Slide 1: Record operating result and strong growth in 2025
Record operating result 1a jll and strong growth in 2025 Analyst conference – Q4 2025 & FY 2025 preliminary and unaudited results 11 February 2026 Commerzbank, Frankfurt All figures in this presentation are subject to rounding 0
Slide 2: At a glance
At a glance Q4 2025 vs FY 2025 vs Targets 2025 Targets 2026 Q4 24 FY 24 €12,171m +9.6% NII ~€8.2bn NII ~€8.5bn Revenues €3,141m +6.3% NII €8,226m -1.3% ✓ NCI growth 7% NCI growth 7% NCI €4,029m +7.1% Risk result -€207m -3.1% -€722m -2.9% ✓ <€850m ~€850m Operating result €1,067m +7.2% €4,509m +17.5%
Slide 3: Bettina Orlopp, CEO
Bettina Orlopp CEO 11 February 2026 Commerzbank, Bettina Orlopp, Frankfurt 2
Slide 4: Significant value creation in 2025
Significant value creation in 2025 Strong financial performance … … with delivery for all stakeholders Record operating result € of €4.5bn (+18%) Share price more than doubled Investors RoTE before restructuring 90% participation in % expenses reached 10.0% employee share Employees programme Capital
Slide 5: Strong financial performance
Strong financial performance Total revenues Cost-income ratio (CIR) Operating result (€bn) (%) (€bn) +10% 12.2 +18% 10.5 11.1 -2pp 4.5 61 59 3.8 57 3.4 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 Net result Net RoTE Capital return (€bn) (%) (€bn) 2.6 8.7 2.7 2.7 9.2 2.2 7.7 1.7 3.0 10.0 1.
Slide 6: Full delivery on strategic milestones in 2025
Full delivery on strategic milestones in 2025 Growth Transformation Loans Business model Successfully leverage franchise for capital New customer service model for private accretive loan growth customers Deposits Restructuring AI supported forecasting and management Implementation fully on track wit
Slide 7: Clear priorities for 2026 and beyond
Clear priorities for 2026 and beyond Fully committed to deliver on 2026 to 2028 targets Continue growth path – additional support from German stimulus Further increase the usage of AI to transform the bank Continue execution of Asset Management growth strategy Optimise deployment of capital above 13
Slide 8: AI will be a key driver of further transformation
AI will be a key driver of further transformation Key use cases 2025 Priorities for 2026 AI assistance AI assisted Strong starting point Expand and enhance use cases for customer pricing for increasing started in 2025 service benefits and sales Introduce additional generative AI Workplace • Addition
Slide 9: Asset Management will fuel further growth in fee income
Asset Management will fuel further growth in fee income In-house asset management offering LIQUID ASSETS LIQUID ASSETS PRIVATE MARKETS PRIVATE MARKETS Liquid assets Overlay, multi-asset, and Fund and asset management in Fund and asset management in and multi-strategy benchmark strategies within real
Slide 10: Fully committed to attractive capital return
Fully committed to attractive capital return Capital return1 Target net result after AT1 (€bn) (€bn) 10% Total yield based on market capitalisation as of January 1, 2026 9% Dividend (planned) 8% ~3.9 7% ~3.5 Buyback (to be executed) >2.9 Buyback (finished) 2.7 1.7 1.2 1.0 0.7 0.5 0.4 0.4 1.0 1.0 0.6
Slide 11: Outlook 2026 confirms traction of Momentum strategy
Outlook 2026 confirms traction of Momentum strategy Net result1 >€3.2bn German economy Government stimulus supports economy Cost-income ratio of ~54% 0.9% GDP growth RoTE >11.2% 2% inflation 2% ECB deposit rate A total pay-out of 100% of the net result after AT12 1) Outlook subject to further geopol
Slide 12: Path to 2028 RoTE target of 15% with upside potential
