Core Insights - Crédit Agricole S.A. reported strong financial results for Q3 2025, with net income group share increasing by 10.2% year-on-year to €1,836 million, driven by high revenues and a controlled cost of risk [32][40][44] - The group achieved revenues of €9,731 million in Q3 2025, reflecting a 5.6% increase compared to Q3 2024, with a gross operating income of €3,944 million, up 8.9% [18][33] - The cost/income ratio improved to 59.5%, down 1.2 percentage points from the previous year, indicating better operational efficiency [18][35] Financial Performance - For Q3 2025, Crédit Agricole S.A. reported revenues of €6,850 million, a 5.6% increase from Q3 2024, with operating expenses rising by 4.0% to €3,837 million [33][34] - The gross operating income for the quarter was €3,013 million, up 7.7% year-on-year, while the cost of risk increased by 13.0% to €489 million [35][37] - In the first nine months of 2025, net income group share reached €7,120 million, a 9.7% increase compared to the same period in 2024 [21][40] Business Lines and Activity - The group experienced sustained activity across all business lines, with significant growth in home loans (+18% year-on-year) and corporate loans (+14% year-on-year) [7][10] - Asset management saw record inflows of €15 billion in Q3 2025, contributing to a total of €2,317 billion in assets under management [11][52] - The insurance segment reported strong performance, with revenues reaching €11.8 billion, up 21.4% compared to Q3 2024 [46][62] Customer Growth and Market Position - Crédit Agricole Group gained 522,000 new customers in Retail Banking during Q3 2025, with total on-balance sheet deposits amounting to €835 billion, reflecting a 0.6% year-on-year increase [10][27] - The group maintained a strong market share in credit, standing at 22.6% as of June 2025, with buoyant loan production driven by home loans and specialized markets [27][10] Risk Management and Solvency - The phased-in CET1 ratio for Crédit Agricole S.A. was reported at 11.7%, while the group’s CET1 ratio stood at 17.6%, indicating strong solvency [3] - The cost of risk for the group was stable at 27 basis points over a rolling four-quarter period, reflecting prudent risk management practices [19][24]

Core Viewpoint - The market anticipates Arcosa (ACA) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for the period ending September 2025 [1] Earnings Expectations - Arcosa is expected to post quarterly earnings of $1.29 per share, reflecting a year-over-year increase of +41.8% [3] - Revenues are projected to reach $778.3 million, which is a 21.5% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised 1.19% higher in the last 30 days, indicating a collective reassessment by analysts [4] - The Most Accurate Estimate for Arcosa matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12] Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - Arcosa currently holds a Zacks Rank of 3, making it challenging to predict a definitive earnings beat [12] Historical Performance - In the last reported quarter, Arcosa exceeded the expected earnings of $1.05 per share by delivering $1.27, resulting in a surprise of +20.95% [13] - Over the past four quarters, Arcosa has surpassed consensus EPS estimates three times [14] Industry Comparison - Another company in the Zacks Building Products - Miscellaneous industry, Masco (MAS), is expected to report earnings of $1.02 per share, indicating a year-over-year decline of -5.6% [18] - Masco's revenues are anticipated to be $1.94 billion, down 2.3% from the previous year [19]

Core Points - Arcosa, Inc. will release its third-quarter results for the period ending September 30, 2025, after market close on October 30, 2025 [1] - An earnings call to discuss the results is scheduled for 8:30 a.m. Eastern Time on October 31, 2025 [1] - The earnings call will be accessible via webcast and slide presentation [1]

Industry Overview - The Zacks Building Products - Miscellaneous industry is facing challenges due to tariffs, rising input and labor costs, and persistent inflation, which have slowed commercial activity and created affordability issues in housing [1][4][6] - Supply-chain disruptions and high energy expenses are contributing to these pressures, with mortgage rates remaining above 6%, limiting demand as homeowners retain low-rate mortgages [1][6] Long-term Prospects - Despite current challenges, long-term growth prospects are supported by federal investments in infrastructure, global supply-chain reinvestment, and energy transition efforts [2][7] - Companies are focusing on efficiency through cost-saving initiatives, digital solutions, and acquisitions to capitalize on these positive trends [2][9] Industry Trends - Tariff policies are reshaping the industry by increasing costs and disrupting supply chains, leading to heightened inflation and challenges for builders and consumers [4] - Rising costs related to transportation, materials, and labor are compressing margins and affecting operating performance, with companies struggling to recover these costs through price increases [5][6] Market Performance - The Zacks Building Products - Miscellaneous industry has underperformed the broader Zacks S&P 500 Composite and the construction sector over the past year, losing 8% compared to the sector's 4% decrease and the S&P 500's gain of 18.4% [10][14] - The industry's current valuation is at a forward P/E of 18.29X, lower than the S&P 500's 23.53X and the sector's 19.76X [17] Company Highlights - **Everus Construction Group, Inc. (ECG)**: Positioned for growth with a record backlog of $3 billion, up 24% year-over-year, driven by demand in data centers and infrastructure modernization [22][23] - **Armstrong World Industries, Inc. (AWI)**: Benefiting from strong execution in its segments, with earnings estimates for 2025 increasing to $7.27 per share, indicating 15.2% year-over-year growth [26][27] - **Frontdoor, Inc. (FTDR)**: Experiencing growth through effective marketing and new programs, with earnings estimates for 2025 rising to $3.90 per share, reflecting 16.4% year-over-year growth [28][31] - **Arcosa, Inc. (ACA)**: Growth driven by strong demand and strategic acquisitions, with earnings estimates for 2025 increasing to $3.90 per share, indicating 29.1% year-over-year growth [34][35]

