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Strategy

Financial results for the fourth quarter and full-year 2025

<body>ESR Kendall Square, ESR’s South Korea platform, has closed a KRW198.5 billion green loan with Crédit Agricole CIB for its Geomdan Logistics Park, a premium logistics asset in Incheon Metropolitan City. This transaction marks the Bank’s first green loan in Korean real estate, acting as Green Loan Coordinator in addition to Mandated Lead Arranger and Lender. It also represents Crédit Agricole CIB's second collaboration with ESR locally, deepening the partnership with this key client. ESR, an Asia-Pacific focused real asset owner and manager, has embedded ESG principles into its core strategy, with a focus on logistics real estate, data centers, and energy infrastructure. <subtitle-block>A Grade-A Logistics Asset</subtitle-block>Located in a strategic logistics hub bordering western Seoul, Geomdan Logistics Park is a landmark, Grade-A 150,000 sqm logistics asset featuring high specifications, including direct ramp access to all warehouse floors, wide docking area for efficient intra-traffic flows, and high clear ceiling height, ample power capacity for automated system. The property's Leadership in Energy and Environmental Design (LEED) Gold certification and excellent connectivity to Greater Seoul have attracted a diversified tenant base for last-mile delivery and regional distribution.<subtitle-block>Strategic Market Presence</subtitle-block>Korean commercial real estate market continues to demonstrate solid performance, driven by robust e-commerce growth and manufacturing activity. Strong interest from domestic and international investors makes it an attractive market for Crédit Agricole CIB's Real Estate & Lodging expansion. Well-positioned to capitalise on growing international investment activity, the Bank plans to expand beyond logistics into office, hotel, and other commercial real estate asset classes in the Korean market.<a @href="citation1">citation1</a><a @href="Citation2">Citation2</a><a @href="Citation3">Citation3</a><a @href="Citation4">Citation4</a> </body>

<body>Momentum to gather pace following the Bank’s strategic foray into the sector in 2025.</body>

Crédit Agricole CIB’s debut green transaction in Korean real estate with ESR

Client successes

<body>ESR Kendall Square, ESR’s South Korea platform, has closed a KRW198.5 billion green loan with Crédit Agricole CIB for its Geomdan Logistics Park, a premium logistics asset in Incheon Metropolitan City. This transaction marks the Bank’s first green loan in Korean real estate, acting as Green Loan Coordinator in addition to Mandated Lead Arranger and Lender. It also represents Crédit Agricole CIB's second collaboration with ESR locally, deepening the partnership with this key client. ESR, an Asia-Pacific focused real asset owner and manager, has embedded ESG principles into its core strategy, with a focus on logistics real estate, data centers, and energy infrastructure. <subtitle-block>A Grade-A Logistics Asset</subtitle-block>Located in a strategic logistics hub bordering western Seoul, Geomdan Logistics Park is a landmark, Grade-A 150,000 sqm logistics asset featuring high specifications, including direct ramp access to all warehouse floors, wide docking area for efficient intra-traffic flows, and high clear ceiling height, ample power capacity for automated system. The property's Leadership in Energy and Environmental Design (LEED) Gold certification and excellent connectivity to Greater Seoul have attracted a diversified tenant base for last-mile delivery and regional distribution.<subtitle-block>Strategic Market Presence</subtitle-block>Korean commercial real estate market continues to demonstrate solid performance, driven by robust e-commerce growth and manufacturing activity. Strong interest from domestic and international investors makes it an attractive market for Crédit Agricole CIB's Real Estate & Lodging expansion. Well-positioned to capitalise on growing international investment activity, the Bank plans to expand beyond logistics into office, hotel, and other commercial real estate asset classes in the Korean market.<a href="citation1">citation1</a><a href="Citation2">Citation2</a><a href="Citation3">Citation3</a><a href="Citation4">Citation4</a> </body>

