• New commitments in domestic promotional business at a very high level of EUR 57.0 billion - continued strong interest in SME support for innovation, climate, environment and the promotion of efficient buildings
• Economic result of EUR 2,032 million, a substantial year-on-year increase – consolidated earnings of EUR 1,399 million, more than double the figure for the same period last year
• Stefan Wintels: “KfW is performing strongly and we are making targeted use of our financial strength to provide effective support to the economy and society”

Frankfurt am Main – In the first nine months of this year, KfW Group increased its commitments for its core promotional business by EUR 26.5 billion (around 43 percent), marking the continuation of a strong promotional year: The amount of financing granted reached a record level of EUR 87.9 billion (01-09/2025: EUR 61.4 billion). All business sectors contributed to this.

Domestic promotion has shown very dynamic growth so far this year: The commitment volume stood at EUR 57.0 billion, which was around 39 percent higher than the previous year’s figure (01-09/2025: EUR 40.9 billion). The high demand extended across the entire building promotion product range - including the promotion of heating systems. At the same time, climate action and environmental projects as well as digitalisation and innovation projects were particularly in demand in the SME segment. KfW Capital committed EUR 631 million, increasing commitments to its fund investments by 72 percent (01-09/2025: EUR 366 million).

The encouraging positive momentum of our promotional business shows that investment in Germany is on the rise. KfW helps companies and private households, for example, to invest in innovation and climate change adaptation measures. With attractive promotional programmes and new instruments such as the Germany Fund, we aim to stimulate even more investment and mobilise private capital for Germany's modernisation and competitiveness, said Stefan Wintels, Chief Executive Officer of KfW.

New business in export and project finance also rose significantly, reaching EUR 24.8 billion and thus significantly exceeding the prior-year figure (01-09/2025: EUR 16.0 billion). This was due in particular to large-volume business transactions. At KfW Development Bank, commitments of EUR 5 billion were also considerably higher than in the previous year (01-09/2025: EUR 3.7 billion). The vast majority of these were covered by KfW’s own funds and used to consolidate Germany's geopolitical interests. DEG also exceeded its prior-year result. It committed EUR 1.9 billion, more than double the figure for the same period last year (01 09/2025: EUR 0.9 billion).

In the first three quarters of 2026, KfW Group achieved an economic result (consolidated profit before IFRS effects, promotional expense and taxes) of EUR 2,032 million, representing a substantial year-on-year increase (01-09/2025: EUR 1,364 million). Consolidated profit amounted to EUR 1,399 million, which was more than double the figure for the previous year (01-09/2025: EUR 647 million).

At EUR 332 million, promotional expense in domestic business - i.e. the use of own funds to improve the terms and conditions of promotion - were slightly above the previous year’s already high level (01-09/2025: EUR 325 million). As a result, the promotional business volume with interest rates being reduced by using KfW’s own funds increased by around 17 percent to EUR 17.9 billion. The focus was on supporting start-ups and corporate investment, innovation, the environment and sustainability, as well as energy efficiency and renewable energy.

The economic result of EUR 2 billion is very encouraging. This will strengthen our financial position and our ability to promote companies, municipalities and private households in Germany on more favourable terms. A strong capital base creates additional scope to support further investment through our balance sheet - especially at a time of change, said Wintels.

At EUR 1,653 million, the operating result before valuation and promotional expense) was around EUR 200 million higher than in the previous year (01-09/2025: EUR 1,456 million). This positive trend was mainly due to net interest income (before promotional expense), which, at EUR 2,371 million, exceeded the previous year’s figure by around 10 percent (01-09/2025: EUR 2,174 million). Net commission income (before promotional expense), which mainly comprises remuneration for promotional activities carried out on behalf of the Federal Government, was slightly above the previous year’s level at EUR 513 million (01-09/2025: EUR 498 million). At EUR 1,230 million, administrative expense (before promotional expense) remained at the prior-year level (01-09/2025: EUR 1,217 million).

The continued moderate result from risk provisions for lending business amounted to EUR -69 million (01-09/2025: EUR -130 million) and was mainly attributable to additions to general credit risk provisions in the export and project finance business sector. This was offset by recoveries on loans written-off, primarily student loans.

The valuation result from the equity investment portfolio in the amount of EUR 382 million (01-09/2025: EUR 189 million) was mainly attributable to KfW Capital. At EUR 212 million, KfW Capital continued the positive trend in venture capital financing. The business sectors DEG and KfW Development Bank also made a significantly positive contribution to earnings of EUR 104 million and EUR 47 million respectively.

The result from foreign currency valuation (before IFRS effects) amounted to EUR 30 million (01-09/2025: EUR -170 million). This includes the DEG investments held in foreign currencies and their partial hedging.

Taxes on income amounted to EUR 154 million (01 09/2025: EUR 116 million). Purely IFRS-related valuation effects from derivatives used for hedging purposes reduced earnings by EUR 146 million (01-09/2025: EUR –277 million).

