Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — Debt Investor Presentation (November 2025)
33 slides from Deutsche Pfandbriefbank's debt investor presentation, Nov 13, 2025
Slide 1: Debt Investor Update Results Q3/9M 2025
DEBT INVESTOR UPDATE Results Q3/9M 2025 13 November 2025 Results Q3/9M 2025 (IFRS, pbb Group, unaudited), 13 November 2025 1
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 → Execution of Strategy 2027 on track → New business RoTE of ~9% in 9M/25 (Q3/25: 7%) accretive for Strategy 2027 targets → On track for closing of acquisition of Deutsche Investment for Q1/26, regulatory approvals granted → Implementation of US exit progressing well → Transition to hig
Slide 4: 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 5: Strategy 2027: Acquisition of Deutsche Investment
STRATEGY 2027 RE Investment Solutions (REIS) – focus on acquisition of Deutsche Investment Deutsche Investment pbb invest ▪ Full value chain → Acquisition of Deutsche Investment progressing (360° approach) according to plan Closing in • Regulatory approvals granted ▪ AUM of ~ € 3 bn Q1/26 ▪ Fee Inco
Slide 6: Focus: US Portfolio
FOCUS: US PORTFOLIO Implementation of US exit progressing well Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) Performing portfolio: expected contractual run-down2 (€ bn, EaD, Basel IV) 3.3 -0.4 2.8 2.6 -0.2 -0.2 -0.1 3.3 2 loans 2 loans 1 loan 2.4 1.7 12/24 Repayments Transfer 06/25 Repa
Slide 7: Operating & Financial Overview: Focus on profitability
OPERATING & FINANCIAL OVERVIEW Focus on profitability – transition underway REF new business → Selective new business with REF portfolio € bn (financing volume) → Reduced portfolio volume € bn (commitments, incl. extensions > 1 yr.) strict focus on profitability reflects selective new → New business
Slide 8: Operating & Financial Overview: One-off US risk charges
OPERATING & FINANCIAL OVERVIEW Financial performance impacted by one-off US risk charges in Q2/25 Operating income € mn (IFRS) → Operating income impacted by General admin. expenses € mn (IFRS) → After finalisation of IT- one-off US fair value1 risk transformation in 2024, GAE NII/NCI Realisation &
Slide 9: Operating & Financial Overview: Q3/25 topline
OPERATING & FINANCIAL OVERVIEW Transition impacting Q3/25 topline whilst expenses remain well managed Operating income € mn (IFRS) NII/NCI Realisation income Other income → Operating income mainly impacted by lower NII and no NCI q-o-q2 • NII down by € -5 mn q-o-q due to • Higher portfolio margins n
Slide 10: Operating & Financial Overview: Risk provisioning
OPERATING & FINANCIAL OVERVIEW Risk provisioning in Q3/25 mainly driven by legacy German development loans Net income from risk provisioning € mn (IFRS) Stage 1&21 Stage 3 Other2 9M/24: € -140 mn 9M/25: € -356 mn / 9M/25 adjusted3: € -73 mn +22 +3 -10 +7 -25 -5 -31 +5 -14 -3 -37 -63 -59 -75 -33 -30
Slide 11: Operating & Financial Overview: REF NPL coverage ratio
OPERATING & FINANCIAL OVERVIEW REF NPL coverage ratio stable at ~30% Balance sheet loss allowances € mn Stage 1&2 € mn (IFRS, reported) Stage 1 Stage 2 Stage 3 Other Germany Other Germany UK UK 14 15 26 26 8 9 787 823 29 30 564 156 154 543 39 43 06/25 USA 09/25 USA 93 81 € 185 mn € 184 mn 602 639 41
Slide 12: REF Portfolio Performing
REF PORTFOLIO PERFORMING Bottoming out of CRE markets and portfolio transition continue to show REF Portfolio € bn (EaD, Basel III, 2025: Basel IV) → With CRE markets gradually bottoming out and our active portfolio transition 56% 56% 56% 56% underway, the quality of the performing portfolio stabili
Slide 13: REF New Business: Selective new business volume
REF NEW BUSINESS Selective new business volume with margins on elevated level Volume of REF portfolio in € bn → REF portfolio down by re-/prepayments and selective new business approach financing volume → Avg. portfolio margin further up by ~4% ytd. → New business volume of € 4.0 bn up by ~61% vs. 9
Slide 14: REF New Business: Diversification
REF NEW BUSINESS Diversification supports management of the cycle As of 30/09/25 Regions Property types Mixed use/ Other Hotel 1% other € 4.0 bn 11% Logistics/ storage 3% Nordics 9% Germany 20% New business 38% 45% Office Commitments, incl. extensions > 1 year 19% CEE 18% Retail 8% 10% France 13% US
Slide 15: REF Portfolio Performing: Portfolio quality
REF PORTFOLIO PERFORMING Portfolio quality remains solid Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing REF portfolio reduced by € 0.7 bn in Q3/25 (9M/25: € 1.8 bn) • Repayments & others € 0.6 bn (9M/25: € 1.4 bn, incl. neg. USD-effect of € 0.5 bn) 28.2 27.8 • Transfer to NP
