Press release – Sfil 2026 Interim results

Strong financing capacity despite volatile environment

Whereas the geopolitical, economic and financial environment remained very uncertain, we issued €7.5bn with an 8.6-year average maturity for our 2026 funding program, at a financing cost similar to that of the French state. We executed 96% of our 2026 funding program by June 2026, the highest level ever raised for an interim reporting period.

In addition, we issued our first two CHF green covered bonds for an amount of €0.25bn. Those issuances are fully in line with our strategy to diversify our funding sources and broaden our investor base.

Very positive outlook for export credit activity

The outlook for the export credit financing remains very positive: 169 deals are under assessment at end-1H26, representing a  potential record of €82bn of export credit financing, especially in the defense sector.

Furthermore, in July 2026, we concluded a €350m transaction in Angola. This first operation for water supply networks will provide 5m inhabitants of Luanda area with access to drinkable water.

French local public sector activity impacted by the French eletoral cycle

Loans granted to French local public sector stood at €1.3bn in 1H26, of which €1.2bn was granted to local authorities.

Use-of-proceeds loans represented 47% of loans to local authorities and their branches. Since these loan products have been respectively launched in 2019 and 2022, we granted with our partners a total amount of €5bn of green loans and €3bn of social loans to local authorities and their affiliates.

Following the European Commission approval on 18 December 2024 for the extension of our activities, we concluded with our partner La Banque Postale a first project finance transaction related to a waste-to-energy plant benefiting from a public service concession agreement.

Very solid results

Despite a rough environment, we demonstrated the soundness of our model in 1H26 with a net income of €24m. Credit risk metrics – including defaults, stage 3 assets and non-performing exposures – remain at low levels.

The results for 1H26 reflect the strength of Sfil’s public bank model.

“ Despite the uncertain economic and geopolitical environment, these results demonstrate once more the strength and relevance of our public development bank model. The performance of this first semester emphasizes the confidence of our investors, who continue to support our development. I also deeply thank our employees for their commitment to the successful delivery of our projects. ”

Philippe Mills

Chief Executive Officer