Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — H1 2024 Earnings Presentation
67 slides from Deutsche Pfandbriefbank's earnings presentation, Aug 14, 2024
Slide 1: Results Q2/H1 2024 - Analyst Presentation
Results Q2/H1 2024 - Analyst Presentation 14 August 2024
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe for or purchase any securities in any jurisdiction, including any jurisdiction of the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an available exemption from reg
Slide 3: Key Messages
KEY MESSAGES Pre-tax profit of € 47 mn in H1/24 due to robust operating performance € 150 mn pre-provision profit up by ~47% supported by NII (+14%) New business € 1.9 bn focused on favourable risk/return profile with ~240 bp gross interest margin € 103 mn risk provisioning remains elevated, reflect
Slide 4: Agenda
1. Highlights H1/24 and P&L 2. Portfolio Quality Focus AGENDA USA Development Germany 3. Funding 4. Capital & Balance Sheet Management 5. Economic Outlook & Summary 6. Appendix Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 4
Slide 5: Highlights 6M/24
HIGHLIGHTS 6M/24 Robust operating income, strong new business margin, solid capitalisation PBT of € 47 mn supported by robust operating PBT Operating income performance Operating income compensates for expected € 47 mn € 278 mn elevated level of risk provisioning (H1/23: € 81 mn) (H1/23: € 259 m
Slide 6: Operating & Financial Overview: New business with strong margins
OPERATING & FINANCIAL OVERVIEW New business with strong margins and focus on risk/return profile REF new business REF portfolio € bn (commitments, incl. extensions > 1 yr.) € bn (financing volume) ~200 bp ~240 bp New business with focus 31.1 REF portfolio decreased, 29.8 on risk/return profile m
Slide 7: Robust operating income – risk provisioning on elevated level
OPERATING & FINANCIAL OVERVIEW Robust operating income – risk provisioning on elevated level, as expected Operating income NII/NCI General admin. expenses Personnel € mn (IFRS) Realisation & other income € mn (IFRS) Non-personnel 278 NII/NCI up y-o-y, Inflationary cost pressure 259 123 115 29 be
Slide 8: Operating income: Pre-provision profit up by 47%
OPERATING INCOME Pre-provision profit up by 47% y-o-y Operating income Realisation income € mn (IFRS) Quarterly view H1/24: € mn (IFRS) Others 344 Prepayment fees -2 Asset sales 34 278 Derecognition of 2 7 259 43 time barred liabilities 35 4 42 146 132 267 249 € 35 mn 218 23 12 126 123 -1 -6 -3 -3 H
Slide 9: Risk costs remain elevated, but below peak levels
RISK COSTS Risk costs remain elevated, but below peak levels in H2/23, as expected Net income from risk provisioning H1/24 € mn (IFRS) Quarterly view € mn (IFRS) Stage 1&21 -5 7 Stage 1&2 Stage 3 1 3 -3 -10 Other2 -16 0 -21 -37 -63 -100 0 -47 0 Other -2 -2 Germany -195 0 -56 -103 € -3 mn -191 0 H1/2
Slide 10: Active NPL management leads to reduction in loss allowances
RISK COSTS Active NPL management leads to reduction in loss allowances Balance sheet – loss allowances H1/24 € mn € mn (IFRS) Other Germany REF coverage 189 bp 199 bp 185 bp Stage 1&2 14 18 UK 589 623 20 39 539 41 134 142 33 119 € 152 mn Stage 1 414 442 387 Stage 2 USA Stage 3 (incl. € 9 mn 101 mgmt
Slide 11: Agenda
1. Highlights H1/24 and P&L 2. Portfolio Quality Focus AGENDA USA Development Germany 3. Funding 4. Capital & Balance Sheet Management 5. Economic Outlook & Summary 6. Appendix Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 11
Slide 12: REF Portfolio Performing: Portfolio reduced by portfolio transaction
