FINANCIAL STATEMENTS OF
BNP PARIBAS HOME LOAN SFH
TO 30 JUNE 2025
(In euros)




1
Income statement at 30 June 2025 3

Balance sheet at 30 June 2025 4

1 - Summary of the accounting policies applied by BNP Paribas SFH 6


2 - Notes to the income statement at 30 June 2025 8

2.a Interest margin 8
2.b Commissions 8
2.c General operating expenses & Sundry operating revenue 9
3.d Income tax 9

3 - Notes to the balance sheet at 30 June 2025 10

3.a Receivables and payables with to credit institutions 10
3.b Other assets and liabilities 10
3.c Adjustments accounts 11
3.d Debts securities 11
3.e Subordinated debts 11

4 - Additional Information 12

4.a Post-balance sheet events 12
4.b Change in share capital in euros 12
4.c Change in shareholder’s equity 12
4.d Notional amounts of financial instruments 12
4.e Ageing of applications and sources of funds 13
4.d Headcount 13

Result of the last 5 years 14


Statutory auditors' review report on the half-year financial information 15




2
INCOME STATEMENT AS AT 30/06/2025

In euros Notes 30/06/2025 31/12/2024 30/06/2024


Interest and similar revenue 2.a 309 362 414 421 245 601 199 541 623

Interest and similar expenses 2.a (304 318 553) (404 303 958) (189 682 585)

Revenue from variable income securities

Commissions (revenue) 2.b 625 000 1 250 000 1 129 568

Commissions (expenses) 2.b (9 480) (7 199) (7 200)
Gains or losses on trading transactions 2.b 0 0 (0)
Gains or losses on investment portfolio
- - -
transactions and similar
Other revenue from banking operations - SRF 2.c - - -

Other expenses on banking operations - - -


NET BANKING INCOME 5 659 381 18 184 443 10 981 405

Personnel expenses - - -

Other administrative expenses 2.c (729 472) (1 723 139) (979 327)
Including (S)ingle (R)esolution (F)und (1)

Misc. expenses on banking operations 2.c - - -

Amortisation and depreciation of tangible and
- - -
intangible assets
GROSS OPERATING PROFIT 4 929 908 16 461 304 10 002 078
Cost of risk - - -
OPERATING PROFIT 4 929 908 16 461 304 10 002 078
Gains or losses on capitalised assets
Net regulated provisions
PRE-TAX PROFIT 4 929 908 16 461 304 10 002 078
Extraordinary result
Income tax 2.d (1 210 401) (4 250 309) (2 532 467)

NET RESULT 3 719 507 12 210 995 7 469 611




3
BALANCE SHEET AS AT 30/06/2025

In euros Notes 30/06/2025 31/12/2024

ASSETS
Cash, central banks, PO accounts 820 820
Treasury bills and similar securities - -
Receivables from credit institutions 3.a 35 366 664 374 34 375 155 769
Customer transactions - -
Bonds and other fixed-income securities - -
Equities and other variable-income securities - -
Equity interests and other long-term investments - -
Interests in group companies
Lease financing and leases with purchase option
Intangible assets - -
Tangible assets - -
Treasury shares
Other assets 3.b 3 221 589 2 307 603
Adjustment accounts 3.c 67 966 372 71 535 361
TOTAL ASSETS 35 437 853 155 34 448 999 553
LIABILITIES
DEBT
Central banks, PO accounts 3.a - -
Payables to credit institutions 3.a 510 028 468 320 372 773
Customer transactions - -
Debt securities 3.d 34 518 740 113 33 707 233 710
Other liabilities 3.b 192 175 1 074 829
Adjustment accounts 3.c 77 753 277 81 192 652
Provisions for liabilities and charges - -
Subordinated debt 3.e 40 071 667 40 092 640
TOTAL DEBTS 35 146 785 700 34 149 966 604

SHAREHOLDERS' EQUITY 4.c
Share capital subscribed 285 000 000 285 000 000
Share premiums
Reserves 2 326 648 1 716 098
Retained earnings 21 300 105 855
Income for the period 3 719 507 12 210 995
Unallocated income - -
TOTAL SHAREHOLDERS' EQUITY 291 067 455 299 032 948

