Commerzbank Ag · XETR:CBK
Commerzbank — Q3 2025 Earnings Presentation
71 slides from Commerzbank's earnings presentation, Nov 6, 2025
Slide 1: Strong growth continues – record 9M operating result
Strong growth continues – record 9M operating result Analyst conference – Q3 2025 06 November 2025 All figures in this presentation are subject to rounding 0
Slide 2: At a glance
At a glance vs vs Q3 2025 Q3 24 9M 2025 9M 24 Updated outlook 2025 NII ~€8.2bn (revised from €8.0bn) Revenues €2,939m +7.4% €9,030m +10.8% NCI growth 7% Risk result -€215m -15.7% -€515m -2.8% <€850m (revised from ~€850m) Operating result €1,047m +18.1% €3,442m +21.2% Net result €591m -7.9% €1,888m -
Slide 3: Bettina Orlopp, CEO
Bettina Orlopp CEO 06 November 2025 Commerzbank, Bettina Orlopp, Frankfurt 2
Slide 4: We created strong momentum in the last 12 months
We created strong momentum in the last 12 months Developed Momentum-strategy with ambitious targets Share price almost doubled Commerzbank 35 EURO STOXX Banks 30 2028 50% 15% 100% 25 20 CIR RoTE Payout 15 11/24 01/25 03/25 05/25 07/25 09/25 11/25 Accelerated growth in lending and revenues Strengthen
Slide 5: Strong 9M performance towards momentum targets
Strong 9M performance towards momentum targets Operating result (€m) 3,442 2,879 2,841 Growth in fee income and mBank revenues drive operating result 9M 23 9M 24 9M 25 Cost-income ratio (CIR) (%) 60 59 56 Steadily increasing efficiency fully in line with targeted trajectory 9M 23 9M 24 9M 25 Net RoT
Slide 6: Revenue growth based on strong client business
Revenue growth based on strong client business Total revenues Net interest income (NII) Net commission income (NCI) (€m) (€m) (€m) +11% 9,030 8,150 -1% 8,052 6,242 6,251 6,177 +8% 2,786 3,000 2,587 9M 23 9M 24 9M 25 9M 23 9M 24 9M 25 9M 23 9M 24 9M 25 CC revenues PSBC Germany revenues mBank revenues
Slide 7: Regular planning update confirms strategy and targets
Regular planning update confirms strategy and targets Topics of special strategic importance Momentum Achievements (for the coming quarters) Customer focus Growth New client advisory model Successfully leverage Continue growth path and in PSBC Germany franchise for capital capitalise on German stimu
Slide 8: Significant support from macro expected in 2026
Significant support from macro expected in 2026 Deployment of German government’s large stimulus for economy will contribute to expected 1.2% GDP growth in 2026 For 2026 inflation of 2.2% and an ECB deposit rate of 2% expected Improving sentiment and potential reforms point towards higher activity o
Slide 9: Targeting steady increase in capital return
Targeting steady increase in capital return Capital return1 Target net result after AT1 (bn) (bn) 11% Final split 10% between 9% Total yield based on current market capitalisation2 ~3.9 8% dividend and Dividend buyback to ~3.5 Applied for buyback be finalised ~2.9 Buyback / buyback in execution ~2.6
Slide 10: NII outlook 2025 raised further
NII outlook 2025 raised further Net interest income outlook raised to ~€8.2bn (~€8.0bn1) Risk result outlook improved to <€850m (~€850m1) Cost-income ratio ~57% Net result outlook maintained at ~€2.5bn – respectively ~€2.9bn before restructuring expenses CET1 ratio ≥14.5% after restructuring expense
Slide 11: Carsten Schmitt, CFO
Carsten Schmitt CFO 06 November 2025 Commerzbank, Carsten Schmitt, Frankfurt 10
Slide 12: On track to reach 2025 targets
