Financial risk is an umbrella term for a variety of risk types directly associated with our balance sheet and financial performance as expressed by our profit and loss statement. Financial risk is divided into three types: credit risk, market risk and liquidity risk.
Credit risk is the risk that a counterparty fails to meet contractual or other agreed obligations (such as those in respect of credits or loans granted, exposures incurred or guarantees received). Within credit risk, we distinguish three risk subtypes: obligor risk, counterparty risk and concentration risk.
We apply a comprehensive approach to the credit risk cycle by considering the transaction, the customer and the portfolio in order to assess, evaluate and make effective decisions regarding credit risk.
Credits are granted in alignment with our target markets and lending strategy guided by our mission and expertise. Before granting a credit facility, we assess the customer's creditworthiness by analysing the debt serviceability and available collateral, including an assessment of the integrity and reputation of the customer. We operate within a predefined set of criteria for accepting credit risk. Analysing compliance with our lending criteria is an integral part of each credit proposal. Credit risk is mitigated by collateral through pledges on assets, contracts and/or guarantees including government guarantees.
At local and Group level, individual credit files are subjected to a second-line review, and the portfolio is monitored and reviewed on a continuous basis. The aggregated portfolio is monitored at Group level. The resulting analysis is provided to the Local Credit Committee and/or to the Central Credit Committee for credit risk-related decisions on individual customers, lending criteria for sectors and limits on sectors, countries or individual obligors.
The management of defaulted customers is the responsibility of special asset management, a part of credit risk management. The primary objective is to resolve any defaults and minimise losses by either realising the collateral or restructuring the loans.
We measure the non-performing loans as a percentage of the loan book. Furthermore, we measure the coverage ratio that takes into account the ECL stage 3 provisions as a percentage of the defaulted exposure.
An obligor is a legal entity that commits to the terms and conditions of a credit agreement. We carefully analyse the obligor to ensure it meets our lending criteria and has the capacity to repay a credit. The risk related to the obligor is that it fails to meet its contractual obligations towards Triodos Bank.
We aim to finance specific projects and assets that are in line with our mission and minimum standards. When financing a project, we usually have a pledge on the underlying contracts. For financing objects, in general we will take a pledge or mortgage on the specific object. We apply a conservative valuation method (by using haircuts), in all cases, based on the market value. The level of this haircut will depend on the marketability of the asset in a negative scenario. This enables us to make a proper assessment of the overall risk of the loan and the value of the asset in case of a downturn. The value of the collateral is reviewed annually. For large loans with a mortgage, an external valuation by an expert is requested, at least every three years.
Obligors are rated through an internal rating methodology. We make an assessment of each obligor and the structure of its loan before we provide any loan. We review the approved credit at least once a year to assess the business and financial performance of the obligor and its capacity to meet its obligations. The quality of collateral against outstanding loans mitigates the credit risk. Examples of principal collateral include mortgage registrations for business or private properties, guarantees from public authorities, companies or private individuals, and pledges on receivables and/or contracts for projects.
We have an early warning system in place that helps to identify distressed or non-performing loans early on, to allow for more available options and remedial measures. Once a loan is identified as being in default (i.e. unlikely to pay or has overdue payments that exceed 90 days), it is managed under a dedicated remedial process, with a focus on full recovery. Within obligor risk, as well as single exposures, we also distinguish group exposures. The risk related to a group is that if one obligor fails to meet its contractual obligations, so will the remaining obligors within the group. A group is defined as two or more obligors that are interrelated in such a way that they are considered as a single risk.
Counterparty risk is defined as the risk that the counterparty to a financial transaction could default before the final settlement of the transaction. An economic loss would occur if the transactions or portfolio of transactions with the counterparty have a positive economic value at the time of default.
Liquidity not invested in loans to borrowers is invested in deposits with banks, including central banks or in bonds. Our policy is to primarily invest the liquidity in the countries where we are active or have subsidiaries.
Our bond portfolio comprised government bonds, including local government bonds, for countries where we are active, and investment-grade bonds issued by European supranational organisations.
All counterparties are selected according to their creditworthiness. Banking business units place excess liquidity with the country\u2019s central banks (minimum reserve requirements and deposit facility).
Concentration risk is the risk that any single exposure or group of exposures will produce losses large enough (relative to Triodos Bank's capital, total assets or overall risk level) to threaten our financial stability or ability to maintain our core operations.
Concentration risk is key to risk management. We provide loans to retail customers, businesses and projects that contribute to achieving our mission. Given this involves a small number of sustainable sectors, a certain level of sector concentration is inherent in the loan portfolio. Concentration in the existing sectors is acceptable as we have considerable expertise in these sectors, we actively invest in further expanding our knowledge and we diversify through geographies.
We focus primarily on the quality and diversification of the loan portfolio. We put extra effort into identifying loans to frontrunners with a track record in their sectors and entrepreneurs developing the sustainable industries of the future.
A diversified credit risk portfolio is the result of assets spread over customers, sectors and geographies that are not inter- or intra-related. We maintain a set of concentration limits to manage concentration risks. The limits are based on our capital base and reflect the risk appetite.
We measure and limit the following concentrations in our lending activities: obligor exposures, group exposures, government exposures, top 20 exposures, sector exposures, shadow banking exposures (non-bank financial intermediation) and mortgage exposures.
Besides lending activities, we have established limits related to our investment portfolio on the maximum exposures on government and sub-governments, supranational institutions, banks and financial institutions.
We are active in well-defined sectors where we have extensive expertise and that align with our mission.
We have set limits on sectors at Group and banking business unit level, all based on Tier 1 capital.
At Group level, we categorise sector concentration limits into distinct tiers. Country-specific limits for each sector are set factoring in the unique risks associated with each sector and country, based on regular sector analyses.
Larger sectors hold strategic importance for Triodos Bank. They exhibit a well-balanced distribution across banking business units and countries, contributing to an overall low risk profile that warrants a higher consolidated concentration. The three largest sectors are renewable energy, healthcare and sustainable property. Annual sector analyses on larger sectors are conducted and presented to the Central Credit Committee in order to respond to developments that may impact the portfolio's risk profile.
Private mortgages are treated as a sector and form an integral part of the impact strategy of the bank. Interest rate differentiation on the mortgages based on energy labels incentivises lower energy consumption. In general, mortgage products are highly standardised and regulated. We hold a portfolio of private mortgages in the Netherlands, Belgium and Spain. Since 2025, no new mortgage loans are granted to new clients in Belgium and Spain. The loan amounts per counterparty in the private mortgage portfolio are usually relatively small and the portfolio is well diversified (for example in terms of geography, source of repayment or maturity). This mitigates credit risk to a large degree, which is evidenced by low defaults. We limit the overall exposure to mortgages as a percentage of the balance sheet to have a balanced mix between business loans and mortgages to private individuals.
We are a European bank with banking business units in four countries (the Netherlands, Belgium, Spain and Germany) and a bank subsidiary in the United Kingdom.
Our business banking loan portfolio is well-diversified across the five countries where we operate, with the largest exposures in the Netherlands and Spain, followed by the United Kingdom, Belgium and Germany, and additional exposures in France. When adding the private mortgages, the Netherlands represents a relatively larger share of Triodos Bank's total loan portfolio, reflecting the bank's presence and mortgage activity in the Netherlands.
Our loan portfolio was impacted by a EUR 61 million credit loss provision related to the German fibre optic sector (EUR 27.3 million ECL stage 3 provision and EUR 33.7 million stage 2 provision). The provision was triggered by the downward trend in this subsector in Germany, which started to accelerate in Q3 2025. On 31 December 2025, the total portfolio related to this subsector in Germany amounted to EUR 180 million. This was an unusual combination of events specific to one sector in one country. Apart from this subsector in Germany, our stage 2 and stage 3 ECL provisions remained stable in 2025.
The following tables provide information about the credit quality of our financial assets, loan commitments and guarantee contracts, and the provision recognised for expected credit losses. Unless specifically indicated, the amounts of financial assets in the table represent gross carrying amounts. For loan commitments and financial guarantee contracts, the amounts in the table represent the amounts committed or guaranteed respectively.
The provision for credit losses is determined using the expected credit loss model (ECL). For further details of this model, please refer to the accounting policies for Impairment of financial assets.
The following table shows the loans and advances to banks at amortised cost, which are all in stage 1.
Loans and advances to banks at amortised cost | 2025 Audited | 2024 Audited |
|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 1 |
Gross amount | 277,591 | 414,792 |
Allowance for expected credit losses | -20 | -29 |
Carrying amount | 277,571 | 414,763 |
We apply ratings to our business loans and advances based on our credit risk policy. Within the policy, customers with total business loans above EUR 0.5 million are rated annually. Customers with total business loans below EUR 0.5 million are rated upon issuance of a loan but are not required to have an annual rating update. These are represented in the Not rated category, along with mortgages that are not rated. The tables below show the loans and advances to customers per stage and per rating category as well as the overdue status of loans and advances to customers in the three stages.
Loans and advances to customers at amortised cost | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Rating 1-9: Normal risk | 5,221,157 | 321,073 | - | 5,542,230 |
Rating 10-13: Increased risk | - | 278,686 | - | 278,686 |
Rating 14: Default | - | - | 333,323 | 333,323 |
Not rated - business loans | 11,473 | 328 | - | 11,801 |
Not rated - mortgages | 5,430,965 | 12,962 | - | 5,443,927 |
Gross amount | 10,663,595 | 613,049 | 333,323 | 11,609,967 |
Allowance for expected credit losses | -4,996 | -36,399 | -77,039 | -118,434 |
Carrying amount | 10,658,599 | 576,650 | 256,284 | 11,491,533 |
Loans and advances to customers at amortised cost | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Rating 1-9: Normal risk | 5,400,422 | 416,868 | - | 5,817,290 |
Rating 10-13: Increased risk | - | 131,784 | - | 131,784 |
Rating 14: Default | - | - | 296,043 | 296,043 |
Not rated - business loans | 12,648 | 332 | - | 12,980 |
Not rated - mortgages | 5,176,956 | 21,374 | - | 5,198,330 |
Gross amount | 10,590,026 | 570,358 | 296,043 | 11,456,427 |
Allowance for expected credit losses | -5,488 | -3,720 | -45,083 | -54,291 |
Carrying amount | 10,584,538 | 566,638 | 250,960 | 11,402,136 |
Loans and advances to customers at amortised cost | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Current | 10,656,805 | 600,753 | 243,281 | 11,500,839 |
Overdue < 90 days | 6,790 | 12,296 | 9,813 | 28,899 |
Overdue > 90 days | - | - | 80,229 | 80,229 |
Total | 10,663,595 | 613,049 | 333,323 | 11,609,967 |
Loans and advances to customers at amortised cost | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Current | 10,587,405 | 523,095 | 185,534 | 11,296,034 |
Overdue < 90 days | 2,621 | 47,263 | 19,395 | 69,279 |
Overdue > 90 days | - | - | 91,114 | 91,114 |
Total | 10,590,026 | 570,358 | 296,043 | 11,456,427 |
The expected credit loss (ECL) of loan commitments is determined on a portfolio basis, using the average ECL rate of business loans and mortgage loans portfolios. The outcome is presented in the table below.
Debt securities at amortised cost | 2025 Audited | 2024 Audited |
|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 1 |
AAA | 2,194,676 | 1,943,509 |
AA | 844,186 | 582,509 |
A | 536,819 | 257,479 |
BBB | 49,352 | 54,162 |
Not rated | 54,168 | - |
Allowance for expected credit losses | -19 | -24 |
Carrying amount | 3,679,182 | 2,837,635 |
The ECL of loan commitments is determined on a portfolio basis, using the average ECL rate of business loans and mortgage loans portfolios. The outcome is presented in the table below.
Loan commitments | 2025 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross commitment amount (off-balance) | 937,381 | 72,589 | 1,009,970 |
Allowance for expected credit losses | -841 | -915 | -1,756 |
Carrying amount | 936,540 | 71,674 | 1,008,214 |
Loan commitments | 2024 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross commitment amount (off-balance) | 990,607 | 81,162 | 1,071,769 |
Allowance for expected credit losses | -961 | -537 | -1,498 |
Carrying amount | 989,646 | 80,625 | 1,070,271 |
All financial guarantee contracts are in stage 1 and stage 2 as shown in the table below.
Financial guarantee contracts | 2025 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross carrying amount | 15,941 | 447 | 16,388 |
Allowance for expected credit losses | -65 | -23 | -88 |
Carrying amount | 15,876 | 424 | 16,300 |
Financial guarantee contracts | 2024 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross carrying amount | 23,596 | 1,431 | 25,027 |
Allowance for expected credit losses | -76 | -196 | -272 |
Carrying amount | 23,520 | 1,235 | 24,755 |
We can hold collateral and other credit enhancements against some of our credit exposures. The following table sets out the principal types of collateral held against different types of financial assets.
| \u00a0 | Percentage of exposure that is covered by collateral | ||
|---|---|---|---|
| \u00a0 | 2025 Audited | 2024 Audited | Principal type of collateral held |
Non-trading derivatives | 100 | 100 | Cash collateral |
Loans and advances to customers | \u00a0 | \u00a0 | \u00a0 |
Mortgage lending | 98 | 98 | Residential property |
Business lending | 82 | 85 | Commercial property, financial guarantees received, cash, Other |
Current accounts | - | - | None |
The following table stratifies credit exposures from mortgage loans and advances to retail customers by ranges of loan-to-value (LTV) ratio. LTV is calculated as the ratio of the gross amount of the loan \u2013 or the amount committed for loan commitments \u2013 to the value of the collateral. The valuation of the collateral excludes any adjustments for obtaining and selling the collateral. The value of the collateral for residential mortgage loans is based on the collateral value at origination updated according to changes in house price indices. For credit-impaired loans, the value of collateral is based on the most recent appraisals.
LTV ratio (amounts in thousands of EUR) | 2025 Audited | 2024 Audited |
|---|---|---|
Less than 65% | 3,625,458 | 3,402,158 |
65-75% | 646,898 | 650,463 |
75-90% | 792,780 | 749,431 |
More than 90% | 543,919 | 495,720 |
Total residential mortgage lending | 5,609,055 | 5,297,772 |
Details of financial and non-financial assets obtained during the year by taking possession of collateral held as security against loans and advances and held at the year-end are shown below.
Assets obtained by taking possession of collateral (amounts in thousands of EUR) | 2025 Audited | 2024 Audited |
|---|---|---|
Property | 1,749 | 668 |
We sometimes repossess assets. These assets are collaterals of an executed loan. A part of the repossessed assets however will not be sold immediately because we may opt to add value by letting these assets. These are therefore presented as investment properties.
The following tables show reconciliations from the opening to the closing balance of the allowance for expected credit losses (ECL) by class of financial instrument.
Total expected credit loss allowances | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
ECL loans and advances to banks at amortised cost | 20 | - | - | 20 |
ECL loans and advances to customers at amortised cost - business loans and current accounts | 4,302 | 35,934 | 74,936 | 115,172 |
ECL loans and advances to customers at amortised cost - mortgages | 694 | 465 | 2,103 | 3,262 |
ECL debt securities at amortised cost | 19 | - | - | 19 |
ECL financial guarantees | 65 | 23 | - | 88 |
ECL loan commitments issued | 841 | 915 | - | 1,756 |
ECL other assets | 10 | - | 41 | 51 |
Total expected credit loss allowances | 5,951 | 37,337 | 77,080 | 120,368 |
Total expected credit loss allowances | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
ECL loans and advances to banks at amortised cost | 29 | - | - | 29 |
ECL loans and advances to customers at amortised cost - business loans and current accounts | 4,830 | 3,141 | 43,838 | 51,809 |
ECL loans and advances to customers at amortised cost - mortgages | 658 | 579 | 1,245 | 2,482 |
ECL debt securities at amortised cost | 24 | - | - | 24 |
ECL financial guarantees | 76 | 196 | - | 272 |
ECL loan commitments issued | 961 | 537 | - | 1,498 |
ECL other assets | 11 | - | 41 | 52 |
Total expected credit loss allowances | 6,589 | 4,453 | 45,124 | 56,166 |
The following tables present the movements of the ECL allowance. For the movements of the ECL allowances per financial instrument, please refer to the relevant notes of each financial instrument in the Consolidated financial statements chapter.
Expected credit losses | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance at 1 January | 6,589 | 4,453 | 45,124 | 56,166 |
Net remeasurement of allowance for expected credit losses | -1,102 | 33,579 | 39,204 | 71,681 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -713 | 6,428 | 753 | 6,468 |
- Macroeconomic forward-looking impact | -101 | 366 | - | 265 |
- Individual loan or advance behaviour | -285 | 26,790 | 38,451 | 64,956 |
- Update ECL model | -3 | -5 | - | -8 |
Net portfolio growth | 502 | -675 | - | -173 |
Write-offs | - | - | -6,969 | -6,969 |
Exchange rate differences | -38 | -20 | -279 | -337 |
Balance at 31 December | 5,951 | 37,337 | 77,080 | 120,368 |
Expected credit losses | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance at 1 January | 8,105 | 3,314 | 43,349 | 54,768 |
Net remeasurement of allowance for expected credit losses | -2,484 | 653 | 12,088 | 10,257 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -428 | 997 | 541 | 1,110 |
- Macroeconomic forward-looking impact | -495 | 35 | - | -460 |
- Individual loan or advance behaviour | -1,883 | -594 | 11,547 | 9,070 |
- Update ECL model | 322 | 215 | - | 537 |
Net portfolio growth | 927 | 463 | - | 1,390 |
Write-offs | - | - | -10,819 | -10,819 |
Exchange rate differences | 41 | 23 | 506 | 570 |
Balance at 31 December | 6,589 | 4,453 | 45,124 | 56,166 |
The following table provides a reconciliation between:
amounts shown in the above tables reconciling opening and closing balances of allowance for expected credit losses per class of financial instrument.
the \u2018impairment losses on financial instruments\u2019 line item in the consolidated statement of profit or loss and other comprehensive income, refer to 31 Impairment result on financial instruments in the Financial statements.
Impairment result on financial instruments | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Loans and advances to banks | -9 | - | - | -9 |
Loans and advances to customers | -448 | 32,701 | 39,203 | 71,456 |
Debts securities at amortised cost | -5 | - | - | -5 |
Financial guarantees | -11 | -173 | - | -184 |
Loan commitments issued | -124 | 375 | - | 251 |
Other assets | -1 | - | - | -1 |
Impairment result on financial instruments for the year | -598 | 32,903 | 39,203 | 71,508 |
Impairment result on financial instruments | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Loans and advances to banks | - | - | - | - |
Loans and advances to customers | -1,479 | 768 | 12,089 | 11,378 |
Debts securities at amortised cost | -9 | - | - | -9 |
Financial guarantees | 11 | 175 | - | 186 |
Loan commitments issued | -81 | 173 | - | 92 |
Other assets | - | - | - | - |
Impairment result on financial instruments for the year | -1,558 | 1,116 | 12,089 | 11,647 |
We have an annual incurred loss rate of 34 bps (2024: 11 bps). The annual incurred loss rate is the ratio of stage 3 impairment losses over the average loan book.
The following table sets out a reconciliation of changes in the net carrying amount of credit-impaired loans and advances to customers.
Amounts in thousands of EUR | 2025 Audited | 2024 Audited |
|---|---|---|
Credit-impaired loans and advances to customers at 1 January | 45,083 | 42,889 |
Addition | 47,832 | 21,460 |
Write-off | -6,968 | -10,401 |
Release | -8,629 | -9,371 |
Exchange rate differences | -279 | 506 |
Balance sheet value as at 31 December | 77,039 | 45,083 |
Market risk is the risk of losses arising from movements in market prices. For us, market risk mainly consists of interest rate risk and foreign exchange risk.
Interest rate risk is the risk that changes in relevant interest rates will adversely affect the market value of assets versus that of liabilities and/or income versus expenses.
Interest rate risk results from the interest rate mismatches between assets and liabilities. For us, this is mainly driven by the interest rate dependency of client savings and current accounts on the liabilities side, and our business loan and mortgage portfolio on the asset side.
We have established an interest rate risk management framework that covers all relevant aspects of interest rate risk. As we only have a banking book and no trading books, all our interest rate risk is captured under our interest rate risk in the banking book (IRRBB) management. The Interest Rate Risk policy is the risk framework which specifies among others the risk metrics, limits and key assumptions. Interest rate risk exposure is managed within limits of the by means of the Risk Appetite Statement (RAS), from an earnings and value perspective.
To assess our IRRBB exposure, we run a broad variety of interest rate scenarios, including but not limited to those prescribed by regulatory guidelines. The scenarios are expressed as shocks to the relevant market rate curves. These shocks include parallel and non-parallel shocks, both upward and downward, and both instant and gradual.
We steer our interest rate risk position in various ways. Firstly, by means of adjustments of volume and interest rate terms of new assets and liabilities. Secondly, by adjustments of the amount and duration of the marketable investments in the liquidity buffer and lastly, by using interest rate swaps. The resulting hedge positions are taken into account in all IRRBB calculations, subject to hedge accounting, and are designed to limit profit or loss volatility.
IRRBB is continuously monitored and managed by the Balance Sheet Management and Modelling department, within limits set by the Asset and Liability Committee. In addition, management of underlying risk models, including periodical reviews and changes to model assumptions, are to be discussed and approved by the Model and Assumptions Review Committee. In relation to IRRBB, Group Treasury is responsible for the execution of the bank's interest rate risk steering.
In 2025, the European Central Bank (ECB) reduced policy rates four times, bringing them to their lowest levels since 2022. Despite these rate cuts, future rate expectations in the eurozone have increased over the course of 2025. Amidst these changes, our interest rate risk profile has increased from an equity point of view and marginally decreased from an earnings point of view.
Our economic value of equity at risk (EVE at risk) increased in 2025. The EVE supervisory outlier test (SOT), as measured under a parallel-up scenario, increased from 10.9% to 12.0%. Increases in the bond portfolio have pushed up the EVE at risk. In addition, model updates were done to account for the wind-down of our operations in Germany.
Net interest income at risk (NII at risk) decreased marginally in 2025, this was the result of balance sheet movements and steering of the liquidity portfolio. The change in NII SOT under the parallel-down scenario decreased from 4.4% to 4.3%.
The average repricing maturity assigned to non-maturing deposits is 2.2 years.
The duration of equity, calculated under the assumption of a 100 basis points parallel shift in interest rates, increased from 3.8 to 4.1 years over the course of 2025.
The following table presents our interest rate risk by showing the fixed interest rate maturities:
2025 Audited | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Floating- | <= 3 | <= | <= | > | Total |
Interest-bearing assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash | 1,612,419 | - | - | - | - | 1,612,419 |
Banks | 263,475 | - | - | 14,000 | - | 277,475 |
Loans | 1,209,130 | 832,657 | 1,845,496 | 4,039,876 | 3,896,186 | 11,823,345 |
Hedged loans1 | 312,500 | 1,154,000 | 1,122,700 | -260,200 | -2,329,000 | - |
Interest-bearing securities | - | 288,056 | 906,010 | 2,233,332 | 245,632 | 3,673,030 |
Total | 3,397,524 | 2,274,713 | 3,874,206 | 6,027,008 | 1,812,818 | 17,386,269 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest-bearing liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Banks | 201,053 | 822 | 3,703 | 42,759 | 7,863 | 256,200 |
Debt securities issued and subordinated liabilities | - | - | - | 897,743 | - | 897,743 |
Hedged debt securities issued1 | - | 650,000 | - | -650,000 | - | - |
Funds entrusted | 74,992 | 3,126,150 | 4,600,284 | 5,274,673 | 1,892,042 | 14,968,141 |
Total | 276,045 | 3,776,972 | 4,603,987 | 5,565,175 | 1,899,905 | 16,122,084 |
2024 Audited | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Floating- | <= 3 | <= | <= | > | Total |
Interest-bearing assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash | 1,854,767 | - | - | - | - | 1,854,767 |
Banks | 398,924 | - | - | 15,447 | - | 414,371 |
Loans | 1,238,851 | 776,386 | 1,707,923 | 3,947,973 | 3,891,016 | 11,562,149 |
Hedged loans1 | 222,500 | 1,059,800 | 1,012,400 | -180,700 | -2,114,000 | - |
Interest-bearing securities | 10,720 | 164,669 | 856,026 | 1,727,169 | 107,231 | 2,865,815 |
Total | 3,725,762 | 2,000,855 | 3,576,349 | 5,509,889 | 1,884,247 | 16,697,102 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest-bearing liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Banks | 123,587 | 187,997 | 2,705 | 46,534 | 9,964 | 370,787 |
Debt securities issued and subordinated liabilities | - | - | 6,862 | 598,242 | - | 605,104 |
Hedged debt securities issued1 | - | 350,000 | - | -350,000 | - | - |
Funds entrusted | 67,581 | 3,139,941 | 4,185,066 | 5,047,451 | 1,908,176 | 14,348,215 |
Total | 191,168 | 3,677,938 | 4,194,633 | 5,342,227 | 1,918,140 | 15,324,106 |
Only interest-bearing assets and liabilities are reported in this table, which results in differences with the balance sheet figures. No allowance for expected credit losses, net modification of amortised cost or interest amounts is shown. Interest-bearing securities are valued at redemption value including bond premium and after deduction of discounts. For funds entrusted without a fixed interest rate term, we use the outcome of the quantitative savings and current account model. All other interest-bearing assets and liabilities are reported as floating rates or are broken down in the maturity calendar by their remaining contractual interest rate term.
Foreign exchange (FX) risk is the risk to earnings and capital that arises from adverse movements in FX rates. Our base currency is the euro. The base currency of Triodos Bank UK (TBUK) is British pounds.
The risk appetite for FX exposure for all currencies is low, with the exception of our investment in TBUK. We do not hold significant positions in currencies other than EUR and GBP. We aim to reduce the GBP FX exposure, as measured by impact on the total capital ratio (TCR), as much as possible. We exclude our investment in TBUK from our FX-risk position for the own funds requirement calculation.
Monitoring and decision-making related to FX risk is delegated by the Executive Board to the Asset and Liability Committee.
We aim to avoid net currency positions, with the possible exception of those arising from strategic investments. The currency risk of the UK subsidiary equity participation was partly hedged during 2025 and 2024.
There is a trade-off between FX risk hedging and capital ratio hedging. If the FX risk of the participation is hedged, the effect will be that the capital ratio will change as result of FX rate changes. And if the FX risk is not hedged, the effect will be that the value of our capital will change, however the capital ratio will remain stable.
The following table shows our foreign currency position in thousands of EUR as at 31 December.
Amounts in thousands of EUR | Cash position | Cash position | Term position | Term position | Net position | Net position |
|---|---|---|---|---|---|---|
GBP | 2,336,808 | 2,091,506 | - | 57,475 | 187,827 | - |
USD | 1,578 | 5 | - | - | 1,573 | - |
NOK | 59 | - | - | - | 59 | - |
AUD | 57 | - | - | - | 57 | - |
SEK | 55 | - | - | - | 55 | - |
INR | - | - | - | - | - | - |
Total | 2,338,557 | 2,091,511 | - | 57,475 | 189,571 | - |
Net open foreign currency position (total of net positions debit and credit): EUR 189.6 million.
Amounts in thousands of EUR | Cash position | Cash position | Term position | Term position | Net position | Net position |
|---|---|---|---|---|---|---|
GBP | 2,362,244 | 2,114,096 | - | 60,546 | 187,602 | - |
USD | 1,681 | 1 | - | - | 1,680 | - |
NOK | 59 | - | - | - | 59 | - |
AUD | 60 | - | - | - | 60 | - |
SEK | 51 | - | - | - | 51 | - |
INR | - | - | - | - | - | - |
Total | 2,364,095 | 2,114,097 | - | 60,546 | 189,452 | - |
Net open foreign currency position (total of net positions debit and credit): EUR 189.5 million.
Liquidity risk originates from our inherent mismatch in maturities of assets and liabilities. Liquidity risk would materialise if we would not be able to quickly convert assets into cash or secure funding at a reasonable cost. From a contractual point of view, bank assets (loans) have on average a longer maturity than the typical bank liabilities (deposits from customers). Most of our deposits are in current accounts and demand saving accounts, which allow for the immediate withdrawal of funds. In the event of adverse market conditions or a decrease in customer confidence, liquidity risk could materialise and lead to unexpected withdrawals and, as such, an outflow of liquid assets.
We have established a liquidity risk management framework that ensures the maintenance of an adequate liquidity buffer to withstand a wide range of stress events. The Liquidity Risk Management policy is the risk framework which specifies among others the risk metrics, limits and key assumptions.
Liquidity risk exposure is managed within limits of the Risk Appetite Statement (RAS). We define, monitor and manage various aspects of these risks through different lenses on an ongoing basis. Developments in funds entrusted and the total liquidity position are monitored daily by those responsible in the individual banking business units and at Group level.
Liquidity risk is identified, measured and managed in line with the applicable regulations and supervisory guidelines by the Balance Sheet Management and Modelling department, within risk appetite limits set by the Asset and Liability Committee. Group Treasury is responsible for executing the capital and funding planning process, which includes working on realising the bank's liquidity and funding requirements in various scenarios.
Stress testing is part of the liquidity risk management process. We use stress testing to assess our liquidity position against several severe stress scenarios. These scenarios focus on specific stress related to Triodos Bank itself, market-wide stress, a combination of the two and a climate-specific scenario. The results of these stress tests are included in the RAS. This sets limits on how long we can withstand a severe stress scenario. The outcome of these stress tests is shared with the Asset and Liability Committee each month.
The aim of our liquidity contingency management is to ensure that sufficient liquidity is maintained during times of bank-specific or broader market stress. Effective liquidity contingency management is crucial to withstand both immediate and extended periods of liquidity stress. The methods and responsibilities necessary for addressing potential liquidity deficits during times of stress are outlined in the liquidity and capital contingency plan and the recovery plan. These plans are structured in line with regulatory requirements, and are subject to periodical testing, reviews and updates. These plans are activated when there is a significant threat to the liquidity position or when there are clear indicators of impending liquidity stress. These plans enable us to adeptly manage our liquidity requirements, mitigate the potential negative impact on commercial activities and reduce the impact of a potential rise in funding costs under difficult market conditions. Among the various tools available to manage liquidity in times of need, the ability to use the retained residential mortgage-backed securitisation (RMBS) called Sinopel and qualifying loans that can be pledged as collateral to central banks are especially important in addition to our sizable cash and bond portfolio. They equip us with the ability to quickly obtain additional liquidity, reinforcing our financial resilience.
Our business model is primarily based on using customer deposits to fund loans and investments in line with our strategy and risk appetite. As a result, deposits are our largest source of funding. The total amount of funds entrusted is EUR 15.1 billion at year-end 2025 and comprises 92% of total liabilities. These funds are collected from retail and business customers in all the countries where we operate. This provides a stable source of funding, thanks to our strong relationships with our customers and the granularity of funds entrusted. 75% of deposits are guaranteed under the Dutch or UK deposit guarantee scheme.
Debt funding increased in 2025 due to the issuance of the second tranche of MREL eligible preferred bond of EUR 300 million. This issuance was in addition to the first issuance of that programme in 2024 and Green Subordinated Tier 2 bond in 2021. All of these bonds are listed on Euronext Amsterdam and have contributed to diversification of our funding base. More information is available in the Our capital management section.
The following tables set out the earliest possible contractual maturities of our financial liabilities and financial assets.
2025 Audited | Less than | 1\u20133 | 3 months | 1\u20135 years | More than | No maturity | Total |
|---|---|---|---|---|---|---|---|
Financial asset by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,613,073 | - | - | - | - | - | 1,613,073 |
Loans and advances to banks | 159,073 | - | - | - | - | 118,498 | 277,571 |
Loans and advances to customers | 100,919 | 328,366 | 1,075,875 | 4,099,600 | 5,886,773 | - | 11,491,533 |
Debt securities at amortised cost | 113,679 | 185,602 | 883,092 | 2,232,524 | 264,285 | - | 3,679,182 |
Investment securities | - | - | - | - | - | 30,547 | 30,547 |
Non-trading derivatives | 311 | 47 | 496 | 21,515 | 217,553 | - | 239,922 |
Other assets2 | 9,130 | 44,876 | 26,078 | -14,118 | 18,442 | 152,377 | 236,785 |
Total assets | 1,996,185 | 558,891 | 1,985,541 | 6,339,521 | 6,387,053 | 301,422 | 17,568,613 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liability by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | 221,035 | - | 2,323 | 15,486 | 17,356 | - | 256,200 |
Deposits from customers | 13,368,027 | 407,785 | 1,028,640 | 239,856 | 31,022 | - | 15,075,330 |
Non-trading derivatives | - | - | - | 2,961 | 8,505 | - | 11,466 |
Debt issued and other borrowed funds | - | 5,073 | 6,203 | 650,832 | 249,554 | - | 911,662 |
Other liabilities3 | 35,298 | 16,957 | 11,055 | 28,165 | 26,918 | 4,046 | 122,439 |
Total liabilities | 13,624,360 | 429,815 | 1,048,221 | 937,300 | 333,355 | 4,046 | 16,377,097 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Off-balance sheet liabilities by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Contingent liabilities | 2,197 | 1,568 | 5,120 | 6,953 | 35,544 | - | 51,382 |
Irrevocable facilities | 113,450 | 51,891 | 143,105 | 359,972 | 880,134 | - | 1,548,552 |
Total off-balance sheet liabilities | 115,647 | 53,459 | 148,225 | 366,925 | 915,678 | - | 1,599,934 |
2024 Audited | Less than | 1\u20133 | 3 months | 1\u20135 years | More than | No maturity | Total |
|---|---|---|---|---|---|---|---|
Financial asset by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,855,623 | - | - | - | - | - | 1,855,623 |
Loans and advances to banks | 282,334 | - | - | - | - | 132,429 | 414,763 |
Loans and advances to customers | 115,675 | 342,051 | 976,546 | 4,143,907 | 5,823,957 | - | 11,402,136 |
Debt securities at amortised cost | 88,007 | 108,270 | 843,935 | 1,686,313 | 111,110 | - | 2,837,635 |
Investment securities | - | - | - | - | - | 31,613 | 31,613 |
Non-trading derivatives | - | 117 | 16 | 13,301 | 166,555 | - | 179,989 |
Other assets2 | 13,179 | 12,588 | 8,525 | 34,759 | 18,726 | 158,007 | 245,784 |
Total assets | 2,354,818 | 463,026 | 1,829,022 | 5,878,280 | 6,120,348 | 322,049 | 16,967,543 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liability by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | 132,067 | 202,341 | 201 | 17,828 | 20,691 | - | 373,128 |
Deposits from customers | 12,736,060 | 376,480 | 1,105,309 | 230,517 | 29,636 | - | 14,478,002 |
Non-trading derivatives | 216 | - | - | 939 | 46,823 | - | 47,978 |
Debt issued and other borrowed funds | - | 5,123 | - | 358,371 | 256,030 | - | 619,524 |
Other liabilities3 | 44,004 | 12,639 | 108,030 | 19,438 | 28,812 | 3,175 | 216,098 |
Total liabilities | 12,912,347 | 596,583 | 1,213,540 | 627,093 | 381,992 | 3,175 | 15,734,730 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Off-balance sheet liabilities by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Contingent liabilities | 1,808 | 354 | 2,496 | 10,987 | 54,270 | - | 69,915 |
Irrevocable facilities | 125,278 | 54,713 | 164,126 | 432,018 | 853,607 | - | 1,629,742 |
Total off-balance sheet liabilities | 127,086 | 55,067 | 166,622 | 443,005 | 907,877 | - | 1,699,657 |
\u00a0
Type of financial instrument | Basis on which amounts are compiled in maturity table |
|---|---|
Non-derivative financial liabilities and financial assets | Undiscounted cash flows, which include estimated interest payments. |
Contingent and irrevocable facilities | Contractual maturity date of the off-balance facility. Contingent facilities relate to credit and non-credit substitute guarantees. Credit substitute guarantees are guarantees to customers for loans provided to these customers by other banks. Non-credit substitute guarantees are guarantees to customers for all other obligations of these customers to third parties. Many of these guarantees are expected to expire without being drawn on and therefore do not necessarily represent future cash outflows. Irrevocable facilities mainly constitute accepted loans not yet paid out. Many of these facilities are for a fixed duration and bear interest at a floating rate. |
Derivative financial liabilities and financial assets held for risk management purposes | Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that have simultaneous gross settlement (e.g. forward exchange contracts and currency swaps) and the net amounts for derivatives that are net settled. |
Our expected cash flows on some financial assets and financial liabilities can vary significantly from the contractual cash flows. The principal differences are as follows:
Demand deposits from customers are expected to remain stable or increase.
Unrecognised loan commitments are not all expected to be drawn down immediately.
Retail mortgage loans have an original contractual maturity of up to 35 years, however early repayment options and refinancing is expected within the mortgage portfolio.
| \u00a0 | 2025 Audited | 2024 Audited |
|---|---|---|
Amounts in thousands of EUR | Carrying amount | Carrying amount |
Balances with central banks | 1,613,073 | 1,855,623 |
Cash and balances with other banks | 277,571 | 414,763 |
Unencumbered debt securities issued by sovereigns | 2,580,346 | 2,020,900 |
Undrawn credit lines granted by central banks1 | 701,054 | 765,656 |
Other assets eligible for use as collateral with central banks | 873,505 | 784,952 |
Total liquidity reserves | 6,045,549 | 5,841,894 |
2025 Audited | Pledged as collateral | ||
|---|---|---|---|
Amounts in thousands of EUR | Encumbered | Unencumbered | Total |
Cash and cash equivalents | - | 1,613,073 | 1,613,073 |
Loans and advances to banks | 118,517 | 159,054 | 277,571 |
Debt securities at amortised cost | 40,301 | 3,638,881 | 3,679,182 |
Loans and advances to customers | - | 11,491,533 | 11,491,533 |
Investment securities | - | 30,547 | 30,547 |
Non-financial assets | - | 476,707 | 476,707 |
Total assets | 158,818 | 17,409,795 | 17,568,613 |
2024 Audited | Pledged as collateral | ||
|---|---|---|---|
Amounts in thousands of EUR | Encumbered | Unencumbered | Total |
Cash and cash equivalents | - | 1,855,623 | 1,855,623 |
Loans and advances to banks | 132,401 | 282,362 | 414,763 |
Debt securities at amortised cost | 29,292 | 2,808,343 | 2,837,635 |
Loans and advances to customers | 318,379 | 11,083,757 | 11,402,136 |
Investment securities | - | 31,613 | 31,613 |
Non-financial assets | - | 425,773 | 425,773 |
Total assets | 480,072 | 16,487,471 | 16,967,543 |
We have an obligation to maintain a reserve with local central banks. As at 31 December 2025, the minimum mandatory reserve deposits with various central banks amount to EUR 125.2 million (2024: EUR 120.3 million).
The Risk Management chapter contains the information required by IFRS in relation to risk management.
Credit risk is the risk that a counterparty fails to meet contractual or other agreed obligations (such as those in respect of credits or loans granted, exposures incurred or guarantees received). Within credit risk, we distinguish three risk subtypes: obligor risk, counterparty risk and concentration risk.
We apply a comprehensive approach to the credit risk cycle by considering the transaction, the customer and the portfolio in order to assess, evaluate and make effective decisions regarding credit risk.
Credits are granted in alignment with our target markets and lending strategy guided by our mission and expertise. Before granting a credit facility, we assess the customer's creditworthiness by analysing the debt serviceability and available collateral, including an assessment of the integrity and reputation of the customer. We operate within a predefined set of criteria for accepting credit risk. Analysing compliance with our lending criteria is an integral part of each credit proposal. Credit risk is mitigated by collateral through pledges on assets, contracts and/or guarantees including government guarantees.
At local and Group level, individual credit files are subjected to a second-line review, and the portfolio is monitored and reviewed on a continuous basis. The aggregated portfolio is monitored at Group level. The resulting analysis is provided to the Local Credit Committee and/or to the Central Credit Committee for credit risk-related decisions on individual customers, lending criteria for sectors and limits on sectors, countries or individual obligors.
The management of defaulted customers is the responsibility of special asset management, a part of credit risk management. The primary objective is to resolve any defaults and minimise losses by either realising the collateral or restructuring the loans.
We measure the non-performing loans as a percentage of the loan book. Furthermore, we measure the coverage ratio that takes into account the ECL stage 3 provisions as a percentage of the defaulted exposure.
An obligor is a legal entity that commits to the terms and conditions of a credit agreement. We carefully analyse the obligor to ensure it meets our lending criteria and has the capacity to repay a credit. The risk related to the obligor is that it fails to meet its contractual obligations towards Triodos Bank.
We aim to finance specific projects and assets that are in line with our mission and minimum standards. When financing a project, we usually have a pledge on the underlying contracts. For financing objects, in general we will take a pledge or mortgage on the specific object. We apply a conservative valuation method (by using haircuts), in all cases, based on the market value. The level of this haircut will depend on the marketability of the asset in a negative scenario. This enables us to make a proper assessment of the overall risk of the loan and the value of the asset in case of a downturn. The value of the collateral is reviewed annually. For large loans with a mortgage, an external valuation by an expert is requested, at least every three years.
Obligors are rated through an internal rating methodology. We make an assessment of each obligor and the structure of its loan before we provide any loan. We review the approved credit at least once a year to assess the business and financial performance of the obligor and its capacity to meet its obligations. The quality of collateral against outstanding loans mitigates the credit risk. Examples of principal collateral include mortgage registrations for business or private properties, guarantees from public authorities, companies or private individuals, and pledges on receivables and/or contracts for projects.
We have an early warning system in place that helps to identify distressed or non-performing loans early on, to allow for more available options and remedial measures. Once a loan is identified as being in default (i.e. unlikely to pay or has overdue payments that exceed 90 days), it is managed under a dedicated remedial process, with a focus on full recovery. Within obligor risk, as well as single exposures, we also distinguish group exposures. The risk related to a group is that if one obligor fails to meet its contractual obligations, so will the remaining obligors within the group. A group is defined as two or more obligors that are interrelated in such a way that they are considered as a single risk.
Counterparty risk is defined as the risk that the counterparty to a financial transaction could default before the final settlement of the transaction. An economic loss would occur if the transactions or portfolio of transactions with the counterparty have a positive economic value at the time of default.
Liquidity not invested in loans to borrowers is invested in deposits with banks, including central banks or in bonds. Our policy is to primarily invest the liquidity in the countries where we are active or have subsidiaries.
Our bond portfolio comprised government bonds, including local government bonds, for countries where we are active, and investment-grade bonds issued by European supranational organisations.
All counterparties are selected according to their creditworthiness. Banking business units place excess liquidity with the country\u2019s central banks (minimum reserve requirements and deposit facility).
Concentration risk is the risk that any single exposure or group of exposures will produce losses large enough (relative to Triodos Bank's capital, total assets or overall risk level) to threaten our financial stability or ability to maintain our core operations.
Concentration risk is key to risk management. We provide loans to retail customers, businesses and projects that contribute to achieving our mission. Given this involves a small number of sustainable sectors, a certain level of sector concentration is inherent in the loan portfolio. Concentration in the existing sectors is acceptable as we have considerable expertise in these sectors, we actively invest in further expanding our knowledge and we diversify through geographies.
We focus primarily on the quality and diversification of the loan portfolio. We put extra effort into identifying loans to frontrunners with a track record in their sectors and entrepreneurs developing the sustainable industries of the future.
A diversified credit risk portfolio is the result of assets spread over customers, sectors and geographies that are not inter- or intra-related. We maintain a set of concentration limits to manage concentration risks. The limits are based on our capital base and reflect the risk appetite.
We measure and limit the following concentrations in our lending activities: obligor exposures, group exposures, government exposures, top 20 exposures, sector exposures, shadow banking exposures (non-bank financial intermediation) and mortgage exposures.
Besides lending activities, we have established limits related to our investment portfolio on the maximum exposures on government and sub-governments, supranational institutions, banks and financial institutions.
We are active in well-defined sectors where we have extensive expertise and that align with our mission.
We have set limits on sectors at Group and banking business unit level, all based on Tier 1 capital.
At Group level, we categorise sector concentration limits into distinct tiers. Country-specific limits for each sector are set factoring in the unique risks associated with each sector and country, based on regular sector analyses.
Larger sectors hold strategic importance for Triodos Bank. They exhibit a well-balanced distribution across banking business units and countries, contributing to an overall low risk profile that warrants a higher consolidated concentration. The three largest sectors are renewable energy, healthcare and sustainable property. Annual sector analyses on larger sectors are conducted and presented to the Central Credit Committee in order to respond to developments that may impact the portfolio's risk profile.
Private mortgages are treated as a sector and form an integral part of the impact strategy of the bank. Interest rate differentiation on the mortgages based on energy labels incentivises lower energy consumption. In general, mortgage products are highly standardised and regulated. We hold a portfolio of private mortgages in the Netherlands, Belgium and Spain. Since 2025, no new mortgage loans are granted to new clients in Belgium and Spain. The loan amounts per counterparty in the private mortgage portfolio are usually relatively small and the portfolio is well diversified (for example in terms of geography, source of repayment or maturity). This mitigates credit risk to a large degree, which is evidenced by low defaults. We limit the overall exposure to mortgages as a percentage of the balance sheet to have a balanced mix between business loans and mortgages to private individuals.
We are a European bank with banking business units in four countries (the Netherlands, Belgium, Spain and Germany) and a bank subsidiary in the United Kingdom.
Our business banking loan portfolio is well-diversified across the five countries where we operate, with the largest exposures in the Netherlands and Spain, followed by the United Kingdom, Belgium and Germany, and additional exposures in France. When adding the private mortgages, the Netherlands represents a relatively larger share of Triodos Bank's total loan portfolio, reflecting the bank's presence and mortgage activity in the Netherlands.
Our loan portfolio was impacted by a EUR 61 million credit loss provision related to the German fibre optic sector (EUR 27.3 million ECL stage 3 provision and EUR 33.7 million stage 2 provision). The provision was triggered by the downward trend in this subsector in Germany, which started to accelerate in Q3 2025. On 31 December 2025, the total portfolio related to this subsector in Germany amounted to EUR 180 million. This was an unusual combination of events specific to one sector in one country. Apart from this subsector in Germany, our stage 2 and stage 3 ECL provisions remained stable in 2025.
The following tables provide information about the credit quality of our financial assets, loan commitments and guarantee contracts, and the provision recognised for expected credit losses. Unless specifically indicated, the amounts of financial assets in the table represent gross carrying amounts. For loan commitments and financial guarantee contracts, the amounts in the table represent the amounts committed or guaranteed respectively.
The provision for credit losses is determined using the expected credit loss model (ECL). For further details of this model, please refer to the accounting policies for Impairment of financial assets.
The following table shows the loans and advances to banks at amortised cost, which are all in stage 1.
Loans and advances to banks at amortised cost | 2025 Audited | 2024 Audited |
|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 1 |
Gross amount | 277,591 | 414,792 |
Allowance for expected credit losses | -20 | -29 |
Carrying amount | 277,571 | 414,763 |
We apply ratings to our business loans and advances based on our credit risk policy. Within the policy, customers with total business loans above EUR 0.5 million are rated annually. Customers with total business loans below EUR 0.5 million are rated upon issuance of a loan but are not required to have an annual rating update. These are represented in the Not rated category, along with mortgages that are not rated. The tables below show the loans and advances to customers per stage and per rating category as well as the overdue status of loans and advances to customers in the three stages.
