Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — Q1 2025 Earnings Presentation
74 slides from Deutsche Pfandbriefbank's earnings presentation, May 14, 2025
Slide 1: Analyst Presentation Results Q1/25
ANALYST PRESENTATION Results Q1/25 14 May 2025
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 → Strategy 2027 starts to gain traction → Focus on profitability accretive REF new business as one key element of the path towards 2027 → REIS: Organisational prerequisites created, partner networks and deal pipeline established → Target Operating Model and a new IT infrastructure provi
Slide 4: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 4
Slide 5: Market Sentiment
MARKET SENTIMENT Europe and Germany stabilizing, USA volatile Macro Economics Real Estate Markets 0.2% 91.4 pts € 500 bn +17% -1.85 pts 65% GDP growth in Q1 25 Ifo Business Climate Index infrastructure package in CRE transactions in Q1 25 pbbIX bottoming out (Q1 25) expect growing new business (-0.3
Slide 6: Strategy 2027
STRATEGY 2027 Three key pillars and three key approaches RE FINANCE RE INVESTMENT NON- WHAT? SOLUTIONS SOLUTIONS CORE Diversification and increase in pbb invest and Originate & Value preserving run-down of profitability Cooperate Non-Core portfolio Flexible, international and efficient platform Flex
Slide 7: RE Finance Solutions (REFS)
RE Finance Solutions (REFS) Traction gained on profitability and portfolio diversification REF portfolio size RoTE (new business) → Stable portfolio size at targeted level for 2027 with development portfolio further de-risked → New business focus on profitability and Target volume ~9% diversificatio
Slide 8: RE Investment Solutions (REIS)
RE Investment Solutions (REIS) New division takes care of pbb’s entire off-balance sheet business Originate & Cooperate pbb invest Partner network Deal pipeline Investor network Product pipeline for Established >15 deals >40 with high Whole Loan & (03/25) interest Equity Fund → Organisational set up
Slide 9: Leaner Organisation
LEANER ORGANISATION Leaner organisation provides for higher process and cost efficiency → Cost trajectory remains on track for guided CIR of Senior Production ~50% for 2025, incl. additional savings potential management hub already identified as part of the Strategy 2027 Positions Madrid → Target op
Slide 10: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 10
Slide 11: Operating & Financial Overview: Focus on profitability
OPERATING & FINANCIAL OVERVIEW Focus on profitability REF new business → Selective new business with REF portfolio € bn (financing volume) → In line with Strategy 2027, € bn (commitments, incl. extensions > 1 yr.) strict focus on profitability target level of € ~29 bn → New business volume up by alr
Slide 12: Operating & Financial Overview: Transition into higher profitability
OPERATING & FINANCIAL OVERVIEW Transition into higher profitability Operating income € mn (IFRS) → Balance sheet management in General admin. Expenses € mn (IFRS) → After finalisation of IT 2024 resulting in lower portfolio transformation in 2024, GAE NII/NCI Realisation & other income Personnel Non
Slide 13: Pre-provision profit up q-o-q
OPERATING & FINANCIAL OVERVIEW Pre-provision profit up +15% q-o-q – stable operating income, lower expenses Operating income € mn (IFRS) Operating expenses € mn (IFRS) NII/NCI Realisation income Other income personnel non-personnel Write downs 61% 54% CIR1 43% 146 72 119 63 6 64 23 118 22 5 5 2 7 23
Slide 14: Risk costs minus 45% y-o-y
OPERATING & FINANCIAL OVERVIEW Risk costs minus 45% y-o-y – real estate markets bottoming out Net income from risk provisioning € mn (IFRS) Stage 1&21 Stage 3 Other2 Stage 1&2 € mn (IFRS) Other Germany 1 Other 0 22 Germany -2 7 5 -10 -5 -9 -25 -31 -37 -63 -59 UK 12 UK 0 -30 -26 Q4/24 Q1/25 USA € -5
Slide 15: Loss allowances slightly up due to low usage
OPERATING & FINANCIAL OVERVIEW Loss allowances slightly up due to low usage Balance sheet loss allowances € mn Stage 1&2 € mn (IFRS) Stage 1 Stage 2 Stage 3 Other Other UK 10 Germany Germany 13 8 UK 30 8 30 543 564 39 43 93 81 12/24 03/25 € 132 mn € 124 mn 411 440 84 73 12/24 03/25 USA USA → Stages
