FY 2025 Results: the AFL Group posts record results and doubles its net income

The AFL, the bank for French local governments, has published its FY 2025 results. In a complex financial environment for the local public sector, 2025 represents a major milestone for the Group, marked by record results, a doubling of net income and a further strengthening of its financial structure.

In 2025, the AFL Group fully cleared its negative retained earnings, corresponding to the losses incurred during its initial years of operations (2015–2020).

Record annual results

As at 31 December 2025, the AFL Group reported a sharp improvement in its financial performance:

  • Net banking income reached €30.8 million, up 28% year‑on‑year;
  • Gross operating income rose to €13.3 million, an increase of 69%;
  • Net income doubled to €10.8 million;
  • The cost‑to‑income ratio improved to 64.4%.

Enhanced financial strength and market attractiveness

AFL benefits from a particularly robust financial structure, underpinned by a Tier 1 ratio of 68.71% and a very low cost of risk, at 1.26 basis points. Liquidity remains at a very high level, with a Liquidity Coverage Ratio (LCR) of 485%.

The AFL’s attractiveness in capital markets was once again confirmed in 2025. AFL raised €2.2 billion through 21 transactions, with an average issuance spread reduced to 15.6 basis points above French government bonds (OATs).

Key figures – FY 2025

1271
LOCAL GOVERNMENTS SHAREHOLDERS
€356 MILLION
IN COMMITTED CAPITAL
€10.7 BILLION
IN OUTSTANDING LOANS
€2.2 BILLION
RAISED ON CAPITAL MARKETS
€30.8 MILLION
IN NET BANKING INCOME
€10.8 MILLION
IN NET INCOME
Annual reports, accounts and press release 2025
Press release – AFL FY 2025 results – 2025/12/31
AFL annual report – Financial results – 2025/12/31
AFL-ST annual report – Financial results – 2025/12/31
AFL sustainability report - 2025/12/31