NATIXIS // 2021 Universal Registration Document

COMMENTS OF THE FISCAL YEAR Management report as of December 31, 2021

Management report 4.2

as of December 31, 2021

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. Similarly, following the announcementof the gradual and orderly withdrawal from its partnershipwith H2O, the contributionof H2O AM is now isolated at the end of the income statement. However, although presented in “Income from discontinuedoperations”, the contributionof the Insuranceand Paymentsdivisions continues to be included in the various aggregates of the income presented below, as in previous years. Consolidated results 4.2.1

Change 2021 vs. 2020

2020 pro forma

2021

(in millions of euros)

Current

Constant

8,996 8,904

7,175 7,201

25.4% 23.7% 16.1% 63.4% (77.7)%

27.1% 25.3% 17.4% 67.3%

Net banking income o/w business lines

4

Banking operating expenses Gross operating income

(6,701)

(5,771)

2,295 (190) 2,105

1,404 (851)

Cost of risk

Net operating income

553

Associates

18 29

(6)

Gains or losses on other assets

6

Pre-tax profit Income taxes

2,152 (617)

553

(188)

Non-controlling interests Contribution of Coface

(81)

(52)

57.7%

7

(192)

Contribution of H2O

(58)

(19) 101

Net income (Group share)

1,403 74.5%

Cost/income ratio

80.4%

(7.4)%

ROE

8.5%

2.4% 3.1%

ROTE

11.1%

Analysis of changes in the main items comprising the consolidated income statement Net banking income Natixis’ net banking income stood at €8,996 million in 2021, up by 27% from 2020 at constant exchange rates. Net banking income generated by the main business lines was up by 25% at constant exchange rates compared to 2020 and stood at €8,904 million. The AWM and CIB divisions posted a very strong increase in revenues of +25% and +34%, respectively, at constant exchange rates, compared to 2020, which was strongly impacted by the COVID-19 crisis. Net banking income of the Insurance division were up by 7% and that of the Payments division by 14%. Corporate Center net banking income , which now includes Natixis Algérie and Natixis Private Equity run-off activities, stood at €92 million versus -€25 million in 2020. It includes €69 million for the return of foreign-currency DSNs to the historic exchange rate, versus -€86 million in 2020.

Operating expenses and headcount Recurring expenses , at €6,701 million, were up 17% compared to 2020 at constant exchange rates, mainly explainedby the increase in performance-related variable compensation. Excluding variable payroll costs, expenses increased by 6% at constant exchange rates. Asset & Wealth Management division expenses were up 21% at constant exchange rates. Corporate & Investment Banking expenses were up 17% at constant exchange rates. The expenses of the Insuranceand Payments divisionswere up 5% and 10%, respectively. Corporate Center expenses were up at €541 million compared to €454 million in 2020, explained by a base effect in 2020 with particularly low operating expenses during the crisis and an increase in variable compensationfor support functions in 2021 in the context of recovery and improved earnings. They include the contribution to the Single ResolutionFund of €137 millioncompared to €161 million in 2020. Headcount at the end of the period stood at 17,401 FTEs, up 5% pro forma year-on-year, up slightly by 4% for the business lines, and up 7% for the Corporate Center after expanding the control functions and IT teams in Porto. It should be noted that, compared to December 31,2020, 380 FTEs were transferredfromNatixis to BPCE IT as part of a project to reorganize the IT functions. A proformawas carried out on the 2020 workforce for the purpose of comparability, on the basis of which the above changes are expressed.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021