Summary:

• Operating profit increased by 18% to EUR 4.5 billion in the 2025 financial year
• Net profit of EUR 2.6 billion – despite restructuring expenses of EUR 562 million
• Revenues up 10% to EUR 12.2 billion – corporate loans up 10%
• Net commission income grew significantly by 7% to EUR 4 billion as targeted
• Net interest income of EUR 8.2 billion almost at the high level of the previous year despite lower key interest rates
• Cost/income ratio improved by 2 percentage points to full-year target of 57%
• Stable risk result of minus EUR 722 million – NPE ratio unchanged at 1.1%
• Return on net equity of 8.7% well above target – before restructuring expenses at 10.0%
• Capital return for 2025 increased by almost EUR 1 billion to EUR 2.7 billion – significantly increased dividend of EUR 1.10 per share (2024: EUR 0.65) planned
• Outlook for 2026: Net income expected to exceed original target of EUR 3.2 billion

Commerzbank achieved the best operating result in its history in the 2025 financial year: Compared to the previous year, it rose by 18% to €4.5 billion. Net income amounted to EUR 2.6 billion, above the target of EUR 2.5 billion – despite restructuring expenses for the Bank's transformation totalling EUR 562 million. Adjusted for these restructuring expenses, net income increased by around 13% to a record level of EUR 3 billion. This was largely due to the strong development of net commission income and the very good performance of the Polish subsidiary mBank. Net interest income was also almost stable at the previous year's level despite significantly lower key interest rates. Business with private and small business customers in Germany benefited above all from an increase in securities business of around 11%. In the Corporate Customers segment, the loan volume increased by 10% compared to the previous year. In an economically challenging environment, the risk result was on a par with the previous year at minus EUR 722 million. The bank improved its cost/income ratio by a further 2 percentage points to 57%.

In the first year of implementation of the "Momentum" strategy, important steps were taken for the transformation of the bank. The bank is aligning its business model even more closely with its customers in order to create even more value for them. The Private and Small Business Customers segment in Germany laid the foundation for further growth in October 2025 with its further developed support model. Through the realignment, the bank is creating more time for qualified advice to its customers and is also strengthening the branches.

The bank has significantly expanded the use of applications based on artificial intelligence (AI). This not only achieves initial productivity gains, but also improves the customer experience and employee support. In the Customer and Advisory Center, Commerzbank is currently introducing a new digital and AI-based assistant that will increase the efficiency and quality of the advisory service. This "Agent Assist" relieves advisors of administrative tasks. Customer conversations are summarized in real time, and suitable solutions are quickly proposed based on knowledge bases. In addition, more than 30,000 Commerzbank employees in Germany and abroad have access to the chatbot "cobaGPT". It makes everyday work easier and increases productivity.

The self-developed tool "Fraud AI" helps to automatically detect fraudulent activities and react to them more quickly, effectively reducing losses for the bank. At the same time, the tool contributes to compliance with regulatory requirements. Commerzbank is also optimising and automating its processes in the area of customer verification for money laundering prevention ("Know Your Customer", KYC). This ensures efficient application of new regulations and minimizes costs.

Users of the Commerzbank banking app have also been able to use AI functions for their banking transactions since April last year. With the virtual assistant "Ava", Commerzbank was one of the first banks to introduce a customer application that combines generative AI and avatar technology. Ava helps with service issues and account management and answers questions about Commerzbank products.

The bank plans to further expand these AI applications in the current financial year. In addition, new generative AI use cases such as the creation of contracts are to be introduced. The piloting of agentic AI is also being driven forward together with strategic partners.

Human resources: High participation rate in employee share program

The Bank successfully launched its employee share plan in AG Deutschland and at its international locations in the fourth quarter of 2025. Around 90% of eligible employees participated in the program. The bank plans to continue the program in the second quarter of 2026. The aim is to involve the workforce even more in the bank's success.

Commerzbank continues to make very good progress in implementing its human resources targets. For the job cuts, the bank is relying on proven social plan instruments, in particular partial retirement and early retirement. An early voluntary partial retirement program with an additional bonus has already met with a positive response. The other social plan instruments are also in high demand.