TOTAL LIABILITIES 35 437 853 155 34 448 999 553

OFF-BALANCE SHEET Notes 30/06/2025 31/12/2024
COMMITMENTS GIVEN
Finance commitments - -
Guarantee commitments 2 306 836 2 306 836
Commitments on securities - -
COMMITMENTS RECEIVED
Finance commitments - -
Guarantee commitments 41 890 314 446 41 770 185 097
Commitments on securities - -
* Banque de France bank account
4
CASH FLOW STATEMENT AT 30/06/205




5
1. SUMMARY OF THE ACCOUNTING PRINCIPLES APPLIED
BY BNP PARIBAS HOME LOAN SFH

The financial statements of BNP Paribas Home Loan SFH are prepared in accordance with the
accounting principles applicable in France to credit institutions, as set out in ANC regulation
no. 2014-07 of 26 November 2014.

The income statement as at 30 June 2025 and the notes to the financial statements provide
comparative information as at 30 June 2024 and 31 December 2024.

The method adopted for valuing items recognised in the accounts is historical cost.

The main accounting methods used are as follows:

Loans and advances to credit institutions and customers

Loans and advances to credit institutions cover all loans and advances, including subordinated
loans, conducted in the context of banking transactions with credit institutions, with the
exception of those represented by certificates. They also include assets purchased under resale
agreements, whatever the type of assets concerned, and receivables corresponding to securities
sold under collateralised repurchase agreements. These are broken down into sight deposits and
term loans.

Loans and advances to credit institutions and customers are stated in the balance sheet at face
value plus accrued interest not yet due.

Debt securities

Debt securities are recognised at amortised cost.
Issue and redemption premiums are recognised in accordance with the accounting principles
applicable in France to credit institutions, as set out in ANC regulation no. 2014-07 of 26
November 2014.
The income statement as at 30 June 2025 and the notes to the financial statements provide
comparative information as at 30 June 2024 and 31 December 2024.
The method adopted for valuing items recognised in the accounts is historical cost.
Bonds are amortised on an actuarial basis over the term of the borrowing, where related
issuance costs are amortised on a straight-line basis over the same period.


Recognition of revenue and expenses

Interest and similar commissions are recognised as they arise, on a pro rata basis.
Commissions not similar in nature to interest and corresponding to the provision of services are
recognised as of the date on which the services are provided or on a pro rata basis for the
duration of the service, where the service is delivered on an ongoing basis.
Revenue and expenses in foreign currency are recognised at their equivalent value as at
transaction date.




6
Foreign currency transactions

Receivables and liabilities denominated in foreign currency are valued at the spot exchange
rate as at balance sheet date.
The conversion of such transactions denominated in foreign currency as at balance sheet date
gives rise to a difference recognised through profit or loss.
Revenue and expenses denominated in foreign currency relating to loans or borrowings are
recognised in the revenue and expense accounts opened in each foreign currency, with the
conversion conducted at monthly closing of the accounts.


Information concerning transactions between affiliated parties

In light of the company’s business and of its capital link (subsidiary 99.99% owned by BNP
Paribas SA), the obligations of ANC regulation no. 2014-07 concerning presentation of
information about affiliated parties do not apply.

Tax consolidation rules

BNP Paribas Home Loan SFH is consolidated within the tax group France, headed by BNP
Paribas since 01/01/2005.
With regard to corporation tax and under the terms of the tax consolidation agreement, tax is
calculated by the subsidiary as if there were no tax consolidation.
After deducting any tax credits, the amount calculated accordingly is due to the parent company,
BNP PARIBAS SA.

Consolidation

The accounts of BNP Paribas Home Loan SFH are included on a full consolidation basis within
the consolidated accounts of BNP Paribas SA.

General information

Within the context of the issuance of housing bonds, BNP Paribas has collateralised a pool of
real estate loans for BNP Paribas Home Loan SFH totalling €41,890,314,446 as at 30 June
2025.

