Notes to the balance sheet

The disclosures in the notes to the financial statements exclude pro rata interest, which may result in differences from the amounts presented on the face of the balance sheet.

(1) Loans and advances to banks

Breakdown by residual maturity	31/12/2025 mEUR	31/12/2024 mEUR
Payable on demand	1,974	9,081
Other loans and advances
up to three months	2,672	1,929
more than three months and up to one year	6,825	5,549
more than one year and up to five years	23,876	25,112
more than five years	21,725	23,161
Total	57,072	64,832

Loans and advances to companies in which an equity interest is held amounted to EUR 4,000 million (EUR 4,428 million).

(2) Loans and advances to customers

Breakdown by residual maturity	31/12/2025 mEUR	31/12/2024 mEUR
up to three months	253	66
more than three months and up to one year	531	301
more than one year and up to five years	3,347	3,241
more than five years	2,791	3,225
Total	6,922	6,833

As of 31 December 2025, there were no loans and advances to customers with an indefinite term to maturity within the meaning of Section 9 (3) number 1 RechKredV.

(3) Bonds and other fixed-income securities

Securities with a total carrying amount of EUR 18,686 million (EUR 16,535 million) are assigned to fixed assets. For securities totalling EUR 11,969 million (EUR 11,033 million), the fair value of EUR 11,428 million (EUR 10,357 million) is less than the carrying amount. The undisclosed liabilities resulted from the changed environment of market interest rates.

Based on the regular monitoring of issuers, there were no permanent impairments of securities held as fixed assets, as in the prior year. Avoided impairments amounted to EUR 541 million, as compared to EUR 675 million in the prior year.

As in the prior year, no securities of affiliated companies or companies in which an equity interest is held were included in bonds and other fixed-income securities.

Of the total bond holdings, an amount of EUR 16,799 million is eligible as collateral with Deutsche Bundesbank. Of this amount, one security with a nominal value of EUR 5 million has been deposited as collateral with EUREX.

Separate disclosures on exchange listing and residual maturity:

Exchange listing	31/12/2025 mEUR	31/12/2024 mEUR
Exchange-listed	18,356	15,896
Not exchange-listed	331	639
Total	18,686	16,535

 

Residual maturity up to one year	31/12/2025 mEUR	31/12/2024 mEUR
Public-sector issuers	122	156
Other issuers	2,032	2,010
Total	2,154	2,166

(4) Shares and other non-fixed income securities

The line item of “Shares and other non-fixed securities” with a total carrying amount of EUR 46.7 million (EUR 33.2 million), included exchange-listed securities with a carrying amount of EUR 0.1 million (EUR 0.1 million) and non-exchange-tradable securities with a carrying amount of EUR 46.6 million (EUR 33.1 million).

Securities in the form of shares in venture capital funds with a carrying amount of EUR 46.6 million (EUR 33.1 million) are held as fixed assets. In the case of securities totalling EUR 24.7 million (EUR 6.5 million), the fair value of EUR 23.1 million (EUR 5.8 million) is less than the carrying amount. In view of the early life phase of the venture capital funds, no impairment was recognised. The avoided impairments amount to EUR 1.6 million (EUR 0.7 million).

(5) Equity interests and shares in affiliated companies

Rentenbank holds equity investments amounting to EUR 328 million (EUR 328 million) and shares in affiliated companies amounting to EUR 50 million (EUR 50 million). As in the prior year, no exchange-tradable securities are included in the balance sheet items of “Equity interests” and “Shares in affiliated companies”.

(6) Trust assets

Breakdown	31/12/2025 mEUR	31/12/2024 mEUR
Receivables from the German Federal Republic’s Special-Purpose Fund held by Rentenbank	178	169
Total	178	169

(7) Fixed assets

Statement of changes in fixed assets (in euro millions)

	Intangible assets	Property and equipment			Financial investments
	Software and licenses	Land and buildings	Operational and office equipment	Assets under construction	Bonds and other fixed-income securities	Shares and other non-fixed income securities	Equity interests	Shares in affiliated companies
Acquisition/pro-duction cost 1/1/2025	112	55	19	33	16,485	33	328	50
Acquisitions	20	-	1	12	4,316	14	-	-
Disposals	-	-	-	-	- 2,115	0	-	-
Transfers	-	-	-	-	0	-	-	-
Acquisition/pro-duction cost 31/12/2025	132	55	20	45	18,686	47	328	50
Accumulated depreciation and amortisation 1/1/2025	- 75	- 10	- 17	-	Net change pursuant to Section 34 (3) sentence 2 RechKredV: 0,3 EURm
Depreciation, amortisation and impairments
Accumulated depreciation and amortisation on disposals	-	-	-	-
Depreciation and amortisation 2025	- 15	- 1	- 1	-
Accumulated depreciation and amortisation 1/1/2025	- 90	- 11	- 18	-
Write-ups	-	-	-	-
Carrying amounts 31/12/2025	42	44	2	45	18,686	47	328	50
Carrying amounts 31/12/2024	37	45	2	33	16,485	33	328	50

