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Deutsche Pfandbriefbank (PBB) investor relations material
Deutsche Pfandbriefbank Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Strategy 2027 execution accelerated with the acquisition of Deutsche Investment Group and a strategic exit from the US market, incurring significant one-off risk charges but enhancing European focus and profitability targets.
Reported a pre-tax loss of €249 million for H1 2025, mainly due to higher risk provisioning linked to US market withdrawal.
Operating performance remains stable excluding US-related one-off charges; adjusted operating income in Q2 2025 was €119 million.
US portfolio reduced by nearly 30% since 2023, now at €3.7 billion, representing 12% of the total portfolio but 45% of total NPLs.
Acquisition of Deutsche Investment Group (AuM €3 billion) expected to close in Q1 2026, supporting fee income growth and strategic ambitions.
Financial highlights
One-off US exit costs of €340 million led to a reported pre-tax loss of €249 million for H1 2025; adjusted pre-tax profit was €65 million.
Net interest income and commission income decreased year-over-year, with NII at €211–215 million and gross interest margin stable at ~240bp.
General and administrative expenses stable at €115 million year-over-year, with cost/income ratio at 70% reported and 52% adjusted in Q2 2025.
Risk provisioning in H1 2025 totaled €-323 million, mainly from the US portfolio.
Total assets decreased to €42.4 billion as of June 2025.
Outlook and guidance
Strategy 2027 targets confirmed: operating income ~€600 million, ROTE 8%, CIR <45%, CET1 ratio >15.5%, capital distribution ≥50%.
New business volume in Europe projected between €6.5–7.5 billion for 2025, with portfolio size targeted at €28–29 billion.
Fee income targeted to exceed 10% of total operating income by 2027, supported by the Deutsche Investment Group acquisition.
CET1 ratio ambition remains above 14% through the cycle.
2025 forecast withdrawn; full-year net loss expected due to extraordinary US exit expenses.
Explain the rationale for the management overlay.
How will the US portfolio be sold/securitized?
What is driving the decline in economic capital?
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Next Deutsche Pfandbriefbank earnings date
Q3 202513 Nov, 2025
Next Deutsche Pfandbriefbank earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Deutsche Pfandbriefbank AG is a specialized commercial bank focusing on real estate and public sector financing. The bank provides tailored financing solutions for commercial real estate projects, including office, retail, and logistics properties, as well as residential developments. It also supports public infrastructure projects through lending to municipalities and other public sector entities. The company is headquartered in Garching, Germany, and its shares are listed on the FSE (Frankfurt Stock Exchange).
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