REF PORTFOLIO PERFORMING Portfolio reduced, mainly by portfolio transaction Performing Portfolio Performing REF portfolio reduced by € ~2.3 bn in Q2/24 through € bn (EaD, Basel III) 31.5 31.3 Portfolio transaction (€ 0.9 bn) 29.0 Transfer to NPL (€ 0.2 bn) Repayments & others (€ 1.2 bn) Po
Slide 13: REF Portfolio NPL: Reduction of NPL portfolio
REF PORTFOLIO NPL Successful active NPL management leads to reduction of NPL portfolio NPL Portfolio Reduction of NPL portfolio by € -46 mn benefitting from ongoing active € mn (EaD, Basel III) NPL management in Q2/24 Additions driven by 4 US office loans -1 1,516 +35 -91 1,628 +243 -287 1,582
Slide 14: Focus USA Performing: Portfolio de-risked by € 1.1 bn
FOCUS: USA PERFORMING Portfolio de-risked by € 1.1 bn (-24%) Performing Portfolio Performing US portfolio reduced by € ~1.1 bn in Q2/24 through € bn (EaD, Basel III) Portfolio transaction (€ 0.5 bn) 4.5 4.6 Transfer to NPL (€ 0.2 bn) Repayments & others (€ 0.4 bn) 3.5 Full focus on risk mi
Slide 15: Focus USA NPL: Ongoing pressure on valuations
FOCUS: USA NPL Ongoing pressure on valuations resulted in 4 new NPLs – partially compensated by 3 restructured/repaid loans Non-Performing Portfolio 4 new office NPLs (€ 243 mn) in Q2/24, largely West Coast and Chicago € mn (EaD, Basel III) Additions mitigated by ongoing active NPL management in
Slide 16: Focus Development Portfolio further reduced
FOCUS: DEVELOPMENT PORTFOLIO Portfolio further reduced by € 0.5 bn (-17%) – no new NPLs in Q2/24 Portfolio Performing Phase Portfolio reduced by € 0.5 bn in Q2/24 € bn (EaD, Basel III) Non-performing 30/06/2024 (commitments, Basel III) 6 loans repaid/transferred to investment loans 3.2 3.0 24 lo
Slide 17: Focus Germany Performing: High portfolio quality
FOCUS: GERMANY PERFORMING High portfolio quality – well diversified, senior lending portfolio with ~80% of loans collateralised at LTV ≤50% Performing Portfolio Performing German portfolio reduced by € ~0.5 bn through repayments € bn (EaD, Basel III) and others 13.8 13.6 13.1 German CRE portfoli
Slide 18: Agenda
1. Highlights H1/24 and P&L 2. Portfolio Quality Focus AGENDA USA Development Germany 3. Funding 4. Capital & Balance Sheet Management 5. Economic Outlook & Summary 6. Appendix Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 18
Slide 19: Funding and Liquidity: Strong liquidity position
FUNDING AND LIQUIDITY Strong liquidity position to be actively managed going forward Funding well ahead of 2024 plan € 2 bn Pfandbrief funding year-to-date well ahead of LCR NSFR 2024 needs Growth of retail deposits peaked at € 8.1 bn in H1/24 Current volume of € 8.0 bn (07/24) well exceeds ne
Slide 20: Capital market funding focused on Pfandbrief
FUNDING AND LIQUIDITY Capital market funding focused on Pfandbrief New long-term funding1 € bn 3M/24: 6M/24: Pfandbrief funding well ahead of 2024 needs 6M/23: € 1.4 bn € 0.8 bn ytd: € 2.0 bn € 1.2 bn Markets open for public issues and private placements – Spread 19 210 65 63 63 - € 450 mn taps
Slide 21: Retail deposit growth exceeding unsecured funding needs
RETAIL DEPOSITS Retail deposit growth exceeding unsecured funding needs Retail Deposits – development & maturity profile1 € bn Growth of retail deposits peaked at € 8.1 bn in H1/24 WAL Current volume of € 8.0 bn (07/24) well exceeds needs 3.6 yrs Focus in H2/24 on aligning deposit volume with
Slide 22: Funding and Liquidity: Shift focus to cost optimisation
FUNDING AND LIQUIDITY Shift focus to cost optimisation 3Y Pfandbrief vs. Midswaps 100 Benchmark Benchmark tap 90 Pfandbrief 80 Successful 3Y Pfandbrief benchmark issued at +58 bp end of bps January 2024 70 Due to pre-funding no issuance in February/March volatility 60 Acceleration of funding i
