2025 IN NUMBERS

860 Mio. €

Net Profit

€ 10.87

EPS

26.9%

RoTCE

36.1%

CIR

Read our Consolidated Annual Report

“2025 was a transformative year for the Group. We surpassed all financial targets and made substantial progress integrating our two latest acquisitions. More importantly, we continued advancing our vision to build a pan-European & U.S. banking group, underpinned by a solid foundation and a unique culture. While we are proud of our transformation over the years, our journey is only just beginning.“

Anas Abuzaakouk
Chief Executive Officer

Growing into a pan-European & U.S. banking group

Since 2012, our strategy has been consistent:

Grow within our core markets and prioritize our customer’s needs.
Deliver efficiency through operational excellence.
Keep a safe and secure risk profile.

Embracing a continuous improvement mindset, along with executing strategic acquisitions, has enabled our transformation from a traditional legacy banking model into a digitally enabled bank with a high-touch advisory-focused branch network. Today, we operate across 7 core markets: Austria, Germany, Netherlands, Ireland, Switzerland, United Kingdom and United States.

90% Retail&SME, 90% Euro Counties, 90% Digital Originations

Being good stewards of capital

Disciplined capital allocation, and M&A specifically, is key to our strategy and how we run the bank. We aim to be good stewards of capital, being prudent in our capital distribution plans, maintaining our strong balance sheet, and having sufficient dry powder to capitalize on unique opportunities. This disciplined approach is supported by our strong profitability, which enables us to generate significant capital each year.

We deploy this capital prudently: extending credit to our customers, investing in our franchise and teams, pursuing strategic acquisitions, and distributing to our shareholders.

Delivering a record year in 2025

Although we delivered an impressive 26.9% RoTCE this past year, we have averaged a RoTCE of 17% over the last 14 years, which included eight years of zero or negative rates, versus the European banking sector (SX7P) of approximately 10%. Our strategy has always focused on what we can control, which translates into managing your cost base and risk appetite, pillars of how we run the bank.

Over the same period, our average CIR was 46% versus 62% of the European banking sector. From a risk and asset quality standpoint, our average NPL ratio was 1.7%, versus the European banking sector of 4.8%.

€ 3.7 billion capital distributed since IPO

We distributed € 607 million to shareholders: € 432 million in dividends (€ 5.50 per share) and € 175 million through a share buyback. Following the buyback, we cancelled 1.6 million shares (2%), with 77 million shares outstanding at the end of 2025, a 23% reduction since our IPO in October 2017. We closed the year with a CET1 ratio of 14.2%, after setting aside € 481 million for dividends (€ 6.25 per share, a 14% increase year-over-year), which we will propose at our annual shareholder meeting on April 22, 2026.

Our Targets in 2026

On the back of strong customer loan growth in 2025 and the integrations delivering ahead of plan, we are updating our targets. We are targeting net profit over € 960 million in 2026, over € 1.1 billion in 2027, and over € 1.2 billion in 2028 - excluding any potential acquisitions. This translates into a net profit CAGR of ~12% from 2025 through 2028.

Our through-the-cycle targets

Through the cycle, we are targeting a RoTCE over 20% and CIR under 33%, as the franchise continues to reap the benefits of long-term investments and scale as we build-out a pan-European & US banking group. When we refer to “through the cycle”, there will be years we deliver higher returns given the current rate environment and benign credit cycle, with our targets representing a more conservative floor. However, our goal is to consistently deliver results and be prudent in how we run the bank, accounting for the cyclical nature of markets and lending. Our CET1 target remains at 12.5%, 227bps above our minimum regulatory capital requirements.

Supporting our local communities

Supporting our local communities is also core to our identity. Our focus is on initiatives that foster financial literacy at an early age, support underprivileged communities, and promote women’s empowerment. Corporate volunteering and employee donations matched by the Group are the foundations of these efforts.