<body>The facility received overwhelming demand from the international banking community, with 13 financial institutions participating across multiple jurisdictions including Australia, Germany, France, Italy, Spain, the Middle East and China. Strong market appetite enabled the transaction to be upsized from an initial USD 500 million, with an additional USD 100 million greenshoe option exercised.The sustainability-linked loan structure incorporates ambitious Sustainability Performance Targets tied to Scope 3 GHG emission intensity and annual wind turbine installed capacity. The framework has been independently verified by DNV Business Assurance Limited and fully complies with the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndications and Trading Association Sustainability-Linked Loan Principles.Envision Energy's robust ESG credentials underpinned the transaction's success. The company has achieved operational carbon neutrality for four consecutive years, maintained 100% renewable electricity usage, and earned recognition including the EcoVadis Gold Medal and CDP A rating for climate change.Crédit Agricole CIB acted as Sustainability Structuring Coordinator, Mandated Lead Arranger, Bookrunner and Underwriter for the transaction.<a @href="quote">quote</a></body>

<body>Envision Energy, a global leader in green technology, has secured a USD 600 million equivalent 1+2 year sustainability-linked syndicated term loan, marking its largest non-project offshore syndicated financing.</body>

Crédit Agricole CIB structures Envision Energy’s largest non-project offshore syndicated financing

<body>The facility received overwhelming demand from the international banking community, with 13 financial institutions participating across multiple jurisdictions including Australia, Germany, France, Italy, Spain, the Middle East and China. Strong market appetite enabled the transaction to be upsized from an initial USD 500 million, with an additional USD 100 million greenshoe option exercised.The sustainability-linked loan structure incorporates ambitious Sustainability Performance Targets tied to Scope 3 GHG emission intensity and annual wind turbine installed capacity. The framework has been independently verified by DNV Business Assurance Limited and fully complies with the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndications and Trading Association Sustainability-Linked Loan Principles.Envision Energy's robust ESG credentials underpinned the transaction's success. The company has achieved operational carbon neutrality for four consecutive years, maintained 100% renewable electricity usage, and earned recognition including the EcoVadis Gold Medal and CDP A rating for climate change.Crédit Agricole CIB acted as Sustainability Structuring Coordinator, Mandated Lead Arranger, Bookrunner and Underwriter for the transaction.<a href="quote">quote</a></body>

<body><figure @class="image"><img @height="533" @src="https://ca-cib.celum.cloud/55118701041_4fd58cf4b1_c_51466_CDN_images.jpg" @style="aspect-ratio:799/533;" @width="799"></img></figure><legend>From left to right: Edouard Sauce, Yannis Parant, Harpreet Parhar, Lorenzo Mendes, Toby Croasdell</legend>In addition to being voted MTN Bank of the Year, the GMD MTNs (Medium-Term Notes) team was also recognised with 5 further awards:<ul><li>Most Innovative Bank of the Year</li><li>Best Bank for Introducing New Investors </li><li>Best Bank for ESG-linked MTNs </li><li>Deal of the Year - Korea Hydro and Nuclear Power's HK$1.166bn green nuclear bond </li><li>Outstanding Individual Contribution: Toby Croasdell</li></ul><a @href="Quote">Quote</a></body>

<body>The GlobalCapital MTN awards are determined by a market-wide poll of issuers, intermediaries and investors and as a result, are truly reflective of the market they represent.</body>

Crédit Agricole CIB Global MTN team claims top title at the inaugural GlobalCapital MTN Awards

Awards & Rankings

<body><figure class="image"><img height="533" src="https://ca-cib.celum.cloud/55118701041_4fd58cf4b1_c_51466_CDN_images.jpg" style="aspect-ratio:799/533;" width="799"></img></figure><legend>From left to right: Edouard Sauce, Yannis Parant, Harpreet Parhar, Lorenzo Mendes, Toby Croasdell</legend>In addition to being voted MTN Bank of the Year, the GMD MTNs (Medium-Term Notes) team was also recognised with 5 further awards:<ul><li>Most Innovative Bank of the Year</li><li>Best Bank for Introducing New Investors </li><li>Best Bank for ESG-linked MTNs </li><li>Deal of the Year - Korea Hydro and Nuclear Power's HK$1.166bn green nuclear bond </li><li>Outstanding Individual Contribution: Toby Croasdell</li></ul><a href="Quote">Quote</a></body>