Path to 2028 RoTE target of 15% with upside potential RoTE drivers (%) Potential upside Steep yield curve and corresponding benefit for replication portfolios 2 -2 0 15 German stimulus and higher growth 1 in Germany AI impact on costs and revenue 3 generation 1 10 1 Potential headwinds 9 Tariffs and
Slide 13: Carsten Schmitt, CFO
Carsten Schmitt CFO 11 February 2026 Commerzbank, Carsten Schmitt, Frankfurt 12
Slide 14: Record Q4 operating result
Record Q4 operating result Revenues Q4 24 Q3 25 Q4 25 Risk Q4 24 Q3 25 Q4 25 (€m) (€m) 3,141 -214 -215 -207 Revenues 2,956 2,939 Risk result Costs 1,746 1,677 1,867 Non-performing exposure 1.1% 1.0% 1.1% (NPE) ratio Cost-income ratio (CIR) 59% 57% 59% Result Q4 24 Q3 25 Q4 25 Capital Q4 24 Q3 25 Q4
Slide 15: Strong revenue growth in Q4
Strong revenue growth in Q4 Revenues (€m) FY 24: 11,106 FY 25: 12,171 2,956 3,072 3,019 3,141 2,747 2,939 2,668 2,735 Highlights Q4 Net interest income (NII) exiting the trough resulting from the ECB interest rate reductions over the last quarters Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net
Slide 16: Q4 with record net commission income
Q4 with record net commission income Net commission income (NCI) (€m) CC mBank PSBC Germany O&C FY 2024: 3,762 FY 2025: 4,029 Q4 YoY net commission income up 5% – leading to 1,012 1,004 1,029 full year growth of 7% 976 985 951 925 910 Corporate Clients (CC) with 8% YoY growth in record 350 355 364 Q
Slide 17: NCI increased across products
NCI increased across products Net commission income Corporate Clients (€m) 354 350 355 352 364 326 339 336 198 199 195 202 206 190 200 196 Cash & Trade Capital Markets Corporate Clients 124 111 114 118 126 115 112 Lending / other 113 Trade Finance up 4% YoY despite weak exports 32 23 28 26 33 34 36
Slide 18: NII started upward trajectory in Q4
NII started upward trajectory in Q4 Net interest income (NII) (€m) CC mBank PSBC Germany O&C FY 2024: 8,331 FY 2025: 8,226 Corporate Clients (CC) with higher NII QoQ from 2,126 2,078 2,080 2,071 2,062 growing loan business and higher sight deposit 2,048 2,044 2,049 volume. YoY increase from loans an
Slide 19: Continued loan and deposit growth
Continued loan and deposit growth Loan volume (Group ex mBank) CC PSBC Germany (Quarterly averages | €bn) 232 238 240 220 224 225 229 229 11 12 13 Institutionals 8 9 9 10 10 30 29 32 30 31 34 36 & others 29 Internat. corp. In CC loan volume growth of €10.9bn (10%) YoY and 59 60 62 63 63 65 67 67 €2.
Slide 20: Diversified drivers of sustained loan growth in CC
Diversified drivers of sustained loan growth in CC Corporate Clients loan volumes Changes since Q4 2024 (Quarterly averages | €bn) (€bn) +10% Corporates +2 Increased investments and working capital needs in Germany 13 Public Capital accretive business at moderate margins 9 22 +3 19 7 8 Sector mainly
Slide 21: NII outlook 2026 raised to ~€8.5bn
NII outlook 2026 raised to ~€8.5bn Expected development of NII (€bn) -0.2 ~8.5 8.2 0.6 -0.1 0.2 -0.2 €156bn deposit Ø deposit rate replication portfolio 25: 2.27% Ø Beta Growth in loan Lower interest (increased by €9bn Q4 25: 2.0% 25: 40% and deposit rates in Poland in Q4 2025) 26: 2.0% 26: 42% volu
Slide 22: Costs managed to Cost-Income-Ratio target of 57%
Costs managed to Cost-Income-Ratio target of 57% Costs (€m) Group Group mBank ex mBank +6.3% 12M cost includes increased valuation effects for equity-based compensation due to higher share price (€90m) and accelerated 6,940 +5.0% 6,526 depreciation of intangible assets (€117m, thereof €52m incurred
Slide 23: Risk result on the level of previous year
Risk result on the level of previous year Risk result (€m) FY 2024: -743 FY 2025: -722 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 risk result of -€207m better than expectation and -76 below previous year -123 -176 Approach regarding overlays for in-model adjustments -199 -214 -207 and collec