On track to reach 2025 targets Revenues Q3 24 Q2 25 Q3 25 Risk Q3 24 Q2 25 Q3 25 (€m) (€m) -176 -215 3,019 2,939 -255 Revenues 2,735 Risk result Costs 1,594 1,674 1,677 Non-performing exposure 0.9% 1.1% 1.0% (NPE) ratio Cost-income ratio (CIR) 58% 55% 57% Result Q3 24 Q2 25 Q3 25 Capital Q3 24 Q2 25
Slide 13: Q3 revenues increased 7% compared to last year
Q3 revenues increased 7% compared to last year Revenues (€m) 9M 24: 8,150 9M 25: 9,030 2,956 3,072 3,019 2,939 2,747 2,668 2,735 Highlights Q3 Net interest income (NII) holding up well in lower interest Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 rate environment Net interest income 2,126 2,078 2,048
Slide 14: NCI growth in line with target
NCI growth in line with target Net commission income (NCI) (€m) CC mBank PSBC Germany O&C 9M 2024: 2,786 9M 2025: 3,000 Q3 with 7% YoY growth of net commission income 1,012 1,004 976 985 951 925 Corporate Clients (CC) with 4% YoY growth mainly from 910 syndication, loan origination and guarantees wh
Slide 15: NCI growth across products
NCI growth across products Net commission income Corporate Clients (€m) 354 339 336 349 354 352 326 Cash & Trade 198 195 Capital Markets Corporate Clients 200 196 198 202 190 Lending / other Trade Finance with outstanding Q3 result – YoY and QoQ increase despite ongoing weakness in export business 1
Slide 16: NII remains resilient
NII remains resilient Net interest income (NII) (€m) CC mBank PSBC Germany O&C 9M 2024: 6,251 9M 2025: 6,177 Corporate Clients (CC) with higher NII YoY and QoQ mainly due to lower funding costs for trading positions and 2,126 2,078 2,080 2,071 2,062 growth in lending – partly offsetting effects in N
Slide 17: Strong loan growth in CC – strong deposit growth in PSBC
Strong loan growth in CC – strong deposit growth in PSBC Loan volume (Group ex mBank) CC PSBC Germany (Quarterly averages | €bn) 225 229 229 232 238 220 224 9 10 10 11 12 Institutionals & others 8 8 34 In CC loan volume growth of €6.0bn (6%) QoQ and 29 30 29 32 30 31 Internat. corp. €12.6bn (13%) Yo
Slide 18: Diversified drivers of sustained loan growth in CC
Diversified drivers of sustained loan growth in CC Corporate Clients loan volumes Changes since Q3 2024 (Quarterly averages | €bn) (€bn) +13% Corporates +1 Increased investments and working capital needs in Germany 20 12 Public Capital accretive business at moderate margins 9 8 +4 17 6 Sector mainly
Slide 19: NII outlook 2025 raised to ~€8.2bn and outlook 2026 to ~€8.4bn
NII outlook 2025 raised to ~€8.2bn and outlook 2026 to ~€8.4bn 3.73% 2.26% 2.00% Expected development of NII in Q4 ~8.4 (€bn) 8.3 ~8.2 2.04 ~2.02 0.02 -0.01 -0.01 0.01 -0.03 ~2.0 (Q4) Deposit Ø deposit Ø Beta Ongoing Lower replication rate Q3: 42% growth in interest rates portfolio size Q3: 2.0% Q4e
Slide 20: Costs in line with CIR target of 57%
Costs in line with CIR target of 57% Costs (€m) Group Group mBank ex mBank +6.1% The 9M cost increase in Group ex mBank is driven by ~6% higher personnel expenses, mainly due to ~€70m higher general personnel 5,073 +4.7% costs and ~€70m valuation effects for equity-based compensation 4,780 215 due t
Slide 21: 9M 2025 risk result on the level of previous year
9M 2025 risk result on the level of previous year Risk result (€m) 9M 2024: -529 9M 2025: -515 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -76 -123 Q3 risk result of -€215m in line with expectation and below -176 previous year -199 -214 -215 -255 Approach for in-model adjustments and collective stagin