Loans and advances to customers at amortised cost | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Rating 1-9: Normal risk | 5,221,157 | 321,073 | - | 5,542,230 |
Rating 10-13: Increased risk | - | 278,686 | - | 278,686 |
Rating 14: Default | - | - | 333,323 | 333,323 |
Not rated - business loans | 11,473 | 328 | - | 11,801 |
Not rated - mortgages | 5,430,965 | 12,962 | - | 5,443,927 |
Gross amount | 10,663,595 | 613,049 | 333,323 | 11,609,967 |
Allowance for expected credit losses | -4,996 | -36,399 | -77,039 | -118,434 |
Carrying amount | 10,658,599 | 576,650 | 256,284 | 11,491,533 |
Loans and advances to customers at amortised cost | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Rating 1-9: Normal risk | 5,400,422 | 416,868 | - | 5,817,290 |
Rating 10-13: Increased risk | - | 131,784 | - | 131,784 |
Rating 14: Default | - | - | 296,043 | 296,043 |
Not rated - business loans | 12,648 | 332 | - | 12,980 |
Not rated - mortgages | 5,176,956 | 21,374 | - | 5,198,330 |
Gross amount | 10,590,026 | 570,358 | 296,043 | 11,456,427 |
Allowance for expected credit losses | -5,488 | -3,720 | -45,083 | -54,291 |
Carrying amount | 10,584,538 | 566,638 | 250,960 | 11,402,136 |
Loans and advances to customers at amortised cost | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Current | 10,656,805 | 600,753 | 243,281 | 11,500,839 |
Overdue < 90 days | 6,790 | 12,296 | 9,813 | 28,899 |
Overdue > 90 days | - | - | 80,229 | 80,229 |
Total | 10,663,595 | 613,049 | 333,323 | 11,609,967 |
Loans and advances to customers at amortised cost | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Current | 10,587,405 | 523,095 | 185,534 | 11,296,034 |
Overdue < 90 days | 2,621 | 47,263 | 19,395 | 69,279 |
Overdue > 90 days | - | - | 91,114 | 91,114 |
Total | 10,590,026 | 570,358 | 296,043 | 11,456,427 |
The expected credit loss (ECL) of loan commitments is determined on a portfolio basis, using the average ECL rate of business loans and mortgage loans portfolios. The outcome is presented in the table below.
Debt securities at amortised cost | 2025 Audited | 2024 Audited |
|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 1 |
AAA | 2,194,676 | 1,943,509 |
AA | 844,186 | 582,509 |
A | 536,819 | 257,479 |
BBB | 49,352 | 54,162 |
Not rated | 54,168 | - |
Allowance for expected credit losses | -19 | -24 |
Carrying amount | 3,679,182 | 2,837,635 |
The ECL of loan commitments is determined on a portfolio basis, using the average ECL rate of business loans and mortgage loans portfolios. The outcome is presented in the table below.
Loan commitments | 2025 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross commitment amount (off-balance) | 937,381 | 72,589 | 1,009,970 |
Allowance for expected credit losses | -841 | -915 | -1,756 |
Carrying amount | 936,540 | 71,674 | 1,008,214 |
Loan commitments | 2024 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross commitment amount (off-balance) | 990,607 | 81,162 | 1,071,769 |
Allowance for expected credit losses | -961 | -537 | -1,498 |
Carrying amount | 989,646 | 80,625 | 1,070,271 |
All financial guarantee contracts are in stage 1 and stage 2 as shown in the table below.
Financial guarantee contracts | 2025 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross carrying amount | 15,941 | 447 | 16,388 |
Allowance for expected credit losses | -65 | -23 | -88 |
Carrying amount | 15,876 | 424 | 16,300 |
Financial guarantee contracts | 2024 Audited | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Gross carrying amount | 23,596 | 1,431 | 25,027 |
Allowance for expected credit losses | -76 | -196 | -272 |
Carrying amount | 23,520 | 1,235 | 24,755 |
We can hold collateral and other credit enhancements against some of our credit exposures. The following table sets out the principal types of collateral held against different types of financial assets.
| \u00a0 | Percentage of exposure that is covered by collateral | ||
|---|---|---|---|
| \u00a0 | 2025 Audited | 2024 Audited | Principal type of collateral held |
Non-trading derivatives | 100 | 100 | Cash collateral |
Loans and advances to customers | \u00a0 | \u00a0 | \u00a0 |
Mortgage lending | 98 | 98 | Residential property |
Business lending | 82 | 85 | Commercial property, financial guarantees received, cash, Other |
Current accounts | - | - | None |
The following table stratifies credit exposures from mortgage loans and advances to retail customers by ranges of loan-to-value (LTV) ratio. LTV is calculated as the ratio of the gross amount of the loan \u2013 or the amount committed for loan commitments \u2013 to the value of the collateral. The valuation of the collateral excludes any adjustments for obtaining and selling the collateral. The value of the collateral for residential mortgage loans is based on the collateral value at origination updated according to changes in house price indices. For credit-impaired loans, the value of collateral is based on the most recent appraisals.
LTV ratio (amounts in thousands of EUR) | 2025 Audited | 2024 Audited |
|---|---|---|
Less than 65% | 3,625,458 | 3,402,158 |
65-75% | 646,898 | 650,463 |
75-90% | 792,780 | 749,431 |
More than 90% | 543,919 | 495,720 |
Total residential mortgage lending | 5,609,055 | 5,297,772 |
Details of financial and non-financial assets obtained during the year by taking possession of collateral held as security against loans and advances and held at the year-end are shown below.
Assets obtained by taking possession of collateral (amounts in thousands of EUR) | 2025 Audited | 2024 Audited |
|---|---|---|
Property | 1,749 | 668 |
We sometimes repossess assets. These assets are collaterals of an executed loan. A part of the repossessed assets however will not be sold immediately because we may opt to add value by letting these assets. These are therefore presented as investment properties.
The following tables show reconciliations from the opening to the closing balance of the allowance for expected credit losses (ECL) by class of financial instrument.
Total expected credit loss allowances | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
ECL loans and advances to banks at amortised cost | 20 | - | - | 20 |
ECL loans and advances to customers at amortised cost - business loans and current accounts | 4,302 | 35,934 | 74,936 | 115,172 |
ECL loans and advances to customers at amortised cost - mortgages | 694 | 465 | 2,103 | 3,262 |
ECL debt securities at amortised cost | 19 | - | - | 19 |
ECL financial guarantees | 65 | 23 | - | 88 |
ECL loan commitments issued | 841 | 915 | - | 1,756 |
ECL other assets | 10 | - | 41 | 51 |
Total expected credit loss allowances | 5,951 | 37,337 | 77,080 | 120,368 |
Total expected credit loss allowances | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
ECL loans and advances to banks at amortised cost | 29 | - | - | 29 |
ECL loans and advances to customers at amortised cost - business loans and current accounts | 4,830 | 3,141 | 43,838 | 51,809 |
ECL loans and advances to customers at amortised cost - mortgages | 658 | 579 | 1,245 | 2,482 |
ECL debt securities at amortised cost | 24 | - | - | 24 |
ECL financial guarantees | 76 | 196 | - | 272 |
ECL loan commitments issued | 961 | 537 | - | 1,498 |
ECL other assets | 11 | - | 41 | 52 |
Total expected credit loss allowances | 6,589 | 4,453 | 45,124 | 56,166 |
The following tables present the movements of the ECL allowance. For the movements of the ECL allowances per financial instrument, please refer to the relevant notes of each financial instrument in the Consolidated financial statements chapter.
Expected credit losses | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance at 1 January | 6,589 | 4,453 | 45,124 | 56,166 |
Net remeasurement of allowance for expected credit losses | -1,102 | 33,579 | 39,204 | 71,681 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -713 | 6,428 | 753 | 6,468 |
- Macroeconomic forward-looking impact | -101 | 366 | - | 265 |
- Individual loan or advance behaviour | -285 | 26,790 | 38,451 | 64,956 |
- Update ECL model | -3 | -5 | - | -8 |
Net portfolio growth | 502 | -675 | - | -173 |
Write-offs | - | - | -6,969 | -6,969 |
Exchange rate differences | -38 | -20 | -279 | -337 |
Balance at 31 December | 5,951 | 37,337 | 77,080 | 120,368 |
Expected credit losses | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance at 1 January | 8,105 | 3,314 | 43,349 | 54,768 |
Net remeasurement of allowance for expected credit losses | -2,484 | 653 | 12,088 | 10,257 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -428 | 997 | 541 | 1,110 |
- Macroeconomic forward-looking impact | -495 | 35 | - | -460 |
- Individual loan or advance behaviour | -1,883 | -594 | 11,547 | 9,070 |
- Update ECL model | 322 | 215 | - | 537 |
Net portfolio growth | 927 | 463 | - | 1,390 |
Write-offs | - | - | -10,819 | -10,819 |
Exchange rate differences | 41 | 23 | 506 | 570 |
Balance at 31 December | 6,589 | 4,453 | 45,124 | 56,166 |
The following table provides a reconciliation between:
amounts shown in the above tables reconciling opening and closing balances of allowance for expected credit losses per class of financial instrument.
the \u2018impairment losses on financial instruments\u2019 line item in the consolidated statement of profit or loss and other comprehensive income, refer to 31 Impairment result on financial instruments in the Financial statements.
Impairment result on financial instruments | 2025 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Loans and advances to banks | -9 | - | - | -9 |
Loans and advances to customers | -448 | 32,701 | 39,203 | 71,456 |
Debts securities at amortised cost | -5 | - | - | -5 |
Financial guarantees | -11 | -173 | - | -184 |
Loan commitments issued | -124 | 375 | - | 251 |
Other assets | -1 | - | - | -1 |
Impairment result on financial instruments for the year | -598 | 32,903 | 39,203 | 71,508 |
Impairment result on financial instruments | 2024 Audited | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Loans and advances to banks | - | - | - | - |
Loans and advances to customers | -1,479 | 768 | 12,089 | 11,378 |
Debts securities at amortised cost | -9 | - | - | -9 |
Financial guarantees | 11 | 175 | - | 186 |
Loan commitments issued | -81 | 173 | - | 92 |
Other assets | - | - | - | - |
Impairment result on financial instruments for the year | -1,558 | 1,116 | 12,089 | 11,647 |
We have an annual incurred loss rate of 34 bps (2024: 11 bps). The annual incurred loss rate is the ratio of stage 3 impairment losses over the average loan book.
The following table sets out a reconciliation of changes in the net carrying amount of credit-impaired loans and advances to customers.
Amounts in thousands of EUR | 2025 Audited | 2024 Audited |
|---|---|---|
Credit-impaired loans and advances to customers at 1 January | 45,083 | 42,889 |
Addition | 47,832 | 21,460 |
Write-off | -6,968 | -10,401 |
Release | -8,629 | -9,371 |
Exchange rate differences | -279 | 506 |
Balance sheet value as at 31 December | 77,039 | 45,083 |
Market risk is the risk of losses arising from movements in market prices. For us, market risk mainly consists of interest rate risk and foreign exchange risk.
Interest rate risk is the risk that changes in relevant interest rates will adversely affect the market value of assets versus that of liabilities and/or income versus expenses.
Interest rate risk results from the interest rate mismatches between assets and liabilities. For us, this is mainly driven by the interest rate dependency of client savings and current accounts on the liabilities side, and our business loan and mortgage portfolio on the asset side.
We have established an interest rate risk management framework that covers all relevant aspects of interest rate risk. As we only have a banking book and no trading books, all our interest rate risk is captured under our interest rate risk in the banking book (IRRBB) management. The Interest Rate Risk policy is the risk framework which specifies among others the risk metrics, limits and key assumptions. Interest rate risk exposure is managed within limits of the by means of the Risk Appetite Statement (RAS), from an earnings and value perspective.
To assess our IRRBB exposure, we run a broad variety of interest rate scenarios, including but not limited to those prescribed by regulatory guidelines. The scenarios are expressed as shocks to the relevant market rate curves. These shocks include parallel and non-parallel shocks, both upward and downward, and both instant and gradual.
We steer our interest rate risk position in various ways. Firstly, by means of adjustments of volume and interest rate terms of new assets and liabilities. Secondly, by adjustments of the amount and duration of the marketable investments in the liquidity buffer and lastly, by using interest rate swaps. The resulting hedge positions are taken into account in all IRRBB calculations, subject to hedge accounting, and are designed to limit profit or loss volatility.
IRRBB is continuously monitored and managed by the Balance Sheet Management and Modelling department, within limits set by the Asset and Liability Committee. In addition, management of underlying risk models, including periodical reviews and changes to model assumptions, are to be discussed and approved by the Model and Assumptions Review Committee. In relation to IRRBB, Group Treasury is responsible for the execution of the bank's interest rate risk steering.
In 2025, the European Central Bank (ECB) reduced policy rates four times, bringing them to their lowest levels since 2022. Despite these rate cuts, future rate expectations in the eurozone have increased over the course of 2025. Amidst these changes, our interest rate risk profile has increased from an equity point of view and marginally decreased from an earnings point of view.
Our economic value of equity at risk (EVE at risk) increased in 2025. The EVE supervisory outlier test (SOT), as measured under a parallel-up scenario, increased from 10.9% to 12.0%. Increases in the bond portfolio have pushed up the EVE at risk. In addition, model updates were done to account for the wind-down of our operations in Germany.
Net interest income at risk (NII at risk) decreased marginally in 2025, this was the result of balance sheet movements and steering of the liquidity portfolio. The change in NII SOT under the parallel-down scenario decreased from 4.4% to 4.3%.
The average repricing maturity assigned to non-maturing deposits is 2.2 years.
The duration of equity, calculated under the assumption of a 100 basis points parallel shift in interest rates, increased from 3.8 to 4.1 years over the course of 2025.
The following table presents our interest rate risk by showing the fixed interest rate maturities:
2025 Audited | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Floating- | <= 3 | <= | <= | > | Total |
Interest-bearing assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash | 1,612,419 | - | - | - | - | 1,612,419 |
Banks | 263,475 | - | - | 14,000 | - | 277,475 |
Loans | 1,209,130 | 832,657 | 1,845,496 | 4,039,876 | 3,896,186 | 11,823,345 |
Hedged loans1 | 312,500 | 1,154,000 | 1,122,700 | -260,200 | -2,329,000 | - |
Interest-bearing securities | - | 288,056 | 906,010 | 2,233,332 | 245,632 | 3,673,030 |
Total | 3,397,524 | 2,274,713 | 3,874,206 | 6,027,008 | 1,812,818 | 17,386,269 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest-bearing liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Banks | 201,053 | 822 | 3,703 | 42,759 | 7,863 | 256,200 |
Debt securities issued and subordinated liabilities | - | - | - | 897,743 | - | 897,743 |
Hedged debt securities issued1 | - | 650,000 | - | -650,000 | - | - |
Funds entrusted | 74,992 | 3,126,150 | 4,600,284 | 5,274,673 | 1,892,042 | 14,968,141 |
Total | 276,045 | 3,776,972 | 4,603,987 | 5,565,175 | 1,899,905 | 16,122,084 |
2024 Audited | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Floating- | <= 3 | <= | <= | > | Total |
Interest-bearing assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash | 1,854,767 | - | - | - | - | 1,854,767 |
Banks | 398,924 | - | - | 15,447 | - | 414,371 |
Loans | 1,238,851 | 776,386 | 1,707,923 | 3,947,973 | 3,891,016 | 11,562,149 |
Hedged loans1 | 222,500 | 1,059,800 | 1,012,400 | -180,700 | -2,114,000 | - |
Interest-bearing securities | 10,720 | 164,669 | 856,026 | 1,727,169 | 107,231 | 2,865,815 |
Total | 3,725,762 | 2,000,855 | 3,576,349 | 5,509,889 | 1,884,247 | 16,697,102 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest-bearing liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Banks | 123,587 | 187,997 | 2,705 | 46,534 | 9,964 | 370,787 |
Debt securities issued and subordinated liabilities | - | - | 6,862 | 598,242 | - | 605,104 |
Hedged debt securities issued1 | - | 350,000 | - | -350,000 | - | - |
Funds entrusted | 67,581 | 3,139,941 | 4,185,066 | 5,047,451 | 1,908,176 | 14,348,215 |
Total | 191,168 | 3,677,938 | 4,194,633 | 5,342,227 | 1,918,140 | 15,324,106 |
Only interest-bearing assets and liabilities are reported in this table, which results in differences with the balance sheet figures. No allowance for expected credit losses, net modification of amortised cost or interest amounts is shown. Interest-bearing securities are valued at redemption value including bond premium and after deduction of discounts. For funds entrusted without a fixed interest rate term, we use the outcome of the quantitative savings and current account model. All other interest-bearing assets and liabilities are reported as floating rates or are broken down in the maturity calendar by their remaining contractual interest rate term.
Foreign exchange (FX) risk is the risk to earnings and capital that arises from adverse movements in FX rates. Our base currency is the euro. The base currency of Triodos Bank UK (TBUK) is British pounds.
The risk appetite for FX exposure for all currencies is low, with the exception of our investment in TBUK. We do not hold significant positions in currencies other than EUR and GBP. We aim to reduce the GBP FX exposure, as measured by impact on the total capital ratio (TCR), as much as possible. We exclude our investment in TBUK from our FX-risk position for the own funds requirement calculation.
Monitoring and decision-making related to FX risk is delegated by the Executive Board to the Asset and Liability Committee.
We aim to avoid net currency positions, with the possible exception of those arising from strategic investments. The currency risk of the UK subsidiary equity participation was partly hedged during 2025 and 2024.
There is a trade-off between FX risk hedging and capital ratio hedging. If the FX risk of the participation is hedged, the effect will be that the capital ratio will change as result of FX rate changes. And if the FX risk is not hedged, the effect will be that the value of our capital will change, however the capital ratio will remain stable.
The following table shows our foreign currency position in thousands of EUR as at 31 December.
Amounts in thousands of EUR | Cash position | Cash position | Term position | Term position | Net position | Net position |
|---|---|---|---|---|---|---|
GBP | 2,336,808 | 2,091,506 | - | 57,475 | 187,827 | - |
USD | 1,578 | 5 | - | - | 1,573 | - |
NOK | 59 | - | - | - | 59 | - |
AUD | 57 | - | - | - | 57 | - |
SEK | 55 | - | - | - | 55 | - |
INR | - | - | - | - | - | - |
Total | 2,338,557 | 2,091,511 | - | 57,475 | 189,571 | - |
Net open foreign currency position (total of net positions debit and credit): EUR 189.6 million.
Amounts in thousands of EUR | Cash position | Cash position | Term position | Term position | Net position | Net position |
|---|---|---|---|---|---|---|
GBP | 2,362,244 | 2,114,096 | - | 60,546 | 187,602 | - |
USD | 1,681 | 1 | - | - | 1,680 | - |
NOK | 59 | - | - | - | 59 | - |
AUD | 60 | - | - | - | 60 | - |
SEK | 51 | - | - | - | 51 | - |
INR | - | - | - | - | - | - |
Total | 2,364,095 | 2,114,097 | - | 60,546 | 189,452 | - |
Net open foreign currency position (total of net positions debit and credit): EUR 189.5 million.
Foreign exchange (FX) risk is the risk to earnings and capital that arises from adverse movements in FX rates. Our base currency is the euro. The base currency of Triodos Bank UK (TBUK) is British pounds.
The risk appetite for FX exposure for all currencies is low, with the exception of our investment in TBUK. We do not hold significant positions in currencies other than EUR and GBP. We aim to reduce the GBP FX exposure, as measured by impact on the total capital ratio (TCR), as much as possible. We exclude our investment in TBUK from our FX-risk position for the own funds requirement calculation.
Monitoring and decision-making related to FX risk is delegated by the Executive Board to the Asset and Liability Committee.
We aim to avoid net currency positions, with the possible exception of those arising from strategic investments. The currency risk of the UK subsidiary equity participation was partly hedged during 2025 and 2024.
There is a trade-off between FX risk hedging and capital ratio hedging. If the FX risk of the participation is hedged, the effect will be that the capital ratio will change as result of FX rate changes. And if the FX risk is not hedged, the effect will be that the value of our capital will change, however the capital ratio will remain stable.
The following table shows our foreign currency position in thousands of EUR as at 31 December.
Amounts in thousands of EUR | Cash position | Cash position | Term position | Term position | Net position | Net position |
|---|---|---|---|---|---|---|
GBP | 2,336,808 | 2,091,506 | - | 57,475 | 187,827 | - |
USD | 1,578 | 5 | - | - | 1,573 | - |
NOK | 59 | - | - | - | 59 | - |
AUD | 57 | - | - | - | 57 | - |
SEK | 55 | - | - | - | 55 | - |
INR | - | - | - | - | - | - |
Total | 2,338,557 | 2,091,511 | - | 57,475 | 189,571 | - |
Net open foreign currency position (total of net positions debit and credit): EUR 189.6 million.
Amounts in thousands of EUR | Cash position | Cash position | Term position | Term position | Net position | Net position |
|---|---|---|---|---|---|---|
GBP | 2,362,244 | 2,114,096 | - | 60,546 | 187,602 | - |
USD | 1,681 | 1 | - | - | 1,680 | - |
NOK | 59 | - | - | - | 59 | - |
AUD | 60 | - | - | - | 60 | - |
SEK | 51 | - | - | - | 51 | - |
INR | - | - | - | - | - | - |
Total | 2,364,095 | 2,114,097 | - | 60,546 | 189,452 | - |
Net open foreign currency position (total of net positions debit and credit): EUR 189.5 million.
Liquidity risk originates from our inherent mismatch in maturities of assets and liabilities. Liquidity risk would materialise if we would not be able to quickly convert assets into cash or secure funding at a reasonable cost. From a contractual point of view, bank assets (loans) have on average a longer maturity than the typical bank liabilities (deposits from customers). Most of our deposits are in current accounts and demand saving accounts, which allow for the immediate withdrawal of funds. In the event of adverse market conditions or a decrease in customer confidence, liquidity risk could materialise and lead to unexpected withdrawals and, as such, an outflow of liquid assets.
We have established a liquidity risk management framework that ensures the maintenance of an adequate liquidity buffer to withstand a wide range of stress events. The Liquidity Risk Management policy is the risk framework which specifies among others the risk metrics, limits and key assumptions.
Liquidity risk exposure is managed within limits of the Risk Appetite Statement (RAS). We define, monitor and manage various aspects of these risks through different lenses on an ongoing basis. Developments in funds entrusted and the total liquidity position are monitored daily by those responsible in the individual banking business units and at Group level.
Liquidity risk is identified, measured and managed in line with the applicable regulations and supervisory guidelines by the Balance Sheet Management and Modelling department, within risk appetite limits set by the Asset and Liability Committee. Group Treasury is responsible for executing the capital and funding planning process, which includes working on realising the bank's liquidity and funding requirements in various scenarios.
Stress testing is part of the liquidity risk management process. We use stress testing to assess our liquidity position against several severe stress scenarios. These scenarios focus on specific stress related to Triodos Bank itself, market-wide stress, a combination of the two and a climate-specific scenario. The results of these stress tests are included in the RAS. This sets limits on how long we can withstand a severe stress scenario. The outcome of these stress tests is shared with the Asset and Liability Committee each month.
The aim of our liquidity contingency management is to ensure that sufficient liquidity is maintained during times of bank-specific or broader market stress. Effective liquidity contingency management is crucial to withstand both immediate and extended periods of liquidity stress. The methods and responsibilities necessary for addressing potential liquidity deficits during times of stress are outlined in the liquidity and capital contingency plan and the recovery plan. These plans are structured in line with regulatory requirements, and are subject to periodical testing, reviews and updates. These plans are activated when there is a significant threat to the liquidity position or when there are clear indicators of impending liquidity stress. These plans enable us to adeptly manage our liquidity requirements, mitigate the potential negative impact on commercial activities and reduce the impact of a potential rise in funding costs under difficult market conditions. Among the various tools available to manage liquidity in times of need, the ability to use the retained residential mortgage-backed securitisation (RMBS) called Sinopel and qualifying loans that can be pledged as collateral to central banks are especially important in addition to our sizable cash and bond portfolio. They equip us with the ability to quickly obtain additional liquidity, reinforcing our financial resilience.
Our business model is primarily based on using customer deposits to fund loans and investments in line with our strategy and risk appetite. As a result, deposits are our largest source of funding. The total amount of funds entrusted is EUR 15.1 billion at year-end 2025 and comprises 92% of total liabilities. These funds are collected from retail and business customers in all the countries where we operate. This provides a stable source of funding, thanks to our strong relationships with our customers and the granularity of funds entrusted. 75% of deposits are guaranteed under the Dutch or UK deposit guarantee scheme.
Debt funding increased in 2025 due to the issuance of the second tranche of MREL eligible preferred bond of EUR 300 million. This issuance was in addition to the first issuance of that programme in 2024 and Green Subordinated Tier 2 bond in 2021. All of these bonds are listed on Euronext Amsterdam and have contributed to diversification of our funding base. More information is available in the Our capital management section.
The following tables set out the earliest possible contractual maturities of our financial liabilities and financial assets.
2025 Audited | Less than | 1\u20133 | 3 months | 1\u20135 years | More than | No maturity | Total |
|---|---|---|---|---|---|---|---|
Financial asset by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,613,073 | - | - | - | - | - | 1,613,073 |
Loans and advances to banks | 159,073 | - | - | - | - | 118,498 | 277,571 |
Loans and advances to customers | 100,919 | 328,366 | 1,075,875 | 4,099,600 | 5,886,773 | - | 11,491,533 |
Debt securities at amortised cost | 113,679 | 185,602 | 883,092 | 2,232,524 | 264,285 | - | 3,679,182 |
Investment securities | - | - | - | - | - | 30,547 | 30,547 |
Non-trading derivatives | 311 | 47 | 496 | 21,515 | 217,553 | - | 239,922 |
Other assets2 | 9,130 | 44,876 | 26,078 | -14,118 | 18,442 | 152,377 | 236,785 |
Total assets | 1,996,185 | 558,891 | 1,985,541 | 6,339,521 | 6,387,053 | 301,422 | 17,568,613 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liability by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | 221,035 | - | 2,323 | 15,486 | 17,356 | - | 256,200 |
Deposits from customers | 13,368,027 | 407,785 | 1,028,640 | 239,856 | 31,022 | - | 15,075,330 |
Non-trading derivatives | - | - | - | 2,961 | 8,505 | - | 11,466 |
Debt issued and other borrowed funds | - | 5,073 | 6,203 | 650,832 | 249,554 | - | 911,662 |
Other liabilities3 | 35,298 | 16,957 | 11,055 | 28,165 | 26,918 | 4,046 | 122,439 |
Total liabilities | 13,624,360 | 429,815 | 1,048,221 | 937,300 | 333,355 | 4,046 | 16,377,097 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Off-balance sheet liabilities by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Contingent liabilities | 2,197 | 1,568 | 5,120 | 6,953 | 35,544 | - | 51,382 |
Irrevocable facilities | 113,450 | 51,891 | 143,105 | 359,972 | 880,134 | - | 1,548,552 |
Total off-balance sheet liabilities | 115,647 | 53,459 | 148,225 | 366,925 | 915,678 | - | 1,599,934 |
2024 Audited | Less than | 1\u20133 | 3 months | 1\u20135 years | More than | No maturity | Total |
|---|---|---|---|---|---|---|---|
Financial asset by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalents | 1,855,623 | - | - | - | - | - | 1,855,623 |
Loans and advances to banks | 282,334 | - | - | - | - | 132,429 | 414,763 |
Loans and advances to customers | 115,675 | 342,051 | 976,546 | 4,143,907 | 5,823,957 | - | 11,402,136 |
Debt securities at amortised cost | 88,007 | 108,270 | 843,935 | 1,686,313 | 111,110 | - | 2,837,635 |
Investment securities | - | - | - | - | - | 31,613 | 31,613 |
Non-trading derivatives | - | 117 | 16 | 13,301 | 166,555 | - | 179,989 |
Other assets2 | 13,179 | 12,588 | 8,525 | 34,759 | 18,726 | 158,007 | 245,784 |
Total assets | 2,354,818 | 463,026 | 1,829,022 | 5,878,280 | 6,120,348 | 322,049 | 16,967,543 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liability by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | 132,067 | 202,341 | 201 | 17,828 | 20,691 | - | 373,128 |
Deposits from customers | 12,736,060 | 376,480 | 1,105,309 | 230,517 | 29,636 | - | 14,478,002 |
Non-trading derivatives | 216 | - | - | 939 | 46,823 | - | 47,978 |
Debt issued and other borrowed funds | - | 5,123 | - | 358,371 | 256,030 | - | 619,524 |
Other liabilities3 | 44,004 | 12,639 | 108,030 | 19,438 | 28,812 | 3,175 | 216,098 |
Total liabilities | 12,912,347 | 596,583 | 1,213,540 | 627,093 | 381,992 | 3,175 | 15,734,730 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Off-balance sheet liabilities by type | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Contingent liabilities | 1,808 | 354 | 2,496 | 10,987 | 54,270 | - | 69,915 |
Irrevocable facilities | 125,278 | 54,713 | 164,126 | 432,018 | 853,607 | - | 1,629,742 |
Total off-balance sheet liabilities | 127,086 | 55,067 | 166,622 | 443,005 | 907,877 | - | 1,699,657 |
\u00a0
Type of financial instrument | Basis on which amounts are compiled in maturity table |
|---|---|
Non-derivative financial liabilities and financial assets | Undiscounted cash flows, which include estimated interest payments. |
Contingent and irrevocable facilities | Contractual maturity date of the off-balance facility. Contingent facilities relate to credit and non-credit substitute guarantees. Credit substitute guarantees are guarantees to customers for loans provided to these customers by other banks. Non-credit substitute guarantees are guarantees to customers for all other obligations of these customers to third parties. Many of these guarantees are expected to expire without being drawn on and therefore do not necessarily represent future cash outflows. Irrevocable facilities mainly constitute accepted loans not yet paid out. Many of these facilities are for a fixed duration and bear interest at a floating rate. |
Derivative financial liabilities and financial assets held for risk management purposes | Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that have simultaneous gross settlement (e.g. forward exchange contracts and currency swaps) and the net amounts for derivatives that are net settled. |
Our expected cash flows on some financial assets and financial liabilities can vary significantly from the contractual cash flows. The principal differences are as follows:
Demand deposits from customers are expected to remain stable or increase.
Unrecognised loan commitments are not all expected to be drawn down immediately.
Retail mortgage loans have an original contractual maturity of up to 35 years, however early repayment options and refinancing is expected within the mortgage portfolio.
| \u00a0 | 2025 Audited | 2024 Audited |
|---|---|---|
Amounts in thousands of EUR | Carrying amount | Carrying amount |
Balances with central banks | 1,613,073 | 1,855,623 |
Cash and balances with other banks | 277,571 | 414,763 |
Unencumbered debt securities issued by sovereigns | 2,580,346 | 2,020,900 |
Undrawn credit lines granted by central banks1 | 701,054 | 765,656 |
Other assets eligible for use as collateral with central banks | 873,505 | 784,952 |
Total liquidity reserves | 6,045,549 | 5,841,894 |
2025 Audited | Pledged as collateral | ||
|---|---|---|---|
Amounts in thousands of EUR | Encumbered | Unencumbered | Total |
Cash and cash equivalents | - | 1,613,073 | 1,613,073 |
Loans and advances to banks | 118,517 | 159,054 | 277,571 |
Debt securities at amortised cost | 40,301 | 3,638,881 | 3,679,182 |
Loans and advances to customers | - | 11,491,533 | 11,491,533 |
Investment securities | - | 30,547 | 30,547 |
Non-financial assets | - | 476,707 | 476,707 |
Total assets | 158,818 | 17,409,795 | 17,568,613 |
2024 Audited | Pledged as collateral | ||
|---|---|---|---|
Amounts in thousands of EUR | Encumbered | Unencumbered | Total |
Cash and cash equivalents | - | 1,855,623 | 1,855,623 |
Loans and advances to banks | 132,401 | 282,362 | 414,763 |
Debt securities at amortised cost | 29,292 | 2,808,343 | 2,837,635 |
Loans and advances to customers | 318,379 | 11,083,757 | 11,402,136 |
Investment securities | - | 31,613 | 31,613 |
Non-financial assets | - | 425,773 | 425,773 |
Total assets | 480,072 | 16,487,471 | 16,967,543 |
We have an obligation to maintain a reserve with local central banks. As at 31 December 2025, the minimum mandatory reserve deposits with various central banks amount to EUR 125.2 million (2024: EUR 120.3 million).
Triodos Bank, having its legal address at De Reehorst, Hoofdstraat 10a, in Driebergen-Rijsenburg, the Netherlands, is a public limited liability company (N.V.) under Dutch law (Chamber of Commerce 30062415) in the Netherlands. Triodos Bank\u2019s mission is to make money work for positive change in society. Triodos Bank is in business to help create a society that promotes the quality of life of all its members on a thriving planet, and that has human dignity at its core. This is what sets Tridos Bank apart and defines its position in the financial sector.
The consolidated financial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Executive Board on 11 March 2026.
These consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union and the relevant articles of Part 9 of Book 2 of the Dutch Civil Code.
These consolidated financial statements relate to the 45th financial year of Triodos Bank N.V. since its establishment in the Netherlands.
The financial statements have been prepared on a going concern basis. The current year loss is impacted by some exceptional expenses, largely non-recurring in nature, which are not expected to have a negative effect on future profitability. Triodos Bank has a resilient capital base. The capital and liquidity ratios are above the minimum required levels and are expected to remain above these levels, even in adverse scenarios and taking into account the current year loss. Triodos Bank performs capital and liquidity stress tests as part of its internal risk management processes and is able to demonstrate that its capital and liquidity levels are adequate to absorb high-impact, low probability prolonged stress scenarios. This ability is due to the current capital and liquidity buffers, a prudent risk appetite setting and a set of effective and proven management actions that can be taken to steer both ratios.
Current economic and geopolitical uncertainties and their potential impact remain unpredictable from a macroeconomic perspective as well as for the future performance of Triodos Bank. However, based on current knowledge and scenario analyses performed, there is no material uncertainty regarding the financial condition of the company as a going concern. In preparing the consolidated financial statements, management has assessed Triodos Bank's ability to continue as a going concern and has concluded that there are no material uncertainties which would cast significant doubt over the ability of the bank to continue to operate as a going concern.
The principal general accounting policies are summarised below, and the specific accounting policies are outlined in the relevant notes. The accounting policies have been applied consistently throughout the year, unless stated otherwise. All amounts have been rounded to the nearest thousand, unless stated otherwise. Amounts may not add up due to rounding.
The consolidated financial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Executive Board on 11 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17245": { "value": "These consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union and the relevant articles of Part 9 of Book 2 of the Dutch Civil Code.
These consolidated financial statements relate to the 45th financial year of Triodos Bank N.V. since its establishment in the Netherlands.
The financial statements have been prepared on a going concern basis. The current year loss is impacted by some exceptional expenses, largely non-recurring in nature, which are not expected to have a negative effect on future profitability. Triodos Bank has a resilient capital base. The capital and liquidity ratios are above the minimum required levels and are expected to remain above these levels, even in adverse scenarios and taking into account the current year loss. Triodos Bank performs capital and liquidity stress tests as part of its internal risk management processes and is able to demonstrate that its capital and liquidity levels are adequate to absorb high-impact, low probability prolonged stress scenarios. This ability is due to the current capital and liquidity buffers, a prudent risk appetite setting and a set of effective and proven management actions that can be taken to steer both ratios.
Current economic and geopolitical uncertainties and their potential impact remain unpredictable from a macroeconomic perspective as well as for the future performance of Triodos Bank. However, based on current knowledge and scenario analyses performed, there is no material uncertainty regarding the financial condition of the company as a going concern. In preparing the consolidated financial statements, management has assessed Triodos Bank's ability to continue as a going concern and has concluded that there are no material uncertainties which would cast significant doubt over the ability of the bank to continue to operate as a going concern.
The principal general accounting policies are summarised below, and the specific accounting policies are outlined in the relevant notes. The accounting policies have been applied consistently throughout the year, unless stated otherwise. All amounts have been rounded to the nearest thousand, unless stated otherwise. Amounts may not add up due to rounding.
These consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union and the relevant articles of Part 9 of Book 2 of the Dutch Civil Code.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nameofreportingentityorothermeansofidentification-inlinetag-i17241": { "value": "Triodos Bank N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "countryofincorporation-inlinetag-i17242": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i17243": { "value": "The financial statements have been prepared on a going concern basis. The current year loss is impacted by some exceptional expenses, largely non-recurring in nature, which are not expected to have a negative effect on future profitability. Triodos Bank has a resilient capital base. The capital and liquidity ratios are above the minimum required levels and are expected to remain above these levels, even in adverse scenarios and taking into account the current year loss. Triodos Bank performs capital and liquidity stress tests as part of its internal risk management processes and is able to demonstrate that its capital and liquidity levels are adequate to absorb high-impact, low probability prolonged stress scenarios. This ability is due to the current capital and liquidity buffers, a prudent risk appetite setting and a set of effective and proven management actions that can be taken to steer both ratios.
Current economic and geopolitical uncertainties and their potential impact remain unpredictable from a macroeconomic perspective as well as for the future performance of Triodos Bank. However, based on current knowledge and scenario analyses performed, there is no material uncertainty regarding the financial condition of the company as a going concern. In preparing the consolidated financial statements, management has assessed Triodos Bank's ability to continue as a going concern and has concluded that there are no material uncertainties which would cast significant doubt over the ability of the bank to continue to operate as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17246": { "value": "Triodos Bank has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. None of the amendments that apply for the first time in 2025 and that are effective for accounting periods beginning on or after 1 January 2025 are relevant to Triodos Bank.
The following changes to IFRS are effective on or after 1 January 2026 and are applicable for Triodos Bank:
Amendments to IFRS 9 and IFRS 7 \u2013 amendments to the classification and measurement of financial instruments.
IFRS 18 \u2013 presentation and disclosure in financial statements.
In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7. These amendments:
Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system.
Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion.
Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance targets).
Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
The amendments will be applicable for annual periods beginning on or after 1 January 2026 with early application permitted (subject to any endorsement process). When an entity first applies the amendments, it is not required to restate comparative information, and it is only permitted to do so if possible without the use of hindsight. Triodos Bank has concluded that the first two amendments will not have an impact on the recognition, classification and measurement of its financial assets. Where relevant, Triodos Bank will add new disclosures required by the last two amendments as of the 2026 financial statements.
This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
The structure of the statement of profit or loss.
Required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures).
Enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
IFRS 18 is applicable for annual periods beginning on or after 1 January 2027. Comparative information in line with IFRS 18 is required to be prepared. Triodos Bank is currently assessing the impact of IFRS 18 on the presentation of its financial statements. The main impact will be on the presentation of the statement of profit or loss. Furthermore, some additional disclosures that are required by IFRS 18 will be included in the 2027 financial statements.
The consolidated financial statements include the financial information of Triodos Bank and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
The financial information of subsidiaries is fully consolidated in the consolidated financial statements from the date that control commences until the date that control ceases.
In preparing the consolidated financial statements, intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
List of principal consolidated entities of Triodos Bank N.V.:
Legal Owner Triodos Funds B.V. in Zeist, participating interest 100%, group company, fully consolidated. Legal Owner Triodos Funds B.V. is the legal owner of Triodos Fair Share Fund and holds for the account and risk of the participants in this fund the fund assets in its name.
Triodos Investment Management B.V. in Zeist, participating interest 100%, group company, fully consolidated.
Triodos Bank UK Ltd in Bristol, participating interest 100%, group company, fully consolidated.
Other controlled entities:
Sinopel 2019 B.V. in Amsterdam, fully consolidated.
List of principal consolidated entities of Triodos Bank N.V.:
Legal Owner Triodos Funds B.V. in Zeist, participating interest 100%, group company, fully consolidated. Legal Owner Triodos Funds B.V. is the legal owner of Triodos Fair Share Fund and holds for the account and risk of the participants in this fund the fund assets in its name.
Triodos Investment Management B.V. in Zeist, participating interest 100%, group company, fully consolidated.
Triodos Bank UK Ltd in Bristol, participating interest 100%, group company, fully consolidated.
Other controlled entities:
Sinopel 2019 B.V. in Amsterdam, fully consolidated.
The preparation of the consolidated financial statements requires Triodos Bank to make estimates and assumptions that affect the reported amounts of assets and liabilities and the contingent assets and liabilities at the balance sheet date, and the reported income and expenses for the financial year. Triodos Bank uses estimates, assumptions and judgements which can have a significant impact on the amounts recognised in the financial statements in applying these accounting policies. These estimates and assumptions are based on the most recent information available, and the actual amounts may differ in the future. The principal estimates and assumptions relate to:
Allowance for expected credit losses on financial instruments measured at amortised cost and fair value through other comprehensive income (see accounting policy Financial instruments).
Fair values of financial assets and financial liabilities (see accounting policy Financial instruments).
Provisions, the required estimate of existing obligations arising from past events (see note 17 Provisions ).
Residual value of Triodos Bank's circular built own property (De Reehorst) (see note 7 Property and equipment).
Legal proceedings (see note Legal Proceedings).
Estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised or in the period of revision and future periods if the revision impacts both the reporting period and future periods.
The judgements and assumptions involved in the accounting policies that are considered by the Executive Board to be the most important to these financial statements are discussed in the relevant notes.
The estimation of the ECL is a critical estimate and includes several critical judgements as set out below.
Triodos Bank records an allowance for expected credit loss for all loans and other financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts.
The measurement of credit impairment under the expected credit loss model depends on management\u2019s assessment of whether a significant increase in credit risk has occurred for each financial asset, its economic forecasts including the probability of each of these, and its modelling of expected performance of each financial asset and associated collateral in each economic scenario. Significant increase in credit risk requires critical judgement, whereas the economic forecasts and the expected performance are significant estimates that are reflected in the probability of default and the loss given default.
Triodos Bank's approach to determining whether a significant increase in credit risk has occurred is, in large part, based on its internal credit rating system. This determination of what downgrade in internal credit rating constitutes a significant increase in credit risk is a significant judgement.
Any impact of future outlook is calculated using macroeconomic scenarios. Triodos Bank formulates three economic scenarios: a base case scenario and two less likely scenarios (up scenario and down scenario). The base case is aligned with information used by Triodos Bank for other purposes such as strategic planning and budgeting. The macroeconomic scenarios impact the probability of default and the collateral value. The collateral value is used to determine the loss given default.
In developing these macroeconomic scenarios, Triodos Bank uses significant judgement. Triodos Bank has incorporated the current economic environment, including its expected future outlook and geopolitical risks, into the macroeconomic scenarios. Triodos Bank uses an independent forecaster to create its macroeconomic scenarios, which includes economic data and forecasts published by governmental bodies, monetary authorities and supranational organisations such as the OECD and the International Monetary Fund.
The economic scenarios used as at 31 December 2025 included the following real GDP growth for the years ending 31 December 2026 to 2027 and the long-term growth for the years after 2027. The real GDP growth is the forecasted GDP growth, corrected for the forecasted inflation. This is a critical estimate.
| \u00a0 | Weight | 2026 | 2027 | 2028 | Long-term |
|---|---|---|---|---|---|
Base scenario | 40% | 1.6% | 1.9% | 1.8% | 1.0% |
Up scenario | 30% | 3.9% | 1.7% | 1.7% | 1.0% |
Down scenario | 30% | -3.8% | 2.4% | 3.0% | 1.0% |
The weighting per scenario reflects the belief of market participants of the likelihood of the occurrence of the scenarios. The weighting is reassessed on a quarterly basis. The 2024 weightings were base scenario (40%), up scenario (30%) and down scenario (30%).
Triodos Bank performed a sensitivity analysis related to the macroeconomic forecasts, focusing on the key driver, real GDP growth. The sensitivity analysis had the following outcome:
Amounts in thousands of EUR | Impact on ECL |
|---|---|
GDP growth +2% | -1,673 |
GDP growth +1% | -1,295 |
GDP growth +0.5% | -748 |
GDP growth -0.5% | 948 |
GDP growth -1% | 2,201 |
GDP growth -2% | 6,623 |
The performance of each loan in stages 1 and 2 in the different macroeconomic scenarios is determined by its sector and its geographic location. The geography determines the relevant macroeconomic forecast and the sensitivity to the economy is determined by the client's sector. The sector sensitivities are set at either none, low, medium or high. Based on these parameters, the PD and LGD of the clients are adjusted up or downwards, depending on the economic forecast, e.g. in case the forecast is a deteriorating economic situation, the PD and LGD are scaled up to reflect this.
The economic forecast consists of various macroeconomic indicators, most importantly GDP growth and market rate change (for business portfolios) and unemployment and house price index (for mortgage portfolios). The maximum PD impact depends on the sensitivity and is shown in the table below in number of notches downgrade equivalents. For example, if GDP correlation of an exposure is low and the GDP declines by -1%, the PD of that exposure is the PD of the rating of the exposure increased by 1 notch. The impact of notches can be seen in the table where PD percentages are shown.
Measurement unit of impact | Number of notches |
|---|---|
Low | +1 notch |
Medium | +2 notch |
High | +3 notch |
Predicted relationships between macroeconomic scenarios and default and loss given default rates on the ECL are critical estimates that have been developed based on management judgement and analysis of historical data.
In periods of heightened volatility or rapid changes in portfolio quality and the economic environment, Triodos Bank's ECL model under IFRS 9 may not fully capture emerging risks or accurately estimate expected losses. Where modelled outcomes do not adequately reflect credit risk dynamics, management judgement may be applied through management overlays.
Management overlays represent a best estimate of the risks involved and may address additional exposures identified in vulnerable portfolios, sectors or clients, or adjustments to reflect the impact of updated macroeconomic scenarios. It may also be applied temporarily until the model are updated, recalibrated or otherwise improved.
All management overlays are subject to formal governance, approval and periodic review. Their appropriateness, sufficiency and completeness are assessed regularly.
In 2025, analyses show that the ESG impact of physical risks due to climate change is limited because sustainable and values-based missions form the basis of Triodos Bank\u2019s lending activities. ESG risk assessment forms part of the credit approval and monitoring processes, including quarterly Group risk reporting. ESG risks are not integrated into the bank's credit models at this moment, but Triodos Bank is monitoring market developments and portfolio developments closely on this subject.
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Critical judgement and estimates
In December 2019, Triodos Bank moved to the newly developed office building De Reehorst in the Netherlands. The innovative design is based on circular economy and biomimicry principles. The design and production of materials are based on natural structures. The building is re-mountable and modular, built with sustainable and reusable materials.
Within common accounting policies, the residual value of own use property is set at zero as information on residual value is lacking. Because this building is circular and set up to have value in the future, Triodos Bank has investigated the residual value. This was captured in a report from a third-party circular demolition company, calculating the value of several reuseable components. The value is achieved if the components are remounted as a whole in a new building, considering costs for removing. Based on this report, Triodos Bank currently estimates the residual value of De Reehorst at EUR 3.0 million.
The residual value gets its value from the market in which components from the building can be reused. This market is currently in development and new building initiatives using reuseable materials as a starting point are few. Developments on these fronts and other changes (e.g. CO2 tax) can impact the residual value of De Reehorst in the future.
Critical judgement and estimates
The lease liabilities are initially measured at the present value of the future lease payments, discounted at the lessee's incremental borrowing rate (IBR) given that the interest rate implicit in the lease cannot be readily determined. The IBR is the rate of interest that Triodos Bank would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what Triodos Bank \u2018would have to pay\u2019, which requires estimation and inherently involves significant judgement when no observable rates are available. Triodos Bank estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific adjustments (such as Triodos Bank's stand-alone credit rating).
Critical judgement and estimates
Triodos Bank determines the fair values of derivatives periodically, which is a critical estimate. For more details on the measurement of fair values, refer to Fair value of financial instruments.
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17254": { "value": "These consolidated financial statements are presented in euros, which is the functional currency of Triodos Bank N.V. Triodos Bank UK limited has British pounds as functional currency and is therefore identified as a foreign operation.
Transactions in foreign currencies are translated into the respective functional currencies of each reporting entity at the spot exchange rates on the date of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency at the spot exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between the amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in the foreign currency translated at the spot exchange rate at the end of the year.
Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the spot exchange rate at the date on which the fair value is determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the spot exchange rate at the date of the transaction.
Net investments in foreign operations are translated into the presentation currency so that the foreign operation can be included in the financial statements of the reporting entity by consolidation. The translation result is recorded through OCI, into the translation reserve.
The assets and liabilities of foreign operations are translated into euros at the spot exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros at the spot exchange rates at the dates of the transactions.
Foreign currency differences are recognised in Other comprehensive income and accumulated in the foreign currency translation reserve (hereafter: translation reserve), except to the extent that the translation difference is allocated to non-controlling interest (NCI).
This section sets out the general accounting policies regarding the recognition and measurement of each financial instrument. The accounting policies specific to each type of financial instrument are included in each relevant note.
Triodos Bank recognises financial assets and liabilities, with the exception of loans and advances to customers and balances due to customers initially on the trade date, i.e. the date on which Triodos Bank becomes a party to the contractual provisions of the instrument. This includes regular way trades, i.e. purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace. Loans and advances to customers are recognised when funds are transferred to the customers\u2019 accounts. Triodos Bank recognises deposits from customers when funds are transferred to the bank.