Slide 24: Net result reflects tax rate and minorities within guidance
Net result reflects tax rate and minorities within guidance Q4 2025 Operating result (€m) (€m) 3,141 207 1,867 Tax rate 24% (Q4 2024 18%) 1,067 9 259 4,509 63 737 3,837 996 1,047 1,067 Revenues Risk Costs Operating Restruct. Taxes Minority Net result Q4 24 Q3 25 Q4 25 FY 24 FY 25 result result expen
Slide 25: CC: operating result 14% higher than in Q4 24
CC: operating result 14% higher than in Q4 24 Operating result (€m) FY 2024: 2,174 FY 2025: 2,151 703 549 602 493 530 526 462 459 Strong Q4 revenues driven by healthy loan growth. QoQ Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 increase also reflects better performance from financial markets and
Slide 26: PSBC Germany with increased revenues
PSBC Germany with increased revenues Operating result (€m) FY 2024: 1,355 FY 2025: 1,276 430 394 376 319 313 266 258 276 With introduction of new client advisory model in Q4 customer allocation for Small-Business Customers and Private Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Customers has cha
Slide 27: mBank: profitability further improved
mBank: profitability further improved Operating result (€m) FY 2024: 599 FY 2025: 1,050 300 294 252 203 204 147 166 82 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 operating result up 52% YoY driven by reduced FX loan provisions and 11% NCI growth reflecting high customer excluding provisions
Slide 28: Others & Consolidation with slightly positive FY result
Others & Consolidation with slightly positive FY result Operating result (€m) FY 2024: -291 FY 2025: 32 118 -6 -9 -24 -45 -53 -95 -144 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 YoY Q4 revenues are €26m lower driven by NII reflecting P&L O&C lower ECB interest rate, largely offset by NFV and ot
Slide 29: 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) (%) 173 173 171 173 174 176 175 176 8 8 8 8 9 8 8 Q4 24 15.1 7 QoQ OpRisk RWA increase mainly due to the 23 23 23 24 25 25 25 26 increased revenues in the rolling 3-year-average
Slide 30: Outlook 2026
Outlook 2026 Net interest income of ~€8.5bn and net commission income growth of ~7% Risk result ~€850m Cost-income ratio ~54% Net result1 >€3.2bn and 100% total payout2 CET1 ratio >14% after capital return and RoTE >11.2% Confirming 2028 targets of 15% RoTE, 50% CIR, 13.5% CET1 ratio, €4.2bn net res
Slide 31: Appendix
Appendix Overview Commerzbank Group 31 Corporate responsibility P&L tables Corporate Clients 32 Sustainable loan ratio 48 Commerzbank Group 64 Private and Small-Business Customers 33 Green Infrastructure Finance portfolio 49 Corporate Clients 65 mBank 34 ESG ratings 50 Private and Small-Business Cus
Slide 32: 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 33: 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 34: Private and Small-Business Customers Germany
Private and Small-Business Customers Germany Self-directed Private Customers Wealth Management Small-Business Private Customers Retail Customers | Individual Customers Customers comdirect Customers | Private Banking ● Self-directed customers with ● Customers with mostly ● Customers with high need fo
Slide 35: 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 36: Momentum strategy: financial targets towards 2028
Momentum strategy: financial targets towards 2028 Net RoTE (%)1 CIR (%) Net result (€bn)1 (...) Targets as of CMD 2025 15.0 13.6 >11.2 (11.2) 9.2 10.0 (9.6) 7.7 4.9 3.8 4.2 82 79 3.0 (2.8) > 3.2 (3.2) 2.2 2.7 69 1.0 1.4 61 59 57 54 (56) 53 50 0.4 -2.9 -11.7 2020 2021 2022 2023 2024 2025 2026 2027 20
Slide 37: Capital Return Policy
