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Deutsche Pfandbriefbank (PBB) investor relations material
Deutsche Pfandbriefbank Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Strategy 2027 execution is underway, focusing on profitability, diversification, and resilience, with new business ROTE at 9% for 9M/25 and Q3/25 at 7%.
New business in commercial real estate financing grew over 60% year-over-year to €4 billion, but portfolio reduction continues due to de-risking and US exit.
The acquisition of Deutsche Investment Group is expected to close in Q1 2026, supporting diversification and commission income growth, with all regulatory approvals received.
The exit from the US market is progressing, with significant risk reduction, one-off charges, and capital redeployment.
Profit before tax fell to €-235 million for 9M/25, mainly due to higher risk provisioning and the US exit.
Financial highlights
Nine-month pre-tax result: €-235 million; adjusted for US exit one-off, €79 million; Q3/25 PBT at €14 million.
Net interest income for 9M/25 was €310–314 million, down from €347–359 million year-over-year, due to lower portfolio volume and higher funding costs.
Net income from risk provisioning worsened to €-356 million, mainly due to US exposures and one-off charges.
Operating expenses reduced by 3% year-over-year to €189 million in 9M/25, with strict cost discipline.
Cost-income ratio increased to about 60%.
Outlook and guidance
Full-year 2025 new business volume expected at €5.5–6 billion; real estate finance portfolio at €27.5–28 billion.
At best, pre-tax result for 2025 expected at €-210 million; annual loss not expected to exceed €-265 million; adjusted pre-tax earnings forecasted between €50–105 million.
Positive Q4 contribution expected, but a loss cannot be ruled out depending on de-risking progress.
Management highlights significant uncertainties due to geopolitical crises, market conditions, and borrower defaults.
U.S. exit: What's the timeline for risk reduction?
What are the key NII drivers for 2026 trajectory?
Fee income: How will 2027 target be achieved?
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Next Deutsche Pfandbriefbank earnings date
Q4 202523 Mar, 2026
Next Deutsche Pfandbriefbank earnings date
Q4 202523 Mar, 2026
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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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