NATIXIS -2020 Universal Registration Document

4 OVERVIEW OF THE FISCAL YEAR

Management report at December 31, 2020

Management report 4.2 at December 31, 2020

For the purposes of comparability, following the sale of 29.5% of Coface’s capital, its contributionhas been presentedseparatelyat the bottom of the income statement.

Consolidated results 4.2.1

Change 2020 vs. 2019 Current

2020

2019 pro forma

(in millions of euros)

Constant

Net revenues

7,306 7,360

8,485 8,365

(13.9)% (12.0)%

(13.2)% (11.4)%

o/w business lines

Banking operating expenses Gross operating income Provision for credit losses

(5,828)

(6,115)

(4.7)%

(4.0)%

1,478 (851)

2,369 (330) 2,039

(37.6)% 158.1% (69.3)%

(37.0)%

Net Operating income

626

Associates

(6)

21

Gains or losses on other assets Change in the value of goodwill

(42)

685

0

0

Pre-tax profit Income taxes

579

2,745 (616) (295) 1,897 72.1% 11.1% 14.3% 62

(78.9)% (66.8)% (72.5)%

(204)

Non-controlling interests Contribution of Coface

(81)

(192)

Reportable net income Group share

101

(94.7)%

Cost/income ratio

79.8% (0.1)% (0.1)%

ROE

ROTE

Analysis of changes in the main items comprising the consolidated income statement Net revenues Natixis’ net revenues stood at €7,306 million at December 2020, down 13.2% from 2019 at constant exchange rates. At €7,360 million, net revenues generatedby the main business lines were down 11.4% at constant exchange rates versus 2019. The AWM and CIB divisions posted declining revenues in the context of the COVID-19 crisis, while the Insurance and Payments divisions were up. Asset & Wealth Management net revenues fell 13.4% at constant exchange rates. Corporate & Investment Banking net revenues were down 15.3% at constant exchange rates. Insurance net revenues were up 6.5% (+8.1% excluding contributions to the solidarity funds totaling -€14 million), and Payments net revenues were up 1.9%. Corporate Center net revenues , which now include Natixis Algérie and Natixis Private Equity run-off activities, stood at -€54 million in 2020 versus +€120 million in 2019. They include -€86 million for the return of foreign-currencyDSNs to the historic exchange rate, versus +€19 million in 2019.

Operating expenses and headcount Recurring expenses totaled €5,828 million, down 4.0% at constant exchange rates compared with 2019. Asset & Wealth Management expenses were down 3.2% at constant exchange rates. Corporate & InvestmentBankingexpenseswere down 5.4% at constant exchange rates. The expenses of the Insurance and Payments divisions were up 2.5% and 5.7% respectively. Corporate Center expenses were down 14.9% to €460 million,with a contributionof €165 millionto the Single Resolution Fund versus €170 million in 2019. Headcount at the end of the period stood at 16,943 FTE, up 3% year-on-year, up slightly by 2% for the business lines, and up 5% for the Corporate Center after expanding the control functions and IT teams in Porto. Gross operating income Gross operating income totaled €1,478 millionin 2020, sharply down by 37% compared with 2019 at constant exchange rates.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020