Other disclosures
Other financial commitments
In 2025, framework agreements were concluded with the development banks of the German federal states in relation to the granting of promotional loans for the 2026 financial year in the amount of EUR 2,115 million (EUR 2,155 million).
Derivative financial instruments
Derivatives are only used to hedge existing or foreseeable market price risks. The transaction volume is limited by counterparty-specific and product-specific limits and is continuously monitored as part of the risk management function.
Derivative transactions
Pursuant to Section 285 number 19 HGB, derivative transactions not measured at fair value are presented in the table below (netting and collateral agreements are not included in the table):
| Derivatives carried in the banking book to hedge | Nominal values 31/12/2025 mEUR |
Nominal values 31/12/2024 mEUR |
Market values positive 31/12/2025 mEUR |
Market values negative 31/12/2025 mEUR |
| Interest rate risks | ||||
| Interest rate swaps | 124,249 | 123,466 | 2,136 | 3,786 |
|
1,300 | 1,200 | 1 | 0 |
|
2,364 | 2,323 | 135 | 244 |
| Swaptions (sales) | 49 | 49 | 0 | 1 |
| Total interest rate risks | 124,298 | 123,515 | 2,136 | 3,787 |
| Currency risks | ||||
| Cross-currency interest rate swaps | 30,860 | 35,860 | 183 | 2,111 |
| Currency swaps | 2,783 | 3.714 | 4 | 14 |
| Total currency risks | 33,643 | 39,574 | 187 | 2,125 |
| Total interest rate and currency risks | 157,941 | 163,089 | 2,323 | 5,912 |
Derivative transactions are broken down by residual maturity in the table below:
| Derivatives in the banking book | Nominal values interest rate risks |
Nominal values currency risks |
||
| 31/12/2025 mEUR |
31/12/2024 mEUR |
31/12/2025 mEUR |
31/12/2024 mEUR |
|
| Up to three months | 6,430 | 8,166 | 4,581 | 6,887 |
| More than three months and up to one year | 12,371 | 10,718 | 3,168 | 5,003 |
| More than one year and up to five years | 64,457 | 64,691 | 20,992 | 22,116 |
| More than five years | 40,840 | 39,940 | 4,902 | 5,568 |
| Total | 124,298 | 123,515 | 33,643 | 39,574 |
Derivative transactions are broken down by counterparty in the table below:
| Derivatives in the banking book | Nominal values 31/12/2025 mEUR |
Nominal values 31/12/2024 mEUR |
Market values positive 31/12/2025 mEUR |
Market values negative 31/12/2025 mEUR |
| Banks in the OECD | 145,781 | 153,089 | 2,229 | 5,478 |
| Other counterparties in the OECD | 12,160 | 10,000 | 94 | 434 |
| Total | 157,941 | 163,089 | 2,323 | 5,912 |
Disclosures on valuation units pursuant to Section 285 number 23 HGB
Hedged items were grouped into valuation units at the reporting date as follows:
| Balance sheet item | Risk type | Carrying amount 2025 mEUR |
Carrying amount 2024 mEUR |
Hedged risk/ nominal value 2025 mEUR |
Hedged risk/ nominal value 2024 mEUR |
| Other loans and advances to banks | Currency | 48 | 27 | 54 | 32 |
| Bonds and other fixed-income securities | Currency | 3,391 | 3,741 | 3,225 | 3,745 |
| Liabilities to customers | Currency | 27 | 27 | 26 | 29 |
| Securitised liabilities | Currency | 32,104 | 34,801 | 30,331 | 35,768 |
Please refer to the Section entitled valuation units / currency translation for a description of the qualitative formation of valuation units.
Compensation of the Management Board and the Supervisory Board
Pursuant to Section 285 number 9a HGB, the total compensation of the members of the Bank’s Management Board amounted to EUR 1,582 thousand in the 2025 financial year (EUR 1,580 thousand).
