Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — H1 2026 Earnings Presentation
68 slides from Deutsche Pfandbriefbank's earnings presentation, Aug 13, 2026
Slide 1: Analyst Presentation Results Q2/H1 2026
ANALYST PRESENTATION Results Q2/H1 2026 13 August 2026 Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 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 → Strategic transformation continues while market environment remains volatile → H1/26 REFS new business up by 18% y-o-y – RoTE ~7% accretive to strategic targets → US portfolio reduction well on track, with NPL portfolio down by -42% in H1/26 → H1/26 REIS operating income at € 25 mn →
Slide 4: Agenda
AGENDA 1. Strategic Transformation 2. Group Financials 3. Segment Reporting 4. Capital & Funding 5. Summary 6. Appendix Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 4
Slide 5: Macro- & CRE-Markets Overview
MACRO- & CRE-MARKTES OVERVIEW H1/26 CRE transaction volume resilient, despite lower GDP and higher inflation Lower growth, higher inflation and higher ECB rates in 2026 CRE1 transaction volumes by quarter in % in mn € 3.0 2.5 400000 350000 2.0 1.9 300000 250000 1.2 200000 0.8 150000 100000 50000 0 G
Slide 6: Real Estate Finance Solutions (REFS)
REAL ESTATE FINANCE SOLUTIONS (REFS) Portfolio stabilised in Q2/26 – new business volume up by 18% y-o-y → Ongoing diversification and increase of portfolio profitability in H1/26– new New business volume1 New business pipeline business volume increased with accretive profitability (€ bn) Q1 Q2 (€ b
Slide 7: US Exit
US EXIT US portfolio reduction in execution Portfolio development NPL Performing SRT → Total US portfolio down by -9% in Q2/26 (H1/26: -14%) – repayment of € bn (EaD, Basel IV) • 2 performing loans € -0.1 bn (1 loan outside SRT, 1 SRT loan) 3.1 2.9 2.7 • 2 NPL € -0.1 bn 1.7 1.7 1.7 0.5 0.6 0.4 → NPL
Slide 8: Real Estate Investment Solutions (REIS)
REAL ESTATE INVESTMENT SOLUTIONS (REIS) Increased income contribution REIS pbb invest pbb invest → REIS segment solidly contributing with increased operating income of € 14 mn in Q2/26 (H1/26: € 25 mn) → PBT of € 2 mn in Q2/26 (H1/26: € 2 mn) Op. income AuM → H1/26 RoTE of 5.5% – accretive capital l
Slide 9: Agenda
AGENDA 1. Strategic Transformation 2. Group Financials 3. Segment Reporting 4. Capital & Funding 5. Summary 6. Appendix Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 9
Slide 10: Overview
OVERVIEW PBT increased to € 10 mn in Q2/26, H1/26 € 16 mn in line with expectation Income statement (€ mn) H1/25 H1/26 Q1/26 Q2/26 → Operating income up by € 13 mn q-o-q due to several effects Operating income 206 167 77 90 • NII down by € -3 mn q-o-q to € 81 mn – REFS stable, while ongoing pre- Net
Slide 11: Operating Expenses
OPERATING EXPENSES Operating expenses stable q-o-q Operating expenses € mn (IFRS) personnel non-personnel write downs → Due to strict cost discipline operating expenses stable q-o-q 88% • Personnel costs down by € -3 mn benefitting from seasonal effects 64% 77% CIR1 • Non-personnel costs up by € 3 m
Slide 12: Risk Provisioning
RISK PROVISIONING Risk provisioning on expected level Net income from risk provisioning € mn (IFRS) → Stage 1&2: € 6 mn net release in Q2/26 mainly driven by portfolio developments and interest rate effects Stage 1&21 Stage 3 Other2 13 7 → Stage 3: € -17 mn net addition for European NPL (€ -18 mn) –
Slide 13: Loss Allowances
LOSS ALLOWANCES Loss allowances stable Balance sheet loss allowances € mn Stage 1&2 € mn (IFRS, reported) Stage 3 € mn (IFRS, reported) Stage 1 Stage 2 Stage 3 USA USA (incl. Mgt. Overlay) 27 155 836 195 755 757 35 50 110 35 35 103 95 06/26 06/26 € 130 mn Developments € 627 mn 691 617 627 Europe USA
Slide 14: Agenda
AGENDA 1. Strategic Transformation 2. Group Financials 3. Segment Reporting 4. Capital & Funding 5. Summary 6. Appendix Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 14
Slide 15: REFS – Financial Overview
