As the promotional bank of the Federal Republic of Germany, KfW has committed itself to making responsible and transparent action comprehensible. The Executive Board and the Board of Supervisory Directors of KfW recognise the Public Corporate Governance Code (Public Corporate Governance Kodex – “PCGK”) of the Federal Republic of Germany. A declaration of compliance with the recommendations of the PCGK was issued for the first time on 6 April 2011. Since then, any potential deviations have been disclosed and explained on an annual basis.

KfW is a public-law institution under the Law Concerning KfW (KfW Law). The KfW Law sets out KfW’s main structural features. For example, KfW does not have a general shareholders’ meeting. The shareholders are represented on the Board of Supervisory Directors of KfW and exercise control and shareholder functions (e.g. approval of the financial statements and adopting resolutions concerning the KfW Bylaws). The number of members, composition and duties of the Board of Supervisory Directors are set out in the KfW Law. The KfW Law also provides that the Board of Supervisory Directors is subject to legal supervision by the Federal Ministry of Finance in consultation with the Federal Ministry for Economic Affairs and Energy as well as direct control of the Federal Audit Office (Bundesrechnungshof). The KfW Law in conjunction with the Regulation concerning key banking supervision standards under the German Banking Act (Gesetz über das Kreditwesen – “KWG”) to be declared applicable by analogy to KfW and supervision of compliance to these standards to be assigned to the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”) (KfW Regulation), dated 20 September 2013 (last amended 27 December 2024), further stipulates that KfW is subject to supervision by BaFin in collaboration with the Bundesbank.

Declaration of compliance

The Executive Board and Board of Supervisory Directors of KfW hereby declare: “Since the last declaration of compliance issued on 2 April 2025, the recommendations of the PCGK have been and will be fulfilled to the extent applicable to KfW as a public law institution with the exception of the following derogations:

D&O insurance excess

KfW has taken out D&O insurance for members of the Executive Board and the Board of Supervisory Directors, which – in derogation of clause 4.3.2 of the PCGK – does not include any policy excess.

Delegation to committees

The KfW Law sets out the size of the Board of Supervisory Directors at 37 members. To ease the work of the Board of Supervisory Directors, committees more specialised in the subject matter and flexible in terms of time are in place, and whose establishment is prescribed by law. In some cases, the committees not only prepare the decisions of the Board of Supervisory Directors but also – in derogation of clause 6.1.7 of the PCGK – make final decisions. This is done for reasons of practicality and efficiency. Pursuant to the KfW Bylaws, the Presidial and Nomination Committee and the Risk and Credit Committee have final decision-making authority. More details are provided in the Board of Supervisory Directors section under the descriptions of the respective committees. KfW Law sets out the size of the Board of Supervisory Directors at 37 members. To ease the work of the Board of Supervisory Directors, committees more specialised in the subject matter and flexible in terms of time are in place, and whose establishment is prescribed by law. In some cases, the committees not only prepare the decisions of the Board of Supervisory Directors but also – in derogation of clause 6.1.7 of the PCGK – make final decisions. This is done for reasons of practicality and efficiency. Pursuant to the KfW Bylaws, the Presidial and Nomination Committee and the Risk and Credit Committee have final decision-making authority. More details are provided in the Board of Supervisory Directors section under the descriptions of the respective committees.

In derogation of clause 5.4.3 of the PCGK, the Chair of the Presidial and Nomination Committee accepts information on Executive Board member conflicts of interest, in lieu of the Board of Supervisory Directors. Moreover, the Chair of the Presidial and Nomination Committee approves secondary employment of Executive Board members instead of the Chair of the Board of Supervisory Directors, in derogation of clause 5.4.4 of the PCGK.

Meetings of the supervisory body

In accordance with section 1 (1) sentence 2 of the rules of procedure of the Board of Supervisory Directors and its committees, the KfW Board of Supervisory Directors holds at least three instead of four meetings per calendar year, in derogation of clause 6.5 of the PCGK. This meeting frequency has proven to be successful in the past, was agreed with the legal supervisor and continues to be deemed appropriate. Due to the statutory size of the Board of Supervisory Directors and delegation of duties to the committees created, some of which involve final decision-making, three meetings per calendar year are deemed sufficient.

Cooperation between Executive Board and Board of Supervisory Directors

The Executive Board and Board of Supervisory Directors work closely together for the benefit of KfW. The Executive Board maintains regular contact with the Chair and Deputy Chair of the Board of Supervisory Directors and discusses important issues concerning the management of the bank and strategy with them. The Chair of the Board of Supervisory Directors informs the Board of Supervisory Directors of serious issues and, if necessary, convenes an extraordinary meeting.