Slide 22: Net result reflects higher tax rate due to one-off from DTAs
Net result reflects higher tax rate due to one-off from DTAs Q3 2025 Operating result (€m) (€m) 2,939 215 1,677 3,442 2,841 886 1,169 1,047 Q3 24 Q2 25 Q3 25 9M 24 9M 25 Tax rate 36% Corporate Clients 461 493 530 1,712 1,624 (Q2: 22%) 1,047 20 375 PSBC Germany 267 258 276 981 965 61 591 mBank 203 30
Slide 23: CC: operating result 15% higher than in Q3 24
CC: operating result 15% higher than in Q3 24 Operating result (€m) 9M 2024: 1,712 9M 2025: 1,624 703 549 602 493 530 461 460 YoY slightly higher revenues driven by strong loan growth compensating lower revenues from the deposit business reflecting Overall stablethe lower rates customer environment
Slide 24: PSBC Germany with increased operating result
PSBC Germany with increased operating result Operating result (€m) 9M 2024: 981 9M 2025: 965 430 394 377 320 267 258 276 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Private Customers and Small-Business Customers increased revenues YoY mainly due to better securities business, higher P&L PSBC Germany c
Slide 25: mBank: ongoing strong profitability
mBank: ongoing strong profitability Operating result (€m) 9M 2024: 432 9M 2025: 798 300 294 203 204 Q3 25 revenues before provisions for FX loans and credit holidays 147 166 above Q3 24 level due to growth in fee business. Lower NII due to 82 further decrease in PLN interest rates fully offset by me
Slide 26: Others & Consolidation in line with expectations
Others & Consolidation in line with expectations Operating result (€m) 9M 2024: -285 9M 2025: 56 118 -7 -9 -44 -53 -96 YoY revenues are up €33m with lower NII driven by lower rates -145 more than offset by NFV Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 QoQ lower NII driven by lower ECB rates and effe
Slide 27: CET1 ratio of 14.7% provides large 438bp buffer to MDA
CET1 ratio of 14.7% provides large 438bp buffer to MDA RWA development by risk types Transition of CET1 ratio (€bn | eop) (%) 173 173 171 173 174 176 175 9 Q3 24 14.8 8 8 7 8 8 8 QoQ slight decrease in credit risk RWA with RWA 23 23 23 24 25 25 25 from loan growth more than offset by €1.6bn relieve
Slide 28: Outlook 2025
Outlook 2025 NII ~€8.2bn and connected net fair value (NFV) change ~€0.3bn, leading to a combined contribution of €8.5bn NCI growth ~7% Cost-income ratio ~57% Risk result <€850m Net result ~€2.5bn – respectively ~€2.9bn before restructuring expenses Higher payout than in 2024 with payout ratio1 >100
Slide 29: Appendix
Appendix Overview Commerzbank Group 29 Corporate responsibility P&L tables Corporate Clients 30 Sustainable loan ratio 44 Commerzbank Group 60 Private and Small-Business Customers 31 Green Infrastructure Finance portfolio 45 Corporate Clients 61 mBank 32 ESG ratings 46 Private and Small-Business Cus
Slide 30: Overview Commerzbank Group
Overview Commerzbank Group Corporate Clients PSBC Germany Leading universal bank with nation-wide branch No 1 bank for German Mittelstand network and 24/7 multi-channel-offer A leading bank for German trade First-class advice for Private and Small- finance Business Customers Global presence in more
Slide 31: Corporate Clients
Corporate Clients German Corporate Clients Institutionals German Corporate Clients International Corporates Institutional Clients ● Small and medium-sized enterprises ● International Large Corporates with ● Financial Institutions (FIs) in developed (German Mittelstand, over €15m turnover) connectivi