Capital Return Policy Capital return CET1 ratio Commerzbank is committed to consistently return capital to A prerequisite for a dividend is a CET1 ratio of at least MDA shareholders, targeting a regular distribution significantly +250bp after distribution above 50%, but not exceeding the IFRS net pr
Slide 38: Commerzbank financials at a glance
Commerzbank financials at a glance Group Q4 2024 Q3 2025 Q4 2025 FY 2024 FY 2025 Total revenues €m 2,956 2,939 3,141 11,106 12,171 Risk result €m -214 -215 -207 -743 -722 Personnel expenses €m 936 955 981 3,611 3,833 Administrative expenses (excl. depreciation) €m 544 461 557 1,827 1,875 Depreciatio
Slide 39: Key figures Commerzbank share
Key figures Commerzbank share Figures per share YE 2022 YE 2023 YE 2024 YE 2025 (€) Number of shares2 (m) 1,252.40 1,240.22 1,153.59 1,096.5 4.01 Market capitalisation2 (€bn) 11.1 13.3 18.1 39.6 3.23 2.75 Book value per share2 (€) 21.39 23.17 25.90 27.52 2.064 2.06 Tangible book value per share2 (€)
Slide 40: 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 | %) (%) 3.60 3.4 8.4 100.8 3.40 98.4 6.9 5.9 5.4 94.9 2.10 1.4 1.4 92.7 93.2 2.00 2.00 1.2 1.0 89.4 0.7 0.9 0.9 88.9 87.6 0.4 87.5 86.3 0.2 85.3
Slide 41: Russia exposure
Russia exposure 2022 2023 2024 2025 Group exposure net of ECA and cash held at Commerzbank unchanged at €43m Net exposure (€m) 18 Feb 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec Corporates 621 261 184 148 81 34 12 12 Additionally, CB Eurasija holds domestic RUB deposits of equivalent ~€0.35bn a
Slide 42: Overall risk provisions unchanged
Overall risk provisions unchanged Exposure1 Risk provisions (€bn) (€m) 531.8 3,796 3,812 3,745 3,745 530.7 527.7 527.1 3,679 508.6 6.5 228 182 6.4 6.6 6.8 6.3 TLA 62.8 66.8 64.7 63.5 60.8 2,463 2,504 Stage 3 2,370 2,475 2,468 Stage 2 Stage 1 461.4 441.5 454.3 460.6 456.8 845 845 970 924 896 441.5 35
Slide 43: Overlays for risk provisioning
Overlays for risk provisioning Outstanding overlays as of Q4 2025 (€m) Outstanding risk provision of €3.7bn includes €147m overlay covering risks arising from uncertainties in the macroeconomic environment, as well as novel risks like climate and environmental risks Overlays in risk provisioning can
Slide 44: Group's corporates portfolio well diversified
Group’s corporates portfolio well diversified Corporates performing portfolio by sector Q4/2025 Overall performing portfolio (stage 1 and 2) Corporates portfolio of ~€140bn stands for 24% of overall Group exposure. Portfolio size increased since last quarter as well as expected loss. Risk EaD €140bn
Slide 45: Non-Bank Financial Institutions portfolio (NBFI)
Non-Bank Financial Institutions portfolio (NBFI) Development of NBFI portfolio (€bn | EaD) Investment grade share (in %)1 94% 94% 94% 94% 94% Portfolio 54.1 57.2 57.1 54.1 56.1 Portfolio amounts to €56.1bn of which €0.2bn is non-performing exposure 56.9 56.9 Performing (0.4% of total portfolio) 53.9
Slide 46: Commercial Real Estate (asset-based)
Commercial Real Estate (asset-based) Portfolio development Location 12/251 (€bn | EaD) (€bn | EaD) Portfolio Investment grade share (in %) ▪ Portfolio amounts to €9.6bn of which €0.3bn is non- 79% 78% 78% 79% 81% 5.8 performing exposure (2.8% of total portfolio) 9.9 9.9 9.9 9.7 9.6 ▪ Sound rating pr
Slide 47: 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 Q4 25: New business in Q4 25 with €2.1bn around 102.0 102.9 100.5 100.2 99.9 21% lower than in previous quarter with €2.7bn 95.1 200 86.6
Slide 48: 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 49: Development of sustainable products in Q4 2025
Development of sustainable products in Q4 2025: new sustainable finance goal is well on track Strategic goal: more than 10% sustainable new loan business Sustainable bonds Sustainable loan ratio Share of sustainable new loan 17.0% 17.6% 17.6% 15.6% 16.6% business last 12 months1 (Jan – Dec 2025) €6.