Slide 23: Agenda
1. Highlights H1/24 and P&L 2. Portfolio Quality Focus AGENDA USA Development Germany 3. Funding 4. Capital & Balance Sheet Management 5. Economic Outlook & Summary 6. Appendix Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 23
Slide 24: Capital: Start into transitional period – CET 1 ratio of 14%
CAPITAL Start into transitional period – CET 1 ratio of 14% delivered as guided Basel III: capital and leverage ratios Transition into Basel IV F-IRBA started – for transitional period, (IFRS) Transitional period models calibrated towards standardised risk parameters – no further downside risk on
Slide 25: Pro-active management of pbb's balance sheet
BALANCE SHEET MANAGEMENT Pro-active management of pbb’s balance sheet Portfolio transaction in May 2024 – sale of € 0.9 bn performing Portfolio transaction (€ bn, financing volume) loan portfolio, RWA relief of € 0.7 bn Active REF 0.9 0.9 Transaction targets to improve REF portfolio RoE and to P
Slide 26: Agenda
1. Highlights H1/24 and P&L 2. Portfolio Quality Focus AGENDA USA Development Germany 3. Funding 4. Capital & Balance Sheet Management 5. Economic Outlook & Summary 6. Appendix Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 26
Slide 27: External Market View
EXTERNAL MARKET VIEW “Number of transactions above “Outlook: Investment market will 100 million euros increases again.” slowly increase transaction “There are no vacancies in core volume at the end of the year.” (Jones Lang Lasalle, Germany Investment Market properties in top locations and therefore
Slide 28: Office markets: Turning point seems to be in reach
OFFICE MARKETS Turning point seems to be in reach for all office markets European Office market – prime yields US Office market – cap rates forecast 10% 10% forecast 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4% 4% 3% 3% 2% 2% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2020 2021 2022 2023 2024 2025 2026 2027 2
Slide 29: Guidance 2024: pbb on track to meet its targets
GUIDANCE 2024 pbb on track to meet its targets New business (incl. extensions > 1 year) € 6-7 bn REF Portfolio Financing volume € 30-31 bn Operating Income € 525-550 mn thereof: NII + NCI € 475-500 mn P&L LLPs << 2023 CIR ~50% Pre-tax profit >> 2023 Profitability RoE/RoCET1 after taxes >> 2023 Capit
Slide 30: Focus on Profitability – Capital Markets Day 2024
FOCUS ON PROFITABILITY CAPITAL MARKETS DAY 2024 10th of October 2024 Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 30
Slide 31: Agenda
1. Highlights H1/24 and P&L 2. Portfolio Quality Focus AGENDA USA Development Germany 3. Funding 4. Capital & Balance Sheet Management 5. Economic Outlook & Summary 6. Appendix Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 31
Slide 32: pbb's Leadership Team
PBB‘s LEADERSHIP TEAM Extensive experience Kay Wolf Marcus Schulte Thomas Köntgen Andreas Schenk Dr. Pamela Hoerr Chief Executive Officer Chief Financial Officer Deputy-CEO & Chief Risk Officer pbb invest, & Treasurer Real Estate Finance HR & ESG Member of the Management CFO since December 2023,
Slide 33: Appendix
1. Financials & Outlook 2. REF New Business APPENDIX 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 33
Slide 34: Key Figures pbb Group
KEY FIGURES pbb Group Income statement (€ mn) 2022 Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24 Q2/24 H1/24 Net interest income 489 106 110 132 134 482 125 121 246 Net fee and commission income 8 1 1 1 0 3 1 2 3 Net income from fair value measurement 20 1 -1 2 -2 0 -3 -1 -4 Net income from realisations 15 14
