Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — FY2025 Earnings Presentation
77 slides from Deutsche Pfandbriefbank's earnings presentation, Mar 5, 2026
Slide 1: Analyst Presentation Annual Results 2025
ANALYST PRESENTATION Annual Results 2025 05 March 2026 Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 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 progressing while CRE markets recover slower than expected → Significant de-risking of US and development NPL – SRT of € 1.7 bn (USD 2.0 bn) for performing US risks in Q4/25 → REFS new business up by +23% y-o-y to € 6.3 bn – RoTE1 of ~8% fully accretive for st
Slide 4: Agenda
AGENDA 1. Strategic Transformation 2. Operating & Financial Overview 3. Portfolio Quality 4. Capital & Funding 4. Outlook 5. Appendix Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 4
Slide 5: Market Environment
MARKET ENVIRONMENT CRE markets stabilised, but recovery slower than expected Growth risks in Europe abating, ECB rates European CRE markets keep on stabilising, on hold this year but recovery remains slow and uneven Transactions picking up as price Economy keeps defying tariff discoveries conclude b
Slide 6: Market Environment: CRE transaction volumes slowly recovering
MARKET ENVIRONMENT CRE transaction volumes slowly recovering, interest rates stabilised Interest rate development and CRE transaction volume1 in Europe → Rate increase since 2022 correlates with a sharp decline in transaction volumes: High financing costs and 4.5% tighter bond spreads weigh on 4.3%
Slide 7: Real Estate Finance Solutions (REFS)
RE FINANCE SOLUTIONS (REFS) New business volume up 23% y-o-y – portfolio profitability further increased → Diversification and increase of profitability of European New business volume1 Growth asset classes REF portfolio on track New business +23% Pipeline (as of reporting date) 6.3 → New business g
Slide 8: US Exit on Track (1/3)
US EXIT ON TRACK (1/3) SRT and repayments provide for significant de-risking Performing portfolio development SRT Performing portfolio: contractual run-down2 SRT € bn (EaD, 2024: Basel III, 2025: Basel IV) (€ bn, EaD, Basel IV) 3.3 -0.5 2.6 -0.3 -0.3 2.2 2 loans -0.1 3 loans 0.5 4 loans 2 loans 1.7
Slide 9: US Exit on Track (2/3)
US EXIT ON TRACK (2/3) Significant Risk Transfer (SRT) 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 81% 12 € ~1.4 bn 0.9 9 1
Slide 10: US Exit on Track (3/3)
US EXIT ON TRACK (3/3) Focus on NPL reduction in 2026 US NPL Portfolio development → US NPL portfolio stable y-o-y: € bn (EaD, 2024: Basel III, 2025: Basel IV) • Addition of 5 new NPL (€ 0.4 bn, Q4/25: 2 loans, € 0.1 bn) 0.9 1.0 0.9 • Repayment of 3 NPL (€ -0.4 bn, Q4/25: 2 loans, € -0.2 bn) -0.2 +0
Slide 11: Real Estate Investment Solutions (REIS)
RE INVESTMENT SOLUTIONS (REIS) Build-out of REIS progressing pbb invest Originate & Cooperate → Acquisition of Deutsche Investment closed, fully contributing → Business segment strategically established, operationalised and in 2026 rolled out into market • AUM of € ~3 bn in equity products • Product
Slide 12: Target Operating Model (TOM)
TARGET OPERATING MODEL (TOM) Organisational optimisation to drive efficiency and profitability Strengthening of efficient Organisational Madrid General adm. expenses management structures optimisation production hub # FTEs € mn ~85 ~265 Set-up of an efficient, 236 ~55 international platform ~ 20% Ap
Slide 13: Agenda
AGENDA 1. Strategic Transformation 2. Operating & Financial Overview 3. Portfolio Quality 4. Capital & Funding 4. Outlook 5. Appendix Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 13
Slide 14: Operating Overview