<body>Super Micro Computer, Inc. Taiwan (SMCI Taiwan) has successfully closed a USD1.765 billion syndicated loan facility with a maximum tenor of three years, marking SMCI Group’s first syndicated loan in Taiwan. SMCI Taiwan is a wholly-owned subsidiary of Super Micro Computer, Inc., a leading US artificial intelligence server supplier.The facility generated exceptional market demand with 1.8x oversubscription from 21 financial institutions comprising both local and foreign banks, resulting in an upsize from the initial USD1 billion facility. This reflects the market’s confidence in SMCI Group’s leadership position in the rapidly expanding AI infrastructure sector.By tapping Taiwan's deep credit market liquidity, the facility enables SMCI Taiwan to optimise its overall financing costs while achieving a natural hedge for its local procurement activities. As the demand for AI servers continues to surge, this financing provides SMCI Taiwan with the flexible working capital support needed to sustain its accelerated growth momentum.Crédit Agricole CIB acted as Mandated Lead Arranger and Bookrunner on this transaction.<a @href="quote1">quote1</a><a @href="quote2">quote2</a></body>

<body>The USD1.765 billion syndicated loan facility attracted 21 banks with 1.8x oversubscription.</body>

Crédit Agricole CIB backs Super Micro Computer Inc.’s debut in Taiwan’s syndicated loan market

<body>Super Micro Computer, Inc. Taiwan (SMCI Taiwan) has successfully closed a USD1.765 billion syndicated loan facility with a maximum tenor of three years, marking SMCI Group’s first syndicated loan in Taiwan. SMCI Taiwan is a wholly-owned subsidiary of Super Micro Computer, Inc., a leading US artificial intelligence server supplier.The facility generated exceptional market demand with 1.8x oversubscription from 21 financial institutions comprising both local and foreign banks, resulting in an upsize from the initial USD1 billion facility. This reflects the market’s confidence in SMCI Group’s leadership position in the rapidly expanding AI infrastructure sector.By tapping Taiwan's deep credit market liquidity, the facility enables SMCI Taiwan to optimise its overall financing costs while achieving a natural hedge for its local procurement activities. As the demand for AI servers continues to surge, this financing provides SMCI Taiwan with the flexible working capital support needed to sustain its accelerated growth momentum.Crédit Agricole CIB acted as Mandated Lead Arranger and Bookrunner on this transaction.<a href="quote1">quote1</a><a href="quote2">quote2</a></body>

<body>This US$ 218 million holding company financing supports US private equity company Kohlberg Kravis Roberts & Co's (KKR) investment in National Highways Infra Trust (NHIT), a privately listed infrastructure investment trust in India.Crédit Agricole CIB acted as a mandated lead arranger and lender in this transaction. Following its commitment to renewable energy, the road sector represents Crédit Agricole CIB's next strategic priority for project finance in India, where the Bank aims to expand by leveraging its global infrastructure expertise.<subtitle-block>About National Highways Infra Trust (NHIT)</subtitle-block>Founded in 2020 under India's National Asset Monetisation Pipeline, NHIT holds a portfolio of 26 National Highway toll road assets spanning 12 Indian states with an aggregate length of approximately 2,343 kilometers. The portfolio is expected to expand with additional asset acquisitions planned for later this year.NHIT's investor base includes leading global institutional investors such as KKR, Ontario Teachers' Pension Plan, CPP Investment Board, along with mutual funds, insurers, and domestic pension funds.<subtitle-block>India's Infrastructure Growth Story</subtitle-block>India's road network, the world’s second largest globally at approximately 6.7 million kilometers, represents a cornerstone of the country's infrastructure development strategy. The Indian government has committed US$ 450 billion to expand roads and highways by 2030, with year-over-year traffic growth largely mirroring GDP expansion.This sector offers significant growth opportunities, particularly given the presence of major infrastructure investors, with many being key clients of Crédit Agricole CIB.<a @href="quote1">quote1</a><a @href="quote2">quote2</a></body>