The following compensation was paid to the individual Management Board members in the 2025 financial year:
| Breakdown | Fixed compensation kEUR |
Other compensation kEUR |
Total kEUR |
| Nikola Steinbock | 550 | 14 | 564 |
| Dietmar Ilg | 500 | 8 | 508 |
| Dr. Marc Kaninke | 500 | 10 | 510 |
| Total Management Board | 1,550 | 32 | 1,582 |
As of 31 December 2025, the provision for pension commitments to former members of the Management Board and their survivors totalled EUR 23,666 thousand (EUR 22,596 thousand). An amount of EUR 1,817 thousand (EUR 1,706 thousand) was paid for current pension benefits.
Under the established compensation system, the annual base compensation of the Chairperson of the Supervisory Board amounts to EUR 30 thousand, that of the Vice Chairperson to EUR 20 thousand, and that of all other Supervisory Board members EUR 10 thousand each. An additional compensation of EUR 2 thousand is paid to members for each committee membership and EUR 4 thousand to the Chairperson of each committee. The compensation of members of the German federal government, who are members of the Supervisory Board pursuant to Section 7 (1) number 4 of Rentenbank’s Governing Law, and the Representative of the German Federal Ministry of Food and Agriculture pursuant to Section 7 (5) of the Rentenbank’s Governing Law, has been set at EUR 0.
The total compensation granted to the Supervisory Board members in the past financial year amounted to EUR 228.5 thousand (EUR 239.2 thousand).
The individual compensation amounts are presented in the table below:
| Member | Time period | Compensation in euro thousand (rounded) |
||
| 2025 | 2024 | 2025 | 2024 | |
| Joachim Rukwied | 1.1. - 31.12. | 1.1. - 31.12. | 46.0 | 46.0 |
| Cem Özdemir | 1.1. - 6.5. | 1.1. - 31.12. | 0.0 | 0.0 |
| Alois Rainer | 6.5. - 31.12. | - | 0.0 | - |
| Silvia Bender | 1.1. - 20.05. | 1.1. - 31.12. | 0.0 | 0.0 |
| Petra Bentkämper | - | 1.1. - 4.7. | - | 5.1 |
| Silvia Breher | 24.6. - 31.12. | - | 0.0 | - |
| Dr. Frank Czichowski | 1.1. - 31.12. | 4.7. - 31.12. | 16.0 | 7.9 |
| Martin Courbier | 1.1. - 31.12. | - | 10.0 | - |
| Doris Dietze | 19.6. - 31.12. | - | 0.0 | - |
| Jan Fries | 1.1. - 31.12. | 1.1. - 31.12. | 10.0 | 10.0 |
| Dr. Holger Hennies | 1.1. - 31.12. | 1.1. - 31.12. | 10.0 | 10.0 |
| Franz-Josef Holzenkamp | 1.1. - 31.12. | 1.1. - 31.12. | 14.0 | 14.0 |
| Michaela Kaniber | 1.1. - 31.12. | 1.1. - 31.12. | 10.0 | 10.0 |
| Torsten Krawczyk | 1.1. - 31.12. | 4.7. - 31.12. | 10.0 | 4.9 |
| Bernhard Krüsken | 1.1. - 31.12. | 1.1. - 31.12. | 18.0 | 18.0 |
| Detlef Kurreck | - | 1.1. - 4.7. | - | 5.1 |
| Stefanie Münz | 1.1. - 31.12. | 4.7. - 31.12. | 14.0 | 6.9 |
| Dr. Marcus Pleyer | 1.1. - 10.5. | 1.1. - 31.12. | 6.5 | 18.0 |
| Michael Reuther | - | 1.1. - 4.7. | - | 8.2 |
| Dr. Birgit Roos | - | 1.1. - 4.7. | - | 7.2 |
| Harald Schaum | 1.1. - 31.12. | 1.1. - 31.12. | 14.0 | 14.0 |
| Karsten Schmal | 1.1. - 31.12. | 1.1. - 31.12. | 12.0 | 13.0 |
| Rainer Schuler | - | 4.7. - 31.12. | - | 4.9 |
| Tim Schwertner | - | 4.7. - 31.12. | - | 5.1 |
| Sven Schulze | 1.1. - 31.12. | 1.1. - 31.12. | 10.0 | 10.0 |
| Susanne Schulze Bockeloh | 1.1. - 31.12. | 4.7. - 31.12. | 14.0 | 6.9 |
| Dr. Caroline Toffel | 1.1. - 31.12. | 1.1. - 31.12. | 14.0 | 14.0 |
| Total compensation | 228.5 | 239.2 | ||
Average number of employees pursuant to Section 267 (5) HGB
| Employees | 2025 | 2024 | ||||
| Men | Women | Total | Men | Women | Total | |
| Full-time | 232 | 124 | 356 | 227 | 125 | 352 |
| Part-time | 32 | 85 | 117 | 23 | 76 | 99 |
| Total | 264 | 209 | 473 | 250 | 201 | 451 |
Rentenbank had an annual average of 209 female employees (201) and 264 male employees (250), - full-time and part-time - under contract in the 2025 financial year.
