Annual Report KfW IPEX-Bank
CEO statement by Belgin Rudack

The 2025 reporting year was once again characterised by geopolitical tension, structural shifts in global markets and a profound transformation of the economy and industry. Crucial factors for our customers in such an environment are reliability combined with support for innovation – which are precisely what we see as our commitment and our responsibility.

KfW IPEX-Bank enjoyed another very successful financial year in this challenging market environment. We maintained the already high commitment levels of the previous year with a new volume of EUR 24.2 billion (2024: EUR 23.9 billion). Of this figure, around EUR 24 billion related to our original lending business and around EUR 120 million to funds for bank refinancing under the CIRR programmes. This result is testament to the trust placed in KfW IPEX-Bank by our customers and business partners.

As a specialist bank with international reach, a branch in London, eight foreign representative offices and a wholly owned subsidiary in Singapore, we combine global presence with a clear focus – strengthening the competitive position of German and European companies in global markets. Our in-depth knowledge of the sector, our structuring expertise and our global network are key success factors. Our commitment to Germany as a location is clear. We finance future technologies, reinforce value chains and help companies to make their business models sustainable and resilient.

A highlight of the reporting year was the development in our Energy and Mobility business sectors, which each recorded new commitments of EUR 6.7 billion. The main drivers were large-scale projects in the energy and mobility transition, investments in energy infrastructure and projects to secure Germany's supply of raw materials. We are thus making a tangible contribution to the competitiveness and resilience of Germany as a business location.

Another key success factor is proximity to customers and business partners. We develop viable, tailored financing solutions in close dialogue with them – often as part of a consortium with partner banks and institutional investors. We provide companies with long-term support, especially during complex stages of transformation.

We are purposefully reinforcing the industrial base and infrastructure of our country, with financing for development of the hydrogen core network in Germany, for Europe’s largest district heating network located in Berlin, for the Port of Duisburg, for electric vehicle charging infrastructure in Germany and Europe, and for new high-speed long-distance trains for Deutsche Bahn. At the same time, we are supporting the global energy transition and promoting future technologies with EUR 3.3 billion for onshore and offshore wind farms, solar projects and battery storage systems.

I am proud of what we achieved in 2025. Moreover, we are well positioned to meet the challenges of the coming years alongside our customers – with resilience, a forward-looking mindset and a clear focus on the strength of the German and European economies.

Yours Sincerely, Belgin Rudack