u00e9conomique \u00e0 venir \u00e0 moyen/long terme, le taux d\u2019\u00e9quilibre de long terme reste stable. Pour les taux longs, les forces maintenant le taux de l\u2019OAT\u00a010\u00a0ans autour de 3,5% sont escompt\u00e9es pr\u00e9gnantes \u00e0 court terme, vu notamment la pression sur la prime de risque sp\u00e9cifique \u00e0 la France et les anticipations d\u2019augmentation d\u2019appels au march\u00e9 \u00e0 la suite de la lev\u00e9e du frein \u00e0 la dette allemande.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

0,8

\n		\n

0,9

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,5

\n		\n

7,6

\n		\n

7,6

\n		\n

7,6

\n		\n

7,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,56

\n		\n

3,54

\n		\n

3,44

\n		\n

3,40

\n		\n

3,40

\n
\n

Inflation France (variation)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,8

\n		\n

1,9

\n		\n

2,0

\n		\n

2,0

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n		\n

6,7

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

3,04

\n		\n

2,94

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,8

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n		\n

2,0

\n
\n

Sc\u00e9nario adverse

\n

Ce sc\u00e9nario int\u00e8gre l\u2019ann\u00e9e du choc de nouvelles tensions sur le march\u00e9 des mati\u00e8res premi\u00e8res dans un contexte de tensions g\u00e9opolitiques, entra\u00eenant un choc r\u00e9cessif sur le PIB mondial. Une boucle prix-salaires persistante s\u2019installerait de mani\u00e8re durable en zone euro, entra\u00eenant une hausse de l\u2019inflation sous-jacente, l\u2019inflation totale persistant au-dessus de la cible de la banque centrale. En r\u00e9action, celle-ci positionnerait ses taux directeurs au-dessus des taux neutres, sans parvenir \u00e0 stabiliser la dynamique des prix, et impliquant des taux obligataires tr\u00e8s \u00e9lev\u00e9s. Dans ce sc\u00e9nario la transition \u00e9nerg\u00e9tique et \u00e9cologique se ferait, par rapport au sc\u00e9nario central, de mani\u00e8re d\u00e9sordonn\u00e9e, contribuant \u00e0 des tensions sur les prix et les taux, et \u00e0 une perte de croissance potentielle \u00e0 moyen terme (perte de productivit\u00e9). Les cons\u00e9quences \u00e9conomiques et financi\u00e8res des sc\u00e9narios climatiques adverses du NGFS(389) (dans leur derni\u00e8re actualisation avec une forte hausse de l\u2019impact du risque physique dans l\u2019ensemble des sc\u00e9narios) sont couvertes et statistiquement englob\u00e9es par ce sc\u00e9nario de KO inflationniste, tout comme le risque de guerre commerciale.

\n

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par la Caisse des D\u00e9p\u00f4ts, et les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,5

\n		\n

0,5

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

8,7

\n		\n

9,2

\n		\n

9,5

\n		\n

9,6

\n		\n

9,6

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

5,48

\n		\n

5,69

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

5,50

\n		\n

4,00

\n		\n

3,50

\n		\n

3,50

\n		\n

3,50

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables (en\u00a0%)

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

-1,5

\n		\n

0,0

\n		\n

0,5

\n		\n

0,6

\n		\n

0,6

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

8,3

\n		\n

9,1

\n		\n

9,4

\n		\n

9,5

\n		\n

9,5

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

5,00

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n		\n

5,50

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

5,5

\n		\n

4,0

\n		\n

3,5

\n		\n

3,5

\n		\n

3,5

\n
\n

Sc\u00e9nario favorable

\n

Le sc\u00e9nario haussier retient une moindre incertitude en France et un environnement international plus porteur. En France, la confiance des agents serait moins entrav\u00e9e qu\u2019escompt\u00e9e, soutenant davantage la reprise de l\u2019activit\u00e9 les premi\u00e8res ann\u00e9es que dans le sc\u00e9nario central. Au niveau international, le rel\u00e8vement des droits de douane am\u00e9ricains serait contenu. L\u2019inflation am\u00e9ricaine poursuivrait sa\u00a0d\u00e9c\u00e9l\u00e9ration, ce qui permettrait \u00e0 la Fed de baisser son taux directeur, entra\u00eenant une r\u00e9duction des taux longs am\u00e9ricains. Celle-ci se diffuserait dans les grandes \u00e9conomies et les taux longs europ\u00e9ens (dont l\u2019OAT) marqueraient \u00e9galement une baisse. Ce dernier \u00e9l\u00e9ment jouerait aussi \u00e0 long terme. La production p\u00e9troli\u00e8re am\u00e9ricaine plus soutenue p\u00e8serait sur le cours du p\u00e9trole, ce qui contrebalancerait les pressions haussi\u00e8res sur l\u2019inflation fran\u00e7aise, li\u00e9es \u00e0 une activit\u00e9 plus soutenue. En Chine, la politique de soutien des autorit\u00e9s produirait un peu d\u2019effets positifs. L\u2019ensemble de ces ph\u00e9nom\u00e8nes (moindre incertitude, davantage de demande \u00e9trang\u00e8re, inflation contenue et baisse des taux) constitueraient des facteurs de soutien additionnels \u00e0 la croissance fran\u00e7aise par rapport au sc\u00e9nario central. L\u2019emploi serait ainsi plus dynamique et le ch\u00f4mage plus faible.

\n

Ce sc\u00e9nario est un sc\u00e9nario propos\u00e9 par le d\u00e9partement des \u00e9tudes \u00e9conomiques de La\u00a0Banque\u00a0Postale. Les projections de certaines de ses variables sont d\u00e9taill\u00e9es ci-dessous\u00a0:

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2025

\n
\n

T0

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

0,7

\n		\n

1,2

\n		\n

1,5

\n		\n

1,4

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

7,4

\n		\n

7,4

\n		\n

7,2

\n		\n

7,1

\n		\n

7,0

\n		\n

6,9

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

3,38

\n		\n

3,44

\n		\n

3,34

\n		\n

3,24

\n		\n

3,20

\n		\n

3,20

\n
\n

Inflation France (variation)

\n		\n

1,10

\n		\n

1,35

\n		\n

1,61

\n		\n

1,75

\n		\n

1,93

\n		\n

1,97

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Variables

\n		\n

Sc\u00e9nario en vigueur au 31/12/2024

\n
\n

TO

\n		\n

N+1

\n		\n

N+2

\n		\n

N+3

\n		\n

N+4

\n		\n

N+5

\n
\n

PIB France (taux de croissance annuel)

\n		\n

1,1

\n		\n

1,5

\n		\n

1,5

\n		\n

1,3

\n		\n

1,1

\n		\n

1,0

\n
\n

Taux de ch\u00f4mage zone euro (taux moyen annuel)

\n		\n

6,5

\n		\n

6,5

\n		\n

6,4

\n		\n

6,3

\n		\n

6,2

\n		\n

6,2

\n
\n

OAT 10\u00a0ans (moyenne annuelle)

\n		\n

2,99

\n		\n

2,98

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n		\n

2,90

\n
\n

Inflation France (variation)

\n		\n

2,1

\n		\n

1,62

\n		\n

1,91

\n		\n

2,00

\n		\n

2,02

\n		\n

2,02

\n
\n

Analyse de sensibilit\u00e9 des sc\u00e9narios
macro-\u00e9conomiques sur les pertes attendues

\n

Les analyses de sensibilit\u00e9s ont \u00e9t\u00e9 conduites sur les p\u00e9rim\u00e8tres relatifs au risque de cr\u00e9dit aux personnes morales et personnes physiques, sur les param\u00e8tres des ECL statistiques (soit hors provisions \u00e0 dire d\u2019expert s\u2019agissant de la client\u00e8le Personnes Morales).

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de d\u00e9tail est relativement mod\u00e9r\u00e9e sur ce segment, avec une amplitude de [0%\u00a0; +3%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration.

\n

La sensibilit\u00e9 des ECL sur la client\u00e8le de personnes morales est plus marqu\u00e9e sur ce segment, avec une amplitude de [-3%\u00a0; +52%] d\u2019ECL autour du sc\u00e9nario central selon les sc\u00e9narios, avant pond\u00e9ration, la volatilit\u00e9 \u00e9tant plus \u00e9lev\u00e9e sur les expositions du segment souverains et \u00e9tablissements de cr\u00e9dit.

\n

35.2.3Impacts sur l\u2019\u00e9valuation du risque de cr\u00e9dit

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque s\u2019\u00e9tablit \u00e0 250\u00a0millions d\u2019euros.

\n

Le taux d\u2019expositions non performantes (des expositions client\u00e8le et des titres) est en hausse \u00e0 1,42% par rapport au niveau de\u00a0d\u00e9cembre\u00a02024 (i.e. 1,34% en\u00a0d\u00e9cembre\u00a02024) du fait essentiellement de l\u2019augmentation des encours en d\u00e9faut de l\u2019activit\u00e9 de cr\u00e9dit \u00e0 la consommation.

\n

Le taux de couverture des expositions non performantes est en l\u00e9g\u00e8re baisse (37,8%) \u00e0 fin\u00a0d\u00e9cembre\u00a02025 par rapport au 31\u00a0d\u00e9cembre 2024 (39,4%).

\n

Par ailleurs, le taux d\u2019exposition en bucket\u00a02 augmente pour s\u2019\u00e9tablir \u00e0 7,72% (versus 7% en 2024). Cette hausse r\u00e9sulte d\u2019un double effet\u00a0: provisionnement statistique (encours du bucket\u00a02 plus \u00e9lev\u00e9) et mise \u00e0 jour des crit\u00e8res de provisionnement sectoriel.

\n

Personnes morales

\n

Au cours de l\u2019ann\u00e9e 2025, il n\u2019y a pas de sinistralit\u00e9 importante observ\u00e9e sur le portefeuille de cr\u00e9dit personnes morales. Toutefois, le nombre d\u2019entr\u00e9e en gestion Affaires Sp\u00e9ciales continue de progresser sur le portefeuille de cr\u00e9dit entreprises. La lente d\u00e9gradation s'est mat\u00e9rialis\u00e9e essentiellement par l'entr\u00e9e de plusieurs dossiers \u00e0 forte composante immobili\u00e8re en Watch\u00a0List ou en gestion Affaires Sp\u00e9ciales, ainsi que sur le segment PME/ETI. Le renforcement du provisionnement sectoriel au second semestre 2024 a permis d\u2019absorber la d\u00e9gradation attendue du secteur de l\u2019immobilier.

\n

Ainsi, au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de Financement et d\u2019Investissement Personnes Morales s\u2019\u00e9tablit \u00e0 118\u00a0millions d\u2019euros contre 132\u00a0millions d'euros au 31\u00a0d\u00e9cembre 2024.

\n

Particuliers

\n

Au 31\u00a0d\u00e9cembre 2025, le co\u00fbt du risque de cr\u00e9dit au titre de l\u2019activit\u00e9 de la client\u00e8le de particuliers s\u2019\u00e9l\u00e8ve \u00e0 132\u00a0millions d\u2019euros (dont 7,4\u00a0millions d\u2019euros sur la client\u00e8le des professionnels) versus 99\u00a0millions au 31\u00a0d\u00e9cembre 2024.

\n

La qualit\u00e9 de cr\u00e9dit des portefeuilles de cr\u00e9dits aux particuliers reste stable et ma\u00eetris\u00e9e depuis le d\u00e9but de l\u2019ann\u00e9e, notamment sur le p\u00e9rim\u00e8tre des cr\u00e9dits immobiliers.

\n

Sur le p\u00e9rim\u00e8tre des cr\u00e9dits \u00e0 la consommation, la dynamique de d\u00e9gradation du portefeuille constat\u00e9e depuis l\u2019\u00e9t\u00e9 2024 (progression des impay\u00e9s, hausse des flux de recevabilit\u00e9s Banque de France, d\u00e9gradation de notations) s\u2019est poursuivie en 2025. Ce risque reste \u00e0 ce jour ma\u00eetris\u00e9.

\n

35.2.4Exposition au risque de cr\u00e9dit

\n

a) Variation des valeurs comptables et des corrections de valeur pour pertes sur la p\u00e9riode

\n

Les corrections de valeur pour pertes correspondent aux d\u00e9pr\u00e9ciations sur actifs et aux provisions sur engagement hors-bilan comptabilis\u00e9es en r\u00e9sultat (co\u00fbt du risque de cr\u00e9dit pour les entit\u00e9s bancaires et co\u00fbt du risque de cr\u00e9dit sur les placements financiers des activit\u00e9s d\u2019assurance pour les entit\u00e9s d'assurance) au titre du risque de cr\u00e9dit.

\n

Les tableaux suivants pr\u00e9sentent un rapprochement des soldes d\u2019ouverture et de cl\u00f4ture des corrections de valeur pour perte comptabilis\u00e9es en Co\u00fbt du risque et des valeurs comptables brutes associ\u00e9es, par cat\u00e9gorie comptable et type d\u2019instruments.

\n

La ligne \u00ab\u00a0Modifications des flux ne donnant pas lieu \u00e0 une d\u00e9comptabilisation\u00a0\u00bb permet d\u2019identifier les impacts d\u2019une restructuration pour risque intervenue sur la p\u00e9riode (cf. note\u00a03.11).

\n

Actifs financiers \u00e9valu\u00e9s au co\u00fbt amorti

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation\u00a0(a)

\n		\n

Valeur nette\u00a0(b)

\n
\n

Titres

\n		\n

38\u00a0335

\n		\n

(52)

\n		\n

(77)

\n		\n

38\u00a0206

\n		\n

36\u00a0324

\n		\n

(49)

\n		\n

(19)

\n		\n

36\u00a0256

\n
\n

Pr\u00eats et cr\u00e9ances sur les \u00e9tablissements de cr\u00e9dit et assimil\u00e9s

\n		\n

70\u00a0077

\n		\n

(1)

\n		\n

\n		\n

70\u00a0076

\n		\n

75\u00a0679

\n		\n

(5)

\n		\n

\n		\n

75\u00a0673

\n
\n

Pr\u00eats et cr\u00e9ances sur la client\u00e8le

\n		\n

133\u00a0975

\n		\n

(1\u00a0800)

\n		\n

(20)

\n		\n

132\u00a0155

\n		\n

130\u00a0680

\n		\n

(1\u00a0717)

\n		\n

(5)

\n		\n

128\u00a0958

\n
\n

Total

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

(97)

\n		\n

240\u00a0437

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

(24)

\n		\n

240\u00a0888

\n
\n

(a)Impact des op\u00e9rations de couverture.

\n

(b)Cf. note\u00a023.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur Nette comptable

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

227\u00a0548

\n		\n

(176)

\n		\n

12\u00a0614

\n		\n

(611)

\n		\n

2\u00a0523

\n		\n

(985)

\n		\n

242\u00a0684

\n		\n

(1\u00a0772)

\n		\n

240\u00a0888

\n
\n

Transferts d'actifs en cours de vie d'un bucket \u00e0\u00a0l'autre

\n		\n

(2\u00a0291)

\n		\n

11

\n		\n

1\u00a0728

\n		\n

(59)

\n		\n

563

\n		\n

(154)

\n		\n

0

\n		\n

(201)

\n		\n

(201)

\n
\n

Transferts vers ECL Maturit\u00e9 (bucket 2)

\n		\n

(4\u00a0965)

\n		\n

17

\n		\n

5\u00a0126

\n		\n

(177)

\n		\n

(161)

\n		\n

36

\n		\n

\n		\n

(123)

\n		\n

(123)

\n
\n

Transferts vers ECL 12\u00a0mois (bucket 1)

\n		\n

3\u00a0133

\n		\n

(10)

\n		\n

(2\u00a0986)

\n		\n

89

\n		\n

(148)

\n		\n

31

\n		\n

\n		\n

111

\n		\n

111

\n
\n

Transferts vers actifs d\u00e9pr\u00e9ci\u00e9s (bucket 3)\u00a0(a)

\n		\n

(459)

\n		\n

4

\n		\n

(412)

\n		\n

29

\n		\n

872

\n		\n

(221)

\n		\n

0

\n		\n

(188)

\n		\n

(188)

\n
\n

Total apr\u00e8s transferts

\n		\n

225\u00a0256

\n		\n

(165)

\n		\n

14\u00a0341

\n		\n

(669)

\n		\n

3\u00a0086

\n		\n

(1\u00a0138)

\n		\n

242\u00a0684

\n		\n

(1\u00a0973)

\n		\n

240\u00a0711

\n
\n

Variations des Valeurs comptables brutes et des\u00a0corrections de valeur pour pertes

\n		\n

556

\n		\n

5

\n		\n

(584)

\n		\n

21

\n		\n

(269)

\n		\n

94

\n		\n

(297)

\n		\n

120

\n		\n

(177)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026\u00a0(b)

\n		\n

33\u00a0967

\n		\n

(92)

\n		\n

2\u00a0259

\n		\n

(209)

\n		\n

503

\n		\n

(274)

\n		\n

36\u00a0730

\n		\n

(575)

\n		\n

36\u00a0155

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0 \u00e9ch\u00e9ance...

\n		\n

(33\u00a0147)

\n		\n

96

\n		\n

(2\u00a0843)

\n		\n

230

\n		\n

(561)

\n		\n

175

\n		\n

(36\u00a0551)

\n		\n

501

\n		\n

(36\u00a0050)

\n
\n

Passage \u00e0 perte

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(200)

\n		\n

193

\n		\n

(200)

\n		\n

193

\n		\n

(6)

\n
\n

Modifications des flux ne donnant pas lieu \u00e0 une\u00a0d\u00e9comptabilisation

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n		\n

\n		\n

(4)

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(217)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(217)

\n		\n

\n		\n

(217)

\n
\n

Autres

\n		\n

(47)

\n		\n

(0)

\n		\n

0

\n		\n

0

\n		\n

(9)

\n		\n

(0)

\n		\n

(55)

\n		\n

(0)

\n		\n

(55)

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0534

\n
\n

R\u00e9\u00e9valuations\u00a0(c)

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(97)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

225\u00a0812

\n		\n

(160)

\n		\n

13\u00a0757

\n		\n

(648)

\n		\n

2\u00a0817

\n		\n

(1\u00a0044)

\n		\n

242\u00a0386

\n		\n

(1\u00a0853)

\n		\n

240\u00a0437

\n
\n

(a)Les transferts vers le bucket 3 correspondent \u00e0 des encours class\u00e9s initialement en bucket 1 ayant \u00e9t\u00e9\u00a0d\u00e9class\u00e9s soit directement en bucket 3, soit d\u2019abord en bucket 2 puis en bucket 3.

\n

(b)Les montants pr\u00e9sent\u00e9s sur la ligne \u00ab\u00a0Nouvelle production\u00a0\u00bb en bucket 2 et bucket 3 peuvent inclure des encours origin\u00e9s en bucket 1 puis reclass\u00e9s en bucket 2 ou bucket 3 au cours du m\u00eame exercice.

\n

(c)Impact des op\u00e9rations de couverture.

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

R\u00e9\u00e9va-luation

\n		\n

Juste valeur\u00a0(a)

\n
\n

Instruments de dettes \u00e0 la juste valeur par capitaux propres reyclables

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

Total

\n		\n

233\u00a0854

\n		\n

(312)

\n		\n

(26\u00a0808)

\n		\n

206\u00a0734

\n		\n

229\u00a0376

\n		\n

(292)

\n		\n

(26\u00a0138)

\n		\n

202\u00a0948

\n
\n

(a)Cf. note\u00a023.3.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n
\n

Au 31\u00a0d\u00e9cembre 2024

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Transferts d'actifs en cours
de vie d'un bucket \u00e0 l'autre

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total apr\u00e8s transferts

\n		\n

229\u00a0285

\n		\n

(291)

\n		\n

90

\n		\n

(1)

\n		\n

\n		\n

\n		\n

229\u00a0376

\n		\n

(292)

\n
\n

Variations des valeurs comptables brutes et des corrections de valeur pour pertes

\n		\n

4\u00a0539

\n		\n

(21)

\n		\n

(61)

\n		\n

0

\n		\n

\n		\n

\n		\n

4\u00a0478

\n		\n

(20)

\n
\n

Nouvelle production\u00a0: achat, octroi, origination\u2026

\n		\n

63\u00a0794

\n		\n

\n		\n

10

\n		\n

\n		\n

\n		\n

\n		\n

63\u00a0804

\n		\n

\n
\n

D\u00e9comptabilisation\u00a0: cession, remboursement, arriv\u00e9e \u00e0\u00a0\u00e9ch\u00e9ance...

\n		\n

(59\u00a0228)

\n		\n

\n		\n

(71)

\n		\n

\n		\n

\n		\n

\n		\n

(59\u00a0299)

\n		\n

\n
\n

Variations de p\u00e9rim\u00e8tre

\n		\n

(16)

\n		\n

2

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

(16)

\n		\n

2

\n
\n

Autres

\n		\n

(11)

\n		\n

(23)

\n		\n

\n		\n

0

\n		\n

\n		\n

\n		\n

(11)

\n		\n

(22)

\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n		\n

233\u00a0825

\n		\n

(311)

\n		\n

30

\n		\n

(1)

\n		\n

\n		\n

\n		\n

233\u00a0854

\n		\n

(312)

\n
\n

Hors bilan (engagements de financement et de garantie)

\n

Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n		\n

Valeur comptable brute

\n		\n

Correction de valeur pour pertes

\n		\n

Valeur nette

\n
\n

Engagements de financement et de garantie\u00a0(a)

\n		\n

27\u00a0039

\n		\n

\n		\n

\n		\n

27\u00a0774

\n		\n

\n		\n

\n
\n

Provisions pour engagements de financement
et de garantie\u00a0(b)

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

(129)

\n		\n

\n
\n

Total

\n		\n

27\u00a0039

\n		\n

(105)

\n		\n

26\u00a0934

\n		\n

27\u00a0774

\n		\n

(129)

\n		\n

27\u00a0645

\n
\n

(a)Dont 24\u00a0752\u00a0millions d\u2019euros en bucket 1 et 2\u00a0209\u00a0millions d\u2019euros en bucket 2 en 2025 (versus 25\u00a0839\u00a0millions d\u2019euros en bucket 1 et 1\u00a0776\u00a0millions d\u2019euros en bucket 2 en 2024). \u00c0 noter que sur le bucket 1 en 2025, la nouvelle production s\u2019est \u00e9lev\u00e9e \u00e0 10\u00a0604\u00a0millions d\u2019euros et les\u00a0d\u00e9comptabilisations se sont \u00e9lev\u00e9es \u00e0 -11 940\u00a0millions d\u2019euros (versus 13\u00a0397\u00a0millions d\u2019euros en nouvelle production et -9\u00a0632\u00a0millions d\u2019euros en\u00a0d\u00e9comptabilisations en 2024).

\n

(b)Dont -20\u00a0millions d\u2019euros en bucket 1 et -74\u00a0millions d\u2019euros en bucket 2 en 2025 (versus -22\u00a0millions d\u2019euros en bucket 1 et -64\u00a0millions d\u2019euros en bucket 2 en 2024).

\n
\n

Actifs financiers restructur\u00e9s

\n

Pour les actifs ayant fait l\u2019objet d\u2019une restructuration au cours de la p\u00e9riode, la valeur comptable \u00e9tablie \u00e0 l\u2019issue de la restructuration est la suivante\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n		\n

Valeur comptable avant transfert en restructuration

\n		\n

Montant de la\u00a0d\u00e9cote comptabilis\u00e9e en compte de r\u00e9sultat

\n		\n

Valeur comptable brute

\n
\n

Pr\u00eats et cr\u00e9ances \u00e0 la client\u00e8le au co\u00fbt amorti

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Total

\n		\n

59

\n		\n

(4)

\n		\n

56

\n		\n

91

\n		\n

(3)

\n		\n

88

\n
\n

Les actifs restructur\u00e9s class\u00e9s en bucket\u00a02 (actifs d\u00e9grad\u00e9s) ou bucket\u00a03 (actifs d\u00e9pr\u00e9ci\u00e9s) peuvent faire l\u2019objet d\u2019un retour en bucket\u00a01 (actifs sains) \u00e0 la suite d\u2019une p\u00e9riode probatoire (cf.\u00a0note\u00a03.11.6). Le statut d\u2019actif financier restructur\u00e9 est caract\u00e9ris\u00e9 d\u00e8s la survenance d\u2019une restructuration et conserv\u00e9 jusqu\u2019\u00e0 la\u00a0d\u00e9comptabilisation de l\u2019actif.

\n

La valeur comptable brute des actifs modifi\u00e9s concern\u00e9s par ce reclassement au cours de la p\u00e9riode est de 7\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et 10\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2024.

\n

Exposition maximale au risque de cr\u00e9dit

\n

L\u2019exposition maximale au risque de cr\u00e9dit correspond \u00e0 la valeur comptable des actifs financiers port\u00e9s par le groupe, nette de toute perte de valeur comptabilis\u00e9e et sans tenir compte des actifs d\u00e9tenus en garantie ou des autres rehaussements de cr\u00e9dit (par exemple les accords de compensation qui ne remplissent pas les conditions de compensation selon IAS\u00a032).

\n

Le tableau ci-dessous pr\u00e9sente l\u2019exposition nette maximale ainsi que le montant des actifs d\u00e9tenus en garantie et autres techniques de rehaussements de cr\u00e9dit permettant de r\u00e9duire cette exposition.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de r\u00e9haussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

96\u00a0938

\n		\n

19\u00a0988

\n		\n

76\u00a0950

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0252

\n		\n

19\u00a0988

\n		\n

264

\n
\n

Actifs financiers d\u00e9sign\u00e9s \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

\n		\n

2\u00a0618

\n
\n

Actifs financiers non SPPI mesur\u00e9s \u00e0 la juste valeur

\n		\n

74\u00a0068

\n		\n

\n		\n

74\u00a0068

\n
\n

D\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Titres de dette

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

240\u00a0437

\n		\n

95\u00a0027

\n		\n

145\u00a0410

\n
\n

Pr\u00eats et avances aux \u00e9tablissements de cr\u00e9dits

\n		\n

70\u00a0076

\n		\n

8\u00a0498

\n		\n

61\u00a0578

\n
\n

Pr\u00eats et avances \u00e0 la client\u00e8le

\n		\n

132\u00a0155

\n		\n

86\u00a0529

\n		\n

45\u00a0625

\n
\n

Titres de dette

\n		\n

38\u00a0206

\n		\n

\n		\n

38\u00a0206

\n
\n

Hors bilan (engagements de financement et de garantie)

\n		\n

26\u00a0934

\n		\n

287

\n		\n

26\u00a0647

\n
\n

Engagements de financement donn\u00e9s

\n		\n

25\u00a0552

\n		\n

286

\n		\n

25\u00a0266

\n
\n

Engagements de garantie donn\u00e9s

\n		\n

1\u00a0382

\n		\n

1

\n		\n

1\u00a0381

\n
\n

Total

\n		\n

571\u00a0437

\n		\n

115\u00a0697

\n		\n

455\u00a0740

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au\u00a031\u00a0d\u00e9cembre 2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de rehaussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0r\u00e9sultat

\n		\n

96\u00a0712

\n		\n

16\u00a0579

\n		\n

80\u00a0133

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9tenus\u00a0\u00e0\u00a0des\u00a0fins\u00a0de\u00a0transaction

\n		\n

16\u00a0838

\n		\n

16\u00a0579

\n		\n

258

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9sign\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0sur\u00a0option

\n		\n

2\u00a0943

\n		\n

\n		\n

2\u00a0943

\n
\n

Actifs\u00a0financiers\u00a0non\u00a0SPPI\u00a0mesur\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur

\n		\n

76\u00a0932

\n		\n

\n		\n

76\u00a0932

\n
\n

D\u00e9riv\u00e9s\u00a0de\u00a0couverture

\n		\n

486

\n		\n

486

\n		\n

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0capitaux\u00a0propres\u00a0recyclables

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Actifs\u00a0financiers\u00a0mesur\u00e9s\u00a0au\u00a0co\u00fbt\u00a0amorti

\n		\n

240\u00a0888

\n		\n

94\u00a0381

\n		\n

146\u00a0506

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0aux\u00a0\u00e9tablissements\u00a0de\u00a0cr\u00e9dits

\n		\n

75\u00a0673

\n		\n

10\u00a0130

\n		\n

65\u00a0543

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0\u00e0\u00a0la\u00a0client\u00e8le

\n		\n

128\u00a0958

\n		\n

84\u00a0251

\n		\n

44\u00a0707

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

36\u00a0256

\n		\n

\n		\n

36\u00a0256

\n
\n

Hors\u00a0bilan\u00a0(engagements\u00a0de\u00a0financement\u00a0et\u00a0de\u00a0garantie)

\n		\n

27\u00a0645

\n		\n

322

\n		\n

27\u00a0323

\n
\n

Engagements\u00a0de\u00a0financement\u00a0donn\u00e9s

\n		\n

26\u00a0251

\n		\n

321

\n		\n

25\u00a0930

\n
\n

Engagements\u00a0de\u00a0garantie\u00a0donn\u00e9s

\n		\n

1\u00a0394

\n		\n

1

\n		\n

1\u00a0393

\n
\n

Total

\n		\n

568\u00a0677

\n		\n

111\u00a0769

\n		\n

456\u00a0908

\n
\n

b) Concentration du risque de cr\u00e9dit

\n

Concentration du risque de cr\u00e9dit par agent \u00e9conomique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

Administration

\n		\n

100\u00a0949

\n		\n

101

\n		\n

33

\n		\n

101\u00a0082

\n		\n

105\u00a0482

\n		\n

71

\n		\n

24

\n		\n

105\u00a0577

\n
\n

Banques centrales

\n		\n

831

\n		\n

\n		\n

\n		\n

831

\n		\n

586

\n		\n

\n		\n

\n		\n

586

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

9\u00a0650

\n		\n

1\u00a0257

\n		\n

73

\n		\n

10\u00a0981

\n		\n

6\u00a0221

\n		\n

920

\n		\n

90

\n		\n

7\u00a0231

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

31\u00a0471

\n		\n

5\u00a0770

\n		\n

1\u00a0392

\n		\n

38\u00a0634

\n		\n

28\u00a0936

\n		\n

4\u00a0905

\n		\n

1\u00a0209

\n		\n

35\u00a0050

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

(a)Hors encours de pr\u00eats octroy\u00e9s \u00e0 des SCI, figurant en cr\u00e9dits retail au bilan et pr\u00e9sent\u00e9s en soci\u00e9t\u00e9s non financi\u00e8res dans cette\u00a0d\u00e9composition par agent \u00e9conomique.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n		\n

Actifs soumis \u00e0\u00a0une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0\u00a0une ECL \u00e0\u00a0maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Administration

\n		\n

118\u00a0322

\n		\n

\n		\n

\n		\n

118\u00a0322

\n		\n

115\u00a0580

\n		\n

\n		\n

\n		\n

115\u00a0580

\n
\n

Banques centrales

\n		\n

15\u00a0976

\n		\n

\n		\n

\n		\n

15\u00a0976

\n		\n

13\u00a0334

\n		\n

\n		\n

\n		\n

13\u00a0334

\n
\n

\u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res

\n		\n

8\u00a0288

\n		\n

(0)

\n		\n

\n		\n

8\u00a0288

\n		\n

7\u00a0214

\n		\n

\n		\n

\n		\n

7\u00a0214

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res

\n		\n

40\u00a0570

\n		\n

30

\n		\n

\n		\n

40\u00a0600

\n		\n

40\u00a0664

\n		\n

90

\n		\n

\n		\n

40\u00a0755

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan (engagements de\u00a0financement et\u00a0de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

Client\u00e8le de d\u00e9tail\u00a0(a)

\n		\n

7\u00a0318

\n		\n

600

\n		\n

13

\n		\n

7\u00a0932

\n		\n

8\u00a0032

\n		\n

651

\n		\n

15

\n		\n

8\u00a0698

\n
\n

Administration\u00a0(b)

\n		\n

4\u00a0933

\n		\n

16

\n		\n

\n		\n

4\u00a0948

\n		\n

4\u00a0493

\n		\n

5

\n		\n

2

\n		\n

4\u00a0500

\n
\n

Banques centrales

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n		\n

1

\n		\n

\n		\n

\n		\n

1

\n
\n

\u00c9tablissements de\u00a0cr\u00e9dit\u00a0(c)

\n		\n

1\u00a0631

\n		\n

170

\n		\n

\n		\n

1\u00a0801

\n		\n

4\u00a0624

\n		\n

78

\n		\n

\n		\n

4\u00a0702

\n
\n

Soci\u00e9t\u00e9s financi\u00e8res\u00a0(d)

\n		\n

2\u00a0328

\n		\n

258

\n		\n

2

\n		\n

2\u00a0588

\n		\n

2\u00a0362

\n		\n

289

\n		\n

3

\n		\n

2\u00a0654

\n
\n

Soci\u00e9t\u00e9s non financi\u00e8res\u00a0(d)

\n		\n

8\u00a0542

\n		\n

1\u00a0164

\n		\n

63

\n		\n

9\u00a0769

\n		\n

6\u00a0326

\n		\n

753

\n		\n

139

\n		\n

7\u00a0218

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour pertes\u00a0(e)

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

(a)Dont 6\u00a0790\u00a0millions d\u2019euros en 2025 (7\u00a0460\u00a0millions d\u2019euros en 2024) pr\u00e9sentent une probabilit\u00e9 de d\u00e9faut inf\u00e9rieure \u00e0 1%.