On initial recognition, financial instruments are measured at fair value. Subsequently, they are classified in one of the following categories:
Amortised cost.
Fair value through profit and loss.
Fair value through other comprehensive income.
Financial liabilities cannot be reclassified. Financial assets are solely reclassified where there has been a change in the business model.
A financial asset may be measured at amortised cost if:
The asset is held within a business model whose objective is solely to hold assets to collect contractual cash flows.
The contractual terms of the financial asset are solely payments of principal and interest (SPPI) on the outstanding balance.
Triodos Bank determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective, being the risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed.
The business model assessment is based on reasonably expected scenarios without taking 'worst-case' or 'stress case' scenarios into account. If cash flows after initial recognition are realised in a way that is different from the original expectations, Triodos Bank does not change the classification of the remaining financial assets held in that business model. Instead such information is incorporated when assessing the newly originated or newly purchased financial assets going forward. Triodos Bank solely reclassifies financial assets when and only when its business model for managing assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent, and none occurred during the reporting period.
A second step of the classification process is the assessment of the contractual terms of the financial asset to identify whether they meet the SPPI test. \u2018Principal\u2019 for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there are repayments of principal or amortisation of the premium/discount). Interest should be in line with a basic lending arrangement and may include the consideration received for the time value of money, the credit risk associated with the principal amount outstanding during a particular period of time, liquidity risk, administrative costs, and a profit margin. Triodos Bank considers the contractual terms of the instrument to assess whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet the SPPI condition. In this assessment, Triodos Bank considers relevant factors such as the currency in which the financial asset is denominated, prepayment options, interest tenor, as well as linkage to energy labels and bio-based mortgages. In contrast, contractual terms that introduce a more than the minimum exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the amount outstanding. In such cases, the financial asset is required to be measured at fair value through profit or loss (FVTPL).
A financial instrument may be designated as at fair value through profit or loss (FVTPL) only if such designation:
Eliminates or significantly reduces a measurement or recognition inconsistency.
Applies to a group of financial assets, financial liabilities or both, that Triodos Bank manages and evaluates on a fair value basis.
Relates to a financial liability that contains an embedded derivative which is not evidently closely related to the host contract.
Financial assets that are designated on initial recognition as being at FVTPL are recognised at fair value, with transaction costs being recognised in profit or loss, and are subsequently measured at fair value. Gains and losses are recognised in profit or loss as they arise. Financial instruments at FVTPL are not subject to an impairment assessment.
Upon initial recognition, Triodos Bank occasionally elects to classify irrevocably some of its equity investments as equity instruments at fair value through other comprehensive income (FVOCI) when they meet the definition of equity and are not held for trading. This classification is determined on an instrument-by-instrument basis. Gains and losses on these equity instruments are never recycled to profit. Dividends are recognised in profit or loss as investment income when the right of the payment has been established. Equity instruments at FVOCI are not subject to an impairment assessment.
A financial liability is measured at fair value if it arises from a:
Financial guarantee contract.
Commitment to lend at below market rates.
Obligation arising from the failed sale of an asset.
Contingent consideration for a business acquisition.
All financial liabilities that are not measured at FVTPL are measured at amortised cost. Interest expense is recognised using the effective interest rate method.
Allowances for expected credit losses (ECL) are calculated for all financial assets at amortised cost or FVOCI, regardless of whether they are in default.
Triodos Bank calculates ECL based on three probability-weighted scenarios to measure the expected cash shortfalls, discounted at an approximation of the effective interest rate (EIR). A cash shortfall is the difference between the cash flows that are due to the entity in accordance with the contract and the cash flows that the entity expects to receive. The mechanics of the ECL calculations are outlined below and the key elements are as follows:
PD: The probability of default is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the assessed period, if the financial asset has not been previously derecognised and is still in the portfolio.
EAD: The exposure at default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date.
LGD: The loss given default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from the realisation of any collateral or credit enhancements that are integral to the loan and not required to be recognised separately. It is usually expressed as a percentage of the EAD.
The allowance for expected credit losses is the outcome of the formula: PD x LGD x EAD.
Assets are classified into the following categories in line with IFRS 9:
Stage 1: Assets that have not had a significant increase in credit risk since initial recognition. For these assets, 12-month expected credit loss (ECL) is recognised, and interest income is calculated on the gross carrying amount of the asset. 12-month ECLs are the expected credit losses that result from default events that are expected within 12 months after the reporting date.
Stage 2: For assets that have experienced a significant increase in credit risk since initial recognition but that do not have objective evidence of impairment, lifetime ECLs are recognised, and interest income is still calculated on the gross carrying amount of the asset. Lifetime ECLs are the expected credit losses that result from all possible default events over the expected life of the financial instrument.
Stage 3: For assets that have objective evidence of impairment at the reporting date, lifetime ECLs are recognised, and interest income is calculated on the net carrying amount.
Purchased or originated credit impaired (POCI). For assets that have objective evidence of impairment at purchase or origination, lifetime ECLs are recognised, and interest income is calculated using the credit adjusted effective interest rate on the net carrying amount.
Expected credit losses are a probability weighted estimate of credit losses, considering various scenarios. For doubtful debtors, scenarios are specific to the circumstances of the debtor, whereas for all other debtors the scenarios are based on macroeconomic conditions.
To determine the stage 1 and 2 ECL, Triodos Bank uses a model. Stage 3 provisions for defaults in business lending are determined on an individual basis. Stage 3 provisions for mortgage loans are determined with the use of a model where the main input is the collateral value. Refer to the sections Critical judgements and estimates and Credit Risk (page ##) for further information.
When a financial instrument has a significant increase in credit risk since initial recognition, Triodos Bank transfers the instrument from stage 1 to stage 2. After a financial asset has been transferred to stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to stage 1. In determining whether the risk of default on a financial instrument has increased significantly since initial recognition, Triodos Bank considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on Triodos Bank\u2019s historical experience, expert credit assessment and forward-looking information, resulting in a credit risk grade, with an internal rating for larger corporate clients.
Triodos Bank allocates each exposure a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applies the judgement of experienced credit risk professionals. Credit risk grades are defined using qualitative and quantitative factors that are indicative of risk of default. These factors vary depending on the nature of the exposure and the type of borrower. Making use of general moratoria without conditions is in itself not a trigger for significant increase in credit risk, but it could indicate a significant increase of credit risk.
Credit risk grades are defined and calibrated such that the risk of default occurring increases exponentially as the credit risk deteriorates. For example, the difference in risk of default between credit risk grades 1 and 2 is smaller than the difference between credit risk grades 2 and 3.
Each exposure is allocated a credit risk grade on initial recognition based on available information about the borrower. Exposures are subject to ongoing monitoring, which may result in an exposure being moved to a different credit risk grade. The monitoring typically involves use of the following data.
Corporate exposures | Retail exposures | All exposures |
|---|---|---|
Information obtained during periodic review of customer files e.g. audited financial statements, management accounts, budgets and projections. Examples of areas of particular focus are gross profit margins, financial leverage ratios, debt service coverage, compliance with covenants, quality of management and senior management changes. | Internally collected data on customer behaviour e.g. utilisation of overdraft facilities. | Payment record. This includes overdue status as well as a range of variables about payment ratios. Overdue payments can increase credit risk grade, with days past due over 90 days resulting in default status. |
Data from credit reference agencies, press articles and changes in external credit ratings. | Affordability metrics. | Utilisation of the granted limit. |
Quoted bond and credit default swap (CDS) prices for the borrower where available. | External data from credit reference agencies, including industry-standard credit scores. | Requests for and granting of forbearance. |
Actual and expected significant changes in the political, regulatory and technological environment of the borrower or in its business activities. | \u00a0 | Existing and forecast changes in business, financial and economic conditions. |
The internal credit rating system comprises 14 ratings as explained in the Impairment of Financial Assets Accounting policy:
Loans with initial ratings 1-3 are considered to exhibit a significant increase in credit risk if they are downgraded by four grades.
Loans with initial ratings 4-7 are considered to exhibit a significant increase in credit risk if they are downgraded by three grades.
Loans with initial ratings 8-9 are considered to exhibit a significant increase in credit risk if they are downgraded by two grades.
Loans with initial ratings 10-12 are considered to exhibit a significant increase in credit risk if they are downgraded by one grade.
Loans with ratings of 14 are considered to be in default. Therefore, a downgrade of a loan with rating 13 would put it in default.
Within the Credit Risk policy, clients with total business loans above EUR 250 thousand are rated on an individual basis at least annually. Customers with retail mortgage loans and or total business loans below EUR 250 thousand have no rating appointed. Note that for the unrated business and unrated retail portfolios not all triggers are applicable, as not all information is available. However, as additional staging rule, if the loan has been 30 days or more past due in the last 12 months, it will be transferred to stage 2. The frequency depends on the debtor\u2019s creditworthiness, the degree of market exposure and the market in which the debtor operates. The Credit Committee discusses and, if necessary, takes action with respect to overdue payments from debtors. If there is any doubt regarding the continuity of the debtor\u2019s core operations and/or a debtor fails to settle agreed interest and repayment instalments for a prolonged period, this debtor falls under the category of defaulted and will be managed intensively.
The objective of the assessment is to identify whether a significant increase in credit risk has occurred for an exposure by comparing:
The remaining lifetime probability of default (PD) as at the reporting date.
The remaining lifetime PD for this point in time that was estimated at the time of initial recognition of the exposure (adjusted where relevant for changes in prepayment expectations).
Triodos Bank uses four objective criteria for determining whether there has been a significant increase in credit risk:
Quantitative test based on movement in PD.
Qualitative indicators, for example placement of a loan on a watchlist.
A backstop of 30 days past due.
If an exposure is intensively managed.
Additionally, if based on management judgement it is deemed that these criteria do not cover all increases in credit risk, a management overlay may be applied. For further details, refer to the Critical judgement and estimate section related to ECL below.
Triodos Bank determines probability of default based on its internal credit rating system for its larger corporate client, which comprises 14 grades. The table below includes the weighted average PD used in the ECL calculation per internal credit rating as determined at the end of current year.
Credit rating | 12-month weighted-average PD |
|---|---|
Rating 1 | 0.04% |
Rating 2 | 0.09% |
Rating 3 | 0.17% |
Rating 4 | 0.45% |
Rating 5 | 0.91% |
Rating 6 | 1.72% |
Rating 7 | 3.28% |
Rating 8 | 5.36% |
Rating 9 | 8.51% |
Rating 10 | 12.25% |
Rating 11 | 20.32% |
Rating 12 | 32.39% |
Rating 13 | 37.75% |
Rating 14 | In default |
Loans are assessed at inception and subsequently periodically reassessed. Movements in the internal credit rating provide the basis to determine whether a significant increase in credit risk has occurred. The credit quality of all counterparties is reviewed and rated at least annually. In addition, Triodos Bank's focus on relationship management supports early identification of risk factors.
Mortgages do not have individual ratings. Individual mortgages have a significant increase in credit risk if they have payments of more than 30 days past due. The significant increase of credit risk of the remaining mortgages is assessed using a collective approach.
Triodos Bank considers a financial asset to be in default when:
The borrower is unlikely to pay its credit obligations to Triodos Bank in full, without recourse by Triodos Bank to actions such as realising security (if any is held).
The borrower is more than 90 days past due on any material credit obligation to Triodos Bank.
Overdrafts are considered as being past due when:
The customer has breached an advised limit or been advised of a limit smaller than the current amount outstanding.
It is becoming probable that the borrower will restructure the asset as a result of bankruptcy due to the borrower\u2019s inability to pay its credit obligations.
In assessing whether a borrower is in default, Triodos Bank considers indicators that are:
Qualitative: e.g. breaches of covenant.
Quantitative: e.g. overdue status and non-payment on another obligation of the same issuer to Triodos Bank.
Based on data developed internally and obtained from external sources.
Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances.
Credit risk grades are a primary input into the determination of the term structure of PD for exposures. Triodos Bank collects performance and default information about its credit risk exposures analysed by jurisdiction or region and by type of product and borrower as well as by credit risk grading. For some portfolios, information purchased from external credit reference agencies is also used.
Triodos Bank employs statistical models to analyse the data collected and generate estimates of the remaining lifetime PD of exposures and how these are expected to change as a result of the passage of time.
Impaired loans are written off when Triodos Bank concludes that there is no longer any realistic prospect of recovery of part or all of the loan. For loans that are individually assessed for impairment, the timing of write-off is determined on a case-by-case basis. Such loans are reviewed regularly, and write-off will be prompted by bankruptcy, insolvency, renegotiation and similar events. All other financial instruments write-offs, if any, are also determined on a case-by-case basis.
The estimation of the ECL is a critical estimate and includes several critical judgements as set out below.
Triodos Bank records an allowance for expected credit loss for all loans and other financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts.
The measurement of credit impairment under the expected credit loss model depends on management\u2019s assessment of whether a significant increase in credit risk has occurred for each financial asset, its economic forecasts including the probability of each of these, and its modelling of expected performance of each financial asset and associated collateral in each economic scenario. Significant increase in credit risk requires critical judgement, whereas the economic forecasts and the expected performance are significant estimates that are reflected in the probability of default and the loss given default.
Triodos Bank's approach to determining whether a significant increase in credit risk has occurred is, in large part, based on its internal credit rating system. This determination of what downgrade in internal credit rating constitutes a significant increase in credit risk is a significant judgement.
Any impact of future outlook is calculated using macroeconomic scenarios. Triodos Bank formulates three economic scenarios: a base case scenario and two less likely scenarios (up scenario and down scenario). The base case is aligned with information used by Triodos Bank for other purposes such as strategic planning and budgeting. The macroeconomic scenarios impact the probability of default and the collateral value. The collateral value is used to determine the loss given default.
In developing these macroeconomic scenarios, Triodos Bank uses significant judgement. Triodos Bank has incorporated the current economic environment, including its expected future outlook and geopolitical risks, into the macroeconomic scenarios. Triodos Bank uses an independent forecaster to create its macroeconomic scenarios, which includes economic data and forecasts published by governmental bodies, monetary authorities and supranational organisations such as the OECD and the International Monetary Fund.
The economic scenarios used as at 31 December 2025 included the following real GDP growth for the years ending 31 December 2026 to 2027 and the long-term growth for the years after 2027. The real GDP growth is the forecasted GDP growth, corrected for the forecasted inflation. This is a critical estimate.
| \u00a0 | Weight | 2026 | 2027 | 2028 | Long-term |
|---|---|---|---|---|---|
Base scenario | 40% | 1.6% | 1.9% | 1.8% | 1.0% |
Up scenario | 30% | 3.9% | 1.7% | 1.7% | 1.0% |
Down scenario | 30% | -3.8% | 2.4% | 3.0% | 1.0% |
The weighting per scenario reflects the belief of market participants of the likelihood of the occurrence of the scenarios. The weighting is reassessed on a quarterly basis. The 2024 weightings were base scenario (40%), up scenario (30%) and down scenario (30%).
Triodos Bank performed a sensitivity analysis related to the macroeconomic forecasts, focusing on the key driver, real GDP growth. The sensitivity analysis had the following outcome:
Amounts in thousands of EUR | Impact on ECL |
|---|---|
GDP growth +2% | -1,673 |
GDP growth +1% | -1,295 |
GDP growth +0.5% | -748 |
GDP growth -0.5% | 948 |
GDP growth -1% | 2,201 |
GDP growth -2% | 6,623 |
The performance of each loan in stages 1 and 2 in the different macroeconomic scenarios is determined by its sector and its geographic location. The geography determines the relevant macroeconomic forecast and the sensitivity to the economy is determined by the client's sector. The sector sensitivities are set at either none, low, medium or high. Based on these parameters, the PD and LGD of the clients are adjusted up or downwards, depending on the economic forecast, e.g. in case the forecast is a deteriorating economic situation, the PD and LGD are scaled up to reflect this.
The economic forecast consists of various macroeconomic indicators, most importantly GDP growth and market rate change (for business portfolios) and unemployment and house price index (for mortgage portfolios). The maximum PD impact depends on the sensitivity and is shown in the table below in number of notches downgrade equivalents. For example, if GDP correlation of an exposure is low and the GDP declines by -1%, the PD of that exposure is the PD of the rating of the exposure increased by 1 notch. The impact of notches can be seen in the table where PD percentages are shown.
Measurement unit of impact | Number of notches |
|---|---|
Low | +1 notch |
Medium | +2 notch |
High | +3 notch |
Predicted relationships between macroeconomic scenarios and default and loss given default rates on the ECL are critical estimates that have been developed based on management judgement and analysis of historical data.
In periods of heightened volatility or rapid changes in portfolio quality and the economic environment, Triodos Bank's ECL model under IFRS 9 may not fully capture emerging risks or accurately estimate expected losses. Where modelled outcomes do not adequately reflect credit risk dynamics, management judgement may be applied through management overlays.
Management overlays represent a best estimate of the risks involved and may address additional exposures identified in vulnerable portfolios, sectors or clients, or adjustments to reflect the impact of updated macroeconomic scenarios. It may also be applied temporarily until the model are updated, recalibrated or otherwise improved.
All management overlays are subject to formal governance, approval and periodic review. Their appropriateness, sufficiency and completeness are assessed regularly.
In 2025, analyses show that the ESG impact of physical risks due to climate change is limited because sustainable and values-based missions form the basis of Triodos Bank\u2019s lending activities. ESG risk assessment forms part of the credit approval and monitoring processes, including quarterly Group risk reporting. ESG risks are not integrated into the bank's credit models at this moment, but Triodos Bank is monitoring market developments and portfolio developments closely on this subject.
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the financial asset have expired. Triodos Bank also derecognises the financial asset if it has both transferred the financial asset and the transfer qualifies for derecognition.
When the bank has neither transferred nor retained substantially all the risks and rewards and has retained control of the asset, the asset continues to be recognised only to the extent of continuing involvement, in which case, the associated liability is also recognised. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that have been retained.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss.
Triodos Bank can make concessions or modifications to original terms of loans either due to commercial renegotiations or due to distressed restructurings with a view to maximise recovery.
If the modification does not result in cash flows that are substantially different, as set out below, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, Triodos Bank records a modification gain or loss. A modification is considered to be substantial based on qualitative factors and if it results in a difference between the adjusted discounted present value and the original carrying amount of the financial asset of, or greater than, 10%.
Triodos Bank derecognises a financial asset, such as a loan to a customer, when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new loan, with the difference recognised as a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The newly recognised loans are classified as stage 1 for ECL measurement purposes, unless the new loan is deemed to be credit impaired at recognition date triggering POCI classification.
When assessing whether or not to derecognise a loan to a customer, Triodos Bank considers a range of qualitative factors including:
Change in currency of the loan.
Change in counterparty.
If the modification is such that the instrument would no longer meet the SPPI criterion.
Restructuring.
When the borrower is in financial difficulty, rather than taking possession or otherwise enforcing collection of collateral, the terms of the loan(s) can be modified. Triodos Bank considers a loan forborne when such concessions or modifications are provided as a result of the borrower\u2019s present or expected financial difficulties and Triodos Bank would not have agreed to them if the borrower had been financially healthy. Indicators of financial difficulties include defaults on covenants or significant concerns raised by the Credit Risk department. Forbearance may involve extending the payment arrangements and agreeing new loan conditions. Once the terms have been renegotiated, any impairment is measured using the original EIR as calculated before the modification of terms. It is policy to monitor forborne loans to help ensure that future payments continue to be likely to occur. Derecognition decisions and classification between stage 2 and stage 3 are determined on a case-by-case basis. If a loss in relation to a loan is identified, it is disclosed and managed as an impaired stage 3 forborne asset until it is collected or written off.
Once an asset has been classified as forborne, it will remain forborne for a minimum 24-month probation period. In order for the loan to be reclassified out of the forborne category, the customer has to meet all of the following criteria:
All of its facilities have to be considered performing.
The probation period of two years has passed from the date the forborne contract was considered performing.
Regular payments of more than an insignificant amount of principal or interest have been made during at least half of the probation period.
The customer does not have any contracts that are more than 30 days past due.
Derivatives embedded in contracts shall be separated from the host contract and accounted for separately at fair value if all the below criteria are met:
The host contract is not a financial asset in scope of IFRS 9.
The hybrid contract is not measured at fair value through profit or loss.
The embedded derivative would meet the definition of a stand-alone derivative.
The embedded derivative is not closely related to the host contract.
Loans and advances to customers are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to customers are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
All debt securities at amortised cost are held in the investment portfolio. These are financial instruments initially measured at fair value including any incremental direct transaction costs. The debt securities are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Triodos Bank recognises a provision when it has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If provisions are expected to be settled after more than one year, these are discounted. The increase in the provision due to the passage of time is recognised as interest expense.
Interest income on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest income over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Calculation of the effective interest rate takes into account fees payable or receivable that are an integral part of the instrument's yield, and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.
Triodos Bank calculates interest income on financial assets, other than those considered credit impaired, by applying the effective interest rate to the gross carrying amount. When a financial asset becomes credit impaired and is therefore regarded as stage 3, the interest income is calculated by applying the effective interest rate to the net amortised cost.
Interest expense on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Income tax on the result for the year consists of current and deferred tax. Income tax is recognised in the statement of profit or loss and in the statement of other comprehensive income in the period in which profits arise. Current tax is measured using tax rates enacted at the balance sheet date.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future taxable profits will be available against which these losses can be utilised.
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17259": { "value": "A financial asset may be measured at amortised cost if:
The asset is held within a business model whose objective is solely to hold assets to collect contractual cash flows.
The contractual terms of the financial asset are solely payments of principal and interest (SPPI) on the outstanding balance.
Triodos Bank determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective, being the risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed.
The business model assessment is based on reasonably expected scenarios without taking 'worst-case' or 'stress case' scenarios into account. If cash flows after initial recognition are realised in a way that is different from the original expectations, Triodos Bank does not change the classification of the remaining financial assets held in that business model. Instead such information is incorporated when assessing the newly originated or newly purchased financial assets going forward. Triodos Bank solely reclassifies financial assets when and only when its business model for managing assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent, and none occurred during the reporting period.
A second step of the classification process is the assessment of the contractual terms of the financial asset to identify whether they meet the SPPI test. \u2018Principal\u2019 for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there are repayments of principal or amortisation of the premium/discount). Interest should be in line with a basic lending arrangement and may include the consideration received for the time value of money, the credit risk associated with the principal amount outstanding during a particular period of time, liquidity risk, administrative costs, and a profit margin. Triodos Bank considers the contractual terms of the instrument to assess whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet the SPPI condition. In this assessment, Triodos Bank considers relevant factors such as the currency in which the financial asset is denominated, prepayment options, interest tenor, as well as linkage to energy labels and bio-based mortgages. In contrast, contractual terms that introduce a more than the minimum exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the amount outstanding. In such cases, the financial asset is required to be measured at fair value through profit or loss (FVTPL).
A financial instrument may be designated as at fair value through profit or loss (FVTPL) only if such designation:
Eliminates or significantly reduces a measurement or recognition inconsistency.
Applies to a group of financial assets, financial liabilities or both, that Triodos Bank manages and evaluates on a fair value basis.
Relates to a financial liability that contains an embedded derivative which is not evidently closely related to the host contract.
Financial assets that are designated on initial recognition as being at FVTPL are recognised at fair value, with transaction costs being recognised in profit or loss, and are subsequently measured at fair value. Gains and losses are recognised in profit or loss as they arise. Financial instruments at FVTPL are not subject to an impairment assessment.
Upon initial recognition, Triodos Bank occasionally elects to classify irrevocably some of its equity investments as equity instruments at fair value through other comprehensive income (FVOCI) when they meet the definition of equity and are not held for trading. This classification is determined on an instrument-by-instrument basis. Gains and losses on these equity instruments are never recycled to profit. Dividends are recognised in profit or loss as investment income when the right of the payment has been established. Equity instruments at FVOCI are not subject to an impairment assessment.
A financial instrument may be designated as at fair value through profit or loss (FVTPL) only if such designation:
Eliminates or significantly reduces a measurement or recognition inconsistency.
Applies to a group of financial assets, financial liabilities or both, that Triodos Bank manages and evaluates on a fair value basis.
Relates to a financial liability that contains an embedded derivative which is not evidently closely related to the host contract.
Financial assets that are designated on initial recognition as being at FVTPL are recognised at fair value, with transaction costs being recognised in profit or loss, and are subsequently measured at fair value. Gains and losses are recognised in profit or loss as they arise. Financial instruments at FVTPL are not subject to an impairment assessment.
Upon initial recognition, Triodos Bank occasionally elects to classify irrevocably some of its equity investments as equity instruments at fair value through other comprehensive income (FVOCI) when they meet the definition of equity and are not held for trading. This classification is determined on an instrument-by-instrument basis. Gains and losses on these equity instruments are never recycled to profit. Dividends are recognised in profit or loss as investment income when the right of the payment has been established. Equity instruments at FVOCI are not subject to an impairment assessment.
A financial liability is measured at fair value if it arises from a:
Financial guarantee contract.
Commitment to lend at below market rates.
Obligation arising from the failed sale of an asset.
Contingent consideration for a business acquisition.
Triodos Bank measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurements.
Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
Level 2: Inputs other than quoted prices included within level 1 that are observable either directly (as prices) or indirectly (derived from prices). This category includes instruments valued using quoted market prices in active markets for similar instruments, quoted prices for identical or similar instruments in markets that are considered less than active, or other valuation techniques in which all significant inputs are, directly or indirectly, observable from market data.
Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs that are not observable, and where the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.
Triodos Bank determines the fair value of its financial instruments using the following bases. The fair value of listed debt securities at amortised cost is the market value. The fair value of unlisted debt securities at amortised cost is public quoted information if available or nominal value. The fair value of loans and advances to banks, lease liabilities, deposits from banks, deposits from customers and debt issued and other borrowed funds is determined by calculating the net present value of expected interest and redemption cash flows, based on market interest rates at the end of the year. The fair value of loans and advances to customers (including mortgages) is determined by calculating the net present value of the interest and redemption cash flows, taking into account expected prepayment behaviour. The net present value is calculated using market data, i.e. zero coupon rates, as at the end of the year, which are adjusted with a Triodos Bank-specific spread. The spread is based on the expected margin that the business units expect to make over the market base rates in the coming years on their production of business loans and mortgages. Part of the corporate loans and mortgages includes caps and/or floors on interest rates. The fair value of other assets and liabilities is assumed to be equal to the balance sheet value.
Investment securities comprise participating interests and debt where no significant influence can be exercised and are carried at fair value through either comprehensive income or profit or loss. In the case of an investment security that is listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. In the case of an investment security not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined to the best of Triodos Bank's ability using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Derivatives held for risk management are carried at fair value through profit or loss. These instruments are split between interest rate swaps and foreign exchange rate forward contracts. The interest rate swaps are valued using the appropriate discount curve to calculate the net present value of expected cash flows under the contracts. This curve is openly observable from market data. The foreign exchange rate forward contracts are valued using the forward exchange rate for the corresponding currency, as observable from market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17265": { "value": "A financial liability is measured at fair value if it arises from a:
Financial guarantee contract.
Commitment to lend at below market rates.
Obligation arising from the failed sale of an asset.
Contingent consideration for a business acquisition.
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Net result from other financial instruments at FVTPL includes the fair value movements of derivatives not yet designated in a hedge relationship, ineffectiveness related to hedge accounting, transaction results on foreign exchange forwards and net result on investments in debt instruments designated at fair value through profit or loss, including the related interest income.
A financial liability is measured at fair value if it arises from a:
Financial guarantee contract.
Commitment to lend at below market rates.
Obligation arising from the failed sale of an asset.
Contingent consideration for a business acquisition.
All financial liabilities that are not measured at FVTPL are measured at amortised cost. Interest expense is recognised using the effective interest rate method.
Deposits from banks are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
To determine the accounting treatment of a repurchase agreement, the economic substance of the transaction must be determined. If substantially all risks and rewards of the sold assets remain with Triodos Bank, the assets will not be derecognised and a deposit from banks is recognised, measured at amortised cost. If substantially all risks and rewards do not remain with Triodos Bank, the sold assets are derecognised upon sale.
Deposits from customers are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
Debt securities issued are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
On initial recognition, other liabilities are recognised at fair value. After initial recognition, other liabilities are recognised at the amortised cost, being the amount received, taking into account premiums or discounts, less transaction costs. This is usually the nominal value.
Subordinated liabilities are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17343": { "value": "Allowances for expected credit losses (ECL) are calculated for all financial assets at amortised cost or FVOCI, regardless of whether they are in default.
Triodos Bank calculates ECL based on three probability-weighted scenarios to measure the expected cash shortfalls, discounted at an approximation of the effective interest rate (EIR). A cash shortfall is the difference between the cash flows that are due to the entity in accordance with the contract and the cash flows that the entity expects to receive. The mechanics of the ECL calculations are outlined below and the key elements are as follows:
PD: The probability of default is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the assessed period, if the financial asset has not been previously derecognised and is still in the portfolio.
EAD: The exposure at default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date.
LGD: The loss given default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from the realisation of any collateral or credit enhancements that are integral to the loan and not required to be recognised separately. It is usually expressed as a percentage of the EAD.
The allowance for expected credit losses is the outcome of the formula: PD x LGD x EAD.
Assets are classified into the following categories in line with IFRS 9:
Stage 1: Assets that have not had a significant increase in credit risk since initial recognition. For these assets, 12-month expected credit loss (ECL) is recognised, and interest income is calculated on the gross carrying amount of the asset. 12-month ECLs are the expected credit losses that result from default events that are expected within 12 months after the reporting date.
Stage 2: For assets that have experienced a significant increase in credit risk since initial recognition but that do not have objective evidence of impairment, lifetime ECLs are recognised, and interest income is still calculated on the gross carrying amount of the asset. Lifetime ECLs are the expected credit losses that result from all possible default events over the expected life of the financial instrument.
Stage 3: For assets that have objective evidence of impairment at the reporting date, lifetime ECLs are recognised, and interest income is calculated on the net carrying amount.
Purchased or originated credit impaired (POCI). For assets that have objective evidence of impairment at purchase or origination, lifetime ECLs are recognised, and interest income is calculated using the credit adjusted effective interest rate on the net carrying amount.
Expected credit losses are a probability weighted estimate of credit losses, considering various scenarios. For doubtful debtors, scenarios are specific to the circumstances of the debtor, whereas for all other debtors the scenarios are based on macroeconomic conditions.
To determine the stage 1 and 2 ECL, Triodos Bank uses a model. Stage 3 provisions for defaults in business lending are determined on an individual basis. Stage 3 provisions for mortgage loans are determined with the use of a model where the main input is the collateral value. Refer to the sections Critical judgements and estimates and Credit Risk (page ##) for further information.
When a financial instrument has a significant increase in credit risk since initial recognition, Triodos Bank transfers the instrument from stage 1 to stage 2. After a financial asset has been transferred to stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to stage 1. In determining whether the risk of default on a financial instrument has increased significantly since initial recognition, Triodos Bank considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on Triodos Bank\u2019s historical experience, expert credit assessment and forward-looking information, resulting in a credit risk grade, with an internal rating for larger corporate clients.
Triodos Bank allocates each exposure a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applies the judgement of experienced credit risk professionals. Credit risk grades are defined using qualitative and quantitative factors that are indicative of risk of default. These factors vary depending on the nature of the exposure and the type of borrower. Making use of general moratoria without conditions is in itself not a trigger for significant increase in credit risk, but it could indicate a significant increase of credit risk.
Credit risk grades are defined and calibrated such that the risk of default occurring increases exponentially as the credit risk deteriorates. For example, the difference in risk of default between credit risk grades 1 and 2 is smaller than the difference between credit risk grades 2 and 3.
Each exposure is allocated a credit risk grade on initial recognition based on available information about the borrower. Exposures are subject to ongoing monitoring, which may result in an exposure being moved to a different credit risk grade. The monitoring typically involves use of the following data.
Corporate exposures | Retail exposures | All exposures |
|---|---|---|
Information obtained during periodic review of customer files e.g. audited financial statements, management accounts, budgets and projections. Examples of areas of particular focus are gross profit margins, financial leverage ratios, debt service coverage, compliance with covenants, quality of management and senior management changes. | Internally collected data on customer behaviour e.g. utilisation of overdraft facilities. | Payment record. This includes overdue status as well as a range of variables about payment ratios. Overdue payments can increase credit risk grade, with days past due over 90 days resulting in default status. |
Data from credit reference agencies, press articles and changes in external credit ratings. | Affordability metrics. | Utilisation of the granted limit. |
Quoted bond and credit default swap (CDS) prices for the borrower where available. | External data from credit reference agencies, including industry-standard credit scores. | Requests for and granting of forbearance. |
Actual and expected significant changes in the political, regulatory and technological environment of the borrower or in its business activities. | \u00a0 | Existing and forecast changes in business, financial and economic conditions. |
The internal credit rating system comprises 14 ratings as explained in the Impairment of Financial Assets Accounting policy:
Loans with initial ratings 1-3 are considered to exhibit a significant increase in credit risk if they are downgraded by four grades.
Loans with initial ratings 4-7 are considered to exhibit a significant increase in credit risk if they are downgraded by three grades.
Loans with initial ratings 8-9 are considered to exhibit a significant increase in credit risk if they are downgraded by two grades.
Loans with initial ratings 10-12 are considered to exhibit a significant increase in credit risk if they are downgraded by one grade.
Loans with ratings of 14 are considered to be in default. Therefore, a downgrade of a loan with rating 13 would put it in default.
Within the Credit Risk policy, clients with total business loans above EUR 250 thousand are rated on an individual basis at least annually. Customers with retail mortgage loans and or total business loans below EUR 250 thousand have no rating appointed. Note that for the unrated business and unrated retail portfolios not all triggers are applicable, as not all information is available. However, as additional staging rule, if the loan has been 30 days or more past due in the last 12 months, it will be transferred to stage 2. The frequency depends on the debtor\u2019s creditworthiness, the degree of market exposure and the market in which the debtor operates. The Credit Committee discusses and, if necessary, takes action with respect to overdue payments from debtors. If there is any doubt regarding the continuity of the debtor\u2019s core operations and/or a debtor fails to settle agreed interest and repayment instalments for a prolonged period, this debtor falls under the category of defaulted and will be managed intensively.
The objective of the assessment is to identify whether a significant increase in credit risk has occurred for an exposure by comparing:
The remaining lifetime probability of default (PD) as at the reporting date.
The remaining lifetime PD for this point in time that was estimated at the time of initial recognition of the exposure (adjusted where relevant for changes in prepayment expectations).
Triodos Bank uses four objective criteria for determining whether there has been a significant increase in credit risk:
Quantitative test based on movement in PD.
Qualitative indicators, for example placement of a loan on a watchlist.
A backstop of 30 days past due.
If an exposure is intensively managed.
Additionally, if based on management judgement it is deemed that these criteria do not cover all increases in credit risk, a management overlay may be applied. For further details, refer to the Critical judgement and estimate section related to ECL below.
Triodos Bank determines probability of default based on its internal credit rating system for its larger corporate client, which comprises 14 grades. The table below includes the weighted average PD used in the ECL calculation per internal credit rating as determined at the end of current year.
Credit rating | 12-month weighted-average PD |
|---|---|
Rating 1 | 0.04% |
Rating 2 | 0.09% |
Rating 3 | 0.17% |
Rating 4 | 0.45% |
Rating 5 | 0.91% |
Rating 6 | 1.72% |
Rating 7 | 3.28% |
Rating 8 | 5.36% |
Rating 9 | 8.51% |
Rating 10 | 12.25% |
Rating 11 | 20.32% |
Rating 12 | 32.39% |
Rating 13 | 37.75% |
Rating 14 | In default |
Loans are assessed at inception and subsequently periodically reassessed. Movements in the internal credit rating provide the basis to determine whether a significant increase in credit risk has occurred. The credit quality of all counterparties is reviewed and rated at least annually. In addition, Triodos Bank's focus on relationship management supports early identification of risk factors.
Mortgages do not have individual ratings. Individual mortgages have a significant increase in credit risk if they have payments of more than 30 days past due. The significant increase of credit risk of the remaining mortgages is assessed using a collective approach.
Triodos Bank considers a financial asset to be in default when:
The borrower is unlikely to pay its credit obligations to Triodos Bank in full, without recourse by Triodos Bank to actions such as realising security (if any is held).
The borrower is more than 90 days past due on any material credit obligation to Triodos Bank.
Overdrafts are considered as being past due when:
The customer has breached an advised limit or been advised of a limit smaller than the current amount outstanding.
It is becoming probable that the borrower will restructure the asset as a result of bankruptcy due to the borrower\u2019s inability to pay its credit obligations.
In assessing whether a borrower is in default, Triodos Bank considers indicators that are:
Qualitative: e.g. breaches of covenant.
Quantitative: e.g. overdue status and non-payment on another obligation of the same issuer to Triodos Bank.
Based on data developed internally and obtained from external sources.
Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances.
Credit risk grades are a primary input into the determination of the term structure of PD for exposures. Triodos Bank collects performance and default information about its credit risk exposures analysed by jurisdiction or region and by type of product and borrower as well as by credit risk grading. For some portfolios, information purchased from external credit reference agencies is also used.
Triodos Bank employs statistical models to analyse the data collected and generate estimates of the remaining lifetime PD of exposures and how these are expected to change as a result of the passage of time.
Impaired loans are written off when Triodos Bank concludes that there is no longer any realistic prospect of recovery of part or all of the loan. For loans that are individually assessed for impairment, the timing of write-off is determined on a case-by-case basis. Such loans are reviewed regularly, and write-off will be prompted by bankruptcy, insolvency, renegotiation and similar events. All other financial instruments write-offs, if any, are also determined on a case-by-case basis.
The estimation of the ECL is a critical estimate and includes several critical judgements as set out below.
Triodos Bank records an allowance for expected credit loss for all loans and other financial assets not held at fair value through profit or loss, together with loan commitments and financial guarantee contracts.
The measurement of credit impairment under the expected credit loss model depends on management\u2019s assessment of whether a significant increase in credit risk has occurred for each financial asset, its economic forecasts including the probability of each of these, and its modelling of expected performance of each financial asset and associated collateral in each economic scenario. Significant increase in credit risk requires critical judgement, whereas the economic forecasts and the expected performance are significant estimates that are reflected in the probability of default and the loss given default.
Triodos Bank's approach to determining whether a significant increase in credit risk has occurred is, in large part, based on its internal credit rating system. This determination of what downgrade in internal credit rating constitutes a significant increase in credit risk is a significant judgement.
Any impact of future outlook is calculated using macroeconomic scenarios. Triodos Bank formulates three economic scenarios: a base case scenario and two less likely scenarios (up scenario and down scenario). The base case is aligned with information used by Triodos Bank for other purposes such as strategic planning and budgeting. The macroeconomic scenarios impact the probability of default and the collateral value. The collateral value is used to determine the loss given default.
In developing these macroeconomic scenarios, Triodos Bank uses significant judgement. Triodos Bank has incorporated the current economic environment, including its expected future outlook and geopolitical risks, into the macroeconomic scenarios. Triodos Bank uses an independent forecaster to create its macroeconomic scenarios, which includes economic data and forecasts published by governmental bodies, monetary authorities and supranational organisations such as the OECD and the International Monetary Fund.
The economic scenarios used as at 31 December 2025 included the following real GDP growth for the years ending 31 December 2026 to 2027 and the long-term growth for the years after 2027. The real GDP growth is the forecasted GDP growth, corrected for the forecasted inflation. This is a critical estimate.
| \u00a0 | Weight | 2026 | 2027 | 2028 | Long-term |
|---|---|---|---|---|---|
Base scenario | 40% | 1.6% | 1.9% | 1.8% | 1.0% |
Up scenario | 30% | 3.9% | 1.7% | 1.7% | 1.0% |
Down scenario | 30% | -3.8% | 2.4% | 3.0% | 1.0% |
The weighting per scenario reflects the belief of market participants of the likelihood of the occurrence of the scenarios. The weighting is reassessed on a quarterly basis. The 2024 weightings were base scenario (40%), up scenario (30%) and down scenario (30%).
Triodos Bank performed a sensitivity analysis related to the macroeconomic forecasts, focusing on the key driver, real GDP growth. The sensitivity analysis had the following outcome:
Amounts in thousands of EUR | Impact on ECL |
|---|---|
GDP growth +2% | -1,673 |
GDP growth +1% | -1,295 |
GDP growth +0.5% | -748 |
GDP growth -0.5% | 948 |
GDP growth -1% | 2,201 |
GDP growth -2% | 6,623 |
The performance of each loan in stages 1 and 2 in the different macroeconomic scenarios is determined by its sector and its geographic location. The geography determines the relevant macroeconomic forecast and the sensitivity to the economy is determined by the client's sector. The sector sensitivities are set at either none, low, medium or high. Based on these parameters, the PD and LGD of the clients are adjusted up or downwards, depending on the economic forecast, e.g. in case the forecast is a deteriorating economic situation, the PD and LGD are scaled up to reflect this.
The economic forecast consists of various macroeconomic indicators, most importantly GDP growth and market rate change (for business portfolios) and unemployment and house price index (for mortgage portfolios). The maximum PD impact depends on the sensitivity and is shown in the table below in number of notches downgrade equivalents. For example, if GDP correlation of an exposure is low and the GDP declines by -1%, the PD of that exposure is the PD of the rating of the exposure increased by 1 notch. The impact of notches can be seen in the table where PD percentages are shown.
Measurement unit of impact | Number of notches |
|---|---|
Low | +1 notch |
Medium | +2 notch |
High | +3 notch |
Predicted relationships between macroeconomic scenarios and default and loss given default rates on the ECL are critical estimates that have been developed based on management judgement and analysis of historical data.
In periods of heightened volatility or rapid changes in portfolio quality and the economic environment, Triodos Bank's ECL model under IFRS 9 may not fully capture emerging risks or accurately estimate expected losses. Where modelled outcomes do not adequately reflect credit risk dynamics, management judgement may be applied through management overlays.
Management overlays represent a best estimate of the risks involved and may address additional exposures identified in vulnerable portfolios, sectors or clients, or adjustments to reflect the impact of updated macroeconomic scenarios. It may also be applied temporarily until the model are updated, recalibrated or otherwise improved.
All management overlays are subject to formal governance, approval and periodic review. Their appropriateness, sufficiency and completeness are assessed regularly.
In 2025, analyses show that the ESG impact of physical risks due to climate change is limited because sustainable and values-based missions form the basis of Triodos Bank\u2019s lending activities. ESG risk assessment forms part of the credit approval and monitoring processes, including quarterly Group risk reporting. ESG risks are not integrated into the bank's credit models at this moment, but Triodos Bank is monitoring market developments and portfolio developments closely on this subject.
Triodos Bank can make concessions or modifications to original terms of loans either due to commercial renegotiations or due to distressed restructurings with a view to maximise recovery.
If the modification does not result in cash flows that are substantially different, as set out below, the modification does not result in derecognition. Based on the change in cash flows discounted at the original EIR, Triodos Bank records a modification gain or loss. A modification is considered to be substantial based on qualitative factors and if it results in a difference between the adjusted discounted present value and the original carrying amount of the financial asset of, or greater than, 10%.
Triodos Bank derecognises a financial asset, such as a loan to a customer, when the terms and conditions have been renegotiated to the extent that, substantially, it becomes a new loan, with the difference recognised as a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The newly recognised loans are classified as stage 1 for ECL measurement purposes, unless the new loan is deemed to be credit impaired at recognition date triggering POCI classification.
When assessing whether or not to derecognise a loan to a customer, Triodos Bank considers a range of qualitative factors including:
Change in currency of the loan.
Change in counterparty.
If the modification is such that the instrument would no longer meet the SPPI criterion.
Restructuring.
When the borrower is in financial difficulty, rather than taking possession or otherwise enforcing collection of collateral, the terms of the loan(s) can be modified. Triodos Bank considers a loan forborne when such concessions or modifications are provided as a result of the borrower\u2019s present or expected financial difficulties and Triodos Bank would not have agreed to them if the borrower had been financially healthy. Indicators of financial difficulties include defaults on covenants or significant concerns raised by the Credit Risk department. Forbearance may involve extending the payment arrangements and agreeing new loan conditions. Once the terms have been renegotiated, any impairment is measured using the original EIR as calculated before the modification of terms. It is policy to monitor forborne loans to help ensure that future payments continue to be likely to occur. Derecognition decisions and classification between stage 2 and stage 3 are determined on a case-by-case basis. If a loss in relation to a loan is identified, it is disclosed and managed as an impaired stage 3 forborne asset until it is collected or written off.
Once an asset has been classified as forborne, it will remain forborne for a minimum 24-month probation period. In order for the loan to be reclassified out of the forborne category, the customer has to meet all of the following criteria:
All of its facilities have to be considered performing.
The probation period of two years has passed from the date the forborne contract was considered performing.
Regular payments of more than an insignificant amount of principal or interest have been made during at least half of the probation period.
The customer does not have any contracts that are more than 30 days past due.
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when the rights to receive cash flows from the financial asset have expired. Triodos Bank also derecognises the financial asset if it has both transferred the financial asset and the transfer qualifies for derecognition.
When the bank has neither transferred nor retained substantially all the risks and rewards and has retained control of the asset, the asset continues to be recognised only to the extent of continuing involvement, in which case, the associated liability is also recognised. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that have been retained.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid is recognised in profit or loss.
At each balance sheet date, Triodos Bank assesses whether there is any indication that its assets, other than financial instruments, are impaired. If any such indication exists, it estimates the recoverable amount of the asset and the impairment loss, if any. If an asset does not generate cash flows that are independent from those of other assets or groups of assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
The recoverable amount of an asset or cash-generating unit is the higher of its fair value less cost to sell and its value in use. Value in use is the present value of future cash flows from the asset or cash-generating unit discounted at a rate that reflects market interest rates adjusted for risks specific to the asset or cash-generating unit that have not been taken into account in estimating future cash flows. If the recoverable amount of an intangible or tangible asset is less than its carrying value, an impairment loss is recognised immediately in profit or loss and the carrying value of the asset is reduced by the amount of the loss.
If it\u00a0is\u00a0established that\u00a0an\u00a0impairment that was recognised in the past no longer\u00a0exists or has reduced, the increased\u00a0carrying amount of the asset concerned is set no higher than the carrying amount that would have been determined if no impairment value adjustment for the asset concerned had been reported. An impairment of goodwill cannot be reversed.
The cash flow statement sets out the movement in Triodos Bank's funds, broken down into operating activities, investment activities and financing activities. The funds consist of cash and the on demand deposits with banks. The cash flow statement is produced using the indirect method and gives details of the source of cash and cash equivalents over the course of the year. The cash flows are analysed into cash flows from operations, including banking activities, investment activities and financing activities.
Movements in loans and receivables and interbank deposits are included in the cash flow from operating activities. Investment activities are composed of acquisitions, sales and redemptions in respect of financial investments, as well as property and equipment. The issuing of shares and the borrowing and repayment of long-term funds are treated as financing activities. Cash flows arising from foreign currency transactions are translated into euros using the exchange rates at the date of the cash flows.
To enhance the clarity of cash flow reporting, management has changed the presentation of the movements in debt securities measured at amortised cost from operating activities to investing activities. Prior period numbers have also been updated to reflect this change in presentation.
The balance sheet value of the cash and cash equivalents as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
On demand deposit Dutch central bank | 566,464 | 647,188 |
On demand deposit Belgian central bank | 256,577 | 401,517 |
On demand deposit German central bank | 206,902 | 162,821 |
On demand deposit Spanish central bank | 274,218 | 282,968 |
On demand deposit United Kingdom central bank | 308,258 | 360,273 |
Interest receivable | 654 | 856 |
Balance sheet value as at 31 December | 1,613,073 | 1,855,623 |
More detailed information regarding cash and cash equivalents can be found in Liquidity risk quantitative disclosures in the Risk management chapter.
Cash and cash equivalents comprises cash with central banks. Cash and cash equivalents are carried at amortised cost on the balance sheet.
