"Property expertise and leasing performance count twice in commercial real estate financing in this market phase"

Stefan Hoenen, Co-Head of Commercial Real Estate

Real Estate

Markets

■ Active in all major CRE subsegments in Germany ■ No new business in International CRE markets and run-down of existing portfolio over time ■ Focus on investment and refurbishment – positioned to support ESG transition; selective construction finances

Clients

■ Diversified client base spanning SMEs, institutional investors, family offices, PE funds, listed companies and project developers with long-standing client relationships as core franchise business

Expertise

■ Strong asset expertise and tailored structuring capabilities for complex financing needs ■ Relationship-driven client approach through-the-cycle (66% of longstanding clients ≥ 10 years) ■ Lean and transparent processes with high transaction certainty ■ Highly successful account services for residential managers incl. owners' corporations

Portfolio split

Financials1

in € mn

2025
2024
Total Income
191
207
Loan loss provisions
-78
-73
OpEx & regulatory costs
-88
-97
Net income after taxes
17
30
NIM in bps
247
264
Risk costs in bps
-111
-92
CIR in %
45
45
RoE2 in %
2.8
3.9
Gross new business in bn €
0.4
1.0

1) For further details on P&L please refer to the Segment Reporting 2) RoE after taxes based on a 15%-ratio of invested CET1 capital as reported

Rating

EAD distribution in %

YE 2025

YE 2024

AAA - BBB- (IG)

0.2
0.1

BB+ - BB- (6-9)

0.6
0.2

B+ - B (10-12)

0.2
0.8

B- - C (13-15)

0.0
0.0

Default

0.0
0.8
See portfolio details