OPERATING OVERVIEW Transition underway – focus on profitability REF new business → Selective new business with REF portfolio € bn (financing volume) → Decreased portfolio volume in € bn (commitments, incl. extensions > 1 yr.) strict focus on profitability 2025 reflects portfolio transition → New bus
Slide 15: Financial Overview
FINANCIAL OVERVIEW Financial performance impacted by de-risking Operating income € mn (IFRS) → Operating income reflecting General admin. expenses € mn (IFRS) → GAE down y-o-y as expected, • decreased NII/NCI due to while investments into strategic Personnel Non-personnel NII/NCI Realisation & other
Slide 16: Operating Income
OPERATING INCOME NII/NCI stable q-o-q – REF portfolio profitability up while portfolio volume down Operating income € mn (IFRS) NII/NCI Realisation income Other income → Operating income slightly down q-o-q • NII/NCI stable at € 99 mn – higher portfolio profitability almost compensating lower portfo
Slide 17: Operating Expenses
OPERATING EXPENSES Operating expenses down while strategic investments are ongoing personnel non-personnel write downs → Operating expenses well managed q-o-q, increase in Q4/25 as expected due to Operating expenses € mn (IFRS) ongoing investments into strategic initiatives 61% 61% 70% 64% CIR1 49%
Slide 18: Risk Provisioning
RISK PROVISIONING Risk provisioning affected by de-risking of German legacy development NPL in Q4/25 Net income from risk provisioning € mn (IFRS) Stage 1&21 Stage 3 Other2 2024: € -170 mn 2025: € -410 mn +3 +31 -10 +7 +22 -5 +5 -3 +1 -37 -63 -59 -25 -31 -33 -75 -86 -47 -30 -26 -33 -56 -37 -54 -222
Slide 19: Loss Allowances
LOSS ALLOWANCES REF NPL coverage ratio stable at ~30% Balance sheet loss allowances € mn Stage 1&2 € mn (IFRS, reported) USA Stage 1 Stage 2 Stage 3 USA (incl. Mgt. Overlay) (incl. Mgt. Overlay) 823 836 48 33 787 30 35 Europe 29 154 110 Europe 59 543 564 156 39 43 09/25 12/25 93 81 € 145 mn € 184 mn
Slide 20: Agenda
AGENDA 1. Strategic Transformation 2. Operating & Financial Overview 3. Portfolio Quality 4. Capital & Funding 4. Outlook 5. Appendix Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 20
Slide 21: European REF Portfolio Performing
EUROPEAN REF PORTFOLIO PERFORMING European CRE markets gradually but slowly recovering Portfolio KPIs (2023/24: Basel III, 2025: Basel IV) → With significant de-risking and CRE markets gradually but slowly recovering, the quality of the performing portfolio stabilised further 55% 55% 55% 53% Avg. LT
Slide 22: European REF Portfolio Performing: Solid portfolio quality
EUROPEAN REF PORTFOLIO PERFORMING Solid portfolio quality Portfolio € bn (EaD, 2024: Basel III, 2025: Basel IV) → Portfolio stable in Q4/25 (FY 25: € -1.1 bn) • Net change & others € +0.2 bn (FY 25: € -0.7 bn) 24.5 23.4 23.4 • Transfer to NPL € -0.2 bn (FY 25: € -0.4 bn) → LTV stress KPIs for perfor
Slide 23: European NPL Portfolio
EUROPEAN NPL PORTFOLIO NPL coverage ratio increased to ~31% NPL Portfolio € mn (EaD, 2024: Basel III, 2025: Basel IV) → Increase of European NPL portfolio by € 250 mn in Q4/25 (FY 25: € 389 mn) driven by • 2 European office loans € 239 mn (FY 25: 5 loans, € 405 mn) 1,414 +11 -0 • EaD-effects of € 11
Slide 24: Development Portfolio
DEVELOPMENT PORTFOLIO Development portfolio significantly de-risked – no new NPL Portfolio € bn Phase 31/12/2025 Regions 31/12/2025 Property types 31/12/2025 (EaD, 2024: Basel III, 2025: Basel IV) (commitments, Basel IV) (EaD, Basel IV) (EaD, Basel IV) France Other -16% 3% Other 2.2 16 loans 11 loan
Slide 25: Agenda
AGENDA 1. Strategic Transformation 2. Operating & Financial Overview 3. Portfolio Quality 4. Capital & Funding 4. Outlook 5. Appendix Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 25
Slide 26: Capital