The balance sheet value of the cash and cash equivalents as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
On demand deposit Dutch central bank | 566,464 | 647,188 |
On demand deposit Belgian central bank | 256,577 | 401,517 |
On demand deposit German central bank | 206,902 | 162,821 |
On demand deposit Spanish central bank | 274,218 | 282,968 |
On demand deposit United Kingdom central bank | 308,258 | 360,273 |
Interest receivable | 654 | 856 |
Balance sheet value as at 31 December | 1,613,073 | 1,855,623 |
More detailed information regarding cash and cash equivalents can be found in Liquidity risk quantitative disclosures in the Risk management chapter.
Cash and cash equivalents comprises cash with central banks. Cash and cash equivalents are carried at amortised cost on the balance sheet.
The balance sheet value of the cash and cash equivalents as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
On demand deposit Dutch central bank | 566,464 | 647,188 |
On demand deposit Belgian central bank | 256,577 | 401,517 |
On demand deposit German central bank | 206,902 | 162,821 |
On demand deposit Spanish central bank | 274,218 | 282,968 |
On demand deposit United Kingdom central bank | 308,258 | 360,273 |
Interest receivable | 654 | 856 |
Balance sheet value as at 31 December | 1,613,073 | 1,855,623 |
More detailed information regarding cash and cash equivalents can be found in Liquidity risk quantitative disclosures in the Risk management chapter.
Cash and cash equivalents comprises cash with central banks. Cash and cash equivalents are carried at amortised cost on the balance sheet.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
On demand deposits with banks | 158,971 | 281,970 |
Deposits with banks | 118,504 | 132,401 |
Interest receivable | 116 | 421 |
Allowance for ECL | -20 | -29 |
Balance sheet value as at 31 December | 277,571 | 414,763 |
An amount of EUR 118.5 million of the deposits is encumbered (2024: EUR 132.4 million) mainly under derivatives transactions. There were no subordinated deposits (2024: nil). All other deposits can be freely disposed of. The balance sheet value of the loans and advances to banks as at 31 December can be broken down as follows by residual maturity:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
On demand | 159,073 | 282,334 |
1 to 3 months | - | - |
Encumbered assets without a maturity | 118,498 | 132,429 |
Balance sheet value as at 31 December | 277,571 | 414,763 |
Loans and advances to banks are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to banks are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Loans and advances to customers at amortised cost:
| \u00a0 | 2025 | ||||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross carrying amount | Allowance for ECL | Carrying amount | Net interest1 | Effective interest rate |
Business loans | 6,117,483 | -113,805 | 6,003,678 | 256,838 | 4.24% |
Mortgage lending2 | 5,609,055 | -3,262 | 5,605,793 | 138,978 | 2.55% |
Current accounts and credit cards | 96,254 | -1,367 | 94,887 | 5,451 | 5.33% |
Fair value hedge accounting | -232,526 | - | -232,526 | - | - |
Interest receivables | 19,701 | - | 19,701 | - | - |
Balance sheet value as at 31 December | 11,609,967 | -118,434 | 11,491,533 | 401,267 | 3.51% |
| \u00a0 | 2024 | ||||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross carrying amount | Allowance for ECL | Carrying amount | Net interest1 | Effective interest rate |
Business loans | 6,153,488 | -50,713 | 6,102,775 | 276,766 | 4.51% |
Mortgage lending2 | 5,297,772 | -2,482 | 5,295,290 | 149,916 | 2.94% |
Current accounts and credit cards | 110,654 | -1,096 | 109,558 | 7,634 | 6.05% |
Fair value hedge accounting | -134,380 | - | -134,380 | - | - |
Interest receivables | 28,893 | - | 28,893 | - | - |
Balance sheet value as at 31 December | 11,456,427 | -54,291 | 11,402,136 | 434,316 | 3.86% |
The expected credit loss allowance (ECL) is 1.02% of the total loan portfolio gross carrying amount as at 31 December 2025 (31 December 2024: 0.47%).
The annual incurred loss rate, which is the stage 3 impairment expense over the average loan book as at 31 December 2025, is 34 bps (2024: 11 bps).
When the drivers of the PD and LGD are changed, the ECL amount for each loan or advance to a customer are recalculated. This is captured in the net remeasurement of allowance for expected credit losses. The net remeasurement can be broken down into multiple parameters that influence the PD and LGD:
Remeasurement in calculated ECL of individual loans which have transferred between stage 1 and stage 2.
Changes in forward-looking macroeconomic scenarios.
Changes in individual loan or advance behaviour such as changes in rating not triggering stage transfer or loan amount due to repayment.
The movements of the ECL provision of loans and advances to customers for 2025 is presented below.
ECL provision of loans and advances to customers | 2025 | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance sheet value at 1 January | 5,488 | 3,720 | 45,083 | 54,291 |
Net remeasurement of allowance for expected credit losses | -993 | 33,286 | 39,203 | 71,496 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -713 | 6,428 | 753 | 6,468 |
- Macroeconomic forward-looking impact | -16 | -32 | - | -48 |
- Individual loan or advance behaviour | -261 | 26,894 | 38,450 | 65,083 |
- Update ECL model | -3 | -4 | - | -7 |
Net portfolio growth | 545 | -585 | - | -40 |
Write-offs | - | - | -6,968 | -6,968 |
Exchange rate differences | -44 | -22 | -279 | -345 |
Balance sheet value as at 31 December | 4,996 | 36,399 | 77,039 | 118,434 |
ECL provision of loans and advances to customers | 2024 | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance sheet value at 1 January | 6,922 | 2,927 | 42,889 | 52,738 |
Net remeasurement of allowance for expected credit losses | -2,221 | 435 | 12,089 | 10,303 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -428 | 997 | 541 | 1,110 |
- Macroeconomic forward-looking impact | -244 | -61 | - | -305 |
- Individual loan or advance behaviour | -1,863 | -698 | 11,548 | 8,987 |
- Update ECL model | 314 | 197 | - | 511 |
Net portfolio growth | 743 | 333 | - | 1,076 |
Write-offs | - | - | -10,401 | -10,401 |
Exchange rate differences | 44 | 25 | 506 | 575 |
Balance sheet value as at 31 December | 5,488 | 3,720 | 45,083 | 54,291 |
The total ECL provision of EUR 54.3 million as at 31 December 2024 increased by EUR 64.1 million to EUR 118.4 million as at 31 December 2025. The increase was driven by higher provisions in the stages 2 and 3 of EUR 32.7 million and EUR 31.9 million, respectively. The rise in stages 2 and 3 mainly is mainly due to changes in individual loan behaviour, reflecting anticipated credit losses within the German fibre optic loan portfolio.
As at 31 December 2025, an ECL provision of EUR 61.0 million was recognised in stage 2 (EUR 33.7 million) and stage 3 (EUR 27.3 million), related to the German fibre optic loan portfolio, following a sector-wide deterioration in market conditions. This includes a management overlay of EUR 27.0 million in stage 2 to capture emerging risks that were not reflected yet within the ECL model.
The total impairment in ECL is a net loss of EUR 71.5 million (2024: a net loss of EUR 11.4 million).
The table above includes the ECL provision on business loans, mortgage loans and off-balance sheet loan commitments for certain retail products, such as credit cards and overdrafts, because Triodos Bank determines the ECL provision per exposure, including any loan commitment component.
More detailed information regarding the allowance for ECL and the impairment gain/loss recognised in the profit or loss accounts can be found in the Risk management chapter, section Allowance for expected credit losses reconciliation to statement of profit or loss, with quantitative information starting on page .
Loans and advances to customers classified by residual maturity is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Payable on demand | 100,919 | 115,675 |
1 to 3 months | 328,366 | 342,051 |
3 months to 1 year | 1,075,875 | 976,546 |
1 to 5 years | 4,099,600 | 4,143,907 |
Longer than 5 years | 5,886,773 | 5,823,957 |
Balance sheet value as at 31 December | 11,491,533 | 11,402,136 |
A total amount of EUR 2.3 million (2024: EUR 2.9 million) of the loans and advances to customers is subordinated.
As part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate loans. Please see 10 Non-trading derivatives for additional information.
A breakdown related to received collateral, relevant industries, sectors and per geographic region can be found in the Pillar 3 report 2025 which can be found on the Triodos Bank website.
Loans and advances to customers are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to customers are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
The debt securities at amortised cost can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Dutch government bonds | 62,987 | 92,914 |
Belgian government bonds | 79,979 | 80,841 |
Spanish government bonds | 164,434 | 75,558 |
United Kingdom government bonds | 231,554 | 130,953 |
European Union | 388,685 | 286,447 |
Agency bonds | 887,817 | 534,175 |
Corporate bonds | 91,369 | 88,612 |
Financial corporates bonds | 368,781 | 385,645 |
Local government / Municipal bonds | 1,372,921 | 1,145,262 |
Interest receivable | 30,717 | 17,164 |
Fair value hedge accounting | -43 | 88 |
Allowance for ECL | -19 | -24 |
Balance sheet value as at 31 December | 3,679,182 | 2,837,635 |
The bond portfolio mainly comprises government bonds, supplemented by supranational, agency, corporate, financial institution and municipal bonds. Debt securities with a nominal amount of EUR 134.3 million are placed at the Dutch central bank (2024 EUR 273.8 million) and can be used for a credit line.
Up to 2020, as part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate bonds. These hedge relationships were discontinued as Triodos Bank now applies macro fair value hedge accounting on its loans and advances to customers. The fair value hedge adjustment on debt securities will amortise over the remaining lifetime of the dedesignated hedge relationship.
The movement in debt securities at amortised cost is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 2,837,635 | 2,187,575 |
Acquisitions | 1,865,743 | 1,066,163 |
Repayments | -1,035,098 | -478,040 |
Amortisation difference between acquisition price and redemption value | 32,666 | 28,244 |
Exchange rate differences | -35,192 | 27,851 |
Interest receivable movement | 13,554 | 5,964 |
Fair value hedge accounting movement | -131 | -131 |
Net movement in allowance for ECL | 5 | 9 |
Balance sheet value as at 31 December | 3,679,182 | 2,837,635 |
All debt securities at amortised cost are held in the investment portfolio. These are financial instruments initially measured at fair value including any incremental direct transaction costs. The debt securities are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Triodos Bank uses the interest rate swaps and currency forwards to hedge the fair value risk and the currency risk respectively on its net investment in Triodos Bank UK. Triodos Bank does not enter into derivatives for trading purposes.
The forward currency contracts relate to GBP forward contracts with a total notional amount of EUR 57.5 million (2024: EUR 60.5 million) for hedging the currency risk of the UK subsidiary equity participation of Triodos Bank.
Payer interest rate swaps are contracts where Triodos Bank pays a fixed interest and receives a floating interest. Triodos Bank uses payer interest rate swaps to hedge the fair value risk of its loans and advances to customers. Receiver interest rate swaps are contracts where Triodos Bank pays a floating interest and receives a fixed interest. Triodos Bank uses receiver interest rate swaps to hedge the fair value risk of its preferred senior debt issued.
Derivatives with a positive fair value at the end of the year are represented as assets on the balance sheet and derivatives with a negative fair value as liabilities. A breakdown of derivatives by remaining term to maturity and fair value for both assets and liabilities is presented below.
2025 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | 57,474 | 57,474 | - | - | 355 |
Payer interest rate swaps | 2,026,700 | 44,300 | 223,400 | 1,759,000 | 239,368 |
Receiver interest rate swaps | 350,000 | - | 350,000 | - | 199 |
Total derivatives | 2,434,174 | 101,774 | 573,400 | 1,759,000 | 239,922 |
Average payer IRS rates | \u00a0 | 0.40% | -0.13% | 1.55% | \u00a0 |
Average receiver IRS rates | \u00a0 | \u00a0 | 1.71% | \u00a0 | \u00a0 |
2024 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | 28,882 | 28,882 | - | - | 117 |
Payer interest rate swaps | 1,245,500 | 800 | 144,700 | 1,100,000 | 178,076 |
Receiver interest rate swaps | 350,000 | - | 350,000 | - | 1,796 |
Total derivatives | 1,624,382 | 29,682 | 494,700 | 1,100,000 | 179,989 |
Average payer IRS rates | \u00a0 | 0.29% | 0.08% | 0.68% | \u00a0 |
2025 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | - | - | - | - | - |
Payer interest rate swaps | 608,000 | - | 38,000 | 570,000 | 9,049 |
Receiver interest rate swaps | 300,000 | - | 300,000 | - | 2,417 |
Total derivatives | 908,000 | - | 338,000 | 570,000 | 11,466 |
Average payer IRS rates | \u00a0 | \u00a0 | 2.89% | 3.08% | \u00a0 |
Average receiver IRS rates | \u00a0 | \u00a0 | 2.23% | \u00a0 | \u00a0 |
2024 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | 31,662 | 31,662 | - | - | 216 |
Payer interest rate swaps | 1,052,000 | - | 38,000 | 1,014,000 | 47,762 |
Receiver interest rate swaps | - | - | - | - | - |
Total derivatives | 1,083,662 | 31,662 | 38,000 | 1,014,000 | 47,978 |
Average payer IRS rates | \u00a0 | \u00a0 | 2.89% | 2.98% | \u00a0 |
The interest rate swaps are designated in hedge relationships to hedge Triodos Bank's changes in fair value due to changes in interest rates of its longer-term fixed rate financial assets and its debt securities. The following tables provide information on the designation, the hedged item and any ineffectiveness recorded in the profit or loss.
2025 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Notional amount | Assets | Liabilities | Change in fair value | Ineffective- |
Interest rate swaps \u2013 portfolio hedge accounting | 2,544,700 | 239,368 | 9,014 | 100,122 | 1,245 |
Interest rate swaps \u2013 micro hedge accounting | 650,000 | 200 | 2,417 | -4,013 | -1,117 |
2025 | \u00a0 | Fair value hedge adjustments | ||
|---|---|---|---|---|
Hedged item | Nominal amount | Debit adjustment | Credit adjustment | Change in fair value 2025 |
Loans and advances to customers | 2,544,700 | - | 232,526 | -98,877 |
Debt securities issued | 650,000 | - | 198 | 2,896 |
2024 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Notional amount | Assets | Liabilities | Change in fair value | Ineffective- |
Interest rate swaps \u2013 portfolio hedge accounting | 2,297,500 | 178,076 | 47,762 | -40,994 | 172 |
Interest rate swaps \u2013 micro hedge accounting | 350,000 | 1,796 | - | 1,796 | -1,298 |
2024 | \u00a0 | Fair value hedge adjustments | ||
|---|---|---|---|---|
Hedged item | Nominal amount | Debit adjustment | Credit adjustment | Change in fair value 2024 |
Loans and advances to customers | 2,297,500 | - | 134,380 | 41,166 |
Debt securities issued | 350,000 | - | 3,094 | -3,094 |
The increase of the long-term market interest rates in 2025 has resulted in an increase of the fair values of the interest rate swaps which offsets the decrease in fair value of the fixed-rate loans. In 2024, the decrease of the long-term market interest rates in 2025 has resulted in a decrease of the fair values of the interest rate swaps which offsets the increase in fair value of the fixed-rate loans. The ineffectiveness recorded in the profit or loss accounts of EUR 0.1 million (2024: EUR 1.1 million).
The currency forwards are designated in a net investment hedge, hedging the currency risk of Triodos Bank's investment in Triodos Bank UK Limited. The following tables provide information on the designation, the hedged item and any ineffectiveness recorded in the profit or loss.
2025 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value1 | Ineffective- |
Foreign currency forward contracts (EUR:GBP) | 50,100 | 355 | - | -3,684 | 9,270 |
2025 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedged item | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value | Foreign currency translation reserve1 |
GBP net investment in UK subsidiary | 208,617 | 239,326 | - | 12,341 | -8,325 |
2024 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value1 | Ineffective- |
Foreign currency forward contracts (EUR:GBP) | 50,100 | 117 | 216 | 5,511 | -5,586 |
2024 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedged item | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value | Foreign currency translation reserve1 |
GBP net investment in UK subsidiary | 200,194 | 241,926 | - | -10,871 | 945 |
Derivative financial instruments, consisting of foreign currency forward contracts and interest rate swaps, are initially recognised at fair value, with subsequent fair value movements recognised in profit or loss. Triodos Bank uses derivatives (principally interest rate swaps) for economic hedging purposes in the management of its asset and liability portfolios. The objective of economic hedging is to enter into derivative positions with an opposite risk profile to an identified risk exposure to reduce that risk exposure. In accounting for these derivatives, Triodos Bank applies hedge accounting.
Fair values of interest rate swaps are determined by discounted cash flows against prevailing market interest rates. Foreign exchange forwards fair values are determined by the movement of the foreign exchange rate. Changes in the fair value are included in the profit or loss account.
The effective portion of fair value movements of those derivatives in a cash flow or net investment hedge relationship are recognised in OCI and recycled to the profit or loss when the related result on the hedged item is recognised in profit or loss.
The fair value movements of those derivatives in a fair value hedge relationship are recognised directly in the profit or loss. In addition, a fair value hedge adjustment representing the hedged fair value movement of the hedged item is recognised directly into profit or loss.
Hedge accounting
Triodos Bank elected, as a policy choice permitted by IFRS 9, to continue to apply hedge accounting in accordance with IAS 39. Triodos Bank designates certain derivatives held for risk management as well as certain non-trading derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, Triodos Bank formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
Triodos Bank makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within the effective range. A hedge is regarded as highly effective if the changes in fair value or cash flows attributable to the hedged risk of the hedging instrument and the hedged item during the period for which the hedge is designated are expected to offset in a range of 80% to 125%. The applied hedge accounting types are discussed below.
Fair value hedges
Triodos Bank applies macro fair value hedge accounting for the derivatives that hedge the changes in fair value due to changes in interest rates of its portfolio of fixed rate financial assets. Under this hedging strategy, interest rates swaps are designated as hedging instruments, which are in an economic hedge relationship with a portfolio of loans and mortgages as hedged item to cover the fair value risk due to changes in interest rate.
Triodos Bank determines hedged items by identifying portfolios of homogeneous loans based on their contractual interest rates, maturity and other risk characteristics. Loans within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual, repricing dates. The hedging instruments (pay fix/receive floating rate interest rate swaps) are designated to those repricing time buckets.
Hedge relationships designated under this policy are expected to be highly effective. However, some degree of ineffectiveness is expected due to:
Discounting of assets with the curve of the payment frequency where the swaps are discounted using the OIS curve.
Fair value changes in the floating leg of the swaps.
In 2024, Triodos Bank entered into a fair value hedge relationship where it uses an interest rate swap (receive fixed/pay float) to hedge the changes in fair value of its senior preferred debt. The effective need of this hedge relationship is assessed in the similar way as the macro fair value hedge where the interest rate swap is the hedging instrument and the senior preferred debt is the hedged item.
Net investment hedge of a foreign operation
Triodos Bank hedges part of its net investment in Triodos Bank UK Limited, its subsidiary in the United Kingdom. The hedged risk is the foreign currency exposure arising from the net investment. Triodos Bank designates the hedged risk as the risk of the GBP spot changes against the EUR, in order to reduce fluctuations in the value of the net investment in its subsidiaries due to movements in the GBP exchange rate. Triodos Bank makes use of foreign exchange forward contracts to hedge this risk. The derivatives are recorded at fair value on the balance sheet.
The fair value movements of these contracts are determined by the changes in spot foreign exchange rate, and the basis spread. The basis spread is the difference between the spot and forward rate in the contract. Triodos Bank elects to use the cost of hedging method for changes in the basis spread and records these in a separate component within equity. The spot rate changes are, together with the changes in the hedge risk, recognised in the translation reserve through OCI. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation, respectively.
Critical judgement and estimates
Triodos Bank determines the fair values of derivatives periodically, which is a critical estimate. For more details on the measurement of fair values, refer to Fair value of financial instruments.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Deposits from banks | 35,165 | 238,720 |
Cash collateral received | 221,035 | 132,067 |
Interest payable | - | 2,341 |
Balance sheet value as at 31 December | 256,200 | 373,128 |
At year-end 2024, the deposits from banks included one repurchase agreement for EUR\u00a0200\u00a0million. This repurchase agreement was repaid in 2025.
The remaining deposits from banks relates to deposits received from German banks in connection with interest-subsidised loans in the renewable energy sector.
Deposits from banks classified by residual maturity can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Payable on demand | 221,035 | 132,067 |
1 to 3 months | - | 202,341 |
3 months to 1 year | 2,323 | 201 |
1 to 5 years | 15,486 | 17,828 |
Longer than 5 years | 17,356 | 20,691 |
Balance sheet value as at 31 December | 256,200 | 373,128 |
Deposits from banks are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
To determine the accounting treatment of a repurchase agreement, the economic substance of the transaction must be determined. If substantially all risks and rewards of the sold assets remain with Triodos Bank, the assets will not be derecognised and a deposit from banks is recognised, measured at amortised cost. If substantially all risks and rewards do not remain with Triodos Bank, the sold assets are derecognised upon sale.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Business customers: | \u00a0 | \u00a0 |
Saving accounts | 1,982,988 | 1,827,313 |
Fixed term deposits | 467,996 | 487,143 |
Current accounts | 2,330,167 | 2,313,451 |
Retail customers: | \u00a0 | \u00a0 |
Saving accounts | 7,318,248 | 6,783,489 |
Fixed term deposits | 1,334,754 | 1,352,543 |
Current accounts | 1,533,988 | 1,584,276 |
| \u00a0 | \u00a0 | \u00a0 |
Interest payable | 107,189 | 129,787 |
Balance sheet value as at 31 December | 15,075,330 | 14,478,002 |
Deposits from customers classified by residual maturity can be broken down as follows:
| \u00a0 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Business customers | Retail customers | Total | Business customers | Retail customers | Total |
Payable on demand | 4,326,364 | 9,041,663 | 13,368,027 | 4,168,057 | 8,568,003 | 12,736,060 |
1 to 3 months | 159,409 | 248,376 | 407,785 | 179,033 | 197,447 | 376,480 |
3 months to 1 year | 285,778 | 742,862 | 1,028,640 | 274,830 | 830,479 | 1,105,309 |
1 to 5 years | 38,552 | 201,304 | 239,856 | 44,048 | 186,469 | 230,517 |
Longer than 5 years | 5,286 | 25,736 | 31,022 | 3,802 | 25,834 | 29,636 |
Balance sheet value as at 31 December | 4,815,389 | 10,259,941 | 15,075,330 | 4,669,770 | 9,808,232 | 14,478,002 |
Deposits from customers are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
Debt securities issued can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Debt securities issued | 648,189 | 349,074 |
Fair value hedge accounting | 198 | 3,094 |
Interest payable | 8,648 | 6,203 |
Balance sheet value as at 31 December | 657,035 | 358,371 |
In 2024 and 2025, Triodos Bank issued MREL eligible Green Senior Preferred Notes under its green bond framework. The notes have a nominal value of respectively EUR 350 million and EUR 300 million, a tenor of five years and embedded issuer call option after four years, and a fixed coupon of respectively 4.875% and 3.875% from the issue date up to the optional redemption. When the notes are not redeemed after four years, the interest rate is reset at respectively three-month EURIBOR + 2.50% and three-month EURIBOR +1.70% from the optional redemption date up to the maturity date.
Settlement took place on respectively 12 September 2024 and 3 September 2025, and the notes are listed on Euronext Amsterdam. The preferred debt has been placed below nominal value at 99.940% in 2024 and 99.818% in 2025.
As part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on the fixed issued preferred debt. Please see 10 Non-trading derivatives for additional information.
Debt securities issued are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
This item relates to credit substitute guarantees and non-credit-substitute guarantees that are partly secured by blocked accounts for the same amount.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Credit substitute guarantees | 16,388 | 25,027 |
Non-credit substitute guarantees | 34,994 | 44,888 |
Total contingent liabilities | 51,382 | 69,915 |
Credit substitute guarantees are guarantees issued to customers for loans provided to these customers by other banks. Non-credit substitute guarantees are guarantees to customers for all other obligations of these customers to third parties. For example:
Obligations to purchase goods.
Obligations to decommission equipment or reinstate property (mostly related to project finance provided by Triodos Bank).
Triodos Bank is involved in a number of legal proceedings. Management assesses the outcome of litigation matters and takes provisions when expected losses with respect to such matters are more likely than not and the expected outflow of resources can be reliably estimated. If a provision cannot be recognised, and the outflow or economic benefits is not remote, a contingent liability is recognised. Therefore, as at end 2025, the legal proceedings in relation to Depository Receipts are regarded by Triodos Bank as contingent liabilities except for those that are provided for. For more information on legal proceedings pending, please refer to the Legal proceedings disclosure on page .
Financial guarantees are initially recognised in the financial statements (within provisions) at fair value, being the premium received. Subsequent to initial recognition, the liability under each guarantee is measured at the higher of the amount initially recognised less cumulative amortisation recognised in the profit or loss, and an ECL allowance. The premium received is recognised in the profit or loss in Net fee and commission income on a straight-line basis over the life of the guarantee. A contingent liability is a possible obligation that arises from past events. The outflow of economic benefits arising from this obligation is either not probable or cannot be measured reliably. Contingent liabilities are not recognised in the consolidated balance sheet but are rather disclosed in the notes.
These relate to the total liabilities in respect of irrevocable undertakings, which may lead to a further loan.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Undrawn debit limits on current accounts and credit cards | 253,821 | 269,460 |
Accepted loans not yet paid out | 1,204,087 | 1,284,256 |
Valid loan offers not yet accepted | 89,066 | 74,448 |
Other facilities | 1,578 | 1,578 |
Total irrevocable facilities | 1,548,552 | 1,629,742 |
Irrevocable facilities are undrawn debit limits on current accounts and credit cards, accepted loans not yet paid out, valid loan offers not yet accepted and other facilities. Accepted loans not yet paid out and valid loan offers not yet accepted are in the scope of the ECL requirements as these contain credit risk and are therefore part of the overall credit risk exposure. The nominal contractual value of financial guarantees and undrawn loan commitments, where the loan agreed to be provided is on market terms, are not recorded in the consolidated balance sheet. The ECL provision is recognised in note 17 Provisions on page .
Cash and cash equivalents comprises cash with central banks. Cash and cash equivalents are carried at amortised cost on the balance sheet.
Loans and advances to banks are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to banks are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Loans and advances to customers are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to customers are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
All debt securities at amortised cost are held in the investment portfolio. These are financial instruments initially measured at fair value including any incremental direct transaction costs. The debt securities are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Derivative financial instruments, consisting of foreign currency forward contracts and interest rate swaps, are initially recognised at fair value, with subsequent fair value movements recognised in profit or loss. Triodos Bank uses derivatives (principally interest rate swaps) for economic hedging purposes in the management of its asset and liability portfolios. The objective of economic hedging is to enter into derivative positions with an opposite risk profile to an identified risk exposure to reduce that risk exposure. In accounting for these derivatives, Triodos Bank applies hedge accounting.
Fair values of interest rate swaps are determined by discounted cash flows against prevailing market interest rates. Foreign exchange forwards fair values are determined by the movement of the foreign exchange rate. Changes in the fair value are included in the profit or loss account.
The effective portion of fair value movements of those derivatives in a cash flow or net investment hedge relationship are recognised in OCI and recycled to the profit or loss when the related result on the hedged item is recognised in profit or loss.
The fair value movements of those derivatives in a fair value hedge relationship are recognised directly in the profit or loss. In addition, a fair value hedge adjustment representing the hedged fair value movement of the hedged item is recognised directly into profit or loss.
Hedge accounting
Triodos Bank elected, as a policy choice permitted by IFRS 9, to continue to apply hedge accounting in accordance with IAS 39. Triodos Bank designates certain derivatives held for risk management as well as certain non-trading derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, Triodos Bank formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
Triodos Bank makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within the effective range. A hedge is regarded as highly effective if the changes in fair value or cash flows attributable to the hedged risk of the hedging instrument and the hedged item during the period for which the hedge is designated are expected to offset in a range of 80% to 125%. The applied hedge accounting types are discussed below.
Fair value hedges
Triodos Bank applies macro fair value hedge accounting for the derivatives that hedge the changes in fair value due to changes in interest rates of its portfolio of fixed rate financial assets. Under this hedging strategy, interest rates swaps are designated as hedging instruments, which are in an economic hedge relationship with a portfolio of loans and mortgages as hedged item to cover the fair value risk due to changes in interest rate.
Triodos Bank determines hedged items by identifying portfolios of homogeneous loans based on their contractual interest rates, maturity and other risk characteristics. Loans within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual, repricing dates. The hedging instruments (pay fix/receive floating rate interest rate swaps) are designated to those repricing time buckets.
Hedge relationships designated under this policy are expected to be highly effective. However, some degree of ineffectiveness is expected due to:
Discounting of assets with the curve of the payment frequency where the swaps are discounted using the OIS curve.
Fair value changes in the floating leg of the swaps.
In 2024, Triodos Bank entered into a fair value hedge relationship where it uses an interest rate swap (receive fixed/pay float) to hedge the changes in fair value of its senior preferred debt. The effective need of this hedge relationship is assessed in the similar way as the macro fair value hedge where the interest rate swap is the hedging instrument and the senior preferred debt is the hedged item.
Net investment hedge of a foreign operation
Triodos Bank hedges part of its net investment in Triodos Bank UK Limited, its subsidiary in the United Kingdom. The hedged risk is the foreign currency exposure arising from the net investment. Triodos Bank designates the hedged risk as the risk of the GBP spot changes against the EUR, in order to reduce fluctuations in the value of the net investment in its subsidiaries due to movements in the GBP exchange rate. Triodos Bank makes use of foreign exchange forward contracts to hedge this risk. The derivatives are recorded at fair value on the balance sheet.
The fair value movements of these contracts are determined by the changes in spot foreign exchange rate, and the basis spread. The basis spread is the difference between the spot and forward rate in the contract. Triodos Bank elects to use the cost of hedging method for changes in the basis spread and records these in a separate component within equity. The spot rate changes are, together with the changes in the hedge risk, recognised in the translation reserve through OCI. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation, respectively.
Other assets are recognised initially at fair value and subsequently measured at amortised cost.
Deposits from banks are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
To determine the accounting treatment of a repurchase agreement, the economic substance of the transaction must be determined. If substantially all risks and rewards of the sold assets remain with Triodos Bank, the assets will not be derecognised and a deposit from banks is recognised, measured at amortised cost. If substantially all risks and rewards do not remain with Triodos Bank, the sold assets are derecognised upon sale.
Deposits from customers are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
Debt securities issued are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
On initial recognition, other liabilities are recognised at fair value. After initial recognition, other liabilities are recognised at the amortised cost, being the amount received, taking into account premiums or discounts, less transaction costs. This is usually the nominal value.
Subordinated liabilities are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
Financial guarantees are initially recognised in the financial statements (within provisions) at fair value, being the premium received. Subsequent to initial recognition, the liability under each guarantee is measured at the higher of the amount initially recognised less cumulative amortisation recognised in the profit or loss, and an ECL allowance. The premium received is recognised in the profit or loss in Net fee and commission income on a straight-line basis over the life of the guarantee. A contingent liability is a possible obligation that arises from past events. The outflow of economic benefits arising from this obligation is either not probable or cannot be measured reliably. Contingent liabilities are not recognised in the consolidated balance sheet but are rather disclosed in the notes.
Irrevocable facilities are undrawn debit limits on current accounts and credit cards, accepted loans not yet paid out, valid loan offers not yet accepted and other facilities. Accepted loans not yet paid out and valid loan offers not yet accepted are in the scope of the ECL requirements as these contain credit risk and are therefore part of the overall credit risk exposure. The nominal contractual value of financial guarantees and undrawn loan commitments, where the loan agreed to be provided is on market terms, are not recorded in the consolidated balance sheet. The ECL provision is recognised in note 17 Provisions on page .
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|---|---|---|
On demand deposits with banks | 158,971 | 281,970 |
Deposits with banks | 118,504 | 132,401 |
Interest receivable | 116 | 421 |
Allowance for ECL | -20 | -29 |
Balance sheet value as at 31 December | 277,571 | 414,763 |
An amount of EUR 118.5 million of the deposits is encumbered (2024: EUR 132.4 million) mainly under derivatives transactions. There were no subordinated deposits (2024: nil). All other deposits can be freely disposed of. The balance sheet value of the loans and advances to banks as at 31 December can be broken down as follows by residual maturity:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
On demand | 159,073 | 282,334 |
1 to 3 months | - | - |
Encumbered assets without a maturity | 118,498 | 132,429 |
Balance sheet value as at 31 December | 277,571 | 414,763 |
Loans and advances to banks are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to banks are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Loans and advances to customers at amortised cost:
| \u00a0 | 2025 | ||||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross carrying amount | Allowance for ECL | Carrying amount | Net interest1 | Effective interest rate |
Business loans | 6,117,483 | -113,805 | 6,003,678 | 256,838 | 4.24% |
Mortgage lending2 | 5,609,055 | -3,262 | 5,605,793 | 138,978 | 2.55% |
Current accounts and credit cards | 96,254 | -1,367 | 94,887 | 5,451 | 5.33% |
Fair value hedge accounting | -232,526 | - | -232,526 | - | - |
Interest receivables | 19,701 | - | 19,701 | - | - |
Balance sheet value as at 31 December | 11,609,967 | -118,434 | 11,491,533 | 401,267 | 3.51% |
| \u00a0 | 2024 | ||||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross carrying amount | Allowance for ECL | Carrying amount | Net interest1 | Effective interest rate |
Business loans | 6,153,488 | -50,713 | 6,102,775 | 276,766 | 4.51% |
Mortgage lending2 | 5,297,772 | -2,482 | 5,295,290 | 149,916 | 2.94% |
Current accounts and credit cards | 110,654 | -1,096 | 109,558 | 7,634 | 6.05% |
Fair value hedge accounting | -134,380 | - | -134,380 | - | - |
Interest receivables | 28,893 | - | 28,893 | - | - |
Balance sheet value as at 31 December | 11,456,427 | -54,291 | 11,402,136 | 434,316 | 3.86% |
The expected credit loss allowance (ECL) is 1.02% of the total loan portfolio gross carrying amount as at 31 December 2025 (31 December 2024: 0.47%).
The annual incurred loss rate, which is the stage 3 impairment expense over the average loan book as at 31 December 2025, is 34 bps (2024: 11 bps).
When the drivers of the PD and LGD are changed, the ECL amount for each loan or advance to a customer are recalculated. This is captured in the net remeasurement of allowance for expected credit losses. The net remeasurement can be broken down into multiple parameters that influence the PD and LGD:
Remeasurement in calculated ECL of individual loans which have transferred between stage 1 and stage 2.
Changes in forward-looking macroeconomic scenarios.
Changes in individual loan or advance behaviour such as changes in rating not triggering stage transfer or loan amount due to repayment.
The movements of the ECL provision of loans and advances to customers for 2025 is presented below.
ECL provision of loans and advances to customers | 2025 | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance sheet value at 1 January | 5,488 | 3,720 | 45,083 | 54,291 |
Net remeasurement of allowance for expected credit losses | -993 | 33,286 | 39,203 | 71,496 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -713 | 6,428 | 753 | 6,468 |
- Macroeconomic forward-looking impact | -16 | -32 | - | -48 |
- Individual loan or advance behaviour | -261 | 26,894 | 38,450 | 65,083 |
- Update ECL model | -3 | -4 | - | -7 |
Net portfolio growth | 545 | -585 | - | -40 |
Write-offs | - | - | -6,968 | -6,968 |
Exchange rate differences | -44 | -22 | -279 | -345 |
Balance sheet value as at 31 December | 4,996 | 36,399 | 77,039 | 118,434 |
ECL provision of loans and advances to customers | 2024 | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance sheet value at 1 January | 6,922 | 2,927 | 42,889 | 52,738 |
Net remeasurement of allowance for expected credit losses | -2,221 | 435 | 12,089 | 10,303 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -428 | 997 | 541 | 1,110 |
- Macroeconomic forward-looking impact | -244 | -61 | - | -305 |
- Individual loan or advance behaviour | -1,863 | -698 | 11,548 | 8,987 |
- Update ECL model | 314 | 197 | - | 511 |
Net portfolio growth | 743 | 333 | - | 1,076 |
Write-offs | - | - | -10,401 | -10,401 |
Exchange rate differences | 44 | 25 | 506 | 575 |
Balance sheet value as at 31 December | 5,488 | 3,720 | 45,083 | 54,291 |
The total ECL provision of EUR 54.3 million as at 31 December 2024 increased by EUR 64.1 million to EUR 118.4 million as at 31 December 2025. The increase was driven by higher provisions in the stages 2 and 3 of EUR 32.7 million and EUR 31.9 million, respectively. The rise in stages 2 and 3 mainly is mainly due to changes in individual loan behaviour, reflecting anticipated credit losses within the German fibre optic loan portfolio.
As at 31 December 2025, an ECL provision of EUR 61.0 million was recognised in stage 2 (EUR 33.7 million) and stage 3 (EUR 27.3 million), related to the German fibre optic loan portfolio, following a sector-wide deterioration in market conditions. This includes a management overlay of EUR 27.0 million in stage 2 to capture emerging risks that were not reflected yet within the ECL model.
The total impairment in ECL is a net loss of EUR 71.5 million (2024: a net loss of EUR 11.4 million).
The table above includes the ECL provision on business loans, mortgage loans and off-balance sheet loan commitments for certain retail products, such as credit cards and overdrafts, because Triodos Bank determines the ECL provision per exposure, including any loan commitment component.
More detailed information regarding the allowance for ECL and the impairment gain/loss recognised in the profit or loss accounts can be found in the Risk management chapter, section Allowance for expected credit losses reconciliation to statement of profit or loss, with quantitative information starting on page .
Loans and advances to customers classified by residual maturity is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Payable on demand | 100,919 | 115,675 |
1 to 3 months | 328,366 | 342,051 |
3 months to 1 year | 1,075,875 | 976,546 |
1 to 5 years | 4,099,600 | 4,143,907 |
Longer than 5 years | 5,886,773 | 5,823,957 |
Balance sheet value as at 31 December | 11,491,533 | 11,402,136 |
A total amount of EUR 2.3 million (2024: EUR 2.9 million) of the loans and advances to customers is subordinated.
As part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate loans. Please see 10 Non-trading derivatives for additional information.
A breakdown related to received collateral, relevant industries, sectors and per geographic region can be found in the Pillar 3 report 2025 which can be found on the Triodos Bank website.
Loans and advances to customers are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to customers are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Allowance for expected credit loss | 71,508 | 11,647 |
Total impairment result on financial instruments for the year | 71,508 | 11,647 |
Loans and advances to customers at amortised cost:
| \u00a0 | 2025 | ||||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross carrying amount | Allowance for ECL | Carrying amount | Net interest1 | Effective interest rate |
Business loans | 6,117,483 | -113,805 | 6,003,678 | 256,838 | 4.24% |
Mortgage lending2 | 5,609,055 | -3,262 | 5,605,793 | 138,978 | 2.55% |
Current accounts and credit cards | 96,254 | -1,367 | 94,887 | 5,451 | 5.33% |
Fair value hedge accounting | -232,526 | - | -232,526 | - | - |
Interest receivables | 19,701 | - | 19,701 | - | - |
Balance sheet value as at 31 December | 11,609,967 | -118,434 | 11,491,533 | 401,267 | 3.51% |
| \u00a0 | 2024 | ||||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross carrying amount | Allowance for ECL | Carrying amount | Net interest1 | Effective interest rate |
Business loans | 6,153,488 | -50,713 | 6,102,775 | 276,766 | 4.51% |
Mortgage lending2 | 5,297,772 | -2,482 | 5,295,290 | 149,916 | 2.94% |
Current accounts and credit cards | 110,654 | -1,096 | 109,558 | 7,634 | 6.05% |
Fair value hedge accounting | -134,380 | - | -134,380 | - | - |
Interest receivables | 28,893 | - | 28,893 | - | - |
Balance sheet value as at 31 December | 11,456,427 | -54,291 | 11,402,136 | 434,316 | 3.86% |
The expected credit loss allowance (ECL) is 1.02% of the total loan portfolio gross carrying amount as at 31 December 2025 (31 December 2024: 0.47%).
The annual incurred loss rate, which is the stage 3 impairment expense over the average loan book as at 31 December 2025, is 34 bps (2024: 11 bps).
When the drivers of the PD and LGD are changed, the ECL amount for each loan or advance to a customer are recalculated. This is captured in the net remeasurement of allowance for expected credit losses. The net remeasurement can be broken down into multiple parameters that influence the PD and LGD:
Remeasurement in calculated ECL of individual loans which have transferred between stage 1 and stage 2.
Changes in forward-looking macroeconomic scenarios.
Changes in individual loan or advance behaviour such as changes in rating not triggering stage transfer or loan amount due to repayment.
The movements of the ECL provision of loans and advances to customers for 2025 is presented below.
ECL provision of loans and advances to customers | 2025 | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance sheet value at 1 January | 5,488 | 3,720 | 45,083 | 54,291 |
Net remeasurement of allowance for expected credit losses | -993 | 33,286 | 39,203 | 71,496 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -713 | 6,428 | 753 | 6,468 |
- Macroeconomic forward-looking impact | -16 | -32 | - | -48 |
- Individual loan or advance behaviour | -261 | 26,894 | 38,450 | 65,083 |
- Update ECL model | -3 | -4 | - | -7 |
Net portfolio growth | 545 | -585 | - | -40 |
Write-offs | - | - | -6,968 | -6,968 |
Exchange rate differences | -44 | -22 | -279 | -345 |
Balance sheet value as at 31 December | 4,996 | 36,399 | 77,039 | 118,434 |
ECL provision of loans and advances to customers | 2024 | |||
|---|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Stage 3 | Total |
Balance sheet value at 1 January | 6,922 | 2,927 | 42,889 | 52,738 |
Net remeasurement of allowance for expected credit losses | -2,221 | 435 | 12,089 | 10,303 |
of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Effect of transition between stages | -428 | 997 | 541 | 1,110 |
- Macroeconomic forward-looking impact | -244 | -61 | - | -305 |
- Individual loan or advance behaviour | -1,863 | -698 | 11,548 | 8,987 |
- Update ECL model | 314 | 197 | - | 511 |
Net portfolio growth | 743 | 333 | - | 1,076 |
Write-offs | - | - | -10,401 | -10,401 |
Exchange rate differences | 44 | 25 | 506 | 575 |
Balance sheet value as at 31 December | 5,488 | 3,720 | 45,083 | 54,291 |
The total ECL provision of EUR 54.3 million as at 31 December 2024 increased by EUR 64.1 million to EUR 118.4 million as at 31 December 2025. The increase was driven by higher provisions in the stages 2 and 3 of EUR 32.7 million and EUR 31.9 million, respectively. The rise in stages 2 and 3 mainly is mainly due to changes in individual loan behaviour, reflecting anticipated credit losses within the German fibre optic loan portfolio.
As at 31 December 2025, an ECL provision of EUR 61.0 million was recognised in stage 2 (EUR 33.7 million) and stage 3 (EUR 27.3 million), related to the German fibre optic loan portfolio, following a sector-wide deterioration in market conditions. This includes a management overlay of EUR 27.0 million in stage 2 to capture emerging risks that were not reflected yet within the ECL model.
The total impairment in ECL is a net loss of EUR 71.5 million (2024: a net loss of EUR 11.4 million).
The table above includes the ECL provision on business loans, mortgage loans and off-balance sheet loan commitments for certain retail products, such as credit cards and overdrafts, because Triodos Bank determines the ECL provision per exposure, including any loan commitment component.
More detailed information regarding the allowance for ECL and the impairment gain/loss recognised in the profit or loss accounts can be found in the Risk management chapter, section Allowance for expected credit losses reconciliation to statement of profit or loss, with quantitative information starting on page .
Loans and advances to customers classified by residual maturity is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Payable on demand | 100,919 | 115,675 |
1 to 3 months | 328,366 | 342,051 |
3 months to 1 year | 1,075,875 | 976,546 |
1 to 5 years | 4,099,600 | 4,143,907 |
Longer than 5 years | 5,886,773 | 5,823,957 |
Balance sheet value as at 31 December | 11,491,533 | 11,402,136 |
A total amount of EUR 2.3 million (2024: EUR 2.9 million) of the loans and advances to customers is subordinated.
As part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate loans. Please see 10 Non-trading derivatives for additional information.
A breakdown related to received collateral, relevant industries, sectors and per geographic region can be found in the Pillar 3 report 2025 which can be found on the Triodos Bank website.
Loans and advances to customers are financial instruments initially measured at fair value including any incremental direct transaction costs. The loans and advances to customers are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
The debt securities at amortised cost can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Dutch government bonds | 62,987 | 92,914 |
Belgian government bonds | 79,979 | 80,841 |
Spanish government bonds | 164,434 | 75,558 |
United Kingdom government bonds | 231,554 | 130,953 |
European Union | 388,685 | 286,447 |
Agency bonds | 887,817 | 534,175 |
Corporate bonds | 91,369 | 88,612 |
Financial corporates bonds | 368,781 | 385,645 |
Local government / Municipal bonds | 1,372,921 | 1,145,262 |
Interest receivable | 30,717 | 17,164 |
Fair value hedge accounting | -43 | 88 |
Allowance for ECL | -19 | -24 |
Balance sheet value as at 31 December | 3,679,182 | 2,837,635 |
The bond portfolio mainly comprises government bonds, supplemented by supranational, agency, corporate, financial institution and municipal bonds. Debt securities with a nominal amount of EUR 134.3 million are placed at the Dutch central bank (2024 EUR 273.8 million) and can be used for a credit line.
Up to 2020, as part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate bonds. These hedge relationships were discontinued as Triodos Bank now applies macro fair value hedge accounting on its loans and advances to customers. The fair value hedge adjustment on debt securities will amortise over the remaining lifetime of the dedesignated hedge relationship.
The movement in debt securities at amortised cost is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 2,837,635 | 2,187,575 |
Acquisitions | 1,865,743 | 1,066,163 |
Repayments | -1,035,098 | -478,040 |
Amortisation difference between acquisition price and redemption value | 32,666 | 28,244 |
Exchange rate differences | -35,192 | 27,851 |
Interest receivable movement | 13,554 | 5,964 |
Fair value hedge accounting movement | -131 | -131 |
Net movement in allowance for ECL | 5 | 9 |
Balance sheet value as at 31 December | 3,679,182 | 2,837,635 |
All debt securities at amortised cost are held in the investment portfolio. These are financial instruments initially measured at fair value including any incremental direct transaction costs. The debt securities are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page .
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Debt securities issued can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Debt securities issued | 648,189 | 349,074 |
Fair value hedge accounting | 198 | 3,094 |
Interest payable | 8,648 | 6,203 |
Balance sheet value as at 31 December | 657,035 | 358,371 |
In 2024 and 2025, Triodos Bank issued MREL eligible Green Senior Preferred Notes under its green bond framework. The notes have a nominal value of respectively EUR 350 million and EUR 300 million, a tenor of five years and embedded issuer call option after four years, and a fixed coupon of respectively 4.875% and 3.875% from the issue date up to the optional redemption. When the notes are not redeemed after four years, the interest rate is reset at respectively three-month EURIBOR + 2.50% and three-month EURIBOR +1.70% from the optional redemption date up to the maturity date.
Settlement took place on respectively 12 September 2024 and 3 September 2025, and the notes are listed on Euronext Amsterdam. The preferred debt has been placed below nominal value at 99.940% in 2024 and 99.818% in 2025.
As part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on the fixed issued preferred debt. Please see 10 Non-trading derivatives for additional information.
Debt securities issued are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
The following table provides a reconciliation between line items in the consolidated balance sheet and categories of financial instruments. Financial instruments are either measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or at amortised cost.