Total assets stood at EUR 546.0 billion, which is EUR 5.3 billion above the level at the end of 2025 (EUR 540.7 billion). This development was mainly due to an increase in net lending volume.

With a total capital ratio and common equity tier 1 (CET1) ratio of 27.5% each, the regulatory capital ratios remained at a very good level (30/06/2026: 28.1 percent). The decline in the capital ratios was mainly due to an increase in the total risk exposure amount, related to new business.

Details on the business sectors’ promotional activities

1. SME Bank and Private Clients

In the SME Bank and Private Clients business sector, the promotional business volume stood at EUR 48.5 billion as of 30 September 2026, exceeding the prior-year figure by 47 percent (01-09/2025: EUR 32.9 billion).

SME Bank

In the first nine months of the year, promotional loans totalling EUR 22.9 billion were committed in the SME Bank (01–09/2025: EUR 16.2 billion).

In the priority area of start-ups and corporate investment, new business stood at EUR 5.6 billion, moderately above the previous year’s level (01–09/2025: EUR 5.0 billion).

Demand remained particularly high in the areas of climate change and the environment. EUR 14.9 billion was committed here in the first three quarters. This exceeded the previous year’s result by almost EUR 6 billion (01-09/2025: EUR 9.1 billion). The ‘Renewable Energies - Standard’ programme, which continued to benefit from the positive market environment for onshore wind energy, was particularly significant (EUR 10.0 billion; 01-09/2025: EUR 6.7 billion). Demand in the ‘Climate action campaign for corporates’ programme, at EUR 2.4 billion, significantly exceeded the previous year’s level (01-09/2025: EUR 0.4 billion).

Digitalisation and innovation financing showed positive trends in the third quarter in particular. As of 30 September 2026, new business was above the prior-year level at EUR 2.4 billion (01-09/2025: EUR 2.0 billion).

Private Clients

Demand for promotional products also remained high in the private clients segment. At EUR 25.6 billion, new commitments were significantly above the prior-year level (01-09/2025: EUR 16.8 billion).

Funds amounting to EUR 20.3 billion were committed in the priority area of energy efficiency and renewable energies. This was almost double the previous year's figure (01-09/2025: EUR 11.0 billion). The increase is firstly due to the strong customer interest in the ‘Climate-friendly Construction’ programme, in which EUR 8.2 billion was committed (01-09/2025: EUR 2.6 billion). The continuation of the promotion of Energy Efficiency Standard 55, which was launched at the end of December 2025, also contributed to this. Secondly, demand for Federal Funding for Efficient Buildings, including the promotion of heating systems, remained high. New commitments, at EUR 10.7 billion, were above the previous year’s figure (01-09/2025: EUR 8.1 billion).

Commitments in residential and housing, however, fell slightly to EUR 4.2 billion (01-09/2025: EUR 4.6 billion). In the area of education, new commitments at EUR 1.1 billion were also slightly below the previous year’s level (01-09/2025: EUR 1.2 billion).

2. Customised Finance and Public Clients

The Customised Finance and Public Clients business sector reached a commitment volume of around EUR 7.8 billion at the end of the third quarter of 2026, thus exceeding the previous year's figure (01-09/2025: EUR 7.6 billion).

EUR 4.6 billion was committed in the municipal and social infrastructure segment (01-09/2025: EUR 5.0 billion). However, the previous year’s figure still included around EUR 0.7 billion for special financing that has since expired. The increase in commitments in the core business is largely due to large individual commitments in basic on-lending promotion with a focus on energy infrastructure as well as investment loans for digital infrastructure.

Customised finance for corporates reached a commitment volume of EUR 667 million in the reporting period. The prior-year result (01-09/2025: EUR 281 million) was exceeded, in particular, as a result of a large syndicated loan commitment under the Sustainable Transformation programme and other syndicated loan programmes.

With a business volume of around EUR 2.5 billion, individual financing for banks and promotional institutions of the federal states also exceeded the previous year’s figure (01–09/2025: EUR 2.3 billion). This increase was due to both general funding of promotional institutions of the federal states and the promotion of SMEs through global leasing loans.

3. KfW Capital

In the KfW Capital business sector, a significant increase in commitments compared with the previous year was recorded in the third quarter as well: By the end of September, commitments amounted to around EUR 631 million (01-09/2025: around EUR 366 million). Among the factors driving this were the commitments under the Federal Government’s Future Fund amounting to EUR 207 million, which KfW Capital manages on a fiduciary basis on behalf of the European Investment Fund (EIF). There were also commitments under the ERP VC Fund Investments programme (European Recovery Program Venture Capital Fund Investments) in the amount of EUR 157 million (01-09/2025: around EUR 105 million), which KfW Capital made at its own risk in European VC funds with a focus on Germany. In addition, the programmes implemented under the Germany Fund, which are part of the VC pillar, also contributed to the increase: The Scale-up Direct programme, which was only launched in December 2025, recorded investment commitments of around EUR 91 million via co-investments in five start-ups. Investments of around EUR 175 million were committed under the ‘Tech Fund Invest’ programme. The investment pipeline for VC fund investments and co-investments is well stocked until the end of the year.