REFS – FINANCIAL OVERVIEW Segment profitability improved Operating income € mn (IFRS) → Operating income stable q-o-q, Operating expenses € mn (IFRS) → Operating expenses down by NII Fair value result and others if Q1/26 is adjusted for € -10 mn Personnel Non-personnel Write downs € -2 mn q-o-q Real
Slide 16: European Portfolio Performing
EUROPEAN PORTFOLIO PERFORMING Solid portfolio quality Portfolio € bn (EaD, Basel IV) → Portfolio down by € -0.1 bn in Q2/26 Germany Continental Europe UK • Increase by new commitments € 0.2 bn • Transfer to NPL € -0.3 bn 23.4 22.9 22.8 → Ongoing improvement of performing portfolio KPIs 1.3 1.3 1.2 •
Slide 17: European NPL Portfolio
EUROPEAN NPL PORTFOLIO NPL portfolio increased – no new development NPL NPL Portfolio € mn (EaD, Basel IV) Developments Investments → Net increase of European NPL portfolio by € 0.2 bn in Q2/26 • Addition of 3 European loans € 0.3 bn • Repayment of 1 NPL (€ -0.1 bn) +0.0 1.8 -0.1 1.6 +0.3 1.4 +0.0 -
Slide 18: REIS – Financial Overview
REIS – FINANCIAL OVERVIEW Increased income contribution Operating income € mn (IFRS) → Solid contribution from Operating expenses € mn (IFRS) → Operating expenses up investment, property and facility by € 1 mn q-o-q – stems mainly Fee income Realisation income & others Personnel Non-personnel1 NII m
Slide 19: REIS – Portfolio Development
REIS – PORTFOLIO DEVELOPMENT pbb invest: Diversified portfolio and investor base Assets under Management (AuM)1 → Deutsche Investment Group provides full value chain (360° approach), € bn combining RE Investment / Asset Management with integrated property & facility management 3.0 3.1 → Focus on bus
Slide 20: Corporate Center (CC)
CORPORATE CENTER (CC) Overall stable income Income statement (€ mn) Q1/26 Q2/26 Investment portfolio1 € bn (30/06/2026, EaD, Basel IV) Product class Regions Operating income 4 4 Other Rest of World Austria Net interest income 3 1 Other Europe 9% Net income from realisation 7 1 7% Spain 34% 42% 7% Fa
Slide 21: Agenda
AGENDA 1. Strategic Transformation 2. Group Financials 3. Segment Reporting 4. Capital & Funding 5. Summary 6. Appendix Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 21
Slide 22: Capital
CAPITAL CET1 ratio of 14.6% positively affected by partial F-IRBA LGD reversal Capital ratios (IFRS, F-IRBA) → CET1 ratio up q-o-q from 13.4% to 14.6% mainly through RWA reduction by € -1.6 bn – main driver: Pro-forma • Newly published EBA loss data, resulting in regained eligibility for preferentia
Slide 23: Funding and Liquidity
FUNDING AND LIQUIDITY Funding plan 2026 almost completed – Moody´s Unsecured Rating assigned Long-term Funding Issuances1 € bn Pfandbrief Unsecured → Funding plan for 2026 almost completed 187 • More than 85% of Pfandbrief funding completed (total planned € 1.75 bn) Avg. spread 63 62 169 48 in bp2 •
Slide 24: Agenda
AGENDA 1. Strategic Transformation 2. Group Financials 3. Segment Reporting 4. Capital & Funding 5. Summary 6. Appendix Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 24
Slide 25: Summary
SUMMARY → Strategic transformation continues – diversification and profitability increase ongoing while market environment remains volatile → REFS with stabilised portfolio, despite ongoing US exit; PBT improved by € 3 mn in Q2/26 → REIS contributing solid fee income; PBT increased by € 2 mn in Q2/2
Slide 26: Agenda
AGENDA 1. Strategic Transformation 2. Group Financials 3. Segment Reporting 4. Capital & Funding 4. Summary 5. Appendix Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 26
Slide 27: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REFS New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 27
Slide 28: Guidance 2026 (1/2)
Published 05/03/2026 GUIDANCE 2026 (1/2) Operating income, operating expenses and risk provisioning Operating income (in € mn) → Operating income expected to decline in 2026, reflecting strategic transition → REFS burdened by US SRT costs (€ -44 mn), positive impacts by continued +45 – +55 -40 – -60
Slide 29: Guidance 2026 (2/2)