2025 | Mandatorily at FVTPL | Designated as at FVTPL | FVOCI \u2013 equity instruments | Amortised cost1 | Total carrying amount |
|---|---|---|---|---|---|
Cash and cash equivalents | - | - | - | 1,613,073 | 1,613,073 |
Debt securities at amortised cost | - | - | - | 3,679,182 | 3,679,182 |
Loans and advances to customers | - | - | - | 11,491,533 | 11,491,533 |
Loans and advances to banks | - | - | - | 277,571 | 277,571 |
Investment securities | 57 | - | 21,536 | 8,954 | 30,547 |
Other assets | - | - | - | 236,785 | 236,785 |
Derivative assets held for risk management | 239,922 | - | - | - | 239,922 |
Total financial assets | 239,979 | - | 21,536 | 17,307,098 | 17,568,613 |
Derivative liabilities held for risk management | 11,466 | - | - | - | 11,466 |
Deposits from banks | - | - | - | 256,200 | 256,200 |
Deposits from customers | - | - | - | 15,075,330 | 15,075,330 |
Debt securities issued | - | - | - | 657,035 | 657,035 |
Lease liabilities | - | - | - | 9,972 | 9,972 |
Subordinated liabilities | - | - | - | 254,627 | 254,627 |
Other liabilities | - | - | - | 112,467 | 112,467 |
Total financial liabilities | 11,466 | - | - | 16,365,631 | 16,377,097 |
2024 | Mandatorily at FVTPL | Designated as at FVTPL | FVOCI \u2013 equity instruments | Amortised cost1 | Total carrying amount |
|---|---|---|---|---|---|
Cash and cash equivalents | - | - | - | 1,855,623 | 1,855,623 |
Debt securities at amortised cost | - | - | - | 2,837,635 | 2,837,635 |
Loans and advances to customers | - | - | - | 11,402,136 | 11,402,136 |
Loans and advances to banks | - | - | - | 414,763 | 414,763 |
Investment securities | 145 | - | 21,340 | 10,128 | 31,613 |
Other assets | - | - | - | 245,784 | 245,784 |
Derivative assets held for risk management | 179,989 | - | - | - | 179,989 |
Total financial assets | 180,134 | - | 21,340 | 16,766,069 | 16,967,543 |
Derivative liabilities held for risk management | 47,978 | - | - | - | 47,978 |
Deposits from banks | - | - | - | 373,128 | 373,128 |
Deposits from customers | - | - | - | 14,478,002 | 14,478,002 |
Debt securities issued | - | - | - | 358,371 | 358,371 |
Lease liabilities | - | - | - | 16,202 | 16,202 |
Subordinated liabilities | - | - | - | 261,153 | 261,153 |
Other liabilities | - | - | - | 199,896 | 199,896 |
Total financial liabilities | 47,978 | - | - | 15,686,752 | 15,734,730 |
Triodos Bank measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurements.
Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
Level 2: Inputs other than quoted prices included within level 1 that are observable either directly (as prices) or indirectly (derived from prices). This category includes instruments valued using quoted market prices in active markets for similar instruments, quoted prices for identical or similar instruments in markets that are considered less than active, or other valuation techniques in which all significant inputs are, directly or indirectly, observable from market data.
Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs that are not observable, and where the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.
Triodos Bank determines the fair value of its financial instruments using the following bases. The fair value of listed debt securities at amortised cost is the market value. The fair value of unlisted debt securities at amortised cost is public quoted information if available or nominal value. The fair value of loans and advances to banks, lease liabilities, deposits from banks, deposits from customers and debt issued and other borrowed funds is determined by calculating the net present value of expected interest and redemption cash flows, based on market interest rates at the end of the year. The fair value of loans and advances to customers (including mortgages) is determined by calculating the net present value of the interest and redemption cash flows, taking into account expected prepayment behaviour. The net present value is calculated using market data, i.e. zero coupon rates, as at the end of the year, which are adjusted with a Triodos Bank-specific spread. The spread is based on the expected margin that the business units expect to make over the market base rates in the coming years on their production of business loans and mortgages. Part of the corporate loans and mortgages includes caps and/or floors on interest rates. The fair value of other assets and liabilities is assumed to be equal to the balance sheet value.
Investment securities comprise participating interests and debt where no significant influence can be exercised and are carried at fair value through either comprehensive income or profit or loss. In the case of an investment security that is listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. In the case of an investment security not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined to the best of Triodos Bank's ability using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Derivatives held for risk management are carried at fair value through profit or loss. These instruments are split between interest rate swaps and foreign exchange rate forward contracts. The interest rate swaps are valued using the appropriate discount curve to calculate the net present value of expected cash flows under the contracts. This curve is openly observable from market data. The foreign exchange rate forward contracts are valued using the forward exchange rate for the corresponding currency, as observable from market data.
The following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorised. There have been no transfers of financial instruments between different levels during the reporting period.
2025 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
Derivative assets held for risk management | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate | - | 239,567 | - | 239,567 |
Foreign exchange | - | 355 | - | 355 |
Total derivative assets held for risk management | - | 239,922 | - | 239,922 |
Investment securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities | 223 | 15,191 | 6,122 | 21,536 |
Debt | - | 57 | - | 57 |
Total investment securities | 223 | 15,248 | 6,122 | 21,593 |
Derivative liabilities held for risk management | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate | - | 11,466 | - | 11,466 |
Foreign exchange | - | - | - | - |
Total derivative liabilities held for risk management | - | 11,466 | - | 11,466 |
2024 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
Derivative assets held for risk management | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate | - | 179,872 | - | 179,872 |
Foreign exchange | - | 117 | - | 117 |
Total derivative assets held for risk management | - | 179,989 | - | 179,989 |
Investment securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities | 230 | 14,932 | 6,178 | 21,340 |
Debt | - | 145 | - | 145 |
Total investment securities | 230 | 15,077 | 6,178 | 21,485 |
Derivative liabilities held for risk management | \u00a0 | \u00a0 | \u00a0 | |
Interest rate | - | 47,762 | - | 47,762 |
Foreign exchange | - | 216 | - | 216 |
Total derivative liabilities held for risk management | - | 47,978 | - | 47,978 |
Level 3 valuations relate to participating interest which are valued at fair value through other comprehensive income. Total fair value changes amount to EUR -278 (2024: EUR -1,806).
The following table lists the fair values including the current interest accrual of financial instruments not measured at fair value. These are categorised based on the level of the fair value hierarchy to which each fair value measurement belongs.
2025 | Level 1 | Level 2 | Level 3 | Total fair values | Total carrying amount |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at amortised cost | 3,643,064 | - | - | 3,643,064 | 3,679,182 |
Loans and advances to banks | - | - | 277,612 | 277,612 | 277,571 |
Loans and advances to customers | - | - | 11,215,706 | 11,215,706 | 11,491,533 |
Investment securities | 8,954 | - | - | 8,954 | 8,954 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | - | - | 277,181 | 277,181 | 256,200 |
Deposits from customers | - | - | 14,329,041 | 14,329,041 | 15,075,330 |
Debt securities issued | - | 672,505 | - | 672,505 | 657,035 |
Subordinated liabilities | - | 251,408 | - | 251,408 | 254,627 |
Lease liabilities | - | - | 9,365 | 9,365 | 9,972 |
2024 | Level 1 | Level 2 | Level 3 | Total fair values | Total carrying amount |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at amortised cost | 2,803,961 | 1,982 | - | 2,805,943 | 2,837,635 |
Loans and advances to banks | - | - | 415,015 | 415,015 | 414,763 |
Loans and advances to customers | - | - | 10,985,160 | 10,985,160 | 11,402,136 |
Investment securities | 10,128 | - | - | 10,128 | 10,128 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | - | - | 392,998 | 392,998 | 373,128 |
Deposits from customers | - | - | 13,832,196 | 13,832,196 | 14,478,002 |
Debt securities issued | - | 359,889 | - | 359,889 | 358,371 |
Subordinated liabilities | - | 234,641 | - | 234,641 | 261,153 |
Lease liabilities | - | - | 14,442 | 14,442 | 16,202 |
Fair value of the cash and cash equivalents approximates the total carrying amount as these are on demand balances and therefore not included in the above table.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Participating interests designated at fair value through OCI | 21,404 | 21,227 |
Participating debt at fair value through profit or loss | 57 | 145 |
Associates at equity value | 8,954 | 10,128 |
Participating equity at fair value through OCI | 132 | 113 |
Balance sheet value as at 31 December | 30,547 | 31,613 |
As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact around the world. In this respect, Triodos Bank provides equity funding to like-minded financial institutions to increase the growth of the sustainable banking sector. Equity funding is provided to Transactie Monitoring Nederland B.V. and Visa Inc. to conduct its banking business. Triodos Bank cannot exercise any significant influence on its participating interests. These investments are of a strategic nature and are not held for trading. The instruments classified as equities, being the participating interests, are designated to be accounted for at fair value though OCI. The instruments classified as debt, being the participating debt, are mandatorily designated to be accounted for at fair value through profit or loss.
The participating interests designated at fair value through OCI can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Participating interests designated at fair value through OCI | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Merkur Cooperative Bank, Copenhagen1 | 5.5% | 3,973 | 5.6% | 3,766 |
GLS Gemeinschaftsbank eG, Bochum1 | 1.3% | 10,050 | 1.4% | 10,050 |
Banca Popolare Etica, Padova1 | 0.1% | 143 | 0.1% | 142 |
Bpifrance Financement S.A., Maisons-Alfort | 0.0%2 | 164 | 0.0%2 | 171 |
Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1 | 2.0% | 721 | 2.0% | 849 |
Thrive Renewables Plc, Bristol | 5.5% | 4,583 | 6.3% | 4,530 |
Transactie Monitoring Nederland B.V., Amsterdam | 3.0% | 225 | 3.0% | 225 |
France Active Investissement (FAI), Montreuil | 0.1% | 304 | 0.1% | 303 |
Visa Inc., San Francisco1 | 0.0%2 | 970 | 0.0%2 | 921 |
Other participations3 | \u00a0 | 271 | \u00a0 | 270 |
Balance sheet value as at 31 December | \u00a0 | 21,404 | \u00a0 | 21,227 |
The associates at equity value can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 | ||
|---|---|---|---|---|
| \u00a0 | Participating interest | Carrying amount | Participating interest | Carrying amount |
Associates at equity value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Triodos Emerging Markets Renewable Energy Fund, Luxembourg | 10.4% | 3,523 | 10.0% | 4,480 |
Triodos Microfinance Fund, Luxembourg | 2.2% | 5,431 | 1.9% | 5,648 |
Balance sheet value as at 31 December | \u00a0 | 8,954 | \u00a0 | 10,128 |
The movement in the participating interest designated at fair value through OCI is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 21,227 | 39,519 |
Increase of capital | 278 | 639 |
Revaluation | 135 | 1,687 |
Divestments | - | -21,120 |
Exchange rate differences | -236 | 502 |
Balance sheet value as at 31 December | 21,404 | 21,227 |
The movement in the participating debt at fair value through profit or loss is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 145 | 229 |
Revaluation | -24 | 22 |
Repayment of capital | - | - |
Divestments | -64 | -106 |
Exchange rate differences | - | - |
Balance sheet value as at 31 December | 57 | 145 |
When a new fund is originated, Triodos Bank may decide to provide seed capital to get the fund started. Depending on the fund and its needs, this may be an investment for less than one year or for a longer period. These investments classify as an associate and are accounted for using the equity method.
The movement in the associates at equity value is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 10,128 | 9,815 |
Acquisitions | - | - |
Revaluation | -298 | 313 |
Repayment of capital | -876 | - |
Balance sheet value as at 31 December | 8,954 | 10,128 |
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
Critical judgement and estimates
Triodos Bank determines the fair values of those financial instruments measured at FVOCI and FVTPL periodically which is a critical estimate. For more details on the measurement of fair values refer to Fair value of financial instruments.
Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i18202": { "value": "Investment securities include participating interests in other financial institutions either in equity or debt form, and this includes seed capital investments in own investment funds that are classified as associates. The participating interests in equity are designated at FVOCI as these are strategic long-term investments. The participating interest in debt form is measured at FVTPL as these do not meet the SPPI criteria. The participating interest in associates is measured using the equity method.
For securities that are listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. If the security is not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined as accurately as possible using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Unrealised and realised changes in the value of investment securities at FVOCI are recognised in other comprehensive income and will not be recycled to profit or loss. Unrealised and realised changes in the value of investment securities at FVTPL are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i18415": { "value": "Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Development costs for information systems | 46,967 | 44,353 |
Management contracts | 150 | 352 |
Computer software | 1,085 | 892 |
Balance sheet value as at 31 December | 48,202 | 45,597 |
Development costs for information systems contain costs for internally developed intangible assets related to Triodos Bank's IT systems.
The movement in the development costs for information systems is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Purchase value as at 1 January | 127,643 | 114,068 |
Cumulative amortisation as at 1 January | -83,290 | -67,106 |
Balance sheet value as at 1 January | 44,353 | 46,962 |
Internal development | 17,391 | 14,145 |
Amortisation | -14,714 | -16,809 |
Impairments | - | - |
Exchange rate differences | -63 | 55 |
Balance sheet value as at 31 December | 46,967 | 44,353 |
Purchase value as at 31 December | 144,876 | 127,643 |
Cumulative amortisation as at 31 December | -97,909 | -83,290 |
Balance sheet value as at 31 December | 46,967 | 44,353 |
Management contracts relate to contracts for the management of funds by Triodos Investment Management. When it acquired its participating interest in Triodos Investment Management in 2006, Triodos Bank paid EUR 4 million for this to Stichting Triodos Holding. No impairment was recognised based on the remaining usefulness of the contracts.
The movement in management contracts is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Purchase value as at 1 January | 4,030 | 4,030 |
Cumulative amortisation as at 1 January | -3,678 | -3,476 |
Balance sheet value as at 1 January | 352 | 554 |
Amortisation | -202 | -202 |
Balance sheet value as at 31 December | 150 | 352 |
Purchase value as at 31 December | 4,030 | 4,030 |
Cumulative amortisation as at 31 December | -3,880 | -3,678 |
Balance sheet value as at 31 December | 150 | 352 |
Computer software relates to software that has been purchased. The movement in computer software is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Purchase value as at 1 January | 4,524 | 4,570 |
Cumulative amortisation as at 1 January | -3,632 | -3,866 |
Balance sheet value as at 1 January | 892 | 704 |
Purchases | 607 | 843 |
Amortisation | -394 | -658 |
Impairments | - | - |
Exchange rate differences | -20 | 3 |
Balance sheet value as at 31 December | 1,085 | 892 |
Purchase value as at 31 December | 5,105 | 4,524 |
Cumulative amortisation as at 31 December | -4,020 | -3,632 |
Balance sheet value as at 31 December | 1,085 | 892 |
Intangible assets are stated at cost, less accumulated amortisation and impairment losses. Amortisation is charged to profit or loss over the asset's estimated economic life using the straight-line method that best reflects the pattern of economic benefits. These estimated useful economic lives are:
Internally developed assets: 5 to 10 years
Computer software: 3 to 5 years
Management contracts: 20 years
Direct costs relating to internally developed assets are capitalised once technical feasibility and economic viability have been established. These costs include co-worker costs and the costs of materials and services. Capitalisation of costs ceases when the asset is capable of operating as intended.
During and after development, accumulated costs are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss in line with the impairment accounting policy for non-financial assets as included on page .
The development costs for the banking system will be amortised over the estimated useful life from the moment the system is used, to a maximum of 10 years.
Management contracts paid by Triodos Bank when acquiring the participating interest in Triodos Investment Management B.V. will be written off over a period of 20 years to October 2026. The remaining depreciation period is one year as at the end of 2025.
Computer software that has been purchased will be written off over its useful life. This period will not exceed five years.
Intangible assets are stated at cost, less accumulated amortisation and impairment losses. Amortisation is charged to profit or loss over the asset's estimated economic life using the straight-line method that best reflects the pattern of economic benefits. These estimated useful economic lives are:
Internally developed assets: 5 to 10 years
Computer software: 3 to 5 years
Management contracts: 20 years
Direct costs relating to internally developed assets are capitalised once technical feasibility and economic viability have been established. These costs include co-worker costs and the costs of materials and services. Capitalisation of costs ceases when the asset is capable of operating as intended.
During and after development, accumulated costs are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss in line with the impairment accounting policy for non-financial assets as included on page .
The development costs for the banking system will be amortised over the estimated useful life from the moment the system is used, to a maximum of 10 years.
Management contracts paid by Triodos Bank when acquiring the participating interest in Triodos Investment Management B.V. will be written off over a period of 20 years to October 2026. The remaining depreciation period is one year as at the end of 2025.
Computer software that has been purchased will be written off over its useful life. This period will not exceed five years.
Items of property and equipment are stated at cost, less accumulated depreciation and impairment losses.
Depreciation is charged to profit or loss on a straight-line basis so as to write off the depreciable amount of each item of property and equipment over its estimated useful life. The depreciable amount is the cost of an asset, less its residual value. Land for own use is not depreciated.
The estimated useful lives of Triodos Bank\u2019s property and equipment are:
Property and leasehold property: 40 years (or lease term if shorter)
Machinery: 3 to 5 years
Furniture and fixtures: 5 years
The residual value and useful life of property and equipment are reviewed at each balance sheet date and updated for any changes to previous estimates.
Property under development is valued at the lower of the expenditure and the expected realised value upon completion. The expenditure consists of payments made to third parties. The difference between the proceeds on disposal of equipment and net carrying value is recognised in the profit or loss account under Other income.
Property and equipment are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i18398": { "value": "During and after development, accumulated costs are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss in line with the impairment accounting policy for non-financial assets as included on page .
Property and equipment are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
Investment properties comprise land and buildings that are not occupied for use by, or in the operations of, Triodos Bank, nor for sale in the ordinary course of business but are held primarily to earn rental income and/or for capital appreciation. Investment property is initially measured at cost and subsequently stated at cost, less accumulated depreciation and impairment losses. Depreciation is determined in accordance with the accounting principles as stated in 7 Property and equipment. Investment properties are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i18399": { "value": "Intangible assets are stated at cost, less accumulated amortisation and impairment losses. Amortisation is charged to profit or loss over the asset's estimated economic life using the straight-line method that best reflects the pattern of economic benefits. These estimated useful economic lives are:
Internally developed assets: 5 to 10 years
Computer software: 3 to 5 years
Management contracts: 20 years
Direct costs relating to internally developed assets are capitalised once technical feasibility and economic viability have been established. These costs include co-worker costs and the costs of materials and services. Capitalisation of costs ceases when the asset is capable of operating as intended.
During and after development, accumulated costs are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss in line with the impairment accounting policy for non-financial assets as included on page .
The development costs for the banking system will be amortised over the estimated useful life from the moment the system is used, to a maximum of 10 years.
Management contracts paid by Triodos Bank when acquiring the participating interest in Triodos Investment Management B.V. will be written off over a period of 20 years to October 2026. The remaining depreciation period is one year as at the end of 2025.
Computer software that has been purchased will be written off over its useful life. This period will not exceed five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i18566": { "value": "Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Property for own use | 57,753 | 60,235 |
Equipment | 13,865 | 17,045 |
Balance sheet value as at 31 December | 71,618 | 77,280 |
The movement in property for own use is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Purchase value as at 1 January | 70,338 | 69,658 |
Cumulative revaluation as at 1 January | - | - |
Cumulative depreciation as at 1 January | -10,103 | -8,036 |
Balance sheet as at 1 January | 60,235 | 61,622 |
Depreciation | -1,910 | -1,917 |
Impairments | - | - |
Exchange rate differences | -572 | 530 |
Balance sheet value as at 31 December | 57,753 | 60,235 |
Purchase value as at 31 December | 69,581 | 70,338 |
Cumulative depreciation as at 31 December | -11,828 | -10,103 |
Balance sheet value as at 31 December | 57,753 | 60,235 |
The movement in equipment is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Purchase value as at 1 January | 57,840 | 55,043 |
Cumulative depreciation as at 1 January | -40,795 | -36,214 |
Balance sheet value as at 1 January | 17,045 | 18,829 |
Purchases | 1,218 | 3,512 |
Sales | -37 | -2 |
Depreciation | -4,236 | -5,381 |
Impairments | -32 | - |
Exchange rate differences | -93 | 87 |
Balance sheet value as at 31 December | 13,865 | 17,045 |
Purchase value as at 31 December | 58,595 | 57,840 |
Cumulative depreciation as at 31 December | -44,730 | -40,795 |
Balance sheet value as at 31 December | 13,865 | 17,045 |
Fully depreciated equipment with a total purchase value of EUR 0.1 million (2024: EUR 1.0 million) has been disposed of.
Items of property and equipment are stated at cost, less accumulated depreciation and impairment losses.
Depreciation is charged to profit or loss on a straight-line basis so as to write off the depreciable amount of each item of property and equipment over its estimated useful life. The depreciable amount is the cost of an asset, less its residual value. Land for own use is not depreciated.
The estimated useful lives of Triodos Bank\u2019s property and equipment are:
Property and leasehold property: 40 years (or lease term if shorter)
Machinery: 3 to 5 years
Furniture and fixtures: 5 years
The residual value and useful life of property and equipment are reviewed at each balance sheet date and updated for any changes to previous estimates.
Property under development is valued at the lower of the expenditure and the expected realised value upon completion. The expenditure consists of payments made to third parties. The difference between the proceeds on disposal of equipment and net carrying value is recognised in the profit or loss account under Other income.
Property and equipment are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
Critical judgement and estimates
In December 2019, Triodos Bank moved to the newly developed office building De Reehorst in the Netherlands. The innovative design is based on circular economy and biomimicry principles. The design and production of materials are based on natural structures. The building is re-mountable and modular, built with sustainable and reusable materials.
Within common accounting policies, the residual value of own use property is set at zero as information on residual value is lacking. Because this building is circular and set up to have value in the future, Triodos Bank has investigated the residual value. This was captured in a report from a third-party circular demolition company, calculating the value of several reuseable components. The value is achieved if the components are remounted as a whole in a new building, considering costs for removing. Based on this report, Triodos Bank currently estimates the residual value of De Reehorst at EUR 3.0 million.
The residual value gets its value from the market in which components from the building can be reused. This market is currently in development and new building initiatives using reuseable materials as a starting point are few. Developments on these fronts and other changes (e.g. CO2 tax) can impact the residual value of De Reehorst in the future.
Items of property and equipment are stated at cost, less accumulated depreciation and impairment losses.
Depreciation is charged to profit or loss on a straight-line basis so as to write off the depreciable amount of each item of property and equipment over its estimated useful life. The depreciable amount is the cost of an asset, less its residual value. Land for own use is not depreciated.
The estimated useful lives of Triodos Bank\u2019s property and equipment are:
Property and leasehold property: 40 years (or lease term if shorter)
Machinery: 3 to 5 years
Furniture and fixtures: 5 years
The residual value and useful life of property and equipment are reviewed at each balance sheet date and updated for any changes to previous estimates.
Property under development is valued at the lower of the expenditure and the expected realised value upon completion. The expenditure consists of payments made to third parties. The difference between the proceeds on disposal of equipment and net carrying value is recognised in the profit or loss account under Other income.
Property and equipment are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i18645": { "value": "Triodos Bank sometimes repossesses assets which come from acquisition in public auctions. These assets are collaterals of an executed loan. A part of the repossessed assets, however, will not be sold immediately because Triodos Bank has opted to add value by renting out these assets. These are therefore presented as investment property.
The movement in investment property is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Acquisition value as at 1 January | 8,320 | 8,462 |
Cumulative depreciation as at 1 January | -3,427 | -2,075 |
Balance sheet as at 1 January | 4,893 | 6,387 |
New foreclosed assets | 9 | - |
Sales | - | -136 |
Depreciation | -121 | -127 |
Impairments | - | -1,231 |
Balance sheet value as at 31 December | 4,781 | 4,893 |
Purchase value as at 31 December | 8,328 | 8,320 |
Cumulative depreciation as at 31 December | -3,547 | -3,427 |
Balance sheet value as at 31 December | 4,781 | 4,893 |
Triodos Bank leases out its investment properties for the purpose of adding value to the repossessed assets. Triodos Bank has recognised the following items in the profit or loss account.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Rental income | 6 | 28 |
Operating expenses | -343 | -277 |
Total result on investment properties | -337 | -249 |
Investment properties comprise land and buildings that are not occupied for use by, or in the operations of, Triodos Bank, nor for sale in the ordinary course of business but are held primarily to earn rental income and/or for capital appreciation. Investment property is initially measured at cost and subsequently stated at cost, less accumulated depreciation and impairment losses. Depreciation is determined in accordance with the accounting principles as stated in 7 Property and equipment. Investment properties are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
Any gain or loss on the disposal of investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.
Transfers are made to or from investment property only when there is a change in use. When the use of a property changes such that it is reclassified as property and equipment, its carrying value at the date of reclassification becomes its cost for subsequent accounting.
Investment properties comprise land and buildings that are not occupied for use by, or in the operations of, Triodos Bank, nor for sale in the ordinary course of business but are held primarily to earn rental income and/or for capital appreciation. Investment property is initially measured at cost and subsequently stated at cost, less accumulated depreciation and impairment losses. Depreciation is determined in accordance with the accounting principles as stated in 7 Property and equipment. Investment properties are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the impairment accounting policy for fixed assets as included on page .
Any gain or loss on the disposal of investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.
Transfers are made to or from investment property only when there is a change in use. When the use of a property changes such that it is reclassified as property and equipment, its carrying value at the date of reclassification becomes its cost for subsequent accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i18903": { "value": "Triodos Bank leases many assets including land and buildings, vehicles and IT equipment. Information about leases for which Triodos Bank is a lessee is presented below.
| \u00a0 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Property | Vehicles | Other | Total | Property | Vehicles | Other | Total |
Balance sheet value as at 1 January | 14,123 | 1,562 | 316 | 16,001 | 10,393 | 1,431 | 370 | 12,194 |
Depreciation | -2,758 | -707 | -53 | -3,518 | -1,982 | -628 | -54 | -2,664 |
Additions | 2,313 | 1,206 | - | 3,519 | 6,222 | 931 | - | 7,153 |
Exchange rate differences | -45 | - | - | -45 | 47 | -89 | - | -42 |
Disposals | -160 | -41 | - | -201 | -557 | -83 | - | -640 |
Balance sheet value as at 31 December | 13,473 | 2,020 | 263 | 15,756 | 14,123 | 1,562 | 316 | 16,001 |
| \u00a0 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Property | Vehicles | Other | Total | Property | Vehicles | Other | Total |
Less than one year | 1,538 | 663 | 54 | 2,255 | 1,700 | 540 | 56 | 2,296 |
More than one year | 6,106 | 1,395 | 216 | 7,717 | 12,595 | 1,044 | 267 | 13,906 |
Balance sheet value as at 31 December | 7,644 | 2,058 | 270 | 9,972 | 14,295 | 1,584 | 323 | 16,202 |
In 2025, Triodos Bank purchased the leasehold on the land beneath its office building in the Netherlands for the next 30 years. This explains the decrease of the lease liability within property.
The table on below shows the maturity analysis for contractual undiscounted cash flows.
| \u00a0 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Property | Vehicles | Other | Total | Property | Vehicles | Other | Total |
Less than one year | 1,696 | 696 | 56 | 2,448 | 1,767 | 525 | 56 | 2,348 |
One to five years | 4,214 | 1,445 | 133 | 5,792 | 6,202 | 1,091 | 188 | 7,481 |
More than five years | 2,882 | - | 97 | 2,979 | 10,147 | - | 97 | 10,244 |
Undiscounted lease liabilities as at 31 December | 8,792 | 2,141 | 286 | 11,219 | 18,116 | 1,616 | 341 | 20,073 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Depreciation | -3,519 | -2,664 |
Interest on lease liabilities | -373 | -444 |
Expenses of short-term leases | -169 | -44 |
Expenses of low-value assets | -26 | -71 |
Sub-lease income | 57 | 63 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Total cash outflow for leases | 10,288 | 2,673 |
In 2025, Triodos Bank purchased the leasehold on the land beneath its office building in the Netherlands for the next 30 years. This explains the increase in cash outflow for leases.
Triodos Bank leases land and buildings for its office space. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term. Some leases provide for additional rent payments that are based on changes in local price indices.
Triodos Bank leases vehicles and equipment, with lease terms of generally three to five years. Triodos Bank also leases IT equipment with contract terms of generally one to three years. Leases with a contract term of less than one year and/or a value of less than EUR 5 thousand or EUR equivalent are considered short term and/or leases of low-value items.
Triodos Bank has elected not to recognise right-of-use assets and lease liabilities for short-term and low-value leases.
As a lessee
Triodos Bank assesses whether a contract is a lease or contains a lease at inception of a contract. Triodos Bank recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, Triodos Bank recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, Triodos Bank uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost, less accumulated depreciation and impairment losses. The right-of-use assets are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the Impairment Accounting policy for non-financial assets as included on page .
Whenever Triodos Bank incurs an obligation for costs to restore a leased asset to the condition required by the terms and conditions of the lease, a provision is recognised.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that Triodos Bank expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The periodic impact in the profit or loss accounts are the depreciation charges on the right-of-use assets and the interest charges on the lease liability.
Triodos Bank elected to use the recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less (short-term leases) and lease contracts for which the underlying asset is of low value (low-value assets). Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated statement of profit or loss.
As a lessor
Triodos Bank enters into lease agreements as a lessor with respect to some of its office space. Leases for which Triodos Bank is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Triodos Bank does not act as a lessor for any finance leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
When a contract includes lease and non-lease components, Triodos Bank allocates the consideration under the contract to each component.
Critical judgement and estimates
The lease liabilities are initially measured at the present value of the future lease payments, discounted at the lessee's incremental borrowing rate (IBR) given that the interest rate implicit in the lease cannot be readily determined. The IBR is the rate of interest that Triodos Bank would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what Triodos Bank \u2018would have to pay\u2019, which requires estimation and inherently involves significant judgement when no observable rates are available. Triodos Bank estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific adjustments (such as Triodos Bank's stand-alone credit rating).
As a lessee
Triodos Bank assesses whether a contract is a lease or contains a lease at inception of a contract. Triodos Bank recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, Triodos Bank recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, Triodos Bank uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost, less accumulated depreciation and impairment losses. The right-of-use assets are annually reviewed for impairment triggers. If there is an impairment trigger, any impairments will be recognised in the profit or loss accounts in line with the Impairment Accounting policy for non-financial assets as included on page .
Whenever Triodos Bank incurs an obligation for costs to restore a leased asset to the condition required by the terms and conditions of the lease, a provision is recognised.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that Triodos Bank expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The periodic impact in the profit or loss accounts are the depreciation charges on the right-of-use assets and the interest charges on the lease liability.
Triodos Bank elected to use the recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less (short-term leases) and lease contracts for which the underlying asset is of low value (low-value assets). Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated statement of profit or loss.
As a lessor
Triodos Bank enters into lease agreements as a lessor with respect to some of its office space. Leases for which Triodos Bank is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Triodos Bank does not act as a lessor for any finance leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
When a contract includes lease and non-lease components, Triodos Bank allocates the consideration under the contract to each component.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i19412": { "value": "Triodos Bank uses the interest rate swaps and currency forwards to hedge the fair value risk and the currency risk respectively on its net investment in Triodos Bank UK. Triodos Bank does not enter into derivatives for trading purposes.
The forward currency contracts relate to GBP forward contracts with a total notional amount of EUR 57.5 million (2024: EUR 60.5 million) for hedging the currency risk of the UK subsidiary equity participation of Triodos Bank.
Payer interest rate swaps are contracts where Triodos Bank pays a fixed interest and receives a floating interest. Triodos Bank uses payer interest rate swaps to hedge the fair value risk of its loans and advances to customers. Receiver interest rate swaps are contracts where Triodos Bank pays a floating interest and receives a fixed interest. Triodos Bank uses receiver interest rate swaps to hedge the fair value risk of its preferred senior debt issued.
Derivatives with a positive fair value at the end of the year are represented as assets on the balance sheet and derivatives with a negative fair value as liabilities. A breakdown of derivatives by remaining term to maturity and fair value for both assets and liabilities is presented below.
2025 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | 57,474 | 57,474 | - | - | 355 |
Payer interest rate swaps | 2,026,700 | 44,300 | 223,400 | 1,759,000 | 239,368 |
Receiver interest rate swaps | 350,000 | - | 350,000 | - | 199 |
Total derivatives | 2,434,174 | 101,774 | 573,400 | 1,759,000 | 239,922 |
Average payer IRS rates | \u00a0 | 0.40% | -0.13% | 1.55% | \u00a0 |
Average receiver IRS rates | \u00a0 | \u00a0 | 1.71% | \u00a0 | \u00a0 |
2024 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | 28,882 | 28,882 | - | - | 117 |
Payer interest rate swaps | 1,245,500 | 800 | 144,700 | 1,100,000 | 178,076 |
Receiver interest rate swaps | 350,000 | - | 350,000 | - | 1,796 |
Total derivatives | 1,624,382 | 29,682 | 494,700 | 1,100,000 | 179,989 |
Average payer IRS rates | \u00a0 | 0.29% | 0.08% | 0.68% | \u00a0 |
2025 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | - | - | - | - | - |
Payer interest rate swaps | 608,000 | - | 38,000 | 570,000 | 9,049 |
Receiver interest rate swaps | 300,000 | - | 300,000 | - | 2,417 |
Total derivatives | 908,000 | - | 338,000 | 570,000 | 11,466 |
Average payer IRS rates | \u00a0 | \u00a0 | 2.89% | 3.08% | \u00a0 |
Average receiver IRS rates | \u00a0 | \u00a0 | 2.23% | \u00a0 | \u00a0 |
2024 | Notional amount | \u00a0 | |||
|---|---|---|---|---|---|
Amounts in thousands of EUR | Total notional | <= 1 year | > 1 year <= 5 years | > 5 years | Fair value |
Currency forwards | 31,662 | 31,662 | - | - | 216 |
Payer interest rate swaps | 1,052,000 | - | 38,000 | 1,014,000 | 47,762 |
Receiver interest rate swaps | - | - | - | - | - |
Total derivatives | 1,083,662 | 31,662 | 38,000 | 1,014,000 | 47,978 |
Average payer IRS rates | \u00a0 | \u00a0 | 2.89% | 2.98% | \u00a0 |
The interest rate swaps are designated in hedge relationships to hedge Triodos Bank's changes in fair value due to changes in interest rates of its longer-term fixed rate financial assets and its debt securities. The following tables provide information on the designation, the hedged item and any ineffectiveness recorded in the profit or loss.
2025 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Notional amount | Assets | Liabilities | Change in fair value | Ineffective- |
Interest rate swaps \u2013 portfolio hedge accounting | 2,544,700 | 239,368 | 9,014 | 100,122 | 1,245 |
Interest rate swaps \u2013 micro hedge accounting | 650,000 | 200 | 2,417 | -4,013 | -1,117 |
2025 | \u00a0 | Fair value hedge adjustments | ||
|---|---|---|---|---|
Hedged item | Nominal amount | Debit adjustment | Credit adjustment | Change in fair value 2025 |
Loans and advances to customers | 2,544,700 | - | 232,526 | -98,877 |
Debt securities issued | 650,000 | - | 198 | 2,896 |
2024 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Notional amount | Assets | Liabilities | Change in fair value | Ineffective- |
Interest rate swaps \u2013 portfolio hedge accounting | 2,297,500 | 178,076 | 47,762 | -40,994 | 172 |
Interest rate swaps \u2013 micro hedge accounting | 350,000 | 1,796 | - | 1,796 | -1,298 |
2024 | \u00a0 | Fair value hedge adjustments | ||
|---|---|---|---|---|
Hedged item | Nominal amount | Debit adjustment | Credit adjustment | Change in fair value 2024 |
Loans and advances to customers | 2,297,500 | - | 134,380 | 41,166 |
Debt securities issued | 350,000 | - | 3,094 | -3,094 |
The increase of the long-term market interest rates in 2025 has resulted in an increase of the fair values of the interest rate swaps which offsets the decrease in fair value of the fixed-rate loans. In 2024, the decrease of the long-term market interest rates in 2025 has resulted in a decrease of the fair values of the interest rate swaps which offsets the increase in fair value of the fixed-rate loans. The ineffectiveness recorded in the profit or loss accounts of EUR 0.1 million (2024: EUR 1.1 million).
The currency forwards are designated in a net investment hedge, hedging the currency risk of Triodos Bank's investment in Triodos Bank UK Limited. The following tables provide information on the designation, the hedged item and any ineffectiveness recorded in the profit or loss.
2025 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value1 | Ineffective- |
Foreign currency forward contracts (EUR:GBP) | 50,100 | 355 | - | -3,684 | 9,270 |
2025 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedged item | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value | Foreign currency translation reserve1 |
GBP net investment in UK subsidiary | 208,617 | 239,326 | - | 12,341 | -8,325 |
2024 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedging instruments | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value1 | Ineffective- |
Foreign currency forward contracts (EUR:GBP) | 50,100 | 117 | 216 | 5,511 | -5,586 |
2024 | \u00a0 | Carrying amount | \u00a0 | \u00a0 | |
|---|---|---|---|---|---|
Hedged item | Nominal amount (GBP) | Assets (EUR) | Liabilities (EUR) | Change in fair value | Foreign currency translation reserve1 |
GBP net investment in UK subsidiary | 200,194 | 241,926 | - | -10,871 | 945 |
Derivative financial instruments, consisting of foreign currency forward contracts and interest rate swaps, are initially recognised at fair value, with subsequent fair value movements recognised in profit or loss. Triodos Bank uses derivatives (principally interest rate swaps) for economic hedging purposes in the management of its asset and liability portfolios. The objective of economic hedging is to enter into derivative positions with an opposite risk profile to an identified risk exposure to reduce that risk exposure. In accounting for these derivatives, Triodos Bank applies hedge accounting.
Fair values of interest rate swaps are determined by discounted cash flows against prevailing market interest rates. Foreign exchange forwards fair values are determined by the movement of the foreign exchange rate. Changes in the fair value are included in the profit or loss account.
The effective portion of fair value movements of those derivatives in a cash flow or net investment hedge relationship are recognised in OCI and recycled to the profit or loss when the related result on the hedged item is recognised in profit or loss.
The fair value movements of those derivatives in a fair value hedge relationship are recognised directly in the profit or loss. In addition, a fair value hedge adjustment representing the hedged fair value movement of the hedged item is recognised directly into profit or loss.
Hedge accounting
Triodos Bank elected, as a policy choice permitted by IFRS 9, to continue to apply hedge accounting in accordance with IAS 39. Triodos Bank designates certain derivatives held for risk management as well as certain non-trading derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, Triodos Bank formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
Triodos Bank makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within the effective range. A hedge is regarded as highly effective if the changes in fair value or cash flows attributable to the hedged risk of the hedging instrument and the hedged item during the period for which the hedge is designated are expected to offset in a range of 80% to 125%. The applied hedge accounting types are discussed below.
Fair value hedges
Triodos Bank applies macro fair value hedge accounting for the derivatives that hedge the changes in fair value due to changes in interest rates of its portfolio of fixed rate financial assets. Under this hedging strategy, interest rates swaps are designated as hedging instruments, which are in an economic hedge relationship with a portfolio of loans and mortgages as hedged item to cover the fair value risk due to changes in interest rate.
Triodos Bank determines hedged items by identifying portfolios of homogeneous loans based on their contractual interest rates, maturity and other risk characteristics. Loans within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual, repricing dates. The hedging instruments (pay fix/receive floating rate interest rate swaps) are designated to those repricing time buckets.
Hedge relationships designated under this policy are expected to be highly effective. However, some degree of ineffectiveness is expected due to:
Discounting of assets with the curve of the payment frequency where the swaps are discounted using the OIS curve.
Fair value changes in the floating leg of the swaps.
In 2024, Triodos Bank entered into a fair value hedge relationship where it uses an interest rate swap (receive fixed/pay float) to hedge the changes in fair value of its senior preferred debt. The effective need of this hedge relationship is assessed in the similar way as the macro fair value hedge where the interest rate swap is the hedging instrument and the senior preferred debt is the hedged item.
Net investment hedge of a foreign operation
Triodos Bank hedges part of its net investment in Triodos Bank UK Limited, its subsidiary in the United Kingdom. The hedged risk is the foreign currency exposure arising from the net investment. Triodos Bank designates the hedged risk as the risk of the GBP spot changes against the EUR, in order to reduce fluctuations in the value of the net investment in its subsidiaries due to movements in the GBP exchange rate. Triodos Bank makes use of foreign exchange forward contracts to hedge this risk. The derivatives are recorded at fair value on the balance sheet.
The fair value movements of these contracts are determined by the changes in spot foreign exchange rate, and the basis spread. The basis spread is the difference between the spot and forward rate in the contract. Triodos Bank elects to use the cost of hedging method for changes in the basis spread and records these in a separate component within equity. The spot rate changes are, together with the changes in the hedge risk, recognised in the translation reserve through OCI. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation, respectively.
Critical judgement and estimates
Triodos Bank determines the fair values of derivatives periodically, which is a critical estimate. For more details on the measurement of fair values, refer to Fair value of financial instruments.
Derivative financial instruments, consisting of foreign currency forward contracts and interest rate swaps, are initially recognised at fair value, with subsequent fair value movements recognised in profit or loss. Triodos Bank uses derivatives (principally interest rate swaps) for economic hedging purposes in the management of its asset and liability portfolios. The objective of economic hedging is to enter into derivative positions with an opposite risk profile to an identified risk exposure to reduce that risk exposure. In accounting for these derivatives, Triodos Bank applies hedge accounting.
Fair values of interest rate swaps are determined by discounted cash flows against prevailing market interest rates. Foreign exchange forwards fair values are determined by the movement of the foreign exchange rate. Changes in the fair value are included in the profit or loss account.
The effective portion of fair value movements of those derivatives in a cash flow or net investment hedge relationship are recognised in OCI and recycled to the profit or loss when the related result on the hedged item is recognised in profit or loss.
The fair value movements of those derivatives in a fair value hedge relationship are recognised directly in the profit or loss. In addition, a fair value hedge adjustment representing the hedged fair value movement of the hedged item is recognised directly into profit or loss.
Hedge accounting
Triodos Bank elected, as a policy choice permitted by IFRS 9, to continue to apply hedge accounting in accordance with IAS 39. Triodos Bank designates certain derivatives held for risk management as well as certain non-trading derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, Triodos Bank formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
Triodos Bank makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within the effective range. A hedge is regarded as highly effective if the changes in fair value or cash flows attributable to the hedged risk of the hedging instrument and the hedged item during the period for which the hedge is designated are expected to offset in a range of 80% to 125%. The applied hedge accounting types are discussed below.
Fair value hedges
Triodos Bank applies macro fair value hedge accounting for the derivatives that hedge the changes in fair value due to changes in interest rates of its portfolio of fixed rate financial assets. Under this hedging strategy, interest rates swaps are designated as hedging instruments, which are in an economic hedge relationship with a portfolio of loans and mortgages as hedged item to cover the fair value risk due to changes in interest rate.
Triodos Bank determines hedged items by identifying portfolios of homogeneous loans based on their contractual interest rates, maturity and other risk characteristics. Loans within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual, repricing dates. The hedging instruments (pay fix/receive floating rate interest rate swaps) are designated to those repricing time buckets.
Hedge relationships designated under this policy are expected to be highly effective. However, some degree of ineffectiveness is expected due to:
Discounting of assets with the curve of the payment frequency where the swaps are discounted using the OIS curve.
Fair value changes in the floating leg of the swaps.
In 2024, Triodos Bank entered into a fair value hedge relationship where it uses an interest rate swap (receive fixed/pay float) to hedge the changes in fair value of its senior preferred debt. The effective need of this hedge relationship is assessed in the similar way as the macro fair value hedge where the interest rate swap is the hedging instrument and the senior preferred debt is the hedged item.
Net investment hedge of a foreign operation
Triodos Bank hedges part of its net investment in Triodos Bank UK Limited, its subsidiary in the United Kingdom. The hedged risk is the foreign currency exposure arising from the net investment. Triodos Bank designates the hedged risk as the risk of the GBP spot changes against the EUR, in order to reduce fluctuations in the value of the net investment in its subsidiaries due to movements in the GBP exchange rate. Triodos Bank makes use of foreign exchange forward contracts to hedge this risk. The derivatives are recorded at fair value on the balance sheet.
The fair value movements of these contracts are determined by the changes in spot foreign exchange rate, and the basis spread. The basis spread is the difference between the spot and forward rate in the contract. Triodos Bank elects to use the cost of hedging method for changes in the basis spread and records these in a separate component within equity. The spot rate changes are, together with the changes in the hedge risk, recognised in the translation reserve through OCI. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i19363": { "value": "Derivative financial instruments, consisting of foreign currency forward contracts and interest rate swaps, are initially recognised at fair value, with subsequent fair value movements recognised in profit or loss. Triodos Bank uses derivatives (principally interest rate swaps) for economic hedging purposes in the management of its asset and liability portfolios. The objective of economic hedging is to enter into derivative positions with an opposite risk profile to an identified risk exposure to reduce that risk exposure. In accounting for these derivatives, Triodos Bank applies hedge accounting.
Fair values of interest rate swaps are determined by discounted cash flows against prevailing market interest rates. Foreign exchange forwards fair values are determined by the movement of the foreign exchange rate. Changes in the fair value are included in the profit or loss account.
The effective portion of fair value movements of those derivatives in a cash flow or net investment hedge relationship are recognised in OCI and recycled to the profit or loss when the related result on the hedged item is recognised in profit or loss.
The fair value movements of those derivatives in a fair value hedge relationship are recognised directly in the profit or loss. In addition, a fair value hedge adjustment representing the hedged fair value movement of the hedged item is recognised directly into profit or loss.
Hedge accounting
Triodos Bank elected, as a policy choice permitted by IFRS 9, to continue to apply hedge accounting in accordance with IAS 39. Triodos Bank designates certain derivatives held for risk management as well as certain non-trading derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, Triodos Bank formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
Triodos Bank makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within the effective range. A hedge is regarded as highly effective if the changes in fair value or cash flows attributable to the hedged risk of the hedging instrument and the hedged item during the period for which the hedge is designated are expected to offset in a range of 80% to 125%. The applied hedge accounting types are discussed below.
Fair value hedges
Triodos Bank applies macro fair value hedge accounting for the derivatives that hedge the changes in fair value due to changes in interest rates of its portfolio of fixed rate financial assets. Under this hedging strategy, interest rates swaps are designated as hedging instruments, which are in an economic hedge relationship with a portfolio of loans and mortgages as hedged item to cover the fair value risk due to changes in interest rate.
Triodos Bank determines hedged items by identifying portfolios of homogeneous loans based on their contractual interest rates, maturity and other risk characteristics. Loans within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual, repricing dates. The hedging instruments (pay fix/receive floating rate interest rate swaps) are designated to those repricing time buckets.
Hedge relationships designated under this policy are expected to be highly effective. However, some degree of ineffectiveness is expected due to:
Discounting of assets with the curve of the payment frequency where the swaps are discounted using the OIS curve.
Fair value changes in the floating leg of the swaps.
In 2024, Triodos Bank entered into a fair value hedge relationship where it uses an interest rate swap (receive fixed/pay float) to hedge the changes in fair value of its senior preferred debt. The effective need of this hedge relationship is assessed in the similar way as the macro fair value hedge where the interest rate swap is the hedging instrument and the senior preferred debt is the hedged item.
Net investment hedge of a foreign operation
Triodos Bank hedges part of its net investment in Triodos Bank UK Limited, its subsidiary in the United Kingdom. The hedged risk is the foreign currency exposure arising from the net investment. Triodos Bank designates the hedged risk as the risk of the GBP spot changes against the EUR, in order to reduce fluctuations in the value of the net investment in its subsidiaries due to movements in the GBP exchange rate. Triodos Bank makes use of foreign exchange forward contracts to hedge this risk. The derivatives are recorded at fair value on the balance sheet.
The fair value movements of these contracts are determined by the changes in spot foreign exchange rate, and the basis spread. The basis spread is the difference between the spot and forward rate in the contract. Triodos Bank elects to use the cost of hedging method for changes in the basis spread and records these in a separate component within equity. The spot rate changes are, together with the changes in the hedge risk, recognised in the translation reserve through OCI. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i19365": { "value": "Derivative financial instruments, consisting of foreign currency forward contracts and interest rate swaps, are initially recognised at fair value, with subsequent fair value movements recognised in profit or loss. Triodos Bank uses derivatives (principally interest rate swaps) for economic hedging purposes in the management of its asset and liability portfolios. The objective of economic hedging is to enter into derivative positions with an opposite risk profile to an identified risk exposure to reduce that risk exposure. In accounting for these derivatives, Triodos Bank applies hedge accounting.
Fair values of interest rate swaps are determined by discounted cash flows against prevailing market interest rates. Foreign exchange forwards fair values are determined by the movement of the foreign exchange rate. Changes in the fair value are included in the profit or loss account.
