In addition, the Board of Supervisory Directors addressed the following key issues based on the reports submitted by the Executive Board on the individual business sectors:

• Domestic corporate finance was characterised by a dynamic increase in commitments due to the change in the EU reference rate. Promotion was increasingly focused on improving the competitiveness and resilience of companies located in Germany, in particular with the launch of the Germany Fund (“Deutschlandfonds”), created in conjunction with the Federal Ministry of Finance (BMF) and the Federal Ministry for Economic Affairs and Energy. The promotional offerings in the security and defence sector were also discussed. A further focal point of domestic promotion was digital education in collaboration with the newly established TUMO centres.
• As regards activities in the promotion of developing countries and emerging economies, the Board of Supervisory Directors discussed the strategy realignment of Financial Cooperation, in which KfW will be placing greater emphasis on German interests.
• The international Export and project finance business sector continued to focus on supporting German investors, as well as on KfW IPEX‑Bank’s submission to supervision by the ECB effective since 1 January 2025.

The Board of Supervisory Directors was informed at the meetings as well as, in writing, quarterly, of the group’s net assets, financial and earnings position, its risk situation, the development of its promotional business, and Internal Auditing’s activity. The Executive Board also kept the Chair of the Board of Supervisory Directors and his deputy informed of key developments at the bank between meetings.

The Board of Supervisory Directors discussed key aspects of the business strategy and approved the planning for 2026. It acknowledged the multi-year business strategy, the risk strategy, the new digital operational resilience (“DOR”) strategy, and the IT strategies for the group.

Each member of the Board of Supervisory Directors is obliged to inform the Chair of the Board of Supervisory Directors or the relevant committee about potential conflicts of interest before a resolution is made. A total of 14 cases of potential or actual conflicts of interest arose in the Risk and Credit Committee during the reporting period; this resulted in 15 cases of abstaining from voting or refraining from participating in resolutions.

Five members of the Board of Supervisory Directors attended fewer than half of the board meetings in the reporting year, and one member of the Presidial and Nomination Committee. Two members, respectively, were absent from more than half of the meetings of the Remuneration Committee, of the Risk and Credit Committee and of the Audit Committee.

Members of the Board of Supervisory Directors attended six training events and eleven individual training sessions in 2025 to gain and maintain the expertise required in accordance with the German Banking Act.

Committees of the Board of Supervisory Directors

In exercising its responsibilities prescribed in the bylaws, the Presidial and Nomination Committee discussed Executive Board matters. For instance, the committee addressed Katharina Herrmann’s resignation from the Executive Board and resolved a corresponding change in the distribution of responsibilities in connection with Melanie Kehr’s assumption of responsibility for domestic promotion. The Presidial and Nomination Committee was also informed about the appointment of Dr Susanne Maurenbrecher as managing director of KfW. The committee addressed the remuneration system for the Executive Board and approved the adjustment of Executive Board remuneration at the recommendation of the Remuneration Committee. In addition, the Presidial and Nomination Committee specified the orientation of KfW’s basic business policy in line with the strategic guidelines for 2026. It conducted the regular evaluation of the KfW bodies, discussed the promotion of representation of the underrepresented gender on the Board of Supervisory Directors, assessed the professional qualifications and composition of its members and made corresponding recommendations to the Board of Supervisory Directors. The Presidial and Nomination Committee regularly discussed the issue of dealing with potential conflicts of interest at Executive Board and Board of Supervisory Directors level. In addition, it was informed on matters including banking supervision issues, scaling and mobilisation (cases) at DEG, legal disputes and KfW Stiftung.

The Remuneration Committee dealt with the remuneration system for the Executive Board, the adjustment of Executive Board remuneration and an HR matter in the Executive Board of KfW. The Remuneration Committee was informed via reports in accordance with the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung – “IVV”) of matters including the annual risk analysis to identify risk takers. As part of this risk analysis, KfW, both as an individual institution and at group level, has to identify staff members whose work could have a material impact on the risk profile of the institution/the group. The Remuneration Committee also discussed the group-wide remuneration strategy and the assessment base for variable employee remuneration.

The Risk and Credit Committee reviewed, among other matters, the commitments, equity investments and intra-entity loans that must be presented to it under the KfW Law and KfW Bylaws, as well as the scope of borrowings required by KfW for its funding and the related swap transactions necessary for hedging. It discussed the risk situation, the effectiveness of the risk management system, and the adequacy of reporting on strategy and risk.