Published 05/03/2026 GUIDANCE 2026 (2/2) Overview REFS: New business volume1 € 7.5–8.5 bn Portfolio REFS: Financing volume € 27.0–28.0 bn REIS: Assets under management € 3.3–3.7 bn Operating income € 375–425 mn P&L Share of fee income2 >10% CIR3 70–75% Profitability Pre-tax profit € 30–40 mn 1. Incl
Slide 30: Outlook 2028 (1/2)
Published 05/03/2026 OUTLOOK 2028 (1/2) Strategic RoTE target of 8% confirmed but postponed to 2028 RoTE before taxes OPERATING INCOME Increasing REFS portfolio profitability and growth of REIS are expected to drive operating income to € ~600 mn towards 2028 REFS: → Declining SRT costs (€ -25 mn) →
Slide 31: Outlook 2028 (2/2)
Published 05/03/2026 OUTLOOK 2028 (2/2) Key developments While significant de-risking has led to a material decline in operating income in 2025 and 2026, increasing REFS portfolio profitability and growth of REIS are expected to substantially drive operating income towards 2028. The acquisition of D
Slide 32: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REFS New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 32
Slide 33: Key Figures
KEY FIGURES pbb Group Income statement (€ mn) 2024 Q1/25 Q2/25 H1/25 Q3/25 Q4/25 2025 Q1/26 Q2/26 H1/26 Net interest income 465 107 104 211 99 99 409 84 81 165 Net fee and commission income 5 2 2 4 0 0 4 5 7 12 Net income from fair value -3 3 -19 -16 -11 -6 -33 -22 -4 -26 measurement Net income from
Slide 34: Business Segments
BUSINESS SEGMENTS New segment reporting as further step in the bank’s transformation process REFS REIS Corporate Center Earnings Earnings Earnings ➢ CRE lending ➢ pbb invest ➢ Investment portfolio (Non-Core & Liquidity) ➢ O&C ➢ Liability management and hedging ➢ Others Operating expenses Operating e
Slide 35: Key Figures – Segmental Reporting
KEY FIGURES Segmental Reporting REFS REIS Corporate Center pbb Group Income statement (€ mn) Q1/25 Q2/25 Q4/25 Q1/26 Q2/26 Q1/25 Q2/25 Q4/25 Q1/26 Q2/26 Q1/25 Q2/25 Q4/25 Q1/26 Q2/26 Q1/25 Q2/25 Q4/25 Q1/26 Q2/26 Net interest income 94 90 92 80 80 - - - 1 - 13 14 7 3 1 107 104 99 84 81 Net fee and c
Slide 36: Key Figures – Segmental Reporting
KEY FIGURES Segmental Reporting REFS REIS Corporate Center pbb Group Income statement (€ mn) H1/25 H1/26 H1/25 H1/26 H1/25 H1/26 H1/25 H1/26 Net interest income 184 160 - 1 27 4 211 165 Net fee and commission income 4 2 3 12 -3 -2 4 12 Net income from fair value measurement -23 -19 - - 7 -7 -16 -26
Slide 37: Balance Sheet
BALANCE SHEET Balance Sheet IFRS, € bn Assets 30/06/26 31/12/25 Liabilities & equity 30/06/26 31/12/25 Financial assets at fair value through P&L 1.0 0.9 Financial liabilities at fair value through P&L 0.2 0.2 thereof thereof Positive fair values of stand-alone derivatives 0.1 0.2 Negative fair valu
Slide 38: RoTE Definition
RoTE definition Return on Tangible Equity (RoTE) H1/26 Profit before tax attributable to shareholders1) minus AT1-coupon RoTE € 7 mn1) IFRS equity2) before tax minus AT1-capital and non-controlling interests2) € 2,648 mn2) 0.3% (IFRS) minus goodwill and other intangible assets2) minus deferred tax i
Slide 39: Capital
CAPITAL F-IRBA model impacted by country specific eligibility for preferential LGD level CRE market dependent F-IRBA LGD levels – Country by country → The banking supervisory authority of the respective country collects and publishes the avg. CRE REFS Credit CRE market loss rate market loss rate fro
Slide 40: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REFS New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 40
Slide 41: REF New Business
REF NEW BUSINESS New business volume up by 18%, RoTE of ~7% accretive to target Volume of REFS portfolio in € bn → REF portfolio and avg. portfolio margin down y-o-y, stable q-o-q financing volume → New business volume of € 3.1 bn up by ~18% vs. H1/25, although transaction markets still restrained →
Slide 42: REFS New Business