Slide 32: Private and Small-Business Customers Germany
Private and Small-Business Customers Germany Self-directed Private Private Customers Small-Business Wealth Management Customers Customers & Private Banking comdirect ● Self-directed customers with ● Customers with daily banking ● Customers with an ● Customers with higher need high digital affinity n
Slide 33: mBank | Part of segment Private and Small-Business Customers
mBank | Part of segment Private and Small-Business Customers Private Customers Corporate Clients ● Serving private customers across Poland, Czech Republic ● Strong customer base of SME and large corporates and Slovakia with state-of-the-art digital banking solutions ● Continuous CAGR of +7% in numbe
Slide 34: Momentum strategy: financial targets towards 2028
Momentum strategy: financial targets towards 2028 Capital Markets Day | 13 February 2025 Net RoTE (%)1 CIR (%) Net result (€bn)1 15.0 13.6 11.2 9.2 9.6 82 79 7.7 3.8 4.2 69 2.8 2 3.2 61 2.7 4.9 1.0 59 57 56 2.2 53 50 1.4 0.4 -2.9 -11.7 2020 2021 2022 2023 2024 2025 2026 2027 2028 1) 2025 before rest
Slide 35: Commerzbank financials at a glance
Commerzbank financials at a glance Group Q2 2024 Q3 2024 Q2 2025 Q3 2025 9M 2024 9M 2025 Total revenues €m 2,668 2,735 3,019 2,939 8,150 9,030 Risk result €m -199 -255 -176 -215 -529 -515 Personnel expenses €m 891 894 944 955 2,675 2,852 Administrative expenses (excl. depreciation) €m 435 435 429 46
Slide 36: Key figures Commerzbank share
Key figures Commerzbank share Figures per share YE 2022 YE 2023 YE 2024 9M 2025 (€) Number of shares2 (m) 1,252.40 1,240.22 1,153.59 1,127.50 3.23 3.04 Market capitalisation2 (€bn) 11.1 13.3 18.1 36.2 2.75 2.08 Book value per share2 (€) 21.39 23.17 25.90 26.87 1.68 1.63 Tangible book value per share
Slide 37: German economy to stage modest recovery
German economy to stage modest recovery ifo business climate index 3m-Euribor GDP1 Inflation1 (index, 2015=100) (avg. p.a. | %) (change vs. previous year | %) (%) 3.40 3.60 100.8 5.3 8.4 98.4 6.9 3.7 3.4 94.9 2.10 2.00 5.9 5.4 92.7 93.2 90.4 89.4 88.4 1.4 1.0 1.2 1.2 87.586.3 0.7 3.1 2.6 85.3 0.34 0
Slide 38: Russia net exposure
Russia net exposure 2022 2023 2024 2025 Net exposure (€m) 18 Feb 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 31 Mar 30 Jun 30 Sep Group exposure net of ECA and cash held at Corporates 621 261 184 148 81 34 12 12 12 Commerzbank unchanged at €43m – thereof at CB Eurasija 392 61 37 21 6 0 0 0 0 Additionally, CB
Slide 39: Overall risk provisions unchanged
Overall risk provisions unchanged Exposure1, 3 Risk provisions (€bn) (€m) 3,756 3,796 3,812 3,745 3,745 530.7 527.7 531.8 517.7 242 228 182 0 0 508.6 6.4 6.6 6.5 5.1 6.3 TLA 62.8 66.8 64.7 61.4 60.8 2,463 2,504 Stage 3 2,275 2,370 2,475 Stage 2 Stage 1 451.2 441.5 461.4 454.3 460.6 898 845 845 970 9
Slide 40: Group's corporates portfolio well diversified
Group’s corporates portfolio well diversified Corporates performing portfolio by sector Q3/2025 Overall performing portfolio (stage 1 and 2) EaD €139bn EL €426mn RD 31bp RWA €51bn (Q2/25 134bn) (Q2/25 348mn) (Q2/25 26bp) (Q2/25 48bn) Corporates portfolio of ~€139bn stands for 24% of overall group ex
Slide 41: NBFI portfolio
NBFI portfolio Development of NBFI portfolio (€bn | EaD) Investment grade share (in %)1 94% 94% 94% 94% 94% Portfolio 52.6 54.1 57.2 57.1 54.1 Portfolio amounts to €54.1bn of which €0.2bn is non-performing exposure (0.4% of total portfolio) 56.9 56.9 Performing 52.4 53.9 53.9 NPE Sound rating profil