Slide 16: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 16
Slide 17: REF Portfolio Performing
REF PORTFOLIO PERFORMING Bottoming out of Real Estate markets also reflects in pbb’s portfolio REF Portfolio € bn (EaD, Basel III, 2025: Basel IV) → REF portfolio de-risked/reduced y-o-y, especially US and German development 54% 55% 56% 56% 56% portfolios Avg. LTV1 -4% Valuation change -8% -6% → Ong
Slide 18: REF Portfolio NPL
REF PORTFOLIO NPL NPL volume slightly down in Q1/25 NPL Portfolio € mn (EaD, Basel III, 2025: Basel IV) → Slight decrease of NPL portfolio of € -16 mn, mainly driven by active NPL management and FX changes +69 → Q1/25 with 1 addition and 4 reductions -536 1,903 1,887 855 +57 -33 -40 1,697 1,516 12 l
Slide 19: Focus: Development Portfolio
FOCUS: DEVELOPMENT PORTFOLIO No new NPL loan with NPL volume managed down Portfolio € bn Phase 31/03/2025 → Improved risk profile in development portfolio (EaD, Basel III, 2025: Basel IV) (commitments, Basel IV) • Portfolio reduced by € 0.2 bn Performing Non-performing • 5 loans repaid/transferred t
Slide 20: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 20
Slide 21: Funding and Liquidity
FUNDING AND LIQUIDITY Resilient and balanced funding strategy – focus on efficient funding Resilient and balanced funding Balanced Funding Retail Deposits → Pfandbriefe as dominant and highly resilient source of funding → Balanced proportion of wholesale unsecured funding and retail deposits → Broad
Slide 22: Funding and Liquidity: 50% of funding plan executed
FUNDING AND LIQUIDITY 50% of the funding plan 2025 already executed – secondary spreads tighter New long-term funding1 Private placements Benchmark issuances Diversified Funding Base € bn 31/03/2025: € bn, nominal values 2023: € 3.3 bn 2024: € 2.5 bn Q1/25: € 1.1 bn Mortgage Pfandbriefe Spread 39 20
Slide 23: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 23
Slide 24: Capital
CAPITAL Basel IV F-IRBA applied since 1st January 2025 Basel IV: capital and leverage ratios (IFRS) → Basel IV F-IRBA applied from 1st January 2025 with CET1 ratio having increased to 15.5% from 14.4% (F-IRBA standardised1) as per 12/24 Transitional • RWA reduction of € 2.7 bn period • EL shortfall
Slide 25: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 25
Slide 26: Summary
SUMMARY → Solid Q1/25 delivered → Transition into higher profitability started following balance sheet optimisation in 2024 → Real Estate markets bottoming out with risk costs having significantly decreased → Strategy 2027 starts to gain traction → Focus on profitability and diversification in RE Fi
Slide 27: Agenda
AGENDA 1. Strategy 2027 and Markets 2. Operating and Financial Overview 3. Portfolio Quality 4. Funding 5. Capital 6. Summary 7. Appendix Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 27
Slide 28: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 28
Slide 29: Key Performance Indicators for 2027
CMD STRATEGY UPDATE Key Performance Indicators for 2027 OPERATING INCOME FEE INCOME CIR € ~600 mn ~10% <45% RoTE1 CAPITAL DISTRIBUTION CET-1 RATIO3 ≥50% 8% >15.5% (incl. share buybacks)2 Note: 1) Return on Tangible Equity (before tax); RoTE excl. deferred taxes, goodwill & other intangible assets 2)
Slide 30: RoTE definition
RoTE definition Return on Tangible Equity (RoTE) Q1/25 Profit before tax1) minus AT1-coupon RoTE € 87 mn1) IFRS equity2) before tax minus AT1-capital2) € 2,968 mn2) 2.9% (IFRS) minus goodwill and other intangible assets2) minus deferred tax income assets2) Net income after tax attributable to shareh
Slide 31: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 31
Slide 32: Guidance 2025
GUIDANCE 2025 New business (incl. extensions > 1 year) € 6.5-7.5 bn REF Portfolio Financing volume € ~29 bn Operating Income € 500-540 mn thereof: NII + NCI € 470-490 mn P&L LLP << 2024 CIR ~50% Pre- tax profit >> 2024 Profitability RoTE before taxes 3.5-4.5% Capitalisation CET 1 ratio (Basel IV F-I