The Germany Growth Fund, for which KfW Capital acts as an investment adviser, successfully concluded its investment period at the end of the third quarter. The fund launched in 2023 committed a fund volume of over EUR 1 billion for 46 VC funds and five scale-ups (via co-investments) within just under four years.

4. KfW IPEX-Bank

KfW IPEX-Bank is responsible for the export and project finance business sector and provides financing to support German and European businesses in global markets. It continued its successful financial year. At the end of the third quarter, new commitments reached EUR 24.8 billion, significantly exceeding the prior-year level (01-09/2025: EUR 16.0 billion).

It is particularly encouraging that all sector departments have contributed to this performance. Highlights include the new commitments in the ‘Mobility’ (EUR 9.7 billion), ‘Energy’ (EUR 6.2 billion) and ‘Industries and Commerce’ (EUR 5.3 billion) segments. All three departments thus provided important impetus for growth in the German and European economies. For example, financing was provided for the modernisation of the electricity grid in Berlin, for additional investments by Rheinbahn in public transport infrastructure in Düsseldorf, and for Belgian exports to Kazakhstan together with the European Bank for Reconstruction and Development and an international banking consortium.

5. Promotion of developing countries and emerging economies

KfW Development Bank

The KfW Development Bank business sector committed a total of EUR 5 billion to new financing (01-09/2025: EUR 3.7 billion). The majority – EUR 3.4 billion (68 percent) – was funded by KfW through the capital market rather than from the federal budget. The largest individual commitment in the third quarter was a loan of EUR 250 million for the Ukraine Energy Support Fund. The funds will be used to finance urgent repairs to the energy and heat supply. This will help to ensure that the population is supplied with energy and heating despite ongoing Russian attacks. The commissioning party in this case is the Federal Ministry for Economic Affairs and Energy. The active portfolio in Ukraine amounts to EUR 1.6 billion.

A special milestone in September was the opening of the German House with offices for GIZ and KfW in Damascus. Since the change of regime, KfW has been supporting the reconstruction and stabilisation of Syria on behalf of the German Federal Government.

DEG

DEG expanded its promotional activities in the third quarter and continued on its growth trajectory: By 30 September 2026, it had committed financing of around EUR 1.9 billion for private-enterprise investments in developing countries and emerging economies – a new record (01-09/2025: EUR 0.9 billion). Through its financing and advisory services, it once again provided important impetus for economic development in cooperation with the private sector. In addition to financing for banks and financial services providers, which is earmarked for loans to small and medium-sized enterprises, the focus was on investments in renewable energy. For example, DEG recently committed over EUR 120 million for two wind power projects in Egypt. Both these projects use machines and technology from German companies. The regional distribution of new commitments from own funds illustrates DEG’s broad position: EUR 654 million went to companies in Latin America, EUR 505 million to Africa and EUR 420 million to Asia. DEG provided EUR 250 million for investments in Europe and the Caucasus; a further EUR 50 million went to supra-regional projects.

6. Financial markets

Between January and September 2026, KfW raised EUR 82.1 billion in the international capital markets to fund its promotional business (01-09/2025: EUR 67.1 billion). It has thus already reached the mid-point of its annual target range of EUR 80 to 85 billion.

Net proceeds from green bonds totalled more than EUR 21 billion in the first nine months of the year, exceeding the annual target of up to EUR 15 billion.

In terms of the currency mix, the euro remained the most important currency for capital market funding, accounting for 56 percent. The strategically important US dollar once again made a significant contribution with a volume equivalent to EUR 21 billion, or around a quarter of the total. KfW also issued bonds in nine other currencies, including the Hong Kong dollar: With an equivalent value of around EUR 3.2 billion and a share of 3.9 percent, it ranked fourth in the currency mix for the period from January to September of this year - after the British pound. Compared with the same period in the previous year, the volume doubled.

In connection with the application of distributed ledger technology (DLT), KfW’s aspiration as an enabler and pioneer is to establish a scalable European DLT market infrastructure and develop it further on a sustained basis. A recent example is the stress test carried out at the end of September on KfW’s third blockchain-based bond issued in June 2026. This marked the first time in Germany that, during the term of a crypto security issued under the German Electronic Securities Act (eWpG), key parts of the infrastructure were successfully changed, specifically the registrar and the underlying blockchain. The insights gained from this make a valuable contribution to further advancing the scalability of the DLT ecosystem.

_{1) The capital ratios stated take into account the eligible interim results according to Art. 26 (2) of the Capital Requirements Regulation (CRR), which deviate from the respective annual results in accordance with the IFRS.}

An overview of the business and promotional figures is available in table form at: Business and Promotional Figures | KfW

KfW Annual Report online: Reporting Portal | KfW