REFS NEW BUSINESS Diversification supports management of the cycle As of 30/06/26 Regions Property types Mixed use/ other € 3.1 bn Other 19% Hotel 5% 13% Office 31% New business Nordics 7% Commitments, 47% Germany incl. extensions > 1 year USA 1% 15% 4% 36% Residential CEE Logistics/ 11% 11% storage
Slide 43: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REF New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 43
Slide 44: Portfolio
PORTFOLIO Total portfolio Regions EaD, Basel IV 31/12/2025 / Total: € 40.4 bn 30/06/2026 / Total: € 39.5 bn Italy 1% Italy 1% Other Rest of World 1% Czech Republic 1% Other Rest of World 2% Czech Republic 1% Finland 2% Hungary < 1% Finland 2% Hungary < 1% Sweden Sweden Spain 3% Spain 3% 4% 4% UK UK
Slide 45: European Office Portfolio Performing
EUROPEAN OFFICE PORTFOLIO PERFORMING Stabilisation in core locations, few selective sub-markets difficult Portfolio € bn (EaD, Basel IV) → Performing portfolio down by € -0.5 bn q-o-q • Repayments of € -0.2 bn 10.7 • Transfer of 3 European office loans € -0.3 bn to NPL 10.2 9.7 → 100% of total offic
Slide 46: European Office Portfolio NPL
EUROPEAN OFFICE PORTFOLIO NPL Office NPL portfolio up Non-Performing Portfolio € mn (EaD, Basel IV) → Portfolio up by € 0.3 bn q-o-q • Addition of 3 office loans € 0.3 bn 0.9 -0.0 → 100% of the portfolio reviewed/revalued in last 12 months – +0.3 0.6 0.6 avg. value change1 further improved to -0% (0
Slide 47: Development Portfolio
DEVELOPMENT PORTFOLIO Development portfolio significantly de-risked – no new NPL Portfolio € bn Phase 30/06/2026 Regions 30/06/2026 Property types 30/06/2026 (EaD, Basel IV) (commitments, Basel IV) (EaD, Basel IV) (EaD, Basel IV) Other France 6% Other 2.0 18 loans 8 loans 15 loans 6% 1.9 Ø-LTV 49% Ø
Slide 48: US Exit
Published 05/03/2026 US EXIT Significant Risk Transfer (SRT) as of 31/12/2025 Transaction Structure SRT: expected contractual run-down2 Expected economics on the contractual Reference (€ bn, EaD, Basel IV) run-down2 (€ mn) Tranches % Portfolio1 Net interest income SRT Costs 1.7 21 44 1.2 Senior 26 8
Slide 49: NPL Portfolio
NPL PORTFOLIO Active restructuring/work-out ongoing Geographical breakdown € bn (EaD, Basel IV) Breakdown by property type € bn (EaD, Basel IV) 2.3 2.2 2.3 2.3 2.2 2.3 0.2 0.2 0.3 0.3 0.2 0.3 0.2 0.2 0.4 0.1 0.2 0.4 Others Others & Mixed Use 0.4 France Logistics 0.3 0.3 1.0 0.3 CEE 1.1 Residential 1
Slide 50: Portfolio
PORTFOLIO Real Estate Finance (EaD, Basel IV) Regions Property types Czech Republic 1% Czech Republic 2% Other 2% Other 3% Mixed use 1% Sweden 4% Austria 1% Sweden 4% Austria 1% Mixed use 1% Hotel 2% Hotel 4% UK UK 1% Retail Retail Poland 5% Poland 5% 10% 7% 10% 7% 46% Germany USA 10% 46% Germany Lo
Slide 51: REFS Portfolio
REFS PORTFOLIO LTV development reflects market environment LTV – Regions LTV – Property types (commitments, Basel IV) 1 (commitments, Basel IV) 1 12/25 03/26 06/26 12/25 03/26 06/26 Avg. LTV Avg. LTV 12/25: 57% / 03/26: 56% / 06/26: 56% 12/25: 57% / 03/26: 56% / 06/26: 56% 67% 61% 58% 68% 68% 61% 58
Slide 52: European REFS Portfolio
EUROPEAN REFS PORTFOLIO LTV development reflects market environment LTV – clustered LTV – layered (€ mn, commitments, Basel IV) 1 (€ mn, commitments, Basel IV) 1 12/25 03/26 06/26 12/25 03/26 06/26 Avg. LTV Exposure at risk 12/25: 55% / 03/26: 55% / 06/26: 55% 12/25: € ~366 mn / 03/26: € ~317 mn / 0
Slide 53: 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 54: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REFS New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 54
Slide 55: Mortgage Cover Pool
MORTGAGE COVER POOL Diversification by countries and property types Composition Spain 2.7% Switzerland 0.2% Key metrics (in % points) Austria 0.9% Italy 0.5% Mortgage cover pool (nominal) 30/06/2026 Benelux Other 5% Pfandbriefe outstanding € 15.1 bn Nordic countries 23% 9% Cover funds € 17.6 bn Over
Slide 56: 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 Market Value (MV) € 100 mn Borrower’s Difference MV Equity e.g. 35% € 5.0 mn rent p.a.
