NATIXIS // 2021 Universal Registration Document

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

Payments 4.2.2.4

2020 pro forma

2021

Change 2021 vs. 2020

(in millions of euros)

Net banking income

489

430

13.9%

Banking operating expenses Gross operating income

(425)

(386)

9.9%

65 (8) 56

43

49.2%

Cost of risk

2

Net operating income

46

22.8%

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

0 0

Pre-tax profit

57 34

46 32

23.3%

Net income (Group share) (Restated)

4.6%

Cost/income ratio Equity (average)

86.8%

89.9%

413

403

ROE

8.2%

8.0%

4

While 2021 is still marked by health restrictions, the activity of the Payments division nevertheless benefited from the upturn in economic activity and consumption across all its business lines, and continued its development in 2021. Revenue from Payments at €489.3 million were up by 14% (+€59.6 million) compared to 2020. The division’s strong revenue growth was driven by the historical activities of processing payment flows and service vouchers in connection with the easing of health restrictions in the second half of 2021, combinedwith the continued development of the division’s e-commerce activities due to the acceleration of the digitization of the economy.

Payments division expenses, at €424.5 million, increased by 10% (+€38.2 million), in line with the human and IT investments required to develop the division, as well as the increase in operatingcosts due to the resumptionof activity and actions implementedto develop the Bimpli brand dedicated to corporate employee benefit offerings and products. In total, gross operating income at €64.8 million increased by €21.4 million (+49%). At 8.2%, the division’s ROE improved by 0.2 point compared to 2020.

Corporate center 4.2.2.5

Change 2021 vs. 2020 Current

2020 pro forma

2021

(in millions of euros)

Constant

92 55

(25)

Net banking income

Algeria

57

(2.4)%

7.5%

NPE

1

3

(58.7)%

(58.7)%

Cross functions

35

(85)

Banking operating expenses Gross operating income

(541) (449)

(454) (479)

19.2% (6.3)% 40.0% (5.5)%

20.6% (5.6)%

Cost of risk

(11)

(8)

(460)

(487)

Net operating income

Associates

0

0 3

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

14

8

11

(24.8)% (7.5)%

Pre-tax profit

(438)

(473)

Corporate Center net banking income totaled €92 million at end-December 2021 versus -€25 million at end-December 2020.

251

www.natixis.com

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021