<body>The transaction marks the Bank's entry into India's rapidly expanding road sector.</body>

Crédit Agricole CIB finances KKR’s investment in India's National Highways Infra Trust

<body>This US$ 218 million holding company financing supports US private equity company Kohlberg Kravis Roberts & Co's (KKR) investment in National Highways Infra Trust (NHIT), a privately listed infrastructure investment trust in India.Crédit Agricole CIB acted as a mandated lead arranger and lender in this transaction. Following its commitment to renewable energy, the road sector represents Crédit Agricole CIB's next strategic priority for project finance in India, where the Bank aims to expand by leveraging its global infrastructure expertise.<subtitle-block>About National Highways Infra Trust (NHIT)</subtitle-block>Founded in 2020 under India's National Asset Monetisation Pipeline, NHIT holds a portfolio of 26 National Highway toll road assets spanning 12 Indian states with an aggregate length of approximately 2,343 kilometers. The portfolio is expected to expand with additional asset acquisitions planned for later this year.NHIT's investor base includes leading global institutional investors such as KKR, Ontario Teachers' Pension Plan, CPP Investment Board, along with mutual funds, insurers, and domestic pension funds.<subtitle-block>India's Infrastructure Growth Story</subtitle-block>India's road network, the world’s second largest globally at approximately 6.7 million kilometers, represents a cornerstone of the country's infrastructure development strategy. The Indian government has committed US$ 450 billion to expand roads and highways by 2030, with year-over-year traffic growth largely mirroring GDP expansion.This sector offers significant growth opportunities, particularly given the presence of major infrastructure investors, with many being key clients of Crédit Agricole CIB.<a href="quote1">quote1</a><a href="quote2">quote2</a></body>

<body>The transaction covers a diversified portfolio of 11 utility-scale solar PV plants and battery storage facilities across Chile, Mexico and Brazil. The portfolio benefits from long-term investment-grade offtake agreements with leading regional counterparties.This $3bn refinancing package represents the largest corporate financing for non-conventional renewable energy projects in Latin America to date.This transaction marks the culmination of a multi-year partnership with Atlas Renewable Energy and its shareholder Global Infrastructure Partners, a part of Blackrock (“GIP”), initiated in 2022 through a series of standalone non-recourse project financings across Latin America.Crédit Agricole CIB acted as Joint Bookrunner, Green Loan Coordinator and Deal Contingent Hedge Provider, alongside a select international banking group.This landmark platform refinancing further reinforces the Bank’s leadership in renewable energy financing across Latin America and strengthens its long-term partnership with Atlas Renewable Energy and GIP.</body>

<body>Crédit Agricole CIB acted as one of the Joint Bookrunner on Atlas Renewable Energy’s USD 3.0 billion refinancing of its Latin American renewable portfolio.</body>

Crédit Agricole CIB leads Atlas Renewable Energy’s USD 3.0bn Landmark LatAm Refinancing

<body>TXF & Dealogic 2025 League Tables (benchmark ranking in the financial industry based on transaction volume data) have been released. Once again, this ranking confirms Crédit Agricole CIB’s strong position in Export Credit Agency (ECA) Finance, a key activity within our Financing Bank. We are ranked No. 3 worldwide, reinforcing our leadership among European and international banks. These results reflect our continued commitment to our clients and our ability to support them in an ever-evolving environment. Here’s a look at the Bank’s notable rankings across different geographical regions: <a @href="https://s.streamlike.com/gghtpm">click here</a>.<a @href="citation1">citation1</a><a @href="citation2">citation2</a></body>

