Financial Statements 2025: KfW IPEX-Bank confirms strong business performance

KfW IPEX-Bank can look back on another very successful financial year. In an environment shaped by geopolitical tensions, structural shifts in the world’s markets and a far-reaching transformation of the economy and industry, the bank achieved a new commitment volume of EUR 24.2 billion, exceeding the high level of the previous year (2024: EUR 23.9 billion). Around EUR 24 billion of this figure relates to original lending business and EUR 120 million to funds for bank refinancing under the CIRR programmes.

“Financial year 2025 was another challenging one for the German and European export economies. But KfW IPEX-Bank delivered: new commitments of EUR 24.2 billion maintained our high-performance trajectory for the third consecutive year. The clear direction of our business policy and the professionalisation and digitalisation of KfW IPEX-Bank are key factors. In an environment characterised by uncertainty, our customers expect reliability, understanding and solutions to their challenges – and that is precisely what we stand for,” said Belgin Rudack, CEO of KfW IPEX-Bank.

The volume of lending by the Export and Project Finance business sector amounted to EUR 88.9 billion at year-end 2025 (previous year: EUR 85.4 billion). KfW IPEX-Bank remained a key source of income within KfW Group in financial year 2025, with a contribution of around EUR 500 million to KfW’s consolidated earnings.

Strengthening the German and European economies – worldwide

As a specialist bank operating internationally, with a branch in London, eight foreign representative offices and a wholly owned subsidiary in Singapore, KfW IPEX-Bank unites its global presence with a clear focus – to boost the international competitiveness of German and European businesses. It uses its industry expertise, structuring competence and international network to support companies in developing future technologies, safeguarding value chains, and making their business models sustainable and resilient. New business in the Energy and Mobility sectors performed particularly well in 2025, with each recording EUR 6.7 billion in new commitments. The main drivers were large-scale projects relating to the energy and mobility transition, investment in energy infrastructure, and projects to secure the supply of raw materials for Germany.

Financing forward-looking projects

KfW IPEX-Bank often supports its customers in the form of syndicates with partner banks and institutional investors, and jointly develops tailored financing solutions, with a particular emphasis on complex transformation projects.

Example projects financed by KfW IPEX-Bank in 2025 related to

• developing the hydrogen core network in Germany,
• carbon capture and storage in the United Kingdom,
• investing in the Port of Duisburg,
• electric vehicle charging infrastructure in Sweden and France,
• Danish wind turbine installation vessels, and
• new high-speed long-distance trains for Germany’s Deutsche Bahn.

The bank also supported projects in connection with the global energy transition in the amount of EUR 3.3 billion, including onshore and offshore wind farms, solar projects and battery storage systems.

Outlook

“The current uncertainties due to the Iran war and resulting supply crises underscore once again the importance of stable, reliable partners like KfW IPEX-Bank. Particularly in times like these, our sector expertise helps us to provide the tailored financing products that German and European companies need. We are therefore determined to continue supporting the resilience and competitiveness of our economy in 2026. We are working with our customers to shape the transformation and secure sustainable supply chains – reliably, resiliently and with an eye to the future,” Rudack concluded.

Further figures for financial year 2025 and the entire 2025 Annual Report of KfW IPEX-Bank can be found at KfW IPEX-Bank Annual Report