Business development: Net commission income achieves growth target of 7%

Commerzbank increased its revenues by around 10% to €12,171 million in the 2025 financial year (2024: €11,106 million). With growth of 7% to EUR 4,029 million, net commission income made a significant contribution to this (2024: EUR 3,762 million). Despite lower key interest rates, the Bank maintained net interest income at EUR 8,226 million, almost at the high level of the previous year (2024: EUR 8,331 million). The significant reduction in provisions for legal risks in foreign currency loans in Poland also had a very positive impact on earnings.

The bank's total costs in the 2025 financial year amounted to EUR 6,940 million (2024: EUR 6,526 million). This was due to an increase in administrative expenses of around 7% to EUR 6,666 million (2024: EUR 6,244 million). Two special effects had a significant impact here: On the one hand, the increase in the share price led to a valuation of share-based variable remuneration that was around EUR 90 million higher than in the previous year. On the other hand, an early write-down of EUR 117 million on the acquired customer base of Aquila Capital Investmentgesellschaft (ACI) contributed to the increased costs. ACI is currently facing difficult conditions in individual markets. In particular, projects in the field of renewable energies, which are still in an early phase of implementation, face macroeconomic challenges. Excluding these one-off expenses, the increase in costs amounted to around 3% compared to the previous year. This was mainly due to general salary increases, investments and the increase in personnel in connection with the bank's shoring and sourcing activities. At the Polish subsidiary mBank, continued growth investments led to an increase in costs. However, active cost management and the slight decline in mandatory contributions to EUR 274 million (2024: EUR 283 million) partially offset the increase in costs in the Group. As targeted, Commerzbank improved its cost/income ratio by 2 percentage points to 57% for the full year (2024: 59%).

Despite the continued challenging market environment, the risk result of minus EUR 722 million was on a par with the previous year (2024: minus EUR 743 million). It includes adjustments to methods and models due to macroeconomic risks as well as a regular recalibration of selected risk parameters. Following the reversal of the secondary effects top-level adjustment (TLA) in the second quarter of 2025, allowance for credit losses to cover uncertainties caused by macroeconomic developments and novel risks such as climate and environmental risks continues to include overlays of EUR 147 million. The non-performing exposure ratio (NPE) was 1.1% at the end of the year, demonstrating the resilience of the bank's loan book (2024: 1.1%).

Commerzbank increased its operating profit by 18% to a record level of €4,509 million (2024: €3,837 million). Consolidated net income after taxes and minorities amounted to EUR 2,625 million (2024: EUR 2,677 million). Restructuring expenses of EUR 562 million were incurred for the transformation of the bank, most of which were booked in the second quarter. Without this special expense, Commerzbank would have increased its net profit by around 13% to EUR 3,010 million.

The Common Equity Tier 1 ratio (CET 1 ratio) was 14.7% as of December 31, 2025 (Q3 2025: 14.7%; Q4 2024: 15.1%). The gap to the minimum regulatory requirement (MDA threshold) of currently around 10.4% was thus 438 basis points. The bank's net return on equity (net RoTE) for the full year was 8.7% (2024: 9.2%). Before restructuring expenses, it was 10.0%. The bank thus exceeded its self-imposed profitability target and achieved the highest net RoTE since the financial crisis.

Based on its strong results, Commerzbank will return a total of around €2.7 billion to its shareholders for the 2025 financial year, representing 100% of its net profit before restructuring expenses and after deduction of additional tier 1 (AT-1) coupons. This is almost 1 billion euros more than in the previous year. The capital return consists of two share buybacks and a dividend payment. In addition to the share buyback of around EUR 1 billion completed in December 2025, the Management Board has decided on a further share buyback of up to EUR 540 million. This will start after reporting for the 2025 financial year and is expected to be completed by 26 March 2026 at the latest. The Management Board and Supervisory Board intend to propose to the Annual General Meeting an increased dividend per share to EUR 1.10 (2024: EUR 0.65). For the years 2022 to 2025, the bank will thus return a total of around EUR 5.8 billion to its shareholders.