Slide 50: Development of Green Infrastructure Finance portfolio
Development of Green Infrastructure Finance portfolio (€bn | eop) +212.4% CoC GIF1 hubs our markets 14.4 11.5 10.9 9.0 8.8 1.3 4.4 6.9 1.0 Project financing commitments by region 14.4 0.4 4.6 0.8 11.5 9.0 7.8 9.6 1.1% Europe 6.1 4.0 4.6 Americas Hamburg 2015 2023 2024 2025 33.9% APAC Total financing
Slide 51: 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 52: Commerzbank AG green bonds outstanding
Commerzbank AG has 7 green bonds outstanding with a total volume of €3.64bn Green Funding Framework 20241 Green Asset Allocation Green Funding Framework 20242 With the newly published Green Funding Framework, (€m) Commerzbank reaffirms its commitment to channel 3.430 funding for the sustainable tran
Slide 53: Comfortable liquidity position
Comfortable liquidity position LCR Net stable funding ratio (NSFR) (% | quarterly averages of month-end values) 126.1% 123.0% 124.0% 121.3% 123.3% Total available 148.1 stable funding | €bn 133.6 140.8 141.7 140.5 300 Total required stable funding | €bn 200 100 0 Q4 2024 1 Q1 2025 1 Q2 2025 1 Q3 202
Slide 54: Capital markets: €13.5bn funding executed in 2025
Capital markets: €13.5bn funding executed in 2025 Group funding structure1 Group issuance activities 2025 and highlights (€bn | nominal values) 13.5 5.5 Pfandbriefe €3.25bn mortgage Pfandbriefe with maturities of 5 and 10 years Subordinated €1.75bn public sector Pfandbriefe 3 and 5 years debt 12% Pr
Slide 55: Funding plan volume 2026 of around €12bn
Funding plan volume 2026 of around €12bn Group funding activities1 Group maturities until 20312 (€bn) (€bn) 13.5 13.0 Covered bonds 12.0 9.4 8.8 8.8 Covered Senior unsecured 10.1 Unsecured Subordinated debt 8.2 6.4 6.5 Prefered senior Non-preferred senior 4.6 Subordinated 3.6 Additional Tier 1 mBank
Slide 56: Mortgage Pfandbrief cover pool
Mortgage Pfandbrief cover pool Overview by property type Cover pool details1 Highlights 9% 2% Single family ▪ German mortgages only Flats ▪ Total assets: €45 bn ▪ 98% German residential 29% €43.2bn Multiple family o/w cover loans (mortgages): €43.2bn mortgages, only 2% commercial 60% Others o/w furt
Slide 57: Public Sector Pfandbrief cover pool
Public Sector Pfandbrief cover pool Borrower / guarantor & country breakdown 2% 1% 2% Germany Cover pool details1 Highlights 2% 4% 3% Poland ▪ Commerzbank utilises the public Switzerland ▪ Total assets: €23.7bn sector Pfandbrief to support its €23.7bn Austria o/w municipal loans : €16.0bn German mun
Slide 58: Comfortable fulfilment of RWA and LRE MREL requirements
Comfortable fulfilment of RWA and LRE MREL requirements Update with 12/2025 figures expected by mid-February 2026 MREL Requirements and M-MDA Based on data as of 30 September 2025, Commerzbank fulfils its current MREL RWA requirement for resolution group A 1 of 27.8% RWA with an MREL ratio of 34.6%
Slide 59: Commerzbank's MDA
Commerzbank’s MDA Distance to MDA (%) 438bp 14.73 438bp distance to MDA based on Q4 2025 CET1 ratio of 14.73% and unchanged 2024 SREP requirements 10.35 MDA decreased by 1bp compared to Q3 2025 mainly due to a sSyRB lower CCyB (-1bp) 0.06 0.78 CCyB 1.25 AT1 layer will continue to be managed to maint
Slide 60: Rating overview Commerzbank
Rating overview Commerzbank As of 11 February 2026 Last rating events Bank ratings S&P Moody’s Counterparty rating/assessment1 A+ Aa3/ Aa3 (cr) Deposit rating2 A positive Aa3 stable Issuer credit rating (long-term debt) A positive A1 stable S&P set the rating outlook to positive in December 2025 Sta
Slide 61: Loan and deposit development
Loan and deposit development (€bn | quarterly average) Corporate Clients 113 115 96 99 In CC loan volume growth in all customer segments, deposit Q3 25 Q4 25 volumes increased mainly in sight deposits In PSBC Germany loan volume stable, deposit volumes rose Private and Small-Business Customers due t
Slide 62: IAS 19: Development of pension obligations