\n

(b)Dont 3\u00a0689\u00a0millions d\u2019euros en 2025 (3\u00a0405\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(c)Dont 526\u00a0millions d\u2019euros en 2025 (342\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(d)Dont 10\u00a0474\u00a0millions d\u2019euros en 2025 (8\u00a0391\u00a0millions d\u2019euros en 2024) ayant une notation inf\u00e9rieure \u00e0 A.

\n

(e)Les pertes attendues ou av\u00e9r\u00e9es relatives aux engagements hors bilan sont prises en compte par voie de provisions figurant au passif du bilan.

\n
\n

Pour la client\u00e8le de d\u00e9tail, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par intervalle de probabilit\u00e9 de d\u00e9faut. Pour les autres types de client\u00e8le, les cat\u00e9gories de risques de cr\u00e9dit sont pr\u00e9sent\u00e9es par notation externe.

\n

Exposition au risque de cr\u00e9dit

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

PD < 1%

\n		\n

62\u00a0952

\n		\n

1\u00a0280

\n		\n

\n		\n

64\u00a0232

\n		\n

64\u00a0886

\n		\n

1\u00a0607

\n		\n

\n		\n

66\u00a0493

\n
\n

1% < PD < 3%

\n		\n

7\u00a0752

\n		\n

1\u00a0748

\n		\n

\n		\n

9\u00a0499

\n		\n

8\u00a0168

\n		\n

1\u00a0543

\n		\n

\n		\n

9\u00a0711

\n
\n

3% < PD < 10%

\n		\n

1\u00a0604

\n		\n

2\u00a0739

\n		\n

\n		\n

4\u00a0343

\n		\n

1\u00a0874

\n		\n

2\u00a0652

\n		\n

\n		\n

4\u00a0526

\n
\n

PD > 10%

\n		\n

82

\n		\n

862

\n		\n

\n		\n

945

\n		\n

157

\n		\n

914

\n		\n

\n		\n

1\u00a0071

\n
\n

Contrat douteux \u2013 contentieux

\n		\n

\n		\n

\n		\n

1\u00a0318

\n		\n

1\u00a0318

\n		\n

\n		\n

\n		\n

1\u00a0200

\n		\n

1\u00a0200

\n
\n

Total \u2013 client\u00e8le de\u00a0d\u00e9tail

\n		\n

72\u00a0390

\n		\n

6\u00a0629

\n		\n

1\u00a0318

\n		\n

80\u00a0336

\n		\n

75\u00a0085

\n		\n

6\u00a0717

\n		\n

1\u00a0200

\n		\n

83\u00a0001

\n
\n

AAA

\n		\n

1\u00a0053

\n		\n

61

\n		\n

\n		\n

1\u00a0114

\n		\n

2\u00a0002

\n		\n

105

\n		\n

\n		\n

2\u00a0107

\n
\n

AA

\n		\n

1\u00a0531

\n		\n

\n		\n

\n		\n

1\u00a0531

\n		\n

2\u00a0822

\n		\n

69

\n		\n

\n		\n

2\u00a0891

\n
\n

A

\n		\n

5\u00a0579

\n		\n

58

\n		\n

52

\n		\n

5\u00a0689

\n		\n

4\u00a0302

\n		\n

271

\n		\n

\n		\n

4\u00a0573

\n
\n

Autres

\n		\n

32\u00a0960

\n		\n

6\u00a0908

\n		\n

1\u00a0413

\n		\n

41\u00a0281

\n		\n

26\u00a0032

\n		\n

5\u00a0379

\n		\n

1\u00a0299

\n		\n

32\u00a0710

\n
\n

Total \u2013 Soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

41\u00a0122

\n		\n

7\u00a0027

\n		\n

1\u00a0465

\n		\n

49\u00a0615

\n		\n

35\u00a0157

\n		\n

5\u00a0825

\n		\n

1\u00a0299

\n		\n

42\u00a0280

\n
\n

AAA

\n		\n

2\u00a0592

\n		\n

\n		\n

\n		\n

2\u00a0592

\n		\n

2\u00a0915

\n		\n

\n		\n

\n		\n

2\u00a0915

\n
\n

AA

\n		\n

1\u00a0992

\n		\n

\n		\n

\n		\n

1\u00a0992

\n		\n

89\u00a0179

\n		\n

\n		\n

\n		\n

89\u00a0179

\n
\n

A

\n		\n

89\u00a0161

\n		\n

8

\n		\n

\n		\n

89\u00a0169

\n		\n

3\u00a0455

\n		\n

\n		\n

0

\n		\n

3\u00a0455

\n
\n

Autres

\n		\n

8\u00a0035

\n		\n

92

\n		\n

33

\n		\n

8\u00a0160

\n		\n

10\u00a0518

\n		\n

71

\n		\n

24

\n		\n

10\u00a0614

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

101\u00a0779

\n		\n

101

\n		\n

33

\n		\n

101\u00a0913

\n		\n

106\u00a0068

\n		\n

71

\n		\n

24

\n		\n

106\u00a0163

\n
\n

AAA

\n		\n

203

\n		\n

\n		\n

\n		\n

203

\n		\n

905

\n		\n

\n		\n

\n		\n

905

\n
\n

AA

\n		\n

547

\n		\n

\n		\n

\n		\n

547

\n		\n

4\u00a0137

\n		\n

0

\n		\n

\n		\n

4\u00a0137

\n
\n

A

\n		\n

4\u00a0657

\n		\n

\n		\n

\n		\n

4\u00a0657

\n		\n

5\u00a0085

\n		\n

\n		\n

\n		\n

5\u00a0085

\n
\n

Autres

\n		\n

5\u00a0115

\n		\n

0

\n		\n

0

\n		\n

5\u00a0115

\n		\n

1\u00a0111

\n		\n

0

\n		\n

0

\n		\n

1\u00a0111

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

10\u00a0522

\n		\n

0

\n		\n

0

\n		\n

10\u00a0522

\n		\n

11\u00a0238

\n		\n

0

\n		\n

0

\n		\n

11\u00a0239

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
\u00e0 la juste valeur
par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

AAA

\n		\n

380

\n		\n

\n		\n

\n		\n

380

\n		\n

2\u00a0120

\n		\n

\n		\n

\n		\n

2\u00a0120

\n
\n

AA

\n		\n

7\u00a0784

\n		\n

\n		\n

\n		\n

7\u00a0784

\n		\n

7\u00a0936

\n		\n

\n		\n

\n		\n

7\u00a0936

\n
\n

A

\n		\n

19\u00a0236

\n		\n

\n		\n

\n		\n

19\u00a0236

\n		\n

17\u00a0877

\n		\n

\n		\n

\n		\n

17\u00a0877

\n
\n

Autres

\n		\n

21\u00a0458

\n		\n

30

\n		\n

\n		\n

21\u00a0488

\n		\n

19\u00a0946

\n		\n

90

\n		\n

\n		\n

20\u00a0036

\n
\n

Total \u2013 soci\u00e9t\u00e9s financi\u00e8res et non financi\u00e8res

\n		\n

48\u00a0858

\n		\n

30

\n		\n

\n		\n

48\u00a0888

\n		\n

47\u00a0878

\n		\n

90

\n		\n

\n		\n

47\u00a0969

\n
\n

AAA

\n		\n

21\u00a0662

\n		\n

\n		\n

\n		\n

21\u00a0662

\n		\n

18\u00a0264

\n		\n

\n		\n

\n		\n

18\u00a0264

\n
\n

AA

\n		\n

14\u00a0449

\n		\n

\n		\n

\n		\n

14\u00a0449

\n		\n

83\u00a0358

\n		\n

\n		\n

\n		\n

83\u00a0358

\n
\n

A

\n		\n

82\u00a0985

\n		\n

\n		\n

\n		\n

82\u00a0985

\n		\n

6\u00a0968

\n		\n

\n		\n

\n		\n

6\u00a0968

\n
\n

Autres

\n		\n

15\u00a0203

\n		\n

\n		\n

\n		\n

15\u00a0203

\n		\n

20\u00a0323

\n		\n

\n		\n

\n		\n

20\u00a0323

\n
\n

Total \u2013 Administrations et banques centrales

\n		\n

134\u00a0299

\n		\n

\n		\n

\n		\n

134\u00a0299

\n		\n

128\u00a0914

\n		\n

\n		\n

\n		\n

128\u00a0914

\n
\n

AAA

\n		\n

1\u00a0285

\n		\n

\n		\n

\n		\n

1\u00a0285

\n		\n

2\u00a0739

\n		\n

\n		\n

\n		\n

2\u00a0739

\n
\n

AA

\n		\n

4\u00a0096

\n		\n

\n		\n

\n		\n

4\u00a0096

\n		\n

7\u00a0098

\n		\n

\n		\n

\n		\n

7\u00a0098

\n
\n

A

\n		\n

34\u00a0096

\n		\n

\n		\n

\n		\n

34\u00a0096

\n		\n

36\u00a0056

\n		\n

\n		\n

\n		\n

36\u00a0056

\n
\n

Autres

\n		\n

11\u00a0191

\n		\n

\n		\n

\n		\n

11\u00a0191

\n		\n

6\u00a0600

\n		\n

\n		\n

\n		\n

6\u00a0600

\n
\n

Total \u2013 \u00c9tablissements de cr\u00e9dit

\n		\n

50\u00a0668

\n		\n

\n		\n

\n		\n

50\u00a0668

\n		\n

52\u00a0493

\n		\n

\n		\n

\n		\n

52\u00a0493

\n
\n

Concentration du risque de cr\u00e9dit par zone g\u00e9ographique

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers
au co\u00fbt amorti

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

203\u00a0228

\n		\n

13\u00a0459

\n		\n

2\u00a0698

\n		\n

219\u00a0384

\n		\n

205\u00a0644

\n		\n

12\u00a0434

\n		\n

2\u00a0457

\n		\n

220\u00a0535

\n
\n

Autres pays de l'UE

\n		\n

20\u00a0309

\n		\n

239

\n		\n

80

\n		\n

20\u00a0627

\n		\n

19\u00a0524

\n		\n

120

\n		\n

32

\n		\n

19\u00a0676

\n
\n

Autres pays d'Europe

\n		\n

720

\n		\n

16

\n		\n

33

\n		\n

769

\n		\n

697

\n		\n

12

\n		\n

32

\n		\n

741

\n
\n

Autres

\n		\n

1\u00a0555

\n		\n

44

\n		\n

7

\n		\n

1\u00a0606

\n		\n

1\u00a0682

\n		\n

47

\n		\n

2

\n		\n

1\u00a0731

\n
\n

Total

\n		\n

225\u00a0812

\n		\n

13\u00a0757

\n		\n

2\u00a0817

\n		\n

242\u00a0386

\n		\n

227\u00a0547

\n		\n

12\u00a0613

\n		\n

2\u00a0523

\n		\n

242\u00a0684

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0950)

\n		\n

\n		\n

\n		\n

\n		\n

(1\u00a0796)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0437

\n		\n

\n		\n

\n		\n

\n		\n

240\u00a0888

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable brute

\n		\n

Valeur comptable brute

\n
\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Actifs sains ou d\u00e9grad\u00e9s

\n		\n

Actifs d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Actifs soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Actifs soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

112\u00a0567

\n		\n

10

\n		\n

\n		\n

112\u00a0577

\n		\n

99\u00a0019

\n		\n

\n		\n

\n		\n

99\u00a0019

\n
\n

Autres pays de l'UE

\n		\n

85\u00a0731

\n		\n

10

\n		\n

\n		\n

85\u00a0741

\n		\n

89\u00a0371

\n		\n

17

\n		\n

\n		\n

89\u00a0388

\n
\n

Autres pays d'Europe

\n		\n

6\u00a0550

\n		\n

\n		\n

\n		\n

6\u00a0550

\n		\n

8\u00a0697

\n		\n

\n		\n

\n		\n

8\u00a0697

\n
\n

Autres

\n		\n

28\u00a0977

\n		\n

9

\n		\n

\n		\n

28\u00a0986

\n		\n

32\u00a0199

\n		\n

73

\n		\n

\n		\n

32\u00a0272

\n
\n

Total

\n		\n

233\u00a0825

\n		\n

30

\n		\n

\n		\n

233\u00a0854

\n		\n

229\u00a0285

\n		\n

90

\n		\n

\n		\n

229\u00a0376

\n
\n

Correction de valeur pour pertes et r\u00e9\u00e9valuation

\n		\n

\n		\n

\n		\n

\n		\n

(27\u00a0121)

\n		\n

\n		\n

\n		\n

\n		\n

(26\u00a0430)

\n
\n

Total Valeur nette

\n		\n

\n		\n

\n		\n

\n		\n

206\u00a0734

\n		\n

\n		\n

\n		\n

\n		\n

202\u00a0948

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Hors bilan
(engagements
de financement
et de garantie)

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Montant de l'engagement

\n		\n

Montant de l'engagement

\n
\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n		\n

Engagements sains ou\u00a0d\u00e9grad\u00e9s

\n		\n

Engagements d\u00e9pr\u00e9ci\u00e9s

\n		\n

Total

\n
\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n		\n

Engagements soumis \u00e0 une ECL 12\u00a0mois

\n		\n

Engagements soumis \u00e0 une ECL \u00e0 maturit\u00e9

\n
\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n		\n

(bucket 1)

\n		\n

(bucket 2)

\n		\n

(bucket 3)

\n
\n

France (y compris DOM-TOM)

\n		\n

22\u00a0997

\n		\n

1\u00a0956

\n		\n

79

\n		\n

25\u00a0031

\n		\n

24\u00a0019

\n		\n

1\u00a0626

\n		\n

159

\n		\n

25\u00a0804

\n
\n

Autres pays de l'UE

\n		\n

1\u00a0600

\n		\n

166

\n		\n

0

\n		\n

1\u00a0766

\n		\n

1\u00a0621

\n		\n

149

\n		\n

0

\n		\n

1\u00a0769

\n
\n

Autres pays d'Europe

\n		\n

141

\n		\n

1

\n		\n

0

\n		\n

142

\n		\n

95

\n		\n

1

\n		\n

0

\n		\n

96

\n
\n

Autres

\n		\n

14

\n		\n

85

\n		\n

0

\n		\n

99

\n		\n

104

\n		\n

1

\n		\n

0

\n		\n

105

\n
\n

Total

\n		\n

24\u00a0752

\n		\n

2\u00a0208

\n		\n

79

\n		\n

27\u00a0039

\n		\n

25\u00a0839

\n		\n

1\u00a0776

\n		\n

159

\n		\n

27\u00a0774

\n
\n

Correction de valeur pour\u00a0pertes

\n		\n

\n		\n

\n		\n

\n		\n

(105)

\n		\n

\n		\n

\n		\n

\n		\n

(129)

\n
\n

35.2.5Compl\u00e9ment d\u2019information sur les expositions souveraines

\n

Les recensements des expositions souveraines ont \u00e9t\u00e9 \u00e9tablis selon le p\u00e9rim\u00e8tre d\u00e9fini par l\u2019Autorit\u00e9 bancaire europ\u00e9enne (ABE), c\u2019est-\u00e0-dire en reprenant dans les donn\u00e9es les expositions sur les collectivit\u00e9s r\u00e9gionales, les administrations centrales et organismes b\u00e9n\u00e9ficiant d\u2019une garantie de l\u2019\u00c9tat. Ces expositions incluent les d\u00e9p\u00f4ts centralis\u00e9s \u00e0 la Caisse des D\u00e9p\u00f4ts.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

7\u00a0831

\n		\n

409

\n		\n

8\u00a0240

\n		\n

1\u00a0158

\n		\n

\n		\n

9\u00a0398

\n		\n

3,6%

\n
\n

Autriche

\n		\n

2\u00a0400

\n		\n

6

\n		\n

2\u00a0407

\n		\n

139

\n		\n

\n		\n

2\u00a0546

\n		\n

1,0%

\n
\n

Belgique

\n		\n

9\u00a0497

\n		\n

68

\n		\n

9\u00a0565

\n		\n

2\u00a0013

\n		\n

\n		\n

11\u00a0578

\n		\n

4,4%

\n
\n

Espagne

\n		\n

13\u00a0624

\n		\n

51

\n		\n

13\u00a0675

\n		\n

1\u00a0025

\n		\n

\n		\n

14\u00a0700

\n		\n

5,6%

\n
\n

Finlande

\n		\n

589

\n		\n

1

\n		\n

591

\n		\n

21

\n		\n

\n		\n

611

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0630

\n		\n

3\u00a0848

\n		\n

146\u00a0478

\n		\n

13\u00a0063

\n		\n

4\u00a0203

\n		\n

163\u00a0744

\n		\n

61,9%

\n
\n

Grande-Bretagne

\n		\n

66

\n		\n

45

\n		\n

112

\n		\n

\n		\n

\n		\n

112

\n		\n

0,0%

\n
\n

Irlande

\n		\n

134

\n		\n

1

\n		\n

136

\n		\n

\n		\n

\n		\n

136

\n		\n

0,1%

\n
\n

Italie

\n		\n

10\u00a0185

\n		\n

84

\n		\n

10\u00a0269

\n		\n

957

\n		\n

\n		\n

11\u00a0226

\n		\n

4,2%

\n
\n

Luxembourg

\n		\n

100

\n		\n

2

\n		\n

102

\n		\n

\n		\n

\n		\n

102

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

1\u00a0768

\n		\n

17

\n		\n

1\u00a0785

\n		\n

\n		\n

\n		\n

1\u00a0785

\n		\n

0,7%

\n
\n

Pologne

\n		\n

235

\n		\n

3

\n		\n

237

\n		\n

\n		\n

\n		\n

237

\n		\n

0,1%

\n
\n

Portugal

\n		\n

1\u00a0975

\n		\n

3

\n		\n

1\u00a0978

\n		\n

\n		\n

\n		\n

1\u00a0978

\n		\n

0,7%

\n
\n

Roumanie

\n		\n

149

\n		\n

\n		\n

149

\n		\n

\n		\n

\n		\n

149

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

183

\n		\n

\n		\n

183

\n		\n

\n		\n

\n		\n

183

\n		\n

0,1%

\n
\n

Autres pays d'Europe

\n		\n

109

\n		\n

\n		\n

109

\n		\n

\n		\n

\n		\n

109

\n		\n

0,0%

\n
\n

Supranational

\n		\n

15\u00a0626

\n		\n

490

\n		\n

16\u00a0116

\n		\n

\n		\n

\n		\n

16\u00a0116

\n		\n

6,1%

\n
\n

Europe

\n		\n

207\u00a0102

\n		\n

5\u00a0028

\n		\n

212\u00a0131

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

234\u00a0709

\n		\n

88,8%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0236

\n		\n

26\u00a0354

\n		\n

28\u00a0590

\n		\n

\n		\n

\n		\n

28\u00a0590

\n		\n

10,8%

\n
\n

Canada

\n		\n

696

\n		\n

\n		\n

696

\n		\n

\n		\n

\n		\n

696

\n		\n

0,3%

\n
\n

Mexique

\n		\n

111

\n		\n

\n		\n

111

\n		\n

\n		\n

\n		\n

111

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

236

\n		\n

17

\n		\n

254

\n		\n

\n		\n

\n		\n

254

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0279

\n		\n

26\u00a0371

\n		\n

29\u00a0650

\n		\n

-

\n		\n

-

\n		\n

29\u00a0650

\n		\n

11,2%

\n
\n

Total

\n		\n

210\u00a0381

\n		\n

31\u00a0400

\n		\n

241\u00a0781

\n		\n

18\u00a0376

\n		\n

4\u00a0203

\n		\n

264\u00a0360

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions d'euros)

\n		\n

Total Portefeuille bancaire

\n		\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

Expositions directes\u00a0(a)

\n		\n

Prises en pension

\n		\n

Hors bilan

\n		\n

Expositions directes et indirectes\u00a0(b)

\n		\n

Exposition

\n

(en\u00a0%)

\n
\n

Allemagne

\n		\n

6\u00a0462

\n		\n

196

\n		\n

6\u00a0657

\n		\n

1\u00a0073

\n		\n

-

\n		\n

7\u00a0730

\n		\n

3,1%

\n
\n

Autriche

\n		\n

1\u00a0912

\n		\n

6

\n		\n

1\u00a0919

\n		\n

\n		\n

-

\n		\n

1\u00a0919

\n		\n

0,8%

\n
\n

Belgique

\n		\n

8\u00a0953

\n		\n

78

\n		\n

9\u00a0031

\n		\n

1\u00a0291

\n		\n

-

\n		\n

10\u00a0321

\n		\n

4,2%

\n
\n

Espagne

\n		\n

13\u00a0418

\n		\n

41

\n		\n

13\u00a0458

\n		\n

433

\n		\n

-

\n		\n

13\u00a0892

\n		\n

5,6%

\n
\n

Finlande

\n		\n

376

\n		\n

1

\n		\n

377

\n		\n

-

\n		\n

-

\n		\n

377

\n		\n

0,2%

\n
\n

France

\n		\n

142\u00a0457

\n		\n

1\u00a0518

\n		\n

143\u00a0975

\n		\n

7\u00a0921

\n		\n

806

\n		\n

152\u00a0702

\n		\n

62,1%

\n
\n

Grande-Bretagne

\n		\n

74

\n		\n

-

\n		\n

74

\n		\n

-

\n		\n

-

\n		\n

74

\n		\n

0,0%

\n
\n

Irlande

\n		\n

181

\n		\n

19

\n		\n

200

\n		\n

-

\n		\n

-

\n		\n

200

\n		\n

0,1%

\n
\n

Italie

\n		\n

9\u00a0526

\n		\n

82

\n		\n

9\u00a0607

\n		\n

3\u00a0590

\n		\n

-

\n		\n

13\u00a0197

\n		\n

5,4%

\n
\n

Luxembourg

\n		\n

103

\n		\n

1

\n		\n

104

\n		\n

-

\n		\n

-

\n		\n

104

\n		\n

0,0%

\n
\n

Pays-Bas

\n		\n

533

\n		\n

15

\n		\n

548

\n		\n

127

\n		\n

-

\n		\n

674

\n		\n

0,3%

\n
\n

Pologne

\n		\n

209

\n		\n

-

\n		\n

209

\n		\n

-

\n		\n

-

\n		\n

209

\n		\n

0,1%

\n
\n

Portugal

\n		\n

2\u00a0073

\n		\n

3

\n		\n

2\u00a0076

\n		\n

98

\n		\n

-

\n		\n

2\u00a0173

\n		\n

0,9%

\n
\n

Roumanie

\n		\n

144

\n		\n

-

\n		\n

144

\n		\n

-

\n		\n

-

\n		\n

144

\n		\n

0,1%

\n
\n

Slov\u00e9nie

\n		\n

110

\n		\n

-

\n		\n

110

\n		\n

-

\n		\n

-

\n		\n

110

\n		\n

0,0%

\n
\n

Autres pays d'Europe

\n		\n

127

\n		\n

-

\n		\n

127

\n		\n

-

\n		\n

-

\n		\n

127

\n		\n

0,1%

\n
\n

Supranational

\n		\n

12\u00a0969

\n		\n

811

\n		\n

13\u00a0780

\n		\n

567

\n		\n

-

\n		\n

14\u00a0347

\n		\n

5,8%

\n
\n

Europe

\n		\n

199\u00a0625

\n		\n

2\u00a0771

\n		\n

202\u00a0396

\n		\n

15\u00a0100

\n		\n

806

\n		\n

218\u00a0301

\n		\n

88,7%

\n
\n

Br\u00e9sil

\n		\n

2\u00a0506

\n		\n

24\u00a0214

\n		\n

26\u00a0720

\n		\n

\n		\n

-

\n		\n

26\u00a0720

\n		\n

10,9%

\n
\n

Canada

\n		\n

572

\n		\n

-

\n		\n

572

\n		\n

-

\n		\n

-

\n		\n

572

\n		\n

0,2%

\n
\n

Mexique

\n		\n

108

\n		\n

-

\n		\n

108

\n		\n

-

\n		\n

-

\n		\n

108

\n		\n

0,0%

\n
\n

Autres pays

\n		\n

318

\n		\n

21

\n		\n

339

\n		\n

-

\n		\n

-

\n		\n

339

\n		\n

0,1%

\n
\n

Reste du monde

\n		\n

3\u00a0504

\n		\n

24\u00a0235

\n		\n

27\u00a0739

\n		\n

\n		\n

-

\n		\n

27\u00a0739

\n		\n

11,3%

\n
\n

Total

\n		\n

203\u00a0129

\n		\n

27\u00a0005

\n		\n

230\u00a0135

\n		\n

15\u00a0100

\n		\n

806

\n		\n

246\u00a0041

\n		\n

100,0%

\n
\n

(a)Expositions directes\u00a0: juste valeur ou valeur brute comptable des expositions pour compte propre.

\n

(b)Expositions directes et indirectes\u00a0: expositions directes auxquelles s\u2019ajoutent les expositions indirectes \u00e0 travers les prises en pension, les achats \u00e0 terme et hors-bilan du groupe.

\n
\n

35.3Risque de march\u00e9 et comptabilit\u00e9 de couverture

\n

35.3.1Cadre g\u00e9n\u00e9ral de gestion

\n

Cadre g\u00e9n\u00e9ral

\n

Les risques de march\u00e9 traduisent l\u2019impact potentiel des variations des march\u00e9s financiers sur le r\u00e9sultat ou le bilan de la banque. Ils comprennent le risque de prix, le risque de change et le risque de base.

\n

La majorit\u00e9 des \u00e9l\u00e9ments du bilan g\u00e9n\u00e8re des produits et des charges d\u2019int\u00e9r\u00eats dont les montants sont expos\u00e9s aux variations des taux d\u2019int\u00e9r\u00eats soit au travers de la mise en place de nouvelles op\u00e9rations dont le taux n\u2019est pas connu, soit au travers de l\u2019appr\u00e9ciation comparative du taux auquel les op\u00e9rations existantes auraient pu \u00eatre mises en place. Dans le premier cas, il s\u2019agit de risque de variation des flux de tr\u00e9sorerie, tandis que dans le second cas, il s\u2019agit de risque de juste valeur.

\n

La VaR

\n

La VaR (Value at Risk) est un indicateur du risque de pertes auquel le groupe est confront\u00e9. Il donne une estimation de la perte maximale potentielle \u00e0 un horizon donn\u00e9 avec une probabilit\u00e9 donn\u00e9e. Toutefois cet indicateur ne donne aucune indication quant aux niveaux de pertes potentielles\u00a0d\u00e9coulant d\u2019\u00e9v\u00e9nements peu fr\u00e9quents.

\n

Cet indicateur est calcul\u00e9 d\u2019une part sur les portefeuilles de n\u00e9gociation et d\u2019autre part sur certains portefeuilles bancaires. Une VaR globale comprenant l\u2019ensemble des positions est \u00e9galement calcul\u00e9e.

\n

La VaR est\u00a0d\u00e9clin\u00e9e pour chacune des activit\u00e9s incluses dans le portefeuille de march\u00e9.

\n

Par souci de prudence, il a \u00e9t\u00e9\u00a0d\u00e9cid\u00e9 d\u2019encadrer l\u2019ensemble des positions marqu\u00e9es au march\u00e9 par une Value At Risk (99%, 1\u00a0jour). La VaR mise en \u0153uvre est une VaR param\u00e9trique, calcul\u00e9e \u00e0 partir d\u2019une matrice de variance-covariance couvrant les risques de taux, spread, change, volatilit\u00e9 et action auxquels le groupe est expos\u00e9.

\n

La VaR ainsi calcul\u00e9e couvre partiellement les risques optionnels, les risques de second ordre n\u2019\u00e9tant pas pris en compte. Le d\u00e9veloppement de positions optionnelles, peu significatives \u00e0 date au regard des positions globales, pourrait amener la direction des risques groupe \u00e0 d\u00e9ployer une m\u00e9thodologie plus adapt\u00e9e. Des indicateurs d\u00e9di\u00e9s \u00e0 la surveillance du risque optionnel sont par ailleurs impl\u00e9ment\u00e9s.

\n

La direction des risques groupe proc\u00e8de \u00e0 une analyse ex post (backtesting) des r\u00e9sultats du mod\u00e8le mis en \u0153uvre pour le calcul de la VaR afin d\u2019en mesurer la qualit\u00e9.

\n

Les sc\u00e9narios de stress

\n

L\u2019estimation de la VaR, faite sur l\u2019hypoth\u00e8se d\u2019une loi de distribution normale, est effectu\u00e9e dans des conditions normales de march\u00e9 et ne donne aucune information sur le montant de la perte potentielle lorsque la VaR est d\u00e9pass\u00e9e. Il est donc n\u00e9cessaire de pouvoir estimer les pertes potentielles en supposant des conditions de march\u00e9s exceptionnelles (attentats, faillite d\u2019un grand groupe,\u00a0etc.) et c\u2019est dans cette optique que sont impl\u00e9ment\u00e9s des sc\u00e9narios de stress.

\n

Un sc\u00e9nario de stress consiste \u00e0 simuler une situation extr\u00eame afin d\u2019\u00e9valuer les cons\u00e9quences financi\u00e8res sur le r\u00e9sultat ou les fonds propres de La Banque Postale. Le recours \u00e0 ces sc\u00e9narios est un outil d\u2019analyse et de ma\u00eetrise pour mieux appr\u00e9hender les risques de march\u00e9s.

\n

La\u00a0Banque\u00a0Postale a vocation \u00e0 traiter sur tous les march\u00e9s (fonds OPCVM, change, taux, cr\u00e9dit, d\u00e9riv\u00e9s). Cependant, La Banque Postale traite aujourd\u2019hui en directionnel essentiellement des produits de taux et de cr\u00e9dit. Ainsi, les sc\u00e9narios de crises envisag\u00e9s affectent principalement les courbes de taux et les spreads de cr\u00e9dit, les autres param\u00e8tres \u00e9tant \u00e9galement pris en compte mais leurs impacts sont limit\u00e9s.

