Reporting 2025

Business development in financial year 2025

Bar graph for consolidated profit 2019-2023, for details see table "Changes of key figures 2023-2019 (tabular overview)

Bar graph for total assets 2019-2023, for details see table "Changes of key figures 2023-2019 (tabular overview)

	2025 EUR in billions	2024 EUR in billions	2023 EUR in billions	2022 EUR in billions	2021 EUR in billions
Promotional business volume	98.0	112.8	111.3	166.9	107.0
Domestic promotion	62.0	79.0	77.1	136.1	82.9
Export- and project finance	24.2	23.9	24.2	18.1	13.6
Development finance	12.4	10.3	10.9	12.6	10.1
Financial markets	0.0	0.0	0.5	0.4	0.5

	2025 EUR in millions	2024 EUR in millions	2023 EUR in millions	2022 EUR in millions	2021 EUR in millions
Consolidated profit after IFRS effects	1,002	1,402	1,559	1,365	2,215
Consolidated profit before IFRS effects	1,359	1,354	1,347	1,183	2,354

	2025 EUR in billions	2024 EUR in billions	2023 EUR in billions	2022 EUR in billions	2021 EUR in billions
Total assets	540.7	545.4	560.7	554.6	551.0¹⁾

¹⁾ Adjustments to corresponding prior-year figures due to methodical change in calculating deferred taxes on derivatives, implemented in 2022.

In financial year 2025, KfW Group achieved a solid economic result of EUR 2.0 billion, even if slightly down on the previous year. This result was driven by strong operational performance and a valuation gain that remained positive, albeit at a lower level.

For detailed information see our press release on annual results 2025

Animation of the total business volume. 98 billion euros. A man stands at a lectern. An audience sits opposite him. Bars and graphs move in the background.

Detailed key figures 2024-2025

	2025 EUR in billions	2024 EUR in billions
Promotional business volume	98.0	112.8

	2025 EUR in millions	2024 EUR in millions
Net interest income (before promotional expense)	2,957	2,900
Net commission income (before promotional expense)	685	675
Administrative expense (before promotional expense)	1,739	1,658
Operating result before valuation (before promotional expense)	1,903	1,917
Risk provisions for lending business	-155	39
Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss	258	102
Net gains/losses from securities and investments and from investments accounted for using the equity method	-9	19
Operating result after valuation (before promotional expense)	1,998	2,078
Net other operating income or loss (before promotional expense)	18	18
Economic result	2,016	2,097
Promotional expense	468	504
Taxes on income	189	239
Consolidated profit before IFRS effects	1,359	1,354
IFRS effects from hedging	-356	48
Consolidated profit	1,002	1,402
Cost/income ratio before promotional expense¹⁾	47.7%	46.4%

¹⁾Administrative expense (before promotional expense) in relation to adjusted income. Adjusted income is calculated from Net interest income and Net commission income (in each case before promotional expense).

	31 Dec. 2025 EUR in billions	31 Dec. 2024 EUR in billions
Total assets	540.7	545.4
Volume of lending	580.5	593.5
Volume of business	706.4	713.3
Equity	40.6	39.6
Equity ratio	7.5%	7.3%

	31 Dec. 2025 EUR in billions	31 Dec. 2024 EUR in billions
Risk position	140.3	126.2
Tier 1 capital	38.9	38.1
Regulatory capital	38.9	38.2
Tier 1 capital ratio	27.7%	30.2%
Total capital ratio	27.7%	30.3%

	2025	2024
Employees ¹⁾	8,699	8,493

Our impact in detail

Industriearbeiter montieren eine große Folienrolle in eine(r) Produktionsanlage. Zu sehen ist hier ein Einblick in industrielle Fertigung und Maschinenbetrieb.

Domestic promotion

Großbaustelle für Brückenbau in einer Gebirgsregion. Verbildlicht sind hier die Themen Infrastrukturentwicklung, Bauwesen und internationale Projekte.

International financing

Ein Industrieroboter greift eine Holzplatte in einem Setting moderner Fertigung. Zum Audrcuk kommen hier Automatisierung und Industrie 4.0 in der Produktion.

KfW Capital

Eine Person hält ein Tablet in den Händen, auf dem eine Frau zusehen ist.

Our staff

Digitale Kettenstruktur aus vernetzten Punkten. Symbol für Blockchain, Datensicherheit und digitale Vernetzung.

Financial markets

Legal notice:
The information contained in this online Annual Report 2025 is based on KfW’s Financial Report 2025, which you can download here. Should this online Annual Report 2025, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2025 takes priority.