<body>This ranking confirms Crédit Agricole CIB’s strong position in Export Credit Agency (ECA) Finance</body>

Crédit Agricole CIB ranks #3 in 2025 Global ECA League Tables

<body>TXF & Dealogic 2025 League Tables (benchmark ranking in the financial industry based on transaction volume data) have been released. Once again, this ranking confirms Crédit Agricole CIB’s strong position in Export Credit Agency (ECA) Finance, a key activity within our Financing Bank. We are ranked No. 3 worldwide, reinforcing our leadership among European and international banks. These results reflect our continued commitment to our clients and our ability to support them in an ever-evolving environment. Here’s a look at the Bank’s notable rankings across different geographical regions: <a href="https://s.streamlike.com/gghtpm">click here</a>.<a href="citation1">citation1</a><a href="citation2">citation2</a></body>

<body>Crédit Agricole CIB and Crédit Agricole Transitions & Énergies, alongside the Group's banks*, acted as co-arrangers of the €400 million structured financing secured by GreenYellow for the deployment of a large portfolio of photovoltaic projects in France. This project financing supports the development of +350 solar power plants on parking carports, representing an installed capacity of approximately 385 MWp and an estimated annual production of nearly 480 GWh of renewable, local and competitive electricity – equivalent to the annual electricity consumption of a city of 200,000 inhabitants. It is one of the largest decentralised solar portfolios in Europe, combining grid injection and self-consumption installations, developed on existing infrastructure, without additional land artificialisation, with a planned deployment over 3 years. This portfolio fully illustrates GreenYellow's expertise in providing C&I players with access to local, competitive and decarbonized electricity, enabling them to sustainably reduce their energy costs and their exposure to price volatility. By enhancing existing car parks without additional artificialisation, these installations transform underused infrastructure into true energy assets. The deployment will also be accompanied by solar hybridisation solutions combined with energy storage systems (BESS) for some projects, enhancing greater resilience and energy flexibility for clients and the grid. "Alongside GreenYellow, we are fully mobilising the Group's various areas of expertise to secure a structuring operation, serving one of the largest decentralised solar portfolios in Europe. This project illustrates our conviction that the energy transition is based on local, competitive and resilient solutions. It also reflects Crédit Agricole's constant commitment to supporting, over the long term, projects that create economic and environmental value for the regions. Because supporting renewable energies also means supporting energy sovereignty, local employment, and a sustainable growth model,” explain Gabriel ORIO, Director of Transition Financing Crédit Agricole Transitions & Energies, and Julie Tholliez-Nouveau, Director Energy Transition Financing Crédit Agricole CIB. * Crédit Agricole Leasing & Factoring, Crédit Agricole Alpes Provence, Crédit Agricole Alsace Vosges, Crédit Agricole du Centre Ouest, Crédit Agricole d’Ile-de-France, Crédit Agricole du Languedoc, Crédit Agricole Nord de France, Crédit Agricole du Nord Est , Crédit Agricole Toulouse 31 and LCL.</body>

<body>This landmark transaction is the largest ever achieved by GreenYellow, the international leader in decentralised energy transition.</body>

Crédit Agricole CIB supports GreenYellow in the deployment of a large portfolio of photovoltaic projects in France

Sustainable finance

Why BC Wind’s Closing Is an Inflection Point for Polish Offshore Wind

<body>The 6-year (NC5) senior unsecured transaction, which priced on February 3, 2026, attracted overwhelming demand from investors with a final order book exceeding USD 2.1 billion, representing more than 4.3 times oversubscription.The innovative structure of the bond was designed to address a critical gap in global financial infrastructure, proceeds will be used to finance digital loans for micro, small, and medium enterprises, specifically targeting underserved populations without traditional banking access in developing countries. By financing digital assets that enable the community’s participation in the formal financial system, the bond goes beyond conventional financial inclusion to unlock broader economic participation for those historically excluded from mainstream banking.The bond is the first to align with the World Economic Forum’s guidebook to Digital Inclusion Bond Financing published in 2021. It is also aligned with the Social Bond Principles (SBP) from the International Capital Market Association (ICMA).The transaction follows SMBC, SMFG’s main banking subsidy, publishing its inaugural social finance framework in July, which specifically identified ‘digital inclusion’ social projects, including those focused on access to essential services in healthcare and education, as well as basic infrastructure.Crédit Agricole CIB served as joint bookrunner, reinforcing the bank's leading position in the sustainable bond market and its commitment to financing solutions that address global development challenges.<a @href="quote1">quote1</a><a @href="quote2">quote2</a></body>