\n

On distingue deux grandes familles de stress.

\n

Les stress historiques

\n

Cette cat\u00e9gorie est bas\u00e9e sur des faits historiques (qui se sont r\u00e9ellement pass\u00e9s). Pour construire les sc\u00e9narios, les variations qui ont d\u00e9j\u00e0 eu lieu lors de grandes crises financi\u00e8res sont appliqu\u00e9es aux conditions actuelles du march\u00e9. Ce sont les sc\u00e9narios historiques.

\n

Un sc\u00e9nario de stress historique est initi\u00e9 par un \u00e9v\u00e9nement brutal affectant un ensemble de facteurs. Le but \u00e9tant de pr\u00e9voir le pire, les horizons retenus sont ceux correspondant \u00e0 la premi\u00e8re phase de propagation de la crise jusqu\u2019\u00e0 une premi\u00e8re stabilisation des cours, dans la mesure o\u00f9 plusieurs jours de trading sont n\u00e9cessaires pour solder les positions les plus risqu\u00e9es.

\n

Les stress hypoth\u00e9tiques

\n

Cette cat\u00e9gorie emploie des variations jug\u00e9es plausibles, qui ne se sont jamais d\u00e9roul\u00e9es mais qui, si elles survenaient, risqueraient de menacer l\u2019\u00e9tablissement. Ces chocs sont calibr\u00e9s \u00e0 partir d\u2019hypoth\u00e8ses fond\u00e9es sur les statistiques des historiques de donn\u00e9es de march\u00e9.

\n

Un stress hypoth\u00e9tique s\u2019applique sur une cat\u00e9gorie donn\u00e9e de risques de march\u00e9. La\u00a0Banque\u00a0Postale r\u00e9alise des stress hypoth\u00e9tiques sur les principaux risques auxquels elle est expos\u00e9e.

\n

Au niveau groupe, un stress-test est par ailleurs r\u00e9alis\u00e9 \u00e0 une fr\u00e9quence trimestrielle sur le p\u00e9rim\u00e8tre en juste valeur (incluant les filiales d\u2019assurance). Cet indicateur est calcul\u00e9 \u00e0 partir du sc\u00e9nario historique d\u2019horizon 1\u00a0mois ou 3\u00a0mois, d\u00e9termin\u00e9 comme le plus d\u00e9favorable pour le groupe sur une profondeur d\u2019au moins 10\u00a0ans et un seuil de confiance de 99,5%.

\n

35.3.2D\u00e9riv\u00e9s de transaction\u00a0: analyse par dur\u00e9e r\u00e9siduelle et notionnels

\n

La ventilation des valeurs de march\u00e9s \u00e0 l\u2019actif et au passif des instruments d\u00e9riv\u00e9s est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0421

\n
\n

FRA

\n		\n

2

\n		\n

0

\n		\n

\n		\n

2

\n		\n

2

\n		\n

\n		\n

\n		\n

2

\n		\n

12\u00a0150

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

196

\n		\n

1\u00a0514

\n		\n

2\u00a0866

\n		\n

4\u00a0575

\n		\n

116

\n		\n

1\u00a0660

\n		\n

2\u00a0387

\n		\n

4\u00a0164

\n		\n

444\u00a0983

\n
\n

Options Caps-floors-collars

\n		\n

113

\n		\n

456

\n		\n

275

\n		\n

844

\n		\n

28

\n		\n

79

\n		\n

48

\n		\n

154

\n		\n

200\u00a0232

\n
\n

Op\u00e9rations fermes de change

\n		\n

67

\n		\n

34

\n		\n

50

\n		\n

151

\n		\n

133

\n		\n

92

\n		\n

144

\n		\n

369

\n		\n

7\u00a0714

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

911

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

7

\n		\n

\n		\n

7

\n		\n

\n		\n

\n		\n

14

\n		\n

14

\n		\n

180

\n
\n

Instruments sur actions et indices

\n		\n

68

\n		\n

94

\n		\n

5

\n		\n

167

\n		\n

16

\n		\n

34

\n		\n

0

\n		\n

50

\n		\n

11\u00a0971

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

447

\n		\n

2\u00a0104

\n		\n

3\u00a0195

\n		\n

5\u00a0746

\n		\n

295

\n		\n

1\u00a0865

\n		\n

2\u00a0592

\n		\n

4\u00a0753

\n		\n

679\u00a0561

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

3\u00a0732

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

131

\n		\n

1\u00a0509

\n		\n

3\u00a0193

\n		\n

4\u00a0833

\n		\n

114

\n		\n

1\u00a0418

\n		\n

2\u00a0914

\n		\n

4\u00a0447

\n		\n

297\u00a0765

\n
\n

Options Caps-floors-collars

\n		\n

58

\n		\n

423

\n		\n

337

\n		\n

818

\n		\n

27

\n		\n

121

\n		\n

46

\n		\n

193

\n		\n

409\u00a0909

\n
\n

Op\u00e9rations fermes de change

\n		\n

90

\n		\n

32

\n		\n

39

\n		\n

160

\n		\n

123

\n		\n

253

\n		\n

179

\n		\n

555

\n		\n

10\u00a0224

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0165

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

2

\n		\n

2

\n		\n

100

\n
\n

Instruments sur actions et\u00a0indices

\n		\n

128

\n		\n

72

\n		\n

7

\n		\n

207

\n		\n

111

\n		\n

16

\n		\n

0

\n		\n

128

\n		\n

30\u00a0373

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

406

\n		\n

2\u00a0036

\n		\n

3\u00a0576

\n		\n

6\u00a0018

\n		\n

374

\n		\n

1\u00a0807

\n		\n

3\u00a0142

\n		\n

5\u00a0324

\n		\n

753\u00a0267

\n
\n

35.3.3Comptabilit\u00e9 de couverture

\n

La\u00a0Banque\u00a0Postale proc\u00e8de \u00e0 des couvertures d\u2019op\u00e9rations au bilan sur le p\u00e9rim\u00e8tre bancaire (qu\u2019elles soient d\u2019origine client\u00e8le ou financi\u00e8re) avec des d\u00e9riv\u00e9s trait\u00e9s avec des contreparties du march\u00e9.

\n

Typologie des instruments de couverture

\n

Afin de g\u00e9rer les risques de taux et change des \u00e9l\u00e9ments du bilan, La\u00a0Banque\u00a0Postale privil\u00e9gie les d\u00e9riv\u00e9s de couverture suivants\u00a0:

\n

\u25cfles swaps de taux contre\u00a0\u20acSTR (contrat de gr\u00e9 \u00e0 gr\u00e9 permettant d'\u00e9changer, sur la base d'un montant nominal, les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux fixe contre les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux variable)\u00a0;

\n

\u25cfles cross currency swaps qui assurent la conversion de la devise en euros et la couverture \u00e9conomique en change (financement et int\u00e9r\u00eats). Les flux en devise du titre et du swap sont compl\u00e8tement adoss\u00e9s en termes de montants, de dates et de\u00a0d\u00e9caissement.

\n

Sous-jacents

\n

Les op\u00e9rations r\u00e9alis\u00e9es d\u00e9pendent du mod\u00e8le de gestion des portefeuilles et proc\u00e8dent de diff\u00e9rentes strat\u00e9gies de couverture visant essentiellement \u00e0 couvrir le risque de taux d\u2019int\u00e9r\u00eat (cf. note\u00a035.5).

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00c9l\u00e9ment couvert

\n		\n

D\u00e9riv\u00e9s

\n		\n

Couverture

\n
\n

Pr\u00eats \u00e0 taux fixes

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

Titres \u00e0 taux fixe achet\u00e9s

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

D\u00e9p\u00f4ts client \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

PEL

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

\u00c9mission obligataire et d\u00e9p\u00f4ts \u00e0 terme re\u00e7us \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

\u00c9mission obligataire
en devise

\n		\n

Cross currency interest rate swap

\n		\n

Micro-couverture FVH (Fair Value Hedge)

\n
\n

Pour les sous-jacents couverts \u00e0 l\u2019actif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des obligations et des pr\u00eats \u00e0 la client\u00e8le (immobiliers, consommation) \u00e0 taux fixe, ainsi qu\u2019au risque de taux en flux de tr\u00e9sorerie (acquisition d\u2019obligations \u00e0 terme).

\n

Pour les sous-jacents couverts au passif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des d\u00e9p\u00f4ts \u00e0 taux fixe client (\u00e0 vue, PEL), \u00e0 terme, et \u00e0 des \u00e9missions obligataires \u00e0 taux fixe.

\n

Typologie de relations de couverture

\n

Couvertures d\u2019un titre par un swap

\n

Les couvertures de juste valeur contre Euribor

\n

Les titres sont valoris\u00e9s en utilisant une courbe d\u2019actualisation Euribor et les d\u00e9riv\u00e9s en utilisant une courbe\u00a0\u20acSTR, taux quotidien. L\u2019introduction de deux courbes d\u2019actualisation diff\u00e9rentes cr\u00e9e une l\u00e9g\u00e8re inefficacit\u00e9 de couverture d\u00e9pendant de l\u2019\u00e9cart, spread, entre l\u2019\u20acSTR et l\u2019Euribor et variant dans le temps.

\n

Les couvertures de juste valeur contre\u00a0\u20acSTR

\n

Le titre \u00e9tant actualis\u00e9 contre\u00a0\u20acSTR avec retraitement de la composante cr\u00e9dit et le swap actualis\u00e9 contre\u00a0\u20acSTR \u00e9galement, ces couvertures sont consid\u00e9r\u00e9es comme \u00e9tant 100% efficaces sans n\u00e9cessit\u00e9 de r\u00e9aliser de tests d\u2019efficacit\u00e9 r\u00e9trospectifs.

\n

Couverture de plusieurs titres par plusieurs swaps

\n

La m\u00e9thodologie retenue permet d\u2019obtenir une documentation de couverture simplifi\u00e9e r\u00e9put\u00e9e 100% efficace et de g\u00e9rer correctement le recyclage des r\u00e9sultats de couverture en fonction des op\u00e9rations r\u00e9alis\u00e9es sur les titres.

\n

Les titres et leur couverture (un swap, plus exceptionnellement plusieurs swaps) sont regroup\u00e9s par strat\u00e9gie de macro-couverture, chacune respectant les contraintes suivantes\u00a0:

\n

1.Les titres et les swaps ont une date de maturit\u00e9 comprise dans un m\u00eame intervalle de temps d\u2019une dur\u00e9e maximale d\u2019un an\u00a0;

\n

2.Le montant notionnel du swap doit \u00eatre strictement inf\u00e9rieur au montant principal total des titres\u00a0;

\n

3.La maturit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la plus petite maturit\u00e9 des titres\u00a0;

\n

4.La sensibilit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la sensibilit\u00e9 globale des titres\u00a0;

\n

5.S\u2019il y a plusieurs swaps, ils doivent \u00eatre ex\u00e9cut\u00e9s le m\u00eame jour\u00a0;

\n

6.Une fois l\u2019adossement r\u00e9alis\u00e9 entre les titres et le(s) swap(s), aucun titre ne peut plus \u00eatre achet\u00e9 dans la strat\u00e9gie, seules les ventes de titres et r\u00e9siliation (unwind) des swaps sont autoris\u00e9es. Cela permet de garantir que durant la p\u00e9riode de couverture, tous les titres et tous les swaps ont eu des variations de valeur (au titre du risque de taux) homog\u00e8nes dans le temps.

\n

Les r\u00e8gles de d\u00e9bouclage suivent, strat\u00e9gie par strat\u00e9gie, le montant principal des titres vendus afin de respecter en permanence les contraintes d\u00e9finies et imposent de r\u00e9silier partiellement, le m\u00eame jour que la vente de titre, l\u2019encours de swap qui d\u00e9passerait du principal des titres restants. En cas de d\u00e9passement (surcouverture), le test d\u2019efficacit\u00e9 mis en place n\u2019est pas respect\u00e9, une inefficacit\u00e9 est alors calcul\u00e9e.

\n

Au sein du groupe, les sources d\u2019inefficacit\u00e9 de la macro-couverture r\u00e9sultent essentiellement de la disparition du sous-jacent.

\n

Ratio de couverture

\n

Le ratio de couverture (la quantit\u00e9 d\u2019\u00e9l\u00e9ments couverts sur la quantit\u00e9 d\u2019instruments de couverture) correspond au ratio utilis\u00e9 par La\u00a0Banque\u00a0Postale dans sa gestion op\u00e9rationnelle du risque.

\n

\u00c0 chaque date d\u2019arr\u00eat\u00e9, la documentation r\u00e9trospective consiste \u00e0 v\u00e9rifier que la variation de valeur de l\u2019\u00e9l\u00e9ment couvert depuis l\u2019origine est homog\u00e8ne avec la variation de l\u2019\u00e9l\u00e9ment de couverture. L\u2019\u00e9cart de valorisation \u00e9ventuel correspond \u00e0 la part inefficace de la couverture \u00e9tant comptabilis\u00e9e en r\u00e9sultat.

\n

Test d\u2019efficacit\u00e9

\n

La\u00a0Banque\u00a0Postale effectue un test d\u2019efficacit\u00e9 au moins deux fois par semestre.

\n

Couverture de flux de tr\u00e9sorerie

\n

La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique consistant \u00e0 comparer les variations de la valeur de l\u2019instrument d\u00e9riv\u00e9 aux variations de valeur d\u2019un instrument d\u00e9riv\u00e9 fictif appel\u00e9 d\u00e9riv\u00e9 hypoth\u00e9tique qui repr\u00e9senterait parfaitement le risque couvert.

\n

Couvertures de juste valeur

\n

Couverture d\u2019un titre par un swap

\n

Concernant la micro-couverture avec les swaps Euribor, La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique. En consid\u00e9rant que les swaps contre\u00a0\u20acSTR sont 100% efficaces, la m\u00e9thode consiste \u00e0 cr\u00e9er un swap\u00a0\u20acSTR qui aurait pu \u00eatre mis en place lors de la couverture (r\u00e9pliquant exactement le titre) et \u00e0 appr\u00e9cier la variation de valeur de ce swap par rapport \u00e0 la variation de valeur du swap r\u00e9ellement mis en place.

\n

L\u2019inefficacit\u00e9 r\u00e9siduelle correspond alors \u00e0 la somme des variations de valeur de l\u2019\u00e9l\u00e9ment couvert et de l\u2019\u00e9l\u00e9ment de couverture. Le titre et le swap sont valoris\u00e9s \u00e0 l\u2019aide d\u2019une courbe de taux identique et constante, seul le taux de change de march\u00e9 est pris en compte. Ainsi la variation de valeur du titre valoris\u00e9 de cette mani\u00e8re est ind\u00e9pendante des variations de valeur des taux d\u2019int\u00e9r\u00eat et est uniquement impact\u00e9e par la variation du taux de change. Dans le cas o\u00f9 le test d\u2019efficacit\u00e9 ne serait pas respect\u00e9, La\u00a0Banque\u00a0Postale impose de r\u00e9silier tout ou partie de l\u2019\u00e9l\u00e9ment de couverture. Pour cela, les tests d\u2019efficacit\u00e9 sont effectu\u00e9s avant et apr\u00e8s cession pour s\u2019assurer de la conformit\u00e9 de l\u2019op\u00e9ration de r\u00e9siliation.

\n

Couverture de plusieurs titres par un swap

\n

Afin d\u2019assurer le suivi de la strat\u00e9gie de couverture, La\u00a0Banque\u00a0Postale a mis en place une documentation glissante des strat\u00e9gies de couverture pour mat\u00e9rialiser l\u2019absence d\u2019entr\u00e9e de nouveaux titres ou de compl\u00e9ment sur des positions existantes.

\n

Couverture de plusieurs pr\u00eats par plusieurs swaps
(macro-couverture fonds de cuve)

\n

La\u00a0Banque\u00a0Postale applique la m\u00e9thode dite g\u00e9n\u00e9rationnelle et proc\u00e8de \u00e0 des tests visant \u00e0 v\u00e9rifier que, pour chaque g\u00e9n\u00e9ration de swaps et pour chaque bande de maturit\u00e9 annuelle, le montant du nominal des pr\u00eats couverts est sup\u00e9rieur au nominal des swaps de couverture. Des mod\u00e8les internes de remboursements anticip\u00e9s et ren\u00e9gociations sont appliqu\u00e9s aux g\u00e9n\u00e9rations de pr\u00eats \u00e0 taux fixe utilis\u00e9es.

\n

Lorsque les swaps g\u00e9n\u00e8rent de la surcouverture sur les bandes de maturit\u00e9 de leur g\u00e9n\u00e9ration, la norme pr\u00e9voit la possibilit\u00e9 de les affecter \u00e0 des portefeuilles de pr\u00eats origin\u00e9s ant\u00e9rieurement.

\n

Dans le cas o\u00f9 le nominal des d\u00e9riv\u00e9s est sup\u00e9rieur, cela met fin \u00e0 la relation de couverture et il est proc\u00e9d\u00e9 syst\u00e9matiquement \u00e0 une r\u00e9siliation du ou des d\u00e9riv\u00e9s avec impact en r\u00e9sultat ou \u00e0 un reclassement en trading, pour\u00a0d\u00e9comptabilisation des actifs couverts.

\n

a)Instruments d\u00e9riv\u00e9s de couverture de juste valeur et de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n		\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

346

\n		\n

1\u00a0387

\n		\n

88\u00a0722

\n		\n

327

\n		\n

1\u00a0939

\n		\n

62\u00a0102

\n
\n

Op\u00e9rations fermes de change

\n		\n

27

\n		\n

6

\n		\n

957

\n		\n

74

\n		\n

\n		\n

926

\n
\n

Total d\u00e9riv\u00e9s de couverture de juste valeur

\n		\n

373

\n		\n

1\u00a0393

\n		\n

89\u00a0679

\n		\n

400

\n		\n

1\u00a0939

\n		\n

63\u00a0028

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

19

\n		\n

\n
\n

Op\u00e9rations fermes de change

\n		\n

22

\n		\n

42

\n		\n

1\u00a0021

\n		\n

86

\n		\n

\n		\n

2\u00a0310

\n
\n

Total d\u00e9riv\u00e9s de couverture de flux de tr\u00e9sorerie

\n		\n

22

\n		\n

46

\n		\n

1\u00a0021

\n		\n

86

\n		\n

19

\n		\n

2\u00a0310

\n
\n

Total

\n		\n

395

\n		\n

1\u00a0440

\n		\n

90\u00a0700

\n		\n

486

\n		\n

1\u00a0958

\n		\n

65\u00a0338

\n
\n

Valeurs de march\u00e9 par dur\u00e9e r\u00e9siduelle

\n

La ventilation des valeurs de march\u00e9 des instruments d\u00e9riv\u00e9s de couverture est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

7

\n		\n

163

\n		\n

176

\n		\n

346

\n		\n

52

\n		\n

555

\n		\n

784

\n		\n

1\u00a0392

\n
\n

Op\u00e9rations fermes de change

\n		\n

\n		\n

27

\n		\n

22

\n		\n

48

\n		\n

\n		\n

44

\n		\n

4

\n		\n

48

\n
\n

Total

\n		\n

7

\n		\n

190

\n		\n

198

\n		\n

395

\n		\n

52

\n		\n

599

\n		\n

788

\n		\n

1\u00a0440

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

37

\n		\n

107

\n		\n

182

\n		\n

327

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

Op\u00e9rations fermes de change

\n		\n

21

\n		\n

37

\n		\n

101

\n		\n

159

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

58

\n		\n

144

\n		\n

284

\n		\n

486

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

b)Couverture de juste valeur

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Micro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n		\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(63)

\n		\n

10\u00a0371

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

797

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers \u00e0 la juste valeur par capitaux propres

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(62)

\n		\n

11\u00a0168

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Passif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

18\u00a0705

\n		\n

(675)

\n		\n

\n		\n

(56)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

Change

\n		\n

995

\n		\n

12

\n		\n

\n		\n

(8)

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

19\u00a0700

\n		\n

(662)

\n		\n

\n		\n

(64)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Macro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n		\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Total \u2013 Actif

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

Total \u2013 Passif

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

(a)Variation de juste valeur attribuable au risque couvert uniquement et servant \u00e0 la d\u00e9termination de la part efficace de la juste valeur de l\u2019instrument de couverture. Cette variation s\u2019entend hors int\u00e9r\u00eats courus.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de juste valeur

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n		\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

583

\n		\n

(579)

\n		\n

4

\n		\n

93

\n		\n

(79)

\n		\n

14

\n
\n

Change

\n		\n

(55)

\n		\n

56

\n		\n

2

\n		\n

28

\n		\n

(27)

\n		\n

1

\n
\n

Autres

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

528

\n		\n

(522)

\n		\n

5

\n		\n

121

\n		\n

(106)

\n		\n

15

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

c)Couverture de flux de tr\u00e9sorerie

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n		\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n
\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n		\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(10)

\n		\n

55

\n		\n

(19)

\n		\n

\n		\n

70

\n		\n

(25)

\n
\n

Change

\n		\n

31

\n		\n

\n		\n

30

\n		\n

1

\n		\n

\n		\n

(26)

\n
\n

Total

\n		\n

21

\n		\n

55

\n		\n

11

\n		\n

1

\n		\n

70

\n		\n

(51)

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(5)

\n		\n

(4)

\n		\n

\n		\n

(10)

\n		\n

(4)

\n		\n

\n
\n

Change

\n		\n

(104)

\n		\n

123

\n		\n

(1)

\n		\n

43

\n		\n

(80)

\n		\n

0

\n
\n

Total

\n		\n

(109)

\n		\n

119

\n		\n

(1)

\n		\n

33

\n		\n

(84)

\n		\n

0

\n
\n

35.4Risque de liquidit\u00e9

\n

Le risque de liquidit\u00e9 est d\u00e9fini, par l\u2019arr\u00eat\u00e9 du 3\u00a0novembre 2014, comme le risque pour l\u2019entreprise assujettie de ne pas pouvoir faire face \u00e0 ses engagements ou de ne pas pouvoir d\u00e9nouer ou compenser une position en raison de la situation du march\u00e9 (risque syst\u00e9mique) ou de facteurs idiosyncratiques (risque de cr\u00e9dit propre), dans un d\u00e9lai d\u00e9termin\u00e9 et \u00e0 un co\u00fbt raisonnable.

\n

Les syst\u00e8mes de\u00a0d\u00e9claration des risques de liquidit\u00e9 couvrent l\u2019ensemble de La Banque Postale, au niveau prudentiel. Certaines des limites et indicateurs utilis\u00e9s en gestion font r\u00e9f\u00e9rence \u00e0 des unit\u00e9s sociales du groupe, notamment La Banque Postale, entit\u00e9 la plus importante.

\n

La Banque Postale dispose d\u2019une forte position de liquidit\u00e9 assise sur\u00a0:

\n

\u25cfun montant de d\u00e9p\u00f4ts clients sup\u00e9rieur \u00e0 celui des pr\u00eats clients. La Banque Postale dispose d\u2019une base de d\u00e9p\u00f4ts tr\u00e8s importante et diversifi\u00e9e (sup\u00e9rieure \u00e0 200\u00a0milliards d\u2019euros), principalement compos\u00e9e de d\u00e9p\u00f4ts d\u2019une client\u00e8le de particuliers fran\u00e7ais\u00a0;

\n

\u25cfun important portefeuille HQLA (High Quality Liquidity Assets). La Banque Postale a historiquement investi une part significative de son bilan en titres souverains, en raison de son activit\u00e9 historique de recueil de d\u00e9p\u00f4ts, alors que les activit\u00e9s de cr\u00e9dits client\u00e8les ne se sont d\u00e9velopp\u00e9es que depuis 2006. Ce portefeuille contient exclusivement des actifs liquides et de haute qualit\u00e9 en accord avec les dispositions du R\u00e8glement d\u00e9l\u00e9gu\u00e9 (UE) n\u00b0\u00a02015/61\u00a0;

\n

\u25cfun acc\u00e8s av\u00e9r\u00e9 aux financements de march\u00e9s de capitaux.

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Les ressources issues de la client\u00e8le \u00e9tant pour la plupart sans \u00e9ch\u00e9ance et exigibles \u00e0 tout moment (d\u00e9p\u00f4ts, livrets), leur \u00e9coulement est mod\u00e9lis\u00e9 afin d\u2019en d\u00e9terminer le profil dans le temps. La Banque Postale a retenu une approche conservatrice sur ses \u00e9valuations de liquidit\u00e9.

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Pilotage du risque de liquidit\u00e9

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La responsabilit\u00e9 du pilotage du risque de liquidit\u00e9 incombe au Comit\u00e9 de gestion du bilan, dans le respect des principes et limites valid\u00e9s par le Comit\u00e9 de pilotage des risques groupe (CPRG). Cette responsabilit\u00e9 est partiellement d\u00e9l\u00e9gu\u00e9e au Comit\u00e9\u00a0ALM(390) et tr\u00e9sorerie pour le risque de liquidit\u00e9.

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Op\u00e9rationnellement, La Banque Postale a mis en place un dispositif d\u2019\u00e9valuation interne de la liquidit\u00e9, ou ILAAP (Internal Liquidity Adequacy Assessment Process), qui regroupe l\u2019ensemble des dispositifs de limites, d\u2019\u00e9valuation, de suivi, de reporting et de pilotage de sa liquidit\u00e9. Ces dispositifs comprennent notamment\u00a0:

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\u25cfun dispositif d\u2019indicateurs de risques associ\u00e9s \u00e0 des limites pouvant \u00eatre r\u00e9glementaires ou internes publi\u00e9s sur un pas mensuel par l\u2019ALM\u00a0;

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\u25cfle suivi journalier des \u00e9volutions du coussin de titres liquides non grev\u00e9s de haute qualit\u00e9 et d\u2019un LCR proxy\u00a0;

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\u25cfun plan de financement qui assure ex ante l\u2019\u00e9quilibre de la position de refinancement de la banque dans l\u2019univers de planification budg\u00e9taire de La Banque Postale\u00a0;

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\u25cfdes tests d\u2019acc\u00e8s au march\u00e9 bisannuels permettant de v\u00e9rifier l\u2019acc\u00e8s au march\u00e9 en diff\u00e9rentes devises et des tests de liquidit\u00e9 r\u00e9elle des titres\u00a0;

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\u25cfle dispositif du Plan de financement d\u2019urgence (PFU) dont les objectifs principaux sont\u00a0:

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\u25cfde d\u00e9finir des seuils d\u2019alerte permettant de d\u00e9tecter de mani\u00e8re pr\u00e9coce des tensions sur la liquidit\u00e9, qu\u2019elles soient idiosyncratiques (sp\u00e9cifiques \u00e0 La Banque Postale) ou syst\u00e9miques,

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\u25cfd\u2019identifier l\u2019ensemble des capacit\u00e9s disponibles pour g\u00e9n\u00e9rer de la liquidit\u00e9 (r\u00e9serves de liquidit\u00e9 et capacit\u00e9s de financement),

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\u25cfde mobiliser une gouvernance visant \u00e0 g\u00e9rer avec la rapidit\u00e9 n\u00e9cessaire l\u2019\u00e9ventualit\u00e9 d\u2019une crise et un dispositif de stress test visant \u00e0 mesurer les marges de man\u0153uvre de La Banque Postale dans des contextes de tensions historiquement \u00e9lev\u00e9es.

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Mesure du risque de liquidit\u00e9

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Ci-dessous un inventaire des indicateurs principaux du risque de liquidit\u00e9.

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Ce dispositif s\u2019appuie principalement sur l\u2019horizon de survie et le ratio de liquidit\u00e9 court terme LCR (Liquidity Coverage Ratio).

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Liquidity Coverage Ratio (LCR)

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Le LCR est un ratio mensuel de liquidit\u00e9 \u00e0 court terme qui mesure la capacit\u00e9 de La\u00a0Banque\u00a0Postale \u00e0 r\u00e9sister pendant 30\u00a0jours \u00e0 une d\u00e9gradation s\u00e9v\u00e8re de sa situation dans un contexte de choc syst\u00e9mique.

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Le LCR doit \u00eatre sup\u00e9rieur \u00e0 100%, limite r\u00e9glementaire respect\u00e9e par La Banque Postale (qui se fixe une cible interne plus \u00e9lev\u00e9e). Un proxy du LCR est calcul\u00e9 quotidiennement.

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Horizon de survie

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Cet indicateur permet de mesurer le nombre de jours, en situation de crise, durant lesquels La\u202fBanque\u202fPostale resterait capable de faire face \u00e0 ses \u00e9ch\u00e9ances de paiements en utilisant uniquement ses coussins de liquidit\u00e9, et dans l\u2019hypoth\u00e8se d\u2019une continuit\u00e9 de son activit\u00e9 (i.e. sans action manag\u00e9riale extraordinaire comme l\u2019arr\u00eat des activit\u00e9s de cr\u00e9dit).

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Il est d\u00e9termin\u00e9 \u00e0 partir des gaps stress\u00e9s dynamiques calcul\u00e9s pour chaque sc\u00e9nario de crise (syst\u00e9mique, idiosyncratique, combin\u00e9) et correspond \u00e0 l\u2019horizon constat\u00e9 dans le sc\u00e9nario le plus d\u00e9favorable pour La\u202fBanque\u202fPostale.

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LCR projet\u00e9

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En d\u00e9but d\u2019ann\u00e9e 2025, le dispositif de suivi du risque de liquidit\u00e9 de La\u00a0Banque\u00a0Postale a \u00e9t\u00e9 enrichi avec la mise en place du LCR projet\u00e9 \u00e0 2\u00a0mois. Cet indicateur permet d\u2019estimer la r\u00e9silience du LCR \u00e0 un environnement de stress et de voir pendant combien de\u00a0mois, le LCR peut respecter la limite r\u00e9glementaire de 100% sans intervention et en utilisant la r\u00e9serve de liquidit\u00e9 additionnelle.

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Gap de liquidit\u00e9

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La\u00a0Banque\u00a0Postale \u00e9value son niveau de liquidit\u00e9 long terme par un gap de liquidit\u00e9. Celui-ci comporte les projections de gaps statiques par \u00e9ch\u00e9ance et des limites d\u00e9finies sur les horizons de un, trois et\u00a0cinq\u00a0ans.

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Ratio de financement stable net (NSFR)

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Le NSFR correspond au montant du financement stable disponible rapport\u00e9 \u00e0 celui du financement stable exig\u00e9. Ce ratio doit, en permanence, \u00eatre au moins \u00e9gal \u00e0 100%. Le \u00ab\u00a0financement stable disponible\u00a0\u00bb (Available Stable Funding \u2013 ASF) d\u00e9signe la part des ressources qui ne sont pas exigibles \u00e0 l\u2019horizon temporel pertinent, soit un\u00a0an dans le cadre du NSFR. Le montant du \u00ab\u00a0financement stable exig\u00e9\u00a0\u00bb (Required Stable Funding \u2013 RSF) d\u2019un \u00e9tablissement est fonction des caract\u00e9ristiques de liquidit\u00e9 et de la dur\u00e9e r\u00e9siduelle des actifs (et positions de hors bilan) d\u00e9tenus.

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R\u00e9serve de liquidit\u00e9

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La r\u00e9serve de liquidit\u00e9 a pour objectif de quantifier le montant de cash ainsi que la liquidit\u00e9 disponible rapidement par la cession ou la mise en pension de titres afin de faire face \u00e0 une crise de liquidit\u00e9.