CAPITAL Solid capitalisation – positive de-risking effects offset F-IRBA LGD changes Capital ratios (IFRS) → CET1 ratio moderately down q-o-q from 15.4% to 14.9% • RWA affected by two opposing effects in Q4/25 B3 F-IRBA1 B4 F-IRBA Pro-forma • € -1.1 bn reduction from SRT for performing US portfolio
Slide 27: Capital: F-IRBA model and LGD levels
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 28: Funding and Liquidity
FUNDING AND LIQUIDITY Successful Funding in 2025 – strong start into 2026 New long-term funding1 € bn 2025 transaction highlights → Two successful and well-oversubscribed Mortgage Pfandbrief Benchmarks Spread 63 62 205 187 followed by cost-effective taps and issuance in SEK to match Swedish business
Slide 29: Agenda
AGENDA 1. Strategic Transformation 2. Operating & Financial Overview 3. Portfolio Quality 4. Capital & Funding 4. Outlook 5. Appendix Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 29
Slide 30: Guidance 2026 (1/2)
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 increase of gross po
Slide 31: Guidance 2026 (2/2)
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. extensions > 1 year
Slide 32: Outlook 2028 (1/2)
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) → Increasing portfolio
Slide 33: Outlook 2028 (2/2)
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 Deutsche Investment an
Slide 34: Agenda
AGENDA 1. Strategic Transformation 2. Operating & Financial Overview 3. Portfolio Quality 4. Capital & Funding 4. Outlook 5. Appendix Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 34
Slide 35: Appendix
APPENDIX 1. Financials 2. REF New Business 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 35
Slide 36: Key Figures: pbb Group
KEY FIGURES pbb Group Income statement (€ mn) 2023 Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Q2/25 Q3/25 Q4/25 2025 Net interest income 482 125 121 113 106 465 107 104 99 99 409 Net fee and commission income 3 1 2 0 2 5 2 2 0 0 4 Net income from fair value measurement 0 -3 -1 8 -7 -3 3 -19 -11 -6 -33 Net i
Slide 37: Key Figures: Real Estate Finance (REF)
KEY FIGURES Real Estate Finance (REF) Income statement (€ mn) 20234 Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Q2/25 Q3/25 Q4/25 2025 Net interest income 437 116 113 107 102 438 102 99 95 96 392 Net fee and commission income 4 1 3 0 2 6 2 2 1 1 6 Net income from fair value measurement 0 -2 -1 5 -4 -2 3 -20
Slide 38: Key Figures: Non-Core (PIF & VP)
KEY FIGURES Non-Core (PIF & VP) Income statement (€ mn) 20234 Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Q2/25 Q3/25 Q4/25 2025 Net interest income 45 9 8 6 4 27 5 5 4 3 17 Net fee and commission income -1 0 -1 0 0 -1 0 0 -1 -1 -2 Net income from fair value measurement 0 -1 0 3 -3 -1 0 1 -1 0 0 Net income f
Slide 39: Balance Sheet
BALANCE SHEET Balance Sheet IFRS, € bn Assets 31/12/25 31/12/24 Liabilities & equity 31/12/25 31/12/24 Financial assets at fair value through P&L 0.9 1.2 Financial liabilities at fair value through P&L 0.2 0.7 thereof thereof Positive fair values of stand-alone derivatives 0.2 0.5 Negative fair valu
Slide 40: RoTE definition
RoTE definition Return on Tangible Equity (RoTE) FY/25 Profit before tax1) minus AT1-coupon RoTE € -275 mn1) IFRS equity2) before tax minus AT1-capital2) € 2,791 mn2) -9.9% (IFRS) minus goodwill and other intangible assets2) minus deferred tax income assets2) Net income after tax attributable to sha
Slide 41: Appendix
APPENDIX 1. Financials 2. REF New Business 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 41
Slide 42: REF New Business
REF NEW BUSINESS New business volume up by 23%, RoTE of ~8% accretive to target 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 ~5% ytd. → New business volume of € 6.3 bn up by ~23% vs.