<body>Crédit Agricole CIB has led a landmark US$ 500 million social bond issuance for Sumitomo Mitsui Financial Group (SMFG), marking one of the world's first bond dedicated entirely to digital inclusion.</body>

Crédit Agricole CIB supports the first digital inclusion bond for SMFG

<body>The 6-year (NC5) senior unsecured transaction, which priced on February 3, 2026, attracted overwhelming demand from investors with a final order book exceeding USD 2.1 billion, representing more than 4.3 times oversubscription.The innovative structure of the bond was designed to address a critical gap in global financial infrastructure, proceeds will be used to finance digital loans for micro, small, and medium enterprises, specifically targeting underserved populations without traditional banking access in developing countries. By financing digital assets that enable the community’s participation in the formal financial system, the bond goes beyond conventional financial inclusion to unlock broader economic participation for those historically excluded from mainstream banking.The bond is the first to align with the World Economic Forum’s guidebook to Digital Inclusion Bond Financing published in 2021. It is also aligned with the Social Bond Principles (SBP) from the International Capital Market Association (ICMA).The transaction follows SMBC, SMFG’s main banking subsidy, publishing its inaugural social finance framework in July, which specifically identified ‘digital inclusion’ social projects, including those focused on access to essential services in healthcare and education, as well as basic infrastructure.Crédit Agricole CIB served as joint bookrunner, reinforcing the bank's leading position in the sustainable bond market and its commitment to financing solutions that address global development challenges.<a href="quote1">quote1</a><a href="quote2">quote2</a></body>

<body>In January 2026, Crédit Agricole CIB completed the signing of Credit Support Annexes with Bank of China, Shanghai Pudong Development Bank, and CITIC Securities for initial margin on non-centrally cleared derivatives transactions under International Swaps and Derivatives Association (ISDA) documentation. The initiative enables Crédit Agricole CIB to accept multi-currency (CNH, USD, and EUR) Chinese sovereign bonds custodied at Clearstream and Euroclear as eligible collateral for initial margin requirements.The move represents a significant step in integrating Chinese assets into global financial infrastructure as China's bond market continues opening to international investors. For Chinese institutions, the arrangement enhances capital efficiency by optimising asset allocation and margin management structures.<a @href="Quote1">Quote1</a></body>

<body>Crédit Agricole CIB has become the first foreign bank to accept the use of offshore Chinese government bonds as collateral in non-centrally cleared derivatives transaction, innovatively expanding the international application scenarios for Chinese sovereign bonds. </body>

Crédit Agricole CIB Pioneers Acceptance of Multi-currency Chinese Sovereign Bonds as Derivatives Collateral

<body>In January 2026, Crédit Agricole CIB completed the signing of Credit Support Annexes with Bank of China, Shanghai Pudong Development Bank, and CITIC Securities for initial margin on non-centrally cleared derivatives transactions under International Swaps and Derivatives Association (ISDA) documentation. The initiative enables Crédit Agricole CIB to accept multi-currency (CNH, USD, and EUR) Chinese sovereign bonds custodied at Clearstream and Euroclear as eligible collateral for initial margin requirements.The move represents a significant step in integrating Chinese assets into global financial infrastructure as China's bond market continues opening to international investors. For Chinese institutions, the arrangement enhances capital efficiency by optimising asset allocation and margin management structures.<a href="Quote1">Quote1</a></body>