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La r\u00e9serve de liquidit\u00e9 est compos\u00e9e\u00a0:

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\u25cfdu cash plac\u00e9 aupr\u00e8s de la banque centrale (hors moyenne des r\u00e9serves obligatoires calcul\u00e9e sur la p\u00e9riode de constitution)\u00a0;

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\u25cfdes titres \u00e9ligibles BCE ayant une notation satisfaisante\u00a0;

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\u25cfd\u2019\u00e9missions s\u00e9curis\u00e9es (covered bonds) retained ou pouvant \u00eatre \u00e9mises par La\u202fBanque\u202fPostale via sa filiale La\u202fBanque\u202fPostale Home Loan SFH.

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Plan de financement d\u2019urgence (PFU)

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Le plan de financement d\u2019urgence est destin\u00e9 \u00e0 \u00eatre suivi par les instances de gouvernance et ex\u00e9cut\u00e9 op\u00e9rationnellement par la Banque des Entreprises et du D\u00e9veloppement Local (BEDL).

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Le PFU fait partie du processus d\u2019\u00e9valuation interne de la liquidit\u00e9 dont La Banque Postale rend compte de fa\u00e7on annuelle. Le PFU pr\u00e9sente les indicateurs avanc\u00e9s retenus pour appr\u00e9cier la sant\u00e9 des march\u00e9s (financiers ou bancaires) sur lesquels la liquidit\u00e9 de La\u00a0Banque Postale est expos\u00e9e. Pour chaque indicateur est d\u00e9fini un niveau de seuil (confort, vigilance ou alerte).

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Le PFU pr\u00e9voit \u00e9galement des dispositifs \u00e0 mettre en \u0153uvre, en cas de crise av\u00e9r\u00e9e, qu\u2019elle soit syst\u00e9mique ou idiosyncratique.

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Le test de financement, r\u00e9alis\u00e9 a minima deux\u00a0fois par an, consiste \u00e0 tester le march\u00e9 en proc\u00e9dant \u00e0 des emprunts \u00e0 court terme. L\u2019objectif de ce type de test est de v\u00e9rifier r\u00e9guli\u00e8rement l\u2019aptitude de La\u00a0Banque Postale \u00e0 se procurer rapidement des fonds sur les march\u00e9s pour s\u2019assurer que les estimations sur la capacit\u00e9 de La\u00a0Banque Postale \u00e0 emprunter restent valides.

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Capacit\u00e9s d\u2019acc\u00e8s au financement externe

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Dans le cadre de la gestion prudente de la liquidit\u00e9 mise en \u0153uvre par le Comit\u00e9 ALM et Tr\u00e9sorerie et le Comit\u00e9 CPRG, La Banque Postale est dot\u00e9e de sources de financement diversifi\u00e9es, comme par exemple\u00a0:

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\u25cfun programme de 20\u00a0milliards d\u2019euros de Neu-CP (Negotiable European Commercial Paper) et un programme d\u2019ECP (European Commercial Paper) de 10\u00a0milliards d\u2019euros ainsi qu\u2019un programme de 2\u00a0milliards de Neu MTN, dont le but est de refinancer une partie des besoins de financement \u00e0 court terme de La\u00a0Banque\u00a0Postale et de satisfaire la demande de la client\u00e8le institutionnelle\u00a0;

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\u25cfun programme de 20\u00a0milliards d\u2019euros d\u2019EMTN, au format retail, permettant d\u2019\u00e9mettre de la dette senior (vanille et structur\u00e9e), senior non pr\u00e9f\u00e9r\u00e9e et Tier\u00a02\u00a0;

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\u25cfun programme de 10\u00a0milliards d\u2019euros de titres financiers, au format retail, d\u00e9di\u00e9 aux \u00e9missions structur\u00e9es de dette senior\u00a0;

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\u25cfun programme de 30\u00a0milliards d\u2019euros d\u2019EMTN pour l\u2019\u00e9mission d\u2019Obligations de financement de l\u2019habitat (OFH) via son v\u00e9hicule de financement s\u00e9curis\u00e9 mis en place en\u00a02013, La\u00a0Banque\u00a0Postale Home Loan SFH, filiale de La\u00a0Banque\u00a0Postale\u00a0SA.

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En plus de ces programmes, La\u00a0Banque\u00a0Postale a acc\u00e8s \u00e0 d\u2019autres sources de financement telles que le refinancement par la banque europ\u00e9enne d\u2019investissement (BEI), un portefeuille HQLA (High Quality Liquid Asset) rapidement mobilisable, un acc\u00e8s \u00e0 plusieurs plateformes de mises en pension, un acc\u00e8s au march\u00e9 interbancaire ou encore un acc\u00e8s \u00e0 un v\u00e9hicule de financement s\u00e9curis\u00e9 via la Caisse de Financement Local (CAFFIL) \u00e0 qui La\u00a0Banque\u00a0Postale c\u00e8de r\u00e9guli\u00e8rement des pr\u00eats distribu\u00e9s aux entit\u00e9s du Secteur public local.

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35.5Risque de taux

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L\u2019unit\u00e9 en charge de la surveillance et du contr\u00f4le de second niveau du risque de taux d\u2019int\u00e9r\u00eat global est au sein de la direction des risques groupe de La\u00a0Banque\u00a0Postale.

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Le d\u00e9partement assume plusieurs missions\u00a0:

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\u25cfcartographier les risques de liquidit\u00e9, de taux et de change, \u00e9valuer le dispositif de ma\u00eetrise de ces risques et proposer des limites en accord avec l\u2019app\u00e9tit aux risques de La\u202fBanque\u202fPostale\u00a0;

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\u25cfassurer le suivi p\u00e9riodique des indicateurs ALM qui encadrent le risque de taux d\u2019int\u00e9r\u00eat global de La\u00a0Banque\u00a0Postale en consolid\u00e9 ainsi que des filiales bancaires et assurantielles\u00a0;

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\u25cfr\u00e9aliser l\u2019audit des processus de calculs des diff\u00e9rents indicateurs (statiques et dynamiques) et contr\u00f4ler l\u2019int\u00e9grit\u00e9 des calculs d\u2019exposition\u00a0;

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\u25cfauditer les m\u00e9thodologies employ\u00e9es.

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Ce risque est suivi via divers indicateurs ALM dont les indicateurs de sensibilit\u00e9 des marges futures et de la valeur \u00e9conomique aux taux d\u2019int\u00e9r\u00eat ainsi que via des sc\u00e9narios permettant d\u2019\u00e9valuer la capacit\u00e9 de l\u2019\u00e9tablissement \u00e0 r\u00e9sister \u00e0 des chocs exog\u00e8nes.

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Les mouvements de taux envisag\u00e9s affectent aussi bien les flux incertains des produits financiers que les r\u00e9sultats des op\u00e9rations de la banque de d\u00e9tail, via les mod\u00e8les comportementaux, en particulier les options implicites dont disposent les clients.

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La supervision du risque de taux rel\u00e8ve du Comit\u00e9\u00a0ALM et tr\u00e9sorerie qui suit les indicateurs\u00a0ALM, anticipe leur \u00e9volution en fonction des orientations de la politique commerciale et de l\u2019observation des comportements des clients. Les indicateurs de risque de taux sont \u00e9galement revus en Comit\u00e9 de pilotage des risques groupe. La fr\u00e9quence de revue des risques de taux est essentiellement mensuelle.

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Objectifs

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Le risque de taux est pilot\u00e9 de mani\u00e8re \u00e0 couvrir la sensibilit\u00e9 de la marge nette d\u2019int\u00e9r\u00eat future de La Banque Postale sous contrainte du respect des indicateurs de sensibilit\u00e9 de la valeur. Ce pilotage est r\u00e9alis\u00e9 en vision dynamique, sur la base du plan d\u2019affaires, au travers de la mise en place de d\u00e9riv\u00e9s de taux (couvertures) ou d\u2019inflexion de la politique commerciale.

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Le bilan comporte des optionalit\u00e9s implicites et explicites, conduisant \u00e0 une non-lin\u00e9arit\u00e9 de la valeur \u00e9conomique en fonction des taux. Dans cette perspective, l\u2019ALM propose un r\u00e9\u00e9quilibrage r\u00e9gulier des positions structurelles au travers d\u2019instruments de couverture.

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P\u00e9rim\u00e8tre

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Comme requis par le Comit\u00e9 de B\u00e2le, les risques de taux significatifs pr\u00e9sents dans le portefeuille bancaire sont identifi\u00e9s et mesur\u00e9s. Certains d\u2019entre eux peuvent donner lieu \u00e0 un dispositif de suivi sp\u00e9cifique.

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Le risque de taux est mesur\u00e9 par maturit\u00e9, par type d\u2019index pour les produits d\u00e9pendant de taux variable ou r\u00e9visable (Euribor, Inflation,\u00a0\u20acSTR,\u00a0etc.) en tenant compte de conventions d\u2019\u00e9coulement probables, elles-m\u00eames fonctions des situations de march\u00e9. Il recouvre plusieurs facteurs de risques\u00a0:

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\u25cfrisques li\u00e9s \u00e0 la structure par terme des taux d\u2019int\u00e9r\u00eat des instruments sensibles au taux d\u2019int\u00e9r\u00eat qui, elle-m\u00eame, d\u00e9coule de diff\u00e9rences de calendrier des r\u00e9visions de taux\u00a0;

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\u25cfrisques li\u00e9s \u00e0 l\u2019\u00e9volution du taux d\u2019inflation pour les produits index\u00e9s sur cet indice\u00a0;

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\u25cfrisques de base li\u00e9s \u00e0 la multiplicit\u00e9 des r\u00e9f\u00e9rences de taux utilis\u00e9es et induisant des risques du fait de la corr\u00e9lation imparfaite entre les courbes\u00a0;

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\u25cfrisques optionnels (contractuel ou comportemental)\u00a0;

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\u25cfrisques induits par les positions expos\u00e9es \u00e0 l\u2019inflation et aux taux r\u00e9glement\u00e9s\u00a0;

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\u25cfrisque de spread de cr\u00e9dit (CSRBB \u2013 Credit Spread Risk in the Banking Book)\u00a0;

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\u25cfrisque de bar\u00e8me li\u00e9 au d\u00e9phasage entre les taux de la production commerciale et le taux de sa couverture.

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Dans ce cadre, la variation de marge nette d\u2019int\u00e9r\u00eat est mesur\u00e9e en fonction de plusieurs sc\u00e9narios de taux. Le risque de taux d\u2019int\u00e9r\u00eat pr\u00e9sent dans le bilan est simul\u00e9 de mani\u00e8re dynamique, en tenant compte des variations futures d\u2019encours (remboursements anticip\u00e9s, productions nouvelles,\u00a0etc.) conform\u00e9ment aux mod\u00e8les comportementaux d\u00e9velopp\u00e9s et au plan d\u2019affaires.

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Les op\u00e9rations du portefeuille de n\u00e9gociation de la Salle des march\u00e9s ne rentrent pas dans le risque de taux global, leur risque \u00e9tant suivi et encadr\u00e9 par les limites propres \u00e0 chaque portefeuille. Ces portefeuilles relevant de la salle des march\u00e9s sont encadr\u00e9s par des limites de type risques de march\u00e9.

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Mesure du risque de taux d\u2019int\u00e9r\u00eat global

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Conventions et mod\u00e8les

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Les m\u00e9thodologies d\u2019\u00e9valuation d\u2019impasse et de sensibilit\u00e9 de taux sont d\u00e9termin\u00e9es en fonction des types d\u2019actifs (ou passifs) composant le bilan\u00a0:

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\u25cfencours \u00e9ch\u00e9anc\u00e9s (\u00e9coulement contractuel corrig\u00e9 ou non par un mod\u00e8le)\u00a0;

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\u25cfencours non \u00e9ch\u00e9anc\u00e9s (\u00e9coulement conventionnel)\u00a0;

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\u25cfhors bilan (engagement et garanties de liquidit\u00e9).

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Les op\u00e9rations sans \u00e9ch\u00e9ance contractuelle (dont les d\u00e9p\u00f4ts et livrets de la client\u00e8le) sont int\u00e9gr\u00e9es conform\u00e9ment aux conventions d\u2019\u00e9coulement valid\u00e9es par le Comit\u00e9 de gestion du bilan et par la direction des risques groupe.

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Les op\u00e9rations hors bilan sont int\u00e9gr\u00e9es en prenant en compte des hypoth\u00e8ses de tirage.

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La sensibilit\u00e9 de la marge nette d\u2019int\u00e9r\u00eats (MNI)

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La sensibilit\u00e9 de la MNI se d\u00e9finit comme \u00e9tant la diff\u00e9rence de MNI r\u00e9sultant d\u2019un \u00e9cart de taux par rapport \u00e0 un sc\u00e9nario de taux de r\u00e9f\u00e9rence.

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Cette sensibilit\u00e9 de la MNI se calcule pour chaque sc\u00e9nario de taux en prenant en compte les mod\u00e8les comportementaux d\u00e9pendants des taux, et en int\u00e9grant les niveaux de production nouvelle et de collecte des activit\u00e9s commerciales, ainsi que les hypoth\u00e8ses relatives aux op\u00e9rations financi\u00e8res \u00e9quivalentes au sc\u00e9nario de r\u00e9f\u00e9rence.

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Seuls les mod\u00e8les comportementaux et les op\u00e9rations \u00e0 taux variable r\u00e9agissent au sc\u00e9nario de choc de taux. Leurs impacts en encours modifient le niveau de financement \u00e0 court terme.

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Les diff\u00e9rents sc\u00e9narios de taux appliqu\u00e9s par La\u00a0Banque\u00a0Postale avec choc instantan\u00e9 par rapport \u00e0 la courbe de r\u00e9f\u00e9rence sont les suivants\u00a0:

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\u25cfchoc parall\u00e8le vers le haut\u00a0;

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\u25cfchoc parall\u00e8le vers le bas\u00a0;

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\u25cfpentification (taux courts en baisse, taux longs en hausse)\u00a0;

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\u25cfaplatissement (taux courts en hausse, taux longs en baisse)\u00a0;

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\u25cfhausse des taux courts\u00a0;

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\u25cfbaisse des taux courts.

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\u00c0 noter qu\u2019un floor r\u00e9glementaire sur le taux sans risque est prescrit par l\u2019EBA, European Banking Authority.

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Par ailleurs, conform\u00e9ment \u00e0 la r\u00e9glementation IRRBB (Interest Rate Risk in the Banking Book), La\u00a0Banque Postale calcule \u00e9galement la pire baisse de la marge nette d\u2019int\u00e9r\u00eat \u00e0 un\u00a0an, \u00e0 bilan constant, avec deux chocs parall\u00e8les de +/-200\u00a0bps.

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La sensibilit\u00e9 de la valeur des fonds propres (EVE\u00a0\u2013 Economic Value of Equity)

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Elle correspond \u00e0 la variation de la valeur \u00e9conomique cons\u00e9cutive \u00e0 diff\u00e9rents sc\u00e9narios de choc de taux. Celle-ci est calcul\u00e9e de mani\u00e8re statique \u00e0 partir des \u00e9ch\u00e9anciers contractuels des \u00e9l\u00e9ments de bilan en stock.

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Les sc\u00e9narios r\u00e9glementaires de choc appliqu\u00e9s sont les m\u00eames que ceux\u00a0d\u00e9crits pr\u00e9c\u00e9demment pour la sensibilit\u00e9 de la Marge Nette d\u2019Int\u00e9r\u00eats (MNI).

\n

\u00c0 noter qu\u2019un floor r\u00e9glementaire sur le taux sans risque est prescrit par l\u2019EBA. Ce floor commence \u00e0 -1% et est augment\u00e9 de 0,05% jusqu\u2019\u00e0 atteindre 0% \u00e0 20\u00a0ans.

\n

Le gap de taux

\n

Pour une devise donn\u00e9e, le gap de taux fix\u00e9 est calcul\u00e9 pour les op\u00e9rations \u00e0 taux fixe et les op\u00e9rations \u00e0 taux variable et r\u00e9visable jusqu\u2019\u00e0 leur prochaine date de r\u00e9vision ou fixation. Le gap de taux fix\u00e9 ne prend pas en compte les tomb\u00e9es d\u2019int\u00e9r\u00eats.

\n

Le gap de taux est la diff\u00e9rence entre les montants moyens des actifs \u00e0 taux fixe et les montants moyens des passifs \u00e0 taux fixe incluant les effets des \u00e9l\u00e9ments de hors bilan par maturit\u00e9.

\n

Le risque de bar\u00e8me

\n

Cet indicateur mis en place courant 2025 par l\u2019ALM a pour but de s\u2019assurer que la marge financi\u00e8re de la production nouvelle est bien s\u00e9curis\u00e9e. Pour cela, il est n\u00e9cessaire d\u2019estimer la production future et de la couvrir par anticipation \u00e0 conditions de taux connues.

\n

35.6Risques assurance

\n

Analyses de sensibilit\u00e9

\n

Les sensibilit\u00e9s pr\u00e9sentent ci-dessous sont calcul\u00e9es au niveau de CNP Assurances.

\n

Au risque de rachat

\n

Une hausse de 10% des rachats entra\u00eenerait une baisse de r\u00e9sultat net de 1% (versus une baisse de 2% en 2024).

\n

Au risque de taux

\n

Une hausse de 100\u00a0bps entra\u00eenerait une baisse des capitaux propres de 2% (versus une baisse de 2% en 2024).

\n

Une baisse de 100\u00a0bps entra\u00eenerait une hausse des capitaux propres de 2% (versus une hausse de 2% en 2024).

\n

Au risque immobilier

\n

Une \u00e9volution du march\u00e9 immobilier de -15% (\u00e0 partir de 2024) entra\u00eenerait une baisse des capitaux propres de 1% (versus une baisse 1% en 2024).

\n

Au risque action

\n

Une \u00e9volution du march\u00e9 actions de -25% entra\u00eenerait une baisse des capitaux propres de 3% (versus une baisse de 3% en 2024).

\n

Risque de contrepartie sur les r\u00e9assureurs

\n

Le p\u00e9rim\u00e8tre des risques de contrepartie inclut les contrats permettant une att\u00e9nuation des risques tels que les accords de r\u00e9assurance, les titrisations et les instruments d\u00e9riv\u00e9s, et les cr\u00e9ances \u00e0 recevoir des interm\u00e9diaires et des assur\u00e9s.

\n

Les cessions d'actifs de r\u00e9assurance nets de passifs sont r\u00e9alis\u00e9es, sur la base du total des provisions c\u00e9d\u00e9es, \u00e0 21% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 AA-, et \u00e0 95% avec des r\u00e9assureurs dont le rating est sup\u00e9rieur ou \u00e9gal \u00e0 A.

\n

Passifs des contrats d\u2019assurance nets d\u2019actifs d\u2019assurance \u2013 montants exigibles \u2013 rachat

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur de rachat

\n		\n

Valeur comptable

\n		\n

Valeur de rachat

\n		\n

Valeur comptable

\n
\n

Passifs imm\u00e9diatement rachetables

\n		\n

331\u00a0366

\n		\n

339\u00a0184

\n		\n

296\u00a0190

\n		\n

307\u00a0054

\n
\n

Passifs non imm\u00e9diatement rachetables

\n		\n

29\u00a0482

\n		\n

39\u00a0008

\n		\n

51\u00a0526

\n		\n

57\u00a0230

\n
\n

Total

\n		\n

360\u00a0847

\n		\n

378\u00a0192

\n		\n

347\u00a0717

\n		\n

364\u00a0283

\n
\n

Flux futurs d\u2019actifs

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2025

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0008

\n		\n

3\u00a0123

\n		\n

3\u00a0293

\n		\n

729

\n		\n

3\u00a0877

\n		\n

24\u00a0030

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

17\u00a0536

\n		\n

65\u00a0613

\n		\n

65\u00a0636

\n		\n

39\u00a0806

\n		\n

48\u00a0023

\n		\n

236\u00a0613

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

228

\n		\n

1\u00a0560

\n		\n

2\u00a0375

\n		\n

1\u00a0827

\n		\n

616

\n		\n

6\u00a0605

\n
\n

Total

\n		\n

30\u00a0771

\n		\n

70\u00a0296

\n		\n

71\u00a0304

\n		\n

42\u00a0362

\n		\n

52\u00a0516

\n		\n

267\u00a0249

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

moins de 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

5 \u00e0 10\u00a0ans

\n		\n

10 \u00e0 15\u00a0ans

\n		\n

Plus de 15\u00a0ans

\n		\n

Total

\n
\n

Actifs \u00e0 la juste valeur par r\u00e9sultat

\n		\n

13\u00a0512

\n		\n

3\u00a0811

\n		\n

3\u00a0272

\n		\n

499

\n		\n

3\u00a0992

\n		\n

25\u00a0086

\n
\n

Actifs \u00e0 la juste valeur par OCI Recyclable

\n		\n

18\u00a0380

\n		\n

67\u00a0401

\n		\n

68\u00a0826

\n		\n

28\u00a0702

\n		\n

41\u00a0223

\n		\n

224\u00a0532

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

112

\n		\n

1\u00a0103

\n		\n

2\u00a0081

\n		\n

806

\n		\n

12

\n		\n

4\u00a0114

\n
\n

Total

\n		\n

32\u00a0004

\n		\n

72\u00a0316

\n		\n

74\u00a0179

\n		\n

30\u00a0007

\n		\n

45\u00a0227

\n		\n

253\u00a0732

\n
\n

(388)Source\u00a0: Banque de France.

\n

(389)The Central Banks and Supervisors Network for Greening the Financial System.

\n

(390)ALM (Asset Liabilities Management) ou gestion actif/passif d\u00e9signe les techniques de ma\u00eetrise du risque de liquidit\u00e9, de taux et de change sur le p\u00e9rim\u00e8tre des activit\u00e9s commerciales d\u2019un r\u00e9seau bancaire dans sa fonction d\u2019interm\u00e9diation consistant \u00e0 collecter l\u2019\u00e9pargne des clients \u00e9pargnants et \u00e0 financer les clients emprunteurs, sans que ces derniers aient besoin de passer par un march\u00e9 financier.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40145442023924688_0_0": { "value": "

34.3Risque de taux

\n

Dans le cadre de sa politique de gestion des risques financiers le groupe a\u00a0d\u00e9cid\u00e9 de limiter son exposition au risque de taux en optant pour un endettement brut de long terme exclusivement \u00e0 taux fixe. \u00c0 des fins d\u2019optimisation du co\u00fbt de son endettement, le groupe peut variabiliser une quote-part de son endettement brut de long terme.

\n

Le risque de taux pour le groupe est li\u00e9 \u00e0 l\u2019\u00e9volution des taux de march\u00e9s (principalement l\u2019\u20acSTR et l\u2019Euribor 3\u00a0mois) pouvant induire, une baisse des produits financiers des placements ou une perte d\u2019opportunit\u00e9 lorsque les taux \u00e9voluent d\u00e9favorablement.

\n

Afin de g\u00e9rer au mieux le risque de taux, le groupe a mis en place\u00a0:

\n

\u25cfune strat\u00e9gie de gestion de son endettement obligataire pouvant se traduire par le recours \u00e0 des instruments d\u00e9riv\u00e9s afin de profiter des opportunit\u00e9s de march\u00e9 et r\u00e9duire le co\u00fbt de ses emprunts obligataires\u00a0;

\n

\u25cfune strat\u00e9gie de gestion des placements fond\u00e9e notamment sur la diversification des supports et compl\u00e9t\u00e9e le cas \u00e9ch\u00e9ant par l\u2019utilisation d\u2019instruments d\u00e9riv\u00e9s permettant de garantir l\u2019exposition \u00e0 la devise de r\u00e9f\u00e9rence du groupe\u00a0;

\n

\u25cfun suivi prospectif sur 12\u00a0mois glissants de sa position nette des dettes et placements et de la fluctuation du r\u00e9sultat financier en\u00a0d\u00e9coulant en cas d\u2019\u00e9volution d\u00e9favorable des taux de march\u00e9 (avec une limite fix\u00e9e \u00e0 2% du r\u00e9sultat net part du groupe moyen des trois derniers exercices). Ce suivi permet notamment d\u2019ajuster si besoin les strat\u00e9gies de gestion active des dettes et placements et de limiter l\u2019impact d\u2019une forte variation des taux, \u00e0 la hausse comme \u00e0 la baisse.

\n

Aucun instrument d\u00e9riv\u00e9 de couverture du risque de taux n\u2019est en vie au 31\u00a0d\u00e9cembre 2025.

\n

Analyses de sensibilit\u00e9

\n

Une variation \u00e0 la hausse, uniforme et instantan\u00e9e, de la courbe des taux de march\u00e9 de 50\u00a0points de base n\u2019induirait pas de hausse des frais financiers annuels du groupe.

\n

34.4Risque de change

\n

Le groupe au travers de ses branches Services-Courrier-Colis et Geopost exerce des activit\u00e9s internationales, \u00e0 partir de la France ou de ses filiales \u00e9trang\u00e8res.

\n

Afin d\u2019accompagner son internationalisation croissante et le risque de change qui en r\u00e9sulte, le groupe s\u2019est dot\u00e9 d\u2019une politique de gestion du risque de change.

\n

Cette politique cible en priorit\u00e9\u00a0:

\n

\u25cfles flux d\u2019acquisitions de titres r\u00e9alis\u00e9s en devises\u00a0;

\n

\u25cfles dettes financi\u00e8res et les pr\u00eats libell\u00e9s en devises\u00a0;

\n

\u25cfles actifs nets en devises d\u00e9tenus et consolid\u00e9s par le groupe.

\n

Cette politique d\u00e9finit la gouvernance, les conditions de couverture, et les seuils de mat\u00e9rialit\u00e9s pour ces diff\u00e9rentes natures d\u2019expositions.

\n

\u00c0 date et conform\u00e9ment aux seuils et conditions \u00e9tablis, le groupe a eu recours ou a recours \u00e0 des instruments d\u00e9riv\u00e9s de change qualifi\u00e9s de couverture en IFRS\u00a0et adoss\u00e9s\u00a0:

\n

\u25cf\u00e0 ses titres de participation en dollars\u00a0US, couverts en partie par des swaps de devises euro dollars et des dettes en dollars (33\u00a0millions de dollars US)\u00a0;

\n

\u25cf\u00e0 ses titres de participation en dollars singapouriens couverts en partie par des ventes \u00e0 terme de dollars singapouriens contre euro\u00a0;

\n

\u25cf\u00e0 ses titres de participation en devise AED, couverts en partie par une vente \u00e0 terme d\u2019AED contre euro.

\n

D\u2019autres instruments financiers d\u00e9riv\u00e9s de change, non document\u00e9s comptablement en couverture en IFRS, sont utilis\u00e9s \u00e0 des fins de couverture \u00e9conomique.

\n

La majeure partie des activit\u00e9s op\u00e9rationnelles donne lieu \u00e0 des produits et \u00e0 des charges libell\u00e9es dans la devise fonctionnelle et comptable des filiales. Le risque de change r\u00e9siduel li\u00e9 \u00e0 l\u2019exploitation ne porte actuellement que sur des montants tr\u00e8s modestes au regard de la taille du groupe.

\n

Au 31\u00a0d\u00e9cembre 2025, l\u2019effet comptable de change sur le chiffre d\u2019affaires s\u2019est \u00e9lev\u00e9 \u00e0 -165\u00a0millions d\u2019euros provenant pour l\u2019essentiel du real br\u00e9silien (-87\u00a0millions d\u2019euros), de la livre sterling (-31\u00a0millions d\u2019euros), du peso mexicain (-25\u00a0millions d\u2019euros), du dollar am\u00e9ricain (-21\u00a0millions d\u2019euros), du zloty (+16\u00a0millions d\u2019euros), et du dollar de Hong Kong (-15\u00a0millions d\u2019euros). L\u2019incidence comptable des variations de change sur le r\u00e9sultat d\u2019exploitation 2025 s\u2019est \u00e9lev\u00e9e \u00e0 pr\u00e8s de -59\u00a0millions d\u2019euros.

\n

35.3Risque de march\u00e9 et comptabilit\u00e9 de couverture

\n

35.3.1Cadre g\u00e9n\u00e9ral de gestion

\n

Cadre g\u00e9n\u00e9ral

\n

Les risques de march\u00e9 traduisent l\u2019impact potentiel des variations des march\u00e9s financiers sur le r\u00e9sultat ou le bilan de la banque. Ils comprennent le risque de prix, le risque de change et le risque de base.

\n

La majorit\u00e9 des \u00e9l\u00e9ments du bilan g\u00e9n\u00e8re des produits et des charges d\u2019int\u00e9r\u00eats dont les montants sont expos\u00e9s aux variations des taux d\u2019int\u00e9r\u00eats soit au travers de la mise en place de nouvelles op\u00e9rations dont le taux n\u2019est pas connu, soit au travers de l\u2019appr\u00e9ciation comparative du taux auquel les op\u00e9rations existantes auraient pu \u00eatre mises en place. Dans le premier cas, il s\u2019agit de risque de variation des flux de tr\u00e9sorerie, tandis que dans le second cas, il s\u2019agit de risque de juste valeur.

\n

La VaR

\n

La VaR (Value at Risk) est un indicateur du risque de pertes auquel le groupe est confront\u00e9. Il donne une estimation de la perte maximale potentielle \u00e0 un horizon donn\u00e9 avec une probabilit\u00e9 donn\u00e9e. Toutefois cet indicateur ne donne aucune indication quant aux niveaux de pertes potentielles\u00a0d\u00e9coulant d\u2019\u00e9v\u00e9nements peu fr\u00e9quents.

\n

Cet indicateur est calcul\u00e9 d\u2019une part sur les portefeuilles de n\u00e9gociation et d\u2019autre part sur certains portefeuilles bancaires. Une VaR globale comprenant l\u2019ensemble des positions est \u00e9galement calcul\u00e9e.

\n

La VaR est\u00a0d\u00e9clin\u00e9e pour chacune des activit\u00e9s incluses dans le portefeuille de march\u00e9.

\n

Par souci de prudence, il a \u00e9t\u00e9\u00a0d\u00e9cid\u00e9 d\u2019encadrer l\u2019ensemble des positions marqu\u00e9es au march\u00e9 par une Value At Risk (99%, 1\u00a0jour). La VaR mise en \u0153uvre est une VaR param\u00e9trique, calcul\u00e9e \u00e0 partir d\u2019une matrice de variance-covariance couvrant les risques de taux, spread, change, volatilit\u00e9 et action auxquels le groupe est expos\u00e9.

\n

La VaR ainsi calcul\u00e9e couvre partiellement les risques optionnels, les risques de second ordre n\u2019\u00e9tant pas pris en compte. Le d\u00e9veloppement de positions optionnelles, peu significatives \u00e0 date au regard des positions globales, pourrait amener la direction des risques groupe \u00e0 d\u00e9ployer une m\u00e9thodologie plus adapt\u00e9e. Des indicateurs d\u00e9di\u00e9s \u00e0 la surveillance du risque optionnel sont par ailleurs impl\u00e9ment\u00e9s.

\n

La direction des risques groupe proc\u00e8de \u00e0 une analyse ex post (backtesting) des r\u00e9sultats du mod\u00e8le mis en \u0153uvre pour le calcul de la VaR afin d\u2019en mesurer la qualit\u00e9.

\n

Les sc\u00e9narios de stress

\n

L\u2019estimation de la VaR, faite sur l\u2019hypoth\u00e8se d\u2019une loi de distribution normale, est effectu\u00e9e dans des conditions normales de march\u00e9 et ne donne aucune information sur le montant de la perte potentielle lorsque la VaR est d\u00e9pass\u00e9e. Il est donc n\u00e9cessaire de pouvoir estimer les pertes potentielles en supposant des conditions de march\u00e9s exceptionnelles (attentats, faillite d\u2019un grand groupe,\u00a0etc.) et c\u2019est dans cette optique que sont impl\u00e9ment\u00e9s des sc\u00e9narios de stress.