The effective portion of fair value movements of those derivatives in a cash flow or net investment hedge relationship are recognised in OCI and recycled to the profit or loss when the related result on the hedged item is recognised in profit or loss.
The fair value movements of those derivatives in a fair value hedge relationship are recognised directly in the profit or loss. In addition, a fair value hedge adjustment representing the hedged fair value movement of the hedged item is recognised directly into profit or loss.
Hedge accounting
Triodos Bank elected, as a policy choice permitted by IFRS 9, to continue to apply hedge accounting in accordance with IAS 39. Triodos Bank designates certain derivatives held for risk management as well as certain non-trading derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, Triodos Bank formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
Triodos Bank makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within the effective range. A hedge is regarded as highly effective if the changes in fair value or cash flows attributable to the hedged risk of the hedging instrument and the hedged item during the period for which the hedge is designated are expected to offset in a range of 80% to 125%. The applied hedge accounting types are discussed below.
Fair value hedges
Triodos Bank applies macro fair value hedge accounting for the derivatives that hedge the changes in fair value due to changes in interest rates of its portfolio of fixed rate financial assets. Under this hedging strategy, interest rates swaps are designated as hedging instruments, which are in an economic hedge relationship with a portfolio of loans and mortgages as hedged item to cover the fair value risk due to changes in interest rate.
Triodos Bank determines hedged items by identifying portfolios of homogeneous loans based on their contractual interest rates, maturity and other risk characteristics. Loans within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual, repricing dates. The hedging instruments (pay fix/receive floating rate interest rate swaps) are designated to those repricing time buckets.
Hedge relationships designated under this policy are expected to be highly effective. However, some degree of ineffectiveness is expected due to:
Discounting of assets with the curve of the payment frequency where the swaps are discounted using the OIS curve.
Fair value changes in the floating leg of the swaps.
In 2024, Triodos Bank entered into a fair value hedge relationship where it uses an interest rate swap (receive fixed/pay float) to hedge the changes in fair value of its senior preferred debt. The effective need of this hedge relationship is assessed in the similar way as the macro fair value hedge where the interest rate swap is the hedging instrument and the senior preferred debt is the hedged item.
Net investment hedge of a foreign operation
Triodos Bank hedges part of its net investment in Triodos Bank UK Limited, its subsidiary in the United Kingdom. The hedged risk is the foreign currency exposure arising from the net investment. Triodos Bank designates the hedged risk as the risk of the GBP spot changes against the EUR, in order to reduce fluctuations in the value of the net investment in its subsidiaries due to movements in the GBP exchange rate. Triodos Bank makes use of foreign exchange forward contracts to hedge this risk. The derivatives are recorded at fair value on the balance sheet.
The fair value movements of these contracts are determined by the changes in spot foreign exchange rate, and the basis spread. The basis spread is the difference between the spot and forward rate in the contract. Triodos Bank elects to use the cost of hedging method for changes in the basis spread and records these in a separate component within equity. The spot rate changes are, together with the changes in the hedge risk, recognised in the translation reserve through OCI. Any ineffective portion of the changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i19442": { "value": "The balance sheet value of other assets as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Prepayments and accrued income | 50,412 | 54,444 |
Other | 16,415 | 14,683 |
Allowance for ECL | -51 | -52 |
Balance sheet value as at 31 December | 66,776 | 69,075 |
The other assets fall due within one year for an amount of EUR 36 million (2024: EUR 46 million).
Other assets are recognised initially at fair value and subsequently measured at amortised cost.
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
The balance sheet value of assets held for sale as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Repossessed assets | 4,690 | 3,995 |
Balance sheet value as at 31 December | 4,690 | 3,995 |
Triodos Bank can acquire the collateral under non-performing loans. All assets acquired are real estate. It is the intention of Triodos Bank to dispose of these assets as they are not part of the primary business of the bank. If permitted by the underlying contracts of the acquired assets, these assets are presented as real estate for sale, using an estate agent.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Cumulative impairments on assets held for sale | -1,462 | -1,708 |
Total for the year | -1,462 | -1,708 |
A non-current asset is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The condition for such classification is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition.
Non-current assets classified as held for sale are initially measured as the lower of:
Carrying amount
Fair value less costs to sell
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group) but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.
A non-current asset is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The condition for such classification is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition.
Non-current assets classified as held for sale are initially measured as the lower of:
Carrying amount
Fair value less costs to sell
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group) but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Deposits from banks | 35,165 | 238,720 |
Cash collateral received | 221,035 | 132,067 |
Interest payable | - | 2,341 |
Balance sheet value as at 31 December | 256,200 | 373,128 |
At year-end 2024, the deposits from banks included one repurchase agreement for EUR\u00a0200\u00a0million. This repurchase agreement was repaid in 2025.
The remaining deposits from banks relates to deposits received from German banks in connection with interest-subsidised loans in the renewable energy sector.
Deposits from banks classified by residual maturity can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Payable on demand | 221,035 | 132,067 |
1 to 3 months | - | 202,341 |
3 months to 1 year | 2,323 | 201 |
1 to 5 years | 15,486 | 17,828 |
Longer than 5 years | 17,356 | 20,691 |
Balance sheet value as at 31 December | 256,200 | 373,128 |
Deposits from banks are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
To determine the accounting treatment of a repurchase agreement, the economic substance of the transaction must be determined. If substantially all risks and rewards of the sold assets remain with Triodos Bank, the assets will not be derecognised and a deposit from banks is recognised, measured at amortised cost. If substantially all risks and rewards do not remain with Triodos Bank, the sold assets are derecognised upon sale.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Business customers: | \u00a0 | \u00a0 |
Saving accounts | 1,982,988 | 1,827,313 |
Fixed term deposits | 467,996 | 487,143 |
Current accounts | 2,330,167 | 2,313,451 |
Retail customers: | \u00a0 | \u00a0 |
Saving accounts | 7,318,248 | 6,783,489 |
Fixed term deposits | 1,334,754 | 1,352,543 |
Current accounts | 1,533,988 | 1,584,276 |
| \u00a0 | \u00a0 | \u00a0 |
Interest payable | 107,189 | 129,787 |
Balance sheet value as at 31 December | 15,075,330 | 14,478,002 |
Deposits from customers classified by residual maturity can be broken down as follows:
| \u00a0 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Business customers | Retail customers | Total | Business customers | Retail customers | Total |
Payable on demand | 4,326,364 | 9,041,663 | 13,368,027 | 4,168,057 | 8,568,003 | 12,736,060 |
1 to 3 months | 159,409 | 248,376 | 407,785 | 179,033 | 197,447 | 376,480 |
3 months to 1 year | 285,778 | 742,862 | 1,028,640 | 274,830 | 830,479 | 1,105,309 |
1 to 5 years | 38,552 | 201,304 | 239,856 | 44,048 | 186,469 | 230,517 |
Longer than 5 years | 5,286 | 25,736 | 31,022 | 3,802 | 25,834 | 29,636 |
Balance sheet value as at 31 December | 4,815,389 | 10,259,941 | 15,075,330 | 4,669,770 | 9,808,232 | 14,478,002 |
Deposits from customers are initially measured at fair value less incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
The balance sheet value of the other liabilities as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Other liabilities | 15,437 | 14,205 |
Other accruals and deferred income | 46,225 | 47,722 |
Balance sheet value as at 31 December | 61,662 | 61,927 |
The other liabilities fall due within one year for an amount of EUR 42 million (2024: EUR 49 million).
On initial recognition, other liabilities are recognised at fair value. After initial recognition, other liabilities are recognised at the amortised cost, being the amount received, taking into account premiums or discounts, less transaction costs. This is usually the nominal value.
The balance sheet value of the other liabilities as at 31 December can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Other liabilities | 15,437 | 14,205 |
Other accruals and deferred income | 46,225 | 47,722 |
Balance sheet value as at 31 December | 61,662 | 61,927 |
The other liabilities fall due within one year for an amount of EUR 42 million (2024: EUR 49 million).
On initial recognition, other liabilities are recognised at fair value. After initial recognition, other liabilities are recognised at the amortised cost, being the amount received, taking into account premiums or discounts, less transaction costs. This is usually the nominal value.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Settlement offer to Depository Receipt Holders | 86 | 101,000 |
Net pension liability | 6,608 | 9,787 |
Reorganisation provisions | 14,557 | - |
ECL on loan commitments and financial guarantee contracts issued | 1,844 | 1,770 |
Other provisions | 3,499 | 9,043 |
Balance sheet value as at 31 December | 26,594 | 121,600 |
An amount of EUR 2 million (2024: EUR 105 million) of these provisions can be classified as shorter than one year.
Triodos Bank offered all eligible Depository Receipt (DR) Holders, who owned DRs on 28 June 2023, a settlement offer of EUR 10 per DR in exchange for full and final discharge. A provision of EUR 101 million was created at the end of 2024 related to this settlement offer. This settlement offer was part of a larger package of measures, published in a press release on 10 January 2025. With this package of measures, Triodos Bank aimed to address the dissatisfaction among DR Holders regarding the suspension and restoration of tradability of DRs, while safeguarding its capacity to achieve its positive impact goals in the interest of all its stakeholders.
The provision was an estimate, based on the EUR 10 per expected number of eligible DRs for which the settlement offer will be accepted. The actual number of DRs that is subject to the settlement offer has been higher than expected when the provision was created. Therefore, an additional amount of EUR 16 million was added to the provision in 2025.
The provision is undiscounted as it is expected to be settled within one year after balance sheet date. Please see Our investors for additional information.
The movement in the settlement offer to Depository Receipt Holders provision is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 101,000 | - |
Addition | 16,233 | 101,000 |
Witdrawal | -117,147 | - |
Release | - | - |
Balance sheet value as at 31 December | 86 | 101,000 |
The movement in the net pension liability provision is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 9,787 | 9,800 |
Amortisation | 305 | 318 |
Witdrawal1 | -2,298 | - |
Release | -1,186 | -331 |
Balance sheet value as at 31 December | 6,608 | 9,787 |
In 2025, reorganisation provisions has been created regarding:
The decision to wind down Triodos Bank\u2019s banking business in Germany. This includes a provision for redundancies. The wind-down is expected to be completed in 2027.
The Fit for Impact programme, a comprehensive transformation programme to selectively restructure the organisation to strengthen customer focus and enhance business agility. This consists of a provision for redundancies, which are expected to occur over the next three years.
The movement in the reorganisation provisions is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | - | - |
Amortisation | 14,557 | - |
Withdrawal | - | - |
Release | - | - |
Balance sheet value as at 31 December | 14,557 | - |
Loan commitments issued result in issued loans when offers are signed or when commitments are used. The following table shows the movements within the ECL provision on loan commitments and financial guarantee contracts issued.
ECL loan commitments and financial guarantee contracts issued | 2025 | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Balance at 1 January | 1,037 | 733 | 1,770 |
Net remeasurement of allowance for expected credit losses | -90 | 293 | 203 |
of which: | \u00a0 | \u00a0 | \u00a0 |
- Macroeconomic forward-looking impact | -85 | 398 | 313 |
- Update ECL model | - | - | - |
- Individual commitment behaviour | -5 | -105 | -110 |
Net portfolio growth | -44 | -91 | -135 |
Foreign exchange and other movements | 3 | 3 | 6 |
Balance at 31 December | 906 | 938 | 1,844 |
ECL loan commitments and financial guarantee contracts issued | 2024 | ||
|---|---|---|---|
Amounts in thousands of EUR | Stage 1 | Stage 2 | Total |
Balance at 1 January | 1,110 | 387 | 1,497 |
Net remeasurement of allowance for expected credit losses | -252 | 219 | -33 |
of which: | \u00a0 | \u00a0 | \u00a0 |
- Macroeconomic forward-looking impact | -251 | 96 | -155 |
- Update ECL model | - | - | - |
- Individual commitment behaviour | -1 | 123 | 122 |
Net portfolio growth | 183 | 129 | 312 |
Foreign exchange and other movements | -4 | -2 | -6 |
Balance at 31 December | 1,037 | 733 | 1,770 |
The other provisions consist of the provisions that are recurring and non-recurring provisions, such as:
Vitality leave: This provision accrues over time and is used when co-workers take vitality leave.
Long-term illness: This provision is used for those co-workers that have a long-term illness. This provision is expected to be largely used within one year.
The movement in the other provisions is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 9,043 | 6,862 |
Addition | 1,678 | 7,882 |
Withdrawal | -1,797 | -4,731 |
Release | -5,376 | -981 |
Exchange rate differences | -49 | 11 |
Balance sheet value as at 31 December | 3,499 | 9,043 |
Triodos Bank recognises a provision when it has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If provisions are expected to be settled after more than one year, these are discounted. The increase in the provision due to the passage of time is recognised as interest expense.
Defined benefit pension liability
The net defined benefit pension liability is the defined benefit liability minus the fair value of the plan assets. The present value of an entity's defined benefit pension liability is determined using the projected unit credit method. This sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately in building up the final obligation. The defined benefit pension obligation is determined using the actuarial valuation method.
Movements due to actuarial gains and losses are recognised directly in OCI, net of tax. Current service costs, past service costs and settlements are recognised in the profit or loss accounts. An interest expense over the net defined benefit pension liability is recognised in the profit or loss accounts and will be dependent on the carrying value of the net defined benefit pension liability and the market interest rate.
The amount of the actual future indexation will be at the discretion of Triodos Bank and will be determined annually by the Executive Board. The decision for the amount of indexation will be based on actual inflation rates. The estimate is sensitive to the interest rate which is used to discount future cash flows.
Critical judgement and estimates
Triodos Bank determines the ECL which is a critical estimate and includes critical judgements. For more details on the critical judgement and estimate of ECL, refer to Financial instruments.
The movement in the net pension liability provision is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Pension expenses, defined contribution schemes | 18,749 | 17,315 |
Total pension expenses | 18,749 | 17,315 |
The pension expenses for the defined contribution schemes are based on the contributions owed for the financial year.
Defined contribution plan
Triodos Bank has a number of defined contribution pension schemes. Premiums are paid based on a contractual and voluntary basis to insurance companies on a defined contribution basis. Premiums are recognised as an employee cost when they are due. Prepaid contributions are recognised as deferred assets if these lead to a refund or reduction of future payments. Contributions that are due but have not yet been paid are presented as liabilities.
Defined benefit plan
Those pension plans that do not meet the definition of a defined contribution plan are treated as a defined benefit plan. In the Netherlands, there is a constructive indexation obligation. While in Belgium, the law has a minimum yield requirement. Changes to the actuarial provision are charged to the other comprehensive income and are not recycled to the profit or loss accounts in subsequent periods. The increase in the provision due to the passage of time is recognised as interest expense. For further information on the actuarial provision, please refer to disclosure 17 Provisions on page .
Triodos Bank's pension scheme in the Netherlands is a defined contribution scheme. The commitment to the participating co-workers consists of paying the outstanding contribution to a maximum of the gross annual salary of EUR 137,800.
In the Netherlands, co-workers of related parties also participate in the pension scheme. The total pension commitment and the resulting expenses are reported here in note 28. Part of the expenses are charged to the respective related parties, based on their share of the total salaries of the participating co-workers.
The Triodos Bank pension schemes in the United Kingdom, Spain and Germany are defined contribution schemes that have been placed with life insurance companies in those countries. The commitment to the participating co-workers consists of paying any outstanding contribution. Participation in the pension scheme is obligatory for co-workers in Belgium, Spain and the United Kingdom. In Belgium, the pension scheme is considered a defined benefit scheme for which the co-workers' contribution is 2% of salary and the employer's contribution is 6%. In Spain, the pension contribution is 1.5% of salary, paid in full by the employer. In the United Kingdom, the co-workers\u2019 contributions are optional with those who opt to do so contributing between 1% and 62% of their salary, and the employer's contribution amounts to 8% or 10% of salary depending on length of service.
In Germany, participation in the pension scheme is voluntary. The co-workers' contribution is 3.33% of their salary and the employer's contribution is 6.67%. In Germany, 99% of co-workers participate in the pension scheme.
Triodos Bank recognises a provision when it has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If provisions are expected to be settled after more than one year, these are discounted. The increase in the provision due to the passage of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i19995": { "value": "Defined benefit pension liability
The net defined benefit pension liability is the defined benefit liability minus the fair value of the plan assets. The present value of an entity's defined benefit pension liability is determined using the projected unit credit method. This sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately in building up the final obligation. The defined benefit pension obligation is determined using the actuarial valuation method.
Movements due to actuarial gains and losses are recognised directly in OCI, net of tax. Current service costs, past service costs and settlements are recognised in the profit or loss accounts. An interest expense over the net defined benefit pension liability is recognised in the profit or loss accounts and will be dependent on the carrying value of the net defined benefit pension liability and the market interest rate.
The amount of the actual future indexation will be at the discretion of Triodos Bank and will be determined annually by the Executive Board. The decision for the amount of indexation will be based on actual inflation rates. The estimate is sensitive to the interest rate which is used to discount future cash flows.
Defined contribution plan
Triodos Bank has a number of defined contribution pension schemes. Premiums are paid based on a contractual and voluntary basis to insurance companies on a defined contribution basis. Premiums are recognised as an employee cost when they are due. Prepaid contributions are recognised as deferred assets if these lead to a refund or reduction of future payments. Contributions that are due but have not yet been paid are presented as liabilities.
Defined benefit plan
Those pension plans that do not meet the definition of a defined contribution plan are treated as a defined benefit plan. In the Netherlands, there is a constructive indexation obligation. While in Belgium, the law has a minimum yield requirement. Changes to the actuarial provision are charged to the other comprehensive income and are not recycled to the profit or loss accounts in subsequent periods. The increase in the provision due to the passage of time is recognised as interest expense. For further information on the actuarial provision, please refer to disclosure 17 Provisions on page .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20034": { "value": "Subordinated liabilities can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Subordinated Tier 2 instruments: | \u00a0 | \u00a0 |
Subordinated Green Bond (institutional investors) | 249,554 | 249,148 |
Subordinated Bond (retail investors) | - | 6,882 |
Interest payable | 5,073 | 5,123 |
Balance sheet value as at 31 December | 254,627 | 261,153 |
In 2021, Triodos Bank realised the placement of a subordinated Green Bond to institutional investors. The Green Bond has a nominal value of EUR 250 million, a tenor of 10.25 years and a coupon of 2.25% for the first five and a quarter years, after which there is an option to redeem the bond early. If the bond is not redeemed early, the interest rate is reset to maturity at 2.4% above the annual euro mid-swap rate. The Green Bond has been placed below nominal value at 99.497%. The placement of the Green Bond results in an increase of the Tier 2 Capital which is a diversification of the total capital of Triodos Bank.
The subordinated bond issued to retail investors has been repaid at nominal value in 2025.
Subordinated liabilities are initially measured at fair value minus incremental direct transaction costs and subsequently measured at their amortised cost using the effective interest method.
The equity stated on the consolidated balance sheet is equal to that stated on the parent company balance sheet. At the end of 2024, the Depository Receipt (DR) Holders approved the proposal to reduce the share capital of Triodos Bank by means of lowering the nominal value per share and DR to EUR 1. This decision became effective 14 February 2025. For each share, an amount of EUR 49 has been added to the share premium reserve meaning that Triodos Bank's total equity amount remained unchanged. The authorised capital totals to an amount of EUR 1.5 billion and is divided into 30 million ordinary shares, each with a nominal value of EUR 1. At year-end 2025, there were 14,467,056 ordinary shares (2024: 14,467,056 shares), each of EUR 1 (2024: EUR 50), issued to and fully paid up by Stichting Administratiekantoor Aandelen Triodos Bank (SAAT). As at the same date, SAAT had also issued 14,467,056 DRs (2024: 14,467,056 DRs), each with a nominal value of EUR 1 (2024: EUR 50).
The purchasing and reissuing of DRs for own shares is charged or credited respectively to the other reserves. The transaction result after the reissuing of all own DRs purchased shall be placed at the disposal of the Annual General Meeting. At year-end 2025, Triodos Bank has purchased 274,982 of its own DRs. More details on capital ratios are included in the Pillar 3 report which can be found on the Triodos Bank website.
The movement in the number of shares is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Number of shares as at 1 January | 14,467,056 | 14,467,056 |
Number of shares as at 31 December | 14,467,056 | 14,467,056 |
This item includes the share premium reserve, which is composed of deposits that exceed the nominal capital. The full balance of the share premium reserve has been recognised as such for tax purposes.
At the end of 2024, the Depository Receipt (DR) Holders approved the proposal to reduce the share capital of Triodos Bank by means of lowering the nominal value per share and DR to EUR 1. This decision became effective 14 February 2025. For each share, an amount of EUR 49 has been added to the share premium reserve meaning that Triodos Bank's total equity amount remained unchanged.
The translation reserve includes the currency translation result of foreign operations and the effective portion of the net investment hedge on foreign operations.
The cost of hedging reserve relates to the forward component of the net investment hedges which are recognised as cost of hedging.
The fair value reserve relates to the unrealised value adjustments in respect of the acquisition price for participating interests.
The other reserve is a regulatory reserve for in-house developed intangible assets and is not available for distribution to shareholders. The movement is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 44,384 | 47,005 |
Transfer of other reserve | 2,601 | -2,621 |
Balance sheet value as at 31 December | 46,985 | 44,384 |
The movement in retained earnings includes purchasing of own Depository Receipts, the addition of prior year profit appropriation to retained earnings and the payment of extraordinary dividend. At year-end 2025, Triodos Bank had purchased 274,982 own Depository Receipts for an amount of EUR 24,080 thousand (2024: 284,196 own Depository Receipts for an amount of EUR 24,157 thousand).
The unappropriate result for the period is as follows;
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Result for the period | -25,040 | -2,997 |
Interim dividends | -8,515 | -18,024 |
Unappropriate result for the period | -33,555 | -21,021 |
As set out in the Articles of Association, the appropriation of the result is as follows:
Part of the result as reported in the adopted profit or loss account shall be used by the Executive Board to form or add to the reserves to the extent that this is deemed desirable. The remaining result shall be distributed to the shareholders, unless the General Meeting decides otherwise.
The proposed appropriation of the result is based on the number of Depository Receipts issued as at 31 December 2025, minus the number of Depository Receipts purchased by Triodos Bank. The final proposal will be submitted at the Annual General Meeting.
The proposed appropriation of the result (in thousands of EUR) is as follows:
Amounts in thousands of EUR | 2025 |
|---|---|
Net result | -25,040 |
Charged to the retained earnings | 33,555 |
Dividend (EUR 0.6 per Depository Receipt, including EUR 0.6 interim dividend)1 | 8,515 |
For the year result of 2025, Triodos Bank proposes not to pay a final dividend per Depository Receipt. This proposal results in a total dividend which equals the interim dividend of EUR 0.60 per Depository Receipt that has been paid out in September 2025.
The equity stated on the consolidated balance sheet is equal to that stated on the parent company balance sheet. At the end of 2024, the Depository Receipt (DR) Holders approved the proposal to reduce the share capital of Triodos Bank by means of lowering the nominal value per share and DR to EUR 1. This decision became effective 14 February 2025. For each share, an amount of EUR 49 has been added to the share premium reserve meaning that Triodos Bank's total equity amount remained unchanged. The authorised capital totals to an amount of EUR 1.5 billion and is divided into 30 million ordinary shares, each with a nominal value of EUR 1. At year-end 2025, there were 14,467,056 ordinary shares (2024: 14,467,056 shares), each of EUR 1 (2024: EUR 50), issued to and fully paid up by Stichting Administratiekantoor Aandelen Triodos Bank (SAAT). As at the same date, SAAT had also issued 14,467,056 DRs (2024: 14,467,056 DRs), each with a nominal value of EUR 1 (2024: EUR 50).
The purchasing and reissuing of DRs for own shares is charged or credited respectively to the other reserves. The transaction result after the reissuing of all own DRs purchased shall be placed at the disposal of the Annual General Meeting. At year-end 2025, Triodos Bank has purchased 274,982 of its own DRs. More details on capital ratios are included in the Pillar 3 report which can be found on the Triodos Bank website.
The movement in the number of shares is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Number of shares as at 1 January | 14,467,056 | 14,467,056 |
Number of shares as at 31 December | 14,467,056 | 14,467,056 |
At the end of 2024, the Depository Receipt (DR) Holders approved the proposal to reduce the share capital of Triodos Bank by means of lowering the nominal value per share and Depository Receipt to EUR 1. This decision became effective 14 February 2025. For each share, an amount of EUR 49 has been added to the share premium reserve meaning that Triodos Bank's total equity amount remained unchanged. The authorised capital totals to an amount of EUR 1.5 billion and is divided into 30 million ordinary shares, each with a nominal value of EUR 1. At year-end, there were 14,467,056 ordinary shares (2024: 14,467,056 shares), each of EUR 1 (2024: EUR 50), issued to and fully paid up by Stichting Administratiekantoor Aandelen Triodos Bank. As at the same date, Stichting Administratiekantoor Aandelen Triodos Bank had also issued 14,467,056 Depository Receipts (2024: 14,467,056 Depository Receipts), each with a nominal value of EUR 1 (2024: EUR 50).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nameofparententity-inlinetag-i20037": { "value": "Stichting Administratiekantoor Aandelen Triodos Bank (SAAT)", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i20039": { "value": "The purchasing and reissuing of DRs for own shares is charged or credited respectively to the other reserves. The transaction result after the reissuing of all own DRs purchased shall be placed at the disposal of the Annual General Meeting. At year-end 2025, Triodos Bank has purchased 274,982 of its own DRs. More details on capital ratios are included in the Pillar 3 report which can be found on the Triodos Bank website.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i20041": { "value": "The purchasing and reissuing of DRs for own shares is charged or credited respectively to the other reserves. The transaction result after the reissuing of all own DRs purchased shall be placed at the disposal of the Annual General Meeting. At year-end 2025, Triodos Bank has purchased 274,982 of its own DRs. More details on capital ratios are included in the Pillar 3 report which can be found on the Triodos Bank website.
The movement in the number of shares is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
Number of shares as at 1 January | 14,467,056 | 14,467,056 |
Number of shares as at 31 December | 14,467,056 | 14,467,056 |
This item includes the share premium reserve, which is composed of deposits that exceed the nominal capital. The full balance of the share premium reserve has been recognised as such for tax purposes.
At the end of 2024, the Depository Receipt (DR) Holders approved the proposal to reduce the share capital of Triodos Bank by means of lowering the nominal value per share and DR to EUR 1. This decision became effective 14 February 2025. For each share, an amount of EUR 49 has been added to the share premium reserve meaning that Triodos Bank's total equity amount remained unchanged.
The translation reserve includes the currency translation result of foreign operations and the effective portion of the net investment hedge on foreign operations.
The cost of hedging reserve relates to the forward component of the net investment hedges which are recognised as cost of hedging.
The fair value reserve relates to the unrealised value adjustments in respect of the acquisition price for participating interests.
The other reserve is a regulatory reserve for in-house developed intangible assets and is not available for distribution to shareholders. The movement is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Balance sheet value as at 1 January | 44,384 | 47,005 |
Transfer of other reserve | 2,601 | -2,621 |
Balance sheet value as at 31 December | 46,985 | 44,384 |
For the year result of 2025, Triodos Bank proposes not to pay a final dividend per Depository Receipt. This proposal results in a total dividend which equals the interim dividend of EUR 0.60 per Depository Receipt that has been paid out in September 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20147": { "value": "This item relates to credit substitute guarantees and non-credit-substitute guarantees that are partly secured by blocked accounts for the same amount.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Credit substitute guarantees | 16,388 | 25,027 |
Non-credit substitute guarantees | 34,994 | 44,888 |
Total contingent liabilities | 51,382 | 69,915 |
Credit substitute guarantees are guarantees issued to customers for loans provided to these customers by other banks. Non-credit substitute guarantees are guarantees to customers for all other obligations of these customers to third parties. For example:
Obligations to purchase goods.
Obligations to decommission equipment or reinstate property (mostly related to project finance provided by Triodos Bank).
Triodos Bank is involved in a number of legal proceedings. Management assesses the outcome of litigation matters and takes provisions when expected losses with respect to such matters are more likely than not and the expected outflow of resources can be reliably estimated. If a provision cannot be recognised, and the outflow or economic benefits is not remote, a contingent liability is recognised. Therefore, as at end 2025, the legal proceedings in relation to Depository Receipts are regarded by Triodos Bank as contingent liabilities except for those that are provided for. For more information on legal proceedings pending, please refer to the Legal proceedings disclosure on page .
Financial guarantees are initially recognised in the financial statements (within provisions) at fair value, being the premium received. Subsequent to initial recognition, the liability under each guarantee is measured at the higher of the amount initially recognised less cumulative amortisation recognised in the profit or loss, and an ECL allowance. The premium received is recognised in the profit or loss in Net fee and commission income on a straight-line basis over the life of the guarantee. A contingent liability is a possible obligation that arises from past events. The outflow of economic benefits arising from this obligation is either not probable or cannot be measured reliably. Contingent liabilities are not recognised in the consolidated balance sheet but are rather disclosed in the notes.
These relate to the total liabilities in respect of irrevocable undertakings, which may lead to a further loan.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Undrawn debit limits on current accounts and credit cards | 253,821 | 269,460 |
Accepted loans not yet paid out | 1,204,087 | 1,284,256 |
Valid loan offers not yet accepted | 89,066 | 74,448 |
Other facilities | 1,578 | 1,578 |
Total irrevocable facilities | 1,548,552 | 1,629,742 |
Irrevocable facilities are undrawn debit limits on current accounts and credit cards, accepted loans not yet paid out, valid loan offers not yet accepted and other facilities. Accepted loans not yet paid out and valid loan offers not yet accepted are in the scope of the ECL requirements as these contain credit risk and are therefore part of the overall credit risk exposure. The nominal contractual value of financial guarantees and undrawn loan commitments, where the loan agreed to be provided is on market terms, are not recorded in the consolidated balance sheet. The ECL provision is recognised in note 17 Provisions on page .
This item relates to credit substitute guarantees and non-credit-substitute guarantees that are partly secured by blocked accounts for the same amount.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Credit substitute guarantees | 16,388 | 25,027 |
Non-credit substitute guarantees | 34,994 | 44,888 |
Total contingent liabilities | 51,382 | 69,915 |
Credit substitute guarantees are guarantees issued to customers for loans provided to these customers by other banks. Non-credit substitute guarantees are guarantees to customers for all other obligations of these customers to third parties. For example:
Obligations to purchase goods.
Obligations to decommission equipment or reinstate property (mostly related to project finance provided by Triodos Bank).
Triodos Bank is involved in a number of legal proceedings. Management assesses the outcome of litigation matters and takes provisions when expected losses with respect to such matters are more likely than not and the expected outflow of resources can be reliably estimated. If a provision cannot be recognised, and the outflow or economic benefits is not remote, a contingent liability is recognised. Therefore, as at end 2025, the legal proceedings in relation to Depository Receipts are regarded by Triodos Bank as contingent liabilities except for those that are provided for. For more information on legal proceedings pending, please refer to the Legal proceedings disclosure on page .
Financial guarantees are initially recognised in the financial statements (within provisions) at fair value, being the premium received. Subsequent to initial recognition, the liability under each guarantee is measured at the higher of the amount initially recognised less cumulative amortisation recognised in the profit or loss, and an ECL allowance. The premium received is recognised in the profit or loss in Net fee and commission income on a straight-line basis over the life of the guarantee. A contingent liability is a possible obligation that arises from past events. The outflow of economic benefits arising from this obligation is either not probable or cannot be measured reliably. Contingent liabilities are not recognised in the consolidated balance sheet but are rather disclosed in the notes.
Financial guarantees are initially recognised in the financial statements (within provisions) at fair value, being the premium received. Subsequent to initial recognition, the liability under each guarantee is measured at the higher of the amount initially recognised less cumulative amortisation recognised in the profit or loss, and an ECL allowance. The premium received is recognised in the profit or loss in Net fee and commission income on a straight-line basis over the life of the guarantee. A contingent liability is a possible obligation that arises from past events. The outflow of economic benefits arising from this obligation is either not probable or cannot be measured reliably. Contingent liabilities are not recognised in the consolidated balance sheet but are rather disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20181": { "value": "These relate to the total liabilities in respect of irrevocable undertakings, which may lead to a further loan.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Undrawn debit limits on current accounts and credit cards | 253,821 | 269,460 |
Accepted loans not yet paid out | 1,204,087 | 1,284,256 |
Valid loan offers not yet accepted | 89,066 | 74,448 |
Other facilities | 1,578 | 1,578 |
Total irrevocable facilities | 1,548,552 | 1,629,742 |
Irrevocable facilities are undrawn debit limits on current accounts and credit cards, accepted loans not yet paid out, valid loan offers not yet accepted and other facilities. Accepted loans not yet paid out and valid loan offers not yet accepted are in the scope of the ECL requirements as these contain credit risk and are therefore part of the overall credit risk exposure. The nominal contractual value of financial guarantees and undrawn loan commitments, where the loan agreed to be provided is on market terms, are not recorded in the consolidated balance sheet. The ECL provision is recognised in note 17 Provisions on page .
In addition to the contingent liabilities and irrevocable facilities reported off-balance sheet, the deposit guarantee scheme and the investor compensation scheme are applicable as stated in Article 3:259 of the Financial Supervision Act in the Netherlands. From May 2019, the funds entrusted from the United Kingdom are insured under the Financial Services Compensation Scheme as defined by the Financial Services and Markets Act 2000 in the United Kingdom. The funds entrusted insured under the deposit guarantee scheme in the Netherlands amounts\u00a0to EUR 9,681 million (2024: EUR 9,432 million) and in the United Kingdom EUR 1,644 million (2024: EUR 1,604 million). In 2016, the annual ex-ante contribution to the Deposit Guarantee Fund started in the Netherlands, and in 2024, the target level was reached of 0.8% of the insured funds entrusted in the Netherlands. The contribution to the Deposit Guarantee Fund amounts to EUR 1 million in 2025 (2024: EUR 2 million).\u00a0\u00a0
The off-balance sheet commitments as at 31 December can be broken down as follows:
2025 | Annual amount | Average year of contract |
|---|---|---|
Software use | 7,186 | 1.31 |
Services relating payment and other banking transactions | 9,547 | 1.54 |
Services relating property management | 172 | 1.37 |
Services relating providing temporary co-workers | 839 | 1.00 |
Audit services | 6,130 | 1.76 |
Balance sheet value as at 31 December | 23,874 | 1.51 |
2024 | Annual amount | Average year of contract |
|---|---|---|
Software use | 7,999 | 1.77 |
Services relating payment and other banking transactions | 7,656 | 1.36 |
Services relating property management | 408 | 1.00 |
Services relating providing temporary co-workers | 4,154 | 0.95 |
Audit services | 3,600 | 1.00 |
Balance sheet value as at 31 December | 23,817 | 1.37 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Loans and advances to customers1 | 401,267 | 434,315 |
Loans and advances to banks | 48,358 | 76,055 |
Debt securities at amortised cost | 86,508 | 62,969 |
Other interest income | 525 | 747 |
Total interest income | 536,658 | 574,086 |
The interest income includes income derived from loans and related transactions, as well as related commissions, which by their nature are similar to interest payments. The interest income on debt securities at amortised cost includes no sales result in 2025 (2024: nil).
Interest income on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest income over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Calculation of the effective interest rate takes into account fees payable or receivable that are an integral part of the instrument's yield, and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.
Triodos Bank calculates interest income on financial assets, other than those considered credit impaired, by applying the effective interest rate to the gross carrying amount. When a financial asset becomes credit impaired and is therefore regarded as stage 3, the interest income is calculated by applying the effective interest rate to the net amortised cost.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Deposits from customers | -169,216 | -186,323 |
Debt securities issued | -21,556 | -6,274 |
Subordinated liabilities | -6,223 | -6,301 |
Deposits from banks | -8,806 | -22,890 |
Other interest expense | 290 | -4,595 |
Total interest expense | -205,511 | -226,383 |
Net interest income | 331,147 | 347,703 |
In the other interest expense, a total of EUR 1.2 million (2024: EUR 1.5 million) was included for the interest on currency forward contracts.
Interest expense on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Loans and advances to customers1 | 401,267 | 434,315 |
Loans and advances to banks | 48,358 | 76,055 |
Debt securities at amortised cost | 86,508 | 62,969 |
Other interest income | 525 | 747 |
Total interest income | 536,658 | 574,086 |
The interest income includes income derived from loans and related transactions, as well as related commissions, which by their nature are similar to interest payments. The interest income on debt securities at amortised cost includes no sales result in 2025 (2024: nil).
Interest income on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest income over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Calculation of the effective interest rate takes into account fees payable or receivable that are an integral part of the instrument's yield, and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.
Triodos Bank calculates interest income on financial assets, other than those considered credit impaired, by applying the effective interest rate to the gross carrying amount. When a financial asset becomes credit impaired and is therefore regarded as stage 3, the interest income is calculated by applying the effective interest rate to the net amortised cost.
Interest income on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest income over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Calculation of the effective interest rate takes into account fees payable or receivable that are an integral part of the instrument's yield, and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.
Triodos Bank calculates interest income on financial assets, other than those considered credit impaired, by applying the effective interest rate to the gross carrying amount. When a financial asset becomes credit impaired and is therefore regarded as stage 3, the interest income is calculated by applying the effective interest rate to the net amortised cost.
Interest expense on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i20278": { "value": "Interest income on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest income over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Calculation of the effective interest rate takes into account fees payable or receivable that are an integral part of the instrument's yield, and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.
Triodos Bank calculates interest income on financial assets, other than those considered credit impaired, by applying the effective interest rate to the gross carrying amount. When a financial asset becomes credit impaired and is therefore regarded as stage 3, the interest income is calculated by applying the effective interest rate to the net amortised cost.
Interest expense on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20335": { "value": "Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Deposits from customers | -169,216 | -186,323 |
Debt securities issued | -21,556 | -6,274 |
Subordinated liabilities | -6,223 | -6,301 |
Deposits from banks | -8,806 | -22,890 |
Other interest expense | 290 | -4,595 |
Total interest expense | -205,511 | -226,383 |
Net interest income | 331,147 | 347,703 |
In the other interest expense, a total of EUR 1.2 million (2024: EUR 1.5 million) was included for the interest on currency forward contracts.
Interest expense on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
Interest expense on financial instruments is determined using the effective interest rate method. The effective interest rate allocates the interest expense over the expected life of the asset or liability at the rate that exactly discounts all estimated future cash flows to equal the instrument's initial carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20353": { "value": "Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Dividend from investment securities | 870 | 774 |
Total investment income | 870 | 774 |
Investment income includes the dividend income from investments in equity instruments designated at fair value through other comprehensive income (FVOCI). Dividend income is recognised when the right to receive income is established. Usually, this is the ex-dividend date for quoted equity securities. Dividends on equity instruments designated as at FVOCI that clearly represent a recovery of part of the cost of the investment are presented in OCI.
In the following table, fee and commission income from contracts with customers in the scope of IFRS 15 is disaggregated by major type of services. The table also includes a reconciliation of the disaggregated fee and commission income with the Group's reportable segments.
The fees and commission presented in this note include income of EUR 15.9 million (2024: EUR 16.0 million) relating to financial assets and financial liabilities not measured at FVTPL. These figures exclude amounts incorporated in determining the effective interest rate on such financial assets and financial liabilities.
Asset management fees include fees earned by Triodos Bank on trust and fiduciary activities in which Triodos Bank holds or invests assets on behalf of its customers.
| \u00a0 | Reportable segments | \u00a0 | \u00a0 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| \u00a0 | Bank Netherlands | Bank Belgium | Bank United Kingdom | Bank Spain | Bank Germany | Total banking activities | Investment Management | Head Office including TRMC | Total | |||||||||
Amounts in thousands of EUR | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Transaction fee securities | 797 | 1,003 | - | - | - | - | - | - | - | - | 797 | 1,003 | - | - | - | - | 797 | 1,003 |
Payment transactions | 22,178 | 21,654 | 114 | 111 | 194 | 228 | 3,394 | 3,471 | 3,071 | 2,978 | 28,951 | 28,442 | - | - | - | - | 28,951 | 28,442 |
Lending | 4,915 | 5,160 | 3,255 | 2,702 | 1,290 | 982 | 4,684 | 5,312 | 891 | 1,024 | 15,035 | 15,180 | - | - | - | - | 15,035 | 15,180 |
Asset management | 11,359 | 12,079 | 3,390 | 4,356 | - | - | - | - | 347 | 377 | 15,096 | 16,812 | - | - | - | - | 15,096 | 16,812 |
Management fees | - | - | - | - | 696 | 584 | 329 | 357 | 165 | 133 | 1,190 | 1,074 | 52,784 | 57,950 | 1,566 | 2,066 | 55,540 | 61,090 |
Other commission income | - | - | - | - | 3,143 | 3,032 | 2,015 | 2,316 | 2 | 2 | 5,160 | 5,350 | - | - | - | - | 5,160 | 5,350 |
Total fee and commission income from contracts with customers | 39,249 | 39,896 | 6,759 | 7,169 | 5,323 | 4,826 | 10,422 | 11,456 | 4,476 | 4,514 | 66,229 | 67,861 | 52,784 | 57,950 | 1,566 | 2,066 | 120,579 | 127,877 |
Financial guarantee contracts and loan commitments | 129 | 170 | - | - | - | - | 400 | 391 | 335 | 256 | 864 | 817 | - | - | - | - | 864 | 817 |
Total fee and commission income | 39,378 | 40,066 | 6,759 | 7,169 | 5,323 | 4,826 | 10,822 | 11,847 | 4,811 | 4,770 | 67,093 | 68,678 | 52,784 | 57,950 | 1,566 | 2,066 | 121,443 | 128,694 |
Commission to agents | - | - | - | - | - | - | - | -1 | -291 | -219 | -291 | -220 | - | - | - | - | -291 | -220 |
Asset management | -814 | -613 | - | - | - | - | - | - | -31 | -21 | -845 | -634 | - | -4,487 | - | - | -845 | -5,121 |
Management fees | - | - | - | - | - | - | - | - | - | - | - | - | -4,979 | - | - | - | -4,979 | - |
Other commission expense | - | - | -19 | -467 | -1,702 | -2,407 | -3,351 | -3,524 | -901 | -1,221 | -5,973 | -7,619 | - | -322 | - | - | -5,973 | -7,941 |
Total fee and commission expense | -814 | -613 | -19 | -467 | -1,702 | -2,407 | -3,351 | -3,525 | -1,223 | -1,461 | -7,109 | -8,473 | -4,979 | -4,809 | - | - | -12,088 | -13,282 |
Net fee and commission income | 38,564 | 39,453 | 6,740 | 6,702 | 3,621 | 2,419 | 7,471 | 8,322 | 3,588 | 3,309 | 59,984 | 60,205 | 47,805 | 53,141 | 1,566 | 2,066 | 109,355 | 115,412 |
Fee and commission income from contracts with customers is measured based on the consideration specified in a contract with a customer. Triodos Bank recognises income when it transfers control over a service to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related income recognition policies.
Type of service | Nature and timing of satisfaction of performance obligations, including significant payment terms | Income recognition |
|---|---|---|
Transaction fee securities | Fee charged to customers for processing security transactions. Fee is charged when the transaction is settled. | Income related to transactions is recognised at the point in time when the transaction takes place. |
Payment transactions: | Fee charged for opening and maintaining current and savings accounts. Fee is charged on a monthly basis for each month the account is active. | Income related to transactions is recognised at the point in time when the transaction takes place. |
Payment transactions: | Fee charged for processing payment transactions of customers. Fee is charged when the transaction is processed. | Income related to transactions is recognised at the point in time when the transaction takes place. |
Lending | Fee charged as part of the lending process, not an integral part of the effective interest rate. These fees are charged either at the start of the loan or during the lifetime. | Income related to transactions is recognised at the point in time when the transaction takes place. |
Asset management | Asset management fees include fees earned by Triodos Bank on trust and fiduciary activities in which the Triodos Bank holds or invests assets on behalf of its customers. Payment is due on at least quarterly basis. | Income from account service and servicing fees is recognised over time as the services are provided, at the latest on the moment of payment. |
Management fees | Asset management fees include fees earned by Triodos Investment Management on asset management activities for customers or funds managed by Triodos Investment Management. Payment is due on at least quarterly basis. | Income from account service and servicing fees is recognised over time as the services are provided, at the latest at the moment at payment. |
Other | These are other fees charged to customers. Payment is mostly due when transactions are settled. | Income related to transactions is recognised at the point in time when the transaction takes place. |
Fee and commission income from contracts with customers is measured based on the consideration specified in a contract with a customer. Triodos Bank recognises income when it transfers control over a service to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related income recognition policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20780": { "value": "Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Hedge accounting ineffectiveness | 726 | -614 |
Fair value movement of derivatives not yet in a hedge relationship | -117 | -1,573 |
Fair value movement of participating debt at fair value through profit or loss | - | 176 |
Net result from other financial instruments at FVTPL | 609 | -2,011 |
For further details on hedge accounting, refer to Non-trading derivatives .
Net result from other financial instruments at FVTPL includes the fair value movements of derivatives not yet designated in a hedge relationship, ineffectiveness related to hedge accounting, transaction results on foreign exchange forwards and net result on investments in debt instruments designated at fair value through profit or loss, including the related interest income.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Exchange results on foreign currency transactions | -224 | -154 |
Results associates at equity value | -296 | 177 |
Realised results assets not in use1 | 63 | 61 |
Income assets not in use1 | 6 | 28 |
Modification result | 238 | 569 |
Other income | 630 | 506 |
Total other income | 417 | 1,187 |
The other income relates to fees for other services performed and results from asset disposals. For further information on the results on the associates at equity value, refer to Investment securities.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Personnel expenses | \u00a0 | \u00a0 |
| 155,837 | 132,400 |
| 18,749 | 17,315 |
| 25,191 | 23,099 |
| 23,235 | 26,070 |
| 12,736 | 11,668 |
| -13,132 | -11,844 |
Total personnel expenses | 222,616 | 198,708 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
Average number FTEs during the year1 | 1,788.2 | 1,785.4 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Other administrative expenses | \u00a0 | \u00a0 |
| 24,865 | 25,217 |
| 10,904 | 11,621 |
| 33,407 | 36,034 |
| 10,691 | 9,737 |
| 5,883 | 5,900 |
| 4,556 | 5,013 |
| 3,918 | 3,699 |
| 2,144 | 2,687 |
| 9,770 | 16,683 |
Total other operating administrative expenses | 106,138 | 116,591 |
Regulatory expenses | 4,091 | 5,177 |
Total other administrative expenses | 110,229 | 121,768 |
Expenses are recorded at the moment when they are incurred, or over time if the expense relates to a period.
The table below specifies the fees of the PricewaterhouseCoopers Accountants N.V. (\u2018PwC Accountants NV\u2019) audit firm that relates to services concerning the financial year. The comparable figures 2024 have been adjusted to take into account the invoices received after the reporting period.
The column Other PwC network specifies the fees that were invoiced by PwC units with the exception of PwC Accountants NV.
2025 | PwC | Other | Total |
|---|---|---|---|
Amounts in thousands of EUR | Accountants N.V. | PwC network | PwC network |
Audit of the financial statements | 1,655 | 895 | 2,550 |
Other audit-related engagements | 497 | 287 | 784 |
Non-audit service CSRD assurance | 584 | - | 584 |
Other non-audit services | - | - | - |
Total | 2,736 | 1,182 | 3,918 |
2024 | PwC | Other | Total |
|---|---|---|---|
Amounts in thousands of EUR | Accountants N.V. | PwC network | PwC network |
Audit of the financial statements | 1,627 | 778 | 2,405 |
Other audit-related engagements | 319 | 232 | 551 |
Non-audit service CSRD assurance | 743 | - | 743 |
Other non-audit services | - | - | - |
Total | 2,689 | 1,010 | 3,699 |
Triodos Bank's independent auditor, PwC Accountants NV, has rendered, for the period to which Triodos Bank's statutory audit 2025 relates, in addition to the audit of the statutory financial statements the following services to the bank and its branches or subsidiaries.\u00a0
Other audit services required by law or regulatory requirements:
Statutory audits of controlled entities.
Audit of the regulatory returns to be submitted to the Dutch central bank and the National Bank of Belgium.
