Peter Axmann, Co-Head of Commercial Real Estate

Stefan Hoenen, Co-Head of Commercial Real Estate

``In the still challenging commercial real estate market, we are concentrating on our core strengths in the German market and are having a focused approach.”

Real Estate

■ Highly recognized German real estate specialist with strong market and client coverage – franchise has view on ~1/3 of all new German CRE lending opportunities ■ Financing of existing properties, refurbishments and developments ■ Positioning to grow as ESG transition leader given expertise in refurbishments and developments ■ HCOB differentiation through tailored offerings and entrepreneurial view on value-add deals ■ Experienced market specialists with deep CRE expertise & experience enable above market risk-adjusted returns

Financials1

in € mn

H1 2025
H1 2024
Total Income
109
98
Loan loss provisions
-36
-50
OpEx & regulatory costs
-49
-46
Net income after taxes
16
2
NIM in bps
250
252
Risk costs (loan loss prov.– %)2
-0.99
-1.29
CIR in %
44
46
RoE³ in %
4.6
0.4
Gross new business in bn €
0.2
0.3

1) For further details on P&L please refer to the Segment Reporting 2) Risk Costs (LLP / avg. b/s) 3) RoE after taxes based on a 15%-ratio of invested CET1 capital as reported

Rating

distribution in %

H1 2025

YE 2024

Investment Grade

0.0
0.1

6-9

0.3
0.2

10-15

0.5
0.8

Default

0.1
0.8
See portfolio details