Slide 35: Key Figures Real Estate Finance (REF)
KEY FIGURES Real Estate Finance (REF) Income statement (€ mn) 2022 Q1/233 Q2/233 Q3/233 Q4/233 20233 Q1/24 Q2/24 H1/24 Net interest income 420 97 101 118 121 437 116 113 229 Net fee and commission income 8 1 1 2 0 4 1 3 4 Net income from fair value measurement 14 0 -1 2 -1 0 -2 -1 -3 Net income from
Slide 36: Key Figures Non-Core (PIF & VP)
KEY FIGURES Non-Core (PIF & VP) Income statement (€ mn) 2022 Q1/233 Q2/233 Q3/233 Q4/233 20233 Q1/24 Q2/24 H1/24 Net interest income 67 9 9 14 13 45 9 8 17 Net fee and commission income 0 0 0 -1 0 -1 0 -1 -1 Net income from fair value measurement 6 1 0 0 -1 0 -1 0 -1 Net income from realisations -1
Slide 37: Balance Sheet
BALANCE SHEET Balance sheet IFRS, € bn Assets 30/06/24 31/12/23 Liabilities & equity 30/06/24 31/12/23 Financial assets at fair value through P&L 1.0 0.9 Financial liabilities at fair value through P&L 0.8 0.7 thereof thereof Positive fair values of stand-alone derivatives 0.5 0.5 Negative fair valu
Slide 38: Appendix
1. Financials & Outlook 2. REF New Business APPENDIX 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 38
Slide 39: REF New Business: Selective new business volume
REF NEW BUSINESS Selective new business volume with margins on elevated level Volume of strategic REF portfolio in € bn Strategic REF portfolio down ytd and q-o-q, mainly through (financing volume) portfolio transaction (€ -0.9 bn) and repayments -€ 1.3 bn Avg. portfolio margin further up Sele
Slide 40: REF New Business: Diversification supports management of the cycle
REF NEW BUSINESS Diversification supports management of the cycle As of 30/06/24 Regions Property types Mixed use/ Other Hotel <1% other 3% 12% Logistics/ Nordics € 1.9 bn Germany storage 9% 35% 26% CEE 5% 44% Office New business (commitments, incl. 16% extensions > 1 year) 13% USA 0% Retail 24% 14%
Slide 41: Appendix
1. Financials & Outlook 2. REF New Business APPENDIX 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 41
Slide 42: Portfolio: Total portfolio
PORTFOLIO Total portfolio Regions (EaD, Basel III ) 31/12/2023 / Total: € 51.3 bn 30/06/2024 / Total: € 45.8 bn Czech Republic 1% Czech Republic 1% Other Rest of World 1% Finland 1% Other Rest of World 1% Finland 1% Sweden 2% Hungary < 1% Sweden 3% Hungary < 1% Spain 1% Spain 1% Italy 3% Italy 3% 3%
Slide 43: Portfolio: Real Estate Finance (REF)
PORTFOLIO Real Estate Finance (REF) Regions Property types 31/12/2023: € 33.0 bn 30/06/2024: € 30.6 bn 31/12/2023: € 33.0 bn 30/06/2024: € 30.6 bn Mixed use 1% Mixed use 1% Austria 1% Other Europe Austria 1% Other Europe Hotel 3% Other 1% Hotel 3% Other 1% Czech Republic 2% Czech Republic 2% Retail
Slide 44: REF Portfolio LTV development reflects market environment
REF PORTFOLIO LTV development reflects market environment LTV – Regions LTV – Property types (€ bn, commitments, Basel III)1 (€ bn, commitments, Basel III)1 Avg. LTV Avg. LTV 06/23: 51% / 12/23: 53% / 06/24: 55% 06/23: 51% / 12/23: 53% / 06/24: 55% 66% 55% 62% 59% 60% 53% 56% 56% 56% 52% 57% 56% 57%
Slide 45: REF Portfolio – LTV Cluster
REF PORTFOLIO – LTV CLUSTER1 LTV development reflects market environment Total REF portfolio Office (€ mn, commitments, Basel III) Avg. LTV1: 06/23: 51% / 12/23: 53% / 06/24: 55% (€ mn, commitments, Basel III) Avg. LTV1: 06/23: 51% / 12/23: 56% / 06/24: 59% Volume € bn: 06/23: 27.6 / 12/23: 28.6 / 0
Slide 46: REF Portfolio Sub-segments