Slide 33: 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 Q3/24 Q4/24 2024 Q1/25 Net interest income 489 106 110 132 134 482 125 121 113 106 465 107 Net fee and commission income 8 1 1 1 0 3 1 2 0 2 5 2 Net income from fair value measurement 20 1 -1 2 -2 0 -3 -1 8 -
Slide 34: Key Figures: Real Estate Finance
KEY FIGURES Real Estate Finance (REF) Income statement (€ mn) 2022 Q1/234 Q2/234 Q3/234 Q4/234 20234 Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Net interest income 420 97 101 118 121 437 116 113 107 102 438 102 Net fee and commission income 8 1 1 2 0 4 1 3 0 2 6 2 Net income from fair value measurement 14 0
Slide 35: Key Figures: Non-Core
KEY FIGURES Non-Core (PIF & VP) Income statement (€ mn) 2022 Q1/234 Q2/234 Q3/234 Q4/234 20234 Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Net interest income 67 9 9 14 13 45 9 8 6 4 27 5 Net fee and commission income 0 0 0 -1 0 -1 0 -1 0 0 -1 0 Net income from fair value measurement 6 1 0 0 -1 0 -1 0 3 -3 -
Slide 36: Balance Sheet
BALANCE SHEET Balance Sheet IFRS, € bn Assets 31/03/25 31/12/24 Liabilities & equity 31/03/25 31/12/24 Financial assets at fair value through P&L 1.4 1.2 Financial liabilities at fair value through P&L 0.6 0.7 thereof thereof Positive fair values of stand-alone derivatives 0.5 0.5 Negative fair valu
Slide 37: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 37
Slide 38: 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 slightly down q-o-q, in line with Strategy 2027 financing volume → Avg. portfolio margin further up → New business volume of € 1.1 bn up by ~55% vs. Q1/24
Slide 39: REF New Business: Diversification
REF NEW BUSINESS Diversification supports management of the cycle As of 31/03/25 Regions Property types Mixed use/ other € 1.1 bn Other Germany Logistics/ 10% storage 30% 30% 11% New business Commitments, 49% Office incl. extensions > 1 year 6% 5% France Nordics 30% 15% 14% Retail CEE USA Mixed use/
Slide 40: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 40
Slide 41: Portfolio: Total portfolio
PORTFOLIO Total portfolio Regions EaD, 2024: Basel III, 2025: Basel IV 31/12/2024 / Total: € 43.9 bn 31/03/2025 / Total: € 42.1 bn Italy 1% Italy 1% Other Rest of World 1% Other Rest of World 1% Finland 1% Finland 1% Czech Republic 1% Czech Republic 2% Hungary < 1% Hungary < 1% Sweden Sweden Spain 3
Slide 42: REF Portfolio Performing
REF PORTFOLIO PERFORMING Portfolio quality remains solid Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing REF portfolio reduced by € 0.4 bn • Repayments & others (€ 0.3 bn, incl. neg. USD-effect of € 0.2 bn) 31.3 • Transfer to NPL (€ 0.1 bn) 27.8 27.4 → Portfolio quality remai
Slide 43: Focus: USA Performing
FOCUS: USA PERFORMING Portfolio reduced by € 1.4 bn y-o-y Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing US portfolio reduced by € 0.1 bn in Q1/25 through FX-effects, no Transfer to NPL 4.6 → Full focus on risk mitigation in existing portfolio → 100% of the portfolio reviewe
Slide 44: Focus: USA NPL
FOCUS: USA NPL Stabilisation of US NPL portfolio Non-Performing Portfolio € mn (EaD, Basel III, 2025: Basel IV) → Focus on NPL management pays off • No new addition in Q1/25 • Volume decrease due to FX-effects -12 • Furthermore, the previously reported US loans (€ 190 mn, reduced by € 10 mn -353 mai
Slide 45: Focus: Germany Performing
FOCUS: GERMANY PERFORMING Well diversified, high quality portfolio Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing German portfolio reduced by € 0.1 bn in Q1/25 through transfer of 1 loan to NPL (1 German office loan € 57 mn) 13.6 → German CRE portfolio well diversified by re
Slide 46: Focus: Office Performing
FOCUS: OFFICE PERFORMING Office portfolio well diversified by regions with US share of 20% Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing Office portfolio reduced by € 0.2 bn through • Repayments & others (€ 0.1 bn, incl. neg. USD-effect of € 0.1 bn) 16.0 • Transfer to NPL (
Slide 47: Focus: Office NPL