Assurance engagement on segregation of assets to be submitted to the AFM.
Client Money and Custody Asset (CASS) Assurance Report to the Financial Conduct Authority (FCA).
Agreed upon procedures on interest rate risk to the Dutch central bank.
ISAE type II on deposit guarantee scheme reporting to the Dutch central bank.
Other audit services:
CSRD assurance engagement
ISAE type II engagement relating to Triodos Investment B.V.
Assurance engagement on credit claims to the Dutch central bank.
Assurance engagement on credit claims to the Spanish central bank.
Review engagement on the interim condensed consolidated financial statements as of and for the six-month period ended 30 June 2025
The regulatory expenses can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Banking tax | 3,263 | 3,277 |
Deposit guarantee scheme | 828 | 1,900 |
Single resolution fund | - | - |
Total regulatory expenses | 4,091 | 5,177 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
Average number FTEs during the year1 | 1,788.2 | 1,785.4 |
Expenses are recorded at the moment when they are incurred, or over time if the expense relates to a period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i21036": { "value": "The table below specifies the fees of the PricewaterhouseCoopers Accountants N.V. (\u2018PwC Accountants NV\u2019) audit firm that relates to services concerning the financial year. The comparable figures 2024 have been adjusted to take into account the invoices received after the reporting period.
The column Other PwC network specifies the fees that were invoiced by PwC units with the exception of PwC Accountants NV.
2025 | PwC | Other | Total |
|---|---|---|---|
Amounts in thousands of EUR | Accountants N.V. | PwC network | PwC network |
Audit of the financial statements | 1,655 | 895 | 2,550 |
Other audit-related engagements | 497 | 287 | 784 |
Non-audit service CSRD assurance | 584 | - | 584 |
Other non-audit services | - | - | - |
Total | 2,736 | 1,182 | 3,918 |
2024 | PwC | Other | Total |
|---|---|---|---|
Amounts in thousands of EUR | Accountants N.V. | PwC network | PwC network |
Audit of the financial statements | 1,627 | 778 | 2,405 |
Other audit-related engagements | 319 | 232 | 551 |
Non-audit service CSRD assurance | 743 | - | 743 |
Other non-audit services | - | - | - |
Total | 2,689 | 1,010 | 3,699 |
Triodos Bank's independent auditor, PwC Accountants NV, has rendered, for the period to which Triodos Bank's statutory audit 2025 relates, in addition to the audit of the statutory financial statements the following services to the bank and its branches or subsidiaries.\u00a0
Other audit services required by law or regulatory requirements:
Statutory audits of controlled entities.
Audit of the regulatory returns to be submitted to the Dutch central bank and the National Bank of Belgium.
Assurance engagement on segregation of assets to be submitted to the AFM.
Client Money and Custody Asset (CASS) Assurance Report to the Financial Conduct Authority (FCA).
Agreed upon procedures on interest rate risk to the Dutch central bank.
ISAE type II on deposit guarantee scheme reporting to the Dutch central bank.
Other audit services:
CSRD assurance engagement
ISAE type II engagement relating to Triodos Investment B.V.
Assurance engagement on credit claims to the Dutch central bank.
Assurance engagement on credit claims to the Spanish central bank.
Review engagement on the interim condensed consolidated financial statements as of and for the six-month period ended 30 June 2025
The regulatory expenses can be broken down as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Banking tax | 3,263 | 3,277 |
Deposit guarantee scheme | 828 | 1,900 |
Single resolution fund | - | - |
Total regulatory expenses | 4,091 | 5,177 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Amortisation of intangible fixed assets | 15,310 | 17,669 |
Impairment of intangible fixed assets | - | - |
Amortisation and impairment charge for the year | 15,310 | 17,669 |
Depreciation of property and equipment | 6,146 | 7,298 |
Impairment of property and equipment | 32 | 1,231 |
Total depreciation of right-of-use assets | 3,519 | 2,664 |
Assets held for sale value adjustments | - | 747 |
Depreciation of investment properties | 121 | 127 |
Depreciation and impairment charge for the year | 9,818 | 12,067 |
Triodos Bank offered all eligible Depository Receipt (DR) Holders who owned DRs on 28 June 2023 a settlement offer of EUR 10 per DR in exchange for full and final discharge. A provision of EUR 101 million was created at the end of 2024 related to this settlement offer. This settlement offer was part of a larger package of measures, published in a press release on 10 January 2025. With this package of measures, Triodos Bank aimed to address the dissatisfaction among DR Holders regarding the suspension and restoration of tradability of DRs, while safeguarding its capacity to achieve its positive impact goals in the interest of all its stakeholders.
The provision was an estimate, based on the EUR 10 per expected number of eligible DRs for which the settlement offer will be accepted. The actual number of DRs that is subject to the settlement offer has been higher than expected when the provision was created. Therefore, an additional amount of EUR 16 million has been added to the provision in 2025.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Allowance for expected credit loss | 71,508 | 11,647 |
Total impairment result on financial instruments for the year | 71,508 | 11,647 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Taxation to be paid | 14,531 | 5,586 |
Origination and reversal of temporary differences | 7,192 | -2,383 |
Changes in tax rates | - | - |
Deferred taxation | 7,192 | -2,383 |
Total taxation expense | 21,723 | 3,203 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Corporate tax receivable | 17,140 | 18,278 |
Other tax receivable | 809 | 474 |
Current tax receivable | 17,949 | 18,752 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Corporate tax payable | 2,531 | 578 |
Other tax payable | 13,622 | 12,019 |
Current tax payable | 16,153 | 12,597 |
| \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2024 | \u00a0 |
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Before tax | Tax | Net of tax | Before tax | Tax | Net of tax |
Other comprehensive income that will not be reclassified to profit or loss | ||||||
Revaluation gains/ losses on equity instruments designated at FVOCI and actuarial gain / loss on pension liability | 1,104 | -272 | 832 | 2,524 | -523 | 2,001 |
Other comprehensive income that will be reclassified to profit or loss | ||||||
Foreign operations \u2013 foreign currency translation differences | -9,270 | - | -9,270 | 5,586 | - | 5,586 |
Foreign operations \u2013 cost of hedging | 613 | - | 613 | -226 | - | -226 |
Total items that will be reclassified to profit or loss | -8,657 | - | -8,657 | 5,360 | - | 5,360 |
Total amounts recognised in OCI | -7,553 | -272 | -7,825 | 7,884 | -523 | 7,361 |
The other comprehensive income for Triodos Bank consists of revaluations of equity instruments at fair value through OCI, actuarial result on a pension liability in the Netherlands and Belgium and foreign currency translation differences. The equity instruments at fair value through OCI are part of investment securities (refer to note 5 Investment securities), for which any realised result will not subsequently be taken into the profit or loss.
The foreign currency translation difference relates to the UK subsidiary for the part not subject to the net investment hedge. Tax on both of these items can be subject to the participation exemption under Dutch tax law.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Result before taxation | -3,317 | 206 |
Statutory tax rate | 25.8% | 25.8% |
Statutory tax | -856 | 53 |
Income non-taxable | -55 | 54 |
Tax deduction not expensed | - | - |
Expenses non-deductible | 3,169 | 3,032 |
Impact tax rate differences - statutory rate foreign jurisdictions | -3,643 | 712 |
Movement non-recognised deferred tax | 23,270 | - |
Incentives for gifts, community investment and innovation | -496 | -586 |
Other reconciling items | 334 | -62 |
Effective tax | 21,723 | 3,203 |
Effective tax rate | -654.9% | 1554.9%1 |
Following the decision of Triodos Bank to close Triodos Bank Germany, deferred tax assets relating to tax losses and temporary differences in Germany have not been recognised as at the balance sheet date. The total derecognition amounted to EUR 23.3 million and resulted in a significant movement in the effective tax rate for the year. The non-recognition of these positions increased the difference between the result before taxation and the tax expense, since the tax benefit of these losses in Germany, that would normally reduce the consolidated tax expense, is not recognised. The movement comprises the derecognition of deferred tax assets recognised at the opening balance of EUR 3.1 million and the non-recognition of deferred tax assets arising from current year losses and movements of timing differences amounting to EUR 20.2 million. As no future taxable profits are expected to arise in Germany, recovery of these assets is not considered probable. This treatment has no impact on the Group\u2019s liquidity or capital position.
Triodos Bank\u2019s approach to tax reflects its values. It sees paying taxes not as a burden but as a contribution to the societies that the bank operates in. As such, Triodos Bank is not striving to reduce the effective tax rate. Triodos Bank is subject to income taxes in other jurisdictions which levy corporate income tax at different rates compared to the Dutch statutory rate (25.8%). Additionally, local taxation rules can also lead to differences in the effective tax rate. The effective tax rate amounted to -654.9% in 2025 (2024: 1554.9%).
2025 | \u00a0 | \u00a0 | \u00a0 | Balance as at 31 December | ||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Net balance as at | Recognised | Recognised | Net | Deferred tax assets | Deferred tax liabilities |
Property and equipment, and intangible assets | -7,507 | -392 | - | -7,899 | 1,238 | 9,137 |
Investment securities at FVOCI | 494 | 87 | 33 | 614 | -42 | -664 |
Effective interest method application | 2,141 | -976 | - | 1,165 | 1,165 | - |
Allowance for expected credit losses | 2,677 | -241 | - | 2,436 | 2,436 | - |
Employee benefits | 2,903 | -385 | -305 | 2,213 | 74 | -2,139 |
Lease liability | 43 | -1,804 | - | -1,761 | -37 | 1,724 |
Loan modifications | 11 | -10 | - | 1 | 1 | - |
Tax losses carried forward | 3,796 | -2,787 | - | 1,009 | 1,009 | - |
Other | 1,861 | -692 | - | 1,169 | 1,169 | - |
Tax assets (liabilities) | 6,419 | -7,200 | -272 | -1,053 | 7,013 | 8,058 |
2024 | \u00a0 | \u00a0 | \u00a0 | Balance as at 31 December | ||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Net balance as at | Recognised | Recognised | Net | Deferred tax assets | Deferred tax liabilities |
Property and equipment, and intangible assets | -7,520 | 13 | - | -7,507 | 1,112 | 8,619 |
Investment securities at FVOCI | -2,080 | 3,012 | -438 | 494 | -53 | -547 |
Effective interest method application | 2,210 | -69 | - | 2,141 | 2,141 | - |
Allowance for expected credit losses | 2,961 | -284 | - | 2,677 | 2,677 | - |
Employee benefits | 2,823 | 165 | -85 | 2,903 | 78 | -2,825 |
Lease liability | 138 | -95 | - | 43 | -55 | -98 |
Loan modifications | 20 | -9 | - | 11 | 10 | -1 |
Tax losses carried forward | 4,491 | -695 | - | 3,796 | 2,436 | -1,360 |
Other | 1,516 | 345 | - | 1,861 | 1,845 | -16 |
Tax assets (liabilities) | 4,559 | 2,383 | -523 | 6,419 | 10,191 | 3,772 |
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
Amounts in thousands of EUR | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities |
Current balance | 577 | 517 | 227 | -2,188 |
Non-current balance | 6,436 | 7,541 | 9,964 | 5,960 |
Total | 7,013 | 8,058 | 10,191 | 3,772 |
The deferred tax asset relating to tax losses incurred by Triodos Bank Germany has been written off in 2025 for an amount of EUR 3.1 million due to the decision to wind down Triodos Bank\u2019s banking business in Germany. The remaining deferred tax asset relates to temporary differences between accounting and tax rules and the balance of unused tax credits.
For an amount of EUR 9.4 million (2024: 8.9 million), the deferred tax liability relates to taxable temporary differences on self-developed software. From an accounting perspective, these assets are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to profit or loss over the asset's estimated economic life using the straight-line method that reflects the pattern of economic benefits. For Dutch tax purposes, the Dutch Corporate Income Tax Act 1969 allows companies to fully expense self-developed software in the year it is developed.
For Dutch corporate income tax purposes, Triodos Bank, as a parent company, forms a fiscal unity with Triodos Investment Management, as subsidiary. The method chosen for the taxation set-off between Triodos Bank and its subsidiary is that of proceeding as if the legal entities were independently liable to pay Dutch corporate income tax. The legal entities are jointly and severally liable for the tax liabilities of the companies belonging to the fiscal unity.
Income tax on the result for the year consists of current and deferred tax. Income tax is recognised in the statement of profit or loss and in the statement of other comprehensive income in the period in which profits arise. Current tax is measured using tax rates enacted at the balance sheet date.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future taxable profits will be available against which these losses can be utilised.
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Taxation to be paid | 14,531 | 5,586 |
Origination and reversal of temporary differences | 7,192 | -2,383 |
Changes in tax rates | - | - |
Deferred taxation | 7,192 | -2,383 |
Total taxation expense | 21,723 | 3,203 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Corporate tax receivable | 17,140 | 18,278 |
Other tax receivable | 809 | 474 |
Current tax receivable | 17,949 | 18,752 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Corporate tax payable | 2,531 | 578 |
Other tax payable | 13,622 | 12,019 |
Current tax payable | 16,153 | 12,597 |
| \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2024 | \u00a0 |
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Before tax | Tax | Net of tax | Before tax | Tax | Net of tax |
Other comprehensive income that will not be reclassified to profit or loss | ||||||
Revaluation gains/ losses on equity instruments designated at FVOCI and actuarial gain / loss on pension liability | 1,104 | -272 | 832 | 2,524 | -523 | 2,001 |
Other comprehensive income that will be reclassified to profit or loss | ||||||
Foreign operations \u2013 foreign currency translation differences | -9,270 | - | -9,270 | 5,586 | - | 5,586 |
Foreign operations \u2013 cost of hedging | 613 | - | 613 | -226 | - | -226 |
Total items that will be reclassified to profit or loss | -8,657 | - | -8,657 | 5,360 | - | 5,360 |
Total amounts recognised in OCI | -7,553 | -272 | -7,825 | 7,884 | -523 | 7,361 |
The other comprehensive income for Triodos Bank consists of revaluations of equity instruments at fair value through OCI, actuarial result on a pension liability in the Netherlands and Belgium and foreign currency translation differences. The equity instruments at fair value through OCI are part of investment securities (refer to note 5 Investment securities), for which any realised result will not subsequently be taken into the profit or loss.
The foreign currency translation difference relates to the UK subsidiary for the part not subject to the net investment hedge. Tax on both of these items can be subject to the participation exemption under Dutch tax law.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Result before taxation | -3,317 | 206 |
Statutory tax rate | 25.8% | 25.8% |
Statutory tax | -856 | 53 |
Income non-taxable | -55 | 54 |
Tax deduction not expensed | - | - |
Expenses non-deductible | 3,169 | 3,032 |
Impact tax rate differences - statutory rate foreign jurisdictions | -3,643 | 712 |
Movement non-recognised deferred tax | 23,270 | - |
Incentives for gifts, community investment and innovation | -496 | -586 |
Other reconciling items | 334 | -62 |
Effective tax | 21,723 | 3,203 |
Effective tax rate | -654.9% | 1554.9%1 |
Following the decision of Triodos Bank to close Triodos Bank Germany, deferred tax assets relating to tax losses and temporary differences in Germany have not been recognised as at the balance sheet date. The total derecognition amounted to EUR 23.3 million and resulted in a significant movement in the effective tax rate for the year. The non-recognition of these positions increased the difference between the result before taxation and the tax expense, since the tax benefit of these losses in Germany, that would normally reduce the consolidated tax expense, is not recognised. The movement comprises the derecognition of deferred tax assets recognised at the opening balance of EUR 3.1 million and the non-recognition of deferred tax assets arising from current year losses and movements of timing differences amounting to EUR 20.2 million. As no future taxable profits are expected to arise in Germany, recovery of these assets is not considered probable. This treatment has no impact on the Group\u2019s liquidity or capital position.
Triodos Bank\u2019s approach to tax reflects its values. It sees paying taxes not as a burden but as a contribution to the societies that the bank operates in. As such, Triodos Bank is not striving to reduce the effective tax rate. Triodos Bank is subject to income taxes in other jurisdictions which levy corporate income tax at different rates compared to the Dutch statutory rate (25.8%). Additionally, local taxation rules can also lead to differences in the effective tax rate. The effective tax rate amounted to -654.9% in 2025 (2024: 1554.9%).
2025 | \u00a0 | \u00a0 | \u00a0 | Balance as at 31 December | ||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Net balance as at | Recognised | Recognised | Net | Deferred tax assets | Deferred tax liabilities |
Property and equipment, and intangible assets | -7,507 | -392 | - | -7,899 | 1,238 | 9,137 |
Investment securities at FVOCI | 494 | 87 | 33 | 614 | -42 | -664 |
Effective interest method application | 2,141 | -976 | - | 1,165 | 1,165 | - |
Allowance for expected credit losses | 2,677 | -241 | - | 2,436 | 2,436 | - |
Employee benefits | 2,903 | -385 | -305 | 2,213 | 74 | -2,139 |
Lease liability | 43 | -1,804 | - | -1,761 | -37 | 1,724 |
Loan modifications | 11 | -10 | - | 1 | 1 | - |
Tax losses carried forward | 3,796 | -2,787 | - | 1,009 | 1,009 | - |
Other | 1,861 | -692 | - | 1,169 | 1,169 | - |
Tax assets (liabilities) | 6,419 | -7,200 | -272 | -1,053 | 7,013 | 8,058 |
2024 | \u00a0 | \u00a0 | \u00a0 | Balance as at 31 December | ||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Net balance as at | Recognised | Recognised | Net | Deferred tax assets | Deferred tax liabilities |
Property and equipment, and intangible assets | -7,520 | 13 | - | -7,507 | 1,112 | 8,619 |
Investment securities at FVOCI | -2,080 | 3,012 | -438 | 494 | -53 | -547 |
Effective interest method application | 2,210 | -69 | - | 2,141 | 2,141 | - |
Allowance for expected credit losses | 2,961 | -284 | - | 2,677 | 2,677 | - |
Employee benefits | 2,823 | 165 | -85 | 2,903 | 78 | -2,825 |
Lease liability | 138 | -95 | - | 43 | -55 | -98 |
Loan modifications | 20 | -9 | - | 11 | 10 | -1 |
Tax losses carried forward | 4,491 | -695 | - | 3,796 | 2,436 | -1,360 |
Other | 1,516 | 345 | - | 1,861 | 1,845 | -16 |
Tax assets (liabilities) | 4,559 | 2,383 | -523 | 6,419 | 10,191 | 3,772 |
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
Amounts in thousands of EUR | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities |
Current balance | 577 | 517 | 227 | -2,188 |
Non-current balance | 6,436 | 7,541 | 9,964 | 5,960 |
Total | 7,013 | 8,058 | 10,191 | 3,772 |
The deferred tax asset relating to tax losses incurred by Triodos Bank Germany has been written off in 2025 for an amount of EUR 3.1 million due to the decision to wind down Triodos Bank\u2019s banking business in Germany. The remaining deferred tax asset relates to temporary differences between accounting and tax rules and the balance of unused tax credits.
For an amount of EUR 9.4 million (2024: 8.9 million), the deferred tax liability relates to taxable temporary differences on self-developed software. From an accounting perspective, these assets are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to profit or loss over the asset's estimated economic life using the straight-line method that reflects the pattern of economic benefits. For Dutch tax purposes, the Dutch Corporate Income Tax Act 1969 allows companies to fully expense self-developed software in the year it is developed.
For Dutch corporate income tax purposes, Triodos Bank, as a parent company, forms a fiscal unity with Triodos Investment Management, as subsidiary. The method chosen for the taxation set-off between Triodos Bank and its subsidiary is that of proceeding as if the legal entities were independently liable to pay Dutch corporate income tax. The legal entities are jointly and severally liable for the tax liabilities of the companies belonging to the fiscal unity.
Income tax on the result for the year consists of current and deferred tax. Income tax is recognised in the statement of profit or loss and in the statement of other comprehensive income in the period in which profits arise. Current tax is measured using tax rates enacted at the balance sheet date.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future taxable profits will be available against which these losses can be utilised.
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
Amounts in thousands of EUR | The Netherlands | Belgium | United Kingdom | Spain | Germany1 | Total |
|---|---|---|---|---|---|---|
2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax on result | 2,681 | 1,831 | 3,056 | 3,272 | 522 | 11,362 |
Value-added tax (VAT) | 15,550 | 1,031 | 4,562 | 3,846 | 666 | 25,655 |
Banking tax | - | 2,699 | - | 577 | - | 3,276 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax on result | 24,496 | 4,000 | 393 | 2,506 | 1,432 | 32,827 |
Value-added tax (VAT) | 14,471 | 1,385 | 5,295 | 4,759 | 590 | 26,500 |
Banking tax | - | 2,731 | - | 580 | - | 3,311 |
In the table above, the total tax contribution of Triodos Bank is reflected. Triodos Bank sees paying a fair share of taxes and being transparent on taxes part of its positive contribution to societies in which it operates. The VAT included in the table above are the non-deductible VAT paid on invoices to suppliers.
The segments (branches and subsidiaries) are reported in a manner consistent with the internal reporting provided to the Executive Board. The Executive Board is responsible for allocating resources and assessing performance. Segment profit before tax, as included in internal management reports reviewed by the Group's Management Committee, is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate within the same industries.
Segment assets, liabilities, income and results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Transactions between segments are conducted at arm's length. All transactions between segments are eliminated as intercompany income and expenses. Segment assets, liabilities, income and results are measured based on Triodos Bank's accounting policies. The geographical analyses are based on the location of the office from which the transactions are originated.
2025 | \u00a0 | \u00a0 | \u00a0 | Balance as at 31 December | ||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Net balance as at | Recognised | Recognised | Net | Deferred tax assets | Deferred tax liabilities |
Property and equipment, and intangible assets | -7,507 | -392 | - | -7,899 | 1,238 | 9,137 |
Investment securities at FVOCI | 494 | 87 | 33 | 614 | -42 | -664 |
Effective interest method application | 2,141 | -976 | - | 1,165 | 1,165 | - |
Allowance for expected credit losses | 2,677 | -241 | - | 2,436 | 2,436 | - |
Employee benefits | 2,903 | -385 | -305 | 2,213 | 74 | -2,139 |
Lease liability | 43 | -1,804 | - | -1,761 | -37 | 1,724 |
Loan modifications | 11 | -10 | - | 1 | 1 | - |
Tax losses carried forward | 3,796 | -2,787 | - | 1,009 | 1,009 | - |
Other | 1,861 | -692 | - | 1,169 | 1,169 | - |
Tax assets (liabilities) | 6,419 | -7,200 | -272 | -1,053 | 7,013 | 8,058 |
2024 | \u00a0 | \u00a0 | \u00a0 | Balance as at 31 December | ||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Net balance as at | Recognised | Recognised | Net | Deferred tax assets | Deferred tax liabilities |
Property and equipment, and intangible assets | -7,520 | 13 | - | -7,507 | 1,112 | 8,619 |
Investment securities at FVOCI | -2,080 | 3,012 | -438 | 494 | -53 | -547 |
Effective interest method application | 2,210 | -69 | - | 2,141 | 2,141 | - |
Allowance for expected credit losses | 2,961 | -284 | - | 2,677 | 2,677 | - |
Employee benefits | 2,823 | 165 | -85 | 2,903 | 78 | -2,825 |
Lease liability | 138 | -95 | - | 43 | -55 | -98 |
Loan modifications | 20 | -9 | - | 11 | 10 | -1 |
Tax losses carried forward | 4,491 | -695 | - | 3,796 | 2,436 | -1,360 |
Other | 1,516 | 345 | - | 1,861 | 1,845 | -16 |
Tax assets (liabilities) | 4,559 | 2,383 | -523 | 6,419 | 10,191 | 3,772 |
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
Amounts in thousands of EUR | Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities |
Current balance | 577 | 517 | 227 | -2,188 |
Non-current balance | 6,436 | 7,541 | 9,964 | 5,960 |
Total | 7,013 | 8,058 | 10,191 | 3,772 |
The deferred tax asset relating to tax losses incurred by Triodos Bank Germany has been written off in 2025 for an amount of EUR 3.1 million due to the decision to wind down Triodos Bank\u2019s banking business in Germany. The remaining deferred tax asset relates to temporary differences between accounting and tax rules and the balance of unused tax credits.
For an amount of EUR 9.4 million (2024: 8.9 million), the deferred tax liability relates to taxable temporary differences on self-developed software. From an accounting perspective, these assets are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to profit or loss over the asset's estimated economic life using the straight-line method that reflects the pattern of economic benefits. For Dutch tax purposes, the Dutch Corporate Income Tax Act 1969 allows companies to fully expense self-developed software in the year it is developed.
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Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future taxable profits will be available against which these losses can be utilised.
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i21566": { "value": "Income tax on the result for the year consists of current and deferred tax. Income tax is recognised in the statement of profit or loss and in the statement of other comprehensive income in the period in which profits arise. Current tax is measured using tax rates enacted at the balance sheet date.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future taxable profits will be available against which these losses can be utilised.
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i21567": { "value": "Income tax on the result for the year consists of current and deferred tax. Income tax is recognised in the statement of profit or loss and in the statement of other comprehensive income in the period in which profits arise. Current tax is measured using tax rates enacted at the balance sheet date.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future taxable profits will be available against which these losses can be utilised.
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i21839": { "value": "The following table provides a reconciliation between line items in the consolidated balance sheet and categories of financial instruments. Financial instruments are either measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or at amortised cost.
2025 | Mandatorily at FVTPL | Designated as at FVTPL | FVOCI \u2013 equity instruments | Amortised cost1 | Total carrying amount |
|---|---|---|---|---|---|
Cash and cash equivalents | - | - | - | 1,613,073 | 1,613,073 |
Debt securities at amortised cost | - | - | - | 3,679,182 | 3,679,182 |
Loans and advances to customers | - | - | - | 11,491,533 | 11,491,533 |
Loans and advances to banks | - | - | - | 277,571 | 277,571 |
Investment securities | 57 | - | 21,536 | 8,954 | 30,547 |
Other assets | - | - | - | 236,785 | 236,785 |
Derivative assets held for risk management | 239,922 | - | - | - | 239,922 |
Total financial assets | 239,979 | - | 21,536 | 17,307,098 | 17,568,613 |
Derivative liabilities held for risk management | 11,466 | - | - | - | 11,466 |
Deposits from banks | - | - | - | 256,200 | 256,200 |
Deposits from customers | - | - | - | 15,075,330 | 15,075,330 |
Debt securities issued | - | - | - | 657,035 | 657,035 |
Lease liabilities | - | - | - | 9,972 | 9,972 |
Subordinated liabilities | - | - | - | 254,627 | 254,627 |
Other liabilities | - | - | - | 112,467 | 112,467 |
Total financial liabilities | 11,466 | - | - | 16,365,631 | 16,377,097 |
2024 | Mandatorily at FVTPL | Designated as at FVTPL | FVOCI \u2013 equity instruments | Amortised cost1 | Total carrying amount |
|---|---|---|---|---|---|
Cash and cash equivalents | - | - | - | 1,855,623 | 1,855,623 |
Debt securities at amortised cost | - | - | - | 2,837,635 | 2,837,635 |
Loans and advances to customers | - | - | - | 11,402,136 | 11,402,136 |
Loans and advances to banks | - | - | - | 414,763 | 414,763 |
Investment securities | 145 | - | 21,340 | 10,128 | 31,613 |
Other assets | - | - | - | 245,784 | 245,784 |
Derivative assets held for risk management | 179,989 | - | - | - | 179,989 |
Total financial assets | 180,134 | - | 21,340 | 16,766,069 | 16,967,543 |
Derivative liabilities held for risk management | 47,978 | - | - | - | 47,978 |
Deposits from banks | - | - | - | 373,128 | 373,128 |
Deposits from customers | - | - | - | 14,478,002 | 14,478,002 |
Debt securities issued | - | - | - | 358,371 | 358,371 |
Lease liabilities | - | - | - | 16,202 | 16,202 |
Subordinated liabilities | - | - | - | 261,153 | 261,153 |
Other liabilities | - | - | - | 199,896 | 199,896 |
Total financial liabilities | 47,978 | - | - | 15,686,752 | 15,734,730 |
Triodos Bank measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurements.
Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
Level 2: Inputs other than quoted prices included within level 1 that are observable either directly (as prices) or indirectly (derived from prices). This category includes instruments valued using quoted market prices in active markets for similar instruments, quoted prices for identical or similar instruments in markets that are considered less than active, or other valuation techniques in which all significant inputs are, directly or indirectly, observable from market data.
Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs that are not observable, and where the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.
Triodos Bank determines the fair value of its financial instruments using the following bases. The fair value of listed debt securities at amortised cost is the market value. The fair value of unlisted debt securities at amortised cost is public quoted information if available or nominal value. The fair value of loans and advances to banks, lease liabilities, deposits from banks, deposits from customers and debt issued and other borrowed funds is determined by calculating the net present value of expected interest and redemption cash flows, based on market interest rates at the end of the year. The fair value of loans and advances to customers (including mortgages) is determined by calculating the net present value of the interest and redemption cash flows, taking into account expected prepayment behaviour. The net present value is calculated using market data, i.e. zero coupon rates, as at the end of the year, which are adjusted with a Triodos Bank-specific spread. The spread is based on the expected margin that the business units expect to make over the market base rates in the coming years on their production of business loans and mortgages. Part of the corporate loans and mortgages includes caps and/or floors on interest rates. The fair value of other assets and liabilities is assumed to be equal to the balance sheet value.
Investment securities comprise participating interests and debt where no significant influence can be exercised and are carried at fair value through either comprehensive income or profit or loss. In the case of an investment security that is listed on an active stock exchange, the fair value will be deemed to be equal to the most recently published stock exchange price. In the case of an investment security not listed on an active stock exchange or where there is no regular price quotation, the fair value will be determined to the best of Triodos Bank's ability using all available data, including an annual report audited by an external independent auditor, interim financial information from the institution and any other relevant data provided to Triodos Bank.
Derivatives held for risk management are carried at fair value through profit or loss. These instruments are split between interest rate swaps and foreign exchange rate forward contracts. The interest rate swaps are valued using the appropriate discount curve to calculate the net present value of expected cash flows under the contracts. This curve is openly observable from market data. The foreign exchange rate forward contracts are valued using the forward exchange rate for the corresponding currency, as observable from market data.
The following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorised. There have been no transfers of financial instruments between different levels during the reporting period.
2025 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
Derivative assets held for risk management | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate | - | 239,567 | - | 239,567 |
Foreign exchange | - | 355 | - | 355 |
Total derivative assets held for risk management | - | 239,922 | - | 239,922 |
Investment securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities | 223 | 15,191 | 6,122 | 21,536 |
Debt | - | 57 | - | 57 |
Total investment securities | 223 | 15,248 | 6,122 | 21,593 |
Derivative liabilities held for risk management | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate | - | 11,466 | - | 11,466 |
Foreign exchange | - | - | - | - |
Total derivative liabilities held for risk management | - | 11,466 | - | 11,466 |
2024 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
Derivative assets held for risk management | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate | - | 179,872 | - | 179,872 |
Foreign exchange | - | 117 | - | 117 |
Total derivative assets held for risk management | - | 179,989 | - | 179,989 |
Investment securities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equities | 230 | 14,932 | 6,178 | 21,340 |
Debt | - | 145 | - | 145 |
Total investment securities | 230 | 15,077 | 6,178 | 21,485 |
Derivative liabilities held for risk management | \u00a0 | \u00a0 | \u00a0 | |
Interest rate | - | 47,762 | - | 47,762 |
Foreign exchange | - | 216 | - | 216 |
Total derivative liabilities held for risk management | - | 47,978 | - | 47,978 |
Level 3 valuations relate to participating interest which are valued at fair value through other comprehensive income. Total fair value changes amount to EUR -278 (2024: EUR -1,806).
The following table lists the fair values including the current interest accrual of financial instruments not measured at fair value. These are categorised based on the level of the fair value hierarchy to which each fair value measurement belongs.
2025 | Level 1 | Level 2 | Level 3 | Total fair values | Total carrying amount |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at amortised cost | 3,643,064 | - | - | 3,643,064 | 3,679,182 |
Loans and advances to banks | - | - | 277,612 | 277,612 | 277,571 |
Loans and advances to customers | - | - | 11,215,706 | 11,215,706 | 11,491,533 |
Investment securities | 8,954 | - | - | 8,954 | 8,954 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | - | - | 277,181 | 277,181 | 256,200 |
Deposits from customers | - | - | 14,329,041 | 14,329,041 | 15,075,330 |
Debt securities issued | - | 672,505 | - | 672,505 | 657,035 |
Subordinated liabilities | - | 251,408 | - | 251,408 | 254,627 |
Lease liabilities | - | - | 9,365 | 9,365 | 9,972 |
2024 | Level 1 | Level 2 | Level 3 | Total fair values | Total carrying amount |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Debt securities at amortised cost | 2,803,961 | 1,982 | - | 2,805,943 | 2,837,635 |
Loans and advances to banks | - | - | 415,015 | 415,015 | 414,763 |
Loans and advances to customers | - | - | 10,985,160 | 10,985,160 | 11,402,136 |
Investment securities | 10,128 | - | - | 10,128 | 10,128 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from banks | - | - | 392,998 | 392,998 | 373,128 |
Deposits from customers | - | - | 13,832,196 | 13,832,196 | 14,478,002 |
Debt securities issued | - | 359,889 | - | 359,889 | 358,371 |
Subordinated liabilities | - | 234,641 | - | 234,641 | 261,153 |
Lease liabilities | - | - | 14,442 | 14,442 | 16,202 |
Fair value of the cash and cash equivalents approximates the total carrying amount as these are on demand balances and therefore not included in the above table.
Triodos Bank does not make use of any netting under master agreements for its financial instruments.
The International Swaps and Derivatives Association (ISDA) and similar master netting arrangements do not meet the criteria for offsetting in the consolidated balance sheet. This is because they create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Group or the counterparties or following other predetermined events. In addition, Triodos Bank and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously.
Triodos Bank receives and gives collateral in the form of cash in respect of the derivatives held for risk management. This collateral is subject to standard industry terms including, when appropriate, an ISDA credit support annex. This means that securities received or given as collateral can be pledged or sold during the term of the transaction but have to be returned on maturity of the transaction. The terms also give each party the right to terminate the related transactions on the counterparty\u2019s failure to post collateral.
Collateral needs stemming from FX forwards decreases in 2025 because of a decrease in Triodos Bank's FX forwards portfolio. At the end of 2025, a total net amount of EUR 1.0 million cash collateral was posted (2024: EUR 2.5 million).
Interest rate swaps are centrally cleared with LCH.Clearnet. At the end of 2025, a total net amount of EUR 104 million cash collateral was posted for initial margin requirements. Due to the increase in interest rates, the variation margin resulted in cash collateral received of EUR 221.0 million at the end of 2025. Both the cash collateral received and placed are part of the clearing agreement.
Debt securities and loans are deposited with the Dutch central bank for a possible debit balance and participation in open market operations of the European Central Bank. At the end of 2025, a collateral value of EUR 832 million was deposited with the Dutch central bank (2024: EUR 995 million).
Triodos Bank enters into various transactions with related parties, as part of the normal course of business. Related parties of Triodos Bank include its subsidiaries, associates and key management personnel. Transactions between related parties include rendering or receiving of services, deposits, transfers under finance arrangements and provisions of guarantees or collateral. All transactions with related parties took place at arm's length. There are no significant provisions for doubtful debts or individually significant bad debt expenses recognised on outstanding balances with related parties.
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Deposits | 54,121 | 50,990 |
Loans | 10,084 | 10,218 |
Loan facilities and loan commitments (off-balance) | 35,000 | 38,000 |
Commission income | 55,176 | 60,190 |
Commission expenses | 637 | 1,880 |
Interest income | 674 | 475 |
Interest expense | 392 | 865 |
The commission income and commission expenses are related to fund management activities. The deposits and interest income are transactions following from regular banking activities which are offered to the related parties at competitive rates. These transactions are unsecured and are to be settled in cash.
The loan granted to other related parties is provided to Stichting Hivos-Triodos Fonds and is conducted on an arm\u2019s length basis.
The EUR 10 million loan provided to Stichting Hivos-Triodos Fonds matures on 1 January 2027. Furthermore, Stichting Hivos-Triodos Fonds has an overdraft facility with an agreed limit of EUR 5.0 million.
In March 2025, Sun Roof Limited ceased to be a related party of Triodos Bank following the disposal of its entire shareholding to an unrelated third party by Triodos Investments Limited. At the date of disposal, the outstanding loan balance of EUR 129 thousand provided to Sun Roof Limited during the period in which it was a related party was repaid in full.
In 2025, Triodos Bank bought 14 business loans from Triodos Groenfonds N.V. for a total amount of EUR 38 million which took place at arm's length.
The loan commitments and facilities are off-balance sheet credit facilities of Triodos Bank Netherlands that can be drawn upon by the other related parties. These facilities are secured by collateral in the form of fund assets that cover the facility provided in full.
Transactions with key management personnel are transactions with related parties. The members of the Executive Board and the Supervisory Board are considered to be key management personnel, and their compensation is therefore included in the tables below. In 2025, the total key management personnel compensation amounted to EUR 2,595 thousand (2024: EUR 2,064 thousand).
The remuneration paid to the members of the Executive Board is as follows:
2025 | Current Executive Board members1 | Former Executive Board members2 | Total |
|---|---|---|---|
Short-term employee benefits: | \u00a0 | \u00a0 | \u00a0 |
Fixed salary | 1,296 | 383 | 1,679 |
Other short-term benefits | 116 | 46 | 162 |
Total short-term benefits | 1,412 | 429 | 1,841 |
Post employment benefits | 229 | 97 | 326 |
Termination benefits | - | 280 | 280 |
Total remuneration paid | 1,641 | 806 | 2,447 |
2024 | Current Executive Board members1 | Former Executive Board members2 | Total |
|---|---|---|---|
Short-term employee benefits: | \u00a0 | \u00a0 | \u00a0 |
Fixed salary | 1,425 | 15 | 1,440 |
Other short-term benefits | 134 | 1 | 135 |
Total short-term benefits | 1,559 | 16 | 1,575 |
Post employment benefits | 278 | - | 278 |
Termination benefits | - | 38 | 38 |
Total remuneration paid | 1,837 | 54 | 1,891 |
The remuneration paid to the members of the Supervisory Board is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Total compensation | 148 | 173 |
No loans, advances or guarantees have been granted to members of the Executive Board and the Supervisory Board during 2025 and 2024. For reasons of principle, no share option scheme is offered to members of the Executive Board and the Supervisory Board.
Triodos Bank N.V. holds securities on behalf of its customers segregated from the assets and liabilities of the bank. A part of these securities are held by its related party Triodos Nominees Ltd.
The following securities are segregated from the assets and liabilities of the bank:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Triodos Fair Share Fund | 248,667 | 275,226 |
Triodos Groenfonds N.V. | 398,389 | 442,508 |
Triodos Sicav I | 641,314 | 675,178 |
Triodos Sicav II | 5,583 | 7,830 |
Triodos Impact Strategies N.V. | 212,467 | 207,211 |
Triodos Impact Strategies II N.V. | 79,616 | 83,204 |
Total as at 31 December | 1,586,036 | 1,691,157 |
All legal entities that can be controlled, jointly controlled or significantly influenced are considered to be a related party. Also entities which can control Triodos Bank are considered to be a related party. In addition, statutory directors and close relatives are regarded as related parties. The nature, extent and other information is disclosed if this is necessary in order to provide the required insight.
Transactions with key management personnel are transactions with related parties. The members of the Executive Board and the Supervisory Board are considered to be key management personnel, and their compensation is therefore included in the tables below. In 2025, the total key management personnel compensation amounted to EUR 2,595 thousand (2024: EUR 2,064 thousand).
The remuneration paid to the members of the Executive Board is as follows:
2025 | Current Executive Board members1 | Former Executive Board members2 | Total |
|---|---|---|---|
Short-term employee benefits: | \u00a0 | \u00a0 | \u00a0 |
Fixed salary | 1,296 | 383 | 1,679 |
Other short-term benefits | 116 | 46 | 162 |
Total short-term benefits | 1,412 | 429 | 1,841 |
Post employment benefits | 229 | 97 | 326 |
Termination benefits | - | 280 | 280 |
Total remuneration paid | 1,641 | 806 | 2,447 |
The remuneration paid to the members of the Supervisory Board is as follows:
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
Total compensation | 148 | 173 |
No loans, advances or guarantees have been granted to members of the Executive Board and the Supervisory Board during 2025 and 2024. For reasons of principle, no share option scheme is offered to members of the Executive Board and the Supervisory Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i22381": { "value": "All legal entities that can be controlled, jointly controlled or significantly influenced are considered to be a related party. Also entities which can control Triodos Bank are considered to be a related party. In addition, statutory directors and close relatives are regarded as related parties. The nature, extent and other information is disclosed if this is necessary in order to provide the required insight.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500PMK2A2M1SQQ228", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i22416": { "value": "Triodos Bank is involved in a number of legal proceedings initiated by Depository Receipt (DR) Holders.\u00a0Management assesses the outcome of legal matters and takes provisions when expected outflow of economic resources with respect to such matters are more likely than not and the amount can be reliably estimated. Provisions are not recognised for matters against Triodos Bank for which an expected outflow of resources cannot be reliably estimated or that are not more likely than not to lead to an outflow of resources.
After the suspension of trading in DRs in 2020, the decision to pursue an MTF listing, the subsequent listing and the announcement of the valuation of DRs for taxation purposes (which was lower than the last communicated net asset value), Triodos Bank received complaints and claims from DR Holders in relation to DRs and was subject to negative media attention.
Multiple civil proceedings have been initiated against Triodos Bank by DR Holders. These proceedings are currently pending in Spain, the Netherlands, Belgium and Germany. Until now, no proceedings have been started in the UK.
On 10 January 2025, Stichting Certificaathouders Triodos Bank (SCTB) and Triodos Bank announced a total package of measures agreed upon after constructive discussions between SCTB and Triodos Bank. This included offering all eligible DR Holders who owned DRs on 28 June 2023 a one-off payment of EUR 10 per DR in exchange for full and final discharge of any legal claims related to the DRs, including the suspension of trade and the subsequent steps taken by the bank. Excluded from this offer were DR Holders who already achieved finality vis-\u00e0-vis Triodos Bank on a DR related claim, for example, by means of a final verdict.
The offer covered approximately 14.2 million DRs in total. On 1 October 2025, the offer expired and a total of 11.7 million DRs have been registered as accepting the offer.
A summary of the ongoing legal proceedings against Triodos Bank is provided below.
On 5 and 6 May 2025, the Spanish Supreme Court rendered rulings in three individual cases subject to cassation appeals. The rulings affirmed that Triodos Bank duly informed the relevant claimant DR Holders prior to the purchase of the DRs. Consequently, the Spanish Supreme Court had rejected all claims from the relevant claimant DR Holders in relation to the distribution of DRs, the suspension of trading in the DRs in 2020 and 2021 and the transition to the listing on the MTF. These rulings set an important positive precedent and will provide clarity for the adjudication of other pending litigation cases in Spain. However, claimants may choose to proceed with proceedings and try to bring forward new grounds not yet ruled upon by the Spanish Supreme Court.
As at 31 December 2025, 822 of the 930 lawsuits filed by individual DR Holders in Spain that were in proceedings on the merits have been resolved. The resolved lawsuits represent 548,919 DRs out of the total of 646,608 DRs involved. Cases were resolved because there was a final judgement to either of the parties or because an agreement between the parties was reached, including the acceptance of the individual settlement offer of EUR 10 per DR in exchange for full and final discharge.
Status as at 31 December | 2025 | 2024 |
|---|---|---|
No verdict yet in first instance | 30 | 450 |
Verdict in first instance, in appeal | 64 | 378 |
Verdict in second instance, including cassation appeals | 14 | 8 |
Total cases pending | 108 | 836 |
Total cases closed | 822 | 37 |
Total cases filed | 930 | 873 |
Plaintiffs had claimed primarily that they were not adequately informed of the risks and characteristics of DRs and this gives them the right to annulment of the purchase or a right to compensation. Alternatively, they claimed there was a breach of contract because Triodos Bank unilaterally modified its essential contractual obligations towards DR Holders and this gives them the right to termination of the agreement or a right to compensation.
As of 31 December 2025, there are 11 cases in which there are provisional enforcements of judgements of first instance. In 6 of these provisionally enforced cases, Triodos Bank received favourable appeal rulings. These provisional enforcements will therefore be reversed. In addition, in 2025, 14 provisional enforcements were already reversed.
On 15 April 2024, Stichting Triodos Tragedie (Triodos Tragedie) sent a demand letter to Triodos Bank accompanied by a draft writ of summons on behalf of a group of DR Holders. Triodos Tragedie is a foundation that aims to represent the interests of discontented DR Holders.
Triodos Bank received a writ of summons from Triodos Tragedie together with an individual claimant in September 2024. Triodos Tragedie primarily claims the payment of the NAV as at 13 May 2024 for all DRs held by DR Holders represented in the proceedings. In the alternative, claims for damages and annulment are included. The claimants subsequently reduced their claim as individual DR Holders accepted the individual settlement offer. The claim by Triodos Tragedie is associated with around 1,100 accounts owning around 700,000 DRs. The District Court of Midden-Nederland rendered its ruling on the merits on 12 November 2025. All claims of Triodos Tragedie were dismissed by the court. Triodos Tragedie has appealed the ruling.
In Belgium, as at 31 December 2025, there is one legal proceeding on the merits pending. This legal action was organised by a Belgian interest group, Trioforum. A writ of summons was served on Triodos Bank on 3 June 2024. The number of claimants has since increased by means of petitions for voluntary intervention. Cumulatively the claimants own around 400,000 DRs. SAAT is also named as a defendant in the writ of summons. The claimants\u2019 primary claim is to obtain the purchase or repurchase of their DRs against the NAV as of the date of the writ of summons. Their alternative claim entails damages for the same amount. A calendar for the exchange of written arguments has been fixed and runs until the second quarter of 2026, after which the Brussels (French speaking) Court is expected to fix a date for hearings.
In Germany, as of 31 December 2025, two proceedings on the merits are pending. The two appeal proceedings (relating to approximately 1,200 DRs in total) were lodged by claimants following verdicts in first instance in favour of Triodos Bank. A further proceeding (approximately 1,200 DRs) pending in first instance is resolved. In addition, as of 31 December 2025, 10 proceedings (relating to approximately 6,600 DRs) on the merits against SAAT are pending in Germany.
In December 2025, Triodos Bank initiated legal proceedings against its insurers in relation to the Directors and Officers and Professional Liability insurance policies with regard to coverage for DR claims. The case is currently pending before the District Court of The Hague.
There are no subsequent events that have a material impact on these financial statements.
Triodos Bank has the following branches and subsidiaries which are reportable segments. These branches and subsidiaries operate in different countries and are therefore managed separately based on Triodos Bank's management and internal reporting structure.
Reportable segments | Operations |
|---|---|
Bank Netherlands | Retail Banking, Business Banking and Private Banking |
Bank Belgium | Retail Banking, Business Banking and Private Banking |
Bank United Kingdom | Retail Banking and Business Banking |
Bank Spain | Retail Banking and Business Banking |
Bank Germany | Retail Banking and Business Banking |
Investment Management | Impact investing taking place through investment funds or investment institutions bearing the Triodos Bank name |
Head Office including TRMC | Unallocated Head Office activities and TRMC |
Retail Banking: Offer customers products with a purpose including savings, payments, lending and investments.
Business Banking: Lend money to organisations working to stimulate positive and lasting change.
Private Banking: Advise customers on employing their capital to stimulate sustainable development mainly by sustainable discretionary asset management.
Head Office is organised into the following main departments: Digital and Technology, Know Your Customer and Financial Crime, Product and Process Management, Data and Analytics, Customer Services, Corporate Procurement, Finance and Reporting, Controlling, Treasury, Balance Sheet Management and Modelling, Risk Management, Compliance, HR, Group Audit, Corporate Development, Legal, Marketing and Communications. The majority of the Group functions\u2019 costs are allocated to the businesses.
TRMC: The primary objective is to manage non-consolidated entities that lend, invest or donate money where the main goal to make pioneering, transformative initiatives possible.
Information related to each reportable segment is set out on the next page.
