Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Debt Investor Presentation (April 2026)
35 slides from Dexia Holding SA's debt investor presentation, April 2026
Slide 1: Dexia: Issuer with an Explicit State Funding Guarantee
Dexia Issuer with an Explicit State Funding Guarantee Fixed Income Investor Presentation Last updated April 2026 – Last published figures as at 31 Dec. 2024
Slide 2: Disclaimer
Fixed Income Investor Presentation Disclaimer • This presentation is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted, forwarded, further distributed to any other person or published, in whole or in part, by any medium or in any form for
Slide 3: Fixed Income Investor Presentation agenda
Fixed Income Group profile & State funding guarantee 1 Investor Presentation Update on the orderly resolution 2 Funding and liquidity 3 Appendix 4 3
Slide 4: Group profile & State funding guarantee
Fixed Income 1 Group profile & State funding guarantee Investor Overview of a Group in orderly resolution A Presentation Pursuing the resolution beyond 2024 B 4
Slide 5: Dexia Group has been executing its orderly resolution plan since end of 2011
1. Group profile & State funding guarantee A Dexia Group has been executing its orderly resolution plan since end of 2011 2008 - Subprime crisis 2011 - Sovereign crisis 2024 Total B/S € 651.0 bn € 412.8 bn € 52 bn FTE 36,760 22,461 407 Restructuring Entry into resolution as a bank Debanking 2012 Cap
Slide 6: In 2012, keeping a banking license was essential to execute the ORP
1. Group profile & State funding guarantee A In 2012, keeping a banking license was essential to execute the ORP1 Avoiding any systemic risk Securing funding Dexia represented a systemic risk for European Dexia was highly dependent on Central Bank financial markets given: funding and needed to maint
Slide 7: After ten years of executing its orderly resolution plan
1. Group profile & State funding guarantee A After ten years of executing its orderly resolution plan ... … Dexia has considerably improved its liquidity position and no longer depends … Dexia has significantly reduced its footprint on Eurosystem’s refinancing mechanisms 2012 2022 Fair value of deri
Slide 8: Dexia took the decision to abandon its banking license
1. Group profile & State funding guarantee A … Dexia took the decision to abandon its banking license ▪ Filing of an application with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) on 4 July 2023 to abandon the credit institution licence and authorisations for investment services of Dex
Slide 9: A decision that preserves Dexia's operational continuity
1. Group profile & State funding guarantee B A decision that preserves Dexia’s operational continuity Ability to keep robust Capacity to pursue the Funding capacity risk monitoring and Orderly Resolution Plan management ▪ Belgian and French States ▪ Robust risk management ▪ Further ability to manage
Slide 10: Dexia's profile post-debanking
1. Group profile & State funding Guarantee B Dexia’s profile post-debanking Description and status Structure ▪ Dexia Holding, 99.6% State-owned, ceased to be a Belgian Federal State Institutional, individual through the Federal financial company under Belgian law in 2024 Holding and French State and
Slide 11: Update on the resolution
Fixed Income 2 Update on the resolution Investor A Recent developments Presentation B Evolution of the balance sheet Portfolio breakdown and asset quality C 11
Slide 12: Recent developments
2. Update on the resolution A Recent developments ▪ Transfer of Dexia debt securities to the Euro MTF market leading to the simplification of New progress in the certain reporting requirements simplification of the Group ▪ Simplification of the accounting framework and exit from IFRS ▪ Simplificatio
Slide 13: Evolution of the balance sheet
2. Update on the resolution B Evolution of the balance sheet Indicative1 Run Off Balance Sheet For illustration purpose only (in EUR billion) ▪ Sensitivity to exogenous factors, as the amount of cash collateral posted and 181 Dexia Group Consolidated IFRS Dexia Statutory FR GAAP fair value items may
Slide 14: Portfolio breakdown and asset quality
2. Update on the resolution C Portfolio breakdown and asset quality As at 31 December 2024 Portfolio description Portfolio maturity Key portfolio figures ▪ Good asset quality overall: ~90% assets within the investment grade range Number of exposures 4,484 ▪ Low cost of risk: limited amount of non-pe
Slide 15: Funding and liquidity
Fixed Income 3 Funding and liquidity Investor A Funding mix and toolbox Presentation B Features of the State funding guarantee Focus on State guarantee issuance C 15
Slide 16: Funding mix and toolbox
3. Funding and liquidity A Funding mix and toolbox ▪ Dexia has a robust and cost-efficient funding model based on diversification of: ‒ Full range of funding instruments allowing to access all liquidity sources Funding mix ‒ Currencies with strong funding franchises developed in Euro, US Dollars and
Slide 17: Features of the State funding guarantee
3. Funding and liquidity B Features of the State funding guarantee Maximum maturity of Explicit guarantee 10 years for securities First demand, unconditional, Shared 53% Belgium issued under the guarantee State guaranteed debt irrevocable (AA / A1 / A+) and 47% and issuance period until rated1 A+ /
Slide 18: Focus on State-guaranteed issuance
3. Funding and liquidity C Focus on State-guaranteed issuance Key pillar of the funding mix Current State-guaranteed funding mix ▪ As the robustness of the explicit State guarantee has positioned Dexia as an SSA issuer, this source of funding progressively became the key pillar of the Group refinanc