Slide 57: Mandated Ratings
MANDATED RATINGS Bank Ratings S&P Moody’s Long-term BBB- Baa2 Outlook Negative Negative Short-term A-3 P-2 Stand-alone Rating1 bb ba2 Long Term Debt Ratings “Preferred” Senior Unsecured Debt2 BBB- Baa2 “Non-preferred” Senior Unsecured Debt3 B+ Ba2 Subordinated Debt B Ba3 Pfandbrief Ratings Moody’s M
Slide 58: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REFS New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 58
Slide 59: ESG
ESG pbb continues to execute on its strategy 2021: 2017: 2020: Holistic organisational set-up of ESG 1st Non-financial Introduction of Green Program Report (NFRD) Bond Framework Introduction of green building scoring Focus on model & pbb Green Loan Framework Transparency of pbb‘s Development of firs
Slide 60: 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 61: The pbb ESG Ecosystem – Target Picture
THE pbb ESG ECOSYSTEM – TARGET PICTURE Enabling efficient ESG (risk) analysis and client-specific ESG solutions through an integrated and automated ESG Ecosystem Data gathering Data use and analysis Products & co-operation partner Data sources: Data processing: Inhouse → Physical risk data (K.A.R.L.
Slide 62: ESG Programme
ESG ESG Programme ESG Committee → ESG at core of pbb’s strategy: • pbb can help to reduce the real estate sector`s Green Financing significant CO2 impact ESG Program Management ESG Expert Group Committee • Green finance bank and transformation partner • Current KPIs set initial roadmap for establish
Slide 63: ESG
ESG Continued progress in sustainable finance activities GHG emission intensity REF portfolio → 85% of REFS portfolio scored – scoring of remaining portfolio ongoing (in kg CO2eq/m2) → At the end of March 2026, the green share of total REF portfolio reached the target of >30% for 2026 with 30.2%, or
Slide 64: Sustainability Report 2025
SUSTAINABILITY REPORT 2025 Published as a separate consolidated non-financial report 2025 CSRD-compliant sustainability report Selected details → In March 2026, pbb published its Separate Consolidated Non-Financial Report 2025 in line with the European Sustainability Reporting Standards (ESRS) as se
Slide 65: ESG KPI Development & Steering
ESG KPI DEVELOPMENT & STEERING The existing ESG KPI management concept was further developed to include GHG emissions & additional social KPIs. Focus GHG emission intensity pbb has set itself the goal of taking a quantitative approach to ESG and actively managing it. The ESG KPI management concept f
Slide 66: REFS Transition Plan – Implementation @pbb
REFS TRANSITION PLAN – IMPLEMENTATION @pbb To steer the portfolio towards the Paris` 1.5ºC target, pbb has developed a climate pathway for the REF portfolio with targets. It provides the strategic foundation of pbb’s Transition Plan for the REFS portfolio and is imbedded into the bank’s risk strateg
Slide 67: Appendix
APPENDIX 1. Guidance 2026 & Outlook 2028 2. Financials 3. REFS New Business 4. Portfolio profile 5. Funding & Ratings 6. ESG Contact Details Results H1/26 (IFRS, pbb Group, unaudited, but reviewed), 13 August 2026 67
Slide 68: Contact Details
CONTACT DETAILS Michael Heuber Axel Leupold Head of Investor Relations Investor Relations +49 (0)89 2880 28778 +49 (0)89 2880 23648 michael.heuber@pfandbriefbank.com axel.leupold@pfandbriefbank.com Website www.pfandbriefbank.com/investor-relations.html © Deutsche Pfandbriefbank AG Parkring 28, 85748
Deutsche Pfandbriefbank — H1 2026 Earnings Presentation on 6ix