IAS 19: Development of pension obligations Cumulated actuarial gains and losses (€m) In 2025 market bond yields went up, driving the IAS19 discount 3.7 4.0 3.8 3.8 4.3 4.3 4.3 4.6 rate to 4.6% at year-end versus 3.8% at year-start. Thus, the present-valued pension obligations (DBO) went down, produc
Slide 63: FX impact on CET1 ratio
FX impact on CET1 ratio QoQ change in FX capital position 141.2 181 4.9 4 4.6 Positive effect on CET1 ratio1 from increasing currency translation 55 reserve overcompensating slightly higher FX driven credit risk 18.8 RWA 18 Other 216 2 GBP Slightly higher credit risk RWA from FX effects mainly due t
Slide 64: Group equity composition
Group equity composition Q3 2025 Q4 2025 Q4 2025 Capital | €bn EoP EoP Average P&L | €m Q4 2025 FY 2025 Ratios Q4 2025 FY 2025 1 Common equity tier 1 capital 1 25.8 25.9 25.9 Operating Result 1,067 4,509 → à Op. RoCET 16.5% 17.4% Instruments that are given recognition in AT1 Capital 4.0 3.5 Regulato
Slide 65: Commerzbank Group
Commerzbank Group €m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Total underlying revenues 2,719 2,815 2,753 2,874 11,160 3,125 3,086 2,940 3,132 12,283 Exceptional items 28 -147 -17 82 -54 -52 -67 -2 9 -112 Total revenues 2,747 2,668 2,735 2,956 11,106 3,072 3,01
Slide 66: Corporate Clients
Corporate Clients Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY €m 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Total underlying revenues 1,281 1,257 1,198 1,236 4,972 1,239 1,174 1,203 1,264 4,880 Exceptional items 8 -1 - 0 -6 - 0 -6 -6 -1 -3 -15 Total revenues 1,289 1,256 1,198 1,230 4,973 1,233 1,168 1,202
Slide 67: Private and Small-Business Customers
Private and Small-Business Customers Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY €m 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Total underlying revenues 1,478 1,547 1,520 1,621 6,166 1,708 1,711 1,709 1,793 6,921 Exceptional items 1 -60 24 4 -31 1 - 0 - 0 14 15 Total revenues 1,479 1,487 1,544 1,626 6,135
Slide 68: PSBC Germany
PSBC Germany | Part of segment Private and Small-Business Customers Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY €m 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Total underlying revenues 1,137 1,074 1,059 1,159 4,429 1,173 1,126 1,103 1,190 4,592 Exceptional items - 0 - 0 - 0 4 4 - 0 - 0 - 0 14 14 Total reven
Slide 69: mBank
mBank | Part of segment Private and Small-Business Customers Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY €m 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Total underlying revenues 341 473 461 463 1,737 535 585 606 602 2,329 Exceptional items 1 -60 24 - 0 -35 1 - 0 - 0 -1 - 0 Total revenues 341 413 485 463 1,7
Slide 70: Others & Consolidation
Others & Consolidation Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY €m 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Total underlying revenues -41 11 34 16 21 177 201 28 75 482 Exceptional items 20 -86 -41 83 -23 -47 -62 -1 -1 -111 Total revenues -21 -74 -7 100 -2 130 140 27 74 371 o/w Net interest income 303
Slide 71: Exceptional Revenue Items Commerzbank Group
Exceptional Revenue Items Commerzbank Group Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY €m 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Exceptional Revenue Items 28 -147 -17 82 -54 -52 -67 -2 9 -112 Net fair value result 28 9 -43 78 72 -52 -67 -2 -5 -126 o/w Hedging & valuation adjustments¹ 28 9 -43 78 72 -5
Slide 72: Balance sheet
Balance sheet 31 Dezember 2025 (30 September 2025) (€bn) 590 (593) 590 (593) Cash reserve / sight deposits 60 (69) (Banks & Central Banks) Deposits 356 (347) Loans and 289 (286) advances FA Amortised cost 477 (467) FL Amortised Cost 331 (328) Debt Securities 34 (33) Repos, Other MM 41 (39) 7 (10) De
Slide 73: 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 74: For more information, please contact our IR team
For more information, please contact our IR team Christoph Wortig Ansgar Herkert Investors and Financial Analysts Rating Agencies Head of Investor Relations Head of IR Communications Jutta Madjlessi Ute Sandner Patricia Novak +49 69 9353 47710 +49 69 9353 47706 +49 69 9353 47707 +49 69 9353
Slide 75: 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