<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<!--
  This file is part of the Dutch Taxonomy (Nederlandse Taxonomie; NT)
  Intellectual Property of the State of the Netherlands
  Architecture: NT21
  Version: 20261209.a
  Release date: April, 2026
-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="rj-cp-i_PurchaseInvestmentProperties_negatedLabel_fr" xlink:label="rj-cp-i_PurchaseInvestmentProperties_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Acquisition des immeubles de placement</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentOtherMutations_negatedLabel_fr" xlink:label="rj-cp-i_LiabilitiesNoncurrentOtherMutations_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Autres changements</link:label>
    <link:label id="rj-cp-i_NoncurrentOtherRepayments_negatedLabel_fr" xlink:label="rj-cp-i_NoncurrentOtherRepayments_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Autres remboursements/réductions</link:label>
    <link:label id="rj-cp-i_InvestmentPropertiesValueChange_negatedLabel_fr" xlink:label="rj-cp-i_InvestmentPropertiesValueChange_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Changements de valeur</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentRepaymentObligation_negatedLabel_fr" xlink:label="rj-cp-i_LiabilitiesNoncurrentRepaymentObligation_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">De : obligation de remboursement l'année prochaine</link:label>
    <link:label id="rj-cp-i_InvestmentPropertiesDecommissioning_negatedLabel_fr" xlink:label="rj-cp-i_InvestmentPropertiesDecommissioning_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Démantèlement et élimination</link:label>
    <link:label id="rj-cp-i_NoncurrentRefundedDeposits_negatedLabel_fr" xlink:label="rj-cp-i_NoncurrentRefundedDeposits_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Dépôts de garantie remboursés</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentReleaseSharePremium_negatedLabel_fr" xlink:label="rj-cp-i_LiabilitiesNoncurrentReleaseSharePremium_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Libération des prêts à prime</link:label>
    <link:label id="rj-cp-i_EquityDirectlyBusinessDivestitures_negatedLabel_fr" xlink:label="rj-cp-i_EquityDirectlyBusinessDivestitures_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Mouvement direct de capitaux propres résultant de cessions d'entreprises</link:label>
    <link:label id="rj-cp-i_EquityDirectlyImpairment_negatedLabel_fr" xlink:label="rj-cp-i_EquityDirectlyImpairment_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Mouvement direct de capitaux propres résultants de dépréciations</link:label>
    <link:label id="rj-cp-i_PaymentsSuppliers_negatedLabel_fr" xlink:label="rj-cp-i_PaymentsSuppliers_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Paiement des fournisseurs</link:label>
    <link:label id="rj-cp-i_FinancialAssetsPaymentsRepayments_negatedLabel_fr" xlink:label="rj-cp-i_FinancialAssetsPaymentsRepayments_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Paiements/rachats</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentPayments_negatedLabel_fr" xlink:label="rj-cp-i_LiabilitiesNoncurrentPayments_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Paiements</link:label>
    <link:label id="rj-cp-i_EquityDecreaseInValueReleaseRevaluation_negatedLabel_fr" xlink:label="rj-cp-i_EquityDecreaseInValueReleaseRevaluation_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Publication des réévaluations</link:label>
    <link:label id="rj-cp-i_EquityRealisationRevaluation_negatedLabel_fr" xlink:label="rj-cp-i_EquityRealisationRevaluation_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Réalisation de la réévaluation</link:label>
    <link:label id="rj-cp-i_NoncurrentDecreaseRepurchaseObligation_negatedLabel_fr" xlink:label="rj-cp-i_NoncurrentDecreaseRepurchaseObligation_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Réductions dues aux rachats</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_negatedLabel_fr" xlink:label="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Transfert au passif courant</link:label>
    <link:label id="rj-cp-i_InvestmentPropertiesTransfersDelivery_negatedLabel_fr" xlink:label="rj-cp-i_InvestmentPropertiesTransfersDelivery_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Transferts vers des biens immobiliers en exploitation (livraison)</link:label>
    <link:label id="rj-cp-i_NoncurrentValueChangeRepurchaseObligation_negatedLabel_fr" xlink:label="rj-cp-i_NoncurrentValueChangeRepurchaseObligation_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Variation de la valeur de l'obligation de rachat</link:label>