\n

Un sc\u00e9nario de stress consiste \u00e0 simuler une situation extr\u00eame afin d\u2019\u00e9valuer les cons\u00e9quences financi\u00e8res sur le r\u00e9sultat ou les fonds propres de La Banque Postale. Le recours \u00e0 ces sc\u00e9narios est un outil d\u2019analyse et de ma\u00eetrise pour mieux appr\u00e9hender les risques de march\u00e9s.

\n

La\u00a0Banque\u00a0Postale a vocation \u00e0 traiter sur tous les march\u00e9s (fonds OPCVM, change, taux, cr\u00e9dit, d\u00e9riv\u00e9s). Cependant, La Banque Postale traite aujourd\u2019hui en directionnel essentiellement des produits de taux et de cr\u00e9dit. Ainsi, les sc\u00e9narios de crises envisag\u00e9s affectent principalement les courbes de taux et les spreads de cr\u00e9dit, les autres param\u00e8tres \u00e9tant \u00e9galement pris en compte mais leurs impacts sont limit\u00e9s.

\n

On distingue deux grandes familles de stress.

\n

Les stress historiques

\n

Cette cat\u00e9gorie est bas\u00e9e sur des faits historiques (qui se sont r\u00e9ellement pass\u00e9s). Pour construire les sc\u00e9narios, les variations qui ont d\u00e9j\u00e0 eu lieu lors de grandes crises financi\u00e8res sont appliqu\u00e9es aux conditions actuelles du march\u00e9. Ce sont les sc\u00e9narios historiques.

\n

Un sc\u00e9nario de stress historique est initi\u00e9 par un \u00e9v\u00e9nement brutal affectant un ensemble de facteurs. Le but \u00e9tant de pr\u00e9voir le pire, les horizons retenus sont ceux correspondant \u00e0 la premi\u00e8re phase de propagation de la crise jusqu\u2019\u00e0 une premi\u00e8re stabilisation des cours, dans la mesure o\u00f9 plusieurs jours de trading sont n\u00e9cessaires pour solder les positions les plus risqu\u00e9es.

\n

Les stress hypoth\u00e9tiques

\n

Cette cat\u00e9gorie emploie des variations jug\u00e9es plausibles, qui ne se sont jamais d\u00e9roul\u00e9es mais qui, si elles survenaient, risqueraient de menacer l\u2019\u00e9tablissement. Ces chocs sont calibr\u00e9s \u00e0 partir d\u2019hypoth\u00e8ses fond\u00e9es sur les statistiques des historiques de donn\u00e9es de march\u00e9.

\n

Un stress hypoth\u00e9tique s\u2019applique sur une cat\u00e9gorie donn\u00e9e de risques de march\u00e9. La\u00a0Banque\u00a0Postale r\u00e9alise des stress hypoth\u00e9tiques sur les principaux risques auxquels elle est expos\u00e9e.

\n

Au niveau groupe, un stress-test est par ailleurs r\u00e9alis\u00e9 \u00e0 une fr\u00e9quence trimestrielle sur le p\u00e9rim\u00e8tre en juste valeur (incluant les filiales d\u2019assurance). Cet indicateur est calcul\u00e9 \u00e0 partir du sc\u00e9nario historique d\u2019horizon 1\u00a0mois ou 3\u00a0mois, d\u00e9termin\u00e9 comme le plus d\u00e9favorable pour le groupe sur une profondeur d\u2019au moins 10\u00a0ans et un seuil de confiance de 99,5%.

\n

35.3.2D\u00e9riv\u00e9s de transaction\u00a0: analyse par dur\u00e9e r\u00e9siduelle et notionnels

\n

La ventilation des valeurs de march\u00e9s \u00e0 l\u2019actif et au passif des instruments d\u00e9riv\u00e9s est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0421

\n
\n

FRA

\n		\n

2

\n		\n

0

\n		\n

\n		\n

2

\n		\n

2

\n		\n

\n		\n

\n		\n

2

\n		\n

12\u00a0150

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

196

\n		\n

1\u00a0514

\n		\n

2\u00a0866

\n		\n

4\u00a0575

\n		\n

116

\n		\n

1\u00a0660

\n		\n

2\u00a0387

\n		\n

4\u00a0164

\n		\n

444\u00a0983

\n
\n

Options Caps-floors-collars

\n		\n

113

\n		\n

456

\n		\n

275

\n		\n

844

\n		\n

28

\n		\n

79

\n		\n

48

\n		\n

154

\n		\n

200\u00a0232

\n
\n

Op\u00e9rations fermes de change

\n		\n

67

\n		\n

34

\n		\n

50

\n		\n

151

\n		\n

133

\n		\n

92

\n		\n

144

\n		\n

369

\n		\n

7\u00a0714

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

911

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

7

\n		\n

\n		\n

7

\n		\n

\n		\n

\n		\n

14

\n		\n

14

\n		\n

180

\n
\n

Instruments sur actions et indices

\n		\n

68

\n		\n

94

\n		\n

5

\n		\n

167

\n		\n

16

\n		\n

34

\n		\n

0

\n		\n

50

\n		\n

11\u00a0971

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

447

\n		\n

2\u00a0104

\n		\n

3\u00a0195

\n		\n

5\u00a0746

\n		\n

295

\n		\n

1\u00a0865

\n		\n

2\u00a0592

\n		\n

4\u00a0753

\n		\n

679\u00a0561

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

3\u00a0732

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

131

\n		\n

1\u00a0509

\n		\n

3\u00a0193

\n		\n

4\u00a0833

\n		\n

114

\n		\n

1\u00a0418

\n		\n

2\u00a0914

\n		\n

4\u00a0447

\n		\n

297\u00a0765

\n
\n

Options Caps-floors-collars

\n		\n

58

\n		\n

423

\n		\n

337

\n		\n

818

\n		\n

27

\n		\n

121

\n		\n

46

\n		\n

193

\n		\n

409\u00a0909

\n
\n

Op\u00e9rations fermes de change

\n		\n

90

\n		\n

32

\n		\n

39

\n		\n

160

\n		\n

123

\n		\n

253

\n		\n

179

\n		\n

555

\n		\n

10\u00a0224

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0165

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

2

\n		\n

2

\n		\n

100

\n
\n

Instruments sur actions et\u00a0indices

\n		\n

128

\n		\n

72

\n		\n

7

\n		\n

207

\n		\n

111

\n		\n

16

\n		\n

0

\n		\n

128

\n		\n

30\u00a0373

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

406

\n		\n

2\u00a0036

\n		\n

3\u00a0576

\n		\n

6\u00a0018

\n		\n

374

\n		\n

1\u00a0807

\n		\n

3\u00a0142

\n		\n

5\u00a0324

\n		\n

753\u00a0267

\n
\n

35.3.3Comptabilit\u00e9 de couverture

\n

La\u00a0Banque\u00a0Postale proc\u00e8de \u00e0 des couvertures d\u2019op\u00e9rations au bilan sur le p\u00e9rim\u00e8tre bancaire (qu\u2019elles soient d\u2019origine client\u00e8le ou financi\u00e8re) avec des d\u00e9riv\u00e9s trait\u00e9s avec des contreparties du march\u00e9.

\n

Typologie des instruments de couverture

\n

Afin de g\u00e9rer les risques de taux et change des \u00e9l\u00e9ments du bilan, La\u00a0Banque\u00a0Postale privil\u00e9gie les d\u00e9riv\u00e9s de couverture suivants\u00a0:

\n

\u25cfles swaps de taux contre\u00a0\u20acSTR (contrat de gr\u00e9 \u00e0 gr\u00e9 permettant d'\u00e9changer, sur la base d'un montant nominal, les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux fixe contre les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux variable)\u00a0;

\n

\u25cfles cross currency swaps qui assurent la conversion de la devise en euros et la couverture \u00e9conomique en change (financement et int\u00e9r\u00eats). Les flux en devise du titre et du swap sont compl\u00e8tement adoss\u00e9s en termes de montants, de dates et de\u00a0d\u00e9caissement.

\n

Sous-jacents

\n

Les op\u00e9rations r\u00e9alis\u00e9es d\u00e9pendent du mod\u00e8le de gestion des portefeuilles et proc\u00e8dent de diff\u00e9rentes strat\u00e9gies de couverture visant essentiellement \u00e0 couvrir le risque de taux d\u2019int\u00e9r\u00eat (cf. note\u00a035.5).

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00c9l\u00e9ment couvert

\n		\n

D\u00e9riv\u00e9s

\n		\n

Couverture

\n
\n

Pr\u00eats \u00e0 taux fixes

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

Titres \u00e0 taux fixe achet\u00e9s

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

D\u00e9p\u00f4ts client \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

PEL

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

\u00c9mission obligataire et d\u00e9p\u00f4ts \u00e0 terme re\u00e7us \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

\u00c9mission obligataire
en devise

\n		\n

Cross currency interest rate swap

\n		\n

Micro-couverture FVH (Fair Value Hedge)

\n
\n

Pour les sous-jacents couverts \u00e0 l\u2019actif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des obligations et des pr\u00eats \u00e0 la client\u00e8le (immobiliers, consommation) \u00e0 taux fixe, ainsi qu\u2019au risque de taux en flux de tr\u00e9sorerie (acquisition d\u2019obligations \u00e0 terme).

\n

Pour les sous-jacents couverts au passif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des d\u00e9p\u00f4ts \u00e0 taux fixe client (\u00e0 vue, PEL), \u00e0 terme, et \u00e0 des \u00e9missions obligataires \u00e0 taux fixe.

\n

Typologie de relations de couverture

\n

Couvertures d\u2019un titre par un swap

\n

Les couvertures de juste valeur contre Euribor

\n

Les titres sont valoris\u00e9s en utilisant une courbe d\u2019actualisation Euribor et les d\u00e9riv\u00e9s en utilisant une courbe\u00a0\u20acSTR, taux quotidien. L\u2019introduction de deux courbes d\u2019actualisation diff\u00e9rentes cr\u00e9e une l\u00e9g\u00e8re inefficacit\u00e9 de couverture d\u00e9pendant de l\u2019\u00e9cart, spread, entre l\u2019\u20acSTR et l\u2019Euribor et variant dans le temps.

\n

Les couvertures de juste valeur contre\u00a0\u20acSTR

\n

Le titre \u00e9tant actualis\u00e9 contre\u00a0\u20acSTR avec retraitement de la composante cr\u00e9dit et le swap actualis\u00e9 contre\u00a0\u20acSTR \u00e9galement, ces couvertures sont consid\u00e9r\u00e9es comme \u00e9tant 100% efficaces sans n\u00e9cessit\u00e9 de r\u00e9aliser de tests d\u2019efficacit\u00e9 r\u00e9trospectifs.

\n

Couverture de plusieurs titres par plusieurs swaps

\n

La m\u00e9thodologie retenue permet d\u2019obtenir une documentation de couverture simplifi\u00e9e r\u00e9put\u00e9e 100% efficace et de g\u00e9rer correctement le recyclage des r\u00e9sultats de couverture en fonction des op\u00e9rations r\u00e9alis\u00e9es sur les titres.

\n

Les titres et leur couverture (un swap, plus exceptionnellement plusieurs swaps) sont regroup\u00e9s par strat\u00e9gie de macro-couverture, chacune respectant les contraintes suivantes\u00a0:

\n

1.Les titres et les swaps ont une date de maturit\u00e9 comprise dans un m\u00eame intervalle de temps d\u2019une dur\u00e9e maximale d\u2019un an\u00a0;

\n

2.Le montant notionnel du swap doit \u00eatre strictement inf\u00e9rieur au montant principal total des titres\u00a0;

\n

3.La maturit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la plus petite maturit\u00e9 des titres\u00a0;

\n

4.La sensibilit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la sensibilit\u00e9 globale des titres\u00a0;

\n

5.S\u2019il y a plusieurs swaps, ils doivent \u00eatre ex\u00e9cut\u00e9s le m\u00eame jour\u00a0;

\n

6.Une fois l\u2019adossement r\u00e9alis\u00e9 entre les titres et le(s) swap(s), aucun titre ne peut plus \u00eatre achet\u00e9 dans la strat\u00e9gie, seules les ventes de titres et r\u00e9siliation (unwind) des swaps sont autoris\u00e9es. Cela permet de garantir que durant la p\u00e9riode de couverture, tous les titres et tous les swaps ont eu des variations de valeur (au titre du risque de taux) homog\u00e8nes dans le temps.

\n

Les r\u00e8gles de d\u00e9bouclage suivent, strat\u00e9gie par strat\u00e9gie, le montant principal des titres vendus afin de respecter en permanence les contraintes d\u00e9finies et imposent de r\u00e9silier partiellement, le m\u00eame jour que la vente de titre, l\u2019encours de swap qui d\u00e9passerait du principal des titres restants. En cas de d\u00e9passement (surcouverture), le test d\u2019efficacit\u00e9 mis en place n\u2019est pas respect\u00e9, une inefficacit\u00e9 est alors calcul\u00e9e.

\n

Au sein du groupe, les sources d\u2019inefficacit\u00e9 de la macro-couverture r\u00e9sultent essentiellement de la disparition du sous-jacent.

\n

Ratio de couverture

\n

Le ratio de couverture (la quantit\u00e9 d\u2019\u00e9l\u00e9ments couverts sur la quantit\u00e9 d\u2019instruments de couverture) correspond au ratio utilis\u00e9 par La\u00a0Banque\u00a0Postale dans sa gestion op\u00e9rationnelle du risque.

\n

\u00c0 chaque date d\u2019arr\u00eat\u00e9, la documentation r\u00e9trospective consiste \u00e0 v\u00e9rifier que la variation de valeur de l\u2019\u00e9l\u00e9ment couvert depuis l\u2019origine est homog\u00e8ne avec la variation de l\u2019\u00e9l\u00e9ment de couverture. L\u2019\u00e9cart de valorisation \u00e9ventuel correspond \u00e0 la part inefficace de la couverture \u00e9tant comptabilis\u00e9e en r\u00e9sultat.

\n

Test d\u2019efficacit\u00e9

\n

La\u00a0Banque\u00a0Postale effectue un test d\u2019efficacit\u00e9 au moins deux fois par semestre.

\n

Couverture de flux de tr\u00e9sorerie

\n

La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique consistant \u00e0 comparer les variations de la valeur de l\u2019instrument d\u00e9riv\u00e9 aux variations de valeur d\u2019un instrument d\u00e9riv\u00e9 fictif appel\u00e9 d\u00e9riv\u00e9 hypoth\u00e9tique qui repr\u00e9senterait parfaitement le risque couvert.

\n

Couvertures de juste valeur

\n

Couverture d\u2019un titre par un swap

\n

Concernant la micro-couverture avec les swaps Euribor, La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique. En consid\u00e9rant que les swaps contre\u00a0\u20acSTR sont 100% efficaces, la m\u00e9thode consiste \u00e0 cr\u00e9er un swap\u00a0\u20acSTR qui aurait pu \u00eatre mis en place lors de la couverture (r\u00e9pliquant exactement le titre) et \u00e0 appr\u00e9cier la variation de valeur de ce swap par rapport \u00e0 la variation de valeur du swap r\u00e9ellement mis en place.

\n

L\u2019inefficacit\u00e9 r\u00e9siduelle correspond alors \u00e0 la somme des variations de valeur de l\u2019\u00e9l\u00e9ment couvert et de l\u2019\u00e9l\u00e9ment de couverture. Le titre et le swap sont valoris\u00e9s \u00e0 l\u2019aide d\u2019une courbe de taux identique et constante, seul le taux de change de march\u00e9 est pris en compte. Ainsi la variation de valeur du titre valoris\u00e9 de cette mani\u00e8re est ind\u00e9pendante des variations de valeur des taux d\u2019int\u00e9r\u00eat et est uniquement impact\u00e9e par la variation du taux de change. Dans le cas o\u00f9 le test d\u2019efficacit\u00e9 ne serait pas respect\u00e9, La\u00a0Banque\u00a0Postale impose de r\u00e9silier tout ou partie de l\u2019\u00e9l\u00e9ment de couverture. Pour cela, les tests d\u2019efficacit\u00e9 sont effectu\u00e9s avant et apr\u00e8s cession pour s\u2019assurer de la conformit\u00e9 de l\u2019op\u00e9ration de r\u00e9siliation.

\n

Couverture de plusieurs titres par un swap

\n

Afin d\u2019assurer le suivi de la strat\u00e9gie de couverture, La\u00a0Banque\u00a0Postale a mis en place une documentation glissante des strat\u00e9gies de couverture pour mat\u00e9rialiser l\u2019absence d\u2019entr\u00e9e de nouveaux titres ou de compl\u00e9ment sur des positions existantes.

\n

Couverture de plusieurs pr\u00eats par plusieurs swaps
(macro-couverture fonds de cuve)

\n

La\u00a0Banque\u00a0Postale applique la m\u00e9thode dite g\u00e9n\u00e9rationnelle et proc\u00e8de \u00e0 des tests visant \u00e0 v\u00e9rifier que, pour chaque g\u00e9n\u00e9ration de swaps et pour chaque bande de maturit\u00e9 annuelle, le montant du nominal des pr\u00eats couverts est sup\u00e9rieur au nominal des swaps de couverture. Des mod\u00e8les internes de remboursements anticip\u00e9s et ren\u00e9gociations sont appliqu\u00e9s aux g\u00e9n\u00e9rations de pr\u00eats \u00e0 taux fixe utilis\u00e9es.

\n

Lorsque les swaps g\u00e9n\u00e8rent de la surcouverture sur les bandes de maturit\u00e9 de leur g\u00e9n\u00e9ration, la norme pr\u00e9voit la possibilit\u00e9 de les affecter \u00e0 des portefeuilles de pr\u00eats origin\u00e9s ant\u00e9rieurement.

\n

Dans le cas o\u00f9 le nominal des d\u00e9riv\u00e9s est sup\u00e9rieur, cela met fin \u00e0 la relation de couverture et il est proc\u00e9d\u00e9 syst\u00e9matiquement \u00e0 une r\u00e9siliation du ou des d\u00e9riv\u00e9s avec impact en r\u00e9sultat ou \u00e0 un reclassement en trading, pour\u00a0d\u00e9comptabilisation des actifs couverts.

\n

a)Instruments d\u00e9riv\u00e9s de couverture de juste valeur et de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n		\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

346

\n		\n

1\u00a0387

\n		\n

88\u00a0722

\n		\n

327

\n		\n

1\u00a0939

\n		\n

62\u00a0102

\n
\n

Op\u00e9rations fermes de change

\n		\n

27

\n		\n

6

\n		\n

957

\n		\n

74

\n		\n

\n		\n

926

\n
\n

Total d\u00e9riv\u00e9s de couverture de juste valeur

\n		\n

373

\n		\n

1\u00a0393

\n		\n

89\u00a0679

\n		\n

400

\n		\n

1\u00a0939

\n		\n

63\u00a0028

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

19

\n		\n

\n
\n

Op\u00e9rations fermes de change

\n		\n

22

\n		\n

42

\n		\n

1\u00a0021

\n		\n

86

\n		\n

\n		\n

2\u00a0310

\n
\n

Total d\u00e9riv\u00e9s de couverture de flux de tr\u00e9sorerie

\n		\n

22

\n		\n

46

\n		\n

1\u00a0021

\n		\n

86

\n		\n

19

\n		\n

2\u00a0310

\n
\n

Total

\n		\n

395

\n		\n

1\u00a0440

\n		\n

90\u00a0700

\n		\n

486

\n		\n

1\u00a0958

\n		\n

65\u00a0338

\n
\n

Valeurs de march\u00e9 par dur\u00e9e r\u00e9siduelle

\n

La ventilation des valeurs de march\u00e9 des instruments d\u00e9riv\u00e9s de couverture est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

7

\n		\n

163

\n		\n

176

\n		\n

346

\n		\n

52

\n		\n

555

\n		\n

784

\n		\n

1\u00a0392

\n
\n

Op\u00e9rations fermes de change

\n		\n

\n		\n

27

\n		\n

22

\n		\n

48

\n		\n

\n		\n

44

\n		\n

4

\n		\n

48

\n
\n

Total

\n		\n

7

\n		\n

190

\n		\n

198

\n		\n

395

\n		\n

52

\n		\n

599

\n		\n

788

\n		\n

1\u00a0440

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

37

\n		\n

107

\n		\n

182

\n		\n

327

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

Op\u00e9rations fermes de change

\n		\n

21

\n		\n

37

\n		\n

101

\n		\n

159

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

58

\n		\n

144

\n		\n

284

\n		\n

486

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

b)Couverture de juste valeur

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Micro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n		\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(63)

\n		\n

10\u00a0371

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

797

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers \u00e0 la juste valeur par capitaux propres

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(62)

\n		\n

11\u00a0168

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Passif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

18\u00a0705

\n		\n

(675)

\n		\n

\n		\n

(56)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

Change

\n		\n

995

\n		\n

12

\n		\n

\n		\n

(8)

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

19\u00a0700

\n		\n

(662)

\n		\n

\n		\n

(64)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Macro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n		\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Total \u2013 Actif

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

Total \u2013 Passif

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

(a)Variation de juste valeur attribuable au risque couvert uniquement et servant \u00e0 la d\u00e9termination de la part efficace de la juste valeur de l\u2019instrument de couverture. Cette variation s\u2019entend hors int\u00e9r\u00eats courus.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de juste valeur

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n		\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

583

\n		\n

(579)

\n		\n

4

\n		\n

93

\n		\n

(79)

\n		\n

14

\n
\n

Change

\n		\n

(55)

\n		\n

56

\n		\n

2

\n		\n

28

\n		\n

(27)

\n		\n

1

\n
\n

Autres

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

528

\n		\n

(522)

\n		\n

5

\n		\n

121

\n		\n

(106)

\n		\n

15

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

c)Couverture de flux de tr\u00e9sorerie

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n		\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n
\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n		\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(10)

\n		\n

55

\n		\n

(19)

\n		\n

\n		\n

70

\n		\n

(25)

\n
\n

Change

\n		\n

31

\n		\n

\n		\n

30

\n		\n

1

\n		\n

\n		\n

(26)

\n
\n

Total

\n		\n

21

\n		\n

55

\n		\n

11

\n		\n

1

\n		\n

70

\n		\n

(51)

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(5)

\n		\n

(4)

\n		\n

\n		\n

(10)

\n		\n

(4)

\n		\n

\n
\n

Change

\n		\n

(104)

\n		\n

123

\n		\n

(1)

\n		\n

43

\n		\n

(80)

\n		\n

0

\n
\n

Total

\n		\n

(109)

\n		\n

119

\n		\n

(1)

\n		\n

33

\n		\n

(84)

\n		\n

0

\n
\n

Analyses de sensibilit\u00e9

\n

Les sensibilit\u00e9s pr\u00e9sentent ci-dessous sont calcul\u00e9es au niveau de CNP Assurances.

\n

Au risque de rachat

\n

Une hausse de 10% des rachats entra\u00eenerait une baisse de r\u00e9sultat net de 1% (versus une baisse de 2% en 2024).

\n

Au risque de taux

\n

Une hausse de 100\u00a0bps entra\u00eenerait une baisse des capitaux propres de 2% (versus une baisse de 2% en 2024).

\n

Une baisse de 100\u00a0bps entra\u00eenerait une hausse des capitaux propres de 2% (versus une hausse de 2% en 2024).

\n

Au risque immobilier

\n

Une \u00e9volution du march\u00e9 immobilier de -15% (\u00e0 partir de 2024) entra\u00eenerait une baisse des capitaux propres de 1% (versus une baisse 1% en 2024).

\n

Au risque action

\n

Une \u00e9volution du march\u00e9 actions de -25% entra\u00eenerait une baisse des capitaux propres de 3% (versus une baisse de 3% en 2024).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40150778227880170_0_0": { "value": "

35.1Les facteurs structurels de risques

\n

La Banque Postale dispose d\u2019une taxonomie des risques, repr\u00e9sentant le r\u00e9f\u00e9rentiel des facteurs de risques auxquels elle est expos\u00e9e. Ce r\u00e9f\u00e9rentiel a pour vocation d\u2019instaurer un langage de risque commun aux entit\u00e9s du groupe (secteur bancaire, assurantiel et de gestion des actifs).

\n

La cartographie des risques qui cote l\u2019ensemble de ces risques permet de r\u00e9pondre aux exigences r\u00e9glementaires des secteurs bancaire et assurance (arr\u00eat\u00e9 du 3\u00a0novembre 2014 relatif au contr\u00f4le interne, FICOD, publications du SSM, etc.). Elle permet par ailleurs d\u2019informer les diff\u00e9rents exercices transverses de gestion des risques (ICAAP, app\u00e9tence pour le risque, examen de nouveaux produits, stress tests, etc.).

\n

Cette cartographie des risques reprend et qualifie l\u2019ensemble des risques auxquels le conglom\u00e9rat est expos\u00e9 et est revue annuellement.

\n

Les facteurs de risques sont\u00a0d\u00e9compos\u00e9s en sept familles.

\n

La cartographie des risques 2026 a \u00e9t\u00e9 valid\u00e9e par le Directoire de La\u00a0Banque\u00a0Postale le 29\u00a0septembre 2025. Les principales \u00e9volutions consistent en\u00a0:

\n

\u25cfla s\u00e9paration des risques de march\u00e9 et de gestion actif-passif en deux familles distinctes, \u00e0 savoir les risques structurels de bilan int\u00e9grant les risques de liquidit\u00e9 et les risques de march\u00e9\u00a0;

\n

\u25cfles ajouts du risque de disruption technologique et du risque g\u00e9opolitique dans les risques strat\u00e9giques et business\u00a0;

\n

\u25cfl'ajout dans les risques structurels de bilan de nouveaux risques transverses \u00e0 La\u00a0Banque\u00a0Postale et ses filiales, comme le risque inflation ou le risque de bar\u00e8me.

\n

35.2.1Cadre g\u00e9n\u00e9ral

\n

La direction des risques groupe (DRG) g\u00e8re le risque de cr\u00e9dit pris par La\u00a0Banque\u00a0Postale, \u00e0 savoir le risque encouru en cas de d\u00e9faillance d\u2019une contrepartie ou de contreparties consid\u00e9r\u00e9es comme un m\u00eame b\u00e9n\u00e9ficiaire au sens du r\u00e8glement UE n\u00b0\u00a0575/2013 du Parlement europ\u00e9en et du Conseil concernant les exigences prudentielles applicables aux \u00e9tablissements de cr\u00e9dit et aux entreprises d\u2019investissement (ou CRR).

\n

Le Directoire fixe les fondamentaux communs (orientations strat\u00e9giques, valeurs, app\u00e9tence au risque, gouvernance) valid\u00e9s par le Conseil de surveillance \u00e0 partir desquels chacune des lignes m\u00e9tiers\u00a0d\u00e9cline ses priorit\u00e9s d\u2019action, et la ma\u00eetrise des risques associ\u00e9s, sous la supervision de la direction des risques groupe.

\n

L\u2019int\u00e9gration de la composante li\u00e9e aux risques climatiques est d\u00e9taill\u00e9e dans la note\u00a04.

\n

Enfin, les d\u00e9pr\u00e9ciations sont calcul\u00e9es de mani\u00e8re centralis\u00e9e pour l\u2019ensemble du groupe.

\n", "dimensions": { "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40151200712693431_0_0": { "value": "

Exposition maximale au risque de cr\u00e9dit

\n

L\u2019exposition maximale au risque de cr\u00e9dit correspond \u00e0 la valeur comptable des actifs financiers port\u00e9s par le groupe, nette de toute perte de valeur comptabilis\u00e9e et sans tenir compte des actifs d\u00e9tenus en garantie ou des autres rehaussements de cr\u00e9dit (par exemple les accords de compensation qui ne remplissent pas les conditions de compensation selon IAS\u00a032).

\n

Le tableau ci-dessous pr\u00e9sente l\u2019exposition nette maximale ainsi que le montant des actifs d\u00e9tenus en garantie et autres techniques de rehaussements de cr\u00e9dit permettant de r\u00e9duire cette exposition.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au 31\u00a0d\u00e9cembre 2025

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de r\u00e9haussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

96\u00a0938

\n		\n

19\u00a0988

\n		\n

76\u00a0950

\n
\n

Actifs financiers d\u00e9tenus \u00e0 des fins de transaction

\n		\n

20\u00a0252

\n		\n

19\u00a0988

\n		\n

264

\n
\n

Actifs financiers d\u00e9sign\u00e9s \u00e0 la juste valeur sur option

\n		\n

2\u00a0618

\n		\n

\n		\n

2\u00a0618

\n
\n

Actifs financiers non SPPI mesur\u00e9s \u00e0 la juste valeur

\n		\n

74\u00a0068

\n		\n

\n		\n

74\u00a0068

\n
\n

D\u00e9riv\u00e9s de couverture

\n		\n

395

\n		\n

395

\n		\n

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres recyclables

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Titres de dette

\n		\n

206\u00a0734

\n		\n

\n		\n

206\u00a0734

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

240\u00a0437

\n		\n

95\u00a0027

\n		\n

145\u00a0410

\n
\n

Pr\u00eats et avances aux \u00e9tablissements de cr\u00e9dits

\n		\n

70\u00a0076

\n		\n

8\u00a0498

\n		\n

61\u00a0578

\n
\n

Pr\u00eats et avances \u00e0 la client\u00e8le

\n		\n

132\u00a0155

\n		\n

86\u00a0529

\n		\n

45\u00a0625

\n
\n

Titres de dette

\n		\n

38\u00a0206

\n		\n

\n		\n

38\u00a0206

\n
\n

Hors bilan (engagements de financement et de garantie)

\n		\n

26\u00a0934

\n		\n

287

\n		\n

26\u00a0647

\n
\n

Engagements de financement donn\u00e9s

\n		\n

25\u00a0552

\n		\n

286

\n		\n

25\u00a0266

\n
\n

Engagements de garantie donn\u00e9s

\n		\n

1\u00a0382

\n		\n

1

\n		\n

1\u00a0381

\n
\n

Total

\n		\n

571\u00a0437

\n		\n

115\u00a0697

\n		\n

455\u00a0740

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Au\u00a031\u00a0d\u00e9cembre 2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

31/12/2024

\n
\n

Exposition nette maximale au risque de cr\u00e9dit

\n		\n

Actifs d\u00e9tenus en garantie et autres techniques de rehaussement de cr\u00e9dit

\n		\n

Sans garantie

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0r\u00e9sultat

\n		\n

96\u00a0712

\n		\n

16\u00a0579

\n		\n

80\u00a0133

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9tenus\u00a0\u00e0\u00a0des\u00a0fins\u00a0de\u00a0transaction

\n		\n

16\u00a0838

\n		\n

16\u00a0579

\n		\n

258

\n
\n

Actifs\u00a0financiers\u00a0d\u00e9sign\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0sur\u00a0option

\n		\n

2\u00a0943

\n		\n

\n		\n

2\u00a0943

\n
\n

Actifs\u00a0financiers\u00a0non\u00a0SPPI\u00a0mesur\u00e9s\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur

\n		\n

76\u00a0932

\n		\n

\n		\n

76\u00a0932

\n
\n

D\u00e9riv\u00e9s\u00a0de\u00a0couverture

\n		\n

486

\n		\n

486

\n		\n

\n
\n

Actifs\u00a0financiers\u00a0\u00e0\u00a0la\u00a0juste\u00a0valeur\u00a0par\u00a0capitaux\u00a0propres\u00a0recyclables

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

202\u00a0946

\n		\n

\n		\n

202\u00a0946

\n
\n

Actifs\u00a0financiers\u00a0mesur\u00e9s\u00a0au\u00a0co\u00fbt\u00a0amorti

\n		\n

240\u00a0888

\n		\n

94\u00a0381

\n		\n

146\u00a0506

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0aux\u00a0\u00e9tablissements\u00a0de\u00a0cr\u00e9dits

\n		\n

75\u00a0673

\n		\n

10\u00a0130

\n		\n

65\u00a0543

\n
\n

Pr\u00eats\u00a0et\u00a0avances\u00a0\u00e0\u00a0la\u00a0client\u00e8le

\n		\n

128\u00a0958

\n		\n

84\u00a0251

\n		\n

44\u00a0707

\n
\n

Titres\u00a0de\u00a0dette

\n		\n

36\u00a0256

\n		\n

\n		\n

36\u00a0256

\n
\n

Hors\u00a0bilan\u00a0(engagements\u00a0de\u00a0financement\u00a0et\u00a0de\u00a0garantie)

\n		\n

27\u00a0645

\n		\n

322

\n		\n

27\u00a0323

\n
\n

Engagements\u00a0de\u00a0financement\u00a0donn\u00e9s

\n		\n

26\u00a0251

\n		\n

321

\n		\n

25\u00a0930

\n
\n

Engagements\u00a0de\u00a0garantie\u00a0donn\u00e9s

\n		\n

1\u00a0394

\n		\n

1

\n		\n

1\u00a0393

\n
\n

Total

\n		\n

568\u00a0677

\n		\n

111\u00a0769

\n		\n

456\u00a0908

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40151348651290070_0_0": { "value": "

35.3Risque de march\u00e9 et comptabilit\u00e9 de couverture

\n

35.3.1Cadre g\u00e9n\u00e9ral de gestion

\n

Cadre g\u00e9n\u00e9ral

\n

Les risques de march\u00e9 traduisent l\u2019impact potentiel des variations des march\u00e9s financiers sur le r\u00e9sultat ou le bilan de la banque. Ils comprennent le risque de prix, le risque de change et le risque de base.