During the reporting year, the Executive Board informed the Board of Supervisory Directors about all relevant matters regarding the bank’s strategies, planning, development of business, profitability, risk situation, risk management, compliance, remuneration strategy, IT strategy, financial position, sustainable corporate governance and its implementation and results including relevant information on the group companies, transactions of particular importance to the profitability or liquidity of the company and changes in the economic environment significant to the company.

Executive Board

The Executive Board is responsible for managing the activities of KfW pursuant to the KfW Law, the KfW Regulation, the KfW Bylaws and the procedural rules for the Executive Board of KfW. A schedule of responsibilities stipulates business responsibilities within the Executive Board. The Executive Board requires the prior approval of the Presidial and Nomination Committee regarding significant changes to responsibilities within the Executive Board.

Responsibilities were distributed as follows with effect from 1 January 2025 until 1 April 2025:

• Stefan Wintels – Chief Executive Officer, General Secretariat, Group Communications and Brand Management, Group Development and Economics, Legal, Internal Auditing, Financial Markets, and Chief Sustainability Officer of KfW;
• Katharina Herrmann – Digital Sales & Customer Services, Individualfinanzierung & Öffentliche Kunden (Customised Finance & Public Clients), Mittelstandsbank & Privatkunden (SME Bank & Private Clients) and KfW Capital;
• Melanie Kehr – Information Technology 1 and 2, Transaction Management, and Operations;
• Christiane Laibach – KfW Development Bank, DEG, and Export and project finance (KfW IPEX-Bank);
• Bernd Loewen – Finance, Organisation and Consulting, Human Resources, and Central Services;
• Dr Stefan Peiß – Risk Controlling, Credit Risk Management and Compliance.

The following changes were made in the distribution of responsibilities effective 1 April 2025, which were applicable until the end of 2025:

• Dr Stefan Peiß – Risk Controlling, Credit Risk Management, and Compliance, took additional responsibility for the newly established Non-Financial Risks department effective 1 April 2025;
• Katharina Herrmann stepped down from her position as Executive Board Member responsible for KfW’s domestic business effective 1 May 2025;
• Stefan Wintels – Chief Executive Officer, General Secretariat, Group Communications and Brand Management, Group Development and Economics, Legal, Internal Auditing, Financial Markets, and Chief Sustainability Officer of KfW took additional responsibility for KfW Capital with effect from 1 May 2025;
• Melanie Kehr – Information Technology 1 and 2, and Operations, took additional responsibility for Individualfinanzierung & Öffentliche Kunden (Customised Finance & Public Clients), Mittelstandsbank & Privatkunden (SME Bank & Private Clients), and Digital Sales and Customer Services with effect from 1 May 2025. The Digital Sales and Customer Services department was integrated into Mittelstandsbank & Privatkunden (SME Bank & Private Clients) with effect from 1 July 2025;
• Bernd Loewen – Finance, Organisation and Consulting, Human Resources, and Central Services, took additional responsibility for Transaction Management with effect from 1 May 2025;
• There were no changes to Christiane Laibach’s responsibilities after 1 April 2025.

Executive Board members are obliged to act in the best interests of KfW, may not consider personal interests in their decisions, and are subject to a comprehensive non-competition clause during their employment with KfW. Executive Board members must inform their Board colleagues of any conflicts of interests prior to adopting resolutions and disclose them to the Chair of the Presidial and Nomination Committee without delay.

As of 31 December 2025, the proportion of women on the Executive Board was 40%, and the proportion of women in senior management (i.e. the two management levels below the Executive Board) was 39%.

Board of Supervisory Directors

The Board of Supervisory Directors supervises and advises the Executive Board in the management of the bank.

In accordance with the KfW Law, the Board of Supervisory Directors consists of 37 members. In accordance with the law, seven Federal Ministers are members of the Board of Supervisory Directors. In addition, the German Bundestag and Bundesrat appoint seven members each. The remaining members of the Board of Supervisory Directors are appointed by the Federal Government after consultation with stakeholder groups. The Federal Minister of Finance and the Federal Minister for Economic Affairs and Energy alternate on a yearly basis as Chair of the Board of Supervisory Directors. The Chair of the Board of Supervisory Directors in the reporting year was Federal Minister Dr Jörg Kukies (BMF) from 1 January 2025 until 6 May 2025, and Federal Minister Lars Klingbeil (BMF) from 6 May 2025 to 31 December 2025. There were nine female members on the Board of Supervisory Directors as of 31 December 2025 (25.7%).