Slide 43: REF New Business: Diversification
REF NEW BUSINESS Diversification supports management of the cycle As of 31/12/25 Regions Property types Mixed use/ Hotel 2% other 3% Other € 6.3 bn 16% Logistics/ storage Germany 21% Nordics 9% 38% New business Commitments, 48% Office incl. extensions > 1 year 14% 13% CEE Retail 7% 10% 13% France US
Slide 44: Appendix
APPENDIX 1. Financials 2. REF New Business 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 44
Slide 45: Portfolio: Total portfolio
PORTFOLIO Total portfolio Regions EaD, 2024: Basel III, 2025: Basel IV 31/12/2024 / Total: € 43.9 bn 31/12/2025 / Total: € 40.4 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 46: Focus: Germany Performing
FOCUS: GERMANY PERFORMING Well diversified, high-quality portfolio Performing Portfolio € bn (EaD, 2024: Basel III, 2025: Basel IV) → Portfolio down by € -0.6 bn in 2025 (Q4/25: € -0.2 bn) • Repayments & others of € -0.3 bn (Q4/25: € 0.0 bn) 12.6 • Transfer of 3 German office loans to NPL € -0.3 bn
Slide 47: Focus: European Office Portfolio
FOCUS: EUROPEAN OFFICE PORTFOLIO Stabilisation in core locations, few selective sub-markets difficult Performing Non-performing → Performing portfolio reduced by € 0.8 bn in 2025 (Q4/25: € 0.2 bn) Portfolio € bn (EaD, 2024: Basel III, 2025: Basel IV) • Repayments & others € 0.4 bn (Q4/25: € 0.0 bn)
Slide 48: Focus: Office Performing
FOCUS: OFFICE PERFORMING Exposure at risk covered by 27% Performing Portfolio € bn (EaD, 2024: Basel III, 2025: Basel IV) → Portfolio reduced by € -1.6 bn in 2025 (Q4/25: € -0.4 bn) • Repayments & others € -0.9 bn (incl. USD-effect of € -0.5 bn, Q4/25: € -0.1 bn) 13.9 • Transfer to NPL 9 loans € -0.
Slide 49: Focus: Office NPL
FOCUS: OFFICE NPL Office NPL portfolio covered by ~27% Non-Performing Portfolio € mn (EaD, 2024: Basel III, 2025: Basel IV) → Portfolio increased by € 0.3 bn in 2025 (Q4/25: €0.2 bn) due to • addition of 9 office loans € 0.7 bn (Q4/25: 4 loans, € 0.3 bn): -2 • 3 US office loans, € 0.2 bn (Q4/25: 2 l
Slide 50: NPL Portfolio
NPL PORTFOLIO Active restructuring/work-out ongoing Geographical breakdown € mn (EaD, 2024: Basel III, 2025: Breakdown by property type € mn (EaD, 2024: Basel III, 2025: Basel IV) Basel IV) 2,323 2,323 2,117 2,117 252 1,903 211 1,903 248 369 Others 212 Others & Mixed Use 231 210 359 France Hotel 267
Slide 51: Portfolio: Real Estate Finance (REF)
PORTFOLIO Real Estate Finance (REF) Regions Property types Other 1% Other 2% Other Europe Other Europe Hotel 3% Mixed use 1% Mixed use 1% Austria 1% Austria 1% Hotel 2% Retail Czech Republic 2% 10% Czech Republic 1% 12% Retail Sweden 4% 10% 10% Sweden 4% Poland 6% Poland 7% 45% Germany 46% Germany R
Slide 52: REF Portfolio: LTV development
REF PORTFOLIO LTV development reflects market environment LTV – Regions LTV – Property types (commitments, 2024: Basel III, 2025: Basel IV) 1 (commitments, 2024: Basel III, 2025: Basel IV) 1 12/24 09/25 12/25 12/24 09/25 12/25 Avg. LTV Avg. LTV 12/24: 56% / 09/25: 56% / 12/25: 57% 12/24: 56% / 09/25
Slide 53: REF Portfolio – LTV Cluster
REF PORTFOLIO – LTV CLUSTER LTV development reflects market environment Total REF portfolio € mn, commitments, 2024: Basel III, 2025: Basel IV Office € mn, commitments, 2024: Basel III, 2025: Basel IV 12/24 09/25 12/25 Avg. LTV1: 12/24: 56% / 09/25: 56% / 12/25: 57% Avg. LTV1: 12/24: 62% / 09/25: 61
Slide 54: REF Portfolio: Sub-segments
REF PORTFOLIO Sub-segments Evaluation of current Property Regions Challenges Risk positioning situation → In Europe, the office market recovery → Shift of demand towards modern, green, → Focus on sustainable properties or remains on solid ground with vacancy rates centrally located properties leads