Slide 16: REF Portfolio NPL
REF PORTFOLIO NPL NPL coverage ratio stable at ~30% NPL Portfolio € mn (EaD, Basel III, 2025: Basel IV) Europe USA → Increase of NPL portfolio of € 158 mn in Q3/25 driven by addition of 2 office loans and EaD-effects on legacy NPL, only partially compensated by FX-effects (€ -6 mn) 2,116 1,903 +297
Slide 17: Focus: Development Portfolio
FOCUS: DEVELOPMENT PORTFOLIO No new NPL, but idiosyncratic risks in legacy NPL still to be managed Portfolio € bn Phase 30/09/2025 → Portfolio reduced by 25% y-o-y and 18% ytd with slight increase in Q3/25 (EaD, Basel III, 2025: Basel IV) (commitments, Basel IV) • 4 loans (€ 155 mn) repaid/transferr
Slide 18: Capital
CAPITAL Solid capitalisation enables strategic transformation Basel IV: capital and leverage ratios (IFRS) → Solid capitalisation with CET1 ratio at 15.4% as of 09/25 • RWA slightly down in Q3/25, decrease mainly due to re-/prepayments, Transitional period FX- and portfolio effects F-IRBA1 Pro-forma
Slide 19: Funding and Liquidity
FUNDING AND LIQUIDITY Funding agenda 2025 successfully completed with some pre-funding New long-term funding1 Private placements Benchmark issuances Transaction Highlights 2025 € bn 2023: € 3.3 bn 2024: € 2.5 bn 9M/25: € 2.8 bn → Two successful and well-oversubscribed Mortgage Pfandbrief Benchmarks,
Slide 20: Mortgage Cover Pool
MORTGAGE COVER POOL Diversification by countries and property types Mortgage Cover Pool Spain 2.3% Switzerland 0.1% Key metrics Mortgage cover pool (nominal) 30/09/2025 Austria 1.5% Italy 0.9% Pfandbriefe outstanding € 15.6 bn Benelux Other 4% Nordic countries Cover funds € 17.9 bn 8% 23% Over-colla
Slide 21: 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 Pfandbriefe Aa1 Public Sector Pfan
Slide 22: Summary & Outlook
SUMMARY & OUTLOOK → Execution of Strategy 2027 on track → Closing of acquisition of Deutsche Investment on course for Q1/26 → New business up by 61% to € 4.0 bn with RoTE of 9% → REF-Portfolio at € 27.6 bn – European business volume not yet compensating for de-risking of US- and Development Portfoli
Slide 23: Appendix
APPENDIX Results Q3/9M 2025 (IFRS, pbb Group, unaudited), 13 November 2025 23
Slide 24: CMD Strategy Update: KPIs 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 25: Portfolio: Total portfolio
PORTFOLIO Total portfolio Regions EaD, 2024: Basel III, 2025: Basel IV 31/12/2024 / Total: € 43.9 bn 30/09/2025 / Total: € 43.2 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 26: Focus: Germany Performing
FOCUS: GERMANY PERFORMING Well diversified, high-quality portfolio Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing German portfolio stable in Q3/25 (9M/25: reduced by € 0.4 bn) • No repayments & others (9M/25: € 0.4 bn) 12.8 12.6 • No transfer to NPL (9M/25: 1 German office l
Slide 27: Focus: Office Performing
FOCUS: OFFICE PERFORMING Exposure at risk covered by 35% Performing Portfolio € bn (EaD, Basel III, 2025: Basel IV) → Performing Office portfolio reduced by € 0.5 bn in Q3/25 (9M/25: € 1.3 bn) • Repayments & others € 0.3 bn (9M/25: € 0.9 bn, incl. neg. USD-effect of € 0.5 bn) 14.1 13.9 • Transfer to
Slide 28: Focus: Office NPL
FOCUS: OFFICE NPL Office NPL portfolio covered by ~27% Non-Performing Portfolio € mn (EaD, Basel III, 2025: Basel IV) → Office NPL portfolio increased by € 149 mn due to additions of 2 office loans and EaD- effects, only partial compensated by FX-effects (€ -2 mn) 1,246 • 1 US office loan, € 68 mn –
Slide 29: 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) 2,117 2,117 1,903 1,903 248 1,684 212 1,684 231 210 359 Others Others & Mixed Use 264 267 207 265 France 718 Hotel 268 655
Slide 30: 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 12/24 06/25 09/25 12/24 06/25 09/25 Avg. LTV Avg. LTV 12/24: 56% / 06/25: 56% / 09/25: 56% 12/24: 56% / 06/25
Slide 31: 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 MREL2 Composition of Rundown Non-Preferred (SNP) liabilities (30/09/2025) Liabilit
Slide 32: 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 Borrower’s Difference MV Equity e.g. 35% € 5.0 mn rent p.a. at 5% property
Slide 33: Contact Details
CONTACT DETAILS Götz Michl Silvio Bardeschi Head of Funding & Debt Investor Relations Funding & Debt Investor Relations +49 (0)6196 9990 2931 +49 (0)6196 9990 2934 goetz.michl@pfandbriefbank.com silvio.bardeschi@pfandbriefbank.com Website www.pfandbriefbank.com/investor-relations.html © Deutsche Pfa
Deutsche Pfandbriefbank — Debt Investor Presentation (November 2025) on 6ix