No member of the Board of Supervisory Directors may have business or private dealings with KfW or its Executive Board members that are based on a substantial and more than temporary conflict of interests. Each member of the Board of Supervisory Directors informs the Chair of the Board of Supervisory Directors or of the relevant committee of conflicts of interest before a resolution is adopted.

Five members of the Board of Supervisory Directors attended fewer than half of the board meetings in the reporting year.

Committees of the Board of Supervisory Directors

The Board of Supervisory Directors has created four committees in accordance with Section 25d (7) KWG in order to increase efficiency in performance of its duties. They are listed below with their primary responsibilities, stipulated in the KfW Bylaws.

The Presidial and Nomination Committee is responsible for all business and corporate policy matters, as well as all legal and administrative matters. It approves important administrative matters of the Executive Board and legal matters of the Chair of the Board of Supervisory Directors with Executive Board members and makes urgent decisions on pressing matters within its scope of responsibility. The Presidial and Nomination Committee is also responsible for handling nominations. It draws up job descriptions with candidate profiles for Executive Board positions, identifies candidates, and proposes appointments to the Board of Supervisory Directors. It draws up job descriptions with candidate profiles for positions on the Board of Supervisory Directors, and can support the government bodies which make the appointments in selecting the individuals. It also ensures with the Executive Board that long-term succession planning is in place for the latter. The Presidial and Nomination Committee’s tasks also include advising and adopting resolutions on the remuneration system for the Executive Board, including in respect of contract components and their regular review, notwithstanding the tasks of the Remuneration Committee. The Board of Supervisory Directors, on the other hand, decides on the basic structure of the Executive Board remuneration system. The Presidial and Nomination Committee regularly, at least once a year, assesses the structure, size, composition and performance of the Executive Board and Board of Supervisory Directors and makes recommendations to the Board of Supervisory Directors. It also regularly, at least once a year, assesses the knowledge, skills and experience of the individual members of the Executive Board and Board of Supervisory Directors and of each body as a whole. It sets objectives for promotion of representation of the underrepresented gender on the Board of Supervisory Directors, develops a strategy to achieve them, and reviews the rules for selecting and appointing individuals to KfW senior management, providing recommendations to the Executive Board in this regard.

The Remuneration Committee deals with remuneration matters. It deals in particular with the appropriate structure of the remuneration system for the KfW Executive Board and employees and advises the Presidial and Nomination Committee on remuneration of the Executive Board members. It also monitors the proper involvement of the internal control and all other areas of relevance in structuring the remuneration systems

The Risk and Credit Committee is responsible for advising the Board of Supervisory Directors on risk issues, such as, in particular, the group’s overall risk tolerance and strategy. It examines whether the incentives offered by the remuneration system take into account KfW’s risk, capital and liquidity structure as well as the probability and due dates of income.The Risk and Credit Committee is also responsible for handling credit matters, loans and financial guarantees without collateral, and approval of funding through the issue of bonds or taking out loans in foreign currencies and via KfW swap transactions, in some cases making final decisions, i.e. without involving the Board of Supervisory Directors. It is standard procedure at banks for the final decision in such matters to be taken by a committee. It serves to accelerate and bundle expertise in the committee.

The Audit Committee is responsible for accounting and risk management issues. In particular, it deals with monitoring the accounting process, the effectiveness of the internal controlling system, the internal audit system and risk management system, auditing the annual and consolidated financial statements, the required independence of the auditor, the quality of the audit, determining the focal points of the audit, and monitoring the prompt elimination by the Executive Board of any deficiencies found by the auditor, Internal Auditing or financial regulators. The Audit Committee makes recommendations to the Board of Supervisory Directors concerning its approval of the annual and consolidated financial statements.

The chairs of the committees report to the Board of Supervisory Directors on a regular basis.

The Board of Supervisory Directors provides information about its work and that of its committees during the reporting year in its report. An overview of the members of the Board of Supervisory Directors and its committees is available on KfW’s website.

Shareholders

The Federal Government owns 80% of KfW’s share capital, the German federal states 20%. In accordance with Article 1a of the KfW Law, the Federal Republic of Germany is liable for certain of KfW’s liabilities. There is no profit distribution. The KfW Law does not require a general shareholders’ meeting; the Board of Supervisory Directors performs the function of a general shareholders’ meeting.