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 → Logistics leasing has moderated to pre- → Monoline logistics centres depending on → Strategic approach; expert team since pand
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 → Retail sales remain resilient, supported → B-locations/older shopping centres → Selective approach with consequent by rising r
Slide 57: 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 owner-occupied property market → Cash flow under pressure due to higher → Portfolio volume of € 5.0 bn with avg. shows mod
Slide 58: 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 → Revenue per available room (RevPAR) → Despite recovery and increase in ADRs → Selective approach and strict adherence growth i
Slide 59: 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 4% Finland <1% Financial Institution 3% PSE (related) <1% Financial I
Slide 60: Portfolio: Consolidation and Adjustments (C&A)
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 3% 11% 7% Financial Institution Other Rest of World 12% 100% 11% Investment PSE 5% grade3 Reg.
Slide 61: 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 62: Appendix
APPENDIX 1. Financials 2. REF New Business 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 62
Slide 63: Mortgage Cover Pool
MORTGAGE COVER POOL Diversification by countries and property types Mortgage Cover Pool Spain 2.1% Switzerland 0.2% Key metrics Mortgage cover pool (nominal) 30/12/2025 Austria 1.6% Italy 0.5% Benelux Pfandbriefe outstanding € 14.6 bn 4% Other Nordic countries Cover funds € 16.9 bn 8% 23% Over-colla
Slide 64: 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 65: Funding
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 (31/12/2025) Liabilit
Slide 66: Mandated Ratings
MANDATED RATINGS Bank Ratings S&P Long-term BBB- Outlook Negative 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 Pf
Slide 67: Appendix
APPENDIX 1. Financials 2. REF New Business 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 67
Slide 68: 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 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 69: 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 70: 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 inhouse external Data use Products & Data gathering and analysis co-operation partner Data sources: Data processing: pbb analysis results
Slide 71: 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 72: Continued progress in sustainable finance activities
ESG Continued progress in sustainable finance activities Green share of REF portfolio → 85.6% of REF portfolio scored – scoring of remaining portfolio ongoing (commitments, green loan eligible assets, %) → Green share of total REF portfolio currently at 29.9% resp. € 8.6 bn (34.9% based on scored po
Slide 73: 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 74: ESG KPI Development & Steering
ESG KPI Development & Steering The existing ESG KPI management concept was further developed to include GHG emissions & additional Focus GHG emission social KPIs. 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 75: REF Transition Plan – Implementation @pbb
REF Transition Plan – Implementation @pbb To steer the portfolio towards 1.5ºC, pbb has developed a climate pathway for the REF portfolio with targets. It provides the strategic foundation of pbb’s Transition Plan for the REF portfolio and is imbedded into the bank’s risk strategy, risk management f
Slide 76: Appendix
APPENDIX 1. Financials 2. REF New Business 3. Portfolio profile 4. Funding & Ratings 5. ESG Contact Details Annual Results 2025 (IFRS, pbb Group, audited, approval by the Supervisory Board pending), 05 March 2026 76
Slide 77: 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 — FY2025 Earnings Presentation on 6ix