FOCUS: OFFICE NPL Pressure on office NPL portfolio mainly from US loans Non-Performing Portfolio € mn (EaD, Basel III, 2025: Basel IV) → Slight decrease in Office NPL portfolio due to active NPL management → Q1/25 with 1 addition, 1 reduction and FX/EaD-effects -16 • Additions: 1 German office loan
Slide 48: NPL Portfolio
NPL PORTFOLIO Active restructuring/work-out ongoing Geographical breakdown € mn (EaD, Basel III, 2025: Basel IV) Breakdown by property type € mn (EaD, Basel III, 2025: Basel IV) 1,903 1,887 1,903 1,887 1,648 1,648 231 235 210 214 168 267 260 Others Others & Guaranteed 194 350 263 267 France 655 673
Slide 49: Portfolio: Real Estate Finance
PORTFOLIO Real Estate Finance (REF) Regions Property types Other 1% Other 2% Other Europe Other Europe Hotel 3% Mixed use 1% Hotel 2% Mixed use 1% Austria 1% Austria 1% Retail Retail Czech Republic 2% 10% Czech Republic 2% 10% Sweden 4% 10% 11% Sweden 4% Poland Poland 6% 6% 45% Germany 45% Germany R
Slide 50: REF Portfolio: LTV development
REF PORTFOLIO LTV development reflects market environment LTV – Regions LTV – Property types (€ bn, commitments, Basel III, 2025: Basel IV) 1 (€ bn, commitments, Basel III, 2025: Basel IV) 1 12/23 12/24 03/25 12/23 12/24 03/25 Avg. LTV Avg. LTV 12/23: 53% / 12/24: 56% / 03/25: 56% 12/23: 53% / 12/24
Slide 51: REF Portfolio – LTV Cluster
REF PORTFOLIO – LTV CLUSTER LTV development reflects market environment Total REF portfolio € mn, commitments, Basel III, 2025: Basel IV Office € mn, commitments, Basel III, 2025: Basel IV 12/23 12/24 03/25 Avg. LTV1: 12/23: 53% / 12/24: 56% / 03/25: 56% Avg. LTV1: 12/23: 56% / 12/24: 62% / 03/25: 6
Slide 52: REF Portfolio: Sub-segments
REF PORTFOLIO Sub-segments Evaluation of current Property Regions Challenges Risk positioning situation → Office demand in Europe is stabilizing evidenced → Shift of demand towards modern, green, centrally → Focus on good locations in main European and by mostly positive net absorption forecasts for
Slide 53: REF Portfolio: Sub-segments
REF PORTFOLIO Sub-segments Evaluation of current Property Regions Regions Evaluation of current situation Challenges Challenges Risk positioning Risk positioning situation → E-commerce, automation & AI and the need for → Monoline logistics centres depending on → Strategic approach; expert team since
Slide 54: REF Portfolio: Sub-segments
REF PORTFOLIO Sub-segments Evaluation of current Property Regions Regions Evaluation of current situation Challenges Challenges Risk positioning Risk positioning situation → Lower inflation and improving real earnings → Short Term: B-locations/older shopping centres → Selective approach with consequ
Slide 55: REF Portfolio: Sub-segments
REF PORTFOLIO Sub-segments Evaluation of current Property Regions Regions Evaluation of current situation Challenges Challenges Risk positioning Risk positioning situation → The market of owner-occupied properties is → Cash flow under pressure due to interest → Portfolio volume of € 4.9 bn with avg.
Slide 56: REF Portfolio: Sub-segments
REF PORTFOLIO Sub-segments Evaluation of current Property Regions Regions Evaluation of current situation Challenges Challenges Risk positioning Risk positioning situation → The travel recovery expected to continue in → Despite recovery many hotels due to → Selective approach and strict adherence to
Slide 57: Portfolio: Non-Core Unit (PIF & VP)
PORTFOLIO Non-Core Unit (PIF & VP) Regions Borrower classification1 UK 1% Other Rest of World 2% UK 1% Other Rest of World 1% Supranational 1% Corporation 1% Supranational 1% Corporation 1% Other Europe 3% Finland <1% Other Europe 3% Finland <1% Financial Institution 3% PSE (related) <1% Financial I
Slide 58: Portfolio: Consolidation and Adjustments
PORTFOLIO Consolidation and Adjustments (C&A) Regions Borrower classification2 Internal ratings (EL classes) Poland 1% Italy 1% USA <1% France 1% UK <1% Spain Sweden <1% Supra Corporation <1% Other Europe 11% 7% 3% Financial Institution Other Rest of World 12% 100% 11% Investment PSE 5% grade3 Reg.