Supervision

In accordance with Article 12 of the KfW Law, KfW is subject to legal supervision by the Federal Ministry of Finance in consultation with the Federal Ministry for Economic Affairs and Energy. The supervising authority has the power to take all measures necessary to ensure that KfW operates its business activities in accordance with the law, the KfW Bylaws and other rules and regulations.

KfW is not considered a credit institution within the meaning of Section 2 (1) no. 2 KWG. The KfW Regulation dated 20 September 2013 (last amended 27 December 2024), however, declares central banking supervision regulations henceforth applicable by analogy to KfW, and subjects KfW to supervision by BaFin in collaboration with the Bundesbank regarding KfW’s compliance with these regulations.

The group companies KfW IPEX‑Bank and DEG are, on the other hand, credit institutions within the meaning of the KWG. KfW IPEX‑Bank is subject to the provisions of the KWG in full, while DEG is subject to it with certain restrictions only. The group company KfW Capital is a medium-sized investment firm and subject in particular to the relevant regulatory requirements of the German Securities Trading Act (Wertpapierhandelsgesetz – “WpHG”) and the Investment Firm Act (Wertpapierinstitutsgesetz – “WpIG”).

Transparency

KfW provides all important information about the bank’s annual and consolidated financial statements, the quarterly and semi-annual reports and the financial calendar on its website. Investor relations activities and corporate communications also involve regular announcements on the latest company developments. The annual corporate governance reports of KfW and, in particular, of the group companies KfW IPEX‑Bank, KfW Capital and DEG including the declaration of compliance with the PCGK, are always available on KfW’s website.

Risk management

Risk management and risk control are primary responsibilities of overall bank management at KfW. In its risk strategy, the Executive Board defines the framework for the bank’s business activities regarding risk tolerance and risk-bearing capacity. This ensures that KfW fulfils its particular responsibilities with an appropriate risk profile effectively and for the long term. The bank’s overall risk situation is subject to comprehensive analysis in monthly risk reports to the Executive Board. The Board of Supervisory Directors regularly receives detailed information on the bank’s risk situation, at least once a quarter.

Compliance

Compliance at KfW includes, in particular, measures for data protection, securities compliance, financial sanctions, for the prevention of money laundering, terrorist financing and other criminal activities and to achieve adequate information security. There are therefore binding rules and procedures that influence the day-to-day implementation of values and the corporate culture and are continually updated to reflect current law as well as market requirements. Compliance’s responsibilities also include collaboration with financial regulators BaFin and Bundesbank as well as the central function for compliance in accordance with the minimum requirements for risk management. Regular training sessions on all compliance issues are held for KfW’s employees. E-learning programmes are available in addition to classroom seminars.

Accounting and auditing

As the supervisory authority, the Federal Ministry of Finance in consultation with the Federal Audit Office appointed Deloitte GmbH Wirtschaftsprüfungsgesellschaft as auditor for financial year 2025 on 5 June 2024. The appointment was based on the proposal made by KfW’s Board of Supervisory Directors on 21 March 2024. The Audit Committee prepared the recommendation. The bank and the auditor agreed that the Chair of the Audit Committee would be informed without delay of any findings and incidents discovered during the audit that are significant to the duties of the Board of Supervisory Directors. It was furthermore agreed that the auditor would inform the Audit Committee Chair and remark in the auditor’s report if it noticed any facts in performing the audit that constitute misstatements in the declaration of compliance with the PCGK. The audit engagement also included verification that the declaration of compliance with the PCGK was submitted and published in the Corporate Governance Report (clause 8.2.5).

Efficiency review of the Board of Supervisory Directors

Since Section 25d (11) KWG became applicable as of 1 July 2014, the Presidial and Nomination Committee has been required to evaluate the efficiency of both the Board of Supervisory Directors and the Executive Board on an annual basis. Both evaluations are performed on a yearly basis, most recently in June 2025.

Sustainability / sustainability report / fair taxation

As a digital transformation and promotional bank, KfW pursues sustainable corporate governance in line with Germany’s National Sustainable Development Strategy and thereby contributes to achieving the UN Sustainable Development Goals and to fulfilling the Paris Agreement on climate change and the Kunming-Montreal Global Biodiversity Framework. KfW’s comprehensive sustainable finance concept involves consideration of environmental, economic and social sustainability in its financing decisions. The main features of the concept are the expansion of impact management (gradual recording and monitoring the promotional impact of our financing), sectoral management in line with the Paris climate targets, greenhouse gas accounting to ensure the 1.5℃ compatibility of financing activities, and greater consideration of ESG risk factors in KfW’s risk management. Moreover, KfW is currently implementing the “bioSFer” project. The overarching objective of the project is to develop a group-wide biodiversity strategy and thereby to expand the existing sustainable finance concept.