Slide 19: Focus on State-guaranteed issuance – Capital market funding
3. Funding and liquidity C Focus on State-guaranteed issuance – Capital market funding Highlights Redemption profile of outstanding issuances ▪ For 2025, long term funding programme of EUR 3.6 bn ▪ Firm anchorage in SSA landscape due to: – Explicit State Guarantee funding – HQLA Level 1 elegibility
Slide 20: Focus on State-guaranteed issuance – Commercial paper programmes
3. Funding and liquidity C Focus on State-guaranteed issuance – Commercial paper programmes Highlights Outstanding by currency and initial duration ▪ Objective: managing short-term liquidity ▪ For 2025, average outstanding targeted at EUR 10 bn ▪ Frequent issuer in EUR, USD and GBP ▪ Investor base:
Slide 21: Ratings as at April 2026
3. Funding and liquidity C Ratings as at 22 April 2026 “Dexia is a government-related entity (GRE) with a very high likelihood of receiving extraordinary support from Belgium and France. We State-guaranteed debt Long term Short term anticipate Dexia will continue to proactively manage its wind-down
Slide 22: Contact information
Funding & Treasury Jean-Christophe Ricard Head of Funding & Treasury Tel: +33 1 58 58 51 42 Contact [email protected] Franck Pibouin information Long Term Funding Officer Tel: +33 1 58 58 51 46 [email protected] Communication & Investor Relations Fabienne Carlier Head of Commun
Slide 23: Appendix
Appendix EDS | =
Slide 24: Zoom on Dexia's funding capacity as a non-bank
Appendix Zoom on Dexia’s funding capacity as a non-bank Issuance of guaranteed debt keeping the HQLA L1 qualification Contingency buffer ▪ Dexia continues to refinance its balance sheet ▪ Dexia has constituted an additional notably through the issuance of State- contingency buffer, as it is no longe
Slide 25: Zoom on the risk management framework
Appendix Zoom on the risk management framework This system maintains three lines of defense, including compliance monitoring and AML control procedures, as well as an internal audit mechanism. It is based on a risk appetite framework (RAF) and appropriate monitoring indicators. Solvency Liquidity As
Slide 26: Zoom on the independent Surveillance Committee
Appendix Zoom on the independent Surveillance Committee An independent Surveillance Committee has taken over from the banking supervisors, particularly in terms of risk and internal control monitoring Composition Mission Dexia’s overall governance structure remains unchanged Members evenly appointed
Slide 27: 2013 and 2022 State funding guarantee mechanism
Appendix 2013 and 2022 State funding guarantee mechanism Process Scope ▪ No acceleration of payment. Guarantee calls leading to payment ▪ Eligible financing: funding raised in the form of obligations of the States only in accordance with the normal securities and financial instruments, deposits or p
Slide 28: Dexia Group profile
Appendix Dexia Group profile ….with an explicit State funding guarantee granted by the Belgian and French States ▪ Explicit State guarantee granted to Dexia 1 ▪ Ceiling of EUR 75 billion in principal of which EUR 72 billion to cover the Group's debt issues and EUR 3 billion for 2 Features of the int
Slide 29: Reduction of Dexia's footprint
Reduction of Dexia’s footprint Disposal of entities Disposal of major franchises Other disposals 2011 ▪ Dexia Bank Belgium ▪ Dexia Kommunalkredit Bank Polska ▪ RBC Dexia Investor Services ▪ DenizBank ▪ Dexia Bail 2012 ▪ Public Location Longue Durée (Public LLD) ▪ Dexia Banque Internationale à Luxemb
Slide 30: Reduction of Dexia's footprint
Reduction of Dexia’s footprint Transformation or closure of entities Status ▪ Dexia KommunalKredit Bulgaria Liquidated in 2015 ▪ SISL, Luxembourg Liquidated in 2015 2015 ▪ Dexia CAD Funding LLC, USA Liquidated in 2015 ▪ Dexia Holding’s SA permanent establishment in Closed in 2015 Luxembourg ▪ Dexia
Slide 31: Results 2024 | Key figures
Appendix Results 2024 | Key figures ▪ Dexia reports a net loss of EUR 267 million, marked by the acceleration of asset disposals, EUR -267 mn costs related to the transformation of the Group, and provisioning for the water distribution Net result sector in the United Kingdom FR GAAP PCEC ▪ Consolida
Slide 32: Indicators 2024
Appendix Indicators 2024 Indicators of Dexia liquidity and solvency1 ▪ Short-term liquidity indicator defined as the number of days during which Dexia can continue to operate with the cash and assets available to it, without access to the Survival funding markets horizon ▪ As at 31 March 2024, the s
Slide 33: Indicators 2024: Capital and leverage ratio projections
Appendix Indicators 2024 Capital and Leverage ratio – projections1 4.1 4.1 3.9 3.4 3.2 2.9 Capital FR GAAP (in EUR bn) Leverage ratio [ Equity Total Assets [ Dexia aims to manage its balance sheet in an orderly way until extinction and, consequently, to maintain a level of capital enabling it to abs
Slide 34: Portfolio breakdown and asset quality as at 31 Dec. 2024
Appendix Portfolio breakdown and asset quality as at 31 Dec. 2024 Portfolio breakdown (Total EAD of EUR 41.9 bn) By geography By counterparts By rating (in %) (in %) (in %) Of which : Loan portfolio breakdown (Total EAD of EUR 14.7 bn) 34
Slide 35: Dexia: Issuer with an Explicit State Funding Guarantee
Dexia Issuer with an Explicit State Funding Guarantee Fixed Income Investor Presentation Last updated October 2025 – Last published figures as at 31 Dec. 2024