Slide 42: Commercial Real Estate (asset-based)
Commercial Real Estate (asset-based) Portfolio development Location 09/251 (€bn | EaD) (€bn | EaD) Portfolio Investment grade share (in %) ▪ Portfolio amounts to €9.7bn of which €0.3bn is non- 5.9 performing exposure (3% of total portfolio) 79% 79% 78% 78% 79% ▪ Sound rating profile with a high shar
Slide 43: German residential mortgage business & property prices
German residential mortgage business & property prices Residential properties Overall mortgage portfolio (index values) Mortgage volume and risk quality stable in Q3/25: New business in Q3/25 with €2.7bn around 56% higher than in previous quarter with €1.7bn 102.0 102.9 100.5 100.2 100.0 95.1 Repaym
Slide 44: mBank: Effective de-risking of CHF loan portfolio continues
mBank1: Effective de-risking of CHF loan portfolio continues Settlements concluded by mBank CHF loan contracts in court New CHF related court cases with CHF borrowers, cumulative number of pending cases number of contracts entering court proceedings repaid contracts repaid contracts active contracts
Slide 45: Development of sustainable products in Q3 2025
Development of sustainable products in Q3 2025 Strategic goal: more than 10% sustainable new loan business Sustainable bonds Sustainable loan ratio 16.6% 17.0% 15.6% Share of sustainable new loan 17.0% business last 12 months1 (Oct 2024 – Sep 2025) €5.8bn Green & Social Transition Q1 25 Q2 25 Q3 25
Slide 46: Development of Green Infrastructure Finance portfolio
Development of Green Infrastructure Finance portfolio (€bn | eop) +184.9% CoC GIF1 hubs our markets 13.1 11.5 9.9 9.0 8.8 6.9 1.1 1.0 Project financing commitments by region 0.8 13.1 4.4 4.6 11.5 0.4 9.0 7.8 8.8 1.4% Europe 6.1 4.0 4.6 Americas 29.8% Hamburg 2015 2023 2024 Q3/25 APAC Total financing
Slide 47: ESG ratings prove that we are on the right track
ESG ratings prove that we are on the right track CCC B BB BBB A AA AAA Severe High Medium Low Negligible D- D D+ C- C C+ B- B B+ A- A A+ 10 9 8 7 6 5 4 3 2 1 Disclosure Awareness Management Leadership (D-/D) (C-/C) (B-/B) (A-/A) ESG Rating ESG Risk Rating ESG Corporate Rating ESG QualityScores Corpo
Slide 48: Commerzbank AG has 6 green bonds outstanding with a total volume of €3.14bn
Commerzbank AG has 6 green bonds outstanding with a total volume of €3.14bn Green Funding Framework 20241 Green Asset Allocation Green Funding Framework 20242 (€m) With the newly published Green Funding Framework, 3.430 Commerzbank reaffirms its commitment to channel 12NC7 Tier 2 / Jun 2025 funding
Slide 49: Comfortable liquidity position
Comfortable liquidity position LCR Net stable funding ratio (NSFR) (% | quarterly averages of month-end values) 128.8% 126.1% 123.0% 124.0% 121.3% Total available 151.9 stable funding | €bn 142.5 143.8 146.1 134.4 300 Total required stable funding | €bn 200 100 0 Q3 2024 Q4 2024 Q1 2025 1 Q2 2025 1
Slide 50: Capital markets: €10.8bn funding executed by end of Q3
Capital markets: €10.8bn funding executed by end of Q3 Group funding structure1 Group issuance activities 9M 2025 and highlights (€bn | nominal values) 10.8 4.9 Pfandbriefe €3.1bn mortgage Pfandbriefe with maturities of 5 and 10 years Subordinated debt €1.25bn public sector Pfandbriefe 3 years 12% P
Slide 51: Funding plan volume 2025 of around €10bn