Slide 59: 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 60: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 60
Slide 61: Funding and Liquidity: Diversified funding base
FUNDING AND LIQUIDITY Diversified funding base Unsecured Funding Retail deposits – development and maturity profile3 € bn Wholesale Unsecured Retail Deposits Call money 1-3Y term 4-5Y term 6-10Y term WAL WAL WAL 3.7 yrs 3.7 yrs 40% 3.2 yrs 48% 49% 7.6 7.4 6.6 0.6 0.7 0.9 4.8 4.5 3.8 91% 60% term 52%
Slide 62: Mortgage Cover Pool
MORTGAGE COVER POOL Diversification by countries and property types Mortgage Cover Pool Spain 1.6% Switzerland 0.2% Key metrics Mortgage cover pool (nominal) 31/03/2025 Austria 1.1% Italy 0.4% Benelux Pfandbriefe outstanding € 15.4 bn 4% Other Nordic countries 7% Cover funds € 18.6 bn 23% Over-colla
Slide 63: Pfandbrief Cover Pool
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 Borrower’s Difference MV Equity e.g. 35% € 5.0 mn rent p.a. at 5% property
Slide 64: Funding: Own Funds and Eligible Liabilities
FUNDING Own Funds and Eligible Liabilities exceed regulatory requirements € bn SP5 SNP Other Subordinated Tier 1 CET 11 → Buffer for Senior Preferred (SP) investors due to high volume of capital instruments and Senior Non- MREL2 Composition of Rundown Preferred (SNP) liabilities (31/03/2025) Liabili
Slide 65: Mandated Ratings
MANDATED RATINGS Bank ratings S&P Long-term BBB- Outlook Stable Short-term A-3 Stand-alone rating1 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 Sector Pfand
Slide 66: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 66
Slide 67: ESG: pbb continues to execute on its strategy
ESG pbb continues to execute on its strategy 2021: 2017: 2020: Holistic organisational set-up of ESG 1st Non-financial Introduction of Green Programmme Report (NFRD) Bond Framework Introduction of green building scoring Focus on model & pbb Green Loan Framework Transparency of pbb‘s Development of f
Slide 68: Green Loan Criteria
GREEN LOAN pbb Green Loan Framework aligned with current regulatory and market developments – specific metrics defined for each criterion pbb Scoring Model MAX SCORE: 100 Points III. Additional Sustainability I. Energy Efficiency II. Building Certification Factors • Energy demand/-consumption • “Gre
Slide 69: ESG Programme
ESG ESG Programme ESG Committee → ESG at core of pbb’s strategy: • pbb can help to reduce the real estate sector`s ESG Programme Management ESG Expert Group Green Financing Committee significant CO2 impact • Green finance bank and transformation partner ESG Office • Current KPIs set initial roadmap
Slide 70: Continued progress in sustainable finance activities
ESG Continued progress in sustainable finance activities Green share of REF portfolio → 85% of REF portfolio scored – scoring of remaining portfolio ongoing (commitments, green loan eligible assets, %) → Green share of total REF portfolio currently at 30% resp. € 9.1 bn (35% based on scored portfoli
Slide 71: Sustainability Report 2024
SUSTAINABILITY REPORT 2024 In accordance with CSRD as part of the Annual Report 2024 CSRD-compliant sustainability report Selected details → In March 2025, pbb published its combined Sustainability Statement 2024 in accordance with the reporting requirements of the Corporate Sustainability Reporting
Slide 72: ESG KPI Development & Steering
ESG KPI DEVELOPMENT & STEERING The existing ESG KPI management concept was further developed to include GHG Focus GHG emission intensity emissions & additional social KPIs. pbb has set itself the goal of taking a quantitative approach to ESG and actively managing it. The ESG KPI management concept f
Slide 73: Appendix
APPENDIX 1. Strategy 2027 2. Guidance 2025 and Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results Q1/25 (IFRS, pbb Group, unaudited) 14 May 2025 73
Slide 74: Contact Details
CONTACT DETAILS Grit Beecken Axel Leupold Head of Communications, Marketing and Investor Relations Investor Relations +49 (0)89 2880 28787 +49 (0)89 2880 23648 grit.beecken@pfandbriefbank.com axel.leupold@pfandbriefbank.com Michael Heuber Website Head of Investor Relations www.pfandbriefbank.com/inv
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