\n

La majorit\u00e9 des \u00e9l\u00e9ments du bilan g\u00e9n\u00e8re des produits et des charges d\u2019int\u00e9r\u00eats dont les montants sont expos\u00e9s aux variations des taux d\u2019int\u00e9r\u00eats soit au travers de la mise en place de nouvelles op\u00e9rations dont le taux n\u2019est pas connu, soit au travers de l\u2019appr\u00e9ciation comparative du taux auquel les op\u00e9rations existantes auraient pu \u00eatre mises en place. Dans le premier cas, il s\u2019agit de risque de variation des flux de tr\u00e9sorerie, tandis que dans le second cas, il s\u2019agit de risque de juste valeur.

\n

La VaR

\n

La VaR (Value at Risk) est un indicateur du risque de pertes auquel le groupe est confront\u00e9. Il donne une estimation de la perte maximale potentielle \u00e0 un horizon donn\u00e9 avec une probabilit\u00e9 donn\u00e9e. Toutefois cet indicateur ne donne aucune indication quant aux niveaux de pertes potentielles\u00a0d\u00e9coulant d\u2019\u00e9v\u00e9nements peu fr\u00e9quents.

\n

Cet indicateur est calcul\u00e9 d\u2019une part sur les portefeuilles de n\u00e9gociation et d\u2019autre part sur certains portefeuilles bancaires. Une VaR globale comprenant l\u2019ensemble des positions est \u00e9galement calcul\u00e9e.

\n

La VaR est\u00a0d\u00e9clin\u00e9e pour chacune des activit\u00e9s incluses dans le portefeuille de march\u00e9.

\n

Par souci de prudence, il a \u00e9t\u00e9\u00a0d\u00e9cid\u00e9 d\u2019encadrer l\u2019ensemble des positions marqu\u00e9es au march\u00e9 par une Value At Risk (99%, 1\u00a0jour). La VaR mise en \u0153uvre est une VaR param\u00e9trique, calcul\u00e9e \u00e0 partir d\u2019une matrice de variance-covariance couvrant les risques de taux, spread, change, volatilit\u00e9 et action auxquels le groupe est expos\u00e9.

\n

La VaR ainsi calcul\u00e9e couvre partiellement les risques optionnels, les risques de second ordre n\u2019\u00e9tant pas pris en compte. Le d\u00e9veloppement de positions optionnelles, peu significatives \u00e0 date au regard des positions globales, pourrait amener la direction des risques groupe \u00e0 d\u00e9ployer une m\u00e9thodologie plus adapt\u00e9e. Des indicateurs d\u00e9di\u00e9s \u00e0 la surveillance du risque optionnel sont par ailleurs impl\u00e9ment\u00e9s.

\n

La direction des risques groupe proc\u00e8de \u00e0 une analyse ex post (backtesting) des r\u00e9sultats du mod\u00e8le mis en \u0153uvre pour le calcul de la VaR afin d\u2019en mesurer la qualit\u00e9.

\n

Les sc\u00e9narios de stress

\n

L\u2019estimation de la VaR, faite sur l\u2019hypoth\u00e8se d\u2019une loi de distribution normale, est effectu\u00e9e dans des conditions normales de march\u00e9 et ne donne aucune information sur le montant de la perte potentielle lorsque la VaR est d\u00e9pass\u00e9e. Il est donc n\u00e9cessaire de pouvoir estimer les pertes potentielles en supposant des conditions de march\u00e9s exceptionnelles (attentats, faillite d\u2019un grand groupe,\u00a0etc.) et c\u2019est dans cette optique que sont impl\u00e9ment\u00e9s des sc\u00e9narios de stress.

\n

Un sc\u00e9nario de stress consiste \u00e0 simuler une situation extr\u00eame afin d\u2019\u00e9valuer les cons\u00e9quences financi\u00e8res sur le r\u00e9sultat ou les fonds propres de La Banque Postale. Le recours \u00e0 ces sc\u00e9narios est un outil d\u2019analyse et de ma\u00eetrise pour mieux appr\u00e9hender les risques de march\u00e9s.

\n

La\u00a0Banque\u00a0Postale a vocation \u00e0 traiter sur tous les march\u00e9s (fonds OPCVM, change, taux, cr\u00e9dit, d\u00e9riv\u00e9s). Cependant, La Banque Postale traite aujourd\u2019hui en directionnel essentiellement des produits de taux et de cr\u00e9dit. Ainsi, les sc\u00e9narios de crises envisag\u00e9s affectent principalement les courbes de taux et les spreads de cr\u00e9dit, les autres param\u00e8tres \u00e9tant \u00e9galement pris en compte mais leurs impacts sont limit\u00e9s.

\n

On distingue deux grandes familles de stress.

\n

Les stress historiques

\n

Cette cat\u00e9gorie est bas\u00e9e sur des faits historiques (qui se sont r\u00e9ellement pass\u00e9s). Pour construire les sc\u00e9narios, les variations qui ont d\u00e9j\u00e0 eu lieu lors de grandes crises financi\u00e8res sont appliqu\u00e9es aux conditions actuelles du march\u00e9. Ce sont les sc\u00e9narios historiques.

\n

Un sc\u00e9nario de stress historique est initi\u00e9 par un \u00e9v\u00e9nement brutal affectant un ensemble de facteurs. Le but \u00e9tant de pr\u00e9voir le pire, les horizons retenus sont ceux correspondant \u00e0 la premi\u00e8re phase de propagation de la crise jusqu\u2019\u00e0 une premi\u00e8re stabilisation des cours, dans la mesure o\u00f9 plusieurs jours de trading sont n\u00e9cessaires pour solder les positions les plus risqu\u00e9es.

\n

Les stress hypoth\u00e9tiques

\n

Cette cat\u00e9gorie emploie des variations jug\u00e9es plausibles, qui ne se sont jamais d\u00e9roul\u00e9es mais qui, si elles survenaient, risqueraient de menacer l\u2019\u00e9tablissement. Ces chocs sont calibr\u00e9s \u00e0 partir d\u2019hypoth\u00e8ses fond\u00e9es sur les statistiques des historiques de donn\u00e9es de march\u00e9.

\n

Un stress hypoth\u00e9tique s\u2019applique sur une cat\u00e9gorie donn\u00e9e de risques de march\u00e9. La\u00a0Banque\u00a0Postale r\u00e9alise des stress hypoth\u00e9tiques sur les principaux risques auxquels elle est expos\u00e9e.

\n

Au niveau groupe, un stress-test est par ailleurs r\u00e9alis\u00e9 \u00e0 une fr\u00e9quence trimestrielle sur le p\u00e9rim\u00e8tre en juste valeur (incluant les filiales d\u2019assurance). Cet indicateur est calcul\u00e9 \u00e0 partir du sc\u00e9nario historique d\u2019horizon 1\u00a0mois ou 3\u00a0mois, d\u00e9termin\u00e9 comme le plus d\u00e9favorable pour le groupe sur une profondeur d\u2019au moins 10\u00a0ans et un seuil de confiance de 99,5%.

\n

35.3.2D\u00e9riv\u00e9s de transaction\u00a0: analyse par dur\u00e9e r\u00e9siduelle et notionnels

\n

La ventilation des valeurs de march\u00e9s \u00e0 l\u2019actif et au passif des instruments d\u00e9riv\u00e9s est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0421

\n
\n

FRA

\n		\n

2

\n		\n

0

\n		\n

\n		\n

2

\n		\n

2

\n		\n

\n		\n

\n		\n

2

\n		\n

12\u00a0150

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

196

\n		\n

1\u00a0514

\n		\n

2\u00a0866

\n		\n

4\u00a0575

\n		\n

116

\n		\n

1\u00a0660

\n		\n

2\u00a0387

\n		\n

4\u00a0164

\n		\n

444\u00a0983

\n
\n

Options Caps-floors-collars

\n		\n

113

\n		\n

456

\n		\n

275

\n		\n

844

\n		\n

28

\n		\n

79

\n		\n

48

\n		\n

154

\n		\n

200\u00a0232

\n
\n

Op\u00e9rations fermes de change

\n		\n

67

\n		\n

34

\n		\n

50

\n		\n

151

\n		\n

133

\n		\n

92

\n		\n

144

\n		\n

369

\n		\n

7\u00a0714

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

911

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

7

\n		\n

\n		\n

7

\n		\n

\n		\n

\n		\n

14

\n		\n

14

\n		\n

180

\n
\n

Instruments sur actions et indices

\n		\n

68

\n		\n

94

\n		\n

5

\n		\n

167

\n		\n

16

\n		\n

34

\n		\n

0

\n		\n

50

\n		\n

11\u00a0971

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

447

\n		\n

2\u00a0104

\n		\n

3\u00a0195

\n		\n

5\u00a0746

\n		\n

295

\n		\n

1\u00a0865

\n		\n

2\u00a0592

\n		\n

4\u00a0753

\n		\n

679\u00a0561

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n		\n

Total notionnels

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

Plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Futures

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

3\u00a0732

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

131

\n		\n

1\u00a0509

\n		\n

3\u00a0193

\n		\n

4\u00a0833

\n		\n

114

\n		\n

1\u00a0418

\n		\n

2\u00a0914

\n		\n

4\u00a0447

\n		\n

297\u00a0765

\n
\n

Options Caps-floors-collars

\n		\n

58

\n		\n

423

\n		\n

337

\n		\n

818

\n		\n

27

\n		\n

121

\n		\n

46

\n		\n

193

\n		\n

409\u00a0909

\n
\n

Op\u00e9rations fermes de change

\n		\n

90

\n		\n

32

\n		\n

39

\n		\n

160

\n		\n

123

\n		\n

253

\n		\n

179

\n		\n

555

\n		\n

10\u00a0224

\n
\n

Options de change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

1\u00a0165

\n
\n

Instruments de cr\u00e9dit

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

2

\n		\n

2

\n		\n

100

\n
\n

Instruments sur actions et\u00a0indices

\n		\n

128

\n		\n

72

\n		\n

7

\n		\n

207

\n		\n

111

\n		\n

16

\n		\n

0

\n		\n

128

\n		\n

30\u00a0373

\n
\n

Autres instruments

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

406

\n		\n

2\u00a0036

\n		\n

3\u00a0576

\n		\n

6\u00a0018

\n		\n

374

\n		\n

1\u00a0807

\n		\n

3\u00a0142

\n		\n

5\u00a0324

\n		\n

753\u00a0267

\n
\n

35.3.3Comptabilit\u00e9 de couverture

\n

La\u00a0Banque\u00a0Postale proc\u00e8de \u00e0 des couvertures d\u2019op\u00e9rations au bilan sur le p\u00e9rim\u00e8tre bancaire (qu\u2019elles soient d\u2019origine client\u00e8le ou financi\u00e8re) avec des d\u00e9riv\u00e9s trait\u00e9s avec des contreparties du march\u00e9.

\n

Typologie des instruments de couverture

\n

Afin de g\u00e9rer les risques de taux et change des \u00e9l\u00e9ments du bilan, La\u00a0Banque\u00a0Postale privil\u00e9gie les d\u00e9riv\u00e9s de couverture suivants\u00a0:

\n

\u25cfles swaps de taux contre\u00a0\u20acSTR (contrat de gr\u00e9 \u00e0 gr\u00e9 permettant d'\u00e9changer, sur la base d'un montant nominal, les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux fixe contre les flux d'int\u00e9r\u00eats calcul\u00e9s sur un taux variable)\u00a0;

\n

\u25cfles cross currency swaps qui assurent la conversion de la devise en euros et la couverture \u00e9conomique en change (financement et int\u00e9r\u00eats). Les flux en devise du titre et du swap sont compl\u00e8tement adoss\u00e9s en termes de montants, de dates et de\u00a0d\u00e9caissement.

\n

Sous-jacents

\n

Les op\u00e9rations r\u00e9alis\u00e9es d\u00e9pendent du mod\u00e8le de gestion des portefeuilles et proc\u00e8dent de diff\u00e9rentes strat\u00e9gies de couverture visant essentiellement \u00e0 couvrir le risque de taux d\u2019int\u00e9r\u00eat (cf. note\u00a035.5).

\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00c9l\u00e9ment couvert

\n		\n

D\u00e9riv\u00e9s

\n		\n

Couverture

\n
\n

Pr\u00eats \u00e0 taux fixes

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

Titres \u00e0 taux fixe achet\u00e9s

\n		\n

Swap payeur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

Swap payeur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

D\u00e9p\u00f4ts client \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

PEL

\n		\n

Swap receveur fixe

\n		\n

Macro-couverture \u00ab\u00a0carve-out\u00a0\u00bb de la juste valeur (CO-FVH\u00a0:\u00a0Carve-Out Fair Value Hedge)

\n
\n

\u00c9mission obligataire et d\u00e9p\u00f4ts \u00e0 terme re\u00e7us \u00e0 taux fixe

\n		\n

Swap receveur fixe

\n		\n

Couverture de juste valeur (FVH\u00a0:\u00a0Fair Value Hedge)

\n
\n

\u00c9mission obligataire
en devise

\n		\n

Cross currency interest rate swap

\n		\n

Micro-couverture FVH (Fair Value Hedge)

\n
\n

Pour les sous-jacents couverts \u00e0 l\u2019actif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des obligations et des pr\u00eats \u00e0 la client\u00e8le (immobiliers, consommation) \u00e0 taux fixe, ainsi qu\u2019au risque de taux en flux de tr\u00e9sorerie (acquisition d\u2019obligations \u00e0 terme).

\n

Pour les sous-jacents couverts au passif, le risque couvert correspond au risque de taux en valeur attach\u00e9 \u00e0 des d\u00e9p\u00f4ts \u00e0 taux fixe client (\u00e0 vue, PEL), \u00e0 terme, et \u00e0 des \u00e9missions obligataires \u00e0 taux fixe.

\n

Typologie de relations de couverture

\n

Couvertures d\u2019un titre par un swap

\n

Les couvertures de juste valeur contre Euribor

\n

Les titres sont valoris\u00e9s en utilisant une courbe d\u2019actualisation Euribor et les d\u00e9riv\u00e9s en utilisant une courbe\u00a0\u20acSTR, taux quotidien. L\u2019introduction de deux courbes d\u2019actualisation diff\u00e9rentes cr\u00e9e une l\u00e9g\u00e8re inefficacit\u00e9 de couverture d\u00e9pendant de l\u2019\u00e9cart, spread, entre l\u2019\u20acSTR et l\u2019Euribor et variant dans le temps.

\n

Les couvertures de juste valeur contre\u00a0\u20acSTR

\n

Le titre \u00e9tant actualis\u00e9 contre\u00a0\u20acSTR avec retraitement de la composante cr\u00e9dit et le swap actualis\u00e9 contre\u00a0\u20acSTR \u00e9galement, ces couvertures sont consid\u00e9r\u00e9es comme \u00e9tant 100% efficaces sans n\u00e9cessit\u00e9 de r\u00e9aliser de tests d\u2019efficacit\u00e9 r\u00e9trospectifs.

\n

Couverture de plusieurs titres par plusieurs swaps

\n

La m\u00e9thodologie retenue permet d\u2019obtenir une documentation de couverture simplifi\u00e9e r\u00e9put\u00e9e 100% efficace et de g\u00e9rer correctement le recyclage des r\u00e9sultats de couverture en fonction des op\u00e9rations r\u00e9alis\u00e9es sur les titres.

\n

Les titres et leur couverture (un swap, plus exceptionnellement plusieurs swaps) sont regroup\u00e9s par strat\u00e9gie de macro-couverture, chacune respectant les contraintes suivantes\u00a0:

\n

1.Les titres et les swaps ont une date de maturit\u00e9 comprise dans un m\u00eame intervalle de temps d\u2019une dur\u00e9e maximale d\u2019un an\u00a0;

\n

2.Le montant notionnel du swap doit \u00eatre strictement inf\u00e9rieur au montant principal total des titres\u00a0;

\n

3.La maturit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la plus petite maturit\u00e9 des titres\u00a0;

\n

4.La sensibilit\u00e9 du swap doit \u00eatre inf\u00e9rieure ou \u00e9gale \u00e0 la sensibilit\u00e9 globale des titres\u00a0;

\n

5.S\u2019il y a plusieurs swaps, ils doivent \u00eatre ex\u00e9cut\u00e9s le m\u00eame jour\u00a0;

\n

6.Une fois l\u2019adossement r\u00e9alis\u00e9 entre les titres et le(s) swap(s), aucun titre ne peut plus \u00eatre achet\u00e9 dans la strat\u00e9gie, seules les ventes de titres et r\u00e9siliation (unwind) des swaps sont autoris\u00e9es. Cela permet de garantir que durant la p\u00e9riode de couverture, tous les titres et tous les swaps ont eu des variations de valeur (au titre du risque de taux) homog\u00e8nes dans le temps.

\n

Les r\u00e8gles de d\u00e9bouclage suivent, strat\u00e9gie par strat\u00e9gie, le montant principal des titres vendus afin de respecter en permanence les contraintes d\u00e9finies et imposent de r\u00e9silier partiellement, le m\u00eame jour que la vente de titre, l\u2019encours de swap qui d\u00e9passerait du principal des titres restants. En cas de d\u00e9passement (surcouverture), le test d\u2019efficacit\u00e9 mis en place n\u2019est pas respect\u00e9, une inefficacit\u00e9 est alors calcul\u00e9e.

\n

Au sein du groupe, les sources d\u2019inefficacit\u00e9 de la macro-couverture r\u00e9sultent essentiellement de la disparition du sous-jacent.

\n

Ratio de couverture

\n

Le ratio de couverture (la quantit\u00e9 d\u2019\u00e9l\u00e9ments couverts sur la quantit\u00e9 d\u2019instruments de couverture) correspond au ratio utilis\u00e9 par La\u00a0Banque\u00a0Postale dans sa gestion op\u00e9rationnelle du risque.

\n

\u00c0 chaque date d\u2019arr\u00eat\u00e9, la documentation r\u00e9trospective consiste \u00e0 v\u00e9rifier que la variation de valeur de l\u2019\u00e9l\u00e9ment couvert depuis l\u2019origine est homog\u00e8ne avec la variation de l\u2019\u00e9l\u00e9ment de couverture. L\u2019\u00e9cart de valorisation \u00e9ventuel correspond \u00e0 la part inefficace de la couverture \u00e9tant comptabilis\u00e9e en r\u00e9sultat.

\n

Test d\u2019efficacit\u00e9

\n

La\u00a0Banque\u00a0Postale effectue un test d\u2019efficacit\u00e9 au moins deux fois par semestre.

\n

Couverture de flux de tr\u00e9sorerie

\n

La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique consistant \u00e0 comparer les variations de la valeur de l\u2019instrument d\u00e9riv\u00e9 aux variations de valeur d\u2019un instrument d\u00e9riv\u00e9 fictif appel\u00e9 d\u00e9riv\u00e9 hypoth\u00e9tique qui repr\u00e9senterait parfaitement le risque couvert.

\n

Couvertures de juste valeur

\n

Couverture d\u2019un titre par un swap

\n

Concernant la micro-couverture avec les swaps Euribor, La\u00a0Banque\u00a0Postale utilise la m\u00e9thode du d\u00e9riv\u00e9 hypoth\u00e9tique. En consid\u00e9rant que les swaps contre\u00a0\u20acSTR sont 100% efficaces, la m\u00e9thode consiste \u00e0 cr\u00e9er un swap\u00a0\u20acSTR qui aurait pu \u00eatre mis en place lors de la couverture (r\u00e9pliquant exactement le titre) et \u00e0 appr\u00e9cier la variation de valeur de ce swap par rapport \u00e0 la variation de valeur du swap r\u00e9ellement mis en place.

\n

L\u2019inefficacit\u00e9 r\u00e9siduelle correspond alors \u00e0 la somme des variations de valeur de l\u2019\u00e9l\u00e9ment couvert et de l\u2019\u00e9l\u00e9ment de couverture. Le titre et le swap sont valoris\u00e9s \u00e0 l\u2019aide d\u2019une courbe de taux identique et constante, seul le taux de change de march\u00e9 est pris en compte. Ainsi la variation de valeur du titre valoris\u00e9 de cette mani\u00e8re est ind\u00e9pendante des variations de valeur des taux d\u2019int\u00e9r\u00eat et est uniquement impact\u00e9e par la variation du taux de change. Dans le cas o\u00f9 le test d\u2019efficacit\u00e9 ne serait pas respect\u00e9, La\u00a0Banque\u00a0Postale impose de r\u00e9silier tout ou partie de l\u2019\u00e9l\u00e9ment de couverture. Pour cela, les tests d\u2019efficacit\u00e9 sont effectu\u00e9s avant et apr\u00e8s cession pour s\u2019assurer de la conformit\u00e9 de l\u2019op\u00e9ration de r\u00e9siliation.

\n

Couverture de plusieurs titres par un swap

\n

Afin d\u2019assurer le suivi de la strat\u00e9gie de couverture, La\u00a0Banque\u00a0Postale a mis en place une documentation glissante des strat\u00e9gies de couverture pour mat\u00e9rialiser l\u2019absence d\u2019entr\u00e9e de nouveaux titres ou de compl\u00e9ment sur des positions existantes.

\n

Couverture de plusieurs pr\u00eats par plusieurs swaps
(macro-couverture fonds de cuve)

\n

La\u00a0Banque\u00a0Postale applique la m\u00e9thode dite g\u00e9n\u00e9rationnelle et proc\u00e8de \u00e0 des tests visant \u00e0 v\u00e9rifier que, pour chaque g\u00e9n\u00e9ration de swaps et pour chaque bande de maturit\u00e9 annuelle, le montant du nominal des pr\u00eats couverts est sup\u00e9rieur au nominal des swaps de couverture. Des mod\u00e8les internes de remboursements anticip\u00e9s et ren\u00e9gociations sont appliqu\u00e9s aux g\u00e9n\u00e9rations de pr\u00eats \u00e0 taux fixe utilis\u00e9es.

\n

Lorsque les swaps g\u00e9n\u00e8rent de la surcouverture sur les bandes de maturit\u00e9 de leur g\u00e9n\u00e9ration, la norme pr\u00e9voit la possibilit\u00e9 de les affecter \u00e0 des portefeuilles de pr\u00eats origin\u00e9s ant\u00e9rieurement.

\n

Dans le cas o\u00f9 le nominal des d\u00e9riv\u00e9s est sup\u00e9rieur, cela met fin \u00e0 la relation de couverture et il est proc\u00e9d\u00e9 syst\u00e9matiquement \u00e0 une r\u00e9siliation du ou des d\u00e9riv\u00e9s avec impact en r\u00e9sultat ou \u00e0 un reclassement en trading, pour\u00a0d\u00e9comptabilisation des actifs couverts.

\n

a)Instruments d\u00e9riv\u00e9s de couverture de juste valeur et de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n		\n

Actif

\n		\n

Passif

\n		\n

Notionnel

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

346

\n		\n

1\u00a0387

\n		\n

88\u00a0722

\n		\n

327

\n		\n

1\u00a0939

\n		\n

62\u00a0102

\n
\n

Op\u00e9rations fermes de change

\n		\n

27

\n		\n

6

\n		\n

957

\n		\n

74

\n		\n

\n		\n

926

\n
\n

Total d\u00e9riv\u00e9s de couverture de juste valeur

\n		\n

373

\n		\n

1\u00a0393

\n		\n

89\u00a0679

\n		\n

400

\n		\n

1\u00a0939

\n		\n

63\u00a0028

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

\n		\n

5

\n		\n

\n		\n

\n		\n

19

\n		\n

\n
\n

Op\u00e9rations fermes de change

\n		\n

22

\n		\n

42

\n		\n

1\u00a0021

\n		\n

86

\n		\n

\n		\n

2\u00a0310

\n
\n

Total d\u00e9riv\u00e9s de couverture de flux de tr\u00e9sorerie

\n		\n

22

\n		\n

46

\n		\n

1\u00a0021

\n		\n

86

\n		\n

19

\n		\n

2\u00a0310

\n
\n

Total

\n		\n

395

\n		\n

1\u00a0440

\n		\n

90\u00a0700

\n		\n

486

\n		\n

1\u00a0958

\n		\n

65\u00a0338

\n
\n

Valeurs de march\u00e9 par dur\u00e9e r\u00e9siduelle

\n

La ventilation des valeurs de march\u00e9 des instruments d\u00e9riv\u00e9s de couverture est pr\u00e9sent\u00e9e par maturit\u00e9 contractuelle r\u00e9siduelle\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

7

\n		\n

163

\n		\n

176

\n		\n

346

\n		\n

52

\n		\n

555

\n		\n

784

\n		\n

1\u00a0392

\n
\n

Op\u00e9rations fermes de change

\n		\n

\n		\n

27

\n		\n

22

\n		\n

48

\n		\n

\n		\n

44

\n		\n

4

\n		\n

48

\n
\n

Total

\n		\n

7

\n		\n

190

\n		\n

198

\n		\n

395

\n		\n

52

\n		\n

599

\n		\n

788

\n		\n

1\u00a0440

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024

\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Actif

\n		\n

Passif

\n
\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n		\n

< 1 an

\n		\n

1 \u00e0 5\u00a0ans

\n		\n

plus
de 5\u00a0ans

\n		\n

Total
Juste
Valeur

\n
\n

Swaps de taux d'int\u00e9r\u00eat

\n		\n

37

\n		\n

107

\n		\n

182

\n		\n

327

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

Op\u00e9rations fermes de change

\n		\n

21

\n		\n

37

\n		\n

101

\n		\n

159

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

58

\n		\n

144

\n		\n

284

\n		\n

486

\n		\n

85

\n		\n

767

\n		\n

1\u00a0107

\n		\n

1\u00a0958

\n
\n

b)Couverture de juste valeur

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Micro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la\u00a0p\u00e9riode
li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n		\n

Valeur comptable

\n		\n

Dont
cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture

\n		\n

Cumul des r\u00e9\u00e9valuations de juste valeur li\u00e9es \u00e0 la couverture restant \u00e0\u00a0\u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(63)

\n		\n

10\u00a0371

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

0

\n		\n

797

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers \u00e0 la juste valeur par capitaux propres

\n		\n

12\u00a0592

\n		\n

(40)

\n		\n

\n		\n

(62)

\n		\n

11\u00a0168

\n		\n

22

\n		\n

\n		\n

102

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Change

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

4\u00a0114

\n		\n

(97)

\n		\n

\n		\n

(61)

\n		\n

2\u00a0903

\n		\n

(37)

\n		\n

\n		\n

10

\n
\n

Passif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

18\u00a0705

\n		\n

(675)

\n		\n

\n		\n

(56)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

Change

\n		\n

995

\n		\n

12

\n		\n

\n		\n

(8)

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers au co\u00fbt amorti

\n		\n

19\u00a0700

\n		\n

(662)

\n		\n

\n		\n

(64)

\n		\n

15\u00a0433

\n		\n

(598)

\n		\n

\n		\n

328

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Macro-couverture de juste valeur

\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n		\n

Valeur comptable

\n		\n

Variation cumul\u00e9e de juste valeur\u00a0(a)

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Total \u2013 Actif

\n		\n

27\u00a0963

\n		\n

5

\n		\n

25\u00a0474

\n		\n

490

\n
\n

Instruments de dettes comptabilis\u00e9es au co\u00fbt amorti

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

Total \u2013 Passif

\n		\n

25\u00a0775

\n		\n

(128)

\n		\n

5\u00a0875

\n		\n

(161)

\n
\n

(a)Variation de juste valeur attribuable au risque couvert uniquement et servant \u00e0 la d\u00e9termination de la part efficace de la juste valeur de l\u2019instrument de couverture. Cette variation s\u2019entend hors int\u00e9r\u00eats courus.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de juste valeur

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Variation de juste valeur

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n		\n

Sur les instruments de couverture\u00a0(a)

\n		\n

Sur les \u00e9l\u00e9ments couverts\u00a0(a)

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

583

\n		\n

(579)

\n		\n

4

\n		\n

93

\n		\n

(79)

\n		\n

14

\n
\n

Change

\n		\n

(55)

\n		\n

56

\n		\n

2

\n		\n

28

\n		\n

(27)

\n		\n

1

\n
\n

Autres

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Total

\n		\n

528

\n		\n

(522)

\n		\n

5

\n		\n

121

\n		\n

(106)

\n		\n

15

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

c)Couverture de flux de tr\u00e9sorerie

\n

\u00c9l\u00e9ments couverts

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n		\n

Couvertures existantes

\n		\n

Couvertures ayant cess\u00e9

\n		\n

R\u00e9\u00e9valuation de juste valeur sur la p\u00e9riode li\u00e9e \u00e0 la couverture\u00a0(a)

\n
\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n		\n

Cumul des r\u00e9\u00e9valuations
de juste valeur

\n
\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n		\n

Li\u00e9es \u00e0 la couverture

\n		\n

Li\u00e9es \u00e0 la couverture restant \u00e0 \u00e9taler

\n
\n

Actif

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(10)

\n		\n

55

\n		\n

(19)

\n		\n

\n		\n

70

\n		\n

(25)

\n
\n

Change

\n		\n

31

\n		\n

\n		\n

30

\n		\n

1

\n		\n

\n		\n

(26)

\n
\n

Total

\n		\n

21

\n		\n

55

\n		\n

11

\n		\n

1

\n		\n

70

\n		\n

(51)

\n
\n

(a)Dont les cessations de couverture au cours de la p\u00e9riode.