This pool has been exploited in the amount of €37,980,681,818.18 in connection with existing
issuances.

The company has its registered office in France and, in accordance with Article L. 513-29 of
the Monetary and Financial Code, does not have any branch or subsidiary established abroad,
including in non-cooperative countries.




7
2. NOTES TO THE INCOME STATEMENT AS AT 30/06/2025

2.a INTEREST MARGIN

Under the items "Interest and similar revenue" and "Interest and similar expenses", BNP
Paribas Home Loan SFH presents the calculated revenue on financial instruments carried at
amortised cost.

30/06/2025 31/12/2024 30/06/2024
In euros
Revenue Expenses Revenue Expenses Revenue Expenses

Credit institutions 299 480 726 (18 947 575) 409 849 811 (28 727 739) 191 490 167 (14 298 584)
Sight deposits, loans and borrowings 299 480 726 (18 947 575) 409 849 811 (28 727 739) 191 490 167 (14 298 584)

Debt securities 9 881 688 (285 370 978) 11 395 789 (375 576 219) 8 051 456 (175 384 001)

Bonds 9 881 688 (283 446 337) 11 395 789 (372 784 823) 8 051 456 (174 307 113)

Subordinated term debt (1 924 641) (2 791 395) (1 076 888)

Interest revenue and expenses 309 362 414 (304 318 553) 421 245 601 (404 303 958) 199 541 623 (189 682 585)


2.b COMMISSIONS

In euros 30/06/2025 31/12/2024 30/06/2024
Revenue Expenses Revenue Expenses Revenue Expenses

Banking and financial transactions 625 000 (9 480) 1 250 000 (7 199) 1 129 568 (7 200)

Securities trading 625 000 (9 480) 1 250 000 (7 199) 1 129 568 (7 200)

Commission revenue and expenses 625 000 (9 480) 1 250 000 (7 199) 1 129 568 (7 200)



In euros 30/06/2025 31/12/2024 30/06/2024
Revenue Expenses Revenue Expenses Revenue Expenses

Gains or losses on trading transactions - - - (0) - -

Commission revenue and expenses - - - (0) - -




8
2.c GENERAL OPERATING EXPENSES & SUNDRY OPERATING REVENUE

In euros 30/06/2025 31/12/2024 30/06/2024


Other administrative expenses (729 472) (1 723 139) (979 327)
Remuneration of intermediaries (558 255) (1 380 324) (806 625)
Taxes (171 217) (342 815) (172 702)
Guarantee fund and (S)ingle (R)esolution (F)und

Total general expenses (729 472) (1 723 139) (979 327)

Guarantee fund and ( S )ingle ( R )esolution - - -
Total - Sundry banking operating expenses - - -

(1) Reallocation of the contribution to the SRF to Sundry banking operating

In euros 30/06/2025 31/12/2024 30/06/2024


Sundry operating revenue - - -

Other sundry operating revenue ( 1 ) - - -
(1) Regulation (EU) No. 806/2014 on the Single Resolution Fund.


2.d INCOME TAX

In euros 30/06/2025 31/12/2024 30/06/2024

Current tax for the period (1 210 401) (4 250 309) (2 532 467)

Income tax (1 210 401) (4 250 309) (2 532 467)




9
3. NOTES TO THE BALANCE SHEET AS AT 3 0/06/2025

3.a RECEIVABLES AND PAYABLES WITH CREDIT INSTITUTIONS

In euros 30/06/2025 31/12/2024

Loans and receivables 35 366 665 194 34 375 156 589

Cash, central banks, PO accounts 820 820
Ordinary accounts with debit balance 12 574 714 21 715 650
Term accounts and loans 35 354 089 659 34 353 440 118

Loans and receivables with credit institutions 35 366 665 194 34 375 156 589
Including associated receivables 261 089 658 200 440 117


In euros 30/06/2025 31/12/2024

Ordinary credit accounts - -
Debt and borrowings 510 028 468 320 372 773


Payables to credit institutions 510 028 468 320 372 773
Including associated liabilities 28 468 372 773

3.b OTHER ASSETS AND LIABILITIES

In euros 30/06/2025 31/12/2024

Sundry debtors 3 221 589 2 307 603

Including (S)ingle (R)esolution (F)und 2 306 836 2 306 836

Other assets 3 221 589 2 307 603

Sundry creditors 192 175 1 074 829

Other liabilities 192 175 1 074 829

As at 31/12/2024, no accounts payable were recognised in the accounts of BNP Paribas Home Loan SFH.