Amounts in thousands of EUR | Bank Netherlands | Bank Belgium | Bank United Kingdom | Bank Spain | Bank Germany1 | Total banking activities | Investment Management | Head Office including TRMC | Total |
|---|---|---|---|---|---|---|---|---|---|
External income | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Material items of income and expense | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Net interest income | 147,819 | 41,133 | 68,515 | 62,209 | 15,429 | 335,105 | 348 | -4,306 | 331,147 |
- Investment income | - | - | - | 13 | - | 13 | - | 857 | 870 |
- Net fee and commission income | 38,564 | 6,740 | 3,621 | 7,471 | 3,588 | 59,984 | 47,805 | 1,566 | 109,355 |
- Net income from other financial instruments at FVTPL | 1,183 | -257 | - | -249 | 14 | 691 | - | -82 | 609 |
- Other income | 1 | -7 | -99 | 771 | 19 | 685 | 62 | -330 | 417 |
- Net intercompany income | 4,243 | 389 | -164 | 4,127 | 31 | 8,626 | -214 | -8,412 | - |
Total segment income | 191,810 | 47,998 | 71,873 | 74,342 | 19,081 | 405,104 | 48,001 | -10,707 | 442,398 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Operational expenses | -99,528 | -40,609 | -50,380 | -56,996 | -21,799 | -269,312 | -46,083 | -58,812 | -374,207 |
- Impairment result on financial instruments | -2,674 | -5,297 | -338 | -2,811 | -60,396 | -71,516 | 8 | - | -71,508 |
Total segment expenses | -102,202 | -45,906 | -50,718 | -59,807 | -82,195 | -340,828 | -46,075 | -58,812 | -445,715 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment result before tax | 89,608 | 2,092 | 21,155 | 14,535 | -63,114 | 64,276 | 1,926 | -69,519 | -3,317 |
- Taxation on operating result | -24,020 | -1,951 | -4,944 | -4,615 | -3,304 | -38,834 | -37 | 17,148 | -21,723 |
Net result | 65,588 | 141 | 16,211 | 9,920 | -66,418 | 25,442 | 1,889 | -52,371 | -25,040 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts in thousands of EUR | Bank Netherlands | Bank Belgium | Bank United Kingdom | Bank Spain | Bank Germany | Total banking activities | Investment Management | Head Office including TRMC | Total |
|---|---|---|---|---|---|---|---|---|---|
External income | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Material items of income and expense | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Net interest income | 149,867 | 44,674 | 65,752 | 70,195 | 20,737 | 351,225 | 771 | -4,293 | 347,703 |
- Investment income | - | - | - | 9 | - | 9 | - | 765 | 774 |
- Net fee and commission income | 39,453 | 6,702 | 2,419 | 8,322 | 3,309 | 60,205 | 53,141 | 2,066 | 115,412 |
- Net income from other financial instruments at FVTPL | -942 | -23 | - | 19 | -8 | -954 | - | -1,057 | -2,011 |
- Other income | 2 | 31 | 56 | 1,004 | 33 | 1,126 | 227 | -166 | 1,187 |
- Net intercompany income | 7,229 | -212 | -308 | 1,234 | 70 | 8,013 | -502 | -7,511 | - |
Total segment income | 195,609 | 51,172 | 67,919 | 80,783 | 24,141 | 419,624 | 53,637 | -10,196 | 463,065 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
- Operational expenses | -98,555 | -44,685 | -55,327 | -61,713 | -15,794 | -276,074 | -44,825 | -130,313 | -451,212 |
- Impairment result on financial instruments | -660 | -364 | -4,355 | -5,264 | -1,006 | -11,649 | 2 | - | -11,647 |
Total segment expenses | -99,215 | -45,049 | -59,682 | -66,977 | -16,800 | -287,723 | -44,823 | -130,313 | -462,859 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment result before tax | 96,394 | 6,123 | 8,237 | 13,806 | 7,341 | 131,901 | 8,814 | -140,509 | 206 |
- Taxation on operating result | -25,897 | -2,747 | -1,733 | -4,329 | -2,296 | -37,002 | -1,803 | 35,602 | -3,203 |
Net result | 70,497 | 3,376 | 6,504 | 9,477 | 5,045 | 94,899 | 7,011 | -104,907 | -2,997 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Amounts in thousands of EUR | Bank Netherlands | Bank Belgium | Bank United Kingdom | Bank Spain | Bank Germany1 | Total banking activities | Investment Management | Head Office including TRMC | Elimination intercompany transactions | Total |
|---|---|---|---|---|---|---|---|---|---|---|
Loans and advances to customers | 6,356,883 | 1,941,246 | 1,260,007 | 1,632,990 | 461,595 | 11,652,721 | - | - | -161,188 | 11,491,533 |
Number of loans and facilities | 42,122 | 4,693 | 1,524 | 10,362 | 16,133 | 74,834 | - | - | -2 | 74,832 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total assets | 9,827,476 | 2,562,011 | 2,343,853 | 2,410,413 | 767,135 | 17,910,888 | 41,737 | 2,905,544 | -3,289,556 | 17,568,613 |
Funds under management | 934,634 | 1,019,916 | - | 22,897 | 4,824 | 1,982,271 | 5,478,563 | 64,420 | -934,634 | 6,590,620 |
Total assets under management | 10,762,110 | 3,581,927 | 2,343,853 | 2,433,310 | 771,959 | 19,893,159 | 5,520,300 | 2,969,964 | -4,224,190 | 24,159,233 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from customers | 8,214,519 | 2,115,133 | 2,085,338 | 1,996,045 | 672,267 | 15,083,302 | - | - | -7,972 | 15,075,330 |
Number of accounts | 518,197 | 86,779 | 126,295 | 174,288 | 42,706 | 948,265 | - | - | -5 | 948,260 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total liabilities | 9,069,686 | 2,324,469 | 2,104,527 | 2,203,799 | 764,371 | 16,466,852 | 8,317 | 1,714,028 | -1,812,100 | 16,377,097 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Average number of FTEs during the year | 264.5 | 152.0 | 288.7 | 262.3 | 61.3 | 1,028.9 | 196.0 | 563.3 | - | 1,788.2 |
Amounts in thousands of EUR | Bank Netherlands | Bank Belgium | Bank United Kingdom | Bank Spain | Bank Germany | Total banking activities | Investment Management | Head Office including TRMC | Elimination intercompany transactions | Total |
|---|---|---|---|---|---|---|---|---|---|---|
Loans and advances to customers | 6,015,383 | 1,877,633 | 1,315,347 | 1,674,126 | 535,027 | 11,417,516 | - | - | -15,380 | 11,402,136 |
Number of loans and facilities | 41,628 | 4,944 | 1,556 | 11,513 | 16,466 | 76,107 | - | - | -2 | 76,105 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total assets | 9,043,689 | 2,497,640 | 2,373,892 | 2,428,249 | 817,438 | 17,160,908 | 47,738 | 2,897,133 | -3,138,236 | 16,967,543 |
Funds under management | 920,783 | 1,253,788 | - | 24,956 | 5,199 | 2,204,726 | 5,828,460 | 66,641 | -920,783 | 7,179,044 |
Total assets under management | 9,964,472 | 3,751,428 | 2,373,892 | 2,453,205 | 822,637 | 19,365,634 | 5,876,198 | 2,963,774 | -4,059,019 | 24,146,587 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deposits from customers | 7,614,884 | 2,078,393 | 2,097,958 | 2,041,842 | 652,335 | 14,485,412 | - | - | -7,410 | 14,478,002 |
Number of accounts | 502,761 | 84,574 | 121,044 | 180,080 | 51,161 | 939,620 | - | - | -6 | 939,614 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total liabilities | 8,347,303 | 2,259,797 | 2,131,966 | 2,222,659 | 745,327 | 15,707,052 | 9,049 | 1,662,863 | -1,644,234 | 15,734,730 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Average number of FTEs during the year | 273.3 | 155.6 | 307.2 | 268.1 | 63.7 | 1,067.8 | 194.0 | 523.6 | - | 1,785.4 |
Amounts in thousands of EUR | 2025 | 2024 |
|---|---|---|
i. Revenues | \u00a0 | \u00a0 |
Total revenue for reportable segments | 442,398 | 463,065 |
Unallocated amounts | - | - |
Elimination of intersegment revenue | - | - |
Consolidated revenue | 442,398 | 463,065 |
| \u00a0 | \u00a0 | \u00a0 |
ii. Result before tax | \u00a0 | \u00a0 |
Total result for reportable segments | -3,317 | 206 |
Unallocated amounts | - | - |
Consolidated result before tax | -3,317 | 206 |
| \u00a0 | \u00a0 | \u00a0 |
iii. Assets | \u00a0 | \u00a0 |
Total assets for reportable segments | 17,568,613 | 16,967,543 |
Other unallocated amounts | - | - |
Consolidated total assets | 17,568,613 | 16,967,543 |
| \u00a0 | \u00a0 | \u00a0 |
iv. Liabilities | \u00a0 | \u00a0 |
Total liabilities for reportable segments | 16,377,097 | 15,734,730 |
Other unallocated amounts | - | - |
Consolidated total liabilities | 16,377,097 | 15,734,730 |
Amounts in thousands of EUR | The Netherlands | Belgium | United Kingdom | Spain | Germany1 | Total |
|---|---|---|---|---|---|---|
Name | Triodos Bank N.V., Legal Owner Triodos Funds B.V, Triodos Investment Management B.V., Sinopel 2019 B.V. | Triodos Bank N.V., Triodos IMMA BVBA | Triodos Bank UK Ltd | Triodos Bank N.V. | Triodos Bank N.V. | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Nature of activities | Bank, Private Banking and Investment Management | Bank and Private Banking | Bank | Bank | Bank | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Geographical location | Driebergen-Rijsenburg | Brussels | Bristol | Madrid | Frankfurt | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total income | 229,104 | 47,998 | 71,873 | 74,342 | 19,081 | 442,398 |
Operating expenses | -204,423 | -40,609 | -50,380 | -56,996 | -21,799 | -374,207 |
Impairment losses on financial instruments | -2,666 | -5,297 | -338 | -2,811 | -60,396 | -71,508 |
Segment result before tax | 22,015 | 2,092 | 21,155 | 14,535 | -63,114 | -3,317 |
Taxation on operating result | -6,909 | -1,951 | -4,944 | -4,615 | -3,304 | -21,723 |
Net result | 15,106 | 141 | 16,211 | 9,920 | -66,418 | -25,040 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Public subsidies received | - | - | - | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Average number of FTEs during the year2 | 1,023.8 | 152.0 | 288.7 | 262.3 | 61.3 | 1,788.2 |
Amounts in thousands of EUR | The Netherlands | Belgium | United Kingdom | Spain | Germany | Total |
|---|---|---|---|---|---|---|
Name | Triodos Bank N.V., Legal Owner Triodos Funds B.V, Triodos Investment Management B.V., Sinopel 2019 B.V. | Triodos Bank N.V., Triodos IMMA BVBA | Triodos Bank UK Ltd | Triodos Bank N.V. | Triodos Bank N.V. | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Nature of activities | Bank, Private Banking and Investment Management | Bank and Private Banking | Bank | Bank | Bank | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Geographical location | Driebergen-Rijsenburg | Brussels | Bristol | Madrid | Frankfurt | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total income | 239,050 | 51,172 | 67,919 | 80,783 | 24,141 | 463,065 |
Operating expenses | -273,693 | -44,685 | -55,327 | -61,713 | -15,794 | -451,212 |
Impairment losses on financial instruments | -658 | -364 | -4,355 | -5,264 | -1,006 | -11,647 |
Segment result before tax | -35,301 | 6,123 | 8,237 | 13,806 | 7,341 | 206 |
Taxation on operating result | 7,902 | -2,747 | -1,733 | -4,329 | -2,296 | -3,203 |
Net result | -27,399 | 3,376 | 6,504 | 9,477 | 5,045 | -2,997 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Public subsidies received | - | - | - | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Average number of FTEs during the year1 | 990.9 | 155.6 | 307.2 | 268.1 | 63.7 | 1,785.4 |
Amounts in thousands of EUR | The Netherlands | Belgium | United Kingdom | Spain | Germany1 | Total |
|---|---|---|---|---|---|---|
2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax on result | 2,681 | 1,831 | 3,056 | 3,272 | 522 | 11,362 |
Value-added tax (VAT) | 15,550 | 1,031 | 4,562 | 3,846 | 666 | 25,655 |
Banking tax | - | 2,699 | - | 577 | - | 3,276 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Tax on result | 24,496 | 4,000 | 393 | 2,506 | 1,432 | 32,827 |
Value-added tax (VAT) | 14,471 | 1,385 | 5,295 | 4,759 | 590 | 26,500 |
Banking tax | - | 2,731 | - | 580 | - | 3,311 |
In the table above, the total tax contribution of Triodos Bank is reflected. Triodos Bank sees paying a fair share of taxes and being transparent on taxes part of its positive contribution to societies in which it operates. The VAT included in the table above are the non-deductible VAT paid on invoices to suppliers.
The segments (branches and subsidiaries) are reported in a manner consistent with the internal reporting provided to the Executive Board. The Executive Board is responsible for allocating resources and assessing performance. Segment profit before tax, as included in internal management reports reviewed by the Group's Management Committee, is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate within the same industries.
Segment assets, liabilities, income and results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Transactions between segments are conducted at arm's length. All transactions between segments are eliminated as intercompany income and expenses. Segment assets, liabilities, income and results are measured based on Triodos Bank's accounting policies. The geographical analyses are based on the location of the office from which the transactions are originated.
Lending by sector provides information about the loans and facilities outstanding per sector and per reportable banking segment. Loans and current accounts relate to Business Banking. Mortgages are shown separately. Other facilities include private loans, other current accounts and credit cards.
The tables present the gross outstanding balance, the total ECL (stages 1, 2 and 3) and the net amount per sector. The gross outstanding balance includes interest receivable and the fair value hedge adjustment. The number of loans and facilities excludes the number of current accounts and credit cards with no overdraft balance. Of the number of accounts \u2013 loans and advances to customers stated in the key figures (refer to Key figures), 30,622 accounts relate to facilities that have no overdraft balances (2024: 33,532 accounts) and have therefore not been included in the lending by sector overviews. The percentage shown is the percentage of the net amount per sector compared to the total net amount.
Triodos Bank has developed a Group-wide impact vision in which five transition themes were identified as shown in the diagram below. The lending by sector tables have been rearranged to reflect these five transition themes. Although not included under specific transition themes in the tables, the residential mortgage portfolio contributes to the following themes: Resources (by innovating new forms of mortgages such as the bio-based mortgage), Energy (by taking energy certificates into account for the interest rate of mortgage products), and Societal (by advocating and enabling co-housing and social housing). For more information on these themes, refer to Our approach to impact.
Balance as at 31 December 2025 | Total | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 1,446,709 | -4,719 | 1,441,990 | 12.6 | 866 |
| \u00a0 | Environmental technology | 417,653 | -66,260 | 351,393 | 3.1 | 235 |
| \u00a0 | \u00a0 | 1,864,362 | -70,979 | 1,793,383 | 15.6 | 1,101 |
Food | Organic farming | 178,181 | -7,310 | 170,871 | 1.5 | 475 |
| \u00a0 | Organic food | 91,166 | -3,541 | 87,625 | 0.8 | 358 |
| \u00a0 | \u00a0 | 269,347 | -10,851 | 258,496 | 2.3 | 833 |
Resources | Sustainable property | 1,015,958 | -9,061 | 1,006,897 | 8.8 | 371 |
| \u00a0 | Nature development and forestry | 50,801 | -217 | 50,584 | 0.4 | 65 |
| \u00a0 | Retail non-food | 21,049 | -1,055 | 19,994 | 0.2 | 117 |
| \u00a0 | Production | 32,385 | -987 | 31,398 | 0.3 | 98 |
| \u00a0 | Professional services | 58,901 | -822 | 58,079 | 0.5 | 195 |
| \u00a0 | \u00a0 | 1,179,094 | -12,142 | 1,166,952 | 10.2 | 846 |
Societal | Social housing | 572,211 | -1,570 | 570,641 | 5.0 | 392 |
| \u00a0 | Social projects | 170,620 | -1,759 | 168,861 | 1.5 | 373 |
| \u00a0 | Development cooperation and fair trade | 22,632 | -444 | 22,188 | 0.2 | 40 |
| \u00a0 | Municipality loans | 34,189 | -10 | 34,179 | 0.3 | 8 |
| \u00a0 | \u00a0 | 799,652 | -3,783 | 795,869 | 6.9 | 813 |
Wellbeing | Healthcare | 1,126,903 | -8,616 | 1,118,287 | 9.7 | 1,149 |
| \u00a0 | Education | 318,279 | -1,035 | 317,244 | 2.8 | 400 |
| \u00a0 | Childcare | 17,202 | -369 | 16,833 | 0.2 | 42 |
| \u00a0 | Arts and culture | 341,418 | -3,595 | 337,823 | 2.9 | 1,116 |
| \u00a0 | Philosophy of life | 61,842 | -689 | 61,153 | 0.5 | 211 |
| \u00a0 | Recreation | 227,028 | -2,731 | 224,297 | 2.0 | 319 |
| \u00a0 | \u00a0 | 2,092,672 | -17,035 | 2,075,637 | 18.1 | 3,237 |
Other | Residential mortgages | 5,609,756 | -3,262 | 5,606,494 | 48.8 | 21,348 |
| \u00a0 | Other facilities | 7,909 | -382 | 7,527 | 0.1 | 16,032 |
| \u00a0 | \u00a0 | 5,617,665 | -3,644 | 5,614,021 | 48.9 | 37,380 |
| \u00a0 | Fair value hedge accounting | -232,526 | - | -232,526 | -2.0 | - |
| \u00a0 | Interest receivables | 19,701 | - | 19,701 | 0.2 | - |
| \u00a0 | Total | 11,609,967 | -118,434 | 11,491,533 | 100.0 | 44,210 |
Balance as at 31 December 2024 | Total | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 1,397,173 | -2,463 | 1,394,710 | 12.2 | 901 |
| \u00a0 | Environmental technology | 363,347 | -7,969 | 355,378 | 3.1 | 237 |
| \u00a0 | \u00a0 | 1,760,520 | -10,432 | 1,750,088 | 15.4 | 1,138 |
Food | Organic farming | 174,314 | -7,483 | 166,831 | 1.5 | 534 |
| \u00a0 | Organic food | 98,189 | -3,424 | 94,765 | 0.8 | 439 |
| \u00a0 | \u00a0 | 272,503 | -10,907 | 261,596 | 2.3 | 973 |
Resources | Sustainable property | 1,010,444 | -5,016 | 1,005,428 | 8.8 | 392 |
| \u00a0 | Nature development and forestry | 46,222 | -165 | 46,057 | 0.4 | 54 |
| \u00a0 | Retail non-food | 26,759 | -1,135 | 25,624 | 0.2 | 148 |
| \u00a0 | Production | 35,461 | -620 | 34,841 | 0.3 | 119 |
| \u00a0 | Professional services | 68,795 | -1,849 | 66,946 | 0.6 | 260 |
| \u00a0 | \u00a0 | 1,187,681 | -8,785 | 1,178,896 | 10.3 | 973 |
Societal | Social housing | 549,751 | -412 | 549,339 | 4.8 | 397 |
| \u00a0 | Social projects | 179,746 | -1,485 | 178,261 | 1.6 | 417 |
| \u00a0 | Development cooperation and fair trade | 29,459 | -372 | 29,087 | 0.3 | 45 |
| \u00a0 | Municipality loans | 45,786 | -21 | 45,765 | 0.4 | 8 |
| \u00a0 | \u00a0 | 804,742 | -2,290 | 802,452 | 7.0 | 867 |
Wellbeing | Healthcare | 1,148,383 | -7,183 | 1,141,200 | 10.0 | 1,234 |
| \u00a0 | Education | 350,502 | -1,939 | 348,563 | 3.1 | 451 |
| \u00a0 | Childcare | 18,846 | -242 | 18,604 | 0.2 | 58 |
| \u00a0 | Arts and culture | 417,062 | -4,239 | 412,823 | 3.6 | 1,291 |
| \u00a0 | Philosophy of life | 74,516 | -1,003 | 73,513 | 0.6 | 227 |
| \u00a0 | Recreation | 221,744 | -4,397 | 217,347 | 1.9 | 366 |
| \u00a0 | \u00a0 | 2,231,053 | -19,003 | 2,212,050 | 19.4 | 3,627 |
Other | Residential mortgages | 5,296,078 | -2,482 | 5,293,596 | 46.4 | 20,630 |
| \u00a0 | Other facilities | 9,336 | -392 | 8,944 | 0.1 | 14,365 |
| \u00a0 | \u00a0 | 5,305,414 | -2,874 | 5,302,540 | 46.5 | 34,995 |
| \u00a0 | Fair value hedge accounting | -134,380 | - | -134,380 | -1.2 | - |
| \u00a0 | Interest receivables | 28,894 | - | 28,894 | 0.3 | - |
| \u00a0 | Total | 11,456,427 | -54,291 | 11,402,136 | 100.0 | 42,573 |
Balance as at 31 December 2025 | The Netherlands | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 427,429 | -1,794 | 425,635 | 6.7 | 146 |
| \u00a0 | Environmental technology | 126,809 | -3,160 | 123,649 | 2.1 | 75 |
| \u00a0 | \u00a0 | 554,238 | -4,954 | 549,284 | 8.8 | 221 |
Food | Organic farming | 95,726 | -178 | 95,548 | 1.5 | 239 |
| \u00a0 | Organic food | 30,874 | -115 | 30,759 | 0.5 | 94 |
| \u00a0 | \u00a0 | 126,600 | -293 | 126,307 | 2.0 | 333 |
Resources | Sustainable property | 362,872 | -65 | 362,807 | 5.7 | 166 |
| \u00a0 | Nature development and forestry | 2,552 | -37 | 2,515 | - | 5 |
| \u00a0 | Retail non-food | 5,311 | -192 | 5,119 | 0.1 | 36 |
| \u00a0 | Production | 16,000 | -439 | 15,561 | 0.2 | 31 |
| \u00a0 | Professional services | 33,462 | -215 | 33,247 | 0.5 | 51 |
| \u00a0 | \u00a0 | 420,197 | -948 | 419,249 | 6.5 | 289 |
Societal | Social housing | 21,030 | - | 21,030 | 0.3 | 74 |
| \u00a0 | Social projects | 4,348 | -3 | 4,345 | 0.1 | 16 |
| \u00a0 | Development cooperation and fair trade | 16,578 | -269 | 16,309 | 0.3 | 8 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 41,956 | -272 | 41,684 | 0.7 | 98 |
Wellbeing | Healthcare | 355,640 | -1,280 | 354,360 | 5.6 | 413 |
| \u00a0 | Education | 14,519 | -7 | 14,512 | 0.2 | 31 |
| \u00a0 | Childcare | 5,767 | - | 5,767 | 0.1 | 16 |
| \u00a0 | Arts and culture | 114,706 | -425 | 114,281 | 1.8 | 213 |
| \u00a0 | Philosophy of life | 12,008 | - | 12,008 | 0.2 | 38 |
| \u00a0 | Recreation | 82,821 | -236 | 82,585 | 1.3 | 117 |
| \u00a0 | \u00a0 | 585,461 | -1,948 | 583,513 | 9.2 | 828 |
Other | Residential mortgages | 4,857,319 | -722 | 4,856,597 | 76.5 | 16,253 |
| \u00a0 | Other facilities | 1,145 | -117 | 1,028 | - | 4,254 |
| \u00a0 | \u00a0 | 4,858,464 | -839 | 4,857,625 | 76.5 | 20,507 |
| \u00a0 | Fair value hedge accounting | -232,526 | - | -232,526 | -3.7 | - |
| \u00a0 | Interest receivables | 559 | - | 559 | - | - |
| \u00a0 | Total | 6,354,949 | -9,254 | 6,345,695 | 100.0 | 22,276 |
Balance as at 31 December 2024 | The Netherlands | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 433,141 | -423 | 432,718 | 7.2 | 137 |
| \u00a0 | Environmental technology | 92,702 | -2,489 | 90,213 | 1.4 | 50 |
| \u00a0 | \u00a0 | 525,843 | -2,912 | 522,931 | 8.6 | 187 |
Food | Organic farming | 85,376 | -64 | 85,312 | 1.4 | 255 |
| \u00a0 | Organic food | 28,186 | -107 | 28,079 | 0.5 | 108 |
| \u00a0 | \u00a0 | 113,562 | -171 | 113,391 | 1.9 | 363 |
Resources | Sustainable property | 302,397 | -480 | 301,917 | 5.0 | 163 |
| \u00a0 | Nature development and forestry | 4,595 | -37 | 4,558 | 0.1 | 6 |
| \u00a0 | Retail non-food | 4,688 | -212 | 4,476 | 0.1 | 39 |
| \u00a0 | Production | 17,613 | -222 | 17,391 | 0.3 | 34 |
| \u00a0 | Professional services | 37,255 | -751 | 36,504 | 0.6 | 70 |
| \u00a0 | \u00a0 | 366,548 | -1,702 | 364,846 | 6.1 | 312 |
Societal | Social housing | 23,288 | -1 | 23,287 | 0.4 | 84 |
| \u00a0 | Social projects | 5,739 | -4 | 5,735 | 0.1 | 19 |
| \u00a0 | Development cooperation and fair trade | 17,796 | -297 | 17,499 | 0.3 | 10 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 46,823 | -302 | 46,521 | 0.8 | 113 |
Wellbeing | Healthcare | 374,233 | -1,250 | 372,983 | 6.2 | 424 |
| \u00a0 | Education | 16,661 | -11 | 16,650 | 0.3 | 36 |
| \u00a0 | Childcare | 6,763 | -11 | 6,752 | 0.1 | 22 |
| \u00a0 | Arts and culture | 123,599 | -318 | 123,281 | 2.1 | 224 |
| \u00a0 | Philosophy of life | 12,649 | - | 12,649 | 0.2 | 43 |
| \u00a0 | Recreation | 65,946 | -145 | 65,801 | 1.1 | 123 |
| \u00a0 | \u00a0 | 599,851 | -1,735 | 598,116 | 10.0 | 872 |
Other | Residential mortgages | 4,479,924 | -651 | 4,479,273 | 74.7 | 15,259 |
| \u00a0 | Other facilities | 1,187 | -65 | 1,122 | - | 4,639 |
| \u00a0 | \u00a0 | 4,481,111 | -716 | 4,480,395 | 74.7 | 19,898 |
| \u00a0 | Fair value hedge accounting | -134,380 | - | -134,380 | -2.2 | - |
| \u00a0 | Interest receivables | 8,183 | - | 8,183.0 | 0.1 | - |
| \u00a0 | Total | 6,007,541 | -7,538 | 6,000,003 | 100.0 | 21,745 |
Balance as at 31 December 2025 | Belgium | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 427,711 | -995 | 426,716 | 23.9 | 336 |
| \u00a0 | Environmental technology | 33,057 | -170 | 32,887 | 1.8 | 36 |
| \u00a0 | \u00a0 | 460,768 | -1,165 | 459,603 | 25.7 | 372 |
Food | Organic farming | 3,420 | -472 | 2,948 | 0.2 | 37 |
| \u00a0 | Organic food | 10,554 | -659 | 9,895 | 0.6 | 89 |
| \u00a0 | \u00a0 | 13,974 | -1,131 | 12,843 | 0.8 | 126 |
Resources | Sustainable property | 243,182 | -5,196 | 237,986 | 13.3 | 94 |
| \u00a0 | Nature development and forestry | 3,826 | -6 | 3,820 | 0.2 | 9 |
| \u00a0 | Retail non-food | 10,892 | -789 | 10,103 | 0.6 | 38 |
| \u00a0 | Production | 5,922 | -108 | 5,814 | 0.3 | 21 |
| \u00a0 | Professional services | 10,880 | -148 | 10,732 | 0.6 | 60 |
| \u00a0 | \u00a0 | 274,702 | -6,247 | 268,455 | 15.0 | 222 |
Societal | Social housing | 69,746 | -192 | 69,554 | 3.9 | 47 |
| \u00a0 | Social projects | 23,797 | -36 | 23,761 | 1.3 | 88 |
| \u00a0 | Development cooperation and fair trade | 2,401 | -5 | 2,396 | 0.1 | 17 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 95,944 | -233 | 95,711 | 5.3 | 152 |
Wellbeing | Healthcare | 182,384 | -2,049 | 180,335 | 10.1 | 277 |
| \u00a0 | Education | 90,306 | -134 | 90,172 | 5.0 | 195 |
| \u00a0 | Childcare | 2,314 | -95 | 2,219 | 0.1 | 14 |
| \u00a0 | Arts and culture | 55,277 | -906 | 54,371 | 3.0 | 183 |
| \u00a0 | Philosophy of life | 4,464 | -8 | 4,456 | 0.2 | 20 |
| \u00a0 | Recreation | 31,386 | -923 | 30,463 | 1.7 | 45 |
| \u00a0 | \u00a0 | 366,131 | -4,115 | 362,016 | 20.1 | 734 |
Other | Residential mortgages | 588,037 | -2,322 | 585,715 | 32.7 | 3,087 |
| \u00a0 | Other facilities | 99 | - | 99 | - | 47 |
| \u00a0 | \u00a0 | 588,136 | -2,322 | 585,814 | 32.7 | 3,134 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 6,804 | - | 6,804 | 0.4 | - |
| \u00a0 | Total | 1,806,459 | -15,213 | 1,791,246 | 100.0 | 4,740 |
Balance as at 31 December 2024 | Belgium | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 414,992 | -1,461 | 413,531 | 22.1 | 342 |
| \u00a0 | Environmental technology | 23,637 | -197 | 23,440 | 1.2 | 33 |
| \u00a0 | \u00a0 | 438,629 | -1,658 | 436,971 | 23.3 | 375 |
Food | Organic farming | 3,470 | -382 | 3,088 | 0.2 | 46 |
| \u00a0 | Organic food | 11,664 | -684 | 10,980 | 0.6 | 100 |
| \u00a0 | \u00a0 | 15,134 | -1,066 | 14,068 | 0.8 | 146 |
Resources | Sustainable property | 285,453 | -1,629 | 283,824 | 15.1 | 118 |
| \u00a0 | Nature development and forestry | 4,294 | -6 | 4,288 | 0.2 | 12 |
| \u00a0 | Retail non-food | 14,863 | -832 | 14,031 | 0.7 | 45 |
| \u00a0 | Production | 5,715 | -18 | 5,697 | 0.3 | 24 |
| \u00a0 | Professional services | 11,212 | -189 | 11,023 | 0.6 | 64 |
| \u00a0 | \u00a0 | 321,537 | -2,674 | 318,863 | 16.9 | 263 |
Societal | Social housing | 72,262 | -108 | 72,154 | 3.8 | 47 |
| \u00a0 | Social projects | 21,692 | -31 | 21,661 | 1.2 | 92 |
| \u00a0 | Development cooperation and fair trade | 2,402 | -6 | 2,396 | 0.1 | 18 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 96,356 | -145 | 96,211 | 5.1 | 157 |
Wellbeing | Healthcare | 197,252 | -1,522 | 195,730 | 10.4 | 306 |
| \u00a0 | Education | 93,912 | -128 | 93,784 | 5.0 | 203 |
| \u00a0 | Childcare | 2,530 | -45 | 2,485 | 0.1 | 19 |
| \u00a0 | Arts and culture | 49,311 | -648 | 48,663 | 2.6 | 178 |
| \u00a0 | Philosophy of life | 4,943 | -7 | 4,936 | 0.3 | 23 |
| \u00a0 | Recreation | 32,589 | -987 | 31,602 | 1.7 | 50 |
| \u00a0 | \u00a0 | 380,537 | -3,337 | 377,200 | 20.1 | 779 |
Other | Residential mortgages | 628,477 | -1,659 | 626,818 | 33.4 | 3,206 |
| \u00a0 | Other facilities | 8 | - | 8 | - | 27 |
| \u00a0 | \u00a0 | 628,485 | -1,659 | 626,826 | 33.4 | 3,233 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 7,494 | - | 7,494.0 | 0.4 | - |
| \u00a0 | Total | 1,888,172 | -10,539 | 1,877,633 | 100.0 | 4,953 |
Balance as at 31 December 2025 | United Kingdom | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 229,336 | -295 | 229,041 | 18.3 | 229 |
| \u00a0 | Environmental technology | 40,490 | -102 | 40,388 | 3.2 | 14 |
| \u00a0 | \u00a0 | 269,826 | -397 | 269,429 | 21.5 | 243 |
Food | Organic farming | 28,928 | -902 | 28,026 | 2.2 | 102 |
| \u00a0 | Organic food | 6,093 | -625 | 5,468 | 0.4 | 20 |
| \u00a0 | \u00a0 | 35,021 | -1,527 | 33,494 | 2.6 | 122 |
Resources | Sustainable property | 12,661 | -281 | 12,380 | 1.0 | 18 |
| \u00a0 | Nature development and forestry | 38,965 | -25 | 38,940 | 3.1 | 21 |
| \u00a0 | Retail non-food | 3,569 | -11 | 3,558 | 0.3 | 7 |
| \u00a0 | Production | 6,387 | -2 | 6,385 | 0.5 | 7 |
| \u00a0 | Professional services | 7,982 | -82 | 7,900 | 0.6 | 17 |
| \u00a0 | \u00a0 | 69,564 | -401 | 69,163 | 5.5 | 70 |
Societal | Social housing | 388,669 | -1,218 | 387,451 | 30.7 | 242 |
| \u00a0 | Social projects | 37,237 | -172 | 37,065 | 2.9 | 67 |
| \u00a0 | Development cooperation and fair trade | 1,694 | -166 | 1,528 | 0.1 | 4 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 427,600 | -1,556 | 426,044 | 33.7 | 313 |
Wellbeing | Healthcare | 289,664 | -159 | 289,505 | 23.0 | 116 |
| \u00a0 | Education | 69,758 | -183 | 69,575 | 5.5 | 43 |
| \u00a0 | Childcare | 6,427 | - | 6,427 | 0.5 | 4 |
| \u00a0 | Arts and culture | 25,911 | -1,027 | 24,884 | 2.0 | 41 |
| \u00a0 | Philosophy of life | 28,836 | -311 | 28,525 | 2.3 | 92 |
| \u00a0 | Recreation | 38,682 | -34 | 38,648 | 3.1 | 41 |
| \u00a0 | \u00a0 | 459,278 | -1,714 | 457,564 | 36.4 | 337 |
Other | Residential mortgages | - | - | - | - | - |
| \u00a0 | Other facilities | 11 | - | 11 | - | 244 |
| \u00a0 | \u00a0 | 11 | - | 11 | - | 244 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 4,302 | - | 4,302 | 0.3 | - |
| \u00a0 | Total | 1,265,602 | -5,595 | 1,260,007 | 100.0 | 1,329 |
Balance as at 31 December 2024 | United Kingdom | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 231,616 | -319 | 231,297 | 17.6 | 260 |
| \u00a0 | Environmental technology | 42,097 | -144 | 41,953 | 3.2 | 18 |
| \u00a0 | \u00a0 | 273,713 | -463 | 273,250 | 20.8 | 278 |
Food | Organic farming | 31,995 | -1,573 | 30,422 | 2.3 | 120 |
| \u00a0 | Organic food | 7,986 | -841 | 7,145 | 0.5 | 23 |
| \u00a0 | \u00a0 | 39,981 | -2,414 | 37,567 | 2.8 | 143 |
Resources | Sustainable property | 13,912 | -260 | 13,652 | 1.0 | 17 |
| \u00a0 | Nature development and forestry | 34,674 | -13 | 34,661 | 2.6 | 16 |
| \u00a0 | Retail non-food | 4,051 | -27 | 4,024 | 0.3 | 9 |
| \u00a0 | Production | 7,127 | -5 | 7,122 | 0.5 | 7 |
| \u00a0 | Professional services | 10,256 | -125 | 10,131 | 0.8 | 20 |
| \u00a0 | \u00a0 | 70,020 | -430 | 69,590 | 5.2 | 69 |
Societal | Social housing | 417,185 | -296 | 416,889 | 31.8 | 246 |
| \u00a0 | Social projects | 40,811 | -193 | 40,618 | 3.1 | 72 |
| \u00a0 | Development cooperation and fair trade | 6,536 | -60 | 6,476 | 0.5 | 6 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 464,532 | -549 | 463,983 | 35.4 | 324 |
Wellbeing | Healthcare | 270,718 | -179 | 270,539 | 20.6 | 106 |
| \u00a0 | Education | 93,185 | -1,161 | 92,024 | 7.0 | 48 |
| \u00a0 | Childcare | 6,940 | - | 6,940 | 0.5 | 6 |
| \u00a0 | Arts and culture | 32,089 | -1,561 | 30,528 | 2.3 | 49 |
| \u00a0 | Philosophy of life | 35,805 | -608 | 35,197 | 2.7 | 99 |
| \u00a0 | Recreation | 31,154 | -38 | 31,116 | 2.4 | 39 |
| \u00a0 | \u00a0 | 469,891 | -3,547 | 466,344 | 35.5 | 347 |
Other | Residential mortgages | - | - | - | - | - |
| \u00a0 | Other facilities | 162 | -1 | 161 | - | 195 |
| \u00a0 | \u00a0 | 162 | -1 | 161 | - | 195 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 4,452 | - | 4,452.0 | 0.3 | - |
| \u00a0 | Total | 1,322,751 | -7,404 | 1,315,347 | 100.0 | 1,356 |
Balance as at 31 December 2025 | Spain | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 307,875 | -1,488 | 306,387 | 18.8 | 117 |
| \u00a0 | Environmental technology | 24,782 | -1,803 | 22,979 | 1.4 | 68 |
| \u00a0 | \u00a0 | 332,657 | -3,291 | 329,366 | 20.2 | 185 |
Food | Organic farming | 50,107 | -5,758 | 44,349 | 2.7 | 97 |
| \u00a0 | Organic food | 43,209 | -2,141 | 41,068 | 2.5 | 150 |
| \u00a0 | \u00a0 | 93,316 | -7,899 | 85,417 | 5.2 | 247 |
Resources | Sustainable property | 209,917 | -2,741 | 207,176 | 12.7 | 58 |
| \u00a0 | Nature development and forestry | 5,458 | -149 | 5,309 | 0.3 | 30 |
| \u00a0 | Retail non-food | 1,272 | -63 | 1,209 | 0.1 | 35 |
| \u00a0 | Production | 4,076 | -438 | 3,638 | 0.2 | 39 |
| \u00a0 | Professional services | 6,537 | -374 | 6,163 | 0.4 | 61 |
| \u00a0 | \u00a0 | 227,260 | -3,765 | 223,495 | 13.7 | 223 |
Societal | Social housing | 92,766 | -160 | 92,606 | 5.7 | 29 |
| \u00a0 | Social projects | 105,235 | -1,548 | 103,687 | 6.3 | 201 |
| \u00a0 | Development cooperation and fair trade | 1,958 | -4 | 1,954 | 0.1 | 9 |
| \u00a0 | Municipality loans | 34,189 | -10 | 34,179 | 2.1 | 8 |
| \u00a0 | \u00a0 | 234,148 | -1,722 | 232,426 | 14.2 | 247 |
Wellbeing | Healthcare | 251,281 | -3,391 | 247,890 | 15.2 | 320 |
| \u00a0 | Education | 123,601 | -708 | 122,893 | 7.5 | 117 |
| \u00a0 | Childcare | 2,694 | -274 | 2,420 | 0.1 | 8 |
| \u00a0 | Arts and culture | 143,800 | -1,084 | 142,716 | 8.7 | 670 |
| \u00a0 | Philosophy of life | 16,534 | -370 | 16,164 | 1.0 | 61 |
| \u00a0 | Recreation | 55,445 | -1,115 | 54,330 | 3.3 | 106 |
| \u00a0 | \u00a0 | 593,355 | -6,942 | 586,413 | 35.8 | 1,282 |
Other | Residential mortgages | 164,400 | -218 | 164,182 | 10.1 | 2,008 |
| \u00a0 | Other facilities | 4,406 | -197 | 4,209 | 0.3 | 4,819 |
| \u00a0 | \u00a0 | 168,806 | -415 | 168,391 | 10.4 | 6,827 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 7,482 | - | 7,482 | 0.5 | - |
| \u00a0 | Total | 1,657,024 | -24,034 | 1,632,990 | 100.0 | 9,011 |
Balance as at 31 December 2024 | Spain | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 250,252 | -132 | 250,120 | 14.9 | 125 |
| \u00a0 | Environmental technology | 27,846 | -4,170 | 23,676 | 1.4 | 100 |
| \u00a0 | \u00a0 | 278,098 | -4,302 | 273,796 | 16.3 | 225 |
Food | Organic farming | 53,473 | -5,464 | 48,009 | 2.8 | 113 |
| \u00a0 | Organic food | 49,764 | -1,790 | 47,974 | 2.9 | 202 |
| \u00a0 | \u00a0 | 103,237 | -7,254 | 95,983 | 5.7 | 315 |
Resources | Sustainable property | 219,432 | -2,618 | 216,814 | 13.0 | 60 |
| \u00a0 | Nature development and forestry | 2,659 | -109 | 2,550 | 0.2 | 20 |
| \u00a0 | Retail non-food | 3,144 | -64 | 3,080 | 0.2 | 52 |
| \u00a0 | Production | 5,006 | -375 | 4,631 | 0.3 | 54 |
| \u00a0 | Professional services | 10,040 | -781 | 9,259 | 0.6 | 102 |
| \u00a0 | \u00a0 | 240,281 | -3,947 | 236,334 | 14.3 | 288 |
Societal | Social housing | 37,016 | -7 | 37,009 | 2.2 | 20 |
| \u00a0 | Social projects | 109,023 | -1,235 | 107,788 | 6.4 | 231 |
| \u00a0 | Development cooperation and fair trade | 2,724 | -9 | 2,715 | 0.2 | 10 |
| \u00a0 | Municipality loans | 45,786 | -21 | 45,765 | 2.7 | 8 |
| \u00a0 | \u00a0 | 194,549 | -1,272 | 193,277 | 11.5 | 269 |
Wellbeing | Healthcare | 255,357 | -2,532 | 252,825 | 15.1 | 373 |
| \u00a0 | Education | 124,085 | -636 | 123,449 | 7.4 | 144 |
| \u00a0 | Childcare | 2,613 | -186 | 2,427 | 0.1 | 11 |
| \u00a0 | Arts and culture | 208,675 | -1,657 | 207,018 | 12.4 | 830 |
| \u00a0 | Philosophy of life | 21,119 | -388 | 20,731 | 1.2 | 62 |
| \u00a0 | Recreation | 68,094 | -1,291 | 66,803 | 4.0 | 147 |
| \u00a0 | \u00a0 | 679,943 | -6,690 | 673,253 | 40.2 | 1,567 |
Other | Residential mortgages | 187,677 | -172 | 187,505 | 11.2 | 2,165 |
| \u00a0 | Other facilities | 5,720 | -272 | 5,448 | 0.3 | 2,844 |
| \u00a0 | \u00a0 | 193,397 | -444 | 192,953 | 11.5 | 5,009 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 8,530 | - | 8,530.0 | 0.5 | - |
| \u00a0 | Total | 1,698,035 | -23,909 | 1,674,126 | 100.0 | 7,673 |
Balance as at 31 December 2025 | Germany | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 54,358 | -147 | 54,211 | 11.7 | 38 |
| \u00a0 | Environmental technology | 192,515 | -61,025 | 131,490 | 28.5 | 42 |
| \u00a0 | \u00a0 | 246,873 | -61,172 | 185,701 | 40.2 | 80 |
Food | Organic farming | - | - | - | - | - |
| \u00a0 | Organic food | 436 | -1 | 435 | 0.1 | 5 |
| \u00a0 | \u00a0 | 436 | -1 | 435 | 0.1 | 5 |
Resources | Sustainable property | 187,326 | -778 | 186,548 | 40.4 | 35 |
| \u00a0 | Nature development and forestry | - | - | - | - | - |
| \u00a0 | Retail non-food | 5 | - | 5 | - | 1 |
| \u00a0 | Production | - | - | - | - | - |
| \u00a0 | Professional services | 40 | -3 | 37 | - | 6 |
| \u00a0 | \u00a0 | 187,371 | -781 | 186,590 | 40.4 | 42 |
Societal | Social housing | - | - | - | - | - |
| \u00a0 | Social projects | 3 | - | 3 | - | 1 |
| \u00a0 | Development cooperation and fair trade | 1 | - | 1 | - | 2 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 4 | - | 4 | - | 3 |
Wellbeing | Healthcare | 47,936 | -1,738 | 46,198 | 10.0 | 23 |
| \u00a0 | Education | 20,095 | -3 | 20,092 | 4.4 | 14 |
| \u00a0 | Childcare | - | - | - | - | - |
| \u00a0 | Arts and culture | 1,724 | -153 | 1,571 | 0.3 | 9 |
| \u00a0 | Philosophy of life | - | - | - | - | - |
| \u00a0 | Recreation | 18,694 | -423 | 18,271 | 4.0 | 10 |
| \u00a0 | \u00a0 | 88,449 | -2,317 | 86,132 | 18.7 | 56 |
Other | Residential mortgages | - | - | - | - | - |
| \u00a0 | Other facilities | 2,248 | -68 | 2,180 | 0.5 | 6,668 |
| \u00a0 | \u00a0 | 2,248 | -68 | 2,180 | 0.5 | 6,668 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 553 | - | 553 | 0.1 | - |
| \u00a0 | Total | 525,934 | -64,339 | 461,595 | 100.0 | 6,854 |
Balance as at 31 December 2024 | Germany | |||||
|---|---|---|---|---|---|---|
Amounts in thousands of EUR | Gross amount | ECL | Net amount | % | Number | |
Energy | Renewable energy | 67,172 | -128 | 67,044 | 12.5 | 37 |
| \u00a0 | Environmental technology | 177,065 | -969 | 176,096 | 32.9 | 36 |
| \u00a0 | \u00a0 | 244,237 | -1,097 | 243,140 | 45.4 | 73 |
Food | Organic farming | - | - | - | - | - |
| \u00a0 | Organic food | 589 | -2 | 587 | 0.1 | 6 |
| \u00a0 | \u00a0 | 589 | -2 | 587 | 0.1 | 6 |
Resources | Sustainable property | 189,250 | -29 | 189,221 | 35.4 | 34 |
| \u00a0 | Nature development and forestry | - | - | - | - | - |
| \u00a0 | Retail non-food | 13 | - | 13 | - | 3 |
| \u00a0 | Production | - | - | - | - | - |
| \u00a0 | Professional services | 32 | -3 | 29 | - | 4 |
| \u00a0 | \u00a0 | 189,295 | -32 | 189,263 | 35.4 | 41 |
Societal | Social housing | - | - | - | - | - |
| \u00a0 | Social projects | 2,481 | -22 | 2,459 | 0.5 | 3 |
| \u00a0 | Development cooperation and fair trade | 1 | - | 1 | - | 1 |
| \u00a0 | Municipality loans | - | - | - | - | - |
| \u00a0 | \u00a0 | 2,482 | -22 | 2,460 | 0.5 | 4 |
Wellbeing | Healthcare | 50,823 | -1,700 | 49,123 | 9.3 | 25 |
| \u00a0 | Education | 22,659 | -3 | 22,656 | 4.2 | 20 |
| \u00a0 | Childcare | - | - | - | - | - |
| \u00a0 | Arts and culture | 3,388 | -55 | 3,333 | 0.6 | 10 |
| \u00a0 | Philosophy of life | - | - | - | - | - |
| \u00a0 | Recreation | 23,961 | -1,936 | 22,025 | 4.1 | 7 |
| \u00a0 | \u00a0 | 100,831 | -3,694 | 97,137 | 18.2 | 62 |
Other | Residential mortgages | - | - | - | - | - |
| \u00a0 | Other facilities | 2,259 | -54 | 2,205 | 0.4 | 6,660 |
| \u00a0 | \u00a0 | 2,259 | -54 | 2,205 | 0.4 | 6,660 |
| \u00a0 | Fair value hedge accounting | - | - | - | - | - |
| \u00a0 | Interest receivables | 235 | - | 235 | - | - |
| \u00a0 | Total | 539,928 | -4,901 | 535,027 | 100.0 | 6,846 |