\n
\n

R\u00e9sultat de la comptabilit\u00e9 de couverture de flux de tr\u00e9sorerie

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n		\n

Autres \u00e9l\u00e9ments du r\u00e9sultat global

\n		\n

R\u00e9sultat net (r\u00e9sultat de la comptabilit\u00e9 de couverture)

\n
\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n		\n

Montant de la part efficace de la relation de couverture comptabilis\u00e9e sur la p\u00e9riode

\n		\n

Montant comptabilis\u00e9 en capitaux propres recyclables transf\u00e9r\u00e9s en r\u00e9sultat au cours de la p\u00e9riode

\n		\n

Part de l'inefficacit\u00e9
de la couverture

\n
\n

Taux d'int\u00e9r\u00eat

\n		\n

(5)

\n		\n

(4)

\n		\n

\n		\n

(10)

\n		\n

(4)

\n		\n

\n
\n

Change

\n		\n

(104)

\n		\n

123

\n		\n

(1)

\n		\n

43

\n		\n

(80)

\n		\n

0

\n
\n

Total

\n		\n

(109)

\n		\n

119

\n		\n

(1)

\n		\n

33

\n		\n

(84)

\n		\n

0

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40768590123096485_0_0": { "value": "

NOTE 36Contrats d\u2019assurance et r\u00e9assurance

\n

36.1Produits et charges aff\u00e9rentes

\n

36.1.1Contrats d\u2019assurance \u00e9mis

\n

Produits des contrats d\u2019assurance \u00e9mis

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Contrats comptabilis\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

11\u00a0122

\n		\n

10\u00a0151

\n
\n

Montants relatifs aux variations du passif au titre de la couverture restante li\u00e9s \u00e0\u00a0:

\n		\n

9\u00a0642

\n		\n

8\u00a0648

\n
\n

Montant de la marge sur services contractuels comptabilis\u00e9 en r\u00e9sultat en raison de la fourniture de services au cours de la p\u00e9riode

\n		\n

2\u00a0229

\n		\n

2\u00a0244

\n
\n

Rel\u00e2chement de l'ajustement au titre du risque non financier

\n		\n

243

\n		\n

213

\n
\n

Produits aff\u00e9rents aux contrats d\u2019assurance \u00e9mis attendus au cours de la p\u00e9riode nets de\u00a0l'amortissement de la composante de perte

\n		\n

6\u00a0752

\n		\n

6\u00a0003

\n
\n

Ajustements li\u00e9s \u00e0 l\u2019exp\u00e9rience sur les primes re\u00e7ues et les frais d'acquisition

\n		\n

419

\n		\n

188

\n
\n

Frais d'acquisitions allou\u00e9s \u00e0 la p\u00e9riode

\n		\n

1\u00a0480

\n		\n

1\u00a0504

\n
\n

Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

1\u00a0609

\n		\n

1\u00a0667

\n
\n

Total

\n		\n

12\u00a0732

\n		\n

11\u00a0819

\n
\n

Charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Contrats comptabilis\u00e9s selon\u00a0les mod\u00e8les
BBA et VFA

\n		\n

Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

31/12/2025

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux activit\u00e9s d'assurance

\n		\n

(7\u00a0944)

\n		\n

(1\u00a0292)

\n		\n

(9\u00a0236)

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1\u00a0480)

\n		\n

(5)

\n		\n

(1\u00a0485)

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

857

\n		\n

47

\n		\n

904

\n
\n

Pertes et reprises sur les groupes de contrats d\u00e9ficitaires

\n		\n

7

\n		\n

0

\n		\n

7

\n
\n

Total

\n		\n

(8\u00a0560)

\n		\n

(1\u00a0250)

\n		\n

(9\u00a0811)

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Contrats comptabilis\u00e9s selon les mod\u00e8les BBA et VFA

\n		\n

Contrats comptabilis\u00e9s selon le mod\u00e8le PAA

\n		\n

31/12/2024

\n
\n

Sinistres survenus et autres charges aff\u00e9rentes aux activit\u00e9s d'assurance

\n		\n

(6\u00a0490)

\n		\n

(1\u00a0307)

\n		\n

(7\u00a0796)

\n
\n

Amortissement des flux de tr\u00e9sorerie li\u00e9s aux frais d'acquisition

\n		\n

(1\u00a0504)

\n		\n

(21)

\n		\n

(1\u00a0525)

\n
\n

Ajustements des passifs pour sinistres survenus

\n		\n

497

\n		\n

46

\n		\n

543

\n
\n

Pertes et reprises sur les groupes de contrats d\u00e9ficitaires

\n		\n

(21)

\n		\n

2

\n		\n

(19)

\n
\n

Total

\n		\n

(7\u00a0518)

\n		\n

(1\u00a0280)

\n		\n

(8\u00a0798)

\n
\n

Le montant des charges aff\u00e9rentes aux contrats d\u2019assurance \u00e9mis contient la marge per\u00e7ue par le groupe au titre de la gestion et de la distribution des contrats d\u2019assurance des filiales. Elle est calcul\u00e9e comme la diff\u00e9rence entre les commissions per\u00e7ues et les frais sous-jacents d\u00e9termin\u00e9s \u00e0 l\u2019aide d\u2019un coefficient d\u2019exploitation analytique sp\u00e9cifique aux activit\u00e9s d\u2019assurance.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156438856747672_0_0": { "value": "

38.5Compensation des instruments financiers

\n

Les tableaux ci-dessous pr\u00e9sentent les actifs financiers et passifs financiers qui ont fait l\u2019objet d\u2019une compensation dans le bilan consolid\u00e9 du groupe ainsi que les montants qui seraient compensables en application de conventions cadres de compensation et d\u2019accords similaires mais qui ne sont pas \u00e9ligibles \u00e0 la compensation dans les comptes consolid\u00e9s.

\n

Un actif financier et un passif financier faisant l'objet d'une convention cadre de compensation ou d'un accord similaire repr\u00e9sentant un droit ex\u00e9cutoire de compenser des titres contre des esp\u00e8ces \u00e0 une m\u00eame \u00e9ch\u00e9ance qui s'exerce sous certaines conditions mais ne satisfait pas aux crit\u00e8res de compensation, sont pr\u00e9sent\u00e9s en valeur nette lorsqu'ils sont r\u00e9alis\u00e9s avec la m\u00eame entit\u00e9 juridique.

\n

Les positions nettes qui r\u00e9sultent de ces diff\u00e9rentes compensations n\u2019ont pas pour objet de mesurer l\u2019exposition du groupe au risque de contrepartie sur ces instruments financiers.

\n

38.5.1Instruments d\u00e9riv\u00e9s des activit\u00e9s industrielles et commerciales

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

Montants
bruts

\n		\n

Montants compens\u00e9s au\u00a0bilan

\n		\n

Montants nets au bilan

\n		\n

Montants non compens\u00e9s au\u00a0bilan

\n		\n

Montants
nets

\n
\n

A

\n		\n

B

\n		\n

C=A-B

\n		\n

Instruments d\u00e9riv\u00e9s D

\n		\n

Cash
collat\u00e9ral E

\n		\n

F=C-D-E

\n
\n

2025

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers d\u00e9riv\u00e9s actifs

\n		\n

11

\n		\n

\n		\n

11

\n		\n

3

\n		\n

9

\n		\n

0

\n
\n

Instruments financiers d\u00e9riv\u00e9s passifs

\n		\n

3

\n		\n

\n		\n

3

\n		\n

3

\n		\n

\n		\n

0

\n
\n

2024

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers d\u00e9riv\u00e9s actifs

\n		\n

8

\n		\n

\n		\n

8

\n		\n

8

\n		\n

\n		\n

\n
\n

Instruments financiers d\u00e9riv\u00e9s passifs

\n		\n

26

\n		\n

\n		\n

26

\n		\n

8

\n		\n

17

\n		\n

1

\n
\n

La\u00a0Poste a mis en place avec l\u2019ensemble de ses contreparties de march\u00e9 des conventions cadres afin de r\u00e9duire son exposition en cas de d\u00e9faillance de ses contreparties de march\u00e9. Ces accords se traduisent par le versement \u00e0 la contrepartie gagnante par la contrepartie perdante d\u2019un d\u00e9p\u00f4t de garantie sous forme de num\u00e9raire \u00e9quivalent \u00e0 la position nette des d\u00e9riv\u00e9s. La fr\u00e9quence des appels de marge est hebdomadaire ou quotidienne selon les contreparties. Ces accords ne respectent pas les crit\u00e8res de la norme IAS\u00a032 pour permettre la compensation des d\u00e9riv\u00e9s actifs et passifs au bilan. Ils entrent cependant dans le champ d\u2019application des informations \u00e0 fournir sur la compensation au titre de la norme IFRS\u00a07.

\n

38.5.2Instruments financiers des activit\u00e9s bancaires

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2025

\n

(en\u00a0millions d'euros)

\n		\n

Valeur comptable brute

\n		\n

Valeur brute des instruments compens\u00e9s

\n		\n

Instruments financiers pr\u00e9sent\u00e9s en net

\n		\n

Montants non compens\u00e9s au\u00a0bilan

\n		\n

Instruments re\u00e7us/donn\u00e9s en garantie

\n		\n

Valeur nette

\n
\n

A

\n		\n

B

\n		\n

C=A-B

\n		\n

Instruments financiers D

\n		\n

Cash collat\u00e9ral D

\n		\n

E

\n		\n

F=C-D-E

\n
\n

Actifs

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

220\u00a0147

\n		\n

160

\n		\n

219\u00a0986

\n		\n

5\u00a0138

\n		\n

776

\n		\n

\n		\n

214\u00a0071

\n
\n

Dont op\u00e9ration de pension

\n		\n

11\u00a0601

\n		\n

160

\n		\n

11\u00a0440

\n		\n

\n		\n

\n		\n

\n		\n

11\u00a0440

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

6\u00a0129

\n		\n

\n		\n

6\u00a0129

\n		\n

5\u00a0138

\n		\n

776

\n		\n

\n		\n

214

\n
\n

Pr\u00eats et cr\u00e9ances sur \u00e9tablissements de cr\u00e9dit
et sur la client\u00e8le

\n		\n

202\u00a0528

\n		\n

298

\n		\n

202\u00a0231

\n		\n

5\u00a0002

\n		\n

115

\n		\n

6\u00a0916

\n		\n

190\u00a0198

\n
\n

Dont prises en pension

\n		\n

14\u00a0622

\n		\n

298

\n		\n

14\u00a0324

\n		\n

5\u00a0002

\n		\n

115

\n		\n

6\u00a0916

\n		\n

2\u00a0291

\n
\n

Comptes de r\u00e9gularisation et\u00a0autres actifs

\n		\n

7\u00a0092

\n		\n

\n		\n

7\u00a0092

\n		\n

3

\n		\n

\n		\n

\n		\n

7\u00a0089

\n
\n

Dont d\u00e9p\u00f4ts de garantie donn\u00e9s

\n		\n

13

\n		\n

\n		\n

13

\n		\n

3

\n		\n

\n		\n

\n		\n

11

\n
\n

Autres actifs non compens\u00e9s

\n		\n

296\u00a0104

\n		\n

\n		\n

296\u00a0104

\n		\n

\n		\n

\n		\n

\n		\n

296\u00a0104

\n
\n

Total actif

\n		\n

725\u00a0871

\n		\n

458

\n		\n

725\u00a0412

\n		\n

10\u00a0143

\n		\n

891

\n		\n

6\u00a0916

\n		\n

707\u00a0461

\n
\n

Passifs

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

21\u00a0258

\n		\n

160

\n		\n

21\u00a0098

\n		\n

5\u00a0138

\n		\n

192

\n		\n

\n		\n

15\u00a0767

\n
\n

Dont op\u00e9ration de pension

\n		\n

13\u00a0306

\n		\n

160

\n		\n

13\u00a0145

\n		\n

\n		\n

\n		\n

\n		\n

13\u00a0145

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

6\u00a0175

\n		\n

\n		\n

6\u00a0175

\n		\n

5\u00a0138

\n		\n

192

\n		\n

\n		\n

845

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et la client\u00e8le

\n		\n

244\u00a0365

\n		\n

298

\n		\n

244\u00a0067

\n		\n

5\u00a0002

\n		\n

75

\n		\n

17\u00a0511

\n		\n

221\u00a0479

\n
\n

Dont mises en pension

\n		\n

40\u00a0829

\n		\n

298

\n		\n

40\u00a0531

\n		\n

5\u00a0002

\n		\n

75

\n		\n

17\u00a0511

\n		\n

17\u00a0943

\n
\n

Autres dettes non compens\u00e9es

\n		\n

431\u00a0929

\n		\n

\n		\n

431\u00a0929

\n		\n

\n		\n

\n		\n

\n		\n

431\u00a0929

\n
\n

Total passif

\n		\n

697\u00a0552

\n		\n

458

\n		\n

697\u00a0093

\n		\n

10\u00a0141

\n		\n

267

\n		\n

17\u00a0511

\n		\n

669\u00a0175

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31/12/2024
(en\u00a0millions d'euros)

\n		\n

Valeur comptable brute

\n		\n

Valeur brute des instruments compens\u00e9s

\n		\n

Instruments financiers pr\u00e9sent\u00e9s en net

\n		\n

Montants non compens\u00e9s au\u00a0bilan

\n		\n

Instruments re\u00e7us/donn\u00e9s en garantie

\n		\n

Valeur nette

\n
\n

A

\n		\n

B

\n		\n

C=A-B

\n		\n

Instruments financiers D

\n		\n

Cash collat\u00e9ral D

\n		\n

E

\n		\n

F=C-D-E

\n
\n

Actifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

205\u00a0038

\n		\n

670

\n		\n

204\u00a0368

\n		\n

5\u00a0534

\n		\n

810

\n		\n

\n		\n

198\u00a0024

\n
\n

Dont op\u00e9ration de pension

\n		\n

8\u00a0454

\n		\n

670

\n		\n

7\u00a0784

\n		\n

\n		\n

\n		\n

\n		\n

7\u00a0784

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

6\u00a0492

\n		\n

\n		\n

6\u00a0492

\n		\n

5\u00a0534

\n		\n

810

\n		\n

\n		\n

149

\n
\n

Pr\u00eats et cr\u00e9ances sur \u00e9tablissements de cr\u00e9dit
et sur la client\u00e8le

\n		\n

205\u00a0266

\n		\n

634

\n		\n

204\u00a0632

\n		\n

6\u00a0908

\n		\n

12

\n		\n

2\u00a0476

\n		\n

195\u00a0236

\n
\n

Dont prises en pension

\n		\n

13\u00a0052

\n		\n

634

\n		\n

12\u00a0418

\n		\n

6\u00a0908

\n		\n

12

\n		\n

2\u00a0476

\n		\n

3\u00a0022

\n
\n

Comptes de r\u00e9gularisation et\u00a0autres actifs

\n		\n

9\u00a0225

\n		\n

\n		\n

9\u00a0225

\n		\n

13

\n		\n

\n		\n

\n		\n

9\u00a0212

\n
\n

Dont d\u00e9p\u00f4ts de garantie donn\u00e9s

\n		\n

16

\n		\n

\n		\n

16

\n		\n

13

\n		\n

\n		\n

\n		\n

2

\n
\n

Autres actifs non compens\u00e9s

\n		\n

322\u00a0490

\n		\n

\n		\n

322\u00a0490

\n		\n

\n		\n

\n		\n

\n		\n

322\u00a0490

\n
\n

Total actif

\n		\n

742\u00a0019

\n		\n

1\u00a0305

\n		\n

740\u00a0714

\n		\n

12\u00a0456

\n		\n

822

\n		\n

2\u00a0476

\n		\n

724\u00a0961

\n
\n

Passifs

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Instruments financiers en valeur de march\u00e9 par r\u00e9sultat

\n		\n

20\u00a0187

\n		\n

670

\n		\n

19\u00a0517

\n		\n

5\u00a0534

\n		\n

249

\n		\n

\n		\n

13\u00a0734

\n
\n

Dont op\u00e9ration de pension

\n		\n

10\u00a0165

\n		\n

670

\n		\n

9\u00a0495

\n		\n

\n		\n

\n		\n

\n		\n

9\u00a0495

\n
\n

Dont d\u00e9riv\u00e9s (incluant les d\u00e9riv\u00e9s de couverture)

\n		\n

7\u00a0270

\n		\n

\n		\n

7\u00a0270

\n		\n

5\u00a0534

\n		\n

249

\n		\n

\n		\n

1\u00a0487

\n
\n

Dettes envers les \u00e9tablissements de cr\u00e9dit et la client\u00e8le

\n		\n

257\u00a0249

\n		\n

634

\n		\n

256\u00a0614

\n		\n

6\u00a0908

\n		\n

594

\n		\n

23\u00a0576

\n		\n

225\u00a0536

\n
\n

Dont mises en pension

\n		\n

47\u00a0922

\n		\n

634

\n		\n

47\u00a0288

\n		\n

6\u00a0908

\n		\n

594

\n		\n

23\u00a0576

\n		\n

16\u00a0210

\n
\n

Autres dettes non compens\u00e9es

\n		\n

437\u00a0634

\n		\n

\n		\n

437\u00a0634

\n		\n

\n		\n

\n		\n

\n		\n

437\u00a0634

\n
\n

Total passif

\n		\n

715\u00a0069

\n		\n

1\u00a0305

\n		\n

713\u00a0765

\n		\n

12\u00a0442

\n		\n

843

\n		\n

23\u00a0576

\n		\n

676\u00a0903

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156552914421231_0_0": { "value": "

39.4Passifs \u00e9ventuels

\n

Le groupe n\u2019a pas connaissance de risques significatifs qui ne feraient pas l\u2019objet d\u2019une provision dans les comptes consolid\u00e9s.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156615226368345_0_0": { "value": "

40.1Entit\u00e9s structur\u00e9es consolid\u00e9es

\n

Les entit\u00e9s structur\u00e9es consolid\u00e9es incluent\u00a0:

\n

\u25cfdes organismes de placements collectifs\u00a0(OPC, FCP) dont la gestion est assur\u00e9e par les filiales du groupe dans le cadre de ses activit\u00e9s bancaires ou pour lequel le groupe est amen\u00e9 \u00e0 investir pour le compte des assur\u00e9s souscrivant aupr\u00e8s des entit\u00e9s du groupe ainsi que pour son compte propre\u00a0;

\n

\u25cfdes Fonds Communs de Titrisations (FCT) dont les parts sont \u00e9mises par des entit\u00e9s structur\u00e9es ayant pour vocation de diversifier les risques de cr\u00e9dit sous-jacents et qui peuvent \u00eatre divis\u00e9es en tranche.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156752451655179_0_0": { "value": "

40.2Entit\u00e9s structur\u00e9es non consolid\u00e9es

\n

Les informations pr\u00e9sent\u00e9es ci-apr\u00e8s concernent les entit\u00e9s structur\u00e9es par le groupe et qui ne sont pas contr\u00f4l\u00e9es par ce dernier. Ces informations ont \u00e9t\u00e9 regroup\u00e9es par entit\u00e9s exer\u00e7ant des activit\u00e9s similaires\u00a0: la titrisation, les fonds de placement et autres.

\n

Titrisation

\n

Les op\u00e9rations de titrisation regroupent les fonds communs de titrisation (FCT) et structures \u00e9quivalentes qui \u00e9mettent des instruments financiers pouvant \u00eatre souscrits par des investisseurs, portent des risques de cr\u00e9dit inh\u00e9rents et qui peuvent \u00eatre divis\u00e9s en tranche. La titrisation est une technique financi\u00e8re par laquelle des cr\u00e9ances traditionnellement illiquides et gard\u00e9es par leurs d\u00e9tenteurs jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance sont transform\u00e9es en titres n\u00e9gociables et liquides.\u00a0Le but de cette op\u00e9ration est de\u00a0:

\n

\u25cfpermettre la transformation d\u2019un portefeuille illiquide en titres liquides\u00a0;

\n

\u25cffavoriser la lev\u00e9e des fonds \u00e0 des conditions avantageuses\u00a0: outil de refinancement\u00a0;

\n

\u25cfam\u00e9liorer la gestion des risques\u00a0: m\u00e9canisme de transfert de risques vers l\u2019investisseur\u00a0;

\n

\u25cftransf\u00e9rer le risque de cr\u00e9dit et ses composantes (risque de taux, de liquidit\u00e9\u2026) et donc de r\u00e9duire les contraintes sur les fonds propres\u00a0;

\n

\u25cffaciliter la structuration du bilan (instrument de gestion du bilan).

\n

Fonds de placement

\n

Cette activit\u00e9 consiste \u00e0 r\u00e9pondre \u00e0 la demande des investisseurs dans le cadre\u00a0:

\n

\u25cfde la gestion de fonds. Cette activit\u00e9 fait appel \u00e0 des entit\u00e9s structur\u00e9es comme les organismes de placements collectifs ou des fonds immobiliers et autres structures \u00e9quivalentes\u00a0;

\n

\u25cfdu placement des primes d\u2019assurance re\u00e7ues des clients des soci\u00e9t\u00e9s d\u2019assurance conform\u00e9ment aux dispositions r\u00e9glementaires pr\u00e9vues par le Code des assurances. Les placements des soci\u00e9t\u00e9s d\u2019assurance permettent de garantir les engagements pris vis-\u00e0-vis des assur\u00e9s tout au long de la vie des contrats d\u2019assurance. Leur valeur et leur rendement sont corr\u00e9l\u00e9s \u00e0 ces engagements.

\n

Autres

\n

Il s\u2019agit d\u2019un ensemble regroupant le reste des activit\u00e9s.

\n

Int\u00e9r\u00eats dans les entit\u00e9s structur\u00e9es non\u00a0consolid\u00e9es

\n

Les int\u00e9r\u00eats du groupe dans une entit\u00e9 structur\u00e9e non consolid\u00e9e concernent les liens contractuels ou non qui l\u2019exposent \u00e0 un risque de rendements variables associ\u00e9s \u00e0 la performance de cette entit\u00e9 structur\u00e9e. Les int\u00e9r\u00eats peuvent \u00eatre attest\u00e9s notamment par la d\u00e9tention d\u2019instruments de capitaux propres ou de titres de cr\u00e9ances mais \u00e9galement par un financement, un cr\u00e9dit de tr\u00e9sorerie, un rehaussement de cr\u00e9dit, l\u2019octroi de garanties ou de d\u00e9riv\u00e9s structur\u00e9s.

\n

\n

Le tableau ci-dessous fournit une information en regroupant par activit\u00e9, de fa\u00e7on cumul\u00e9e, l\u2019exhaustivit\u00e9 des entit\u00e9s dans lesquelles le groupe a un int\u00e9r\u00eat sans restriction particuli\u00e8re\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions\u00a0d'euros)

\n		\n

Titrisation

\n		\n

Fonds\u00a0de\u00a0placement

\n		\n

Autres

\n
\n

Actifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

8\u00a0198

\n		\n

106\u00a0442

\n		\n

17

\n
\n

Actifs financiers \u00e0 la juste valeur par capitaux propres

\n		\n

2\u00a0400

\n		\n

48

\n		\n

3

\n
\n

Actifs financiers au co\u00fbt amorti

\n		\n

\n		\n

43

\n		\n

4\u00a0309

\n
\n

Total des actifs reconnus vis-\u00e0-vis des entit\u00e9s structur\u00e9es non consolid\u00e9es

\n		\n

10\u00a0597

\n		\n

106\u00a0533

\n		\n

4\u00a0329

\n
\n

Passifs financiers \u00e0 la juste valeur par r\u00e9sultat

\n		\n

\n		\n

\n		\n

195

\n
\n

Total des passifs reconnus vis-\u00e0-vis des entit\u00e9s structur\u00e9es non consolid\u00e9es

\n		\n

\n		\n

\n		\n

195

\n
\n

Engagements de financement donn\u00e9s

\n		\n

\n		\n

\n		\n

1\u00a0510

\n
\n

Exposition maximale au risque de cr\u00e9dit

\n		\n

10\u00a0597

\n		\n

106\u00a0533

\n		\n

5\u00a0839

\n
\n

Exposition nette au risque de perte

\n		\n

10\u00a0597

\n		\n

106\u00a0533

\n		\n

5\u00a0839

\n
\n

L\u2019exposition maximale au risque de perte correspond au montant des int\u00e9r\u00eats enregistr\u00e9s \u00e0 l\u2019actif du bilan et des engagements donn\u00e9s minor\u00e9 des provisions pour risques et charges enregistr\u00e9es au passif, minor\u00e9 des garanties re\u00e7ues.

\n

L\u2019exposition maximale au risque de perte est le plus souvent limit\u00e9e aux parts d\u00e9tenues dans les fonds, \u00e0 l\u2019exception des fonds dans lesquels La Banque Postale accorde une garantie de capital et de performance.

\n

Informations sur les entit\u00e9s structur\u00e9es non consolid\u00e9es sponsoris\u00e9es par\u00a0le\u00a0groupe

\n

Sont d\u00e9finis comme entit\u00e9s structur\u00e9es non consolid\u00e9es sponsoris\u00e9es les fonds qui sont structur\u00e9s par une soci\u00e9t\u00e9 de gestion contr\u00f4l\u00e9e par le groupe, notamment les fonds g\u00e9r\u00e9s par la filiale La Banque Postale Asset Management.

\n

Une entit\u00e9 structur\u00e9e est r\u00e9put\u00e9e sponsoris\u00e9e par le groupe d\u00e8s lors que sa d\u00e9nomination int\u00e8gre le nom du groupe ou d\u2019une de ses filiales.

\n

Les revenus tir\u00e9s par le groupe sur ces entit\u00e9s s\u2019\u00e9l\u00e8vent \u00e0 2,3\u00a0millions d\u2019euros au 31\u00a0d\u00e9cembre 2025 et sont principalement compos\u00e9s de commissions non r\u00e9currentes.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156822616117987_0_0": { "value": "

NOTE 42Honoraires des commissaires aux comptes

\n

En application du\u00a0d\u00e9cret n\u00b0\u00a02008-1487 du 30\u00a0d\u00e9cembre 2008, les honoraires de commissaires aux comptes comptabilis\u00e9s au compte de r\u00e9sultat de l\u2019exercice par La Poste et les soci\u00e9t\u00e9s du p\u00e9rim\u00e8tre de consolidation sont pr\u00e9sent\u00e9s ci-dessous.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n

(en\u00a0millions d'euros HT)

\n		\n

KPMG

\n		\n

%

\n		\n

FORVIS MAZARS

\n		\n

%

\n
\n

Commissariat aux comptes, certification, examen des comptes individuels et consolid\u00e9s

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

\u25cfsoci\u00e9t\u00e9-m\u00e8re

\n		\n

0,8

\n		\n

5%

\n		\n

0,9

\n		\n

10%

\n
\n

\u25cffiliales int\u00e9gr\u00e9es globalement

\n		\n

10,7

\n		\n

67%

\n		\n

6,2

\n		\n

70%

\n
\n

\n		\n

11,5

\n		\n

72%

\n		\n

7,1

\n		\n

81%

\n
\n

Services autres que la certification des comptes

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

\u25cfsoci\u00e9t\u00e9-m\u00e8re

\n		\n

0,6

\n		\n

4%

\n		\n

0,1

\n		\n

2%

\n
\n

\u25cffiliales int\u00e9gr\u00e9es globalement

\n		\n

2,8

\n		\n

17%

\n		\n

0,6

\n		\n

6%

\n
\n

\n		\n

3,4

\n		\n

21%

\n		\n

0,7

\n		\n

8%

\n
\n

Honoraires de durabilit\u00e9

\n		\n

1,1

\n		\n

7%

\n		\n

1,0

\n		\n

6%

\n
\n

Total

\n		\n

16,0

\n		\n

100%

\n		\n

8,8

\n		\n

100%

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2024

\n

(en\u00a0millions d'euros HT)

\n		\n

KPMG

\n		\n

%

\n		\n

FORVIS MAZARS

\n		\n

%

\n
\n

Commissariat aux comptes, certification, examen des comptes individuels et consolid\u00e9s

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

\u25cfsoci\u00e9t\u00e9-m\u00e8re

\n		\n

0,7

\n		\n

5%

\n		\n

0,7

\n		\n

6%

\n
\n

\u25cffiliales int\u00e9gr\u00e9es globalement

\n		\n

9,9

\n		\n

66%

\n		\n

8,5

\n		\n

66%

\n
\n

\n		\n

10,6

\n		\n

71%

\n		\n

9,2

\n		\n

72%

\n
\n

Services autres que la certification des comptes

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

\u25cfsoci\u00e9t\u00e9-m\u00e8re

\n		\n

0,1

\n		\n

1%

\n		\n

0,3

\n		\n

2%

\n
\n

\u25cffiliales int\u00e9gr\u00e9es globalement

\n		\n

3,2

\n		\n

21%

\n		\n

2,3

\n		\n

18%

\n
\n

\n		\n

3,3

\n		\n

22%

\n		\n

2,6

\n		\n

20%

\n
\n

Honoraires de durabilit\u00e9

\n		\n

1,0

\n		\n

7%

\n		\n

1,0

\n		\n

7%

\n
\n

Total

\n		\n

14,9

\n		\n

100%

\n		\n

12,9

\n		\n

100%

\n
\n

Les services fournis par Forvis Mazars sont de nature suivante\u00a0: attestations et proc\u00e9dures convenues, lettres de confort en lien avec la mise \u00e0 jour des programmes EMTN ou dans le cadre d'\u00e9missions obligataires, revues de proc\u00e9dures de contr\u00f4le interne, consultations comptables, revues relatives \u00e0 des donn\u00e9es ou des indicateurs environnementaux, sociaux et soci\u00e9taux.

\n

Les services fournis par KPMG sont de nature suivante\u00a0: attestations et proc\u00e9dures convenues, lettres de confort en lien avec la mise \u00e0 jour des programmes EMTN ou dans le cadre d'\u00e9missions obligataires, formations, revues de proc\u00e9dures de contr\u00f4le interne et de syst\u00e8mes d\u2019information, consultations comptables et fiscales, revues relatives \u00e0 des donn\u00e9es ou des indicateurs environnementaux, sociaux et soci\u00e9taux.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156936721997110_0_0": { "value": "

NOTE 43Transactions avec les parties li\u00e9es

\n

43.1Relations avec l\u2019\u00c9tat et les entreprises du secteur public

\n
Relations avec l\u2019\u00c9tat
\n

Depuis la loi du 10\u00a0f\u00e9vrier 2010, confirmant les dispositions de la loi de\u00a0juillet\u00a01990 relative \u00e0 l\u2019organisation du service public de la poste et des t\u00e9l\u00e9communications, La Poste est une soci\u00e9t\u00e9 anonyme plac\u00e9e sous la tutelle du ministre de l\u2019\u00c9conomie et des Finances, et soumise au contr\u00f4le \u00e9conomique et financier de l\u2019\u00c9tat, et aux proc\u00e9dures de contr\u00f4le de la Cour des comptes et du Parlement.

\n

Les engagements de La Poste et de l\u2019\u00c9tat ont \u00e9t\u00e9 red\u00e9finis par le \u00ab\u00a0Contrat d\u2019entreprise\u00a02013-2017\u00a0\u00bb approuv\u00e9 par le Conseil d\u2019administration du groupe du 22\u00a0avril 2013 et sign\u00e9 par l\u2019ensemble des parties prenantes le 1er\u00a0juillet 2013.

\n

Ce contrat pose les principes suivants\u00a0:

\n

\u25cfle maintien d\u2019un large p\u00e9rim\u00e8tre de missions de service public d\u00e9volues \u00e0 La Poste\u00a0: service universel postal, transport et distribution de la presse, accessibilit\u00e9 bancaire et am\u00e9nagement du territoire avec pour ces trois derni\u00e8res le maintien du principe d\u2019une compensation des co\u00fbts\u00a0;

\n

\u25cfune trajectoire de qualit\u00e9 de service encore renforc\u00e9e\u00a0;

\n

\u25cfdes missions adapt\u00e9es aux attentes des usagers et \u00e0 l\u2019\u00e9volution des technologies\u00a0;

\n

\u25cfla mise en place d\u2019engagements citoyens en faveur du d\u00e9veloppement des territoires et des entreprises, des plus d\u00e9munis, du d\u00e9veloppement de la soci\u00e9t\u00e9 num\u00e9rique et dans le domaine de la responsabilit\u00e9 sociale de l\u2019entreprise.