10
3.c ADJUSTMENT ACCOUNTS

In euros 30/06/2025 31/12/2024


Accrued revenue 625 000 1 279 050

Other adjustment accounts receivable 67 341 372 70 256 310

Prepaid expenses 67 341 372 70 256 310

Adjustment accounts – assets 67 966 372 71 535 361

Accrued expenses 537 887 821 276

Other adjustment accounts payable 77 215 391 80 371 376

Deferred revenue 77 215 391 80 371 376

Other adjustment accounts - -

Adjustment accounts – liabilities 77 753 277 81 192 652

The adjustment accounts on the assets side include the zero-coupon bond redemption premiums
still remaining to be amortized which are zero in June 2025.

3.d DEBT SECURITIES

In euros 30/06/2025 31/12/2024

Bonds 34 258 000 000 33 508 000 000

Associated liabilities 260 740 113 199 233 710

Debt securities 34 518 740 113 33 707 233 710

3.e SUBORDINATED DEBT

In euros 30/06/2025 31/12/2024

Repayable subordinated debt 40 000 000 40 000 000

Associated debt 71 667 92 640

Subordinated debt 40 071 667 40 092 640




11
4. ADDITIONAL INFORMATION

4.a POST-BALANCE SHEET EVENTS


As at 24 September 2025, BNP Paribas Home Loan SFH has conducted two so-called "self-
subscription" issuances, each of €1,500,000,000 (Series 109 and 110).

The company has redeemed the following issuances by maturity:

• Series 73 (maturity 18/07/2025) in the amount of €150,000,000.
• Series 74 (maturity 12/09/2025) in the amount of €100,000,000.


4.b CHANGES IN SHARE CAPITAL IN EUROS

Number of securities
Redeemed
Opening Created during Nominal
during the Closing balance
balance the period value
period
Ordinary shares 28 500 000 28 500 000 10 euros
Redeemed shares
Preferred shares without voting rights
Preference shares
Members´shares
Investment certificates


4.c CHANGES IN SHAREHOLDERS' EQUITY

Item
in euros 31/12/2024 Item increases 30/06/2025
decreases

Capital 285 000 000 - - 285 000 000
Issue premiums
Legal reserve 1 317 734 1 008 914 2 326 648
Retained earnings 231 939 (210 638) 21 300
Income for the period 7 967 280 3 719 507 (7 967 280) 3 719 507

Shareholder’s equity 294 516 953 4 728 421 (8 177 918) 291 067 455


4.d NOTIONAL AMOUNTS OF FINANCIAL INSTRUMENTS

In euros 30/06/2025 31/12/2024

Exchange rate derivatives - -
Interest rate derivatives - -

OTC forward financial instruments - -

The net valuation of the swaps as at 30/06/2025 is zero.




12
4.e AGEING OF APPLICATIONS AND SOURCES OF FUNDS

Remaining duration

In euros
Up to 3 From 3 months From 1 year to
Over 5 years Total
months to 1 year 5 years


APPLICATIONS
sight receivables 12 574 714 - - 12 574 714
term receivables 1 085 000 000 17 035 000 000 14 287 000 001 35 093 000 001



SOURCES

Payables to credit institutions 509 999 180 - - 509 999 180
Debt securities 250 000 000 17 035 000 000 14 287 000 000 34 258 000 000
Customer transactions - - - -
Subordinated debt 25 000 000 - 15 000 000 40 000 000


4.f HEADCOUNT
The company does not have any personnel or own resources, but exploits those made available
by its parent company, BNP Paribas.