(8) Other assets

Breakdown	31/12/2025 mEUR	31/12/2024 mEUR
Cash collateral provided for derivatives contracts	3,809	2,425
Miscellaneous	2	1
Total	3,811	2,426

(9) Prepaid expenses

Breakdown	31/12/2025 mEUR	31/12/2024 mEUR
Premium from lending business	1,083	1,366
Discount from issuing business	669	749
Upfront payments made from derivatives	246	328
Other	3	2
Total	2,001	2,445

(10) Liabilities to banks

Breakdown by residual maturity	31/12/2025 mEUR	31/12/2024 mEUR
Payable on demand	0	0
With agreed term or notice period
up to three months	81	642
more than three months and up to one year	9	27
more than one year and up to five years	64	124
more than five years	-	0
Total	154	793

(11) Liabilities to customers

Breakdown by residual maturity	31/12/2025 mEUR	31/12/2024 mEUR
Payable on demand	0	0
With agreed term or notice period
up to three months	-	62
more than three months and up to one year	136	16
more than one year and up to five years	280	404
more than five years	1,021	938
Total	1,437	1,420

This item includes liabilities to affiliated companies in the amount of EUR 30 million (EUR 30 million). There were no liabilities to companies in which an equity interest is held at the reporting date.

(12) Securitised liabilities

Breakdown by residual maturity	31/12/2025 mEUR	31/12/2024 mEUR
Debt securities issued
up to one year	12,480	17,843
more than one year and up to five years	46,201	44,215
more than five years	21,294	21,228
Total	79,975	83,286

(13) Trust liabilities

Breakdown	31/12/2025 mEUR	31/12/2024 mEUR
Liabilities from German Federal Republic’s Special-Purpose Fund held at Rentenbank	178	169
Total	178	169

(14) Other liabilities

Breakdown	31/12/2025 mEUR	31/12/2024 mEUR
Cash collateral received for derivatives contracts	130	344
Miscellaneous	12	8
Total	142	352

(15) Deferred income

Breakdown	31/12/2025 mEUR	31/12/2024 mEUR
Discount from lending business	46	47
Premium from issuing business	185	264
Upfront payments received from derivatives	1,713	2,071
Payments received from EONIA–€STR conversion	8	10
Total	1,952	2,392

(16) Provisions

This balance sheet item includes provisions for pension obligations to employees who are contractually entitled to pension benefits in the amount of EUR 154 million (EUR 154 million). The Other provisions break down as follows:

Other provisions	31/12/2025 mEUR	31/12/2024 mEUR
Interest subsidy for promotional loans	168	150
Promotion of research for innovation in agribusiness	15	17
Promotion of agriculture (Promotional Fund)	9	7
Miscellaneous provisions	14	14
Total	206	188

(17) Foreign currency assets and liabilities

As at the reporting date, assets denominated in foreign currency amount to EUR 3,434 million (EUR 4,001 million) and liabilities denominated in foreign currency amount to EUR 30,499 million (EUR 35,994 million). Currency risks arising from foreign currency holdings have been almost completely hedged by derivatives.

(18) Contingent liabilities

Contingent liabilities of EUR 10 million (EUR 17 million) result from deficiency guarantees. Deficiency guarantees were issued for interest-subsidised capital market loans backed by public sector counter-guarantees. We do not expect these guarantees to be called.

(19) Other commitments

Other commitments consist of irrevocable loan commitments of EUR 1,909 million (EUR 590 million), almost all of which in the special promotional loan business.

Irrevocable loan commitments result from transactions for which Rentenbank has made a binding commitment to its customers, thereby exposing Rentenbank to a future credit risk. Based on experience values from previous years, Rentenbank expects that these irrevocable loan commitments will be drawn down almost entirely in 2026.

(20) Cover calculation

Outstanding liabilities requiring cover consist exclusively of a small number of bearer bonds of insignificant amounts, the submission period for which has not yet expired. Loans and advances to customers in the amount of EUR 1 million (EUR 1 million) have been designated as cover assets to back debt securities issued.