\n

Un nouveau contrat d\u2019entreprise entre La Poste et l\u2019\u00c9tat, pour la p\u00e9riode 2018-2022, a \u00e9t\u00e9 approuv\u00e9 par le conseil d\u2019administration du groupe le 19\u00a0d\u00e9cembre 2017 et sign\u00e9 le 16\u00a0janvier 2018. Ce contrat s\u2019inscrit dans la continuit\u00e9 du contrat pr\u00e9c\u00e9dent, et vise \u00e0 p\u00e9renniser et moderniser l\u2019exercice des quatre missions de service public de La Poste. Ces missions b\u00e9n\u00e9ficient du soutien de l\u2019\u00c9tat, en contrepartie du respect par La Poste d\u2019indicateurs de qualit\u00e9 ambitieux.

\n

Par ailleurs, ce contrat d\u00e9veloppe la d\u00e9marche des engagements citoyens en faveur du d\u00e9veloppement de la soci\u00e9t\u00e9 num\u00e9rique, des services de proximit\u00e9, et du d\u00e9veloppement durable et responsable.

\n

Un avenant \u00e0 ce contrat d\u2019entreprise entre La Poste et l\u2019\u00c9tat a \u00e9t\u00e9 sign\u00e9 le 18\u00a0mai 2022. Il int\u00e8gre les \u00e9volutions annonc\u00e9es par le gouvernement relatives \u00e0 son soutien aux missions de service universel postal et d\u2019am\u00e9nagement du territoire ainsi qu\u2019\u00e0 la r\u00e9forme du service public de transport et de distribution de la presse.

\n

Le contrat d\u2019entreprise entre La Poste et l\u2019\u00c9tat, portant sur la p\u00e9riode 2023-2027 et s\u2019inscrivant dans la continuit\u00e9 du pr\u00e9c\u00e9dent, a \u00e9t\u00e9 sign\u00e9 en\u00a0juin\u00a02023.

\n

La loi de r\u00e9gulation postale du 20\u00a0mai 2005 a confi\u00e9 \u00e0 l\u2019Arcep (Autorit\u00e9 de r\u00e9gulation des communications \u00e9lectroniques et des postes) le pouvoir d\u2019encadrer, sur une base pluriannuelle, les tarifs des prestations du service universel du courrier, apr\u00e8s examen des propositions de La Poste. Cette loi confirme et pr\u00e9cise par ailleurs la mission d\u2019am\u00e9nagement du territoire confi\u00e9e \u00e0 La Poste.

\n

En ce qui concerne les activit\u00e9s bancaires du groupe, les taux de commissionnement sur les produits d\u2019\u00e9pargne r\u00e9glement\u00e9e (Livret\u00a0A, Livret D\u00e9veloppement Durable et LEP) sont fix\u00e9s par l\u2019\u00c9tat. L\u2019\u00e9volution de ces taux a un effet direct sur le produit net bancaire de La Banque Postale.

\n
Relations avec les entreprises du\u00a0secteur\u00a0public
\n

Le groupe La Poste r\u00e9alise des transactions courantes, aux conditions de march\u00e9, avec des entreprises du secteur public.

\n

43.2Relations avec les soci\u00e9t\u00e9s du p\u00e9rim\u00e8tre de consolidation

\n

Les transactions r\u00e9alis\u00e9es entre les soci\u00e9t\u00e9s du groupe consolid\u00e9es par int\u00e9gration globale sont \u00e9limin\u00e9es en consolidation, et ne sont donc pas pr\u00e9sent\u00e9es dans cette note.

\n

Les transactions avec les soci\u00e9t\u00e9s consolid\u00e9es par le groupe CDC concernent essentiellement les op\u00e9rations r\u00e9alis\u00e9es par La\u00a0Banque Postale avec les fonds d\u2019\u00e9pargne g\u00e9r\u00e9s par la Caisse des D\u00e9p\u00f4ts au titre de la centralisation des fonds Livrets A et Livrets de D\u00e9veloppement Durable et sont r\u00e9sum\u00e9es dans le tableau suivant\u00a0:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(en\u00a0millions d'euros)

\n		\n

31/12/2025

\n		\n

31/12/2024

\n
\n

Produits

\n		\n

1\u00a0829

\n		\n

2\u00a0253

\n
\n

Charges

\n		\n

(14)

\n		\n

(9)

\n
\n

Cr\u00e9ances

\n		\n

64\u00a0440

\n		\n

67\u00a0847

\n
\n

Dettes

\n		\n

536

\n		\n

502

\n
\n

Les transactions avec les autres entreprises associ\u00e9es, ainsi qu\u2019avec les coentreprises, ne sont pas significatives.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40156996331759041_0_0": { "value": "

NOTE 44\u00c9v\u00e9nements post\u00e9rieurs \u00e0 la cl\u00f4ture

\n

N\u00e9ant.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40157053970382412_0_0": { "value": "

NOTE 45P\u00e9rim\u00e8tre de consolidation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Soci\u00e9t\u00e9 consolidante

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

LA POSTE
9, rue du Colonel-Pierre-Avia
75757 PARIS CEDEX 15

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Adimmo

\n		\n

France

\n		\n

64,15

\n		\n

75,41

\n		\n

99,90

\n		\n

99,90

\n		\n

IG

\n		\n

IG

\n
\n

Advanced Ideas

\n		\n

Roumanie

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c2ge d\u2019or Expansion

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

64,21

\n		\n

75,49

\n		\n

IG

\n		\n

IG

\n
\n

Asten Sant\u00e9 \u00e0 domicile

\n		\n

France

\n		\n

64,21

\n		\n

75,49

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo D\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Partenariats Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Pro Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axeo Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Budget Box

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cassiop

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Coordination Axeo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Creat Direct

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CyberCit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Cyclonova

\n		\n

France

\n		\n

\n		\n

60,00

\n		\n

\n		\n

60,00

\n		\n

\n		\n

IG

\n
\n

Diadom

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO IS

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

\u00c9conomie d'\u00e9nergie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

EDENEXT

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Edgewhere

\n		\n

France

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

83,20

\n		\n

IG

\n		\n

IG

\n
\n

E-SY Com

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fluow

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Geobuzon

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geoptis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Go Logistic

\n		\n

Portugal

\n		\n

90,00

\n		\n

100,00

\n		\n

90,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

HDC Sant\u00e9 (ex Happytal)

\n		\n

France

\n		\n

93,00

\n		\n

100,00

\n		\n

93,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Help Confort ST Nazaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

IM Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Inbox Marketing

\n		\n

Roumanie

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

99,97

\n		\n

IG

\n		\n

IG

\n
\n

Innovagency

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Interactions Marketing

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Isosk\u00e8le Factory

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Conciergerie

\n		\n

France

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste E-\u00e9ducation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Services-Courrier-Colis

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Nouveaux Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

La Poste Sant\u00e9 et Autonomie

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LineUp7 Factory

\n		\n

France

\n		\n

\n		\n

75,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

LP10

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LPS R\u00e9seaux

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Matching

\n		\n

France

\n		\n

83,76

\n		\n

100,00

\n		\n

83,76

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Distribui\u00e7\u00e3o Postal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Espagne

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Hit Mail Bulgaria

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediapost Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte Martech

\n		\n

Roumanie

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Mediaposte SGPS

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Metrica

\n		\n

Bulgarie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MN Sant\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Neolog

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nouvelle Attitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Colombia

\n		\n

Colombie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ofertia Mexico

\n		\n

Mexique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OnlySo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Recygo

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI STP Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SMP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S IT (ex-Sogec Informatique)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

T&S marketing (ex Sogec Marketing)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tick and Shop Log (ex Sogec Gestion)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogefinad

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Somepost

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

STP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tikeasy

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TimeOne \u2013 Performance

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Viaposte Maintenance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte Maintenance Benelux

\n		\n

Belgique

\n		\n

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

Viaposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Viaposte transport Management

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vouchers Depot

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Group

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

White Image Loyalty

\n		\n

Roumanie

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Geopost\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

360\u00b0 Services\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

A52 Warehouse Inc.

\n		\n

Canada

\n		\n

32,31

\n		\n

\n		\n

50,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

ACP Global Forwarding

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Air 360

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Alas Courier, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Alolomer, S.L.U.

\n		\n

Espagne

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Alturing

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Aramex PJSC

\n		\n

\u00c9mirats arabes unis

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

28,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Armadillo Holding Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Austria GmbH

\n		\n

Autriche

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Asendia Benelux B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Digital Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Germany GmbH

\n		\n

Allemagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Global Returns

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Hong Kong Ltd

\n		\n

Hong Kong

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Italy S.r.L.

\n		\n

Italie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Holding AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Logistics Ireland Limited (ex-The Reach Advisory Limited.)

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Mgmt\u00a0SAS, branch Bern

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Nordic AB

\n		\n

Su\u00e8de

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania AU Pty. Ltd.

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Oceania NZ Limited

\n		\n

Nouvelle Z\u00e9lande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Press Edigroup\u00a0SA

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Singapore Pte. Ltd.

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia Spain S.L.

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia UK Ltd

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Asendia USA Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Beijing Linehaul Express Co Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bio Cair Fowarding International Co LTD

\n		\n

Chine

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Asia Limited

\n		\n

Hong Kong

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Australia PTY Ltd

\n		\n

Australie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Customs Brokerage LLC

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Germany GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair India Private Limited

\n		\n

Inde

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR International Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair Singapore Pte Ltd

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Biocair South Africa (Pty) Ltd

\n		\n

Afrique du Sud

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BIOCAIR, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Logistics Group B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Pharma Logistics B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

BK Sneltransport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Bloomsburys Gmbh

\n		\n

Allemagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boks\u00a0SAS

\n		\n

France

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

24,68

\n		\n

MEE

\n		\n

MEE

\n
\n

Broad Reach Canada

\n		\n

Canada

\n		\n

40,80

\n		\n

30,60

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Broad Reach Canada, Inc.\u00a0(ex Broad Reach Commerce Inc.)

\n		\n

\u00c9tats-Unis

\n		\n

40,80

\n		\n

30,60

\n		\n

68,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

C Chez Vous\u00a0SAS

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Cal\u00e9donie Express

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Cargonet Software\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chrono Diali

\n		\n

Maroc

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Chronofresh\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost (Mauritius) Ltd

\n		\n

\u00cele Maurice

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Chronopost\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Alg\u00e9rie

\n		\n

Alg\u00e9rie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Burkina

\n		\n

Burkina Faso

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CI C\u00f4te d\u2019Ivoire

\n		\n

C\u00f4te d'Ivoire

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

CI Maroc

\n		\n

Maroc

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

CitySprint (UK) Bidco Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint (UK) Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CitySprint Courier Services Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Cool Runnings Transport B.V.

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Customs Clearance Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CXB Partner S.A.U.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Delifresh IDF

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Delivering London Limited

\n		\n

Grande-Bretagne

\n		\n

\n		\n

25,00

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n
\n

Direct Parcel Distribution CZ s.r.o.

\n		\n

R\u00e9p. tch\u00e8que

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Direct Parcel Distribution SK s.r.o.

\n		\n

Slovaquie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Argentina S.A.

\n		\n

Argentine

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Austria

\n		\n

Autriche

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

25,57

\n		\n

MEE

\n		\n

MEE

\n
\n

DPD Bel FLLC

\n		\n

Bi\u00e9lorussie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Belgium

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Croatia d.o.o.

\n		\n

Croatie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Deutschland GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eesti AS

\n		\n

Estonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Eurasia LLC

\n		\n

Ouzb\u00e9kistan

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

DPD France\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD fresh BeLux BV

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Group International Services GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD HK Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilien GmbH & Co. KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Immobilienverwaltung GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Ireland

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Kazakhstan LLP

\n		\n

Kazakhstan

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Laser

\n		\n

Afrique du Sud

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Latvija SIA

\n		\n

Lettonie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Lietuva UAB

\n		\n

Lituanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Local UK Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Netherlands

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Polska

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Portugal

\n		\n

Portugal

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

DPD Romania S.A.

\n		\n

Roumanie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD RUS

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Schweiz

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Service GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPD Slovenia

\n		\n

Slov\u00e9nie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDCN Linehaul Express Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup IT Solutions Hungary Kft

\n		\n

Hongrie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DPDgroup Uk Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GmbH & Co. Asset KG

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia GP GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DS Russia Management GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

DTDC

\n		\n

Inde

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

42,52

\n		\n

MEE

\n		\n

MEE

\n
\n

Epicery\u00a0SAS

\n		\n

France

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

91,34

\n		\n

IG

\n		\n

IG

\n
\n

ESW France\u00a0SAS (ex Scalefast, SAS)

\n		\n

France

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Japan K.K. (ex Scalefast Japan Kabushiki Kaisha)

\n		\n

Japon

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW Parent, Inc, (ESPI)

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESW U.S. Direct E-Commerce Canada Corp

\n		\n

Canada

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Express Delivery Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FB On Board Courier Services Inc.

\n		\n

Canada

\n		\n

17,29

\n		\n

17,29

\n		\n

26,76

\n		\n

26,76

\n		\n

MEE

\n		\n

MEE

\n
\n

FermoPoint S.r.l.

\n		\n

Italie

\n		\n

50,98

\n		\n

100,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Flap Locadora e Trans. Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Forwarder Line Logistik

\n		\n

Liechtenstein

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Americas

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Espa\u00f1a, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Holdings Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost IMDH GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Ireland Limited

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost South East Asia (SEA) Pte. Ltd.

\n		\n

Singapour

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Trans EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Geopost Vision

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Gruppo BRT

\n		\n

Italie

\n		\n

84,96

\n		\n

100,00

\n		\n

84,96

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Hubez HK Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

iloxx GmbH

\n		\n

Allemagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infraestructuras, Tecnologia Y Soporte Al Reparto, SL

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Jadlog Log\u00edstica Ltda.

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

JLGP Brasil Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

JP Linex Nankai Parcel Co., Ltd.

\n		\n

Japon

\n		\n

19,29

\n		\n

19,29

\n		\n

29,85

\n		\n

29,85

\n		\n

MEE

\n		\n

MEE

\n
\n

Koiki Home, S.L.

\n		\n

Espagne

\n		\n

40,34

\n		\n

46,65

\n		\n

40,34

\n		\n

46,65

\n		\n

MEE

\n		\n

MEE

\n
\n

Last Mile Link Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Latin America E-Commerce Direct, S.A. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lenton Group Ltd

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

64,63

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Cambodia) Co. Ltd.

\n		\n

Cambodge

\n		\n

16,16

\n		\n

16,16

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Linehaul Express (Hainan) Ltd

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (HK) Ltd.

\n		\n

Hong Kong

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (India) Private Ltd.

\n		\n

Inde

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Taiwan) Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Thailand) Co. Ltd.

\n		\n

Tha\u00eflande

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express (Zhengzhou) Ltd.

\n		\n

Chine

\n		\n

54,93

\n		\n

54,93

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Co. Ltd.

\n		\n

Canada

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express France\u00a0SARL

\n		\n

France

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express LLC

\n		\n

\u00c9mirats arabes unis

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Ltd.

\n		\n

Grande-Bretagne

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul Express Singapore Pte Ltd.

\n		\n

Singapour

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linehaul MAC Express (Private) Ltd.

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

50,00

\n		\n

50,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Air Services (Private) Ltd.

\n		\n

Afrique du Sud

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Linex Corporation

\n		\n

Philippines

\n		\n

38,78

\n		\n

38,78

\n		\n

60,00

\n		\n

60,00

\n		\n

IG

\n		\n

IG

\n
\n

Mach 1 Couriers Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Menexpres, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Nanny Bag

\n		\n

France

\n		\n

49,95

\n		\n

\n		\n

49,95

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Ninja Logistics Pte. Ltd.

\n		\n

Singapour

\n		\n

42,29

\n		\n

34,25

\n		\n

42,29

\n		\n

34,25

\n		\n

MEE

\n		\n

MEE

\n
\n

North America Direct, Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

On The Dot Technologies Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Packcity Geopost

\n		\n

France

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

34,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PickPoint (Russia) LLC

\n		\n

Russie

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickpoint Delivery System Ltd. (Cyprus)

\n		\n

Chypre

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

48,95

\n		\n

MEE

\n		\n

MEE

\n
\n

Pickup Logistics

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pickup Services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pie Mapping Software Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Pour de bon\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Project Bolt Newco 1 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Project Bolt Newco 2 Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

PT Linehaul Express Indonesia

\n		\n

Indon\u00e9sie

\n		\n

25,85

\n		\n

25,85

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Pudo Portugal S.A.

\n		\n

Portugal

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Resto In

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

RPX MAC Express (Private) Limited

\n		\n

Sri Lanka

\n		\n

32,31

\n		\n

32,31

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Australia PTY LTD

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Canada Enterprises

\n		\n

Canada

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Scalefast Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Geopost

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Scalefast S. de R.L. de C.V.

\n		\n

Mexique

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Scalefast Singapore PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Exa Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Examurs Paris

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sci Intel immo

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SDS RUS LLC

\n		\n

Russie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Espa\u00f1a Operaciones, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Geopost, S.L.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Seur Log\u00edstica S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shaanxi Depuda International Logistic Co Ltd\u00a0(ex Linehaul Express (Yiwu) Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Shanghai E & T Wako Express Co. Ltd.

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SHIFT7

\n		\n

France

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sichuan Depuda International Logistics Co Ltd\u00a0(ex DPD Sichuan Ltd)

\n		\n

Chine

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Siodemka Systemy Sp z o.o.

\n		\n

Pologne

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Sodexi

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Speedy AD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

69,81

\n		\n

IG

\n		\n

IG

\n
\n

Speedy EOOD

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Speedy Tech Lab.

\n		\n

Bulgarie

\n		\n

69,81

\n		\n

69,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SRT France Logistics

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

TD Express services

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Group Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

The Courier and Passenger Transport Holdings Limited

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transporte Integral de Paqueter\u00eda, S.A.

\n		\n

Espagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Transworld Global Courier Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Urgent Deliveries Limited (EcoSpeed)

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct (Singapore) PTE Ltd

\n		\n

Singapour

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce AUS PTY Limited

\n		\n

Australie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Malaysia SDN BHD

\n		\n

Malaisie

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Netherlands B.V.

\n		\n

Pays-Bas

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Spain S.L. (ex Scalefast, S.L.)

\n		\n

Espagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct E-Commerce Switzerland AG

\n		\n

Suisse

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct e-commerce UK Limited

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

U.S. Direct Hong Kong Limited

\n		\n

Hong Kong

\n		\n

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

US Direct E-Commerce (USA) Inc.

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Holding Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Ltd

\n		\n

Irlande

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

US Direct eCommerce Nominee DAC

\n		\n

Irlande

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

US Direct E-Commerce Rus LLC

\n		\n

Russie

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Wako Express Co. Ltd.

\n		\n

Ta\u00efwan

\n		\n

64,63

\n		\n

64,63

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

WN TPC

\n		\n

Grande-Bretagne

\n		\n

60,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

WnDirect USA, Inc

\n		\n

\u00c9tats-Unis

\n		\n

60,00

\n		\n

60,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact B.V.

\n		\n

Pays-Bas

\n		\n

48,47

\n		\n

48,47

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact LGG

\n		\n

Belgique

\n		\n

48,47

\n		\n

48,47

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Your Cargo Contact Limited

\n		\n

Grande-Bretagne

\n		\n

36,35

\n		\n

36,35

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

Yurtici Kargo Servisi A.S.

\n		\n

Turquie

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

25,00

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Banque Postale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

115 K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP3 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AEP4 SCI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Arial CNP Assurances

\n		\n

France

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Assurbail Patrimoine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assurimmeuble

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Assuristance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora Especializada Em Sa\u00fade\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CIMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Asfalistiki

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assur Tr\u00e9sorerie Plus

\n		\n

France

\n		\n

98,82

\n		\n

97,72

\n		\n

98,82

\n		\n

97,74

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Compa\u00f1ia de Seguros

\n		\n

Argentine

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

76,47

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances IARD

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Latam Holding Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Participa\u00e7\u00f5es Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Pr\u00e9voyance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Protection Sociale

\n		\n

France

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

65,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Assurances Sant\u00e9 Individuelle

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Capitaliza\u00e7\u00e3o\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Caution

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cons\u00f3rcio\u00a0SA Administradora de Cons\u00f3rcios

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Cyprialife

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Cyprus Insurance Holdings

\n		\n

Chypre

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Europe Life

\n		\n

Irlande

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Immobilier

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP OSTRUM ISR OBLI 12 MOIS

\n		\n

France

\n		\n

88,06

\n		\n

99,43

\n		\n

88,06

\n		\n

99,44

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Participa\u00e7\u00f5es Securitarias Brasil Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Retraite

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP\u00a0SA de Capitalizaci\u00f3n y Ahorro p/fines determinados

\n		\n

Argentine

\n		\n

50,00

\n		\n

50,00

\n		\n

65,38

\n		\n

65,38

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Europe DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Santander Insurance Life DAC

\n		\n

Irlande

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Seguros Holding Brasil\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

51,75

\n		\n

IG

\n		\n

IG

\n
\n

CNP UniCredit Vita

\n		\n

Italie

\n		\n

51,00

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

CNP Assicura

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Vita Assicurazione

\n		\n

Italie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNP Zois

\n		\n

Gr\u00e8ce

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Companhia de Seguros Previdencia Do Sul-Previsul

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Credicoop Compa\u00f1ia de Seguros de Retiro\u00a0SA

\n		\n

Argentine

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

29,82

\n		\n

MEE

\n		\n

MEE

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur La Banque Postale \u2013 CNP

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

EasyBourse

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ecureuil Profil 90

\n		\n

France

\n		\n

54,59

\n		\n

55,00

\n		\n

54,59

\n		\n

55,00

\n		\n

IG

\n		\n

IG

\n
\n

Ezyness

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

FCT Elise 2012

\n		\n

France

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

95,00

\n		\n

IG

\n		\n

IG

\n
\n

Filassistance International

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fonci\u00e8re ELBP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fundo De Investimento Imobiliario Renda Corporativa Angico \u2013 FII

\n		\n

Br\u00e9sil

\n		\n

48,81

\n		\n

48,81

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

GALAXIE 33

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Holding d\u2019Infrastructures Gazi\u00e8res

\n		\n

France

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

52,97

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding XS 1\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest France

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Infra-Invest Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Consumer Finance

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Home Loan SFH

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Banque Postale Leasing & Factoring

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Financi\u00e8re de l'Echiquier

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Actifs Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP AM

\n		\n

France

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

75,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 1 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LBP Dutch Mortgage Portfolio 2 BV

\n		\n

Pays-Bas

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Louvre Banque Priv\u00e9e Immobilier Conseil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Ma French Bank

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Montparvie V

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Odonto Empresas Conv\u00eanios Dent\u00e1rios Ltda

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEP247

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI AEW Imcom 1

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI MTP Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCI Raspail

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Seguradora\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM Caixa Vida e Previd\u00eancia

\n		\n

Br\u00e9sil

\n		\n

40,00

\n		\n

40,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

OPCVM CNP Cons\u00f3rcio\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Provincia Seguros de Vida\u00a0SA

\n		\n

Argentine

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

40,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SAS 270 Investments

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI CRSF M\u00e9tropole

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI ICV

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Lamartine

\n		\n

France

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

85,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Saint Romain

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine Euros

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCP Lamartine monitoring Holding

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SICAC

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOFIAP

\n		\n

France

\n		\n

66,00

\n		\n

100,00

\n		\n

66,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sogestop K

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

TERRE NEUVE 4 IMMO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Univers CNP 1 FCP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vivaccio ISR actions

\n		\n

France

\n		\n

99,89

\n		\n

100,00

\n		\n

99,89

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Wiz Solu\u00e7oes e Corretagem de Seguros\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

12,94

\n		\n

\n		\n

25,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

XS5 Administradora de consorcios\u00a0SA

\n		\n

Br\u00e9sil

\n		\n

25,00

\n		\n

25,00

\n		\n

50,01

\n		\n

50,01

\n		\n

MEE

\n		\n

MEE

\n
\n

Youse Tecnologia e Assistencia em Seguros Ltda

\n		\n

Br\u00e9sil

\n		\n

51,75

\n		\n

51,75

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Soci\u00e9t\u00e9s

\n		\n

Pays

\n		\n

Pourcentage d'int\u00e9r\u00eat

\n		\n

Pourcentage de\u00a0contr\u00f4le

\n		\n

M\u00e9thode de\u00a0consolidation

\n
\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n
\n

Secteur Grand Public et Num\u00e9rique

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Acuitude

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Adverline

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

AR 24

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ARKHINEO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Axonal

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Boxtal

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Certinomis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

CNTP \u2013 Docaposte BPO

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Agility

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Applicam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte BPO\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CSP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte CYBER

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Docaposte DPS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Externalisation

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Fast

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Institute

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte IOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Pologne

\n		\n

Pologne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Trust & Sign Roumanie

\n		\n

Roumanie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Docaposte Tunisie

\n		\n

Tunisie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Belgique

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

ESCENT Luxembourg

\n		\n

Luxembourg

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Esculape

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

98,08

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Eukles

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Heva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Icanop\u00e9e

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education D\u00e9veloppement

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

90,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Education France

\n		\n

France

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Index Italie

\n		\n

Italie

\n		\n

90,00

\n		\n

90,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

La Manufacture Docaposte

\n		\n

France

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

70,00

\n		\n

IG

\n		\n

IG

\n
\n

La Poste Services \u00e0 la Personne

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

LP11

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maileva

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Maincare

\n		\n

France

\n		\n

98,08

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MARKETSHOT

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Media Prisme\u00a0SAS

\n		\n

France

\n		\n

82,05

\n		\n

100,00

\n		\n

82,05

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Mon Contact Logement

\n		\n

France

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

51,00

\n		\n

IG

\n		\n

IG

\n
\n

Monha

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

Numspot

\n		\n

France

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

26,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Openvalue

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Probayes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Inc

\n		\n

\u00c9tats-Unis

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas Ltd

\n		\n

Grande-Bretagne

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sefas\u00a0SA

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Argentine

\n		\n

Argentine

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Colombie

\n		\n

Colombie

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9res Espagne

\n		\n

Espagne

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Equateur

\n		\n

\u00c9quateur

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s Mexique

\n		\n

Mexique

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s P\u00e9rou

\n		\n

P\u00e9rou

\n		\n

\n		\n

66,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n
\n

S\u00e9r\u00e8s\u00a0SA

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

66,00

\n		\n

IG

\n		\n

IG

\n
\n

Sofadev \u2013 Docaposte BPO

\n		\n

Maroc

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Agency

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Consulting

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Softeam Group

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tekoway Moldavie

\n		\n

Moldavie

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

THIQA

\n		\n

France

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

80,00

\n		\n

IG

\n		\n

IG

\n
\n

Voxaly

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Weliom

\n		\n

France

\n		\n

70,00

\n		\n

100,00

\n		\n

70,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Secteur Immobilier

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Poste Immo

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Akatea 2 TPF2\u00a0SAS

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Akatea TPF2

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Ciposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Fr\u00e9jorgues Energy\u00a0SAS

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

HLU Port de Lyon

\n		\n

France

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

20,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Holding PI2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

ImmoStoc\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

LocaPoste\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Lumin' Toulouse\u00a0SAS

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Lumin'Logistique urbaine

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Multiburo Gares

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Multiburo Suisse\u00a0SA

\n		\n

Suisse

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

MWPI

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

N.C.I

\n		\n

Belgique

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

PI Energy

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Energy 2

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

PI Logistique Urbaine

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Poste Immo tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI d\u00e9veloppement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Energies renouvelables

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SAS PI Invest

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SC Pyxis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCCV 56, Rue Cler

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCCV Paris Campagne Premi\u00e8re

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Activit\u00e9s annexes

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Colis

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier de Proximit\u00e9

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Activit\u00e9s Courrier Industriel

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Aix-Pichaury

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI Arkadea Marseille Saint Victor

\n		\n

France

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

49,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Arkadea Rennes Trigone

\n		\n

France

\n		\n

49,00

\n		\n

\n		\n

49,00

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SCI Bataille

\n		\n

France

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

35,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI BP

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI BP Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Centres de loisirs

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI DOM

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Green Opale

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Logement

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Nantes Aubiniere

\n		\n

France

\n		\n

100,00

\n		\n

\n		\n

100,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

SCI PI 17

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI PI Bordeaux Tourville

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Route du Moulin Bateau Bonneuil

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI RSS Strasbourg MEE

\n		\n

France

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

59,00

\n		\n

MEE

\n		\n

MEE

\n
\n

SCI Tertiaire

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SCI Tertiaire Mixte

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Sobre

\n		\n

France

\n		\n

48,56

\n		\n

\n		\n

48,56

\n		\n

\n		\n

MEE

\n		\n

\n
\n

SOBRE GLP

\n		\n

France

\n		\n

74,28

\n		\n

\n		\n

51,00

\n		\n

\n		\n

IG

\n		\n

\n
\n

Soci\u00e9t\u00e9 SCCV Rue du Champ Macret-Roye

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

SOGARIS Paris\u00a0: les espaces logistiques urbains

\n		\n

France

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

22,50

\n		\n

MEE

\n		\n

MEE

\n
\n

Terseren

\n		\n

France

\n		\n

66,00

\n		\n

66,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Tetra Logistique

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Toulouse Occitanie

\n		\n

France

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

44,00

\n		\n

MEE

\n		\n

MEE

\n
\n

TPF2 \u2013 SPPICAV

\n		\n

France

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

20,02

\n		\n

MEE

\n		\n

MEE

\n
\n

Urba 144

\n		\n

France

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

46,00

\n		\n

MEE

\n		\n

MEE

\n
\n

Non affect\u00e9

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

La Poste Ventures (LP7)

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Vehiposte\u00a0SAS

\n		\n

France

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

100,00

\n		\n

IG

\n		\n

IG

\n
\n

Movivolt

\n		\n

France

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

30,00

\n		\n

MEE

\n		\n

MEE

\n
\n

IG\u00a0: int\u00e9gration globale\u00a0; MEE\u00a0: mise en \u00e9quivalence.

\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "fr", "entity": "scheme:9695000YG7TR7PAP0L59", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "foo_40061384067916840": { "value": "

(a) R\u00e9mun\u00e9ration des titres subordonn\u00e9s hybrides de La Poste (50 millions d'euros), La Banque Postale (52 millions d'euros) et CNP Asurances (57 millions).

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40061384067916840", "language": "fr" } }, "foo_40061526357876230": { "value": "

(b) La variation des int\u00e9r\u00eats minoritaires inclut une diminution de 556 millions d'euros relatif au remboursement anticip\u00e9 de titres subordonn\u00e9s perp\u00e9tuels par CNP Assurances.

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40061526357876230", "language": "fr" } }, "foo_40061384069110969": { "value": "

(c) La variation des int\u00e9r\u00eats minoritaires inclut essentiellement les effets de la cession de CNP UniCredit Vita (cf. note 1.2).

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40061384069110969", "language": "fr" } }, "foo_40061526357250752": { "value": "

(a) R\u00e9mun\u00e9ration de titres subordonn\u00e9s hybrides de La Poste (23 millions d'euros), La Banque Postale (52 millions d'euros) et CNP Assurances (84 millions d'euros).

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40061526357250752", "language": "fr" } }, "foo_40061384068639202": { "value": "

(b) La variation des int\u00e9r\u00eats minoritaires inclut une augmentation relative \u00e0 l'\u00e9mission d'une dette obligataire subordonn\u00e9e par CNP Assurances (cf. note 1.1).

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40061384068639202", "language": "fr" } } } }