    <link:label id="rj-cp-i_LiabilitiesNoncurrentBalance_negatedLabel_fr" xlink:label="rj-cp-i_LiabilitiesNoncurrentBalance_negatedLabel_fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="fr">Équilibre</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_EquityDecreaseInValueReleaseRevaluation_loc" xlink:to="rj-cp-i_EquityDecreaseInValueReleaseRevaluation_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_EquityDirectlyBusinessDivestitures_loc" xlink:to="rj-cp-i_EquityDirectlyBusinessDivestitures_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_EquityDirectlyImpairment_loc" xlink:to="rj-cp-i_EquityDirectlyImpairment_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_EquityRealisationRevaluation_loc" xlink:to="rj-cp-i_EquityRealisationRevaluation_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_FinancialAssetsPaymentsRepayments_loc" xlink:to="rj-cp-i_FinancialAssetsPaymentsRepayments_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_InvestmentPropertiesDecommissioning_loc" xlink:to="rj-cp-i_InvestmentPropertiesDecommissioning_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_InvestmentPropertiesTransfersDelivery_loc" xlink:to="rj-cp-i_InvestmentPropertiesTransfersDelivery_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_InvestmentPropertiesValueChange_loc" xlink:to="rj-cp-i_InvestmentPropertiesValueChange_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_LiabilitiesNoncurrentBalance_loc" xlink:to="rj-cp-i_LiabilitiesNoncurrentBalance_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_LiabilitiesNoncurrentOtherMutations_loc" xlink:to="rj-cp-i_LiabilitiesNoncurrentOtherMutations_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_LiabilitiesNoncurrentPayments_loc" xlink:to="rj-cp-i_LiabilitiesNoncurrentPayments_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_LiabilitiesNoncurrentReleaseSharePremium_loc" xlink:to="rj-cp-i_LiabilitiesNoncurrentReleaseSharePremium_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_LiabilitiesNoncurrentRepaymentObligation_loc" xlink:to="rj-cp-i_LiabilitiesNoncurrentRepaymentObligation_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_loc" xlink:to="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_NoncurrentDecreaseRepurchaseObligation_loc" xlink:to="rj-cp-i_NoncurrentDecreaseRepurchaseObligation_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_NoncurrentOtherRepayments_loc" xlink:to="rj-cp-i_NoncurrentOtherRepayments_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_NoncurrentRefundedDeposits_loc" xlink:to="rj-cp-i_NoncurrentRefundedDeposits_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_NoncurrentValueChangeRepurchaseObligation_loc" xlink:to="rj-cp-i_NoncurrentValueChangeRepurchaseObligation_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_PaymentsSuppliers_loc" xlink:to="rj-cp-i_PaymentsSuppliers_negatedLabel_fr" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rj-cp-i_PurchaseInvestmentProperties_loc" xlink:to="rj-cp-i_PurchaseInvestmentProperties_negatedLabel_fr" xlink:type="arc"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_EquityDecreaseInValueReleaseRevaluation" xlink:label="rj-cp-i_EquityDecreaseInValueReleaseRevaluation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_EquityDirectlyBusinessDivestitures" xlink:label="rj-cp-i_EquityDirectlyBusinessDivestitures_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_EquityDirectlyImpairment" xlink:label="rj-cp-i_EquityDirectlyImpairment_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_EquityRealisationRevaluation" xlink:label="rj-cp-i_EquityRealisationRevaluation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_FinancialAssetsPaymentsRepayments" xlink:label="rj-cp-i_FinancialAssetsPaymentsRepayments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_InvestmentPropertiesDecommissioning" xlink:label="rj-cp-i_InvestmentPropertiesDecommissioning_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_InvestmentPropertiesTransfersDelivery" xlink:label="rj-cp-i_InvestmentPropertiesTransfersDelivery_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_InvestmentPropertiesValueChange" xlink:label="rj-cp-i_InvestmentPropertiesValueChange_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_LiabilitiesNoncurrentBalance" xlink:label="rj-cp-i_LiabilitiesNoncurrentBalance_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_LiabilitiesNoncurrentOtherMutations" xlink:label="rj-cp-i_LiabilitiesNoncurrentOtherMutations_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_LiabilitiesNoncurrentPayments" xlink:label="rj-cp-i_LiabilitiesNoncurrentPayments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_LiabilitiesNoncurrentReleaseSharePremium" xlink:label="rj-cp-i_LiabilitiesNoncurrentReleaseSharePremium_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_LiabilitiesNoncurrentRepaymentObligation" xlink:label="rj-cp-i_LiabilitiesNoncurrentRepaymentObligation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent" xlink:label="rj-cp-i_LiabilitiesNoncurrentTransferToLiabilitiesCurrent_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_NoncurrentDecreaseRepurchaseObligation" xlink:label="rj-cp-i_NoncurrentDecreaseRepurchaseObligation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_NoncurrentOtherRepayments" xlink:label="rj-cp-i_NoncurrentOtherRepayments_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_NoncurrentRefundedDeposits" xlink:label="rj-cp-i_NoncurrentRefundedDeposits_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_NoncurrentValueChangeRepurchaseObligation" xlink:label="rj-cp-i_NoncurrentValueChangeRepurchaseObligation_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_PaymentsSuppliers" xlink:label="rj-cp-i_PaymentsSuppliers_loc" xlink:type="locator"/>
    <link:loc xlink:href="rj-cp-data.xsd#rj-cp-i_PurchaseInvestmentProperties" xlink:label="rj-cp-i_PurchaseInvestmentProperties_loc" xlink:type="locator"/>
  </link:labelLink>
</link:linkbase>