Funding plan volume 2025 of around €10bn Group funding activities1 Group maturities until 20302 (€bn) (€bn) 13.0 12.0 Covered 9.3 Covered bonds 10.8 8.7 8.8 Prefered senior Senior unsecured 10.1 Non-preferred senior Subordinated debt 8.2 Subordinated 6.2 Additional Tier 1 5.4 mBank 3.6 Plan 2025 / 2
Slide 52: Mortgage Pfandbrief cover pool
Mortgage Pfandbrief cover pool Overview by property type Cover pool details1 Highlights 10% 2% Single family ▪ German mortgages only Flats ▪ Total assets: €44.4bn ▪ 98% German residential €42.9bn Multiple family o/w cover loans: €42.9bn mortgages, only 2% commercial 29% 59% Others o/w further assets
Slide 53: Public Sector Pfandbrief cover pool
Public Sector Pfandbrief cover pool Borrower / guarantor & country breakdown 2% 1% 2% Germany Cover pool details1 Highlights 2% 4% 2% Switzerland ▪ Commerzbank utilises the public Poland ▪ Total assets: €23.3bn sector Pfandbrief to support its €21.6bn Austria o/w municipal loans : €15.7bn German mun
Slide 54: Comfortable fulfilment of RWA and LRE MREL requirements
Comfortable fulfilment of RWA and LRE MREL requirements Update with 09/2025 figures to follow by mid November MREL Requirements and M-MDA Based on data as of 30 June 2025, Commerzbank fulfils its current MREL RWA requirement for resolution group A 1 of 27.8% RWA with an MREL ratio of 34.8% RWA and t
Slide 55: Commerzbank's MDA
Commerzbank’s MDA Distance to MDA (%) 438bp 14.74 438bp distance to MDA based on Q3 2025 CET1 ratio of 14.74% and unchanged 2024 SREP requirements MDA increased by 18bp compared to Q2 2025 mainly due to a higher CCyB (+17bp), reflecting the introduction of the CCyB in 10.36 sSyRB Poland 0.06 0.79 CC
Slide 56: Rating overview Commerzbank
Rating overview Commerzbank As of 6th November 2025 Last rating events Bank ratings S&P Moody’s Counterparty rating/assessment1 A+ Aa3/ Aa3 (cr) Deposit rating2 A stable Aa3 stable Issuer credit rating (long-term debt) A stable A1 stable Moody’s has raised Commerzbank’s bank and Stand-alone rating (
Slide 57: Loan and deposit development
Loan and deposit development (€bn | quarterly average) Corporate Clients 107 113 96 96 Q2 25 Q3 25 In CC loan volume growth in all customer segments, deposit volumes remain stable In PSBC Germany loan volume decreased slightly mainly due to Private and Small-Business Customers early repayments for r
Slide 58: IAS 19: Development of pension obligations
IAS 19: Development of pension obligations Cumulated actuarial gains and losses (€m) Market bond yields in Q3 2025 went again sideways, leaving 3.7 4.0 3.8 3.8 4.3 4.3 4.3 the IAS19 discount rate at 4.3% at quarter end versus 3.8% at year-start. Thus, the present-valued pension obligations (DBO) rem
Slide 59: FX impact on CET1 ratio
FX impact on CET1 ratio QoQ change in FX capital position 142.2 5.3 4.7 -56 Nearly no effect on CET1 ratio1 since impact from decreasing currency translation reserve is mostly compensated by lower FX 18.7 -15 driven credit risk RWA Other -98 GBP -15 Lower credit risk RWA from FX effects mainly due t
Slide 60: Group equity composition
Group equity composition Q2 2025 Q3 2025 Q3 2025 Capital | €bn EoP EoP Average P&L | €m Q2 2025 Q3 2025 Ratios Q3 2025 Common equity tier 1 capital 11 25.6 25.8 25.7 Operating Result 1,169 1,047 → à Op. RoCET 16.3% DTA 0.2 0.2 Prudent Valuation 0.8 0.5 Defined Benefit pension fund assets 0.9 1.0 Min
Slide 61: Commerzbank Group