Core Viewpoint - The Crelan Group and Crédit Agricole Group have finalized their strategic partnership, which includes the signing of commercial agreements and the acquisition of a 9.9% minority stake in Crelan SA/NV by Crédit Agricole [2][5]. Group 1: Strategic Partnership Details - The partnership aims to enhance banking services in Belgium by combining Crelan's local presence with Crédit Agricole's expertise in asset management, private banking, and leasing [3]. - The two groups will focus on commercial collaborations in key areas such as asset management through Amundi, private banking via Indosuez Wealth Management / Bank Degroof Petercam, and leasing through CA Leasing & Factoring [2][3]. Group 2: Financial Impact - The acquisition of the 9.9% stake has a negligible impact on the CET1 ratio of Crédit Agricole S.A. and its subsidiaries, while positively affecting Crelan Group's phased CET1 capital ratio by 2.1% [6]. - This increase in capital ratio provides Crelan with greater financial flexibility to pursue future organic growth opportunities [6]. Group 3: Company Profiles - Crelan Group ranks fifth among Belgian retail banks, with total assets of €55.8 billion, managing €44.3 billion in customer deposits and supporting €49.5 billion in loans [7]. - Crédit Agricole Group is Europe's leading retail bank and asset manager, serving 54 million customers and characterized by its cooperative banking model [8][9].

Group 1 - Crédit Agricole S.A. has announced a share repurchase program for up to 22,886,191 ordinary shares, starting from 1 October 2025 and ending no later than 13 November 2025 [1][2] - The purpose of the share repurchase program is to offset the dilutive effect of a capital increase reserved for employees in 2025 [2] - Shares purchased under this program will be cancelled [1] Group 2 - The share repurchase will be conducted on the regulated market of Euronext Paris and will comply with relevant regulatory standards [3] - An independent investment services provider has been instructed to execute the share purchases during the specified period [2][3] - The existing liquidity agreement with Kepler Cheuvreux will be temporarily suspended during the execution of the share repurchase program [4] Group 3 - Details of the share repurchase program are available in Crédit Agricole S.A.'s Universal Registration Document and the resolution adopted by the General Meeting [5]

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Core Points - Dominique Lefebvre announced his resignation from his positions as chairman of the Fédération Nationale du Crédit Agricole (FNCA) and the Board of Directors of Crédit Agricole S.A. by the end of 2025 [1] - Lefebvre has chaired FNCA for 15 years and Crédit Agricole S.A. for 10 years, expressing pride in supporting the Group's transformation during significant changes in the environment [2] - The transition period will be supported by Lefebvre to ensure continuity and facilitate the successor's transition [2] Company Transition - The appointment of a new chairman will follow the existing regulations and will be communicated in due course [2]

Industry Overview - The global use of renewable energy is increasing due to efforts to reduce greenhouse gas emissions, driven by lower production costs, supportive government policies, and rising demand in power and transportation markets [1] - Wind power is leading the transition to renewable energy, becoming one of the largest sources of electricity generation in the United States [2] Market Trends - The wind energy market is benefiting from trends such as rising electricity demand from AI-powered data centers, the adoption of electric vehicles, and rapid industrialization [3] - The U.S. Energy Information Administration (EIA) projects a 4% year-over-year increase in wind power output in 2025, with an expected addition of 7.7 GW of wind generation capacity [4] Company Insights - NextEra Energy, Inc. (NEE) is a leading global wind energy generator, expanding its capacity by 1,365 MW in 2024 and operating facilities with a total capacity of approximately 26,335 MW [9][10] - OGE Energy is the largest electric utility in Oklahoma, focusing on expanding its wind output and reducing carbon emissions significantly [12][13] - Arcosa, Inc. (ACA) manufactures infrastructure products for wind power generation, benefiting from strong demand and a $1.1 billion order backlog since the Inflation Reduction Act [15][16] - Constellation Energy Corporation (CEG) operates 27 wind projects across 10 states, producing about 1,400 MW of electricity and launching a $350 million initiative to enhance its renewable energy portfolio [17][18][19]

Core Viewpoint - Crédit Agricole S.A. has announced the redemption of its outstanding EUR 1,000,000,000 Senior Non-Preferred Callable Fixed to Floating Rate Social Notes, which were issued on October 12, 2022, with a maturity date of October 2026 [2][12]. Redemption Details - The redemption will occur pursuant to Condition 7(e) (Redemption at the Option of the Issuer) of the terms and conditions of the Notes, and the redemption amount will be paid at 100% of the outstanding nominal amount plus any accrued interest [13][2]. - The Redemption Amount is due on October 12, 2025, and interest on the Notes will cease to accrue on that date [3][14]. - Since October 12, 2025, is not a business day, the payment will be made on the next business day, October 13, 2025, without any additional interest for the postponed payment [15][3]. Additional Information - The terms and modalities of the redemption are detailed in the notice to the holders of the Notes, which is included in the press release [4]. - The Base Prospectus and Final Terms, which govern the Notes, were previously approved by the Autorité des marchés financiers [13][2].