REF PORTFOLIO Sub-segments Property Regions Evaluation of current situation Challenges Risk positioning Office demand in Europe is still relatively weak as Cooling of tenant market due to overall economic Focus on good locations in main European a result of both the economic cycle and longer s
Slide 47: REF Portfolio Sub-segments
REF PORTFOLIO Sub-segments Property Regions Evaluation of current situation Challenges Risk positioning Lower inflation helps stabilise real incomes and Short Term: threats to income stability as well as Selective approach with consequent mitigating declines in sales volumes. Occupier decreasi
Slide 48: REF Portfolio Sub-segments
REF PORTFOLIO Sub-segments Property Regions Evaluation of current situation Challenges Risk positioning E-commerce and the need for more resilient Monoline logistics centres depending on Strategic approach; expert team since 2014; supply chains is still driving occupier demand, particular clie
Slide 49: Focus: Office Performing
FOCUS: OFFICE PERFORMING Office portfolio well diversified by regions with US share of 20% Portfolio Performing Office portfolio reduced by € ~1.4 bn through € bn (EaD, Basel III) Portfolio transaction (€ 0.3 bn) 15.9 16.0 Transfer to NPL (€ 0.2 bn) 14.6 Repayments & others (€ 0.9 bn) Euro
Slide 50: Focus: Office NPL
FOCUS: OFFICE NPL Pressure on office NPL portfolio only from US loans Non-Performing Portfolio 4 new office NPLs (€ 243 mn) in Q2/24, all US € mn (EaD, Basel III) Active management of NPL portfolio ongoing in Q2/24 +3 1 loan (€ 45 mn) restructured +243 -162 962 2 loans (€ 117 mn) repaid +15
Slide 51: NPL Portfolio: Decrease in Q2/24
NPL PORTFOLIO Decrease in Q2/24 – active restructuring/work-out ongoing Geographical breakdown Breakdown by property type € mn (EaD, Basel III) € mn (EaD, Basel III) 1,648 1,602 1,648 1,602 1,535 1,535 168 156 164 230 194 199 350 187 339 Others & Guaranteed 374 253 436 364 Others 441 Hotel France 40
Slide 52: Portfolio Non-Core Unit (PIF & VP)
PORTFOLIO Non-Core Unit (PIF & VP) Regions Borrower classification1 31/12/2023: € 13.2 bn 30/06/2024: € 11.9 bn 31/12/2023: € 13.2 bn 30/06/2024: € 11.9 bn Supranational 1% Supranational 1% Finland <1% Other Europe 3% Finland <1% Other Europe 3% Financial Institution 2% Corporation 1% Financial Inst
Slide 53: Portfolio Consolidation and Adjustments (C&A)
PORTFOLIO Consolidation and Adjustments (C&A) Regions Borrower classification2 Internal ratings (EL classes) 31/12/2023: € 5.1 bn 31/12/2023: € 5.1 bn 31/12/2023: € 5.1 bn Sweden <1% Other Europe UK <1% Other Rest of World Supra Corporation 2% 6-8 USA <1% <1% 8% Financial 8% Poland 1% 7% Italy 3% In
Slide 54: Appendix
1. Financials & Outlook 2. REF New Business APPENDIX 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 54
Slide 55: Funding and Liquidity: Diversified funding base
FUNDING AND LIQUIDITY Diversified funding base Diversified Funding Base Unsecured Funding 30/06/2024: € bn, nominal values 4.1 18% 26% 40% 44% 0.5 48% 2.3 14.6 82% 74% 60% 56% 6.4 52% € 44.5 bn 12/19 12/22 12/23 03/24 06/24 Retail Deposits Wholesale Unsecured 8.1 6.6 1.9 Over 50% resilient secured
Slide 56: Mortgage Cover Pool
MORTGAGE COVER POOL Diversification by countries and property types Mortgage Cover Pool Regions Property types Key metrics Spain 1.6% Switzerland 0.3% Austria 1% Italy 0.4% Benelux Nordic countries 4% Other Mortgage cover pool (nominal) 30/06/2024 6% € 15.2 bn 24% Pfandbriefe outstanding CEE Cover f
Slide 57: Pfandbrief Cover Pool: ISC and Mortgage Lending Value