Development of the segments: Significant increase in the volume of loans to corporate customers

The Corporate Clients segment generated revenues of EUR 4,865 million in the past financial year (2024: EUR 4,973 million). Net commission income increased by around 5% to EUR 1,421 million (2024: EUR 1,355 million). The segment benefited from a very good performance in the lending and guarantee business, especially syndicated loans. Loan volume grew significantly on average by 10% to EUR 115 billion in the fourth quarter (Q4 2024: EUR 104 billion). Net interest income increased by around 8% to EUR 2,498 million (2024: EUR 2,312 million). However, this growth was offset by a decline in the fair value result due to valuation effects on derivatives. Benefiting from a lower risk result, the operating profit of the Corporate Customers segment was almost at the high level of the previous year at EUR 2,151 million (2024: EUR 2,174 million).

In the business with private and small business customers in Germany, the Bank increased its revenues by around 4% to EUR 4,607 million in the financial year (2024: EUR 4,433 million). The increase was largely due to net commission income, which grew by 7% to EUR 2,101 million (2024: EUR 1,963 million). The strong performance was driven by the strong securities business, whose revenues increased by around 11%. The volatility on the stock markets benefited comdirect's brokerage business in particular, whose customers traded particularly heavily. The volume of securities benefited from the positive market development and increased to EUR 266 billion at the end of December 2025 (end of 2024: EUR 243 billion). In payment transactions, the new pricing model for the current account contributed to the increase in income. In a highly competitive environment, deposits from private and small business customers in Germany rose significantly to EUR 179 billion on average in the fourth quarter (Q4 2024: EUR 173 billion) thanks to attractive special promotions. The volume of loans remained stable at an average of EUR 125 billion (Q4 2024: EUR 125 billion), of which EUR 96 billion was accounted for by construction financing (Q4 2024: EUR 96 billion). Net interest income in business with private and small business customers in Germany rose to EUR 2,417 million (2024: EUR 2,378 million) despite lower key interest rates. This was due to the positive development in construction financing and the increasing contributions from the replication portfolio. At EUR 1,276 million, operating profit was below the previous year (2024: EUR 1,355 million). This was due to a higher risk result compared to the previous year and the early write-down of ACI's acquired customer base.

The Polish subsidiary mBank increased its revenues significantly by 37% to EUR 2,329 million in the past financial year (2024: EUR 1,702 million). It benefited above all from the significant reduction in provisions for legal risks from foreign currency loans, which halved year-on-year to EUR 483 million (2024: EUR 1,002 million). Net commission income was another growth driver, which increased by 13% to EUR 536 million (2024: EUR 472 million) due to strong transaction-based business activities, especially in payments, as well as special effects related to partnerships. Net interest income of EUR 2,296 million was below the previous year's level (2024: EUR 2,382 million) due to significantly lower key interest rates. Nevertheless, the deposit and lending business remained robust thanks to increased volumes. In addition, income from interest rate hedging instruments, which are reflected in the fair value result, had a compensating effect. In total, the Polish subsidiary contributed EUR 1,050 million to the Group's operating profit; 75% more than in the previous year (2024: 599 million euros).

Outlook for 2026: Net income expected to exceed original target of EUR 3.2 billion

In the current financial year, Commerzbank expects a net result above the original target of its "Momentum" strategy of 3.2 billion euros. The basis for the improved profit outlook is, among other things, the forecast for net interest income, which has been increased from around EUR 8.4 billion to around EUR 8.5 billion. Net commission income is once again targeted for growth of around 7%. The bank will continue its strict cost management in 2026 and plans to achieve a cost-income ratio of around 54% in view of the raised earnings expectations. This is 2 percentage points less than the original target of 56%. The risk result is expected to be around EUR 850 million. Commerzbank expects the CET 1 ratio to be more than 14% after the planned capital return to shareholders at the end of the year. It is aiming for a return on net equity of more than 11.2%.

The return of capital to shareholders is expected to continue to increase continuously. For the 2026 financial year, the bank aims to return 100% of net income to its shareholders after deduction of AT-1 coupon payments. Commerzbank is also planning a corresponding payout ratio of 100% for the following years 2027 and 2028 – depending on the successful implementation of the strategy, the macroeconomic environment and the approval of the European Central Bank and the Finance Agency for corresponding share buybacks.

In addition, Commerzbank is reaffirming its financial targets for 2028 as part of the implementation of its "Momentum" strategy: a return on net equity of 15%, a cost/income ratio of 50%, a Common Equity Tier 1 ratio of 13.5% and a net profit of €4.2 billion.

The figures for 2025 contained in this press release are preliminary and unaudited.