Commerzbank Group Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Total underlying revenues 2,719 2,815 2,753 8,286 2,874 11,160 3,125 3,086 2,940 9,151 Exceptional items 28 -147 -17 -136 82 -54 -52 -67 -2 -121 Total revenues 2,747 2,668 2,735 8,150 2,956 11,106 3,
Slide 62: Corporate Clients
Corporate Clients Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Total underlying revenues 1,281 1,256 1,197 3,734 1,236 4,970 1,239 1,173 1,203 3,615 Exceptional items 8 -1 - 0 6 -6 - 0 -6 -6 -1 -13 Total revenues 1,289 1,255 1,196 3,740 1,231 4,971 1,233 1,168 1
Slide 63: Private and Small-Business Customers
Private and Small-Business Customers Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Total underlying revenues 1,478 1,548 1,521 4,547 1,622 6,169 1,709 1,712 1,710 5,130 Exceptional items 1 -60 24 -35 4 -31 1 - 0 - 0 1 Total revenues 1,479 1,488 1,545 4,512 1,627
Slide 64: PSBC Germany | Part of segment Private and Small-Business Customers
PSBC Germany | Part of segment Private and Small-Business Customers Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Total underlying revenues 1,138 1,075 1,060 3,272 1,160 4,432 1,174 1,126 1,103 3,403 Exceptional items - 0 - 0 - 0 - 0 4 4 - 0 - 0 - 0 - 0 Total rev
Slide 65: mBank | Part of segment Private and Small-Business Customers
mBank | Part of segment Private and Small-Business Customers Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Total underlying revenues 341 473 461 1,274 463 1,737 535 585 606 1,727 Exceptional items 1 -60 24 -35 - 0 -35 1 - 0 - 0 1 Total revenues 341 413 485 1,239
Slide 66: Others & Consolidation
Others & Consolidation Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Total underlying revenues -41 11 35 5 15 20 177 201 28 407 Exceptional items 20 -86 -41 -107 83 -23 -47 -62 -1 -110 Total revenues -21 -75 -6 -101 99 -3 130 140 27 297 o/w Net interest income 30
Slide 67: Exceptional Revenue Items Commerzbank Group
Exceptional Revenue Items Commerzbank Group Q1 Q2 Q3 9M Q4 FY Q1 Q2 Q3 9M €m 2024 2024 2024 2024 2024 2024 2025 2025 2025 2025 Exceptional Revenue Items 28 -147 -17 -136 82 -54 -52 -67 -2 -121 Net fair value result 28 9 -43 -6 78 72 -52 -67 -2 -121 o/w Hedging & valuation adjustments¹ 28 9 -43 -6 78
Slide 68: Balance sheet
Balance sheet 30 September 2025 (30 June 2025) (€bn) 593 (582) 593 (582) Cash reserve / sight deposits 69 (72) (Banks & Central Banks) Deposits 345 (338) Loans and 286 (282) advances FA Amortised cost 467 (462) FL Amortised Cost 328 (326) Debt Securities 33 (33) MM 39 (39) Repos, Other 10 (10) Debt
Slide 69: Glossary – Key ratios
Glossary – Key ratios Key Ratio Abbreviation Calculated for Numerator Denominator Private and Small Business Group Others & Consolidation Customers and Corporate Clients Cost/income ratio CIR (excl. compulsory Group as well as segments Operating expenses Total revenues Total revenues n/a (excl. comp
Slide 70: For more information, please contact our IR team
For more information, please contact our IR team Investors and Financial Analysts Jutta Madjlessi Ute Sandner Timo Gebel Christoph Wortig Ansgar Herkert +49 69 9353 47707 +49 69 9353 47708 +49 69 9353 47702 Head of Investor Relations Head of IR Communications @ jutta.madjlessi@ @ ute.sandner@
Slide 71: Disclaimer
Disclaimer This presentation contains forward-looking statements. Forward- In addition, this presentation contains financial and other information looking statements are statements that are not historical facts; they which has been derived from publicly available information disclosed include, inter