PFANDBRIEF COVER POOL ISC and the effect of the Mortgage Lending Value – very simplified example! Interest Service Cover Loan-to-Value Ratio (explanatory calculation for existing loans) Loan Valuation Refinancing MV € 100 mn € 4.0 mn rent p.a. at 4% property yield Borrower’s Difference results in a
Slide 58: Funding: Own Funds and Eligible Liabilities exceed requirements
FUNDING Own Funds and Eligible Liabilities exceed regulatory requirements € bn Buffer for Senior Preferred (SP) MREL2 Composition of Rundown investors due to high volume of (30/06/2024) Liabilities capital instruments and Senior (30/06/2024) Non-Preferred (SNP) liabilities Existing Senior Non-Pr
Slide 59: Funding: Public benchmark issuances since 2020
FUNDING Public benchmark issuances since 2020 Types WKN Launch Date Maturity Date Size Spread1 Coupon Issue/Reoffer Price Mortgage Pfandbrief A2YNVY 14.01.2020 21.01.2028 € 750 mn +5 bp 0.10% 99.992% Mortgage Pfandbrief (2nd Tap) A1X3LT 15.01.2020 21.01.2022 € 150 mn 0 bp 1.875% 104.36% Mortgage Pfa
Slide 60: Mandated Ratings
MANDATED RATINGS Bank ratings S&P Long-term BBB- Outlook/Trend Negative Short-term A-3 1 Stand-alone rating bb+ Long Term Debt Ratings “Preferred” senior unsecured Debt2 BBB- “Non-preferred” senior unsecured Debt3 BB- Subordinated Debt B+ Pfandbrief ratings Moody’s Mortgage Pfandbrief Aa1 Public Sec
Slide 61: Appendix
1. Financials & Outlook 2. REF New Business APPENDIX 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Results H1/24 (IFRS, pbb Group, unaudited, but reviewed), 14 August 2024 / © Deutsche Pfandbriefbank AG 61
Slide 62: ESG Programme provides for holistic approach
ESG ESG Programme provides for holistic approach ESG Programme ESG at core of pbb’s strategy: pbb can help to reduce the real estate sector`s significant CO2 impact Green finance bank and transformation partner Current KPIs set initial roadmap for establishing green products, science-based d
Slide 63: pbb continues to execute on its ESG strategy
ESG pbb continues to execute on its strategy P P 2021: 2017: 2020: P Holistic organisational set-up of 1st Non-financial Report Introduction of Green ESG Programmme (NFRD) Bond Framework Introduction of green building Focus on scoring model & pbb Green Loan Transparency of Framework pbb‘s portfolio
Slide 64: Green Loan Framework criteria
GREEN LOAN pbb Green Loan Framework aligned with current regulatory and market developments – specific metrics defined for each criterion pbb Scoring Model EU Taxonomy MAX SCORE: 100 Points III. Additional Sustainability I. Energy Efficiency II. Building Certification Factors Energy demand/-consum
Slide 65: Continued progress in sustainable finance activities
ESG Continued progress in sustainable finance activities Green share of REF portfolio1 (commitments, green loan eligible assets, %) 80% of REF portfolio scored – scoring of remaining portfolio ongoing Green share of total REF portfolio currently at 25% resp. 30% € 7.6 bn (32% based on scored por
Slide 66: Definition of Borrower Classifications
DEFINITION OF BORROWER CLASSIFICATIONS Borrower classification Definition Sovereign Direct and indirect obligations of Central Governments, Central Banks and National Debt Agencies Sovereign (related) Indirect obligations of Non Sovereigns with an explicit first call guarantee by a Sovereign Regiona
Slide 67: Contact Details
CONTACT DETAILS Grit Beecken Axel Leupold Head of Communications, Marketing and Investor Relations Investor Relations/Rating Agency Relations +49 (0)89 2880 28787 +49 (0)89 2880 23648 grit.beecken@pfandbriefbank.com axel.leupold@pfandbriefbank.com Michael Heuber Head of Investor Relations/Rating Age
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