Shareholdings pursuant to Section 285 number 11 and Section 340a (4) number 2 HGB
In accordance with Section 286 (3) sentence 1 number 1 HGB, we have opted not to provide a list of share-holdings pursuant to Section 285 number 11 HGB due to their minor significance for an assessment of Bank’s financial position, cash flows, and financial performance.
Pursuant to Section 340a (4) number 2 HGB, the equity interests held in large corporations exceeding 5% of the voting rights in each case are listed in the following:
- Niedersächsische Landgesellschaft mbH, Hanover
Other liability agreements
Rentenbank has undertaken in a letter of comfort to endow LR Beteiligungsgesellschaft mbH with its registered head office in Frankfurt am Main with sufficient financial resources to ensure that it is always able to meet its obligations on time insofar and as long as it holds 100% of the equity in LR Beteiligungsgesellschaft mbH.
Auditor’s fees pursuant to Section 285 number 17 HGB
The fees of Rentenbank’s auditors are as follows:
| Breakdown* | 2025 kEUR |
2024 kEUR |
| Auditing services | 384.6 | 482.8 |
| Other assurance services | 114.2 | 117.3 |
| Other services | 48.7 | 18.0 |
| Total | 547.5 | 618.1 |
| * Of the total fees payable to the auditor in 2025, an amount of EUR 6,4 thousand was for auditing services provided in the previous year. | ||
Events after the reporting date pursuant to Section 285 number 33 HGB
No events of particular significance occurred after the close of the financial year that were not included in the income statement or the balance sheet.
Proposals for the utilisation of profit pursuant to Section 285 number 34 HGB
The profit utilisation proposal included in the annual financial statements for the 2025 financial year requires the adoption of approving resolutions by the Supervisory Board.
The proposal for the utilisation of 2025 net income and profit is set out in the following draft resolutions:
- From the net income of EUR 39,000,000 presented in the income statement, an amount of EUR 19,500,000 will be allocated to the principal reserve pursuant to Section 2 (2) of Rentenbank’s Governing Law.
- From the remaining distributable profit of EUR 19,500,000, an amount of EUR 9,750,000 will be allocated to the Federal Republic of Germany’s Special-Purpose Fund and an amount of EUR 9,750,000 to the Promotional Fund.
Disclosures of mandates pursuant to Section 340a (4) number 1 HGB
Pursuant to Section 340a (4) number 1 HGB, the mandates held by the legal representatives or other employees of Rentenbank on the legally required supervisory boards of large corporations (Section 267 (3) HGB) are listed below:
Nikola Steinbock
Universitätsklinikum Leipzig, AöR
(Member of the Supervisory Board)
Dietmar Ilg
BVVG Bodenverwertungs- und -verwaltungs GmbH
(Member of the Supervisory Board until 14 August 2025)
Internationales Bankhaus Bodensee AG
(Member of the Supervisory Board)
VR Smart Finanz AG, Eschborn
(Member of the Supervisory Board)
The Management Board’s and Supervisory Board’s Statement of Compliance with the Public Corporate Governance Code of the Federal Republic of Germany is publicly available at Rentenbank’s website.
The annual financial statements and the management report are available on Rentenbank’s website and in the Company Register.