KfW Group is delivering its sustainability reporting for financial year 2025 in the form of a sustainability statement within the meaning of the Sustainability Reporting Standards (“ESRS”) and has prepared it as a “Combined non-financial report” in accordance with the provisions of the ESRS, with the exception of ESRS 1.110, as the sustainability statement is not integrated into the “Combined management report” of KfW Group. The ESRS was therefore partially applied. The Combined non-financial report will be part of the financial report of KfW Group for financial year 2025. KfW Group has exercised the option under Article 7 (9) of Commission Delegated Regulation (EU) 2021/2178, as amended, not to report in accordance with Article 8 of the EU Taxonomy Regulation for the financial year 2025.

Sustainability matters not identified as material for reporting in accordance with ESRS, but reported until 2023 in accordance with the international Global Reporting Initiative, the German Commercial Code and the Task Force on Climate-related Financial Disclosures, will be published in the course of 2026 for financial year 2025 as “Additional information on KfW Group’s commitment to sustainability”, as in the previous year.

As a state-owned promotional bank, KfW is subject to a specific fiscal regime and is exempt from income taxes. In contrast to KfW itself and DEG, KfW’s other subsidiaries are fully or partially subject to income tax. Full compliance with all national and international tax laws is part of sustainable corporate governance at KfW and is set out in the bank’s tax mission statement and code of conduct. KfW Group does not develop or support any tax models aimed exclusively at achieving tax advantages or reductions. In particular, KfW Group does not use or support any artificial tax schemes. It engages in open, transparent and cooperative interaction with domestic and foreign tax authorities.

Diversity and equal opportunities / inclusion

Diversity and equal opportunities are a matter of course for KfW. Discrimination based on nationality, ethnic origin, gender, religion, fundamental beliefs, disability, age or sexual orientation is prohibited. This is set out in KfW’s Code of Conduct, as well as in the binding targets for a balanced proportion of men and women at all management levels in KfW’s Equal Opportunities Plan. KfW is a signatory to the Diversity Charter, and implements it through a variety of internal and external measures.

KfW includes people with disabilities in line with the UN Convention on the Rights of Persons with Disabilities. KfW has embedded the convention’s goals in its Inclusion Agreement, which it concluded with the general representative for those with severe disabilities for KfW and KfW’s General Staff Council. KfW has set itself a binding target quota of 6% employees with disabilities in relation to its total workforce. This target is accompanied by comprehensive measures to recruit employees with disabilities (e.g. posting job advertisements on target group-specific job platforms, such as myAbility.jobs, cooperating with a number of associations and organisations, as well as with a working group on establishing physical and digital accessibility).

Mobile working / work-life balance

Striking a balance between work and personal life is key to staff remaining healthy and actively employed. This approach forms the basis of KfW’s strategically designed, family-friendly personnel policy. KfW helps its employees to balance their work and personal lives as well as possible, each in their own unique way. To this end, it offers them a broad range of part-time working models and established mobile working options.

Remuneration / equal pay

The collective bargaining agreements for the public and private banking sector concluded by the Association of German Public Banks (Bundesverband Öffentlicher Banken Deutschlands - “VÖB”) apply to KfW employees subject to collective bargaining, by classification in pay-scale groups. Employment contracts of employees not covered by collective bargaining agreements contain provisions in line with the main working conditions of the VÖB master collective agreement (in particular working hours and leave entitlement), to ensure a coherent remuneration level. KfW supports the policies by means of staff agreements. Similar policies on collective and individual contractual bases are also in place for employees of the other KfW Group companies. KfW is expressly committed to transparent and non-discriminatory remuneration principles and to the same standards for the evaluation process.

All KfW employees are able to assert their right to access information in accordance with Section 10 of the German Transparency of Remuneration Act (Entgelttransparenzgesetz). All KfW Group companies have implemented this legislative requirement to the extent applicable.

In awarding contracts for services, KfW also ensures that applicable collective bargaining and statutory provisions on the remuneration of service providers are observed.

Frankfurt am Main, 26 March 2026

The Executive Board

The Board of Supervisory Directors