It also dealt with KfW’s exposure in various countries, regions and sectors, the development and assessment of political risks in relevant areas of activity, measures to further develop the risk culture, stress testing and market price risks, the risk profile of financing in certain sectors and the remuneration system, with a particular focus on the IVV.

The effects of current geopolitical developments on KfW were also addressed, such as the situation in the Middle East and the impact of US trade policy. Further topics included KfW’s foreign portfolio, minimisation of country risks, (climate) stress scenarios – including flood risks – and dealing with information security risks.

The committee also regularly discussed supervisory matters following KfW IPEX‑Bank’s change to ECB supervision as of 1 January 2025. The development of the cruise ship portfolio and KfW’s contribution to the transformation in Germany and Europe were discussed as well, and lastly, the committee debated the risk strategy for 2026, including capital planning for the next few financial years, and the new DOR strategy for 2026.

The Audit Committee addressed the accounting process, KfW’s net assets, financial and earnings position, the reports by Internal Auditing and Compliance and the 2024 annual financial statements of KfW Group. It made corresponding recommendations to the Board of Supervisory Directors for the approval of the 2024 annual financial statements and the appointment of the auditor for 2026 and adopted a resolution on the tender and conclusion of a framework agreement for the audit for financial years 2027 to 2030, with an option to extend until 2031. Based on information supplied by the Executive Board, it discussed the efficiency of the risk management system, the internal control system (“ICS”) and the internal audit system. In addition, it addressed auditor independence and audit quality, determined focal points of the 2025 financial statements audit and discussed the initial results of the 2025 financial statements audit (audit report part I). The committee approved the audit plan of the Internal Auditing department for 2026. It monitored banking supervisory issues and closely reviewed the banking supervisory assessments, along with the resulting measures and projects to remedy the findings, and the combined non-financial report for 2024 (in accordance with the ESRS). Lastly, the committee dealt with current developments in IT.

The committee chairpersons reported to the Board of Supervisory Directors regularly on the work of the committees.

Changes on the boards

Katharina Herrmann stepped down from the KfW Executive Board at her own request with effect from 30 April 2025. The Board of Supervisory Directors would like to thank her for her commitment to the role. Dr Susanne Maurenbrecher was appointed managing director with effect from 1 October 2025.

In accordance with Article 7 (1) no. 1 of the KfW Law, in my capacity as Federal Minister for Economic Affairs and Energy, I assumed the position of Chair of the Board of Supervisory Directors for 2026 from my colleague Lars Klingbeil, Federal Minister of Finance.

Thomas Bareiß, Minister Dr Danyal Bayaz, Gero Bergmann, State Minister Prof. Dr R. Alexander Lorz, Dr Jan-Marco Luczak, Dirk Salewski, State Secretary Martin Schöffel and Karolin Schriever joined the Board of Supervisory Directors on 1 January 2026. Dr Jörg Kukies, Dr Robert Habeck, Annalena Baerbock, Steffi Lemke, Cem Özdemir, Svenja Schulze and Dr Volker Wissing stepped down from the Board of Supervisory Directors effective 6 May 2025. Lars Klingbeil, Katherina Reiche, Reem Alabali-Radovan, Alois Rainer, Carsten Schneider, Patrick Schnieder and Dr Johann Wadephul joined the Board of Supervisory Directors with effect from 6 May 2025. Other members to step down were Ulrich Lange as of 15 May 2025, Verena Hubertz as of 21 May 2025 and, as of 31 December 2025, Prof. Dr Ulrich Reuter, along with Volker Bouffier, Minister Gerald Heere, Harald Hübner, Dr Bettina Orlopp and Dr Kai H. Warnecke.

The following members stepped down with effect from 31 December 2025 and were reappointed according to schedule: Olav Gutting, Minister Dr Marcus Optendrenk, Daniel Quinten, Dr Thorsten Rudolph and Joachim Rukwied.

The Board of Supervisory Directors would like to thank all the members who stepped down for their work.

Annual financial statements

Deloitte GmbH, which was appointed auditor for financial year 2025, has audited the annual financial statements, consolidated financial statements and the combined management report, all of which were prepared as of 31 December 2025 by the Executive Board, and issued an unqualified auditor’s report thereon. The annual financial statements of KfW were prepared in accordance with the provisions of the German Commercial Code (HGB), and the consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) as applicable within the European Union.

At its meeting on 26 March 2026, the Board of Supervisory Directors approved the financial statements and the consolidated financial statements, both of which were prepared by the Executive Board, as stipulated in Article 9 (2) of the KfW Law, following a recommendation by the Audit Committee.

Frankfurt am Main, 26 March 2026

The Board of Supervisory Directors

Chair