13
Table of results for the last 5 financial years


Nature of information 31/12/2021 31/12/2022 31/12/2023 31/12/2024 30/06/2025

Financial position at year-end
Share capital 285 000 000 285 000 000 285 000 000 285 000 000 285 000 000
Number of ordinary shares in circulation 28 500 000 28 500 000 28 500 000 28 500 000 28 500 000
Number of convertible bonds None None None None None
Actual operating result
Net Banking Income 3 622 344 5 396 536 12 773 080 18 184 443 5 659 381
Earnings before tax, depreciation and provisions 1 000 160 2 699 069 10 754 549 16 461 304 4 929 908
Income tax (267 802) (682 345) (2 787 269) (4 250 309) (1 210 401)
Earnings after tax, depreciation and provisions 732 358 2 016 724 7 967 280 12 210 995 3 719 507
Distributed earnings 855 000 1 710 000 7 695 000 11 685 000
Earnings per share
Earnings after tax, but before depreciation and
0,03 0,07 0,28 0,43 0,13
provisions
Earnings after tax, depreciation and provisions 0,03 0,07 0,28 0,43 0,13
Dividend paid per share 0,03 0,07 0,27 0,41 0,00
Personnel
Number of employees None None None None None
Total payroll None None None None None
Employee benefits paid (social security, social
None None None None None
initiatives)




14
BNP PARIBAS HOME LOAN SFH
1, Boulevard Haussmann 75009 Paris


___________________________________

Statutory auditors' review report on
the half-year financial information
(For the six-month period ended 30 June 2025)

This is a free translation into English of the Statutory Auditors’ review report on the half-year financial
information issued in French and is provided solely for the convenience of English-speaking users. This
report should be read in conjunction with, and construed in accordance with, French law and professional
auditing standards applicable in France.
ERNST & YOUNG et Autres Deloitte & Associés

Statutory Auditors Statutory Auditors

Member of the Versailles and Centre regional company Member of the Versailles and Centre regional company

Tour First 6, place de la Pyramide

TSA 14444 92908 Paris-La Défense Cedex

92037 Paris-La Défense cedex




BNP PARIBAS HOME LOAN SFH
1, Boulevard Haussmann 75009 Paris

_______________________________

Statutory auditors' review report on
the half-year financial information
(For the six-month period ended 30 June 2025)

_______________________________



To the shareholders of BNP PARIBAS HOME LOAN SFH,


In compliance with the assignment entrusted to us by your Annual General Meetings and in accordance with the
requirements of article L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we
hereby report to you on:


• the limited review of BNP PARIBAS HOME LOAN SFH’s half-year financial statements, for the six-month period
ended 30 June 2025 ;

• the verification of the information presented in the interim management report.

These interim financial statements are the responsibility of the Board of Directors. Our responsibility is to express a
conclusion on these financial statements based on our limited review.




Conclusion on the financial statements


We conducted our review in accordance with professional standards applicable in France.
A limited review of interim financial information consists principally of making inquiries of persons responsible for
financial and accounting matters and applying analytical and other review procedures. A limited review is
substantially less in scope than an audit conducted in accordance with professional standards applicable in France.
Consequently, the assurance that the financial statements, taken as a whole, are free from material misstatement
obtained in the context of a limited review is a moderate assurance, lower than that obtained in the context of an
audit.


Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements are not prepared, in all material respects, in accordance with French accounting
principles, and give a true and fair view of the assets and liabilities and financial position at the end of the half-year
2025, as well as the results for the period then ended.


Specific verification


We have also verified the information presented in the interim management report on the half-year financial
statements subject to our review.


We have no matters to report as to its fair presentation and consistency with the half-year financial statements.




Paris-La Défense, September 29th, 2025


Statutory Auditors
French original signed by


ERNST & YOUNG et Autres Deloitte & Associés




/DSS2/ /DSS1/




Hassan BAAJ Jean-Vincent COUSTEL




BNP PARIBAS HOME LOAN SFH l Statutory auditors' report on the half-year financial information l Period from January 1, 2025 to June 30, 2025